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PSB Holdings, Inc. Reports Earnings of $0.69 per Share for Q3 2024; Net Interest Margin and Tangible Book Value Increase; Asset Quality Improves

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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.

Positive
  • 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
Negative
  • 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 $0.69 per common share on net income of $2.9 million, compared to $0.56 per common share on net income of $2.3 million during the second quarter ending June 30, 2024, and $0.29 per common share on net income of $1.2 million during the third quarter ending September 30, 2023.

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 $2.5 million non-performing loan to performing status and a corresponding release in specific reserves.

“Over the past year, we have increased shareholders’ tangible book value per share 18.7% and paid $0.62 in dividends to our shareholders, up 12.7% from the 12 month period ended September 30, 2023. With the rapid rise in short term interest rates over the past couple of years coming to an apparent end, we expect our net interest margin to be stable and operating expenses to continue to be well managed and efficient. Additionally, as funds become available from investment and loan repayments and maturities, we expect the funds to be reinvested into higher yielding assets which should lessen the volatility in fair market value adjustments reflected in our tangible book value,” stated Scott Cattanach, President and CEO.

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, or 18.7%, 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 to 1.18% of gross loans.

  • Non-performing assets declined to 0.71% of total assets at September 30, 2024 from 0.84% 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 to 9.34% the prior quarter and 5.17% in the year ago quarter.

Balance Sheet and Asset Quality Review

Total assets decreased $9.7 million to $1.48 billion at September 30, 2024. Investment securities available for sale increased $9.7 million to $174.9 million at September 30, 2024, from $165.2 million one quarter earlier. Total collateralized liquidity available to meet cash demands was approximately $321 million at September 30, 2024, with an additional $343 million that could be raised in a short time frame from the brokered CDs market.

Total loans receivable decreased $16.9 million to $1.06 billion at September 30, 2024, due primarily to lower commercial and construction lending. Commercial non-real estate loans decreased $9.1 million to $139.0 million at September 30, 2024, from $148.2 million one quarter earlier. Gross construction lending decreased $9.6 million to $61.0 million at September 30, 2024, from $70.5 million at June 30, 2024, while loans in process declined $3.6 million during the quarter ended September 30, 2024. Commercial real estate loans decreased $2.6 million to $541.6 million at September 30, 2024, from $544.2 million the prior quarter. Meanwhile, residential real estate loans increased slightly from the prior quarter to $341.3 million from $340.9 million. The loan portfolio remains well diversified with commercial real estate and construction loans totaling 55.4% of gross loans followed by residential real estate loans at 31.4% of gross loans, commercial non-real estate loans at 12.8% and consumer loans at 0.4%.

The allowance for credit losses increased slightly to 1.18% of gross loans at September 30, 2024, from 1.16% the prior quarter. Annualized net charge-offs to average loans were zero for the last five quarters. Non-performing assets totaled 0.71% of total assets at September 30, 2024, compared to 0.84% at June 30, 2024. During the quarter ended September 30, 2024, a loan totaling $2.5 million was returned to performing status, while a loan on a recreation facility totaling $3.3 million was added to nonaccrual status. Additionally, one loan relationship to an equipment dealership on nonaccrual status totaling $5.1 million at June 30, 2024 was paid down to $2.8 million at September 30, 2024 on sale of the equipment inventory. For the seventh consecutive quarter, the Bank did not own any foreclosed real estate.

Total deposits decreased $13.2 million to $1.14 billion at September 30, 2024, from $1.15 billion at June 30, 2024. The decrease in deposits reflects a $13.1 million decrease in interest-bearing demand and savings deposits, a $19.7 million decrease in money market deposits partially offset by a $14.6 million increase in non-interest bearing deposits and a $5.4 million increase in retail and local time deposits. The decrease in money market deposits reflected a large deposit of $49 million on June 30, 2024 that was drawn down in early July 2024.

At September 30, 2024, non-interest bearing demand deposits increased to 23.3% of total deposits from 21.6% the prior quarter, while interest-bearing demand and savings deposits decreased to 28.4% of deposits, compared to 29.3% at June 30, 2024. Uninsured and uncollateralized deposits decreased to 21.6% of total deposits at September 30, 2024, from 24.0% of total deposits at June 30, 2024.

FHLB advances decreased to $181.3 million at September 30, 2024, compared to $184.9 million at June 30, 2024.

Tangible stockholder equity as a percent of total tangible assets increased to 7.85% at September 30, 2024, compared to 7.32% at June 30, 2024, and 6.98% at September 30, 2023.

Tangible net book value per common share increased $4.16, to $26.41, at September 30, 2024, compared to $22.25 one year earlier, an increase of 18.7% after dividends of $0.62 were paid to shareholders. Relative to the prior quarter, tangible net book value per common share increased due to continued earnings, a fair market value increase in the investment portfolio which reduced unrealized losses reflected in accumulated other comprehensive income and amortization of intangible assets. The accumulated other comprehensive loss on the investment portfolio was $15.8 million at September 30, 2024, compared to $20.5 million one quarter earlier.

Operations Review

Net interest income increased to $9.9 million (on a net margin of 2.90%) for the third quarter of 2024, from $9.4 million (on a net margin of 2.84%) for the second quarter of 2024, and $9.6 million (on a net margin of 2.88%) for the third quarter of 2023. Earning asset yields increased by 8 basis points to 5.29% during the third quarter of 2024 from 5.21% during the second quarter of 2024, while interest bearing deposit and borrowing costs increased 7 basis points to 3.13% compared to 3.06% during the second quarter of 2024.

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 5.78% from 5.67% for the second quarter of 2024, up 11 basis points. Taxable security yields were 3.01% for the quarter ended September 30, 2024, compared to 3.02% for the quarter ended June 30, 2024, while tax-exempt security yields were 3.31% for the quarter ended September 30, 2024 compared to 3.33% the prior quarter.

The cost of all deposits was 2.11% for the quarter ended September 30, 2024, compared to 2.11% the prior quarter, while the overall cost of funds increased 7 basis points from 3.06% to 3.13% during the same time period. Deposit costs for money market deposits decreased during the quarter ended September 30, 2024, to 2.69% from 2.72% the prior quarter. The cost of time deposits and FHLB advances continued to increase and were primarily responsible for the rise in the Bank’s cost of funds in the current quarter. The cost of time deposits increased to 4.04% for the third quarter ended September 30, 2024, from 3.97% the prior quarter. FHLB advance costs rose to 4.44% during the third quarter ended September 30, 2024, from 4.28% the prior quarter.

Total noninterest income decreased slightly for the third quarter of 2024 to $1.84 million, from $1.91 million for the second quarter of 2024. Mortgage banking income remained at $433,000 in the September 30, 2024 quarter while various decreases in nominal revenue sources accounted for the slight decline in non-interest income during the third quarter ended September 30, 2024. At September 30, 2024, the Bank serviced $371 million in secondary market residential mortgage loans for others which provide fee income.

Noninterest expenses decreased to $8.2 million for the third quarter of 2024, compared to $8.4 million for the second quarter of 2024. The second quarter ended June 30, 2024, reflected higher salary and benefit expenses related to non-recurring costs. Relative to one year earlier, salary and benefit cost increased 5.7% to $4.8 million for the quarter ended September 30, 2024, compared to $4.5 million for the third quarter ended September 30, 2023.

Taxes increased $183,000 during the third quarter to $593,000, from $410,000 one quarter earlier. The increase generally reflects higher pre-tax income. The effective tax rate for the quarter ended September 30, 2024, was 16.6% compared to 14.4% for the second quarter ended June 30, 2024, and 63.8% for the third quarter ended September 30, 2023, when higher tax expenses were incurred to recognize the loss of certain deferred tax assets following a change in Wisconsin tax law that eliminated state taxes on certain qualified assets.

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 $82,389, $79,993, $81,234, $82,514 and    
  $75,236 respectively) 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 $12,598, $12,597, $12,494,    
 $12,302 and $12,267 respectively) 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 $1.00 per share:     
   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)202420242024 2023 2023 20242023
         
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 ration/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 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
    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 >= $500,000 net book value before specific reserves  
At September 30, 2024   
(dollars in thousands)   
  GrossSpecific
Collateral DescriptionAsset TypePrincipalReserves
    
Real estate - Recreation FacilityNonaccrual$3,291 $- 
Real estate - Independent Auto RepairNonaccrual 562  - 
Real estate - Equipment DealershipNonaccrual 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, 2024Jun 30, 2024Mar 31, 2024Dec 31, 2023Sep 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$140,30714.7% $146,87315.2% $142,00114.4% $132,38613.2% $133,46613.3%
Industrial and Warehousing 86,8189.1   86,0258.9   85,4098.6   83,8178.3   88,9068.9 
Retail 33,0203.5   34,8463.6   33,1773.4   35,4193.5   35,2813.5 
Hotels 31,6113.3   34,6133.6   35,1053.6   36,1003.6   31,8193.2 
Office 6,3780.7   6,5180.7   6,6550.7   6,7010.7   6,7460.7 
               
(1) Percentage of commercial and commercial real estate portfolio and commitments.       
        


PSB Holdings, Inc.          
Deposit Composition          
           
Insured and Collateralized DepositsSeptember 30,June 30,March 31,December 31,September 30,
(dollars in thousands) 2024  2024  2024  2023  2023 
 $%$%$%$%$%
           
Non-interest bearing demand$210,53418.6%$202,34317.5%$199,07617.8%$197,57117.3%$209,13317.9%
Interest-bearing demand and savings 305,63126.8% 304,39226.5% 318,67328.7% 317,98427.8% 307,62026.3%
Money market deposits 138,37612.2% 137,63712.0% 143,16712.9% 142,88712.5% 135,91011.4%
Retail and local time deposits <= $250 155,98813.7% 149,29813.0% 148,40413.3% 149,14513.1% 144,73812.4%
           
Total core deposits 810,52971.3% 793,67069.0% 809,32072.7% 807,58770.7% 797,40168.0%
Retail and local time deposits > $250 23,5002.1% 22,5002.0% 24,5082.3% 23,0002.0% 22,7501.9%
Broker & national time deposits <= $250 1,2410.1% 1,4900.1% 2,2290.2% 3,4700.3% 3,2220.3%
Broker & national time deposits > $250 56,1644.9% 56,3284.9% 61,7525.5% 70,0206.1% 88,6147.6%
           
Totals$891,43478.4%$873,98876.0%$897,80980.7%$904,07779.1%$911,98777.8%
           
PSB Holdings, Inc.          
Deposit Composition          
           
Uninsured DepositsSeptember 30,June 30,March 31,December 31,September 30,
(dollars in thousands) 2024  2024  2024  2023  2023 
 $%$%$%$%$%
           
Non-interest bearing demand$54,5444.7%$48,0924.1%$48,5324.4%$69,2586.1%$79,6326.8%
Interest-bearing demand and savings 18,3171.6% 32,6742.8% 20,5351.8% 20,3161.8% 22,8471.9%
Money market deposits 157,48913.8% 177,95415.4% 124,76611.2% 124,51810.9% 133,65311.4%
Retail and local time deposits <= $250 -0.0% -0.0% -0.0% -0.0% -0.0%
           
Total core deposits 230,35020.1% 258,72022.3% 193,83317.4% 214,09218.8% 236,13220.1%
Retail and local time deposits > $250 17,3291.5% 19,6131.7% 21,7101.9% 23,6332.1% 24,1202.1%
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$247,67921.6%$278,33324.0%$215,54319.3%$237,72520.9%$260,25222.2%
           
PSB Holdings, Inc.          
Deposit Composition          
           
Total DepositsSeptember 30,June 30,March 31,December 31,September 30,
(dollars in thousands) 2024  2024  2024  2023  2023 
 $%$%$%$%$%
           
Non-interest bearing demand$265,07823.3%$250,43521.6%$247,60822.2%$266,82923.4%$288,76524.7%
Interest-bearing demand and savings 323,94828.4% 337,06629.3% 339,20830.5% 338,30029.6% 330,46728.2%
Money market deposits 295,86526.0% 315,59127.4% 267,93324.1% 267,40523.4% 269,56322.8%
Retail and local time deposits <= $250 155,98813.7% 149,29813.0% 148,40413.3% 149,14513.1% 144,73812.4%
           
Total core deposits 1,040,87991.4% 1,052,39091.3% 1,003,15390.1% 1,021,67989.5% 1,033,53388.1%
Retail and local time deposits > $250 40,8293.6% 42,1133.7% 46,2184.2% 46,6334.1% 46,8704.0%
Broker & national time deposits <= $250 1,2410.1% 1,4900.1% 2,2290.2% 3,4700.3% 3,2220.3%
Broker & national time deposits > $250 56,1644.9% 56,3284.9% 61,7525.5% 70,0206.1% 88,6147.6%
           
Totals$1,139,113100.0%$1,152,321100.0%$1,113,352100.0%$1,141,802100.0%$1,172,239100.0%
           


PSB Holdings, Inc.           
Average Balances ($000) and Interest Rates         
(dollars in thousands)           
            
 Quarter ended September 30, 2024 Quarter ended June 30, 2024 Quarter ended September 30, 2023
 Average Yield / Average Yield / Average Yield /
 BalanceInterestRate BalanceInterestRate BalanceInterestRate
Assets           
Interest-earning assets:           
   Loans (1)(2)$1,079,393 $15,6745.78% $1,100,518 $15,5205.67% $1,088,137 $14,3375.23%
   Taxable securities 177,520  1,3453.01%  172,563  1,2953.02%  173,287  1,1142.55%
   Tax-exempt securities (2) 79,472  6613.31%  79,564  6593.33%  81,327  6753.29%
   FHLB stock 8,825  1767.93%  7,931  1829.23%  6,368  1277.91%
   Other 36,680  5235.67%  8,241  834.05%  8,195  1115.37%
            
   Total (2) 1,381,890  18,3795.29%  1,368,817  17,7395.21%  1,357,314  16,3644.78%
            
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 $1,5151.86% $331,740 $1,4671.78% $335,214 $1,1981.42%
   Money market deposits 277,884  1,8762.69%  271,336  1,8352.72%  255,823  1,4892.31%
   Time deposits 247,296  2,5144.04%  257,006  2,5363.97%  279,971  2,1303.02%
   FHLB borrowings 182,414  2,0384.44%  174,596  1,8604.28%  134,386  1,3213.90%
   Other borrowings 6,702  573.38%  6,870  583.40%  5,681  513.56%
 Senior sub. notes 4,779  594.91%  4,777  584.88%  4,772  594.91%
   Junior sub. debentures 12,985  2527.72%  12,960  2557.91%  12,883  2557.85%
            
   Total 1,055,901  8,3113.13%  1,059,285  8,0693.06%  1,028,730  6,5032.51%
            
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 21%. 
            


PSB Holdings, Inc.       
Average Balances ($000) and Interest Rates     
(dollars in thousands)       
  Nine months ended September 30, 2024 Nine months ended September 30, 2023
  Average Yield/ Average Yield/
  BalanceInterestRate BalanceInterestRate
Assets       
Interest-earning assets:       
   Loans (1)(2)$1,091,366 $46,3935.68% $1,025,955 $38,8515.06%
   Taxable securities 173,971  3,8372.95%  189,583  3,7722.66%
   Tax-exempt securities (2) 79,822  1,9863.32%  81,670  2,0323.33%
   FHLB stock 7,755  5239.01%  4,943  2286.17%
   Other 18,804  7845.57%  8,154  3034.97%
         
   Total (2) 1,371,718  53,5235.21%  1,310,305  45,1864.61%
         
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 $4,6541.85% $350,928 $3,2861.25%
   Money market deposits 274,405  5,6082.73%  241,594  3,5081.94%
   Time deposits 256,287  7,5633.94%  257,639  4,6732.43%
   FHLB borrowings 166,703  5,3484.29%  110,460  3,0683.71%
   Other borrowings 7,373  1753.17%  7,082  1613.04%
   Senior sub. notes 4,778  1764.92%  4,965  1794.82%
   Junior sub. debentures 12,972  7587.81%  12,857  7317.60%
         
   Total 1,057,835  24,2823.07%  985,525  15,6062.12%
         
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 21%.
         

FAQ

What was PSB Holdings (PSBQ) earnings per share in Q3 2024?

PSB Holdings reported earnings of $0.69 per share in Q3 2024, compared to $0.56 in Q2 2024 and $0.29 in Q3 2023.

How much did PSBQ's tangible book value per share increase in Q3 2024?

PSBQ's tangible book value per share increased by $1.86 to $26.41 in Q3 2024, representing an 18.7% increase year-over-year.

What was PSBQ's net interest margin in Q3 2024?

PSBQ's net interest margin was 2.90% in Q3 2024, an increase of 6 basis points from 2.84% in Q2 2024.

How did PSBQ's loan portfolio perform in Q3 2024?

Total loans decreased by $16.9 million to $1.06 billion in Q3 2024, primarily due to lower commercial and construction lending.

PSB HOLDINGS INC (WI)

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PSBQ Stock Data

106.79M
3.33M
7.22%
Banks - Regional
Financial Services
Link
United States of America
Wausau