PRESTON, Md., Nov. 6, 2019 /PRNewswire/ -- PSB Holding Corp. PSBP, parent company of Provident State Bank, Inc., reported net income of $2.4 million for the first nine months of 2019. These earnings produced a .72% return on average assets and 8.32% return on average shareholders' equity. Stockholders' equity totaled $40.2 million as of September 30, 2019 compared to $34.5 million at September 30, 2018. President and Chief Executive Officer Melissa Quirk stated, "Operating results as of September 30, 2019 reflect good growth and sound earnings."
Total assets of $457.4 million increased by $19.5 million compared to September 30, 2018, an increase of 4.46%. Loans, net of allowance remained constant at $345.4 million. As of September 30, 2019, non-performing assets were .89% of total assets, compared to September 30, 2018 at .65% of total assets. Total customer funding at September 30, 2019 was $369.6 million, an increase of 2.30% as compared to September 30, 2018.
Annualized earnings per share at September 30, 2019 was $2.18. The price per share as reported on OTCQX at October 1, 2019 was $27.60 per share. As of September 30, 2019, the book value per share was $27.75.
Melissa Quirk concluded, "We appreciate the support of our shareholders and customers as we continue to deliver on our strategic initiative of quality growth and success."
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, DE. 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. The enclosed statements are unaudited 2019 financial results.
PSB HOLDING CORP. | ||||||
CONSOLIDATED BALANCE SHEET | ||||||
Sept 30, 2019 | Sept 30, 2018 | |||||
Assets | ||||||
Cash and cash equivalents | $ 27,362,635 | $ 21,721,070 | ||||
Investment securities | 59,237,083 | 54,371,043 | ||||
Loans, net of allowance for loan losses | 345,389,242 | 344,912,698 | ||||
Property & equipment | 9,964,886 | 7,747,053 | ||||
Lease assets | 2,897,222 | - | ||||
Bank-owned life insurance | 8,346,142 | 5,189,942 | ||||
Accrued interest receivable | 1,336,412 | 1,361,062 | ||||
Foreclosed real estate | 208,612 | 83,700 | ||||
Other assets | 2,624,861 | 2,450,279 | ||||
Total assets | $ 457,367,095 | $ 437,836,847 | ||||
Liabilities and Stockholders' Equity | ||||||
Deposits: | ||||||
Noninterest-bearing | $ 103,937,607 | $ 95,961,671 | ||||
Interest-bearing | 259,017,469 | 261,002,956 | ||||
Total deposits | 362,955,076 | 356,964,627 | ||||
Repurchase agreements | 6,637,484 | 4,328,022 | ||||
FHLB advances and other borrowing | 42,747,525 | 40,313,028 | ||||
Lease liability | 3,011,324 | - | ||||
Other liabilities | 1,788,538 | 1,698,746 | ||||
Total liabilities | 417,139,947 | 403,304,423 | ||||
Stockholders' equity | 40,227,145 | 34,532,424 | ||||
Total liabilities and equity | $ 457,367,092 | $ 437,836,847 | ||||
Book value per share | $ 27.75 | $ 24.31 | ||||
PSB HOLDING CORP. | ||||
CONSOLIDATED STATEMENTS OF INCOME | ||||
Nine Months Ended | ||||
September 30 | ||||
2019 | 2018 | |||
Interest income | ||||
Loans, including fee income | $ 12,895,467 | $ 12,163,715 | ||
Investment securities | 1,068,619 | 1,028,153 | ||
Other | 284,741 | 195,449 | ||
Total interest income | 14,248,827 | 13,387,317 | ||
Interest expense | ||||
Deposits | 1,966,442 | 1,557,602 | ||
Repurchase agreements | 33,384 | 12,970 | ||
FHLB advances | 705,574 | 579,822 | ||
Other borrowings | 134,973 | 152,006 | ||
Total interest expense | 2,840,373 | 2,302,400 | ||
Net interest income | 11,408,454 | 11,084,917 | ||
Provision for loan losses | 170,000 | 860,000 | ||
Net interest income after provision | 11,238,454 | 10,224,917 | ||
Noninterest income | 1,913,418 | 2,204,662 | ||
Noninterest expense | 10,023,012 | 9,009,506 | ||
Net income before tax | 3,128,860 | 3,420,073 | ||
Tax expense | 764,373 | 837,936 | ||
Net income | $ 2,364,487 | $ 2,582,137 | ||
Net income per common share, annualized | $ 2.18 | $ 2.43 | ||
2018 Book Value and Earnings per share have been restated to reflect the 2.5 for one forward stock split executed on December 28, 2018. |
SOURCE PSB Holding Corp.
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