{"id":430841,"date":"2021-02-08T12:10:31","date_gmt":"2021-02-08T17:10:31","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=430841"},"modified":"2021-02-08T12:10:31","modified_gmt":"2021-02-08T17:10:31","slug":"psb-holding-corp-announces-record-earnings-at-december-31-2020","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/psb-holding-corp-announces-record-earnings-at-december-31-2020\/","title":{"rendered":"PSB Holding Corp. Announces Record Earnings at December 31, 2020"},"content":{"rendered":"
\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

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

President and Chief Executive Officer Melissa Quirk<\/span> 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<\/span>, of which $20.4 million<\/span> had been forgiven as of December 31, 2020<\/span>.”<\/p>\n

Assets totaled $549.4 million<\/span> at December 31, 2020<\/span>, increasing $86.6 million<\/span> or 18.7% compared to December 31, 2019<\/span>. Net loans increased by $27.0 million<\/span> to $385 million<\/span>, a 7.5% increase as compared to December 31, 2019<\/span>. As of December 31, 2020<\/span>, non-performing assets were .33%, of total assets. Total deposits at December 31, 2020<\/span> were $449.4 million<\/span>, representing an increase of 22.3% compared to December 31<\/span>, 2019.\u00a0<\/p>\n

\n Melissa Quirk<\/span> 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.” <\/p>\n

PSB Holding Corp. is the holding company of Provident State Bank, Inc., a full service financial institution serving the eastern shore of Maryland<\/span> since 1904. Provident State Bank, Inc. has ten locations in Preston<\/span>, Federalsburg<\/span>, Ridgely<\/span>, Denton<\/span>, Easton-Elliot Road, Easton-Harrison Street<\/span>, Secretary, Cambridge<\/span>, Salisbury<\/span> and Lewes (Delaware)<\/span>. \u00a0For more information on PSB Holding Corp. and Provident State Bank, Inc., visit www.providentstatebank.com<\/a>.<\/p>\n

\n Forward-Looking Statements
<\/b>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.\u00a0 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.\u00a0 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. <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n CONSOLIDATED BALANCE SHEET<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n Dec 31, 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n Dec 31, 2019<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Assets<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Cash and cash equivalents<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 \u00a0 \u00a09,162,136<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a021,479,293<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Investment securities<\/span>\n <\/p>\n<\/td>\n

\n

\n 110,089,814<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 56,530,839<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Loans, net of allowance for loan losses<\/span>\n <\/p>\n<\/td>\n

\n

\n 384,973,434<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 357,977,559<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Property and equipment<\/span>\n <\/p>\n<\/td>\n

\n

\n 8,401,637<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 9,906,709<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Bank-owned life insurance<\/span>\n <\/p>\n<\/td>\n

\n

\n 8,656,454<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 8,408,723<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Lease assets<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,508,346<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,780,165<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Accrued interest receivable<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,616,775<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,302,954<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other assets<\/span>\n <\/p>\n<\/td>\n

\n

\n 3,944,365<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4,321,581<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n \u00a0\u00a0\u00a0 Total assets<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $ \u00a0 \u00a0549,352,961<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $ \u00a0 \u00a0462,707,823<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Liabilities and Stockholders’ Equity<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Deposits:<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0\u00a0 Noninterest-bearing<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0171,855,568<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0106,468,438<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0\u00a0 Interest-bearing<\/span>\n <\/p>\n<\/td>\n

\n

\n 277,526,516<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 260,953,016<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Total deposits<\/span>\n <\/p>\n<\/td>\n

\n

\n 449,382,084<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 367,421,454<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Repurchase agreements<\/span>\n <\/p>\n<\/td>\n

\n

\n 12,278,356<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7,324,045<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n FHLB advances and other borrowing<\/span>\n <\/p>\n<\/td>\n

\n

\n 34,328,123<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 40,433,594<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Lease liabilities<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,685,641<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,925,057<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other liabilities<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,934,558<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,520,495<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n \u00a0\u00a0\u00a0 Total liabilities<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 500,608,762<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 419,624,645<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Stockholders’ equity<\/span>\n <\/p>\n<\/td>\n

\n

\n 48,744,199<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 43,083,178<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Total liabilities and equity<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $ \u00a0 \u00a0549,352,961<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $ \u00a0 \u00a0462,707,823<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Book value per share<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a031.82<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a028.13<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n CONSOLIDATED STATEMENTS OF INCOME<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n Year Ended December 31,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2019<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Interest income<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Loans, including fee income<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 \u00a0 \u00a019,135,849<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 17,418,179<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Investment securities<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,319,864<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,445,881<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other<\/span>\n <\/p>\n<\/td>\n

\n

\n 60,963<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 367,018<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Total interest income<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 20,516,676<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 19,231,078<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Interest expense<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Deposits<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,551,200<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,737,276<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Repurchase agreements<\/span>\n <\/p>\n<\/td>\n

\n

\n 8,061<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 41,791<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n FHLB advances<\/span>\n <\/p>\n<\/td>\n

\n

\n 799,285<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 925,335<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other borrowings<\/span>\n <\/p>\n<\/td>\n

\n

\n 155,279<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 177,558<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Total interest expense<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 3,513,825<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 3,881,960<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Net interest income<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 17,002,851<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 15,349,118<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Provision for loan losses<\/span>\n <\/p>\n<\/td>\n

\n

\n 448,500<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 300,000<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Net interest income after provision<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 16,554,351<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 15,049,118<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Noninterest income<\/span>\n <\/p>\n<\/td>\n

\n

\n 3,259,998<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,555,999<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Noninterest expense<\/span>\n <\/p>\n<\/td>\n

\n

\n 13,463,481<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 13,130,302<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Net income before tax<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 6,350,868<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 4,474,815<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Tax expense<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,579,103<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 951,956<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Net income<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a04,771,765<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $ \u00a0 \u00a0 \u00a0 3,522,859<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Net income per common share,<\/b>
\n <\/span>\n <\/p>\n

\n
\n \u00a0\u00a0\u00a0 annualized<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 3.12<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 2.44<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

Contact:
Tandy Morgan<\/span>
tmorgan@psbinc.net<\/a>
410-673-8842<\/p>\n

\n \"Cision\" View original content:http:\/\/www.prnewswire.com\/news-releases\/psb-holding-corp-announces-record-earnings-at-december-31-2020-301224072.html<\/a><\/p>\n

SOURCE PSB Holding Corp.<\/p>\n<\/p><\/div>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

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 … <\/p>\n

Continue reading “PSB Holding Corp. Announces Record Earnings at December 31, 2020”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-430841","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nPSB Holding Corp. Announces Record Earnings at December 31, 2020 - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/psb-holding-corp-announces-record-earnings-at-december-31-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PSB Holding Corp. Announces Record Earnings at December 31, 2020 - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"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 … Continue reading "PSB Holding Corp. 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