WAUSAU, Wis., Oct. 24, 2022 (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, 2022 of $0.80 per share on net income of $3.5 million, compared to earnings of $0.72 per share on net income of $3.2 million during the second quarter ending June 30, 2022, and $0.82 per share on net income of $3.6 million during the third quarter ending September 30, 2021. Prior year September 2021 quarterly net income reflected higher gains on sale of mortgage loans. Nine-month earnings increased to $2.27 per share for the period ended September 30, 2022 from $2.17 per share for the same nine-month period in 2021.
The Company’s third quarter 2022 operating results reflected the following changes from the second quarter of 2022: (1) higher net interest income due to increased allocation to higher yielding loans and investments; (2) lower noninterest income primarily due to fewer gains on the sale of mortgage loans; and (3) lower salary and employee benefit expenses. Loans grew 1.2% during the quarter ending September 30, 2022, reflecting the addition of adjustable-rate mortgage loans and owner-occupied commercial real estate loans.
“We are pleased with the results for the third quarter. Net income increased despite continued declines in mortgage banking fee income while our net interest margin remained near the previous quarter. We undertook initiatives in the third quarter on deposit pricing that we believe will contribute to a stronger net interest margin in coming quarters. As we look forward to the fourth quarter and 2023, we anticipate loan growth will be challenging due to national economic policies, but we remain well prepared to continue to deliver strong returns to our shareholders,” stated Scott Cattanach, President and CEO.
September 30, 2022 Highlights:
- Net interest income increased to $10.1 million for the quarter ended September 30, 2022, compared to $9.7 million for the quarter ended June 30, 2022, and $9.6 million for the quarter ended September 30, 2021. The third quarter 2022 did not reflect material levels of PPP loan fee accretion when compared to prior quarters.
- Noninterest income declined to $1.7 million for the quarter ended September 30, 2022, from $1.9 million the previous quarter. The decrease largely reflected a decline in the gain on sale of mortgage loans due to slower refinance origination activity in the rising interest rate environment.
- Noninterest expense decreased $264,000 for the third quarter of 2022, to $7.2 million from $7.5 million the prior quarter. The decrease primarily related to lower salary and benefit costs.
- Loans receivable increased $11 million, or 1.2%, to $937 million at September 30, 2022 from $925 million one quarter earlier.
- Asset quality continued to remain high. At September 30, 2022, non-performing assets declined to 0.85% of total assets from 1.16% one year earlier. No loan loss provisions have yet been made during 2022 due to strong credit quality.
- While September 2022 quarterly return on average equity reached 14.14%, tangible book value declined to $20.83 per share at September 30, 2022, due to recognition of additional unrealized losses on securities available for sale driven by actions taken by the Federal Reserve to increase short-term interest rates and market expectations of future rate increases.
Balance Sheet and Asset Quality Review
Total assets increased to $1.32 billion at September 30, 2022, from $1.31 billion at June 30, 2022. Cash and cash equivalents increased to $40.7 million from $39.4 million during the quarter while investment securities decreased $2.3 million, to $276.4 million at September 30, 2022, from $278.7 million one quarter earlier. The lower balance of investment securities reflects their fair value in today’s rising rate market and the use of available security liquidity to fund loan originations.
Total loans receivable increased to $936.7 million at September 30, 2022, from $925.3 million at June 30, 2022. Origination activity slowed relative to the second quarter but remained active with new owner-occupied commercial real estate and other non-real estate commercial loans portfolios expanding. In addition, the one-to-four family mortgage portfolio increased as consumers migrate to adjustable-rate products. Management expects loan originations to slow in coming quarters as a result of actions taken by the Federal Reserve to slow inflation.
The allowance for loan losses decreased slightly to 1.30% of gross loans at September 30, 2022, from 1.32% the prior quarter and 1.35% of gross loans one year earlier. Annualized net charge-offs to average loans were minimal for the quarter ended September 30, 2022 at 0.01%. Non-performing assets declined to 0.85% of total assets at September 30, 2022, compared to 0.88% at June 30, 2022, and 1.16% at September 30, 2021. At September 30, 2022, non-performing assets consisted of $6.0 million in non-accrual loans, $70,000 in non-accrual restructured loans, $4.9 million in restructured loans not on non-accrual and $160,000 in foreclosed assets.
Total deposits increased $35.4 million to $1.15 billion at September 30, 2022, compared to $1.11 billion at June 30, 2022, led by growth in non-interest bearing demand, money market and jumbo brokered deposits. At September 30, 2022, interest-bearing demand and savings deposits accounted for 32.9% of total deposits, followed by noninterest-bearing demand deposits at 26.0%, money market deposits at 19.9%, and retail and local time deposits at 13.4%. Broker and national time deposits accounted for 7.8% of total deposits at September 30, 2022, compared to 5.8% at June 30, 2022. During the third quarter, brokered deposits increased to support loan growth and as an alternative to higher-costing external borrowings including Federal Home Loan Bank advances.
FHLB advances decreased to $40.0 million at September 30, 2022, compared to $67.0 million at June 30, 2022, while other borrowings increased to $10.4 million at September 30, 2022, compared to $4.6 million at June 30, 2022.
Tangible stockholder equity as a percent of total tangible assets was 6.98% at September 30, 2022 compared to 7.15% one quarter earlier. On a per share basis, tangible book value was $20.83 at September 30, 2022 compared to $21.10 per share one quarter earlier. Tangible stockholder equity has been negatively impacted by rising interest rates where the valuation of investment securities available for sale have reflected negative marks relative to market rates at the end of the quarter.
Operations Review
Net interest income increased to $10.1 million (on a net margin of 3.24%) for the third quarter of 2022, compared to $9.7 million (on a net margin of 3.23%) for the second quarter of 2022, and $9.6 million (on a net margin of 3.15%) for the third quarter of 2021. Earning asset yields increased 24 basis points to 3.81% during the third quarter of 2022, from 3.57% during the second quarter of 2022, while deposit and borrowing costs increased 31 basis points to 0.77% compared to 0.46% during the second quarter of 2022. In anticipation of rising interest rates associated with the Federal Reserve’s aggressive policy to fight inflation and the rising cost of wholesale funding alternatives, management raised deposit rates more aggressively than peers, including core depositors. In upcoming quarters, deposit rates for core deposit customers are expected to mirror rates offered by local competition. These more aggressive deposit rate increases limited margin expansion during the September 2022 quarter, but margin is expected to expand in coming quarters as deposit rates increases are more targeted.
The increase in earning asset yields was due to higher yields on investment securities during the quarter ended September 30, 2022. Taxable security yields increased to 1.94% for the quarter ended September 30, 2022, from 1.68% in the quarter ended June 30, 2022. Loan yields increased to 4.30% for the third quarter of 2022, from 4.07% for the second quarter of 2022 as loans repriced to higher indices, new loans were added to the portfolio and nearly all low yielding SBA PPP loans were repaid. Interest-bearing liabilities increased during the quarter from increases in core deposits along with greater use of brokered deposits at current market rates. Along with a further increase in asset yields, deposit costs are expected to increase during the Federal Reserve’s increasing interest rate posture as short-term market rates move higher.
Total noninterest income decreased for the third quarter of 2022, to $1.7 million from $1.9 million for the second quarter of 2022, due primarily to a decrease from gains on sale of mortgage loans. While mortgage loan originations have been negatively influenced by the rise in interest rates with less mortgage refinancing activity, mortgage loan servicing income has increased over the past year due to reduced amortization charges appropriate for management’s expectation of an extended portfolio servicing life. At September 30, 2022, the bank was servicing $387.4 million in secondary market mortgage loans for others.
Noninterest expense decreased to $7.2 million for the third quarter of 2022, compared to $7.5 million for the second quarter of 2022. The third quarter of 2022 included lower salaries and employee benefit expenses. Salary and employee benefit expenses were $4.3 million for the third quarter of 2022, compared to $4.5 million for the second quarter of 2022.
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. | |||||||||||||||
| Consolidated Balance Sheets | |||||||||||||||
| September 30, June 30, and March 31, 2022, and September 30, 2021, unaudited, December 31, 2021 derived from audited financial statements | |||||||||||||||
| Sep. 30, | Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | |||||||||||
| (dollars in thousands, except per share data) | 2022 | 2022 | 2022 | 2021 | 2021 | ||||||||||
| Assets | |||||||||||||||
| Cash and due from banks | $ | 16,659 | $ | 19,149 | $ | 18,322 | $ | 16,896 | $ | 20,813 | |||||
| Interest-bearing deposits | 3,267 | 3,545 | 5,158 | 6,579 | 1,044 | ||||||||||
| Federal funds sold | 20,751 | 16,689 | 14,356 | 30,068 | 43,637 | ||||||||||
| Cash and cash equivalents | 40,677 | 39,383 | 37,836 | 53,543 | 65,494 | ||||||||||
| Securities available for sale (at fair value) | 188,425 | 190,478 | 289,704 | 308,744 | 300,192 | ||||||||||
| Securities held to maturity | 87,993 | 88,216 | - | - | - | ||||||||||
| Equity securities | 1,870 | 1,781 | 1,720 | 1,701 | 1,661 | ||||||||||
| Bank certificates of deposit (at cost) | - | 245 | 245 | 245 | 245 | ||||||||||
| Loans held for sale | - | 270 | - | 3,061 | 214 | ||||||||||
| Loans receivable, net | 936,686 | 925,260 | 875,588 | 876,337 | 874,524 | ||||||||||
| Accrued interest receivable | 3,493 | 3,285 | 3,219 | 3,256 | 3,273 | ||||||||||
| Foreclosed assets | 160 | 160 | 1,103 | 1,103 | 2,398 | ||||||||||
| Premises and equipment, net | 13,129 | 12,981 | 12,906 | 12,695 | 12,725 | ||||||||||
| Mortgage servicing rights, net | 1,651 | 1,711 | 1,770 | 1,714 | 1,702 | ||||||||||
| Federal Home Loan Bank stock (at cost) | 2,516 | 2,646 | 2,646 | 2,646 | 2,646 | ||||||||||
| Cash surrender value of bank-owned life insurance | 24,765 | 24,608 | 24,455 | 24,305 | 24,154 | ||||||||||
| Core deposit intangible | 415 | 449 | 487 | 534 | 581 | ||||||||||
| Goodwill | 2,541 | 2,541 | 2,541 | 2,541 | 2,541 | ||||||||||
| Other assets | 15,248 | 13,550 | 11,725 | 6,286 | 5,313 | ||||||||||
| TOTAL ASSETS | $ | 1,319,569 | $ | 1,307,564 | $ | 1,265,945 | $ | 1,298,711 | $ | 1,297,663 | |||||
| Liabilities | |||||||||||||||
| Non-interest-bearing deposits | $ | 298,335 | $ | 283,592 | $ | 272,611 | $ | 284,477 | $ | 291,440 | |||||
| Interest-bearing deposits | 850,483 | 829,867 | 816,794 | 820,763 | 791,601 | ||||||||||
| Total deposits | 1,148,818 | 1,113,459 | 1,089,405 | 1,105,240 | 1,083,041 | ||||||||||
| Federal Home Loan Bank advances | 40,000 | 67,000 | 47,000 | 47,000 | 62,000 | ||||||||||
| Other borrowings | 10,449 | 4,601 | 4,304 | 6,677 | 17,129 | ||||||||||
| Senior subordinated notes | 2,500 | 2,500 | 2,500 | 2,500 | 2,500 | ||||||||||
| Junior subordinated debentures | 12,793 | 12,768 | 12,742 | 12,717 | 12,691 | ||||||||||
| Accrued expenses and other liabilities | 10,114 | 10,938 | 10,208 | 13,315 | 10,143 | ||||||||||
| Total liabilities | 1,224,674 | 1,211,266 | 1,166,159 | 1,187,449 | 1,187,504 | ||||||||||
| 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 - 4,414,651, 4,423,037, 4,434,840, 4,440,329 and | |||||||||||||||
| 4,447,026 shares, respectively | 1,830 | 1,830 | 1,830 | 1,830 | 1,830 | ||||||||||
| Additional paid-in capital | 8,294 | 8,238 | 8,183 | 8,059 | 8,003 | ||||||||||
| Retained earnings | 123,559 | 120,043 | 117,957 | 114,627 | 112,502 | ||||||||||
| Accumulated other comprehensive income (loss), net of tax | (24,200 | ) | (19,423 | ) | (14,097 | ) | 628 | 1,530 | |||||||
| Treasury stock, at cost - 1,076,147, 1,067,761, 1,055,958, 1,050,469 and | |||||||||||||||
| 1,043,772 shares, respectively | (14,588 | ) | (14,390 | ) | (14,087 | ) | (13,882 | ) | (13,706 | ) | |||||
| Total stockholders' equity | 94,895 | 96,298 | 99,786 | 111,262 | 110,159 | ||||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 1,319,569 | $ | 1,307,564 | $ | 1,265,945 | $ | 1,298,711 | $ | 1,297,663 | |||||
| PSB Holdings, Inc. | ||||||||||||||||||
| Consolidated Statements of Income | ||||||||||||||||||
| Quarter Ended | ||||||||||||||||||
| (dollars in thousands, | Sep. 30, | Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | |||||||||||||
| except per share data - unaudited) | 2022 | 2022 | 2022 | 2021 | 2021 | |||||||||||||
| Interest and dividend income: | ||||||||||||||||||
| Loans, including fees | $ | 10,225 | $ | 9,295 | $ | 9,054 | $ | 8,918 | $ | 9,323 | ||||||||
| Securities: | ||||||||||||||||||
| Taxable | 978 | 859 | 762 | 631 | 581 | |||||||||||||
| Tax-exempt | 540 | 537 | 533 | 505 | 500 | |||||||||||||
| Other interest and dividends | 163 | 52 | 42 | 31 | 45 | |||||||||||||
| Total interest and dividend income | 11,906 | 10,743 | 10,391 | 10,085 | 10,449 | |||||||||||||
| Interest expense: | ||||||||||||||||||
| Deposits | 1,341 | 595 | 443 | 476 | 404 | |||||||||||||
| FHLB advances | 209 | 234 | 169 | 192 | 220 | |||||||||||||
| Other borrowings | 14 | 4 | 2 | 4 | 9 | |||||||||||||
| Senior subordinated notes | 28 | 28 | 28 | 29 | 28 | |||||||||||||
| Junior subordinated debentures | 202 | 179 | 166 | 165 | 165 | |||||||||||||
| Total interest expense | 1,794 | 1,040 | 808 | 866 | 826 | |||||||||||||
| Net interest income | 10,112 | 9,703 | 9,583 | 9,219 | 9,623 | |||||||||||||
| Provision for loan losses | - | - | - | - | - | |||||||||||||
| Net interest income after provision for loan losses | 10,112 | 9,703 | 9,583 | 9,219 | 9,623 | |||||||||||||
| Noninterest income: | ||||||||||||||||||
| Service fees | 409 | 392 | 388 | 382 | 379 | |||||||||||||
| Gain on sale of mortgage loans | 98 | 182 | 277 | 451 | 494 | |||||||||||||
| Mortgage loan servicing, net | 130 | 117 | 176 | 114 | 111 | |||||||||||||
| Investment and insurance sales commissions | 357 | 404 | 456 | 500 | 426 | |||||||||||||
| Increase in cash surrender value of life insurance | 157 | 152 | 150 | 151 | 153 | |||||||||||||
| Other noninterest income | 558 | 686 | 531 | 646 | 563 | |||||||||||||
| Total noninterest income | 1,709 | 1,933 | 1,978 | 2,244 | 2,126 | |||||||||||||
| Noninterest expense: | ||||||||||||||||||
| Salaries and employee benefits | 4,302 | 4,548 | 4,390 | 4,669 | 4,099 | |||||||||||||
| Occupancy and facilities | 687 | 629 | 665 | 596 | 614 | |||||||||||||
| Loss (gain) on foreclosed assets | 4 | - | (6 | ) | (347 | ) | 28 | |||||||||||
| Data processing and other office operations | 906 | 912 | 861 | 855 | 828 | |||||||||||||
| Advertising and promotion | 185 | 173 | 152 | 155 | 199 | |||||||||||||
| Core deposit intangible amortization | 34 | 38 | 47 | 47 | 47 | |||||||||||||
| Other noninterest expenses | 1,069 | 1,151 | 1,083 | 1,382 | 1,131 | |||||||||||||
| Total noninterest expense | 7,187 | 7,451 | 7,192 | 7,357 | 6,946 | |||||||||||||
| Income before provision for income taxes | 4,634 | 4,185 | 4,369 | 4,106 | 4,803 | |||||||||||||
| Provision for income taxes | 1,119 | 993 | 1,039 | 960 | 1,165 | |||||||||||||
| Net income | $ | 3,515 | $ | 3,192 | $ | 3,330 | $ | 3,146 | $ | 3,638 | ||||||||
| Basic earnings per share | $ | 0.80 | $ | 0.72 | $ | 0.75 | $ | 0.71 | $ | 0.82 | ||||||||
| Diluted earnings per share | $ | 0.80 | $ | 0.72 | $ | 0.75 | $ | 0.71 | $ | 0.82 | ||||||||
| PSB Holdings, Inc. | ||||||||||||||||
| Consolidated Statements of Income | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| (dollars in thousands, | September | September | ||||||||||||||
| except per share data - unaudited) | 2022 | 2021 | 2022 | 2021 | ||||||||||||
| Interest and dividend income: | ||||||||||||||||
| Loans, including fees | $ | 10,225 | $ | 9,323 | $ | 28,574 | $ | 28,737 | ||||||||
| Securities: | ||||||||||||||||
| Taxable | 978 | 581 | 2,599 | 1,641 | ||||||||||||
| Tax-exempt | 540 | 500 | 1,610 | 1,507 | ||||||||||||
| Other interest and dividends | 163 | 45 | 257 | 116 | ||||||||||||
| Total interest and dividend income | 11,906 | 10,449 | 33,040 | 32,001 | ||||||||||||
| Interest expense: | ||||||||||||||||
| Deposits | 1,341 | 404 | 2,379 | 1,436 | ||||||||||||
| FHLB advances | 209 | 220 | 612 | 656 | ||||||||||||
| Other borrowings | 14 | 9 | 20 | 24 | ||||||||||||
| Senior subordinated notes | 28 | 28 | 84 | 84 | ||||||||||||
| Junior subordinated debentures | 202 | 165 | 547 | 419 | ||||||||||||
| Total interest expense | 1,794 | 826 | 3,642 | 2,619 | ||||||||||||
| Net interest income | 10,112 | 9,623 | 29,398 | 29,382 | ||||||||||||
| Provision for loan losses | - | - | - | 1,000 | ||||||||||||
| Net interest income after provision for loan losses | 10,112 | 9,623 | 29,398 | 28,382 | ||||||||||||
| Noninterest income: | ||||||||||||||||
| Service fees | 409 | 379 | 1,189 | 1,058 | ||||||||||||
| Gain on sale of mortgage loans | 98 | 494 | 557 | 2,309 | ||||||||||||
| Mortgage loan servicing, net | 130 | 111 | 423 | 199 | ||||||||||||
| Investment and insurance sales commissions | 357 | 426 | 1,217 | 1,486 | ||||||||||||
| Net gain on sale of securities | - | - | - | 134 | ||||||||||||
| Increase in cash surrender value of life insurance | 157 | 153 | 459 | 409 | ||||||||||||
| Other noninterest income | 558 | 563 | 1,775 | 1,579 | ||||||||||||
| Total noninterest income | 1,709 | 2,126 | 5,620 | 7,174 | ||||||||||||
| Noninterest expense: | ||||||||||||||||
| Salaries and employee benefits | 4,302 | 4,099 | 13,240 | 11,474 | ||||||||||||
| Occupancy and facilities | 687 | 614 | 1,981 | 1,830 | ||||||||||||
| Loss (gain) on foreclosed assets | 4 | 28 | (2 | ) | 181 | |||||||||||
| Data processing and other office operations | 906 | 828 | 2,679 | 3,021 | ||||||||||||
| Advertising and promotion | 185 | 199 | 510 | 600 | ||||||||||||
| Core deposit intangible amortization | 34 | 47 | 119 | 81 | ||||||||||||
| Other noninterest expenses | 1,069 | 1,131 | 3,303 | 5,566 | ||||||||||||
| Total noninterest expense | 7,187 | 6,946 | 21,830 | 22,753 | ||||||||||||
| Income before provision for income taxes | 4,634 | 4,803 | 13,188 | 12,803 | ||||||||||||
| Provision for income taxes | 1,119 | 1,165 | 3,151 | 3,132 | ||||||||||||
| Net income | $ | 3,515 | $ | 3,638 | $ | 10,037 | $ | 9,671 | ||||||||
| Basic earnings per share | $ | 0.80 | $ | 0.82 | $ | 2.27 | $ | 2.17 | ||||||||
| Diluted earnings per share | $ | 0.80 | $ | 0.82 | $ | 2.27 | $ | 2.17 | ||||||||
| 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: | 2022 | 2022 | 2022 | 2021 | 2021 | |||||||||||||
| Interest income | $ | 11,906 | $ | 10,743 | $ | 10,391 | $ | 10,085 | $ | 10,449 | ||||||||
| Interest expense | $ | 1,794 | $ | 1,040 | $ | 808 | $ | 866 | $ | 826 | ||||||||
| Net interest income | $ | 10,112 | $ | 9,703 | $ | 9,583 | $ | 9,219 | $ | 9,623 | ||||||||
| Provision for loan losses | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||
| Other noninterest income | $ | 1,709 | $ | 1,933 | $ | 1,978 | $ | 2,244 | $ | 2,126 | ||||||||
| Other noninterest expense | $ | 7,187 | $ | 7,451 | $ | 7,192 | $ | 7,357 | $ | 6,946 | ||||||||
| Net income | $ | 3,515 | $ | 3,192 | $ | 3,330 | $ | 3,146 | $ | 3,638 | ||||||||
| Basic earnings per share (3) | $ | 0.80 | $ | 0.72 | $ | 0.75 | $ | 0.71 | $ | 0.82 | ||||||||
| Diluted earnings per share (3) | $ | 0.80 | $ | 0.72 | $ | 0.75 | $ | 0.71 | $ | 0.82 | ||||||||
| Dividends declared per share (3) | $ | - | $ | 0.25 | $ | - | $ | 0.23 | $ | - | ||||||||
| Tangible net book value per share (4) | $ | 20.83 | $ | 21.10 | $ | 21.82 | $ | 24.36 | $ | 24.07 | ||||||||
| Semi-annual dividend payout ratio | n/a | 16.96 | % | n/a | 15.05 | % | n/a | |||||||||||
| Average common shares outstanding | 4,419,421 | 4,428,939 | 4,433,375 | 4,445,465 | 4,450,755 | |||||||||||||
| Balance sheet - average balances: | ||||||||||||||||||
| Loans receivable, net of allowances for loss | $ | 931,344 | $ | 904,710 | $ | 878,979 | $ | 870,151 | $ | 862,555 | ||||||||
| Assets | $ | 1,323,400 | $ | 1,290,906 | $ | 1,278,565 | $ | 1,295,780 | $ | 1,292,369 | ||||||||
| Deposits | $ | 1,141,784 | $ | 1,099,314 | $ | 1,084,814 | $ | 1,092,872 | $ | 1,064,553 | ||||||||
| Stockholders' equity | $ | 98,630 | $ | 98,261 | $ | 108,803 | $ | 112,089 | $ | 110,388 | ||||||||
| Performance ratios: | ||||||||||||||||||
| Return on average assets (1) | 1.05 | % | 0.99 | % | 1.06 | % | 0.96 | % | 1.12 | % | ||||||||
| Return on average stockholders' equity (1) | 14.14 | % | 13.03 | % | 12.41 | % | 11.14 | % | 13.08 | % | ||||||||
| Average stockholders' equity less accumulated | ||||||||||||||||||
| other comprehensive income (loss) to | ||||||||||||||||||
| average assets | 8.95 | % | 8.80 | % | 8.99 | % | 8.57 | % | 8.39 | % | ||||||||
| Net loan charge-offs to average loans (1) | 0.01 | % | -0.02 | % | -0.05 | % | -0.10 | % | -0.08 | % | ||||||||
| Nonperforming loans to gross loans | 1.16 | % | 1.21 | % | 1.34 | % | 1.42 | % | 1.43 | % | ||||||||
| Nonperforming assets to total assets | 0.85 | % | 0.88 | % | 1.03 | % | 1.06 | % | 1.16 | % | ||||||||
| Allowance for loan losses to gross loans | 1.30 | % | 1.32 | % | 1.39 | % | 1.38 | % | 1.35 | % | ||||||||
| Nonperforming assets to tangible equity | ||||||||||||||||||
| plus the allowance for loan losses (4) | 10.89 | % | 11.04 | % | 12.10 | % | 11.58 | % | 12.87 | % | ||||||||
| Net interest rate margin (1)(2) | 3.24 | % | 3.23 | % | 3.24 | % | 3.01 | % | 3.15 | % | ||||||||
| Net interest rate spread (1)(2) | 3.04 | % | 3.11 | % | 3.14 | % | 2.89 | % | 3.04 | % | ||||||||
| Service fee revenue as a percent of | ||||||||||||||||||
| average demand deposits (1) | 0.56 | % | 0.57 | % | 0.58 | % | 0.52 | % | 0.53 | % | ||||||||
| Noninterest income as a percent | ||||||||||||||||||
| of gross revenue | 12.55 | % | 15.25 | % | 15.99 | % | 18.20 | % | 16.91 | % | ||||||||
| Efficiency ratio (2) | 60.02 | % | 63.20 | % | 61.40 | % | 63.37 | % | 58.40 | % | ||||||||
| Noninterest expenses to average assets (1) | 2.15 | % | 2.32 | % | 2.28 | % | 2.25 | % | 2.13 | % | ||||||||
| Tangible equity to tangible assets (4) | 6.98 | % | 7.15 | % | 7.66 | % | 8.35 | % | 8.27 | % | ||||||||
| Stock price information: | ||||||||||||||||||
| High | $ | 23.94 | $ | 26.35 | $ | 26.45 | $ | 27.00 | $ | 26.50 | ||||||||
| Low | $ | 22.50 | $ | 22.82 | $ | 25.80 | $ | 24.60 | $ | 24.52 | ||||||||
| Last trade value at quarter-end | $ | 22.50 | $ | 23.50 | $ | 26.00 | $ | 26.05 | $ | 24.95 | ||||||||
| (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 Comprehensive Income | ||||||||||||||||||
| Quarter Ended | ||||||||||||||||||
| Sep. 30, | Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | ||||||||||||||
| (dollars in thousands - unaudited) | 2022 | 2022 | 2022 | 2021 | 2021 | |||||||||||||
| Net income | $ | 3,515 | $ | 3,192 | $ | 3,330 | $ | 3,146 | $ | 3,638 | ||||||||
| Other comprehensive income, net of tax: | ||||||||||||||||||
| Unrealized gain (loss) on securities available | ||||||||||||||||||
| for sale | (4,915 | ) | (5,485 | ) | (14,847 | ) | (973 | ) | (1,374 | ) | ||||||||
| Amortization of unrealized loss included in net | ||||||||||||||||||
| income on securities available for sale | ||||||||||||||||||
| transferred to securities held to maturity | 92 | 88 | - | - | - | |||||||||||||
| Unrealized gain (loss) on interest rate swap | 32 | 43 | 85 | 31 | (5 | ) | ||||||||||||
| Reclassification adjustment of interest rate | ||||||||||||||||||
| swap settlements included in earnings | 13 | 28 | 37 | 40 | 40 | |||||||||||||
| Other comprehensive income (loss) | (4,778 | ) | (5,326 | ) | (14,725 | ) | (902 | ) | (1,339 | ) | ||||||||
| Comprehensive income (loss) | $ | (1,263 | ) | $ | (2,134 | ) | $ | (11,395 | ) | $ | 2,244 | $ | 2,299 | |||||
| PSB Holdings, Inc. | |||||||||||||||
| Nonperforming Assets as of: | |||||||||||||||
| Sep 30, | Jun 30, | Mar 31, | Dec 31, | Sep 30, | |||||||||||
| (dollars in thousands) | 2022 | 2022 | 2022 | 2021 | 2021 | ||||||||||
| Nonaccrual loans (excluding restructured loans) | $ | 6,048 | $ | 6,036 | $ | 6,537 | $ | 6,425 | $ | 6,018 | |||||
| Nonaccrual restructured loans | 70 | 146 | 170 | 1,000 | 1,526 | ||||||||||
| Restructured loans not on nonaccrual | 4,904 | 5,137 | 5,172 | 5,213 | 5,159 | ||||||||||
| Accruing loans past due 90 days or more | - | - | - | - | - | ||||||||||
| Total nonperforming loans | 11,022 | 11,319 | 11,879 | 12,638 | 12,703 | ||||||||||
| Other real estate owned | 160 | 160 | 1,103 | 1,103 | 2,398 | ||||||||||
| Total nonperforming assets | $ | 11,182 | $ | 11,479 | $ | 12,982 | $ | 13,741 | $ | 15,101 | |||||
| Nonperforming loans as a % of gross loans receivable | 1.16 | % | 1.21 | % | 1.34 | % | 1.42 | % | 1.43 | % | |||||
| Total nonperforming assets as a % of total assets | 0.85 | % | 0.88 | % | 1.03 | % | 1.06 | % | 1.16 | % | |||||
| Allowance for loan losses as a % of nonperforming loans | 112.28 | % | 109.48 | % | 103.89 | % | 96.71 | % | 94.51 | % | |||||
| PSB Holdings, Inc. | |||||||
| Nonperforming Assets >= $500,000 net book value before specific reserves | |||||||
| At September 30, 2022 | |||||||
| (dollars in thousands) | |||||||
| Gross | Specific | ||||||
| Collateral Description | Asset Type | Principal | Reserves | ||||
| Real estate - Hotel | Restructured | $ | 4,630 | $ | - | ||
| Real estate - Buffet Style Restaurant | Nonaccrual | 3,003 | 1,262 | ||||
| Real estate - Independent Auto Repair | Nonaccrual | 834 | 104 | ||||
| Total listed nonperforming assets | $ | 8,467 | $ | 1,366 | |||
| Total bank wide nonperforming assets | $ | 11,182 | $ | 1,620 | |||
| Listed assets as a % of total nonperforming assets | 76 | % | 84 | % | |||
| PSB Holding, Inc. | |||||||||||||||
| Loan Composition by Purpose | |||||||||||||||
| Quarter-ended (dollars in thousands) | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | ||||||||||
| Residential real estate: | |||||||||||||||
| One to four family | $ | 172,913 | $ | 169,437 | $ | 168,083 | $ | 168,584 | $ | 166,728 | |||||
| HELOC loans | 18,423 | 17,776 | 16,709 | 17,198 | 18,011 | ||||||||||
| Residential construction & development | 22,313 | 22,462 | 21,590 | 23,093 | 25,162 | ||||||||||
| Residential vacant land | 3,069 | 1,599 | 1,697 | 1,763 | 6,629 | ||||||||||
| Total Residential real estate | 216,718 | 211,274 | 208,079 | 210,638 | 216,530 | ||||||||||
| Commercial/Agricultural real estate: | |||||||||||||||
| Owner occupied | |||||||||||||||
| Commercial real estate | 211,008 | 205,976 | 208,271 | 202,416 | 203,509 | ||||||||||
| SBA commercial real estate | 2,616 | 2,458 | 2,530 | 1,568 | 1,140 | ||||||||||
| Agriculture real estate | 3,902 | 3,583 | 3,651 | 3,716 | 4,046 | ||||||||||
| Construction and land development | 32,158 | 31,465 | 26,111 | 22,380 | 17,705 | ||||||||||
| Commercial vacant land | 5,214 | 5,351 | 5,194 | 3,529 | 3,572 | ||||||||||
| Total Owner occupied | 254,898 | 248,833 | 245,757 | 233,609 | 229,972 | ||||||||||
| Non-owner occupied | |||||||||||||||
| Commercial real estate | 225,823 | 227,400 | 212,407 | 211,688 | 212,868 | ||||||||||
| One to four family residential rental | 66,224 | 61,749 | 56,305 | 52,437 | 49,542 | ||||||||||
| SBA commercial real estate | - | - | - | 1,010 | 682 | ||||||||||
| Agricultural real estate | - | - | - | - | - | ||||||||||
| Construction and land development | 25,543 | 25,086 | 23,080 | 25,899 | 29,618 | ||||||||||
| Commercial vacant land | 4,010 | 4,287 | 4,191 | 4,534 | 4,851 | ||||||||||
| Total Non-owner occupied | 321,600 | 318,522 | 295,983 | 295,568 | 297,561 | ||||||||||
| Commercial/Agricultural non-real estate: | |||||||||||||||
| Municipal non-real estate | 7,133 | 6,352 | 6,403 | 11,858 | 7,623 | ||||||||||
| Commercial line | 56,154 | 65,728 | 54,626 | 52,151 | 47,646 | ||||||||||
| Other commercial non-real estate | 82,430 | 76,065 | 64,260 | 61,115 | 54,481 | ||||||||||
| SBA commercial non-real estate | 3,378 | 3,926 | 6,068 | 17,527 | 25,933 | ||||||||||
| Agricultural non-real estate | 1,491 | 1,409 | 1,340 | 1,130 | 1,325 | ||||||||||
| Total Commercial/Agr. non-real estate | 150,586 | 153,480 | 132,697 | 143,781 | 137,008 | ||||||||||
| Consumer non-real estate: | |||||||||||||||
| Consumer installment | 4,005 | 4,305 | 4,201 | 4,054 | 4,369 | ||||||||||
| Consumer line | 494 | 493 | 486 | 480 | 477 | ||||||||||
| Other consumer | 116 | 123 | 118 | 117 | 125 | ||||||||||
| Total Consumer non-real estate | 4,615 | 4,921 | 4,805 | 4,651 | 4,971 | ||||||||||
| Gross loans | 948,417 | 937,030 | 887,321 | 888,247 | 886,042 | ||||||||||
| Net deferred loan costs (fees) | 537 | 503 | 423 | 107 | (167 | ) | |||||||||
| Overdrafts | 107 | 119 | 185 | 205 | 654 | ||||||||||
| Allowance for loan losses | (12,375 | ) | (12,392 | ) | (12,341 | ) | (12,222 | ) | (12,005 | ) | |||||
| Total loans receivable | $ | 936,686 | $ | 925,260 | $ | 875,588 | $ | 876,337 | $ | 874,524 | |||||
| PSB Holdings, Inc. | ||||||||||||||||||||||||||
| Deposit Composition | ||||||||||||||||||||||||||
| September 30, | June 30, | March 31, | December 31, | September 30, | ||||||||||||||||||||||
| (dollars in thousands) | 2022 | 2022 | 2022 | 2021 | 2021 | |||||||||||||||||||||
| $ | % | $ | % | $ | % | $ | % | $ | % | |||||||||||||||||
| Non-interest bearing demand | $ | 298,335 | 26.0 | % | $ | 283,592 | 25.5 | % | $ | 272,611 | 25.0 | % | $ | 284,477 | 25.7 | % | $ | 291,440 | 26.9 | % | ||||||
| Interest-bearing demand and savings | 377,831 | 32.9 | % | 376,150 | 33.8 | % | 382,829 | 35.1 | % | 413,522 | 37.4 | % | 388,725 | 35.9 | % | |||||||||||
| Money market deposits | 228,619 | 19.9 | % | 226,907 | 20.4 | % | 221,982 | 20.4 | % | 219,145 | 19.8 | % | 215,772 | 19.9 | % | |||||||||||
| Retail and local time deposits <= $250 | 132,095 | 11.4 | % | 136,230 | 12.1 | % | 138,821 | 12.8 | % | 140,443 | 12.8 | % | 142,439 | 13.2 | % | |||||||||||
| Total core deposits | 1,036,880 | 90.2 | % | 1,022,879 | 91.8 | % | 1,016,243 | 93.3 | % | 1,057,587 | 95.7 | % | 1,038,376 | 95.9 | % | |||||||||||
| Retail and local time deposits > $250 | 22,799 | 2.0 | % | 26,882 | 2.4 | % | 28,754 | 2.6 | % | 28,659 | 2.6 | % | 24,824 | 2.3 | % | |||||||||||
| Broker & national time deposits <= $250 | 6,700 | 0.6 | % | 7,443 | 0.7 | % | 7,443 | 0.7 | % | 7,793 | 0.7 | % | 8,640 | 0.8 | % | |||||||||||
| Broker & national time deposits > $250 | 82,439 | 7.2 | % | 56,255 | 5.1 | % | 36,965 | 3.4 | % | 11,201 | 1.0 | % | 11,201 | 1.0 | % | |||||||||||
| Totals | $ | 1,148,818 | 100.0 | % | $ | 1,113,459 | 100.0 | % | $ | 1,089,405 | 100.0 | % | $ | 1,105,240 | 100.0 | % | $ | 1,083,041 | 100.0 | % | ||||||
| PSB Holdings, Inc. | |||||||||||||||||||||||||
| Average Balances ($000) and Interest Rates | |||||||||||||||||||||||||
| (dollars in thousands) | |||||||||||||||||||||||||
| Quarter ended September 30, 2022 | Quarter ended June 30, 2022 | Quarter ended September 30, 2021 | |||||||||||||||||||||||
| Average | Yield / | Average | Yield / | Average | Yield / | ||||||||||||||||||||
| Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | |||||||||||||||||
| Assets | |||||||||||||||||||||||||
| Interest-earning assets: | |||||||||||||||||||||||||
| Loans (1)(2) | $ | 943,724 | $ | 10,235 | 4.30 | % | $ | 917,065 | $ | 9,305 | 4.07 | % | $ | 874,429 | $ | 9,334 | 4.23 | % | |||||||
| Taxable securities | 199,727 | 978 | 1.94 | % | 205,040 | 859 | 1.68 | % | 195,160 | 581 | 1.18 | % | |||||||||||||
| Tax-exempt securities (2) | 82,242 | 684 | 3.30 | % | 79,936 | 680 | 3.41 | % | 84,241 | 633 | 2.98 | % | |||||||||||||
| FHLB stock | 2,579 | 32 | 4.92 | % | 2,650 | 16 | 2.42 | % | 2,646 | 27 | 4.05 | % | |||||||||||||
| Other | 28,823 | 131 | 1.80 | % | 20,651 | 36 | 0.70 | % | 75,119 | 18 | 0.10 | % | |||||||||||||
| Total (2) | 1,257,095 | 12,060 | 3.81 | % | 1,225,342 | 10,896 | 3.57 | % | 1,231,595 | 10,593 | 3.41 | % | |||||||||||||
| Non-interest-earning assets: | |||||||||||||||||||||||||
| Cash and due from banks | 19,400 | 18,731 | 20,310 | ||||||||||||||||||||||
| Premises and equipment, | |||||||||||||||||||||||||
| net | 13,052 | 13,039 | 12,962 | ||||||||||||||||||||||
| Cash surrender value ins | 24,666 | 24,510 | 24,059 | ||||||||||||||||||||||
| Other assets | 21,567 | 21,639 | 15,317 | ||||||||||||||||||||||
| Allowance for loan | |||||||||||||||||||||||||
| losses | (12,380 | ) | (12,355 | ) | (11,874 | ) | |||||||||||||||||||
| Total | $ | 1,323,400 | $ | 1,290,906 | $ | 1,292,369 | |||||||||||||||||||
| Liabilities & stockholders' equity | |||||||||||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||||||||||
| Savings and demand | |||||||||||||||||||||||||
| deposits | $ | 375,617 | $ | 370 | 0.39 | % | $ | 379,734 | $ | 122 | 0.13 | % | $ | 383,136 | $ | 73 | 0.08 | % | |||||||
| Money market deposits | 232,713 | 399 | 0.68 | % | 217,639 | 121 | 0.22 | % | 213,584 | 90 | 0.17 | % | |||||||||||||
| Time deposits | 245,353 | 572 | 0.92 | % | 224,539 | 352 | 0.63 | % | 185,502 | 241 | 0.52 | % | |||||||||||||
| FHLB borrowings | 49,924 | 209 | 1.66 | % | 62,659 | 234 | 1.50 | % | 66,239 | 220 | 1.32 | % | |||||||||||||
| Other borrowings | 6,919 | 14 | 0.80 | % | 5,028 | 4 | 0.32 | % | 24,993 | 9 | 0.14 | % | |||||||||||||
| Senior sub. notes | 2,500 | 28 | 4.44 | % | 2,500 | 28 | 4.49 | % | 2,500 | 28 | 4.44 | % | |||||||||||||
| Junior sub. debentures | 12,781 | 202 | 6.27 | % | 12,755 | 179 | 5.63 | % | 12,679 | 165 | 5.16 | % | |||||||||||||
| Total | 925,807 | 1,794 | 0.77 | % | 904,854 | 1,040 | 0.46 | % | 888,633 | 826 | 0.37 | % | |||||||||||||
| Non-interest-bearing liabilities: | |||||||||||||||||||||||||
| Demand deposits | 288,101 | 277,402 | 282,331 | ||||||||||||||||||||||
| Other liabilities | 10,862 | 10,389 | 11,017 | ||||||||||||||||||||||
| Stockholders' equity | 98,630 | 98,261 | 110,388 | ||||||||||||||||||||||
| Total | $ | 1,323,400 | $ | 1,290,906 | $ | 1,292,369 | |||||||||||||||||||
| Net interest income | $ | 10,266 | $ | 9,856 | $ | 9,767 | |||||||||||||||||||
| Rate spread | 3.04 | % | 3.11 | % | 3.04 | % | |||||||||||||||||||
| Net yield on interest-earning assets | 3.24 | % | 3.23 | % | 3.15 | % | |||||||||||||||||||
| (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) | |||||||||||||||||
| Nine months ended September 30, 2022 | Nine months ended September 30, 2021 | ||||||||||||||||
| Average | Yield/ | Average | Yield/ | ||||||||||||||
| Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||
| Assets | |||||||||||||||||
| Interest-earning assets: | |||||||||||||||||
| Loans (1)(2) | $ | 917,541 | $ | 28,605 | 4.17 | % | $ | 873,352 | $ | 28,772 | 4.40 | % | |||||
| Taxable securities | 207,179 | 2,599 | 1.68 | % | 164,075 | 1,641 | 1.34 | % | |||||||||
| Tax-exempt securities (2) | 83,281 | 2,038 | 3.27 | % | 84,351 | 1,908 | 3.02 | % | |||||||||
| FHLB stock | 2,625 | 82 | 4.18 | % | 2,519 | 71 | 3.77 | % | |||||||||
| Other | 23,327 | 175 | 1.00 | % | 46,590 | 45 | 0.13 | % | |||||||||
| Total (2) | 1,233,953 | 33,499 | 3.63 | % | 1,170,887 | 32,437 | 3.70 | % | |||||||||
| Non-interest-earning assets: | |||||||||||||||||
| Cash and due from banks | 18,714 | 20,015 | |||||||||||||||
| Premises and equipment, | |||||||||||||||||
| net | 12,942 | 12,600 | |||||||||||||||
| Cash surrender value ins | 24,513 | 21,958 | |||||||||||||||
| Other assets | 19,995 | 13,956 | |||||||||||||||
| Allowance for loan | |||||||||||||||||
| losses | (12,338 | ) | (11,687 | ) | |||||||||||||
| Total | $ | 1,297,779 | $ | 1,227,729 | |||||||||||||
| Liabilities & stockholders' equity | |||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||
| Savings and demand | |||||||||||||||||
| deposits | $ | 383,795 | $ | 561 | 0.20 | % | $ | 356,532 | $ | 203 | 0.08 | % | |||||
| Money market deposits | 222,975 | 609 | 0.37 | % | 214,751 | 304 | 0.19 | % | |||||||||
| Time deposits | 222,946 | 1,209 | 0.73 | % | 169,182 | 929 | 0.73 | % | |||||||||
| FHLB borrowings | 54,590 | 612 | 1.50 | % | 66,711 | 656 | 1.31 | % | |||||||||
| Other borrowings | 6,135 | 20 | 0.44 | % | 23,183 | 24 | 0.14 | % | |||||||||
| Senior sub. notes | 2,500 | 84 | 4.49 | % | 2,500 | 84 | 4.49 | % | |||||||||
| Junior sub. debentures | 12,755 | 547 | 5.73 | % | 10,205 | 419 | 5.49 | % | |||||||||
| Total | 905,696 | 3,642 | 0.54 | % | 843,064 | 2,619 | 0.42 | % | |||||||||
| Non-interest-bearing liabilities: | |||||||||||||||||
| Demand deposits | 279,135 | 264,536 | |||||||||||||||
| Other liabilities | 11,093 | 10,796 | |||||||||||||||
| Stockholders' equity | 101,855 | 109,333 | |||||||||||||||
| Total | $ | 1,297,779 | $ | 1,227,729 | |||||||||||||
| Net interest income | $ | 29,857 | $ | 29,818 | |||||||||||||
| Rate spread | 3.09 | % | 3.28 | % | |||||||||||||
| Net yield on interest-earning assets | 3.24 | % | 3.40 | % | |||||||||||||
| (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
InvestorRelations@bankpeoples.com
