WAUSAU, Wis., Oct. 26, 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 second quarter ending September 30, 2026 of $0.94 per diluted common share on net income of $3.8 million, compared to $0.81 per diluted common share on net income of $3.3 million during the second quarter ending June 30, 2026, and $0.86 per diluted common share on net income of $3.5 million during the third quarter ending September 30, 2025.

PSB’s third quarter of 2026 operating results reflected the following changes from the second quarter of 2026: (1) an increase in net interest margin due primarily to lower costing funds; (2) higher provision for credit losses on loans; (3) slightly lower non-interest income; (4) lower non-interest expenses due to a decrease in salary and employee benefits from fewer employees; and (5) slightly lower expenses associated with the merger.

PSB announced on May 19, 2026 that it entered into an Agreement and Plan of Merger with Bank First Corporation (“Bank First”), under which Bank First will acquire 100% of the common stock of PSB in an all-stock transaction. Under the terms of the Agreement and Plan of Merger, each PSB shareholder will have the right to receive 0.3470 of a share of Bank First’s common stock in exchange for each share of PSB’s common stock. The aggregate consideration is valued at approximately $202.9 million, based on the closing price of Bank First common stock as of May 18, 2026, of $143.66 per share.

“We delivered strong third quarter earnings, supported by an improved net interest margin and additional efficiencies we gained in preparation for our merger with Bank First. We remain on track for closing the merger on December 4, 2026, and have received all required shareholder and regulatory approvals,” stated Scott Cattanach, President and CEO.

September 30, 2026, Highlights:

  • Net interest income increased $348,000 to $12.5 million for the quarter ended September 30, 2026, from $12.1 million for the quarter ended June 30, 2026, due in part to higher average loan balances and lower costs on time deposits.
  • Noninterest income decreased $92,000 to $2.0 million for the quarter ended September 30, 2026, compared to $2.1 million the prior quarter, partially due to lower mortgage banking income.
  • Noninterest expenses decreased $745,000 to $9.0 million during the quarter ended September 30, 2026 from $9.7 million for the quarter ended June 30, 2026, reflecting lower salary and benefit plan expenses related to lower incentive accruals for fiscal 2026 and staff reductions. Merger expenses were $592,000 for the third quarter ending September 30, 2026 compared to $671,000 for the quarter ended June 30, 2026. The third quarter ended September 30, 2026 reflects severance expenses totaling $423,000.
  • Net loans decreased $10 million in the third quarter ended September 30, 2026, to $1.12 billion compared to $1.13 billion at June 30, 2026. Allowance for credit losses decreased to 1.12% of gross loans.
  • Non-performing assets decreased to 1.02% of total assets at September 30, 2026, compared to 1.08% the previous quarter.
  • Total deposits increased $34.8 million to $1.21 billion at September 30, 2026, from $1.18 billion at June 30, 2026. Core deposits increased $58.6 million and brokered deposits decreased $20.0 million.
  • Return on average tangible common equity was 11.98% for the quarter ended September 30, 2026 compared to 10.62% the prior quarter and 12.14% in the year ago quarter. Tangible book value per common share was up 6.68% over the past year to $30.99 at September 30, 2026, compared to $29.05 at September 30, 2025.

Balance Sheet and Asset Quality Review

Total assets increased $5.91 million during the third quarter to $1.51 billion at September 30, 2026. Cash and cash equivalents increased $27.11 million to $84.8 million at September 30, 2026, from $57.7 million at June 30, 2026, as funds from new deposits were held in liquid investments. Investment securities available for sale decreased $12.3 million to $152.7 million at September 30, 2026, from $165.0 million one quarter earlier.

Gross loans receivable decreased $11.9 million to $1.16 billion at September 30, 2026, compared to three months earlier. Construction and development loans decreased $14.7 million to $53.4 million at September 30, 2026 and commercial & industrial loans decreased $8.0 million to $149.9 million over the three month period. Residential real estate loans decreased $3.1 million from the prior quarter to $328.5 million. Partially offsetting these loan decreases, commercial real estate loans increased $13.8 million to $603.8 million at September 30, 2026, compared to three months earlier. The loan portfolio remains well diversified with commercial real estate and construction loans totaling 56.8% of gross loans, followed by residential real estate loans at 28.4% of gross loans, commercial non-real estate loans at 14.3% and consumer loans at 0.5%.

The allowance for credit losses decreased to 1.12% of gross loans at September 30, 2026 while annualized net charge-offs to average loans were 0.53% for the quarter ended September 30, 2026. The elevated charge-offs for the quarter ended September 30, 2026 relates to a charge-off of $1.1 million on one non-accruing equipment dealership loan. Non-performing assets decreased to 1.02% of total assets at September 30, 2026, down from 1.08% at June 30, 2026. Approximately 69% of all non-performing assets consisted of five lending relationships.

Total deposits increased $34.8 million from the prior quarter to $1.21 billion. Growth in deposits was led by interest-bearing demand and savings deposits, which increased $33.0 million during the third quarter followed by an increase in non-interest bearing demand deposits of $24.8 million and an increase in money market deposits of $8.6 million during the third quarter. Partially offsetting the increase in these core deposits was a decline in retail time and local deposits of $11.5 million and a decline in brokered deposits of $20.0 million.

FHLB advances decreased by $23.0 million to $128.5 million at September 30, 2026 from $151.5 million at June 30, 2026.

Tangible stockholder equity as a percentage of total tangible assets was 8.76% at September 30, 2026, compared to 8.87% at June 30, 2026, and 8.34% at September 30, 2025, respectively.

Tangible net book value per common share increased $1.94 to $30.99 at September 30, 2026, compared to $29.05 one year earlier, an increase of 6.7% after dividends totaling $0.88 per share were paid to shareholders. Relative to the prior quarter’s tangible book value per common share of $31.27, tangible net book value per common share decreased primarily due to an increase in accumulated other comprehensive losses related to rising interest rates and the payment of dividends offset by earnings. The accumulated other comprehensive loss on the investment portfolio increased to $17.3 million at September 30, 2026 compared to $13.0 million one quarter earlier and $14.2 million at September 30, 2025.

Operations Review

Net interest income increased to $12.5 million (on a net margin of 3.48%) for the third quarter of 2026, from $12.1 million (on a net margin of 3.44%) for the second quarter of 2026, and increased from $11.3 million (on a net margin of 3.16%) for the third quarter of 2025. Higher net interest income in the current period primarily relates to a decrease in funding costs during the third quarter.

Overall funding costs decreased 5 basis points to 2.81% during the third quarter of 2026 from 2.86% the prior period. Relative to one year earlier, funding costs were down 20 basis points while yields on assets increased 11 basis points. The decrease in funding costs was due to lower deposit costs and lower costs related to FHLB advances. Deposits costs decreased 8 basis points to 1.92% for the quarter ended September 30, 2026, from 2.00% the prior quarter. FHLB advance costs declined 2 basis points to 4.04% for the second quarter from 4.06% the prior quarter.

Overall earning-asset yields declined during the current quarter due to lower yields on loans and investment securities. Loan yields declined 3 basis points to 6.10% for the quarter ended September 30, 2026 from 6.13% the prior quarter. Taxable security yields were 3.12% for the quarter ended September 30, 2026, compared to 3.22% for the quarter ended June 30, 2026, while a smaller balance of tax-exempt security yields decreased to 3.33% for the quarter ended September 30, 2026 from 3.34% the prior quarter.

Total noninterest income decreased $92,000 during the third quarter of 2026 to $2.0 million from $2.1 million in the second quarter. The third quarter reflects increases in investment and insurance sales commissions that are offset by a decline in mortgage banking income.

Noninterest expenses decreased $0.7 million to $9.0 million for the third quarter of 2026, compared to $9.7 million for the second quarter, and increased $0.1 million from $8.8 million for the third quarter of 2025. The third quarter noninterest expense levels were lower than the prior quarter due to slightly lower expenses associated with the merger which include severance payments and professional fees. Salary and benefits expenses decreased $548,000 due to lower incentive accruals and staff reductions.

Income taxes increased $58,000 during the third quarter to $892,000 from $834,000 one quarter earlier. The effective tax rate for the quarter ended September 30, 2026 was 18.5% compared to 19.7% for the second quarter ended June 30, 2026 and 16.7% for the third quarter ended September 30, 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
September 30, June 30, and March 31, 2026, and September 30, 2025, unaudited, December 31, 2025 derived from audited financial statements
           
  Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30,
(dollars in thousands, except per share data)   2026     2026     2026     2025     2025  
           
Assets          
           
Cash and due from banks $ 14,359   $ 17,321   $ 28,053   $ 19,697   $ 14,221  
Interest-bearing deposits   2,324     3,283     1,703     2,262     3,630  
Federal funds sold   68,099     37,073     29,755     7,916     19,641  
           
Cash and cash equivalents   84,782     57,677     59,511     29,875     37,492  
Securities available for sale (at fair value)   152,671     165,006     171,107     184,265     190,709  
Securities held to maturity (fair values of $64,537, $71,765, $72,485, $76,671 and $76,104 respectively)   76,362     76,718     78,826     81,511     82,195  
Equity securities   2,922     2,913     2,904     2,892     2,885  
Loans held for sale   1,598     –     652     180     145  
Loans receivable, net (allowance for credit losses of $12,675, $13,447, $13,131, $12,605 and $12,686 respectively)   1,123,604     1,134,370     1,116,089     1,096,035     1,115,137  
Accrued interest receivable   4,779     4,885     5,094     5,035     5,023  
Foreclosed assets   137     138     –     –     –  
Premises and equipment, net   12,605     12,887     13,160     12,972     13,355  
Mortgage servicing rights, net   1,980     1,974     1,978     1,689     1,685  
Federal Home Loan Bank stock (at cost)   8,424     8,374     7,995     8,090     8,641  
Cash surrender value of bank-owned life insurance   24,322     24,139     24,453     25,425     25,242  
Core deposit intangible   229     247     266     287     309  
Goodwill   3,565     3,565     3,565     3,495     3,495  
Other assets   10,549     9,725     9,784     9,721     10,420  
           
TOTAL ASSETS $ 1,508,529   $ 1,502,618   $ 1,495,384   $ 1,461,472   $ 1,496,733  
           
Liabilities          
           
Non-interest-bearing deposits $ 315,361   $ 290,604   $ 281,947   $ 278,302   $ 278,615  
Interest-bearing deposits   897,616     887,579     905,082     898,729     910,571  
           
Total deposits   1,212,977     1,178,183     1,187,029     1,177,031     1,189,186  
           
Federal Home Loan Bank advances   128,450     151,450     136,950     112,950     140,950  
Other borrowings   –     2,447     4,119     5,397     6,062  
Senior subordinated notes   4,793     4,791     4,789     4,788     4,786  
Junior subordinated debentures   13,202     13,177     13,151     13,126     13,100  
Allowance for credit losses on unfunded commitments   492     492     492     542     622  
Accrued expenses and other liabilities   12,971     15,323     14,986     15,967     13,651  
           
Total liabilities   1,372,885     1,365,863     1,361,516     1,329,801     1,368,357  
           
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 – 4,022,731, 4,021,558, 4,020,508, 4,023,874 and 4,040,538 shares, respectively   1,830     1,830     1,830     1,830     1,830  
Additional paid-in capital   8,854     8,801     8,732     8,727     8,707  
Retained earnings   158,798     155,700     153,146     150,556     148,029  
Accumulated other comprehensive income (loss), net of tax   (17,297 )   (13,016 )   (13,264 )   (13,000 )   (14,166 )
Treasury stock, at cost – 1,468,067, 1,469,240, 1,470,290, 1,466,924 and 1,450,260 shares, respectively   (23,741 )   (23,760 )   (23,776 )   (23,642 )   (23,224 )
           
Total stockholders’ equity   135,644     136,755     133,868     131,671     128,376  
           
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 1,508,529   $ 1,502,618   $ 1,495,384   $ 1,461,472   $ 1,496,733  

PSB Holdings, Inc.
Consolidated Statements of Income
  Quarter Ended   Nine Months Ended
(dollars in thousands, Sep. 30,   Jun. 30, Mar. 31, Dec. 31, Sep. 30,   September
except per share data – unaudited)   2026     2026     2026     2025     2025       2026     2025  
                     
Interest and dividend income:                    
Loans, including fees $ 17,517   $ 17,370   $ 17,066   $ 16,744   $ 16,745     $ 51,953   $ 49,037  
Securities:                    
Taxable   1,343     1,428     1,586     1,659     1,645       4,357     4,852  
Tax-exempt   459     467     484     495     500       1,410     1,523  
Other interest and dividends   664     508     316     582     717       1,488     1,394  
                     
Total interest and dividend income   19,983     19,773     19,452     19,480     19,607       59,208     56,806  
                     
Interest expense:                    
Deposits   5,735     5,836     5,898     5,976     6,207       17,469     18,025  
FHLB advances   1,429     1,478     1,344     1,428     1,707       4,251     5,398  
Other borrowings   21     13     25     40     45       59     140  
Senior subordinated notes   59     58     59     59     59       176     176  
Junior subordinated debentures   248     245     242     248     247       735     745  
                     
Total interest expense   7,492     7,630     7,568     7,751     8,265       22,690     24,484  
                     
Net interest income   12,491     12,143     11,884     11,729     11,342       36,518     32,322  
Provision for credit losses   725     325     475     275     138       1,525     365  
                     
Net interest income after provision for credit losses   11,766     11,818     11,409     11,454     11,204       34,993     31,957  
                     
Noninterest income:                    
Service fees   436     424     393     401     363       1,253     1,087  
Mortgage banking income   354     427     405     413     363       1,186     1,024  
Investment and insurance sales commissions   435     382     437     520     345       1,254     1,006  
Net loss on sale of securities   –     –     (502 )   –     –       (502 )   (1 )
Increase in cash surrender value of life insurance   183     178     175     182     176       536     509  
Life insurance death benefit   –     4     489     –     –       493     –  
Other noninterest income   620     705     923     565     678       2,248     2,262  
                     
Total noninterest income   2,028     2,120     2,320     2,081     1,925       6,468     5,887  
                     
Noninterest expense:                    
Salaries and employee benefits   5,059     5,607     5,948     5,159     5,446       16,614     15,576  
Occupancy and facilities   689     697     800     712     712       2,186     2,217  
Loss (gain) on foreclosed assets   9     (1 )   (36 )   (23 )   1       (28 )   (57 )
Data processing and other office operations   1,054     1,129     1,119     1,188     1,122       3,302     3,512  
Advertising and promotion   161     227     189     177     138       577     456  
Core deposit intangible amortization   18     19     21     21     22       58     68  
Expenses associated with merger   592     671     120     26     –       1,383     26  
Other noninterest expenses   1,377     1,355     1,637     1,376     1,365       4,369     4,170  
                     
Total noninterest expense   8,959     9,704     9,798     8,636     8,806       28,461     25,968  
                     
Income before provision for income taxes   4,835     4,234     3,931     4,899     4,323       13,000     11,876  
Provision for income taxes   892     834     495     883     720       2,221     1,945  
                     
Net income $ 3,943   $ 3,400   $ 3,436   $ 4,016   $ 3,603     $ 10,779   $ 9,931  
Preferred stock dividends declared $ 122   $ 122   $ 122   $ 122   $ 122     $ 366   $ 366  
                     
Net income available to common shareholders $ 3,821   $ 3,278   $ 3,314   $ 3,894   $ 3,481     $ 10,413   $ 9,565  
Basic earnings per common share $ 0.95   $ 0.82   $ 0.82   $ 0.97   $ 0.86     $ 2.59   $ 2.35  
Diluted earnings per common share $ 0.94   $ 0.81   $ 0.82   $ 0.97   $ 0.86     $ 2.57   $ 2.35  

PSB Holdings, Inc.
Quarterly Financial Summary
(dollars in thousands, except per share data) Quarter ended
  Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30,
Earnings and dividends:   2026     2026     2026     2025     2025  
           
Interest income $ 19,983   $ 19,773   $ 19,452   $ 19,480   $ 19,607  
Interest expense $ 7,492   $ 7,630   $ 7,568   $ 7,751   $ 8,265  
Net interest income $ 12,491   $ 12,143   $ 11,884   $ 11,729   $ 11,342  
Provision for credit losses $ 725   $ 325   $ 475   $ 275   $ 138  
Other noninterest income $ 2,028   $ 2,120   $ 2,320   $ 2,081   $ 1,925  
Other noninterest expense $ 8,959   $ 9,704   $ 9,798   $ 8,636   $ 8,806  
Net income available to common shareholders $ 3,821   $ 3,278   $ 3,314   $ 3,894   $ 3,481  
           
Basic earnings per common share (3) $ 0.95   $ 0.82   $ 0.82   $ 0.97   $ 0.86  
Diluted earnings per common share (3) $ 0.94   $ 0.81   $ 0.82   $ 0.97   $ 0.86  
Dividends declared per common share (3) $ 0.18   $ 0.18   $ 0.18   $ 0.34   $ –  
Tangible net book value per common share (4) $ 30.99   $ 31.27   $ 30.55   $ 29.99   $ 29.05  
           
Average common shares outstanding   4,021,762     4,020,787     4,021,327     4,028,368     4,041,393  
           
           
Balance sheet – average balances:          
Loans receivable, net of allowances for credit loss $ 1,126,958   $ 1,124,806   $ 1,118,837   $ 1,107,114   $ 1,111,055  
Assets $ 1,500,877   $ 1,491,283   $ 1,478,103   $ 1,501,135   $ 1,510,272  
Deposits $ 1,185,147   $ 1,172,036   $ 1,175,510   $ 1,199,363   $ 1,191,002  
Stockholders’ equity $ 137,966   $ 135,416   $ 134,946   $ 131,606   $ 125,342  
           
           
Performance ratios:          
Return on average assets (1)   1.04 %   0.91 %   0.94 %   1.06 %   0.95 %
Return on average common stockholders’ equity (1)   11.59 %   10.25 %   10.52 %   12.42 %   11.69 %
Return on average tangible common stockholders’ equity (1)(4)   11.98 %   10.62 %   10.90 %   12.86 %   12.14 %
Net loan charge-offs to average loans (1)   0.53 %   0.00 %   0.00 %   0.16 %   0.00 %
Nonperforming loans to gross loans   1.34 %   1.40 %   1.44 %   1.56 %   1.51 %
Nonperforming assets to total assets   1.02 %   1.08 %   1.09 %   1.18 %   1.13 %
Allowance for credit losses to gross loans   1.12 %   1.17 %   1.16 %   1.14 %   1.12 %
Nonperforming assets to tangible equity plus the allowance for credit losses (4)   11.30 %   11.80 %   12.13 %   13.10 %   13.17 %
Net interest rate margin (1)(2)   3.48 %   3.44 %   3.45 %   3.28 %   3.16 %
Net interest rate spread (1)(2)   2.73 %   2.72 %   2.69 %   2.53 %   2.42 %
Service fee revenue as a percent of average demand deposits (1)   0.59 %   0.63 %   0.58 %   0.55 %   0.52 %
Noninterest income as a percent of gross revenue   9.21 %   9.68 %   10.66 %   9.65 %   8.94 %
Efficiency ratio (2)   61.10 %   67.35 %   68.24 %   61.82 %   65.47 %
Noninterest expenses to average assets (1)   2.37 %   2.61 %   2.69 %   2.28 %   2.31 %
Average stockholders’ equity less accumulated other comprehensive income (loss) to average assets   10.10 %   9.87 %   9.93 %   9.59 %   9.20 %
Tangible equity to tangible assets (4)   8.76 %   8.87 %   8.72 %   8.77 %   8.34 %
           
Stock price information:          
           
High $ 54.00   $ 50.50   $ 28.50   $ 26.30   $ 26.00  
Low $ 49.05   $ 27.20   $ 26.10   $ 24.34   $ 23.30  
Last trade value at quarter-end $ 51.21   $ 50.50   $ 27.74   $ 26.10   $ 25.50  
           
(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
  Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30,
(dollars in thousands – unaudited)   2026     2026     2026     2025     2025  
           
Net income $ 3,943   $ 3,400   $ 3,436   $ 4,016   $ 3,603  
           
Other comprehensive income, net of tax:          
           
Unrealized gain (loss) on securities available for sale   (4,525 )   118     (711 )   1,065     1,550  
           
Reclassification adjustment for security loss included in net income   –     –     396     –     –  
           
Accretion of unrealized loss included in net income on securities available for sale deferred tax adjustment for Wisconsin Act 19   (24 )   (32 )   (83 )   –     (26 )
           
Amortization of unrealized loss included in net income on securities available for sale transferred to securities held to maturity   93     93     91     90     90  
           
Unrealized gain (loss) on interest rate swap   174     67     43     18     (2 )
           
Reclassification adjustment of interest rate swap settlements included in earnings   1     1     –     (7 )   (15 )
           
           
Other comprehensive income (loss)   (4,281 )   247     (264 )   1,166     1,597  
           
Comprehensive income (loss) $ (338 ) $ 3,647   $ 3,172   $ 5,182   $ 5,200  

PSB Holdings, Inc.
Nonperforming Assets as of:
  Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,
(dollars in thousands)   2026     2026     2026     2025     2025  
           
Nonaccrual loans (excluding restructured loans) $ 15,071   $ 15,242   $ 15,438   $ 16,436   $ 16,560  
Nonaccrual restructured loans   1     589     6     7     10  
Restructured loans not on nonaccrual   139     277     863     865     415  
Accruing loans past due 90 days or more   –     –     –     –     –  
           
Total nonperforming loans   15,211     16,108     16,307     17,308     16,985  
Other real estate owned   137     138     –     –     –  
           
Total nonperforming assets $ 15,348   $ 16,246   $ 16,307   $ 17,308   $ 16,985  
           
Nonperforming loans as a % of gross loans receivable   1.34 %   1.40 %   1.44 %   1.56 %   1.51 %
Total nonperforming assets as a % of total assets   1.02 %   1.08 %   1.09 %   1.18 %   1.13 %
Allowance for credit losses as a % of nonperforming loans   83.33 %   83.48 %   80.52 %   72.83 %   74.69 %

PSB Holdings, Inc.
Nonperforming Assets >= $1,000,000 net book value before specific reserves
At September 30, 2026
(dollars in thousands)
    Gross Specific
Collateral Description Asset Type Principal Reserves
       
Real estate – Non-Owner Occupied Rental Properties Nonaccrual   2,639     –  
Real estate – Recreational Facility Nonaccrual   3,497     204  
Real estate – Equipment Dealership Nonaccrual   1,194     250  
Real estate – Wood Products Nonaccrual   1,674     376  
Real estate – Commercial Building Nonaccrual   1,627     54  
       
       
Total listed nonperforming assets   $ 10,631   $ 884  
Total bank wide nonperforming assets   $ 15,348   $ 1,394  
Listed assets as a % of total nonperforming assets     69 %   63 %

PSB Holdings, Inc.
Loan Composition by Collateral Type
Quarter-ended (dollars in thousands) Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025
           
Commercial:          
Commercial and industrial $ 149,925   $ 157,903   $ 143,572   $ 139,479   $ 137,199  
Agriculture   7,680     7,215     9,188     11,463     12,443  
Municipal   8,024     8,258     8,481     11,317     8,361  
           
Total Commercial   165,629     173,376     161,241     162,259     158,003  
           
Commercial Real Estate:          
Commercial real estate   603,778     590,027     578,655     551,899     569,382  
Construction and development   53,422     68,107     70,757     70,574     81,278  
           
Total Commercial Real Estate   657,200     658,134     649,412     622,473     650,660  
           
Residential real estate:          
Residential   250,152     253,189     251,356     259,573     263,791  
Construction and development   29,394     29,744     34,540     36,596     37,475  
HELOC   48,978     48,682     44,545     44,219     41,661  
           
Total Residential Real Estate   328,524     331,615     330,441     340,388     342,927  
           
Consumer installment   5,124     5,248     4,648     5,053     4,801  
           
Subtotals – Gross loans   1,156,477     1,168,373     1,145,742     1,130,173     1,156,391  
Loans in process of disbursement   (20,713 )   (21,149 )   (17,148 )   (22,178 )   (29,170 )
           
Subtotals – Disbursed loans   1,135,764     1,147,224     1,128,594     1,107,995     1,127,221  
Net deferred loan costs   515     593     626     645     602  
Allowance for credit losses   (12,675 )   (13,447 )   (13,131 )   (12,605 )   (12,686 )
           
Total loans receivable $ 1,123,604   $ 1,134,370   $ 1,116,089   $ 1,096,035   $ 1,115,137  

PSB Holdings, Inc.
Selected Commercial Real Estate Loans by Purpose
  Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,
(dollars in thousands)   2026     2026     2026     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 $ 129,365 12.3 % $ 127,983 12.3 % $ 134,236 12.9 % $ 145,717 14.3 % $ 141,896 13.5 %
Industrial and Warehousing   119,540 11.4     120,116 11.6     119,427 11.5     101,581 9.9     100,712 9.6  
Retail   28,501 2.7     28,468 2.7     27,948 2.7     27,756 2.7     27,889 2.7  
Hotels   27,044 2.6     24,839 2.4     25,080 2.4     25,949 2.6     25,677 2.4  
Office   3,972 0.4     4,034 0.4     4,097 0.4     7,028 0.7     7,176 0.7  
                     
(1) Percentage of commercial and commercial real estate portfolio and commitments.

PSB Holdings, Inc.
Deposit Composition
                     
Insured and Collateralized Deposits September 30, June 30, March 31, December 31, September 30,
(dollars in thousands)   2026     2026     2026     2025     2025  
  $ % $ % $ % $ % $ %
                     
Non-interest bearing demand $ 231,406 19.0 % $ 226,134 19.1 % $ 221,921 18.5 % $ 225,025 19.1 % $ 227,448 19.1 %
Interest-bearing demand and savings   344,163 28.4 %   313,909 26.7 %   321,604 27.1 %   323,739 27.5 %   307,505 25.8 %
Money market deposits   142,930 11.7 %   141,443 12.0 %   146,655 12.4 %   142,946 12.1 %   158,455 13.3 %
Retail and local time deposits <= $250   146,566 12.1 %   154,330 13.1 %   157,898 13.3 %   163,398 13.9 %   163,446 13.7 %
                     
Total core deposits   865,065 71.2 %   835,816 70.9 %   848,078 71.3 %   855,108 72.6 %   856,854 71.9 %
Retail and local time deposits > $250   24,000 2.0 %   25,250 2.1 %   26,500 2.2 %   28,000 2.4 %   29,000 2.5 %
Broker & national time deposits <= $250   748 0.1 %   748 0.1 %   748 0.1 %   748 0.1 %   748 0.1 %
Broker & national time deposits > $250   29,779 2.5 %   49,788 4.2 %   54,191 4.6 %   62,493 5.3 %   67,493 5.7 %
                     
Totals $ 919,592 75.8 % $ 911,602 77.3 % $ 929,517 78.2 % $ 946,349 80.4 % $ 954,095 80.2 %
                     
 
PSB Holdings, Inc.
Deposit Composition
                     
Uninsured Deposits September 30, June 30, March 31, December 31, September 30,
(dollars in thousands)   2026     2026     2026     2025     2025  
  $ % $ % $ % $ % $ %
                     
Non-interest bearing demand $ 83,955 6.9 % $ 64,470 5.5 % $ 60,026 5.1 % $ 53,277 4.5 % $ 51,167 4.3 %
Interest-bearing demand and savings   20,817 1.7 %   18,073 1.5 %   18,533 1.6 %   17,683 1.5 %   18,644 1.6 %
Money market deposits   141,312 11.7 %   134,223 11.4 %   128,415 10.8 %   110,501 9.4 %   117,184 9.9 %
Retail and local time deposits <= $250   – 0.0 %   – 0.0 %   – 0.0 %   – 0.0 %   – 0.0 %
                     
Total core deposits   246,084 20.3 %   216,766 18.4 %   206,974 17.5 %   181,461 15.4 %   186,995 15.8 %
Retail and local time deposits > $250   47,301 3.9 %   49,815 4.3 %   50,538 4.3 %   49,221 4.2 %   48,096 4.0 %
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 $ 293,385 24.2 % $ 266,581 22.7 % $ 257,512 21.8 % $ 230,682 19.6 % $ 235,091 19.8 %
                     
                     
PSB Holdings, Inc.
Deposit Composition
                     
Total Deposits September 30, June 30, March 31, December 31, September 30,
(dollars in thousands)   2026     2026     2026     2025     2025  
  $ % $ % $ % $ % $ %
                     
Non-interest bearing demand $ 315,361 25.9 % $ 290,604 24.6 % $ 281,947 23.6 % $ 278,302 23.6 % $ 278,615 23.4 %
Interest-bearing demand and savings   364,980 30.1 %   331,982 28.2 %   340,137 28.7 %   341,422 29.0 %   326,149 27.4 %
Money market deposits   284,242 23.4 %   275,666 23.4 %   275,070 23.2 %   253,447 21.5 %   275,639 23.2 %
Retail and local time deposits <= $250   146,566 12.1 %   154,330 13.1 %   157,898 13.3 %   163,398 13.9 %   163,446 13.7 %
                     
Total core deposits   1,111,149 91.5 %   1,052,582 89.3 %   1,055,052 88.8 %   1,036,569 88.0 %   1,043,849 87.7 %
Retail and local time deposits > $250   71,301 5.9 %   75,065 6.4 %   77,038 6.5 %   77,221 6.6 %   77,096 6.5 %
Broker & national time deposits <= $250   748 0.1 %   748 0.1 %   748 0.1 %   748 0.1 %   748 0.1 %
Broker & national time deposits > $250   29,779 2.5 %   49,788 4.2 %   54,191 4.6 %   62,493 5.3 %   67,493 5.7 %
                     
Totals $ 1,212,977 100.0 % $ 1,178,183 100.0 % $ 1,187,029 100.0 % $ 1,177,031 100.0 % $ 1,189,186 100.0 %

PSB Holdings, Inc.
Average Balances ($000) and Interest Rates
(dollars in thousands)
                       
  Quarter ended September 30, 2026   Quarter ended June 30, 2026   Quarter ended September 30, 2025
  Average   Yield /   Average   Yield /   Average   Yield /
  Balance Interest Rate   Balance Interest Rate   Balance Interest Rate
Assets                      
Interest-earning assets:                      
Loans (1)(2) $ 1,140,312   $ 17,539 6.10 %   $ 1,138,074   $ 17,392 6.13 %   $ 1,123,665   $ 16,796 5.93 %
Taxable securities   170,836     1,343 3.12 %     177,864     1,428 3.22 %     193,277     1,645 3.38 %
Tax-exempt securities (2)   69,150     581 3.33 %     70,873     591 3.34 %     75,419     633 3.33 %
FHLB stock   8,412     178 8.40 %     8,227     170 8.29 %     9,182     201 8.68 %
Other   51,497     486 3.74 %     36,217     338 3.74 %     45,649     516 4.48 %
                       
Total (2)   1,440,207     20,127 5.54 %     1,431,255     19,919 5.58 %     1,447,192     19,791 5.43 %
                       
Non-interest-earning assets:                          
Cash and due from banks   16,552           15,689           16,122      
Premises and equipment, net   12,784           13,084           13,377      
Cash surrender value ins   24,208           24,026           25,130      
Other assets   20,480           20,508           21,061      
Allowance for credit losses   (13,354 )         (13,268 )         (12,610 )    
                       
Total $ 1,500,877           $ 1,491,294           $ 1,510,272        
                       
Liabilities & stockholders’ equity                          
Interest-bearing liabilities:                          
Savings and demand deposits $ 350,238   $ 1,549 1.75 %   $ 338,948   $ 1,508 1.78 %   $ 320,732   $ 1,428 1.77 %
Money market deposits   278,393     1,859 2.65 %     276,290     1,783 2.59 %     281,189     1,746 2.46 %
Time deposits   264,974     2,327 3.48 %     286,959     2,545 3.56 %     310,441     3,033 3.88 %
FHLB borrowings   140,488     1,429 4.04 %     145,927     1,478 4.06 %     154,211     1,707 4.39 %
Other borrowings   4,181     21 1.99 %     3,820     13 1.37 %     6,280     45 2.84 %
Senior sub. notes   4,792     59 4.88 %     4,790     58 4.86 %     4,785     59 4.89 %
Junior sub. debentures   13,190     248 7.46 %     13,164     245 7.47 %     13,088     247 7.49 %
                       
Total   1,056,256     7,492 2.81 %     1,069,898     7,630 2.86 %     1,090,726     8,265 3.01 %
                       
Non-interest-bearing liabilities:                          
Demand deposits   291,542           269,839           278,640      
Other liabilities   15,113           16,141           15,564      
Stockholders’ equity   137,966           135,416           125,342      
                       
Total $ 1,500,877           $ 1,491,294           $ 1,510,272        
                       
Net interest income   $ 12,635       $ 12,289       $ 11,526  
Rate spread     2.73 %       2.72 %       2.42 %
Net yield on interest-earning assets         3.48 %       3.44 %       3.16 %
                       
(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%.

PSB Holdings, Inc.
Average Balances ($000) and Interest Rates
(dollars in thousands)
  Nine months ended September 30, 2026   Nine months ended September 30, 2025
  Average   Yield/   Average   Yield/
  Balance Interest Rate   Balance Interest Rate
Assets                  
Interest-earning assets:                  
Loans (1)(2) $ 1,136,751   $ 52,023   6.12 %   $ 1,117,079   $ 49,183   5.89 %
Taxable securities   179,407     4,357   3.25 %     195,191     4,852   3.32 %
Tax-exempt securities (2)   71,164     1,785   3.35 %     77,144     1,928   3.34 %
FHLB stock   8,146     530   8.70 %     9,067     608   8.97 %
Other   34,123     958   3.75 %     23,193     786   4.53 %
                   
Total (2)   1,429,591     59,653   5.58 %     1,421,674     57,357   5.39 %
                   
Non-interest-earning assets:                  
Cash and due from banks   15,989             15,970        
Premises and equipment, net   12,941             13,543        
Cash surrender value ins   24,487             24,963        
Other assets   20,348             21,161        
Allowance for credit losses   (13,188 )           (12,477 )      
                   
Total $ 1,490,168             $ 1,484,834          
                   
Liabilities & stockholders’ equity                
Interest-bearing liabilities:                  
Savings and demand deposits $ 344,099   $ 4,624   1.80 %   $ 325,470   $ 4,445   1.83 %
Money market deposits   272,210     5,259   2.58 %     274,520     5,003   2.44 %
Time deposits   282,862     7,586   3.59 %     291,490     8,577   3.93 %
FHLB borrowings   138,403     4,251   4.11 %     164,047     5,398   4.40 %
Other borrowings   4,257     59   1.85 %     7,148     140   2.62 %
Senior sub. notes   4,790     176   4.91 %     4,784     176   4.92 %
Junior sub. debentures   13,164     735   7.47 %     13,062     745   7.63 %
                   
Total   1,059,785     22,690   2.86 %     1,080,521     24,484   3.03 %
                   
Non-interest-bearing liabilities:                
Demand deposits   278,565             266,566        
Other liabilities   15,875             15,358        
Stockholders’ equity   135,943             122,389        
                   
Total $ 1,490,168             $ 1,484,834          
                   
Net interest income   $ 36,963         $ 32,873    
Rate spread       2.72 %         2.36 %
Net yield on interest-earning assets     3.46 %         3.09 %
                   
(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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PSB Holdings, Inc.