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PSB Holding Corp. reported a net income of $4.39 million for 2022, down from $5.28 million in 2021, with a diluted earnings per share of $2.87. For Q4 2022, net income rose to $1.16 million from $1.02 million year-over-year. The Company’s merger with Summit Financial Group is expected to finalize by Q2 2023. Notably, net interest income declined due to reduced income from the SBA Payroll Protection Program, dropping from $3.13 million in 2021 to $49,000 in 2022. Despite these challenges, net interest margin improved from 2.99% to 3.33% due to rising loan rates. Total assets decreased slightly to $579.9 million.
Summit Financial Group (NASDAQ: SMMF) has announced a merger with PSB Holding Corp. in a 100% stock-for-stock deal valued at $53.9 million. Each PSB shareholder will receive 1.2347 shares of Summit for each PSB share, equating to $35.00 per share based on a recent average price. The merger is expected to enhance services for clients across Maryland's Eastern Shore and Delaware. Combined total assets will approximate $4.5 billion. The transaction awaits regulatory and shareholder approvals.
PSB Holding Corp. (OTCQX: PSBP) has declared an annual common stock dividend of $0.20 per share. This dividend is payable on December 1, 2022, to shareholders of record on November 14, 2022. The declaration reflects the company's ongoing commitment to return value to its shareholders. PSB Holding is the parent company of Provident State Bank, a financial institution serving Maryland's eastern shore since 1904, with multiple locations across the region.
PSB Holding Corp. reported a net income of $1.00 million ($0.65 per diluted share) for Q1 2022, down 17.5% from $1.21 million ($0.80 per diluted share) in Q1 2021. This decline was primarily due to reduced revenue from the SBA's Payroll Protection Program (PPP), which contributed significantly in 2021. The net interest margin fell to 3.05% from 3.45% year-over-year. Total assets increased slightly to $576.1 million, while deposits grew by 5.1%. However, stockholders' equity decreased to $44.9 million, driven by unrealized losses in the investment portfolio.
PSB Holding Corp. (OTCQX: PSBP) announced the appointment of Shannon Burton to its Board of Directors. Burton, a Delaware licensed attorney, has a robust background in real estate law and is expected to support the bank's expansion efforts in Delaware. Chairman David Wilson expressed confidence in her abilities, while Melissa Quirk, President and CEO, highlighted her extensive knowledge in residential and commercial transactions. Burton, recognized as one of Sussex County's top attorneys, holds a BA from Ursinus College and a JD from Villanova University.
PSB Holding Corp. (OTCQX: PSBP) has appointed Wesley Cox as a new member of the Board of Directors for Provident State Bank, Inc. and PSB Holding Corp. With over 20 years of experience in commercial real estate and a strong commitment to community engagement, Cox is expected to enhance the company's strategic initiatives, particularly in the Wicomico County and Sussex County markets. His involvement in various local organizations and experience with national retailers is anticipated to bring valuable insights to the board.
PSB Holding Corp. reported record net income of $5.28 million ($3.45 per diluted share) for the year ending December 31, 2021, a 10.7% increase from 2020. Return on average equity rose to 10.52%. The Bank's participation in the PPP led to $34.9 million in loans and $3.13 million in fee income in 2021. However, net interest margin decreased to 3.44% due to low interest rates and competitive pressures. In Q4 2021, net income fell to $1.02 million, a decline of $508,000 from Q3, largely due to reduced PPP fees.
PSB Holding Corp. (OTC-QX: PSBP) reported a 21.7% increase in net income to $1.52 million ($.99 per diluted share) for Q3 2021 compared to Q3 2020, but a slight decrease from Q2 2021. Year-to-date net income rose 28.2% to $4.27 million. The growth was attributed to increased net fees from the Small Business Administration's PPP loans, totaling $1.21 million in Q3 2021. However, net interest margin experienced pressure, and gross loans fell 13.8% to $351.5 million. Total assets increased by 7.3% to $581.6 million, driven by an 11.4% growth in deposits.
PSB Holding Corp. (OTC-QX: PSBP) has declared an annual common stock dividend of $0.20 per share to be paid on December 1, 2021. Shareholders of record as of November 18, 2021 will receive this dividend. The company, parent to Provident State Bank, Inc., has been operating since 1904, with multiple locations across eastern Maryland. This dividend reflects PSB Holding Corp.'s ongoing commitment to returning value to shareholders.
PSB Holding Corp. (OTC-QX: PSBP) announced a net income of $1.53 million ($1.00 per diluted share) for Q2 2021, a 34.6% increase from $1.14 million in Q2 2020. Year-to-date net income reached $2.74 million, up 32.1%. Key factors included increased net fees from the PPP program, up to $833,000 in Q2 2021 from $179,000 in Q2 2020, and heightened interest on investment securities, which grew by $153,000. Despite these gains, the net interest margin remained stable at 3.49%, facing pressures from low interest rates and competitive loan pricing. Assets totaled $570.4 million, marking an 8.9% rise year-over-year.
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