Partners Bancorp (NASDAQ: PTRS) announced key promotions and new hires aimed at expanding operations. Wallace N. King, Sr. is promoted to Market President for the Fredericksburg and Maryland regions. David A. Talebian joins as President, and Adam G. Nalls as Executive VP and COO, focusing on government contracting and healthcare in the Greater Washington area. The bank anticipates opening a new branch in 2021, supported by $18 million raised in subordinated debt earlier in the year for loan growth. This expansion is expected to drive balance sheet growth.
Partners Bancorp (NASDAQ: PTRS) announced a new stock purchase plan allowing for the repurchase of up to 356,000 shares of its common stock. This decision aims to enhance operating performance and potentially boost the market price per share. The timing and amount of shares bought will depend on market conditions and other factors. As of September 30, 2020, the company had 17,810,213 shares outstanding. The plan is flexible, permitting modifications or cancellations at any time.
Partners Bancorp (NASDAQ: PTRS) reported a net income of $1.1 million ($0.06/share) for Q3 2020, down 37.4% from $1.8 million in Q3 2019. Year-to-date net income is $4.6 million, a 7.5% decrease. The results were affected by the acquisition of Virginia Partners and a significant rise in provisions for credit losses, driven by the economic impact of COVID-19. Net interest income rose 44.6% YoY to $10.7 million, but net interest margin fell to 2.85%. Total assets increased by 23.3% to $1.54 billion. A cash dividend of $0.025 per share was declared, payable January 2, 2021.