PSB Holding Corp. Announces Record Earnings at December 31, 2020

Rhea-AI Summary

PSB Holding Corp. (OTC-QX: PSBP) announced a record net income of $4.8 million for the fiscal year 2020, reflecting a 0.93% return on assets and 10.24% return on equity. Total stockholders' equity rose to $48.7 million, up from $43.1 million in 2019. Earnings per share increased to $3.12, compared to $2.44 in the prior year. The bank originated $56.9 million in Payroll Protection Program loans, with $20.4 million forgiven by year-end. Total assets grew by 18.7% to $549.4 million, and total deposits increased by 22.3% to $449.4 million.

Positive

• Record net income of $4.8 million for 2020.
• Earnings per share rose to $3.12, up from $2.44 in 2019.
• Total stockholders' equity increased to $48.7 million.
• Assets grew by 18.7% to $549.4 million.
• Total deposits increased by 22.3% to $449.4 million.

Negative

• None.

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 a participant in the Payroll Protection Program ("PPP"). During 2020, Provident originated PPP loans totaling $56.9 million, of which $20.4 million had been forgiven as of December 31, 2020."

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

Melissa Quirk 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."

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.

CONSOLIDATED BALANCE SHEET
	Dec 31, 2020		Dec 31, 2019
Assets
Cash and cash equivalents	$        9,162,136		$      21,479,293
Investment securities	110,089,814		56,530,839
Loans, net of allowance for loan losses	384,973,434		357,977,559
Property and equipment	8,401,637		9,906,709
Bank-owned life insurance	8,656,454		8,408,723
Lease assets	2,508,346		2,780,165
Accrued interest receivable	1,616,775		1,302,954
Other assets	3,944,365		4,321,581
Total assets	$    549,352,961		$    462,707,823
Liabilities and Stockholders' Equity
Deposits:
Noninterest-bearing	$    171,855,568		$    106,468,438
Interest-bearing	277,526,516		260,953,016
Total deposits	449,382,084		367,421,454
Repurchase agreements	12,278,356		7,324,045
FHLB advances and other borrowing	34,328,123		40,433,594
Lease liabilities	2,685,641		2,925,057
Other liabilities	1,934,558		1,520,495
Total liabilities	500,608,762		419,624,645
Stockholders' equity	48,744,199		43,083,178
Total liabilities and equity	$    549,352,961		$    462,707,823
Book value per share	$                31.82		$                28.13

 

CONSOLIDATED STATEMENTS OF INCOME
	Year Ended December 31,
	2020		2019
Interest income
Loans, including fee income	$        19,135,849		$     17,418,179
Investment securities	1,319,864		1,445,881
Other	60,963		367,018
Total interest income	20,516,676		19,231,078
Interest expense
Deposits	2,551,200		2,737,276
Repurchase agreements	8,061		41,791
FHLB advances	799,285		925,335
Other borrowings	155,279		177,558
Total interest expense	3,513,825		3,881,960
Net interest income	17,002,851		15,349,118
Provision for loan losses	448,500		300,000
Net interest income after provision	16,554,351		15,049,118
Noninterest income	3,259,998		2,555,999
Noninterest expense	13,463,481		13,130,302
Net income before tax	6,350,868		4,474,815
Tax expense	1,579,103		951,956
Net income	$          4,771,765		$       3,522,859
Net income per common share,     annualized	$                   3.12		$                 2.44

 

Contact:
Tandy Morgan
tmorgan@psbinc.net
410-673-8842

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SOURCE PSB Holding Corp.

FAQ

What was PSB Holding Corp.'s net income for 2020?

PSB Holding Corp. reported a record net income of $4.8 million for the year ended December 31, 2020.

How much did PSB Holding Corp. increase its earnings per share in 2020?

Earnings per share for PSB Holding Corp. increased to $3.12 during 2020, up from $2.44 in 2019.

What were the total assets of PSB Holding Corp. at the end of 2020?

Total assets for PSB Holding Corp. were $549.4 million as of December 31, 2020.

How many PPP loans did PSB Holding Corp. originate?

During 2020, PSB Holding Corp. originated $56.9 million in Payroll Protection Program loans.

What was the increase in total deposits for PSB Holding Corp. in 2020?

Total deposits increased by 22.3% to $449.4 million at the end of 2020.