PSB Holdings Inc. (PSBH, Financial) filed Quarterly Report for the period ended 2012-09-30.
Psb Holdings, Inc. has a market cap of $68.1 million; its shares were traded at around $4.5 with a P/E ratio of 11.7 and P/S ratio of 6.2. The dividend yield of Psb Holdings, Inc. stocks is 4.3%.
Net income amounted to $503,000 or $0.08 per basic and diluted share for the quarter ended September 30, 2012 compared to net income of $805,000 or $0.13 per basic and diluted share for the quarter ended September 30, 2011. The decrease in net income was primarily due to a legal settlement on previously written-down securities of $1.5 million and $235,000 in gains on sales of securities available-for-sale during the three months ended September 30, 2011. Other-than-temporarily impaired investment write-downs decreased $709,000 to $89,000 for the quarter ended September 30, 2012 compared to $798,000 for the quarter ended September 30, 2011. Both items were non-recurring during the quarter ended September 30, 2012. Income from bank-owned life insurance increased $184,000 to $259,000 for the quarter ended September 30, 2012 compared to $75,000 for the quarter ended September 30, 2011. This increase included a $176,000 non-taxable death benefit realized during the quarter ended September 30, 2012. The provision for loan loss decreased by $141,000 to $250,000 for the quarter ended September 30, 2012 compared to $391,000 for the quarter ended September 30, 2011. Total non-interest expense decreased by $185,000 to $2.7 million for the quarter ended September 30, 2012 compared to $2.8 million for the quarter ended September 30, 2011. Net interest income increased $21,000 to $2.8 million for the quarter ended September 30, 2012 compared to $2.8 million for the quarter ended September 30, 2011. Income tax expense was $79,000 for the quarter ended September 30, 2012 compared to $285,000 for the quarter ended September 30, 2011. This was the result of a decrease in pre-tax income, tax preference items and an increase in non-taxable income from bank-owned life insurance.
Interest and dividend income amounted to $4.1 million for the quarter ended September 30, 2012 compared to $4.7 million for the quarter ended September 30, 2011, a decrease of $577,000 or 12.4%. This was primarily due to a decrease in yield on earning assets of 33 basis points to 3.85% for the quarter ended September 30, 2012 compared to 4.18% for the quarter ended September 30, 2011. Average investment securities decreased $14.8 million to $164.2 million for the quarter ended September 30, 2012 compared to $179.0 million for the quarter ended September 30, 2011. The yield on investment securities decreased 37 basis points to 2.49% for the quarter ended September 30, 2012 compared to 2.86% for the quarter ended September 30, 2011. Average loans decreased by $5.0 million to $251.2 million for the quarter ended September 30, 2012 compared to $256.2 million for the quarter ended September 30, 2011. The yield on loans decreased 41 basis points to 4.82% for the quarter ended September 30, 2012 compared to 5.23% for the quarter ended September 30, 2011.
Net interest and dividend income amounted to $2.8 million for the quarter ended September 30, 2012 compared to $2.8 million for the quarter ended September 30, 2011, an increase of $21,000 or 0.8%. Net interest rate spread increased by 16 basis points to 2.40% for the quarter ended September 30, 2012 from 2.24% for the quarter ended September 30, 2011. Net interest margin increased 15 basis points to 2.62% from 2.47% when comparing the quarters ended September 30, 2012 and 2011, respectively. Net interest-earning assets increased $10.3 million to $64.3 million for the quarter ended September 30, 2012 compared to $54.0 million for the quarter ended September 30, 2011.
Non-interest income totaled $711,000 for the quarter ended September 30, 2012 compared to $1.6 million for the quarter ended September 30, 2011, a decrease of $855,000 or 54.6%. The decrease was primarily due to a legal settlement on previously written-down securities of $1.5 million and $235,000 in gains on sales of securities available-for-sale during the three months ended September 30, 2011. This was partially offset by a decrease in other-than-temporary impairment charges on available-for-sale securities of $709,000 to $89,000 for the quarter ended September 30, 2012 compared to $798,000 for the quarter ended September 30, 2011. The impairment charges for the three months ended September 30, 2012 and September 30, 2011 were the result of credit losses on non-agency mortgage-backed securities. Income from bank-owned life insurance increased $184,000 to $259,000 for the quarter ended September 30, 2012 compared to $75,000 for the quarter ended September 30, 2011. This increase included a $176,000 non-taxable death benefit realized during the quarter ended September 30, 2012. Service fees decreased by $80,000 or 15.4% to $438,000 for the quarter ended September 30, 2012 compared to $518,000 for the quarter ended September 30, 2011.
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Psb Holdings, Inc. has a market cap of $68.1 million; its shares were traded at around $4.5 with a P/E ratio of 11.7 and P/S ratio of 6.2. The dividend yield of Psb Holdings, Inc. stocks is 4.3%.
Highlight of Business Operations:
For the quarter ended September 30, 2012, securities with other-than-temporary impairment losses related to credit loss that were recognized in earnings consisted of non-agency mortgage-backed securities. For these debt securities, the Company estimated the portion of loss attributable to credit loss using a discounted cash flow model. Significant inputs included the estimated cash flows of the underlying loans based on key assumptions, such as default rate, loss severity and prepayment rate. Assumptions can vary widely from security to security, and are influenced by such factors as loan interest rate, geographical location of the borrower, borrower characteristics and collateral type. The present value of the expected cash flows was compared to the Company s amortized cost basis to determine the credit-related impairment loss. Based on the expected cash flows derived from the model, the Company expects to recover the remaining unrealized losses on these securities and the Company does not consider these investments to be other-than-temporarily impaired at September 30, 2012.Net income amounted to $503,000 or $0.08 per basic and diluted share for the quarter ended September 30, 2012 compared to net income of $805,000 or $0.13 per basic and diluted share for the quarter ended September 30, 2011. The decrease in net income was primarily due to a legal settlement on previously written-down securities of $1.5 million and $235,000 in gains on sales of securities available-for-sale during the three months ended September 30, 2011. Other-than-temporarily impaired investment write-downs decreased $709,000 to $89,000 for the quarter ended September 30, 2012 compared to $798,000 for the quarter ended September 30, 2011. Both items were non-recurring during the quarter ended September 30, 2012. Income from bank-owned life insurance increased $184,000 to $259,000 for the quarter ended September 30, 2012 compared to $75,000 for the quarter ended September 30, 2011. This increase included a $176,000 non-taxable death benefit realized during the quarter ended September 30, 2012. The provision for loan loss decreased by $141,000 to $250,000 for the quarter ended September 30, 2012 compared to $391,000 for the quarter ended September 30, 2011. Total non-interest expense decreased by $185,000 to $2.7 million for the quarter ended September 30, 2012 compared to $2.8 million for the quarter ended September 30, 2011. Net interest income increased $21,000 to $2.8 million for the quarter ended September 30, 2012 compared to $2.8 million for the quarter ended September 30, 2011. Income tax expense was $79,000 for the quarter ended September 30, 2012 compared to $285,000 for the quarter ended September 30, 2011. This was the result of a decrease in pre-tax income, tax preference items and an increase in non-taxable income from bank-owned life insurance.
Interest and dividend income amounted to $4.1 million for the quarter ended September 30, 2012 compared to $4.7 million for the quarter ended September 30, 2011, a decrease of $577,000 or 12.4%. This was primarily due to a decrease in yield on earning assets of 33 basis points to 3.85% for the quarter ended September 30, 2012 compared to 4.18% for the quarter ended September 30, 2011. Average investment securities decreased $14.8 million to $164.2 million for the quarter ended September 30, 2012 compared to $179.0 million for the quarter ended September 30, 2011. The yield on investment securities decreased 37 basis points to 2.49% for the quarter ended September 30, 2012 compared to 2.86% for the quarter ended September 30, 2011. Average loans decreased by $5.0 million to $251.2 million for the quarter ended September 30, 2012 compared to $256.2 million for the quarter ended September 30, 2011. The yield on loans decreased 41 basis points to 4.82% for the quarter ended September 30, 2012 compared to 5.23% for the quarter ended September 30, 2011.
Net interest and dividend income amounted to $2.8 million for the quarter ended September 30, 2012 compared to $2.8 million for the quarter ended September 30, 2011, an increase of $21,000 or 0.8%. Net interest rate spread increased by 16 basis points to 2.40% for the quarter ended September 30, 2012 from 2.24% for the quarter ended September 30, 2011. Net interest margin increased 15 basis points to 2.62% from 2.47% when comparing the quarters ended September 30, 2012 and 2011, respectively. Net interest-earning assets increased $10.3 million to $64.3 million for the quarter ended September 30, 2012 compared to $54.0 million for the quarter ended September 30, 2011.
Non-interest income totaled $711,000 for the quarter ended September 30, 2012 compared to $1.6 million for the quarter ended September 30, 2011, a decrease of $855,000 or 54.6%. The decrease was primarily due to a legal settlement on previously written-down securities of $1.5 million and $235,000 in gains on sales of securities available-for-sale during the three months ended September 30, 2011. This was partially offset by a decrease in other-than-temporary impairment charges on available-for-sale securities of $709,000 to $89,000 for the quarter ended September 30, 2012 compared to $798,000 for the quarter ended September 30, 2011. The impairment charges for the three months ended September 30, 2012 and September 30, 2011 were the result of credit losses on non-agency mortgage-backed securities. Income from bank-owned life insurance increased $184,000 to $259,000 for the quarter ended September 30, 2012 compared to $75,000 for the quarter ended September 30, 2011. This increase included a $176,000 non-taxable death benefit realized during the quarter ended September 30, 2012. Service fees decreased by $80,000 or 15.4% to $438,000 for the quarter ended September 30, 2012 compared to $518,000 for the quarter ended September 30, 2011.
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