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PSB Holding Corp. Announces Record Earnings at December 31, 2020

PSB Holding Corp. Announces Record Earnings at December 31, 2020

PSB Holding Corp. Announces Record Earnings at December 31, 2020

PR Newswire

PRESTON, Md., Feb. 8, 2021

PRESTON, Md., Feb. 8, 2021 /PRNewswire/ -- PSB Holding Corp. (OTC-QX: PSBP), parent company of Provident State Bank, Inc. ("Provident"), reported record net income of $4.8 million for the year ended December 31, 2020 producing a return on assets of .93% and a return on shareholders' equity of 10.24%. Stockholders' equity totaled $48.7 million as of December 31, 2020 compared to $43.1 million at December 31, 2019. Earnings per share increased to $3.12 during 2020 compared to $2.44 during 2019.

President and Chief Executive Officer Melissa Quirk stated, "We are proud of our team's performance during a year of unprecedented challenges presented by the pandemic. We are especially proud to have supported small businesses throughout our communities as a participant in the Payroll Protection Program ("PPP"). During 2020, Provident originated PPP loans totaling $56.9 million, of which $20.4 million had been forgiven as of December 31, 2020."

Assets totaled $549.4 million at December 31, 2020, increasing $86.6 million or 18.7% compared to December 31, 2019. Net loans increased by $27.0 million to $385 million, a 7.5% increase as compared to December 31, 2019. As of December 31, 2020, non-performing assets were .33%, of total assets. Total deposits at December 31, 2020 were $449.4 million, representing an increase of 22.3% compared to December 31, 2019. 

Melissa Quirk concluded, "I would like to thank all of our customers and friends throughout the communities we serve for their patience during this past year as we worked to meet their banking needs and to keep them and our staff as safe as possible in this COVID environment."

PSB Holding Corp. is the holding company of Provident State Bank, Inc., a full service financial institution serving the eastern shore of Maryland since 1904. Provident State Bank, Inc. has ten locations in Preston, Federalsburg, Ridgely, Denton, Easton-Elliot Road, Easton-Harrison Street, Secretary, Cambridge, Salisbury and Lewes (Delaware).  For more information on PSB Holding Corp. and Provident State Bank, Inc., visit www.providentstatebank.com.

Forward-Looking Statements
Forward-looking statements relating to PSB Holding Corp. and its subsidiary, Provident State Bank, Inc. may include plans, strategies, objectives, expectations, intentions and adequacy of resources.  All statements other than statements of historical fact, including, without limitation, statements regarding business strategy, future events, activities, performance, and plans and objectives for future operations, are forward-looking statements.  Therefore, the illustrative value of forward-looking statements made in or pursuant to this press release should not, under any circumstances, be considered a guaranty or promise that such future events, activities, occurrences or performances will take place.

CONSOLIDATED BALANCE SHEET






Dec 31, 2020


Dec 31, 2019





Assets




Cash and cash equivalents

$        9,162,136


$      21,479,293

Investment securities

110,089,814


56,530,839

Loans, net of allowance for loan losses

384,973,434


357,977,559

Property and equipment

8,401,637


9,906,709

Bank-owned life insurance

8,656,454


8,408,723

Lease assets

2,508,346


2,780,165

Accrued interest receivable

1,616,775


1,302,954

Other assets

3,944,365


4,321,581

    Total assets

$    549,352,961


$    462,707,823





Liabilities and Stockholders' Equity




Deposits:




    Noninterest-bearing

$    171,855,568


$    106,468,438

    Interest-bearing

277,526,516


260,953,016

        Total deposits

449,382,084


367,421,454

Repurchase agreements

12,278,356


7,324,045

FHLB advances and other borrowing

34,328,123


40,433,594

Lease liabilities

2,685,641


2,925,057

Other liabilities

1,934,558


1,520,495

    Total liabilities

500,608,762


419,624,645

Stockholders' equity

48,744,199


43,083,178

Total liabilities and equity

$    549,352,961


$    462,707,823









Book value per share

$                31.82


$                28.13





 

CONSOLIDATED STATEMENTS OF INCOME


Year Ended December 31,


2020


2019





Interest income




Loans, including fee income

$        19,135,849


$     17,418,179

Investment securities

1,319,864


1,445,881

Other

60,963


367,018

        Total interest income

20,516,676


19,231,078





Interest expense




Deposits

2,551,200


2,737,276

Repurchase agreements

8,061


41,791

FHLB advances

799,285


925,335

Other borrowings

155,279


177,558

        Total interest expense

3,513,825


3,881,960





Net interest income

17,002,851


15,349,118

Provision for loan losses

448,500


300,000

Net interest income after provision

16,554,351


15,049,118





Noninterest income

3,259,998


2,555,999

Noninterest expense

13,463,481


13,130,302

Net income before tax

6,350,868


4,474,815

Tax expense

1,579,103


951,956

Net income

$          4,771,765


$       3,522,859









Net income per common share,

    annualized

$                   3.12


$                 2.44





 

Contact:
Tandy Morgan
tmorgan@psbinc.net
410-673-8842

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SOURCE PSB Holding Corp.