- Details
- Category: Past Issues
Net income
increases
over last year
PUTNAM --- PSB Holdings, Inc., the holding company for Putnam Bank, reported net income for the quarter ended Sept. 30, of $570,000 or $.09 per basic and diluted share as compared to net income of $404,000 or $.06 per basic and diluted share for the quarter ended Sept. 30, 2009. The increase in net income was primarily due to a decrease of $433,000 in overhead expense during the quarter ended Sept. 30 compared to the quarter ended Sept. 30, 2009. This was partially offset by a decrease in net interest income of $221,000 during the quarter ended Septe. 30, compared to the quarter ended Sept. 30, 2009.
“Putnam Bank’s financial performance reflects our commitment to achieving our long-term strategic goals and demonstrates that we are on a solid foundation for growth,” said Thomas A. Borner, chairman and CEO. “We continue to closely monitor asset quality and have realized a significant reduction in non-performing loans. Our profitability has improved, and we have seen a trend of higher capital ratios. And Putnam Bank continues to be classified as well-capitalized.”
Total assets of the Company were $486.1 million at September 30, 2010. Total deposits increased by $19 million since Sept. 30, 2009, and totaled $330.2 million. Total loans were $255.5 million. Stockholders’ equity increased to $45.3 million at Sept. 30, from $43.9 million at June 30, for the quarter ended Sept. 30.