WAUSAU, Wis., July 27, 2026 (GLOBE NEWSWIRE) -- PSB Holdings, Inc. ("PSB") (OTCQX: PSBQ), the holding company for Peoples State Bank ("Peoples") serving Northcentral and Southeastern Wisconsin reported earnings for the second quarter ending June 30, 2026 of $0.81 per diluted common share on net income of $3.3 million, which was similar to $0.82 per diluted common share on net income of $3.3 million during the first quarter ending March 31, 2026, and lower than $0.89 per diluted common share on net income of $3.6 million during the second quarter ending June 30, 2025.
PSB's second quarter of 2026 operating results reflected the following changes from the first quarter of 2026: (1) an increase in net interest margin due to primarily a higher balance of loans; (2) lower provisions for loan credit loss due in part to stabilizing asset quality; (3) lower non-interest income; (4) lower non-interest expenses due to a decrease in salary and employee benefits; and (5) higher merger related expenses.
PSB announced on May 19, 2026 that it entered into an Agreement and Plan of Merger with Bank First Corporation ("Bank First"), under which Bank First will acquire 100% of the common stock of PSB in an all-stock transaction. Under the terms of the Agreement and Plan of Merger, each PSB shareholder will have the right to receive 0.3470 of a share of Bank First's common stock in exchange for each share of PSB's common stock. The aggregate consideration is valued at approximately $202.9 million, based on the closing price of Bank First common stock as of May 18, 2026, of $143.66 per share.
"We remain vigilant in our efforts to generate strong profitability for our shareholders. Operational efficiencies improved during the second quarter as we navigate our pending merger with Bank First. Our decision to merge with Bank First and the terms negotiated was greeted positively by shareholders, with an acquisition price 83% higher than the trading price the day before the merger announcement. Meanwhile, we continue to reward our shareholders with the payment of dividends," stated Scott Cattanach, President and CEO. "We have filed all regulatory applications and are optimistic in attaining all regulatory and shareholder approvals in the third quarter with closing potentially extending into early fourth quarter."
June 30, 2026, Highlights:
- Net income excluding merger related expenses was $3.8 million, or $0.94 per diluted common share. Additionally, the efficiency ratio excluding merger related expenses was 62.7% for the quarter ended June 30, 2026.
- Net interest income increased $259,000 to $12.1 million for the quarter ended June 30, 2026, from $11.9 million for the quarter ended March 31, 2026, due in part to higher loan balances with higher yields, repricing existing loans to higher rates and lower deposit and FHLB advance costs.
- Noninterest income decreased $200,000 to $2.1 million for the quarter ended June 30, 2026, compared to $2.3 million the prior quarter, partially due to lower investment and insurance sales commissions. The prior quarter reflected the receipt of life insurance benefits, elevated gains on sales of SBA 7A loans and other nominal revenues offset by losses on security sales.
- Noninterest expenses decreased $94,000 to $9.7 million during the quarter ended June 30, 2026 from $9.8 million for the quarter ended March 31, 2026, reflecting lower salary and benefit plan expenses related to lower incentive accruals for fiscal 2026 and staff reductions. Merger expenses were $671,000 for the second quarter ending June 30, 2026 compared to $120,000 for the quarter ended March 31, 2026.
- Net loans increased $17.6 million in the second quarter ended June 30, 2026, to $1.13 billion compared to $1.12 billion at March 31, 2026. Allowance for credit losses increased to 1.17% of gross loans.
- Non-performing assets decreased to 1.08% of total assets at June 30, 2026, compared to 1.09% the previous quarter.
- Total deposits decreased $8.8 million to $1.18 billion at June 30, 2026, from $1.19 billion at March 31, 2026. Core deposits decreased $2.5 million and brokered deposits decreased $4.4 million.
- Return on average tangible common equity was 10.62% for the quarter ended June 30, 2026 compared to 10.90% the prior quarter and 13.11% in the year ago quarter. Tangible book value per common share was up 12.6% over the past year to $31.27 at June 30, 2026, compared to $27.77 at June 30, 2025 and $30.55 at March 31, 2026.
Balance Sheet and Asset Quality Review
Total assets increased $7.23 million during the second quarter to $1.50 billion at June 30, 2026. Cash and cash equivalents decreased $1.83 million to $57.7 million at June 30, 2026, from $59.5 million at March 31, 2026, as funds were used for loan originations. Investment securities available for sale decreased $6.1 million to $165.0 million at June 30, 2026, from $171.1 million one quarter earlier.
Gross loans receivable increased $22.6 million to $1.17 billion at June 30, 2026, compared to three months earlier. Commercial real estate loans increased $11.4 million to $590.0 million at June 30, 2026, compared to three months earlier while commercial & industrial loans increased $14.3 million to $157.9 million over the same time period. Residential real estate loans increased $1.2 million from the prior quarter to $331.6 million while agricultural loans decreased $2.0 million to $7.2 million at June 30, 2026, compared to three months earlier and municipal loans decreased $223,000 over the same period. The loan portfolio remains well diversified with commercial real estate and construction loans totaling 56.3% of gross loans, followed by residential real estate loans at 28.4% of gross loans, commercial non-real estate loans at 14.8% and consumer loans at 0.5%.
The allowance for credit losses increased to 1.17% of gross loans at June 30, 2026 while annualized net charge-offs to average loans were 0.00% for the quarter ended June 30, 2026. Non-performing assets decreased to 1.08% of total assets at June 30, 2026, down from 1.09% at March 31, 2026. Approximately 73% of all non-performing assets consisted of five lending relationships.
Total deposits decreased $8.8 million from the prior quarter to $1.18 billion. The largest decrease in deposits was in interest-bearing demand and savings deposits, which decreased $8.1 million during the second quarter followed by a decline in time deposits of $5.5 million and brokered deposits of $4.4 million. Non-interest bearing deposits increased $8.7 million and money market deposits increased $0.5 million.
FHLB advances increased by $14.5 million to $151.5 million at June 30, 2026 from $137.0 million at March 31, 2026. The increase in FHLB advances offset a decline in deposits and liquid investments and helped fund new loan originations.
Tangible stockholder equity as a percentage of total tangible assets was 8.87% at June 30, 2026, compared to 8.72% at March 31, 2026, and 7.95% at June 30, 2025, respectively.
Tangible net book value per common share increased $3.50 to $31.27 at June 30, 2026, compared to $27.77 one year earlier, an increase of 12.6% after dividends totaling $0.70 were paid to shareholders. Relative to the prior quarter's tangible book value per common share of $30.55, tangible net book value per common share increased primarily due to earnings. The accumulated other comprehensive loss on the investment portfolio decreased slightly to $13.0 million at June 30, 2026 compared to $13.3 million one quarter earlier and $15.8 million at June 30, 2025.
Operations Review
Net interest income increased to $12.1 million (on a net margin of 3.44%) for the second quarter of 2026, from $11.9 million (on a net margin of 3.45%) for the first quarter of 2026, and increased from $10.7 million (on a net margin of 3.09%) for the second quarter of 2025. The higher net interest income in the current period primarily relates to an increase in loan yields and loan balances during the quarter and a decrease in funding costs during the second quarter. Overall loan yields increased 1 basis point to 6.13% during the second quarter of 2026 from 6.12% the prior period and the cost of funds decreased 6 basis points to 2.86% compared to 2.92% during the first quarter of 2026. Relative to one year earlier, loan yields were up 22 basis points while the overall cost of funds declined 20 basis points.
Overall earning-asset yields declined due to lower yields on investment securities. Taxable security yields were 3.22% for the quarter ended June 30, 2026, compared to 3.39% for the quarter ended March 31, 2026, while a smaller balance of tax-exempt security yields decreased to 3.34% for the quarter ended June 30, 2026 from 3.38% the prior quarter.
The decrease in funding costs was due to lower deposit costs and lower costs related to FHLB advances. Deposits costs decreased 3 basis points to 2.00% for the quarter ended June 30, 2026, from 2.03% the prior quarter. FHLB advance costs declined 18 basis points to 4.06% for the second quarter from 4.24% the prior quarter.
Total noninterest income decreased $200,000 during the second quarter of 2026 to $2.1 million from $2.3 million in the first quarter. The first quarter was elevated due to the recognition of a delayed sale of SBA 7A loans related to the government shutdown in the fourth quarter of 2025. The second quarter reflects more normalized revenue levels, though investment and insurance sales commissions were slightly lower than the preceding two quarters.
Noninterest expenses decreased $0.1 million to $9.7 million for the second quarter of 2026, compared to $9.8 million for the first quarter, and increased $1.5 million from $8.2 million for the second quarter of 2025. The second quarter noninterest expense levels were lower than the prior quarter despite an increase in merger related expense of $0.6 million. Salary and benefits expenses decreased $341,000 due to lower incentive accruals and staff reductions. The first quarter of 2026 expenses were also elevated due to a non-recurring true-up for historical FDIC insurance premiums.
Income taxes increased $339,000 during the second quarter to $834,000 from $495,000 one quarter earlier. The lower first quarter of 2026 taxes reflected tax exempt life insurance benefits and benefits from the sale of available for sale securities that had a stranded deferred tax asset that resulted from the change in the Wisconsin tax law in 2023. The effective tax rate for the quarter ended June 30, 2026 was 19.7% compared to 12.6% for the first quarter ended March 31, 2026 and 16.6% for the prior year quarter ended June 30, 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, 2026, September 30, and June 30, 2025, unaudited, December 31, 2025 derived from audited financial statements | |||||||||||||||
| Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | Jun. 30, | |||||||||||
| (dollars in thousands, except per share data) | 2026 | 2026 | 2025 | 2025 | 2025 | ||||||||||
| Assets | |||||||||||||||
| Cash and due from banks | - | 17,321 | - | 28,053 | - | 19,697 | - | 14,221 | - | 23,022 | |||||
| Interest-bearing deposits | 3,283 | 1,703 | 2,262 | 3,630 | 2,890 | ||||||||||
| Federal funds sold | 37,073 | 29,755 | 7,916 | 19,641 | 31,624 | ||||||||||
| Cash and cash equivalents | 57,677 | 59,511 | 29,875 | 37,492 | 57,536 | ||||||||||
| Securities available for sale (at fair value) | 165,006 | 171,107 | 184,265 | 190,709 | 184,320 | ||||||||||
| Securities held to maturity (fair values of $71,765, $72,485, $76,671, $76,104 and | |||||||||||||||
| $75,016 respectively) | 76,718 | 78,826 | 81,511 | 82,195 | 83,123 | ||||||||||
| Equity securities | 2,913 | 2,904 | 2,892 | 2,885 | 2,885 | ||||||||||
| Loans held for sale | - | 652 | 180 | 145 | 349 | ||||||||||
| Loans receivable, net (allowance for credit losses of $13,447, $13,131, $12,605, | |||||||||||||||
| $12,686 and $12,553 respectively) | 1,134,370 | 1,116,089 | 1,096,035 | 1,115,137 | 1,109,296 | ||||||||||
| Accrued interest receivable | 4,885 | 5,094 | 5,035 | 5,023 | 5,006 | ||||||||||
| Foreclosed assets | 138 | - | - | - | - | ||||||||||
| Premises and equipment, net | 12,887 | 13,160 | 12,972 | 13,355 | 13,397 | ||||||||||
| Mortgage servicing rights, net | 1,974 | 1,978 | 1,689 | 1,685 | 1,684 | ||||||||||
| Federal Home Loan Bank stock (at cost) | 8,374 | 7,995 | 8,090 | 8,641 | 9,297 | ||||||||||
| Cash surrender value of bank-owned life insurance | 24,139 | 24,453 | 25,425 | 25,242 | 25,067 | ||||||||||
| Core deposit intangible | 247 | 266 | 287 | 309 | 330 | ||||||||||
| Goodwill | 3,565 | 3,565 | 3,495 | 3,495 | 3,495 | ||||||||||
| Other assets | 9,725 | 9,784 | 9,721 | 10,420 | 10,832 | ||||||||||
| TOTAL ASSETS | - | 1,502,618 | - | 1,495,384 | - | 1,461,472 | - | 1,496,733 | - | 1,506,617 | |||||
| Liabilities | |||||||||||||||
| Non-interest-bearing deposits | - | 290,604 | - | 281,947 | - | 278,302 | - | 278,615 | - | 277,239 | |||||
| Interest-bearing deposits | 887,579 | 905,082 | 898,729 | 910,571 | 900,303 | ||||||||||
| Total deposits | 1,178,183 | 1,187,029 | 1,177,031 | 1,189,186 | 1,177,542 | ||||||||||
| Federal Home Loan Bank advances | 151,450 | 136,950 | 112,950 | 140,950 | 165,950 | ||||||||||
| Other borrowings | 2,447 | 4,119 | 5,397 | 6,062 | 6,250 | ||||||||||
| Senior subordinated notes | 4,791 | 4,789 | 4,788 | 4,786 | 4,784 | ||||||||||
| Junior subordinated debentures | 13,177 | 13,151 | 13,126 | 13,100 | 13,075 | ||||||||||
| Allowance for credit losses on unfunded commitments | 492 | 492 | 542 | 622 | 622 | ||||||||||
| Accrued expenses and other liabilities | 15,323 | 14,986 | 15,967 | 13,651 | 15,118 | ||||||||||
| Total liabilities | 1,365,863 | 1,361,516 | 1,329,801 | 1,368,357 | 1,383,341 | ||||||||||
| 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 - 4,021,558, 4,020,508, 4,023,874, 4,040,538 and | |||||||||||||||
| 4,041,573 shares, respectively | 1,830 | 1,830 | 1,830 | 1,830 | 1,830 | ||||||||||
| Additional paid-in capital | 8,801 | 8,732 | 8,727 | 8,707 | 8,659 | ||||||||||
| Retained earnings | 155,700 | 153,146 | 150,556 | 148,029 | 144,548 | ||||||||||
| Accumulated other comprehensive income (loss), net of tax | (13,016 | - | (13,264 | - | (13,000 | - | (14,166 | - | (15,764 | - | |||||
| Treasury stock, at cost - 1,469,240, 1,470,290, 1,466,924, 1,450,260 and | |||||||||||||||
| 1,449,225 shares, respectively | (23,760 | - | (23,776 | - | (23,642 | - | (23,224 | - | (23,197 | - | |||||
| Total stockholders' equity | 136,755 | 133,868 | 131,671 | 128,376 | 123,276 | ||||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | - | 1,502,618 | - | 1,495,384 | - | 1,461,472 | - | 1,496,733 | - | 1,506,617 | |||||
| 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) | 2026 | 2026 | 2025 | 2025 | 2025 | 2026 | 2025 | |||||||||||||||||
| Interest and dividend income: | ||||||||||||||||||||||||
| Loans, including fees | - | 17,370 | - | 17,066 | - | 16,744 | - | 16,745 | - | 16,510 | - | 34,436 | - | 32,292 | ||||||||||
| Securities: | ||||||||||||||||||||||||
| Taxable | 1,428 | 1,586 | 1,659 | 1,645 | 1,566 | 3,014 | 3,207 | |||||||||||||||||
| Tax-exempt | 467 | 484 | 495 | 500 | 506 | 951 | 1,023 | |||||||||||||||||
| Other interest and dividends | 508 | 316 | 582 | 717 | 332 | 824 | 677 | |||||||||||||||||
| Total interest and dividend income | 19,773 | 19,452 | 19,480 | 19,607 | 18,914 | 39,225 | 37,199 | |||||||||||||||||
| Interest expense: | ||||||||||||||||||||||||
| Deposits | 5,836 | 5,898 | 5,976 | 6,207 | 5,934 | 11,734 | 11,818 | |||||||||||||||||
| FHLB advances | 1,478 | 1,344 | 1,428 | 1,707 | 1,899 | 2,822 | 3,691 | |||||||||||||||||
| Other borrowings | 13 | 25 | 40 | 45 | 48 | 38 | 95 | |||||||||||||||||
| Senior subordinated notes | 58 | 59 | 59 | 59 | 58 | 117 | 117 | |||||||||||||||||
| Junior subordinated debentures | 245 | 242 | 248 | 247 | 250 | 487 | 498 | |||||||||||||||||
| Total interest expense | 7,630 | 7,568 | 7,751 | 8,265 | 8,189 | 15,198 | 16,219 | |||||||||||||||||
| Net interest income | 12,143 | 11,884 | 11,729 | 11,342 | 10,725 | 24,027 | 20,980 | |||||||||||||||||
| Provision for credit losses | 325 | 475 | 275 | 138 | 110 | 800 | 227 | |||||||||||||||||
| Net interest income after provision for credit losses | 11,818 | 11,409 | 11,454 | 11,204 | 10,615 | 23,227 | 20,753 | |||||||||||||||||
| Noninterest income: | ||||||||||||||||||||||||
| Service fees | 424 | 393 | 401 | 363 | 366 | 817 | 724 | |||||||||||||||||
| Mortgage banking income | 427 | 405 | 413 | 363 | 411 | 832 | 661 | |||||||||||||||||
| Investment and insurance sales commissions | 382 | 437 | 520 | 345 | 335 | 819 | 661 | |||||||||||||||||
| Net loss on sale of securities | - | (502 | - | - | - | - | (502 | - | (1 | - | ||||||||||||||
| Increase in cash surrender value of life insurance | 178 | 175 | 182 | 176 | 170 | 353 | 333 | |||||||||||||||||
| Life insurance death benefit | 4 | 489 | - | - | - | 493 | - | |||||||||||||||||
| Other noninterest income | 705 | 923 | 565 | 678 | 814 | 1,628 | 1,584 | |||||||||||||||||
| Total noninterest income | 2,120 | 2,320 | 2,081 | 1,925 | 2,096 | 4,440 | 3,962 | |||||||||||||||||
| Noninterest expense: | ||||||||||||||||||||||||
| Salaries and employee benefits | 5,607 | 5,948 | 5,159 | 5,446 | 4,828 | 11,555 | 10,130 | |||||||||||||||||
| Occupancy and facilities | 697 | 800 | 712 | 712 | 719 | 1,497 | 1,505 | |||||||||||||||||
| Loss (gain) on foreclosed assets | (1 | - | (36 | - | (23 | - | 1 | (58 | - | (37 | - | (58 | - | |||||||||||
| Data processing and other office operations | 1,129 | 1,119 | 1,188 | 1,122 | 1,189 | 2,248 | 2,390 | |||||||||||||||||
| Advertising and promotion | 227 | 189 | 177 | 138 | 189 | 416 | 318 | |||||||||||||||||
| Core deposit intangible amortization | 19 | 21 | 21 | 22 | 23 | 40 | 46 | |||||||||||||||||
| Merger legal and professional | 671 | 120 | 26 | - | - | 791 | - | |||||||||||||||||
| Other noninterest expenses | 1,355 | 1,637 | 1,376 | 1,365 | 1,303 | 2,992 | 2,831 | |||||||||||||||||
| Total noninterest expense | 9,704 | 9,798 | 8,636 | 8,806 | 8,193 | 19,502 | 17,162 | |||||||||||||||||
| Income before provision for income taxes | 4,234 | 3,931 | 4,899 | 4,323 | 4,518 | 8,165 | 7,553 | |||||||||||||||||
| Provision for income taxes | 834 | 495 | 883 | 720 | 752 | 1,329 | 1,225 | |||||||||||||||||
| Net income | - | 3,400 | - | 3,436 | - | 4,016 | - | 3,603 | - | 3,766 | - | 6,836 | - | 6,328 | ||||||||||
| Preferred stock dividends declared | - | 122 | - | 122 | - | 122 | - | 122 | - | 122 | - | 244 | - | 244 | ||||||||||
| Net income available to common shareholders | - | 3,278 | - | 3,314 | - | 3,894 | - | 3,481 | - | 3,644 | - | 6,592 | - | 6,084 | ||||||||||
| Basic earnings per common share | - | 0.82 | - | 0.82 | - | 0.97 | - | 0.86 | - | 0.90 | - | 1.64 | - | 1.49 | ||||||||||
| Diluted earnings per common share | - | 0.81 | - | 0.82 | - | 0.97 | - | 0.86 | - | 0.89 | - | 1.63 | - | 1.49 | ||||||||||
| 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: | 2026 | 2026 | 2025 | 2025 | 2025 | |||||||||||||
| Interest income | - | 19,773 | - | 19,452 | - | 19,480 | - | 19,607 | - | 18,914 | ||||||||
| Interest expense | - | 7,630 | - | 7,568 | - | 7,751 | - | 8,265 | - | 8,189 | ||||||||
| Net interest income | - | 12,143 | - | 11,884 | - | 11,729 | - | 11,342 | - | 10,725 | ||||||||
| Provision for credit losses | - | 325 | - | 475 | - | 275 | - | 138 | - | 110 | ||||||||
| Other noninterest income | - | 2,120 | - | 2,320 | - | 2,081 | - | 1,925 | - | 2,096 | ||||||||
| Other noninterest expense | - | 9,704 | - | 9,798 | - | 8,636 | - | 8,806 | - | 8,193 | ||||||||
| Net income available to common shareholders | - | 3,278 | - | 3,314 | - | 3,894 | - | 3,481 | - | 3,644 | ||||||||
| Basic earnings per common share (3) | - | 0.82 | - | 0.82 | - | 0.97 | - | 0.86 | - | 0.90 | ||||||||
| Diluted earnings per common share (3) | - | 0.81 | - | 0.82 | - | 0.97 | - | 0.86 | - | 0.89 | ||||||||
| Dividends declared per common share (3) | - | 0.18 | - | 0.18 | - | 0.34 | - | - | - | 0.34 | ||||||||
| Tangible net book value per common share (4) | - | 31.27 | - | 30.55 | - | 29.99 | - | 29.05 | - | 27.77 | ||||||||
| Average common shares outstanding | 4,020,787 | 4,021,327 | 4,028,368 | 4,041,393 | 4,070,721 | |||||||||||||
| Balance sheet - average balances: | ||||||||||||||||||
| Loans receivable, net of allowances for credit loss | - | 1,124,806 | - | 1,118,837 | - | 1,107,114 | - | 1,111,055 | - | 1,111,004 | ||||||||
| Assets | - | 1,491,283 | - | 1,478,103 | - | 1,501,135 | - | 1,510,272 | - | 1,480,851 | ||||||||
| Deposits | - | 1,172,036 | - | 1,175,510 | - | 1,199,363 | - | 1,191,002 | - | 1,142,279 | ||||||||
| Stockholders' equity | - | 135,416 | - | 134,946 | - | 131,606 | - | 125,342 | - | 123,077 | ||||||||
| Performance ratios: | ||||||||||||||||||
| Return on average assets (1) | 0.91 | - | 0.94 | - | 1.06 | - | 0.95 | - | 1.02 | - | ||||||||
| Return on average common stockholders' equity (1) | 10.25 | - | 10.52 | - | 12.42 | - | 11.69 | - | 12.61 | - | ||||||||
| Return on average tangible common | ||||||||||||||||||
| stockholders' equity (1)(4) | 10.62 | - | 10.90 | - | 12.86 | - | 12.14 | - | 13.11 | - | ||||||||
| Net loan charge-offs to average loans (1) | 0.00 | - | 0.00 | - | 0.16 | - | 0.00 | - | 0.00 | - | ||||||||
| Nonperforming loans to gross loans | 1.40 | - | 1.44 | - | 1.56 | - | 1.51 | - | 1.39 | - | ||||||||
| Nonperforming assets to total assets | 1.08 | - | 1.09 | - | 1.18 | - | 1.13 | - | 1.04 | - | ||||||||
| Allowance for credit losses to gross loans | 1.17 | - | 1.16 | - | 1.14 | - | 1.12 | - | 1.12 | - | ||||||||
| Nonperforming assets to tangible equity | ||||||||||||||||||
| plus the allowance for credit losses (4) | 11.80 | - | 12.13 | - | 13.10 | - | 13.17 | - | 12.64 | - | ||||||||
| Net interest rate margin (1)(2) | 3.44 | - | 3.45 | - | 3.28 | - | 3.16 | - | 3.09 | - | ||||||||
| Net interest rate spread (1)(2) | 2.72 | - | 2.69 | - | 2.53 | - | 2.42 | - | 2.34 | - | ||||||||
| Service fee revenue as a percent of | ||||||||||||||||||
| average demand deposits (1) | 0.63 | - | 0.58 | - | 0.55 | - | 0.52 | - | 0.54 | - | ||||||||
| Noninterest income as a percent | ||||||||||||||||||
| of gross revenue | 9.68 | - | 10.66 | - | 9.65 | - | 8.94 | - | 9.98 | - | ||||||||
| Efficiency ratio (2) | 67.35 | - | 68.24 | - | 61.82 | - | 65.47 | - | 63.00 | - | ||||||||
| Noninterest expenses to average assets (1) | 2.61 | - | 2.69 | - | 2.28 | - | 2.31 | - | 2.22 | - | ||||||||
| Average stockholders' equity less accumulated | ||||||||||||||||||
| other comprehensive income (loss) to | ||||||||||||||||||
| average assets | 9.87 | - | 9.93 | - | 9.59 | - | 9.20 | - | 9.31 | - | ||||||||
| Tangible equity to tangible assets (4) | 8.87 | - | 8.72 | - | 8.77 | - | 8.34 | - | 7.95 | - | ||||||||
| Stock price information: | ||||||||||||||||||
| High | - | 50.50 | - | 28.50 | - | 26.30 | - | 26.00 | - | 25.70 | ||||||||
| Low | - | 27.20 | - | 26.10 | - | 24.34 | - | 23.30 | - | 23.65 | ||||||||
| Last trade value at quarter-end | - | 50.50 | - | 27.74 | - | 26.10 | - | 25.50 | - | 23.89 | ||||||||
| (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) | 2026 | 2026 | 2025 | 2025 | 2025 | |||||||||||||
| Net income | - | 3,400 | - | 3,436 | - | 4,016 | - | 3,603 | - | 3,766 | ||||||||
| Other comprehensive income, net of tax: | ||||||||||||||||||
| Unrealized gain (loss) on securities available | ||||||||||||||||||
| for sale | 118 | (711 | - | 1,065 | 1,550 | 972 | ||||||||||||
| Reclassification adjustment for security | ||||||||||||||||||
| loss included in net income | - | 396 | - | - | - | |||||||||||||
| Accretion of unrealized loss included in net | ||||||||||||||||||
| income on securities available for sale | ||||||||||||||||||
| deferred tax adjustment for Wisconsin | ||||||||||||||||||
| Act 19 | (32 | - | (83 | - | - | (26 | - | (35 | - | |||||||||
| Amortization of unrealized loss included in net | ||||||||||||||||||
| income on securities available for sale | ||||||||||||||||||
| transferred to securities held to maturity | 93 | 91 | 90 | 90 | 91 | |||||||||||||
| Unrealized gain (loss) on interest rate swap | 67 | 43 | 18 | (2 | - | (87 | - | |||||||||||
| Reclassification adjustment of interest rate | ||||||||||||||||||
| swap settlements included in earnings | 1 | - | (7 | - | (15 | - | (13 | - | ||||||||||
| Other comprehensive income (loss) | 247 | (264 | - | 1,166 | 1,597 | 928 | ||||||||||||
| Comprehensive income | - | 3,647 | - | 3,172 | - | 5,182 | - | 5,200 | - | 4,694 | ||||||||
| PSB Holdings, Inc. | |||||||||||||||
| Nonperforming Assets as of: | |||||||||||||||
| Jun 30, | Mar 31, | Dec 31, | Sep 30, | Jun 30, | |||||||||||
| (dollars in thousands) | 2026 | 2026 | 2025 | 2025 | 2025 | ||||||||||
| Nonaccrual loans (excluding restructured loans) | - | 15,242 | - | 15,438 | - | 16,436 | - | 16,560 | - | 15,333 | |||||
| Nonaccrual restructured loans | 589 | 6 | 7 | 10 | 13 | ||||||||||
| Restructured loans not on nonaccrual | 277 | 863 | 865 | 415 | 295 | ||||||||||
| Accruing loans past due 90 days or more | - | - | - | - | - | ||||||||||
| Total nonperforming loans | 16,108 | 16,307 | 17,308 | 16,985 | 15,641 | ||||||||||
| Other real estate owned | 138 | - | - | - | - | ||||||||||
| Total nonperforming assets | - | 16,246 | - | 16,307 | - | 17,308 | - | 16,985 | - | 15,641 | |||||
| Nonperforming loans as a % of gross loans receivable | 1.40 | - | 1.44 | - | 1.56 | - | 1.51 | - | 1.39 | - | |||||
| Total nonperforming assets as a % of total assets | 1.08 | - | 1.09 | - | 1.18 | - | 1.13 | - | 1.04 | - | |||||
| Allowance for credit losses as a % of nonperforming loans | 83.48 | - | 80.52 | - | 72.83 | - | 74.69 | - | 80.26 | - | |||||
| PSB Holdings, Inc. | |||||||
| Nonperforming Assets >= $1,000,000 net book value before specific reserves | |||||||
| At June 30, 2026 | |||||||
| (dollars in thousands) | |||||||
| Gross | Specific | ||||||
| Collateral Description | Asset Type | Principal | Reserves | ||||
| Real estate - Non-Owner Occupied Rental Properties | Nonaccrual | 2,639 | - | ||||
| Real estate - Recreational Facility | Nonaccrual | 3,608 | 108 | ||||
| Real estate - Equipment Dealership | Nonaccrual | 2,295 | 1,351 | ||||
| Real estate - Wood Products | Nonaccrual | 1,674 | 376 | ||||
| Real estate - Commercial Building | Nonaccrual | 1,641 | 68 | ||||
| Total listed nonperforming assets | - | 11,857 | - | 1,903 | |||
| Total bank wide nonperforming assets | - | 16,246 | - | 2,296 | |||
| Listed assets as a % of total nonperforming assets | 73 | - | 83 | - | |||
| PSB Holdings, Inc. | |||||||||||||||||
| Loan Composition by Collateral Type | |||||||||||||||||
| Quarter-ended (dollars in thousands) | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | ||||||||||||
| Commercial: | |||||||||||||||||
| Commercial and industrial | - | 157,903 | - | 143,572 | - | 139,479 | - | 137,199 | - | 135,313 | |||||||
| Agriculture | 7,215 | 9,188 | 11,463 | 12,443 | 13,219 | ||||||||||||
| Municipal | 8,258 | 8,481 | 11,317 | 8,361 | 12,805 | ||||||||||||
| Total Commercial | 173,376 | 161,241 | 162,259 | 158,003 | 161,337 | ||||||||||||
| Commercial Real Estate: | |||||||||||||||||
| Commercial real estate | 590,027 | 578,655 | 551,899 | 569,382 | 566,526 | ||||||||||||
| Construction and development | 68,107 | 70,757 | 70,574 | 81,278 | 77,905 | ||||||||||||
| Total Commercial Real Estate | 658,134 | 649,412 | 622,473 | 650,660 | 644,431 | ||||||||||||
| Residential real estate: | |||||||||||||||||
| Residential | 253,189 | 251,356 | 259,573 | 263,791 | 266,203 | ||||||||||||
| Construction and development | 29,744 | 34,540 | 36,596 | 37,475 | 31,439 | ||||||||||||
| HELOC | 48,682 | 44,545 | 44,219 | 41,661 | 39,425 | ||||||||||||
| Total Residential Real Estate | 331,615 | 330,441 | 340,388 | 342,927 | 337,067 | ||||||||||||
| Consumer installment | 5,248 | 4,648 | 5,053 | 4,801 | 4,886 | ||||||||||||
| Subtotals - Gross loans | 1,168,373 | 1,145,742 | 1,130,173 | 1,156,391 | 1,147,721 | ||||||||||||
| Loans in process of disbursement | (21,149 | - | (17,148 | - | (22,178 | - | (29,170 | - | (26,496 | - | |||||||
| Subtotals - Disbursed loans | 1,147,224 | 1,128,594 | 1,107,995 | 1,127,221 | 1,121,225 | ||||||||||||
| Net deferred loan costs | 593 | 626 | 645 | 602 | 624 | ||||||||||||
| Allowance for credit losses | (13,447 | - | (13,131 | - | (12,605 | - | (12,686 | - | (12,553 | - | |||||||
| Total loans receivable | - | 1,134,370 | - | 1,116,089 | - | 1,096,035 | - | 1,115,137 | - | 1,109,296 | |||||||
| PSB Holdings, Inc. | ||||||||||||||||||||||||
| Selected Commercial Real Estate Loans by Purpose | ||||||||||||||||||||||||
| Jun 30, | Mar 31, | Dec 31, | Sept 30, | Jun 30, | ||||||||||||||||||||
| (dollars in thousands) | 2026 | 2026 | 2025 | 2025 | 2025 | |||||||||||||||||||
| 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 | - | 127,983 | 12.3 | - | - | 134,236 | 12.9 | - | - | 145,717 | 14.3 | - | - | 141,896 | 13.5 | - | - | 145,523 | 14.0 | - | ||||
| Industrial and Warehousing | 120,116 | 11.6 | 119,427 | 11.5 | 101,581 | 9.9 | 100,712 | 9.6 | 105,256 | 10.2 | ||||||||||||||
| Retail | 28,468 | 2.7 | 27,948 | 2.7 | 27,756 | 2.7 | 27,889 | 2.7 | 29,407 | 2.8 | ||||||||||||||
| Hotels | 24,839 | 2.4 | 25,080 | 2.4 | 25,949 | 2.6 | 25,677 | 2.4 | 25,299 | 2.4 | ||||||||||||||
| Office | 4,034 | 0.4 | 4,097 | 0.4 | 7,028 | 0.7 | 7,176 | 0.7 | 7,131 | 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) | 2026 | 2026 | 2025 | 2025 | 2025 | |||||||||||||||
| - | - | - | - | - | - | - | - | - | - | |||||||||||
| Non-interest bearing demand | - | 226,134 | 19.1 | - | - | 221,921 | 18.5 | - | - | 225,025 | 19.1 | - | - | 227,448 | 19.1 | - | - | 225,921 | 19.2 | - |
| Interest-bearing demand and savings | 313,909 | 26.7 | - | 321,604 | 27.1 | - | 323,739 | 27.5 | - | 307,505 | 25.8 | - | 304,779 | 25.9 | - | |||||
| Money market deposits | 141,443 | 12.0 | - | 146,655 | 12.4 | - | 142,946 | 12.1 | - | 158,455 | 13.3 | - | 148,556 | 12.6 | - | |||||
| Retail and local time deposits <= $250 | 154,330 | 13.1 | - | 157,898 | 13.3 | - | 163,398 | 13.9 | - | 163,446 | 13.7 | - | 165,368 | 14.0 | - | |||||
| Total core deposits | 835,816 | 70.9 | - | 848,078 | 71.3 | - | 855,108 | 72.6 | - | 856,854 | 71.9 | - | 844,624 | 71.7 | - | |||||
| Retail and local time deposits > $250 | 25,250 | 2.1 | - | 26,500 | 2.2 | - | 28,000 | 2.4 | - | 29,000 | 2.5 | - | 28,000 | 2.4 | - | |||||
| Broker & national time deposits <= $250 | 748 | 0.1 | - | 748 | 0.1 | - | 748 | 0.1 | - | 748 | 0.1 | - | 748 | 0.1 | - | |||||
| Broker & national time deposits > $250 | 49,788 | 4.2 | - | 54,191 | 4.6 | - | 62,493 | 5.3 | - | 67,493 | 5.7 | - | 65,917 | 5.6 | - | |||||
| Totals | - | 911,602 | 77.3 | - | - | 929,517 | 78.2 | - | - | 946,349 | 80.4 | - | - | 954,095 | 80.2 | - | - | 939,289 | 79.8 | - |
| PSB Holdings, Inc. | ||||||||||||||||||||
| Deposit Composition | ||||||||||||||||||||
| Uninsured Deposits | June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||
| (dollars in thousands) | 2026 | 2026 | 2025 | 2025 | 2025 | |||||||||||||||
| - | - | - | - | - | - | - | - | - | - | |||||||||||
| Non-interest bearing demand | - | 64,470 | 5.5 | - | - | 60,026 | 5.1 | - | - | 53,277 | 4.5 | - | - | 51,167 | 4.3 | - | - | 51,318 | 4.4 | - |
| Interest-bearing demand and savings | 18,073 | 1.5 | - | 18,533 | 1.6 | - | 17,683 | 1.5 | - | 18,644 | 1.6 | - | 17,983 | 1.5 | - | |||||
| Money market deposits | 134,223 | 11.4 | - | 128,415 | 10.8 | - | 110,501 | 9.4 | - | 117,184 | 9.9 | - | 122,603 | 10.4 | - | |||||
| Retail and local time deposits <= $250 | - | 0.0 | - | - | 0.0 | - | - | 0.0 | - | - | 0.0 | - | - | 0.0 | - | |||||
| Total core deposits | 216,766 | 18.4 | - | 206,974 | 17.5 | - | 181,461 | 15.4 | - | 186,995 | 15.8 | - | 191,904 | 16.3 | - | |||||
| Retail and local time deposits > $250 | 49,815 | 4.3 | - | 50,538 | 4.3 | - | 49,221 | 4.2 | - | 48,096 | 4.0 | - | 46,349 | 3.9 | - | |||||
| 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 | - | 266,581 | 22.7 | - | - | 257,512 | 21.8 | - | - | 230,682 | 19.6 | - | - | 235,091 | 19.8 | - | - | 238,253 | 20.2 | - |
| PSB Holdings, Inc. | ||||||||||||||||||||
| Deposit Composition | ||||||||||||||||||||
| Total Deposits | June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||
| (dollars in thousands) | 2026 | 2026 | 2025 | 2025 | 2025 | |||||||||||||||
| - | - | - | - | - | - | - | - | - | - | |||||||||||
| Non-interest bearing demand | - | 290,604 | 24.6 | - | - | 281,947 | 23.6 | - | - | 278,302 | 23.6 | - | - | 278,615 | 23.4 | - | - | 277,239 | 23.6 | - |
| Interest-bearing demand and savings | 331,982 | 28.2 | - | 340,137 | 28.7 | - | 341,422 | 29.0 | - | 326,149 | 27.4 | - | 322,762 | 27.4 | - | |||||
| Money market deposits | 275,666 | 23.4 | - | 275,070 | 23.2 | - | 253,447 | 21.5 | - | 275,639 | 23.2 | - | 271,159 | 23.0 | - | |||||
| Retail and local time deposits <= $250 | 154,330 | 13.1 | - | 157,898 | 13.3 | - | 163,398 | 13.9 | - | 163,446 | 13.7 | - | 165,368 | 14.0 | - | |||||
| Total core deposits | 1,052,582 | 89.3 | - | 1,055,052 | 88.8 | - | 1,036,569 | 88.0 | - | 1,043,849 | 87.7 | - | 1,036,528 | 88.0 | - | |||||
| Retail and local time deposits > $250 | 75,065 | 6.4 | - | 77,038 | 6.5 | - | 77,221 | 6.6 | - | 77,096 | 6.5 | - | 74,349 | 6.3 | - | |||||
| Broker & national time deposits <= $250 | 748 | 0.1 | - | 748 | 0.1 | - | 748 | 0.1 | - | 748 | 0.1 | - | 748 | 0.1 | - | |||||
| Broker & national time deposits > $250 | 49,788 | 4.2 | - | 54,191 | 4.6 | - | 62,493 | 5.3 | - | 67,493 | 5.7 | - | 65,917 | 5.6 | - | |||||
| Totals | - | 1,178,183 | 100.0 | - | - | 1,187,029 | 100.0 | - | - | 1,177,031 | 100.0 | - | - | 1,189,186 | 100.0 | - | - | 1,177,542 | 100.0 | - |
| PSB Holdings, Inc. | |||||||||||||||||||||||||
| Average Balances ($000) and Interest Rates | |||||||||||||||||||||||||
| (dollars in thousands) | |||||||||||||||||||||||||
| Quarter ended June 30, 2026 | Quarter ended March 31, 2026 | Quarter ended June 30, 2025 | |||||||||||||||||||||||
| Average | Yield / | Average | Yield / | Average | Yield / | ||||||||||||||||||||
| Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | |||||||||||||||||
| Assets | |||||||||||||||||||||||||
| Interest-earning assets: | |||||||||||||||||||||||||
| Loans (1)(2) | - | 1,138,074 | - | 17,392 | 6.13 | - | - | 1,131,775 | - | 17,092 | 6.12 | - | - | 1,123,460 | - | 16,558 | 5.91 | - | |||||||
| Taxable securities | 177,864 | 1,428 | 3.22 | - | 189,726 | 1,586 | 3.39 | - | 193,926 | 1,566 | 3.24 | - | |||||||||||||
| Tax-exempt securities (2) | 70,873 | 591 | 3.34 | - | 73,515 | 613 | 3.38 | - | 76,774 | 641 | 3.35 | - | |||||||||||||
| FHLB stock | 8,227 | 170 | 8.29 | - | 7,792 | 182 | 9.47 | - | 9,189 | 166 | 7.25 | - | |||||||||||||
| Other | 36,217 | 338 | 3.74 | - | 14,247 | 134 | 3.81 | - | 14,571 | 166 | 4.57 | - | |||||||||||||
| Total (2) | 1,431,255 | 19,919 | 5.58 | - | 1,417,055 | 19,607 | 5.61 | - | 1,417,920 | 19,097 | 5.40 | - | |||||||||||||
| Non-interest-earning assets: | |||||||||||||||||||||||||
| Cash and due from banks | 15,689 | 15,719 | 15,498 | ||||||||||||||||||||||
| Premises and equipment, | |||||||||||||||||||||||||
| net | 13,084 | 12,957 | 13,527 | ||||||||||||||||||||||
| Cash surrender value ins | 24,026 | 25,237 | 24,960 | ||||||||||||||||||||||
| Other assets | 20,497 | 20,073 | 21,402 | ||||||||||||||||||||||
| Allowance for credit | |||||||||||||||||||||||||
| losses | (13,268 | - | (12,938 | - | (12,456 | - | |||||||||||||||||||
| Total | - | 1,491,283 | - | 1,478,103 | - | 1,480,851 | |||||||||||||||||||
| Liabilities & stockholders' equity | |||||||||||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||||||||||
| Savings and demand | |||||||||||||||||||||||||
| deposits | - | 338,948 | - | 1,508 | 1.78 | - | - | 343,033 | - | 1,567 | 1.85 | - | - | 315,978 | - | 1,450 | 1.84 | - | |||||||
| Money market deposits | 276,290 | 1,783 | 2.59 | - | 261,407 | 1,617 | 2.51 | - | 262,015 | 1,572 | 2.41 | - | |||||||||||||
| Time deposits | 286,959 | 2,545 | 3.56 | - | 297,006 | 2,714 | 3.71 | - | 294,750 | 2,912 | 3.96 | - | |||||||||||||
| FHLB borrowings | 145,927 | 1,478 | 4.06 | - | 128,666 | 1,344 | 4.24 | - | 173,080 | 1,899 | 4.40 | - | |||||||||||||
| Other borrowings | 3,820 | 13 | 1.37 | - | 4,778 | 25 | 2.12 | - | 8,843 | 48 | 2.18 | - | |||||||||||||
| Senior sub. notes | 4,790 | 58 | 4.86 | - | 4,789 | 59 | 5.00 | - | 4,784 | 58 | 4.86 | - | |||||||||||||
| Junior sub. debentures | 13,164 | 245 | 7.47 | - | 13,139 | 242 | 7.47 | - | 13,062 | 250 | 7.68 | - | |||||||||||||
| Total | 1,069,898 | 7,630 | 2.86 | - | 1,052,818 | 7,568 | 2.92 | - | 1,072,512 | 8,189 | 3.06 | - | |||||||||||||
| Non-interest-bearing liabilities: | |||||||||||||||||||||||||
| Demand deposits | 269,839 | 274,064 | 269,536 | ||||||||||||||||||||||
| Other liabilities | 16,130 | 16,275 | 15,726 | ||||||||||||||||||||||
| Stockholders' equity | 135,416 | 134,946 | 123,077 | ||||||||||||||||||||||
| Total | - | 1,491,283 | - | 1,478,103 | - | 1,480,851 | |||||||||||||||||||
| Net interest income | - | 12,289 | - | 12,039 | - | 10,908 | |||||||||||||||||||
| Rate spread | 2.72 | - | 2.69 | - | 2.34 | - | |||||||||||||||||||
| Net yield on interest-earning assets | 3.44 | - | 3.45 | - | 3.09 | - | |||||||||||||||||||
| (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, 2026 | Six months ended June 30, 2025 | ||||||||||||||||
| Average | Yield/ | Average | Yield/ | ||||||||||||||
| Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||
| Assets | |||||||||||||||||
| Interest-earning assets: | |||||||||||||||||
| Loans (1)(2) | - | 1,134,942 | - | 34,484 | 6.13 | - | - | 1,113,731 | - | 32,388 | 5.86 | - | |||||
| Taxable securities | 183,762 | 3,014 | 3.31 | - | 196,162 | 3,207 | 3.30 | - | |||||||||
| Tax-exempt securities (2) | 72,187 | 1,204 | 3.36 | - | 78,021 | 1,295 | 3.35 | - | |||||||||
| FHLB stock | 8,011 | 352 | 8.86 | - | 9,008 | 407 | 9.11 | - | |||||||||
| Other | 25,292 | 472 | 3.76 | - | 11,790 | 270 | 4.62 | - | |||||||||
| Total (2) | 1,424,194 | 39,526 | 5.60 | - | 1,408,712 | 37,567 | 5.38 | - | |||||||||
| Non-interest-earning assets: | |||||||||||||||||
| Cash and due from banks | 15,704 | 15,893 | |||||||||||||||
| Premises and equipment, | |||||||||||||||||
| net | 13,021 | 13,627 | |||||||||||||||
| Cash surrender value ins | 24,628 | 24,878 | |||||||||||||||
| Other assets | 20,287 | 21,215 | |||||||||||||||
| Allowance for credit | |||||||||||||||||
| losses | (13,104 | - | (12,409 | - | |||||||||||||
| Total | - | 1,484,730 | - | 1,471,916 | |||||||||||||
| Liabilities & stockholders' equity | |||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||
| Savings and demand | |||||||||||||||||
| deposits | - | 340,979 | - | 3,075 | 1.82 | - | - | 327,878 | - | 3,017 | 1.86 | - | |||||
| Money market deposits | 269,081 | 3,400 | 2.55 | - | 270,785 | 3,257 | 2.43 | - | |||||||||
| Time deposits | 291,955 | 5,259 | 3.63 | - | 281,857 | 5,544 | 3.97 | - | |||||||||
| FHLB borrowings | 137,344 | 2,822 | 4.14 | - | 169,046 | 3,691 | 4.40 | - | |||||||||
| Other borrowings | 4,297 | 38 | 1.78 | - | 7,589 | 95 | 2.52 | - | |||||||||
| Senior sub. notes | 4,789 | 117 | 4.93 | - | 4,783 | 117 | 4.93 | - | |||||||||
| Junior sub. debentures | 13,151 | 487 | 7.47 | - | 13,049 | 498 | 7.70 | - | |||||||||
| Total | 1,061,596 | 15,198 | 2.89 | - | 1,074,987 | 16,219 | 3.04 | - | |||||||||
| Non-interest-bearing liabilities: | |||||||||||||||||
| Demand deposits | 271,937 | 260,522 | |||||||||||||||
| Other liabilities | 16,250 | 15,492 | |||||||||||||||
| Stockholders' equity | 134,947 | 120,915 | |||||||||||||||
| Total | - | 1,484,730 | - | 1,471,916 | |||||||||||||
| Net interest income | - | 24,328 | - | 21,348 | |||||||||||||
| Rate spread | 2.71 | - | 2.34 | - | |||||||||||||
| Net yield on interest-earning assets | 3.44 | - | 3.06 | - | |||||||||||||
| (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
