Positive - PSB Holdings, Inc. reports increased earnings, net income, and tangible book value per share.

From GlobeNewswire: 2024-07-22 08:30:00

PSB Holdings, Inc. reported second quarter earnings of $0.56 per common share on net income of $2.3 million, an increase from the previous quarter. Key factors included higher net interest income, increased non-interest income, and a rise in the effective tax rate to 14.4%. Tangible book value per common share also increased to $24.55.

Highlights for the quarter ended June 30, 2024, included an increase in net interest income to $9.4 million, with earning asset yields rising to 5.21%. Non-interest income increased to $1.9 million, and non-interest expenses also rose slightly. Tangible stockholder equity was at 7.32% at June 30, 2024, and tangible net book value per common share grew to $24.55.

Total assets for PSB Holdings, Inc. increased $67.1 million to $1.49 billion at June 30, 2024. Cash and cash equivalents rose significantly, reflecting a large customer deposit. Loans receivable decreased, while total deposits increased to $1.15 billion, with changes in the composition of funding sources seen in the second quarter of 2024.

PSB Holdings, Inc. saw an increase in tangible net book value per common share to $24.55 at June 30, 2024, representing an 8.4% increase from one year earlier. Net interest income for the second quarter of 2024 also increased, with earning asset yields rising due to higher yields on loan activities. Tangible stockholder equity was at 7.32% at June 30, 2024.



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