| Financial Statements |
|
PSB Group, Inc. MADISON HEIGHTS, MICHIGAN (unaudited) September 30, 2009 vs September 30, 2008 |
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|
Statement of Condition
|
(000's omitted)
|
(000's omitted)
|
|
ASSETS
|
09/30/09
|
09/30/08
|
|
Cash and Due from Banks
|
19,698
|
11,170
|
|
Federal Funds Sold
|
0
|
0
|
|
Investment Securities - available for sale at market
|
69,618
|
52,065
|
|
Loans
|
363,708
|
382,876
|
|
Less: Allowance for Loan Losses
|
(7,327)
|
(6,807)
|
|
Net Loans
|
356,381
|
376,069
|
|
Loans Held for Sale
|
1,733
|
644
|
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Premises and Equipment
|
16,148
|
12,650
|
|
Accrued Interest Receivable
|
2,473
|
2,020
|
|
Other Real Estate Owned
|
6,993
|
5,853
|
|
Goodwill
|
0
|
4,458
|
|
Other Assets
|
1,255
|
5,621
|
|
Total Assets
|
$474,299
|
$470,550
|
|
LIABILITIES & STOCKHOLDERS' EQUITY
|
09/30/09
|
09/30/08
|
|
Deposits:
|
-
|
-
|
|
-- Non-Interest Bearing
|
54,330
|
51,806
|
|
-- Interest Bearing
|
385,721
|
343,837
|
|
Total Deposits
|
440,051
|
395,643
|
|
Long Term Borrowings
|
282
|
436
|
|
FHLB Short Term Borrowings
|
5,500
|
25,000
|
|
Fed Funds Purchased
|
0
|
850
|
|
Discount Window Borrowings
|
0
|
8000
|
|
Accrued Taxes, Interest & Other Liabilities
|
2,351
|
2,305
|
|
Total Liabilities
|
448,184
|
432,234
|
|
Stockholder's Equity:
|
||
|
-- Common Stock (no par value)
|
23,693
|
23,511
|
|
-Unearned ESOP Benefits
|
(282)
|
(436)
|
|
-Common Stock Held in Trust
|
(410)
|
(410)
|
|
-Deferred Compensation Obligation
|
410
|
410
|
|
Additional Paid-in Capital - stock options/awards
|
1,015
|
595
|
|
Unearned Compensation
|
(1,168)
|
(974)
|
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-- Undivided Profits
|
2,288
|
15,810
|
|
Unrealized Gain/(Loss)
|
569
|
(190)
|
|
Total Stockholders' Equity
|
26,115
|
38,316
|
|
Total Liabilities & Stockholders' Equity
|
$474,299
|
$470,550
|
|
YEAR-TO-DATE STATEMENT OF INCOME
|
09/30/09
|
09/30/08
|
|
Total Interest Income
|
5,766
|
6,985
|
|
Total Interest Expense
|
2,226
|
2,346
|
|
-- Net Interest Income
|
3,540
|
4,639
|
|
Provision for Loan Losses
|
1,620
|
2,350
|
|
Net Interest Income after Provision for Loan Losses
|
1,920
|
2,289
|
|
Other Income
|
1,895
|
919
|
|
Other Expenses
|
-
|
-
|
|
-- Salaries & Employee Benefits
|
1,933
|
2,301
|
|
-- Occupancy Costs
|
792
|
1,121
|
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-- ORE Expenses
|
231
|
1,779
|
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-- Other
|
1,532
|
1,105
|
|
Income before Taxes
|
(673)
|
(3,098)
|
|
Provision for Taxes
|
0
|
(1,068)
|
|
Net Income
|
(673)
|
(2,030)
|
|
YEAR-TO-DATE / SHARE DATA
|
09/30/09
|
09/30/08
|
|
Net Income per average outstanding share
|
($0.19)
|
($0.61)
|
