The board of Wausau, Wis.-based PSB Holdings Inc. declared a regular semiannual cash dividend of 53 cents per share.

The dividend is payable July 31 to shareholders of record as of July 12. The dividend represents a 10.4% increase from the 48 cents per share declared June 21, 2017.

Additionally, the board announced a 3-for-1 stock split to be executed in the form of a stock dividend of two common shares for every one common share outstanding. The stock dividend will be payable July 31 to shareholders of record as of July 12, after the cash dividend. Upon completion of the split, the outstanding common shares of PSB will increase to about 4.5 million shares.

The board also renewed its regular quarterly common stock repurchase program, allowing for repurchase of up to 10,000 common shares during the quarter ended Sept. 30.

Under the program, 11,648 common shares have been repurchased, at an average cost of $69.53 apiece, year-to-date through June 12.