PSB Holdings, Inc. Reports Quarterly Earnings of $0.82 Per Share

Results Highlighted by Net Interest Margin Expansion and Tangible Net Book Value Growth to $30.55 Per Share

WAUSAU, Wis., April 27, 2026 (GLOBE NEWSWIRE) -- PSB Holdings, Inc. (“PSB”) (OTCQX: PSBQ), the holding company for Peoples State Bank (“Peoples”) serving Northcentral and Southeastern Wisconsin reported earnings for the first quarter ending March 31, 2026 of $0.82 per diluted common share on net income of $3.3 million, compared to $0.97 per diluted common share on net income of $3.9 million during the fourth quarter ending December 31, 2025, and $0.60 per diluted common share on net income of $2.4 million during the first quarter ending March 31, 2025.

PSB’s first quarter of 2026 operating results reflected the following changes from the fourth quarter of 2025: (1) a stronger net interest margin as loans and securities yields increased; (2) higher non-interest income from gains on the sale of SBA loans and receipt of life insurance benefits partially offset by losses on the sale of securities; and (3) higher non-interest expenses due to higher salary and employee benefits due in part to higher incentive accruals and a true-up of historical FDIC insurance premiums.

“Net interest margin expansion has continued to support strong profitability while enabling the Bank to continue to pursue strategic initiatives to ensure enhancement of shareholder value. Additionally, during the first quarter, we received life insurance benefits enabling us the opportunity to restructure a part of the investment portfolio. Delayed sales of SBA loans due to the government shutdown in the fourth quarter of 2025 were sold in the first quarter which boosted gains in the current quarter,” stated Scott Cattanach, President and CEO. “Additionally, we are pleased to share that Rhonda Norrbom has joined Peoples as executive vice president and chief credit officer. Rhonda will oversee credit risk management and the commercial credit administration team, ensuring continued alignment with the Bank’s commitment to sound lending practices that support community growth.”

March 31, 2026, Highlights:

Net interest income increased $155,000 to $11.9 million for the quarter ended March 31, 2026, from $11.7 million for the quarter ended December 31, 2025, due in part to higher loan balances with higher yields, repricing of existing loans to higher rates and higher securities yields after some security restructuring.
Noninterest income increased $239,000 to $2.3 million for the quarter ended March 31, 2026, compared to $2.1 million the prior quarter due to the receipt of life insurance benefits and gains on the sale of SBA loans, partially offset by losses on security sales.
Noninterest expenses increased $1.2 million to $9.8 million during the quarter ended March 31, 2026 from $8.6 million for the quarter ended December 31, 2025, reflecting higher salary and benefit plan expenses related to higher incentive accruals for fiscal 2026. Additionally, a non-recurring true-up for historical FDIC insurance premiums and one-time legal and professional expenses were realized in the first quarter ended March 31, 2026.

Net loans increased $20.5 million in the first quarter ended March 31, 2026, to $1.12 billion compared to December 31, 2025. The loan pipeline continues to remain strong. Allowance for credit losses increased to 1.16% of gross loans.
Non-performing assets decreased to $16.3 million, or 1.09% of total assets at March 31, 2026, compared to $17.3 million, or 1.18% the previous quarter. The decrease primarily relates to the partial paydown of a non-owner occupied rental property.
Total deposits increased $10.0 million to $1.19 billion at March 31, 2026, from $1.18 billion at December 31, 2025. Core deposits increased $18.5 million while brokered deposits declined $8.3 million.
Return on average tangible common equity was 10.90% for the quarter ended March 31, 2026 compared to 12.86% the prior quarter and 9.21% in the year ago quarter. Tangible book value per common share was up 13.40% over the past year to $30.55 at March 31, 2026, compared to $26.94 at March 31, 2025 and $29.99 at December 31, 2025.
PSB paid a semi-annual dividend of $0.34 per share on January 30, 2026. Additionally, PSB announced a regular quarterly cash dividend of $0.18 per share, payable April 30, 2026 to shareholders of record on April 10, 2026.

Balance Sheet and Asset Quality Review

Total assets increased $33.9 million during the first quarter to $1.50 billion at March 31, 2026, compared to $1.46 billion at December 31, 2025. Cash and cash equivalents increased $29.6 million to $59.5 million at March 31, 2026, from $29.9 million at December 31, 2025, as deposit growth and security sales increased cash and cash equivalent levels. Investment securities available for sale decreased $13.2 million to $171.1 million at March 31, 2026, from $184.3 million one quarter earlier.

Gross loans receivable increased $15.6 million to $1.15 billion at March 31, 2026, compared to one quarter earlier. Commercial real estate loans increased $26.8 million to $578.7 million at March 31, 2026, compared to three months earlier while commercial & industrial loans increased $4.1 million to $143.6 million over the same time period. Residential real estate loans decreased $9.9 million from the prior quarter to $330.4 million while agricultural loans decreased $2.3 million to $9.2 million at March 31, 2026, compared to three months earlier and municipal loans decreased $2.8 million over the same time period. The loan portfolio remains well diversified with commercial real estate and construction loans totaling 56.7% of gross loans, followed by residential real estate loans at 28.8% of gross loans, commercial non-real estate loans at 14.1% and consumer loans at 0.4%. The lending pipeline remains strong heading into the second quarter.

The allowance for credit losses increased to 1.16% of gross loans at March 31, 2026 while annualized net charge-offs to average loans were 0.00% for the quarter ended March 31, 2026. Non-performing assets decreased $1.0 million to $16.3 million, or 1.09% of total assets at March 31, 2026, down from 1.18% at December 31, 2025. The decrease in non-performing assets primarily reflects the partial paydown of a non-owner occupied rental property of approximately $1.2 million. Approximately 73% of all non-performing assets consisted of five lending relationships.

Total deposits increased $10.0 million from the prior quarter to $1.19 billion. The largest increase in deposits was in money market deposits, which increased $21.6 million during the first quarter partially offset by a decline in retail and local time deposits and brokered deposits of $5.7 million and $8.3 million, respectively.

FHLB advances increased by $24.0 million to $137.0 million at March 31, 2026 from $113.0 million at December 31, 2025. The increase in FHLB advances offset a decline in brokered deposits totaling $8.3 million to $54.2 million at March 31, 2026.

Tangible stockholder equity as a percentage of total tangible assets was 8.72% at March 31, 2026, compared to 8.77% at December 31, 2025, and 8.05% at March 31, 2025.

Tangible net book value per common share increased $3.61 to $30.55 at March 31, 2026, compared to $26.94 one year earlier, an increase of 13.40% after dividends totaling $0.86 were paid to shareholders. Relative to the prior quarter’s tangible book value per common share of $29.99, tangible net book value per common share increased primarily due to earnings. The accumulated other comprehensive loss on the investment portfolio increased slightly to $13.2 million at March 31, 2026 as market interest rates rose slightly, compared to $13.0 million one quarter earlier and $16.7 million at March 31, 2025.

Operations Review

Net interest income increased to $11.9 million (on a net margin of 3.45%) for the first quarter of 2026, from $11.7 million (on a net margin of 3.28%) for the fourth quarter of 2025, and increased from $10.3 million (on a net margin of 3.03%) for the first quarter of 2025. The higher net interest income in the current period primarily relates to an increase in loan yields during the quarter and an increase in security yields after selling lower yielding securities during the first quarter. Overall earning asset yields increased 19 basis points to 5.61% during the first quarter of 2026 from 5.42% the prior period and cost of funds increased 3 basis points to 2.92% compared to 2.89% during the fourth quarter of 2025. Relative to one year earlier, interest-earning asset yields were up 26 basis points while the overall cost of funds declined 10 basis points.

The increase in earning-asset yields was due to higher yields on loans and investment securities. Loan yields increased during the first quarter of 2026 to 6.12% from 5.94% during the fourth quarter of 2025. Taxable security yields were 3.39% for the quarter ended March 31, 2026, compared to 3.32% for the quarter ended December 31, 2025, while a smaller balance of tax-exempt security yields increased to 3.38% for the quarter ended March 31, 2026 from 3.33% the prior quarter.

The slight increase in funding costs was due to higher deposit costs, partially offset by lower costs related to FHLB advances. Deposits costs increased 5 basis points to 2.03% for the quarter ended March 31, 2026, from 1.98% the prior quarter as loyalty programs rewarded core retail deposit customers with higher deposit rates when combined with their primary checking account. FHLB advance costs declined 12 basis points to 4.24% for the first quarter from 4.36% the prior quarter.

Total noninterest income increased $239,000 during the first quarter of 2026 to $2.3 million. The government shutdown in the fourth quarter delayed the sale of SBA 7A loans until the first quarter of 2026. As a result, other noninterest income increased to $923,000 for the quarter ended March 31, 2026 from $565,000 one quarter earlier. Additionally, life insurance benefits totaling $489,000 and a net loss of $502,000 on the sale of investment securities were realized during the first quarter ended March 31, 2026.

Noninterest expenses increased $1.2 million to $9.8 million for the first quarter of 2026, compared to $8.6 million for the fourth quarter of 2025, and increased $829,000 from $9.0 million for the first quarter of 2025. On a linked quarter basis, salary and benefits expense increased $789,000 due to higher incentive accruals and annual merit increases. Additionally, a non-recurring true-up for historical FDIC insurance premiums and one-time legal and professional expenses were realized in the first quarter ended March 31, 2026.

Income taxes decreased $388,000 during the first quarter to $495,000, from $883,000 one quarter earlier due to tax exempt life insurance benefits and from the sale of available for sale securities that had a stranded deferred tax asset that resulted from the change in the Wisconsin tax law in 2023. The effective tax rate for the quarter ended March 31, 2026 was 12.6% compared to 18.0% for the fourth quarter ended December 31, 2025.

About PSB Holdings, Inc.

PSB Holdings, Inc. is the parent company of Peoples State Bank. Peoples is a community bank headquartered in Wausau, Wisconsin, serving northcentral and southeastern Wisconsin from twelve full-service banking locations in Marathon, Oneida, Vilas, Portage, Milwaukee and Waukesha counties. Peoples also provides investment and insurance products, along with retirement planning services, through Peoples Wealth Management, a division of Peoples. PSB Holdings, Inc. is traded under the stock symbol PSBQ on the OTCQX Market. More information about PSB, its management, and its financial performance may be found at www.psbholdingsinc.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current expectations, estimates and projections about PSB’s business based, in part, on assumptions made by management and include, without limitation, statements with respect to the potential growth of PSB, its future profits, expected stock repurchase levels, future dividend rates, future interest rates, and the adequacy of its capital position. Forward-looking statements can be affected by known and unknown risks, uncertainties, and other factors, including, but not limited to, strength of the economy, the effects of government policies, including interest rate policies, risks associated with the execution of PSB’s vision and growth strategy, including with respect to current and future M&A activity, and risks associated with global economic instability. The forward-looking statements in this press release speak only as of the date on which they are made and PSB does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.


PSB Holdings, Inc.
Consolidated Balance Sheets
March 31, 2026, September 30, June 30, and March 31, 2025, unaudited, December 31, 2025 derived from audited financial statements

	Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,
(dollars in thousands, except per share data)		2026			2025			2025			2025			2025

Assets

Cash and due from banks	$	28,053		$	19,697		$	14,221		$	23,022		$	19,628
Interest-bearing deposits		1,703			2,262			3,630			2,890			702
Federal funds sold		29,755			7,916			19,641			31,624			2,351

Cash and cash equivalents		59,511			29,875			37,492			57,536			22,681
Securities available for sale (at fair value)		171,107			184,265			190,709			184,320			182,594
Securities held to maturity (fair values of $72,485, $76,671, $76,104, $75,016 and $77,375 respectively)		78,826			81,511			82,195			83,123			85,373
Equity securities		2,904			2,892			2,885			2,885			2,847
Loans held for sale		652			180			145			349			734
Loans receivable, net (allowance for credit losses of $13,131, $12,605, $12,686, $12,553 and $12,392 respectively)		1,116,089			1,096,035			1,115,137			1,109,296			1,096,422
Accrued interest receivable		5,094			5,035			5,023			5,006			5,184
Foreclosed assets		-			-			-			-			300
Premises and equipment, net		13,160			12,972			13,355			13,397			13,522
Mortgage servicing rights, net		1,978			1,689			1,685			1,684			1,717
Federal Home Loan Bank stock (at cost)		7,995			8,090			8,641			9,297			8,825
Cash surrender value of bank-owned life insurance		24,453			25,425			25,242			25,067			24,897
Core deposit intangible		266			287			309			330			353
Goodwill		3,565			3,495			3,495			3,495			3,495
Other assets		9,784			9,721			10,420			10,832			10,828

TOTAL ASSETS	$	1,495,384		$	1,461,472		$	1,496,733		$	1,506,617		$	1,459,772

Liabilities

Non-interest-bearing deposits	$	281,947		$	278,302		$	278,615		$	277,239		$	245,672
Interest-bearing deposits		905,082			898,729			910,571			900,303			884,364

Total deposits		1,187,029			1,177,031			1,189,186			1,177,542			1,130,036

Federal Home Loan Bank advances		136,950			112,950			140,950			165,950			170,250
Other borrowings		4,119			5,397			6,062			6,250			6,343
Senior subordinated notes		4,789			4,788			4,786			4,784			4,783
Junior subordinated debentures		13,151			13,126			13,100			13,075			13,049
Allowance for credit losses on unfunded commitments		492			542			622			622			672
Accrued expenses and other liabilities		14,986			15,967			13,651			15,118			13,554

Total liabilities		1,361,516			1,329,801			1,368,357			1,383,341			1,338,687

Stockholders' equity

Preferred stock - no par value:
Authorized - 30,000 shares; Issued - 7,200 shares
Outstanding - 7,200 shares, respectively		7,200			7,200			7,200			7,200			7,200
Common stock - no par value with a stated value of $1.00 per share:
Authorized - 18,000,000 shares; Issued - 5,490,798 shares
Outstanding - 4,020,508, 4,023,874, 4,040,538, 4,041,573 and 4,084,708 shares, respectively		1,830			1,830			1,830			1,830			1,830
Additional paid-in capital		8,732			8,727			8,707			8,659			8,608
Retained earnings		153,146			150,556			148,029			144,548			142,277
Accumulated other comprehensive income (loss), net of tax		(13,264	)		(13,000	)		(14,166	)		(15,764	)		(16,692	)
Treasury stock, at cost - 1,470,290, 1,466,924, 1,450,260, 1,449,225 and 1,406,090 shares, respectively		(23,776	)		(23,642	)		(23,224	)		(23,197	)		(22,138	)

Total stockholders' equity		133,868			131,671			128,376			123,276			121,085

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	1,495,384		$	1,461,472		$	1,496,733		$	1,506,617		$	1,459,772

PSB Holdings, Inc.
Consolidated Statements of Income
	Quarter Ended
(dollars in thousands,	Mar. 31,			Dec. 31,			Sep. 30,		Jun. 30,			Mar. 31,
except per share data - unaudited)		2026			2025			2025		2025			2025

Interest and dividend income:
Loans, including fees	$	17,066		$	16,744		$	16,745	$	16,510		$	15,782
Securities:
Taxable		1,586			1,659			1,645		1,566			1,641
Tax-exempt		484			495			500		506			517
Other interest and dividends		316			582			717		332			345

Total interest and dividend income		19,452			19,480			19,607		18,914			18,285

Interest expense:
Deposits		5,898			5,976			6,207		5,934			5,884
FHLB advances		1,344			1,428			1,707		1,899			1,792
Other borrowings		25			40			45		48			47
Senior subordinated notes		59			59			59		58			59
Junior subordinated debentures		242			248			247		250			248

Total interest expense		7,568			7,751			8,265		8,189			8,030

Net interest income		11,884			11,729			11,342		10,725			10,255
Provision for credit losses		475			275			138		110			117

Net interest income after provision for credit losses		11,409			11,454			11,204		10,615			10,138

Noninterest income:
Service fees		393			401			363		366			358
Mortgage banking income		405			413			363		411			250
Investment and insurance sales commissions		437			520			345		335			326
Net loss on sale of securities		(502	)		-			-		-			(1	)
Increase in cash surrender value of life insurance		175			182			176		170			163
Life insurance death benefits		489			-			-		-			-
Other noninterest income		923			565			678		814			770

Total noninterest income		2,320			2,081			1,925		2,096			1,866

Noninterest expense:
Salaries and employee benefits		5,948			5,159			5,446		4,828			5,302
Occupancy and facilities		800			712			712		719			786
Loss (gain) on foreclosed assets		(36	)		(23	)		1		(58	)		-
Data processing and other office operations		1,119			1,188			1,122		1,189			1,201
Advertising and promotion		189			177			138		189			129
Core deposit intangible amortization		21			21			22		23			23
Other noninterest expenses		1,757			1,402			1,365		1,303			1,528

Total noninterest expense		9,798			8,636			8,806		8,193			8,969

Income before provision for income taxes		3,931			4,899			4,323		4,518			3,035
Provision for income taxes		495			883			720		752			473

Net income	$	3,436		$	4,016		$	3,603	$	3,766		$	2,562
Preferred stock dividends declared	$	122		$	122		$	122	$	122		$	122

Net income available to common shareholders	$	3,314		$	3,894		$	3,481	$	3,644		$	2,440
Basic earnings per common share	$	0.82		$	0.97		$	0.86	$	0.90		$	0.60
Diluted earnings per common share	$	0.82		$	0.97		$	0.86	$	0.89		$	0.60

PSB Holdings, Inc.
Quarterly Financial Summary
(dollars in thousands, except per share data)		Quarter ended
		Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,
Earnings and dividends:			2026		2025		2025		2025		2025

	Interest income	$	19,452	$	19,480	$	19,607	$	18,914	$	18,285
	Interest expense	$	7,568	$	7,751	$	8,265	$	8,189	$	8,030
	Net interest income	$	11,884	$	11,729	$	11,342	$	10,725	$	10,255
	Provision for credit losses	$	475	$	275	$	138	$	110	$	117
	Other noninterest income	$	2,320	$	2,081	$	1,925	$	2,096	$	1,866
	Other noninterest expense	$	9,798	$	8,636	$	8,806	$	8,193	$	8,969
	Net income available to common shareholders	$	3,314	$	3,894	$	3,481	$	3,644	$	2,440

	Basic earnings per common share (3)	$	0.82	$	0.97	$	0.86	$	0.90	$	0.60
	Diluted earnings per common share (3)	$	0.82	$	0.97	$	0.86	$	0.89	$	0.60
	Dividends declared per common share (3)	$	0.18	$	0.34	$	-	$	0.34	$	-
	Tangible net book value per common share (4)	$	30.55	$	29.99	$	29.05	$	27.77	$	26.94

	Average common shares outstanding		4,021,327		4,028,368		4,041,393		4,070,721		4,088,824


Balance sheet - average balances:
	Loans receivable, net of allowances for credit loss	$	1,118,837	$	1,107,114	$	1,111,055	$	1,111,004	$	1,091,533
	Assets	$	1,478,103	$	1,501,135	$	1,510,272	$	1,480,851	$	1,462,862
	Deposits	$	1,175,510	$	1,199,363	$	1,191,002	$	1,142,279	$	1,140,397
	Stockholders' equity	$	134,946	$	131,606	$	125,342	$	123,077	$	118,576


Performance ratios:
	Return on average assets (1)		0.94%		1.06%		0.95%		1.02%		0.71%
	Return on average common stockholders' equity (1)		10.52%		12.42%		11.69%		12.61%		8.88%
	Return on average tangible common
	stockholders' equity (1)(4)		10.90%		12.86%		12.14%		13.11%		9.21%
	Net loan charge-offs to average loans (1)		0.00%		0.16%		0.00%		0.00%		0.02%
	Nonperforming loans to gross loans		1.44%		1.56%		1.51%		1.39%		1.15%
	Nonperforming assets to total assets		1.09%		1.18%		1.13%		1.04%		0.89%
	Allowance for credit losses to gross loans		1.16%		1.14%		1.12%		1.12%		1.12%
	Nonperforming assets to tangible equity
	plus the allowance for credit losses (4)		12.13%		13.10%		13.17%		12.64%		10.71%
	Net interest rate margin (1)(2)		3.45%		3.28%		3.16%		3.09%		3.03%
	Net interest rate spread (1)(2)		2.69%		2.53%		2.42%		2.34%		2.33%
	Service fee revenue as a percent of
	average demand deposits (1)		0.58%		0.55%		0.52%		0.54%		0.58%
	Noninterest income as a percent
	of gross revenue		10.66%		9.65%		8.94%		9.98%		9.26%
	Efficiency ratio (2)		68.24%		61.82%		65.47%		63.00%		72.88%
	Noninterest expenses to average assets (1)		2.69%		2.28%		2.31%		2.22%		2.49%
	Average stockholders' equity less accumulated
	other comprehensive income (loss) to
	average assets		9.93%		9.59%		9.20%		9.31%		9.22%
	Tangible equity to tangible assets (4)		8.72%		8.77%		8.34%		7.95%		8.05%

Stock price information:

	High	$	28.50	$	26.30	$	26.00	$	25.70	$	26.50
	Low	$	26.10	$	24.34	$	23.30	$	23.65	$	25.60
	Last trade value at quarter-end	$	27.74	$	26.10	$	25.50	$	23.89	$	25.70

(1) Annualized
(2) The yield on federally tax-exempt loans and securities is computed on a tax-equivalent basis using a federal tax rate of 21%.
(3) Due to rounding, cumulative quarterly per share performance may not equal annual per share totals.
(4) Tangible stockholders' equity excludes goodwill and core deposit intangibles.


PSB Holdings, Inc.
Consolidated Statements of Comprehensive Income

		Quarter Ended
		Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,
(dollars in thousands - unaudited)			2026			2025			2025			2025			2025

Net income		$	3,436		$	4,016		$	3,603		$	3,766		$	2,562

Other comprehensive income, net of tax:

	Unrealized gain (loss) on securities availablefor sale		(711	)		1,065			1,550			972			2,551

	Reclassification adjustment for security loss included in net income		396			-			-			-			1

	Accretion of unrealized loss included in net income on securities available for sale deferred tax adjustment for Wisconsin Act 19		(83	)		-			(26	)		(35	)		-

	Amortization of unrealized loss included in net income on securities available for sale transferred to securities held to maturity		91			90			90			91			89

	Unrealized gain (loss) on interest rate swap		43			18			(2	)		(87	)		(6	)

	Reclassification adjustment of interest rate swap settlements included in earnings		-			(7	)		(15	)		(13	)		(13	)


Other comprehensive income (loss)			(264	)		1,166			1,597			928			2,622

Comprehensive income		$	3,172		$	5,182		$	5,200		$	4,694		$	5,184

PSB Holdings, Inc.
Nonperforming Assets as of:
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,
(dollars in thousands)		2026		2025		2025		2025		2025

Nonaccrual loans (excluding restructured loans)	$	15,438	$	16,436	$	16,560	$	15,333	$	12,404
Nonaccrual restructured loans		6		7		10		13		17
Restructured loans not on nonaccrual		863		865		415		295		280
Accruing loans past due 90 days or more		-		-		-		-		-

Total nonperforming loans		16,307		17,308		16,985		15,641		12,701
Other real estate owned		-		-		-		-		300

Total nonperforming assets	$	16,307	$	17,308	$	16,985	$	15,641	$	13,001

Nonperforming loans as a % of gross loans receivable		1.44%		1.56%		1.51%		1.39%		1.15%
Total nonperforming assets as a % of total assets		1.09%		1.18%		1.13%		1.04%		0.89%
Allowance for credit losses as a % of nonperforming loans		80.52%		72.83%		74.69%		80.26%		97.57%

PSB Holdings, Inc.
Nonperforming Assets >= $1,000,000 net book value before specific reserves
At March 31, 2026
(dollars in thousands)
		Gross		Specific
Collateral Description	Asset Type	Principal		Reserves

Real estate - Non-Owner Occupied Rental Properties	Nonaccrual		2,701		-
Real estate - Recreational Facility	Nonaccrual		3,639		117
Real estate - Equipment Dealership	Nonaccrual		2,295		1,101
Real estate - Wood Products	Nonaccrual		1,683		375
Real estate - Non-Owner Occupied Commercial Rental Property	Nonaccrual		1,641		68


Total listed nonperforming assets		$	11,959	$	1,661
Total bank wide nonperforming assets		$	16,307	$	2,236
Listed assets as a % of total nonperforming assets			73%		74%

PSB Holdings, Inc.
Loan Composition by Collateral Type
Quarter-ended (dollars in thousands)	Mar 31, 2026			Dec 31, 2025			Sep 30, 2025			Jun 30, 2025			Mar 31, 2025

Commercial:
Commercial and industrial	$	143,572		$	139,479		$	137,199		$	135,313		$	124,074
Agriculture		9,188			11,463			12,443			13,219			11,632
Municipal		8,481			11,317			8,361			12,805			12,878

Total Commercial		161,241			162,259			158,003			161,337			148,584

Commercial Real Estate:
Commercial real estate		578,655			551,899			569,382			566,526			562,901
Construction and development		70,757			70,574			81,278			77,905			87,080

Total Commercial Real Estate		649,412			622,473			650,660			644,431			649,981

Residential real estate:
Residential		251,356			259,573			263,791			266,203			268,490
Construction and development		34,540			36,596			37,475			31,439			26,884
HELOC		44,545			44,219			41,661			39,425			38,364

Total Residential Real Estate		330,441			340,388			342,927			337,067			333,738

Consumer installment		4,648			5,053			4,801			4,886			4,683

Subtotals - Gross loans		1,145,742			1,130,173			1,156,391			1,147,721			1,136,986
Loans in process of disbursement		(17,148	)		(22,178	)		(29,170	)		(26,496	)		(28,752	)

Subtotals - Disbursed loans		1,128,594			1,107,995			1,127,221			1,121,225			1,108,234
Net deferred loan costs		626			645			602			624			580
Allowance for credit losses		(13,131	)		(12,605	)		(12,686	)		(12,553	)		(12,392	)

Total loans receivable	$	1,116,089		$	1,096,035		$	1,115,137		$	1,109,296		$	1,096,422

PSB Holdings, Inc.
Selected Commercial Real Estate Loans by Purpose
	Mar 31,				Dec 31,				Sept 30,				Jun 31,				Mar 31,
(dollars in thousands)		2026				2025				2025				2025				2025

	Total Exposure		% of Portfolio (1)		Total Exposure		% of Portfolio (1)		Total Exposure		% of Portfolio (1)		Total Exposure		% of Portfolio (1)		Total Exposure		% of Portfolio (1)
Multi Family	$	134,236	12.9	%	$	145,717	14.3	%	$	141,896	13.5	%	$	145,523	14.0	%	$	143,674	13.9	%
Industrial and Warehousing		101,581	9.8			101,581	9.9			100,712	9.6			105,256	10.2			109,366	10.6
Retail		27,948	2.7			27,756	2.7			27,889	2.7			29,407	2.8			29,285	2.8
Hotels		25,080	2.4			25,949	2.6			25,677	2.4			25,299	2.4			25,719	2.5
Office		4,097	0.4			7,028	0.7			7,176	0.7			7,131	0.7			7,254	0.7

(1) Percentage of commercial and commercial real estate portfolio and commitments.

PSB Holdings, Inc.
Deposit Composition

Insured and Collateralized Deposits	March 31,				December 31,				September 30,				June 30,				March 31,
(dollars in thousands)		2026				2025				2025				2025				2025
	$		%		$		%		$		%		$		%		$		%

Non-interest bearing demand	$	221,921	18.5	%	$	225,025	19.1	%	$	227,448	19.1	%	$	225,921	19.2	%	$	206,562	18.3	%
Interest-bearing demand and savings		321,604	27.1	%		323,739	27.5	%		307,505	25.8	%		304,779	25.9	%		314,957	27.9	%
Money market deposits		146,655	12.4	%		142,946	12.1	%		158,455	13.3	%		148,556	12.6	%		144,496	12.7	%
Retail and local time deposits <= $250		157,898	13.3	%		163,398	13.9	%		163,446	13.7	%		165,368	14.0	%		158,066	14.0	%

Total core deposits		848,078	71.3	%		855,108	72.6	%		856,854	71.9	%		844,624	71.7	%		824,081	72.9	%
Retail and local time deposits > $250		26,500	2.2	%		28,000	2.4	%		29,000	2.5	%		28,000	2.4	%		26,750	2.3	%
Broker & national time deposits <= $250		748	0.1	%		748	0.1	%		748	0.1	%		748	0.1	%		1,241	0.1	%
Broker & national time deposits > $250		54,191	4.6	%		62,493	5.3	%		67,493	5.7	%		65,917	5.6	%		79,090	7.0	%

Totals	$	929,517	78.2	%	$	946,349	80.4	%	$	954,095	80.2	%	$	939,289	79.8	%	$	931,162	82.3	%

PSB Holdings, Inc.
Deposit Composition

Uninsured Deposits	March 31,				December 31,				September 30,				June 30,				March 31,
(dollars in thousands)		2026				2025				2025				2025				2025
	$		%		$		%		$		%		$		%		$		%

Non-interest bearing demand	$	60,026	5.1	%	$	53,277	4.5	%	$	51,167	4.3	%	$	51,318	4.4	%	$	39,110	3.5	%
Interest-bearing demand and savings		18,533	1.6	%		17,683	1.5	%		18,644	1.6	%		17,983	1.5	%		17,262	1.5	%
Money market deposits		128,415	10.8	%		110,501	9.4	%		117,184	9.9	%		122,603	10.4	%		123,773	11.0	%
Retail and local time deposits <= $250		-	0.0	%		-	0.0	%		-	0.0	%		-	0.0	%		-	0.0	%

Total core deposits		206,974	17.5	%		181,461	15.4	%		186,995	15.8	%		191,904	16.3	%		180,145	16.0	%
Retail and local time deposits > $250		50,538	4.3	%		49,221	4.2	%		48,096	4.0	%		46,349	3.9	%		18,729	1.7	%
Broker & national time deposits <= $250		-	0.0	%		-	0.0	%		-	0.0	%		-	0.0	%		-	0.0	%
Broker & national time deposits > $250		-	0.0	%		-	0.0	%		-	0.0	%		-	0.0	%		-	0.0	%

Totals	$	257,512	21.8	%	$	230,682	19.6	%	$	235,091	19.8	%	$	238,253	20.2	%	$	198,874	17.7	%


PSB Holdings, Inc.
Deposit Composition

Total Deposits	March 31,				December 31,				September 30,				June 30,				March 31,
(dollars in thousands)		2026				2025				2025				2025				2025
	$		%		$		%		$		%		$		%		$		%

Non-interest bearing demand	$	281,947	23.6	%	$	278,302	23.6	%	$	278,615	23.4	%	$	277,239	23.6	%	$	245,672	21.8	%
Interest-bearing demand and savings		340,137	28.7	%		341,422	29.0	%		326,149	27.4	%		322,762	27.4	%		332,219	29.4	%
Money market deposits		275,070	23.2	%		253,447	21.5	%		275,639	23.2	%		271,159	23.0	%		268,269	23.7	%
Retail and local time deposits <= $250		157,898	13.3	%		163,398	13.9	%		163,446	13.7	%		165,368	14.0	%		158,066	14.0	%

Total core deposits		1,055,052	88.8	%		1,036,569	88.0	%		1,043,849	87.7	%		1,036,528	88.0	%		1,004,226	88.9	%
Retail and local time deposits > $250		77,038	6.5	%		77,221	6.6	%		77,096	6.5	%		74,349	6.3	%		45,479	4.0	%
Broker & national time deposits <= $250		748	0.1	%		748	0.1	%		748	0.1	%		748	0.1	%		1,241	0.1	%
Broker & national time deposits > $250		54,191	4.6	%		62,493	5.3	%		67,493	5.7	%		65,917	5.6	%		79,090	7.0	%

Totals	$	1,187,029	100.0	%	$	1,177,031	100.0	%	$	1,189,186	100.0	%	$	1,177,542	100.0	%	$	1,130,036	100.0	%

PSB Holdings, Inc.
Average Balances ($000) and Interest Rates
(dollars in thousands)

	Quarter ended March 31, 2026							Quarter ended December 31, 2025							Quarter ended March 31, 2025
	Average					Yield /		Average					Yield /		Average					Yield /
	Balance			Interest		Rate		Balance			Interest		Rate		Balance			Interest		Rate
Assets
Interest-earning assets:
Loans (1)(2)	$	1,131,775		$	17,092	6.12	%	$	1,119,854		$	16,771	5.94	%	$	1,103,895		$	15,830	5.82	%
Taxable securities		189,726			1,586	3.39	%		198,179			1,659	3.32	%		198,426			1,641	3.35	%
Tax-exempt securities (2)		73,515			613	3.38	%		74,660			627	3.33	%		79,282			654	3.35	%
FHLB stock		7,792			182	9.47	%		8,424			206	9.70	%		8,825			241	11.08	%
Other		14,247			134	3.81	%		37,420			376	3.99	%		8,960			104	4.71	%

Total (2)		1,417,055			19,607	5.61	%		1,438,537			19,639	5.42	%		1,399,388			18,470	5.35	%

Non-interest-earning assets:
Cash and due from banks		15,719							16,397							16,292
Premises and equipment, net		12,957							13,239							13,728
Cash surrender value ins		25,237							25,312							24,795
Other assets		20,073							20,390							21,021
Allowance for credit losses		(12,938	)						(12,740	)						(12,362	)

Total	$	1,478,103						$	1,501,135						$	1,462,862

Liabilities & stockholders' equity
Interest-bearing liabilities:
Savings and demand deposits	$	343,033		$	1,567	1.85	%	$	325,693		$	1,328	1.62	%	$	339,909		$	1,567	1.87	%
Money market deposits		261,407			1,617	2.51	%		276,259			1,704	2.45	%		280,396			1,685	2.44	%
Time deposits		297,006			2,714	3.71	%		306,350			2,944	3.81	%		268,821			2,632	3.97	%
FHLB borrowings		128,666			1,344	4.24	%		130,048			1,428	4.36	%		164,968			1,792	4.41	%
Other borrowings		4,778			25	2.12	%		6,037			40	2.63	%		6,321			47	3.02	%
Senior sub. notes		4,789			59	5.00	%		4,787			59	4.89	%		4,782			59	5.00	%
Junior sub. debentures		13,139			242	7.47	%		13,113			248	7.50	%		13,036			248	7.72	%

Total		1,052,818			7,568	2.92	%		1,062,287			7,751	2.89	%		1,078,233			8,030	3.02	%

Non-interest-bearing liabilities:
Demand deposits		274,064							291,061							251,271
Other liabilities		16,275							16,181							14,782
Stockholders' equity		134,946							131,606							118,576

Total	$	1,478,103						$	1,501,135						$	1,462,862

Net interest income				$	12,039						$	11,888						$	10,440
Rate spread						2.69	%						2.53	%						2.33	%
Net yield on interest-earning assets						3.45	%						3.28	%						3.03	%

(1) Nonaccrual loans are included in the daily average loan balances outstanding.
(2) The yield on federally tax-exempt loans and securities is computed on a tax-equivalent basis using a federal tax rate of 21%.

Investor Relations Contact
PSB Holdings, Inc.
1905 Stewart Avenue
Wausau, WI 54401
888.929.9902
InvestorRelations@bankpeoples.com

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