-----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, MHatPE1NLgvyT1FzhQwFW26FJ1jjQnypHCj0p6c3JRq+W3n4UIn8aIRTW8Q1tKGp 5knYBeikfQZ9jiV511WMqQ== 0000916480-02-000046.txt : 20021018 0000916480-02-000046.hdr.sgml : 20021018 20021018172157 ACCESSION NUMBER: 0000916480-02-000046 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20021018 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: FILED AS OF DATE: 20021018 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: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-26480 FILM NUMBER: 02793142 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: PEOPLES STATE BANK /WI/ DATE OF NAME CHANGE: 19950721 8-K 1 psb8k.txt PSB HOLDINGS, INC. 8-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _________________________ FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 _________________________ Date of Report (date of earliest event reported): OCTOBER 18, 2002 PSB HOLDINGS, INC. (Exact name of registrant as specified in its charter) WISCONSIN 0-26480 39-1804877 (State or other (Commission File (IRS Employer jurisdiction of Number) Identification incorporation) Number) 1905 W. STEWART AVENUE WAUSAU, WI 54401 (Address of principal executive offices, including Zip Code) (715) 842-2191 Registrant's telephone number, including area code INFORMATION TO BE INCLUDED IN THE REPORT ITEM 5. OTHER EVENTS AND REGULATION FD DISCLOSURE. On October 18, 2002, PSB Holdings, Inc. reported net income of $1,051,000, or $1.26 per share, for the third quarter ended September 30, 2002, as compared to net earnings of $885,000, or $1.05 per share, for the third quarter ended September 30, 2001. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (C) EXHIBITS. 99.1 Press release dated October 18, 2002 ITEM 9. REGULATION FD DISCLOSURE On October 18, 2002, PSB Holdings, Inc. issued a press release, a copy of which is attached hereto as Exhibit 99.1 and incorporated herein by reference. 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 hereunto duly authorized. PSB HOLDINGS, INC. Date: October 18, 2002 By: SCOTT M. CATTANACH Scott M. Cattanach Treasurer EXHIBIT INDEX TO FORM 8-K OF PSB HOLDINGS, INC. DATED OCTOBER 18, 2002 Pursuant to Section 102(d) of Regulation S-T (17 C.F.R. Section 232.102(d)) 99.1 PRESS RELEASE DATED OCTOBER 18, 2002 EX-99.1 4 psbex99.txt PSB HOLDINGS, INC. EXHIBIT 99.1 - PRESS RELEASE Exhibit 99.1 PSB Announces Quarterly Net Income Up 19% For more information, contact: Scott M. Cattanach Treasurer and Chief Financial Officer 715-847-4020 scattanach@psbwi.com Wausau, Wisconsin - October 18, 2002 HIGHLIGHTS o Diluted earnings per share of $1.25, up 19% over prior year quarter. o Asset growth of 13% to $360 million compared to September 2001. o Return on equity of 15.00%, up 69 basis points over prior year quarter. o Board of Directors announces 2 for 1 stock split effective upon shareholder approval of increase in authorized shares. PSB Holdings, Inc. (OTCBB:PSBQ.OB), parent company of Peoples State Bank Wausau, Wisconsin today reported third quarter September 2002 earnings of $1.26 per share ($1.25 per share fully diluted), compared to $1.05 per share during the third quarter of 2001. Book value increased to $33.66, compared to $30.25 at September 2001. Peoples State Bank is headquartered in Wausau, Wisconsin with seven retail locations serving north central Wisconsin in Marathon, Lincoln, Oneida, and Vilas counties. In addition to traditional loan and deposit products, the Bank provides investments and retirement planning and long-term fixed rate residential mortgages. Financial performance is expressed in thousands, except per share data. Net income for the quarter ended September 30, 2002 was $1,051 compared to $1,024 in the second quarter of 2002 and $885 in September 2001. Operating results for the third quarter 2002 generated an annualized return on average assets (ROA) and return on average equity (ROE) of 1.17 percent and 15.00 percent, respectively. Comparable ratios for the same quarter in 2001 were ROA of 1.12 percent and ROE of 14.31 percent. ROA and ROE for the year ended December 31, 2001 were 1.05 percent and 13.96 percent, respectively. On October 4, 2002, the Company also announced a 2 for 1 stock split pending shareholder approval of an increase in authorized shares at a special meeting on November 19, 2002. NET INTEREST INCOME Improved net interest income was a significant contributor to increased earnings. Net interest income increased $347 from $2,909 for the quarter ended September 30, 2001 to $3,256 for the current quarter ended September 30, 2002. Tax-adjusted net interest margin as a percent of average interest earning assets declined slightly from 4.03 percent in September 2001 to 3.95 percent in 2002 as loans were originated with lower interest rates. Net interest margin was 3.73 percent for the year ended December 31, 2001. Also contributing to the increase in net interest income was growth in total average loans of $29,898, or 14% over the comparable year-ago period. Total assets increased to $360,305 at September 30, 2002, an increase of 13% over September 2001. SERVICE FEE AND NONINTEREST INCOME Earnings continue to improve from an increase of income from the sale of long- term fixed rate mortgage loans to outside investors. Gain on sale of such loans was $310 in September 2002 compared to $34 during September 2001. The majority of loans sold to outside investors continue to be serviced by the Bank directly with the customer. At September 30, 2002, the Bank serviced over $65 million of loans for outside investors compared to $19 million in the prior year period. President and CEO David Kopperud said, "Peoples was the largest mortgage lender in Marathon County during August 2002 and the Bank is proud to meet the needs of homeowners and families in our communities." During the past quarter, the Bank also introduced a new annuity investment product for customers looking for a higher yield than available on traditional certificates of deposit. The product generated an additional $47 of commission income during the quarter. Senior Vice President David Svacina remarked, "Our goal is to meet the needs of our customers using new products when appropriate and many customers have enjoyed the benefits of this additional flexibility." OPERATING EXPENSES Noninterest operating expenses increased $229 to $2,097 in September 2002 compared to $1,868 during September 2001. However, operating costs as a percentage of average assets decreased from 2.36 percent in September 2001 to 2.34 percent in the current quarter. The majority of the increase in operating expenses was from additional salaries, wages, and benefits paid to employees. These additional operating costs have been offset by increased revenue, as the expense efficiency ratio has improved from 55.38% in September 2001, to 49.52% in the current quarter. The Company continues to work with borrowers negatively affected by the current recession and provided $450 to increase the allowance for estimated loan losses during September 2002 compared to $150 in the prior year quarter. Management reviews the activity in identified problem loans weekly and recognizes adequate and reasonable loan loss reserves as required. FORWARD LOOKING STATEMENTS Certain matters discussed in this news release, including those relating to the growth of the Company and future interest rates, are forward-looking statements and are made pursuant to the safe harbor provisions of the Securities Reform Act of 1995. Such statements involve risks and uncertainties which may cause results to differ materially from those set forth in this release. Among other things, these risks and uncertainties include the strength of the economy, the effects of government policies, including, in particular, interest rate policies, and other risks and assumptions described under "Cautionary Statement Regarding Forward Looking Information" in Item 1 of the company's Form 10-K for the year ended December 31, 2001. The Company assumes no obligation to update or supplement forward- looking statements that become untrue because of subsequent events. (table follows)
PSB HOLDINGS, INC. (Unaudited) FINANCIAL HIGHLIGHTS Three months ended Nine months ended (DOLLARS IN THOUSANDS, September 30, September 30, EXCEPT PER SHARE DATA) 2002 2001 2002 2001 EARNINGS Net income $ 1,051 $ 885 $ 3,033 $ 2,493 Diluted earnings per share 1.25 1.05 3.61 2.97 Net book value per share 33.66 30.25 33.66 30.25 PERIOD END BALANCE SHEET Gross loans receivable $255,680 $224,585 $255,680 $224,585 Total assets 360,305 318,466 360,305 318,466 Deposits 288,592 249,477 288,592 249,477 Borrowings 41,514 41,692 41,514 41,692 KEY EARNINGS RATIOS (annualized and tax adjusted) Return on average assets 1.17% 1.12% 1.18% 1.06% Return on stockholders' equity 15.00% 14.31% 15.07% 13.94% Net interest margin 3.95% 4.03% 3.97% 3.75% Efficiency ratio 49.52% 55.38% 52.30% 55.42% CREDIT QUALITY AND CAPITALIZATION Allowance for loan losses to gross loans 1.33% 1.24% 1.33% 1.24% Net loans charge-offs to average loans 0.12% 0.02% 0.15% 0.04% Average tangible stockholders' equity to average assets 7.61% 7.57% 7.65% 7.39% SHARE PRICE INFORMATION High $ 42.10 $ 31.75 $ 42.10 $ 40.00 Low 38.35 29.00 33.25 27.00 Market value at period end 41.15 31.75 41.15 31.75
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