August 13, 2019 - 12:10 PM EDT
PSB Holding Corp. Announces Earnings At June 30, 2019 - Revised

PSB Holding Corp. Announces Earnings At June 30, 2019 - Revised

PRESTON, Md., Aug. 13, 2019 /PRNewswire/ -- PSB Holding Corp. (OTC-QX: PSBP),  parent company of Provident State Bank, Inc., reported net income of $1.5 million for the first six months of 2019. These earnings produced a .67% return on average assets and 7.17% return on average shareholders' equity. Stockholders' equity totaled $38.4 million as of June 30, 2019 compared to $33.9 million at June 30, 2018. President and Chief Executive Officer Melissa Quirk stated, "Operating results as of June 30, 2019 reflect steady growth and positive momentum as we move into the second half of the year."

Total assets of $444.4 million increased by $7.2 million compared to June 30, 2018, an increase of 1.65%. Total loans increased by $6.3 million to $342.9 million, a 1.89% increase as compared to June 30, 2018. As of June 30, 2019, non-performing assets were .61% of total assets, compared to June 30, 2018 at .76% of total assets. Total customer funding at June 30, 2019 was $357.87 million, an increase of .63% as compared to June 30, 2018. 

Annualized earnings per share at June 30, 2019 was $2.07. The price per share as reported on OTCQX at July 1, 2019 was $26.99 per share. As of June 30, 2019, the book value per share was $27.09.  

Melissa Quirk concluded, "Our focus during the first half of 2019 was the opening of two new branch locations in Wicomico County, MD and Sussex County, DE. These new markets provide opportunity to continue our strategic efforts to grow and expand our servicing area. We appreciate the support of our shareholders and customers as we continue to deliver on our strategic initiative of growth and prosperity."

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 2019 financial results.

PSB HOLDING CORP.



CONSOLIDATED BALANCE SHEET










June 30, 2019


June 30, 2018









Assets






Cash and cash equivalents

$            27,377,989


$          27,367,616



Investment securities

52,782,158


56,842,865



Loans, net of allowance for loan losses

342,899,013


336,549,597



Property & equipment

9,841,501


7,703,017



Lease assets

3,097,644


-



Bank-owned life insurance

5,302,417


5,150,445



Accrued interest receivable

1,318,589


1,252,809



Foreclosed real estate

83,700


83,700



Other assets

1,667,555


2,223,236



Total assets

$          444,370,566


$         437,173,285








Liabilities and Stockholders' Equity






Deposits:






   Noninterest-bearing

$             98,581,719


$           96,578,925



   Interest-bearing

255,037,534


255,308,728



  Total deposits

353,619,253


351,887,653



Repurchase agreements

4,253,150


3,750,433



FHLB advances and other borrowing

43,610,684


46,505,268



Lease liability

3,097,644


-



Other liabilities

1,309,341


1,094,959



Total liabilities

405,890,072


403,238,313



Stockholders' equity

38,480,494


33,934,972



Total liabilities and equity

$            444,370,566


$          437,173,285









  Book value per share

$                       27.09


$                     23.89



 

PSB HOLDING CORP.

CONSOLIDATED STATEMENTS OF INCOME






Six Months Ended


June 30,


2019


2018





Interest income




Loans, including fee income

$           8,459,809


$           7,951,529

Investment securities

798,326


656,698

Other

97,934


136,793


Total interest income

9,356,069


8,745,020

Interest expense




Deposits

1,238,600


988,743

Repurchase agreements

22,883


6,299

FHLB advances

477,717


407,233

Other borrowings

91,017


102,553


Total interest expense

1,830,217


1,504,828

Net interest income

7,525,852


7,240,192

Provision for loan losses

110,000


610,000

Net interest income after provision

7,415,852


6,630,192






Noninterest income

1,224,623


1,522,764

Noninterest expense

6,715,795


5,869,339

Net income before tax

1,924,680


2,283,617

Tax expense

464,142


566,171

Net income

$            1,460,538


$            1,717,446






Net income per common share, annualized

$                      2.07


$                      2.44

2018 Book Value and Earnings per share have been restated to reflect the 2.5 for one forward stock split executed on December 28, 2018.

Cision View original content:https://www.prnewswire.com/news-releases/psb-holding-corp-announces-earnings-at-june-30-2019---revised-300900922.html

SOURCE PSB Holding Corp.


Source: PR Newswire (August 13, 2019 - 12:10 PM EDT)