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PFS Bancorp (PFSB-2.66%), Inc. has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing indicates that PFS Bancorp, Inc. was incorporated in February 2023 and became the holding company for Peru Federal Savings Bank following its conversion from mutual to stock form. The company reported total consolidated assets of $197.6 million, with loans totaling $96.3 million and deposits amounting to $159.6 million.
The filing details the company's primary operations, which include accepting deposits and investing in one- to four-family residential mortgage loans. The company also originates commercial real estate loans, multi-family mortgage loans, and other types of loans.
PFS Bancorp's market area includes LaSalle County and parts of adjacent Bureau and Putnam Counties in Illinois. The company faces competition from various financial institutions in these areas.
The loan portfolio primarily consists of residential mortgage loans, with a focus on maintaining strong asset quality through conservative underwriting standards. As of December 31, 2024, nonperforming assets totaled $844,000.
The filing outlines the company's financial performance, reporting a net income of $905,000 for the year ended December 31, 2024. This represents a decrease from the previous year's net income of $1,008,000.
PFS Bancorp's allowance for credit losses increased to $700,000 as of December 31, 2024, reflecting the company's assessment of potential credit risks.
The filing includes information on the company's regulatory environment, noting that Peru Federal Savings Bank is subject to examination and regulation by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation.
PFS Bancorp is classified as a smaller reporting company and an emerging growth company, which allows it to take advantage of certain reduced reporting requirements.
The filing also discusses the company's liquidity and capital resources, highlighting that it maintains a strong liquidity position with access to borrowing facilities from the Federal Home Loan Bank of Chicago.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the PFS Bancorp annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.