PSB HOLDING CORP. REPORTS 2022 RESULTS
Performance Review
Merger Announcement
On
The Bank's participation in the SBA's PPP, established in
Year Ended 2022 compared to 2021
Net interest income declined
Fourth Quarter 2022 Compared to Fourth Quarter 2021
Net interest income increased
Balance Sheet and Asset Quality
Assets totaled
President and Chief Executive Officer
Forward-Looking Statements
Forward-looking statements relating to
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||
(unaudited) | |||||
Percent | |||||
2022 | 2021 | Change | |||
Assets | |||||
Cash and cash equivalents | $ 27,224,563 | $ 36,100,150 | -24.6 % | ||
Investment securities | 144,517,834 | 167,167,082 | -13.5 % | ||
Loans held for sale | 129,790 | 1,879,591 | -93.1 % | ||
Loans receivable | 380,675,118 | 357,800,695 | 6.4 % | ||
Less allowance for loan losses | 4,095,149 | 3,892,115 | 5.2 % | ||
Loans, net of allowance for loan losses | 376,579,969 | 353,908,580 | 6.4 % | ||
Property and equipment | 6,231,507 | 6,879,131 | -8.7 % | ||
Bank-owned life insurance | 12,215,923 | 11,918,526 | 2.5 % | ||
Lease assets | 2,339,774 | 2,720,578 | -14.0 % | ||
Accrued interest receivable | 1,590,461 | 1,344,283 | 18.3 % | ||
Other assets | 9,113,405 | 3,119,329 | 190.6 % | ||
Total assets | $ 579,943,226 | $ 585,037,250 | -0.9 % | ||
Liabilities and Stockholders' Equity | |||||
Deposits: | |||||
Noninterest-bearing | $ 171,183,577 | $ 191,144,058 | -10.4 % | ||
Interest-bearing | 338,529,875 | 303,379,512 | 11.6 % | ||
Total deposits | 509,713,452 | 494,523,570 | 3.1 % | ||
Repurchase agreements | 17,157,020 | 16,104,671 | 6.5 % | ||
FHLB advances and other borrowing | 8,778,502 | 18,220,887 | -51.8 % | ||
Lease liabilities | 2,569,464 | 2,930,961 | -12.3 % | ||
Other liabilities | 1,983,493 | 1,677,656 | 18.2 % | ||
Total liabilities | 540,201,931 | 533,457,745 | 1.3 % | ||
Stockholders' equity: | |||||
Common stock, additional paid-in capital | |||||
and retained earnings | 56,586,209 | 52,425,553 | 7.9 % | ||
Accumulated other comprehensive (loss) | |||||
income | (16,844,914) | (846,048) | |||
Total stockholders' equity | 39,741,295 | 51,579,505 | -23.0 % | ||
Total liabilities and equity | $ 579,943,226 | $ 585,037,250 | -0.9 % | ||
Book value per common share | $ 26.09 | $ 33.86 | -23.0 % |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||
(unaudited) | |||||||||||
Three Months Ended | Year Ended | ||||||||||
2022 | 2021 | % Change | 2022 | 2021 | % Change | ||||||
Interest income | |||||||||||
Loans, including fee income | $ 4,604,085 | $ 4,361,123 | 5.6 % | $ 16,876,491 | $ 19,292,572 | -12.5 % | |||||
Investment securities | 759,110 | 566,608 | 34.0 % | 2,915,889 | ,978,770 | 47.4 % | |||||
Other interest income | 177,102 | 13,907 | 1173.5 % | 314,767 | 40,279 | 681.5 % | |||||
Total interest income | 5,540,297 | 4,941,638 | 12.1 % | 20,107,147 | 21,311,621 | -5.7 % | |||||
Interest expense | |||||||||||
Deposits | 509,869 | 434,397 | 17.4 % | 1,571,138 | 1,967,103 | -20.1 % | |||||
Repurchase agreements | 1,646 | 1,375 | 19.7 % | 5,613 | 4,811 | 16.7 % | |||||
FHLB advances | 46,845 | 101,800 | -54.0 % | 271,726 | 550,706 | -50.7 % | |||||
Other borrowings | 28,817 | 31,250 | -7.8 % | 119,460 | 133,495 | -10.5 % | |||||
Total interest expense | 587,177 | 568,822 | 3.2 % | 1,967,937 | 2,656,115 | -25.9 % | |||||
Net interest income | 4,953,120 | 4,372,816 | 13.3 % | 18,139,210 | 18,655,506 | -2.8 % | |||||
Provision for loan losses | (90,000) | 230,000 | -139.1 % | 100,000 | 560,000 | -82.1 % | |||||
Net interest income after provision | 5,043,120 | 4,142,816 | 21.7 % | 18,039,210 | 18,095,506 | -0.3 % | |||||
Noninterest income | |||||||||||
Service charges | 489,079 | 485,620 | 0.7 % | 1,988,848 | 1,829,012 | 8.7 % | |||||
Gain on sale of loans | 42,898 | 314,859 | -86.4 % | 415,934 | 1,320,073 | -68.5 % | |||||
Gain on sale of securities | - | - | 0.0 % | - | 4,310 | 0.0 % | |||||
Other noninterest income | 82,172 | 82,327 | -0.2 % | 504,683 | 280,407 | 80.0 % | |||||
Total noninterest income | 614,149 | 882,806 | -30.4 % | 2,909,465 | 3,433,802 | -15.3 % | |||||
Noninterest expense | |||||||||||
Salaries and benefits | 1,972,982 | 1,977,495 | -0.2 % | 7,770,069 | 7,669,758 | 1.3 % | |||||
Occupancy and equipment | 479,893 | 590,861 | -18.8 % | 1,951,072 | 2,124,876 | -8.2 % | |||||
Data processing and software | 369,853 | 311,239 | 18.8 % | 1,363,740 | 1,340,576 | 1.7 % | |||||
Other noninterest expense | 1,333,518 | 883,183 | 51.0 % | 4,147,416 | 3,407,221 | 21.7 % | |||||
Total noninterest expense | 4,156,246 | 3,762,778 | 10.5 % | 15,232,297 | 14,542,431 | 4.7 % | |||||
Net income before tax | 1,501,023 | 1,262,844 | 18.9 % | 5,716,378 | 6,986,877 | -18.2 % | |||||
Tax expense | 342,278 | 247,113 | 38.5 % | 1,330,369 | 1,703,140 | -21.9 % | |||||
Net income | $ 1,158,745 | $ 1,015,731 | 14.1 % | $ 4,386,009 | $ 5,283,737 | -17.0 % | |||||
Net income per diluted share | $ 0.76 | $ 0.66 | 14.1 % | $ 2.87 | $ 3.45 | -16.9 % |
HISTORICAL TRENDS - QUARTERLY CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL DATA (unaudited) | |||||||||||||||||
2022 | 2022 | 2021 | |||||||||||||||
Q4 | Q3 | Q2 | Q1 | Q4 vs. Q3 | Q4 | Q3 | Q2 | Q1 | |||||||||
Interest income | |||||||||||||||||
Loans, including fee income | $ 4,604,085 | $ 4,320,361 | $ 4,035,473 | $ 3,916,572 | 6.6 % | $ 4,361,123 | $ 5,200,935 | $ 4,967,402 | $ 4,763,112 | ||||||||
Investment securities | 759,110 | 748,819 | 748,082 | 659,878 | 1.4 % | 566,608 | 502,460 | 485,823 | 423,879 | ||||||||
Other interest income | 177,102 | 102,959 | 26,809 | 7,897 | 72.0 % | 13,907 | 13,540 | 6,688 | 6,144 | ||||||||
Total interest income | 5,540,297 | 5,172,139 | 4,810,364 | 4,584,347 | 7.1 % | 4,941,638 | 5,716,935 | 5,459,913 | 5,193,135 | ||||||||
Interest expense | |||||||||||||||||
Deposits | 509,869 | 362,435 | 336,029 | 362,805 | 40.7 % | 434,397 | 490,718 | 507,708 | 534,280 | ||||||||
Repurchase agreements | 1,646 | 1,374 | 1,300 | 1,293 | 19.8 % | 1,375 | 1,466 | 891 | 1,079 | ||||||||
FHLB advances | 46,845 | 51,666 | 81,527 | 91,688 | -9.3 % | 101,800 | 109,882 | 163,552 | 175,472 | ||||||||
Other borrowings | 28,817 | 30,959 | 30,121 | 29,563 | -6.9 % | 31,250 | 32,967 | 34,341 | 34,937 | ||||||||
Total interest expense | 587,177 | 446,434 | 448,977 | 485,349 | 31.5 % | 568,823 | 635,033 | 706,492 | 745,768 | ||||||||
Net interest income | 4,953,120 | 4,725,705 | 4,361,387 | 4,098,998 | 4.8 % | 4,372,815 | 5,081,902 | 4,753,421 | 4,447,367 | ||||||||
Provision for loan losses | (90,000) | 100,000 | 65,000 | 25,000 | -190.0 % | 230,000 | 120,000 | 120,000 | 90,000 | ||||||||
Net interest income after provision | 5,043,120 | 4,625,705 | 4,296,387 | 4,073,998 | 9.0 % | 4,142,815 | 4,961,902 | 4,633,421 | 4,357,367 | ||||||||
Noninterest income | |||||||||||||||||
Service charges | 489,079 | 519,203 | 505,473 | 475,093 | -5.8 % | 485,620 | 480,290 | 445,963 | 417,139 | ||||||||
Gain on sale of loans | 42,898 | 73,284 | 105,506 | 194,246 | -41.5 % | 314,859 | 407,328 | 337,422 | 260,464 | ||||||||
Gain on sale of securities | - | - | - | - | Na | - | - | 4,310 | - | ||||||||
Other noninterest income | 82,172 | 246,512 | 93,737 | 82,262 | -66.7 % | 82,327 | 80,747 | 64,069 | 53,264 | ||||||||
Total noninterest income | 614,149 | 838,999 | 704,716 | 751,601 | -26.8 % | 882,806 | 968,365 | 851,764 | 730,867 | ||||||||
Noninterest expense | |||||||||||||||||
Salaries and benefits | 1,972,982 | 1,944,298 | 1,892,130 | 1,960,659 | 1.5 % | 1,977,495 | 2,063,437 | 1,820,550 | 1,808,276 | ||||||||
Occupancy and equipment | 479,893 | 500,853 | 507,800 | 462,526 | -4.2 % | 590,861 | 512,155 | 508,652 | 513,208 | ||||||||
Data processing and software | 369,853 | 345,447 | 332,429 | 316,011 | 7.1 % | 311,239 | 408,523 | 308,194 | 312,620 | ||||||||
Other noninterest expense | 1,333,518 | 1,100,503 | 925,680 | 787,715 | 21.2 % | 883,183 | 893,689 | 790,844 | 839,505 | ||||||||
Total noninterest expense | 4,156,246 | 3,891,101 | 3,658,039 | 3,526,911 | 6.8 % | 3,762,777 | 3,877,804 | 3,428,240 | 3,473,609 | ||||||||
Net income before tax | 1,501,023 | 1,573,603 | 1,343,064 | 1,298,688 | -4.6 % | 1,262,844 | 2,052,463 | 2,056,945 | 1,614,625 | ||||||||
Tax expense | 342,278 | 373,544 | 316,794 | 297,753 | -8.4 % | 247,113 | 528,699 | 525,953 | 401,375 | ||||||||
Net income | $ 1,158,745 | $ 1,200,059 | $ 1,026,270 | $ 1,000,935 | -3.4 % | $ 1,015,731 | $ 1,523,764 | $ 1,530,992 | $ 1,213,250 | ||||||||
Net income per diluted share | $ 0.76 | $ 0.79 | $ 0.67 | $ 0.65 | -3.8 % | $ 0.66 | $ 1.00 | $ 1.00 | $ 0.80 | ||||||||
Supplemental Data | |||||||||||||||||
PPP loans - net fee income | $ - | $ - | $ - | $ 49,492 | $ 418,004 | $ 1,207,559 | $ 832,733 | $ 667,482 | |||||||||
PPP loans - balance at period end | $ - | $ - | $ - | $ - | $ 1,096,939 | ||||||||||||
Merger related costs | $ 435,150 | $ - | $ - | $ - | $ - | $ - | $ - | $ - |
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