PSB Holdings, Inc. Reports Quarterly Earnings of $0.86 Per Share; Net Interest Margin and Tangible Net Book Value Expansion Continues
WAUSAU, Wis., Oct. 27, 2025 (GLOBE NEWSWIRE) -- PSB Holdings, Inc. (“PSB”) (OTCQX: PSBQ), the holding company for Peoples State Bank (“Peoples”) serving Northcentral and Southeastern Wisconsin reported third quarter earnings ending September 30, 2025 of $0.86 per diluted common share on net income of $3.5 million, compared to $0.89 per diluted common share on net income of $3.6 million during the second quarter ending June 30, 2025, and $0.69 per diluted common share on net income of $2.9 million during the third quarter ending September 30, 2024.
PSB’s third quarter of 2025 operating results reflected the following changes from the second quarter of 2025: (1) a stronger net interest margin as asset yields rose and funding costs declined; (2) slightly lower non-interest income from lower mortgage banking income and debit card interchange incentives; and (3) higher non-interest expenses due to higher health insurance costs.
“Our third quarter results reflect a return of our net interest margin to historical levels, while our operations remain efficient. Additionally, we have gained traction in our expansion into the Milwaukee region as this area has provided good lending opportunities,” stated Scott Cattanach, President and CEO. “Over the past year, we have increased our tangible capital by $9.0 million after payment of dividends and stock repurchases. With earnings totaling $7.1 million over the past two quarters and expectations of earnings to continue near this level, we should be able to expand capital in 2026 which will push us closer to minimal capitalization thresholds to enter various stock indices in years to come. Additionally, we are hopeful our strong EPS levels support stock price earnings multiples consistent to our peers.”
September 30, 2025, Highlights:
- Net interest income increased $617,000 to $11.3 million for the quarter ended September 30, 2025, from $10.7 million for the quarter ended June 30, 2025, due in part to higher yields on loans, lower deposit and borrowing costs and one additional day during the quarter.
- Noninterest income decreased $171,000 to $1.9 million for the quarter ended September 30, 2025, compared to $2.1 million the prior quarter due to slightly lower mortgage banking income and lower SBA gains. The second quarter was also elevated due to receipt of debit incentive revenues.
- Noninterest expenses increased $613,000 to $8.8 million during the quarter ended September 30, 2025 from $8.2 million for the quarter ended June 30, 2025, reflecting higher salary and benefit expenses primarily related to health insurance benefit plan claims.
- Net loans increased $5.8 million, or 1% in the third quarter ended September 30, 2025, to $1.12 billion compared to June 30, 2025. Allowance for credit losses remained at 1.12% of gross loans.
- Non-performing assets increased $1.3 million to $17.0 million, or 1.13% of total assets at September 30, 2025 compared to 1.04% the previous quarter. The increase relates to a $1.3 million loan secured by a non-owner occupied commercial retail building that matures in the fourth quarter with debt service insufficient to renew. Specific reserves of $418,000 at September 30, 2025 are maintained for estimated loss.
- Total deposits increased $11.6 million to $1.19 billion at September 30, 2025 from $1.18 billion at June 30, 2025. Core deposits increased $7.3 million while brokered deposits and time deposits greater than $250,000 increased $4.3 million.
- Return on average tangible common equity was 12.14% for the quarter ended September 30, 2025, compared to 13.11% the prior quarter and 10.96% in the year ago quarter.
- Tangible book value per common share was up 10.00% over the past year to $29.05 at September 30, 2025, compared to $26.41 at September 30, 2024. Additionally, PSB paid dividends totaling $0.66 per share during the past year.
Balance Sheet and Asset Quality Review
Total assets decreased $9.9 million during the third quarter to $1.50 billion at September 30, 2025, compared to $1.51 billion at June 30, 2025. Cash and cash equivalents decreased $20.0 million to $37.4 million at September 30, 2025 from $57.5 million at June 30, 2025, as liquid funds were redeployed into new loans and investment securities. Investment securities available for sale increased $6.4 million to $190.7 million at September 30, 2025, from $184.3 million one quarter earlier.
Gross loans receivable increased $8.7 million to $1.16 billion at September 30, 2025, compared to one quarter earlier. Commercial real estate loans increased $2.8 million to $569.4 million at September 30, 2025, compared to three months earlier while commercial & industrial loans increased $1.9 million to $137.2 million over the same time period. Commercial construction and development loans increased $3.4 million to $81.3 million at September 30, 2025, while residential real estate loans increased $5.9 million from the prior quarter to $342.9 million. Agricultural loans decreased $0.8 million to $12.4 million at September 30, 2025 compared to three months earlier and municipal loans declined $4.4 million over the same time period. The loan portfolio remains well diversified with commercial real estate and construction loans totaling 56.3% of gross loans, followed by residential real estate loans at 29.7% of gross loans, commercial non-real estate loans at 13.6% and consumer loans at 0.4%. Our lending pipeline remains strong heading into the fourth quarter.
The allowance for credit losses remained at 1.12% of gross loans at September 30, 2025 while annualized net charge-offs to average loans were zero for the quarter ended September 30, 2025. Non-performing assets increased $1.3 million to $17.0 million, or 1.13% of total assets at September 30, 2025, up from 1.04% at June 30, 2025. The increase in non-performing assets reflects the addition of a non-owner occupied commercial building loan that matures in the fourth quarter of 2025. The tenant lease terms do not provide sufficient income to support the debt service and there is a collateral shortfall. If satisfactory refinance terms are not reached, a liquidation process will begin. Specific reserves have already been established on this loan. Approximately 78% of all non-performing assets consisted of six lending relationships. New ownership and capitalization with collection of all past due payments is expected in the December 2025 quarter from the largest non-performing borrower with $4.2 million of principal.
Total deposits increased $11.6 million over the prior quarter to $1.19 billion. Overall, core deposits increased $7.3 million during the quarter while brokered deposits and time deposits greater than $250,000 increased $4.3 million.
At September 30, 2025, non-interest bearing demand deposits decreased to 23.4% of total deposits from 23.6% the prior quarter, while money market deposits increased to 23.2% at September 30, 2025 from 23.0% one quarter earlier. The additional deposit inflow and existing liquidity helped to reduce high costing FHLB advances during the quarter by $25.0 million to $141.0 million at September 30, 2025.
Tangible stockholder equity as a percentage of total tangible assets increased to 8.34% at September 30, 2025, compared to 7.95% at June 30, 2025, and 7.85% at September 30, 2024.
Tangible net book value per common share increased $2.64 during the quarter to $29.05, at September 30, 2025 compared to $26.41 one year earlier, an increase of 10.0% after dividends of $0.66 were paid to shareholders. Relative to the prior quarter’s tangible book value per common share of $27.77, tangible net book value per common share increased primarily due to earnings and an increase in the fair market value of available for sale investment securities. The accumulated other comprehensive loss on the investment portfolio was $14.2 million at September 30, 2025, compared to $15.8 million one quarter earlier.
Operations Review
Net interest income increased to $11.3 million (on a net margin of 3.16%) for the third quarter of 2025, from $10.7 million (on a net margin of 3.09%) for the second quarter of 2025, and increased from $9.9 million (on a net margin of 2.90%) for the third quarter of 2024. The higher net interest income in the current period primarily relates to an increase in loan and investments yields during the quarter and a decrease in the cost of funds. Earning asset yields increased to 5.43% during the third quarter of 2025 from 5.40% the prior period and cost of funds decreased five basis points to 3.01% compared to 3.06% during the second quarter of 2025. Relative to one year earlier, interest-earning asset yields were up 14 basis points while the overall cost of funds declined 12 basis points.
The increase in earning asset yields was due to higher yields on loan originations, loan renewals and security repricing. Loan yields increased during the third quarter of 2025 to 5.93% from 5.91% during the second quarter of 2025. Taxable security yields were 3.38% for the quarter ended September 30, 2025, compared to 3.24% for the quarter ended June 30, 2025, while a smaller balance of tax-exempt security yields declined to 3.33% for the quarter ended September 30, 2025 from 3.35% one quarter earlier.
The decrease in funding costs was due to lower deposit costs, and costs related to FHLB advances and junior subordinated debentures. Deposits costs declined 1 basis point to 2.07% for the quarter ended September 30, 2025 from 2.08% the prior quarter. Similarly, FHLB advance costs declined 1 basis point to 4.39% for the third quarter from 4.40% the prior quarter. The cost of junior subordinated debentures declined 19 basis points to 7.49% for the quarter ended September 30, 2025 from 7.68% for the quarter ended June 30, 2025.
Total noninterest income decreased $171,000 during the third quarter of 2025 to $1.9 million. A decrease in SBA gains and mortgage banking income during the quarter accounted for the majority of the change while the second quarter reflected the receipt of debit card interchange incentive revenue.
Noninterest expenses increased $613,000 to $8.8 million for the third quarter of 2025, compared to $8.2 million for the second quarter of 2025, and increased $655,000 from $8.2 million for the third quarter of 2024. On a linked quarter basis, salary and benefits expense increased $618,000 as health insurance claims increased $284,000 during the quarter and a change in the timing of incentive payments resulted in elevated salary and FICA expenses during the third quarter. Occupancy and facilities costs decreased $7,000, data processing and other office operation expenses decreased $67,000, foreclosed real estate was sold for a $1,000 loss for the third quarter compared to a gain of $58,000 the previous quarter and advertising and promotion expenses declined $51,000.
Income taxes decreased $32,000 during the third quarter to $720,000, from $752,000 one quarter earlier on slightly lower pre-tax income levels. The effective tax rate for the quarter ended September 30, 2025, was 16.7% compared to 16.6% for the second quarter ended June 30, 2025.
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. 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 | |||||||||||||||
| September 30, June 30, March 31, 2025, and September 30, 2024, unaudited, December 31, 2024 derived from audited financial statements | |||||||||||||||
| Sep. 30, | Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | |||||||||||
| (dollars in thousands, except per share data) | 2025 | 2025 | 2025 | 2024 | 2024 | ||||||||||
| Assets | |||||||||||||||
| Cash and due from banks | $ | 14,221 | $ | 23,022 | $ | 19,628 | $ | 21,414 | $ | 23,554 | |||||
| Interest-bearing deposits | 3,630 | 2,890 | 702 | 3,724 | 5,126 | ||||||||||
| Federal funds sold | 19,641 | 31,624 | 2,351 | 15,360 | 58,434 | ||||||||||
| Cash and cash equivalents | 37,492 | 57,536 | 22,681 | 40,498 | 87,114 | ||||||||||
| Securities available for sale (at fair value) | 190,709 | 184,320 | 182,594 | 189,086 | 174,911 | ||||||||||
| Securities held to maturity (fair values of $76,104, $75,016, $77,375, $79,654 and | |||||||||||||||
| $82,389 respectively) | 82,195 | 83,123 | 85,373 | 86,748 | 86,847 | ||||||||||
| Equity securities | 2,885 | 2,885 | 2,847 | 2,782 | 1,752 | ||||||||||
| Loans held for sale | 145 | 349 | 734 | 217 | - | ||||||||||
| Loans receivable, net (allowance for credit losses of $12,686, $12,553, $12,392, | |||||||||||||||
| $12,342 and $12,598 respectively) | 1,115,137 | 1,109,296 | 1,096,422 | 1,078,204 | 1,057,974 | ||||||||||
| Accrued interest receivable | 5,023 | 5,006 | 5,184 | 5,042 | 4,837 | ||||||||||
| Foreclosed assets | - | - | 300 | - | - | ||||||||||
| Premises and equipment, net | 13,355 | 13,397 | 13,522 | 13,805 | 14,065 | ||||||||||
| Mortgage servicing rights, net | 1,685 | 1,684 | 1,717 | 1,742 | 1,727 | ||||||||||
| Federal Home Loan Bank stock (at cost) | 8,641 | 9,297 | 8,825 | 8,825 | 8,825 | ||||||||||
| Cash surrender value of bank-owned life insurance | 25,242 | 25,067 | 24,897 | 24,732 | 24,565 | ||||||||||
| Core deposit intangible | 309 | 330 | 353 | 195 | 212 | ||||||||||
| Goodwill | 3,495 | 3,495 | 3,495 | 2,541 | 2,541 | ||||||||||
| Other assets | 10,420 | 10,832 | 10,828 | 11,539 | 10,598 | ||||||||||
| TOTAL ASSETS | $ | 1,496,733 | $ | 1,506,617 | $ | 1,459,772 | $ | 1,465,956 | $ | 1,475,968 | |||||
| Liabilities | |||||||||||||||
| Non-interest-bearing deposits | $ | 278,615 | $ | 277,239 | $ | 245,672 | $ | 259,515 | $ | 265,078 | |||||
| Interest-bearing deposits | 910,571 | 900,303 | 884,364 | 887,834 | 874,035 | ||||||||||
| Total deposits | 1,189,186 | 1,177,542 | 1,130,036 | 1,147,349 | 1,139,113 | ||||||||||
| Federal Home Loan Bank advances | 140,950 | 165,950 | 170,250 | 162,250 | 181,250 | ||||||||||
| Other borrowings | 6,062 | 6,250 | 6,343 | 6,872 | 6,128 | ||||||||||
| Senior subordinated notes | 4,786 | 4,784 | 4,783 | 4,781 | 4,779 | ||||||||||
| Junior subordinated debentures | 13,100 | 13,075 | 13,049 | 13,023 | 12,998 | ||||||||||
| Allowance for credit losses on unfunded commitments | 622 | 622 | 672 | 672 | 477 | ||||||||||
| Accrued expenses and other liabilities | 13,651 | 15,118 | 13,554 | 14,723 | 12,850 | ||||||||||
| Total liabilities | 1,368,357 | 1,383,341 | 1,338,687 | 1,349,670 | 1,357,595 | ||||||||||
| Stockholders' equity | |||||||||||||||
| Preferred stock - no par value: | |||||||||||||||
| Authorized - 30,000 shares; Issued - 7,200 shares | |||||||||||||||
| 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 - 4,040,538, 4,041,573, 4,084,708, 4,092,977 and | |||||||||||||||
| 4,105,594 shares, respectively | 1,830 | 1,830 | 1,830 | 1,830 | 1,830 | ||||||||||
| Additional paid-in capital | 8,707 | 8,659 | 8,608 | 8,610 | 8,567 | ||||||||||
| Retained earnings | 148,029 | 144,548 | 142,277 | 139,838 | 138,142 | ||||||||||
| Accumulated other comprehensive income (loss), net of tax | (14,166 | ) | (15,764 | ) | (16,692 | ) | (19,314 | ) | (15,814 | ) | |||||
| Treasury stock, at cost - 1,450,260, 1,449,225, 1,406,090, 1,397,821 and | |||||||||||||||
| 1,385,204 shares, respectively | (23,224 | ) | (23,197 | ) | (22,138 | ) | (21,878 | ) | (21,552 | ) | |||||
| Total stockholders' equity | 128,376 | 123,276 | 121,085 | 116,286 | 118,373 | ||||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 1,496,733 | $ | 1,506,617 | $ | 1,459,772 | $ | 1,465,956 | $ | 1,475,968 | |||||
| PSB Holdings, Inc. | |||||||||||||||||||||
| Consolidated Statements of Income | |||||||||||||||||||||
| Quarter Ended | Nine Months Ended | ||||||||||||||||||||
| (dollars in thousands, | Sep. 30, |
Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | September | |||||||||||||||
| except per share data - unaudited) | 2025 | 2025 | 2025 | 2024 | 2024 | 2025 | 2024 | ||||||||||||||
| Interest and dividend income: | |||||||||||||||||||||
| Loans, including fees | $ | 16,745 | $ | 16,510 | $ | 15,782 | $ | 15,646 | $ | 15,634 | $ | 49,037 | $ | 46,176 | |||||||
| Securities: | |||||||||||||||||||||
| Taxable | 1,645 | 1,566 | 1,641 | 1,545 | 1,345 | 4,852 | 3,837 | ||||||||||||||
| Tax-exempt | 500 | 506 | 517 | 522 | 522 | 1,523 | 1,569 | ||||||||||||||
| Other interest and dividends | 717 | 332 | 345 | 948 | 699 | 1,394 | 1,307 | ||||||||||||||
| Total interest and dividend income | 19,607 | 18,914 | 18,285 | 18,661 | 18,200 | 56,806 | 52,889 | ||||||||||||||
| Interest expense: | |||||||||||||||||||||
| Deposits | 6,207 | 5,934 | 5,884 | 6,027 | 5,905 | 18,025 | 17,825 | ||||||||||||||
| FHLB advances | 1,707 | 1,899 | 1,792 | 1,890 | 2,038 | 5,398 | 5,348 | ||||||||||||||
| Other borrowings | 45 | 48 | 47 | 57 | 57 | 140 | 175 | ||||||||||||||
| Senior subordinated notes | 59 | 58 | 59 | 59 | 59 | 176 | 176 | ||||||||||||||
| Junior subordinated debentures | 247 | 250 | 248 | 252 | 252 | 745 | 758 | ||||||||||||||
| Total interest expense | 8,265 | 8,189 | 8,030 | 8,285 | 8,311 | 24,484 | 24,282 | ||||||||||||||
| Net interest income | 11,342 | 10,725 | 10,255 | 10,376 | 9,889 | 32,322 | 28,607 | ||||||||||||||
| Provision for credit losses | 138 | 110 | 117 | - | - | 365 | 195 | ||||||||||||||
| Net interest income after provision for credit losses | 11,204 | 10,615 | 10,138 | 10,376 | 9,889 | 31,957 | 28,412 | ||||||||||||||
| Noninterest income: | |||||||||||||||||||||
| Service fees | 363 | 366 | 358 | 362 | 367 | 1,087 | 1,053 | ||||||||||||||
| Mortgage banking income | 363 | 411 | 250 | 414 | 433 | 1,024 | 1,174 | ||||||||||||||
| Investment and insurance sales commissions | 345 | 335 | 326 | 226 | 230 | 1,006 | 573 | ||||||||||||||
| Net loss on sale of securities | - | - | (1 | ) | (511 | ) | - | (1 | ) | (495 | ) | ||||||||||
| Increase in cash surrender value of life insurance | 176 | 170 | 163 | 166 | 165 | 509 | 481 | ||||||||||||||
| Other noninterest income | 678 | 814 | 770 | 620 | 648 | 2,262 | 2,007 | ||||||||||||||
| Total noninterest income | 1,925 | 2,096 | 1,866 | 1,277 | 1,843 | 5,887 | 4,793 | ||||||||||||||
| Noninterest expense: | |||||||||||||||||||||
| Salaries and employee benefits | 5,446 | 4,828 | 5,302 | 4,691 | 4,771 | 15,576 | 15,061 | ||||||||||||||
| Occupancy and facilities | 712 | 719 | 786 | 691 | 757 | 2,217 | 2,211 | ||||||||||||||
| Loss (gain) on foreclosed assets | 1 | (58 | ) | - | - | 1 | (57 | ) | 1 | ||||||||||||
| Data processing and other office operations | 1,122 | 1,189 | 1,201 | 1,111 | 1,104 | 3,512 | 3,173 | ||||||||||||||
| Advertising and promotion | 138 | 189 | 129 | 141 | 164 | 456 | 464 | ||||||||||||||
| Core deposit intangible amortization | 22 | 23 | 23 | 17 | 17 | 68 | 61 | ||||||||||||||
| Other noninterest expenses | 1,365 | 1,303 | 1,528 | 1,351 | 1,337 | 4,196 | 3,900 | ||||||||||||||
| Total noninterest expense | 8,806 | 8,193 | 8,969 | 8,002 | 8,151 | 25,968 | 24,871 | ||||||||||||||
| Income before provision for income taxes | 4,323 | 4,518 | 3,035 | 3,651 | 3,581 | 11,876 | 8,334 | ||||||||||||||
| Provision for income taxes | 720 | 752 | 473 | 524 | 593 | 1,945 | 1,172 | ||||||||||||||
| Net income | $ | 3,603 | $ | 3,766 | $ | 2,562 | $ | 3,127 | $ | 2,988 | $ | 9,931 | $ | 7,162 | |||||||
| Preferred stock dividends declared | $ | 122 | $ | 122 | $ | 122 | $ | 122 | $ | 122 | $ | 366 | $ | 366 | |||||||
| Net income available to common shareholders | $ | 3,481 | $ | 3,644 | $ | 2,440 | $ | 3,005 | $ | 2,866 | $ | 9,565 | $ | 6,796 | |||||||
| Basic earnings per common share | $ | 0.86 | $ | 0.90 | $ | 0.60 | $ | 0.73 | $ | 0.69 | $ | 2.35 | $ | 1.64 | |||||||
| Diluted earnings per common share | $ | 0.86 | $ | 0.89 | $ | 0.60 | $ | 0.73 | $ | 0.69 | $ | 2.35 | $ | 1.64 | |||||||
| PSB Holdings, Inc. | ||||||||||||||||
| Quarterly Financial Summary | ||||||||||||||||
| (dollars in thousands, except per share data) | Quarter ended | |||||||||||||||
| Sep. 30, | Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | ||||||||||||
| Earnings and dividends: | 2025 | 2025 | 2025 | 2024 | 2024 | |||||||||||
| Interest income | $ | 19,607 | $ | 18,914 | $ | 18,285 | $ | 18,661 | $ | 18,200 | ||||||
| Interest expense | $ | 8,265 | $ | 8,189 | $ | 8,030 | $ | 8,285 | $ | 8,311 | ||||||
| Net interest income | $ | 11,342 | $ | 10,725 | $ | 10,255 | $ | 10,376 | $ | 9,889 | ||||||
| Provision for credit losses | $ | 138 | $ | 110 | $ | 117 | $ | - | $ | - | ||||||
| Other noninterest income | $ | 1,925 | $ | 2,096 | $ | 1,866 | $ | 1,277 | $ | 1,843 | ||||||
| Other noninterest expense | $ | 8,806 | $ | 8,193 | $ | 8,969 | $ | 8,002 | $ | 8,151 | ||||||
| Net income available to common shareholders | $ | 3,481 | $ | 3,644 | $ | 2,440 | $ | 3,005 | $ | 2,866 | ||||||
| Basic earnings per common share (3) | $ | 0.86 | $ | 0.90 | $ | 0.60 | $ | 0.73 | $ | 0.69 | ||||||
| Diluted earnings per common share (3) | $ | 0.86 | $ | 0.89 | $ | 0.60 | $ | 0.73 | $ | 0.69 | ||||||
| Dividends declared per common share (3) | $ | - | $ | 0.34 | $ | - | $ | 0.32 | $ | - | ||||||
| Tangible net book value per common share (4) | $ | 29.05 | $ | 27.77 | $ | 26.94 | $ | 25.98 | $ | 26.41 | ||||||
| Semi-annual dividend payout ratio | n/a | 22.58 | % | n/a | 23.27 | % | n/a | |||||||||
| Average common shares outstanding | 4,041,393 | 4,070,721 | 4,088,824 | 4,094,360 | 4,132,218 | |||||||||||
| Balance sheet - average balances: | ||||||||||||||||
| Loans receivable, net of allowances for credit loss | $ | 1,111,055 | $ | 1,111,004 | $ | 1,091,533 | $ | 1,064,619 | $ | 1,066,795 | ||||||
| Assets | $ | 1,510,272 | $ | 1,480,851 | $ | 1,462,862 | $ | 1,479,812 | $ | 1,445,613 | ||||||
| Deposits | $ | 1,191,002 | $ | 1,142,279 | $ | 1,140,397 | $ | 1,151,450 | $ | 1,110,854 | ||||||
| Stockholders' equity | $ | 125,342 | $ | 123,077 | $ | 118,576 | $ | 118,396 | $ | 114,458 | ||||||
| Performance ratios: | ||||||||||||||||
| Return on average assets (1) | 0.95 | % | 1.02 | % | 0.71 | % | 0.84 | % | 0.82 | % | ||||||
| Return on average common stockholders' equity (1) | 11.69 | % | 12.61 | % | 8.88 | % | 10.75 | % | 10.63 | % | ||||||
| Return on average tangible common | ||||||||||||||||
| stockholders' equity (1)(4) | 12.14 | % | 13.11 | % | 9.21 | % | 11.07 | % | 10.96 | % | ||||||
| Net loan charge-offs to average loans (1) | 0.00 | % | 0.00 | % | 0.02 | % | 0.02 | % | 0.00 | % | ||||||
| Nonperforming loans to gross loans | 1.51 | % | 1.39 | % | 1.15 | % | 0.95 | % | 0.97 | % | ||||||
| Nonperforming assets to total assets | 1.13 | % | 1.04 | % | 0.89 | % | 0.71 | % | 0.71 | % | ||||||
| Allowance for credit losses to gross loans | 1.12 | % | 1.12 | % | 1.12 | % | 1.13 | % | 1.18 | % | ||||||
| Nonperforming assets to tangible equity | ||||||||||||||||
| plus the allowance for credit losses (4) | 13.17 | % | 12.64 | % | 10.71 | % | 8.85 | % | 8.71 | % | ||||||
| Net interest rate margin (1)(2) | 3.16 | % | 3.09 | % | 3.03 | % | 2.96 | % | 2.90 | % | ||||||
| Net interest rate spread (1)(2) | 2.42 | % | 2.34 | % | 2.33 | % | 2.23 | % | 2.16 | % | ||||||
| Service fee revenue as a percent of | ||||||||||||||||
| average demand deposits (1) | 0.52 | % | 0.54 | % | 0.58 | % | 0.53 | % | 0.56 | % | ||||||
| Noninterest income as a percent | ||||||||||||||||
| of gross revenue | 8.94 | % | 9.98 | % | 9.26 | % | 6.40 | % | 9.20 | % | ||||||
| Efficiency ratio (2) | 65.47 | % | 63.00 | % | 72.88 | % | 67.59 | % | 68.43 | % | ||||||
| Noninterest expenses to average assets (1) | 2.31 | % | 2.22 | % | 2.49 | % | 2.15 | % | 2.24 | % | ||||||
| Average stockholders' equity less accumulated | ||||||||||||||||
| other comprehensive income (loss) to | ||||||||||||||||
| average assets | 9.20 | % | 9.31 | % | 9.22 | % | 9.08 | % | 9.06 | % | ||||||
| Tangible equity to tangible assets (4) | 8.34 | % | 7.95 | % | 8.05 | % | 7.76 | % | 7.85 | % | ||||||
| Stock price information: | ||||||||||||||||
| High | $ | 26.00 | $ | 25.70 | $ | 26.50 | $ | 27.90 | $ | 25.00 | ||||||
| Low | $ | 23.30 | $ | 23.65 | $ | 25.60 | $ | 25.00 | $ | 20.30 | ||||||
| Last trade value at quarter-end | $ | 25.50 | $ | 23.89 | $ | 25.70 | $ | 26.50 | $ | 25.00 | ||||||
| (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 | |||||||||||||||
| Sep. 30, | Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | |||||||||||
| (dollars in thousands - unaudited) | 2025 | 2025 | 2025 | 2024 | 2024 | ||||||||||
| Net income | $ | 3,603 | $ | 3,766 | $ | 2,562 | $ | 3,127 | $ | 2,988 | |||||
| Other comprehensive income, net of tax: | |||||||||||||||
| Unrealized gain (loss) on securities available | |||||||||||||||
| for sale | 1,550 | 972 | 2,551 | (3,955 | ) | 4,738 | |||||||||
| Reclassification adjustment for security | |||||||||||||||
| loss included in net income | - | - | 1 | 404 | - | ||||||||||
| Accretion of unrealized loss included in net | |||||||||||||||
| income on securities available for sale | |||||||||||||||
| deferred tax adjustment for Wisconsin | |||||||||||||||
| Act 19 | (26 | ) | (35 | ) | - | (76 | ) | - | |||||||
| Amortization of unrealized loss included in net | |||||||||||||||
| income on securities available for sale | |||||||||||||||
| transferred to securities held to maturity | 90 | 91 | 89 | 90 | 90 | ||||||||||
| Unrealized gain (loss) on interest rate swap | (2 | ) | (87 | ) | (6 | ) | 65 | (101 | ) | ||||||
| Reclassification adjustment of interest rate | |||||||||||||||
| swap settlements included in earnings | (15 | ) | (13 | ) | (13 | ) | (27 | ) | (38 | ) | |||||
| Other comprehensive income (loss) | 1,597 | 928 | 2,622 | (3,499 | ) | 4,689 | |||||||||
| Comprehensive income (loss) | $ | 5,200 | $ | 4,694 | $ | 5,184 | $ | (372 | ) | $ | 7,677 | ||||
| PSB Holdings, Inc. | |||||||||||||||
| Nonperforming Assets as of: | |||||||||||||||
| Sep 30, | Jun 30, | Mar 31, | Dec 31, | Sep 30, | |||||||||||
| (dollars in thousands) | 2025 | 2025 | 2025 | 2024 | 2024 | ||||||||||
| Nonaccrual loans (excluding restructured loans) | $ | 16,560 | $ | 15,333 | $ | 12,404 | $ | 10,109 | $ | 10,116 | |||||
| Nonaccrual restructured loans | 10 | 13 | 17 | 18 | 25 | ||||||||||
| Restructured loans not on nonaccrual | 415 | 295 | 280 | 286 | 292 | ||||||||||
| Accruing loans past due 90 days or more | - | - | - | - | - | ||||||||||
| Total nonperforming loans | 16,985 | 15,641 | 12,701 | 10,413 | 10,433 | ||||||||||
| Other real estate owned | - | - | 300 | - | - | ||||||||||
| Total nonperforming assets | $ | 16,985 | $ | 15,641 | $ | 13,001 | $ | 10,413 | $ | 10,433 | |||||
| Nonperforming loans as a % of gross loans receivable | 1.51 | % | 1.39 | % | 1.15 | % | 0.95 | % | 0.97 | % | |||||
| Total nonperforming assets as a % of total assets | 1.13 | % | 1.04 | % | 0.89 | % | 0.71 | % | 0.71 | % | |||||
| Allowance for credit losses as a % of nonperforming loans | 74.69 | % | 80.26 | % | 97.57 | % | 118.52 | % | 120.75 | % | |||||
| PSB Holdings, Inc. | |||||||
| Nonperforming Assets >= $500,000 net book value before specific reserves | |||||||
| At September 30, 2025 | |||||||
| (dollars in thousands) | |||||||
| Gross | Specific | ||||||
| Collateral Description | Asset Type | Principal | Reserves | ||||
| Real estate - Non-Owner Occupied Rental Properties | Nonaccrual | 4,227 | 0 | ||||
| Real estate - Recreational Facility | Nonaccrual | 3,821 | 140 | ||||
| Real estate - Equipment Dealership | Nonaccrual | 2,295 | 558 | ||||
| Real estate - Wood Products | Nonaccrual | 1,698 | 262 | ||||
| Real estate - Non-Owner Occupied Commercial Building | Nonaccrual | 1,269 | 418 | ||||
| Total listed nonperforming assets | $ | 13,310 | $ | 1,378 | |||
| Total bank wide nonperforming assets | $ | 16,985 | $ | 1,778 | |||
| Listed assets as a % of total nonperforming assets | 78 | % | 78 | % | |||
| PSB Holdings, Inc. | |||||||||||||||
| Loan Composition by Collateral Type | |||||||||||||||
| Quarter-ended (dollars in thousands) | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | ||||||||||
| Commercial: | |||||||||||||||
| Commercial and industrial | $ | 137,199 | $ | 135,313 | $ | 124,074 | $ | 116,864 | $ | 115,234 | |||||
| Agriculture | 12,443 | 13,219 | 11,632 | 11,568 | 11,203 | ||||||||||
| Municipal | 8,361 | 12,805 | 12,878 | 15,733 | 12,596 | ||||||||||
| Total Commercial | 158,003 | 161,337 | 148,584 | 144,165 | 139,033 | ||||||||||
| Commercial Real Estate: | |||||||||||||||
| Commercial real estate | 569,382 | 566,526 | 562,901 | 551,641 | 541,577 | ||||||||||
| Construction and development | 81,278 | 77,905 | 87,080 | 79,377 | 60,952 | ||||||||||
| Total Commercial Real Estate | 650,660 | 644,431 | 649,981 | 631,018 | 602,529 | ||||||||||
| Residential real estate: | |||||||||||||||
| Residential | 263,791 | 266,203 | 268,490 | 271,643 | 269,954 | ||||||||||
| Construction and development | 37,475 | 31,439 | 26,884 | 28,959 | 34,655 | ||||||||||
| HELOC | 41,661 | 39,425 | 38,364 | 36,887 | 36,734 | ||||||||||
| Total Residential Real Estate | 342,927 | 337,067 | 333,738 | 337,489 | 341,343 | ||||||||||
| Consumer installment | 4,801 | 4,886 | 4,683 | 5,060 | 4,770 | ||||||||||
| Subtotals - Gross loans | 1,156,391 | 1,147,721 | 1,136,986 | 1,117,732 | 1,087,675 | ||||||||||
| Loans in process of disbursement | (29,170 | ) | (26,496 | ) | (28,752 | ) | (27,791 | ) | (17,836 | ) | |||||
| Subtotals - Disbursed loans | 1,127,221 | 1,121,225 | 1,108,234 | 1,089,941 | 1,069,839 | ||||||||||
| Net deferred loan costs | 602 | 624 | 580 | 605 | 733 | ||||||||||
| Allowance for credit losses | (12,686 | ) | (12,553 | ) | (12,392 | ) | (12,342 | ) | (12,598 | ) | |||||
| Total loans receivable | $ | 1,115,137 | $ | 1,109,296 | $ | 1,096,422 | $ | 1,078,204 | $ | 1,057,974 | |||||
| PSB Holdings, Inc. | ||||||||||||||||||||||||
| Selected Commercial Real Estate Loans by Purpose | ||||||||||||||||||||||||
| Sept 30, | Jun 30, | Mar 31, | Dec 31, | Sept 30, | ||||||||||||||||||||
| (dollars in thousands) | 2025 | 2025 | 2025 | 2024 | 2024 | |||||||||||||||||||
| 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 | $ | 141,896 | 13.5 | % | $ | 145,523 | 14.0 | % | $ | 143,674 | 13.9 | % | $ | 140,087 | 14.0 | % | $ | 140,307 | 14.7 | % | ||||
| Industrial and Warehousing | 100,712 | 9.6 | 105,256 | 10.2 | 109,366 | 10.6 | 103,794 | 10.4 | 96,995 | 10.2 | ||||||||||||||
| Retail | 27,889 | 2.7 | 29,407 | 2.8 | 29,285 | 2.8 | 23,438 | 2.3 | 25,263 | 2.7 | ||||||||||||||
| Hotels | 25,677 | 2.4 | 25,299 | 2.4 | 25,719 | 2.5 | 25,892 | 2.6 | 26,057 | 2.7 | ||||||||||||||
| Office | 7,176 | 0.7 | 7,131 | 0.7 | 7,254 | 0.7 | 6,234 | 0.6 | 6,378 | 0.7 | ||||||||||||||
| (1) Percentage of commercial and commercial real estate portfolio and commitments. | ||||||||||||||||||||||||
| PSB Holdings, Inc. | ||||||||||||||||||||
| Deposit Composition | ||||||||||||||||||||
| Insured and Collateralized Deposits | September 30, | June 30, | March 31, | December 31, | September 30, | |||||||||||||||
| (dollars in thousands) | 2025 | 2025 | 2025 | 2024 | 2024 | |||||||||||||||
| $ | % | $ | % | $ | % | $ | % | $ | % | |||||||||||
| Non-interest bearing demand | $ | 227,448 | 19.1 | % | $ | 225,921 | 19.2 | % | $ | 206,562 | 18.3 | % | $ | 204,167 | 17.8 | % | $ | 210,534 | 18.5 | % |
| Interest-bearing demand and savings | 307,505 | 25.8 | % | 304,779 | 25.9 | % | 314,957 | 27.9 | % | 315,900 | 27.6 | % | 305,631 | 26.8 | % | |||||
| Money market deposits | 158,455 | 13.3 | % | 148,556 | 12.6 | % | 144,496 | 12.7 | % | 141,024 | 12.3 | % | 138,376 | 12.2 | % | |||||
| Retail and local time deposits <= $250 | 163,446 | 13.7 | % | 165,368 | 14.0 | % | 158,066 | 14.0 | % | 155,099 | 13.5 | % | 155,988 | 13.7 | % | |||||
| Total core deposits | 856,854 | 71.9 | % | 844,624 | 71.7 | % | 824,081 | 72.9 | % | 816,190 | 71.2 | % | 810,529 | 71.2 | % | |||||
| Retail and local time deposits > $250 | 29,000 | 2.5 | % | 28,000 | 2.4 | % | 26,750 | 2.3 | % | 25,500 | 2.2 | % | 23,500 | 2.1 | % | |||||
| Broker & national time deposits <= $250 | 748 | 0.1 | % | 748 | 0.1 | % | 1,241 | 0.1 | % | 1,241 | 0.1 | % | 1,241 | 0.1 | % | |||||
| Broker & national time deposits > $250 | 67,493 | 5.7 | % | 65,917 | 5.6 | % | 79,090 | 7.0 | % | 56,164 | 4.9 | % | 56,164 | 4.9 | % | |||||
| Totals | $ | 954,095 | 80.2 | % | $ | 939,289 | 79.8 | % | $ | 931,162 | 82.3 | % | $ | 899,095 | 78.4 | % | $ | 891,434 | 78.3 | % |
| PSB Holdings, Inc. | ||||||||||||||||||||
| Deposit Composition | ||||||||||||||||||||
| Uninsured Deposits | September 30, | June 30, | March 31, | December 31, | September 30, | |||||||||||||||
| (dollars in thousands) | 2025 | 2025 | 2025 | 2024 | 2024 | |||||||||||||||
| $ | % | $ | % | $ | % | $ | % | $ | % | |||||||||||
| Non-interest bearing demand | $ | 51,167 | 4.3 | % | $ | 51,318 | 4.4 | % | $ | 39,110 | 3.5 | % | $ | 55,348 | 4.8 | % | $ | 54,544 | 4.8 | % |
| Interest-bearing demand and savings | 18,644 | 1.6 | % | 17,983 | 1.5 | % | 17,262 | 1.5 | % | 20,934 | 1.8 | % | 18,317 | 1.6 | % | |||||
| Money market deposits | 117,184 | 9.9 | % | 122,603 | 10.4 | % | 123,773 | 11.0 | % | 153,334 | 13.4 | % | 157,489 | 13.8 | % | |||||
| Retail and local time deposits <= $250 | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | |||||
| Total core deposits | 186,995 | 15.8 | % | 191,904 | 16.3 | % | 180,145 | 16.0 | % | 229,616 | 20.0 | % | 230,350 | 20.2 | % | |||||
| Retail and local time deposits > $250 | 48,096 | 4.0 | % | 46,349 | 3.9 | % | 18,729 | 1.7 | % | 18,638 | 1.6 | % | 17,329 | 1.5 | % | |||||
| 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 | $ | 235,091 | 19.8 | % | $ | 238,253 | 20.2 | % | $ | 198,874 | 17.7 | % | $ | 248,254 | 21.6 | % | $ | 247,679 | 21.7 | % |
| PSB Holdings, Inc. | ||||||||||||||||||||
| Deposit Composition | ||||||||||||||||||||
| Total Deposits | September 30, | June 30, | March 31, | December 31, | September 30, | |||||||||||||||
| (dollars in thousands) | 2025 | 2025 | 2025 | 2024 | 2024 | |||||||||||||||
| $ | % | $ | % | $ | % | $ | % | $ | % | |||||||||||
| Non-interest bearing demand | $ | 278,615 | 23.4 | % | $ | 277,239 | 23.6 | % | $ | 245,672 | 21.8 | % | $ | 259,515 | 22.6 | % | $ | 265,078 | 23.3 | % |
| Interest-bearing demand and savings | 326,149 | 27.4 | % | 322,762 | 27.4 | % | 332,219 | 29.4 | % | 336,834 | 29.4 | % | 323,948 | 28.4 | % | |||||
| Money market deposits | 275,639 | 23.2 | % | 271,159 | 23.0 | % | 268,269 | 23.7 | % | 294,358 | 25.7 | % | 295,865 | 26.0 | % | |||||
| Retail and local time deposits <= $250 | 163,446 | 13.7 | % | 165,368 | 14.0 | % | 158,066 | 14.0 | % | 155,099 | 13.5 | % | 155,988 | 13.7 | % | |||||
| Total core deposits | 1,043,849 | 87.7 | % | 1,036,528 | 88.0 | % | 1,004,226 | 88.9 | % | 1,045,806 | 91.2 | % | 1,040,879 | 91.4 | % | |||||
| Retail and local time deposits > $250 | 77,096 | 6.5 | % | 74,349 | 6.3 | % | 45,479 | 4.0 | % | 44,138 | 3.8 | % | 40,829 | 3.6 | % | |||||
| Broker & national time deposits <= $250 | 748 | 0.1 | % | 748 | 0.1 | % | 1,241 | 0.1 | % | 1,241 | 0.1 | % | 1,241 | 0.1 | % | |||||
| Broker & national time deposits > $250 | 67,493 | 5.7 | % | 65,917 | 5.6 | % | 79,090 | 7.0 | % | 56,164 | 4.9 | % | 56,164 | 4.9 | % | |||||
| Totals | $ | 1,189,186 | 100.0 | % | $ | 1,177,542 | 100.0 | % | $ | 1,130,036 | 100.0 | % | $ | 1,147,349 | 100.0 | % | $ | 1,139,113 | 100.0 | % |
| PSB Holdings, Inc. | |||||||||||||||||||||||
| Average Balances ($000) and Interest Rates | |||||||||||||||||||||||
| (dollars in thousands) | |||||||||||||||||||||||
| Quarter ended September 30, 2025 | Quarter ended June 30, 2025 | Quarter ended September 30, 2024 | |||||||||||||||||||||
| Average | Yield / | Average | Yield / | Average | Yield / | ||||||||||||||||||
| Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | |||||||||||||||
| Assets | |||||||||||||||||||||||
| Interest-earning assets: | |||||||||||||||||||||||
| Loans (1)(2) | $ | 1,123,665 | $ | 16,796 | 5.93 | % | $ | 1,123,460 | $ | 16,558 | 5.91 | % | $ | 1,079,393 | $ | 15,674 | 5.78 | % | |||||
| Taxable securities | 193,277 | 1,645 | 3.38 | % | 193,926 | 1,566 | 3.24 | % | 177,520 | 1,345 | 3.01 | % | |||||||||||
| Tax-exempt securities (2) | 75,419 | 633 | 3.33 | % | 76,774 | 641 | 3.35 | % | 79,472 | 661 | 3.31 | % | |||||||||||
| FHLB stock | 9,182 | 201 | 8.68 | % | 9,189 | 166 | 7.25 | % | 8,825 | 176 | 7.93 | % | |||||||||||
| Other | 45,649 | 516 | 4.48 | % | 14,571 | 166 | 4.57 | % | 36,680 | 523 | 5.67 | % | |||||||||||
| Total (2) | 1,447,192 | 19,791 | 5.43 | % | 1,417,920 | 19,097 | 5.40 | % | 1,381,890 | 18,379 | 5.29 | % | |||||||||||
| Non-interest-earning assets: | |||||||||||||||||||||||
| Cash and due from banks | 16,122 | 15,498 | 17,162 | ||||||||||||||||||||
| Premises and equipment, | |||||||||||||||||||||||
| net | 13,377 | 13,527 | 14,216 | ||||||||||||||||||||
| Cash surrender value ins | 25,130 | 24,960 | 24,458 | ||||||||||||||||||||
| Other assets | 21,061 | 21,402 | 20,485 | ||||||||||||||||||||
| Allowance for credit | |||||||||||||||||||||||
| losses | (12,610 | ) | (12,456 | ) | (12,598 | ) | |||||||||||||||||
| Total | $ | 1,510,272 | $ | 1,480,851 | $ | 1,445,613 | |||||||||||||||||
| Liabilities & stockholders' equity | |||||||||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||||||||
| Savings and demand | |||||||||||||||||||||||
| deposits | $ | 320,732 | $ | 1,428 | 1.77 | % | $ | 315,978 | $ | 1,450 | 1.84 | % | $ | 323,841 | $ | 1,515 | 1.86 | % | |||||
| Money market deposits | 281,189 | 1,746 | 2.46 | % | 262,015 | 1,572 | 2.41 | % | 277,884 | 1,876 | 2.69 | % | |||||||||||
| Time deposits | 310,441 | 3,033 | 3.88 | % | 294,750 | 2,912 | 3.96 | % | 247,296 | 2,514 | 4.04 | % | |||||||||||
| FHLB borrowings | 154,211 | 1,707 | 4.39 | % | 173,080 | 1,899 | 4.40 | % | 182,414 | 2,038 | 4.44 | % | |||||||||||
| Other borrowings | 6,280 | 45 | 2.84 | % | 8,843 | 48 | 2.18 | % | 6,702 | 57 | 3.38 | % | |||||||||||
| Senior sub. notes | 4,785 | 59 | 4.89 | % | 4,784 | 58 | 4.86 | % | 4,779 | 59 | 4.91 | % | |||||||||||
| Junior sub. debentures | 13,088 | 247 | 7.49 | % | 13,062 | 250 | 7.68 | % | 12,985 | 252 | 7.72 | % | |||||||||||
| Total | 1,090,726 | 8,265 | 3.01 | % | 1,072,512 | 8,189 | 3.06 | % | 1,055,901 | 8,311 | 3.13 | % | |||||||||||
| Non-interest-bearing liabilities: | |||||||||||||||||||||||
| Demand deposits | 278,640 | 269,536 | 261,833 | ||||||||||||||||||||
| Other liabilities | 15,564 | 15,726 | 13,421 | ||||||||||||||||||||
| Stockholders' equity | 125,342 | 123,077 | 114,458 | ||||||||||||||||||||
| Total | $ | 1,510,272 | $ | 1,480,851 | $ | 1,445,613 | |||||||||||||||||
| Net interest income | $ | 11,526 | $ | 10,908 | $ | 10,068 | |||||||||||||||||
| Rate spread | 2.42 | % | 2.34 | % | 2.16 | % | |||||||||||||||||
| Net yield on interest-earning assets | 3.16 | % | 3.09 | % | 2.90 | % | |||||||||||||||||
| (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) | |||||||||||||||
| Nine months ended September 30, 2025 | Nine months ended September 30, 2024 | ||||||||||||||
| Average | Yield/ | Average | Yield/ | ||||||||||||
| Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||
| Assets | |||||||||||||||
| Interest-earning assets: | |||||||||||||||
| Loans (1)(2) | $ | 1,117,079 | $ | 49,183 | 5.89 | % | $ | 1,091,366 | $ | 46,393 | 5.68 | % | |||
| Taxable securities | 195,191 | 4,852 | 3.32 | % | 173,971 | 3,837 | 2.95 | % | |||||||
| Tax-exempt securities (2) | 77,144 | 1,928 | 3.34 | % | 79,822 | 1,986 | 3.32 | % | |||||||
| FHLB stock | 9,067 | 608 | 8.97 | % | 7,755 | 523 | 9.01 | % | |||||||
| Other | 23,193 | 786 | 4.53 | % | 18,804 | 784 | 5.57 | % | |||||||
| Total (2) | 1,421,674 | 57,357 | 5.39 | % | 1,371,718 | 53,523 | 5.21 | % | |||||||
| Non-interest-earning assets: | |||||||||||||||
| Cash and due from banks | 15,970 | 17,291 | |||||||||||||
| Premises and equipment, | |||||||||||||||
| net | 13,543 | 13,778 | |||||||||||||
| Cash surrender value ins | 24,963 | 24,301 | |||||||||||||
| Other assets | 21,161 | 21,146 | |||||||||||||
| Allowance for credit | |||||||||||||||
| losses | (12,477 | ) | (12,496 | ) | |||||||||||
| Total | $ | 1,484,834 | $ | 1,435,738 | |||||||||||
| Liabilities & stockholders' equity | |||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||
| Savings and demand | |||||||||||||||
| deposits | $ | 325,470 | $ | 4,445 | 1.83 | % | $ | 335,317 | $ | 4,654 | 1.85 | % | |||
| Money market deposits | 274,520 | 5,003 | 2.44 | % | 274,405 | 5,608 | 2.73 | % | |||||||
| Time deposits | 291,490 | 8,577 | 3.93 | % | 256,287 | 7,563 | 3.94 | % | |||||||
| FHLB borrowings | 164,047 | 5,398 | 4.40 | % | 166,703 | 5,348 | 4.29 | % | |||||||
| Other borrowings | 7,148 | 140 | 2.62 | % | 7,373 | 175 | 3.17 | % | |||||||
| Senior sub. notes | 4,784 | 176 | 4.92 | % | 4,778 | 176 | 4.92 | % | |||||||
| Junior sub. debentures | 13,062 | 745 | 7.63 | % | 12,972 | 758 | 7.81 | % | |||||||
| Total | 1,080,521 | 24,484 | 3.03 | % | 1,057,835 | 24,282 | 3.07 | % | |||||||
| Non-interest-bearing liabilities: | |||||||||||||||
| Demand deposits | 266,566 | 254,134 | |||||||||||||
| Other liabilities | 15,358 | 12,720 | |||||||||||||
| Stockholders' equity | 122,389 | 111,049 | |||||||||||||
| Total | $ | 1,484,834 | $ | 1,435,738 | |||||||||||
| Net interest income | $ | 32,873 | $ | 29,241 | |||||||||||
| Rate spread | 2.36 | % | 2.14 | % | |||||||||||
| Net yield on interest-earning assets | 3.09 | % | 2.85 | % | |||||||||||
| (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%. | |||||||||||||||
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