PSB Holding Corp. Announces Earnings At December 31, 2019

PRESTON, Md., Feb. 26, 2020 /PRNewswire/ -- PSB Holding Corp., parent company of Provident State Bank, Inc., reported net income of $3.5 million for the year ended December 31, 2019. These earnings produced a .79% return on average assets and 9.02% return on average shareholders' equity. Stockholders' equity totaled $43.1 million as of December 31, 2019 compared to $35.7 million at December 31, 2018. President and Chief Executive Officer Melissa Quirk stated, "We opened two branch offices in growth markets while maintaining sound performance in 2019. We are pleased with the financial results and look forward to continued growth in 2020."

Total assets of $462.7 million increased by $35.9 million compared to December 31, 2018, an increase of 8.4%. Net loans increased by $16.2 million to $358.0 million, a 4.7% increase as compared to December 31, 2018. As of December 31, 2019, non-performing assets were .69%, of total assets and the provision for loan losses was $300 thousand for the year. Total deposits at December 31, 2019 was $367.4 million, an increase of 9.5% as compared to December 31, 2018. 

Earnings per share increased to $2.44 per share at December 31, 2019, from $2.39 at December 31, 2018, after restating to reflect a 2.5 for one forward stock split on December 28, 2018. The most recent stock trade reported was $27.88 per share. As of December 31, 2019, the book value per share was $28.13, compared to $25.12 at December 31, 2018, after restating to reflect a 2.5 for one forward stock split on December 28, 2018.

Melissa Quirk concluded, "We appreciate the support from our customers, shareholders and employees for making this another successful year at PSB."

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.

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SOURCE PSB Holding Corp.