PFS Bancorp, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>PFS Bancorp, Inc. released its 2023 10-K filing detailing financial performance and key balance sheet items.</b>

AI Summary

PFS Bancorp, Inc. (PFSB) filed a Annual Report (10-K) with the SEC on March 26, 2024. PFS Bancorp, Inc. filed its 2023 Form 10-K on March 26, 2024, reporting on the fiscal year ending December 31, 2023. The filing covers financial data and business operations for the period. Key financial statement components such as Retained Earnings, Accumulated Other Comprehensive Income, and Common Stock are detailed for fiscal years 2021, 2022, and 2023. The report includes information on share-based compensation awards and payment arrangements for the fiscal year 2023. Specific financial instruments like Debt Securities Available For Sale and Held To Maturity are referenced, along with related inputs such as prepayment rates and discount rates for 2022 and 2023.

Why It Matters

For investors and stakeholders tracking PFS Bancorp, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of PFS Bancorp's financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The detailed breakdown of financial instruments and share-based compensation offers insights into the company's asset management, risk exposure, and employee incentive strategies.

Risk Assessment

Risk Level: medium — PFS Bancorp, Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which inherently contains detailed financial and operational information, but lacks specific forward-looking statements or immediate significant changes that would elevate the risk level beyond medium.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand PFS Bancorp's financial position and operational landscape for 2023.

Key Numbers

• 2023-12-31 — Fiscal Year End (The end date of the reporting period.)
• 2024-03-26 — Filing Date (Date the 10-K was filed.)
• 2023 — Reporting Period (The fiscal year covered by the report.)
• 2022 — Prior Year (Comparative financial data year.)
• 2021 — Earlier Year (Comparative financial data year.)

Key Players & Entities

• PFS Bancorp, Inc. (company) — Filer of the 10-K report.
• 2023 (date) — Fiscal year end date.
• 2024-03-26 (date) — Filing date.
• Peru, IL (location) — Business and mailing address.

FAQ

Risk Factors

• Financial Instruments [medium — financial]: The company's financial instruments, including debt securities available for sale and held to maturity, are subject to market fluctuations and credit risk.
• Mortgage Servicing Rights [medium — operational]: The valuation and performance of mortgage servicing rights are sensitive to changes in interest rates and prepayment speeds.
• Share-Based Compensation [low — financial]: Share-based payment arrangements and their accounting treatment can impact earnings and equity.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-26: 10-K Filing Date — Date PFS Bancorp submitted its annual report.

Glossary

Debt Securities Available For Sale

Securities that are bought and held for investment purposes and may be sold in response to needs for liquidity or changes in interest rate conditions. (Indicates a portion of the company's investment portfolio subject to market value changes.)

Key Financial Figures

• $0.01 — (g) of the Act: Common Stock, par value $0.01 per share Indicate by check mark if t
• $10.00 — 000 shares of common stock at a price of$10.00 per share. The Company is a registere
• $193.5 m — ompany had total consolidated assets of $193.5 million, loans of $90.7 million, deposits
• $90.7 m — ated assets of $193.5 million, loans of $90.7 million, deposits of $156.1 million, and
• $156.1 m — on, loans of $90.7 million, deposits of $156.1 million, and stockholders' equity of $35.
• $35.5 million — .1 million, and stockholders' equity of $35.5 million. The Company's principal office is loc
• $60.6 m — mily residential mortgage loans totaled $60.6 million, or 66.3% of total loans. Our one
• $2.1 m — multi-family real estate loans totaled $2.1 million, or 2.28% of total loans. Our mul
• $15.7 m — 3, commercial real estate loans totaled $15.7 million, or 17.13% of total loans, of whi
• $1.5 million — ion, or 17.13% of total loans, of which $1.5 million was secured by agricultural properties.
• $1.4 million — tate loan had an outstanding balance of $1.4 million and is secured by commercial storage un
• $2.8 m — tion and land development loans totaled $2.8 million, or 3.04% of total loans. We make
• $488,000 — sidential construction loan amounted to $488,000, of which $400,000 had been disbursed.
• $400,000 — ion loan amounted to $488,000, of which $400,000 had been disbursed. We occasionally ma
• $452,000 — land loan had an outstanding balance of $452,000. At December 31, 2023, this loan was pe

Filing Documents

• pfsb-20231231x10k.htm (10-K) — 4091KB
• pfsb-20231231xex10d1.htm (EX-10.1) — 127KB
• pfsb-20231231xex10d2.htm (EX-10.2) — 120KB
• pfsb-20231231xex10d3.htm (EX-10.3) — 78KB
• pfsb-20231231xex21.htm (EX-21) — 4KB
• pfsb-20231231xex31d1.htm (EX-31.1) — 16KB
• pfsb-20231231xex32d1.htm (EX-32.1) — 6KB
• pfsb-20231231x10k001.jpg (GRAPHIC) — 5KB
• pfsb-20231231x10k006.jpg (GRAPHIC) — 7KB
• pfsb-20231231x10k007.jpg (GRAPHIC) — 3KB
• 0001558370-24-003964.txt (&nbsp;) — 18694KB
• pfsb-20231231.xsd (EX-101.SCH) — 72KB
• pfsb-20231231_cal.xml (EX-101.CAL) — 144KB
• pfsb-20231231_def.xml (EX-101.DEF) — 346KB
• pfsb-20231231_lab.xml (EX-101.LAB) — 731KB
• pfsb-20231231_pre.xml (EX-101.PRE) — 621KB
• pfsb-20231231x10k_htm.xml (XML) — 4615KB

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 25 Item 1B. Unresolved Staff Comments 25 Item 1C Cybersecurity 26 Item 2.

Properties

Properties 28 Item 3.

Legal Proceedings

Legal Proceedings 28 Item 4. Mine Safety Disclosures 28 PART II 29 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 29 Item 6. [Reserved] 29 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 30 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 42 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data F-1 Item 9. Changes In and Disagreements With Accountants on Accounting and Financial Disclosure 41 Item 9A.

Controls and Procedures

Controls and Procedures 41 Item 9B. Other Information 41 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 41 PART III 41 Item 10. Directors, Executive Officers and Corporate Governance 41 Item 11.

Executive Compensation

Executive Compensation 41 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 42 Item 13. Certain Relationships and Related Transactions, and Director Independence 42 Item 14. Principal Accountant Fees and Services 42 PART IV 43 Item 15. Exhibits and Financial Statement Schedules 43 Item 16. Form 10-K Summary 43

SIGNATURES

SIGNATURES 44 1 Table of Contents PART I

Forward Looking Statements

Forward Looking Statements This annual report contains forward-looking statements, which can be identified by the use of words such as "estimate," "project," "believe," "intend," "anticipate," "assume," "plan," "seek," "expect," "will," "may," "should," "indicate," "would," "believe," "contemplate," "continue," "target" and words of similar meaning. These forward-looking statements include, but are not limited to: estimates of our risks and future costs and benefits. These forward-looking statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Except as may be required by applicable law or regulation, we are under no duty to and do not take any obligation to update any forward-looking statements after the date of this annual report. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: general economic conditions, either nationally or in our market area, which are worse than expected; changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; our ability to access cost-effective funding; our ability to maintain adequate liquidity, primarily through deposits; fluctuations in real estate values and in the conditions of the residential real estate, commercial real estate, and agricultural real estate markets; demand fo

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