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 $0.73 per common share on net income of $3.0 million, compared to $0.69 per common share on net income of $2.9 million during the third quarter ending September 30, 2024, and $0.55 per common share on net income of $2.3 million during the fourth quarter ending December 31, 2023. For the fiscal year ended December 31, 2024, PSB reported earnings of $2.37 per common share on net income of $9.8 million compared to $2.16 per common share on earnings of $9.1 million for the fiscal year ended December 31, 2023.
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 2% during the quarter.
"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 to $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, or 2% 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 was 1.13% of gross loans.
- Non-performing assets remained unchanged at $10.4 million, or 0.71% 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 to 10.96% the prior quarter and 9.64% 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, up 6.7% 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 $10.0 million during the fourth quarter to $1.47 billion at December 31, 2024, compared to September 30, 2024. Cash and cash equivalents decreased $46.6 million to $40.5 million at December 31, 2024 from $87.1 million at September 30, 2024 as funds were used to originate new loans and pay down FHLB advances. Cash and cash equivalents increased $12.7 million from one year earlier. Investment securities available for sale increased $14.2 million to $189.1 million at December 31, 2024, from $174.9 million one quarter earlier. Total collateralized liquidity available to meet cash demands was approximately $349 million at December 31, 2024, with an additional $354 million that could be raised in a short time frame from the brokered CDs market.
Total loans receivable increased $20.2 million to $1.08 billion at December 31, 2024, compared to one quarter earlier, due primarily to increased commercial non-real estate, commercial real estate and construction lending. Commercial non-real estate loans increased $5.1 million to $144.2 million at December 31, 2024, from $139.0 million one quarter earlier. Commercial real estate loans increased $10.1 million to $551.6 million at December 31, 2024 and construction and development lending increased $18.4 million to $79.4 million at December 31, 2024, compared to one quarter earlier. Offsetting gross loan growth, loans in process of disbursement increased $10.0 million to $27.8 million as new construction and development loans have not been fully funded. Residential real estate loans decreased $3.9 million from the prior quarter to $337.5 million. The loan portfolio remains well diversified with commercial real estate and construction loans totaling 56.5% of gross loans, followed by residential real estate loans at 30.2% of gross loans, commercial non-real estate loans at 12.9% and consumer loans at 0.4%.
The allowance for credit losses decreased slightly to 1.13% of gross loans at December 31, 2024, from 1.18% the prior quarter. Annualized net charge-offs to average loans were 0.02% for the quarter ended December 31, 2024. Non-performing assets remained at 0.71% of total assets at December 31, 2024 and totaled $10.4 million. Approximately 71% of the non-performing assets consisted of three loan relationships. For the eighth consecutive quarter, the Bank did not own any foreclosed real estate.
Total deposits increased $8.2 million to $1.15 billion at December 31, 2024, from $1.14 billion at September 30, 2024. The increase in deposits reflects a $12.9 million increase in interest-bearing demand and savings deposits and a $3.3 million increase in retail and local time deposits greater than $250,000, offset by a $1.5 million decrease in money market deposits, a $5.6 million decrease in non-interest bearing deposits and a $0.9 million decrease in retail and local time deposits less than $250,000.
At December 31, 2024, non-interest bearing demand deposits decreased to 22.6% of total deposits from 23.3% the prior quarter, while interest-bearing demand and savings deposits increased to 29.4% of deposits, compared to 28.4% at September 30, 2024. Uninsured and uncollateralized deposits decreased to 21.6% of total deposits at December 31, 2024, from 21.7% of total deposits at September 30, 2024.
FHLB advances decreased $19.0 million to $162.3 million at December 31, 2024, compared to $181.3 million at September 30, 2024.
Tangible stockholder equity as a percent of total tangible assets was 7.76% at December 31, 2024, compared to 7.85% at September 30, 2024, and 7.49% at December 31, 2023.
Tangible net book value per common share increased $2.14 to $25.98, at December 31, 2024, compared to $23.84 one year earlier, an increase of 9.0% after dividends of $0.64 were paid to shareholders. Relative to the prior quarter's tangible book value per common share of $26.41, tangible net book value per common share decreased primarily due to a fair market value decrease in the investment portfolios and payment of dividends. The accumulated other comprehensive loss on the investment portfolio was $19.3 million at December 31, 2024, compared to $15.8 million one quarter earlier.
Operations Review
Net interest income increased to $10.4 million (on a net margin of 2.96%) for the fourth quarter of 2024, from $9.9 million (on a net margin of 2.90%) for the third quarter of 2024, and $9.6 million (on a net margin of 2.88%) for the fourth quarter of 2023. Earning asset yields remained flat at 5.29% during the fourth quarter of 2024, while interest bearing deposit and borrowing costs decreased seven basis points to 3.06% compared to 3.13% during the third quarter of 2024. Relative to one year earlier, earning asset yields were up 30 basis points while interest bearing deposit and borrowing costs increased 27 basis points.
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 5.80% from 5.78% for the third quarter of 2024. Taxable security yields were 3.16% for the quarter ended December 31, 2024, compared to 3.01% for the quarter ended September 30, 2024, while tax-exempt security yields were flat at 3.31% for the quarter ended December 31, 2024. The increase in taxable security yields reflect the rise in interest rates and security restructuring activity from security sales.
The cost of all deposits declined to 2.08% for the quarter ended December 31, 2024, compared to 2.11% the prior quarter, while the overall cost of funds decreased seven basis points to 3.06% from 3.13% during the same time period. Deposit costs for all deposit categories decreased during the fourth quarter with time deposits decreasing two basis points to 4.02%, money market deposits decreasing 13 basis points to 2.56% and savings and demand deposits decreasing two basis points to 2.56%. FHLB advances also declined four basis points to 4.40% for the quarter ended December 31, 2024.
Total noninterest income decreased during the fourth quarter of 2024 to $1.28 million, from $1.84 million for the third quarter of 2024 due primarily to a net loss on sale of securities. Mortgage banking income decreased slightly to $414,000 in the fourth quarter from $433,000 the prior quarter while various decreases in nominal revenue sources accounted for the remaining decline in noninterest income. At December 31, 2024, the Bank serviced $373.5 million in secondary market residential mortgage loans for others which provide fee income.
Noninterest expenses decreased $149,000 to $8.0 million for the fourth quarter of 2024, compared to $8.2 million for the third quarter of 2024 and increased $644,000 from $7.4 million for the fourth quarter of 2023. Relative to one year earlier, salary and benefit cost increased $447,000, or 10.5% to $4.7 million for the quarter ended December 31, 2024, compared to $4.2 million for the fourth quarter ended December 31, 2023.
Taxes decreased $69,000 during the fourth quarter to $524,000, from $593,000 one quarter earlier. The effective tax rate for the quarter ended December 31, 2024, was 14.4% compared to 16.6% for the third quarter ended September 30, 2024, and 26.7% for the fourth quarter ended December 31, 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 | |||||||||||||||
| 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 $79,654, $82,389, $79,993, $81,234 and | |||||||||||||||
| $82,514 respectively) | 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 $12,342, $12,598, $12,597, | |||||||||||||||
| $12,494 and $12,302 respectively) | 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 $1.00 per share: | |||||||||||||||
| 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 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 | |||||||||||||||||
| 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 >= $500,000 net book value before specific reserves | |||||||
| 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 <= $250 | 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 > $250 | 25,500 | 2.2 | % | 23,500 | 2.1 | % | 22,500 | 2.0 | % | 24,508 | 2.3 | % | 23,000 | 2.0 | % | |||||
| Broker & national time deposits <= $250 | 1,241 | 0.1 | % | 1,241 | 0.1 | % | 1,490 | 0.1 | % | 2,229 | 0.2 | % | 3,470 | 0.3 | % | |||||
| Broker & national time deposits > $250 | 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 <= $250 | - | 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 > $250 | 18,638 | 1.6 | % | 17,329 | 1.5 | % | 19,613 | 1.7 | % | 21,710 | 1.9 | % | 23,633 | 2.1 | % | |||||
| Broker & national time deposits <= $250 | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | |||||
| Broker & national time deposits > $250 | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | |||||
| Totals | $ | 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 <= $250 | 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 > $250 | 44,138 | 3.8 | % | 40,829 | 3.6 | % | 42,113 | 3.7 | % | 46,218 | 4.2 | % | 46,633 | 4.1 | % | |||||
| Broker & national time deposits <= $250 | 1,241 | 0.1 | % | 1,241 | 0.1 | % | 1,490 | 0.1 | % | 2,229 | 0.2 | % | 3,470 | 0.3 | % | |||||
| Broker & national time deposits > $250 | 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 ($000) and Interest Rates | |||||||||||||||||||||||
| (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 21%. | |||||||||||||||||||||||
| PSB Holdings, Inc. | |||||||||||||||||
| Average Balances ($000) and Interest Rates | |||||||||||||||||
| (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 21%. | |||||||||||||||||
Investor Relations Contact
PSB Holdings, Inc.
1905 Stewart Avenue
Wausau, WI 54401
888.929.9902
InvestorRelations@bankpeoples.com
