PSB Holdings Inc. Reports Consolidated Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Records Impairment Charges
January 26, 2012 at 04:31 pm
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PSB Holdings Inc. reported consolidated unaudited earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company reported total interest and dividend income of $7,063,000 compared to $7,366,000 for the same period last year. Net interest income of $5,060,000 compared to $4,900,000 for the same period last year. Income before provision for income taxes of $2,075,000 compared to $1,867,000 for the same period last year. Net income of $1,400,000 or $0.89 basic and diluted per share compared to $1,334,000 or $0.85 basic and diluted per share for the same period last year. Net book value per share was $31.96 compared with $29.85 for the same period last year. Return on average assets was 0.92% compared with 0.87% for the same period last year. Return on average stockholders' equity was 10.91% compared with 11.21% for the same period last year.
For the full year, the company reported total interest and dividend income of $28,314,000 compared to $29,665,000 for the same period last year. Net interest income of $19,557,000 compared to $19,099,000 for the same period last year. Income before provision for income taxes of $7,726,000 compared to $6,742,000 for the same period last year. Net income of $5,305,000 or $3.37 basic and diluted per share compared to $4,754,000 or $3.04 basic and diluted per share for the same period last year. Tangible net book value was $31.96 per share, up 7.1% over December 2010, and return on average stockholders' equity of 10.78%.
Loss on foreclosed assets, including partial write-downs, increased in the December 2011 quarter to $558,000 compared to $66,000 in the September 2011 quarter but similar to $544,000 in the December 2010 quarter. December 2011 quarterly foreclosure losses resulted from a $535,000 partial write-down of several foreclosed properties to estimated market value after selling costs based on new appraisals obtained during the quarter. Foreclosed asset losses during the December 2010 quarter were led by a $250,000 partial write-down of a property later sold during 2011.
PSB Holdings, Inc. is a holding company for Peoples State Bank (Peoples). Peoples is a community bank, which serves north central and southeastern Wisconsin with 10 full-service banking locations in Marathon, Oneida, Vilas, Milwaukee and Waukesha counties and a loan production office in Stevens Point, Wisconsin. Peoples also provides investment and insurance products, along with retirement planning services, through Peoples Wealth Management, a division of Peoples. Its commercial and industrial loans, municipal loans and agricultural loans are primarily for working capital, physical asset expansion and asset acquisition loans. Its commercial real estate loans are primarily secured by owner and non-owner-occupied office and industrial buildings, warehouses, small retail shopping facilities and various special purpose properties, including hotels and restaurants. Its construction and land development loans are secured by vacant land and/or property that is in the process of improvement.
PSB Holdings Inc. Reports Consolidated Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Records Impairment Charges
PSB HOLDINGS, INC. 
