PRESTON, Md., March 1, 2019 /PRNewswire/ -- PSB Holding Corp. PSBP, parent company of Provident State Bank, Inc., reported net income of $3.5 million for the year ended December 31, 2018, an increase of 73.0% over 2017. These earnings produced a .81% return on average assets and 10.23% return on average shareholders' equity. Stockholders' equity totaled $35.7 million as of December 31, 2018 compared to $32.9 million at December 31, 2017. President and Chief Executive Officer Melissa Quirk stated, "We are pleased with the bank's overall performance and growth achieved in 2018."
Total assets of $426.8 million increased by $19.0 million compared to December 31, 2017, an increase of 4.7%. Net loans increased by $8.8 million to $341.8 million, a 2.6% increase as compared to December 31, 2017. As of December 31, 2018, non-performing assets were .68% of total assets and the provision for loan losses was $1.3 million for the year. Total customer funding at December 31, 2018 was $339.5 million, an increase of 4.3% as compared to December 31, 2017.
Earnings per share increased to $2.39 per share at December 31, 2018, from $1.42 at December 31, 2017, after restating to reflect a 2.5 for one forward stock split on December 28, 2018. The most recent stock trade was reported at $23.90 per share. As of December 31, 2018, the book value per share was $25.12, compared to $23.17 at December 31, 2017, after restating to reflect a 2.5 for one forward stock split on December 28, 2018.
Melissa Quirk concluded, "We appreciate the continued support from our customers, shareholders and employees for making this another successful year at PSB. Our mission is to remain focused on serving our customers, executing our strategy and investing for future profitable growth."
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.
PSB HOLDING CORP | ||||
CONSOLIDATED BALANCE SHEET | ||||
December 31, 2018 | December 31, 2017 | |||
Assets | ||||
Cash and cash equivalents | $ 13,174,076 | $ 9,961,040 | ||
Investment securities | 54,336,990 | 48,915,156 | ||
Loans, net of allowance for loan losses | 341,826,327 | 333,063,371 | ||
Property & equipment | 8,364,376 | 7,835,970 | ||
Bank-owned life insurance | 5,228,080 | 5,065,192 | ||
Accrued interest receivable | 1,372,733 | 1,219,224 | ||
Foreclosed real estate | 83,700 | - | ||
Other assets | 2,383,343 | 1,740,471 | ||
Total assets | $ 426,769,625 | $ 407,800,424 | ||
Liabilities and Stockholders' Equity | ||||
Deposits: | ||||
Noninterest-bearing | $ 87,366,503 | $ 92,520,400 | ||
Interest-bearing | 248,183,941 | 229,456,568 | ||
Total deposits | 335,550,444 | 321,976,968 | ||
Repurchase agreements | 3,986,233 | 3,708,694 | ||
FHLB advances and other borrowing | 49,870,684 | 47,139,441 | ||
Other liabilities | 1,672,610 | 2,056,754 | ||
Total liabilities | 391,079,971 | 374,881,857 | ||
Stockholders' equity | 35,689,654 | 32,918,567 | ||
Total liabilities and equity | $ 426,769,625 | $ 407,800,424 | ||
Book value per share | $ 25.12 | $ 23.17 | ||
PSB HOLDING CORP | ||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||
Three Months Ended | Twelve Months Ended | |||||||
December 31, | December 31, | |||||||
2018 | 2017 | 2018 | 2017 | |||||
Interest income | ||||||||
Loans, including fee income | $ 4,302,294 | $ 3,914,791 | $ 16,466,009 | $ 14,980,970 | ||||
Investment securities | 364,939 | 261,585 | 1,393,092 | 954,290 | ||||
Other | 60,176 | 44,655 | 255,625 | 102,486 | ||||
Total interest income | 4,727,409 | 4,221,031 | 18,114,726 | 16,037,746 | ||||
Interest expense | ||||||||
Deposits | 571,430 | 406,655 | 2,129,032 | 1,445,532 | ||||
Repurchase agreements | 10,200 | 2,475 | 23,170 | 8,207 | ||||
FHLB advances | 189,565 | 185,675 | 769,387 | 627,920 | ||||
Other borrowings | 47,554 | 54,288 | 199,560 | 126,884 | ||||
Total interest expense | 818,749 | 649,093 | 3,121,149 | 2,208,543 | ||||
Net interest income | 3,908,660 | 3,571,938 | 14,993,577 | 13,829,203 | ||||
Provision for loan losses | 400,000 | 390,000 | 1,260,000 | 915,000 | ||||
Net interest income after provision | 3,508,660 | 3,181,938 | 13,733,577 | 12,914,203 | ||||
Noninterest income | 644,315 | 939,706 | 2,848,977 | 3,297,654 | ||||
Noninterest expense | 3,070,147 | 2,949,620 | 12,079,653 | 12,526,832 | ||||
Net income before tax | 1,082,828 | 1,172,024 | 4,502,901 | 3,685,025 | ||||
Tax expense | 178,524 | 785,002 | 1,016,460 | 1,669,780 | ||||
Net income | $ 904,304 | $ 387,022 | $ 3,486,441 | $ 2,015,245 | ||||
Net income per common share, annualized | $ 2.46 | $ 1.08 | $ 2.39 | $ 1.42 | ||||
Per share data at December 31, 2017 has been adjusted to give retroactive effect of the December 2018 2.5 for 1 stock split. |
SOURCE PSB Holding Corp.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
