On Monday, PSB Holdings Inc (OTCMKTS:PSBQ), which is the parent company of the Peoples State Bank, was in the news after it announced its financial results for the fiscal quarter that had ended on September 30, 2022.
On Monday, PSBQ stock ended flat at $22.45 with more than 15 shares, compared to its average volume of 636 shares. The stock moved within a range of $22.45 – 22.45 after opening trade at $22.12.
PSB Holdings, Inc. Third Quarter 2022 Earnings of $0.80 Per Share Up 11% Over Prior Quarter; Nine-Month Earnings Reach $10.0 Million, or $2.27 Per Share
The company announced that it had managed to bring in quarterly earnings to the tune of $3.5 million and that worked out to earnings per share of $0.80. That reflected an improvement on a sequential basis as PSB Holdings had generated net earnings of $3.2 million and earnings per share of $0.72 in the previous quarter that had ended on June 30, 2022.
That being said, it should be noted that on a year on year basis, the performance reflected a decline. In the prior year period, PSB Holdings had managed to generate earnings of $3.6 million and earnings per share of $0.82. The company had managed to generate higher earnings in the prior year period because it had managed to sell more of mortgage loans in that quarter.
On the other hand, in the nine month period ending on September 30, 2022 the company managed to generate earnings of $2.27 a share and that was higher than the earnings of $2.17 a share in the prior year period.
“We are pleased with the results for the third quarter. Net income increased despite continued declines in mortgage banking fee income while our net interest margin remained near the previous quarter. We undertook initiatives in the third quarter on deposit pricing that we believe will contribute to a stronger net interest margin in coming quarters. As we look forward to the fourth quarter and 2023, we anticipate loan growth will be challenging due to national economic policies, but we remain well prepared to continue to deliver strong returns to our shareholders,” stated Scott Cattanach, President and CEO.
PSBQ stock is trading below the 20-Day and 50-Day Moving averages of $23 and $24 respectively. Moreover, the stock is trading below the 200-Day moving average of $25.50.