-----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, MFpkYFj6RNU5SCJmHpC1glKrTv1Oyfh7HNDPM+pTa3BKYsDc7IJ2nwMq2GJAQR7b zC8zTNIu0boNbIQzvCgVdQ== 0000916480-96-000020.txt : 19960620 0000916480-96-000020.hdr.sgml : 19960620 ACCESSION NUMBER: 0000916480-96-000020 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960331 FILED AS OF DATE: 19960515 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: PSB HOLDINGS INC /WI/ CENTRAL INDEX KEY: 0000948368 STANDARD INDUSTRIAL CLASSIFICATION: 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: 96565412 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 3/31/96 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, 1996 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, 1996 was 902,425. PSB HOLDINGS, INC. FORM 10-Q QUARTER ENDED MARCH 31, 1996 PAGE NO. PART I. FINANCIAL INFORMATION Item 1. Financial Statements Consolidated Statements of Income, Three Months Ended March 31, 1996 (unaudited) and March 31, 1995 (unaudited) 1 Condensed Consolidated Balance Sheets March 31, 1996 (unaudited) and December 31, 1995 (derived from audited financial statements) 2 Condensed Consolidated Statements of Cash Flows Three Months Ended March 31, 1996 (unaudited) and March 31, 1995 (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 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, 1996 1996 Interest Income Interest and fees on loans $2,868 $2,514 Interest on investment securities Taxable 544 524 Tax-exempt 137 146 Other interest income 95 26 Total interest income 3,644 3,210 Interest Expenses: Deposits 1,741 1,388 Short-term borrowings 178 147 Total interest expense 1,919 1,535 Net interest income 1,725 1,675 Provisions for losses on loans 45 75 Net Interest Income After Provision for Loan Losses 1,680 1,600 Other income: Service fees 120 130 Insurance commissions 29 7 Net security gains -0- 8 Net gain on other real estate 188 -0- Other operating income 23 7 Total other income 360 152 Other Expenses Salaries and related benefits 525 467 Net occupancy expense 181 137 FDIC insurance 1 77 Computer operations 45 48 Other operating expense 292 253 Total other expenses 1,044 982 Income before income taxes 996 770 Provision for income taxes 340 243 Net income $ 656 $ 527 Income per share Basis: Weighted Average of 902,425 shares in 1996 Weighted Average of 902,425 shares in 1995 Net income per share $ .73 $ .58
PSB HOLDINGS, INC. CONSOLIDATED BALANCE SHEETS
($ thousands) March 31, December 31, ASSETS 1996* 1995* Cash and cash equivalents $ 6,999 $ 10,868 Federal Funds Sold -0- 5,683 Investment Securities - Held to Maturity (Market Value $11,541 & $10,429 11,475 10,333 at 1996 & 1995 respectively) Available for sale (at fair market value, cost $38,161 & $34,273 38,168 34,643 at 1996 & 1995 respectively) Total Loans 127,828 125,325 Allowance for Loan Losses (1,844) (1,781) Net Loans 125,984 123,544 Bank premises and equipment 3,490 3,445 Other Assets 2,582 2,265 TOTAL ASSETS $188,698 $190,781 LIABILITIES Noninterest-bearing Deposits $ 22,443 $ 26,560 Interest-bearing Deposits 134,110 133,885 Total Deposits 156,553 160,445 Federal Funds purchased 1,246 -0- Short-term borrowings 11,758 11,099 Other Liabilities 1,259 1,785 Total liabilities 170,816 173,329 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 5,927 5,927 Retained earnings 10,144 9,488 Net unrealized gain on securities available for sale, net of deferred income taxes 6 232 Total stockholders' equity 17,882 17,452 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $188,698 $190,781 *The consolidated balance sheet at March 31, 1996 is unaudited. The December 31, 1995 consolidated balance sheet is derived from audited financial statements.
PSB HOLDINGS, INC. CONSOLIDATED STATEMENTS OF CASH FLOW
Three Months Ended March 31, ($ thousands - unaudited) 1996 1995 Cash flows from operating activities: Net income $ 656 $ 527 Provision for depreciation, and net amortization 71 88 Provisions for loan losses 45 75 Changes in operating assets and liabilities: Gain on sale of other real estate (188) Other assets (344) (32) Other liabitities (526) (403) Net cash provided by (used in) operating activities (286) 255 Cash flows from investing activities: Proceeds from sale and maturities of: Held to maturity securities 145 85 Available for sale securities 6,097 4,243 Payment for purchase of Held to maturity securities (1,291) (368) Available for sale securities (9,851) (3,190) Net change in loans (2,485) (2,776) Net (increase) decrease in federal funds sold 5,683 (1,562) Proceeds from sale of other real estate 215 -0- Capital expenditures (109) (171) Net cash used in investing activities (1,596) (3,739) Cash flows from financing activities: Net increase (decrease) in deposits (3,892) 8,314 Net increase (decrease) in short-term borrowings 659 (300) Net increase (decrease) in federal funds purchased 1,246 (4,999) Proceeds from exercise of stock options -0- -0- Dividends paid -0- -0- Net cash provided by (used in) financing activities (1,987) 3,015 Net decrease in cash and cash equivalents (3,869) (469) Cash and cash equivalents at beginning of year 10,868 9,018 Cash and cash equivalents at end of quarter $ 6,999 $ 8,549 Supplemental Cash Flow Information: Cash paid during the period for : Interest 1,919 1,535 Income taxes 35 17
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 1995 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 $2.08 million from December 31, 1995 to March 31, 1996. This is a decrease of 1.09%. This is a normal occurrence because December 31 cash and cash equivalents typically consist of volatile monies resulting from year end activities. LOANS Total loans have increased by $2.50 million from December 31, 1995 to March 31, 1996. This is an increase of 2.00%. CASH AND INVESTMENTS As stated, cash was significantly lower on March 31, 1996 compared to December 31, 1995. Investments, on the other hand increased by $4.67 million or 10.37%. DEPOSITS Deposits decreased $3.89 million from December 31, 1995 to March 31, 1996 or 2.42%. SHORT TERM BORROWINGS The fed funds position changed from funds sold on December 31, 1995 of $5.68 million to funds purchased of $1.25 million on March 31, 1996. Most of the funds sold decrease was rechanneled into investment securities. Repurchase agreements increased $659,000. EQUITY Equity grew by $430,000 or 2.46% due to the following: Net income for the first three months of $656,000 and a reduction in the "Net Unrealized gain on securities available for Sale" of $226,000. The reduction in the unrealized gain is a result of the market prices of the investment portfolio dropping as of March 31, 1996. OPERATING DATA SUMMARY GENERAL Net interest income for the first quarter of 1996 is $50,000 or 2.99% greater than it was for the same period in 1995. NON-INTEREST INCOME Non-interest income increased by $208,000 from the period ending March 31, 1996 compared to the period ending March 31, 1995. This increase is attributable to the sale of Other Real Estate in January of 1996. Total proceeds were $215,000 with a net gain of $188,000. NON-INTEREST EXPENSE Non-interest expenses increased 6.31% or $62,000 for the period ending March 31, 1996 when compared to the period ending March 31, 1995. Impacting the increase is a significant drop in FDIC premiums. Our institution is now assessed only the minimum quarterly amount of $500. Net Occupancy Expense increased $44,000 mainly from our newest branch office which began operation in October of 1995. NET INCOME Net income for three months of 1996 is 24.47% higher than the same period in 1995 and earnings per share increased from $.58 to $.73, or 25.86%.
KEY OPERATING RATIOS (unaudited) Ended March 31, 1996 THREE MONTH PERIOD 1996 1995 Return on assets (net income divided by average assets) (1) 1.17% 1.13% Return on Average Equity (net income divided by average equity) (1) 12.19% 12.15% Average Equity to Average Assets 9.23% 9.11% Interest Rate Spread (difference between average yield on interest earning assets and average cost of interest bearing liabilities) (1) 2.98% 3.22% Net Interest Margin (net interest income as a percentage of average interest earning assets (1) 3.83% 4.13% Non-interest Expense to average assets (1) 2.17% 2.34% Allowance for loan losses to total loan at end of period 1.44% 1.42% (1) Annualized
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K: (a) Exhibits required by Item 601 of Regulation S-K. (27) Financial Data Schedule (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 10, 1995 TODD R. TOPPEN Todd R. Toppen Secretary and Controller (On behalf of the Registrant and as Principal Financial Officer) EXHIBIT INDEX PURSUANT TO
232.102(D), REGULATION S-T EXHIBIT (27) Financial Data Schedule EX-27 2 ART. 9 FDS FOR 3-MONTHS 10-Q ENDED MARCH 31, 1996
9 1,000 3-MOS DEC-31-1996 MAR-31-1996 6,999 0 0 0 38,168 11,475 11,541 127,828 1,844 188,698 156,553 13,004 1,259 0 0 0 1,805 16,077 188,698 2,868 681 95 3,644 1,741 1,919 1,725 45 0 1,044 996 996 0 0 656 .73 .73 3.84 293 0 0 2,826 1,781 11 29 1,844 1,844 0 0
-----END PRIVACY-ENHANCED MESSAGE-----