-----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, UV1DXNo5Lcmtm76TKzBh/SCkcP/miH2L+nqBZJoHbQ+dST16FsUA51cbFfwpnSsp n1RswFuAoSTfZVsADg7Egw== 0000916480-06-000107.txt : 20060721 0000916480-06-000107.hdr.sgml : 20060721 20060721170137 ACCESSION NUMBER: 0000916480-06-000107 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060721 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060721 DATE AS OF CHANGE: 20060721 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PSB HOLDINGS INC /WI/ CENTRAL INDEX KEY: 0000948368 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] 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: 06974676 BUSINESS ADDRESS: STREET 1: 1905 WEST STEWART AVE CITY: WAUSAU STATE: WI ZIP: 54401 BUSINESS PHONE: 7158422191 MAIL ADDRESS: STREET 1: P.O. BOX 1686 CITY: WAUSAU STATE: WI ZIP: 54402-1686 FORMER COMPANY: FORMER CONFORMED NAME: PEOPLES STATE BANK /WI/ DATE OF NAME CHANGE: 19950721 8-K 1 psb8k.htm PSB FORM 8-K Form 8-K  (00106822.DOC;1)

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):  July 21, 2006



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


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


£

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 23.425)


£

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


£

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

£

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))






INFORMATION TO BE INCLUDED IN THE REPORT



Item 2 – Financial Information


Item 2.02.

Results of Operations and Financial Condition


On July 21, 2006, PSB Holdings, Inc. issued a news release announcing net income of $851,000, or $.50 per diluted share, for the quarter ended June 30, 2006, as compared to net income of $1,171,000, or $.68 per diluted share, for the quarter ended June 30, 2005.  Results for both quarters included special items discussed in the release.  A copy of the news release is furnished as Exhibit 99.1 to this report.*


Section 9 – Financial Statements and Exhibits


Item 9.01

Financial Statements and Exhibits


Exhibit 99.1*

News release dated July 21, 2006


*

This exhibit is furnished pursuant to Item 2.02 and shall not be deemed to have been filed or incorporated by reference into any other filing by the Company under the Securities Act of 1933 or Securities Exchange Act of 1934 unless expressly so provided by specific reference in such filing.



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:  July 21, 2006

By:

SCOTT M. CATTANACH

Scott M. Cattanach

Treasurer



-2-


EXHIBIT INDEX

to

FORM 8-K

of

PSB HOLDINGS, INC.

dated July 21, 2006

Pursuant to Section 102(d) of Regulation S-T

(17 C.F.R. Section 232.102(d))




99.1*

News release dated July 21, 2006



*

This exhibit is furnished pursuant to Item 2.02 and shall not be deemed to have been filed or incorporated by reference into any other filing by the Company under the Securities Act of 1933 or Securities Exchange Act of 1934 unless expressly so provided by specific reference in such filing.





-3-


 EX-99.1 3 psbex99.htm PSB EXHIBIT 99.1 - NEWS RELEASE Exhibit 99.1 - Press Release  (00106813.DOC;1)

Exhibit 99.1

PSB Announces 2nd Quarter Earnings of $.50 Per Share


Wausau, Wisconsin – Peter W. Knitt, recently appointed President of PSB Holdings, Inc. (“PSB”) and Peoples State Bank (“Peoples”), today announced 2006 second quarter net income of $.50 per diluted share, or $851,000, as compared to $.68 per diluted share, or $1,171,000, in the second quarter of 2005.


Earnings for the quarter and year to date ended June 30, 2006 included special items from recording an interest rate swap at fair value without the ability to offset the liability against the hedged certificate of deposit and gain on sale of the student loan portfolio.  The impact of these special items on 2006 is shown below:


Periods ended June 30, 2006

Three months ended

 

Six months ended

 

 

$

per share

 

$

per share

       

Net income as reported

$   851,000 

$   0.50 

 

$1,589,000 

$   0.93 

       

Special items, net of tax effects:

     
 

Change in fair value of rate swap

59,000 

0.03 

 

183,000 

0.11 

 

Gain on sale of student loans

(42,000)

(0.02)

 

(42,000)

(0.02)

       

Pro-forma net income

$   868,000 

$   0.51 

 

$1,730,000 

$   1.02 


Earnings for the quarter and year to date ended June 30, 2005 also included special items from a gain on sale of Pulse ATM stock and recovery of collection costs recorded in the prior year.  The impact of these special items on 2005 is shown below:


Periods ended June 30, 2005

Three months ended

 

Six months ended

 

 

$

per share

 

$

per share

       

Net income as reported

$1,171,000 

$   0.68 

 

$2,211,000 

$   1.28 

       

Special items, net of tax effects:

     
 

Gain on sale of Pulse stock

(5,000)

–   

 

(47,000)

(0.03)

 

Recovery of collection costs from prior year

  

(61,000)

(0.04)

       

Pro-forma net income

$1,166,000 

$   0.68 

 

$2,103,000 

$   1.21 


Return on average assets based on net income for the quarter and six months ended June 30, 2006 was .68% and .64%, respectively.  Return on average assets based on net income for the quarter and six months ended June 30, 2005 was .98% and .94%, respectively.




-1-


Return on equity based on net income for the quarter and six months ended June 30, 2006 was 9.58% and 8.96%, respectively.  Return on equity based on net income for the quarter and six months ended June 30, 2005 was 13.55% and 12.90%, respectively.  


Assets at June 30, 2006 were $503.7 million, compared to $486.2 million at June 30, 2005, an increase of $17.5 million or 3.6%.  Total net loans were $380.3 million at June 30, 2006 compared to $370.3 million at June 30, 2005, an increase of $10.0 million or 2.7%.  Book value per share was $20.29 at June 30, 2006 compared to $20.27 for the same date a year ago.  During the June 2006 quarter, PSB completed a tender offer stock buyback of 100,000 shares totaling $3.375 million which reduced book value per share by $.79.  Prior to the impact of the stock buyback, net book value per share increased by 4.0% during the twelve months ended June 30, 2006.


PSB’s provision for loan losses was $120,000 in the second quarter 2006, versus $30,000 in the same period last year.  Net charge-offs were .06% and .01% during the quarters ended June 30, 2006 and 2005, respectively.  At June 30, 2006, the allowance for loan losses was 1.09% of total loans, compared to 1.15% a year earlier.  Nonperforming loans were .57% of total loans at June 30, 2006, and .60% at June 30, 2005.  Other real estate owned increased $540,000 and $509,000 during the June 2006 and March 2006 quarters, respectively from the addition of three unrelated properties previously reported as nonaccrual loans.  The following table summarizes non-performing assets as of period end:


Non-Performing Assets as of

June 30,

 

Dec. 31,

(dollars in thousands)

2006

2005

 

2005

     

Nonaccrual loans

$  2,175

$  1,740

 

$  2,393

Accruing loans past due 90 days or more

–   

–     

 

–     

Restructured loans not on nonaccrual

26

524

 

382

     

Total nonperforming loans

2,201

2,264

 

2,775

Foreclosed assets

1,422

229

 

373

     

Total nonperforming assets

$  3,623

$  2,493

 

$  3,148

     

Nonperforming loans as a % of gross loans

0.57%

0.60%

 

0.74%

Total nonperforming assets as a % of total assets

0.72%

0.51%

 

0.62%


Tax adjusted net interest margin was 3.06% during the second quarter 2006 compared to 3.10% in the March 2006 quarter and 3.32% during the second quarter 2005.  The June 2006 margin decline compared to the March 2006 quarter was primarily due to increased FHLB borrowings to replace lower cost seasonal interest-bearing demand deposit run-off.  Loan yield in the quarter ended June 30, 2006 was 6.69% compared to 6.03% a year ago, an increase of 66 basis points.  Rate paid on interest-bearing deposits was 3.64% during the second quarter 2006 compared to 2.64% a year ago, an increase of 100 basis points.




-2-


Yield curve flattening also continues to impact net interest spread as short-term deposit cost increases are greater than longer term loan yield increases.  As in the March 2006 quarter, the June 2006 quarter saw certain existing core deposits migrate to higher yielding accounts.


During 2005, PSB entered into an interest rate swap to hedge the interest rate risk inherent in a brokered certificate of deposit.  During 2005, PSB applied the “short-cut method” of fair value hedge accounting under Statement of Financial Accounting Standard No. 133, Accounting for Derivative Instruments and Hedging Activities (“FAS 133”).  During March 2006, PSB determined this swap did not qualify for the “short-cut method” because in retrospect the related broker fee was determined to have caused the swap not to have a zero value at inception (which is required under FAS 133 to qualify for the “short-cut method”).  Fair value hedge accounting allows a company to record the change in fair value of the hedged item, in this case, the brokered certificate, as an adjustment to income as an offset to the mark-to-market adjustment on the related interest rate swap.  


Hedge accounting for FAS 133 is not allowed for 2005 because the hedge documentation required for the “long-haul method” was not in place at the inception of the hedge.  In addition, because current and prospective hedge effectiveness testing does not show the hedge to be “highly effective” in offsetting the change in fair value of the certificate, use of hedge accounting is not allowed in future periods.  Eliminating the application of fair value hedge accounting in 2006 reversed the fair value adjustment that was made to the brokered certificate.  Marking the swap liability to fair value generated a charge of $302,000 ($183,000 after tax benefits) during the six months ended June 30, 2006.   Approximately $168,000 of the pre-tax charge recorded in the March 2006 quarter was related to activity during 2005 which was not restated to prior periods due to the insignificant impact on previously reported 2005 res ults.  The remaining increase in the fair value liability was $37,000 and $97,000 in the March 2006 and June 2006 quarters, respectively.  The swap continues to be economically effective and any swap liability provision to expense represents a temporary timing difference to be recovered in future periods before swap maturity in October 2008.


PSB Holdings, Inc. (OTCBB:PSBQ.OB), is the parent company of Peoples.  Peoples is headquartered in Wausau, Wisconsin with eight retail locations serving north central Wisconsin in Marathon, Oneida, and Vilas counties.  In addition to traditional retail and commercial banking products, Peoples provides retail investments, retirement planning, commercial treasury management services, and long-term fixed rate residential mortgages.


Forward-Looking Statements


Certain matters discussed in this news release, including those relating to the growth of PSB, its profits, 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 “Forward-Looking Statements” in Item 1 and “Risk Factors” in Item 1A of PSB’s Form 10-K for the year ended December 31, 2005.  PSB assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.



-3-




PSB Holdings, Inc.

Quarterly Financial Summary

(dollars in thousands, except per share data)

  

Quarter ended – Unaudited

  

June 30,

March 31,

Dec. 31

Sept. 30

June 30,

Earnings and dividends:

2006

2006

2005

2005

2005

       
 

Net income

$          851

$          738

$       1,063

$       1,066

$       1,171

 

Basic earnings per share (3)

$         0.50

$         0.43

$         0.62

$         0.62

$         0.68

 

Diluted earnings per share (3)

$         0.50

$         0.43

$         0.62

$         0.62

$         0.68

 

Dividends declared per share (3)

$         0.32

$           –   

$         0.31

$           –   

$         0.31

 

Net book value per share

$       20.29

$       21.13

$       20.81

$       20.81

$       20.27

 

Semi-annual dividend payout ratio

32.22%

n/a

24.83%

n/a

24.06%

 

Average common shares outstanding

1,685,166

1,705,290

1,710,720

1,712,771

1,714,134

       

Balance sheet - average balances:

     
       
 

Loans receivable, net of allowances

$   382,138

$   375,179

$   366,224

$   369,489

$   367,948

 

Total assets

$   505,586

$   502,194

$   498,429

$   493,035

$   480,325

 

Deposits

$   394,075

$   398,707

$   394,161

$   387,969

$   376,252

 

Stockholders’ equity

$     35,626

$     35,867

$     35,756

$     35,143

$     34,665

       

Performance ratios:

     
       
 

Return on average assets (1)

0.68%

0.60%

0.85%

0.86%

0.98%

 

Return on avg. stockholders’ equity (1)

9.58%

8.34%

11.79%

12.03%

13.55%

 

Average tangible stockholders’ equity to

    
 

  average assets

7.20%

7.24%

7.24%

7.14%

7.22%

 

Net loan charge-offs to average loans

0.06%

0.00%

0.01%

0.02%

0.01%

 

Nonperforming loans to gross loans

0.57%

0.72%

0.74%

0.71%

0.60%

 

Allowance for loan loss to gross loans

1.09%

1.13%

1.11%

1.14%

1.15%

 

Net interest rate margin (1)(2)

3.06%

3.10%

3.09%

3.14%

3.32%

 

Net interest rate spread (1)(2)

2.56%

2.63%

2.61%

2.72%

2.96%

 

Service fee revenue as a percent of

     
 

  average demand deposits (1)

2.66%

2.29%

2.10%

2.10%

2.56%

 

Noninterest income as a percent

     
 

  of gross revenue

10.64%

8.08%

10.59%

12.06%

13.00%

 

Efficiency ratio (2)

67.51%

69.42%

61.35%

63.25%

59.53%

 

Noninterest expenses to avg. assets (1)

2.41%

2.38%

2.18%

2.32%

2.32%

       

Stock price information:

     
       
 

High

$       34.00

$       31.05

$       30.70

$       32.00

$       31.85

 

Low

$       30.60

$       30.50

$       29.75

$       30.65

$       30.63

 

Market value at quarter-end

$       32.50

$       30.80

$       30.70

$       30.70

$       30.75

       

(1) Annualized

     

(2) The yield on tax-exempt loans and securities is computed on a tax-equivalent basis.

 

(3) Due to rounding, cumulative quarterly per share performance may not equal annual per share totals.



-4-




PSB Holdings, Inc.

     

Consolidated Statements of Income

     
 

Three Months Ended

 

Six Months Ended

 

June 30,

 

June 30,

(dollars in thousands, except per share data – unaudited)

2006

2005

 

2006

2005

Interest and dividend income:

     

   Loans, including fees

$    6,421 

$    5,581

 

$  12,532 

$  10,784

   Securities:

     

      Taxable

648 

467

 

1,252 

919

      Tax-exempt

249 

237

 

503 

478

   Other interest and dividends

51 

55

 

158 

123

      

         Total interest and dividend income

7,369 

6,340

 

14,445 

12,304

Interest expense:

     

   Deposits

3,086 

2,141

 

6,022 

3,952

   FHLB advances

623 

507

 

1,157 

1,057

   Other borrowings

63 

106

 

91 

189

   Junior subordinated debentures

114 

4

 

227 

4

      

         Total interest expense

3,886 

2,758

 

7,497 

5,202

      

Net interest income

3,483 

3,582

 

6,948 

7,102

Provision for loan losses

120 

30

 

255 

180

      

Net interest income after provision for loan losses

3,363 

3,552

 

6,693 

6,922

Noninterest income:

     

   Service fees

358 

324

 

653 

584

   Mortgage banking

226 

249

 

433 

404

   Investment and insurance sales commissions

145 

202

 

280 

372

   Net gain on sale of securities

–    

–   

 

–    

6

   Increase in cash surrender value of life insurance

45 

46

 

91 

66

   Change in fair value of interest rate swap

(97)

–   

 

(302)

–   

   Other noninterest income

200 

126

 

344 

318

      

         Total noninterest income

877 

947

 

1,499 

1,750

Noninterest expense:

     

   Salaries and employee benefits

1,792 

1,641

 

3,606 

3,270

   Occupancy and facilities

453 

427

 

925 

872

   Data processing and other office operations

201 

168

 

381 

340

   Advertising and promotion

79 

95

 

122 

158

   Other noninterest expenses

519 

449

 

952 

780

      

        Total noninterest expense

3,044 

2,780

 

5,986 

5,420

      

Income before provision for income taxes

1,196 

1,719

 

2,206 

3,252

Provision for income taxes

345 

548

 

617 

1,041

      

Net income

$    851 

$    1,171

 

$    1,589 

$    2,211

Basic earnings per share

$   0.50 

$      0.68

 

$      0.94 

$      1.29

Diluted earnings per share

$   0.50 

$      0.68

 

$      0.93 

$      1.28



-5-




PSB Holdings, Inc.

  

Consolidated Balance Sheets

  

June 30, 2006 unaudited, December 31, 2005 derived from audited financial statements

   

(dollars in thousands, except per share data) – Unaudited

2006

2005

Assets

  
   

Cash and due from banks

$    10,933 

$    15,708 

Interest-bearing deposits and money market funds

1,611 

988 

Federal funds sold

–    

9,908 

   

Cash and cash equivalents

12,544 

26,604 

   

Securities available for sale (at fair value)

83,680 

81,501 

Loans held for sale

569 

–    

Loans receivable, net of allowance for loan losses of $4,210 and $4,180, respectively

380,305 

372,411 

Accrued interest receivable

2,228 

2,245 

Foreclosed assets

1,422 

373 

Premises and equipment

12,267 

12,632 

Mortgage servicing rights, net

915 

880 

Federal Home Loan Bank stock (at cost)

3,017 

3,017 

Cash surrender value of bank-owned life insurance

4,897 

4,805 

Other assets

1,872 

1,690 

   

TOTAL ASSETS

$  503,716 

$  506,158 

Liabilities

  
   

Non-interest-bearing deposits

$    56,427 

$    61,345 

Interest-bearing deposits

338,341 

339,191 

   

   Total deposits

394,768 

400,536 

   

Federal Home Loan Bank advances

60,000 

54,000 

Other borrowings

4,934 

4,497 

Junior subordinated debentures

7,732 

7,732 

Accrued expenses and other liabilities

3,766 

3,908 

   

   Total liabilities

471,200 

470,673 

Stockholders’ equity

  
   

Common stock - no par value with a stated value of $1 per share:

  

   Authorized – 3,000,000 shares

  

   Issued – 1,887,179 shares

1,887 

1,887 

Additional paid-in capital

9,647 

9,655 

Retained earnings

29,638 

28,561 

Accumulated other comprehensive loss

(1,109)

(542)

Treasury stock, at cost – 284,431 and 181,608 shares, respectively

(7,547)

(4,076)

   

   Total stockholders’ equity

32,516 

35,485 

   

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$  503,716 

$  506,158 



-6-




PSB Holdings, Inc.

       

Average Balances and Interest Rates

     

Quarter Ended June 30,

       
   

2006

   

2005

 
  

Avg Bal

Interest

Yield/Rate

 

Avg Bal

Interest

Yield/Rate

Assets

       

Interest-earning assets:

       

   Loans (1)(2)

$ 386,391 

$     6,442

6.69%

 

$ 372,286 

$     5,600

6.03%

   Taxable securities

58,949 

648

4.41%

 

48,311 

467

3.88%

   Tax-exempt securities (2)

24,789 

377

6.10%

 

23,693 

359

6.08%

   FHLB stock

3,017 

23

3.06%

 

2,941 

40

5.46%

   Other

2,310 

28

4.86%

 

2,201 

15

2.73%

         

   Total (2)

475,456 

7,518

6.34%

 

449,432 

6,481

5.78%

         

Non-interest-earning assets:

      

   Cash and due from banks

11,022 

   

14,145 

  

   Premises and equipment,

       

      net

12,371 

   

12,607 

  

   Cash surrender value ins.

4,868 

   

4,602 

  

   Other assets

6,122 

   

3,877 

  

   Allowance for loan

       

      losses

(4,253)

   

(4,338)

  
         

   Total

$ 505,586 

 

 

 

$ 480,325 

  
         

Liabilities & stockholders’ equity

      

Interest-bearing liabilities:

       

   Savings and demand

       

      deposits

$   78,479 

$        542

2.77%

 

$   64,624 

$        249

1.55%

   Money market deposits

66,015 

490

2.98%

 

69,945 

301

1.73%

   Time deposits

195,501 

2,054

4.21%

 

190,932 

1,591

3.34%

   FHLB borrowings

57,934 

623

4.31%

 

53,066 

507

3.83%

   Other borrowings

6,514 

63

3.88%

 

13,433 

106

3.17%

   Junior sub. debentures

7,732 

114

5.91%

 

255 

4

6.29%

         

   Total

412,175 

3,886

3.78%

 

392,255 

2,758

2.82%

         

Non-interest-bearing liabilities:

      

   Demand deposits

54,080 

   

50,751 

  

   Other liabilities

3,705 

   

2,654 

  

   Stockholders’ equity

35,626 

   

34,665 

  
         

   Total

$ 505,586 

 

 

 

$ 480,325 

  
         

Net interest income

 

$     3,632

 

 

 

$     3,723

 

Rate spread

 

 

2.56%

 

 

 

2.96%

Net yield on interest-earning assets

 

3.06%

 

 

 

3.32%

         

(1) Nonaccrual loans are included in the daily average loan balances outstanding.

 

(2) The yield on tax-exempt loans and securities is computed on a tax-equivalent basis using a tax rate of 34%.

 




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PSB Holdings, Inc.

       

Average Balances and Interest Rates

     

Six Months Ended June 30,

      
         
   

2006

   

2005

 
  

Avg Bal

Interest

Yield/Rate

 

Avg Bal

Interest

Yield/Rate

Assets

       

Interest-earning assets:

       

   Loans (1)(2)

$ 382,929 

$   12,573

6.62%

 

$ 365,348 

$   10,822

5.97%

   Taxable securities

57,710 

1,252

4.37%

 

47,530 

919

3.90%

   Tax-exempt securities (2)

25,287 

762

6.08%

 

24,100 

724

6.06%

   FHLB stock

3,017 

42

2.81%

 

2,921 

80

5.52%

   Other

5,094 

116

4.59%

 

3,460 

43

2.51%

         

   Total (2)

474,037 

14,745

6.27%

 

443,359 

12,588

5.73%

         

Non-interest-earning assets:

      

   Cash and due from banks

11,169 

   

13,811 

  

   Premises and equipment,

       

      net

12,462 

   

12,563 

  

   Cash surrender value ins.

4,845 

   

3,670 

  

   Other assets

5,638 

   

3,613 

  

   Allowance for loan

       

      losses

(4,251)

   

(4,277)

  
         

   Total

$ 503,900 

 

 

 

$ 472,739 

  
         

Liabilities & stockholders’ equity

      

Interest-bearing liabilities:

       

   Savings and demand

       

      deposits

$   83,091 

$     1,137

2.76%

 

$   68,595 

$        488

1.43%

   Money market deposits

66,282 

923

2.81%

 

70,807 

523

1.49%

   Time deposits

193,790 

3,962

4.12%

 

182,980 

2,941

3.24%

   FHLB borrowings

55,249 

1,157

4.22%

 

50,989 

1,057

4.18%

   Other borrowings

5,228 

91

3.51%

 

12,861 

189

2.96%

   Junior sub. debentures

7,732 

227

5.92%

 

128 

4

6.30%

         

   Total

411,372 

7,497

3.68%

 

386,360 

5,202

2.72%

         

Non-interest-bearing liabilities:

      

   Demand deposits

53,202 

   

49,464 

  

   Other liabilities

3,582 

   

2,351 

  

   Stockholders’ equity

35,744 

   

34,564 

  
         

   Total

$ 503,900 

 

 

 

$ 472,739 

  
         

Net interest income

 

$     7,248

 

 

 

$     7,386

 

Rate spread

 

 

2.59%

 

 

 

3.01%

Net yield on interest-earning assets

 

3.08%

 

 

 

3.36%

         

(1) Nonaccrual loans are included in the daily average loan balances outstanding.

 

(2) The yield on tax-exempt loans and securities is computed on a tax-equivalent basis using a tax rate of 34%.

 




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