PSB Holdings Inc.
01/28/2022 | Press release | Distributed by Public on 01/28/2022 08:09
PSB Holdings, Inc. Reports Record 2021 Earnings; 4th Quarter Earnings Total $3.1 Million, or $0.71 Per Share
WAUSAU, Wis., Jan. 28, 2022 (GLOBE NEWSWIRE) -- PSB Holdings, Inc. ("PSB") (OTCQX: PSBQ), the holding company for Peoples State Bank ("Peoples") serving Northcentral and Southeastern Wisconsin, reported record earnings for the year ended December 31, 2021 of $12.8 million, or $2.88 per share, compared to $10.7 million, or $2.40 per share, for the year ended December 31, 2020. Fourth quarter earnings ending December 31, 2021 were $0.71 per share on net income of $3.1 million, compared to earnings of $0.82 per share on net income of $3.6 million, during the September 30, 2021 quarter, and $0.73 per share on net income of $3.3 million, during the fourth quarter a year ago.
The Company's fourth quarter 2021 operating results reflected the following changes from the third quarter of 2021: (1) lower net interest income due to lower yields on loans and investment securities; (2) lower SBA Paycheck Protection Program ("PPP") origination fee income accretion; and (3) an increase in compensation expense largely due to incentive benefit plans funded later in the year.
"We enjoyed strong organic and acquisition growth during 2021 driving both total assets and earnings to record highs. Earnings growth was driven by the addition of new earning assets, the recognition of PPP origination fee income and much lower provision for loan losses, which offset a decline in mortgage banking income and higher operating expenses related to the expanded asset base from the acquisition of Waukesha Bankshares, Inc. in April 2021. Our pipeline for new loan originations looks solid heading into the first quarter of 2022 and we are well positioned to benefit from expected increases in short-term interest rates as net interest margin moves higher," stated Scott Cattanach, President and CEO.
December 31, 2021 Highlights:
- Net interest income was $9.2 million for the quarter ended December 31, 2021, compared to $9.6 million for the quarter ended September 30, 2021, and $8.4 million for the quarter ended December 31, 2020. PPP related fee income realized during the respective quarters was $287,000, $559,000 and $464,000.
- Loan loss provisions remained at zero for the quarter ended December 31, 2021, relative to the prior quarter and $675,000 for the quarter ended December 31, 2020.
- Noninterest expense increased $411,000 for the quarter ended December 31, 2021, to $7.4 million from $6.9 million the prior quarter. The increase primarily related to increased severance and incentive compensation plan expense from 2021 activities.
- Loan growth continued with new originations outpacing the payoff of PPP related loans. Loans receivable increased to $876 million at December 31, 2021, from $874 million one quarter earlier and $821 million at December 31, 2020. Meanwhile, PPP loans declined $9.5 million from $24.3 million at September 30, 2021, to $14.8 million at December 31, 2021.
As shown in the table below during the December 31, 2021 quarter, "impaired loans" increased $4.5 million and "substandard risk" loans decreased $6.0 million, while "watch risk" loans increased $3.9 million. The primary decrease in "substandard risk" loans and increase in "impaired loans" relates to an equipment dealer loan relationship that was downgraded during the quarter but continues to accrue interest as a performing loan.
| Commercial, Commercial Real Estate, Construction & Development, Agricultural and Government Loans ($000s) | |||||||||||||
| Risk Rating | 12/2019 | 12/2020 |
03/2021 |
06/2021 | 09/2021 | 12/2021 | |||||||
| Rating 1 | "High Quality" | $ | - | $ | - | $ | - | $ | - | $ | 77 | $ | - |
| Rating 2 | "Minimal Risk" | 57,904 | 61,223 | 62,626 | 60,155 | 71,304 | 70,886 | ||||||
| Rating 3 | "Average Risk" | 349,002 | 390,191 | 348,102 | 345,929 | 347,735 | 383,951 | ||||||
| Rating 4 | "Acceptable Risk" | 128,932 | 175,400 | 209,407 | 209,728 | 226,501 | 222,641 | ||||||
| Rating 5 | "Watch Risk" | 15,933 | 36,379 | 30,891 | 39,577 | 33,284 | 37,194 | ||||||
| Rating 6 | "Substandard Risk" | 2,568 | 7,617 | 18,134 | 6,377 | 10,148 | 4,182 | ||||||
| Rating 7 | "Impaired Loans" | 5,518 | 13,153 | 16,162 | 15,522 | 16,790 | 21,322 | ||||||
| Totals | $ | 559,857 | $ | 683,963 | $ | 685,322 | $ | 677,288 | $ | 705,839 | $ | 740,176 | |
| Includes undisbursed Construction & Development lines of credit. PPP loan balances are assigned a risk-weighting of "3". | |||||||||||||
Balance Sheet and Asset Quality Review
Total assets remained at $1.30 billion at December 31, 2021. Cash and cash equivalents have continued to trend down, post acquisition of Waukesha Bankshares, Inc. in April, declining $12.0 million to $53.5 million from $65.5 million one quarter earlier. Meanwhile, securities available for sale increased $8.6 million to $310.4 million at December 31, 2021, from $301.9 million one quarter earlier. The increased balance of investment securities from cash and equivalents helped improve returns from the investment portfolio.
Total loans receivable increased by $1.8 million to $876.3 million at December 31, 2021, from $874.5 million at September 30, 2021. PPP loans declined from $24.3 million at September 30, 2021, to $14.8 million at December 31, 2021. At December 31, 2021, unrealized net PPP origination fee income totaled $360,000.
The allowance for loan losses increased to 1.38% of gross loans at December 31, 2021, from 1.35% the prior quarter and 1.30% of gross loans one year earlier. Annualized net charge-offs to average loans reflected a net recovery at 0.10% for the quarter ended December 31, 2021. Non-performing assets were 1.06% of total assets at December 31, 2021, compared to 1.16% at September 30, 2021, and 0.90% at December 30, 2020. At December 31, 2021, non-performing assets consisted of $6.4 million in non-accrual loans, $1.0 million in non-accrual restructured loans, $5.2 million in restructured loans not on non-accrual and $1.1 million in foreclosed assets.
Foreclosed assets decreased to $1.1 million at December 31, 2021, from $2.4 million at September 30, 2021, as several properties were sold at a gain. Foreclosed assets were $1.6 million at the beginning of the fiscal year.
Total deposits increased $22.2 million to $1.11 billion at December 31, 2021, compared to $1.08 billion at September 30, 2021.Deposits continued to be withdrawn from retail time deposits while demand deposit accounts increased. At December 31, 2021, interest-bearing demand and savings deposits accounted for 37.4% of total deposits, followed by noninterest-bearing demand deposits at 25.7%, money market deposits at 19.8%, and retail and local time deposits at 15.3%. Broker and national time deposits accounted for 1.7% of total deposits at December 31, 2021, versus 1.5% at December 31, 2020.
FHLB advances decreased to $47.0 million at December 31, 2021, from $62.0 million at September 30, 2021, and $62.0 million at December 31, 2020, while other borrowings decreased $10.5 million to $6.7 million compared to $17.1 million the prior period and $12.2 million at December 31, 2020.
Operations Review
Net interest income totaled $9.2 million (on a net margin of 3.01%) for the fourth quarter of 2021, compared to $9.6 million (on a net margin of 3.15%) for the third quarter of 2021, and $8.4 million (on a net margin of 3.22%) for the fourth quarter of 2020. Earning asset yields decreased 13 basis points from 3.41% to 3.28% during the fourth quarter of 2021, while deposit and borrowing costs increased 2 basis points on a smaller average balance to 0.39% from 0.37% over the same period. The decrease in earning asset yields was partially due to lower net accretion of loan fees of $287,000 related to PPP loans that were repaid compared to net accretion of $559,000 during the September 30, 2021 quarter. Additionally, a large balance of lower yielding investment securities contributed to the decrease in earning asset yields. Taxable security yields decreased from 1.18% in the quarter ended September 30, 2021, to 1.17% for the quarter ended December 31, 2021. Loan yields decreased to 4.02% during the quarter from 4.23% during the third quarter of 2021. Loan yields excluding the impacts of PPP loan origination fee income, were 3.89% and 3.98% during the December 31, 2021 and September 30, 2021 quarters respectively. Net interest margin excluding the impacts of PPP loan origination fee income, was 2.91% and 2.97% in the December 31, 2021 and September 30, 2021 quarters, respectively. Recognition of PPP loan fee income is expected to decline for first quarter 2022 as fewer PPP loans remain outstanding.
The cost of interest-bearing liabilities increased during the quarter, largely reflecting slightly higher rates associated with time deposits. The cost of deposits was 0.17% for the quarter ended December 31, 2021, compared to 0.15% the prior quarter. Interest costs on borrowings declined $32,000 for the fourth quarter of 2021 as $15.0 million of FHLB advances were repaid.
Total noninterest income increased slightly for the fourth quarter of 2021 to $2.2 million from $2.1 million for the third quarter of 2021, due in part to higher investment and insurance sales commissions which increased from $426,000 in the third quarter to $500,000 in the fourth quarter. At December 31, 2021, the bank had wealth assets under management totaling $321.2 million compared to $301.6 million at September 30, 2021. Gains on sale of mortgage loans decreased slightly to $451,000 for the fourth quarter from $494,000 in the third quarter of 2021, due primarily to lower spreads on sale of loans to the secondary market.
Deposit and service fee income in the fourth quarter remained near the prior quarter levels at $382,000 for the three months ended December 31, 2021, compared to $379,000 for the prior three-month period. For the fourth quarter ended December 31, 2021, other noninterest income was $646,000 compared to $563,000 the prior quarter.
Noninterest expense increased to $7.4 million for the fourth quarter of 2021, compared to $6.9 million for the third quarter of 2021. The fourth quarter of 2021 included increased salaries and employee benefit expenses related to severance expense and higher performance-based incentive expenses. Salary and employee benefit expenses were $4.7 million for the fourth quarter of 2021 compared to $4.1 million in the third quarter of 2021. These expenses were partially offset by gains of $347,000 realized on the sale of two foreclosed real estate properties in the fourth quarter.
Data processing and other office operations costs increased slightly to $855,000 for the quarter ended December 31, 2021, from $828,000 the previous quarter. Meanwhile, advertising and promotion expenses decreased slightly to $155,000 for the most recent quarter compared to $199,000 last quarter. Other noninterest expenses increased to $1.3 million for the fourth quarter ended December 31, 2021, from $1.2 million the previous quarter.
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 ten full-service banking locations in Marathon, Oneida, Vilas, Milwaukee and Waukesha counties and a loan production office in Stevens Point, Wisconsin. 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 relating to the COVID-19 pandemic and its effect on PSB and Peoples, and their customers, and other risks. 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. | ||||||||||||||||||
| 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: | 2021 | 2021 | 2021 | 2021 | 2020 | |||||||||||||
| Interest income | $ | 10,085 | $ | 10,449 | $ | 11,070 | $ | 10,482 | $ | 9,442 | ||||||||
| Interest expense | $ | 866 | $ | 826 | $ | 907 | $ | 886 | $ | 1,011 | ||||||||
| Net interest income | $ | 9,219 | $ | 9,623 | $ | 10,163 | $ | 9,596 | $ | 8,431 | ||||||||
| Provision for loan losses | $ | - | $ | - | $ | - | $ | 1,000 | $ | 675 | ||||||||
| Other noninterest income | $ | 2,244 | $ | 2,126 | $ | 2,299 | $ | 2,749 | $ | 2,991 | ||||||||
| Other noninterest expense | $ | 7,357 | $ | 6,946 | $ | 9,607 | $ | 6,200 | $ | 6,461 | ||||||||
| Net income | $ | 3,146 | $ | 3,638 | $ | 2,137 | $ | 3,896 | $ | 3,252 | ||||||||
| Basic earnings per share (3) | $ | 0.71 | $ | 0.82 | $ | 0.48 | $ | 0.88 | $ | 0.73 | ||||||||
| Diluted earnings per share (3) | $ | 0.71 | $ | 0.82 | $ | 0.48 | $ | 0.87 | $ | 0.73 | ||||||||
| Dividends declared per share (3) | $ | 0.23 | $ | - | $ | 0.23 | $ | - | $ | 0.21 | ||||||||
| Tangible net book value per share (4) | $ | 24.36 | $ | 24.07 | $ | 23.53 | $ | 23.69 | $ | 23.43 | ||||||||
| Semi-annual dividend payout ratio | 15.05% | n/a | 17.04% | n/a | 15.88% | |||||||||||||
| Average common shares outstanding | 4,445,465 | 4,450,755 | 4,454,922 | 4,454,334 | 4,452,287 | |||||||||||||
| Balance sheet - average balances: | ||||||||||||||||||
| Loans receivable, net of allowances for loss | $ | 870,151 | $ | 862,555 | $ | 891,886 | $ | 827,595 | $ | 807,182 | ||||||||
| Assets | $ | 1,295,780 | $ | 1,292,369 | $ | 1,251,738 | $ | 1,132,905 | $ | 1,100,064 | ||||||||
| Deposits | $ | 1,092,872 | $ | 1,064,553 | $ | 1,023,229 | $ | 925,689 | $ | 896,427 | ||||||||
| Stockholders' equity | $ | 112,089 | $ | 110,388 | $ | 105,932 | $ | 105,868 | $ | 102,790 | ||||||||
| Performance ratios: | ||||||||||||||||||
| Return on average assets (1) | 0.96% | 1.12% | 0.68% | 1.39% | 1.18% | |||||||||||||
| Return on average stockholders' equity (1) | 11.14% | 13.08% | 8.09% | 14.92% | 12.59% | |||||||||||||
| Average stockholders' equity less accumulated | ||||||||||||||||||
| other comprehensive income (loss) to | ||||||||||||||||||
| average assets | 8.57% | 8.39% | 8.27% | 9.10% | 9.00% | |||||||||||||
| Net loan charge-offs to average loans (1) | -0.10% | -0.08% | 0.00% | 0.01% | 0.16% | |||||||||||||
| Nonperforming loans to gross loans | 1.42% | 1.43% | 1.31% | 1.39% | 1.03% | |||||||||||||
| Nonperforming assets to total assets | 1.06% | 1.16% | 1.07% | 1.13% | 0.90% | |||||||||||||
| Allowance for loan losses to gross loans | 1.38% | 1.35% | 1.35% | 1.40% | 1.30% | |||||||||||||
| Nonperforming assets to tangible equity | ||||||||||||||||||
| plus the allowance for loan losses (4) | 11.58% | 12.87% | 11.71% | 11.06% | 8.96% | |||||||||||||
| Net interest rate margin (1)(2) | 3.01% | 3.15% | 3.48% | 3.62% | 3.22% | |||||||||||||
| Net interest rate spread (1)(2) | 2.89% | 3.04% | 3.37% | 3.49% | 3.07% | |||||||||||||
| Service fee revenue as a percent of | ||||||||||||||||||
| average demand deposits (1) | 0.52% | 0.53% | 0.51% | 0.57% | 0.59% | |||||||||||||
| Noninterest income as a percent | ||||||||||||||||||
| of gross revenue | 18.20% | 16.91% | 17.20% | 20.78% | 24.06% | |||||||||||||
| Efficiency ratio (2) | 63.37% | 58.40% | 76.20% | 49.64% | 55.87% | |||||||||||||
| Noninterest expenses to average assets (1) | 2.25% | 2.13% | 3.08% | 2.22% | 2.34% | |||||||||||||
| Tangible equity to tangible assets | 8.35% | 8.27% | 8.38% | 9.32% | 9.22% | |||||||||||||
| Stock price information: | ||||||||||||||||||
| High | $ | 27.00 | $ | 26.50 | $ | 26.50 | $ | 25.94 | $ | 23.00 | ||||||||
| Low | $ | 24.60 | $ | 24.52 | $ | 25.00 | $ | 20.45 | $ | 17.20 | ||||||||
| Last trade value at quarter-end | $ | 26.05 | $ | 24.95 | $ | 26.25 | $ | 25.25 | $ | 20.57 | ||||||||
| (1) Annualized | ||||||||||||||||||
| (2) The yield on 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 intangible assets. |
| PSB Holdings, Inc. | |||||||||||||||
| Consolidated Statements of Income | |||||||||||||||
| Quarter Ended | |||||||||||||||
| (dollars in thousands, | Dec. 31, | Sep. 30, | Jun. 30, | Mar. 31, | Dec. 31, | ||||||||||
| except per share data - unaudited) | 2021 | 2021 | 2021 | 2021 | 2020 | ||||||||||
| Interest and dividend income: | |||||||||||||||
| Loans, including fees | $ | 8,918 | $ | 9,323 | $ | 9,972 | $ | 9,442 | $ | 8,371 | |||||
| Securities: | |||||||||||||||
| Taxable | 631 | 581 | 553 | 507 | 542 | ||||||||||
| Tax-exempt | 505 | 500 | 505 | 502 | 489 | ||||||||||
| Other interest and dividends | 31 | 45 | 40 | 31 | 40 | ||||||||||
| Total interest and dividend income | 10,085 | 10,449 | 11,070 | 10,482 | 9,442 | ||||||||||
| Interest expense: | |||||||||||||||
| Deposits | 476 | 404 | 485 | 547 | 657 | ||||||||||
| FHLB advances | 192 | 220 | 221 | 215 | 228 | ||||||||||
| Other borrowings | 4 | 9 | 8 | 7 | 6 | ||||||||||
| Senior subordinated notes | 29 | 28 | 28 | 28 | 29 | ||||||||||
| Junior subordinated debentures | 165 | 165 | 165 | 89 | 91 | ||||||||||
| Total interest expense | 866 | 826 | 907 | 886 | 1,011 | ||||||||||
| Net interest income | 9,219 | 9,623 | 10,163 | 9,596 | 8,431 | ||||||||||
| Provision for loan losses | - | - | - | 1,000 | 675 | ||||||||||
| Net interest income after provision for loan losses | 9,219 | 9,623 | 10,163 | 8,596 | 7,756 | ||||||||||
| Noninterest income: | |||||||||||||||
| Service fees | 382 | 379 | 347 | 332 | 352 | ||||||||||
| Gain on sale of mortgage loans | 451 | 494 | 663 | 1,152 | 1,401 | ||||||||||
| Mortgage loan servicing, net | 114 | 111 | 9 | 79 | 104 | ||||||||||
| Investment and insurance sales commissions | 500 | 426 | 465 | 595 | 391 | ||||||||||
| Net gain on sale of securities | - | - | 113 | 21 | 149 | ||||||||||
| Increase in cash surrender value of life insurance | 151 | 153 | 148 | 108 | 106 | ||||||||||
| Other noninterest income | 646 | 563 | 554 | 462 | 488 | ||||||||||
| Total noninterest income | 2,244 | 2,126 | 2,299 | 2,749 | 2,991 | ||||||||||
| Noninterest expense: | |||||||||||||||
| Salaries and employee benefits | 4,669 | 4,099 | 3,915 | 3,460 | 4,084 | ||||||||||
| Occupancy and facilities | 596 | 614 | 647 | 569 | 511 | ||||||||||
| Loss (gain) on foreclosed assets | (347 | ) | 28 | 23 | 130 | (218 | ) | ||||||||
| Data processing and other office operations | 855 | 828 | 1,499 | 694 | 568 | ||||||||||
| Advertising and promotion | 155 | 199 | 322 | 79 | 172 | ||||||||||
| FDIC insurance premiums | 116 | 121 | 58 | 83 | 82 | ||||||||||
| Other noninterest expenses | 1,313 | 1,057 | 3,143 | 1,185 | 1,262 | ||||||||||
| Total noninterest expense | 7,357 | 6,946 | 9,607 | 6,200 | 6,461 | ||||||||||
| Income before provision for income taxes | 4,106 | 4,803 | 2,855 | 5,145 | 4,286 | ||||||||||
| Provision for income taxes | 960 | 1,165 | 718 | 1,249 | 1,034 | ||||||||||
| Net income | $ | 3,146 | $ | 3,638 | $ | 2,137 | $ | 3,896 | $ | 3,252 | |||||
| Basic earnings per share | $ | 0.71 | $ | 0.82 | $ | 0.48 | $ | 0.88 | $ | 0.73 | |||||
| Diluted earnings per share | $ | 0.71 | $ | 0.82 | $ | 0.48 | $ | 0.87 | $ | 0.73 |
| PSB Holdings, Inc. | ||||||||||||||||
| Consolidated Statements of Income | ||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||
| (dollars in thousands, | December | December | ||||||||||||||
| except per share data - unaudited) | 2021 | 2020 | 2021 | 2020 | ||||||||||||
| Interest and dividend income: | ||||||||||||||||
| Loans, including fees | $ | 8,918 | $ | 8,371 | $ | 37,655 | $ | 33,059 | ||||||||
| Securities: | ||||||||||||||||
| Taxable | 631 | 542 | 2,272 | 2,461 | ||||||||||||
| Tax-exempt | 505 | 489 | 2,012 | 1,840 | ||||||||||||
| Other interest and dividends | 31 | 40 | 147 | 254 | ||||||||||||
| Total interest and dividend income | 10,085 | 9,442 | 42,086 | 37,614 | ||||||||||||
| Interest expense: | ||||||||||||||||
| Deposits | 476 | 657 | 1,912 | 4,052 | ||||||||||||
| FHLB advances | 192 | 228 | 848 | 1,175 | ||||||||||||
| Other borrowings | 4 | 6 | 28 | 31 | ||||||||||||
| Senior subordinated notes | 29 | 29 | 113 | 113 | ||||||||||||
| Junior subordinated debentures | 165 | 91 | 584 | 364 | ||||||||||||
| Total interest expense | 866 | 1,011 | 3,485 | 5,735 | ||||||||||||
| Net interest income | 9,219 | 8,431 | 38,601 | 31,879 | ||||||||||||
| Provision for loan losses | - | 675 | 1,000 | 5,575 | ||||||||||||
| Net interest income after provision for loan losses | 9,219 | 7,756 | 37,601 | 26,304 | ||||||||||||
| Noninterest income: | ||||||||||||||||
| Service fees | 382 | 352 | 1,440 | 1,365 | ||||||||||||
| Gain on sale of mortgage loans | 451 | 1,401 | 2,760 | 5,887 | ||||||||||||
| Mortgage loan servicing, net | 114 | 104 | 313 | (163 | ) | |||||||||||
| Investment and insurance sales commissions | 500 | 391 | 1,986 | 1,300 | ||||||||||||
| Net gain on sale of securities | - | 149 | 134 | 504 | ||||||||||||
| Increase in cash surrender value of life insurance | 151 | 106 | 560 | 422 | ||||||||||||
| Other noninterest income | 646 | 488 | 2,225 | 2,098 | ||||||||||||
| Total noninterest income | 2,244 | 2,991 | 9,418 | 11,413 | ||||||||||||
| Noninterest expense: | ||||||||||||||||
| Salaries and employee benefits | 4,669 | 4,084 | 16,143 | 14,012 | ||||||||||||
| Occupancy and facilities | 596 | 511 | 2,426 | 2,129 | ||||||||||||
| Loss (gain) on foreclosed assets | (347 | ) | (218 | ) | (166 | ) | (88 | ) | ||||||||
| Data processing and other office operations | 855 | 568 | 3,876 | 2,630 | ||||||||||||
| Advertising and promotion | 155 | 172 | 755 | 484 | ||||||||||||
| FDIC insurance premiums | 116 | 82 | 378 | 192 | ||||||||||||
| Other noninterest expenses | 1,313 | 1,262 | 6,698 | 4,385 | ||||||||||||
| Total noninterest expense | 7,357 | 6,461 | 30,110 | 23,744 | ||||||||||||
| Income before provision for income taxes | 4,106 | 4,286 | 16,909 | 13,973 | ||||||||||||
| Provision for income taxes | 960 | 1,034 | 4,092 | 3,284 | ||||||||||||
| Net income | $ | 3,146 | $ | 3,252 | $ | 12,817 | $ | 10,689 | ||||||||
| Basic earnings per share | $ | 0.71 | $ | 0.73 | $ | 2.88 | $ | 2.40 | ||||||||
| Diluted earnings per share | $ | 0.71 | $ | 0.73 | $ | 2.88 | $ | 2.40 |
| PSB Holdings, Inc. | |||||||||||||||
| Consolidated Balance Sheets | |||||||||||||||
| December 31, September 30, June 30, and March 31, 2021, unaudited, December 31, 2020 derived from audited financial statements | |||||||||||||||
| Dec. 31, | Sep. 30, | Jun. 30, | Mar. 31, | Dec. 31, | |||||||||||
| (dollars in thousands, except per share data) | 2021 | 2021 | 2021 | 2021 | 2020 | ||||||||||
| Assets | |||||||||||||||
| Cash and due from banks | $ | 16,896 | $ | 20,813 | $ | 18,589 | $ | 12,921 | $ | 15,723 | |||||
| Interest-bearing deposits | 6,579 | 1,044 | 906 | 985 | 1,056 | ||||||||||
| Federal funds sold | 30,068 | 43,637 | 52,643 | 16,027 | 21,749 | ||||||||||
| Cash and cash equivalents | 53,543 | 65,494 | 72,138 | 29,933 | 38,528 | ||||||||||
| Securities available for sale (at fair value) | 310,445 | 301,853 | 261,685 | 227,824 | 228,296 | ||||||||||
| Bank certificates of deposit (at cost) | 245 | 245 | 245 | 1,231 | 1,231 | ||||||||||
| Loans held for sale | 3,061 | 214 | 1,756 | 622 | 954 | ||||||||||
| Loans receivable, net | 876,337 | 874,524 | 863,254 | 829,964 | 820,956 | ||||||||||
| Accrued interest receivable | 3,256 | 3,273 | 3,299 | 3,335 | 3,527 | ||||||||||
| Foreclosed assets | 1,103 | 2,398 | 1,984 | 1,105 | 1,619 | ||||||||||
| Premises and equipment, net | 12,695 | 12,725 | 13,241 | 11,077 | 10,920 | ||||||||||
| Mortgage servicing rights, net | 1,714 | 1,702 | 1,696 | 1,732 | 1,657 | ||||||||||
| Federal Home Loan Bank stock (at cost) | 2,646 | 2,646 | 2,646 | 2,283 | 2,283 | ||||||||||
| Cash surrender value of bank-owned life insurance | 24,305 | 24,154 | 24,001 | 17,902 | 17,795 | ||||||||||
| Core deposit intangible | 534 | 581 | 629 | - | 2 | ||||||||||
| Goodwill | 2,541 | 2,541 | 2,541 | 113 | 113 | ||||||||||
| Other assets | 6,286 | 5,313 | 5,523 | 5,102 | 4,074 | ||||||||||
| TOTAL ASSETS | $ | 1,298,711 | $ | 1,297,663 | $ | 1,254,638 | $ | 1,132,223 | $ | 1,131,955 | |||||
| Liabilities | |||||||||||||||
| Non-interest-bearing deposits | $ | 284,477 | $ | 291,440 | $ | 273,181 | $ | 242,974 | $ | 236,981 | |||||
| Interest-bearing deposits | 820,763 | 791,601 | 758,445 | 682,877 | 695,156 | ||||||||||
| Total deposits | 1,105,240 | 1,083,041 | 1,031,626 | 925,851 | 932,137 | ||||||||||
| Federal Home Loan Bank advances | 47,000 | 62,000 | 67,000 | 62,000 | 62,000 | ||||||||||
| Other borrowings | 6,677 | 17,129 | 21,757 | 18,582 | 12,239 | ||||||||||
| Senior subordinated notes | 2,500 | 2,500 | 2,500 | 2,500 | 2,500 | ||||||||||
| Junior subordinated debentures | 12,717 | 12,691 | 12,666 | 7,732 | 7,732 | ||||||||||
| Accrued expenses and other liabilities | 13,315 | 10,143 | 11,103 | 9,918 | 10,920 | ||||||||||
| Total liabilities | 1,187,449 | 1,187,504 | 1,146,652 | 1,026,583 | 1,027,528 | ||||||||||
| Stockholders' equity | |||||||||||||||
| Preferred stock - no par value: | |||||||||||||||
| Authorized - 30,000 shares; no shares issued or outstanding | - | - | - | - | - | ||||||||||
| Common stock - no par value with a stated value of $1.00 per share: | |||||||||||||||
| Authorized - 6,000,000 shares; Issued - 5,490,798 shares | |||||||||||||||
| Outstanding - 4,440,329, 4,447,026, 4,454,922, 4,454,922 and | |||||||||||||||
| 4,452,287 shares, respectively | 1,830 | 1,830 | 1,830 | 1,830 | 1,830 | ||||||||||
| Additional paid-in capital | 8,059 | 8,003 | 7,946 | 7,890 | 7,818 | ||||||||||
| Retained earnings | 114,627 | 112,502 | 108,863 | 107,751 | 103,855 | ||||||||||
| Accumulated other comprehensive income (loss), net of tax | 628 | 1,530 | 2,869 | 1,691 | 4,458 | ||||||||||
| Treasury stock, at cost - 1,050,469, 1,043,772, 1,035,876, 1,035,876 and | |||||||||||||||
| 1,038,511 shares, respectively | (13,882 | ) | (13,706 | ) | (13,522 | ) | (13,522 | ) | (13,534 | ) | |||||
| Total stockholders' equity | 111,262 | 110,159 | 107,986 | 105,640 | 104,427 | ||||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 1,298,711 | $ | 1,297,663 | $ | 1,254,638 | $ | 1,132,223 | $ | 1,131,955 |
| PSB Holdings, Inc. | |||||||||||||||
| Consolidated Statements of Comprehensive Income | |||||||||||||||
| Three Months Ended | Year Ended | ||||||||||||||
| December 31, | December 31, | ||||||||||||||
| (dollars in thousands - unaudited) | 2021 | 2020 | 2021 | 2020 | |||||||||||
| Net income | $ | 3,146 | $ | 3,252 | $ | 12,817 | $ | 10,689 | |||||||
| Other comprehensive income, net of tax: | |||||||||||||||
| Unrealized gain (loss) on securities available | |||||||||||||||
| for sale | (973 | ) | 641 | (3,927 | ) | 3,577 | |||||||||
| Reclassification adjustment for security | |||||||||||||||
| gain included in net income | - | (108 | ) | (97 | ) | (366 | ) | ||||||||
| Unrealized gain (loss) on interest rate swap | 31 | 135 | 154 | (181 | ) | ||||||||||
| Reclassification adjustment of interest rate | |||||||||||||||
| swap settlements included in earnings | 40 | 38 | 40 | 126 | |||||||||||
| Other comprehensive income (loss) | (902 | ) | 706 | (3,830 | ) | 3,156 | |||||||||
| Comprehensive income | $ | 2,244 | $ | 3,958 | $ | 8,987 | $ | 13,845 |
| PSB Holding, Inc. | ||||||||||||||||
| Loan Composition by Purpose | ||||||||||||||||
| Quarter-ended (dollars in thousands) |
Dec 31, 2021 |
Sep 30, 2021 |
Jun 30, 2021 |
Mar 31, 2021 |
Dec 31, 2020 |
|||||||||||
| Residential real estate: | ||||||||||||||||
| One to four family | $ | 168,584 | $ | 166,728 | $ | 169,456 | $ | 136,242 | $ | 125,530 | ||||||
| HELOC loans | 17,198 | 18,011 | 18,263 | 16,908 | 18,312 | |||||||||||
| Residential construction & development | 23,093 | 25,162 | 24,385 | 25,628 | 25,519 | |||||||||||
| Residential vacant land | 1,763 | 6,629 | 2,172 | 2,524 | 3,305 | |||||||||||
| Total Residential real estate | 210,638 | 216,530 | 214,276 | 181,302 | 172,666 | |||||||||||
| Commercial/Agricultural real estate: | ||||||||||||||||
| Owner occupied | ||||||||||||||||
| Commercial real estate | 202,416 | 203,509 | 202,767 | 194,514 | 187,059 | |||||||||||
| SBA commercial real estate | 1,568 | 1,140 | 1,164 | 1,445 | 1,483 | |||||||||||
| Agriculture real estate | 3,716 | 4,046 | 4,188 | 4,787 | 4,429 | |||||||||||
| Construction and land development | 22,380 | 17,705 | 6,460 | 4,121 | 5,468 | |||||||||||
| Commercial vacant land | 3,529 | 3,572 | 6,490 | 2,998 | 2,835 | |||||||||||
| Total Owner occupied | 233,609 | 229,972 | 221,069 | 207,865 | 198,439 | |||||||||||
| Non-owner occupied | ||||||||||||||||
| Commercial real estate | 211,688 | 212,868 | 196,011 | 183,365 | 173,953 | |||||||||||
| One to four family residential rental | 52,437 | 49,542 | 47,097 | 31,914 | 31,363 | |||||||||||
| SBA commercial real estate | 1,010 | 682 | 703 | 718 | 749 | |||||||||||
| Agricultural real estate | - | - | - | - | - | |||||||||||
| Construction and land development | 25,899 | 29,618 | 30,057 | 31,362 | 29,846 | |||||||||||
| Commercial vacant land | 4,534 | 4,851 | 5,203 | 7,970 | 8,402 | |||||||||||
| Total Non-owner occupied | 295,568 | 297,561 | 279,071 | 255,329 | 244,313 | |||||||||||
| Commercial/Agricultural non-real estate: | ||||||||||||||||
| Municipal non-real estate | 11,858 | 7,623 | 7,014 | 7,165 | 11,422 | |||||||||||
| Commercial line | 52,151 | 47,646 | 45,386 | 46,833 | 41,619 | |||||||||||
| Other commercial non-real estate | 61,115 | 54,481 | 55,002 | 49,246 | 52,723 | |||||||||||
| SBA commercial non-real estate | 17,527 | 25,933 | 47,245 | 89,603 | 103,871 | |||||||||||
| Agricultural non-real estate | 1,130 | 1,325 | 1,656 | 1,730 | 1,986 | |||||||||||
| Total Commercial/Agr. non-real estate | 143,781 | 137,008 | 156,303 | 194,577 | 211,621 | |||||||||||
| Consumer non-real estate: | ||||||||||||||||
| Consumer installment | 4,054 | 4,369 | 4,399 | 3,191 | 3,400 | |||||||||||
| Consumer line | 480 | 477 | 436 | 498 | 353 | |||||||||||
| Other consumer | 117 | 125 | 130 | 123 | 143 | |||||||||||
| Total Consumer non-real estate | 4,651 | 4,971 | 4,965 | 3,812 | 3,896 | |||||||||||
| Gross loans | 888,247 | 886,042 | 875,684 | 842,885 | 833,770 | |||||||||||
| Net deferred loan costs (fees) | 107 | (167 | ) | (738 | ) | (1,627 | ) | (2,140 | ) | |||||||
| Overdrafts | 205 | 654 | 134 | 528 | 161 | |||||||||||
| Allowance for loan losses | (12,222 | ) | (12,005 | ) | (11,826 | ) | (11,822 | ) | (10,835 | ) | ||||||
| Total loans receivable | $ | 876,337 | $ | 874,524 | $ | 863,254 | $ | 829,964 | $ | 820,956 |
| PSB Holdings, Inc. | |||||||||||||||
| Nonperforming Assets as of: | |||||||||||||||
| Dec 31, | Sep 30, | Jun 30, | Mar 31, | Dec 31, | |||||||||||
| (dollars in thousands) | 2021 | 2021 | 2021 | 2021 | 2020 | ||||||||||
| Nonaccrual loans (excluding restructured loans) | $ | 6,425 | $ | 6,018 | $ | 5,208 | $ | 5,346 | $ | 2,071 | |||||
| Nonaccrual restructured loans | 1,000 | 1,526 | 1,062 | 1,090 | 1,064 | ||||||||||
| Restructured loans not on nonaccrual | 5,213 | 5,159 | 5,205 | 5,242 | 5,414 | ||||||||||
| Accruing loans past due 90 days or more | - | - | - | - | - | ||||||||||
| Total nonperforming loans | 12,638 | 12,703 | 11,475 | 11,678 | 8,549 | ||||||||||
| Other real estate owned | 1,103 | 2,398 | 1,984 | 1,105 | 1,619 | ||||||||||
| Total nonperforming assets | $ | 13,741 | $ | 15,101 | $ | 13,459 | $ | 12,783 | $ | 10,168 | |||||
| Nonperforming loans as a % of gross loans receivable | 1.42% | 1.43% | 1.31% | 1.39% | 1.03% | ||||||||||
| Total nonperforming assets as a % of total assets | 1.06% | 1.16% | 1.07% | 1.13% | 0.90% | ||||||||||
| Allowance for loan losses as a % of nonperforming loans | 96.71% | 94.51% | 103.06% | 101.23% | 126.74% |
| PSB Holdings, Inc. | |||||||
| Nonperforming Assets >= $500,000 net book value before specific reserves | |||||||
| At December 31, 2021 | |||||||
| (dollars in thousands) | |||||||
| Gross | Specific | ||||||
| Collateral Description | Asset Type | Principal | Reserves | ||||
| Real estate - Hotel | Restructured | $ | 4,744 | $ | 76 | ||
| Real estate - Buffet Style Restaurant | Nonaccrual | 3,200 | 1,077 | ||||
| Real estate - Hotel | Nonaccrual | 941 | 153 | ||||
| Real estate - Buffet Style Restaurant | Restructured/Nonaccrual | 819 | 21 | ||||
| Total listed nonperforming assets | $ | 9,704 | $ | 1,327 | |||
| Total bank wide nonperforming assets | $ | 13,741 | $ | 1,582 | |||
| Listed assets as a % of total nonperforming assets | 71% | 84% | |||||
| Largest Performing, but Impaired Loans at December 31, 2021 ($000s) | |||||||
| Gross | Specific | ||||||
| Collateral Description | Asset Type | Principal | Reserves | ||||
| Real estate - Equipment dealer | Impaired | $ | 4,677 | $ | 285 | ||
| Real estate - Hotel | Impaired | 3,809 | 352 | ||||
| Total listed performing, but impaired loans | $ | 8,486 | $ | 637 | |||
| Total performing, but impaired loans | $ | 10,274 | $ | 932 | |||
| Listed assets as a % of total performing, but impaired loans | 83% | 68% |
| PSB Holdings, Inc. | |||||||||||||||
| Deposit Composition | |||||||||||||||
| December 31, | September 30, | December 31, | |||||||||||||
| (dollars in thousands) | 2021 | 2021 | 2020 | ||||||||||||
| $ | % | $ | % | $ | % | ||||||||||
| Non-interest bearing demand | $ | 284,477 | 25.7 | % | $ | 291,440 | 26.9 | % | $ | 236,981 | 25.4 | % | |||
| Interest-bearing demand and savings | 413,522 | 37.4 | % | 388,725 | 35.9 | % | 332,677 | 35.7 | % | ||||||
| Money market deposits | 219,145 | 19.8 | % | 215,772 | 19.9 | % | 222,156 | 23.8 | % | ||||||
| Retail and local time deposits <= $250 | 140,443 | 12.8 | % | 142,439 | 13.2 | % | 103,064 | 11.1 | % | ||||||
| Total core deposits | 1,057,587 | 95.7 | % | 1,038,376 | 95.9 | % | 894,878 | 96.0 | % | ||||||
| Retail and local time deposits > $250 | 28,659 | 2.6 | % | 24,824 | 2.3 | % | 23,112 | 2.5 | % | ||||||
| Broker & national time deposits <= $250 | 7,793 | 0.7 | % | 8,640 | 0.8 | % | 12,153 | 1.3 | % | ||||||
| Broker & national time deposits > $250 | 11,201 | 1.0 | % | 11,201 | 1.0 | % | 1,994 | 0.2 | % | ||||||
| Totals | $ | 1,105,240 | 100.0 | % | $ | 1,083,041 | 100.0 | % | $ | 932,137 | 100.0 | % |
| PSB Holdings, Inc. | |||||||||||||||||||||||||
| Average Balances ($000) and Interest Rates | |||||||||||||||||||||||||
| (dollars in thousands) | |||||||||||||||||||||||||
| Quarter ended December 31, 2021 | Quarter ended September 30, 2021 | Quarter ended December 31, 2020 | |||||||||||||||||||||||
| Average | Yield / | Average | Yield / | Average | Yield / | ||||||||||||||||||||
| Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | |||||||||||||||||
| Assets | |||||||||||||||||||||||||
| Interest-earning assets: | |||||||||||||||||||||||||
| Loans (1)(2) | $ | 882,157 | $ | 8,930 | 4.02 | % | $ | 874,429 | $ | 9,334 | 4.23 | % | $ | 817,875 | $ | 8,383 | 4.08 | % | |||||||
| Taxable securities | 214,626 | 631 | 1.17 | % | 195,160 | 581 | 1.18 | % | 129,832 | 542 | 1.66 | % | |||||||||||||
| Tax-exempt securities (2) | 83,518 | 639 | 3.04 | % | 84,241 | 633 | 2.98 | % | 80,619 | 619 | 3.05 | % | |||||||||||||
| FHLB stock | 2,646 | 18 | 2.70 | % | 2,646 | 27 | 4.05 | % | 2,283 | 27 | 4.70 | % | |||||||||||||
| Other | 53,098 | 13 | 0.10 | % | 75,119 | 18 | 0.10 | % | 27,336 | 13 | 0.19 | % | |||||||||||||
| Total (2) | 1,236,045 | 10,231 | 3.28 | % | 1,231,595 | 10,593 | 3.41 | % | 1,057,945 | 9,584 | 3.60 | % | |||||||||||||
| Non-interest-earning assets: | |||||||||||||||||||||||||
| Cash and due from banks | 19,967 | 20,310 | 14,011 | ||||||||||||||||||||||
| Premises and equipment, | |||||||||||||||||||||||||
| net | 12,699 | 12,962 | 11,023 | ||||||||||||||||||||||
| Cash surrender value ins | 24,216 | 24,059 | 17,206 | ||||||||||||||||||||||
| Other assets | 14,859 | 15,317 | 10,572 | ||||||||||||||||||||||
| Allowance for loan | |||||||||||||||||||||||||
| losses | (12,006 | ) | (11,874 | ) | (10,693 | ) | |||||||||||||||||||
| Total | $ | 1,295,780 | $ | 1,292,369 | $ | 1,100,064 | |||||||||||||||||||
| Liabilities & stockholders' equity | |||||||||||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||||||||||
| Savings and demand | |||||||||||||||||||||||||
| deposits | $ | 388,549 | $ | 76 | 0.08 | % | $ | 383,136 | $ | 73 | 0.08 | % | $ | 298,696 | $ | 65 | 0.09 | % | |||||||
| Money market deposits | 222,399 | 93 | 0.17 | % | 213,584 | 90 | 0.17 | % | 218,455 | 128 | 0.23 | % | |||||||||||||
| Time deposits | 188,301 | 307 | 0.65 | % | 185,502 | 241 | 0.52 | % | 143,714 | 464 | 1.28 | % | |||||||||||||
| FHLB borrowings | 52,705 | 192 | 1.45 | % | 66,239 | 220 | 1.32 | % | 64,283 | 228 | 1.41 | % | |||||||||||||
| Other borrowings | 11,585 | 4 | 0.14 | % | 24,993 | 9 | 0.14 | % | 16,638 | 6 | 0.14 | % | |||||||||||||
| Senior sub. notes | 2,500 | 29 | 4.60 | % | 2,500 | 28 | 4.44 | % | 2,500 | 29 | 4.61 | % | |||||||||||||
| Junior sub. debentures | 12,704 | 165 | 5.15 | % | 12,679 | 165 | 5.16 | % | 7,732 | 91 | 4.68 | % | |||||||||||||
| Total | 878,743 | 866 | 0.39 | % | 888,633 | 826 | 0.37 | % | 752,018 | 1,011 | 0.53 | % | |||||||||||||
| Non-interest-bearing liabilities: | |||||||||||||||||||||||||
| Demand deposits | 293,623 | 282,331 | 235,562 | ||||||||||||||||||||||
| Other liabilities | 11,325 | 11,017 | 9,694 | ||||||||||||||||||||||
| Stockholders' equity | 112,089 | 110,388 | 102,790 | ||||||||||||||||||||||
| Total | $ | 1,295,780 | $ | 1,292,369 | $ | 1,100,064 | |||||||||||||||||||
| Net interest income | $ | 9,365 | $ | 9,767 | $ | 8,573 | |||||||||||||||||||
| Rate spread | 2.89 | % | 3.04 | % | 3.07 | % | |||||||||||||||||||
| Net yield on interest-earning assets | 3.01 | % | 3.15 | % | 3.22 | % | |||||||||||||||||||
| (1) Nonaccrual loans are included in the daily average loan balances outstanding. | |||||||||||||||||||||||||
| (2) The yield on 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, 2021 | Year ended December 31, 2020 | ||||||||||||||||
| Average | Yield/ | Average | Yield/ | ||||||||||||||
| Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||
| Assets | |||||||||||||||||
| Interest-earning assets: | |||||||||||||||||
| Loans (1)(2) | $ | 875,571 | $ | 37,702 | 4.31 | % | $ | 784,126 | $ | 33,111 | 4.22 | % | |||||
| Taxable securities | 176,816 | 2,272 | 1.28 | % | 112,200 | 2,461 | 2.19 | % | |||||||||
| Tax-exempt securities (2) | 84,141 | 2,547 | 3.03 | % | 73,490 | 2,329 | 3.17 | % | |||||||||
| FHLB stock | 2,551 | 89 | 3.49 | % | 2,243 | 106 | 4.73 | % | |||||||||
| Other | 48,616 | 58 | 0.12 | % | 43,593 | 148 | 0.34 | % | |||||||||
| Total (2) | 1,187,695 | 42,668 | 3.59 | % | 1,015,652 | 38,155 | 3.76 | % | |||||||||
| Non-interest-earning assets: | |||||||||||||||||
| Cash and due from banks | 20,003 | 12,592 | |||||||||||||||
| Premises and equipment, | |||||||||||||||||
| net | 12,625 | 11,013 | |||||||||||||||
| Cash surrender value ins | 22,527 | 16,990 | |||||||||||||||
| Other assets | 14,184 | 10,484 | |||||||||||||||
| Allowance for loan | |||||||||||||||||
| losses | (11,767 | ) | (8,990 | ) | |||||||||||||
| Total | $ | 1,245,267 | $ | 1,057,741 | |||||||||||||
| Liabilities & stockholders' equity | |||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||
| Savings and demand | |||||||||||||||||
| deposits | $ | 364,602 | $ | 279 | 0.08 | % | $ | 277,014 | $ | 594 | 0.21 | % | |||||
| Money market deposits | 216,888 | 397 | 0.18 | % | 202,666 | 860 | 0.42 | % | |||||||||
| Time deposits | 174,001 | 1,236 | 0.71 | % | 158,030 | 2,598 | 1.64 | % | |||||||||
| FHLB borrowings | 63,180 | 848 | 1.34 | % | 80,462 | 1,175 | 1.46 | % | |||||||||
| Other borrowings | 20,259 | 28 | 0.14 | % | 9,602 | 31 | 0.32 | % | |||||||||
| Senior sub. notes | 2,500 | 113 | 4.52 | % | 2,500 | 113 | 4.52 | % | |||||||||
| Junior sub. debentures | 10,708 | 584 | 5.45 | % | 7,732 | 364 | 4.71 | % | |||||||||
| Total | 852,138 | 3,485 | 0.41 | % | 738,006 | 5,735 | 0.78 | % | |||||||||
| Non-interest-bearing liabilities: | |||||||||||||||||
| Demand deposits | 271,866 | 211,155 | |||||||||||||||
| Other liabilities | 11,032 | 9,925 | |||||||||||||||
| Stockholders' equity | 110,231 | 98,655 | |||||||||||||||
| Total | $ | 1,245,267 | $ | 1,057,741 | |||||||||||||
| Net interest income | $ | 39,183 | $ | 32,420 | |||||||||||||
| Rate spread | 3.18 | % | 2.98 | % | |||||||||||||
| Net yield on interest-earning assets | 3.30 | % | 3.19 | % | |||||||||||||
| (1) Nonaccrual loans are included in the daily average loan balances outstanding. | |||||||||||||||||
| (2) The yield on tax-exempt loans and securities is computed on a tax-equivalent basis using a tax rate of 21%. |
Investor Relations Contact
PSB Holdings, Inc.
1905 Stewart Avenue
Wausau, WI 54401
888.929.9902
[email protected]
Source: PSB Holdings, Inc.