PSB Financial is a bank holding company for Pioneer State Bank, a community savings institution serving rural southwestern Montana. The company recently converted from a mutual savings association to a publicly traded stock company. Pioneer State Bank primarily focuses on residential mortgage lending, specifically one- to four-family fixed-rate loans. The bank retains these loans on its balance sheet to maintain servicing relationships instead of selling them into the secondary market. Its business model relies on NII, funded by locally generated deposits such as savings, checking, and money market accounts. While residential mortgages dominate the portfolio, the bank also holds commercial real estate and construction loans, which it primarily acquires through participations from other Montana financial institutions. The bank's growth strategy centers on expanding direct commercial lending to diversify its portfolio and improve yields. Management also plans to upgrade its digital banking technology and potentially expand its branch footprint. By transitioning to a stock-based structure, the company intends to use equity incentives to attract banking talent and deploy capital from its initial offering to support loan growth in its rural market area.