SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
_________________________
Date of Report (date of earliest event reported): January 19, 2010
PSB HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
WISCONSIN
0-26480
39-1804877
(State or other
(Commission File
(IRS Employer
jurisdiction of
Number)
Identification
incorporation)
Number)
1905 W. STEWART AVENUE
WAUSAU, WI 54401
(Address of principal executive offices, including Zip Code)
(715) 842-2191
Registrant's telephone number, including area code
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
£
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 23.425)
£
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
£
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
£
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
INFORMATION TO BE INCLUDED IN THE REPORT
Item 2 – Financial Information
Item 2.02.
Results of Operations and Financial Condition
On January 25, 2010, PSB Holdings, Inc. (“PSB”) issued a news release announcing net income of $489,000, or $.31 per diluted share, for the quarter ended December 31, 2009, as compared to net earnings of $1,059,000, or $.68 per diluted share, for the quarter ended December 31, 2008. PSB also announced net income of $3,116,000 or $2.00 per diluted share, for the year ended December 31, 2009, as compared to net income of $3,301,000, or $2.13 per diluted share, for the year ended December 31, 2008.
A copy of the news release is furnished as Exhibit 99.1 to this report.*
Section 5 – Corporate Governance and Management
Item 5.02.
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Amendment of Incentive Compensation Plan
On January 19, 2010, the Board of Directors of PSB’s bank subsidiary (the “Bank”) amended the Focus Rewards Plan for Executive Officers, which provides an annual cash incentive opportunity for executive officers of PSB in their capacities as Bank officers. Incentive compensation is determined under a formula that derives 20% of the incentive compensation amount from achievement of certain specific Bank-wide financial and non-financial goals, 60% of the incentive compensation amount from the achievement of the Bank’s net income target, and 20% of the incentive compensation amount from the Bank’s return on equity when compared against a peer group of publicly reporting banks. The potential incentive compensation at various levels of net income and selected levels of achievement of specific Bank-wide goals are set forth in Exhibit 10.1 to this report. Incentive compensation is paid in cash following the determination of results under the plan for the preceding fiscal year.
Section 9 – Financial Statements and Exhibits
Item 9.01.
Financial Statements and Exhibits
Exhibit 10.1
Peoples State Bank Focus Rewards Plan for Executive Officers
Exhibit 99.1*
News release dated January 25, 2010
*
This exhibit is furnished pursuant to Item 2.02 and shall not be deemed to have been filed or incorporated by reference into any other filing by the Company under the Securities Act of 1933 or Securities Exchange Act of 1934 unless expressly so provided by specific reference in such filing.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
PSB HOLDINGS, INC.
Date: January 25, 2010
By: SCOTT M. CATTANACH
Scott M. Cattanach
Treasurer
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EXHIBIT INDEX
to
FORM 8-K
of
PSB HOLDINGS, INC.
dated January 19, 2010
Pursuant to Section 102(d) of Regulation S-T
(17 C.F.R. Section 232.102(d))
Exhibit 10.1
Peoples State Bank Focus Rewards Plan for Executive Officers
Exhibit 99.1*
News release dated January 25, 2010
*
This exhibit is furnished pursuant to Item 2.02 and shall not be deemed to have been filed or incorporated by reference into any other filing by the Company under the Securities Act of 1933 or Securities Exchange Act of 1934 unless expressly so provided by specific reference in such filing.
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