PSB Holdings, Inc. · OTC:PSBQ
PSB — D.A. Davidson Virtual Bison Select Conference 2025
38 slides from PSB's conference presentation, Dec 4, 2025
Slide 1: D.A. Davidson Virtual Bison Select Conference
D.A. Davidson Virtual Bison Select Conference December 4, 2025 1
Slide 2: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements Certain matters discussed in this presentation, including without limitation those relating to potential loan and deposit growth, future profits, changes in noninterest income and expenses, pro-forma impacts to income from non- recurring or unusua
Slide 3: About PSB Holdings Inc. Peoples State Bank
About PSB Holdings Inc. Peoples State Bank 3
Slide 4: Management Team
Management Team Scott M. Cattanach has served as President & Chief Executive Officer of PSB Holdings, Inc. (“PSB”) and Peoples State Bank (“Bank”) since 2018. Mr. Cattanach previously served as Chief Financial Officer of PSB and the Bank from 2002 through 2017. Mr. Cattanach joined Peoples after ser
Slide 5: Company Overview
Overview Company Overview • PSB Holdings, Inc. ($1.5 billion in assets) is the parent company of Peoples State Bank, a community bank headquartered in Wausau, Wisconsin, serving northcentral and southeastern Wisconsin from twelve full-service banking locations. PSB Holdings, Inc. has the leading com
Slide 6: Focused Management
Focused Management Company Overview Award Winning Service Shareholder focused – American Banker Magazine “Top 200 Community Banks” list in 2023 for 14 consecutive years based on 3-year average return on equity. Customer focused – Peoples State Bank voted “Best Bank“ and “Best Mortgage Lending Compan
Slide 7: 2025-2028 Strategy
2025-2028 Strategy Company Overview Goal: Support local market economic growth with customer focused independent banking that also meets the changing needs of our diverse and transitioning shareholder base that requires a competitive return on their investment. Plan: Grow in asset size and profitabi
Slide 8: Current Focus
Current Focus Continue building full banking relationships with current and prospective business customers in Wisconsin with credit spreads driven by the extent of deposit relationships Disciplined acquisition strategy: Explore small bank acquisitions to accelerate growth Manage liquidity to properl
Slide 9: Northcentral Wisconsin Employment Base
Northcentral Wisconsin Employment Base Central Region Northern Region Southeast Region Industry Marathon % of Total Oneida Vilas Total % of Total Waukesha Milwaukee Total % of Total All of WI All Industries 70,785 100.0% 16,385 7,986 24,371 100.0% 250,238 470,403 720,641 100.0% 100.0% Manufacturing
Slide 10: Industries Served
Industries Served (Percentage of total commercial related loan commitments as of September 30, 2025) 18.0% 16.5% 16.0% 13.5% 14.0% 12.1% 12.0% 11.4% 10.0% 8.4% 7.6% 7.4% 8.0% 6.0% 4.4% 4.0% 2.9% 2.9% 2.7% 2.4% 1.7% 1.6% 1.4% 2.0% 0.9% 0.7% 0.5% 0.5% 0.2% 0.2% 0.0% 10
Slide 11: Gaining Momentum in 2025
Gaining Momentum in 2025 Company Overview Positive Financial Trends continue… Loan growth of $37MM in YTD 2025 NIM expansion and improvement (2.90% for Q3 2024 versus 3.16% for Q3 2025) Earnings per share; $0.89 per diluted share in Q2 2025 and $0.86 per diluted share in Q3 2025 Tangible net
Slide 12: Business Model Strengths
Business Model Strengths Strong loan growth and momentum in our Milwaukee markets. History of strong earnings with consistent dividend growth. Margin improving in an uncertain economic environment. Deposit base stability and depth (strong liquidity.) Operating expense/average assets ratio
Slide 13: Nonperforming Assets - Outlook
Nonperforming Assets - Outlook 1.20% 20,000,000 18,000,000 1.00% 16,000,000 14,000,000 0.80% 12,000,000 NPA/Assets NPA’s 0.60% 10,000,000 8,000,000 0.40% 6,000,000 4,000,000 0.20% 2,000,000 0.00% 0 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1* NPA/Assets NPA's * Reflects the expected move of the 2 larges
Slide 14: Opportunities
Opportunities More Economic Upside than Downside. Economic Risks Already Imbedded in Current Stock Price: 1. Through organic growth or acquisition, the Company’s market capitalization continues to move closer to minimal threshold for inclusion in the Russell 2000. 2. Net interest margin is expected
Slide 15: Shareholder Focus
APSB HOLDINGS, INC. Shareholder Focus
Slide 16: Key Data at a Glance
Key Data at a Glance (Dollars in Thousands) 2020 2021 2022 2023 2024 2025 Q3YTD Total Assets $1,131,955 $1,298,711 $1,337,689 $1,424,100 $1,465,956 $1,496,733 Total Loans $821,910 $879,398 $961,865 $1,078,705 $1,078,421 $1,115,282 Total Deposits $932,137 $1,105,240 $1,148,755 $1,141,802 $1,147,349 $
Slide 17: History of Strong Returns
History of Strong Returns History of Returns ROATCE 16% 14.09% 14% 13.43% 12.48% 12.79% 12.17% 11.97% 12% 11.33% 11.52% 10.59% 10.78% 10.83% 10.86% 9.84% 9.62% 9.54% 10% 8.37% 8% 6% 4% 2% 0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q3 YTD 17
Slide 18: Per Share Trends
Per Share Trends Diluted EPS $4.00 $3.13* $3.00 $3.07 $3.13* $2.88 $2.00 $2.29 $2.51 $2.40 $2.37 $2.35 $2.16 $1.83 $1.00 $1.61 $1.58 $1.20 $1.30 $0.96 $1.07 $0.96 $0.00 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD * Annualized Dividend Per Share $0.70 $0.60 $0.
Slide 19: Per Share Trends
Per Share Trends Tangible Common Book Value Per Share $30 $29.05 $25.98 $24.36 $25 $23.43 $23.84 $21.37 $20.72 $20 $17.98 $16.28 $15.08 $15 $13.72 $11.45 $12.51 $10.98 $9.48 $10.15 $10 $5 $0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD AOCI $0.51 $0.39 $0.28 ($
Slide 20: Approaching Minimum Russell 2000 Capitalization
Approaching Minimum Russell 2000 Capitalization Tangible Book Value vs Minimum Russell 2000 Capitalization $300 $250 $200 Millions $150 Normalize Range $100 $117 $104 $108 $106 $99 $93 $92 $81 $69 $74 $50 $61 $65 $54 $57 $47 $50 $0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 202
Slide 21: Pre-Provision, Pre-Tax Net Revenue
Pre-Provision, Pre-Tax Net Revenue Pre-Provision, Pre-Tax Net Revenue $25,000 $21,176 $20,000 $19,923 $18,548 $17,522 $15,961 $15,666 $4,728 $15,000 $14,005 $13,769 $14,043 Thousands $13,219 $11,891 $11,336 $11,199 $10,023 $9,369 $9,824 $4,645 $10,000 $4,811 $5,000 $3,338 $0 2010 2011 2012 2013 2014
Slide 22: Capital Management Strategies
Capital Management Strategies Actively Support Liquidity with Stock Repurchases 200,000 4.50% 180,000 4.00% 160,000 3.50% 140,000 % of shares outstanding 3.00% 120,000 # of Shares 2.50% 100,000 2.00% 80,000 1.50% 60,000 1.00% 40,000 20,000 0.50% 0 0.00% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2
Slide 23: P/TBV Comparison
P/TBV Comparison P/TBV Comparison 26% discount to peers on a P/TBV basis 135.9% 140.00% 129.5% 130.8% 127.9% 128.5% 116.4% 120.00% 109.5% 107.6% 106.9% 99.8% 102.5% 92.8% 102.0% 102.4% 100.00% 87.8% 85.1% 80.00% 60.00% 40.00% 0.23% 20.00% 0.00% 2018 2019 2020 2021 2022 2023 2024 9/30/2025 PSBQ P/TBV
Slide 24: P/E Comparison
P/E Comparison LTM P/E Comparison P/E is at a 28% discount to peers on YTD earnings annualized of 16.00 $3.13 13.79 14.00 11.60 11.27 12.30 12.09 12.00 11.20 10.21 10.20 10.11 9.43 10.00 8.60 9.00 8.81 8.78 7.90 8.00 7.10 6.00 4.00 0.23% 2.00 0.00 2018 2019 2020 2021 2022 2023 2024 9/30/2025 YTD PSB
Slide 25: Appendix: Historical Financial Trends
Appendix: Historical Financial Trends 25
Slide 26: Quarterly Net Income Trends
Quarterly Net Income Trends Net Income to Common Shareholders $4,000 (Dollars in Thousands) $3,000 $2,000 $3,644 $3,481 $2,866 $3,005 $2,291 $2,324 $2,440 $1,000 $1,606 $1,227 $0 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 Diluted EPS per Common Share
Slide 27: Quarterly Earnings Trends
Quarterly Earnings Trends ROAA ROATCE 1.20% 15.00% 1.00% 0.80% 10.00% 0.60% 1.02% 13.11% 12.14% 0.95% 10.96% 11.07% 0.40% 0.82% 0.84% 5.00% 9.21% 0.71% 0.20% 0.00% 0.00% 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 Net Interest Margin Efficiency Ratio 4.00% 80.00
Slide 28: Quarterly Operating Expense Trends
Quarterly Operating Expense Trends Operating Expenses/Avg Assets 3.00% 2.49% 2.50% 2.24% 2.31% 2.22% 2.15% 2.00% 1.50% 1.00% 0.50% 0.00% 9/30/2024 12/31/2025 3/31/2025 6/30/2025 9/30/2025 28
Slide 29: Balance Sheet Trends
Balance Sheet Trends Total Assets (Dollars in $000’s) $1,600,000 $1,465,956 $1,496,733 $1,298,711 $1,337,689 $1,424,100 $1,400,000 $1,131,955 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $0 2020 2021 2022 2023 2024 2025 Q3 $160,000 Tangible Equity $000 (excluding AOCI) $132,864 $138,738
Slide 30: Loan Portfolio
Loan Portfolio Consumer, Consumer, Constr, Dev & Constr, Dev & 0.4% 0.4% Vac Land, 8.5% Vac Land, 9.1% Residential Residential RE, RE, 28.7% CRE Owner- 27.1% CRE Owner- Occ, 20.8% Occ, 20.8% Comm/Ag Comm/Ag CRE Non- CRE Non- Non RE, 12.0% Non RE, 12.9% Owner-Occ, Owner-Occ, 29.6% 29.7% 09/30/2024 09
Slide 31: Asset Quality Trends
Asset Quality Trends NPA/Assets and Reserves/Total Loans 3.00% 2.87% 2.64% 2.50% 1.96% 2.00% 1.77% 1.46% 1.49% 1.50% 1.27% 1.13% 1.04% 1.06% 0.90% 1.00% 0.67% 0.23% 0.71% 0.55% 0.50% 0.48% 0.42% 0.00% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q3 NPA/Assets Credi
Slide 32: Charge-Off History
Charge-Off History Charge-Off History vs Peers 0.25% 0.21% 0.20% 0.15% 0.10% 0.05% 0.05% 0.04% 0.04% 0.05% 0.02% 0.03% 0.02% 0.01% 0.02% 0.01% 0.01% 0.01% 0.00% 0.23% -0.01% -0.02% -0.05% -0.04% -0.10% 2018 2019 2020 2021 2022 2023 2024 2025 YTD Q3 PSBQ Net Charge-offs/Ave Loans Peer Net Charge-offs
Slide 33: Asset Quality Trends
Asset Quality Trends 100.00% 0.95% 0.99% 0.88% 0.68% 0.94% 1.47% 2.11% 1.99% 2.60% 2.68% 2.34% 2.73% % of Commercial, Com RE, C&D, Ag and Gov. Loans 5.08% 5.38% 5.21% 3.33% 5.41% 5.89% 4.85% 3.47% 4.20% 3.60% 3.61% 95.00% 3.85% 94.68% 93.97% 94.11% 94.19% 93.60% 93.74% 93.68% 93.69% 93.80% 93.71% 93
Slide 34: Deposit Portfolio
Deposit Portfolio 25.4% 25.7% 25.4% 23.4% 22.6% 23.4% Nonint-Bearing Demand 29.6% 29.4% 27.4% 35.7% 37.4% 34.5% Int Bearing Demand & Savings Money Market Demand 23.4% 25.7% 23.2% 23.8% 19.8% 18.8% Retail & Local Time 13.5% 17.2% 17.3% 20.3% Wholesale Deposits 13.6% 15.4% 7.8% 6.4% 5.0% 5.7% 1.5% 1.7
Slide 35: Asset Repricing Base Case at 9/30/25
Asset Repricing Base Case at 9/30/25 Securities $140,000 5.00% $120,000 4.46% 4.00% Volume ($000) $100,000 3.45% 3.22% Yield (%) 3.00% $80,000 2.88% $60,000 2.00% $40,000 1.00% $20,000 $- 0.00% 1-12 Months 13-24 Months 25-60 Months Over 60 Months HTM Securities Vol AFS Securities Vol AFS Securities
Slide 36: Digital Survey Responses YTD 2025
Digital Survey Responses YTD 2025 2025 Goal = 87% NOTABLE PERFORMANCE COMPARED TO PEER AVERAGE SCORE (BENCHMARK) 95% Overall Satisfaction 2025 YTD +4% +5% +6% +8% +9% Easy to Easy to Easy to Easy to Easy to Deposit Checks Transfer Funds Log In Find Things Make Payments 2025 YTD = 89% 2025 YTD = 92%
Slide 37: Investment Appeal
Investment Appeal Current price discounted to growth, asset and earnings quality Actively support liquidity with stock repurchases Extended history of delivering double digit returns on tangible equity, building tangible book value 32 year history of increasing dividends paid to shareholders
Slide 38: Capital Partners
Capital Partners What types of small banks have you invested with in the past and what level of investment? How would you approach the value of PSBQ today? Would you be more interested in acquiring PSBQ shares over time through open market purchases, or would you prefer the single purchase of
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