PSB Holding income $4.39 million
Christian Fernsby ▼ | January 30, 2023
PSB Holding Corp., the parent company of Provident State Bank, reported net income of $4.39 million ($2.87 per diluted common share) for the year ended December 31, 2022, compared to $5.28 million ($3.45 per diluted common share) for the same period of 2021.Article continues below
For the three months ended December 31, 2022, net income totaled $1.16 million ($.76 per diluted common share), compared to $1.02 million ($.66 per diluted common share) for the three months ended December 31, 2021.
Net interest income increased $580,000 in 2022 compared to 2021.
The increase was largely attributable to an increase in the NIM, exclusive of the influence of PPP activity, from an estimated 2.89% to 3.59%, offset by the reduced PPP income.
Improvement in the NIM was driven by increasing loan rates influenced by actions of the Federal Reserve.
Net income during the fourth quarter 2022 was further affected by lower gain on sale of loans of $272,000, an increase in other noninterest expense of $450,000 and the recapture of the provision for loan losses of $90,000. Gain on sale of loans declined as rising interest rates slowed residential mortgage origination activity.
Other noninterest expense included $435,000 of merger related costs.
The recapture of previously recorded provision for loan losses reflected continuing strength in asset quality metrics. ■ What to read next
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