false 0002087419 false false false false 0002087419 2026-07-14 2026-07-14 iso4217:USD xbrli:shares iso4217:USD xbrli:shares UNITED STATES 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): July 14, 2026 PSB Financial, Inc. (Exact name of registrant as specified in its charter) Maryland 333-290457 39-4296886 (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.) 202 North Main Street P.O. Box 191 Deer Lodge , Montana 59722 (Address of principal executive offices, including zip code) (406) 846-2202 (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 ( see General Instruction
A.2. below): o Written communications pursuant
    to Rule 425 under the Securities Act (17 CFR 230.425) o Soliciting material pursuant to Rule 14a-12 under
    the Exchange Act (17 CFR 240.14a-12) o Pre-commencement communications pursuant to Rule 14d-2(b) under
    the Exchange Act (17 CFR 240.14d-2(b)) o Pre-commencement communications pursuant to Rule 13e-4(c) under
    the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of
the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth
company x If 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. ¨ Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers. On July 14, 2026, Pioneer State Bank (“Pioneer”)
entered into employment and compensation arrangements with its President and CEO, Phillip K. Willett, in connection with his continued
employment. Pioneer and Mr. Willett entered into the Employment Agreement, Change of Control Agreement, Supplemental Executive Retirement
Plan Agreement (the “SERP”), and Restrictive Covenant Agreement. Pursuant to the Employment Agreement, Mr. Willett’s
term of employment as President and CEO continues through July 14, 2029, subject to earlier termination as set forth in the agreement.
Mr. Willett is entitled to the following compensation and benefits under the Employment Agreement: · An annual base salary of $170,155, subject to increase; · Eligibility to participate in a bonus pool to be determined by the Board of Directors of PSB Financial, Inc. (“PSB Financial”),
the parent company of Pioneer, and to be based on individual performance and company performance; · Certain payout of benefits upon termination of employment without cause and termination of employment by Mr. Willett for good reason,
which benefits include a severance payment equal to nine months of base salary; · Eligibility to participate in any equity plans adopted by PSB Financial; and · Eligibility to participate in Pioneer’s retirement plans and/or welfare benefit plans that are generally applicable to all similarly
situated employees of Pioneer. Under the Change of Control Agreement, Mr. Willett
is entitled to certain benefits upon termination of employment during a specified time period following a change of control. In particular,
if during the post-change of control period ending on the first anniversary of the change of control, Pioneer terminates Mr. Willett’s
employment other than for cause or as a result of death or disability, or if Mr. Willett terminates his employment for good reason, Pioneer
shall pay an amount equal to 2.99x of Mr. Willett’s total W-2 and 1099 compensation in the calendar year immediately prior to such
event (subject to reduction if such amount constitutes an excess parachute payment under Section 280G of the Internal Revenue Code of
1986, as amended), plus base salary through his date of termination or good reason event, and any additional accrued benefits as of such
date. If Mr. Willett is entitled to severance pursuant to any other arrangement, he is entitled only to the greater of the amount payable
under the Change of Control Agreement or such other severance payment. 2 Pursuant to the SERP, if Mr. Willett separates
from service after reaching the normal retirement age of age 62, he would be entitled to an annual benefit equal to $150,000, to be paid
in equal monthly installments for a period of 120 months following his separation from service. If Mr. Willett separates from service
before reaching age 62 (other than on account of death, disability, or for cause), he would be entitled to the vested portion of his normal
retirement benefit, following attainment of age 62. Mr. Willett will fully vest in his normal retirement benefit upon attaining age 60
or upon the event of a change in control. Certain accrued benefits are paid in the event of disability or death before retirement, and
Mr. Willett becomes 100% vested upon death or disability. If Mr. Willett is terminated for cause, he will forfeit all benefits under the
SERP. As previously disclosed, in support of the SERP, Pioneer purchased a single premium bank owned life insurance policy in the amount
of $1,450,000. Pursuant to the Restrictive Covenant Agreement,
Mr. Willett is subject to certain customary restrictive covenant obligations in favor of Pioneer. The foregoing descriptions of the Employment Agreement,
Change of Control Agreement, SERP, and Restrictive Covenant Agreement do not purport to be complete and are qualified in their entirety
by reference to such agreements, copies of which are attached as exhibits to this Current Report on Form 8-K and incorporated herein by
reference. Item 9.01 Financial Statements and Exhibits. (d) Exhibits 10.1 Employment Agreement, dated July 14, 2026, by and between Pioneer
and Mr. Willett. 10.2 Change of Control Agreement, dated July 14, 2026, by and between Pioneer and Mr. Willett. 10.3 Supplemental Executive Retirement Plan Agreement, dated July 14, 2026, by and between Pioneer and Mr.
Willett. 10.4 Restrictive Covenant Agreement, dated July 14, 2026, by and between Pioneer and Mr. Willett. 104 Cover Page Interactive Data File (embedded with the Inline XBRL
document) 3 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 Financial, Inc. Dated: July 16, 2026 By: /s/ Phillip K. Willett Phillip K. Willett President and Chief Executive Officer 4

PSB Financial, Inc. renewed the employment contract of President and CEO Phillip K. Willett through July 14, 2029, with an annual base salary of $170,155 and eligibility for board-determined bonuses, signaling leadership continuity and organizational stability.

On July 14, 2026, Pioneer State Bank established new employment and compensation arrangements with its President and CEO, Phillip K. Willett. This includes a multi-faceted agreement comprising an Employment Agreement, Change of Control Agreement, Supplemental Executive Retirement Plan Agreement (SERP), and Restrictive Covenant Agreement. Mr. Willett's employment is extended through July 14, 2029, with an annual base salary set at $170,155, which may increase, and he is also eligible to participate in a bonus pool determined by the Board of Directors. These changes indicate a significant commitment to leadership continuity at Pioneer State Bank, which could enhance operational stability and strategic focus in the coming years.

PSB Financial, Inc.

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