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Peoples State Bank

As Reported Financial Statements

As Reported Financials

Source Document Currency Code (in thousands) 2014 Y 12/31/2016 USD 2015 Y 12/31/2017 USD 2016 Y 12/31/2017 USD 2017 Y 12/31/2017 USD
Source Document Currency Code 2014 Y 12/31/2016 USD 2015 Y 12/31/2017 USD 2016 Y 12/31/2017 USD 2017 Y 12/31/2017 USD

Interest and dividend income

Loans, including fees 22,634 23,240 24,839 27,350

Securities

Taxable 2,398 2,548 2,486 2,663
Tax-exempt 1,504 1,508 1,465 1,333
Other interest and dividends 82 76 127 248
Total interest and dividend income 26,618 27,372 28,917 31,594

Interest expense

Deposits 2,835 2,697 2,768 3,103
Federal Home Loan Bank advances 601 269 461 709
Other borrowings 560 242 245 200
Senior subordinated notes 150 141 103 94
Junior subordinated debentures 340 342 343 312
Total interest expense 4,486 3,691 3,920 4,418
Net interest income 22,132 23,681 24,997 27,176
Provision (credit) for loan losses 560 (530) 55 385
Net interest income after provision (credit) for loan losses 21,572 24,211 24,942 26,791

Noninterest income

Service fees 1,656 1,591 1,561 1,589
Residential mortgage banking, net 1,373 1,725 2,040 1,476
Investment and insurance sales commissions 946 1,000 953 1,087
Net gain on sale of securities 3 0 0 4
Increase in cash surrender value of bank-owned life insurance 404 401 401 383
Gain on life insurance death benefits received 0 0 380 0
Other operating income 1,312 1,431 1,634 1,568
Total noninterest income 5,694 6,148 6,969 6,107

Noninterest expense

Salaries and employee benefits 9,879 11,089 11,837 12,183
Occupancy and facilities 1,828 1,884 1,761 1,896
Loss on foreclosed assets 233 206 49 120
Data processing and other office operations 2,224 2,137 2,213 2,430
Advertising and promotion 376 363 371 454
FDIC insurance premiums 523 472 316 276
Other operating expense 2,857 2,730 2,958 2,987
Total noninterest expense 17,920 18,881 19,505 20,346
Income before income taxes 9,346 11,478 12,406 12,552
Provision for income taxes 2,906 3,729 3,970 5,365
Net income 6,440 7,749 8,436 7,187
Basic earnings per share 3.90 4.83 5.48 4.73
Diluted earnings per share 3.90 4.83 5.48 4.73

Consolidated Statements of Comprehensive Income

Net income 6,440 7,749 8,436 7,187

Other comprehensive income (loss), net of tax

Unrealized gain (loss) on securities available for sale 420 (414) (801) 179
Reclassification adjustment for net gain on sale of securities, included in net income (2) 0 0 (2)
Amortization of unrealized gain on securities available for sale transferred to securities held to maturity (200) (189) (114) (75)
Unrealized gain (loss) on interest rate swap (44) (50) (16) 5
Reclassification adjustment of interest rate swap settlements included in earnings 114 112 94 52
Other comprehensive income (loss) 288 (541) (837) 159
Comprehensive income 6,728 7,208 7,599 7,346
Data shown on this page is extracted directly from the company’s documents. S&P makes every effort to line up fields, captions and headers that represent the same data over time, despite variations in how the company may report these items in different documents. In certain instances the variation in the company’s presentation over time may be too significant, potentially resulting in repeating and/or disordered items. Despite possible issues with the presentation, S&P, as always, stands by its commitment to the quality of the data.
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