FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended MARCH 31, 2001
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________
Commission file number:
PSB HOLDINGS, INC.
(Exact name of registrant as specified in charter)
WISCONSIN 39-1804877
(State of incorporation) (I.R.S. Employer Identification
Number)
1905 WEST STEWART AVENUE
WAUSAU, WISCONSIN 54401
(Address of principal executive office)
Registrant's telephone number, including area code: 715-842-2191
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such report), and (2) has been subject to such
filing requirements for the past 90 days.
Yes X No
The number of common shares outstanding at May 7, 2001 was 839,705.
PSB HOLDINGS, INC.
FORM 10-Q
QUARTER ENDED MARCH 31, 2001
PAGE NO.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Consolidated Balance Sheets
March 31, 2001 (unaudited) and December 31,
2000 (derived from audited financial statements) 1
Consolidated Statements of Income,
Three Months Ended March 31, 2001 and
2000 (unaudited) 2
Condensed Consolidated Statements of Cash Flows
Three Months Ended March 31, 2001 and 2000 (unaudited) 3
Notes to Condensed Consolidated Financial
Statements 4
Item 2. Management's Discussion and
Analysis of Financial Condition
and Results of Operations 7
Item 3. Quantitative and Qualitative Disclosures About
Market Risk 14
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PART I. FINANCIAL INFORMATION
ITEM 1.FINANCIAL STATEMENTS
PSB HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
($ thousands - March 31, 2001 unaudited, December 31, 2000
derived from audited financial statements)
March 31 December 31
2001 2000
ASSETS
Cash and due from banks $ 10,410 $ 9,226
Federal funds sold 9,391 53
Interest-bearing deposits and money market funds 2,336 88
Investment securities:
Held to maturity (fair values of $16,772 and $14,005, respectively) 16,481 13,975
Available for sale (at fair value) 48,077 48,123
Federal Home Loan Bank stock, at cost 2,049 2,008
Loans held for sale 950 114
Loans receivable, net of allowance for loan losses of $2,536
at March 31, 2001 and $2,407 at December 31, 2000 223,373 224,702
Accrued interest receivable 2,225 2,102
Premises and equipment 4,497 4,751
Other assets 973 1,097
TOTAL ASSETS $320,762 $306,239
LIABILITIES
Non-interest-bearing deposits $31,670 $35,192
Interest-bearing deposits 216,297 206,342
Total deposits 247,967 241,534
Short-term borrowings 8,597 11,515
Long-term borrowings 38,000 28,000
Other liabilities 2,722 2,915
Total liabilities 297,286 283,964
STOCKHOLDERS' EQUITY
Common stock - No par value with a stated value of $2 per share:
Authorized - 1,000,000 shares
Issued - 902,425 shares 1,805 1,805
Additional paid-in capital 7,159 7,159
Retained earnings 16,496 15,727
Accumulated other comprehensive loss, net of tax 307 (125)
Treasury stock, at cost - 62,720 shares at March 31, 2001 and
December 31, 2000 (2,291) (2,291)
Total stockholders' equity 23,476 22,275
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $320,762 $306,239
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PSB HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended
March 31,
($ thousands except share data - unaudited) 2001 2000
Interest income:
Interest and fees on loans $5,021 $4,019
Interest on investment securities:
Taxable 748 718
Tax-exempt 159 153
Other interest and dividends 117 17
Total interest income 6,045 4,907
Interest expense:
Deposits 2,861 2,057
Short-term borrowings 155 323
Long-term borrowings 542 196
Total interest expense 3,558 2,576
Net interest income 2,487 2,331
Provision for loan losses 150 150
Net interest income after provision for loan losses 2,337 2,181
Noninterest income:
Service fees 246 160
Net realized gain on sale of premises and equipment 54 57
Gain on sale of loans 29 4
Investment product sales commissions 46 46
Other operating income 80 60
Total noninterest income 455 327
Noninterest expenses:
Salaries and employee benefits 1,012 1,036
Occupancy 236 234
Data processing and other office operations 122 109
Other operating 334 319
Total noninterest expenses 1,704 1,698
Income before income taxes 1,088 810
Provision for income taxes 319 236
Net income $769 $574
Basic and diluted earnings per share $0.92 $0.65
Weighted average shares outstanding 839,705 878,616
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PSB HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOW
Three Months Ended
March 31,
($ thousands - unaudited) 2001 2000
Cash flows from operating activities:
Net income $769 $574
Adjustments to reconcile net income to net cash provided
by operating activities:
Provision for depreciation and net amortization 172 146
Provision for loan losses 150 150
Gain on sale of loans (29) (4)
Gain on sale of premises and equipment (54) (57)
Changes in operating assets and liabilities:
Other assets (245) (172)
Other liabilities (193) (741)
Net cash provided by (used in) operating activities: 570 (104)
Cash flows from investing activities:
Proceeds from sale and maturities of:
Held to maturity securities 180 120
Available for sale securities 8,279 1,068
Payment for purchase of:
Held to maturity securities (2,695)
Available for sale securities (7,584) (202)
Increase in Federal Home Loan Bank stock (41) (850)
Net change in loans 620 (14,846)
Net change in interest-bearing deposits (2,248) (134)
Net change in federal funds sold (9,338) (4)
Capital expenditures (105) (228)
Proceeds from sale of premises and equipment 31 61
Net cash used in investing activities (12,901) (15,015)
Cash flows from financing activities:
Net change in deposits 6,433 5,673
Net change in short-term borrowings (2,918) (4,779)
Net change in long-term borrowings 10,000 10,000
Purchase of treasury stock (363)
Net cash provided by financing activities 13,515 10,531
Net increase (decrease) in cash and due from banks 1,184 (4,588)
Cash and due from banks at beginning 9,226 11,926
Cash and due from banks at end $10,410 $7,338
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid during the period for:
Interest $3,425 $2,603
Income taxes 12 388
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PSB HOLDINGS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 - GENERAL
In the opinion of management, the accompanying unaudited consolidated
financial statements contain all adjustments necessary to present fairly
PSB Holdings, Inc.'s ("Company") financial position, results of its
operations, and cash flows for the periods presented, and all such
adjustments are of a normal recurring nature. The consolidated financial
statements include the accounts of all subsidiaries. All material
intercompany transactions and balances are eliminated. The results of
operations for the interim periods are not necessarily indicative of the
results to be expected for the full year.
These interim consolidated financial statements have been prepared
according to the rules and regulations of the Securities and Exchange
Commission and, therefore, certain information and footnote disclosures
normally presented in accordance with generally accepted accounting
principles have been omitted or abbreviated. The information contained in
the consolidated financial statements and footnotes in the Company's 2000
annual report on Form 10-K, should be referred to in connection with the
reading of these unaudited interim financial statements.
In preparing the consolidated financial statements, management is required
to make estimates and assumptions that affect the reported amounts of
assets and liabilities as of the date of the balance sheet and revenues
and expenses for the period. Actual results could differ significantly
from those estimates. Estimates that are susceptible to significant
change include the determination of the allowance for credit losses and
the valuations of investments.
NOTE 2 - CHANGE IN ACCOUNTING PRINCIPLE
Effective January 1, 2001, the Company adopted Statement of Financial
Accounting Standards (SFAS) No. 133, "Accounting for Derivative
Instruments and Hedging Activities" and SFAS No. 138, "Accounting for
Certain Derivative Instruments and Certain Hedging Activities." Under
these SFAS, the Company must recognize all material derivatives as either
assets or liabilities in the balance sheet and measure those instruments
at fair value. Changes in fair value are generally recognized in earnings
during the period the changes occur. The adoption of SFAS No. 133 and No.
138 did not have a material impact on the Company's financial condition or
results of operations.
NOTE 3 - EARNINGS PER SHARE
Earnings per share of common stock is based on the weighted average number
of common shares outstanding during the period. The Company did not
maintain a stock option plan prior to March 31, 2001.
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NOTE 4 - COMPREHENSIVE INCOME
Generally accepted accounting principles require comprehensive income and
its components, as recognized under the accounting standards, to be
displayed in a financial statement with the same prominence as other
financial statements. The disclosure requirements with respect to the
Form 10-Q have been included in the Company's consolidated balance sheets.
Comprehensive income totaled the following for the periods indicated:
Three Months Ended
($ thousands - unaudited) 3/31/01 3/31/00
Net income $769 $574
Change in net unrealized gain or loss on
securities available for sale, net of tax 432 61
Comprehensive income $1,201 $635
NOTE 5 - INVESTMENT SECURITIES
The amortized cost and estimated fair value of investment securities are
as follows:
Gross Gross Estimated
Amortized Unrealized Unrealized Fair
($ thousands) Cost Gains Losses Value
MARCH 31, 2001
Securities held to maturity:
Obligations of states and political
subdivisions $16,481 $299 $8 $16,772
Securities available for sale:
U.S. Treasury securities and obligations
of U.S. government corporations and
agencies $47,556 $521 $48 $48,029
Other equity securities 48 48
Totals $47,604 $521 $48 $48,077
DECEMBER 31, 2000
Securities held to maturity:
Obligations of states and political
subdivisions $13,975 $101 $71 $14,005
Securities available for sale:
U.S. Treasury securities and obligations
of U.S. government corporations and
agencies $48,279 $195 $399 $48,075
Other equity securities 48 48
Totals $48,327 $195 $399 $48,123
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NOTE 6 - SUBSEQUENT EVENT
On April 17, 2001, the stockholders of the Company approved an incentive
stock option plan. The plan calls for up to 15,000 options to purchase
common shares to be issued to selected officers during 2001 and 2002.
Criteria regarding the extent and timing of stock option grants have not
yet been determined.
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
The following discussion and analysis is presented to assist in the
understanding and evaluation of the Company's financial condition and
results of operations. It is intended to complement the unaudited
financial statements, footnotes, and supplemental financial data appearing
elsewhere in this Form 10-Q and should be read in conjunction therewith.
Forward-looking statements have been made in this document that are
subject to risks and uncertainties. While the Company believes these
forward-looking statements are based on reasonable assumptions, all such
statements involve risk and uncertainties that could cause actual results
to differ materially from those contemplated in this report. The
assumptions, risks, and uncertainties relating to the forward-looking
statements in this report include those described under the caption
"Cautionary Statements Regarding Forward-Looking Information" in Part I of
the Company's Form 10-K for the year ended December 31, 2000 and, from
time to time, in the Company's other filings with the Securities and
Exchange Commission.
BALANCE SHEET
At March 31, 2001, total assets were $320,762, an increase of $50,447, or
18.7%, over March 31, 2000, while assets grew $14,523 over December 31,
2000. Gross loans (excluding loans held for sale) were $225,909 at March
31, 2001, growing $28,448 over first quarter 2000 and decreasing $1,200
over fourth quarter 2000. Loan growth has come primarily from commercial
real estate loans.
Table 1: Period-End Loan Composition
MARCH 31 PERCENT DECEMBER 31 PERCENT
2001 OF TOTAL 2000 OF TOTAL
Commercial and financial $ 51,034 22.59% $ 53,421 23.52%
Real estate 159,643 70.67% 157,904 69.53%
Consumer installment 15,232 6.74% 15,784 6.95%
Total loans $225,909 100.00% $227,109 100.00%
The loan portfolio is the Company's primary asset subject to credit risk.
The Company's process for monitoring credit risks includes weekly analysis
of loan quality, delinquencies, non-performing assets, and potential
problem loans. Loans are placed on a nonaccrual status when they become
contractually past due 90 days or more as to interest or principal
payments. All interest accrued but not collected for loans (including
applicable impaired loans) that are placed on nonaccrual or charged off is
reversed to interest income. The interest on these loans is accounted for
on the cash basis until qualifying for return to accrual status. Loans
are returned to accrual status when all the principal and interest amounts
contractually due have been collected and there is reasonable assurance
that repayment will continue within a reasonable time frame.
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The term "impaired loan" refers to certain commercial loans with respect
to which, based on current information, it is probable that the Company
will not be able to collect all amounts due in accordance with the
contractual terms of the loan agreement. Impairment is based on
discounted cash flows of expected future payments using the loan's
effective interest rate or the fair value of the collateral if the loan is
collateral dependent.
The aggregate amount of nonperforming assets increased $1,103 to $2,408 at
March 31, 2001 from $1,305 at March 31, 2000, primarily because of
additional restructured loans. Nonperforming assets include: 1) loans
that are either contractually past due 90 days or more as to interest or
principal payments, on a nonaccrual status, or the terms of which have
been renegotiated to provide a reduction or deferral of interest or
principal, and 2) other real estate owned.
Table 2: Allowance for Loan Losses and Nonperforming Assets
THREE MONTHS ENDED
3/31/2001 3/31/2000
Allowance for loan losses at beginning of period $ 2,407 $ 2,099
Provision charged to operating expense 150 150
Recoveries on loans 1 5
Loans charged off (22) (17)
Allowance for loan losses at end of period $ 2,536 $ 2,237
Table 3: Nonperforming Assets
THREE MONTHS ENDED
3/31/2001 3/31/2000
Nonaccrual loans $ 1,189 $ 1,024
Loans past due 90 days or more and still accruing interest 215 0
Restructured loans 863 257
Total nonperforming loans 2,267 1,281
Other real estate owned 141 24
Total nonperforming assets $ 2,408 $1,305
Management is not aware of any additional loans that represent material
credits or of any information that causes management to have serious
doubts as to the ability of such borrowers to comply with the loan
repayment terms.
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LIQUIDITY
Liquidity refers to the ability of the Company to generate adequate
amounts of cash to meet the Company's need for cash. The Company manages
its liquidity to provide adequate funds to support borrowing needs and
deposit flow of its customers. Management views liquidity as the ability
to raise cash at a reasonable cost or with a minimum of loss and as a
measure of balance sheet flexibility to react to marketplace, regulatory,
and competitive changes. Deposit growth is the primary source of
liquidity. Deposits as a percentage of total funding sources were 84.2%
at March 31, 2001 and 84.1% at March 31, 2000. Wholesale funding
represents the balance of the Company's total funding needs.
As of March 31, 2001, loan principal and investment securities maturing
within one year totaled $106,228, while certificates of deposit and short-
term borrowings maturing within one year totaled $115,640. Unused credit
advances available to the Company at March 31, 2001 totaled approximately
$14,000. The primary funding sources utilized are Federal Home Loan Bank
advances, federal funds purchased, repurchase agreements from a base of
individuals, businesses, and public entities, and brokered CDS.
The Company attempts, when possible, to match relative maturities of
assets and liabilities, while maintaining the desired net interest margin.
CAPITAL RESOURCES
Stockholders' equity at March 31, 2001 increased $2,156 compared to
$21,320 at March 31, 2000. Stockholders' equity included unrealized gains
on securities available for sale, net of their tax effect, of $307 at
March 31, 2001 compared to unrealized losses of $982 for the comparable
prior year period.
The adequacy of the Company's capital is regularly reviewed to ensure
sufficient capital is available for current and future needs and is in
compliance with regulatory guidelines. As of March 31, 2001, the
Subsidiary Bank's tier 1 risk-based capital ratio, total risk-based
capital, and tier 1 leverage ratio were well in excess of regulatory
minimums.
Table 4: Capital Ratios - Subsidiary Bank
TIER 1 TOTAL TIER 1
CAPITAL CAPITAL LEVERAGE
March 31, 2001 10.36% 11.50% 7.30%
March 31, 2000 11.68% 12.86% 8.43%
Regulatory requirements to be considered well capitalized 6.00% 10.00% 5.00%
RESULTS OF OPERATIONS
Net income for the quarter ended March 31, 2001, totaled $769, or $.92 per
share for basic and diluted earnings per share. Comparatively, net income
for the quarter ended March 31, 2000 was $574, or $.65 per share for basic
and diluted earnings per share. Operating results for the first quarter
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2001 generated an annualized return on average assets of .98% and an
annualized return on average equity of 13.46%, compared to .87% and 10.88%
for the comparable period in 2000. The net interest margin for the first
quarter 2001 was 3.47% compared to 3.89% for the comparable quarter in
2000.
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Table 5: Summary Results of Operations
The following table presents consolidated financial data of PSB Holdings,
Inc. and Subsidiary.
2001 2000
First Fourth Third Second First
($ thousands except per share amounts) Quarter Quarter Quarter Quarter Quarter
FINANCIAL HIGHLIGHTS
Earnings and dividends:
Net interest income $2,487 $2,503 $2,252 $2,314 $2,331
Provision for credit losses 150 150 150 150 150
Other noninterest income 455 408 355 356 327
Other noninterest expense 1,704 1,533 1,706 1,537 1,698
Net income 769 872 545 680 574
Per common share:
Basic and diluted earnings 0.92 1.04 0.64 0.78 0.65
Dividends declared 0.00 0.65 0.00 0.38 0.00
Book value 27.96 26.53 25.44 24.61 24.42
Average common shares 839,705 840,512 847,895 866,433 878,616
Dividend payout ratio 0.00% 62.04% 0.00% 48.72% 0.00%
Balance sheet summary:
Loans net of unearned income 223,373 224,702 217,778 206,943 195,224
Assets 320,762 306,239 300,406 285,080 270,315
Deposits 247,967 241,534 232,051 221,981 208,027
Stockholders' equity 23,476 22,274 21,420 21,067 21,320
Average balances:
Loans net of unearned income 224,038 221,240 214,773 201,128 188,247
Assets 313,474 303,323 292,743 277,698 263,364
Deposits 244,751 236,793 227,016 215,004 204,245
Stockholders' equity 22,859 21,847 21,244 21,194 21,138
Performance Ratios:
Return on average assets (1) 0.98% 1.15% 0.74% 0.98% 0.87%
Return on average common equity (1) 13.46% 15.97% 10.26% 12.81% 10.88%
Tangible equity to assets 7.22% 7.31% 7.37% 7.74% 8.25%
Net loan charge-offs as a percentage
of average loans 0.01% 0.08% 0.01% 0.05% 0.01%
Nonperforming assets as a percentage
of average gross loans 1.06% 1.11% 0.35% 0.32% 0.54%
Net interest margin (1) (2) 3.47% 3.62% 3.40% 3.65% 3.89%
Efficiency ratio (2) 56.35% 51.29% 63.59% 55.99% 62.04%
Service fee revenue as a percent of
average assets (1) 0.31% 0.32% 0.36% 0.27% 0.24%
<FN>
(1) Annualized
(2) Tax-exempt income has been adjusted to its fully taxable equivalent with a
34% tax rate
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NET INTEREST INCOME
Net interest income is the most significant component of earnings. Net
interest income for the three months ended March 31, 2001 was $2,487.
Comparatively, net interest income for the first quarter 2000 was $2,331.
Fully taxable equivalent net interest income for the first quarter 2001
increased $159 to $2,569 from first quarter 2000. Average earning assets
grew $47,586 from the first quarter 2000. The net interest margin for the
three months ended March 31, 2001 was 3.47% or 42 basis points less than
the 3.89% margin in the first quarter 2000. The net interest margin
continues to decline during this period due to the higher costs of
deposits needed to fund the balance sheet. Yields on earning assets
increased to 8.28% compared to 8.03% in 2000. However, the costs for
interest-bearing liabilities increased to 5.59% from 4.90%. The Company
expects the current falling interest rate environment to be favorable to
the Bank's net interest margin during the remainder of 2001. The Company
expects the cost of funding to decline greater than the yield on earning
assets.
PROVISION FOR LOAN LOSSES
Management determines the adequacy of the provision for loan losses based
on past loan experience, current economic conditions, composition of the
loan portfolio, and the potential for future loss. Accordingly, the
amount charged to expense is based on management's evaluation of the loan
portfolio. It is the Company's policy that when available information
confirms that specific loans and leases, or portions thereof, including
impaired loans, are uncollectible, these amounts are promptly charged off
against the allowance. The provision for loan losses was $150 for the
three months ended March 31, 2001 and March 31, 2000. Net charge-offs as
a percentage of average loans outstanding were .01% during the three
months ended March 31, 2001 and March 31, 2000.
Nonperforming loans are reviewed to determine exposure for potential loss
within each loan category. The adequacy of the allowance for loan losses
is assessed based on credit quality and other pertinent loan portfolio
information. The adequacy of the reserve and the provision for loan
losses is consistent with the composition of the loan portfolio and recent
credit quality history.
NONINTEREST INCOME
Noninterest income increased 39.1% to $455 during the three months ended
March 31, 2001, from the comparable first quarter of 2000. There were no
gains or losses on securities during the three months ended March 31, 2001
and 2000. Service fees on deposit accounts increased $86, or 53.8%, for
the three months ended March 31, 2001 from the three months ended March
31, 2000. The Company recorded a gain on the sale of real estate formerly
held for possible branch expansion totaling $54.
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NONINTEREST EXPENSE
Noninterest expense increased only .4% to $1,704 for the three months
ended March 31, 2001, from $1,698 for the three months ended March 31,
2000.
Table 6: Key Operating Ratios
Three Months Ended March 31, 2001 and 2000 (unaudited)
Three-Month Period
2001 2000
Return on assets (net income divided by
average assets) (1) 0.98% 0.87%
Return on average equity (net income
divided by average equity) (1) 13.46% 10.88%
Average equity to average assets 7.29% 8.03%
Interest rate spread (difference between
average yield on interest-earning assets
and average cost of interest-bearing
liabilities) (1) (2) 2.69% 3.13%
Net interest margin (net interest income
as a percentage of average interest-
earning assets) (1) (2) 3.47% 3.89%
Noninterest expense to average assets (1) 2.17% 2.58%
Allowance for loan losses to total loans
at end of period 1.12% 1.13%
<FN>
(1) Annualized
(2) Tax-exempt income has been adjusted to its fully taxable equivalent
with a 34% tax rate
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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
There has been no material change in the information provided in response
to Item 7A of the Company's Form 10-K for the year ended December 31,
2000.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
Not Applicable
ITEM 2. CHANGES IN SECURITIES
Not Applicable
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
Not Applicable
ITEM 4. SUBMISSION OF MATTERS TO VOTE OF SECURITIES HOLDERS
Not Applicable
ITEM 5. OTHER INFORMATION
Not Applicable
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K:
(a) Exhibits.
The following exhibits have been filed with the Securities and
Exchange Commission. Exhibits filed as part of this report, and listed
below, are set forth on the Exhibit Index which follows the signature page.
Exhibit
NUMBER DESCRIPTION
3.1 Restated Articles of Incorporation, as amended
(incorporated by reference to Exhibit 3.1 to the
Company's Annual Report on Form 10-K for the fiscal
year ended December 31, 2000)
3.2 Bylaws (incorporated by reference to Exhibit 3.2 to
the Company's Annual Report on Form 10-K for the
fiscal year ended December 31, 2000)
4.1 Articles of Incorporation and Bylaws (see Exhibits 3.1
and 3.2)
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10.1 Bonus Plan of Directors of the Bank (incorporated by
reference to Exhibit 10.1 to the Company's Annual
Report on Form 10-K for the fiscal year ended December
31, 2000)
10.2 Non-Qualified Retirement Plan for Directors of the
Bank (incorporated by reference to Exhibit 10.2 to the
Company's Annual Report on Form 10-K for the fiscal
year ended December 31, 2000)
10.3 Senior Management Incentive Compensation Plan
(incorporated by reference to Exhibit 10.4 to the
Company's Quarterly Report on Form 10-Q for the period
ended June 30, 2000)*
10.4 Consulting Agreement with Chairman of the Board
(incorporated by reference to Exhibit 10.4 to the
Company's Annual Report on Form 10-K for the fiscal
year ended December 31, 2000)*
10.5 2001 Stock Option Plan
21.1 Subsidiaries of the Company (incorporated by reference
to Exhibit 21.1 to the Company's Annual Report on Form
10-K for the fiscal year ended December 31, 2000)
*Denotes Executive Compensation Plans and Arrangements.
(b) Reports on Form 8-K:
None.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
PSB HOLDINGS, INC.
May 10, 2001 TODD R. TOPPEN
Todd R. Toppen
Secretary and Controller
(On behalf of the Registrant and as
Principal Financial Officer)
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EXHIBIT INDEX
TO
FORM 10-Q
OF
PSB HOLDINGS, INC.
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2001
Pursuant to Section 102(d) of Regulation S-T
(17 C.F.R. '232.102(d))
The following exhibit is filed as part this report:
10.5 2001 STOCK OPTION PLAN