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PSB Holdings, Inc. Reports Second Quarter 2024 Earnings of $0.56 Per Share, Net Interest Margin and Tangible Book Value Increase

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PSB Holdings, Inc. (OTCQX: PSBQ) reported second quarter 2024 earnings of $0.56 per share on net income of $2.3 million. Key highlights include:

- Net interest income increased to $9.4 million, with net interest margin expanding to 2.84%
- Noninterest income rose to $1.9 million, up from $1.0 million in Q1
- Tangible book value per share increased to $24.55
- Loans decreased by $6.6 million to $1.07 billion
- Deposits grew by $39.0 million to $1.15 billion
- Return on tangible common equity was 9.34%

The company saw improvements in net interest margin, operating expenses, and tangible book value. Management expects continued growth and increased earnings if interest rates remain stable or decline through 2024.

PSB Holdings, Inc. (OTCQX: PSBQ) ha riportato un utile del secondo trimestre 2024 di $0,56 per azione su un reddito netto di $2,3 milioni. I punti salienti includono:

- Il reddito da interessi netti è aumentato a $9,4 milioni, con un margine di interesse netto che si espande al 2,84%
- Il reddito non da interessi è salito a $1,9 milioni, rispetto a $1,0 milione nel Q1
- Il valore contabile tangibile per azione è aumentato a $24,55
- I prestiti sono diminuiti di $6,6 milioni a $1,07 miliardi
- I depositi sono cresciuti di $39,0 milioni a $1,15 miliardi
- Il rendimento del capitale comune tangibile è stato del 9,34%

La società ha registrato miglioramenti nel margine di interesse netto, nelle spese operative e nel valore contabile tangibile. La direzione prevede una continua crescita e un aumento degli utili se i tassi di interesse rimarranno stabili o diminuiranno nel 2024.

PSB Holdings, Inc. (OTCQX: PSBQ) reportó ganancias del segundo trimestre de 2024 de $0.56 por acción sobre un ingreso neto de $2.3 millones. Los aspectos destacados incluyen:

- Los ingresos por intereses netos aumentaron a $9.4 millones, con un margen de interés neto que se expande al 2.84%
- Los ingresos no por intereses subieron a $1.9 millones, desde $1.0 millón en el primer trimestre
- El valor contable tangible por acción aumentó a $24.55
- Los préstamos disminuyeron en $6.6 millones a $1.07 mil millones
- Los depósitos crecieron en $39.0 millones a $1.15 mil millones
- El rendimiento del capital común tangible fue del 9.34%

La empresa vio mejoras en el margen de interés neto, los gastos operativos y el valor contable tangible. La dirección espera un crecimiento continuo y un aumento de las ganancias si las tasas de interés se mantienen estables o disminuyen durante 2024.

PSB 홀딩스, Inc. (OTCQX: PSBQ)는 2024년 2분기 주당 $0.56의 수익을 순이익 $2.3 백만과 함께 보고했습니다. 주요 하이라이트는 다음과 같습니다:

- 순이자 수익이 $9.4 백만으로 증가하고 순이자 마진이 2.84%로 확대됨
- 비이자 수익이 $1.9 백만으로 증가하여 1분기 $1.0 백만에서 상승
- 주당 tangible book value(유형 자산의 회계 가치)가 $24.55로 증가
- 대출이 $6.6 백만 감소하여 $1.07 billion
- 예금이 $39.0 백만 증가하여 $1.15 billion
- 유형 자본의 수익률은 9.34% 였습니다.

회사는 순이자 마진, 운영 비용 및 유형 자산의 가치에서 개선을 보았습니다. 관리 팀은 2024년 동안 금리가 안정되거나 하락할 경우 지속적인 성장과 증가한 수익을 전망하고 있습니다.

PSB Holdings, Inc. (OTCQX: PSBQ) a annoncé un bénéfice du deuxième trimestre 2024 de 0,56 $ par action sur un bénéfice net de 2,3 millions de dollars. Les points clés comprennent :

- Le revenu d'intérêts net a augmenté à 9,4 millions de dollars, avec une marge d'intérêt nette étendue à 2,84%
- Le revenu hors intérêt a augmenté à 1,9 million de dollars, contre 1,0 million de dollars au premier trimestre
- La valeur comptable tangible par action a augmenté à 24,55 $
- Les prêts ont diminué de 6,6 millions de dollars pour atteindre 1,07 milliard de dollars
- Les dépôts ont augmenté de 39,0 millions de dollars pour atteindre 1,15 milliard de dollars
- Le rendement sur les capitaux propres tangibles était de 9,34 %

L'entreprise a observé des améliorations de la marge d'intérêt nette, des dépenses opérationnelles et de la valeur comptable tangible. La direction attend une croissance continue et des bénéfices accrus si les taux d'intérêt demeurent stables ou diminuent d'ici 2024.

PSB Holdings, Inc. (OTCQX: PSBQ) berichtete im zweiten Quartal 2024 einen Gewinn von $0,56 pro Aktie bei einem Nettogewinn von $2,3 Millionen. Wichtige Höhepunkte sind:

- Die Zinserträge stiegen auf $9,4 Millionen, bei einem sich auf 2,84% ausdehnenden Nettozinsertrag
- Die Erträge aus nichtzinsabhängigen Geschäften stiegen auf $1,9 Millionen, im Vergleich zu $1,0 Millionen im ersten Quartal
- Der tangible Buchwert pro Aktie erhöhte sich auf $24,55
- Die Kredite sanken um $6,6 Millionen auf $1,07 Milliarden
- Die Einlagen wuchsen um $39,0 Millionen auf $1,15 Milliarden
- Die Rendite auf das tangible Eigenkapital betrug 9,34%

Das Unternehmen verzeichnete Verbesserungen im Nettozinsertrag, bei den Betriebskosten und im tangible Buchwert. Das Management erwartet ein anhaltendes Wachstum und steigende Gewinne, sofern die Zinssätze stabil bleiben oder bis 2024 sinken.

Positive
  • Earnings per share increased to $0.56 from $0.39 in Q1 2024
  • Net interest income rose to $9.4 million, with net interest margin expanding to 2.84%
  • Noninterest income increased to $1.9 million from $1.0 million in Q1
  • Tangible book value per share grew to $24.55, up 8.4% year-over-year
  • Total deposits increased by $39.0 million to $1.15 billion
  • Return on tangible common equity improved to 9.34% from 6.57% in Q1
Negative
  • Loans decreased by $6.6 million to $1.07 billion
  • Non-performing assets slightly increased to 0.84% of total assets from 0.83% in Q1
  • Uninsured and uncollateralized deposits rose to 24.0% of total deposits from 19.3% in Q1
  • FHLB advances increased to $184.9 million from $158.3 million in Q1
  • Tangible stockholder equity as a percent of total tangible assets decreased to 7.32% from 7.60% in Q1

WAUSAU, Wis., July 22, 2024 (GLOBE NEWSWIRE) -- PSB Holdings, Inc. (“PSB”) (OTCQX: PSBQ), the holding company for Peoples State Bank (“Peoples”) serving Northcentral and Southeastern Wisconsin reported second quarter earnings ending June 30, 2024 of $0.56 per common share on net income of $2.3 million, compared to $0.39 per common share on net income of $1.6 million during the first quarter ending March 31, 2024, and $0.64 per common share on net income of $2.7 million during the second quarter ending June 30, 2023.

PSB’s second quarter 2024 operating results reflected the following changes from the first quarter of 2024: (1) higher net interest income as asset yields increased 9 basis points while funding costs increased only 6 basis points; (2) higher non-interest income due primarily to no losses on the sale of investment securities during the current quarter and higher mortgage banking income; and (3) an increase in the effective tax rate to 14.4% from 8.9% the previous quarter.

“During the second quarter of 2024, we started seeing some positive developments in our operation that should translate to improved profitability in future quarters. Our net interest margin has started to expand, operating expenses excluding severance charges declined, and we are hopeful to return some non-performing assets to performing assets by the end of 2024. Should interest rates remain stable or decline through the remainder of 2024, we expect to see continued growth in our tangible book value and increased earnings,” stated Scott Cattanach, President and CEO.

June 30, 2024, Highlights:

  • Net interest income increased to $9.4 million for the quarter ended June 30, 2024, from $9.3 million for the quarter ended March 31, 2024, as increases in asset and loan yields outpaced the increases in funding costs.
  • Noninterest income increased to $1.9 million for the quarter ended June 30, 2024, compared to $1.0 million the prior quarter. The prior quarter reflected a loss on the sale of investment securities as the Company repositioned the investment portfolio into higher yielding investments. The increase in non-interest income also reflected an increase in mortgage banking income and investment and insurance sales commissions.
  • Noninterest expenses increased nominally during the quarter ended June 30, 2024, reflecting slight increases in salary and benefit expenses. Included in salary and benefit expenses for the second quarter were severance expenses totaling approximately $404,000.
  • Tangible book value per common share increased to $24.55 at June 30, 2024, compared to $24.21 one quarter earlier and $22.64 at June 30, 2023. During the second quarter ended June 30, 2024, tangible book value per share was positively influenced by net income, intangible asset amortization, and stock repurchase activity offset by dividend payments.
  • Loans decreased $6.6 million in the second quarter ended June 30, 2024, to $1.07 billion largely due to the repayment of a $17 million, low yielding municipal loan. Allowance for credit losses increased to 1.16% of gross loans.
  • Total deposits increased $39.0 million during the quarter ended June 30, 2024, to $1.15 billion, though a large portion of the increase was attributable to an overnight deposit at June 30, 2024 by one depositor that has since drawn down the balance. Meanwhile, deposit expenses decreased $244,000 as the Bank increased the level of non-interest bearing deposits and replaced higher costing brokered deposits with money market deposits.
  • Return on tangible common equity was 9.34% for the quarter ended June 30, 2024, compared to 6.57% the prior quarter and 11.23% one year earlier.

Balance Sheet and Asset Quality Review

Total assets increased $67.1 million to $1.49 billion at June 30, 2024. Cash and cash equivalents increased $70.1 million, to $86.0 million at June 30, 2024, compared to $15.9 million the previous quarter. The higher cash and cash equivalent level primarily reflects a large customer overnight deposit of approximately $49 million at June 30, 2024, since withdrawn. Investment securities available for sale decreased $389,000 to $165.2 million at June 30, 2024, from $165.6 million one quarter earlier. Total collateralized liquidity available to meet cash demands was approximately $352 million at June 30, 2024, with an additional $328 million that could be raised in a short time frame from the brokered CDs market.

Total loans receivable decreased $6.6 million to $1.07 billion at June 30, 2024, due primarily to the repayment of a low yielding municipal commercial loan of approximately $17 million. Commercial non-real estate loans decreased $11.6 million to $148.2 million at June 30, 2024, from $159.7 million one quarter earlier. Meanwhile, commercial real estate loans increased $5.1 million to $614.7 million at June 30, 2024, from $609.6 million the prior quarter. Residential real estate loans increased slightly from the prior quarter to $340.9 million from $339.8 million. The loan portfolio remains well diversified with commercial real estate loans totaling 55.5% of gross loans followed by residential real estate loans at 30.7% of gross loans, commercial non-real estate loans at 13.4% and consumer loans at 0.4%.

The allowance for credit losses increased slightly to 1.16% of gross loans at June 30, 2024, from 1.14% the prior quarter. Annualized net charge-offs to average loans were zero for the last four quarters ending June 30, 2024, compared to net recoveries of 0.07% one year earlier. Non-performing assets totaled 0.84% of total assets at June 30, 2024, compared to 0.83% at March 31, 2024. For the sixth consecutive quarter, the Bank did not own any foreclosed real estate.

Total deposits increased $39.0 million to $1.15 billion at June 30, 2024, from $1.11 billion at March 31, 2024. The increase in deposits reflects a $47.7 million increase in money market deposits and a $2.8 million increase in non-interest bearing deposits partially offset by a $3.2 million decrease in retail and local time deposits, a $2.1 million decrease in interest bearing demand and savings deposits and a $6.2 million reduction in broker and national time deposits. The increase in money market deposits reflected a deposit of approximately $49 million towards the end of the second quarter of 2024 by an existing business customer. These deposits were drawn down in the third quarter of 2024.

The composition of funding sources changed during the second quarter of 2024 as management relied less on brokered and national time deposits. At June 30, 2024, money market deposits and retail time deposits increased to 44.1% of deposits, compared to 41.6% at March 31, 2024. Uninsured and uncollateralized deposits increased to 24.0% of total deposits at June 30, 2024, from 19.3% of total deposits at March 31, 2024. FHLB advances increased to $184.9 million at June 30, 2024, compared to $158.3 million at March 31, 2024. FHLB advances were used to fund repayment of certain brokered deposit maturities and supplement local deposit changes.

Tangible stockholder equity as a percent of total tangible assets was 7.32% at June 30, 2024, compared to 7.60% at March 31, 2024, and 7.22% at June 30, 2023.

Tangible net book value per common share increased $1.91, to $24.55, at June 30, 2024, compared to $22.64 one year earlier, an increase of 8.4%. Additionally, total dividends of $0.62 were paid to shareholders. Relative to the prior quarter, tangible net book value per common share increased $0.24 due to continued earnings. The accumulated other comprehensive loss on the investment portfolio was $20.5 million at June 30, 2024, compared to $20.8 million one quarter earlier.

Operations Review

Net interest income increased to $9.4 million (on a net margin of 2.84%) for the second quarter of 2024, from $9.3 million (on a net margin of 2.80%) for the first quarter of 2024, and decreased from $9.5 million (on a net margin of 2.98%) for the second quarter of 2023. Earning asset yields increased 9 basis points to 5.21% during the second quarter of 2024 from 5.12% during the first quarter of 2024, while interest bearing deposit and borrowing costs increased only 6 basis points to 3.06% compared to 3.00% during the first quarter of 2024.

The increase in earning asset yields was primarily due to higher yields on loan originations, renewals and the repayment of a low yielding municipal loan during the quarter. Loan yields increased during the second quarter of 2024 to 5.67% from 5.59% for the first quarter of 2024, up 8 basis points. Taxable security yields were 3.02% for the quarter ended June 30, 2024, compared to 2.80% for the quarter ended March 31, 2024, up 22 basis points.

The cost of all deposits was 2.11% for the quarter ended June 30, 2024, compared to 2.15% the prior quarter, down 4 basis points while the overall cost of funds increased 6 basis points from 3.00% to 3.06% during the same time period. Deposit costs for savings and demand deposits decreased during the quarter ended June 30, 2024, to 1.78% from 1.92% the prior quarter. During the prior quarter, the Company accepted seasonally high yield municipal deposits which have now been drawn down. The cost of money market deposits also declined during the second quarter to 2.72% from 2.78% 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 3.97% for the second quarter ended June 30, 2024 from 3.82% the prior quarter. FHLB advance costs rose to 4.28% during the second quarter ended June 30, 2024, from 4.08% the prior quarter.

Total noninterest income increased for the second quarter of 2024 to $1.91 million, from $1.04 million for the first quarter of 2024. The first quarter reflected investment restructuring activity resulting in a loss on the sale of investment securities of $495,000. There were no restructuring activities in the second quarter that resulted in security losses. Mortgage banking income increased by $125,000 to $433,000 in the June 30, 2024 quarter. At June 30, 2024, the Bank serviced $369.4 million in secondary market residential mortgage loans for others which provides fee income.

Noninterest expenses increased slightly to $8.4 million for the second quarter of 2024, compared to $8.3 million for the first quarter of 2024. The second quarter ended June 30, 2024, reflected slightly higher salary and benefit expenses and higher advertising and promotion expenses. The salary and benefit expenses included approximately $404,000 in severance costs.

Taxes increased $241,000 during the second quarter to $410,000, from $169,000 one quarter earlier. The increase generally reflects higher pre-tax income. The effective tax rate for the quarter ended June 30, 2024, was 14.3% compared to 8.9% for the first quarter ended March 31, 2024, and 18.8% for the second quarter ended June 30, 2023.

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     
June 30, and March 31, 2024, September 30, and June 30, 2023, unaudited, December 31, 2023 derived from audited financial statements
      
 Jun. 30,Mar. 31,Dec. 31,Sep. 30,Jun. 30,
(dollars in thousands, except per share data) 2024  2024  2023  2023  2023 
      
Assets     
      
Cash and due from banks$16,475 $13,340 $20,887 $12,881 $27,409 
Interest-bearing deposits 251  105  1,431  668  892 
Federal funds sold 69,249  2,439  5,462  7,764  16,138 
      
Cash and cash equivalents 85,975  15,884  27,780  21,313  44,439 
Securities available for sale (at fair value) 165,177  165,566  164,024  160,883  167,382 
Securities held to maturity (fair values of $79,993, $81,234, $82,514, $75,236 and  $81,489  respectively) 86,825  87,104  87,081  86,908  87,335 
Equity securities 1,661  1,474  1,474  2,273  2,178 
Loans held for sale 2,268  865  230  971  151 
Loans receivable, net (allowance for credit losses of $12,597, $12,494, $12,302$12,267 and $11,922 respectively) 1,074,844  1,081,394  1,078,475  1,098,019  1,048,322 
Accrued interest receivable 5,046  5,467  5,136  4,716  4,274 
Foreclosed assets -  -  -  -  - 
Premises and equipment, net 14,048  13,427  13,098  13,242  13,256 
Mortgage servicing rights, net 1,688  1,657  1,664  1,684  1,666 
Federal Home Loan Bank stock (at cost) 8,825  7,006  6,373  6,373  6,359 
Cash surrender value of bank-owned life insurance 24,401  24,242  24,085  23,931  23,776 
Core deposit intangible 229  249  273  297  321 
Goodwill 2,541  2,541  2,541  2,541  2,541 
Other assets 12,111  11,682  11,866  14,094  14,933 
      
TOTAL ASSETS$1,485,639 $1,418,558 $1,424,100 $1,437,245 $1,416,933 
      
Liabilities     
      
Non-interest-bearing deposits$250,435 $247,608 $266,829 $288,765 $282,153 
Interest-bearing deposits 901,886  865,744  874,973  883,474  860,981 
      
Total deposits 1,152,321  1,113,352  1,141,802  1,172,239  1,143,134 
      
Federal Home Loan Bank advances 184,900  158,250  134,000  128,000  133,000 
Other borrowings 5,775  8,096  8,058  5,660  5,730 
Senior subordinated notes 4,778  4,776  4,774  4,772  4,771 
Junior subordinated debentures 12,972  12,947  12,921  12,896  12,870 
Allowance for credit losses on unfunded commitments 477  477  577  512  712 
Accrued expenses and other liabilities 13,069  10,247  12,681  10,258  11,783 
      
Total liabilities 1,374,292  1,308,145  1,314,813  1,334,337  1,312,000 
      
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 - 4,128,382, 4,147,649, 4,164,735, 4,174,197 and 4,190,252 shares, respectively 1,830  1,830  1,830  1,830  1,830 
Additional paid-in capital 8,527  8,466  8,460  8,421  8,382 
Retained earnings 135,276  134,271  132,666  131,624  130,396 
Accumulated other comprehensive income (loss), net of tax (20,503) (20,775) (20,689) (26,190) (23,240)
Treasury stock, at cost - 1,362,416, 1,343,149, 1,326,063, 1,316,601 and 1,300,546 shares, respectively (20,983) (20,579) (20,180) (19,977) (19,635)
      
Total stockholders' equity 111,347  110,413  109,287  102,908  104,933 
      
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$1,485,639 $1,418,558 $1,424,100 $1,437,245 $1,416,933 
      


PSB Holdings, Inc.        
Consolidated Statements of Income        
                     Quarter Ended  Six Months Ended
(dollars in thousands,Jun. 30,Mar. 31,Dec. 31,Sep. 30,Jun. 30, June
except per share data - unaudited) 2024 2024  2023  2023 2023   2024  2023 
         
Interest and dividend income:        
   Loans, including fees$15,433$15,109 $14,888 $14,263$12,709  $30,542 $24,482 
   Securities:        
      Taxable 1,295 1,197  1,147  1,114 1,327   2,492  2,658 
      Tax-exempt 521 526  532  533 535   1,047  1,072 
   Other interest and dividends 265 343  320  238 145   608  293 
         
         Total interest and dividend income 17,514 17,175  16,887  16,148 14,716   34,689  28,505 
         
Interest expense:        
   Deposits 5,838 6,082  5,526  4,817 3,661   11,920  6,650 
   FHLB advances 1,860 1,450  1,349  1,321 1,200   3,310  1,747 
   Other borrowings 58 60  54  51 48   118  110 
   Senior subordinated notes 58 59  59  59 58   117  120 
   Junior subordinated debentures 255 251  254  255 242   506  476 
         
         Total interest expense 8,069 7,902  7,242  6,503 5,209   15,971  9,103 
         
Net interest income 9,445 9,273  9,645  9,645 9,507   18,718  19,402 
Provision for credit losses 100 95  100  150 100   195  200 
         
Net interest income after provision for credit losses 9,345 9,178  9,545  9,495 9,407   18,523  19,202 
         
Noninterest income:        
   Service fees 350 336  360  349 378   686  739 
   Mortgage banking income 433 308  247  345 311   741  636 
   Investment and insurance sales commissions 222 121  100  158 287   343  652 
   Net loss on sale of securities - (495) (297) - (279)  (495) (279)
   Increase in cash surrender value of life insurance 159 157  154  155 149   316  306 
   Life insurance death benefit - -  -  - 533   -  533 
   Other noninterest income 742 617  540  675 605   1,359  1,347 
         
         Total noninterest income 1,906 1,044  1,104  1,682 1,984   2,950  3,934 
         
Noninterest expense:        
   Salaries and employee benefits 5,167 5,123  4,244  4,514 4,884   10,290  9,890 
   Occupancy and facilities 733 721  675  689 698   1,454  1,397 
   Loss (gain) on foreclosed assets - -  1  - 4   -  (46)
   Data processing and other office operations 1,047 1,022  1,001  953 951   2,069  1,831 
   Advertising and promotion 171 129  244  161 166   300  328 
   Core deposit intangible amortization 20 24  24  24 27   44  61 
   Other noninterest expenses 1,257 1,306  1,169  1,113 1,202   2,563  2,275 
         
        Total noninterest expense 8,395 8,325  7,358  7,454 7,932   16,720  15,736 
         
Income before provision for income taxes 2,856 1,897  3,291  3,723 3,459   4,753  7,400 
Provision for income taxes 410 169  878  2,374 652   579  1,593 
         
Net income$2,446$1,728 $2,413 $1,349$2,807  $4,174 $5,807 
Preferred stock dividends declared$122$122 $122 $122$122  $244 $244 
         
Net income available to common shareholders$2,324$1,606 $2,291 $1,227$2,685  $3,930 $5,563 
Basic earnings per common share$0.56$0.39 $0.55 $0.29$0.64  $0.95 $1.31 
Diluted earnings per common share$0.56$0.39 $0.55 $0.29$0.64  $0.95 $1.31 
         


PSB Holdings, Inc.     
Quarterly Financial Summary     
(dollars in thousands, except per share data)Quarter ended
  Jun. 30,Mar. 31,Dec. 31,Sep. 30,Jun. 30,
Earnings and dividends: 2024  2024  2023  2023  2023 
       
 Interest income$17,514 $17,175 $16,887 $16,148 $14,716 
 Interest expense$8,069 $7,902 $7,242 $6,503 $5,209 
 Net interest income$9,445 $9,273 $9,645 $9,645 $9,507 
 Provision for credit losses$100 $95 $100 $150 $100 
 Other noninterest income$1,906 $1,044 $1,104 $1,682 $1,984 
 Other noninterest expense$8,395 $8,325 $7,358 $7,454 $7,932 
 Net income available to common shareholders$2,324 $1,606 $2,291 $1,227 $2,685 
       
 Basic earnings per common share (3)$0.56 $0.39 $0.55 $0.29 $0.64 
 Diluted earnings per common share (3)$0.56 $0.39 $0.55 $0.29 $0.64 
 Dividends declared per common share (3)$0.32 $- $0.30 $- $0.30 
 Tangible net book value per common share (4)$24.55 $24.21 $23.84 $22.25 $22.64 
       
 Semi-annual dividend payout ratio 33.60% n/a  38.14% n/a  27.38%
 Average common shares outstanding 4,139,456  4,154,702  4,168,924  4,186,940  4,218,226 
       
       
Balance sheet - average balances:     
 Loans receivable, net of allowances for credit loss$1,088,013 $1,081,936 $1,081,851 $1,076,158 $1,000,349 
 Assets$1,433,749 $1,429,437 $1,424,240 $1,425,522 $1,367,363 
 Deposits$1,111,240 $1,138,010 $1,148,399 $1,149,624 $1,098,039 
 Stockholders' equity$110,726 $109,473 $105,060 $105,745 $106,762 
       
       
Performance ratios:     
 Return on average assets (1) 0.69% 0.49% 0.67% 0.38% 0.82%
 Return on average common stockholders' equity (1) 9.03% 6.32% 9.29% 4.94% 10.82%
 Return on average tangible common     
   stockholders' equity (1)(4) 9.34% 6.57% 9.64% 5.17% 11.23%
 Net loan charge-offs to average loans (1) 0.00% 0.00% 0.00% 0.00% -0.07%
 Nonperforming loans to gross loans 1.15% 1.08% 0.54% 0.55% 0.60%
 Nonperforming assets to total assets 0.84% 0.83% 0.42% 0.42% 0.45%
 Allowance for credit losses to gross loans 1.16% 1.14% 1.13% 1.10% 1.12%
 Nonperforming assets to tangible equity     
   plus the allowance for credit losses (4) 11.09% 10.59% 5.38% 5.87% 5.96%
 Net interest rate margin (1)(2) 2.84% 2.80% 2.88% 2.88% 2.98%
 Net interest rate spread (1)(2) 2.15% 2.12% 2.20% 2.27% 2.46%
 Service fee revenue as a percent of     
   average demand deposits (1) 0.56% 0.54% 0.52% 0.50% 0.58%
 Noninterest income as a percent     
   of gross revenue 9.81% 5.73% 6.14% 9.43% 11.88%
 Efficiency ratio (2) 72.52% 78.93% 67.04% 64.58% 68.09%
 Noninterest expenses to average assets (1) 2.35% 2.34% 2.05% 2.07% 2.33%
 Average stockholders' equity less accumulated     
   other comprehensive income (loss) to     
   average assets 9.03% 8.98% 8.88% 9.00% 9.33%
 Tangible equity to tangible assets (4) 7.32% 7.60% 7.49% 6.98% 7.22%
       
Stock price information:     
       
 High$21.40 $22.50 $22.30 $22.50 $21.38 
 Low$19.75 $20.05 $20.10 $20.35 $19.75 
 Last trade value at quarter-end$20.40 $21.25 $22.11 $21.15 $20.35 
       
(1) Annualized     
(2) The yield on federally tax-exempt loans and securities is computed on a tax-equivalent basis using a federal tax rate of 21%.
(3) Due to rounding, cumulative quarterly per share performance may not equal annual per share totals. 
(4) Tangible stockholders' equity excludes goodwill and core deposit intangibles.   


PSB Holdings, Inc.     
Consolidated Statements of Comprehensive Income    
         
    Quarter Ended
    Jun. 30,Mar. 31,Dec. 31,Sep. 30,Jun. 30,
(dollars in thousands - unaudited) 2024  2024  2023  2023  2023 
         
Net income$2,446 $1,728 $2,413 $1,349 $2,807 
         
Other comprehensive income, net of tax:     
         
 Unrealized gain (loss) on securities available    
  for sale 184  (615) 5,278  (3,085) (1,186)
         
 Reclassification adjustment for security     
  loss included in net income -  391  280  -  220 
         
 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 89  91  91  91  107 
         
 Unrealized gain (loss) on interest rate swap 39  123  (109) 79  172 
         
 Reclassification adjustment of interest rate     
  swap settlements included in earnings (40) (41) (39) (35) (38)
         
         
Other comprehensive income (loss) 272  (86) 5,501  (2,950) (725)
         
Comprehensive income (loss)$2,718 $1,642 $7,914 $(1,601)$2,082 
         


PSB Holdings, Inc.     
Nonperforming Assets as of:     
 Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,
(dollars in thousands) 2024  2024  2023  2023  2023 
      
Nonaccrual loans (excluding restructured loans)$12,184 $11,498 $5,596 $5,807 $6,000 
Nonaccrual restructured loans 28  30  34  42  50 
Restructured loans not on nonaccrual 299  304  310  256  261 
Accruing loans past due 90 days or more -  -  -  -  - 
      
Total nonperforming loans 12,511  11,832  5,940  6,105  6,311 
Other real estate owned -  -  -  -  - 
      
Total nonperforming assets$12,511 $11,832 $5,940 $6,105 $6,311 
      
Nonperforming loans as a % of gross loans receivable 1.15% 1.08% 0.54% 0.55% 0.60%
Total nonperforming assets as a % of total assets 0.84% 0.83% 0.42% 0.42% 0.45%
Allowance for credit losses as a % of nonperforming loans 100.69% 105.59% 207.10% 200.93% 188.91%
      


PSB Holdings, Inc.   
Nonperforming Assets >= $500,000 net book value before specific reserves  
At June 30, 2024   
(dollars in thousands)   
  GrossSpecific
Collateral DescriptionAsset TypePrincipalReserves
    
Real estate - Buffet Style RestaurantNonaccrual$2,545 $804 
Real estate - Independent Auto RepairNonaccrual 587  - 
Real estate - DealershipNonaccrual 5,053  233 
    
    
Total listed nonperforming assets $8,185 $1,037 
Total bank wide nonperforming assets $12,511 $1,624 
Listed assets as a % of total nonperforming assets  65% 64%
    



PSB Holdings, Inc.      
Loan Composition by Collateral Type      
Quarter-ended (dollars in thousands)Jun 30,
2024
Mar 31,
2024
Dec 31,
2023
Sep 30,
2023
Jun 30,
2023
 
       
Commercial:      
Commercial and industrial$125,508 $118,821 $117,207 $138,299 $145,434  
Agriculture 11,480  12,081  12,304  12,464  13,326  
Municipal 11,190  28,842  31,530  27,186  25,222  
       
Total Commercial 148,178  159,744  161,041  177,949  183,982  
       
Commercial Real Estate:      
Commercial real estate 544,171  546,257  536,209  539,488  490,657  
Construction and development 70,540  63,375  81,701  86,456  99,769  
       
Total Commercial Real Estate 614,711  609,632  617,910  625,944  590,426  
       
Residential real estate:      
Residential 270,944  274,300  274,453  274,632  274,692  
Construction and development 36,129  34,158  33,960  33,141  41,485  
HELOC 33,838  31,357  29,766  29,044  26,220  
       
Total Residential Real Estate 340,911  339,815  338,179  336,817  342,397  
       
Consumer installment 4,423  4,867  4,357  4,350  4,142  
       
Subtotals - Gross loans 1,108,223  1,114,058  1,121,487  1,145,060  1,120,947  
Loans in process of disbursement (21,484) (20,839) (31,359) (35,404) (61,308) 
       
Subtotals - Disbursed loans 1,086,739  1,093,219  1,090,128  1,109,656  1,059,639  
Net deferred loan costs 702  669  649  630  605  
Allowance for credit losses (12,597) (12,494) (12,302) (12,267) (11,922) 
       
Total loans receivable$1,074,844 $1,081,394 $1,078,475 $1,098,019 $1,048,322  
       


PSB Holdings, Inc.              
Selected Commercial Real Estate Loans by Purpose          
 June 30, Mar 31, Dec 31, Sept 30, June 30,
 (dollars in thousands)2024 2024 2023 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$146,87315.2% $142,00114.4% $132,38613.2% $133,46613.3% $119,57312.4%
Industrial and Warehousing 86,0258.9  85,4098.6  83,8178.3  88,9068.9  84,0498.7
Retail 34,8463.6  33,1773.4  35,4193.5  35,2813.5  34,0043.5
Hotels 34,6133.6  35,1053.6  36,1003.6  31,8193.2  33,3293.5
Office 6,5180.7  6,6550.7  6,7010.7  6,7460.7  8,3950.9
               
(1) Percentage of commercial and commercial real estate portfolio and commitments.       


PSB Holdings, Inc.          
Deposit Composition          
           
Insured and Collateralized DepositsJune 30,March 31,December 31,September 30,June 30,
(dollars in thousands) 2024  2024  2023  2023  2023 
 $%$%$%$%$%
           
Non-interest bearing demand$202,34217.5% $199,07717.8% $197,57117.3% $209,13317.8% $201,35117.6% 
Interest-bearing demand and savings 304,39326.5%  318,67228.7%  317,98427.8%  307,62026.3%  310,00627.1% 
Money market deposits 137,63712.0%  143,16712.9%  142,88712.5%  135,91011.6%  126,85111.1% 
Retail and local time deposits <= $250 149,29813.0%  148,40413.3%  149,14513.1%  144,73312.3%  140,57212.3% 
           
Total core deposits 793,67069.0%  809,32072.7%  807,58770.7%  797,39668.0%  778,78068.1% 
Retail and local time deposits > $250 22,5002.0%  24,5082.3%  23,0002.0%  22,7501.9%  20,2501.8% 
Broker & national time deposits <= $250 1,4900.1%  2,2290.2%  3,4700.3%  3,2220.3%  3,9650.3% 
Broker & national time deposits > $250 56,3284.9%  61,7525.5%  70,0206.1%  88,6147.6%  93,9568.2% 
           
Totals$873,98876.0% $897,80980.7% $904,07779.1% $911,98277.8% $896,95178.4% 
           
PSB Holdings, Inc.          
Deposit Composition          
           
Uninsured DepositsJune 30,March 31,December 31,September 30,June 30,
(dollars in thousands) 2024  2024  2023  2023  2023 
 $%$%$%$%$%
           
Non-interest bearing demand$48,0924.1% $48,5324.4% $69,2586.1% $79,6326.8% $80,8027.1% 
Interest-bearing demand and savings 32,6742.8%  20,5351.8%  20,3161.8%  22,8471.9%  22,6042.0% 
Money market deposits 177,95415.4%  124,76611.2%  124,51810.9%  133,65311.4%  127,87111.2% 
Retail and local time deposits <= $250 -0.0%  -0.0%  -0.0%  -0.0%  -0.0% 
           
Total core deposits 258,72022.3%  193,83317.4%  214,09218.8%  236,13220.1%  231,27720.3% 
Retail and local time deposits > $250 19,6131.7%  21,7101.9%  23,6332.1%  24,1202.1%  14,9061.3% 
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$278,33324.0% $215,54319.3% $237,72520.9% $260,25222.2% $246,18321.6% 
           
           
PSB Holdings, Inc.          
Deposit Composition          
           
Total DepositsJune 30,March 31,December 31,September 30,June 30,
(dollars in thousands) 2024  2024  2023  2023  2023 
 $%$%$%$%$%
           
Non-interest bearing demand$250,43421.6% $247,60922.2% $266,82923.4% $288,76524.7% $282,15324.7% 
Interest-bearing demand and savings 337,06729.3%  339,20730.5%  338,30029.6%  330,46728.2%  332,61029.1% 
Money market deposits 315,59127.4%  267,93324.1%  267,40523.4%  269,56322.8%  254,72222.3% 
Retail and local time deposits <= $250 149,29813.0%  148,40413.3%  149,14513.1%  144,73812.4%  140,57212.3% 
           
Total core deposits 1,052,39091.3%  1,003,15390.1%  1,021,67989.5%  1,033,53388.1%  1,010,05788.4% 
Retail and local time deposits > $250 42,1133.7%  46,2184.2%  46,6334.1%  46,8704.0%  35,1563.1% 
Broker & national time deposits <= $250 1,4900.1%  2,2290.2%  3,4700.3%  3,2220.3%  3,9650.3% 
Broker & national time deposits > $250 56,3284.9%  61,7525.5%  70,0206.1%  88,6147.6%  93,9568.2% 
           
Totals$1,152,321100.0% $1,113,352100.0% $1,141,802100.0% $1,172,239100.0% $1,143,134100.0% 
           


PSB Holdings, Inc.           
Average Balances ($000) and Interest Rates         
(dollars in thousands)           
            
 Quarter ended June 30, 2024 Quarter ended March 31, 2024 Quarter ended June 30, 2023
 Average Yield / Average Yield / Average Yield /
 BalanceInterestRate BalanceInterestRate BalanceInterestRate
Assets           
Interest-earning assets:           
Loans (1)(2)$1,100,518 $15,5205.67% $1,094,321 $15,1995.59% $1,012,105 $12,7265.04%
Taxable securities 172,563  1,2953.02%  171,788  1,1972.80%  196,048  1,3272.71%
Tax-exempt securities (2) 79,564  6593.33%  80,434  6663.33%  81,758  6773.32%
FHLB stock 7,931  1829.23%  6,499  16510.21%  5,366  513.81%
Other 8,241  834.05%  12,885  1785.56%  7,254  945.20%
            
Total (2) 1,368,817  17,7395.21%  1,365,927  17,4055.12%  1,302,531  14,8754.58%
            
Non-interest-earning assets:          
Cash and due from banks 17,345     17,367     15,632   
Premises and equipment,          
net 13,930     13,183     13,336   
Cash surrender value ins 24,297     24,144     24,530   
Other assets 21,865     21,201     23,090   
Allowance for credit           
losses (12,505)    (12,385)    (11,756)  
            
Total$1,433,749  $1,429,437  $1,367,363 
            
Liabilities & stockholders' equity          
Interest-bearing liabilities:          
Savings and demand           
deposits$331,740 $1,4671.78% $350,497 $1,6721.92% $344,435 $1,0351.21%
Money market deposits 271,336  1,8352.72%  274,186  1,8972.78%  243,073  1,1891.96%
Time deposits 257,006  2,5363.97%  264,657  2,5133.82%  247,007  1,4372.33%
FHLB borrowings 174,596  1,8604.28%  142,926  1,4504.08%  127,441  1,2003.78%
Other borrowings 6,870  583.40%  8,554  602.82%  5,588  483.45%
Senior sub. notes 4,777  584.88%  4,775  594.97%  4,770  584.88%
Junior sub. debentures 12,960  2557.91%  12,934  2517.81%  12,857  2427.55%
            
Total 1,059,285  8,0693.06%  1,058,529  7,9023.00%  985,171  5,2092.12%
            
Non-interest-bearing liabilities:          
Demand deposits 251,158     248,670     263,524   
Other liabilities 12,580     12,765     11,906   
Stockholders' equity 110,726     109,473     106,762   
            
Total$1,433,749  $1,429,437  $1,367,363 
            
Net interest income $9,670   $9,503   $9,666 
Rate spread  2.15%   2.12%   2.46%
Net yield on interest-earning assets 2.84%   2.80%   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 21%
            


PSB Holdings, Inc.       
Average Balances ($000) and Interest Rates     
(dollars in thousands)       
 Six months ended June 30, 2024 Six months ended June 30, 2023
 Average Yield/ Average Yield/
 BalanceInterestRate BalanceInterestRate
Assets       
Interest-earning assets:       
Loans (1)(2)$1,097,419 $30,7195.63% $994,349 $24,5144.97%
Taxable securities 172,176  2,4922.91%  197,866  2,6582.71%
Tax-exempt securities (2) 79,999  1,3253.33%  81,844  1,3573.34%
FHLB stock 7,215  3479.67%  4,219  1014.83%
Other 10,562  2614.97%  8,143  1924.75%
        
Total (2) 1,367,371  35,1445.17%  1,286,421  28,8224.52%
        
Non-interest-earning assets:       
Cash and due from banks 17,356     16,439   
Premises and equipment,       
net 13,557     13,334   
Cash surrender value ins 24,221     24,755   
Other assets 21,534     23,139   
Allowance for credit       
losses (12,445)    (12,016)  
        
Total$1,431,594  $1,352,072 
        
Liabilities & stockholders' equity      
Interest-bearing liabilities:       
Savings and demand       
deposits$341,119 $3,1391.85% $358,916 $2,0881.17%
Money market deposits 272,591  3,7322.75%  234,044  2,0191.74%
Time deposits 260,832  5,0493.89%  246,289  2,5432.08%
FHLB borrowings 158,761  3,3104.19%  98,299  1,7473.58%
Other borrowings 7,712  1183.08%  7,794  1102.85%
Senior sub. notes 4,776  1174.93%  5,030  1204.81%
Junior sub. debentures 12,947  5067.86%  12,844  4767.47%
        
Total 1,058,738  15,9713.03%  963,216  9,1031.91%
        
Non-interest-bearing liabilities:      
Demand deposits 249,909     271,310   
Other liabilities 12,881     12,231   
Stockholders' equity 110,066     105,315   
        
Total$1,431,594  $1,352,072 
        
Net interest income $19,173   $19,719 
Rate spread  2.14%   2.61%
Net yield on interest-earning assets 2.82%   3.09%
        
(1) Nonaccrual loans are included in the daily average loan balances outstanding.  
(2) The yield on federally tax-exempt loans and securities is computed on a tax-equivalent basis using a federal tax rate of 21%.
        

FAQ

What was PSB Holdings' (PSBQ) earnings per share in Q2 2024?

PSB Holdings (PSBQ) reported earnings of $0.56 per share for the second quarter of 2024.

How did PSB Holdings' (PSBQ) net interest income change in Q2 2024?

PSB Holdings' net interest income increased to $9.4 million in Q2 2024, up from $9.3 million in Q1 2024.

What was PSB Holdings' (PSBQ) tangible book value per share as of June 30, 2024?

PSB Holdings' tangible book value per share increased to $24.55 as of June 30, 2024.

How did PSB Holdings' (PSBQ) loan portfolio change in Q2 2024?

PSB Holdings' loans decreased by $6.6 million to $1.07 billion in Q2 2024, primarily due to the repayment of a $17 million municipal loan.

What was PSB Holdings' (PSBQ) return on tangible common equity in Q2 2024?

PSB Holdings' return on tangible common equity was 9.34% for the quarter ended June 30, 2024.

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