PSB Group, Inc. Announces Second-Quarter Financial Results
MADISON HEIGHTS, Mich., (CRWENEWSWIRE) — PSB Group, Inc., (PSBG.OB), the bank holding company for Peoples State Bank (PSB), a Michigan state-chartered bank with offices in Wayne, Oakland, Macomb and Genesee Counties, recently reported net operating loss of $824 thousand or $0.24 per average outstanding share for the three months ended June 30, 2010 compared with net operating income of $83 thousand or $.02 per average outstanding share for the first quarter of 2010, and a net operating loss of $1.452 million or $0.42 per average outstanding share for the second quarter of 2009.
Balance Sheet
Total assets at June 30, 2010 were $445.6 million compared to $458.2 million at March 31, 2010, and $489.7 million at June 30, 2009. Total loans were $343.5 million as of June 30, 2010 compared to $352.4 million at March 31, 2010, and $369.6 million at June 30, 2009. Total deposits were $426.7 million as of June 30, 2010 compared to $438.6 million at March 31, 2010, and $445.3 million at June 30, 2009. The Bank’s Tier 1 capital to total assets ratio was 3.62% at June 30, 2010 versus the 8% required by the FDIC and the Michigan Office of Financial and Insurance Regulation as a result of the September 2009 stipulation and consent to the issuance of an order to cease and desist.
Peoples State Bank continues to benefit from a dedicated process for deposit acquisition as evidenced by the growth in non-interest bearing deposits. During the quarter, the Bank did allow some higher priced deposits to leave the institution, as this action strategically supported the Bank’s goal to contract the size of the institution. PSB remains fully funded through the use of local deposits. The Bank did not borrow any funds during the quarter and does not utilize brokered deposits. The Bank continues to look for scarce, prudent lending opportunities which fit the risk tolerance in the fragile Michigan economy. As a result, relative to the size of the Balance Sheet, Investments and Cash continue to comprise about 19% of Total Assets at June 30, 2010. Peoples State Bank remains firmly committed to serving Southeast Michigan and its surrounding communities.
Contact:
Peoples State Bank
David A. Wilson, Senior Vice President & CFO
(248) 548-2900
Disclaimer:
The Views and Opinions Expressed by the author are his or her opinions only and do not necessarily reflect those of Crown Equity Holdings or its agents, affiliates, officers, directors, staff, or contractors. The author at the time of this article did not own any shares or receive any consideration financial or otherwise from any company mentioned or referred to in the article.
Tags: assets, Michigan, operating loss, Peoples State Bank, PSB Group
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