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PSB Holdings, Inc. Reports Second Quarter 2024 Earnings of $0.56 Per Share, Net Interest Margin and Tangible Book Value Increase
/EIN News/ -- WAUSAU, Wis., July 22, 2024 (GLOBE NEWSWIRE) -- PSB Holdings, Inc. (“PSB”) (OTCQX: PSBQ), the holding company for Peoples State Bank (“Peoples”) serving Northcentral and Southeastern Wisconsin reported second quarter earnings ending June 30, 2024 of $0.56 per common share on net income of $2.3 million, compared to $0.39 per common share on net income of $1.6 million during the first quarter ending March 31, 2024, and $0.64 per common share on net income of $2.7 million during the second quarter ending June 30, 2023.
PSB’s second quarter 2024 operating results reflected the following changes from the first quarter of 2024: (1) higher net interest income as asset yields increased 9 basis points while funding costs increased only 6 basis points; (2) higher non-interest income due primarily to no losses on the sale of investment securities during the current quarter and higher mortgage banking income; and (3) an increase in the effective tax rate to 14.4% from 8.9% the previous quarter.
“During the second quarter of 2024, we started seeing some positive developments in our operation that should translate to improved profitability in future quarters. Our net interest margin has started to expand, operating expenses excluding severance charges declined, and we are hopeful to return some non-performing assets to performing assets by the end of 2024. Should interest rates remain stable or decline through the remainder of 2024, we expect to see continued growth in our tangible book value and increased earnings,” stated Scott Cattanach, President and CEO.
June 30, 2024, Highlights:
- Net interest income increased to $9.4 million for the quarter ended June 30, 2024, from $9.3 million for the quarter ended March 31, 2024, as increases in asset and loan yields outpaced the increases in funding costs.
- Noninterest income increased to $1.9 million for the quarter ended June 30, 2024, compared to $1.0 million the prior quarter. The prior quarter reflected a loss on the sale of investment securities as the Company repositioned the investment portfolio into higher yielding investments. The increase in non-interest income also reflected an increase in mortgage banking income and investment and insurance sales commissions.
- Noninterest expenses increased nominally during the quarter ended June 30, 2024, reflecting slight increases in salary and benefit expenses. Included in salary and benefit expenses for the second quarter were severance expenses totaling approximately $404,000.
- Tangible book value per common share increased to $24.55 at June 30, 2024, compared to $24.21 one quarter earlier and $22.64 at June 30, 2023. During the second quarter ended June 30, 2024, tangible book value per share was positively influenced by net income, intangible asset amortization, and stock repurchase activity offset by dividend payments.
- Loans decreased $6.6 million in the second quarter ended June 30, 2024, to $1.07 billion largely due to the repayment of a $17 million, low yielding municipal loan. Allowance for credit losses increased to 1.16% of gross loans.
- Total deposits increased $39.0 million during the quarter ended June 30, 2024, to $1.15 billion, though a large portion of the increase was attributable to an overnight deposit at June 30, 2024 by one depositor that has since drawn down the balance. Meanwhile, deposit expenses decreased $244,000 as the Bank increased the level of non-interest bearing deposits and replaced higher costing brokered deposits with money market deposits.
- Return on tangible common equity was 9.34% for the quarter ended June 30, 2024, compared to 6.57% the prior quarter and 11.23% one year earlier.
Balance Sheet and Asset Quality Review
Total assets increased $67.1 million to $1.49 billion at June 30, 2024. Cash and cash equivalents increased $70.1 million, to $86.0 million at June 30, 2024, compared to $15.9 million the previous quarter. The higher cash and cash equivalent level primarily reflects a large customer overnight deposit of approximately $49 million at June 30, 2024, since withdrawn. Investment securities available for sale decreased $389,000 to $165.2 million at June 30, 2024, from $165.6 million one quarter earlier. Total collateralized liquidity available to meet cash demands was approximately $352 million at June 30, 2024, with an additional $328 million that could be raised in a short time frame from the brokered CDs market.
Total loans receivable decreased $6.6 million to $1.07 billion at June 30, 2024, due primarily to the repayment of a low yielding municipal commercial loan of approximately $17 million. Commercial non-real estate loans decreased $11.6 million to $148.2 million at June 30, 2024, from $159.7 million one quarter earlier. Meanwhile, commercial real estate loans increased $5.1 million to $614.7 million at June 30, 2024, from $609.6 million the prior quarter. Residential real estate loans increased slightly from the prior quarter to $340.9 million from $339.8 million. The loan portfolio remains well diversified with commercial real estate loans totaling 55.5% of gross loans followed by residential real estate loans at 30.7% of gross loans, commercial non-real estate loans at 13.4% and consumer loans at 0.4%.
The allowance for credit losses increased slightly to 1.16% of gross loans at June 30, 2024, from 1.14% the prior quarter. Annualized net charge-offs to average loans were zero for the last four quarters ending June 30, 2024, compared to net recoveries of 0.07% one year earlier. Non-performing assets totaled 0.84% of total assets at June 30, 2024, compared to 0.83% at March 31, 2024. For the sixth consecutive quarter, the Bank did not own any foreclosed real estate.
Total deposits increased $39.0 million to $1.15 billion at June 30, 2024, from $1.11 billion at March 31, 2024. The increase in deposits reflects a $47.7 million increase in money market deposits and a $2.8 million increase in non-interest bearing deposits partially offset by a $3.2 million decrease in retail and local time deposits, a $2.1 million decrease in interest bearing demand and savings deposits and a $6.2 million reduction in broker and national time deposits. The increase in money market deposits reflected a deposit of approximately $49 million towards the end of the second quarter of 2024 by an existing business customer. These deposits were drawn down in the third quarter of 2024.
The composition of funding sources changed during the second quarter of 2024 as management relied less on brokered and national time deposits. At June 30, 2024, money market deposits and retail time deposits increased to 44.1% of deposits, compared to 41.6% at March 31, 2024. Uninsured and uncollateralized deposits increased to 24.0% of total deposits at June 30, 2024, from 19.3% of total deposits at March 31, 2024. FHLB advances increased to $184.9 million at June 30, 2024, compared to $158.3 million at March 31, 2024. FHLB advances were used to fund repayment of certain brokered deposit maturities and supplement local deposit changes.
Tangible stockholder equity as a percent of total tangible assets was 7.32% at June 30, 2024, compared to 7.60% at March 31, 2024, and 7.22% at June 30, 2023.
Tangible net book value per common share increased $1.91, to $24.55, at June 30, 2024, compared to $22.64 one year earlier, an increase of 8.4%. Additionally, total dividends of $0.62 were paid to shareholders. Relative to the prior quarter, tangible net book value per common share increased $0.24 due to continued earnings. The accumulated other comprehensive loss on the investment portfolio was $20.5 million at June 30, 2024, compared to $20.8 million one quarter earlier.
Operations Review
Net interest income increased to $9.4 million (on a net margin of 2.84%) for the second quarter of 2024, from $9.3 million (on a net margin of 2.80%) for the first quarter of 2024, and decreased from $9.5 million (on a net margin of 2.98%) for the second quarter of 2023. Earning asset yields increased 9 basis points to 5.21% during the second quarter of 2024 from 5.12% during the first quarter of 2024, while interest bearing deposit and borrowing costs increased only 6 basis points to 3.06% compared to 3.00% during the first quarter of 2024.
The increase in earning asset yields was primarily due to higher yields on loan originations, renewals and the repayment of a low yielding municipal loan during the quarter. Loan yields increased during the second quarter of 2024 to 5.67% from 5.59% for the first quarter of 2024, up 8 basis points. Taxable security yields were 3.02% for the quarter ended June 30, 2024, compared to 2.80% for the quarter ended March 31, 2024, up 22 basis points.
The cost of all deposits was 2.11% for the quarter ended June 30, 2024, compared to 2.15% the prior quarter, down 4 basis points while the overall cost of funds increased 6 basis points from 3.00% to 3.06% during the same time period. Deposit costs for savings and demand deposits decreased during the quarter ended June 30, 2024, to 1.78% from 1.92% the prior quarter. During the prior quarter, the Company accepted seasonally high yield municipal deposits which have now been drawn down. The cost of money market deposits also declined during the second quarter to 2.72% from 2.78% the prior quarter. The cost of time deposits and FHLB advances continued to increase and were primarily responsible for the rise in the Bank’s cost of funds in the current quarter. The cost of time deposits increased to 3.97% for the second quarter ended June 30, 2024 from 3.82% the prior quarter. FHLB advance costs rose to 4.28% during the second quarter ended June 30, 2024, from 4.08% the prior quarter.
Total noninterest income increased for the second quarter of 2024 to $1.91 million, from $1.04 million for the first quarter of 2024. The first quarter reflected investment restructuring activity resulting in a loss on the sale of investment securities of $495,000. There were no restructuring activities in the second quarter that resulted in security losses. Mortgage banking income increased by $125,000 to $433,000 in the June 30, 2024 quarter. At June 30, 2024, the Bank serviced $369.4 million in secondary market residential mortgage loans for others which provides fee income.
Noninterest expenses increased slightly to $8.4 million for the second quarter of 2024, compared to $8.3 million for the first quarter of 2024. The second quarter ended June 30, 2024, reflected slightly higher salary and benefit expenses and higher advertising and promotion expenses. The salary and benefit expenses included approximately $404,000 in severance costs.
Taxes increased $241,000 during the second quarter to $410,000, from $169,000 one quarter earlier. The increase generally reflects higher pre-tax income. The effective tax rate for the quarter ended June 30, 2024, was 14.3% compared to 8.9% for the first quarter ended March 31, 2024, and 18.8% for the second quarter ended June 30, 2023.
About PSB Holdings, Inc.
PSB Holdings, Inc. is the parent company of Peoples State Bank. Peoples is a community bank headquartered in Wausau, Wisconsin, serving northcentral and southeastern Wisconsin from twelve full-service banking locations in Marathon, Oneida, Vilas, Portage, Milwaukee and Waukesha counties and a loan production office in Dane County. Peoples also provides investment and insurance products, along with retirement planning services, through Peoples Wealth Management, a division of Peoples. PSB Holdings, Inc. is traded under the stock symbol PSBQ on the OTCQX Market. More information about PSB, its management, and its financial performance may be found at www.psbholdingsinc.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current expectations, estimates and projections about PSB’s business based, in part, on assumptions made by management and include, without limitation, statements with respect to the potential growth of PSB, its future profits, expected stock repurchase levels, future dividend rates, future interest rates, and the adequacy of its capital position. Forward-looking statements can be affected by known and unknown risks, uncertainties, and other factors, including, but not limited to, strength of the economy, the effects of government policies, including interest rate policies, risks associated with the execution of PSB’s vision and growth strategy, including with respect to current and future M&A activity, and risks associated with global economic instability. The forward-looking statements in this press release speak only as of the date on which they are made and PSB does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.
PSB Holdings, Inc. | |||||||||||||||
Consolidated Balance Sheets | |||||||||||||||
June 30, and March 31, 2024, September 30, and June 30, 2023, unaudited, December 31, 2023 derived from audited financial statements | |||||||||||||||
Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | Jun. 30, | |||||||||||
(dollars in thousands, except per share data) | 2024 | 2024 | 2023 | 2023 | 2023 | ||||||||||
Assets | |||||||||||||||
Cash and due from banks | $ | 16,475 | $ | 13,340 | $ | 20,887 | $ | 12,881 | $ | 27,409 | |||||
Interest-bearing deposits | 251 | 105 | 1,431 | 668 | 892 | ||||||||||
Federal funds sold | 69,249 | 2,439 | 5,462 | 7,764 | 16,138 | ||||||||||
Cash and cash equivalents | 85,975 | 15,884 | 27,780 | 21,313 | 44,439 | ||||||||||
Securities available for sale (at fair value) | 165,177 | 165,566 | 164,024 | 160,883 | 167,382 | ||||||||||
Securities held to maturity (fair values of $79,993, $81,234, $82,514, $75,236 and $81,489 respectively) | 86,825 | 87,104 | 87,081 | 86,908 | 87,335 | ||||||||||
Equity securities | 1,661 | 1,474 | 1,474 | 2,273 | 2,178 | ||||||||||
Loans held for sale | 2,268 | 865 | 230 | 971 | 151 | ||||||||||
Loans receivable, net (allowance for credit losses of $12,597, $12,494, $12,302, $12,267 and $11,922 respectively) | 1,074,844 | 1,081,394 | 1,078,475 | 1,098,019 | 1,048,322 | ||||||||||
Accrued interest receivable | 5,046 | 5,467 | 5,136 | 4,716 | 4,274 | ||||||||||
Foreclosed assets | - | - | - | - | - | ||||||||||
Premises and equipment, net | 14,048 | 13,427 | 13,098 | 13,242 | 13,256 | ||||||||||
Mortgage servicing rights, net | 1,688 | 1,657 | 1,664 | 1,684 | 1,666 | ||||||||||
Federal Home Loan Bank stock (at cost) | 8,825 | 7,006 | 6,373 | 6,373 | 6,359 | ||||||||||
Cash surrender value of bank-owned life insurance | 24,401 | 24,242 | 24,085 | 23,931 | 23,776 | ||||||||||
Core deposit intangible | 229 | 249 | 273 | 297 | 321 | ||||||||||
Goodwill | 2,541 | 2,541 | 2,541 | 2,541 | 2,541 | ||||||||||
Other assets | 12,111 | 11,682 | 11,866 | 14,094 | 14,933 | ||||||||||
TOTAL ASSETS | $ | 1,485,639 | $ | 1,418,558 | $ | 1,424,100 | $ | 1,437,245 | $ | 1,416,933 | |||||
Liabilities | |||||||||||||||
Non-interest-bearing deposits | $ | 250,435 | $ | 247,608 | $ | 266,829 | $ | 288,765 | $ | 282,153 | |||||
Interest-bearing deposits | 901,886 | 865,744 | 874,973 | 883,474 | 860,981 | ||||||||||
Total deposits | 1,152,321 | 1,113,352 | 1,141,802 | 1,172,239 | 1,143,134 | ||||||||||
Federal Home Loan Bank advances | 184,900 | 158,250 | 134,000 | 128,000 | 133,000 | ||||||||||
Other borrowings | 5,775 | 8,096 | 8,058 | 5,660 | 5,730 | ||||||||||
Senior subordinated notes | 4,778 | 4,776 | 4,774 | 4,772 | 4,771 | ||||||||||
Junior subordinated debentures | 12,972 | 12,947 | 12,921 | 12,896 | 12,870 | ||||||||||
Allowance for credit losses on unfunded commitments | 477 | 477 | 577 | 512 | 712 | ||||||||||
Accrued expenses and other liabilities | 13,069 | 10,247 | 12,681 | 10,258 | 11,783 | ||||||||||
Total liabilities | 1,374,292 | 1,308,145 | 1,314,813 | 1,334,337 | 1,312,000 | ||||||||||
Stockholders' equity | |||||||||||||||
Preferred stock - no par value: | |||||||||||||||
Authorized - 30,000 shares; no shares issued or outstanding | |||||||||||||||
Outstanding - 7,200 shares, respectively | 7,200 | 7,200 | 7,200 | 7,200 | 7,200 | ||||||||||
Common stock - no par value with a stated value of $1.00 per share: | |||||||||||||||
Authorized - 18,000,000 shares; Issued - 5,490,798 shares | |||||||||||||||
Outstanding - 4,128,382, 4,147,649, 4,164,735, 4,174,197 and 4,190,252 shares, respectively | 1,830 | 1,830 | 1,830 | 1,830 | 1,830 | ||||||||||
Additional paid-in capital | 8,527 | 8,466 | 8,460 | 8,421 | 8,382 | ||||||||||
Retained earnings | 135,276 | 134,271 | 132,666 | 131,624 | 130,396 | ||||||||||
Accumulated other comprehensive income (loss), net of tax | (20,503 | ) | (20,775 | ) | (20,689 | ) | (26,190 | ) | (23,240 | ) | |||||
Treasury stock, at cost - 1,362,416, 1,343,149, 1,326,063, 1,316,601 and 1,300,546 shares, respectively | (20,983 | ) | (20,579 | ) | (20,180 | ) | (19,977 | ) | (19,635 | ) | |||||
Total stockholders' equity | 111,347 | 110,413 | 109,287 | 102,908 | 104,933 | ||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 1,485,639 | $ | 1,418,558 | $ | 1,424,100 | $ | 1,437,245 | $ | 1,416,933 | |||||
PSB Holdings, Inc. | ||||||||||||||||||||
Consolidated Statements of Income | ||||||||||||||||||||
Quarter Ended | Six Months Ended | |||||||||||||||||||
(dollars in thousands, | Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | Jun. 30, | June | ||||||||||||||
except per share data - unaudited) | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2023 | |||||||||||||
Interest and dividend income: | ||||||||||||||||||||
Loans, including fees | $ | 15,433 | $ | 15,109 | $ | 14,888 | $ | 14,263 | $ | 12,709 | $ | 30,542 | $ | 24,482 | ||||||
Securities: | ||||||||||||||||||||
Taxable | 1,295 | 1,197 | 1,147 | 1,114 | 1,327 | 2,492 | 2,658 | |||||||||||||
Tax-exempt | 521 | 526 | 532 | 533 | 535 | 1,047 | 1,072 | |||||||||||||
Other interest and dividends | 265 | 343 | 320 | 238 | 145 | 608 | 293 | |||||||||||||
Total interest and dividend income | 17,514 | 17,175 | 16,887 | 16,148 | 14,716 | 34,689 | 28,505 | |||||||||||||
Interest expense: | ||||||||||||||||||||
Deposits | 5,838 | 6,082 | 5,526 | 4,817 | 3,661 | 11,920 | 6,650 | |||||||||||||
FHLB advances | 1,860 | 1,450 | 1,349 | 1,321 | 1,200 | 3,310 | 1,747 | |||||||||||||
Other borrowings | 58 | 60 | 54 | 51 | 48 | 118 | 110 | |||||||||||||
Senior subordinated notes | 58 | 59 | 59 | 59 | 58 | 117 | 120 | |||||||||||||
Junior subordinated debentures | 255 | 251 | 254 | 255 | 242 | 506 | 476 | |||||||||||||
Total interest expense | 8,069 | 7,902 | 7,242 | 6,503 | 5,209 | 15,971 | 9,103 | |||||||||||||
Net interest income | 9,445 | 9,273 | 9,645 | 9,645 | 9,507 | 18,718 | 19,402 | |||||||||||||
Provision for credit losses | 100 | 95 | 100 | 150 | 100 | 195 | 200 | |||||||||||||
Net interest income after provision for credit losses | 9,345 | 9,178 | 9,545 | 9,495 | 9,407 | 18,523 | 19,202 | |||||||||||||
Noninterest income: | ||||||||||||||||||||
Service fees | 350 | 336 | 360 | 349 | 378 | 686 | 739 | |||||||||||||
Mortgage banking income | 433 | 308 | 247 | 345 | 311 | 741 | 636 | |||||||||||||
Investment and insurance sales commissions | 222 | 121 | 100 | 158 | 287 | 343 | 652 | |||||||||||||
Net loss on sale of securities | - | (495 | ) | (297 | ) | - | (279 | ) | (495 | ) | (279 | ) | ||||||||
Increase in cash surrender value of life insurance | 159 | 157 | 154 | 155 | 149 | 316 | 306 | |||||||||||||
Life insurance death benefit | - | - | - | - | 533 | - | 533 | |||||||||||||
Other noninterest income | 742 | 617 | 540 | 675 | 605 | 1,359 | 1,347 | |||||||||||||
Total noninterest income | 1,906 | 1,044 | 1,104 | 1,682 | 1,984 | 2,950 | 3,934 | |||||||||||||
Noninterest expense: | ||||||||||||||||||||
Salaries and employee benefits | 5,167 | 5,123 | 4,244 | 4,514 | 4,884 | 10,290 | 9,890 | |||||||||||||
Occupancy and facilities | 733 | 721 | 675 | 689 | 698 | 1,454 | 1,397 | |||||||||||||
Loss (gain) on foreclosed assets | - | - | 1 | - | 4 | - | (46 | ) | ||||||||||||
Data processing and other office operations | 1,047 | 1,022 | 1,001 | 953 | 951 | 2,069 | 1,831 | |||||||||||||
Advertising and promotion | 171 | 129 | 244 | 161 | 166 | 300 | 328 | |||||||||||||
Core deposit intangible amortization | 20 | 24 | 24 | 24 | 27 | 44 | 61 | |||||||||||||
Other noninterest expenses | 1,257 | 1,306 | 1,169 | 1,113 | 1,202 | 2,563 | 2,275 | |||||||||||||
Total noninterest expense | 8,395 | 8,325 | 7,358 | 7,454 | 7,932 | 16,720 | 15,736 | |||||||||||||
Income before provision for income taxes | 2,856 | 1,897 | 3,291 | 3,723 | 3,459 | 4,753 | 7,400 | |||||||||||||
Provision for income taxes | 410 | 169 | 878 | 2,374 | 652 | 579 | 1,593 | |||||||||||||
Net income | $ | 2,446 | $ | 1,728 | $ | 2,413 | $ | 1,349 | $ | 2,807 | $ | 4,174 | $ | 5,807 | ||||||
Preferred stock dividends declared | $ | 122 | $ | 122 | $ | 122 | $ | 122 | $ | 122 | $ | 244 | $ | 244 | ||||||
Net income available to common shareholders | $ | 2,324 | $ | 1,606 | $ | 2,291 | $ | 1,227 | $ | 2,685 | $ | 3,930 | $ | 5,563 | ||||||
Basic earnings per common share | $ | 0.56 | $ | 0.39 | $ | 0.55 | $ | 0.29 | $ | 0.64 | $ | 0.95 | $ | 1.31 | ||||||
Diluted earnings per common share | $ | 0.56 | $ | 0.39 | $ | 0.55 | $ | 0.29 | $ | 0.64 | $ | 0.95 | $ | 1.31 | ||||||
PSB Holdings, Inc. | ||||||||||||||||
Quarterly Financial Summary | ||||||||||||||||
(dollars in thousands, except per share data) | Quarter ended | |||||||||||||||
Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | Jun. 30, | ||||||||||||
Earnings and dividends: | 2024 | 2024 | 2023 | 2023 | 2023 | |||||||||||
Interest income | $ | 17,514 | $ | 17,175 | $ | 16,887 | $ | 16,148 | $ | 14,716 | ||||||
Interest expense | $ | 8,069 | $ | 7,902 | $ | 7,242 | $ | 6,503 | $ | 5,209 | ||||||
Net interest income | $ | 9,445 | $ | 9,273 | $ | 9,645 | $ | 9,645 | $ | 9,507 | ||||||
Provision for credit losses | $ | 100 | $ | 95 | $ | 100 | $ | 150 | $ | 100 | ||||||
Other noninterest income | $ | 1,906 | $ | 1,044 | $ | 1,104 | $ | 1,682 | $ | 1,984 | ||||||
Other noninterest expense | $ | 8,395 | $ | 8,325 | $ | 7,358 | $ | 7,454 | $ | 7,932 | ||||||
Net income available to common shareholders | $ | 2,324 | $ | 1,606 | $ | 2,291 | $ | 1,227 | $ | 2,685 | ||||||
Basic earnings per common share (3) | $ | 0.56 | $ | 0.39 | $ | 0.55 | $ | 0.29 | $ | 0.64 | ||||||
Diluted earnings per common share (3) | $ | 0.56 | $ | 0.39 | $ | 0.55 | $ | 0.29 | $ | 0.64 | ||||||
Dividends declared per common share (3) | $ | 0.32 | $ | - | $ | 0.30 | $ | - | $ | 0.30 | ||||||
Tangible net book value per common share (4) | $ | 24.55 | $ | 24.21 | $ | 23.84 | $ | 22.25 | $ | 22.64 | ||||||
Semi-annual dividend payout ratio | 33.60 | % | n/a | 38.14 | % | n/a | 27.38 | % | ||||||||
Average common shares outstanding | 4,139,456 | 4,154,702 | 4,168,924 | 4,186,940 | 4,218,226 | |||||||||||
Balance sheet - average balances: | ||||||||||||||||
Loans receivable, net of allowances for credit loss | $ | 1,088,013 | $ | 1,081,936 | $ | 1,081,851 | $ | 1,076,158 | $ | 1,000,349 | ||||||
Assets | $ | 1,433,749 | $ | 1,429,437 | $ | 1,424,240 | $ | 1,425,522 | $ | 1,367,363 | ||||||
Deposits | $ | 1,111,240 | $ | 1,138,010 | $ | 1,148,399 | $ | 1,149,624 | $ | 1,098,039 | ||||||
Stockholders' equity | $ | 110,726 | $ | 109,473 | $ | 105,060 | $ | 105,745 | $ | 106,762 | ||||||
Performance ratios: | ||||||||||||||||
Return on average assets (1) | 0.69 | % | 0.49 | % | 0.67 | % | 0.38 | % | 0.82 | % | ||||||
Return on average common stockholders' equity (1) | 9.03 | % | 6.32 | % | 9.29 | % | 4.94 | % | 10.82 | % | ||||||
Return on average tangible common | ||||||||||||||||
stockholders' equity (1)(4) | 9.34 | % | 6.57 | % | 9.64 | % | 5.17 | % | 11.23 | % | ||||||
Net loan charge-offs to average loans (1) | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | -0.07 | % | ||||||
Nonperforming loans to gross loans | 1.15 | % | 1.08 | % | 0.54 | % | 0.55 | % | 0.60 | % | ||||||
Nonperforming assets to total assets | 0.84 | % | 0.83 | % | 0.42 | % | 0.42 | % | 0.45 | % | ||||||
Allowance for credit losses to gross loans | 1.16 | % | 1.14 | % | 1.13 | % | 1.10 | % | 1.12 | % | ||||||
Nonperforming assets to tangible equity | ||||||||||||||||
plus the allowance for credit losses (4) | 11.09 | % | 10.59 | % | 5.38 | % | 5.87 | % | 5.96 | % | ||||||
Net interest rate margin (1)(2) | 2.84 | % | 2.80 | % | 2.88 | % | 2.88 | % | 2.98 | % | ||||||
Net interest rate spread (1)(2) | 2.15 | % | 2.12 | % | 2.20 | % | 2.27 | % | 2.46 | % | ||||||
Service fee revenue as a percent of | ||||||||||||||||
average demand deposits (1) | 0.56 | % | 0.54 | % | 0.52 | % | 0.50 | % | 0.58 | % | ||||||
Noninterest income as a percent | ||||||||||||||||
of gross revenue | 9.81 | % | 5.73 | % | 6.14 | % | 9.43 | % | 11.88 | % | ||||||
Efficiency ratio (2) | 72.52 | % | 78.93 | % | 67.04 | % | 64.58 | % | 68.09 | % | ||||||
Noninterest expenses to average assets (1) | 2.35 | % | 2.34 | % | 2.05 | % | 2.07 | % | 2.33 | % | ||||||
Average stockholders' equity less accumulated | ||||||||||||||||
other comprehensive income (loss) to | ||||||||||||||||
average assets | 9.03 | % | 8.98 | % | 8.88 | % | 9.00 | % | 9.33 | % | ||||||
Tangible equity to tangible assets (4) | 7.32 | % | 7.60 | % | 7.49 | % | 6.98 | % | 7.22 | % | ||||||
Stock price information: | ||||||||||||||||
High | $ | 21.40 | $ | 22.50 | $ | 22.30 | $ | 22.50 | $ | 21.38 | ||||||
Low | $ | 19.75 | $ | 20.05 | $ | 20.10 | $ | 20.35 | $ | 19.75 | ||||||
Last trade value at quarter-end | $ | 20.40 | $ | 21.25 | $ | 22.11 | $ | 21.15 | $ | 20.35 | ||||||
(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 | ||||||||||||||||||
Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | Jun. 30, | ||||||||||||||
(dollars in thousands - unaudited) | 2024 | 2024 | 2023 | 2023 | 2023 | |||||||||||||
Net income | $ | 2,446 | $ | 1,728 | $ | 2,413 | $ | 1,349 | $ | 2,807 | ||||||||
Other comprehensive income, net of tax: | ||||||||||||||||||
Unrealized gain (loss) on securities available | ||||||||||||||||||
for sale | 184 | (615 | ) | 5,278 | (3,085 | ) | (1,186 | ) | ||||||||||
Reclassification adjustment for security | ||||||||||||||||||
loss included in net income | - | 391 | 280 | - | 220 | |||||||||||||
Accretion of unrealized loss included in net | ||||||||||||||||||
income on securities available for sale | ||||||||||||||||||
deferred tax adjustment for Wisconsin | ||||||||||||||||||
Act 19 | - | (35 | ) | - | - | - | ||||||||||||
Amortization of unrealized loss included in net | ||||||||||||||||||
income on securities available for sale | ||||||||||||||||||
transferred to securities held to maturity | 89 | 91 | 91 | 91 | 107 | |||||||||||||
Unrealized gain (loss) on interest rate swap | 39 | 123 | (109 | ) | 79 | 172 | ||||||||||||
Reclassification adjustment of interest rate | ||||||||||||||||||
swap settlements included in earnings | (40 | ) | (41 | ) | (39 | ) | (35 | ) | (38 | ) | ||||||||
Other comprehensive income (loss) | 272 | (86 | ) | 5,501 | (2,950 | ) | (725 | ) | ||||||||||
Comprehensive income (loss) | $ | 2,718 | $ | 1,642 | $ | 7,914 | $ | (1,601 | ) | $ | 2,082 | |||||||
PSB Holdings, Inc. | |||||||||||||||
Nonperforming Assets as of: | |||||||||||||||
Jun 30, | Mar 31, | Dec 31, | Sep 30, | Jun 30, | |||||||||||
(dollars in thousands) | 2024 | 2024 | 2023 | 2023 | 2023 | ||||||||||
Nonaccrual loans (excluding restructured loans) | $ | 12,184 | $ | 11,498 | $ | 5,596 | $ | 5,807 | $ | 6,000 | |||||
Nonaccrual restructured loans | 28 | 30 | 34 | 42 | 50 | ||||||||||
Restructured loans not on nonaccrual | 299 | 304 | 310 | 256 | 261 | ||||||||||
Accruing loans past due 90 days or more | - | - | - | - | - | ||||||||||
Total nonperforming loans | 12,511 | 11,832 | 5,940 | 6,105 | 6,311 | ||||||||||
Other real estate owned | - | - | - | - | - | ||||||||||
Total nonperforming assets | $ | 12,511 | $ | 11,832 | $ | 5,940 | $ | 6,105 | $ | 6,311 | |||||
Nonperforming loans as a % of gross loans receivable | 1.15 | % | 1.08 | % | 0.54 | % | 0.55 | % | 0.60 | % | |||||
Total nonperforming assets as a % of total assets | 0.84 | % | 0.83 | % | 0.42 | % | 0.42 | % | 0.45 | % | |||||
Allowance for credit losses as a % of nonperforming loans | 100.69 | % | 105.59 | % | 207.10 | % | 200.93 | % | 188.91 | % | |||||
PSB Holdings, Inc. | |||||||
Nonperforming Assets >= $500,000 net book value before specific reserves | |||||||
At June 30, 2024 | |||||||
(dollars in thousands) | |||||||
Gross | Specific | ||||||
Collateral Description | Asset Type | Principal | Reserves | ||||
Real estate - Buffet Style Restaurant | Nonaccrual | $ | 2,545 | $ | 804 | ||
Real estate - Independent Auto Repair | Nonaccrual | 587 | - | ||||
Real estate - Dealership | Nonaccrual | 5,053 | 233 | ||||
Total listed nonperforming assets | $ | 8,185 | $ | 1,037 | |||
Total bank wide nonperforming assets | $ | 12,511 | $ | 1,624 | |||
Listed assets as a % of total nonperforming assets | 65 | % | 64 | % | |||
PSB Holdings, Inc. | ||||||||||||||||
Loan Composition by Collateral Type | ||||||||||||||||
Quarter-ended (dollars in thousands) | Jun 30, 2024 |
Mar 31, 2024 |
Dec 31, 2023 |
Sep 30, 2023 |
Jun 30, 2023 |
|||||||||||
Commercial: | ||||||||||||||||
Commercial and industrial | $ | 125,508 | $ | 118,821 | $ | 117,207 | $ | 138,299 | $ | 145,434 | ||||||
Agriculture | 11,480 | 12,081 | 12,304 | 12,464 | 13,326 | |||||||||||
Municipal | 11,190 | 28,842 | 31,530 | 27,186 | 25,222 | |||||||||||
Total Commercial | 148,178 | 159,744 | 161,041 | 177,949 | 183,982 | |||||||||||
Commercial Real Estate: | ||||||||||||||||
Commercial real estate | 544,171 | 546,257 | 536,209 | 539,488 | 490,657 | |||||||||||
Construction and development | 70,540 | 63,375 | 81,701 | 86,456 | 99,769 | |||||||||||
Total Commercial Real Estate | 614,711 | 609,632 | 617,910 | 625,944 | 590,426 | |||||||||||
Residential real estate: | ||||||||||||||||
Residential | 270,944 | 274,300 | 274,453 | 274,632 | 274,692 | |||||||||||
Construction and development | 36,129 | 34,158 | 33,960 | 33,141 | 41,485 | |||||||||||
HELOC | 33,838 | 31,357 | 29,766 | 29,044 | 26,220 | |||||||||||
Total Residential Real Estate | 340,911 | 339,815 | 338,179 | 336,817 | 342,397 | |||||||||||
Consumer installment | 4,423 | 4,867 | 4,357 | 4,350 | 4,142 | |||||||||||
Subtotals - Gross loans | 1,108,223 | 1,114,058 | 1,121,487 | 1,145,060 | 1,120,947 | |||||||||||
Loans in process of disbursement | (21,484 | ) | (20,839 | ) | (31,359 | ) | (35,404 | ) | (61,308 | ) | ||||||
Subtotals - Disbursed loans | 1,086,739 | 1,093,219 | 1,090,128 | 1,109,656 | 1,059,639 | |||||||||||
Net deferred loan costs | 702 | 669 | 649 | 630 | 605 | |||||||||||
Allowance for credit losses | (12,597 | ) | (12,494 | ) | (12,302 | ) | (12,267 | ) | (11,922 | ) | ||||||
Total loans receivable | $ | 1,074,844 | $ | 1,081,394 | $ | 1,078,475 | $ | 1,098,019 | $ | 1,048,322 | ||||||
PSB Holdings, Inc. | |||||||||||||||||||
Selected Commercial Real Estate Loans by Purpose | |||||||||||||||||||
June 30, | Mar 31, | Dec 31, | Sept 30, | June 30, | |||||||||||||||
(dollars in thousands) | 2024 | 2024 | 2023 | 2023 | 2023 | ||||||||||||||
Total Exposure |
% of Portfolio (1) |
Total Exposure |
% of Portfolio (1) |
Total Exposure |
% of Portfolio (1) |
Total Exposure |
% of Portfolio (1) |
Total Exposure |
% of Portfolio (1) |
||||||||||
Multi Family | $ | 146,873 | 15.2% | $ | 142,001 | 14.4% | $ | 132,386 | 13.2% | $ | 133,466 | 13.3% | $ | 119,573 | 12.4% | ||||
Industrial and Warehousing | 86,025 | 8.9 | 85,409 | 8.6 | 83,817 | 8.3 | 88,906 | 8.9 | 84,049 | 8.7 | |||||||||
Retail | 34,846 | 3.6 | 33,177 | 3.4 | 35,419 | 3.5 | 35,281 | 3.5 | 34,004 | 3.5 | |||||||||
Hotels | 34,613 | 3.6 | 35,105 | 3.6 | 36,100 | 3.6 | 31,819 | 3.2 | 33,329 | 3.5 | |||||||||
Office | 6,518 | 0.7 | 6,655 | 0.7 | 6,701 | 0.7 | 6,746 | 0.7 | 8,395 | 0.9 | |||||||||
(1) Percentage of commercial and commercial real estate portfolio and commitments. |
PSB Holdings, Inc. | ||||||||||||||||||||
Deposit Composition | ||||||||||||||||||||
Insured and Collateralized Deposits | June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||
(dollars in thousands) | 2024 | 2024 | 2023 | 2023 | 2023 | |||||||||||||||
$ | % | $ | % | $ | % | $ | % | $ | % | |||||||||||
Non-interest bearing demand | $ | 202,342 | 17.5% | $ | 199,077 | 17.8% | $ | 197,571 | 17.3% | $ | 209,133 | 17.8% | $ | 201,351 | 17.6% | |||||
Interest-bearing demand and savings | 304,393 | 26.5% | 318,672 | 28.7% | 317,984 | 27.8% | 307,620 | 26.3% | 310,006 | 27.1% | ||||||||||
Money market deposits | 137,637 | 12.0% | 143,167 | 12.9% | 142,887 | 12.5% | 135,910 | 11.6% | 126,851 | 11.1% | ||||||||||
Retail and local time deposits <= $250 | 149,298 | 13.0% | 148,404 | 13.3% | 149,145 | 13.1% | 144,733 | 12.3% | 140,572 | 12.3% | ||||||||||
Total core deposits | 793,670 | 69.0% | 809,320 | 72.7% | 807,587 | 70.7% | 797,396 | 68.0% | 778,780 | 68.1% | ||||||||||
Retail and local time deposits > $250 | 22,500 | 2.0% | 24,508 | 2.3% | 23,000 | 2.0% | 22,750 | 1.9% | 20,250 | 1.8% | ||||||||||
Broker & national time deposits <= $250 | 1,490 | 0.1% | 2,229 | 0.2% | 3,470 | 0.3% | 3,222 | 0.3% | 3,965 | 0.3% | ||||||||||
Broker & national time deposits > $250 | 56,328 | 4.9% | 61,752 | 5.5% | 70,020 | 6.1% | 88,614 | 7.6% | 93,956 | 8.2% | ||||||||||
Totals | $ | 873,988 | 76.0% | $ | 897,809 | 80.7% | $ | 904,077 | 79.1% | $ | 911,982 | 77.8% | $ | 896,951 | 78.4% | |||||
PSB Holdings, Inc. | ||||||||||||||||||||
Deposit Composition | ||||||||||||||||||||
Uninsured Deposits | June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||
(dollars in thousands) | 2024 | 2024 | 2023 | 2023 | 2023 | |||||||||||||||
$ | % | $ | % | $ | % | $ | % | $ | % | |||||||||||
Non-interest bearing demand | $ | 48,092 | 4.1% | $ | 48,532 | 4.4% | $ | 69,258 | 6.1% | $ | 79,632 | 6.8% | $ | 80,802 | 7.1% | |||||
Interest-bearing demand and savings | 32,674 | 2.8% | 20,535 | 1.8% | 20,316 | 1.8% | 22,847 | 1.9% | 22,604 | 2.0% | ||||||||||
Money market deposits | 177,954 | 15.4% | 124,766 | 11.2% | 124,518 | 10.9% | 133,653 | 11.4% | 127,871 | 11.2% | ||||||||||
Retail and local time deposits <= $250 | - | 0.0% | - | 0.0% | - | 0.0% | - | 0.0% | - | 0.0% | ||||||||||
Total core deposits | 258,720 | 22.3% | 193,833 | 17.4% | 214,092 | 18.8% | 236,132 | 20.1% | 231,277 | 20.3% | ||||||||||
Retail and local time deposits > $250 | 19,613 | 1.7% | 21,710 | 1.9% | 23,633 | 2.1% | 24,120 | 2.1% | 14,906 | 1.3% | ||||||||||
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 | $ | 278,333 | 24.0% | $ | 215,543 | 19.3% | $ | 237,725 | 20.9% | $ | 260,252 | 22.2% | $ | 246,183 | 21.6% | |||||
PSB Holdings, Inc. | ||||||||||||||||||||
Deposit Composition | ||||||||||||||||||||
Total Deposits | June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||
(dollars in thousands) | 2024 | 2024 | 2023 | 2023 | 2023 | |||||||||||||||
$ | % | $ | % | $ | % | $ | % | $ | % | |||||||||||
Non-interest bearing demand | $ | 250,434 | 21.6% | $ | 247,609 | 22.2% | $ | 266,829 | 23.4% | $ | 288,765 | 24.7% | $ | 282,153 | 24.7% | |||||
Interest-bearing demand and savings | 337,067 | 29.3% | 339,207 | 30.5% | 338,300 | 29.6% | 330,467 | 28.2% | 332,610 | 29.1% | ||||||||||
Money market deposits | 315,591 | 27.4% | 267,933 | 24.1% | 267,405 | 23.4% | 269,563 | 22.8% | 254,722 | 22.3% | ||||||||||
Retail and local time deposits <= $250 | 149,298 | 13.0% | 148,404 | 13.3% | 149,145 | 13.1% | 144,738 | 12.4% | 140,572 | 12.3% | ||||||||||
Total core deposits | 1,052,390 | 91.3% | 1,003,153 | 90.1% | 1,021,679 | 89.5% | 1,033,533 | 88.1% | 1,010,057 | 88.4% | ||||||||||
Retail and local time deposits > $250 | 42,113 | 3.7% | 46,218 | 4.2% | 46,633 | 4.1% | 46,870 | 4.0% | 35,156 | 3.1% | ||||||||||
Broker & national time deposits <= $250 | 1,490 | 0.1% | 2,229 | 0.2% | 3,470 | 0.3% | 3,222 | 0.3% | 3,965 | 0.3% | ||||||||||
Broker & national time deposits > $250 | 56,328 | 4.9% | 61,752 | 5.5% | 70,020 | 6.1% | 88,614 | 7.6% | 93,956 | 8.2% | ||||||||||
Totals | $ | 1,152,321 | 100.0% | $ | 1,113,352 | 100.0% | $ | 1,141,802 | 100.0% | $ | 1,172,239 | 100.0% | $ | 1,143,134 | 100.0% | |||||
PSB Holdings, Inc. | ||||||||||||||||||||
Average Balances ($000) and Interest Rates | ||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Quarter ended June 30, 2024 | Quarter ended March 31, 2024 | Quarter ended June 30, 2023 | ||||||||||||||||||
Average | Yield / | Average | Yield / | Average | Yield / | |||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||
Assets | ||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||
Loans (1)(2) | $ | 1,100,518 | $ | 15,520 | 5.67% | $ | 1,094,321 | $ | 15,199 | 5.59% | $ | 1,012,105 | $ | 12,726 | 5.04% | |||||
Taxable securities | 172,563 | 1,295 | 3.02% | 171,788 | 1,197 | 2.80% | 196,048 | 1,327 | 2.71% | |||||||||||
Tax-exempt securities (2) | 79,564 | 659 | 3.33% | 80,434 | 666 | 3.33% | 81,758 | 677 | 3.32% | |||||||||||
FHLB stock | 7,931 | 182 | 9.23% | 6,499 | 165 | 10.21% | 5,366 | 51 | 3.81% | |||||||||||
Other | 8,241 | 83 | 4.05% | 12,885 | 178 | 5.56% | 7,254 | 94 | 5.20% | |||||||||||
Total (2) | 1,368,817 | 17,739 | 5.21% | 1,365,927 | 17,405 | 5.12% | 1,302,531 | 14,875 | 4.58% | |||||||||||
Non-interest-earning assets: | ||||||||||||||||||||
Cash and due from banks | 17,345 | 17,367 | 15,632 | |||||||||||||||||
Premises and equipment, | ||||||||||||||||||||
net | 13,930 | 13,183 | 13,336 | |||||||||||||||||
Cash surrender value ins | 24,297 | 24,144 | 24,530 | |||||||||||||||||
Other assets | 21,865 | 21,201 | 23,090 | |||||||||||||||||
Allowance for credit | ||||||||||||||||||||
losses | (12,505 | ) | (12,385 | ) | (11,756 | ) | ||||||||||||||
Total | $ | 1,433,749 | $ | 1,429,437 | $ | 1,367,363 | ||||||||||||||
Liabilities & stockholders' equity | ||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||
Savings and demand | ||||||||||||||||||||
deposits | $ | 331,740 | $ | 1,467 | 1.78% | $ | 350,497 | $ | 1,672 | 1.92% | $ | 344,435 | $ | 1,035 | 1.21% | |||||
Money market deposits | 271,336 | 1,835 | 2.72% | 274,186 | 1,897 | 2.78% | 243,073 | 1,189 | 1.96% | |||||||||||
Time deposits | 257,006 | 2,536 | 3.97% | 264,657 | 2,513 | 3.82% | 247,007 | 1,437 | 2.33% | |||||||||||
FHLB borrowings | 174,596 | 1,860 | 4.28% | 142,926 | 1,450 | 4.08% | 127,441 | 1,200 | 3.78% | |||||||||||
Other borrowings | 6,870 | 58 | 3.40% | 8,554 | 60 | 2.82% | 5,588 | 48 | 3.45% | |||||||||||
Senior sub. notes | 4,777 | 58 | 4.88% | 4,775 | 59 | 4.97% | 4,770 | 58 | 4.88% | |||||||||||
Junior sub. debentures | 12,960 | 255 | 7.91% | 12,934 | 251 | 7.81% | 12,857 | 242 | 7.55% | |||||||||||
Total | 1,059,285 | 8,069 | 3.06% | 1,058,529 | 7,902 | 3.00% | 985,171 | 5,209 | 2.12% | |||||||||||
Non-interest-bearing liabilities: | ||||||||||||||||||||
Demand deposits | 251,158 | 248,670 | 263,524 | |||||||||||||||||
Other liabilities | 12,580 | 12,765 | 11,906 | |||||||||||||||||
Stockholders' equity | 110,726 | 109,473 | 106,762 | |||||||||||||||||
Total | $ | 1,433,749 | $ | 1,429,437 | $ | 1,367,363 | ||||||||||||||
Net interest income | $ | 9,670 | $ | 9,503 | $ | 9,666 | ||||||||||||||
Rate spread | 2.15% | 2.12% | 2.46% | |||||||||||||||||
Net yield on interest-earning assets | 2.84% | 2.80% | 2.98% | |||||||||||||||||
(1) Nonaccrual loans are included in the daily average loan balances outstanding. | ||||||||||||||||||||
(2) The yield on federally tax-exempt loans and securities is computed on a tax-equivalent basis using a federal tax rate of 21%. | ||||||||||||||||||||
PSB Holdings, Inc. | |||||||||||||
Average Balances ($000) and Interest Rates | |||||||||||||
(dollars in thousands) | |||||||||||||
Six months ended June 30, 2024 | Six months ended June 30, 2023 | ||||||||||||
Average | Yield/ | Average | Yield/ | ||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | ||||||||
Assets | |||||||||||||
Interest-earning assets: | |||||||||||||
Loans (1)(2) | $ | 1,097,419 | $ | 30,719 | 5.63% | $ | 994,349 | $ | 24,514 | 4.97% | |||
Taxable securities | 172,176 | 2,492 | 2.91% | 197,866 | 2,658 | 2.71% | |||||||
Tax-exempt securities (2) | 79,999 | 1,325 | 3.33% | 81,844 | 1,357 | 3.34% | |||||||
FHLB stock | 7,215 | 347 | 9.67% | 4,219 | 101 | 4.83% | |||||||
Other | 10,562 | 261 | 4.97% | 8,143 | 192 | 4.75% | |||||||
Total (2) | 1,367,371 | 35,144 | 5.17% | 1,286,421 | 28,822 | 4.52% | |||||||
Non-interest-earning assets: | |||||||||||||
Cash and due from banks | 17,356 | 16,439 | |||||||||||
Premises and equipment, | |||||||||||||
net | 13,557 | 13,334 | |||||||||||
Cash surrender value ins | 24,221 | 24,755 | |||||||||||
Other assets | 21,534 | 23,139 | |||||||||||
Allowance for credit | |||||||||||||
losses | (12,445 | ) | (12,016 | ) | |||||||||
Total | $ | 1,431,594 | $ | 1,352,072 | |||||||||
Liabilities & stockholders' equity | |||||||||||||
Interest-bearing liabilities: | |||||||||||||
Savings and demand | |||||||||||||
deposits | $ | 341,119 | $ | 3,139 | 1.85% | $ | 358,916 | $ | 2,088 | 1.17% | |||
Money market deposits | 272,591 | 3,732 | 2.75% | 234,044 | 2,019 | 1.74% | |||||||
Time deposits | 260,832 | 5,049 | 3.89% | 246,289 | 2,543 | 2.08% | |||||||
FHLB borrowings | 158,761 | 3,310 | 4.19% | 98,299 | 1,747 | 3.58% | |||||||
Other borrowings | 7,712 | 118 | 3.08% | 7,794 | 110 | 2.85% | |||||||
Senior sub. notes | 4,776 | 117 | 4.93% | 5,030 | 120 | 4.81% | |||||||
Junior sub. debentures | 12,947 | 506 | 7.86% | 12,844 | 476 | 7.47% | |||||||
Total | 1,058,738 | 15,971 | 3.03% | 963,216 | 9,103 | 1.91% | |||||||
Non-interest-bearing liabilities: | |||||||||||||
Demand deposits | 249,909 | 271,310 | |||||||||||
Other liabilities | 12,881 | 12,231 | |||||||||||
Stockholders' equity | 110,066 | 105,315 | |||||||||||
Total | $ | 1,431,594 | $ | 1,352,072 | |||||||||
Net interest income | $ | 19,173 | $ | 19,719 | |||||||||
Rate spread | 2.14% | 2.61% | |||||||||||
Net yield on interest-earning assets | 2.82% | 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%. | |||||||||||||
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