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GlobeNewswire (Europe)
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PSB Holdings, Inc. Reports Fourth Quarter 2022 Earnings of $0.80 Per Share and Record Fiscal 2022 Earnings of $3.07 Per Share

WAUSAU, Wis., Jan. 25, 2023 (GLOBE NEWSWIRE) -- PSB Holdings, Inc. ("PSB") (OTCQX: PSBQ), the holding company for Peoples State Bank ("Peoples") serving Northcentral and Southeastern Wisconsin reported fourth quarter earnings ending December 31, 2022 of $0.80 per share on net income of $3.5 million, compared to $0.80 per share on net income of $3.5 million during the third quarter ending September 30, 2022, and $0.71 per share on net income of $3.1 million during the fourth quarter ending December 31, 2021. Fiscal 2022 earnings increased to a record $3.07 per share from $2.88 per share for fiscal 2021.

PSB's fourth quarter 2022 operating results reflected the following changes from the third quarter of 2022: (1) higher net interest income due to increased allocation to higher yielding loans and investments; (2) higher noninterest income primarily due to an increase in investment sales commissions; and (3) higher salary and employee benefit expenses due to inflationary pressures and funding of year-end benefit plans. Loans grew 2.7% during the quarter ending December 31, 2022, reflecting primarily growth in adjustable-rate residential mortgage loans and increased commercial and industrial loans and lines of credit.

"Our record fiscal 2022 earnings reflect the benefits of increased net interest income and improved efficiency over 2021 which included costs related to the acquisition of Sunset Bank. Improvements in already strong credit quality required no provision for loan losses which offset a significant reduction in residential mortgage banking income. Despite ongoing challenges in 2023 as the Federal Reserve combats inflation, we are well positioned to take advantage of new opportunities. During the fourth quarter, we increased our capital and liquidity positions to facilitate additional growth and manage capital," stated Scott Cattanach, President and CEO.

December 31, 2022 Highlights:

  • Net interest income increased to $10.6 million for the quarter ended December 31, 2022, compared to $10.1 million for the quarter ended September 30, 2022, and $9.2 million for the quarter ended December 31, 2021.

  • Noninterest income increased to $1.8 million for the quarter ended December 31, 2022, from $1.7 million the previous quarter. The increase largely reflected additional investment sales commissions.

  • Noninterest expense increased $499,000 for the fourth quarter of 2022, to $7.7 million from $7.2 million the prior quarter. The increase was primarily related to higher salary and benefit costs.

  • Loans receivable increased $25 million, or 2.7%, to $962 million at December 31, 2022 from $937 million one quarter earlier. For the fiscal year ended December 31, 2022, loans increased $85.5 million, or 9.8%.

  • Asset quality improved and continued to remain strong. At December 31, 2022, non-performing assets declined $4.8 million to 0.48% of total assets from 1.06% one year earlier. No loan loss provisions were recorded during 2022 due to strong credit quality.

  • Tangible book value per common share increased to $21.37 at December 31, 2022 from $20.83 one quarter earlier. Return on tangible common equity was 15.12% for the quarter ended December 31, 2022, compared to 14.58% the prior quarter.

  • On December 19, 2022, PSB announced that it has adopted a program to repurchase up to 5% of outstanding shares of its common stock. Through the end of the fourth quarter of 2022, PSB repurchased 55,113 shares as part of this plan.

Balance Sheet and Asset Quality Review

Total assets increased slightly to $1.34 billion at December 31, 2022, from $1.32 billion at September 30, 2022. Cash and cash equivalents decreased $11.3 million to $29.4 million from $40.7 million during the quarter, while investment securities increased $3.6 million to $280.0 million at December 31, 2022, from $276.4 million one quarter earlier.

Total loans receivable increased $25.2 million to $961.9 million at December 31, 2022, from $936.7 million at September 30, 2022. New one-to-four family loans were added to the portfolio as well as commercial loans which reflected strong origination activity. Management believes loan originations could slow in coming quarters in response to lower customer demand as a result of cumulative short-term interest rate increases by the Federal Reserve to slow inflation.

The allowance for loan losses decreased slightly to 1.26% of gross loans at December 31, 2022, from 1.30% the prior quarter and 1.38% of gross loans one year earlier. Annualized net charge-offs to average loans were minimal for the quarter ended December 31, 2022 at 0.03%. Non-performing assets declined to 0.48% of total assets at December 31, 2022, compared to 0.85% at September 30, 2022, and 1.06% at December 31, 2021. At December 31, 2022, non-performing assets consisted of $5.9 million in non-accrual loans, $62,000 in non-accrual restructured loans, $270,000 in restructured loans not on non-accrual and $160,000 in foreclosed assets. During the fourth quarter, an accruing restructured loan totaling $4.6 million was upgraded to performing from impaired status.

Total deposits remained flat at $1.15 billion at December 31, 2022 and the composition of deposits changed slightly from the prior quarter. At December 31, 2022, interest-bearing demand and savings deposits increased to 34.5% of total deposits from 32.9% of total deposits the prior quarter, while noninterest-bearing demand deposits decreased to 25.4% from 26.0% at September 30, 2022. Money market deposits decreased to 18.8% of total deposits at December 31, 2022 from 19.9%, and retail and local time deposits increased to 13.5% from 13.4% at September 30, 2022. Broker and national time deposits remained at 7.8% of total deposits at December 31, 2022.

FHLB advances increased to $43.0 million at December 31, 2022, compared to $40.0 million at September 30, 2022, while other borrowings increased to $13.0 million at December 31, 2022 compared to $10.4 million at September 30, 2022.

Senior subordinated notes increased to $5.5 million at December 31, 2022 from $2.5 million at September 30, 2022. The increased senior subordinated notes reflect the issuance of new subordinated debt of $4.8 million on November 1, 2022, which included $1.8 million of refinanced existing notes.

Tangible stockholder equity as a percent of total tangible assets increased to 7.42% at December 31, 2022, from 6.98% at September 30, 2022. On November 1, 2022, PSB sold $7.2 million of non-cumulative 6.75% preferred stock. PSB has the option to redeem the preferred stock in whole or in part beginning November 1, 2027.

Tangible book value per common share was $21.37 at December 31, 2022, compared to $20.83 per common share one quarter earlier. Relative to the prior quarter, accumulated other comprehensive loss was unchanged with the unrealized loss on securities available for sale remaining at $24.2 million. At December 31, 2022, fair values on all securities were 12.3% less than amortized purchase cost.

Operations Review

Net interest income increased to $10.6 million (on a net margin of 3.41%) for the fourth quarter of 2022, compared to $10.1 million (on a net margin of 3.24%) for the third quarter of 2022, and $9.2 million (on a net margin of 3.01%) for the fourth quarter of 2021. Earning asset yields increased 40 basis points to 4.21% during the fourth quarter of 2022, from 3.81% during the third quarter of 2022, while deposit and borrowing costs increased 34 basis points to 1.11% compared to 0.77% during the third quarter of 2022.

The increase in earning asset yields was partially due to higher yields on investment securities during the quarter ended December 31, 2022. Taxable security yields increased to 2.45% for the quarter ended December 31, 2022, from 1.94% in the quarter ended September 30, 2022. Loan yields also increased during the fourth quarter to 4.67% from 4.30% for the third quarter of 2022 as loans repriced to higher indices from Federal Reserve and market rate increases and new loans were added to the portfolio. Along with a further increase in asset yields, funding costs are expected to increase during the Federal Reserve's increasing interest rate posture and as existing loans, securities, and deposits reprice to higher levels.

Total noninterest income increased for the fourth quarter of 2022 to $1.8 million from $1.7 million for the third quarter of 2022, due primarily to an increase in investment sales commissions. Mortgage loan servicing income also increased slightly during the fourth quarter, though the increase was mostly offset by a reduction in gains on the sale of mortgage loans. At December 31, 2022, the Bank serviced $382.4 million in secondary market residential mortgage loans for others.

Noninterest expense increased to $7.7 million for the fourth quarter of 2022, compared to $7.2 million for the third quarter of 2022. The fourth quarter of 2022 included higher salaries and employee benefit expenses. Salary and employee benefit expenses were $4.7 million for the fourth quarter of 2022, compared to $4.3 million for the third quarter of 2022.

About PSB Holdings, Inc.

PSB Holdings, Inc. is the parent company of Peoples State Bank. Peoples is a community bank headquartered in Wausau, Wisconsin, serving northcentral and southeastern Wisconsin from ten full-service banking locations in Marathon, Oneida, Vilas, Milwaukee and Waukesha counties and a loan production office in Stevens Point, Wisconsin. Peoples also provides investment and insurance products, along with retirement planning services, through Peoples Wealth Management, a division of Peoples. PSB Holdings, Inc. is traded under the stock symbol PSBQ on the OTCQX Market. More information about PSB, its management, and its financial performance may be found at www.psbholdingsinc.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current expectations, estimates and projections about PSB's business based, in part, on assumptions made by management and include, without limitation, statements with respect to the potential growth of PSB, its future profits, expected stock repurchase levels, future dividend rates, future interest rates, and the adequacy of its capital position. Forward-looking statements can be affected by known and unknown risks, uncertainties, and other factors, including, but not limited to, strength of the economy, the effects of government policies, including interest rate policies, risks associated with the execution of PSB's vision and growth strategy, including with respect to current and future M&A activity, and risks associated with global economic instability relating to the COVID-19 pandemic and its effect on PSB and Peoples, and their customers, and other risks. The forward-looking statements in this press release speak only as of the date on which they are made and PSB does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.

PSB Holdings, Inc.
Consolidated Balance Sheets
December 31, September 30, June 30, and March 31, 2022, unaudited, December 31, 2021 derived from audited financial statements
Dec. 31,Sep. 30,Jun. 30,Mar. 31,Dec. 31,
(dollars in thousands, except per share data) 2022 2022 2022 2022 2021
Assets
Cash and due from banks$28,561 $16,659 $19,149 $18,322 $16,896
Interest-bearing deposits 758 3,267 3,545 5,158 6,579
Federal funds sold 90 20,751 16,689 14,356 30,068
Cash and cash equivalents 29,409 40,677 39,383 37,836 53,543
Securities available for sale (at fair value) 192,197 188,425 190,478 289,704 308,744
Securities held to maturity (fair values of $80,926, $77,467, $82,567, $0 and
$0 respectively) 87,816 87,993 88,216 - -
Equity securities 2,032 1,870 1,781 1,720 1,701
Bank certificates of deposit (at cost) - - 245 245 245
Loans held for sale - - 270 - 3,061
Loans receivable, net 961,865 936,686 925,260 875,588 876,337
Accrued interest receivable 4,006 3,493 3,285 3,219 3,256
Foreclosed assets 160 160 160 1,103 1,103
Premises and equipment, net 13,164 13,129 12,981 12,906 12,695
Mortgage servicing rights, net 1,610 1,651 1,711 1,770 1,714
Federal Home Loan Bank stock (at cost) 2,516 2,516 2,646 2,646 2,646
Cash surrender value of bank-owned life insurance 24,922 24,765 24,608 24,455 24,305
Core deposit intangible 382 415 449 487 534
Goodwill 2,541 2,541 2,541 2,541 2,541
Other assets 15,069 15,248 13,550 11,725 6,286
TOTAL ASSETS$1,337,689 $1,319,569 $1,307,564 $1,265,945 $1,298,711
Liabilities
Non-interest-bearing deposits$292,338 $298,335 $283,592 $272,611 $284,477
Interest-bearing deposits 856,417 850,483 829,867 816,794 820,763
Total deposits 1,148,755 1,148,818 1,113,459 1,089,405 1,105,240
Federal Home Loan Bank advances 43,000 40,000 67,000 47,000 47,000
Other borrowings 12,985 10,449 4,601 4,304 6,677
Senior subordinated notes 5,549 2,500 2,500 2,500 2,500
Junior subordinated debentures 12,819 12,793 12,768 12,742 12,717
Accrued expenses and other liabilities 12,639 10,114 10,938 10,208 13,315
Total liabilities 1,235,747 1,224,674 1,211,266 1,166,159 1,187,449
Stockholders' equity
Preferred stock - no par value:
Authorized - 30,000 shares
Outstanding - 7,200, 0, 0, 0, and 0 shares, respectively 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 - 4,297,279, 4,414,651, 4,423,037, 4,434,840 and
4,440,329 shares, respectively 1,830 1,830 1,830 1,830 1,830
Additional paid-in capital 8,300 8,294 8,238 8,183 8,059
Retained earnings 126,003 123,559 120,043 117,957 114,627
Accumulated other comprehensive income (loss), net of tax (24,220) (24,200) (19,423) (14,097) 628
Treasury stock, at cost - 1,193,519, 1,076,147, 1,067,761, 1,055,958 and
1,050,469 shares, respectively (17,171) (14,588) (14,390) (14,087) (13,882)
Total stockholders' equity 101,942 94,895 96,298 99,786 111,262
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$1,337,689 $1,319,569 $1,307,564 $1,265,945 $1,298,711


PSB Holdings, Inc.
Consolidated Statements of Income
Quarter Ended
(dollars in thousands,Dec. 31,Sep. 30,Jun. 30,Mar. 31,Dec. 31,
except per share data - unaudited)20222022202220222021
Interest and dividend income:
Loans, including fees$11,251$10,225$9,295$9,054 $8,918
Securities:
Taxable 1,218 978 859 762 631
Tax-exempt 539 540 537 533 505
Other interest and dividends 141 163 52 42 31
Total interest and dividend income 13,149 11,906 10,743 10,391 10,085
Interest expense:
Deposits 2,060 1,341 595 443 476
FHLB advances 167 209 234 169 192
Other borrowings 38 14 4 2 4
Senior subordinated notes 55 28 28 28 29
Junior subordinated debentures 224 202 179 166 165
Total interest expense 2,544 1,794 1,040 808 866
Net interest income 10,605 10,112 9,703 9,583 9,219
Provision for loan losses - - - - -
Net interest income after provision for loan losses 10,605 10,112 9,703 9,583 9,219
Noninterest income:
Service fees 381 409 392 388 382
Gain on sale of mortgage loans 56 98 182 277 451
Mortgage loan servicing, net 179 130 117 176 114
Investment and insurance sales commissions 498 357 404 456 500
Net gain on sale of securities - - - - -
Increase in cash surrender value of life insurance 157 157 152 150 151
Other noninterest income 553 558 686 531 646
Total noninterest income 1,824 1,709 1,933 1,978 2,244
Noninterest expense:
Salaries and employee benefits 4,700 4,302 4,548 4,390 4,669
Occupancy and facilities 641 687 629 665 596
Loss (gain) on foreclosed assets 2 4 - (6) (347)
Data processing and other office operations 910 906 912 861 855
Advertising and promotion 180 185 173 152 155
Core deposit intangible amortization 34 34 38 47 47
Other noninterest expenses 1,219 1,069 1,151 1,083 1,382
Total noninterest expense 7,686 7,187 7,451 7,192 7,357
Income before provision for income taxes 4,743 4,634 4,185 4,369 4,106
Provision for income taxes 1,143 1,119 993 1,039 960
Net income$3,600$3,515$3,192$3,330 $3,146
Preferred stock dividends declared$81$-$-$- $-
Net income available to common shareholders$3,519$3,515$3,192$3,330 $3,146
Basic earnings per common share$0.80$0.80$0.72$0.75 $0.71
Diluted earnings per common share$0.80$0.80$0.72$0.75 $0.71


PSB Holdings, Inc.
Consolidated Statements of Income
Three Months Ended Year Ended
(dollars in thousands,December December
except per share data - unaudited) 2022 2021 2022 2021
Interest and dividend income:
Loans, including fees$11,251$8,918 $39,825$37,655
Securities:
Taxable 1,218 631 3,817 2,272
Tax-exempt 539 505 2,149 2,012
Other interest and dividends 141 31 398 147
Total interest and dividend income 13,149 10,085 46,189 42,086
Interest expense:
Deposits 2,060 476 4,439 1,912
FHLB advances 167 192 779 848
Other borrowings 38 4 58 28
Senior subordinated notes 55 29 139 113
Junior subordinated debentures 224 165 771 584
Total interest expense 2,544 866 6,186 3,485
Net interest income 10,605 9,219 40,003 38,601
Provision for loan losses - - - 1,000
Net interest income after provision for loan losses 10,605 9,219 40,003 37,601
Noninterest income:
Service fees 381 382 1,570 1,440
Gain on sale of mortgage loans 56 451 613 2,760
Mortgage loan servicing, net 179 114 602 313
Investment and insurance sales commissions 498 500 1,715 1,986
Net gain on sale of securities - - - 134
Increase in cash surrender value of life insurance 157 151 616 560
Other noninterest income 553 646 2,328 2,225
Total noninterest income 1,824 2,244 7,444 9,418
Noninterest expense:
Salaries and employee benefits 4,700 4,669 17,940 16,143
Occupancy and facilities 641 596 2,622 2,426
Loss (gain) on foreclosed assets 2 (347) - (166)
Data processing and other office operations 910 855 3,589 3,876
Advertising and promotion 180 155 690 755
Core deposit intangible amortization 34 116 153 128
Other noninterest expenses 1,219 1,313 4,522 6,948
Total noninterest expense 7,686 7,357 29,516 30,110
Income before provision for income taxes 4,743 4,106 17,931 16,909
Provision for income taxes 1,143 960 4,294 4,092
Net income$3,600$3,146 $13,637$12,817
Preferred stock dividends declared$81$- $81$-
Net income available to common shareholders$3,519$3,146 $13,556$12,817
Basic earnings per common share$0.80$0.71 $3.07$2.88
Diluted earnings per common share$0.80$0.71 $3.07$2.88


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: 2022 2022 2022 2022 2021
Interest income $13,149 $11,906 $10,743 $10,391 $10,085
Interest expense $2,544 $1,794 $1,040 $808 $866
Net interest income $10,605 $10,112 $9,703 $9,583 $9,219
Provision for loan losses $- $- $- $- $-
Other noninterest income $1,824 $1,709 $1,933 $1,978 $2,244
Other noninterest expense $7,686 $7,187 $7,451 $7,192 $7,357
Net income available to common shareholders $3,519 $3,515 $3,192 $3,330 $3,146
Basic earnings per common share (3)$0.80 $0.80 $0.72 $0.75 $0.71
Diluted earnings per common share (3)$0.80 $0.80 $0.72 $0.75 $0.71
Dividends declared per common share (3)$0.25 $- $0.25 $- $0.23
Tangible net book value per common share (4) $21.37 $20.83 $21.10 $21.82 $24.36
Semi-annual dividend payout ratio 15.27%n/a 16.96%n/a 15.05%
Average common shares outstanding 4,377,330 4,419,421 4,428,939 4,433,375 4,445,465
Balance sheet - average balances:
Loans receivable, net of allowances for loss $945,551 $931,344 $904,710 $878,979 $870,151
Assets $1,321,776 $1,323,400 $1,290,906 $1,278,565 $1,295,780
Deposits $1,146,066 $1,141,784 $1,099,314 $1,084,814 $1,092,872
Stockholders' equity $100,037 $98,630 $98,261 $108,803 $112,089
Performance ratios:
Return on average assets (1) 1.06% 1.05% 0.99% 1.06% 0.96%
Return on average stockholders' equity (1) 13.96% 14.14% 13.03% 12.41% 11.14%
Return on average tangible common
stockholders' equity (1)(4) 15.12% 14.58% 13.29% 12.49% 11.45%
Net loan charge-offs to average loans (1) 0.03% 0.01% -0.02% -0.05% -0.10%
Nonperforming loans to gross loans 0.64% 1.16% 1.21% 1.34% 1.42%
Nonperforming assets to total assets 0.48% 0.85% 0.88% 1.03% 1.06%
Allowance for loan losses to gross loans 1.26% 1.30% 1.32% 1.39% 1.38%
Nonperforming assets to tangible equity
plus the allowance for loan losses (4) 6.22% 10.89% 11.04% 12.10% 11.58%
Net interest rate margin (1)(2) 3.41% 3.24% 3.23% 3.24% 3.01%
Net interest rate spread (1)(2) 3.10% 3.04% 3.11% 3.14% 2.89%
Service fee revenue as a percent of
average demand deposits (1) 0.50% 0.56% 0.57% 0.58% 0.52%
Noninterest income as a percent
of gross revenue 12.18% 12.55% 15.25% 15.99% 18.20%
Efficiency ratio (2) 61.06% 60.02% 63.20% 61.40% 63.37%
Noninterest expenses to average assets (1) 2.31% 2.15% 2.32% 2.28% 2.25%
Tangible equity to tangible assets (4) 7.42% 6.98% 7.15% 7.66% 8.35%
Stock price information:
High $22.74 $23.94 $26.35 $26.45 $27.00
Low $21.50 $22.50 $22.82 $25.80 $24.60
Last trade value at quarter-end$21.90 $22.50 $23.50 $26.00 $26.05
(1) Annualized
(2) The yield on 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 intangible assets.


PSB Holdings, Inc.
Consolidated Statements of Comprehensive Income
Quarter Ended
Dec. 31,Sep. 30,Jun. 30,Mar. 31,Dec. 31,
(dollars in thousands - unaudited) 2022 2022 2022 2022 2021
Net income$3,600 $3,515 $3,192 $3,330 $3,146
Other comprehensive income, net of tax:
Unrealized loss on securities available
for sale (116) (4,915) (5,573) (14,847) (973)
Reclassification adjustment for security
gain included in net income - - - - -
Amortization of unrealized loss included in net
income on securities available for sale
transferred to securities held to maturity 93 92 176 - -
Unrealized gain on interest rate swap 12 32 43 85 31
Reclassification adjustment of interest rate
swap settlements included in earnings (8) 13 28 37 40
Other comprehensive loss (19) (4,778) (5,326) (14,725) (902)
Comprehensive income (loss)$3,581 $(1,263)$(2,134)$(11,395)$2,244


PSB Holdings, Inc.
Nonperforming Assets as of:
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,
(dollars in thousands) 2022 2022 2022 2022 2021
Nonaccrual loans (excluding restructured loans)$5,879 $6,048 $6,036 $6,537 $6,425
Nonaccrual restructured loans 62 70 146 170 1,000
Restructured loans not on nonaccrual 270 4,904 5,137 5,172 5,213
Accruing loans past due 90 days or more - - - - -
Total nonperforming loans 6,211 11,022 11,319 11,879 12,638
Other real estate owned 160 160 160 1,103 1,103
Total nonperforming assets$6,371 $11,182 $11,479 $12,982 $13,741
Nonperforming loans as a % of gross loans receivable 0.64% 1.16% 1.21% 1.34% 1.42%
Total nonperforming assets as a % of total assets 0.48% 0.85% 0.88% 1.03% 1.06%
Allowance for loan losses as a % of nonperforming loans 197.92% 112.28% 109.48% 103.89% 96.71%


PSB Holdings, Inc.
Nonperforming Assets >= $500,000 net book value before specific reserves
At December 31, 2022
(dollars in thousands)
GrossSpecific
Collateral DescriptionAsset TypePrincipalReserves
Real estate - Buffet Style RestaurantNonaccrual$2,938 $1,197
Real estate - Independent Auto RepairNonaccrual 798 87
Total listed nonperforming assets $3,736 $1,284
Total bank wide nonperforming assets $6,371 $1,650
Listed assets as a % of total nonperforming assets 59% 78%


PSB Holding, Inc.
Loan Composition by Purpose
Quarter-ended (dollars in thousands)Dec 31,
2022
Sep 30,
2022
Jun 30,
2022
Mar 31,
2022
Dec 31,
2021
Residential real estate:
One to four family$182,688 $172,913 $169,437 $168,083 $168,584
HELOC loans 17,625 18,423 17,776 16,709 17,198
Residential construction & development 20,698 22,313 22,462 21,590 23,093
Residential vacant land 1,414 3,069 1,599 1,697 1,763
Total Residential real estate 222,425 216,718 211,274 208,079 210,638
Commercial/Agricultural real estate:
Owner occupied
Commercial real estate 220,375 211,008 205,976 208,271 202,416
SBA commercial real estate 2,514 2,616 2,458 2,530 1,568
Agriculture real estate 3,835 3,902 3,583 3,651 3,716
Construction and land development 22,330 32,158 31,465 26,111 22,380
Commercial vacant land 7,291 5,214 5,351 5,194 3,529
Total Owner occupied 256,345 254,898 248,833 245,757 233,609
Non-owner occupied
Commercial real estate 228,761 225,823 227,400 212,407 211,688
One to four family residential rental 64,764 66,224 61,749 56,305 52,437
SBA commercial real estate - - - - 1,010
Construction and land development 27,253 25,543 25,086 23,080 25,899
Commercial vacant land 3,862 4,010 4,287 4,191 4,534
Total Non-owner occupied 324,640 321,600 318,522 295,983 295,568
Commercial/Agricultural non-real estate:
Municipal non-real estate 9,915 7,133 6,352 6,403 11,858
Commercial line 63,173 56,154 65,728 54,626 52,151
Other commercial non-real estate 87,535 82,430 76,065 64,260 61,115
SBA commercial non-real estate 3,533 3,378 3,926 6,068 17,527
Agricultural non-real estate 1,290 1,491 1,409 1,340 1,130
Total Commercial/Agr. non-real estate 165,446 150,586 153,480 132,697 143,781
Consumer non-real estate:
Consumer installment 4,072 4,005 4,305 4,201 4,054
Consumer line 382 494 493 486 480
Other consumer 115 116 123 118 117
Total Consumer non-real estate 4,569 4,615 4,921 4,805 4,651
Gross loans 973,425 948,417 937,030 887,321 888,247
Net deferred loan costs (fees) 573 537 503 423 107
Overdrafts 160 107 119 185 205
Allowance for loan losses (12,293) (12,375) (12,392) (12,341) (12,222)
Total loans receivable$961,865 $936,686 $925,260 $875,588 $876,337


PSB Holdings, Inc.
Deposit Composition
December 31,September 30, June 30,March 31,December 31,
(dollars in thousands)2022 2022 2022 2022 2021
$% $% $% $% $%
Non-interest bearing demand$292,33825.4% $298,33526.0% $283,59225.5% $272,61125.0% $284,47725.7%
Interest-bearing demand and savings 395,77134.5% 377,83132.9% 376,15033.8% 382,82935.1% 413,52237.4%
Money market deposits 216,07318.8% 228,61919.9% 226,90720.4% 221,98220.4% 219,14519.8%
Retail and local time deposits <= $250 130,20511.3% 132,09511.4% 136,23012.1% 138,82112.8% 140,44312.8%
Total core deposits 1,034,38790.0% 1,036,88090.2% 1,022,87991.8% 1,016,24393.3% 1,057,58795.7%
Retail and local time deposits > $250 25,4782.2% 22,7992.0% 26,8822.4% 28,7542.6% 28,6592.6%
Broker & national time deposits <= $250 6,4510.6% 6,7000.6% 7,4430.7% 7,4430.7% 7,7930.7%
Broker & national time deposits > $250 82,4397.2% 82,4397.2% 56,2555.1% 36,9653.4% 11,2011.0%
Totals$1,148,755100.0% $1,148,818100.0% $1,113,459100.0% $1,089,405100.0% $1,105,240100.0%


PSB Holdings, Inc.
Average Balances ($000) and Interest Rates
(dollars in thousands)
Quarter ended December 31, 2022 Quarter ended September 30, 2022 Quarter ended December 31, 2021
Average Yield / Average Yield / Average Yield /
BalanceInterestRate BalanceInterestRate BalanceInterestRate
Assets
Interest-earning assets:
Loans (1)(2)$957,926 $11,2664.67% $943,724 $10,2354.30% $882,157 $8,9304.02%
Taxable securities 197,070 1,2182.45% 199,727 9781.94% 214,626 6311.17%
Tax-exempt securities (2) 82,074 6823.30% 82,242 6843.30% 83,518 6393.04%
FHLB stock 2,516 325.05% 2,579 324.92% 2,646 182.70%
Other 14,131 1093.06% 28,823 1311.80% 53,098 130.10%
Total (2) 1,253,717 13,3074.21% 1,257,095 12,0603.81% 1,236,045 10,2313.28%
Non-interest-earning assets:
Cash and due from banks 18,941 19,400 19,967
Premises and equipment,
net 13,123 13,052 12,699
Cash surrender value ins 24,822 24,666 24,216
Other assets 23,548 21,567 14,859
Allowance for loan
losses (12,375) (12,380) (12,006)
Total $1,321,776 $1,323,400 $1,295,780
Liabilities & stockholders' equity
Interest-bearing liabilities:
Savings and demand
deposits$376,075 $6900.73% $375,617 $3700.39% $388,549 $760.08%
Money market deposits 224,701 6011.06% 232,713 3990.68% 222,399 930.17%
Time deposits 241,290 7691.26% 245,353 5720.92% 188,301 3070.65%
FHLB borrowings 35,522 1671.87% 49,924 2091.66% 52,705 1921.45%
Other borrowings 11,307 381.33% 6,919 140.80% 11,585 40.14%
Senior sub. notes 4,522 554.83% 2,500 284.44% 2,500 294.60%
Junior sub. debentures 12,806 2246.94% 12,781 2026.27% 12,704 1655.15%
Total 906,223 2,5441.11% 925,807 1,7940.77% 878,743 8660.39%
Non-interest-bearing liabilities:
Demand deposits 304,000 288,101 293,623
Other liabilities 11,516 10,862 11,325
Stockholders' equity 100,037 98,630 112,089
Total $1,321,776 $1,323,400 $1,295,780
Net interest income $10,763 $10,266 $9,365
Rate spread 3.10% 3.04% 2.89%
Net yield on interest-earning assets 3.41% 3.24% 3.01%
(1) Nonaccrual loans are included in the daily average loan balances outstanding.
(2) The yield on tax-exempt loans and securities is computed on a tax-equivalent basis using a federal tax rate of 21%.


PSB Holdings, Inc.
Average Balances ($000) and Interest Rates
(dollars in thousands)
Year ended December 31, 2022 Year ended December 31, 2021
Average Yield/ Average Yield/
BalanceInterestRate BalanceInterestRate
Assets
Interest-earning assets:
Loans (1)(2)$927,720 $39,8714.30% $875,571 $37,7024.31%
Taxable securities 204,630 3,8171.87% 176,816 2,2721.28%
Tax-exempt securities (2) 82,977 2,7203.28% 84,141 2,5473.03%
FHLB stock 2,597 1144.39% 2,551 893.49%
Other 20,848 2841.36% 48,616 580.12%
Total (2) 1,238,772 46,8063.78% 1,187,695 42,6683.59%
Non-interest-earning assets:
Cash and due from banks 18,772 20,003
Premises and equipment,
net 12,988 12,625
Cash surrender value ins 24,591 22,527
Other assets 20,896 14,184
Allowance for loan
losses (12,347) (11,767)
Total $1,303,672 $1,245,267
Liabilities & stockholders' equity
Interest-bearing liabilities:
Savings and demand
deposits $381,849 $1,2510.33% $364,602 $2790.08%
Money market deposits 223,409 1,2100.54% 216,888 3970.18%
Time deposits 227,570 1,9780.87% 174,001 1,2360.71%
FHLB borrowings 49,784 7791.56% 63,180 8481.34%
Other borrowings 7,439 580.78% 20,259 280.14%
Senior sub. notes 3,010 1394.62% 2,500 1134.52%
Junior sub. debentures 12,768 7716.04% 10,708 5845.45%
Total 905,829 6,1860.68% 852,138 3,4850.41%
Non-interest-bearing liabilities:
Demand deposits 285,261 271,866
Other liabilities 11,330 11,032
Stockholders' equity 101,252 110,231
Total $1,303,672 $1,245,267
Net interest income $40,620 $39,183
Rate spread 3.10% 3.18%
Net yield on interest-earning assets 3.28% 3.30%
(1) Nonaccrual loans are included in the daily average loan balances outstanding.
(2) The yield on tax-exempt loans and securities is computed on a tax-equivalent basis using a tax rate of 21%.


Investor Relations Contact
PSB Holdings, Inc.
1905 Stewart Avenue
Wausau, WI 54401
888.929.9902
InvestorRelations@bankpeoples.com


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