{"url_path":"/sec/cik-0002087419/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-15","source_url":"https://www.sec.gov/Archives/edgar/data/2087419/0001104659-26-062427-index.html","accession_number":"0001104659-26-062427","cik":"0002087419","ticker":null,"issuer_name":"PSB Financial, Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/2087419/0001104659-26-062427-index.html","primary_entity_key":"0002087419","primary_entity_name":"PSB Financial, Inc."},"word_count":887,"has_tables":true,"body_markdown":"PSB Financial, Inc._March 31, 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of Contents](#TOC)\n\n​\n\n​\n\n**UNITED STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**Washington, D.C. 20549**\n\n**FORM ****10-Q**\n\n☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nOR\n\n☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from _______ to _______\n\n​\n\nCommission file Number: 333-290457\n\n​\n\n**PSB Financial, Inc.**\n\n(Exact Name of Company as Specified in its Charter)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Maryland**\n\n**39-4296886**\n\n(State or other jurisdiction of incorporation)\n\n(I.R.S. Employer Identification No.)\n\n**202 North Main Street********P.O. Box 191********Deer Lodge****,****Montana**\n\n**59722**\n\n(Address of principal executive offices)\n\n(Zip Code)\n\n**(****406****)****846-2202**\n\n(Registrant’s telephone number, including area code)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each class\n\n \n\nTrading\nSymbol(s)\n\n \n\nName of each exchange on which registered\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.\n\nYES ☐        NO   ☒ \n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this Chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).\n\nYES ☒        NO   ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n​\n\n​\n\n​\n\n​\n\n​\n\nLarge accelerated filer\n\n☐\n\nAccelerated filer\n\n☐\n\nNon-accelerated filer\n\n☒\n\nSmaller reporting company\n\n☒\n\n​\n\n​\n\nEmerging growth company\n\n☒\n\n​\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.      ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐      NO   ☒\n\nAs of May 15, 2026, there were no shares outstanding of the registrant’s common stock.\n\n​\n\n​\n\n​\n\n[Table of Contents](#TOC)\n\nPSB Financial, Inc.\n\nINDEX\n\n​\n\n​\n\n[PART I – FINANCIAL INFORMATION](#PARTIFINANCIALINFORMATION_759666)\n\n4\n\n[Item 1 – Condensed Financial Statements](#_Item_1_Financial)\n\n4\n\n[Condensed Balance Sheets (unaudited)](#_Balance_Sheets)\n\n4\n\n[Condensed Statements of Operations (unaudited)](#_Statements_of_Operations)\n\n5\n\n[Condensed Statements of Comprehensive Income (unaudited)](#_Statements_of_Comprehensive)\n\n6\n\n[Condensed Statements of Net Worth (unaudited)](#_Statements_of_Net)\n\n7\n\n[Condensed Statements of Cash Flows (unaudited)](#_Statements_of_Cash)\n\n8\n\n[Notes to Condensed Financial Statements](#_NOTE_1_NATURE)\n\n9\n\n[Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations](#Item2ManagementsDiscussionandAnalysisofF)\n\n23\n\n[Item 3 – Quantitative and Qualitative Disclosures About Market Risk](#Item3QuantitativeandQualitativeDisclosur)\n\n30\n\n[Item 4 – Controls and Procedures](#Item4ControlsandProcedures_92338)\n\n32\n\n[PART II – OTHER INFORMATION](#PARTIIOTHERINFORMATION_601184)\n\n33\n\n[Item 1 – Legal Proceedings](#Item1LegalProceedings_497711)\n\n33\n\n[Item 1A – Risk Factors](#Item1ARiskFactors_989465)\n\n33\n\n[Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds](#Item2UnregisteredSalesofEquitySecurities)\n\n33\n\n[Item 3 – Defaults Upon Senior Securities](#Item3DefaultsUponSeniorSecurities_666794)\n\n33\n\n[Item 4 – Mine Safety Disclosures](#Item4MineSafetyDisclosures_770531)\n\n33\n\n[Item 5 – Other Information](#Item5OtherInformation_908280)\n\n33\n\n[Item 6 – Exhibits](#Item6Exhibits_682213)\n\n33\n\n​\n\n​\n\n​\n\n2\n\n[Table of Contents](#TOC)\n\n**EXPLANATORY NOTE**\n\n​\n\nPSB Financial, Inc. (the “Company” or “we”) is a newly formed Maryland corporation that was organized for the purpose of becoming the holding company for Pioneer State Bank (the “Bank”) in connection with the conversion of Pioneer Federal Savings and Loan Association (the “Association”) from a mutual form of organization to a stock form of organization through the merger of the Association with and into the Bank, with the Bank as the surviving entity. In connection with the conversion by the Association, the Company is conducting an offering of its common stock (the “Stock Offering”). Following the conversion the Bank will be a wholly owned subsidiary of the Company, and the Company will be owned by its stockholders.\n\n​\n\nThe Stock Offering and conversion have not yet been consummated. Accordingly, as of March 31, 2026, the Company had no substantive operations, and the Association continued to operate as a mutual savings association. Likewise, the Bank had not commenced operations as the surviving entity of the conversion. As a result, the accompanying unaudited condensed financial statements and related notes and other financial information included in this Quarterly Report on Form 10-Q relate primarily to the Association.\n\n​\n\nThe unaudited condensed financial statements and other financial information contained in this report should be read in conjunction with the Association’s audited financial statements and related notes as of and for the years ended December 31, 2025 and 2024, which are included in the Company’s registration statement on Form S-1, as amended (File No. 333-290457), declared effective by the Securities and Exchange Commission (the “SEC”) on March 16, 2026, and the related prospectus dated March 16, 2026, which was filed with the SEC on March 19, 2026.\n\n​\n\n3\n\n[Table of Contents](#TOC)\n\n​\n\n​\n\nPART I - FINANCIAL INFORMATION"}