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PSB Holdings, Inc. is the parent company of Peoples State Bank, a community bank in Wausau, Wisconsin, serving various Wisconsin counties. PSBQ on the OTCQX Market, the company has total assets of $1.42 billion and offers investment and insurance products.
The company recently reported a second quarter 2023 operating results with notable changes, including lower net interest income, higher non-interest income, and slightly higher non-interest expenses. The bank's loan growth of $75 million and increased borrowings for liquidity and net loan growth were highlighted.
PSB's fourth quarter 2023 operating results showed lower tax expenses, lower non-interest income, and improved capital ratios. The company remains focused on building shareholder value in a challenging environment and expects a return to historical net interest margins in 2024.
In the first quarter of 2024, PSB reported lower net interest income, lower non-interest income, higher non-interest expenses, stronger capital ratios, and an increase in non-performing assets related to the timber industry. The company's common tangible book value increased to $24.21 per share.
PSB Holdings, Inc. (OTCQX: PSBQ) reported first quarter earnings of $0.67 per share, with net income of $2.9 million, down from $0.80 per share and $3.5 million in the prior quarter. Year-over-year, earnings also decreased from $0.75 per share on $3.3 million net income. Key factors included a decrease in net interest income to $9.9 million, attributed to rising deposit costs. However, annualized loan growth was 4.7%, and non-interest income rose to $2.0 million. The bank's return on shareholders' equity stood at 12.5%. Non-performing assets improved, decreasing to 0.45% of total assets. Despite a 3.6% decline in total deposits, management noted this was not primarily due to concerns over bank failures but seasonal and operational factors.
PSB Holdings, Inc. (OTCQX: PSBQ) reported steady fourth-quarter earnings for 2022, maintaining an EPS of $0.80 and net income of $3.5 million, consistent with the previous quarter and a notable increase from $0.71 per share year-over-year. For the fiscal year, earnings rose to a record level of $3.07 per share. Key highlights include a 2.7% growth in loans, increased net interest income to $10.6 million, and improved asset quality with non-performing assets dropping to 0.48%. The company increased capital and liquidity to support future growth despite anticipated challenges due to inflation. PSB also initiated a share repurchase program, buying back 55,113 shares by quarter-end.
PSB Holdings, Inc. (OTCQX: PSBQ) announced a semi-annual cash dividend of $0.25 per share, reflecting an 8.70% increase over last year’s dividend of $0.23. This dividend will be payable on January 30, 2023, to shareholders recorded by January 6, 2023. This marks the continuation of a 58-year dividend tradition, with 29 consecutive years of increased payouts. CEO Scott M. Cattanach emphasized the importance of dividends in enhancing shareholder value while also investing in long-term growth and maintaining strong capital and asset quality.
PSB Holdings, Inc. (OTCQX: PSBQ) announced a share repurchase program targeting up to 5% of its outstanding shares. The company plans to repurchase shares through open market transactions or block trades, depending on factors such as market conditions and financial performance. PSB emphasizes that share repurchases are a critical tool for reallocating capital and expresses confidence in its robust capital position to support shareholder investments.
PSB Holdings, Inc. (OTCQX: PSBQ) has successfully raised $7.2 million in preferred stock and $4.8 million in subordinated debt securities, aimed at enhancing its capital position. The preferred stock offers a 6.75% fixed dividend for the first five years, transitioning to a floating rate thereafter. The subordinated debt features a 4.75% interest rate for five years, with interest-only payments. PSB's President and CEO Scott Cattanach highlighted the company's consistent profitability and 29 years of increased dividends to common shareholders, signaling confidence in future growth opportunities.
PSB Holdings, Inc. (OTCQX: PSBQ) reported third quarter 2022 earnings of $0.80 per share, with net income of $3.5 million, an increase from $3.2 million in Q2 2022 but a slight decrease from $3.6 million in Q3 2021. Net interest income rose to $10.1 million, largely driven by a 1.2% increase in loans. Noninterest income fell to $1.7 million due to declining mortgage loan sales. The company's asset quality remained high, with non-performing assets at 0.85%. Deposit growth was strong, increasing to $1.15 billion. Management anticipates challenges in loan growth due to economic policies.
PSB Holdings, Inc. (OTCQX: PSBQ) announced participation in the Raymond James U.S. Bank Conference on September 7-8, 2022. President and CEO Scott Cattanach, CFO Jessica Brown, and Senior VP Pat Heier will engage in one-on-one meetings with institutional investors. Discussion materials will be accessible on the company's investor website by September 7, 2022. PSB operates Peoples State Bank, serving Northcentral and Southeastern Wisconsin with ten locations and additional services through Peoples Wealth Management.
PSB Holdings, Inc. (OTCQX: PSBQ) reported Q2 2022 earnings of $0.72 per share, net income at $3.2 million, down from $0.75 per share and $3.3 million in Q1 2022. Loan growth increased by 5.7% to $925 million, driven by seasonal demand. Net interest income slightly rose to $9.7 million, while noninterest income fell to $1.9 million. Expenses increased by $259,000 to $7.5 million, predominantly due to higher employee costs. The tangible book value decreased to $21.10 per share, influenced by unrealized losses on securities due to rising interest rates.
PSB Holdings, Inc. (OTCQX: PSBQ) announced a semi-annual cash dividend of $0.25 per share, payable on July 29, 2022, to shareholders of record as of July 15, 2022. This marks an 8.7% increase from last year's dividend of $0.23 per share and continues a tradition of cash dividends upheld for 58 years, with 29 consecutive years of increases. President and CEO Scott M. Cattanach stated that the bank is well-positioned amidst rising interest rates and inflation, supported by a healthy local economy.
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