FUTURE ACCOUNTING CHANGES

6 Months Ended

Jun. 30, 2012

Future Accounting Changes

FUTURE ACCOUNTING CHANGES

NOTE 15 – FUTURE ACCOUNTING CHANGES

FASB ASC Topic 210, “Balance Sheet.” In December 2011, new authoritative accounting guidance concerning disclosure of information about offsetting and related arrangements associated with derivative instruments was issued. New requirements will require additional disclosures associated with offsetting and collateral arrangements with derivative instruments to enable users of PSB’s financial statements to understand the effect of those arrangements on its financial position. These new disclosures are effective during the quarter ended March 31, 2013 and are not expected to have significant impact to PSB’s financial results or operations upon adoption.