PSB Holdings, Inc. Reports Earnings of $0.69 per Share for Q3 2024; Net Interest Margin and Tangible Book Value Increase; Asset Quality Improves
PSB Holdings (PSBQ) reported Q3 2024 earnings of $0.69 per share on net income of $2.9 million, up from $0.56 per share in Q2 2024 and $0.29 in Q3 2023. Net interest margin increased 6 basis points, while tangible book value per share rose 18.7% year-over-year to $26.41. The quarter saw improvements in asset quality with non-performing assets declining to 0.71% of total assets. Total loans decreased to $1.06 billion, while deposits dropped to $1.14 billion. The allowance for credit losses increased to 1.18% of gross loans, and net interest income grew to $9.9 million with a 2.90% net margin.
PSB Holdings (PSBQ) ha riportato gli utili del terzo trimestre 2024 di $0,69 per azione su un reddito netto di $2,9 milioni, in aumento rispetto a $0,56 per azione nel secondo trimestre 2024 e $0,29 nel terzo trimestre 2023. Il margine di interesse netto è aumentato di 6 punti base, mentre il valore contabile tangibile per azione è cresciuto del 18,7% anno su anno, raggiungendo $26,41. Nel trimestre si sono osservati miglioramenti nella qualità degli attivi, con gli attivi non produttivi che sono scesi allo 0,71% del totale degli attivi. I prestiti totali sono diminuiti a $1,06 miliardi, mentre i depositi sono scesi a $1,14 miliardi. Il fondo per le perdite sui crediti è aumentato all'1,18% dei prestiti lordi e il reddito netto da interessi è cresciuto a $9,9 milioni con un margine netto del 2,90%.
PSB Holdings (PSBQ) informó ganancias del tercer trimestre de 2024 de $0.69 por acción sobre un ingreso neto de $2.9 millones, un aumento desde $0.56 por acción en el segundo trimestre de 2024 y $0.29 en el tercer trimestre de 2023. El margen de interés neto aumentó 6 puntos básicos, mientras que el valor contable tangible por acción se elevó un 18.7% interanual a $26.41. El trimestre vio mejoras en la calidad de los activos, con los activos no productivos cayendo al 0.71% del total de los activos. Los préstamos totales disminuyeron a $1.06 mil millones, mientras que los depósitos cayeron a $1.14 mil millones. La reserva para pérdidas crediticias aumentó al 1.18% de los préstamos brutos, y el ingreso neto por intereses creció a $9.9 millones con un margen neto del 2.90%.
PSB Holdings (PSBQ)는 2024년 3분기 주당 $0.69의 수익을 기록했으며, 순이익은 $2.9백만으로, 2024년 2분기의 $0.56과 2023년 3분기의 $0.29에서 증가했습니다. 순이자 마진은 6bp 증가하였고, 주당 실질 장부가치는 전년 대비 18.7% 상승하여 $26.41에 달했습니다. 이번 분기에는 자산 품질이 개선되어 비생산적 자산이 총 자산의 0.71%로 감소했습니다. 총 대출은 $1.06억으로 감소하였으며, 예금은 $1.14억으로 줄어들었습니다. 대출 손실 충당금은 총 대출의 1.18%로 증가하였고, 순이자 수익은 $9.9백만으로 증가하여 순 마진은 2.90%에 달했습니다.
PSB Holdings (PSBQ) a annoncé un bénéfice du troisième trimestre 2024 de 0,69 $ par action sur un revenu net de 2,9 millions de dollars, en hausse par rapport à 0,56 $ par action au deuxième trimestre 2024 et 0,29 $ au troisième trimestre 2023. La marge d'intérêt nette a augmenté de 6 points de base, tandis que la valeur comptable tangible par action a augmenté de 18,7 % d'une année sur l'autre, atteignant 26,41 $. Le trimestre a vu des améliorations de la qualité des actifs, avec des actifs non performants diminuant à 0,71 % de l'ensemble des actifs. Les prêts totaux ont diminué à 1,06 milliard de dollars, tandis que les dépôts ont chuté à 1,14 milliard de dollars. La provision pour pertes sur créances a augmenté à 1,18 % des prêts bruts, et le revenu net d'intérêts a augmenté à 9,9 millions de dollars avec une marge nette de 2,90 %.
PSB Holdings (PSBQ) berichtete für das dritte Quartal 2024 von einem Gewinn von $0,69 pro Aktie bei einem Nettogewinn von $2,9 Millionen, ein Anstieg von $0,56 pro Aktie im zweiten Quartal 2024 und $0,29 im dritten Quartal 2023. Die Nettomarge stieg um 6 Basispunkte, während der tangible Buchwert pro Aktie um 18,7 % im Jahresvergleich auf $26,41 anstieg. Im Quartal gab es Verbesserungen bei der Asset-Qualität, da die notleidenden Vermögenswerte auf 0,71 % der Gesamtvermögenswerte sanken. Die Gesamtverbindlichkeiten verringerten sich auf $1,06 Milliarden, während die Einlagen auf $1,14 Milliarden sanken. Der Risikovorsorgeanteil für Kreditausfälle stieg auf 1,18 % der Bruttokredite, während das Nettokreditaufkommen auf $9,9 Millionen mit einer Nettomarge von 2,90 % wuchs.
- Net income increased to $2.9 million ($0.69/share) from $2.3 million ($0.56/share) in Q2 2024
- Tangible book value per share increased 18.7% YoY to $26.41
- Net interest margin improved by 6 basis points
- Non-performing assets declined to 0.71% from 0.84% quarter-over-quarter
- Zero net charge-offs for five consecutive quarters
- Total loans decreased by $16.9 million to $1.06 billion
- Total deposits declined by $13.2 million to $1.14 billion
- Noninterest income decreased from $1.91 million to $1.84 million
- Commercial non-real estate loans decreased by $9.1 million
WAUSAU, Wis., Oct. 28, 2024 (GLOBE NEWSWIRE) -- PSB Holdings, Inc. (“PSB”) (OTCQX: PSBQ), the holding company for Peoples State Bank (“Peoples”) serving Northcentral and Southeastern Wisconsin reported third quarter earnings ending September 30, 2024 of
PSB’s third quarter 2024 operating results reflected the following changes from the second quarter of 2024: (1) higher net interest margin increased 6 basis points; (2) slightly lower non-interest income; (3) lower non-interest expense due to the second quarter reflecting elevated severance expenses; and (4) the return of a
“Over the past year, we have increased shareholders’ tangible book value per share
September 30, 2024, Highlights:
- Net interest income increased to
$9.9 million for the quarter ended September 30, 2024, from$9.4 million for the quarter ended June 30, 2024, as increases in asset and loan yields outpaced the increases in funding costs. - Noninterest income decreased slightly to
$1.8 million for the quarter ended September 30, 2024, compared to$1.9 million the prior quarter. - Noninterest expenses decreased during the quarter ended September 30, 2024, reflecting lower salary and benefit expenses. Included in salary and benefit expenses for the prior quarter were non-recurring expenses totaling approximately
$404,000. - Tangible book value per common share increased
$1.86 per share to$26.41 at September 30, 2024, compared to$24.55 one quarter earlier, and increased$4.16 per share, or18.7% , compared to$22.25 at September 30, 2023. Additionally, PSB paid dividends totaling$0.62 per share over the past year. During the third quarter ended September 30, 2024, tangible book value per share was positively influenced by higher net income, intangible asset amortization, an increase in fair market value of investment securities and consistent stock repurchase activity. - Loans decreased
$16.9 million in the third quarter ended September 30, 2024, to$1.06 billion largely due to not replacing certain out of market maturing loans. Allowance for credit losses increased to1.18% of gross loans. - Non-performing assets declined to
0.71% of total assets at September 30, 2024 from0.84% at June 30, 2024 as a$2.5 million loan returned to performing status. - Total deposits decreased
$13.2 million during the quarter ended September 30, 2024 to$1.14 billion , with a large portion of the decrease attributable to a large overnight deposit held at June 30, 2024 which was withdrawn in early July. - Return on average tangible common equity was
10.96% for the quarter ended September 30, 2024, compared to9.34% the prior quarter and5.17% in the year ago quarter.
Balance Sheet and Asset Quality Review
Total assets decreased
Total loans receivable decreased
The allowance for credit losses increased slightly to
Total deposits decreased
At September 30, 2024, non-interest bearing demand deposits increased to
FHLB advances decreased to
Tangible stockholder equity as a percent of total tangible assets increased to
Tangible net book value per common share increased
Operations Review
Net interest income increased to
The increase in earning asset yields was primarily due to higher yields on loan originations and renewals. Loan yields increased during the third quarter of 2024 to
The cost of all deposits was
Total noninterest income decreased slightly for the third quarter of 2024 to
Noninterest expenses decreased to
Taxes increased
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 and a loan production office in Dane County. 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 | |||||||||||||||
September 30, June 30, and March 31, 2024, September 30, 2023, unaudited, December 31, 2023 derived from audited financial statements | |||||||||||||||
Sep. 30, | Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | |||||||||||
(dollars in thousands, except per share data) | 2024 | 2024 | 2024 | 2023 | 2023 | ||||||||||
Assets | |||||||||||||||
Cash and due from banks | $ | 23,554 | $ | 16,475 | $ | 13,340 | $ | 20,887 | $ | 12,881 | |||||
Interest-bearing deposits | 5,126 | 251 | 105 | 1,431 | 668 | ||||||||||
Federal funds sold | 58,434 | 69,249 | 2,439 | 5,462 | 7,764 | ||||||||||
Cash and cash equivalents | 87,114 | 85,975 | 15,884 | 27,780 | 21,313 | ||||||||||
Securities available for sale (at fair value) | 174,911 | 165,177 | 165,566 | 164,024 | 160,883 | ||||||||||
Securities held to maturity (fair values of | |||||||||||||||
| 86,847 | 86,825 | 87,104 | 87,081 | 86,908 | ||||||||||
Equity securities | 1,752 | 1,661 | 1,474 | 1,474 | 2,273 | ||||||||||
Loans held for sale | - | 2,268 | 865 | 230 | 971 | ||||||||||
Loans receivable, net (allowance for credit losses of | |||||||||||||||
| 1,057,974 | 1,074,844 | 1,081,394 | 1,078,475 | 1,098,019 | ||||||||||
Accrued interest receivable | 4,837 | 5,046 | 5,467 | 5,136 | 4,716 | ||||||||||
Foreclosed assets | - | - | - | - | - | ||||||||||
Premises and equipment, net | 14,065 | 14,048 | 13,427 | 13,098 | 13,242 | ||||||||||
Mortgage servicing rights, net | 1,727 | 1,688 | 1,657 | 1,664 | 1,684 | ||||||||||
Federal Home Loan Bank stock (at cost) | 8,825 | 8,825 | 7,006 | 6,373 | 6,373 | ||||||||||
Cash surrender value of bank-owned life insurance | 24,565 | 24,401 | 24,242 | 24,085 | 23,931 | ||||||||||
Core deposit intangible | 212 | 229 | 249 | 273 | 297 | ||||||||||
Goodwill | 2,541 | 2,541 | 2,541 | 2,541 | 2,541 | ||||||||||
Other assets | 10,598 | 12,111 | 11,682 | 11,866 | 14,094 | ||||||||||
TOTAL ASSETS | $ | 1,475,968 | $ | 1,485,639 | $ | 1,418,558 | $ | 1,424,100 | $ | 1,437,245 | |||||
Liabilities | |||||||||||||||
Non-interest-bearing deposits | $ | 265,078 | $ | 250,435 | $ | 247,608 | $ | 266,829 | $ | 288,765 | |||||
Interest-bearing deposits | 874,035 | 901,886 | 865,744 | 874,973 | 883,474 | ||||||||||
Total deposits | 1,139,113 | 1,152,321 | 1,113,352 | 1,141,802 | 1,172,239 | ||||||||||
Federal Home Loan Bank advances | 181,250 | 184,900 | 158,250 | 134,000 | 128,000 | ||||||||||
Other borrowings | 6,128 | 5,775 | 8,096 | 8,058 | 5,660 | ||||||||||
Senior subordinated notes | 4,779 | 4,778 | 4,776 | 4,774 | 4,772 | ||||||||||
Junior subordinated debentures | 12,998 | 12,972 | 12,947 | 12,921 | 12,896 | ||||||||||
Allowance for credit losses on unfunded commitments | 477 | 477 | 477 | 577 | 512 | ||||||||||
Accrued expenses and other liabilities | 12,850 | 13,069 | 10,247 | 12,681 | 10,258 | ||||||||||
Total liabilities | 1,357,595 | 1,374,292 | 1,308,145 | 1,314,813 | 1,334,337 | ||||||||||
Stockholders' equity | |||||||||||||||
Preferred stock - no par value: | |||||||||||||||
Authorized - 30,000 shares; no shares issued or outstanding | |||||||||||||||
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 | |||||||||||||||
Authorized - 18,000,000 shares; Issued - 5,490,798 shares | |||||||||||||||
Outstanding - 4,105,594, 4,128,382, 4,147,649, 4,164,735 and | |||||||||||||||
4,174,197 shares, respectively | 1,830 | 1,830 | 1,830 | 1,830 | 1,830 | ||||||||||
Additional paid-in capital | 8,567 | 8,527 | 8,466 | 8,460 | 8,421 | ||||||||||
Retained earnings | 138,142 | 135,276 | 134,271 | 132,666 | 131,624 | ||||||||||
Accumulated other comprehensive income (loss), net of tax | (15,814 | ) | (20,503 | ) | (20,775 | ) | (20,689 | ) | (26,190 | ) | |||||
Treasury stock, at cost - 1,385,204, 1,362,416, 1,343,149, 1,326,063 and | |||||||||||||||
1,316,601 shares, respectively | (21,552 | ) | (20,983 | ) | (20,579 | ) | (20,180 | ) | (19,977 | ) | |||||
Total stockholders' equity | 118,373 | 111,347 | 110,413 | 109,287 | 102,908 | ||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 1,475,968 | $ | 1,485,639 | $ | 1,418,558 | $ | 1,424,100 | $ | 1,437,245 | |||||
PSB Holdings, Inc. | |||||||||||||||||||
Consolidated Statements of Income | |||||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||||
(dollars in thousands, | Sep. 30, | Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | September | |||||||||||||
except per share data - unaudited) | 2024 | 2024 | 2024 | 2023 | 2023 | 2024 | 2023 | ||||||||||||
Interest and dividend income: | |||||||||||||||||||
Loans, including fees | $ | 15,634 | $ | 15,433 | $ | 15,109 | $ | 14,888 | $ | 14,263 | $ | 46,176 | $ | 38,745 | |||||
Securities: | |||||||||||||||||||
Taxable | 1,345 | 1,295 | 1,197 | 1,147 | 1,114 | 3,837 | 3,772 | ||||||||||||
Tax-exempt | 522 | 521 | 526 | 532 | 533 | 1,569 | 1,605 | ||||||||||||
Other interest and dividends | 699 | 265 | 343 | 320 | 238 | 1,307 | 531 | ||||||||||||
Total interest and dividend income | 18,200 | 17,514 | 17,175 | 16,887 | 16,148 | 52,889 | 44,653 | ||||||||||||
Interest expense: | |||||||||||||||||||
Deposits | 5,905 | 5,838 | 6,082 | 5,526 | 4,817 | 17,825 | 11,467 | ||||||||||||
FHLB advances | 2,038 | 1,860 | 1,450 | 1,349 | 1,321 | 5,348 | 3,068 | ||||||||||||
Other borrowings | 57 | 58 | 60 | 54 | 51 | 175 | 161 | ||||||||||||
Senior subordinated notes | 59 | 58 | 59 | 59 | 59 | 176 | 179 | ||||||||||||
Junior subordinated debentures | 252 | 255 | 251 | 254 | 255 | 758 | 731 | ||||||||||||
Total interest expense | 8,311 | 8,069 | 7,902 | 7,242 | 6,503 | 24,282 | 15,606 | ||||||||||||
Net interest income | 9,889 | 9,445 | 9,273 | 9,645 | 9,645 | 28,607 | 29,047 | ||||||||||||
Provision for credit losses | - | 100 | 95 | 100 | 150 | 195 | 350 | ||||||||||||
Net interest income after provision for credit losses | 9,889 | 9,345 | 9,178 | 9,545 | 9,495 | 28,412 | 28,697 | ||||||||||||
Noninterest income: | |||||||||||||||||||
Service fees | 367 | 350 | 336 | 360 | 349 | 1,053 | 1,088 | ||||||||||||
Mortgage banking income | 433 | 433 | 308 | 247 | 345 | 1,174 | 981 | ||||||||||||
Investment and insurance sales commissions | 230 | 222 | 121 | 100 | 158 | 573 | 810 | ||||||||||||
Net loss on sale of securities | - | - | (495 | ) | (297 | ) | - | (495 | ) | (279 | ) | ||||||||
Increase in cash surrender value of life insurance | 165 | 159 | 157 | 154 | 155 | 481 | 461 | ||||||||||||
Life insurance death benefit | - | - | - | - | - | - | 533 | ||||||||||||
Other noninterest income | 648 | 742 | 617 | 540 | 675 | 2,007 | 2,022 | ||||||||||||
Total noninterest income | 1,843 | 1,906 | 1,044 | 1,104 | 1,682 | 4,793 | 5,616 | ||||||||||||
Noninterest expense: | |||||||||||||||||||
Salaries and employee benefits | 4,771 | 5,167 | 5,123 | 4,244 | 4,514 | 15,061 | 14,404 | ||||||||||||
Occupancy and facilities | 757 | 733 | 721 | 675 | 689 | 2,211 | 2,086 | ||||||||||||
Loss (gain) on foreclosed assets | 1 | - | - | 1 | - | 1 | (46 | ) | |||||||||||
Data processing and other office operations | 1,104 | 1,047 | 1,022 | 1,001 | 953 | 3,173 | 2,784 | ||||||||||||
Advertising and promotion | 164 | 171 | 129 | 244 | 161 | 464 | 489 | ||||||||||||
Core deposit intangible amortization | 17 | 20 | 24 | 24 | 24 | 61 | 85 | ||||||||||||
Other noninterest expenses | 1,337 | 1,257 | 1,306 | 1,169 | 1,113 | 3,900 | 3,388 | ||||||||||||
Total noninterest expense | 8,151 | 8,395 | 8,325 | 7,358 | 7,454 | 24,871 | 23,190 | ||||||||||||
Income before provision for income taxes | 3,581 | 2,856 | 1,897 | 3,291 | 3,723 | 8,334 | 11,123 | ||||||||||||
Provision for income taxes | 593 | 410 | 169 | 878 | 2,374 | 1,172 | 3,967 | ||||||||||||
Net income | $ | 2,988 | $ | 2,446 | $ | 1,728 | $ | 2,413 | $ | 1,349 | $ | 7,162 | $ | 7,156 | |||||
Preferred stock dividends declared | $ | 122 | $ | 122 | $ | 122 | $ | 122 | $ | 122 | $ | 366 | $ | 366 | |||||
Net income available to common shareholders | $ | 2,866 | $ | 2,324 | $ | 1,606 | $ | 2,291 | $ | 1,227 | $ | 6,796 | $ | 6,790 | |||||
Basic earnings per common share | $ | 0.69 | $ | 0.56 | $ | 0.39 | $ | 0.55 | $ | 0.29 | $ | 1.64 | $ | 1.61 | |||||
Diluted earnings per common share | $ | 0.69 | $ | 0.56 | $ | 0.39 | $ | 0.55 | $ | 0.29 | $ | 1.64 | $ | 1.61 | |||||
PSB Holdings, Inc. | ||||||||||||||||
Quarterly Financial Summary | ||||||||||||||||
(dollars in thousands, except per share data) | Quarter ended | |||||||||||||||
Sep. 30, | Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | ||||||||||||
Earnings and dividends: | 2024 | 2024 | 2024 | 2023 | 2023 | |||||||||||
Interest income | $ | 18,200 | $ | 17,514 | $ | 17,175 | $ | 16,887 | $ | 16,148 | ||||||
Interest expense | $ | 8,311 | $ | 8,069 | $ | 7,902 | $ | 7,242 | $ | 6,503 | ||||||
Net interest income | $ | 9,889 | $ | 9,445 | $ | 9,273 | $ | 9,645 | $ | 9,645 | ||||||
Provision for credit losses | $ | - | $ | 100 | $ | 95 | $ | 100 | $ | 150 | ||||||
Other noninterest income | $ | 1,843 | $ | 1,906 | $ | 1,044 | $ | 1,104 | $ | 1,682 | ||||||
Other noninterest expense | $ | 8,151 | $ | 8,395 | $ | 8,325 | $ | 7,358 | $ | 7,454 | ||||||
Net income available to common shareholders | $ | 2,866 | $ | 2,324 | $ | 1,606 | $ | 2,291 | $ | 1,227 | ||||||
Basic earnings per common share (3) | $ | 0.69 | $ | 0.56 | $ | 0.39 | $ | 0.55 | $ | 0.29 | ||||||
Diluted earnings per common share (3) | $ | 0.69 | $ | 0.56 | $ | 0.39 | $ | 0.55 | $ | 0.29 | ||||||
Dividends declared per common share (3) | $ | - | $ | 0.32 | $ | - | $ | 0.30 | $ | - | ||||||
Tangible net book value per common share (4) | $ | 26.41 | $ | 24.55 | $ | 24.21 | $ | 23.84 | $ | 22.25 | ||||||
Semi-annual dividend payout ratio | n/a | 33.60 | % | n/a | 38.14 | % | n/a | |||||||||
Average common shares outstanding | 4,132,218 | 4,139,456 | 4,154,702 | 4,168,924 | 4,186,940 | |||||||||||
Balance sheet - average balances: | ||||||||||||||||
Loans receivable, net of allowances for credit loss | $ | 1,066,795 | $ | 1,088,013 | $ | 1,081,936 | $ | 1,081,851 | $ | 1,076,158 | ||||||
Assets | $ | 1,445,613 | $ | 1,433,749 | $ | 1,429,437 | $ | 1,424,240 | $ | 1,425,522 | ||||||
Deposits | $ | 1,110,854 | $ | 1,111,240 | $ | 1,138,010 | $ | 1,148,399 | $ | 1,149,624 | ||||||
Stockholders' equity | $ | 114,458 | $ | 110,726 | $ | 109,473 | $ | 105,060 | $ | 105,745 | ||||||
Performance ratios: | ||||||||||||||||
Return on average assets (1) | 0.82 | % | 0.69 | % | 0.49 | % | 0.67 | % | 0.38 | % | ||||||
Return on average common stockholders' equity (1) | 10.63 | % | 9.03 | % | 6.32 | % | 9.29 | % | 4.94 | % | ||||||
Return on average tangible common | ||||||||||||||||
stockholders' equity (1)(4) | 10.96 | % | 9.34 | % | 6.57 | % | 9.64 | % | 5.17 | % | ||||||
Net loan charge-offs to average loans (1) | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||
Nonperforming loans to gross loans | 0.97 | % | 1.15 | % | 1.08 | % | 0.54 | % | 0.55 | % | ||||||
Nonperforming assets to total assets | 0.71 | % | 0.84 | % | 0.83 | % | 0.42 | % | 0.42 | % | ||||||
Allowance for credit losses to gross loans | 1.18 | % | 1.16 | % | 1.14 | % | 1.13 | % | 1.10 | % | ||||||
Nonperforming assets to tangible equity | ||||||||||||||||
plus the allowance for credit losses (4) | 8.71 | % | 11.09 | % | 10.59 | % | 5.38 | % | 5.87 | % | ||||||
Net interest rate margin (1)(2) | 2.90 | % | 2.84 | % | 2.80 | % | 2.88 | % | 2.88 | % | ||||||
Net interest rate spread (1)(2) | 2.16 | % | 2.15 | % | 2.12 | % | 2.20 | % | 2.27 | % | ||||||
Service fee revenue as a percent of | ||||||||||||||||
average demand deposits (1) | 0.56 | % | 0.56 | % | 0.54 | % | 0.52 | % | 0.50 | % | ||||||
Noninterest income as a percent | ||||||||||||||||
of gross revenue | 9.20 | % | 9.81 | % | 5.73 | % | 6.14 | % | 9.43 | % | ||||||
Efficiency ratio (2) | 68.43 | % | 72.52 | % | 78.93 | % | 67.04 | % | 64.58 | % | ||||||
Noninterest expenses to average assets (1) | 2.24 | % | 2.35 | % | 2.34 | % | 2.05 | % | 2.07 | % | ||||||
Average stockholders' equity less accumulated | ||||||||||||||||
other comprehensive income (loss) to | ||||||||||||||||
average assets | 9.06 | % | 9.03 | % | 8.98 | % | 8.88 | % | 9.00 | % | ||||||
Tangible equity to tangible assets (4) | 7.85 | % | 7.32 | % | 7.60 | % | 7.49 | % | 6.98 | % | ||||||
Stock price information: | ||||||||||||||||
High | $ | 25.00 | $ | 21.40 | $ | 22.50 | $ | 22.30 | $ | 22.50 | ||||||
Low | $ | 20.30 | $ | 19.75 | $ | 20.05 | $ | 20.10 | $ | 20.35 | ||||||
Last trade value at quarter-end | $ | 25.00 | $ | 20.40 | $ | 21.25 | $ | 22.11 | $ | 21.15 | ||||||
(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 | ||||||||||||||||
(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 | ||||||||||||||||||
Sep. 30, | Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | ||||||||||||||
(dollars in thousands - unaudited) | 2024 | 2024 | 2024 | 2023 | 2023 | |||||||||||||
Net income | $ | 2,988 | $ | 2,446 | $ | 1,728 | $ | 2,413 | $ | 1,349 | ||||||||
Other comprehensive income, net of tax: | ||||||||||||||||||
Unrealized gain (loss) on securities available | ||||||||||||||||||
for sale | 4,738 | 184 | (615 | ) | 5,278 | (3,085 | ) | |||||||||||
Reclassification adjustment for security | ||||||||||||||||||
loss included in net income | - | - | 391 | 280 | - | |||||||||||||
Accretion of unrealized loss included in net | ||||||||||||||||||
income on securities available for sale | ||||||||||||||||||
deferred tax adjustment for Wisconsin | ||||||||||||||||||
Act 19 | - | - | (35 | ) | - | - | ||||||||||||
Amortization of unrealized loss included in net | ||||||||||||||||||
income on securities available for sale | ||||||||||||||||||
transferred to securities held to maturity | 90 | 89 | 91 | 91 | 91 | |||||||||||||
Unrealized gain (loss) on interest rate swap | (101 | ) | 39 | 123 | (109 | ) | 79 | |||||||||||
Reclassification adjustment of interest rate | ||||||||||||||||||
swap settlements included in earnings | (38 | ) | (40 | ) | (41 | ) | (39 | ) | (35 | ) | ||||||||
Other comprehensive income (loss) | 4,689 | 272 | (86 | ) | 5,501 | (2,950 | ) | |||||||||||
Comprehensive income (loss) | $ | 7,677 | $ | 2,718 | $ | 1,642 | $ | 7,914 | $ | (1,601 | ) | |||||||
PSB Holdings, Inc. | |||||||||||||||
Nonperforming Assets as of: | |||||||||||||||
Sep 30, | Jun 30, | Mar 31, | Dec 31, | Sep 30, | |||||||||||
(dollars in thousands) | 2024 | 2024 | 2024 | 2023 | 2023 | ||||||||||
Nonaccrual loans (excluding restructured loans) | $ | 10,116 | $ | 12,184 | $ | 11,498 | $ | 5,596 | $ | 5,807 | |||||
Nonaccrual restructured loans | 25 | 28 | 30 | 34 | 42 | ||||||||||
Restructured loans not on nonaccrual | 292 | 299 | 304 | 310 | 256 | ||||||||||
Accruing loans past due 90 days or more | - | - | - | - | - | ||||||||||
Total nonperforming loans | 10,433 | 12,511 | 11,832 | 5,940 | 6,105 | ||||||||||
Other real estate owned | - | - | - | - | - | ||||||||||
Total nonperforming assets | $ | 10,433 | $ | 12,511 | $ | 11,832 | $ | 5,940 | $ | 6,105 | |||||
Nonperforming loans as a % of gross loans receivable | 0.97 | % | 1.15 | % | 1.08 | % | 0.54 | % | 0.55 | % | |||||
Total nonperforming assets as a % of total assets | 0.71 | % | 0.84 | % | 0.83 | % | 0.42 | % | 0.42 | % | |||||
Allowance for credit losses as a % of nonperforming loans | 120.75 | % | 100.69 | % | 105.59 | % | 207.10 | % | 200.93 | % | |||||
PSB Holdings, Inc. | |||||||
Nonperforming Assets >= | |||||||
At September 30, 2024 | |||||||
(dollars in thousands) | |||||||
Gross | Specific | ||||||
Collateral Description | Asset Type | Principal | Reserves | ||||
Real estate - Recreation Facility | Nonaccrual | $ | 3,291 | $ | - | ||
Real estate - Independent Auto Repair | Nonaccrual | 562 | - | ||||
Real estate - Equipment Dealership | Nonaccrual | 2,808 | 660 | ||||
Total listed nonperforming assets | $ | 6,661 | $ | 660 | |||
Total bank wide nonperforming assets | $ | 10,433 | $ | 1,220 | |||
Listed assets as a % of total nonperforming assets | 64 | % | 54 | % | |||
PSB Holding, Inc. | |||||||||||||||
Loan Composition by Collateral Type | |||||||||||||||
Quarter-ended (dollars in thousands) | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | ||||||||||
Commercial: | |||||||||||||||
Commercial and industrial | $ | 115,234 | $ | 125,508 | $ | 118,821 | $ | 117,207 | $ | 138,299 | |||||
Agriculture | 11,203 | 11,480 | 12,081 | 12,304 | 12,464 | ||||||||||
Municipal | 12,596 | 11,190 | 28,842 | 31,530 | 27,186 | ||||||||||
Total Commercial | 139,033 | 148,178 | 159,744 | 161,041 | 177,949 | ||||||||||
Commercial Real Estate: | |||||||||||||||
Commercial real estate | 541,577 | 544,171 | 546,257 | 536,209 | 539,488 | ||||||||||
Construction and development | 60,952 | 70,540 | 63,375 | 81,701 | 86,456 | ||||||||||
Total Commercial Real Estate | 602,529 | 614,711 | 609,632 | 617,910 | 625,944 | ||||||||||
Residential real estate: | |||||||||||||||
Residential | 269,954 | 270,944 | 274,300 | 274,453 | 274,632 | ||||||||||
Construction and development | 34,655 | 36,129 | 34,158 | 33,960 | 33,141 | ||||||||||
HELOC | 36,734 | 33,838 | 31,357 | 29,766 | 29,044 | ||||||||||
Total Residential Real Estate | 341,343 | 340,911 | 339,815 | 338,179 | 336,817 | ||||||||||
Consumer installment | 4,770 | 4,423 | 4,867 | 4,357 | 4,350 | ||||||||||
Subtotals - Gross loans | 1,087,675 | 1,108,223 | 1,114,058 | 1,121,487 | 1,145,060 | ||||||||||
Loans in process of disbursement | (17,836 | ) | (21,484 | ) | (20,839 | ) | (31,359 | ) | (35,404 | ) | |||||
Subtotals - Disbursed loans | 1,069,839 | 1,086,739 | 1,093,219 | 1,090,128 | 1,109,656 | ||||||||||
Net deferred loan costs | 733 | 702 | 669 | 649 | 630 | ||||||||||
Allowance for credit losses | (12,598 | ) | (12,597 | ) | (12,494 | ) | (12,302 | ) | (12,267 | ) | |||||
Total loans receivable | $ | 1,057,974 | $ | 1,074,844 | $ | 1,081,394 | $ | 1,078,475 | $ | 1,098,019 | |||||
PSB Holding, Inc. | ||||||||||||||||||||||||
Selected Commercial Real Estate Loans by Purpose | ||||||||||||||||||||||||
Sept 30, | June 30, | Mar 31, | Dec 31, | Sept 30, | ||||||||||||||||||||
(dollars in thousands) | 2024 | 2024 | 2024 | 2023 | 2023 | |||||||||||||||||||
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 | $ | 140,307 | 14.7 | % | $ | 146,873 | 15.2 | % | $ | 142,001 | 14.4 | % | $ | 132,386 | 13.2 | % | $ | 133,466 | 13.3 | % | ||||
Industrial and Warehousing | 86,818 | 9.1 | 86,025 | 8.9 | 85,409 | 8.6 | 83,817 | 8.3 | 88,906 | 8.9 | ||||||||||||||
Retail | 33,020 | 3.5 | 34,846 | 3.6 | 33,177 | 3.4 | 35,419 | 3.5 | 35,281 | 3.5 | ||||||||||||||
Hotels | 31,611 | 3.3 | 34,613 | 3.6 | 35,105 | 3.6 | 36,100 | 3.6 | 31,819 | 3.2 | ||||||||||||||
Office | 6,378 | 0.7 | 6,518 | 0.7 | 6,655 | 0.7 | 6,701 | 0.7 | 6,746 | 0.7 | ||||||||||||||
(1) Percentage of commercial and commercial real estate portfolio and commitments. | ||||||||||||||||||||||||
PSB Holdings, Inc. | ||||||||||||||||||||
Deposit Composition | ||||||||||||||||||||
Insured and Collateralized Deposits | September 30, | June 30, | March 31, | December 31, | September 30, | |||||||||||||||
(dollars in thousands) | 2024 | 2024 | 2024 | 2023 | 2023 | |||||||||||||||
$ | % | $ | % | $ | % | $ | % | $ | % | |||||||||||
Non-interest bearing demand | $ | 210,534 | 18.6 | % | $ | 202,343 | 17.5 | % | $ | 199,076 | 17.8 | % | $ | 197,571 | 17.3 | % | $ | 209,133 | 17.9 | % |
Interest-bearing demand and savings | 305,631 | 26.8 | % | 304,392 | 26.5 | % | 318,673 | 28.7 | % | 317,984 | 27.8 | % | 307,620 | 26.3 | % | |||||
Money market deposits | 138,376 | 12.2 | % | 137,637 | 12.0 | % | 143,167 | 12.9 | % | 142,887 | 12.5 | % | 135,910 | 11.4 | % | |||||
Retail and local time deposits <= | 155,988 | 13.7 | % | 149,298 | 13.0 | % | 148,404 | 13.3 | % | 149,145 | 13.1 | % | 144,738 | 12.4 | % | |||||
Total core deposits | 810,529 | 71.3 | % | 793,670 | 69.0 | % | 809,320 | 72.7 | % | 807,587 | 70.7 | % | 797,401 | 68.0 | % | |||||
Retail and local time deposits > | 23,500 | 2.1 | % | 22,500 | 2.0 | % | 24,508 | 2.3 | % | 23,000 | 2.0 | % | 22,750 | 1.9 | % | |||||
Broker & national time deposits <= | 1,241 | 0.1 | % | 1,490 | 0.1 | % | 2,229 | 0.2 | % | 3,470 | 0.3 | % | 3,222 | 0.3 | % | |||||
Broker & national time deposits > | 56,164 | 4.9 | % | 56,328 | 4.9 | % | 61,752 | 5.5 | % | 70,020 | 6.1 | % | 88,614 | 7.6 | % | |||||
Totals | $ | 891,434 | 78.4 | % | $ | 873,988 | 76.0 | % | $ | 897,809 | 80.7 | % | $ | 904,077 | 79.1 | % | $ | 911,987 | 77.8 | % |
PSB Holdings, Inc. | ||||||||||||||||||||
Deposit Composition | ||||||||||||||||||||
Uninsured Deposits | September 30, | June 30, | March 31, | December 31, | September 30, | |||||||||||||||
(dollars in thousands) | 2024 | 2024 | 2024 | 2023 | 2023 | |||||||||||||||
$ | % | $ | % | $ | % | $ | % | $ | % | |||||||||||
Non-interest bearing demand | $ | 54,544 | 4.7 | % | $ | 48,092 | 4.1 | % | $ | 48,532 | 4.4 | % | $ | 69,258 | 6.1 | % | $ | 79,632 | 6.8 | % |
Interest-bearing demand and savings | 18,317 | 1.6 | % | 32,674 | 2.8 | % | 20,535 | 1.8 | % | 20,316 | 1.8 | % | 22,847 | 1.9 | % | |||||
Money market deposits | 157,489 | 13.8 | % | 177,954 | 15.4 | % | 124,766 | 11.2 | % | 124,518 | 10.9 | % | 133,653 | 11.4 | % | |||||
Retail and local time deposits <= | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | |||||
Total core deposits | 230,350 | 20.1 | % | 258,720 | 22.3 | % | 193,833 | 17.4 | % | 214,092 | 18.8 | % | 236,132 | 20.1 | % | |||||
Retail and local time deposits > | 17,329 | 1.5 | % | 19,613 | 1.7 | % | 21,710 | 1.9 | % | 23,633 | 2.1 | % | 24,120 | 2.1 | % | |||||
Broker & national time deposits <= | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | |||||
Broker & national time deposits > | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | |||||
Totals | $ | 247,679 | 21.6 | % | $ | 278,333 | 24.0 | % | $ | 215,543 | 19.3 | % | $ | 237,725 | 20.9 | % | $ | 260,252 | 22.2 | % |
PSB Holdings, Inc. | ||||||||||||||||||||
Deposit Composition | ||||||||||||||||||||
Total Deposits | September 30, | June 30, | March 31, | December 31, | September 30, | |||||||||||||||
(dollars in thousands) | 2024 | 2024 | 2024 | 2023 | 2023 | |||||||||||||||
$ | % | $ | % | $ | % | $ | % | $ | % | |||||||||||
Non-interest bearing demand | $ | 265,078 | 23.3 | % | $ | 250,435 | 21.6 | % | $ | 247,608 | 22.2 | % | $ | 266,829 | 23.4 | % | $ | 288,765 | 24.7 | % |
Interest-bearing demand and savings | 323,948 | 28.4 | % | 337,066 | 29.3 | % | 339,208 | 30.5 | % | 338,300 | 29.6 | % | 330,467 | 28.2 | % | |||||
Money market deposits | 295,865 | 26.0 | % | 315,591 | 27.4 | % | 267,933 | 24.1 | % | 267,405 | 23.4 | % | 269,563 | 22.8 | % | |||||
Retail and local time deposits <= | 155,988 | 13.7 | % | 149,298 | 13.0 | % | 148,404 | 13.3 | % | 149,145 | 13.1 | % | 144,738 | 12.4 | % | |||||
Total core deposits | 1,040,879 | 91.4 | % | 1,052,390 | 91.3 | % | 1,003,153 | 90.1 | % | 1,021,679 | 89.5 | % | 1,033,533 | 88.1 | % | |||||
Retail and local time deposits > | 40,829 | 3.6 | % | 42,113 | 3.7 | % | 46,218 | 4.2 | % | 46,633 | 4.1 | % | 46,870 | 4.0 | % | |||||
Broker & national time deposits <= | 1,241 | 0.1 | % | 1,490 | 0.1 | % | 2,229 | 0.2 | % | 3,470 | 0.3 | % | 3,222 | 0.3 | % | |||||
Broker & national time deposits > | 56,164 | 4.9 | % | 56,328 | 4.9 | % | 61,752 | 5.5 | % | 70,020 | 6.1 | % | 88,614 | 7.6 | % | |||||
Totals | $ | 1,139,113 | 100.0 | % | $ | 1,152,321 | 100.0 | % | $ | 1,113,352 | 100.0 | % | $ | 1,141,802 | 100.0 | % | $ | 1,172,239 | 100.0 | % |
PSB Holdings, Inc. | |||||||||||||||||||||||
Average Balances ( | |||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Quarter ended September 30, 2024 | Quarter ended June 30, 2024 | Quarter ended September 30, 2023 | |||||||||||||||||||||
Average | Yield / | Average | Yield / | Average | Yield / | ||||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | |||||||||||||||
Assets | |||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||
Loans (1)(2) | $ | 1,079,393 | $ | 15,674 | 5.78 | % | $ | 1,100,518 | $ | 15,520 | 5.67 | % | $ | 1,088,137 | $ | 14,337 | 5.23 | % | |||||
Taxable securities | 177,520 | 1,345 | 3.01 | % | 172,563 | 1,295 | 3.02 | % | 173,287 | 1,114 | 2.55 | % | |||||||||||
Tax-exempt securities (2) | 79,472 | 661 | 3.31 | % | 79,564 | 659 | 3.33 | % | 81,327 | 675 | 3.29 | % | |||||||||||
FHLB stock | 8,825 | 176 | 7.93 | % | 7,931 | 182 | 9.23 | % | 6,368 | 127 | 7.91 | % | |||||||||||
Other | 36,680 | 523 | 5.67 | % | 8,241 | 83 | 4.05 | % | 8,195 | 111 | 5.37 | % | |||||||||||
Total (2) | 1,381,890 | 18,379 | 5.29 | % | 1,368,817 | 17,739 | 5.21 | % | 1,357,314 | 16,364 | 4.78 | % | |||||||||||
Non-interest-earning assets: | |||||||||||||||||||||||
Cash and due from banks | 17,162 | 17,345 | 19,299 | ||||||||||||||||||||
Premises and equipment, | |||||||||||||||||||||||
net | 14,216 | 13,930 | 13,266 | ||||||||||||||||||||
Cash surrender value ins | 24,458 | 24,297 | 23,840 | ||||||||||||||||||||
Other assets | 20,485 | 21,865 | 23,782 | ||||||||||||||||||||
Allowance for credit | |||||||||||||||||||||||
losses | (12,598 | ) | (12,505 | ) | (11,979 | ) | |||||||||||||||||
Total | $ | 1,445,613 | $ | 1,433,749 | $ | 1,425,522 | |||||||||||||||||
Liabilities & stockholders' equity | |||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||
Savings and demand | |||||||||||||||||||||||
deposits | $ | 323,841 | $ | 1,515 | 1.86 | % | $ | 331,740 | $ | 1,467 | 1.78 | % | $ | 335,214 | $ | 1,198 | 1.42 | % | |||||
Money market deposits | 277,884 | 1,876 | 2.69 | % | 271,336 | 1,835 | 2.72 | % | 255,823 | 1,489 | 2.31 | % | |||||||||||
Time deposits | 247,296 | 2,514 | 4.04 | % | 257,006 | 2,536 | 3.97 | % | 279,971 | 2,130 | 3.02 | % | |||||||||||
FHLB borrowings | 182,414 | 2,038 | 4.44 | % | 174,596 | 1,860 | 4.28 | % | 134,386 | 1,321 | 3.90 | % | |||||||||||
Other borrowings | 6,702 | 57 | 3.38 | % | 6,870 | 58 | 3.40 | % | 5,681 | 51 | 3.56 | % | |||||||||||
Senior sub. notes | 4,779 | 59 | 4.91 | % | 4,777 | 58 | 4.88 | % | 4,772 | 59 | 4.91 | % | |||||||||||
Junior sub. debentures | 12,985 | 252 | 7.72 | % | 12,960 | 255 | 7.91 | % | 12,883 | 255 | 7.85 | % | |||||||||||
Total | 1,055,901 | 8,311 | 3.13 | % | 1,059,285 | 8,069 | 3.06 | % | 1,028,730 | 6,503 | 2.51 | % | |||||||||||
Non-interest-bearing liabilities: | |||||||||||||||||||||||
Demand deposits | 261,833 | 251,158 | 278,616 | ||||||||||||||||||||
Other liabilities | 13,421 | 12,580 | 12,431 | ||||||||||||||||||||
Stockholders' equity | 114,458 | 110,726 | 105,745 | ||||||||||||||||||||
Total | $ | 1,445,613 | $ | 1,433,749 | $ | 1,425,522 | |||||||||||||||||
Net interest income | $ | 10,068 | $ | 9,670 | $ | 9,861 | |||||||||||||||||
Rate spread | 2.16 | % | 2.15 | % | 2.27 | % | |||||||||||||||||
Net yield on interest-earning assets | 2.90 | % | 2.84 | % | 2.88 | % | |||||||||||||||||
(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 | |||||||||||||||||||||||
PSB Holdings, Inc. | ||||||||||||||||
Average Balances ( | ||||||||||||||||
(dollars in thousands) | ||||||||||||||||
Nine months ended September 30, 2024 | Nine months ended September 30, 2023 | |||||||||||||||
Average | Yield/ | Average | Yield/ | |||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | |||||||||||
Assets | ||||||||||||||||
Interest-earning assets: | ||||||||||||||||
Loans (1)(2) | $ | 1,091,366 | $ | 46,393 | 5.68 | % | $ | 1,025,955 | $ | 38,851 | 5.06 | % | ||||
Taxable securities | 173,971 | 3,837 | 2.95 | % | 189,583 | 3,772 | 2.66 | % | ||||||||
Tax-exempt securities (2) | 79,822 | 1,986 | 3.32 | % | 81,670 | 2,032 | 3.33 | % | ||||||||
FHLB stock | 7,755 | 523 | 9.01 | % | 4,943 | 228 | 6.17 | % | ||||||||
Other | 18,804 | 784 | 5.57 | % | 8,154 | 303 | 4.97 | % | ||||||||
Total (2) | 1,371,718 | 53,523 | 5.21 | % | 1,310,305 | 45,186 | 4.61 | % | ||||||||
Non-interest-earning assets: | ||||||||||||||||
Cash and due from banks | 17,291 | 17,403 | ||||||||||||||
Premises and equipment, | ||||||||||||||||
net | 13,778 | 13,311 | ||||||||||||||
Cash surrender value ins | 24,301 | 24,446 | ||||||||||||||
Other assets | 21,146 | 23,364 | ||||||||||||||
Allowance for credit | ||||||||||||||||
losses | (12,496 | ) | (12,004 | ) | ||||||||||||
Total | $ | 1,435,738 | $ | 1,376,825 | ||||||||||||
Liabilities & stockholders' equity | ||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||
Savings and demand | ||||||||||||||||
deposits | $ | 335,317 | $ | 4,654 | 1.85 | % | $ | 350,928 | $ | 3,286 | 1.25 | % | ||||
Money market deposits | 274,405 | 5,608 | 2.73 | % | 241,594 | 3,508 | 1.94 | % | ||||||||
Time deposits | 256,287 | 7,563 | 3.94 | % | 257,639 | 4,673 | 2.43 | % | ||||||||
FHLB borrowings | 166,703 | 5,348 | 4.29 | % | 110,460 | 3,068 | 3.71 | % | ||||||||
Other borrowings | 7,373 | 175 | 3.17 | % | 7,082 | 161 | 3.04 | % | ||||||||
Senior sub. notes | 4,778 | 176 | 4.92 | % | 4,965 | 179 | 4.82 | % | ||||||||
Junior sub. debentures | 12,972 | 758 | 7.81 | % | 12,857 | 731 | 7.60 | % | ||||||||
Total | 1,057,835 | 24,282 | 3.07 | % | 985,525 | 15,606 | 2.12 | % | ||||||||
Non-interest-bearing liabilities: | ||||||||||||||||
Demand deposits | 254,134 | 273,699 | ||||||||||||||
Other liabilities | 12,720 | 12,165 | ||||||||||||||
Stockholders' equity | 111,049 | 105,436 | ||||||||||||||
Total | $ | 1,435,738 | $ | 1,376,825 | ||||||||||||
Net interest income | $ | 29,241 | $ | 29,580 | ||||||||||||
Rate spread | 2.14 | % | 2.49 | % | ||||||||||||
Net yield on interest-earning assets | 2.85 | % | 3.02 | % | ||||||||||||
(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 | ||||||||||||||||
FAQ
What was PSB Holdings (PSBQ) earnings per share in Q3 2024?
How much did PSBQ's tangible book value per share increase in Q3 2024?
What was PSBQ's net interest margin in Q3 2024?