PR Newswire
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.
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Dec 31, 2019 |
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Cash and cash equivalents |
$ 9,162,136 |
$ 21,479,293 |
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Investment securities |
110,089,814 |
56,530,839 |
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Loans, net of allowance for loan losses |
384,973,434 |
357,977,559 |
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Property and equipment |
8,401,637 |
9,906,709 |
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Bank-owned life insurance |
8,656,454 |
8,408,723 |
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Lease assets |
2,508,346 |
2,780,165 |
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Accrued interest receivable |
1,616,775 |
1,302,954 |
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Other assets |
3,944,365 |
4,321,581 |
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Deposits: |
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Noninterest-bearing |
$ 171,855,568 |
$ 106,468,438 |
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Interest-bearing |
277,526,516 |
260,953,016 |
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Total deposits |
449,382,084 |
367,421,454 |
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Repurchase agreements |
12,278,356 |
7,324,045 |
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FHLB advances and other borrowing |
34,328,123 |
40,433,594 |
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Lease liabilities |
2,685,641 |
2,925,057 |
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Other liabilities |
1,934,558 |
1,520,495 |
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500,608,762 |
419,624,645 |
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Stockholders’ equity |
48,744,199 |
43,083,178 |
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2019 |
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Loans, including fee income |
$ 19,135,849 |
$ 17,418,179 |
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Investment securities |
1,319,864 |
1,445,881 |
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Other |
60,963 |
367,018 |
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Deposits |
2,551,200 |
2,737,276 |
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Repurchase agreements |
8,061 |
41,791 |
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FHLB advances |
799,285 |
925,335 |
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Other borrowings |
155,279 |
177,558 |
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Provision for loan losses |
448,500 |
300,000 |
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Noninterest income |
3,259,998 |
2,555,999 |
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Noninterest expense |
13,463,481 |
13,130,302 |
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Tax expense |
1,579,103 |
951,956 |
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Contact:
Tandy Morgan
[email protected]
410-673-8842
View original content:http://www.prnewswire.com/news-releases/psb-holding-corp-announces-record-earnings-at-december-31-2020-301224072.html
SOURCE PSB Holding Corp.
