PSB Holdings, Inc. Reports Earnings of $0.73 Per Share for Q4 2024; Twelve Month 2024 Earnings up 10% to $2.37 per Share
PSB Holdings (PSBQ) reported Q4 2024 earnings of $0.73 per share on net income of $3.0 million, up from $0.55 per share in Q4 2023. Full-year 2024 earnings reached $2.37 per share on net income of $9.8 million, a 10% increase from 2023.
Key Q4 highlights include: net interest income rose to $10.4 million with a margin of 2.96%; loans grew 2% to $1.08 billion; deposits increased slightly to $1.15 billion. The allowance for credit losses was 1.13% of gross loans, while non-performing assets remained at 0.71% of total assets.
Tangible book value per share grew 9.0% year-over-year to $25.98. The company paid dividends totaling $0.64 per share in 2024, up 6.7% from 2023. On January 21, 2025, PSB acquired Larson Financial Group, , expanding its financial advisory services.
PSB Holdings (PSBQ) ha riportato guadagni per il quarto trimestre del 2024 di $0,73 per azione, con un reddito netto di $3,0 milioni, in aumento rispetto a $0,55 per azione nel quarto trimestre del 2023. I guadagni totali per l'intero anno 2024 hanno raggiunto $2,37 per azione, con un reddito netto di $9,8 milioni, con un incremento del 10% rispetto al 2023.
I principali punti salienti del quarto trimestre includono: il reddito da interessi netti è aumentato a $10,4 milioni con un margine del 2,96%; i prestiti sono cresciuti del 2% a $1,08 miliardi; i depositi sono aumentati leggermente a $1,15 miliardi. L'accantonamento per perdite su crediti era dell'1,13% dei prestiti lordi, mentre gli attivi non performanti sono rimasti allo 0,71% del totale attivo.
Il valore contabile tangibile per azione è cresciuto del 9,0% rispetto all'anno precedente, raggiungendo $25,98. L'azienda ha pagato dividendi totali di $0,64 per azione nel 2024, con un aumento del 6,7% rispetto al 2023. Il 21 gennaio 2025, PSB ha acquisito Larson Financial Group, ampliando i suoi servizi di consulenza finanziaria.
PSB Holdings (PSBQ) reportó ganancias para el cuarto trimestre de 2024 de $0.73 por acción con un ingreso neto de $3.0 millones, un aumento respecto a $0.55 por acción en el cuarto trimestre de 2023. Las ganancias del año completo 2024 alcanzaron $2.37 por acción con un ingreso neto de $9.8 millones, un incremento del 10% en comparación con 2023.
Los puntos destacados del cuarto trimestre incluyen: el ingreso neto por intereses subió a $10.4 millones con un margen del 2.96%; los préstamos crecieron un 2% hasta $1.08 mil millones; los depósitos aumentaron ligeramente a $1.15 mil millones. La provisión para pérdidas crediticias fue del 1.13% de los préstamos brutos, mientras que los activos no productivos se mantuvieron en el 0.71% de los activos totales.
El valor contable tangible por acción creció un 9.0% en comparación con el año anterior, alcanzando $25.98. La empresa pagó dividendos por un total de $0.64 por acción en 2024, un aumento del 6.7% respecto a 2023. El 21 de enero de 2025, PSB adquirió Larson Financial Group, ampliando sus servicios de asesoría financiera.
PSB Holdings (PSBQ)는 2024년 4분기 주당 $0.73의 순이익이 $3.0백만 달러에 달했다고 보고했습니다. 이는 2023년 4분기 주당 $0.55에서 증가한 것입니다. 2024년 전체 연간 수익은 주당 $2.37에 해당하며, 순이익은 $9.8백만 달러로 2023년 대비 10% 증가했습니다.
4분기 주요 하이라이트에는 순이자 수익이 $10.4백만으로 증가하고, 마진은 2.96%에 달했습니다; 대출은 2% 증가하여 $1.08십억에 이르렀고; 예금은 약간 증가하여 $1.15십억에 달했습니다. 신용 손실 대비 충당금은 총 대출의 1.13%였으며, 부실 자산은 총 자산의 0.71%로 유지되었습니다.
주당 tangible book value는 전년 대비 9.0% 증가하여 $25.98에 도달했습니다. 회사는 2024년에 주당 $0.64의 배당금을 지급했으며, 이는 2023년 대비 6.7% 증가한 수치입니다. 2025년 1월 21일, PSB는 Larson Financial Group을 인수하여 금융 자문 서비스를 확장했습니다.
PSB Holdings (PSBQ) a annoncé des bénéfices pour le quatrième trimestre 2024 de 0,73 $ par action, avec un revenu net de 3,0 millions $, en hausse par rapport à 0,55 $ par action au quatrième trimestre 2023. Les bénéfices pour l'année entière 2024 ont atteint 2,37 $ par action, avec un revenu net de 9,8 millions $, soit une augmentation de 10 % par rapport à 2023.
Les principaux faits saillants du quatrième trimestre incluent : le revenu net d'intérêts a grimpé à 10,4 millions $ avec une marge de 2,96 % ; les prêts ont augmenté de 2 % pour atteindre 1,08 milliard $ ; les dépôts ont légèrement augmenté pour atteindre 1,15 milliard $. La provision pour pertes sur créances représentait 1,13 % des prêts bruts, tandis que les actifs non performants restaient à 0,71 % du total des actifs.
La valeur comptable tangible par action a augmenté de 9,0 % d'une année sur l'autre, atteignant 25,98 $. L'entreprise a payé des dividendes totalisant 0,64 $ par action en 2024, soit une augmentation de 6,7 % par rapport à 2023. Le 21 janvier 2025, PSB a acquis Larson Financial Group, élargissant ainsi ses services de conseil financier.
PSB Holdings (PSBQ) hat für das vierte Quartal 2024 einen Gewinn von 0,73 $ pro Aktie bei einem Nettogewinn von 3,0 Millionen $ berichtet, was einem Anstieg von 0,55 $ pro Aktie im vierten Quartal 2023 entspricht. Der Gewinn für das gesamte Jahr 2024 belief sich auf 2,37 $ pro Aktie bei einem Nettogewinn von 9,8 Millionen $, was einem Anstieg von 10 % im Vergleich zu 2023 entspricht.
Die wichtigsten Highlights des vierten Quartals umfassen: Der Zinsertrag stieg auf 10,4 Millionen $ mit einer Marge von 2,96 %; die Kredite wuchsen um 2 % auf 1,08 Milliarden $; die Einlagen erhöhten sich leicht auf 1,15 Milliarden $. Die Rückstellungen für Kreditverluste betrugen 1,13 % der Bruttokredite, während die notleidenden Vermögenswerte bei 0,71 % der Gesamtvermögenswerte blieben.
Der tangible Buchwert pro Aktie wuchs im Jahresvergleich um 9,0 % auf 25,98 $. Das Unternehmen zahlte 2024 Dividenden in Höhe von insgesamt 0,64 $ pro Aktie, was einem Anstieg von 6,7 % gegenüber 2023 entspricht. Am 21. Januar 2025 erwarb PSB die Larson Financial Group und erweiterte damit die Finanzberatungsdienste.
- Q4 2024 EPS increased 32.7% YoY to $0.73
- Full-year 2024 earnings grew 10% to $2.37 per share
- Net interest income increased to $10.4 million with improved margin of 2.96%
- Loans grew 2% quarterly to $1.08 billion
- Tangible book value per share increased 9.0% YoY
- Dividend payments increased 6.7% YoY
- Non-interest income decreased $566,000 QoQ due to securities sale losses
- Non-performing assets remained at $10.4 million
- Tangible book value decreased QoQ due to investment portfolio fair value decline
- Accumulated other comprehensive loss on investment portfolio increased to $19.3 million
WAUSAU, Wis., Jan. 27, 2025 (GLOBE NEWSWIRE) -- PSB Holdings, Inc. (“PSB”) (OTCQX: PSBQ), the holding company for Peoples State Bank (“Peoples”) serving Northcentral and Southeastern Wisconsin reported fourth quarter earnings ending December 31, 2024 of
PSB’s fourth quarter 2024 operating results reflected the following changes from the third quarter of 2024: (1) higher net interest income supported by a net interest margin increase of six basis points; (2) lower non-interest income due primarily to a loss on the sale of securities; (3) slightly lower non-interest expenses due to lower salaries and employee benefit expenses; and (4) loan growth of
“We are pleased with our results for the fourth quarter and fiscal 2024. We continue to maintain strong asset quality and controlled expenses, and expect to see continued expansion in our net interest margin as loan products continue to reset to higher yields and funding costs stabilize or decline. Additionally, we expect to see stronger loan growth in fiscal 2025. We are focused on delivering strong returns to shareholders through capital growth, payment of dividends and supporting our stock price through stock repurchases, when economically appropriate,” stated Scott Cattanach, President and CEO.
December 31, 2024, Highlights:
- Net interest income increased to
$10.4 million for the quarter ended December 31, 2024, from$9.9 million for the quarter ended September 30, 2024. Asset and loan yields increased while funding costs declined slightly. - Noninterest income decreased
$566,000 t o$1.3 million for the quarter ended December 31, 2024, compared to$1.8 million the prior quarter due primarily to a loss on the sale of securities. - Noninterest expenses decreased to
$8.0 million during the quarter ended December 31, 2024 from$8.2 million for the quarter ended September 30, 2024, reflecting lower salary and benefit expenses. - Loans increased
$20.2 million , or2% in the fourth quarter ended December 31, 2024, to$1.08 billion largely due to new commercial real estate and construction and development loans. Allowance for credit losses was1.13% of gross loans. - Non-performing assets remained unchanged at
$10.4 million , or0.71% of total assets at December 31, 2024 compared to the previous quarter. - Total deposits increased slightly to
$1.15 billion at December 31, 2024 from$1.14 billion at September 30, 2024, with the increase largely consisting of interest-bearing demand and savings deposits. - Return on average tangible common equity was
11.07% for the quarter ended December 31, 2024, compared to10.96% the prior quarter and9.64% in the year ago quarter. - Tangible book value per common share was up
9.0% over the past year to$25.98 at December 31, 2024, compared to$23.84 at December 31, 2023. Additionally, PSB paid dividends totaling$0.64 per share during 2024, up6.7% over the prior year. - On January 21, 2025, the Bank acquired Larson Financial Group, LLC, a financial advisory company based in Wausau, WI.
Balance Sheet and Asset Quality Review
Total assets decreased
Total loans receivable increased
The allowance for credit losses decreased slightly to
Total deposits increased
At December 31, 2024, non-interest bearing demand deposits decreased to
FHLB advances decreased
Tangible stockholder equity as a percent of total tangible assets was
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 fourth quarter of 2024 to
The cost of all deposits declined to
Total noninterest income decreased during the fourth quarter of 2024 to
Noninterest expenses decreased
Taxes decreased
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 | |||||||||||||||
December 31, September 30, June 30, and March 31, 2024, unaudited, December 31, 2023 derived from audited financial statements | |||||||||||||||
Dec. 31, | Sep. 30, | Jun. 30, | Mar. 31, | Dec. 31, | |||||||||||
(dollars in thousands, except per share data) | 2024 | 2024 | 2024 | 2024 | 2023 | ||||||||||
Assets | |||||||||||||||
Cash and due from banks | $ | 21,414 | $ | 23,554 | $ | 16,475 | $ | 13,340 | $ | 20,887 | |||||
Interest-bearing deposits | 3,724 | 5,126 | 251 | 105 | 1,431 | ||||||||||
Federal funds sold | 15,360 | 58,434 | 69,249 | 2,439 | 5,462 | ||||||||||
Cash and cash equivalents | 40,498 | 87,114 | 85,975 | 15,884 | 27,780 | ||||||||||
Securities available for sale (at fair value) | 189,086 | 174,911 | 165,177 | 165,566 | 164,024 | ||||||||||
Securities held to maturity (fair values of | |||||||||||||||
| 86,748 | 86,847 | 86,825 | 87,104 | 87,081 | ||||||||||
Equity securities | 2,782 | 1,752 | 1,661 | 1,474 | 1,474 | ||||||||||
Loans held for sale | 217 | - | 2,268 | 865 | 230 | ||||||||||
Loans receivable, net (allowance for credit losses of | |||||||||||||||
| 1,078,204 | 1,057,974 | 1,074,844 | 1,081,394 | 1,078,475 | ||||||||||
Accrued interest receivable | 5,042 | 4,837 | 5,046 | 5,467 | 5,136 | ||||||||||
Foreclosed assets | - | - | - | - | - | ||||||||||
Premises and equipment, net | 13,805 | 14,065 | 14,048 | 13,427 | 13,098 | ||||||||||
Mortgage servicing rights, net | 1,742 | 1,727 | 1,688 | 1,657 | 1,664 | ||||||||||
Federal Home Loan Bank stock (at cost) | 8,825 | 8,825 | 8,825 | 7,006 | 6,373 | ||||||||||
Cash surrender value of bank-owned life insurance | 24,732 | 24,565 | 24,401 | 24,242 | 24,085 | ||||||||||
Core deposit intangible | 195 | 212 | 229 | 249 | 273 | ||||||||||
Goodwill | 2,541 | 2,541 | 2,541 | 2,541 | 2,541 | ||||||||||
Other assets | 11,539 | 10,598 | 12,111 | 11,682 | 11,866 | ||||||||||
TOTAL ASSETS | $ | 1,465,956 | $ | 1,475,968 | $ | 1,485,639 | $ | 1,418,558 | $ | 1,424,100 | |||||
Liabilities | |||||||||||||||
Non-interest-bearing deposits | $ | 259,515 | $ | 265,078 | $ | 250,435 | $ | 247,608 | $ | 266,829 | |||||
Interest-bearing deposits | 887,834 | 874,035 | 901,886 | 865,744 | 874,973 | ||||||||||
Total deposits | 1,147,349 | 1,139,113 | 1,152,321 | 1,113,352 | 1,141,802 | ||||||||||
Federal Home Loan Bank advances | 162,250 | 181,250 | 184,900 | 158,250 | 134,000 | ||||||||||
Other borrowings | 6,872 | 6,128 | 5,775 | 8,096 | 8,058 | ||||||||||
Senior subordinated notes | 4,781 | 4,779 | 4,778 | 4,776 | 4,774 | ||||||||||
Junior subordinated debentures | 13,023 | 12,998 | 12,972 | 12,947 | 12,921 | ||||||||||
Allowance for credit losses on unfunded commitments | 672 | 477 | 477 | 477 | 577 | ||||||||||
Accrued expenses and other liabilities | 14,723 | 12,850 | 13,069 | 10,247 | 12,681 | ||||||||||
Total liabilities | 1,349,670 | 1,357,595 | 1,374,292 | 1,308,145 | 1,314,813 | ||||||||||
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 - 4,092,977, 4,105,594, 4,128,382, 4,147,649 and | |||||||||||||||
4,164,735 shares, respectively | 1,830 | 1,830 | 1,830 | 1,830 | 1,830 | ||||||||||
Additional paid-in capital | 8,610 | 8,567 | 8,527 | 8,466 | 8,460 | ||||||||||
Retained earnings | 139,838 | 138,142 | 135,276 | 134,271 | 132,666 | ||||||||||
Accumulated other comprehensive income (loss), net of tax | (19,314 | ) | (15,814 | ) | (20,503 | ) | (20,775 | ) | (20,689 | ) | |||||
Treasury stock, at cost - 1,397,821, 1,385,204, 1,362,416, 1,343,149 and | |||||||||||||||
1,326,063 shares, respectively | (21,878 | ) | (21,552 | ) | (20,983 | ) | (20,579 | ) | (20,180 | ) | |||||
Total stockholders' equity | 116,286 | 118,373 | 111,347 | 110,413 | 109,287 | ||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 1,465,956 | $ | 1,475,968 | $ | 1,485,639 | $ | 1,418,558 | $ | 1,424,100 | |||||
PSB Holdings, Inc. | |||||||||||||||||||||
Consolidated Statements of Income | |||||||||||||||||||||
Quarter Ended | Years Ended | ||||||||||||||||||||
(dollars in thousands, | Dec. 31, | Sep. 30, | Jun. 30, | Mar. 31, | Dec. 31, | December | |||||||||||||||
except per share data - unaudited) | 2024 | 2024 | 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||
Interest and dividend income: | |||||||||||||||||||||
Loans, including fees | $ | 15,646 | $ | 15,634 | $ | 15,433 | $ | 15,109 | $ | 14,888 | $ | 61,822 | $ | 53,633 | |||||||
Securities: | |||||||||||||||||||||
Taxable | 1,545 | 1,345 | 1,295 | 1,197 | 1,147 | 5,382 | 4,919 | ||||||||||||||
Tax-exempt | 522 | 522 | 521 | 526 | 532 | 2,091 | 2,137 | ||||||||||||||
Other interest and dividends | 948 | 699 | 265 | 343 | 320 | 2,255 | 851 | ||||||||||||||
Total interest and dividend income | 18,661 | 18,200 | 17,514 | 17,175 | 16,887 | 71,550 | 61,540 | ||||||||||||||
Interest expense: | |||||||||||||||||||||
Deposits | 6,027 | 5,905 | 5,838 | 6,082 | 5,526 | 23,852 | 16,993 | ||||||||||||||
FHLB advances | 1,890 | 2,038 | 1,860 | 1,450 | 1,349 | 7,238 | 4,417 | ||||||||||||||
Other borrowings | 57 | 57 | 58 | 60 | 54 | 232 | 215 | ||||||||||||||
Senior subordinated notes | 59 | 59 | 58 | 59 | 59 | 235 | 238 | ||||||||||||||
Junior subordinated debentures | 252 | 252 | 255 | 251 | 254 | 1,010 | 985 | ||||||||||||||
Total interest expense | 8,285 | 8,311 | 8,069 | 7,902 | 7,242 | 32,567 | 22,848 | ||||||||||||||
Net interest income | 10,376 | 9,889 | 9,445 | 9,273 | 9,645 | 38,983 | 38,692 | ||||||||||||||
Provision for credit losses | - | - | 100 | 95 | 100 | 195 | 450 | ||||||||||||||
Net interest income after provision for credit losses | 10,376 | 9,889 | 9,345 | 9,178 | 9,545 | 38,788 | 38,242 | ||||||||||||||
Noninterest income: | |||||||||||||||||||||
Service fees | 362 | 367 | 350 | 336 | 360 | 1,415 | 1,448 | ||||||||||||||
Mortgage banking income | 414 | 433 | 433 | 308 | 247 | 1,588 | 1,228 | ||||||||||||||
Investment and insurance sales commissions | 226 | 230 | 222 | 121 | 100 | 799 | 910 | ||||||||||||||
Net loss on sale of securities | (511 | ) | - | - | (495 | ) | (297 | ) | (1,006 | ) | (576 | ) | |||||||||
Increase in cash surrender value of life insurance | 166 | 165 | 159 | 157 | 154 | 647 | 615 | ||||||||||||||
Life insurance death benefit | - | - | - | - | - | - | 533 | ||||||||||||||
Other noninterest income | 620 | 648 | 742 | 617 | 540 | 2,627 | 2,562 | ||||||||||||||
Total noninterest income | 1,277 | 1,843 | 1,906 | 1,044 | 1,104 | 6,070 | 6,720 | ||||||||||||||
Noninterest expense: | |||||||||||||||||||||
Salaries and employee benefits | 4,691 | 4,771 | 5,167 | 5,123 | 4,244 | 19,752 | 18,648 | ||||||||||||||
Occupancy and facilities | 691 | 757 | 733 | 721 | 675 | 2,902 | 2,761 | ||||||||||||||
Loss (gain) on foreclosed assets | - | 1 | - | - | 1 | 1 | (45 | ) | |||||||||||||
Data processing and other office operations | 1,111 | 1,104 | 1,047 | 1,022 | 1,001 | 4,284 | 3,785 | ||||||||||||||
Advertising and promotion | 141 | 164 | 171 | 129 | 244 | 605 | 733 | ||||||||||||||
Core deposit intangible amortization | 17 | 17 | 20 | 24 | 24 | 78 | 109 | ||||||||||||||
Other noninterest expenses | 1,351 | 1,337 | 1,257 | 1,306 | 1,169 | 5,251 | 4,557 | ||||||||||||||
Total noninterest expense | 8,002 | 8,151 | 8,395 | 8,325 | 7,358 | 32,873 | 30,548 | ||||||||||||||
Income before provision for income taxes | 3,651 | 3,581 | 2,856 | 1,897 | 3,291 | 11,985 | 14,414 | ||||||||||||||
Provision for income taxes | 524 | 593 | 410 | 169 | 878 | 1,696 | 4,845 | ||||||||||||||
Net income | $ | 3,127 | $ | 2,988 | $ | 2,446 | $ | 1,728 | $ | 2,413 | $ | 10,289 | $ | 9,569 | |||||||
Preferred stock dividends declared | $ | 122 | $ | 122 | $ | 122 | $ | 122 | $ | 122 | $ | 486 | $ | 486 | |||||||
Net income available to common shareholders | $ | 3,005 | $ | 2,866 | $ | 2,324 | $ | 1,606 | $ | 2,291 | $ | 9,803 | $ | 9,083 | |||||||
Basic earnings per common share | $ | 0.73 | $ | 0.69 | $ | 0.56 | $ | 0.39 | $ | 0.55 | $ | 2.37 | $ | 2.16 | |||||||
Diluted earnings per common share | $ | 0.73 | $ | 0.69 | $ | 0.56 | $ | 0.39 | $ | 0.55 | $ | 2.37 | $ | 2.16 | |||||||
PSB Holdings, Inc. | |||||||||||||||||
Quarterly Financial Summary | |||||||||||||||||
(dollars in thousands, except per share data) | Quarter ended | ||||||||||||||||
Dec. 31, | Sep. 30, | Jun. 30, | Mar. 31, | Dec. 31, | |||||||||||||
Earnings and dividends: | 2024 | 2024 | 2024 | 2024 | 2023 | ||||||||||||
Interest income | $ | 18,661 | $ | 18,200 | $ | 17,514 | $ | 17,175 | $ | 16,887 | |||||||
Interest expense | $ | 8,285 | $ | 8,311 | $ | 8,069 | $ | 7,902 | $ | 7,242 | |||||||
Net interest income | $ | 10,376 | $ | 9,889 | $ | 9,445 | $ | 9,273 | $ | 9,645 | |||||||
Provision for credit losses | $ | - | $ | - | $ | 100 | $ | 95 | $ | 100 | |||||||
Other noninterest income | $ | 1,277 | $ | 1,843 | $ | 1,906 | $ | 1,044 | $ | 1,104 | |||||||
Other noninterest expense | $ | 8,002 | $ | 8,151 | $ | 8,395 | $ | 8,325 | $ | 7,358 | |||||||
Net income available to common shareholders | $ | 3,005 | $ | 2,866 | $ | 2,324 | $ | 1,606 | $ | 2,291 | |||||||
Basic earnings per common share (3) | $ | 0.73 | $ | 0.69 | $ | 0.56 | $ | 0.39 | $ | 0.55 | |||||||
Diluted earnings per common share (3) | $ | 0.73 | $ | 0.69 | $ | 0.56 | $ | 0.39 | $ | 0.55 | |||||||
Dividends declared per common share (3) | $ | 0.32 | $ | - | $ | 0.32 | $ | - | $ | 0.30 | |||||||
Tangible net book value per common share (4) | $ | 25.98 | $ | 26.41 | $ | 24.55 | $ | 24.21 | $ | 23.84 | |||||||
Semi-annual dividend payout ratio | 23.27 | % | n/a | 33.61 | % | n/a | 38.14 | % | |||||||||
Average common shares outstanding | 4,094,360 | 4,132,218 | 4,139,456 | 4,154,702 | 4,168,924 | ||||||||||||
Balance sheet - average balances: | |||||||||||||||||
Loans receivable, net of allowances for credit loss | $ | 1,064,619 | $ | 1,066,795 | $ | 1,088,013 | $ | 1,081,936 | $ | 1,081,851 | |||||||
Assets | $ | 1,479,812 | $ | 1,445,613 | $ | 1,433,749 | $ | 1,429,437 | $ | 1,424,240 | |||||||
Deposits | $ | 1,151,450 | $ | 1,110,854 | $ | 1,111,240 | $ | 1,138,010 | $ | 1,148,399 | |||||||
Stockholders' equity | $ | 118,396 | $ | 114,458 | $ | 110,726 | $ | 109,473 | $ | 105,060 | |||||||
Performance ratios: | |||||||||||||||||
Return on average assets (1) | 0.84 | % | 0.82 | % | 0.69 | % | 0.49 | % | 0.67 | % | |||||||
Return on average common stockholders' equity (1) | 10.75 | % | 10.63 | % | 9.03 | % | 6.32 | % | 9.29 | % | |||||||
Return on average tangible common | |||||||||||||||||
stockholders' equity (1)(4) | 11.07 | % | 10.96 | % | 9.34 | % | 6.57 | % | 9.64 | % | |||||||
Net loan charge-offs to average loans (1) | 0.02 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | |||||||
Nonperforming loans to gross loans | 0.95 | % | 0.97 | % | 1.15 | % | 1.08 | % | 0.54 | % | |||||||
Nonperforming assets to total assets | 0.71 | % | 0.71 | % | 0.84 | % | 0.83 | % | 0.42 | % | |||||||
Allowance for credit losses to gross loans | 1.13 | % | 1.18 | % | 1.16 | % | 1.14 | % | 1.13 | % | |||||||
Nonperforming assets to tangible equity | |||||||||||||||||
plus the allowance for credit losses (4) | 8.85 | % | 8.71 | % | 11.09 | % | 10.59 | % | 5.38 | % | |||||||
Net interest rate margin (1)(2) | 2.96 | % | 2.90 | % | 2.84 | % | 2.80 | % | 2.88 | % | |||||||
Net interest rate spread (1)(2) | 2.23 | % | 2.16 | % | 2.15 | % | 2.12 | % | 2.20 | % | |||||||
Service fee revenue as a percent of | |||||||||||||||||
average demand deposits (1) | 0.53 | % | 0.56 | % | 0.56 | % | 0.54 | % | 0.52 | % | |||||||
Noninterest income as a percent | |||||||||||||||||
of gross revenue | 6.40 | % | 9.20 | % | 9.81 | % | 5.73 | % | 6.14 | % | |||||||
Efficiency ratio (2) | 67.59 | % | 68.43 | % | 72.52 | % | 78.93 | % | 67.04 | % | |||||||
Noninterest expenses to average assets (1) | 2.15 | % | 2.24 | % | 2.35 | % | 2.34 | % | 2.05 | % | |||||||
Average stockholders' equity less accumulated | |||||||||||||||||
other comprehensive income (loss) to | |||||||||||||||||
average assets | 9.08 | % | 9.06 | % | 9.03 | % | 8.98 | % | 8.88 | % | |||||||
Tangible equity to tangible assets (4) | 7.76 | % | 7.85 | % | 7.32 | % | 7.60 | % | 7.49 | % | |||||||
Stock price information: | |||||||||||||||||
High | $ | 27.90 | $ | 25.00 | $ | 21.40 | $ | 22.50 | $ | 22.30 | |||||||
Low | $ | 25.00 | $ | 20.30 | $ | 19.75 | $ | 20.05 | $ | 20.10 | |||||||
Last trade value at quarter-end | $ | 26.50 | $ | 25.00 | $ | 20.40 | $ | 21.25 | $ | 22.11 | |||||||
(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 | |||||||||||||||||
Dec. 31, | Sep. 30, | Jun. 30, | Mar. 31, | Dec. 31, | |||||||||||||
(dollars in thousands - unaudited) | 2024 | 2024 | 2024 | 2024 | 2023 | ||||||||||||
Net income | $ | 3,127 | $ | 2,988 | $ | 2,446 | $ | 1,728 | $ | 2,413 | |||||||
Other comprehensive income: | |||||||||||||||||
Unrealized gain (loss) on securities available for sale, net of tax | (3,955 | ) | 4,738 | 184 | (615 | ) | 5,278 | ||||||||||
Reclassification adjustment for security loss included in net income, net of tax | 404 | - | - | 391 | 280 | ||||||||||||
Accretion of unrealized loss included in net income on securities available for sale deferred tax adjustment for Wisconsin Act 19 | (76 | ) | - | - | (35 | ) | - | ||||||||||
Amortization of unrealized loss included in net income on securities available for sale transferred to securities held to maturity, net of tax | 90 | 90 | 89 | 91 | 91 | ||||||||||||
Unrealized gain (loss) on interest rate swap, net of tax | 65 | (101 | ) | 39 | 122 | (109 | ) | ||||||||||
Reclassification adjustment of interest rate swap settlements included in earnings, net of tax | (27 | ) | (38 | ) | (40 | ) | (41 | ) | (39 | ) | |||||||
Other comprehensive income (loss) | (3,499 | ) | 4,689 | 272 | (87 | ) | 5,501 | ||||||||||
Comprehensive income (loss) | $ | (372 | ) | $ | 7,677 | $ | 2,718 | $ | 1,641 | $ | 7,914 | ||||||
PSB Holdings, Inc. | |||||||||||||||
Nonperforming Assets as of: | |||||||||||||||
Dec 31, | Sep 30, | Jun 30, | Mar 31, | Dec 31, | |||||||||||
(dollars in thousands) | 2024 | 2024 | 2024 | 2024 | 2023 | ||||||||||
Nonaccrual loans (excluding restructured loans) | $ | 10,109 | $ | 10,116 | $ | 12,184 | $ | 11,498 | $ | 5,596 | |||||
Nonaccrual restructured loans | 18 | 25 | 28 | 30 | 34 | ||||||||||
Restructured loans not on nonaccrual | 286 | 292 | 299 | 304 | 310 | ||||||||||
Accruing loans past due 90 days or more | - | - | - | - | - | ||||||||||
Total nonperforming loans | 10,413 | 10,433 | 12,511 | 11,832 | 5,940 | ||||||||||
Other real estate owned | - | - | - | - | - | ||||||||||
Total nonperforming assets | $ | 10,413 | $ | 10,433 | $ | 12,511 | $ | 11,832 | $ | 5,940 | |||||
Nonperforming loans as a % of gross loans receivable | 0.95 | % | 0.97 | % | 1.15 | % | 1.08 | % | 0.54 | % | |||||
Total nonperforming assets as a % of total assets | 0.71 | % | 0.71 | % | 0.84 | % | 0.83 | % | 0.42 | % | |||||
Allowance for credit losses as a % of nonperforming loans | 118.52 | % | 120.75 | % | 100.69 | % | 105.59 | % | 207.10 | % | |||||
PSB Holdings, Inc. | |||||||
Nonperforming Assets >= | |||||||
At December 31, 2024 | |||||||
(dollars in thousands) | |||||||
Gross | Specific | ||||||
Collateral Description | Asset Type | Principal | Reserves | ||||
Real estate - Recreational Facility | Nonaccrual | $ | 4,126 | $ | 151 | ||
Real estate - Independent Auto Repair | Nonaccrual | 538 | - | ||||
Real estate - Dealership | Nonaccrual | 2,708 | 560 | ||||
Total listed nonperforming assets | $ | 7,372 | $ | 711 | |||
Total bank wide nonperforming assets | $ | 10,413 | $ | 1,043 | |||
Listed assets as a % of total nonperforming assets | 71 | % | 68 | % | |||
PSB Holding, Inc. | |||||||||||||||
Loan Composition by Collateral Type | |||||||||||||||
Quarter-ended (dollars in thousands) | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | ||||||||||
Commercial: | |||||||||||||||
Commercial and industrial | $ | 116,864 | $ | 115,234 | $ | 125,508 | $ | 118,821 | $ | 117,207 | |||||
Agriculture | 11,568 | 11,203 | 11,480 | 12,081 | 12,304 | ||||||||||
Municipal | 15,733 | 12,596 | 11,190 | 28,842 | 31,530 | ||||||||||
Total Commercial | 144,165 | 139,033 | 148,178 | 159,744 | 161,041 | ||||||||||
Commercial Real Estate: | |||||||||||||||
Commercial real estate | 551,641 | 541,577 | 544,171 | 546,257 | 536,209 | ||||||||||
Construction and development | 79,377 | 60,952 | 70,540 | 63,375 | 81,701 | ||||||||||
Total Commercial Real Estate | 631,018 | 602,529 | 614,711 | 609,632 | 617,910 | ||||||||||
Residential real estate: | |||||||||||||||
Residential | 271,643 | 269,954 | 270,944 | 274,300 | 274,453 | ||||||||||
Construction and development | 28,959 | 34,655 | 36,129 | 34,158 | 33,960 | ||||||||||
HELOC | 36,887 | 36,734 | 33,838 | 31,357 | 29,766 | ||||||||||
Total Residential Real Estate | 337,489 | 341,343 | 340,911 | 339,815 | 338,179 | ||||||||||
Consumer installment | 5,060 | 4,770 | 4,423 | 4,867 | 4,357 | ||||||||||
Subtotals - Gross loans | 1,117,732 | 1,087,675 | 1,108,223 | 1,114,058 | 1,121,487 | ||||||||||
Loans in process of disbursement | (27,791 | ) | (17,836 | ) | (21,484 | ) | (20,839 | ) | (31,359 | ) | |||||
Subtotals - Disbursed loans | 1,089,941 | 1,069,839 | 1,086,739 | 1,093,219 | 1,090,128 | ||||||||||
Net deferred loan costs | 605 | 733 | 702 | 669 | 649 | ||||||||||
Allowance for credit losses | (12,342 | ) | (12,598 | ) | (12,597 | ) | (12,494 | ) | (12,302 | ) | |||||
Total loans receivable | $ | 1,078,204 | $ | 1,057,974 | $ | 1,074,844 | $ | 1,081,394 | $ | 1,078,475 | |||||
PSB Holding, Inc. | ||||||||||||||||||||||||
Selected Commercial Real Estate Loans by Purpose | ||||||||||||||||||||||||
Dec 31, | Sept 30, | June 30, | Mar 31, | Dec 31, | ||||||||||||||||||||
(dollars in thousands) | 2024 | 2024 | 2024 | 2024 | 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 | $ | 140,087 | 14.0 | % | $ | 140,307 | 14.7 | % | $ | 146,873 | 15.2 | % | $ | 142,001 | 14.4 | % | $ | 132,386 | 13.2 | % | ||||
Industrial and Warehousing | 88,297 | 8.8 | 86,818 | 9.1 | 86,025 | 8.9 | 85,409 | 8.6 | 83,817 | 8.3 | ||||||||||||||
Retail | 33,991 | 3.4 | 33,020 | 3.5 | 34,846 | 3.6 | 33,177 | 3.4 | 35,419 | 3.5 | ||||||||||||||
Hotels | 31,101 | 3.1 | 31,611 | 3.3 | 34,613 | 3.6 | 35,105 | 3.6 | 36,100 | 3.6 | ||||||||||||||
Office | 6,234 | 0.6 | 6,378 | 0.7 | 6,518 | 0.7 | 6,655 | 0.7 | 6,701 | 0.7 | ||||||||||||||
(1) Percentage of commercial and commercial real estate portfolio and commitments. | ||||||||||||||||||||||||
PSB Holdings, Inc. | ||||||||||||||||||||
Deposit Composition | ||||||||||||||||||||
Insured and Collateralized Deposits | December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||||
(dollars in thousands) | 2024 | 2024 | 2024 | 2024 | 2023 | |||||||||||||||
$ | % | $ | % | $ | % | $ | % | $ | % | |||||||||||
Non-interest bearing demand | $ | 204,167 | 17.8 | % | $ | 210,534 | 18.5 | % | $ | 202,343 | 17.5 | % | $ | 199,076 | 17.8 | % | $ | 197,571 | 17.3 | % |
Interest-bearing demand and savings | 315,900 | 27.6 | % | 305,631 | 26.8 | % | 304,392 | 26.5 | % | 318,673 | 28.7 | % | 317,984 | 27.8 | % | |||||
Money market deposits | 141,024 | 12.3 | % | 138,376 | 12.2 | % | 137,637 | 12.0 | % | 143,167 | 12.9 | % | 142,887 | 12.5 | % | |||||
Retail and local time deposits <= | 155,099 | 13.5 | % | 155,988 | 13.7 | % | 149,298 | 13.0 | % | 148,404 | 13.3 | % | 149,145 | 13.1 | % | |||||
Total core deposits | 816,190 | 71.2 | % | 810,529 | 71.2 | % | 793,670 | 69.0 | % | 809,320 | 72.7 | % | 807,587 | 70.7 | % | |||||
Retail and local time deposits > | 25,500 | 2.2 | % | 23,500 | 2.1 | % | 22,500 | 2.0 | % | 24,508 | 2.3 | % | 23,000 | 2.0 | % | |||||
Broker & national time deposits <= | 1,241 | 0.1 | % | 1,241 | 0.1 | % | 1,490 | 0.1 | % | 2,229 | 0.2 | % | 3,470 | 0.3 | % | |||||
Broker & national time deposits > | 56,164 | 4.9 | % | 56,164 | 4.9 | % | 56,328 | 4.9 | % | 61,752 | 5.5 | % | 70,020 | 6.1 | % | |||||
Totals | $ | 899,095 | 78.4 | % | $ | 891,434 | 78.3 | % | $ | 873,988 | 76.0 | % | $ | 897,809 | 80.7 | % | $ | 904,077 | 79.1 | % |
PSB Holdings, Inc. | ||||||||||||||||||||
Deposit Composition | ||||||||||||||||||||
Uninsured Deposits | December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||||
(dollars in thousands) | 2024 | 2024 | 2024 | 2024 | 2023 | |||||||||||||||
$ | % | $ | % | $ | % | $ | % | $ | % | |||||||||||
Non-interest bearing demand | $ | 55,348 | 4.8 | % | $ | 54,544 | 4.8 | % | $ | 48,092 | 4.1 | % | $ | 48,532 | 4.4 | % | $ | 69,258 | 6.1 | % |
Interest-bearing demand and savings | 20,934 | 1.8 | % | 18,317 | 1.6 | % | 32,674 | 2.8 | % | 20,535 | 1.8 | % | 20,316 | 1.8 | % | |||||
Money market deposits | 153,334 | 13.4 | % | 157,489 | 13.8 | % | 177,954 | 15.4 | % | 124,766 | 11.2 | % | 124,518 | 10.9 | % | |||||
Retail and local time deposits <= | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | |||||
Total core deposits | 229,616 | 20.0 | % | 230,350 | 20.2 | % | 258,720 | 22.3 | % | 193,833 | 17.4 | % | 214,092 | 18.8 | % | |||||
Retail and local time deposits > | 18,638 | 1.6 | % | 17,329 | 1.5 | % | 19,613 | 1.7 | % | 21,710 | 1.9 | % | 23,633 | 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 | $ | 248,254 | 21.6 | % | $ | 247,679 | 21.7 | % | $ | 278,333 | 24.0 | % | $ | 215,543 | 19.3 | % | $ | 237,725 | 20.9 | % |
PSB Holdings, Inc. | ||||||||||||||||||||
Deposit Composition | ||||||||||||||||||||
Total Deposits | December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||||
(dollars in thousands) | 2024 | 2024 | 2024 | 2024 | 2023 | |||||||||||||||
$ | % | $ | % | $ | % | $ | % | $ | % | |||||||||||
Non-interest bearing demand | $ | 259,515 | 22.6 | % | $ | 265,078 | 23.3 | % | $ | 250,435 | 21.6 | % | $ | 247,608 | 22.2 | % | $ | 266,829 | 23.4 | % |
Interest-bearing demand and savings | 336,834 | 29.4 | % | 323,948 | 28.4 | % | 337,066 | 29.3 | % | 339,208 | 30.5 | % | 338,300 | 29.6 | % | |||||
Money market deposits | 294,358 | 25.7 | % | 295,865 | 26.0 | % | 315,591 | 27.4 | % | 267,933 | 24.1 | % | 267,405 | 23.4 | % | |||||
Retail and local time deposits <= | 155,099 | 13.5 | % | 155,988 | 13.7 | % | 149,298 | 13.0 | % | 148,404 | 13.3 | % | 149,145 | 13.1 | % | |||||
Total core deposits | 1,045,806 | 91.2 | % | 1,040,879 | 91.4 | % | 1,052,390 | 91.3 | % | 1,003,153 | 90.1 | % | 1,021,679 | 89.5 | % | |||||
Retail and local time deposits > | 44,138 | 3.8 | % | 40,829 | 3.6 | % | 42,113 | 3.7 | % | 46,218 | 4.2 | % | 46,633 | 4.1 | % | |||||
Broker & national time deposits <= | 1,241 | 0.1 | % | 1,241 | 0.1 | % | 1,490 | 0.1 | % | 2,229 | 0.2 | % | 3,470 | 0.3 | % | |||||
Broker & national time deposits > | 56,164 | 4.9 | % | 56,164 | 4.9 | % | 56,328 | 4.9 | % | 61,752 | 5.5 | % | 70,020 | 6.1 | % | |||||
Totals | $ | 1,147,349 | 100.0 | % | $ | 1,139,113 | 100.0 | % | $ | 1,152,321 | 100.0 | % | $ | 1,113,352 | 100.0 | % | $ | 1,141,802 | 100.0 | % |
PSB Holdings, Inc. | |||||||||||||||||||||||
Average Balances ( | |||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Quarter ended December 31, 2024 | Quarter ended September 30, 2024 | Quarter ended December 31, 2023 | |||||||||||||||||||||
Average | Yield / | Average | Yield / | Average | Yield / | ||||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | |||||||||||||||
Assets | |||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||
Loans (1)(2) | $ | 1,077,242 | $ | 15,693 | 5.80 | % | $ | 1,079,393 | $ | 15,674 | 5.78 | % | $ | 1,094,152 | $ | 14,974 | 5.43 | % | |||||
Taxable securities | 194,272 | 1,545 | 3.16 | % | 177,520 | 1,345 | 3.01 | % | 167,366 | 1,147 | 2.72 | % | |||||||||||
Tax-exempt securities (2) | 79,475 | 661 | 3.31 | % | 79,472 | 661 | 3.31 | % | 80,922 | 673 | 3.30 | % | |||||||||||
FHLB stock | 8,825 | 227 | 10.23 | % | 8,825 | 176 | 7.93 | % | 6,373 | 158 | 9.84 | % | |||||||||||
Other | 58,405 | 721 | 4.91 | % | 36,680 | 523 | 5.67 | % | 11,846 | 162 | 5.43 | % | |||||||||||
Total (2) | 1,418,219 | 18,847 | 5.29 | % | 1,381,890 | 18,379 | 5.29 | % | 1,360,659 | 17,114 | 4.99 | % | |||||||||||
Non-interest-earning assets: | |||||||||||||||||||||||
Cash and due from banks | 15,500 | 17,162 | 16,243 | ||||||||||||||||||||
Premises and equipment, | |||||||||||||||||||||||
net | 14,001 | 14,216 | 13,243 | ||||||||||||||||||||
Cash surrender value ins | 24,625 | 24,458 | 23,990 | ||||||||||||||||||||
Other assets | 20,090 | 20,485 | 22,406 | ||||||||||||||||||||
Allowance for credit | |||||||||||||||||||||||
losses | (12,623 | ) | (12,598 | ) | (12,301 | ) | |||||||||||||||||
Total | $ | 1,479,812 | $ | 1,445,613 | $ | 1,424,240 | |||||||||||||||||
Liabilities & stockholders' equity | |||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||
Savings and demand | |||||||||||||||||||||||
deposits | $ | 319,777 | $ | 1,479 | 1.84 | % | $ | 323,841 | $ | 1,515 | 1.86 | % | $ | 327,036 | $ | 1,296 | 1.57 | % | |||||
Money market deposits | 304,897 | 1,961 | 2.56 | % | 277,884 | 1,876 | 2.69 | % | 272,087 | 1,820 | 2.65 | % | |||||||||||
Time deposits | 256,201 | 2,587 | 4.02 | % | 247,296 | 2,514 | 4.04 | % | 273,332 | 2,410 | 3.50 | % | |||||||||||
FHLB borrowings | 170,701 | 1,890 | 4.40 | % | 182,414 | 2,038 | 4.44 | % | 133,560 | 1,349 | 4.01 | % | |||||||||||
Other borrowings | 6,848 | 57 | 3.31 | % | 6,702 | 57 | 3.38 | % | 6,999 | 54 | 3.06 | % | |||||||||||
Senior sub. notes | 4,780 | 59 | 4.91 | % | 4,779 | 59 | 4.91 | % | 4,773 | 59 | 4.90 | % | |||||||||||
Junior sub. debentures | 13,011 | 252 | 7.71 | % | 12,985 | 252 | 7.72 | % | 12,909 | 254 | 7.81 | % | |||||||||||
Total | 1,076,215 | 8,285 | 3.06 | % | 1,055,901 | 8,311 | 3.13 | % | 1,030,696 | 7,242 | 2.79 | % | |||||||||||
Non-interest-bearing liabilities: | |||||||||||||||||||||||
Demand deposits | 270,575 | 261,833 | 275,944 | ||||||||||||||||||||
Other liabilities | 14,626 | 13,421 | 12,540 | ||||||||||||||||||||
Stockholders' equity | 118,396 | 114,458 | 105,060 | ||||||||||||||||||||
Total | $ | 1,479,812 | $ | 1,445,613 | $ | 1,424,240 | |||||||||||||||||
Net interest income | $ | 10,562 | $ | 10,068 | $ | 9,872 | |||||||||||||||||
Rate spread | 2.23 | % | 2.16 | % | 2.20 | % | |||||||||||||||||
Net yield on interest-earning assets | 2.96 | % | 2.90 | % | 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) | |||||||||||||||||
Year ended December 31, 2024 | Year ended December 31, 2023 | ||||||||||||||||
Average | Yield/ | Average | Yield/ | ||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||
Assets | |||||||||||||||||
Interest-earning assets: | |||||||||||||||||
Loans (1)(2) | $ | 1,087,816 | $ | 62,085 | 5.71 | % | $ | 1,043,144 | $ | 53,824 | 5.16 | % | |||||
Taxable securities | 179,074 | 5,382 | 3.01 | % | 183,984 | 4,919 | 2.67 | % | |||||||||
Tax-exempt securities (2) | 79,735 | 2,647 | 3.32 | % | 81,481 | 2,705 | 3.32 | % | |||||||||
FHLB stock | 8,024 | 750 | 9.35 | % | 5,304 | 386 | 7.28 | % | |||||||||
Other | 29,153 | 1,505 | 5.16 | % | 9,073 | 465 | 5.13 | % | |||||||||
Total (2) | 1,383,802 | 72,369 | 5.23 | % | 1,322,986 | 62,299 | 4.71 | % | |||||||||
Non-interest-earning assets: | |||||||||||||||||
Cash and due from banks | 16,841 | 17,110 | |||||||||||||||
Premises and equipment, net | 13,834 | 13,294 | |||||||||||||||
Cash surrender value ins | 24,382 | 24,331 | |||||||||||||||
Other assets | 20,911 | 23,136 | |||||||||||||||
Allowance for credit losses | (12,528 | ) | (12,079 | ) | |||||||||||||
Total | $ | 1,447,242 | $ | 1,388,778 | |||||||||||||
Liabilities & stockholders' equity | |||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||
Savings and demand deposits | $ | 331,411 | $ | 6,133 | 1.85 | % | $ | 344,906 | $ | 4,582 | 1.33 | % | |||||
Money market deposits | 281,828 | 7,569 | 2.69 | % | 249,079 | 5,328 | 2.14 | % | |||||||||
Time deposits | 256,265 | 10,150 | 3.96 | % | 261,595 | 7,083 | 2.71 | % | |||||||||
FHLB borrowings | 167,708 | 7,238 | 4.32 | % | 116,282 | 4,417 | 3.80 | % | |||||||||
Other borrowings | 7,241 | 232 | 3.20 | % | 7,061 | 215 | 3.04 | % | |||||||||
Senior sub. notes | 4,778 | 235 | 4.92 | % | 4,927 | 238 | 4.83 | % | |||||||||
Junior sub. debentures | 12,972 | 1,010 | 7.79 | % | 12,870 | 985 | 7.65 | % | |||||||||
Total | 1,062,203 | 32,567 | 3.07 | % | 996,720 | 22,848 | 2.29 | % | |||||||||
Non-interest-bearing liabilities: | |||||||||||||||||
Demand deposits | 258,173 | 274,273 | |||||||||||||||
Other liabilities | 13,475 | 12,397 | |||||||||||||||
Stockholders' equity | 113,391 | 105,388 | |||||||||||||||
Total | $ | 1,447,242 | $ | 1,388,778 | |||||||||||||
Net interest income | $ | 39,802 | $ | 39,451 | |||||||||||||
Rate spread | 2.16 | % | 2.42 | % | |||||||||||||
Net yield on interest-earning assets | 2.88 | % | 2.98 | % | |||||||||||||
(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 | |||||||||||||||||
Investor Relations Contact
PSB Holdings, Inc.
1905 Stewart Avenue
Wausau, WI 54401
888.929.9902
InvestorRelations@bankpeoples.com
