PRESTON, Md., July 23, 2020 /PRNewswire/ -- PSB Holding Corp. PSBP, parent company of Provident State Bank, Inc., reported net income of $2.1 million for the first six months of 2020. These earnings produced a .85% return on average assets and 9.23% return on average shareholders' equity. Stockholders' equity totaled $46.3 million as of June 30, 2020 compared to $38.5 million at June 30, 2019. President and Chief Executive Officer Melissa Quirk stated, "Operating results as of June 30, 2020 reflect sound returns as we move into the second half of the year."
Total assets of $523.6 million increased by $79.2 million compared to June 30, 2019, an increase of 17.8%. Total loans increased by $65.4 million to $408.3 million, a 19.1% increase as compared to June 30, 2019. As of June 30, 2020, non-performing assets were .37% of total assets, compared to June 30, 2019 at .61% of total assets. Total deposits at June 30, 2020 were $427.7 million, an increase of 20.9% as compared to June 30, 2019.
Annualized earnings per share at June 30, 2020 was $2.72. The price per share as reported on OTCQX at July 1, 2020 was $20.50 per share. As of June 30, 2020, the book value per share was $30.26.
Melissa Quirk concluded, "Our focus during the first half of 2020 was to continue our commitment to community as we worked through the challenges of this recent pandemic. We remained open to serve our customers and were able to support over 650 small businesses as they navigated through unchartered times. We appreciate the support of our shareholders, customers and employees as we work together through this challenging period."
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-Elliott 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 2020 financial results.
CONSOLIDATED BALANCE SHEET | |||
June 30, 2020 | June 30, 2019 | ||
Assets | |||
Cash and cash equivalents | $ 34,527,127 | $ 27,377,989 | |
Investment securities | 57,033,548 | 52,782,158 | |
Loans, net of allowance for loan losses | 408,283,991 | 342,899,013 | |
Property and equipment | 9,428,865 | 9,841,501 | |
Bank-owned life insurance | 8,535,133 | 5,302,417 | |
Lease assets | 2,583,640 | 3,097,644 | |
Accrued interest receivable | 1,853,258 | 1,318,589 | |
Other assets | 1,312,497 | 1,751,255 | |
Total assets | $ 523,558,059 | $ 444,370,566 | |
Liabilities and Stockholders' Equity | |||
Deposits: | |||
Noninterest-bearing | $ 150,864,972 | $ 98,581,719 | |
Interest-bearing | 276,845,633 | 255,037,534 | |
Total deposits | 427,710,605 | 353,619,253 | |
Repurchase agreements | 7,789,761 | 4,253,150 | |
FHLB advances and other borrowing | 37,381,076 | 43,610,684 | |
Lease liabilities | 2,753,979 | 3,097,644 | |
Other liabilities | 1,577,990 | 1,309,341 | |
Total liabilities | 477,213,411 | 405,890,072 | |
Stockholders' equity | 46,344,648 | 38,480,494 | |
Total liabilities and equity | $ 523,558,059 | $ 444,370,566 | |
Book value per share | $ 30.24 | $ 27.09 | |
CONSOLIDATED STATEMENTS OF INCOME | |||
Six Months Ended June 30, | |||
2020 | 2019 | ||
Interest income | |||
Loans, including fee income | $ 9,350,815 | $ 8,459,809 | |
Investment securities | 679,705 | 798,326 | |
Other | 43,482 | 97,934 | |
Total interest income | 10,074,002 | 9,356,069 | |
Interest expense | |||
Deposits | 1,364,962 | 1,238,600 | |
Repurchase agreements | 5,981 | 22,883 | |
FHLB advances | 416,548 | 477,717 | |
Other borrowings | 80,132 | 91,017 | |
Total interest expense | 1,867,623 | 1,830,217 | |
Net interest income | 8,206,379 | 7,525,852 | |
Provision for loan losses | 298,500 | 110,000 | |
Net interest income after provision | 7,907,879 | 7,415,852 | |
Noninterest income | 1,376,348 | 1,224,623 | |
Noninterest expense | 6,526,682 | 6,715,795 | |
Net income before tax | 2,757,545 | 1,924,680 | |
Tax expense | 680,038 | 464,142 | |
Net income | $ 2,077,507 | $ 1,460,538 | |
Net income per common share, annualized | $ 2.72 | $ 2.07 | |
View original content:http://www.prnewswire.com/news-releases/psb-holding-corp-announces-earnings-at-june-30-2020-301099099.html
SOURCE PSB Holding Corp.
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