WAUSAU, Wisc., December 17, 2020 (GLOBE NEWSWIRE) – PSB Holdings, Inc. (OTCQX: PSBQ), parent company of Peoples State Bank, is pleased to announce that on December 15, 2020, its board of directors declared a regular semi-annual cash dividend of $ 0.21 per common share of the Company. The dividend is payable on January 29, 2021 to shareholders of record on January 8, 2020 and represents an increase of 5.0% over the semi-annual cash dividend of $ 0.20 per share declared on December 17, 2019. The current dividend continues a period 56 years old. tradition of cash dividends to PSB shareholders, including 27 consecutive years of increased declared cash dividends per share.
PSB’s Board of Directors also renewed its regular quarterly common share buyback program allowing for the buyback of up to 5,000 common shares during the quarter ended March 31, 2021 as pricing opportunities present themselves. market with redemptions on the open market or directly from shareholders. The extent of these buybacks depends on market conditions and other business considerations. From the start of the year until December 16, 2020, 18,434 common shares were repurchased under the program at an average cost of $ 25.95 per share.
PSB President and CEO Scott M. Cattanach said: “We continue to deliver strong financial performance through the combination of historically high mortgage volume and loan and deposit generation. higher which resulted in revenue growth. These results give us the ability to return funds to shareholders and provide sufficient levels of capital as we seek opportunities to further accelerate our growth with our recent announcement of the purchase of WBI. Restarting a limited share buyback program now will allow us to support the share price as we seek to acquire additional shares when opportunities permit. “
About PSB Holdings, Inc.
PSB Holdings, Inc. is the parent company of Peoples State Bank. Peoples is a community bank headquartered in Wausau, Wisconsin, serving north central Wisconsin from nine full-service banking locations in Marathon, Oneida, Vilas and Milwaukee counties and a loan production office in Stevens Point, Wisconsin. Peoples also provides investment and insurance products, as well as retirement planning services, through Peoples Wealth Management, a division of Peoples. PSB Holdings, Inc. is listed under the ticker symbol PSBQ on the OTCQX market. For more information on PSB, its management and financial performance, visit www.psbholdingsinc.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections regarding the business of PSB Holdings based, in part, on assumptions made by the Company. management and include, without limitation, statements regarding PSB Holdings’ potential growth, future earnings, expected share repurchase levels, future dividend rates, future interest rates and the suitability of its financial position. capital. Forward-looking statements may be affected by known and unknown risks, uncertainties and other factors, including, but not limited to, the strength of the economy, the effects of government policies, including interest rate policies. interest, the risks associated with the execution of PSB Holdings’ vision and growth strategy, including with respect to current and future merger and acquisition activities, and the risks associated with the related global economic instability. the COVID-19 pandemic and its effects on PSB Holdings, Peoples, and their customers, and other risks. The forward-looking statements contained in this press release speak only as of the date on which they are made, and PSB Holdings assumes no obligation to update any forward-looking statements to reflect events or circumstances subsequent to the date thereof. communicated.
Investor Relations Contact
PSB Holdings, Inc.
1905 Stewart Avenue
Wausau, WI 54401