WAUSAU, Wis., Oct. 26, 2026 (GLOBE NEWSWIRE) -- PSB Holdings, Inc. (“PSB”) (OTCQX: PSBQ), the holding company for Peoples State Bank (“Peoples”) serving Northcentral and Southeastern Wisconsin reported earnings for the second quarter ending September 30, 2026 of $0.94 per diluted common share on net income of $3.8 million, compared to $0.81 per diluted common share on net income of $3.3 million during the second quarter ending June 30, 2026, and $0.86 per diluted common share on net income of $3.5 million during the third quarter ending September 30, 2025.
PSB’s third quarter of 2026 operating results reflected the following changes from the second quarter of 2026: (1) an increase in net interest margin due primarily to lower costing funds; (2) higher provision for credit losses on loans; (3) slightly lower non-interest income; (4) lower non-interest expenses due to a decrease in salary and employee benefits from fewer employees; and (5) slightly lower expenses associated with the merger.
PSB announced on May 19, 2026 that it entered into an Agreement and Plan of Merger with Bank First Corporation (“Bank First”), under which Bank First will acquire 100% of the common stock of PSB in an all-stock transaction. Under the terms of the Agreement and Plan of Merger, each PSB shareholder will have the right to receive 0.3470 of a share of Bank First’s common stock in exchange for each share of PSB’s common stock. The aggregate consideration is valued at approximately $202.9 million, based on the closing price of Bank First common stock as of May 18, 2026, of $143.66 per share.
“We delivered strong third quarter earnings, supported by an improved net interest margin and additional efficiencies we gained in preparation for our merger with Bank First. We remain on track for closing the merger on December 4, 2026, and have received all required shareholder and regulatory approvals,” stated Scott Cattanach, President and CEO.
September 30, 2026, Highlights:
- Net interest income increased $348,000 to $12.5 million for the quarter ended September 30, 2026, from $12.1 million for the quarter ended June 30, 2026, due in part to higher average loan balances and lower costs on time deposits.
- Noninterest income decreased $92,000 to $2.0 million for the quarter ended September 30, 2026, compared to $2.1 million the prior quarter, partially due to lower mortgage banking income.
- Noninterest expenses decreased $745,000 to $9.0 million during the quarter ended September 30, 2026 from $9.7 million for the quarter ended June 30, 2026, reflecting lower salary and benefit plan expenses related to lower incentive accruals for fiscal 2026 and staff reductions. Merger expenses were $592,000 for the third quarter ending September 30, 2026 compared to $671,000 for the quarter ended June 30, 2026. The third quarter ended September 30, 2026 reflects severance expenses totaling $423,000.
- Net loans decreased $10 million in the third quarter ended September 30, 2026, to $1.12 billion compared to $1.13 billion at June 30, 2026. Allowance for credit losses decreased to 1.12% of gross loans.
- Non-performing assets decreased to 1.02% of total assets at September 30, 2026, compared to 1.08% the previous quarter.
- Total deposits increased $34.8 million to $1.21 billion at September 30, 2026, from $1.18 billion at June 30, 2026. Core deposits increased $58.6 million and brokered deposits decreased $20.0 million.
- Return on average tangible common equity was 11.98% for the quarter ended September 30, 2026 compared to 10.62% the prior quarter and 12.14% in the year ago quarter. Tangible book value per common share was up 6.68% over the past year to $30.99 at September 30, 2026, compared to $29.05 at September 30, 2025.
Balance Sheet and Asset Quality Review
Total assets increased $5.91 million during the third quarter to $1.51 billion at September 30, 2026. Cash and cash equivalents increased $27.11 million to $84.8 million at September 30, 2026, from $57.7 million at June 30, 2026, as funds from new deposits were held in liquid investments. Investment securities available for sale decreased $12.3 million to $152.7 million at September 30, 2026, from $165.0 million one quarter earlier.
Gross loans receivable decreased $11.9 million to $1.16 billion at September 30, 2026, compared to three months earlier. Construction and development loans decreased $14.7 million to $53.4 million at September 30, 2026 and commercial & industrial loans decreased $8.0 million to $149.9 million over the three month period. Residential real estate loans decreased $3.1 million from the prior quarter to $328.5 million. Partially offsetting these loan decreases, commercial real estate loans increased $13.8 million to $603.8 million at September 30, 2026, compared to three months earlier. The loan portfolio remains well diversified with commercial real estate and construction loans totaling 56.8% of gross loans, followed by residential real estate loans at 28.4% of gross loans, commercial non-real estate loans at 14.3% and consumer loans at 0.5%.
The allowance for credit losses decreased to 1.12% of gross loans at September 30, 2026 while annualized net charge-offs to average loans were 0.53% for the quarter ended September 30, 2026. The elevated charge-offs for the quarter ended September 30, 2026 relates to a charge-off of $1.1 million on one non-accruing equipment dealership loan. Non-performing assets decreased to 1.02% of total assets at September 30, 2026, down from 1.08% at June 30, 2026. Approximately 69% of all non-performing assets consisted of five lending relationships.
Total deposits increased $34.8 million from the prior quarter to $1.21 billion. Growth in deposits was led by interest-bearing demand and savings deposits, which increased $33.0 million during the third quarter followed by an increase in non-interest bearing demand deposits of $24.8 million and an increase in money market deposits of $8.6 million during the third quarter. Partially offsetting the increase in these core deposits was a decline in retail time and local deposits of $11.5 million and a decline in brokered deposits of $20.0 million.
FHLB advances decreased by $23.0 million to $128.5 million at September 30, 2026 from $151.5 million at June 30, 2026.
Tangible stockholder equity as a percentage of total tangible assets was 8.76% at September 30, 2026, compared to 8.87% at June 30, 2026, and 8.34% at September 30, 2025, respectively.
Tangible net book value per common share increased $1.94 to $30.99 at September 30, 2026, compared to $29.05 one year earlier, an increase of 6.7% after dividends totaling $0.88 per share were paid to shareholders. Relative to the prior quarter’s tangible book value per common share of $31.27, tangible net book value per common share decreased primarily due to an increase in accumulated other comprehensive losses related to rising interest rates and the payment of dividends offset by earnings. The accumulated other comprehensive loss on the investment portfolio increased to $17.3 million at September 30, 2026 compared to $13.0 million one quarter earlier and $14.2 million at September 30, 2025.
Operations Review
Net interest income increased to $12.5 million (on a net margin of 3.48%) for the third quarter of 2026, from $12.1 million (on a net margin of 3.44%) for the second quarter of 2026, and increased from $11.3 million (on a net margin of 3.16%) for the third quarter of 2025. Higher net interest income in the current period primarily relates to a decrease in funding costs during the third quarter.
Overall funding costs decreased 5 basis points to 2.81% during the third quarter of 2026 from 2.86% the prior period. Relative to one year earlier, funding costs were down 20 basis points while yields on assets increased 11 basis points. The decrease in funding costs was due to lower deposit costs and lower costs related to FHLB advances. Deposits costs decreased 8 basis points to 1.92% for the quarter ended September 30, 2026, from 2.00% the prior quarter. FHLB advance costs declined 2 basis points to 4.04% for the second quarter from 4.06% the prior quarter.
Overall earning-asset yields declined during the current quarter due to lower yields on loans and investment securities. Loan yields declined 3 basis points to 6.10% for the quarter ended September 30, 2026 from 6.13% the prior quarter. Taxable security yields were 3.12% for the quarter ended September 30, 2026, compared to 3.22% for the quarter ended June 30, 2026, while a smaller balance of tax-exempt security yields decreased to 3.33% for the quarter ended September 30, 2026 from 3.34% the prior quarter.
Total noninterest income decreased $92,000 during the third quarter of 2026 to $2.0 million from $2.1 million in the second quarter. The third quarter reflects increases in investment and insurance sales commissions that are offset by a decline in mortgage banking income.
Noninterest expenses decreased $0.7 million to $9.0 million for the third quarter of 2026, compared to $9.7 million for the second quarter, and increased $0.1 million from $8.8 million for the third quarter of 2025. The third quarter noninterest expense levels were lower than the prior quarter due to slightly lower expenses associated with the merger which include severance payments and professional fees. Salary and benefits expenses decreased $548,000 due to lower incentive accruals and staff reductions.
Income taxes increased $58,000 during the third quarter to $892,000 from $834,000 one quarter earlier. The effective tax rate for the quarter ended September 30, 2026 was 18.5% compared to 19.7% for the second quarter ended June 30, 2026 and 16.7% for the third quarter ended September 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, and March 31, 2026, and September 30, 2025, unaudited, December 31, 2025 derived from audited financial statements | |||||||||||||||
| Sep. 30, | Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | |||||||||||
| (dollars in thousands, except per share data) | 2026 | 2026 | 2026 | 2025 | 2025 | ||||||||||
| Assets | |||||||||||||||
| Cash and due from banks | $ | 14,359 | $ | 17,321 | $ | 28,053 | $ | 19,697 | $ | 14,221 | |||||
| Interest-bearing deposits | 2,324 | 3,283 | 1,703 | 2,262 | 3,630 | ||||||||||
| Federal funds sold | 68,099 | 37,073 | 29,755 | 7,916 | 19,641 | ||||||||||
| Cash and cash equivalents | 84,782 | 57,677 | 59,511 | 29,875 | 37,492 | ||||||||||
| Securities available for sale (at fair value) | 152,671 | 165,006 | 171,107 | 184,265 | 190,709 | ||||||||||
| Securities held to maturity (fair values of $64,537, $71,765, $72,485, $76,671 and $76,104 respectively) | 76,362 | 76,718 | 78,826 | 81,511 | 82,195 | ||||||||||
| Equity securities | 2,922 | 2,913 | 2,904 | 2,892 | 2,885 | ||||||||||
| Loans held for sale | 1,598 | - | 652 | 180 | 145 | ||||||||||
| Loans receivable, net (allowance for credit losses of $12,675, $13,447, $13,131, $12,605 and $12,686 respectively) | 1,123,604 | 1,134,370 | 1,116,089 | 1,096,035 | 1,115,137 | ||||||||||
| Accrued interest receivable | 4,779 | 4,885 | 5,094 | 5,035 | 5,023 | ||||||||||
| Foreclosed assets | 137 | 138 | - | - | - | ||||||||||
| Premises and equipment, net | 12,605 | 12,887 | 13,160 | 12,972 | 13,355 | ||||||||||
| Mortgage servicing rights, net | 1,980 | 1,974 | 1,978 | 1,689 | 1,685 | ||||||||||
| Federal Home Loan Bank stock (at cost) | 8,424 | 8,374 | 7,995 | 8,090 | 8,641 | ||||||||||
| Cash surrender value of bank-owned life insurance | 24,322 | 24,139 | 24,453 | 25,425 | 25,242 | ||||||||||
| Core deposit intangible | 229 | 247 | 266 | 287 | 309 | ||||||||||
| Goodwill | 3,565 | 3,565 | 3,565 | 3,495 | 3,495 | ||||||||||
| Other assets | 10,549 | 9,725 | 9,784 | 9,721 | 10,420 | ||||||||||
| TOTAL ASSETS | $ | 1,508,529 | $ | 1,502,618 | $ | 1,495,384 | $ | 1,461,472 | $ | 1,496,733 | |||||
| Liabilities | |||||||||||||||
| Non-interest-bearing deposits | $ | 315,361 | $ | 290,604 | $ | 281,947 | $ | 278,302 | $ | 278,615 | |||||
| Interest-bearing deposits | 897,616 | 887,579 | 905,082 | 898,729 | 910,571 | ||||||||||
| Total deposits | 1,212,977 | 1,178,183 | 1,187,029 | 1,177,031 | 1,189,186 | ||||||||||
| Federal Home Loan Bank advances | 128,450 | 151,450 | 136,950 | 112,950 | 140,950 | ||||||||||
| Other borrowings | - | 2,447 | 4,119 | 5,397 | 6,062 | ||||||||||
| Senior subordinated notes | 4,793 | 4,791 | 4,789 | 4,788 | 4,786 | ||||||||||
| Junior subordinated debentures | 13,202 | 13,177 | 13,151 | 13,126 | 13,100 | ||||||||||
| Allowance for credit losses on unfunded commitments | 492 | 492 | 492 | 542 | 622 | ||||||||||
| Accrued expenses and other liabilities | 12,971 | 15,323 | 14,986 | 15,967 | 13,651 | ||||||||||
| Total liabilities | 1,372,885 | 1,365,863 | 1,361,516 | 1,329,801 | 1,368,357 | ||||||||||
| 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 - 4,022,731, 4,021,558, 4,020,508, 4,023,874 and 4,040,538 shares, respectively | 1,830 | 1,830 | 1,830 | 1,830 | 1,830 | ||||||||||
| Additional paid-in capital | 8,854 | 8,801 | 8,732 | 8,727 | 8,707 | ||||||||||
| Retained earnings | 158,798 | 155,700 | 153,146 | 150,556 | 148,029 | ||||||||||
| Accumulated other comprehensive income (loss), net of tax | (17,297 | ) | (13,016 | ) | (13,264 | ) | (13,000 | ) | (14,166 | ) | |||||
| Treasury stock, at cost - 1,468,067, 1,469,240, 1,470,290, 1,466,924 and 1,450,260 shares, respectively | (23,741 | ) | (23,760 | ) | (23,776 | ) | (23,642 | ) | (23,224 | ) | |||||
| Total stockholders' equity | 135,644 | 136,755 | 133,868 | 131,671 | 128,376 | ||||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 1,508,529 | $ | 1,502,618 | $ | 1,495,384 | $ | 1,461,472 | $ | 1,496,733 | |||||
| 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) | 2026 | 2026 | 2026 | 2025 | 2025 | 2026 | 2025 | |||||||||||||||
| Interest and dividend income: | ||||||||||||||||||||||
| Loans, including fees | $ | 17,517 | $ | 17,370 | $ | 17,066 | $ | 16,744 | $ | 16,745 | $ | 51,953 | $ | 49,037 | ||||||||
| Securities: | ||||||||||||||||||||||
| Taxable | 1,343 | 1,428 | 1,586 | 1,659 | 1,645 | 4,357 | 4,852 | |||||||||||||||
| Tax-exempt | 459 | 467 | 484 | 495 | 500 | 1,410 | 1,523 | |||||||||||||||
| Other interest and dividends | 664 | 508 | 316 | 582 | 717 | 1,488 | 1,394 | |||||||||||||||
| Total interest and dividend income | 19,983 | 19,773 | 19,452 | 19,480 | 19,607 | 59,208 | 56,806 | |||||||||||||||
| Interest expense: | ||||||||||||||||||||||
| Deposits | 5,735 | 5,836 | 5,898 | 5,976 | 6,207 | 17,469 | 18,025 | |||||||||||||||
| FHLB advances | 1,429 | 1,478 | 1,344 | 1,428 | 1,707 | 4,251 | 5,398 | |||||||||||||||
| Other borrowings | 21 | 13 | 25 | 40 | 45 | 59 | 140 | |||||||||||||||
| Senior subordinated notes | 59 | 58 | 59 | 59 | 59 | 176 | 176 | |||||||||||||||
| Junior subordinated debentures | 248 | 245 | 242 | 248 | 247 | 735 | 745 | |||||||||||||||
| Total interest expense | 7,492 | 7,630 | 7,568 | 7,751 | 8,265 | 22,690 | 24,484 | |||||||||||||||
| Net interest income | 12,491 | 12,143 | 11,884 | 11,729 | 11,342 | 36,518 | 32,322 | |||||||||||||||
| Provision for credit losses | 725 | 325 | 475 | 275 | 138 | 1,525 | 365 | |||||||||||||||
| Net interest income after provision for credit losses | 11,766 | 11,818 | 11,409 | 11,454 | 11,204 | 34,993 | 31,957 | |||||||||||||||
| Noninterest income: | ||||||||||||||||||||||
| Service fees | 436 | 424 | 393 | 401 | 363 | 1,253 | 1,087 | |||||||||||||||
| Mortgage banking income | 354 | 427 | 405 | 413 | 363 | 1,186 | 1,024 | |||||||||||||||
| Investment and insurance sales commissions | 435 | 382 | 437 | 520 | 345 | 1,254 | 1,006 | |||||||||||||||
| Net loss on sale of securities | - | - | (502 | ) | - | - | (502 | ) | (1 | ) | ||||||||||||
| Increase in cash surrender value of life insurance | 183 | 178 | 175 | 182 | 176 | 536 | 509 | |||||||||||||||
| Life insurance death benefit | - | 4 | 489 | - | - | 493 | - | |||||||||||||||
| Other noninterest income | 620 | 705 | 923 | 565 | 678 | 2,248 | 2,262 | |||||||||||||||
| Total noninterest income | 2,028 | 2,120 | 2,320 | 2,081 | 1,925 | 6,468 | 5,887 | |||||||||||||||
| Noninterest expense: | ||||||||||||||||||||||
| Salaries and employee benefits | 5,059 | 5,607 | 5,948 | 5,159 | 5,446 | 16,614 | 15,576 | |||||||||||||||
| Occupancy and facilities | 689 | 697 | 800 | 712 | 712 | 2,186 | 2,217 | |||||||||||||||
| Loss (gain) on foreclosed assets | 9 | (1 | ) | (36 | ) | (23 | ) | 1 | (28 | ) | (57 | ) | ||||||||||
| Data processing and other office operations | 1,054 | 1,129 | 1,119 | 1,188 | 1,122 | 3,302 | 3,512 | |||||||||||||||
| Advertising and promotion | 161 | 227 | 189 | 177 | 138 | 577 | 456 | |||||||||||||||
| Core deposit intangible amortization | 18 | 19 | 21 | 21 | 22 | 58 | 68 | |||||||||||||||
| Expenses associated with merger | 592 | 671 | 120 | 26 | - | 1,383 | 26 | |||||||||||||||
| Other noninterest expenses | 1,377 | 1,355 | 1,637 | 1,376 | 1,365 | 4,369 | 4,170 | |||||||||||||||
| Total noninterest expense | 8,959 | 9,704 | 9,798 | 8,636 | 8,806 | 28,461 | 25,968 | |||||||||||||||
| Income before provision for income taxes | 4,835 | 4,234 | 3,931 | 4,899 | 4,323 | 13,000 | 11,876 | |||||||||||||||
| Provision for income taxes | 892 | 834 | 495 | 883 | 720 | 2,221 | 1,945 | |||||||||||||||
| Net income | $ | 3,943 | $ | 3,400 | $ | 3,436 | $ | 4,016 | $ | 3,603 | $ | 10,779 | $ | 9,931 | ||||||||
| Preferred stock dividends declared | $ | 122 | $ | 122 | $ | 122 | $ | 122 | $ | 122 | $ | 366 | $ | 366 | ||||||||
| Net income available to common shareholders | $ | 3,821 | $ | 3,278 | $ | 3,314 | $ | 3,894 | $ | 3,481 | $ | 10,413 | $ | 9,565 | ||||||||
| Basic earnings per common share | $ | 0.95 | $ | 0.82 | $ | 0.82 | $ | 0.97 | $ | 0.86 | $ | 2.59 | $ | 2.35 | ||||||||
| Diluted earnings per common share | $ | 0.94 | $ | 0.81 | $ | 0.82 | $ | 0.97 | $ | 0.86 | $ | 2.57 | $ | 2.35 | ||||||||
| 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: | 2026 | 2026 | 2026 | 2025 | 2025 | ||||||||||
| Interest income | $ | 19,983 | $ | 19,773 | $ | 19,452 | $ | 19,480 | $ | 19,607 | |||||
| Interest expense | $ | 7,492 | $ | 7,630 | $ | 7,568 | $ | 7,751 | $ | 8,265 | |||||
| Net interest income | $ | 12,491 | $ | 12,143 | $ | 11,884 | $ | 11,729 | $ | 11,342 | |||||
| Provision for credit losses | $ | 725 | $ | 325 | $ | 475 | $ | 275 | $ | 138 | |||||
| Other noninterest income | $ | 2,028 | $ | 2,120 | $ | 2,320 | $ | 2,081 | $ | 1,925 | |||||
| Other noninterest expense | $ | 8,959 | $ | 9,704 | $ | 9,798 | $ | 8,636 | $ | 8,806 | |||||
| Net income available to common shareholders | $ | 3,821 | $ | 3,278 | $ | 3,314 | $ | 3,894 | $ | 3,481 | |||||
| Basic earnings per common share (3) | $ | 0.95 | $ | 0.82 | $ | 0.82 | $ | 0.97 | $ | 0.86 | |||||
| Diluted earnings per common share (3) | $ | 0.94 | $ | 0.81 | $ | 0.82 | $ | 0.97 | $ | 0.86 | |||||
| Dividends declared per common share (3) | $ | 0.18 | $ | 0.18 | $ | 0.18 | $ | 0.34 | $ | - | |||||
| Tangible net book value per common share (4) | $ | 30.99 | $ | 31.27 | $ | 30.55 | $ | 29.99 | $ | 29.05 | |||||
| Average common shares outstanding | 4,021,762 | 4,020,787 | 4,021,327 | 4,028,368 | 4,041,393 | ||||||||||
| Balance sheet - average balances: | |||||||||||||||
| Loans receivable, net of allowances for credit loss | $ | 1,126,958 | $ | 1,124,806 | $ | 1,118,837 | $ | 1,107,114 | $ | 1,111,055 | |||||
| Assets | $ | 1,500,877 | $ | 1,491,283 | $ | 1,478,103 | $ | 1,501,135 | $ | 1,510,272 | |||||
| Deposits | $ | 1,185,147 | $ | 1,172,036 | $ | 1,175,510 | $ | 1,199,363 | $ | 1,191,002 | |||||
| Stockholders' equity | $ | 137,966 | $ | 135,416 | $ | 134,946 | $ | 131,606 | $ | 125,342 | |||||
| Performance ratios: | |||||||||||||||
| Return on average assets (1) | 1.04 | % | 0.91 | % | 0.94 | % | 1.06 | % | 0.95 | % | |||||
| Return on average common stockholders' equity (1) | 11.59 | % | 10.25 | % | 10.52 | % | 12.42 | % | 11.69 | % | |||||
| Return on average tangible common stockholders' equity (1)(4) | 11.98 | % | 10.62 | % | 10.90 | % | 12.86 | % | 12.14 | % | |||||
| Net loan charge-offs to average loans (1) | 0.53 | % | 0.00 | % | 0.00 | % | 0.16 | % | 0.00 | % | |||||
| Nonperforming loans to gross loans | 1.34 | % | 1.40 | % | 1.44 | % | 1.56 | % | 1.51 | % | |||||
| Nonperforming assets to total assets | 1.02 | % | 1.08 | % | 1.09 | % | 1.18 | % | 1.13 | % | |||||
| Allowance for credit losses to gross loans | 1.12 | % | 1.17 | % | 1.16 | % | 1.14 | % | 1.12 | % | |||||
| Nonperforming assets to tangible equity plus the allowance for credit losses (4) | 11.30 | % | 11.80 | % | 12.13 | % | 13.10 | % | 13.17 | % | |||||
| Net interest rate margin (1)(2) | 3.48 | % | 3.44 | % | 3.45 | % | 3.28 | % | 3.16 | % | |||||
| Net interest rate spread (1)(2) | 2.73 | % | 2.72 | % | 2.69 | % | 2.53 | % | 2.42 | % | |||||
| Service fee revenue as a percent of average demand deposits (1) | 0.59 | % | 0.63 | % | 0.58 | % | 0.55 | % | 0.52 | % | |||||
| Noninterest income as a percent of gross revenue | 9.21 | % | 9.68 | % | 10.66 | % | 9.65 | % | 8.94 | % | |||||
| Efficiency ratio (2) | 61.10 | % | 67.35 | % | 68.24 | % | 61.82 | % | 65.47 | % | |||||
| Noninterest expenses to average assets (1) | 2.37 | % | 2.61 | % | 2.69 | % | 2.28 | % | 2.31 | % | |||||
| Average stockholders' equity less accumulated other comprehensive income (loss) to average assets | 10.10 | % | 9.87 | % | 9.93 | % | 9.59 | % | 9.20 | % | |||||
| Tangible equity to tangible assets (4) | 8.76 | % | 8.87 | % | 8.72 | % | 8.77 | % | 8.34 | % | |||||
| Stock price information: | |||||||||||||||
| High | $ | 54.00 | $ | 50.50 | $ | 28.50 | $ | 26.30 | $ | 26.00 | |||||
| Low | $ | 49.05 | $ | 27.20 | $ | 26.10 | $ | 24.34 | $ | 23.30 | |||||
| Last trade value at quarter-end | $ | 51.21 | $ | 50.50 | $ | 27.74 | $ | 26.10 | $ | 25.50 | |||||
| (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) | 2026 | 2026 | 2026 | 2025 | 2025 | ||||||||||
| Net income | $ | 3,943 | $ | 3,400 | $ | 3,436 | $ | 4,016 | $ | 3,603 | |||||
| Other comprehensive income, net of tax: | |||||||||||||||
| Unrealized gain (loss) on securities available for sale | (4,525 | ) | 118 | (711 | ) | 1,065 | 1,550 | ||||||||
| Reclassification adjustment for security loss included in net income | - | - | 396 | - | - | ||||||||||
| Accretion of unrealized loss included in net income on securities available for sale deferred tax adjustment for Wisconsin Act 19 | (24 | ) | (32 | ) | (83 | ) | - | (26 | ) | ||||||
| Amortization of unrealized loss included in net income on securities available for sale transferred to securities held to maturity | 93 | 93 | 91 | 90 | 90 | ||||||||||
| Unrealized gain (loss) on interest rate swap | 174 | 67 | 43 | 18 | (2 | ) | |||||||||
| Reclassification adjustment of interest rate swap settlements included in earnings | 1 | 1 | - | (7 | ) | (15 | ) | ||||||||
| Other comprehensive income (loss) | (4,281 | ) | 247 | (264 | ) | 1,166 | 1,597 | ||||||||
| Comprehensive income (loss) | $ | (338 | ) | $ | 3,647 | $ | 3,172 | $ | 5,182 | $ | 5,200 | ||||
| PSB Holdings, Inc. | |||||||||||||||
| Nonperforming Assets as of: | |||||||||||||||
| Sep 30, | Jun 30, | Mar 31, | Dec 31, | Sep 30, | |||||||||||
| (dollars in thousands) | 2026 | 2026 | 2026 | 2025 | 2025 | ||||||||||
| Nonaccrual loans (excluding restructured loans) | $ | 15,071 | $ | 15,242 | $ | 15,438 | $ | 16,436 | $ | 16,560 | |||||
| Nonaccrual restructured loans | 1 | 589 | 6 | 7 | 10 | ||||||||||
| Restructured loans not on nonaccrual | 139 | 277 | 863 | 865 | 415 | ||||||||||
| Accruing loans past due 90 days or more | - | - | - | - | - | ||||||||||
| Total nonperforming loans | 15,211 | 16,108 | 16,307 | 17,308 | 16,985 | ||||||||||
| Other real estate owned | 137 | 138 | - | - | - | ||||||||||
| Total nonperforming assets | $ | 15,348 | $ | 16,246 | $ | 16,307 | $ | 17,308 | $ | 16,985 | |||||
| Nonperforming loans as a % of gross loans receivable | 1.34 | % | 1.40 | % | 1.44 | % | 1.56 | % | 1.51 | % | |||||
| Total nonperforming assets as a % of total assets | 1.02 | % | 1.08 | % | 1.09 | % | 1.18 | % | 1.13 | % | |||||
| Allowance for credit losses as a % of nonperforming loans | 83.33 | % | 83.48 | % | 80.52 | % | 72.83 | % | 74.69 | % | |||||
| PSB Holdings, Inc. | |||||||
| Nonperforming Assets >= $1,000,000 net book value before specific reserves | |||||||
| At September 30, 2026 | |||||||
| (dollars in thousands) | |||||||
| Gross | Specific | ||||||
| Collateral Description | Asset Type | Principal | Reserves | ||||
| Real estate - Non-Owner Occupied Rental Properties | Nonaccrual | 2,639 | - | ||||
| Real estate - Recreational Facility | Nonaccrual | 3,497 | 204 | ||||
| Real estate - Equipment Dealership | Nonaccrual | 1,194 | 250 | ||||
| Real estate - Wood Products | Nonaccrual | 1,674 | 376 | ||||
| Real estate - Commercial Building | Nonaccrual | 1,627 | 54 | ||||
| Total listed nonperforming assets | $ | 10,631 | $ | 884 | |||
| Total bank wide nonperforming assets | $ | 15,348 | $ | 1,394 | |||
| Listed assets as a % of total nonperforming assets | 69 | % | 63 | % | |||
| PSB Holdings, Inc. | |||||||||||||||
| Loan Composition by Collateral Type | |||||||||||||||
| Quarter-ended (dollars in thousands) | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | ||||||||||
| Commercial: | |||||||||||||||
| Commercial and industrial | $ | 149,925 | $ | 157,903 | $ | 143,572 | $ | 139,479 | $ | 137,199 | |||||
| Agriculture | 7,680 | 7,215 | 9,188 | 11,463 | 12,443 | ||||||||||
| Municipal | 8,024 | 8,258 | 8,481 | 11,317 | 8,361 | ||||||||||
| Total Commercial | 165,629 | 173,376 | 161,241 | 162,259 | 158,003 | ||||||||||
| Commercial Real Estate: | |||||||||||||||
| Commercial real estate | 603,778 | 590,027 | 578,655 | 551,899 | 569,382 | ||||||||||
| Construction and development | 53,422 | 68,107 | 70,757 | 70,574 | 81,278 | ||||||||||
| Total Commercial Real Estate | 657,200 | 658,134 | 649,412 | 622,473 | 650,660 | ||||||||||
| Residential real estate: | |||||||||||||||
| Residential | 250,152 | 253,189 | 251,356 | 259,573 | 263,791 | ||||||||||
| Construction and development | 29,394 | 29,744 | 34,540 | 36,596 | 37,475 | ||||||||||
| HELOC | 48,978 | 48,682 | 44,545 | 44,219 | 41,661 | ||||||||||
| Total Residential Real Estate | 328,524 | 331,615 | 330,441 | 340,388 | 342,927 | ||||||||||
| Consumer installment | 5,124 | 5,248 | 4,648 | 5,053 | 4,801 | ||||||||||
| Subtotals - Gross loans | 1,156,477 | 1,168,373 | 1,145,742 | 1,130,173 | 1,156,391 | ||||||||||
| Loans in process of disbursement | (20,713 | ) | (21,149 | ) | (17,148 | ) | (22,178 | ) | (29,170 | ) | |||||
| Subtotals - Disbursed loans | 1,135,764 | 1,147,224 | 1,128,594 | 1,107,995 | 1,127,221 | ||||||||||
| Net deferred loan costs | 515 | 593 | 626 | 645 | 602 | ||||||||||
| Allowance for credit losses | (12,675 | ) | (13,447 | ) | (13,131 | ) | (12,605 | ) | (12,686 | ) | |||||
| Total loans receivable | $ | 1,123,604 | $ | 1,134,370 | $ | 1,116,089 | $ | 1,096,035 | $ | 1,115,137 | |||||
| PSB Holdings, Inc. | ||||||||||||||||||||
| Selected Commercial Real Estate Loans by Purpose | ||||||||||||||||||||
| Sep 30, | Jun 30, | Mar 31, | Dec 31, | Sep 30, | ||||||||||||||||
| (dollars in thousands) | 2026 | 2026 | 2026 | 2025 | 2025 | |||||||||||||||
| 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 | $ | 129,365 | 12.3 | % | $ | 127,983 | 12.3 | % | $ | 134,236 | 12.9 | % | $ | 145,717 | 14.3 | % | $ | 141,896 | 13.5 | % |
| Industrial and Warehousing | 119,540 | 11.4 | 120,116 | 11.6 | 119,427 | 11.5 | 101,581 | 9.9 | 100,712 | 9.6 | ||||||||||
| Retail | 28,501 | 2.7 | 28,468 | 2.7 | 27,948 | 2.7 | 27,756 | 2.7 | 27,889 | 2.7 | ||||||||||
| Hotels | 27,044 | 2.6 | 24,839 | 2.4 | 25,080 | 2.4 | 25,949 | 2.6 | 25,677 | 2.4 | ||||||||||
| Office | 3,972 | 0.4 | 4,034 | 0.4 | 4,097 | 0.4 | 7,028 | 0.7 | 7,176 | 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) | 2026 | 2026 | 2026 | 2025 | 2025 | |||||||||||||||
| $ | % | $ | % | $ | % | $ | % | $ | % | |||||||||||
| Non-interest bearing demand | $ | 231,406 | 19.0 | % | $ | 226,134 | 19.1 | % | $ | 221,921 | 18.5 | % | $ | 225,025 | 19.1 | % | $ | 227,448 | 19.1 | % |
| Interest-bearing demand and savings | 344,163 | 28.4 | % | 313,909 | 26.7 | % | 321,604 | 27.1 | % | 323,739 | 27.5 | % | 307,505 | 25.8 | % | |||||
| Money market deposits | 142,930 | 11.7 | % | 141,443 | 12.0 | % | 146,655 | 12.4 | % | 142,946 | 12.1 | % | 158,455 | 13.3 | % | |||||
| Retail and local time deposits <= $250 | 146,566 | 12.1 | % | 154,330 | 13.1 | % | 157,898 | 13.3 | % | 163,398 | 13.9 | % | 163,446 | 13.7 | % | |||||
| Total core deposits | 865,065 | 71.2 | % | 835,816 | 70.9 | % | 848,078 | 71.3 | % | 855,108 | 72.6 | % | 856,854 | 71.9 | % | |||||
| Retail and local time deposits > $250 | 24,000 | 2.0 | % | 25,250 | 2.1 | % | 26,500 | 2.2 | % | 28,000 | 2.4 | % | 29,000 | 2.5 | % | |||||
| Broker & national time deposits <= $250 | 748 | 0.1 | % | 748 | 0.1 | % | 748 | 0.1 | % | 748 | 0.1 | % | 748 | 0.1 | % | |||||
| Broker & national time deposits > $250 | 29,779 | 2.5 | % | 49,788 | 4.2 | % | 54,191 | 4.6 | % | 62,493 | 5.3 | % | 67,493 | 5.7 | % | |||||
| Totals | $ | 919,592 | 75.8 | % | $ | 911,602 | 77.3 | % | $ | 929,517 | 78.2 | % | $ | 946,349 | 80.4 | % | $ | 954,095 | 80.2 | % |
| PSB Holdings, Inc. | ||||||||||||||||||||
| Deposit Composition | ||||||||||||||||||||
| Uninsured Deposits | September 30, | June 30, | March 31, | December 31, | September 30, | |||||||||||||||
| (dollars in thousands) | 2026 | 2026 | 2026 | 2025 | 2025 | |||||||||||||||
| $ | % | $ | % | $ | % | $ | % | $ | % | |||||||||||
| Non-interest bearing demand | $ | 83,955 | 6.9 | % | $ | 64,470 | 5.5 | % | $ | 60,026 | 5.1 | % | $ | 53,277 | 4.5 | % | $ | 51,167 | 4.3 | % |
| Interest-bearing demand and savings | 20,817 | 1.7 | % | 18,073 | 1.5 | % | 18,533 | 1.6 | % | 17,683 | 1.5 | % | 18,644 | 1.6 | % | |||||
| Money market deposits | 141,312 | 11.7 | % | 134,223 | 11.4 | % | 128,415 | 10.8 | % | 110,501 | 9.4 | % | 117,184 | 9.9 | % | |||||
| Retail and local time deposits <= $250 | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | |||||
| Total core deposits | 246,084 | 20.3 | % | 216,766 | 18.4 | % | 206,974 | 17.5 | % | 181,461 | 15.4 | % | 186,995 | 15.8 | % | |||||
| Retail and local time deposits > $250 | 47,301 | 3.9 | % | 49,815 | 4.3 | % | 50,538 | 4.3 | % | 49,221 | 4.2 | % | 48,096 | 4.0 | % | |||||
| 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 | $ | 293,385 | 24.2 | % | $ | 266,581 | 22.7 | % | $ | 257,512 | 21.8 | % | $ | 230,682 | 19.6 | % | $ | 235,091 | 19.8 | % |
| PSB Holdings, Inc. | ||||||||||||||||||||
| Deposit Composition | ||||||||||||||||||||
| Total Deposits | September 30, | June 30, | March 31, | December 31, | September 30, | |||||||||||||||
| (dollars in thousands) | 2026 | 2026 | 2026 | 2025 | 2025 | |||||||||||||||
| $ | % | $ | % | $ | % | $ | % | $ | % | |||||||||||
| Non-interest bearing demand | $ | 315,361 | 25.9 | % | $ | 290,604 | 24.6 | % | $ | 281,947 | 23.6 | % | $ | 278,302 | 23.6 | % | $ | 278,615 | 23.4 | % |
| Interest-bearing demand and savings | 364,980 | 30.1 | % | 331,982 | 28.2 | % | 340,137 | 28.7 | % | 341,422 | 29.0 | % | 326,149 | 27.4 | % | |||||
| Money market deposits | 284,242 | 23.4 | % | 275,666 | 23.4 | % | 275,070 | 23.2 | % | 253,447 | 21.5 | % | 275,639 | 23.2 | % | |||||
| Retail and local time deposits <= $250 | 146,566 | 12.1 | % | 154,330 | 13.1 | % | 157,898 | 13.3 | % | 163,398 | 13.9 | % | 163,446 | 13.7 | % | |||||
| Total core deposits | 1,111,149 | 91.5 | % | 1,052,582 | 89.3 | % | 1,055,052 | 88.8 | % | 1,036,569 | 88.0 | % | 1,043,849 | 87.7 | % | |||||
| Retail and local time deposits > $250 | 71,301 | 5.9 | % | 75,065 | 6.4 | % | 77,038 | 6.5 | % | 77,221 | 6.6 | % | 77,096 | 6.5 | % | |||||
| Broker & national time deposits <= $250 | 748 | 0.1 | % | 748 | 0.1 | % | 748 | 0.1 | % | 748 | 0.1 | % | 748 | 0.1 | % | |||||
| Broker & national time deposits > $250 | 29,779 | 2.5 | % | 49,788 | 4.2 | % | 54,191 | 4.6 | % | 62,493 | 5.3 | % | 67,493 | 5.7 | % | |||||
| Totals | $ | 1,212,977 | 100.0 | % | $ | 1,178,183 | 100.0 | % | $ | 1,187,029 | 100.0 | % | $ | 1,177,031 | 100.0 | % | $ | 1,189,186 | 100.0 | % |
| PSB Holdings, Inc. | |||||||||||||||||||||||
| Average Balances ($000) and Interest Rates | |||||||||||||||||||||||
| (dollars in thousands) | |||||||||||||||||||||||
| Quarter ended September 30, 2026 | Quarter ended June 30, 2026 | Quarter ended September 30, 2025 | |||||||||||||||||||||
| Average | Yield / | Average | Yield / | Average | Yield / | ||||||||||||||||||
| Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | |||||||||||||||
| Assets | |||||||||||||||||||||||
| Interest-earning assets: | |||||||||||||||||||||||
| Loans (1)(2) | $ | 1,140,312 | $ | 17,539 | 6.10 | % | $ | 1,138,074 | $ | 17,392 | 6.13 | % | $ | 1,123,665 | $ | 16,796 | 5.93 | % | |||||
| Taxable securities | 170,836 | 1,343 | 3.12 | % | 177,864 | 1,428 | 3.22 | % | 193,277 | 1,645 | 3.38 | % | |||||||||||
| Tax-exempt securities (2) | 69,150 | 581 | 3.33 | % | 70,873 | 591 | 3.34 | % | 75,419 | 633 | 3.33 | % | |||||||||||
| FHLB stock | 8,412 | 178 | 8.40 | % | 8,227 | 170 | 8.29 | % | 9,182 | 201 | 8.68 | % | |||||||||||
| Other | 51,497 | 486 | 3.74 | % | 36,217 | 338 | 3.74 | % | 45,649 | 516 | 4.48 | % | |||||||||||
| Total (2) | 1,440,207 | 20,127 | 5.54 | % | 1,431,255 | 19,919 | 5.58 | % | 1,447,192 | 19,791 | 5.43 | % | |||||||||||
| Non-interest-earning assets: | |||||||||||||||||||||||
| Cash and due from banks | 16,552 | 15,689 | 16,122 | ||||||||||||||||||||
| Premises and equipment, net | 12,784 | 13,084 | 13,377 | ||||||||||||||||||||
| Cash surrender value ins | 24,208 | 24,026 | 25,130 | ||||||||||||||||||||
| Other assets | 20,480 | 20,508 | 21,061 | ||||||||||||||||||||
| Allowance for credit losses | (13,354 | ) | (13,268 | ) | (12,610 | ) | |||||||||||||||||
| Total | $ | 1,500,877 | $ | 1,491,294 | $ | 1,510,272 | |||||||||||||||||
| Liabilities & stockholders' equity | |||||||||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||||||||
| Savings and demand deposits | $ | 350,238 | $ | 1,549 | 1.75 | % | $ | 338,948 | $ | 1,508 | 1.78 | % | $ | 320,732 | $ | 1,428 | 1.77 | % | |||||
| Money market deposits | 278,393 | 1,859 | 2.65 | % | 276,290 | 1,783 | 2.59 | % | 281,189 | 1,746 | 2.46 | % | |||||||||||
| Time deposits | 264,974 | 2,327 | 3.48 | % | 286,959 | 2,545 | 3.56 | % | 310,441 | 3,033 | 3.88 | % | |||||||||||
| FHLB borrowings | 140,488 | 1,429 | 4.04 | % | 145,927 | 1,478 | 4.06 | % | 154,211 | 1,707 | 4.39 | % | |||||||||||
| Other borrowings | 4,181 | 21 | 1.99 | % | 3,820 | 13 | 1.37 | % | 6,280 | 45 | 2.84 | % | |||||||||||
| Senior sub. notes | 4,792 | 59 | 4.88 | % | 4,790 | 58 | 4.86 | % | 4,785 | 59 | 4.89 | % | |||||||||||
| Junior sub. debentures | 13,190 | 248 | 7.46 | % | 13,164 | 245 | 7.47 | % | 13,088 | 247 | 7.49 | % | |||||||||||
| Total | 1,056,256 | 7,492 | 2.81 | % | 1,069,898 | 7,630 | 2.86 | % | 1,090,726 | 8,265 | 3.01 | % | |||||||||||
| Non-interest-bearing liabilities: | |||||||||||||||||||||||
| Demand deposits | 291,542 | 269,839 | 278,640 | ||||||||||||||||||||
| Other liabilities | 15,113 | 16,141 | 15,564 | ||||||||||||||||||||
| Stockholders' equity | 137,966 | 135,416 | 125,342 | ||||||||||||||||||||
| Total | $ | 1,500,877 | $ | 1,491,294 | $ | 1,510,272 | |||||||||||||||||
| Net interest income | $ | 12,635 | $ | 12,289 | $ | 11,526 | |||||||||||||||||
| Rate spread | 2.73 | % | 2.72 | % | 2.42 | % | |||||||||||||||||
| Net yield on interest-earning assets | 3.48 | % | 3.44 | % | 3.16 | % | |||||||||||||||||
| (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, 2026 | Nine months ended September 30, 2025 | ||||||||||||||||
| Average | Yield/ | Average | Yield/ | ||||||||||||||
| Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||
| Assets | |||||||||||||||||
| Interest-earning assets: | |||||||||||||||||
| Loans (1)(2) | $ | 1,136,751 | $ | 52,023 | 6.12 | % | $ | 1,117,079 | $ | 49,183 | 5.89 | % | |||||
| Taxable securities | 179,407 | 4,357 | 3.25 | % | 195,191 | 4,852 | 3.32 | % | |||||||||
| Tax-exempt securities (2) | 71,164 | 1,785 | 3.35 | % | 77,144 | 1,928 | 3.34 | % | |||||||||
| FHLB stock | 8,146 | 530 | 8.70 | % | 9,067 | 608 | 8.97 | % | |||||||||
| Other | 34,123 | 958 | 3.75 | % | 23,193 | 786 | 4.53 | % | |||||||||
| Total (2) | 1,429,591 | 59,653 | 5.58 | % | 1,421,674 | 57,357 | 5.39 | % | |||||||||
| Non-interest-earning assets: | |||||||||||||||||
| Cash and due from banks | 15,989 | 15,970 | |||||||||||||||
| Premises and equipment, net | 12,941 | 13,543 | |||||||||||||||
| Cash surrender value ins | 24,487 | 24,963 | |||||||||||||||
| Other assets | 20,348 | 21,161 | |||||||||||||||
| Allowance for credit losses | (13,188 | ) | (12,477 | ) | |||||||||||||
| Total | $ | 1,490,168 | $ | 1,484,834 | |||||||||||||
| Liabilities & stockholders' equity | |||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||
| Savings and demand deposits | $ | 344,099 | $ | 4,624 | 1.80 | % | $ | 325,470 | $ | 4,445 | 1.83 | % | |||||
| Money market deposits | 272,210 | 5,259 | 2.58 | % | 274,520 | 5,003 | 2.44 | % | |||||||||
| Time deposits | 282,862 | 7,586 | 3.59 | % | 291,490 | 8,577 | 3.93 | % | |||||||||
| FHLB borrowings | 138,403 | 4,251 | 4.11 | % | 164,047 | 5,398 | 4.40 | % | |||||||||
| Other borrowings | 4,257 | 59 | 1.85 | % | 7,148 | 140 | 2.62 | % | |||||||||
| Senior sub. notes | 4,790 | 176 | 4.91 | % | 4,784 | 176 | 4.92 | % | |||||||||
| Junior sub. debentures | 13,164 | 735 | 7.47 | % | 13,062 | 745 | 7.63 | % | |||||||||
| Total | 1,059,785 | 22,690 | 2.86 | % | 1,080,521 | 24,484 | 3.03 | % | |||||||||
| Non-interest-bearing liabilities: | |||||||||||||||||
| Demand deposits | 278,565 | 266,566 | |||||||||||||||
| Other liabilities | 15,875 | 15,358 | |||||||||||||||
| Stockholders' equity | 135,943 | 122,389 | |||||||||||||||
| Total | $ | 1,490,168 | $ | 1,484,834 | |||||||||||||
| Net interest income | $ | 36,963 | $ | 32,873 | |||||||||||||
| Rate spread | 2.72 | % | 2.36 | % | |||||||||||||
| Net yield on interest-earning assets | 3.46 | % | 3.09 | % | |||||||||||||
| (1) Nonaccrual loans are included in the daily average loan balances outstanding. | |||||||||||||||||
| (2) The yield on federally tax-exempt loans and securities is computed on a tax-equivalent basis using a federal tax rate of 21%. | |||||||||||||||||
Investor Relations Contact
PSB Holdings, Inc.
1905 Stewart Avenue
Wausau, WI 54401
888.929.9902
InvestorRelations@bankpeoples.com
