PSB Holdings, Inc. Reports Second Quarter 2024 Earnings of $0.56 Per Share, Net Interest Margin and Tangible Book Value Increase
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.
- 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
- 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
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
“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 to1.16% 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 to6.57% the prior quarter and11.23% one year earlier.
Balance Sheet and Asset Quality Review
Total assets increased
Total loans receivable decreased
The allowance for credit losses increased slightly to
Total deposits increased
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
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, renewals and the repayment of a low yielding municipal loan during the quarter. Loan yields increased during the second quarter of 2024 to
The cost of all deposits was
Total noninterest income increased for the second quarter of 2024 to
Noninterest expenses increased slightly to
Taxes increased
About PSB Holdings, Inc.
PSB Holdings, Inc. is the parent company of Peoples State Bank. Peoples is a community bank headquartered in Wausau, Wisconsin, serving northcentral and southeastern Wisconsin from twelve full-service banking locations in Marathon, Oneida, Vilas, Portage, Milwaukee and Waukesha counties and a loan production office in Dane County. Peoples also provides investment and insurance products, along with retirement planning services, through Peoples Wealth Management, a division of Peoples. PSB Holdings, Inc. is traded under the stock symbol PSBQ on the OTCQX Market. More information about PSB, its management, and its financial performance may be found at www.psbholdingsinc.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current expectations, estimates and projections about PSB’s business based, in part, on assumptions made by management and include, without limitation, statements with respect to the potential growth of PSB, its future profits, expected stock repurchase levels, future dividend rates, future interest rates, and the adequacy of its capital position. Forward-looking statements can be affected by known and unknown risks, uncertainties, and other factors, including, but not limited to, strength of the economy, the effects of government policies, including interest rate policies, risks associated with the execution of PSB’s vision and growth strategy, including with respect to current and future M&A activity, and risks associated with global economic instability. The forward-looking statements in this press release speak only as of the date on which they are made and PSB does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.
PSB Holdings, Inc. | |||||||||||||||
Consolidated Balance Sheets | |||||||||||||||
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 | 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 | 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 | |||||||||||||||
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 | ||||||||||||||||
(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 >= | |||||||
At June 30, 2024 | |||||||
(dollars in thousands) | |||||||
Gross | Specific | ||||||
Collateral Description | Asset Type | Principal | Reserves | ||||
Real estate - Buffet Style Restaurant | Nonaccrual | $ | 2,545 | $ | 804 | ||
Real estate - Independent Auto Repair | Nonaccrual | 587 | - | ||||
Real estate - Dealership | Nonaccrual | 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 | $ | 146,873 | $ | 142,001 | $ | 132,386 | $ | 133,466 | $ | 119,573 | |||||||||
Industrial and Warehousing | 86,025 | 8.9 | 85,409 | 8.6 | 83,817 | 8.3 | 88,906 | 8.9 | 84,049 | 8.7 | |||||||||
Retail | 34,846 | 3.6 | 33,177 | 3.4 | 35,419 | 3.5 | 35,281 | 3.5 | 34,004 | 3.5 | |||||||||
Hotels | 34,613 | 3.6 | 35,105 | 3.6 | 36,100 | 3.6 | 31,819 | 3.2 | 33,329 | 3.5 | |||||||||
Office | 6,518 | 0.7 | 6,655 | 0.7 | 6,701 | 0.7 | 6,746 | 0.7 | 8,395 | 0.9 | |||||||||
(1) Percentage of commercial and commercial real estate portfolio and commitments. |
PSB Holdings, Inc. | ||||||||||||||||||||
Deposit Composition | ||||||||||||||||||||
Insured and Collateralized Deposits | June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||
(dollars in thousands) | 2024 | 2024 | 2023 | 2023 | 2023 | |||||||||||||||
$ | % | $ | % | $ | % | $ | % | $ | % | |||||||||||
Non-interest bearing demand | $ | 202,342 | $ | 199,077 | $ | 197,571 | $ | 209,133 | $ | 201,351 | ||||||||||
Interest-bearing demand and savings | 304,393 | 318,672 | 317,984 | 307,620 | 310,006 | |||||||||||||||
Money market deposits | 137,637 | 143,167 | 142,887 | 135,910 | 126,851 | |||||||||||||||
Retail and local time deposits <= | 149,298 | 148,404 | 149,145 | 144,733 | 140,572 | |||||||||||||||
Total core deposits | 793,670 | 809,320 | 807,587 | 797,396 | 778,780 | |||||||||||||||
Retail and local time deposits > | 22,500 | 24,508 | 23,000 | 22,750 | 20,250 | |||||||||||||||
Broker & national time deposits <= | 1,490 | 2,229 | 3,470 | 3,222 | 3,965 | |||||||||||||||
Broker & national time deposits > | 56,328 | 61,752 | 70,020 | 88,614 | 93,956 | |||||||||||||||
Totals | $ | 873,988 | $ | 897,809 | $ | 904,077 | $ | 911,982 | $ | 896,951 | ||||||||||
PSB Holdings, Inc. | ||||||||||||||||||||
Deposit Composition | ||||||||||||||||||||
Uninsured Deposits | June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||
(dollars in thousands) | 2024 | 2024 | 2023 | 2023 | 2023 | |||||||||||||||
$ | % | $ | % | $ | % | $ | % | $ | % | |||||||||||
Non-interest bearing demand | $ | 48,092 | $ | 48,532 | $ | 69,258 | $ | 79,632 | $ | 80,802 | ||||||||||
Interest-bearing demand and savings | 32,674 | 20,535 | 20,316 | 22,847 | 22,604 | |||||||||||||||
Money market deposits | 177,954 | 124,766 | 124,518 | 133,653 | 127,871 | |||||||||||||||
Retail and local time deposits <= | - | - | - | - | - | |||||||||||||||
Total core deposits | 258,720 | 193,833 | 214,092 | 236,132 | 231,277 | |||||||||||||||
Retail and local time deposits > | 19,613 | 21,710 | 23,633 | 24,120 | 14,906 | |||||||||||||||
Broker & national time deposits <= | - | - | - | - | - | |||||||||||||||
Broker & national time deposits > | - | - | - | - | - | |||||||||||||||
Totals | $ | 278,333 | $ | 215,543 | $ | 237,725 | $ | 260,252 | $ | 246,183 | ||||||||||
PSB Holdings, Inc. | ||||||||||||||||||||
Deposit Composition | ||||||||||||||||||||
Total Deposits | June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||
(dollars in thousands) | 2024 | 2024 | 2023 | 2023 | 2023 | |||||||||||||||
$ | % | $ | % | $ | % | $ | % | $ | % | |||||||||||
Non-interest bearing demand | $ | 250,434 | $ | 247,609 | $ | 266,829 | $ | 288,765 | $ | 282,153 | ||||||||||
Interest-bearing demand and savings | 337,067 | 339,207 | 338,300 | 330,467 | 332,610 | |||||||||||||||
Money market deposits | 315,591 | 267,933 | 267,405 | 269,563 | 254,722 | |||||||||||||||
Retail and local time deposits <= | 149,298 | 148,404 | 149,145 | 144,738 | 140,572 | |||||||||||||||
Total core deposits | 1,052,390 | 1,003,153 | 1,021,679 | 1,033,533 | 1,010,057 | |||||||||||||||
Retail and local time deposits > | 42,113 | 46,218 | 46,633 | 46,870 | 35,156 | |||||||||||||||
Broker & national time deposits <= | 1,490 | 2,229 | 3,470 | 3,222 | 3,965 | |||||||||||||||
Broker & national time deposits > | 56,328 | 61,752 | 70,020 | 88,614 | 93,956 | |||||||||||||||
Totals | $ | 1,152,321 | $ | 1,113,352 | $ | 1,141,802 | $ | 1,172,239 | $ | 1,143,134 | ||||||||||
PSB Holdings, Inc. | ||||||||||||||||||||
Average Balances ( | ||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Quarter ended June 30, 2024 | Quarter ended March 31, 2024 | Quarter ended June 30, 2023 | ||||||||||||||||||
Average | Yield / | Average | Yield / | Average | Yield / | |||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||
Assets | ||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||
Loans (1)(2) | $ | 1,100,518 | $ | 15,520 | $ | 1,094,321 | $ | 15,199 | $ | 1,012,105 | $ | 12,726 | ||||||||
Taxable securities | 172,563 | 1,295 | 171,788 | 1,197 | 196,048 | 1,327 | ||||||||||||||
Tax-exempt securities (2) | 79,564 | 659 | 80,434 | 666 | 81,758 | 677 | ||||||||||||||
FHLB stock | 7,931 | 182 | 6,499 | 165 | 5,366 | 51 | ||||||||||||||
Other | 8,241 | 83 | 12,885 | 178 | 7,254 | 94 | ||||||||||||||
Total (2) | 1,368,817 | 17,739 | 1,365,927 | 17,405 | 1,302,531 | 14,875 | ||||||||||||||
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 | $ | 1,467 | $ | 350,497 | $ | 1,672 | $ | 344,435 | $ | 1,035 | ||||||||
Money market deposits | 271,336 | 1,835 | 274,186 | 1,897 | 243,073 | 1,189 | ||||||||||||||
Time deposits | 257,006 | 2,536 | 264,657 | 2,513 | 247,007 | 1,437 | ||||||||||||||
FHLB borrowings | 174,596 | 1,860 | 142,926 | 1,450 | 127,441 | 1,200 | ||||||||||||||
Other borrowings | 6,870 | 58 | 8,554 | 60 | 5,588 | 48 | ||||||||||||||
Senior sub. notes | 4,777 | 58 | 4,775 | 59 | 4,770 | 58 | ||||||||||||||
Junior sub. debentures | 12,960 | 255 | 12,934 | 251 | 12,857 | 242 | ||||||||||||||
Total | 1,059,285 | 8,069 | 1,058,529 | 7,902 | 985,171 | 5,209 | ||||||||||||||
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 | ||||||||||||||||||||
Net yield on interest-earning assets | ||||||||||||||||||||
(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) | |||||||||||||
Six months ended June 30, 2024 | Six months ended June 30, 2023 | ||||||||||||
Average | Yield/ | Average | Yield/ | ||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | ||||||||
Assets | |||||||||||||
Interest-earning assets: | |||||||||||||
Loans (1)(2) | $ | 1,097,419 | $ | 30,719 | $ | 994,349 | $ | 24,514 | |||||
Taxable securities | 172,176 | 2,492 | 197,866 | 2,658 | |||||||||
Tax-exempt securities (2) | 79,999 | 1,325 | 81,844 | 1,357 | |||||||||
FHLB stock | 7,215 | 347 | 4,219 | 101 | |||||||||
Other | 10,562 | 261 | 8,143 | 192 | |||||||||
Total (2) | 1,367,371 | 35,144 | 1,286,421 | 28,822 | |||||||||
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 | $ | 3,139 | $ | 358,916 | $ | 2,088 | |||||
Money market deposits | 272,591 | 3,732 | 234,044 | 2,019 | |||||||||
Time deposits | 260,832 | 5,049 | 246,289 | 2,543 | |||||||||
FHLB borrowings | 158,761 | 3,310 | 98,299 | 1,747 | |||||||||
Other borrowings | 7,712 | 118 | 7,794 | 110 | |||||||||
Senior sub. notes | 4,776 | 117 | 5,030 | 120 | |||||||||
Junior sub. debentures | 12,947 | 506 | 12,844 | 476 | |||||||||
Total | 1,058,738 | 15,971 | 963,216 | 9,103 | |||||||||
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 | |||||||||||||
Net yield on interest-earning assets | |||||||||||||
(1) Nonaccrual loans are included in the daily average loan balances outstanding. | |||||||||||||
(2) The yield on federally tax-exempt loans and securities is computed on a tax-equivalent basis using a federal tax rate of | |||||||||||||
FAQ
What was PSB Holdings' (PSBQ) earnings per share in Q2 2024?
How did PSB Holdings' (PSBQ) net interest income change in Q2 2024?
What was PSB Holdings' (PSBQ) tangible book value per share as of June 30, 2024?
How did PSB Holdings' (PSBQ) loan portfolio change in Q2 2024?