Yahoo Finance

PSB Holdings, Inc.

Consolidated Balance Sheets

September 30, June 30, and March 31, 2024, September 30, 2023, unaudited, December 31, 2023 derived from audited financial statements

Sep. 30,

Jun. 30,

Mar. 31,

Dec. 31,

Sep. 30,

(dollars in thousands, except per share data)

2024

2024

2024

2023

2023

Assets

Cash and due from banks

$

23,554

$

16,475

$

13,340

$

20,887

$

12,881

Interest-bearing deposits

5,126

251

105

1,431

668

Federal funds sold

58,434

69,249

2,439

5,462

7,764

Cash and cash equivalents

87,114

85,975

15,884

27,780

21,313

Securities available for sale (at fair value)

174,911

165,177

165,566

164,024

160,883

Securities held to maturity (fair values of $82,389, $79,993, $81,234, $82,514 and

$75,236 respectively)

86,847

86,825

87,104

87,081

86,908

Equity securities

1,752

1,661

1,474

1,474

2,273

Loans held for sale

-

2,268

865

230

971

Loans receivable, net (allowance for credit losses of $12,598, $12,597, $12,494,

$12,302 and $12,267 respectively)

1,057,974

1,074,844

1,081,394

1,078,475

1,098,019

Accrued interest receivable

4,837

5,046

5,467

5,136

4,716

Foreclosed assets

-

-

-

-

-

Premises and equipment, net

14,065

14,048

13,427

13,098

13,242

Mortgage servicing rights, net

1,727

1,688

1,657

1,664

1,684

Federal Home Loan Bank stock (at cost)

8,825

8,825

7,006

6,373

6,373

Cash surrender value of bank-owned life insurance

24,565

24,401

24,242

24,085

23,931

Core deposit intangible

212

229

249

273

297

Goodwill

2,541

2,541

2,541

2,541

2,541

Other assets

10,598

12,111

11,682

11,866

14,094

TOTAL ASSETS

$

1,475,968

$

1,485,639

$

1,418,558

$

1,424,100

$

1,437,245

Liabilities

Non-interest-bearing deposits

$

265,078

$

250,435

$

247,608

$

266,829

$

288,765

Interest-bearing deposits

874,035

901,886

865,744

874,973

883,474

Total deposits

1,139,113

1,152,321

1,113,352

1,141,802

1,172,239

Federal Home Loan Bank advances

181,250

184,900

158,250

134,000

128,000

Other borrowings

6,128

5,775

8,096

8,058

5,660

Senior subordinated notes

4,779

4,778

4,776

4,774

4,772

Junior subordinated debentures

12,998

12,972

12,947

12,921

12,896

Allowance for credit losses on unfunded commitments

477

477

477

577

512

Accrued expenses and other liabilities

12,850

13,069

10,247

12,681

10,258

Total liabilities

1,357,595

1,374,292

1,308,145

1,314,813

1,334,337

Stockholders' equity

Preferred stock - no par value:

Authorized - 30,000 shares; no shares issued or outstanding

Outstanding - 7,200 shares, respectively

7,200

7,200

7,200

7,200

7,200

Common stock - no par value with a stated value of $1.00 per share:

Authorized - 18,000,000 shares; Issued - 5,490,798 shares

Outstanding - 4,105,594, 4,128,382, 4,147,649, 4,164,735 and

4,174,197 shares, respectively

1,830

1,830

1,830

1,830

1,830

Additional paid-in capital

8,567

8,527

8,466

8,460

8,421

Retained earnings

138,142

135,276

134,271

132,666

131,624

Accumulated other comprehensive income (loss), net of tax

(15,814

)

(20,503

)

(20,775

)

(20,689

)

(26,190

)

Treasury stock, at cost - 1,385,204, 1,362,416, 1,343,149, 1,326,063 and

1,316,601 shares, respectively

(21,552

)

(20,983

)

(20,579

)

(20,180

)

(19,977

)

Total stockholders' equity

118,373

111,347

110,413

109,287

102,908

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

1,475,968

$

1,485,639

$

1,418,558

$

1,424,100

$

1,437,245

PSB Holdings, Inc.

Consolidated Statements of Income

Quarter Ended

Nine Months Ended

(dollars in thousands,

Sep. 30,

Jun. 30,

Mar. 31,

Dec. 31,

Sep. 30,

September

except per share data - unaudited)

2024

2024

2024

2023

2023

2024

2023

Interest and dividend income:

Loans, including fees

$

15,634

$

15,433

$

15,109

$

14,888

$

14,263

$

46,176

$

38,745

Securities:

Taxable

1,345

1,295

1,197

1,147

1,114

3,837

3,772

Tax-exempt

522

521

526

532

533

1,569

1,605

Other interest and dividends

699

265

343

320

238

1,307

531

Total interest and dividend income

18,200

17,514

17,175

16,887

16,148

52,889

44,653

Interest expense:

Deposits

5,905

5,838

6,082

5,526

4,817

17,825

11,467

FHLB advances

2,038

1,860

1,450

1,349

1,321

5,348

3,068

Other borrowings

57

58

60

54

51

175

161

Senior subordinated notes

59

58

59

59

59

176

179

Junior subordinated debentures

252

255

251

254

255

758

731

Total interest expense

8,311

8,069

7,902

7,242

6,503

24,282

15,606

Net interest income

9,889

9,445

9,273

9,645

9,645

28,607

29,047

Provision for credit losses

-

100

95

100

150

195

350

Net interest income after provision for credit losses

9,889

9,345

9,178

9,545

9,495

28,412

28,697

Noninterest income:

Service fees

367

350

336

360

349

1,053

1,088

Mortgage banking income

433

433

308

247

345

1,174

981

Investment and insurance sales commissions

230

222

121

100

158

573

810

Net loss on sale of securities

-

-

(495

)

(297

)

-

(495

)

(279

)

Increase in cash surrender value of life insurance

165

159

157

154

155

481

461

Life insurance death benefit

-

-

-

-

-

-

533

Other noninterest income

648

742

617

540

675

2,007

2,022

Total noninterest income

1,843

1,906

1,044

1,104

1,682

4,793

5,616

Noninterest expense:

Salaries and employee benefits

4,771

5,167

5,123

4,244

4,514

15,061

14,404

Occupancy and facilities

757

733

721

675

689

2,211

2,086

Loss (gain) on foreclosed assets

1

-

-

1

-

1

(46

)

Data processing and other office operations

1,104

1,047

1,022

1,001

953

3,173

2,784

Advertising and promotion

164

171

129

244

161

464

489

Core deposit intangible amortization

17

20

24

24

24

61

85

Other noninterest expenses

1,337

1,257

1,306

1,169

1,113

3,900

3,388

Total noninterest expense

8,151

8,395

8,325

7,358

7,454

24,871

23,190

Income before provision for income taxes

3,581

2,856

1,897

3,291

3,723

8,334

11,123

Provision for income taxes

593

410

169

878

2,374

1,172

3,967

Net income

$

2,988

$

2,446

$

1,728

$

2,413

$

1,349

$

7,162

$

7,156

Preferred stock dividends declared

$

122

$

122

$

122

$

122

$

122

$

366

$

366

Net income available to common shareholders

$

2,866

$

2,324

$

1,606

$

2,291

$

1,227

$

6,796

$

6,790

Basic earnings per common share

$

0.69

$

0.56

$

0.39

$

0.55

$

0.29

$

1.64

$

1.61

Diluted earnings per common share

$

0.69

$

0.56

$

0.39

$

0.55

$

0.29

$

1.64

$

1.61

PSB Holdings, Inc.

Quarterly Financial Summary

(dollars in thousands, except per share data)

Quarter ended

Sep. 30,

Jun. 30,

Mar. 31,

Dec. 31,

Sep. 30,

Earnings and dividends:

2024

2024

2024

2023

2023

Interest income

$

18,200

$

17,514

$

17,175

$

16,887

$

16,148

Interest expense

$

8,311

$

8,069

$

7,902

$

7,242

$

6,503

Net interest income

$

9,889

$

9,445

$

9,273

$

9,645

$

9,645

Provision for credit losses

$

-

$

100

$

95

$

100

$

150

Other noninterest income

$

1,843

$

1,906

$

1,044

$

1,104

$

1,682

Other noninterest expense

$

8,151

$

8,395

$

8,325

$

7,358

$

7,454

Net income available to common shareholders

$

2,866

$

2,324

$

1,606

$

2,291

$

1,227

Basic earnings per common share (3)

$

0.69

$

0.56

$

0.39

$

0.55

$

0.29

Diluted earnings per common share (3)

$

0.69

$

0.56

$

0.39

$

0.55

$

0.29

Dividends declared per common share (3)

$

-

$

0.32

$

-

$

0.30

$

-

Tangible net book value per common share (4)

$

26.41

$

24.55

$

24.21

$

23.84

$

22.25

Semi-annual dividend payout ratio

n/a

33.60

%

n/a

38.14

%

n/a

Average common shares outstanding

4,132,218

4,139,456

4,154,702

4,168,924

4,186,940

Balance sheet - average balances:

Loans receivable, net of allowances for credit loss

$

1,066,795

$

1,088,013

$

1,081,936

$

1,081,851

$

1,076,158

Assets

$

1,445,613

$

1,433,749

$

1,429,437

$

1,424,240

$

1,425,522

Deposits

$

1,110,854

$

1,111,240

$

1,138,010

$

1,148,399

$

1,149,624

Stockholders' equity

$

114,458

$

110,726

$

109,473

$

105,060

$

105,745

Performance ratios:

Return on average assets (1)

0.82

%

0.69

%

0.49

%

0.67

%

0.38

%

Return on average common stockholders' equity (1)

10.63

%

9.03

%

6.32

%

9.29

%

4.94

%

Return on average tangible common

stockholders' equity (1)(4)

10.96

%

9.34

%

6.57

%

9.64

%

5.17

%

Net loan charge-offs to average loans (1)

0.00

%

0.00

%

0.00

%

0.00

%

0.00

%

Nonperforming loans to gross loans

0.97

%

1.15

%

1.08

%

0.54

%

0.55

%

Nonperforming assets to total assets

0.71

%

0.84

%

0.83

%

0.42

%

0.42

%

Allowance for credit losses to gross loans

1.18

%

1.16

%

1.14

%

1.13

%

1.10

%

Nonperforming assets to tangible equity

plus the allowance for credit losses (4)

8.71

%

11.09

%

10.59

%

5.38

%

5.87

%

Net interest rate margin (1)(2)

2.90

%

2.84

%

2.80

%

2.88

%

2.88

%

Net interest rate spread (1)(2)

2.16

%

2.15

%

2.12

%

2.20

%

2.27

%

Service fee revenue as a percent of

average demand deposits (1)

0.56

%

0.56

%

0.54

%

0.52

%

0.50

%

Noninterest income as a percent

of gross revenue

9.20

%

9.81

%

5.73

%

6.14

%

9.43

%

Efficiency ratio (2)

68.43

%

72.52

%

78.93

%

67.04

%

64.58

%

Noninterest expenses to average assets (1)

2.24

%

2.35

%

2.34

%

2.05

%

2.07

%

Average stockholders' equity less accumulated

other comprehensive income (loss) to

average assets

9.06

%

9.03

%

8.98

%

8.88

%

9.00

%

Tangible equity to tangible assets (4)

7.85

%

7.32

%

7.60

%

7.49

%

6.98

%

Stock price information:

High

$

25.00

$

21.40

$

22.50

$

22.30

$

22.50

Low

$

20.30

$

19.75

$

20.05

$

20.10

$

20.35

Last trade value at quarter-end

$

25.00

$

20.40

$

21.25

$

22.11

$

21.15

(1) Annualized

(2) The yield on federally tax-exempt loans and securities is computed on a tax-equivalent basis using a federal tax rate of 21%.

(3) Due to rounding, cumulative quarterly per share performance may not equal annual per share totals.

(4) Tangible stockholders' equity excludes goodwill and core deposit intangibles.

PSB Holdings, Inc.

Consolidated Statements of Comprehensive Income

Quarter Ended

Sep. 30,

Jun. 30,

Mar. 31,

Dec. 31,

Sep. 30,

(dollars in thousands - unaudited)

2024

2024

2024

2023

2023

Net income

$

2,988

$

2,446

$

1,728

$

2,413

$

1,349

Other comprehensive income, net of tax:

Unrealized gain (loss) on securities available

for sale

4,738

184

(615

)

5,278

(3,085

)

Reclassification adjustment for security

loss included in net income

-

-

391

280

-

Accretion of unrealized loss included in net

income on securities available for sale

deferred tax adjustment for Wisconsin

Act 19

-

-

(35

)

-

-

Amortization of unrealized loss included in net

income on securities available for sale

transferred to securities held to maturity

90

89

91

91

91

Unrealized gain (loss) on interest rate swap

(101

)

39

123

(109

)

79

Reclassification adjustment of interest rate

swap settlements included in earnings

(38

)

(40

)

(41

)

(39

)

(35

)

Other comprehensive income (loss)

4,689

272

(86

)

5,501

(2,950

)

Comprehensive income (loss)

$

7,677

$

2,718

$

1,642

$

7,914

$

(1,601

)

PSB Holdings, Inc.

Nonperforming Assets as of:

Sep 30,

Jun 30,

Mar 31,

Dec 31,

Sep 30,

(dollars in thousands)

2024

2024

2024

2023

2023

Nonaccrual loans (excluding restructured loans)

$

10,116

$

12,184

$

11,498

$

5,596

$

5,807

Nonaccrual restructured loans

25

28

30

34

42

Restructured loans not on nonaccrual

292

299

304

310

256

Accruing loans past due 90 days or more

-

-

-

-

-

Total nonperforming loans

10,433

12,511

11,832

5,940

6,105

Other real estate owned

-

-

-

-

-

Total nonperforming assets

$

10,433

$

12,511

$

11,832

$

5,940

$

6,105

Nonperforming loans as a % of gross loans receivable

0.97

%

1.15

%

1.08

%

0.54

%

0.55

%

Total nonperforming assets as a % of total assets

0.71

%

0.84

%

0.83

%

0.42

%

0.42

%

Allowance for credit losses as a % of nonperforming loans

120.75

%

100.69

%

105.59

%

207.10

%

200.93

%

PSB Holdings, Inc.

Nonperforming Assets >= $500,000 net book value before specific reserves

At September 30, 2024

(dollars in thousands)

Gross

Specific

Collateral Description

Asset Type

Principal

Reserves

Real estate - Recreation Facility

Nonaccrual

$

3,291

$

-

Real estate - Independent Auto Repair

Nonaccrual

562

-

Real estate - Equipment Dealership

Nonaccrual

2,808

660

Total listed nonperforming assets

$

6,661

$

660

Total bank wide nonperforming assets

$

10,433

$

1,220

Listed assets as a % of total nonperforming assets

64

%

54

%

PSB Holding, Inc.

Loan Composition by Collateral Type

Quarter-ended (dollars in thousands)

Sep 30, 2024

Jun 30, 2024

Mar 31, 2024

Dec 31, 2023

Sep 30, 2023

Commercial:

Commercial and industrial

$

115,234

$

125,508

$

118,821

$

117,207

$

138,299

Agriculture

11,203

11,480

12,081

12,304

12,464

Municipal

12,596

11,190

28,842

31,530

27,186

Total Commercial

139,033

148,178

159,744

161,041

177,949

Commercial Real Estate:

Commercial real estate

541,577

544,171

546,257

536,209

539,488

Construction and development

60,952

70,540

63,375

81,701

86,456

Total Commercial Real Estate

602,529

614,711

609,632

617,910

625,944

Residential real estate:

Residential

269,954

270,944

274,300

274,453

274,632

Construction and development

34,655

36,129

34,158

33,960

33,141

HELOC

36,734

33,838

31,357

29,766

29,044

Total Residential Real Estate

341,343

340,911

339,815

338,179

336,817

Consumer installment

4,770

4,423

4,867

4,357

4,350

Subtotals - Gross loans

1,087,675

1,108,223

1,114,058

1,121,487

1,145,060

Loans in process of disbursement

(17,836

)

(21,484

)

(20,839

)

(31,359

)

(35,404

)

Subtotals - Disbursed loans

1,069,839

1,086,739

1,093,219

1,090,128

1,109,656

Net deferred loan costs

733

702

669

649

630

Allowance for credit losses

(12,598

)

(12,597

)

(12,494

)

(12,302

)

(12,267

)

Total loans receivable

$

1,057,974

$

1,074,844

$

1,081,394

$

1,078,475

$

1,098,019

PSB Holding, Inc.

Selected Commercial Real Estate Loans by Purpose

Sept 30,

June 30,

Mar 31,

Dec 31,

Sept 30,

 (dollars in thousands)

2024

2024

2024

2023

2023

Total Exposure

% of Portfolio (1)

Total Exposure

% of Portfolio (1)

Total Exposure

% of Portfolio (1)

Total Exposure

% of Portfolio (1)

Total Exposure

% of Portfolio (1)

Multi Family

$

140,307

14.7

%

$

146,873

15.2

%

$

142,001

14.4

%

$

132,386

13.2

%

$

133,466

13.3

%

Industrial and Warehousing

86,818

9.1

86,025

8.9

85,409

8.6

83,817

8.3