SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549

                           _________________________

                                   FORM 8-K

                                CURRENT REPORT



               Pursuant to Section 13 or 15(d) of the Securities
                             Exchange Act of 1934

                           _________________________


       Date of Report (date of earliest event reported):  JULY 29, 2004



                              PSB HOLDINGS, INC.

            (Exact name of registrant as specified in its charter)



        WISCONSIN                   0-26480                   39-1804877
     (State or other           (Commission File              (IRS Employer
     jurisdiction of                Number)                 Identification
     incorporation)                                             Number)


                            1905 W. STEWART AVENUE
                               WAUSAU, WI 54401

         (Address of principal executive offices, including Zip Code)

                                (715) 842-2191
              Registrant's telephone number, including area code



                   INFORMATION TO BE INCLUDED IN THE REPORT


ITEM 5.     OTHER EVENTS AND REGULATION FD DISCLOSURE

      On July 29, 2004, PSB Holdings, Inc. reported net income of $782,000, or
$.45 per share, for the quarter ended June 30, 2004, as compared to net
earnings of $1,057,000, or $.60 per share, for the quarter ended June 30, 2003.
All per share amounts have been adjusted to reflect a 5% stock dividend paid
January 29, 2004, to shareholders of record on January 6, 2004.

ITEM 7.     FINANCIAL STATEMENTS AND EXHIBITS

      (C)   EXHIBITS

            99.1* Press release dated July 29, 2004

            * This exhibit is furnished pursuant to Item 12 and shall not be
              deemed to have been filed by the registrant pursuant to Item 5.


ITEM 12.    RESULTS OF OPERATIONS AND FINANCIAL CONDITION

      On July 29, 2004, PSB Holdings, Inc. issued a press release announcing
its earnings for the second quarter ended June 30, 2004, a copy of which is
attached hereto as Exhibit 99.1 and incorporated in this Item 12 by reference.


                                  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 hereunto duly authorized.


                                    PSB HOLDINGS, INC.



Date:  July 29, 2004                By:    SCOTT M. CATTANACH
                                           Scott M. Cattanach
                                           Treasurer
                                       -2-



                                 EXHIBIT INDEX
                                      TO
                                   FORM 8-K
                                      OF
                              PSB HOLDINGS, INC.
                              DATED JULY 29, 2004
                 Pursuant to Section 102(d) of Regulation S-T
                        (17 C.F.R. Section 232.102(d))




99.1* PRESS RELEASE DATED JULY 29, 2004


* This exhibit is furnished pursuant to Item 12 and shall not be deemed to have
  been filed by the registrant pursuant to Item 5.
                                       -3-