PSB Holdings Inc. (PSBH, Financial) filed Quarterly Report for the period ended 2010-12-31.
Psb Holdings Inc. has a market cap of $87.2 million; its shares were traded at around $5.75 with a P/E ratio of 15 and P/S ratio of 8.5. The dividend yield of Psb Holdings Inc. stocks is 3.1%.
Net income amounted to $99,000 or $.02 per basic and diluted share for the quarter ended December 31, 2010 compared to net income of $528,000 or $.08 per basic and diluted share for the quarter ended December 31, 2009. The decrease in net income was primarily due to decreases in net interest income of $404,000 and net gains on sale of securities of $512,000. This was partially offset by other-than-temporarily impaired investment write-downs of $354,000 during the quarter ended December 31, 2010 compared to $603,000 for the quarter ended December 31, 2009. Income tax expense decreased by $224,000 to a tax benefit of $35,000 for the quarter ended December 31, 2010 compared to income tax expense of $189,000 during the quarter ended December 31, 2009. The tax benefit was due to income recorded on assets with favorable tax treatment with no offsetting book tax expense.
Net income amounted to $669,000 or $.11 per basic and diluted share for the six months ended December 31, 2010 compared to net income of $931,000 or $.15 per basic and diluted share for the six months ended December 31, 2009. The decrease in net income was primarily due to decreases in net interest income of $625,000 and net gains on sale of securities of $588,000. This was partially offset by other-than-temporarily impaired investment write-downs of $527,000 during the six months ended December 31, 2010 compared to $932,000 for the six months ended December 31, 2009. Noninterest expense decreased by $469,000 to $5.6 million for the six months ended December 31, 2010 compared to $6.1 million for the six months ended December 31, 2009. Income tax expense decreased by $116,000 to $180,000 for the six months ended December 31, 2010 compared to $296,000 during the six months ended December 31, 2009.
The provision for loan losses amounted to $241,000 for the quarter ended December 31, 2010 as compared to $265,000 for the quarter ended December 31, 2009, a decrease of $24,000 or 9.1%. The provision for loan losses amounted to $442,000 for the six months ended December 31, 2010 as compared to $507,000 for the six months ended December 31, 2009, a decrease of $65,000 or 12.8%. The allowance for loan losses is based on management s estimate of the probable losses inherent in the portfolio, considering the impact of certain factors. Among the factors management may consider are prior loss experience, current economic conditions and their effects on borrowers, the character and size of the portfolio, trends in nonperforming loans and delinquency rates and the performance of individual loans in relation to contractual terms. The provision for loan losses reflects adjustments to the allowance based on management s review of the portfolio in light of those conditions. The ratio of the allowance to gross loans outstanding was 1.01% as of December 31, 2010 compared to 1.03% as of June 30, 2010. Net charge-offs were $235,000 for the quarter ended December 31, 2010 compared to $186,000 for the quarter ended December 31, 2009. Net charge-offs were $506,000 for the six months ended December 31, 2010 compared to $500,000 for the six months ended December 31, 2009. The ratio of the allowance to nonperforming loans was 41.7% as of December 31, 2010 compared to 42.1% as of June 30, 2010. Management believes that the nonperforming loans will not have a material effect on the adequacy of the allowance for loan losses.
Noninterest expense amounted to $2.88 million for the quarter ended December 31, 2010 as compared to $2.91 million for the quarter ended December 31, 2009, a decrease of $35,000 or 1.2%. Compensation and benefits expense decreased $72,000 or 4.7%. This was due to decreases in medical insurance expense of $25,000, employee stock award expense of $22,000 and salary expense of $16,000. Occupancy and equipment expense increased $4,000 or 1.3%. Other noninterest expenses increased $33,000 or 3.0% to $1.13 million for the quarter ended December 31, 2010 compared to $1.09 million for the quarter ended December 31, 2009.
Noninterest expense amounted to $5.6 million for the six months ended December 31, 2010 as compared to $6.1 million for the six months ended December 31, 2009, a decrease of $469,000 or 7.7%. Compensation and benefits expense decreased $85,000 or 2.8%. This was due to decreases in medical insurance expense of $29,000, employee stock award expense of $22,000 and salary expense of $30,000. Other noninterest expenses decreased $385,000 or 15.6% to $2.1 million for the six months ended December 31, 2010 compared to $2.5 million for the six months ended December 31, 2009. This decrease was primarily due to decreases in other real estate owned write-downs of $226,000 and prepayment penalties on borrowings of $153,000 during the six months ended December 31, 2009.
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Psb Holdings Inc. has a market cap of $87.2 million; its shares were traded at around $5.75 with a P/E ratio of 15 and P/S ratio of 8.5. The dividend yield of Psb Holdings Inc. stocks is 3.1%.
Highlight of Business Operations:
Total liabilities decreased to $435.1 million at December 31, 2010 from $445.5 million at June 30, 2010. Total deposits decreased to $330.4 million at December 31, 2010 from $335.1 million at June 30, 2010, a decrease of $4.7 million or 1.4%. Federal Home Loan Bank advances decreased to $95.5 million at December 31, 2010 from $100.5 million at June 30, 2010, a decrease of $5.0 million or 5.0%. Securities sold under agreements to repurchase decreased to $5.5 million at December 31, 2010 from $5.9 million at June 30, 2010, a decrease of $381,000 or 6.5%.Net income amounted to $99,000 or $.02 per basic and diluted share for the quarter ended December 31, 2010 compared to net income of $528,000 or $.08 per basic and diluted share for the quarter ended December 31, 2009. The decrease in net income was primarily due to decreases in net interest income of $404,000 and net gains on sale of securities of $512,000. This was partially offset by other-than-temporarily impaired investment write-downs of $354,000 during the quarter ended December 31, 2010 compared to $603,000 for the quarter ended December 31, 2009. Income tax expense decreased by $224,000 to a tax benefit of $35,000 for the quarter ended December 31, 2010 compared to income tax expense of $189,000 during the quarter ended December 31, 2009. The tax benefit was due to income recorded on assets with favorable tax treatment with no offsetting book tax expense.
Net income amounted to $669,000 or $.11 per basic and diluted share for the six months ended December 31, 2010 compared to net income of $931,000 or $.15 per basic and diluted share for the six months ended December 31, 2009. The decrease in net income was primarily due to decreases in net interest income of $625,000 and net gains on sale of securities of $588,000. This was partially offset by other-than-temporarily impaired investment write-downs of $527,000 during the six months ended December 31, 2010 compared to $932,000 for the six months ended December 31, 2009. Noninterest expense decreased by $469,000 to $5.6 million for the six months ended December 31, 2010 compared to $6.1 million for the six months ended December 31, 2009. Income tax expense decreased by $116,000 to $180,000 for the six months ended December 31, 2010 compared to $296,000 during the six months ended December 31, 2009.
The provision for loan losses amounted to $241,000 for the quarter ended December 31, 2010 as compared to $265,000 for the quarter ended December 31, 2009, a decrease of $24,000 or 9.1%. The provision for loan losses amounted to $442,000 for the six months ended December 31, 2010 as compared to $507,000 for the six months ended December 31, 2009, a decrease of $65,000 or 12.8%. The allowance for loan losses is based on management s estimate of the probable losses inherent in the portfolio, considering the impact of certain factors. Among the factors management may consider are prior loss experience, current economic conditions and their effects on borrowers, the character and size of the portfolio, trends in nonperforming loans and delinquency rates and the performance of individual loans in relation to contractual terms. The provision for loan losses reflects adjustments to the allowance based on management s review of the portfolio in light of those conditions. The ratio of the allowance to gross loans outstanding was 1.01% as of December 31, 2010 compared to 1.03% as of June 30, 2010. Net charge-offs were $235,000 for the quarter ended December 31, 2010 compared to $186,000 for the quarter ended December 31, 2009. Net charge-offs were $506,000 for the six months ended December 31, 2010 compared to $500,000 for the six months ended December 31, 2009. The ratio of the allowance to nonperforming loans was 41.7% as of December 31, 2010 compared to 42.1% as of June 30, 2010. Management believes that the nonperforming loans will not have a material effect on the adequacy of the allowance for loan losses.
Noninterest expense amounted to $2.88 million for the quarter ended December 31, 2010 as compared to $2.91 million for the quarter ended December 31, 2009, a decrease of $35,000 or 1.2%. Compensation and benefits expense decreased $72,000 or 4.7%. This was due to decreases in medical insurance expense of $25,000, employee stock award expense of $22,000 and salary expense of $16,000. Occupancy and equipment expense increased $4,000 or 1.3%. Other noninterest expenses increased $33,000 or 3.0% to $1.13 million for the quarter ended December 31, 2010 compared to $1.09 million for the quarter ended December 31, 2009.
Noninterest expense amounted to $5.6 million for the six months ended December 31, 2010 as compared to $6.1 million for the six months ended December 31, 2009, a decrease of $469,000 or 7.7%. Compensation and benefits expense decreased $85,000 or 2.8%. This was due to decreases in medical insurance expense of $29,000, employee stock award expense of $22,000 and salary expense of $30,000. Other noninterest expenses decreased $385,000 or 15.6% to $2.1 million for the six months ended December 31, 2010 compared to $2.5 million for the six months ended December 31, 2009. This decrease was primarily due to decreases in other real estate owned write-downs of $226,000 and prepayment penalties on borrowings of $153,000 during the six months ended December 31, 2009.
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