Yahoo Finance

PSB Holdings, Inc.

Consolidated Balance Sheets

December 31, September 30, June 30, and March 31, 2023, unaudited, December 31, 2022 derived from audited financial statements

Dec. 31,

Sep. 30,

Jun. 30,

Mar. 31,

Dec. 31,

(dollars in thousands, except per share data)

2023

2023

2023

2023

2022

Assets

Cash and due from banks

$

20,887

$

12,881

$

27,409

$

13,336

$

28,561

Interest-bearing deposits

1,431

668

892

538

758

Federal funds sold

5,462

7,764

16,138

25,766

90

Cash and cash equivalents

27,780

21,313

44,439

39,640

29,409

Securities available for sale (at fair value)

164,024

160,883

167,382

190,738

192,197

Securities held to maturity (fair values of $82,514, $75,236, $81,489, $82,610 and

$80,926 respectively)

87,081

86,908

87,335

87,889

87,816

Equity securities

1,474

2,273

2,178

2,070

2,032

Loans held for sale

230

971

151

-

-

Loans receivable, net (allowance for credit losses $12,302, $12,267, $11,922,

$11,593 and $12,293 respectively)

1,078,475

1,098,019

1,048,322

973,270

961,865

Accrued interest receivable

5,136

4,716

4,274

4,062

4,006

Foreclosed assets

-

-

-

-

160

Premises and equipment, net

13,098

13,242

13,256

13,406

13,164

Mortgage servicing rights, net

1,664

1,684

1,666

1,682

1,610

Federal Home Loan Bank stock (at cost)

6,373

6,373

6,359

4,620

2,516

Cash surrender value of bank-owned life insurance

24,085

23,931

23,776

25,078

24,922

Core deposit intangible

273

297

321

348

382

Goodwill

2,541

2,541

2,541

2,541

2,541

Other assets

11,866

14,094

14,933

14,444

15,069

TOTAL ASSETS

$

1,424,100

$

1,437,245

$

1,416,933

$

1,359,788

$

1,337,689

Liabilities

Non-interest-bearing deposits

$

266,829

$

288,765

$

282,153

$

267,836

$

292,338

Interest-bearing deposits

874,973

883,474

860,981

839,757

856,417

Total deposits

1,141,802

1,172,239

1,143,134

1,107,593

1,148,755

Federal Home Loan Bank advances

134,000

128,000

133,000

113,000

43,000

Other borrowings

8,058

5,660

5,730

5,033

12,985

Senior subordinated notes

4,774

4,772

4,771

4,769

5,549

Junior subordinated debentures

12,921

12,896

12,870

12,844

12,819

Allowance for credit losses on unfunded commitments

577

512

712

762

-

Accrued expenses and other liabilities

12,681

10,258

11,783

10,576

12,639

Total liabilities

1,314,813

1,334,337

1,312,000

1,254,577

1,235,747

Stockholders' equity

Preferred stock - no par value:

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

Outstanding - 7,200, 7,200, 7,200, 7,200, and 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 - 4,164,735, 4,174,197, 4,190,252, 4,241,501 and

4,297,279 shares, respectively

1,830

1,830

1,830

1,830

1,830

Additional paid-in capital

8,460

8,421

8,382

8,311

8,300

Retained earnings

132,666

131,624

130,396

128,968

126,003

Accumulated other comprehensive loss, net of tax

(20,689

)

(26,190

)

(23,240

)

(22,515

)

(24,220

)

Treasury stock, at cost - 1,326,063, 1,316,601, 1,300,546, 1,249,297 and

1,193,519 shares, respectively

(20,180

)

(19,977

)

(19,635

)

(18,583

)

(17,171

)

Total stockholders' equity

109,287

102,908

104,933

105,211

101,942

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

1,424,100

$

1,437,245

$

1,416,933

$

1,359,788

$

1,337,689

PSB Holdings, Inc.

Consolidated Statements of Income

Quarter Ended

Year Ended

(dollars in thousands,

Dec. 31,

Sep. 30,

Jun. 30,

Mar. 31,

Dec. 31,

December

except per share data - unaudited)

2023

2023

2023

2023

2022

2023

2022

Interest and dividend income:

Loans, including fees

$

14,888

$

14,263

$

12,709

$

11,773

$

11,251

$

53,633

$

39,825

Securities:

Taxable

1,147

1,114

1,327

1,331

1,218

4,919

3,817

Tax-exempt

532

533

535

537

539

2,137

2,149

Other interest and dividends

320

238

145

148

141

851

398

Total interest and dividend income

16,887

16,148

14,716

13,789

13,149

61,540

46,189

Interest expense:

Deposits

5,526

4,817

3,661

2,989

2,060

16,993

4,439

FHLB advances

1,349

1,321

1,200

547

167

4,417

779

Other borrowings

54

51

48

62

38

215

58

Senior subordinated notes

59

59

58

62

55

238

139

Junior subordinated debentures

254

255

242

234

224

985

771

Total interest expense

7,242

6,503

5,209

3,894

2,544

22,848

6,186

Net interest income

9,645

9,645

9,507

9,895

10,605

38,692

40,003

Provision for credit losses

100

150

100

100

-

450

-

Net interest income after provision for credit losses

9,545

9,495

9,407

9,795

10,605

38,242

40,003

Noninterest income:

Service fees

360

349

378

361

381

1,448

1,570

Mortgage banking income

247

345

311

325

235

1,228

1,215

Investment and insurance sales commissions

100

158

287

365

498

910

1,715

Net loss on sale of securities

(297

)

-

(279

)

-

-

(576

)

-

Increase in cash surrender value of life insurance

154

155

149

157

157

615

616

Life insurance death benefit

-

-

533

-

-

533

-

Other noninterest income

540

675

605

742

553

2,562

2,328

Total noninterest income

1,104

1,682

1,984

1,950

1,824

6,720

7,444

Noninterest expense:

Salaries and employee benefits

4,244

4,514

4,884

5,006

4,700

18,648

17,940

Occupancy and facilities

675

689

698

699

641

2,761

2,622

Loss (gain) on foreclosed assets

1

-

4

(50

)

2

(45

)

-

Data processing and other office operations

1,001

953

951

880

910

3,785

3,589

Advertising and promotion

244

161

166

162

180

733

690

Core deposit intangible amortization

24

24

27

34

34

109

153

Other noninterest expenses

1,169

1,113

1,202

1,073

1,219

4,557

4,522

Total noninterest expense

7,358

7,454

7,932

7,804

7,686

30,548

29,516

Income before provision for income taxes

3,291

3,723

3,459

3,941

4,743

14,414

17,931

Provision for income taxes

878

2,374

652

941

1,143

4,845

4,294

Net income

$

2,413

$

1,349

$

2,807

$

3,000

$

3,600

$

9,569

$

13,637

Preferred stock dividends declared

$

122

$

122

$

122

$

122

$

81

$

486

$

81

Net income available to common shareholders

$

2,291

$

1,227

$

2,685

$

2,878

$

3,519

$

9,083

$

13,556

Basic earnings per common share

$

0.55

$

0.29

$

0.64

$

0.67

$

0.80

$

2.16

$

3.07

Diluted earnings per common share

$

0.55

$

0.29

$

0.64

$

0.67

$

0.80

$

2.16

$

3.07

PSB Holdings, Inc.

Quarterly Financial Summary

(dollars in thousands, except per share data)

Quarter ended

Dec. 31,

Sep. 30,

Jun. 30,

Mar. 31,

Dec. 31,

Earnings and dividends:

2023

2023

2023

2023

2022

Interest income

$

16,887

$

16,148

$

14,716

$

13,789

$

13,149

Interest expense

$

7,242

$

6,503

$

5,209

$

3,894

$

2,544

Net interest income

$

9,645

$

9,645

$

9,507

$

9,895

$

10,605

Provision for credit losses

$

100

$

150

$

100

$

100

$

-

Other noninterest income

$

1,104

$

1,682

$

1,984

$

1,950

$

1,824

Other noninterest expense

$

7,358

$

7,454

$

7,932

$

7,804

$

7,686

Net income available to common shareholders

$

2,291

$

1,227

$

2,685

$

2,878

$

3,519

Basic earnings per common share (3)

$

0.55

$

0.29

$

0.64

$

0.67

$

0.80

Diluted earnings per common share (3)

$

0.55

$

0.29

$

0.64

$

0.67

$

0.80

Dividends declared per common share (3)

$

0.30

$

-

$

0.30

$

-

$

0.25

Tangible net book value per common share (4)

$

23.84

$

22.25

$

22.64

$

22.43

$

21.37

Semi-annual dividend payout ratio

38.14

%

n/a

27.38

%

n/a

15.27

%

Average common shares outstanding

4,168,924

4,186,940

4,218,226

4,275,160

4,377,330

Balance sheet - average balances:

Loans receivable, net of allowances for credit loss

$

1,081,851

$

1,076,158

$

1,000,349

$

964,029

$

945,551

Assets

$

1,424,240

$

1,425,522

$

1,367,363

$

1,336,511

$

1,321,776

Deposits

$

1,148,399

$

1,149,624

$

1,098,039

$

1,124,091

$

1,146,066

Stockholders' equity

$

105,060

$

105,758

$

106,762

$

103,406

$

100,037

Performance ratios:

Return on average assets (1)

0.67

%

0.38

%

0.82

%

0.91

%

1.08

%

Return on average common stockholders' equity (1)

9.29

%

4.94

%

10.82

%

12.13

%

14.66

%

Return on average tangible common

stockholders' equity (1)(4)

9.64

%

5.17

%

11.23

%

12.63

%

15.23

%

Net loan charge-offs to average loans (1)

0.00

%

0.00

%

-0.07

%

-0.02

%

0.03

%

Nonperforming loans to gross loans

0.54

%

0.55

%

0.60

%

0.62

%

0.64

%

Nonperforming assets to total assets

0.42

%

0.42

%

0.45

%

0.45

%

0.48

%

Allowance for credit losses to gross loans

1.13

%

1.10

%

1.12

%

1.18

%

1.26

%

Nonperforming assets to tangible equity

plus the allowance for credit losses (4)

5.40

%

5.90

%

6.00

%

5.80

%

6.22

%

Net interest rate margin (1)(2)

2.88

%

2.88

%

2.98

%

3.21

%

3.41

%

Net interest rate spread (1)(2)

2.20

%

2.27

%

2.46

%

2.77

%

3.10

%

Service fee revenue as a percent of

average demand deposits (1)

0.52

%

0.50

%

0.58

%

0.52

%

0.50

%

Noninterest income as a percent

of gross revenue

6.14

%

9.43

%

11.88

%

12.39

%

12.18

%

Efficiency ratio (2)

67.04

%

64.58

%

68.09

%

65.02

%

61.06

%

Noninterest expenses to average assets (1)

2.05

%

2.07

%

2.33

%

2.37

%

2.31

%

Average stockholders' equity less accumulated

other comprehensive income (loss) to

average assets

8.88

%

9.00

%

9.33

%

9.32

%

9.23

%

Tangible equity to tangible assets (4)

7.49

%

6.98

%

7.22

%

7.54

%

7.42

%

Stock price information:

High

$

22.30

$

22.50

$

21.38

$

25.75

$

22.74

Low

$

20.10

$

20.35

$

19.75

$

20.00

$

21.50

Last trade value at quarter-end

$

22.11

$

21.15

$

20.35

$

21.15

$

21.90

(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

Dec. 31,

Sep. 30,

Jun. 30,

Mar. 31,

Dec. 31,

(dollars in thousands - unaudited)

2023

2023

2023

2023

2022

Net income

$

2,413

$

1,349

$

2,807

$

3,000

$

3,600

Other comprehensive income, net of tax:

Unrealized gain (loss) on securities available

for sale

5,323

(3,085

)

(1,168

)

1,601

(116

)

Reclassification adjustment for security

loss included in net income

235

-

202

-

-

Amortization of unrealized loss included in net

income on securities available for sale

transferred to securities held to maturity

91

91

107

129

93

Unrealized gain (loss) on interest rate swap

(109

)

79

161

(1

)

11

Reclassification adjustment of interest rate

swap settlements included in earnings

(39

)

(35

)

(27

)

(24

)

(8

)

Other comprehensive income (loss)

5,501

(2,950

)

(725

)

1,705

(20

)

Comprehensive income (loss)

$

7,914

$

(1,601

)

$

2,082

$

4,705

$

3,580

PSB Holdings, Inc.

Nonperforming Assets as of:

Dec 31,

Sep 30,

Jun 30,

Mar 31,

Dec 31,

(dollars in thousands)

2023

2023

2023

2023

2022

Nonaccrual loans (excluding restructured loans)

$

5,596

$

5,807

$

6,000

$

5,773

$

5,879

Nonaccrual restructured loans

34

42

50

57

62

Restructured loans not on nonaccrual

310

256

261

265

270

Accruing loans past due 90 days or more

-

-

-

-

-

Total nonperforming loans

5,940

6,105

6,311

6,095

6,211

Other real estate owned

-

-

-

-

160

Total nonperforming assets

$

5,940

$

6,105

$

6,311

$

6,095

$

6,371

Nonperforming loans as a % of gross loans receivable

0.54

%

0.55

%

0.60

%

0.62

%

0.64

%

Total nonperforming assets as a % of total assets

0.42

%

0.42

%

0.45

%

0.45

%

0.48

%

Allowance for credit losses as a % of nonperforming loans

207.10

%

200.93

%

188.91

%

190.21

%

197.92

%

PSB Holdings, Inc.

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

At December 31, 2023

(dollars in thousands)

Gross

Specific

Collateral Description

Asset Type

Principal

Reserves

Real estate - Buffet Style Restaurant

Nonaccrual

$

2,676

$

935

Real estate - Independent Auto Repair

Nonaccrual

654

21

Total listed nonperforming assets

$

3,330

$

956

Total bank wide nonperforming assets

$

5,940

$

1,340

Listed assets as a % of total nonperforming assets

56

%

71

%

PSB Holding, Inc.

Loan Composition by Collateral Type

Quarter-ended (dollars in thousands)

Dec 31,
2023

Sep 30,
2023

Jun 30,
2023

Mar 31,
2023

Dec 31,
2022

Commercial:

Commercial and instrustrial

$

117,207

$

138,299

$

145,434

$

133,427

$

129,640

Agriculture

12,304

12,464

13,326

12,434

12,979

Municipal

31,530

27,186

25,222

6,430

9,915

Total Commercial

161,041

177,949

183,982

152,291

152,534

Commercial Real Estate:

Commercial real estate

536,209

539,488

490,657

469,395

471,225

Construction and development

81,701

86,456

99,769

103,108

100,775

Total Commercial Real Estate

617,910

625,944

590,426

572,503

572,000

Residential real estate:

Residential

274,453

274,632

274,692

261,415

253,740

Construction and development

33,960

33,141

41,485

26,480

24,367

HELOC

29,766

29,044

26,220

25,001

24,173

Total Residential Real Estate

338,179

336,817

342,397

312,896

302,280

Consumer installment

4,357

4,350

4,142

4,079

4,734

Subtotals - Gross loans

1,121,487

1,145,060

1,120,947

1,041,769

1,031,548

Loans in process of disbursement

(31,359

)

(35,404

)

(61,308

)

(57,448

)

(57,963

)

Subtotals - Disbursed loans

1,090,128

1,109,656

1,059,639

984,321

973,585

Net deferred loan costs

649

630

605

542

573

Allowance for credit losses

(12,302

)

(12,267

)

(11,922

)

(11,593

)

(12,293

)

Total loans receivable

$

1,078,475

$

1,098,019

$

1,048,322

$

973,270

$

961,865

PSB Holding, Inc.

Selected Commercial Real Estate Loans by Purpose

Dec 31,

Sep 30,

June 30,

Mar 31,

Dec 31,

 (dollars in thousands)

2023

2023

2023

2023

2022

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

$

132,386

13.2

%

$

133,466

13.3

%

$

119,573

12.4

%

$

121,559

13.0

%

$

120,232

13.1

%

Industrial and Warehousing

83,817

8.3

88,906

8.9

84,049

8.7

78,934

8.5

76,536

8.3

Retail

35,419

3.5

35,281

3.5

34,004

3.5

34,427

3.7

32,587

3.5

Hotels

36,100

3.6

31,819

3.2

33,329

3.5

31,069

3.3

32,940

3.6

Office

6,701

0.7

6,746

0.7

8,395

0.9

8,544

0.9

8,652

0.9