$PNSB

PSB Financial, Inc.

CIK:0002087419|SEC Filings

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest income:
Loans, including fees	$ 1,311,503	$ 1,177,341	$ 2,594,303	$ 2,321,963
Investment securities:
Taxable	43,562	50,976	87,795	102,708
Tax-exempt	28,715	28,068	52,377	55,100
Other	107,116	68,777	166,316	120,592
Total interest income	1,490,896	1,325,162	2,900,791	2,600,363
Interest expense:
Deposits	472,587	335,953	886,065	694,126
FHLB advances	86,983	86,956	172,983	172,956
Total interest expense	559,570	422,909	1,059,048	867,082
Net interest income	931,326	902,253	1,841,743	1,733,281
Provision for (recovery of) credit losses on loans	(53,418)	(11,243)	(23,188)	(104,378)
Provision for (recovery of) credit losses on unfunded loan commitments	(266)		18,831
Net interest income after provision for credit losses	985,010	913,496	1,846,100	1,837,659
Noninterest income:
Increase in cash value of life insurance	22,357	4,994	44,195	9,890
Other noninterest income	16,987	729	19,265	1,351
Total noninterest income	85,871	53,650	159,264	128,342
Noninterest expense:
Salaries and employee benefits	439,685	426,382	831,999	828,569
Occupancy	132,976	133,127	261,409	268,826
Data processing	397,261	111,134	2,213,889	220,421
Advertising	31,879	29,115	59,321	56,894
Professional fees	170,085	122,205	288,053	152,649
Directors fees	28,350	28,350	56,700	56,700
Insurance	8,400	11,595	21,246	23,184
Loan costs	20,070	11,557	36,901	29,692
ATM fee expense	3,832	19,264	20,459	30,300
Donations and contributions	11,000	16,500	27,500	33,000
Other noninterest expense	48,393	52,504	125,918	131,044
Total noninterest expense	1,291,931	961,733	3,943,395	1,831,279
Net (loss) income before income taxes	(221,050)	5,413	(1,938,031)	134,722
Income tax (benefit) expense	(72,637)	(31,273)	(527,480)	8,936
Net (loss) income	$ (148,413)	36,686	$ (1,410,551)	125,786
Earnings (loss) per share:
Basic	$ (0.09)		$ (0.89)
Diluted	$ (0.09)		$ (0.89)
Service fees
Noninterest income:
Non-interest income	$ 16,840	14,349	$ 33,992	30,001
Interchange fees
Noninterest income:
Non-interest income	$ 29,687	$ 33,578	$ 61,812	$ 87,100

Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows (used in) from operating activities:
Net Income (Loss)	$ (1,410,551)	$ 125,786
Adjustments to reconcile net income to net cash (used in) from operating activities:
Net amortization of investment securities	(18,778)	25,151
Provision for (recovery of) credit losses	(4,357)	(104,378)
Depreciation	159,463	170,399
Net change in cash value of life insurance	(44,195)	(9,890)
ESOP expense	11,201	0
(Benefit from) provision for deferred income tax	(533,822)	25,577
Changes in operating assets and liabilities:
Accrued interest receivable	(51,550)	(23,284)
Other assets	1,888,292	(62,761)
Accrued interest payable	109	(10,649)
Other liabilities	355,183	51,334
Net cash (used in) from operating activities	350,995	187,285
Cash flows (used in) from investing activities:
Proceeds from calls, paydowns, and maturities of investment securities held to maturity	99,348	156,293
Proceeds from calls, paydowns, and maturities of investment securities available for sale	319,681	302,596
Net change in other investments	(11,331)	14,574
Net (increase) decrease in loans	(2,435,392)	1,299,793
Purchases of premises and equipment	(22,211)	(29,075)
Net cash (used in) from investing activities	(2,049,905)	1,744,181
Cash flows (used in) from financing activities:
Net increase (decrease) in deposits	2,021,045	752,877
Net increase in advance payments by borrowers for taxes and insurance	89,076	81,102
Gross proceeds from issuance of common stock	17,192,500
Stock offering costs, net	(3,640,933)
Purchase of ESOP shares	(1,375,400)
Net cash (used in) from financing activities	14,286,288	833,979
Net change in cash and cash equivalents	12,587,378	2,765,445
Cash and cash equivalents at beginning of period	9,194,860	6,433,487
Cash and cash equivalents at end of period	21,782,238	9,198,932
Supplemental cash flow information:
Interest	1,058,939	877,731
Income taxes	6,343	4,000
Noncash investing and financing activities:
Change in unrealized (loss) gain on investment securities available for sale	$ (18,117)	$ 202,396

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and due from banks	$ 780,129	$ 360,992
Interest-bearing deposits	21,002,109	8,833,868
Cash and cash equivalents	21,782,238	9,194,860
Investment securities available for sale, net of allowance for credit losses of $0 at June 30, 2026 and December 31, 2025 (amortized cost of $8,794,555 and $9,095,188 at June 30, 2026 and December 31, 2025, respectively)	8,367,925	8,686,675
Investment securities held to maturity, net of allowance for credit losses of $0 at June 30, 2026 and December 31, 2025 (fair value of $1,377,371 and $1,488,818 at June 30, 2026 and December 31, 2025, respectively)	1,416,188	1,515,807
Loans, net of allowance for credit losses of $1,118,851 and $1,138,600 at June 30, 2026 and December 31, 2025, respectively	92,220,076	89,761,496
Premises and equipment, net	4,727,584	4,864,836
Other investments	739,890	728,559
Accrued interest receivable	411,118	359,568
Cash value of life insurance	2,276,540	2,232,345
Accrued income taxes receivable	46,405	46,405
Deferred tax asset	926,910	388,318
Prepaid conversion costs		2,002,360
Other assets	334,061	219,993
Total Assets	133,248,935	120,001,222
LIABILITIES
Interest-bearing deposits	87,012,652	84,491,349
Noninterest-bearing deposits	7,683,700	8,183,958
Total deposits	94,696,352	92,675,307
Advance payments by borrowers for taxes and insurance	209,537	120,461
Federal Home Loan Bank advances	8,000,000	8,000,000
Accrued interest payable	56,742	56,633
Deferred compensation	280,754	308,622
Reserve for unfunded loan commitments	66,014	47,183
Other liabilities	702,629	319,578
Total Liabilities	104,012,028	101,527,784
SHAREHOLDERS' EQUITY
Preferred stock, $0.01 par value, 500,000 shares authorized, none issued
Common stock, $0.01 par value, 5,000,000 shares authorized, 1,719,250 issued and outstanding at June 30, 2026	17,193
Additional paid-in capital	13,535,550
Unallocated common stock of ESOP	(1,365,375)
Retained earnings	17,245,044	18,655,595
Accumulated other comprehensive loss	(195,505)	(182,157)
Total Shareholders' Equity	29,236,907	18,473,438
Total Liabilities and Shareholders' Equity	$ 133,248,935	$ 120,001,222