PSB Holding Corp. (OTC-QX: PSBP) reported a net income of $1.21 million ($0.79 per diluted share) for Q1 2021, a decline from $1.44 million in Q4 2020 but up from $940,000 in Q1 2020. The decrease from Q4 2020 was attributed to lower mortgage banking activity amid rising long-term rates. However, net income rose 29.1% year-over-year, benefiting from fees from the PPP and increased investment balances. Total assets reached $571.7 million, while deposits grew to $473.7 million. Non-performing assets remained low at 0.34% of total assets.
PSB Holding Corp. (OTC-QX: PSBP) has appointed John A. Scaldara as Chief Financial Officer and Executive Vice President of Provident State Bank, effective February 10, 2021. His extensive banking experience is expected to significantly benefit the company. Scaldara previously held senior roles at The Columbia Bank and Fulton Financial Corporation, showcasing strong leadership capabilities. PSB President and CEO Melissa Quirk expressed confidence in Scaldara's ability to contribute to the bank's strategic future.
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.