PSB Holding Corp. Announces Earnings At March 31, 2020

PRESTON, Md., April 14, 2020 /PRNewswire/ -- PSB Holding Corp., parent company of Provident State Bank, Inc., reported net income of $940 thousand for the first three months of 2020. These earnings produced a .83% return on average assets and 8.60% return on average shareholders' equity. Stockholders' equity totaled $45 million as of March 31, 2020 compared to $37 million at March 31, 2019.

Total assets of $462 million increased by $26 million compared to March 31, 2019, an increase of 5.94%. Total loans increased by $20 million to $360 million, as compared to March 31, 2019. As of March 31, 2020, non-performing assets were .31% of total assets. Total customer funding at March 31, 2020 was $374 million, an increase of 8.52% as compared to March 31, 2019.

Annualized earnings per share is $2.46 at March 31, 2020, as compared to $1.85 on March 31, 2019. The most recent stock trade was reported at $20.00 per share.  As of March 31, 2019, the book value per share was $29.34, compared to $26.12 at March 31, 2019. 

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.

SOURCE PSB Holding Corp.

Related Links

http://www.providentstatebank.com

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