-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, A3uPS9+JIiiYdJbJwOLSRT/Qx1jlos2TrudcwhhgXCXzcv/RvIWQbDO/ynHL6yyN MUyNdi4xwxGyRo+6siqS/Q== 0000916480-97-000010.txt : 19970515 0000916480-97-000010.hdr.sgml : 19970515 ACCESSION NUMBER: 0000916480-97-000010 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970514 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: PSB HOLDINGS INC /WI/ CENTRAL INDEX KEY: 0000948368 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED [6036] IRS NUMBER: 391804877 STATE OF INCORPORATION: WI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-26480 FILM NUMBER: 97603991 BUSINESS ADDRESS: STREET 1: 1905 WEST STEWART AVE CITY: WAUSAU STATE: WI ZIP: 54401 BUSINESS PHONE: 7158422191 MAIL ADDRESS: STREET 1: 1905 WEST STEWART AVE CITY: WAUSAU STATE: WI ZIP: 54401 FORMER COMPANY: FORMER CONFORMED NAME: PSB HOLDINGS INC /WI/ DATE OF NAME CHANGE: 19950721 FORMER COMPANY: FORMER CONFORMED NAME: PEOPLES STATE BANK /WI/ DATE OF NAME CHANGE: 19950721 10-Q 1 10Q FOR 3/31/97 FOR PSB HOLDINGS, INC. FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended MARCH 31, 1997 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission file number: PSB HOLDINGS, INC. (Exact name of registrant as specified in charter) WISCONSIN 39-1804877 (State of incorporation) (I.R.S Employer Identification Number) 1905 WEST STEWART AVENUE WAUSAU, WISCONSIN 54401 (Address of principal executive office) Registrant's telephone number, including area code: 715-842-2191 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such report), and (2) has been subject to such filing requirements for the past 90 days. Yes X No The number of common shares outstanding at March 31, 1997 was 895,425. PSB HOLDINGS, INC. FORM 10-Q QUARTER ENDED MARCH 31, 1997 PAGE NO. PART I. FINANCIAL INFORMATION Item 1. Financial Statements Consolidated Statements of Income, Three Months Ended March 31, 1997 (unaudited) and March 31, 1996 (unaudited) 1 Condensed Consolidated Balance Sheets March 31, 1997 (unaudited) and December 31, 1996 (derived from audited financial statements) 2 Condensed Consolidated Statements of Cash Flows Three Months Ended March 31, 1997 (unaudited) and March 31, 1996 (unaudited) 3 Notes to Condensed Consolidated Financial Statements 4 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 5 PART II. OTHER INFORMATION Item 1. Legal Proceedings 7 Item 2. Changes in Securities 7 Item 3. Defaults Upon Senior Securities 7 Item 4. Submission of Matters to Vote of Securities Holders 7 Item 5. Other Information 9 Item 6. Exhibits and Reports on form 8-K 9 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS PSB HOLDINGS, INC. CONSOLIDATED STATEMENTS OF INCOME
($ thousands except share data - unaudited) Three Months Ended March 31, 1997 1996 Interest Income Interest and fees on loans $2,994 $2,868 Interest on investment securities Taxable 611 544 Tax-exempt 142 137 Other interest income 10 95 Total interest income 3,757 3,644 Interest Expenses: Deposits 1,901 1,741 Short-term borrowings 77 178 Total interest expense 1,978 1,919 Net interest income 1,779 1,725 Provisions for losses on loans 45 45 Net Interest Income After Provision for Loan Losses 1,734 1,680 Other income: Service fees 117 120 Insurance commissions 26 29 Net security gains 0 0 Net gain on other real estate 0 188 Other operating income 45 23 Total other income 188 360 Other Expenses Salaries and related benefits 590 525 Net occupancy expense 188 181 FDIC insurance 5 1 Computer operations 8 45 Other operating expense 268 292 Total other expenses 1,059 1,044 Income before income taxes 863 996 Provision for income taxes 282 340 Net income $ 581 $ 656 Income per share Basis: Weighted Average of 895,425 shares in 1997 Weighted Average of 902,425 shares in 1996 Net income per share $ .65 $ .73
PSB HOLDINGS, INC. CONSOLIDATED BALANCE SHEETS
($ thousands) March 31, December 31, ASSETS 1997* 1996* Cash and cash equivalents $ 11,062 $ 10,152 Federal Funds Sold 0 0 Investment Securities - Held to Maturity (Market Value $12,582 & $11,763 12,575 11,714 at 1997 & 1996 respectively) Available for sale (at fair market value, cost $37,512 & $39,881 37,178 39,871 at 1997 & 1996 respectively) Total Loans 138,154 138,011 Allowance for Loan Losses (1,891) (1,925) Net Loans 136,263 136,086 Bank premises and equipment 3,673 3,701 Other Assets 2,779 2,634 TOTAL ASSETS $ 203,530 $ 204,158 LIABILITIES Noninterest-bearing Deposits $ 24,373 $ 28,486 Interest-bearing Deposits 153,629 149,643 Total Deposits 178,002 178,129 Federal Funds purchased 1,599 2,197 Short-term borrowings 4,032 3,569 Other Liabilities 1,235 1,974 Total liabilities 184,868 185,869 STOCKHOLDERS' EQUITY Common stock - no-par value, with a stated value of $2 per share - 1,000,000 shares authorized - 902,425 shares issued 1,805 1,805 Additional paid-in capital 7,159 7,159 Retained earnings 10,231 9,649 Net unrealized loss on securities available for sale, net of deferred income taxes (218) (9) Treasury stock, at cost - 7,000 shares (315) (315) Total stockholders' equity 18,662 18,289 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 203,530 $ 204,158 *The consolidated balance sheet at March 31, 1997 is unaudited. The December 31, 1996 consolidated balance sheet is derived from audited financial statements.
PSB HOLDINGS, INC. CONSOLIDATED STATEMENTS OF CASH FLOW
Three Months Ended March 31, ($ thousands - unaudited) 1997 1996 Cash flows from operating activities: Net income $ 581 $ 656 Provision for depreciation, and net amortization 113 71 Provisions for loan losses 45 45 Changes in operating assets and liabilities: Gain on sale of other real estate 0 (188) Other assets (145) (344) Other liabilities (739) (526) Net cash used in operating activities (145) (286) Cash flows from investing activities: Proceeds from sale and maturities of: Held to maturity securities 200 145 Available for sale securities 2,977 6,097 Payment for purchase of Held to maturity securities (1,066) (1,291) Available for sale securities (495) (9,851) Net change in loans (221) (2,485) Net increase in federal funds sold 0 5,683 Proceeds from sale of other real estate 0 215 Capital expenditures (79) (109) Net cash provided by (used in) investing activities 1,316 (1,596) Cash flows from financing activities: Net decrease in deposits (126) (3,892) Net increase in short-term borrowings 463 659 Net increase (decrease) in federal funds purchased (598) 1,246 Proceeds from exercise of stock options 0 0 Dividends paid 0 0 Net cash used in financing activities (261) (1,987) Net increase (decrease) in cash and cash equivalents 910 (3,869) Cash and cash equivalents at beginning of year 10,152 10,868 Cash and cash equivalents at end of quarter $11,062 $ 6,999 Supplemental Cash Flow Information: Cash paid during the period for : Interest 1,978 1,919 Income taxes 46 35
PSB HOLDINGS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. The accompanying financial statements in the opinion of management reflect all adjustments which are normal and recurring in nature and which are necessary for a fair statement of the results for the periods presented. In all regards, the financial statements have been presented in accordance with generally accepted accounting principles. 2. Earnings per share of common stock is based on the weighted average number of common shares outstanding. 3. Refer to notes to the financial statements which appear in the 1996 annual report for the company's accounting policies which are pertinent to these statements. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (All $ amounts are in thousands, except per share amounts) RESULTS OF OPERATIONS TOTAL ASSETS Total assets have decreased by $628 from December 31, 1996 to March 31, 1997. This is a decrease of .31%. This is a normal occurrence since historically total assets do not increase over the prior year end until the 3rd quarter of the year. LOANS Net loans have increased by $177 from December 31, 1996 to March 31, 1997. This is an increase of .13%. CASH AND INVESTMENTS Cash remained fairly constant as of March 31, 1997 compared to December 31, 1996. Investments, on the other hand decreased by $1,832 or 3.55%. However, as of March 31 a pending security purchase of $1,500 is not reflected in the totals. DEPOSITS Deposits decreased slightly by $127 from December 31, 1996 to March 31, 1997. SHORT TERM BORROWINGS Fed funds purchased decreased by $598 from December 31, 1996 to March 31, 1997. Repurchase agreements increased $463. EQUITY Equity grew by $373 or 2.04% due to the following: Net income for the first three months of $581 and an increase in the "Net unrealized loss on securities available for sale" of $208. The increase in the unrealized loss is a result of the market prices of the investment portfolio dropping as of March 31, 1997. OPERATING DATA SUMMARY GENERAL Net interest income for the first quarter of 1997 is $54 or 3.13% greater than it was for the same period in 1996. NON-INTEREST INCOME Non-interest income decreased by $172 from the period ending March 31, 1997 compared to the period ending March 31, 1996. This decrease is attributable to the sale of Other Real Estate in January of 1996. Total proceeds were $215 with a net gain of $188. NON-INTEREST EXPENSE Non-interest expenses increased 1.44% or $15 for the period ending March 31, 1997 when compared to the period ending March 31, 1996. NET INCOME Net income for three months of 1997 is 11.43% lower than the same period in 1996 and earnings per share decreased from $.73 to $.65, or 10.96%.
KEY OPERATING RATIOS (unaudited) Ended March 31, 1997 THREE MONTH PERIOD 1997 1996 Return on assets (net income divided by average assets) (1) 1.15% 1.17% Return on Average Equity (net income divided by average equity) (1) 12.65% 12.19% Average Equity to Average Assets 9.12% 9.23% Interest Rate Spread (difference between average yield on interest earning assets and average cost of interest bearing liabilities) (1) 3.01% 2.98% Net Interest Margin (net interest income as a percentage of average interest earning assets (1) 3.78% 3.83% Non-interest Expense to average assets (1) 2.10% 2.17% Allowance for loan losses to total loans at end of period 1.37% 1.44% (1) Annualized
PART II - OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS Not Applicable ITEM 2. CHANGES IN SECURITIES Not Applicable ITEM 3. DEFAULTS UPON SENIOR SECURITIES Not Applicable ITEM 4. SUBMISSION OF MATTERS TO VOTE OF SECURITIES HOLDERS Not Applicable ITEM 5. OTHER INFORMATION Not Applicable ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K: (a) Exhibits required by Item 601 of Regulation S-K. The following exhibits required by Item 601 of Regulation S-K are filed with the Securities and Exchange Commission as part of this report. Exhibits incorporated by reference are indicated by footnote reference to incorporated filing. EXHIBIT (3) - ARTICLES OF INCORPORATION AND BYLAWS PAGE OR INCORPORATED EXHIBIT (i) Restated Articles of Incorporation, as amended. 4(a)(1) (ii) Bylaws ....................................... 4(b)(1) EXHIBIT (4) - INSTRUMENTS DEFINING THE RIGHTS OF SECURITY HOLDERS (a) Articles of Incorporation and Bylaws (see Exhibits 3(a) and (b)) EXHIBIT (10) - MATERIAL CONTRACTS (a) Bonus Plan of Directors of the Bank* ......... 10(a)(2) (b) Bonus Plan of Officers and Employees of the Bank* ........................................ 10(b)(2) (c) Non-Qualified Retirement Plan for Directors of the Bank* ................................. 10(c)(2) EXHIBIT (21) - SUBSIDIARIES OF THE REGISTRANT ..... 22(2) EXHIBIT (27) - FINANCIAL DATA SCHEDULE * Denotes Executive Compensation Plans and Arrangements. Where exhibit has been previously filed and is incorporated herein by reference, exhibit numbers set forth herein correspond to the exhibit number where such exhibit can be found in the following reports of the registrant (Commission File No. 0-26480) filed with the Securities and Exchange Commission: (1) Registrant's current report on Form 8-K dated May 30, 1995 (2) Registrant's annual report on Form 10-K for the fiscal year ended December 31, 1995 (b) Reports on Form 8-K: None. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. PSB HOLDINGS, INC. May 12, 1997 TODD R. TOPPEN Todd R. Toppen Secretary and Controller (On behalf of the Registrant and as Principal Financial Officer) EXHIBIT INDEX TO FORM 10-Q OF PSB HOLDINGS, INC. FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1997 Pursuant to Section 102(d) of Regulation S-T (17 C.F.R.
232.102(d)) EXHIBIT 27 - FINANCIAL DATA SCHEDULE Exhibits required by Item 601 of Regulation S-K which have been previously filed and are incorporated by reference are set forth in Part IV, Item 14(c) of the Form 10-Q to which this Exhibit Index relates. EX-27 2 ART. 9 FDS FOR 3-MONTHS 10-Q ENDED MARCH 31, 1997
9 1,000 3-MOS DEC-31-1997 MAR-31-1997 11,062 0 0 0 37,178 12,575 12,582 138,154 1,891 203,530 178,002 5,631 1,235 0 0 0 1,805 16,857 203,530 2,994 753 10 3,757 1,901 1,978 1,779 45 0 1,059 863 863 0 0 581 .65 .65 3.83 813 0 0 2,110 1,925 79 0 1,891 1,891 0 0
-----END PRIVACY-ENHANCED MESSAGE-----