WAUSAU, Wis., July 22, 2025 (GLOBE NEWSWIRE) -- PSB Holdings, Inc. ("PSB") (OTCQX: PSBQ), the holding company for Peoples State Bank ("Peoples") serving Northcentral and Southeastern Wisconsin reported second quarter earnings ending June 30, 2025 up 48% relative to the prior quarter to $0.89 per diluted common share on net income of $3.8 million, compared to $0.60 per diluted common share on net income of $2.6 million during the first quarter ending March 31, 2025, and $0.56 per diluted common share on net income of $2.4 million during the second quarter ending June 30, 2024.
PSB's second quarter 2025 operating results reflected the following changes from the first quarter of 2025: (1) a stronger net interest margin as asset yields rose; (2) higher non-interest income from higher mortgage banking income; and (3) lower non-interest expenses due to lower salaries and employee benefit expenses.
"We are proud to report record earnings for the second quarter, highlighted by an improving net interest margin and cost controls that have lowered our non-interest expenses and improved our efficiency ratio to 63%. Over the past year, we increased tangible book value per share by 13.1% while paying $0.64 per share in dividends to our shareholders. As loans continue to reprice at higher rates and new loans are originated at higher levels than current yields, we expect our net interest margin to continue to expand from current levels. While non-performing assets have grown, they represent a small number with special circumstances, and we expect favorable resolutions for certain significant non-performing assets by the end of the calendar year," stated Scott Cattanach, President and CEO.
June 30, 2025, Highlights:
- Net interest income increased $470,000 to $10.7 million for the quarter ended June 30, 2025, from $10.3 million for the quarter ended March 31, 2025, due in part to higher yields on loans and one additional day during the quarter.
- Noninterest income increased $230,000 to $2.1 million for the quarter ended June 30, 2025, compared to $1.9 million the prior quarter due primarily to higher mortgage banking revenues.
- Noninterest expenses decreased $776,000 to $8.2 million during the quarter ended June 30, 2025 from $9.0 million for the quarter ended March 31, 2025, reflecting lower salary and benefit expenses.
- Net loans increased $12.9 million, or 1% in the second quarter ended June 30, 2025, to $1.11 billion compared to March 31, 2025, largely due to increased commercial line usage. Allowance for credit losses remained at 1.12% of gross loans.
- Non-performing assets increased $2.6 million to $15.6 million, or 1.04% of total assets at June 30, 2025 compared to the previous quarter. One existing non-performing loan relationship increased during the quarter as an additional loan in this relationship was moved to non-performing status. The underlying security of these loans is undergoing a sales process by the owner. Additionally, an unrelated new loan relationship was added to non-performing status.
- Total deposits increased $47.5 million to $1.18 billion at June 30, 2025 from $1.13 billion at March 31, 2025, with the increase largely consisting of non-interest bearing demand deposits and time deposits with balances greater than $250,000. Core deposits increased $32.3 million while brokered deposits decreased $13.7 million. A portion of the overall deposit increase relates to an established customer making a large time deposit near the end of the quarter.
- Return on average tangible common equity was 13.11% for the quarter ended June 30, 2025, compared to 9.21% the prior quarter and 9.34% in the year ago quarter.
- Tangible book value per common share was up 13.1% over the past year to $27.77 at June 30, 2025, compared to $24.55 at June 30, 2024. Additionally, PSB paid dividends totaling $0.64 per share during the past year.
Balance Sheet and Asset Quality Review
Total assets increased $46.8 million during the second quarter to $1.51 billion at June 30, 2025, compared to $1.46 billion at March 31, 2025. Cash and cash equivalents increased $34.9 million to $57.5 million at June 30, 2025 from $22.7 million at March 31, 2025 as new deposits replenished reserves used to fund new loans. Investment securities available for sale increased $1.7 million to $184.3 million at June 30, 2025, from $182.6 million one quarter earlier.
Gross loans receivable increased $10.7 million to $1.15 billion at June 30, 2025, compared to one quarter earlier, due primarily to increased commercial & industrial lending. Commercial & industrial loans increased $11.2 million to $135.3 million at June 30, 2025, and commercial real estate loans increased $3.6 million to $566.5 million at June 30, 2025, compared to three months earlier. Commercial real estate construction and development loans decreased $9.2 million to $77.9 million at June 30, 2025, while residential real estate loans increased $3.3 million from the prior quarter to $337.1 million. Agricultural loans increased $1.6 million to $13.2 million at June 30, 2025 compared to three months earlier. The loan portfolio remains well diversified with commercial real estate and construction loans totaling 56.1% of gross loans, followed by residential real estate loans at 29.4% of gross loans, commercial non-real estate loans at 14.1% and consumer loans at 0.4%.
The allowance for credit losses remained at 1.12% of gross loans at June 30, 2025 while annualized net charge-offs to average loans were zero for the quarter ended June 30, 2025. Non-performing assets increased $2.6 million to $15.6 million, or 1.04% of total assets at June 30, 2025 up from 0.89% at March 31, 2025. The increase reflects a loan relationship that was non-performing in the prior quarter having an additional loan move to non-performing status in the second quarter and a separate loan relationship within the timber industry where the customer has experienced irregular cashflows. Approximately 80% of the non-performing assets consisted of five loan relationships.
Total deposits increased 4% quarter over quarter, with 23% of the deposit portfolio being uninsured at June 30th. Overall, core deposits increased $32.3 million during the quarter while brokered deposits decreased $13.7 million.
At June 30, 2025, non-interest bearing demand deposits increased to 23.6% of total deposits from 21.7% the prior quarter, while interest-bearing demand and savings deposits decreased to 27.4% at June 30, 2025 from 29.4% one quarter earlier. The additional deposit inflow helped to decrease FHLB advances during the quarter by $4.3 million and brokered deposits by $13.7 million.
Tangible stockholder equity as a percentage of total tangible assets decreased to 7.95% at June 30, 2025, compared to 8.05% at March 31, 2025, and 7.32% at June 30, 2024.
Tangible net book value per common share increased $3.22 during the quarter to $27.77, at June 30, 2025 compared to $24.55 one year earlier, an increase of 13.1% after dividends of $0.64 were paid to shareholders. Relative to the prior quarter's tangible book value per common share of $26.94, tangible net book value per common share increased primarily due to earnings and an increase in the fair market value of the investment portfolios. The accumulated other comprehensive loss on the investment portfolio was $15.8 million at June 30, 2025, compared to $16.7 million one quarter earlier.
Operations Review
Net interest income increased to $10.7 million (on a net margin of 3.09%) for the second quarter of 2025, from $10.3 million (on a net margin of 3.03%) for the first quarter of 2025, and increased from $9.4 million (on a net margin of 2.84%) for the second quarter of 2024. The higher net interest income in the current period primarily relates to higher loan yields during the quarter. Earning asset yields increased to 5.40% during the second quarter of 2025 from 5.35% the prior period and cost of funds increased four basis points to 3.06% compared to 3.02% during the first quarter of 2025. Relative to one year earlier, earning asset yields were up 19 basis points while the overall cost of funds was flat.
The increase in earning asset yields was due to higher yields on loan originations, loan renewals and security repricing. Loan yields increased during the second quarter of 2025 to 5.91% from 5.82% for the first quarter of 2025. Taxable security yields on a smaller average balance relative to the prior quarter were 3.24% for the quarter ended June 30, 2025, compared to 3.35% for the quarter ended March 31, 2025, while tax-exempt security yields remained at 3.35% for the quarter ended June 30, 2025.
Total noninterest income increased $230,000 during the second quarter of 2025 to $2.1 million. An increase of $161,000 in mortgage banking income during the quarter accounted for the majority of the change.
Noninterest expenses decreased $776,000 to $8.2 million for the second quarter of 2025, compared to $9.0 million for the first quarter of 2025, and decreased $202,000 from $8.4 million for the second quarter of 2024. On a linked quarter basis, salary and benefits expense decreased $474,000 as the first quarter results reflected an increase in variable commercial sales incentive expense. Occupancy and facilities costs decreased $67,000, data processing and other office operation expenses decreased $12,000, a gain on the sale of foreclosed real estate was $58,000 and various other noninterest expenses decreased $225,000 during the second quarter ended June 30, 2025. Partially offsetting the expense reductions was an increase in advertising and promotion expenses of $60,000.
Income taxes increased $279,000 during the second quarter to $752,000, from $473,000 one quarter earlier on higher income levels. The effective tax rate for the quarter ended June 30, 2025, was 16.6% compared to 15.6% for the first quarter ended March 31, 2025.
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 twelve full-service banking locations in Marathon, Oneida, Vilas, Portage, Milwaukee and Waukesha counties. 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. 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 | ||||||||||||||||
| June 30, and March 31, 2025, September 30, and June 30, 2024, unaudited, December 31, 2024 derived from audited financial statements | ||||||||||||||||
| Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | Jun. 30, | ||||||||||||
| (dollars in thousands, except per share data) | 2025 | 2025 | 2024 | 2024 | 2024 | |||||||||||
| Assets | ||||||||||||||||
| Cash and due from banks | $ | 23,022 | $ | 19,628 | $ | 21,414 | $ | 23,554 | $ | 16,475 | ||||||
| Interest-bearing deposits | 2,890 | 702 | 3,724 | 5,126 | 251 | |||||||||||
| Federal funds sold | 31,624 | 2,351 | 15,360 | 58,434 | 69,249 | |||||||||||
| Cash and cash equivalents | 57,536 | 22,681 | 40,498 | 87,114 | 85,975 | |||||||||||
| Securities available for sale (at fair value) | 184,320 | 182,594 | 189,086 | 174,911 | 165,177 | |||||||||||
| Securities held to maturity (fair values of $75,016, $77,375, $79,654, $82,389 and $79,993 respectively) | 83,123 | 85,373 | 86,748 | 86,847 | 86,825 | |||||||||||
| Equity securities | 2,885 | 2,847 | 2,782 | 1,752 | 1,661 | |||||||||||
| Loans held for sale | 349 | 734 | 217 | - | 2,268 | |||||||||||
| Loans receivable, net (allowance for credit losses of $12,553, $12,392, $12,342, $12,598 and $12,597 respectively) | 1,109,296 | 1,096,422 | 1,078,204 | 1,057,974 | 1,074,844 | |||||||||||
| Accrued interest receivable | 5,006 | 5,184 | 5,042 | 4,837 | 5,046 | |||||||||||
| Foreclosed assets | - | 300 | - | - | - | |||||||||||
| Premises and equipment, net | 13,397 | 13,522 | 13,805 | 14,065 | 14,048 | |||||||||||
| Mortgage servicing rights, net | 1,684 | 1,717 | 1,742 | 1,727 | 1,688 | |||||||||||
| Federal Home Loan Bank stock (at cost) | 9,297 | 8,825 | 8,825 | 8,825 | 8,825 | |||||||||||
| Cash surrender value of bank-owned life insurance | 25,067 | 24,897 | 24,732 | 24,565 | 24,401 | |||||||||||
| Core deposit intangible | 330 | 353 | 195 | 212 | 229 | |||||||||||
| Goodwill | 3,495 | 3,495 | 2,541 | 2,541 | 2,541 | |||||||||||
| Other assets | 10,832 | 10,828 | 11,539 | 10,598 | 12,111 | |||||||||||
| TOTAL ASSETS | $ | 1,506,617 | $ | 1,459,772 | $ | 1,465,956 | $ | 1,475,968 | $ | 1,485,639 | ||||||
| Liabilities | ||||||||||||||||
| Non-interest-bearing deposits | $ | 277,239 | $ | 245,672 | $ | 259,515 | $ | 265,078 | $ | 250,435 | ||||||
| Interest-bearing deposits | 900,303 | 884,364 | 887,834 | 874,035 | 901,886 | |||||||||||
| Total deposits | 1,177,542 | 1,130,036 | 1,147,349 | 1,139,113 | 1,152,321 | |||||||||||
| Federal Home Loan Bank advances | 165,950 | 170,250 | 162,250 | 181,250 | 184,900 | |||||||||||
| Other borrowings | 6,250 | 6,343 | 6,872 | 6,128 | 5,775 | |||||||||||
| Senior subordinated notes | 4,784 | 4,783 | 4,781 | 4,779 | 4,778 | |||||||||||
| Junior subordinated debentures | 13,075 | 13,049 | 13,023 | 12,998 | 12,972 | |||||||||||
| Allowance for credit losses on unfunded commitments | 622 | 672 | 672 | 477 | 477 | |||||||||||
| Accrued expenses and other liabilities | 15,118 | 13,554 | 14,723 | 12,850 | 13,069 | |||||||||||
| Total liabilities | 1,383,341 | 1,338,687 | 1,349,670 | 1,357,595 | 1,374,292 | |||||||||||
| Stockholders' equity | ||||||||||||||||
| Preferred stock - no par value: | ||||||||||||||||
| Authorized - 30,000 shares; Issued - 7,200 shares | ||||||||||||||||
| 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 - 4,041,573, 4,084,708, 4,092,977, 4,105,594 and 4,128,382 shares, respectively | 1,830 | 1,830 | 1,830 | 1,830 | 1,830 | |||||||||||
| Additional paid-in capital | 8,659 | 8,608 | 8,610 | 8,567 | 8,527 | |||||||||||
| Retained earnings | 144,548 | 142,277 | 139,838 | 138,142 | 135,276 | |||||||||||
| Accumulated other comprehensive income (loss), net of tax | (15,764 | ) | (16,692 | ) | (19,314 | ) | (15,814 | ) | (20,503 | ) | ||||||
| Treasury stock, at cost - 1,449,225, 1,406,090, 1,397,821, 1,385,204 and 1,362,416 shares, respectively | (23,197 | ) | (22,138 | ) | (21,878 | ) | (21,552 | ) | (20,983 | ) | ||||||
| Total stockholders' equity | 123,276 | 121,085 | 116,286 | 118,373 | 111,347 | |||||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 1,506,617 | $ | 1,459,772 | $ | 1,465,956 | $ | 1,475,968 | $ | 1,485,639 | ||||||
| PSB Holdings, Inc. | ||||||||||||||||||||||
| Consolidated Statements of Income | ||||||||||||||||||||||
| Quarter Ended | Six Months Ended | |||||||||||||||||||||
| (dollars in thousands, | Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | Jun. 30, | June | ||||||||||||||||
| except per share data - unaudited) | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2024 | |||||||||||||||
| Interest and dividend income: | ||||||||||||||||||||||
| Loans, including fees | $ | 16,510 | $ | 15,782 | $ | 15,646 | $ | 15,634 | $ | 15,433 | $ | 32,292 | $ | 30,542 | ||||||||
| Securities: | ||||||||||||||||||||||
| Taxable | 1,566 | 1,641 | 1,545 | 1,345 | 1,295 | 3,207 | 2,492 | |||||||||||||||
| Tax-exempt | 506 | 517 | 522 | 522 | 521 | 1,023 | 1,047 | |||||||||||||||
| Other interest and dividends | 332 | 345 | 948 | 699 | 265 | 677 | 608 | |||||||||||||||
| Total interest and dividend income | 18,914 | 18,285 | 18,661 | 18,200 | 17,514 | 37,199 | 34,689 | |||||||||||||||
| Interest expense: | ||||||||||||||||||||||
| Deposits | 5,934 | 5,884 | 6,027 | 5,905 | 5,838 | 11,818 | 11,920 | |||||||||||||||
| FHLB advances | 1,899 | 1,792 | 1,890 | 2,038 | 1,860 | 3,691 | 3,310 | |||||||||||||||
| Other borrowings | 48 | 47 | 57 | 57 | 58 | 95 | 118 | |||||||||||||||
| Senior subordinated notes | 58 | 59 | 59 | 59 | 58 | 117 | 117 | |||||||||||||||
| Junior subordinated debentures | 250 | 248 | 252 | 252 | 255 | 498 | 506 | |||||||||||||||
| Total interest expense | 8,189 | 8,030 | 8,285 | 8,311 | 8,069 | 16,219 | 15,971 | |||||||||||||||
| Net interest income | 10,725 | 10,255 | 10,376 | 9,889 | 9,445 | 20,980 | 18,718 | |||||||||||||||
| Provision for credit losses | 110 | 117 | - | - | 100 | 227 | 195 | |||||||||||||||
| Net interest income after provision for credit losses | 10,615 | 10,138 | 10,376 | 9,889 | 9,345 | 20,753 | 18,523 | |||||||||||||||
| Noninterest income: | ||||||||||||||||||||||
| Service fees | 366 | 358 | 362 | 367 | 350 | 724 | 686 | |||||||||||||||
| Mortgage banking income | 411 | 250 | 414 | 433 | 433 | 661 | 741 | |||||||||||||||
| Investment and insurance sales commissions | 335 | 326 | 226 | 230 | 222 | 799 | 343 | |||||||||||||||
| Net loss on sale of securities | - | (1 | ) | (511 | ) | - | - | 661 | (495 | ) | ||||||||||||
| Increase in cash surrender value of life insurance | 170 | 163 | 166 | 165 | 159 | (1 | ) | 316 | ||||||||||||||
| Other noninterest income | 814 | 770 | 620 | 648 | 742 | 1,584 | 1,359 | |||||||||||||||
| Total noninterest income | 2,096 | 1,866 | 1,277 | 1,843 | 1,906 | 3,962 | 2,950 | |||||||||||||||
| Noninterest expense: | ||||||||||||||||||||||
| Salaries and employee benefits | 4,828 | 5,302 | 4,691 | 4,771 | 5,167 | 10,130 | 10,290 | |||||||||||||||
| Occupancy and facilities | 719 | 786 | 691 | 757 | 733 | 1,505 | 1,454 | |||||||||||||||
| Loss (gain) on foreclosed assets | (58 | ) | - | - | 1 | - | (58 | ) | - | |||||||||||||
| Data processing and other office operations | 1,189 | 1,201 | 1,111 | 1,104 | 1,047 | 2,390 | 2,069 | |||||||||||||||
| Advertising and promotion | 189 | 129 | 141 | 164 | 171 | 318 | 300 | |||||||||||||||
| Core deposit intangible amortization | 23 | 23 | 17 | 17 | 20 | 46 | 44 | |||||||||||||||
| Other noninterest expenses | 1,303 | 1,528 | 1,351 | 1,337 | 1,257 | 2,831 | 2,563 | |||||||||||||||
| Total noninterest expense | 8,193 | 8,969 | 8,002 | 8,151 | 8,395 | 17,162 | 16,720 | |||||||||||||||
| Income before provision for income taxes | 4,518 | 3,035 | 3,651 | 3,581 | 2,856 | 7,553 | 4,753 | |||||||||||||||
| Provision for income taxes | 752 | 473 | 524 | 593 | 410 | 1,225 | 579 | |||||||||||||||
| Net income | $ | 3,766 | $ | 2,562 | $ | 3,127 | $ | 2,988 | $ | 2,446 | $ | 6,328 | $ | 4,174 | ||||||||
| Preferred stock dividends declared | $ | 122 | $ | 122 | $ | 122 | $ | 122 | $ | 122 | $ | 244 | $ | 244 | ||||||||
| Net income available to common shareholders | $ | 3,644 | $ | 2,440 | $ | 3,005 | $ | 2,866 | $ | 2,324 | $ | 6,084 | $ | 3,930 | ||||||||
| Basic earnings per common share | $ | 0.90 | $ | 0.60 | $ | 0.73 | $ | 0.69 | $ | 0.56 | $ | 1.49 | $ | 0.95 | ||||||||
| Diluted earnings per common share | $ | 0.89 | $ | 0.60 | $ | 0.73 | $ | 0.69 | $ | 0.56 | $ | 1.49 | $ | 0.95 | ||||||||
| PSB Holdings, Inc. | ||||||||||||||||
| Quarterly Financial Summary | ||||||||||||||||
| (dollars in thousands, except per share data) | Quarter ended | |||||||||||||||
| Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | Jun. 30, | ||||||||||||
| Earnings and dividends: | 2025 | 2025 | 2024 | 2024 | 2024 | |||||||||||
| Interest income | $ | 18,914 | $ | 18,285 | $ | 18,661 | $ | 18,200 | $ | 17,514 | ||||||
| Interest expense | $ | 8,189 | $ | 8,030 | $ | 8,285 | $ | 8,311 | $ | 8,069 | ||||||
| Net interest income | $ | 10,725 | $ | 10,255 | $ | 10,376 | $ | 9,889 | $ | 9,445 | ||||||
| Provision for credit losses | $ | 110 | $ | 117 | $ | - | $ | - | $ | 100 | ||||||
| Other noninterest income | $ | 2,096 | $ | 1,866 | $ | 1,277 | $ | 1,843 | $ | 1,906 | ||||||
| Other noninterest expense | $ | 8,193 | $ | 8,969 | $ | 8,002 | $ | 8,151 | $ | 8,395 | ||||||
| Net income available to common shareholders | $ | 3,644 | $ | 2,440 | $ | 3,005 | $ | 2,866 | $ | 2,324 | ||||||
| Basic earnings per common share (3) | $ | 0.90 | $ | 0.60 | $ | 0.73 | $ | 0.69 | $ | 0.56 | ||||||
| Diluted earnings per common share (3) | $ | 0.89 | $ | 0.60 | $ | 0.73 | $ | 0.69 | $ | 0.56 | ||||||
| Dividends declared per common share (3) | $ | 0.34 | $ | - | $ | 0.32 | $ | - | $ | 0.32 | ||||||
| Tangible net book value per common share (4) | $ | 27.77 | $ | 26.94 | $ | 25.98 | $ | 26.41 | $ | 24.55 | ||||||
| Semi-annual dividend payout ratio | 22.58 | % | n/a | 23.27 | % | n/a | 33.61 | % | ||||||||
| Average common shares outstanding | 4,070,721 | 4,088,824 | 4,094,360 | 4,132,218 | 4,139,456 | |||||||||||
| Balance sheet - average balances: | ||||||||||||||||
| Loans receivable, net of allowances for credit loss | $ | 1,111,004 | $ | 1,091,533 | $ | 1,064,619 | $ | 1,066,795 | $ | 1,088,013 | ||||||
| Assets | $ | 1,480,851 | $ | 1,462,862 | $ | 1,479,812 | $ | 1,445,613 | $ | 1,433,749 | ||||||
| Deposits | $ | 1,142,279 | $ | 1,140,397 | $ | 1,151,450 | $ | 1,110,854 | $ | 1,111,240 | ||||||
| Stockholders' equity | $ | 123,077 | $ | 118,576 | $ | 118,396 | $ | 114,458 | $ | 110,726 | ||||||
| Performance ratios: | ||||||||||||||||
| Return on average assets (1) | 1.02 | % | 0.71 | % | 0.84 | % | 0.82 | % | 0.69 | % | ||||||
| Return on average common stockholders' equity (1) | 12.61 | % | 8.88 | % | 10.75 | % | 10.63 | % | 9.03 | % | ||||||
| Return on average tangible common stockholders' equity (1)(4) | 13.11 | % | 9.21 | % | 11.07 | % | 10.96 | % | 9.34 | % | ||||||
| Net loan charge-offs to average loans (1) | 0.00 | % | 0.02 | % | 0.02 | % | 0.00 | % | 0.00 | % | ||||||
| Nonperforming loans to gross loans | 1.39 | % | 1.15 | % | 0.95 | % | 0.97 | % | 1.15 | % | ||||||
| Nonperforming assets to total assets | 1.04 | % | 0.89 | % | 0.71 | % | 0.71 | % | 0.84 | % | ||||||
| Allowance for credit losses to gross loans | 1.12 | % | 1.12 | % | 1.13 | % | 1.18 | % | 1.16 | % | ||||||
| Nonperforming assets to tangible equity plus the allowance for credit losses (4) | 12.64 | % | 10.71 | % | 8.85 | % | 8.71 | % | 11.09 | % | ||||||
| Net interest rate margin (1)(2) | 3.09 | % | 3.03 | % | 2.96 | % | 2.90 | % | 2.84 | % | ||||||
| Net interest rate spread (1)(2) | 2.34 | % | 2.33 | % | 2.23 | % | 2.16 | % | 2.15 | % | ||||||
| Service fee revenue as a percent of average demand deposits (1) | 0.54 | % | 0.58 | % | 0.53 | % | 0.56 | % | 0.56 | % | ||||||
| Noninterest income as a percent of gross revenue | 9.98 | % | 9.26 | % | 6.40 | % | 9.20 | % | 9.81 | % | ||||||
| Efficiency ratio (2) | 63.00 | % | 72.88 | % | 67.59 | % | 68.43 | % | 72.52 | % | ||||||
| Noninterest expenses to average assets (1) | 2.22 | % | 2.49 | % | 2.15 | % | 2.24 | % | 2.35 | % | ||||||
| Average stockholders' equity less accumulated other comprehensive income (loss) to average assets | 9.31 | % | 9.22 | % | 9.08 | % | 9.06 | % | 9.03 | % | ||||||
| Tangible equity to tangible assets (4) | 7.95 | % | 8.05 | % | 7.76 | % | 7.85 | % | 7.32 | % | ||||||
| Stock price information: | ||||||||||||||||
| High | $ | 25.70 | $ | 26.50 | $ | 27.90 | $ | 25.00 | $ | 21.40 | ||||||
| Low | $ | 23.65 | $ | 25.60 | $ | 25.00 | $ | 20.30 | $ | 19.75 | ||||||
| Last trade value at quarter-end | $ | 23.89 | $ | 25.70 | $ | 26.50 | $ | 25.00 | $ | 20.40 | ||||||
| (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 | ||||||||||||||||
| Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | Jun. 30, | ||||||||||||
| (dollars in thousands - unaudited) | 2025 | 2025 | 2024 | 2024 | 2024 | |||||||||||
| Net income | $ | 3,766 | $ | 2,562 | $ | 3,127 | $ | 2,988 | $ | 2,446 | ||||||
| Other comprehensive income, net of tax: | ||||||||||||||||
| Unrealized gain (loss) on securities available for sale | 972 | 2,551 | (3,955 | ) | 4,738 | 184 | ||||||||||
| Reclassification adjustment for security loss included in net income | - | 1 | 404 | - | - | |||||||||||
| Accretion of unrealized loss included in net income on securities available for sale deferred tax adjustment for Wisconsin Act 19 | (35 | ) | - | (76 | ) | - | - | |||||||||
| Amortization of unrealized loss included in net income on securities available for sale transferred to securities held to maturity | 91 | 89 | 90 | 90 | 89 | |||||||||||
| Unrealized gain (loss) on interest rate swap | (87 | ) | (6 | ) | 65 | (101 | ) | 39 | ||||||||
| Reclassification adjustment of interest rate swap settlements included in earnings | (13 | ) | (13 | ) | (27 | ) | (38 | ) | (40 | ) | ||||||
| Other comprehensive income (loss) | 928 | 2,622 | (3,499 | ) | 4,689 | 272 | ||||||||||
| Comprehensive income (loss) | $ | 4,694 | $ | 5,184 | $ | (372 | ) | $ | 7,677 | $ | 2,718 | |||||
| PSB Holdings, Inc. | ||||||||||||||||
| Nonperforming Assets as of: | ||||||||||||||||
| Jun 30, | Mar 31, | Dec 31, | Sep 30, | Jun 30, | ||||||||||||
| (dollars in thousands) | 2025 | 2025 | 2024 | 2024 | 2024 | |||||||||||
| Nonaccrual loans (excluding restructured loans) | $ | 15,333 | $ | 12,404 | $ | 10,109 | $ | 10,116 | $ | 12,184 | ||||||
| Nonaccrual restructured loans | 13 | 17 | 18 | 25 | 28 | |||||||||||
| Restructured loans not on nonaccrual | 295 | 280 | 286 | 292 | 299 | |||||||||||
| Accruing loans past due 90 days or more | - | - | - | - | - | |||||||||||
| Total nonperforming loans | 15,641 | 12,701 | 10,413 | 10,433 | 12,511 | |||||||||||
| Other real estate owned | - | 300 | - | - | - | |||||||||||
| Total nonperforming assets | $ | 15,641 | $ | 13,001 | $ | 10,413 | $ | 10,433 | $ | 12,511 | ||||||
| Nonperforming loans as a % of gross loans receivable | 1.39 | % | 1.15 | % | 0.95 | % | 0.97 | % | 1.15 | % | ||||||
| Total nonperforming assets as a % of total assets | 1.04 | % | 0.89 | % | 0.71 | % | 0.71 | % | 0.84 | % | ||||||
| Allowance for credit losses as a % of nonperforming loans | 80.26 | % | 97.57 | % | 118.52 | % | 120.75 | % | 100.69 | % | ||||||
| PSB Holdings, Inc. | ||||||||
| Nonperforming Assets >= $500,000 net book value before specific reserves | ||||||||
| At June 30, 2025 | ||||||||
| (dollars in thousands) | ||||||||
| Gross | Specific | |||||||
| Collateral Description | Asset Type | Principal | Reserves | |||||
| Real estate - Recreational facility | Nonaccrual | 3,940 | 145 | |||||
| Real estate - Equipment dealership | Nonaccrual | 2,708 | 560 | |||||
| Real estate - Non owner occupied rental properties | Nonaccrual | 4,227 | 0 | |||||
| Real estate - Wood products | Nonaccrual | 1,707 | 271 | |||||
| Total listed nonperforming assets | $ | 12,582 | $ | 976 | ||||
| Total bank wide nonperforming assets | $ | 15,641 | $ | 1,180 | ||||
| Listed assets as a % of total nonperforming assets | 80 | % | 83 | % | ||||
| PSB Holdings, Inc. | ||||||||||||||||
| Loan Composition by Collateral Type | ||||||||||||||||
| Quarter-ended (dollars in thousands) | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | |||||||||||
| Commercial: | ||||||||||||||||
| Commercial and industrial | $ | 135,313 | $ | 124,074 | $ | 116,864 | $ | 115,234 | $ | 125,508 | ||||||
| Agriculture | 13,219 | 11,632 | 11,568 | 11,203 | 11,480 | |||||||||||
| Municipal | 12,805 | 12,878 | 15,733 | 12,596 | 11,190 | |||||||||||
| Total Commercial | 161,337 | 148,584 | 144,165 | 139,033 | 148,178 | |||||||||||
| Commercial Real Estate: | ||||||||||||||||
| Commercial real estate | 566,526 | 562,901 | 551,641 | 541,577 | 544,171 | |||||||||||
| Construction and development | 77,905 | 87,080 | 79,377 | 60,952 | 70,540 | |||||||||||
| Total Commercial Real Estate | 644,431 | 649,981 | 631,018 | 602,529 | 614,711 | |||||||||||
| Residential real estate: | ||||||||||||||||
| Residential | 266,203 | 268,490 | 271,643 | 269,954 | 270,944 | |||||||||||
| Construction and development | 31,439 | 26,884 | 28,959 | 34,655 | 36,129 | |||||||||||
| HELOC | 39,425 | 38,364 | 36,887 | 36,734 | 33,838 | |||||||||||
| Total Residential Real Estate | 337,067 | 333,738 | 337,489 | 341,343 | 340,911 | |||||||||||
| Consumer installment | 4,886 | 4,683 | 5,060 | 4,770 | 4,423 | |||||||||||
| Subtotals - Gross loans | 1,147,721 | 1,136,986 | 1,117,732 | 1,087,675 | 1,108,223 | |||||||||||
| Loans in process of disbursement | (26,496 | ) | (28,752 | ) | (27,791 | ) | (17,836 | ) | (21,484 | ) | ||||||
| Subtotals - Disbursed loans | 1,121,225 | 1,108,234 | 1,089,941 | 1,069,839 | 1,086,739 | |||||||||||
| Net deferred loan costs | 624 | 580 | 605 | 733 | 702 | |||||||||||
| Allowance for credit losses | (12,553 | ) | (12,392 | ) | (12,342 | ) | (12,598 | ) | (12,597 | ) | ||||||
| Total loans receivable | $ | 1,109,296 | $ | 1,096,422 | $ | 1,078,204 | $ | 1,057,974 | $ | 1,074,844 | ||||||
| PSB Holdings, Inc. | ||||||||||||||||||||||||||
| Selected Commercial Real Estate Loans by Purpose | ||||||||||||||||||||||||||
| Jun 30, | Mar 31, | Dec 31, | Sept 30, | June 30, | ||||||||||||||||||||||
| (dollars in thousands) | 2025 | 2025 | 2024 | 2024 | 2024 | |||||||||||||||||||||
| 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 | $ | 145,523 | 14.0 | % | $ | 143,674 | 13.9 | % | $ | 140,087 | 14.0 | % | $ | 140,307 | 14.7 | % | $ | 146,873 | 15.2 | % | ||||||
| Industrial and Warehousing | 105,256 | 10.2 | 109,366 | 10.6 | 103,794 | 10.4 | 96,995 | 10.2 | 96,286 | 9.6 | ||||||||||||||||
| Retail | 29,407 | 2.8 | 29,285 | 2.8 | 23,438 | 2.3 | 25,263 | 2.7 | 26,154 | 2.7 | ||||||||||||||||
| Hotels | 25,299 | 2.4 | 25,719 | 2.5 | 25,892 | 2.6 | 26,057 | 2.7 | 29,035 | 3.0 | ||||||||||||||||
| Office | 7,131 | 0.7 | 7,254 | 0.7 | 6,234 | 0.6 | 6,378 | 0.7 | 6,518 | 0.7 | ||||||||||||||||
| (1) Percentage of commercial and commercial real estate portfolio and commitments. | ||||||||||||||||||||||||||
| PSB Holdings, Inc. | ||||||||||||||||||||||||||
| Deposit Composition | ||||||||||||||||||||||||||
| Insured and Collateralized Deposits | June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||||||||
| (dollars in thousands) | 2025 | 2025 | 2024 | 2024 | 2024 | |||||||||||||||||||||
| $ | % | $ | % | $ | % | $ | % | $ | % | |||||||||||||||||
| Non-interest bearing demand | $ | 225,916 | 19.2 | % | $ | 206,562 | 18.3 | % | $ | 204,167 | 17.8 | % | $ | 210,534 | 18.5 | % | $ | 202,343 | 17.5 | % | ||||||
| Interest-bearing demand and savings | 304,779 | 25.9 | % | 314,957 | 27.9 | % | 315,900 | 27.6 | % | 305,631 | 26.8 | % | 304,392 | 26.5 | % | |||||||||||
| Money market deposits | 113,161 | 9.6 | % | 118,047 | 10.4 | % | 141,024 | 12.3 | % | 138,376 | 12.2 | % | 137,637 | 12.0 | % | |||||||||||
| Retail and local time deposits <= $250 | 165,368 | 14.0 | % | 158,066 | 14.0 | % | 155,099 | 13.5 | % | 155,988 | 13.7 | % | 149,298 | 13.0 | % | |||||||||||
| Total core deposits | 809,224 | 68.7 | % | 797,632 | 70.6 | % | 816,190 | 71.2 | % | 810,529 | 71.2 | % | 793,670 | 69.0 | % | |||||||||||
| Retail and local time deposits > $250 | 28,000 | 2.4 | % | 26,750 | 2.3 | % | 25,500 | 2.2 | % | 23,500 | 2.1 | % | 22,500 | 2.0 | % | |||||||||||
| Broker & national time deposits <= $250 | 748 | 0.1 | % | 1,241 | 0.1 | % | 1,241 | 0.1 | % | 1,241 | 0.1 | % | 1,490 | 0.1 | % | |||||||||||
| Broker & national time deposits > $250 | 65,917 | 5.6 | % | 79,090 | 7.0 | % | 56,164 | 4.9 | % | 56,164 | 4.9 | % | 56,328 | 4.9 | % | |||||||||||
| Totals | $ | 903,889 | 76.8 | % | $ | 904,713 | 80.0 | % | $ | 899,095 | 78.4 | % | $ | 891,434 | 78.3 | % | $ | 873,988 | 76.0 | % | ||||||
| PSB Holdings, Inc. | ||||||||||||||||||||||||||
| Deposit Composition | ||||||||||||||||||||||||||
| Uninsured Deposits | June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||||||||
| (dollars in thousands) | 2025 | 2025 | 2024 | 2024 | 2024 | |||||||||||||||||||||
| $ | % | $ | % | $ | % | $ | % | $ | % | |||||||||||||||||
| Non-interest bearing demand | $ | 51,323 | 4.4 | % | $ | 39,110 | 3.5 | % | $ | 55,348 | 4.8 | % | $ | 54,544 | 4.8 | % | $ | 48,092 | 4.1 | % | ||||||
| Interest-bearing demand and savings | 17,983 | 1.5 | % | 17,262 | 1.5 | % | 20,934 | 1.8 | % | 18,317 | 1.6 | % | 32,674 | 2.8 | % | |||||||||||
| Money market deposits | 157,998 | 13.4 | % | 150,222 | 13.3 | % | 153,334 | 13.4 | % | 157,489 | 13.8 | % | 177,954 | 15.4 | % | |||||||||||
| Retail and local time deposits <= $250 | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | |||||||||||
| Total core deposits | 227,304 | 19.3 | % | 206,594 | 18.3 | % | 229,616 | 20.0 | % | 230,350 | 20.2 | % | 258,720 | 22.3 | % | |||||||||||
| Retail and local time deposits > $250 | 46,349 | 3.9 | % | 18,729 | 1.7 | % | 18,638 | 1.6 | % | 17,329 | 1.5 | % | 19,613 | 1.7 | % | |||||||||||
| Broker & national time deposits <= $250 | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | |||||||||||
| Broker & national time deposits > $250 | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | |||||||||||
| Totals | $ | 273,653 | 23.2 | % | $ | 225,323 | 20.0 | % | $ | 248,254 | 21.6 | % | $ | 247,679 | 21.7 | % | $ | 278,333 | 24.0 | % | ||||||
| PSB Holdings, Inc. | ||||||||||||||||||||||||||
| Deposit Composition | ||||||||||||||||||||||||||
| Total Deposits | June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||||||||
| (dollars in thousands) | 2025 | 2025 | 2024 | 2024 | 2024 | |||||||||||||||||||||
| $ | % | $ | % | $ | % | $ | % | $ | % | |||||||||||||||||
| Non-interest bearing demand | $ | 277,239 | 23.6 | % | $ | 245,672 | 21.7 | % | $ | 259,515 | 22.6 | % | $ | 265,078 | 23.3 | % | $ | 250,435 | 21.6 | % | ||||||
| Interest-bearing demand and savings | 322,762 | 27.4 | % | 332,219 | 29.4 | % | 336,834 | 29.4 | % | 323,948 | 28.4 | % | 337,066 | 29.3 | % | |||||||||||
| Money market deposits | 271,159 | 23.0 | % | 268,269 | 23.7 | % | 294,358 | 25.7 | % | 295,865 | 26.0 | % | 315,591 | 27.4 | % | |||||||||||
| Retail and local time deposits <= $250 | 165,368 | 14.0 | % | 158,066 | 14.1 | % | 155,099 | 13.5 | % | 155,988 | 13.7 | % | 149,298 | 13.0 | % | |||||||||||
| Total core deposits | 1,036,528 | 88.0 | % | 1,004,226 | 88.9 | % | 1,045,806 | 91.2 | % | 1,040,879 | 91.4 | % | 1,052,390 | 91.3 | % | |||||||||||
| Retail and local time deposits > $250 | 74,349 | 6.3 | % | 45,479 | 4.0 | % | 44,138 | 3.8 | % | 40,829 | 3.6 | % | 42,113 | 3.7 | % | |||||||||||
| Broker & national time deposits <= $250 | 748 | 0.1 | % | 1,241 | 0.1 | % | 1,241 | 0.1 | % | 1,241 | 0.1 | % | 1,490 | 0.1 | % | |||||||||||
| Broker & national time deposits > $250 | 65,917 | 5.6 | % | 79,090 | 7.0 | % | 56,164 | 4.9 | % | 56,164 | 4.9 | % | 56,328 | 4.9 | % | |||||||||||
| Totals | $ | 1,177,542 | 100.0 | % | $ | 1,130,036 | 100.0 | % | $ | 1,147,349 | 100.0 | % | $ | 1,139,113 | 100.0 | % | $ | 1,152,321 | 100.0 | % | ||||||
| PSB Holdings, Inc. | |||||||||||||||||||||||||||
| Average Balances ($000) and Interest Rates | |||||||||||||||||||||||||||
| (dollars in thousands) | |||||||||||||||||||||||||||
| Quarter ended June 30, 2025 | Quarter ended March 31, 2025 | Quarter ended June 30, 2024 | |||||||||||||||||||||||||
| Average | Yield / | Average | Yield / | Average | Yield / | ||||||||||||||||||||||
| Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | |||||||||||||||||||
| Assets | |||||||||||||||||||||||||||
| Interest-earning assets: | |||||||||||||||||||||||||||
| Loans (1)(2) | $ | 1,123,460 | $ | 16,558 | 5.91 | % | $ | 1,103,895 | $ | 15,830 | 5.82 | % | $ | 1,100,518 | $ | 15,520 | 5.67 | % | |||||||||
| Taxable securities | 193,926 | 1,566 | 3.24 | % | 198,426 | 1,641 | 3.35 | % | 172,563 | 1,295 | 3.02 | % | |||||||||||||||
| Tax-exempt securities (2) | 76,774 | 641 | 3.35 | % | 79,282 | 654 | 3.35 | % | 79,564 | 659 | 3.33 | % | |||||||||||||||
| FHLB stock | 9,189 | 166 | 7.25 | % | 8,825 | 241 | 11.08 | % | 7,931 | 182 | 9.23 | % | |||||||||||||||
| Other | 14,571 | 166 | 4.57 | % | 8,960 | 104 | 4.71 | % | 8,241 | 83 | 4.05 | % | |||||||||||||||
| Total (2) | 1,417,920 | 19,097 | 5.40 | % | 1,399,388 | 18,470 | 5.35 | % | 1,368,817 | 17,739 | 5.21 | % | |||||||||||||||
| Non-interest-earning assets: | |||||||||||||||||||||||||||
| Cash and due from banks | 15,498 | 16,292 | 17,345 | ||||||||||||||||||||||||
| Premises and equipment, net | 13,527 | 13,728 | 13,930 | ||||||||||||||||||||||||
| Cash surrender value ins | 24,960 | 24,795 | 24,297 | ||||||||||||||||||||||||
| Other assets | 21,402 | 21,021 | 21,865 | ||||||||||||||||||||||||
| Allowance for credit losses | (12,456 | ) | (12,362 | ) | (12,505 | ) | |||||||||||||||||||||
| Total | $ | 1,480,851 | $ | 1,462,862 | $ | 1,433,749 | |||||||||||||||||||||
| Liabilities & stockholders' equity | |||||||||||||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||||||||||||
| Savings and demand deposits | $ | 315,978 | $ | 1,450 | 1.84 | % | $ | 339,909 | $ | 1,567 | 1.87 | % | $ | 331,740 | $ | 1,467 | 1.78 | % | |||||||||
| Money market deposits | 262,015 | 1,572 | 2.41 | % | 280,396 | 1,685 | 2.44 | % | 271,336 | 1,835 | 2.72 | % | |||||||||||||||
| Time deposits | 294,750 | 2,912 | 3.96 | % | 268,821 | 2,632 | 3.97 | % | 257,006 | 2,536 | 3.97 | % | |||||||||||||||
| FHLB borrowings | 173,080 | 1,899 | 4.40 | % | 164,968 | 1,792 | 4.41 | % | 174,596 | 1,860 | 4.28 | % | |||||||||||||||
| Other borrowings | 8,843 | 48 | 2.18 | % | 6,321 | 47 | 3.02 | % | 6,870 | 58 | 3.40 | % | |||||||||||||||
| Senior sub notes | 4,784 | 58 | 4.86 | % | 4,782 | 59 | 5.00 | % | 4,777 | 58 | 4.88 | % | |||||||||||||||
| Junior sub. debentures | 13,062 | 250 | 7.68 | % | 13,036 | 248 | 7.72 | % | 12,960 | 255 | 7.91 | % | |||||||||||||||
| Total | 1,072,512 | 8,189 | 3.06 | % | 1,078,233 | 8,030 | 3.02 | % | 1,059,285 | 8,069 | 3.06 | % | |||||||||||||||
| Non-interest-bearing liabilities: | |||||||||||||||||||||||||||
| Demand deposits | 269,536 | 251,271 | 251,158 | ||||||||||||||||||||||||
| Other liabilities | 15,726 | 14,782 | 12,580 | ||||||||||||||||||||||||
| Stockholders' equity | 123,077 | 118,576 | 110,726 | ||||||||||||||||||||||||
| Total | $ | 1,480,851 | $ | 1,462,862 | $ | 1,433,749 | |||||||||||||||||||||
| Net interest income | $ | 10,908 | $ | 10,440 | $ | 9,670 | |||||||||||||||||||||
| Rate spread | 2.34 | % | 2.33 | % | 2.15 | % | |||||||||||||||||||||
| Net yield on interest-earning assets | 3.09 | % | 3.03 | % | 2.84 | % | |||||||||||||||||||||
| (1) Nonaccrual loans are included in the daily average loan balances outstanding. | |||||||||||||||||||||||||||
| (2) The yield on federally 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) | ||||||||||||||||||
| Six months ended June 30, 2025 | Six months ended June 30, 2024 | |||||||||||||||||
| Average | Yield/ | Average | Yield/ | |||||||||||||||
| Balance | Interest | Rate | Balance | Interest | Rate | |||||||||||||
| Assets | ||||||||||||||||||
| Interest-earning assets: | ||||||||||||||||||
| Loans (1)(2) | $ | 1,113,731 | $ | 32,388 | 5.86 | % | $ | 1,097,419 | $ | 30,719 | 5.63 | % | ||||||
| Taxable securities | 196,162 | 3,207 | 3.30 | % | 172,176 | 2,492 | 2.91 | % | ||||||||||
| Tax-exempt securities (2) | 78,021 | 1,295 | 3.35 | % | 79,999 | 1,325 | 3.33 | % | ||||||||||
| FHLB stock | 9,008 | 407 | 9.11 | % | 7,215 | 347 | 9.67 | % | ||||||||||
| Other | 11,790 | 270 | 4.62 | % | 10,562 | 261 | 4.97 | % | ||||||||||
| Total (2) | 1,408,712 | 37,567 | 5.38 | % | 1,367,371 | 35,144 | 5.17 | % | ||||||||||
| Non-interest-earning assets: | ||||||||||||||||||
| Cash and due from banks | 15,893 | 17,356 | ||||||||||||||||
| Premises and equipment, net | 13,627 | 13,557 | ||||||||||||||||
| Cash surrender value ins | 24,878 | 24,221 | ||||||||||||||||
| Other assets | 21,215 | 21,534 | ||||||||||||||||
| Allowance for credit losses | (12,409 | ) | (12,445 | ) | ||||||||||||||
| Total | $ | 1,471,916 | $ | 1,431,594 | ||||||||||||||
| Liabilities & stockholders' equity Interest-bearing liabilities: | ||||||||||||||||||
| Savings and demand deposits | $ | 327,878 | $ | 3,017 | 1.86 | % | $ | 341,119 | $ | 3,139 | 1.85 | % | ||||||
| Money market deposits | 270,785 | 3,257 | 2.43 | % | 272,591 | 3,732 | 2.75 | % | ||||||||||
| Time deposits | 281,857 | 5,544 | 3.97 | % | 260,832 | 5,049 | 3.89 | % | ||||||||||
| FHLB borrowings | 169,046 | 3,691 | 4.40 | % | 158,761 | 3,310 | 4.19 | % | ||||||||||
| Other borrowings | 7,589 | 95 | 2.52 | % | 7,712 | 118 | 3.08 | % | ||||||||||
| Senior sub. notes | 4,783 | 117 | 4.93 | % | 4,776 | 117 | 4.93 | % | ||||||||||
| Junior sub. debentures | 13,049 | 498 | 7.70 | % | 12,947 | 506 | 7.86 | % | ||||||||||
| Total | 1,074,987 | 16,219 | 3.04 | % | 1,058,738 | 15,971 | 3.03 | % | ||||||||||
| Non-interest-bearing liabilities: | ||||||||||||||||||
| Demand deposits | 260,522 | 249,909 | ||||||||||||||||
| Other liabilities | 15,492 | 12,881 | ||||||||||||||||
| Stockholders' equity | 120,915 | 110,066 | ||||||||||||||||
| Total | $ | 1,471,916 | $ | 1,431,594 | ||||||||||||||
| Net interest income | $ | 21,348 | $ | 19,173 | ||||||||||||||
| Rate spread | 2.34 | % | 2.14 | % | ||||||||||||||
| Net yield on interest-earning assets | 3.06 | % | 2.82 | % | ||||||||||||||
| (1) Nonaccrual loans are included in the daily average loan balances outstanding. | ||||||||||||||||||
| (2) The yield on federally tax-exempt loans and securities is computed on a tax-equivalent basis using a federal tax rate of 21%. | ||||||||||||||||||
Investor Relations Contact
PSB Holdings, Inc.
1905 Stewart Avenue
Wausau, WI 54401
888.929.9902
InvestorRelations@bankpeoples.com
