PSB Holding Corp. Announces Earnings at September 30, 2020

PRESTON, Md., Oct. 26, 2020 /PRNewswire/ -- PSB Holding Corp. (OTC-QX: PSBP), parent company of Provident State Bank, Inc., reported net income of $3.3 million for the first nine months of 2020. These earnings produced a .88% return on average assets and 9.68% return on average shareholders' equity. Stockholders' equity totaled $47.7 million as of September 30, 2020 compared to $40.2 million at September 30, 2019. President and Chief Executive Officer Melissa Quirk stated, "Operating results as of September 30, 2020 reflect sound earnings during these challenging times."

Total assets of $542.0 million increased by $84.7 million compared to September 30, 2019, an increase of 18.5%. Loans, net of allowance, increased by $63.1 million as compared to September 30, 2019. As of September 30, 2020, non-performing assets were .25% of total assets, compared to September 30, 2019 at .59% of total assets. Total customer funding at September 30, 2020 was $454.3 million, an increase of 22.9% as compared to September 30, 2019. 

Annualized earnings per share at September 30, 2020 were $2.90. The price per share as reported on OTC-QX at September 30, 2020 was $22.50 per share. As of September 30, 2020, the book value per share was $31.14.  

Melissa Quirk concluded, "The PSB team will continue to work hard in the fourth quarter to deliver on our strategic initiative of sound 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 2020 financial results. 

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SOURCE PSB Holding Corp.