Investor Relations

Dear Stockholder, 

We are pleased to announce Provident State Bank’s unaudited financial results as of June 30, 2017. There have been several key initiatives underway this year and we continue to make great strides in delivering on the bank’s strategic plan to increase total assets and expand our branch footprint. Below captures some of these achievements. 

Key Financial Indicators as of June 30, 2017 

Total assets have increased by $31.7 million to $398.6 million

After-tax net income was $1.1 million

Net loans have increased by $22.8 million

Deposits increased by $11 million

Non-accrual loans decreased to $3.2 million from $4.1 million

Other Real Estate Owned properties decreased to $603 thousand from $945.8 thousand

Delinquency ratio (30+ day and non-accrual) was 1.12%

We are pleased to report the most recent private stock trade per share was $45.50. As of June 30, 2017, the book value per share increased to $56.99 and earnings per share (unaudited and annualized) was $3.85. This market price only represents 79.8% of our book value and has a P/E multiple of 11.82X. 

The Provident team has been working diligently on branch expansion projects. The first is the opening of a second location in Easton. The new branch is located at 142 N. Harrison Street and scheduled to open in August. Please stop in and meet with any one of our universal bankers and see how we’re changing the future of banking. As we expand into Wicomico County, we will be opening our first location in Salisbury toward the end of 2018. This branch is currently being designed and we anticipate construction will begin in late 2017. 

Another major initiative is the data conversion on September 22, 2017 to a new core operating system which will support our bank’s future growth by offering enhanced technology to our customers and recognizing efficiencies throughout the organization. In addition, this change will create significant cost savings for our bank. 

Our residential mortgage division has turned profitable and we now have the ability to underwrite USDA, VA, FHA and conventional mortgages. For more information contact one of our local offices to speak to a Mortgage Loan Officer. 

In the second half of 2017, we will implement several new marketing initiatives that will solidify our PSB brand. You may have already seen our new PSB website that was launched in June 2017. The site now has an investor relations section that will provide quarterly financial updates. Please check us out at 

We would like to take this opportunity to thank all of our employees and directors for all of their hard work and support. Additionally, we would like to thank you, the stockholders, for your financial commitment and support of our community bank as we implement our strategic plan. Please join us on Saturday, April 14, 2018, at 10am for our 2018 Annual Stockholder Meeting. We look forward to sharing updates about our exciting future and give you the opportunity to ask questions and provide feedback. We sincerely encourage your participation and input. 


Gregory W. Johnson, CEO 

Melissa Quirk, Executive Vice President 


PSB 2016 Annual Report


Financial Statements

June 2017

September 2017