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Premier Service Bank Announces Financial Results for the Quarter and Year Ended December 31, 2005
Premier Service Bank PSBK, a California
state-chartered bank headquartered in Riverside, California, announced
today the unaudited results of its operations for the quarter and year
ended December 31, 2005.
At December 31, 2005, the bank reported total assets of $118.1 million, representing a 36% increase over December 31, 2004. Deposits closed at $107.7 million, representing an increase of 38% over the prior year-end. The bank's gross loan portfolio grew to $67.5 million, representing a 29% increase over year-end 2004. Unfunded credit commitments increased to $32.5 million at December 31, 2005, representing a 75% increase over the prior year-end.
For the quarter, the bank reported an operating profit of $631.7 thousand, representing a 31% increase over the prior quarter operating profit of $481.6 thousand. For the year ended December 31, 2005 the
bank reported an operating profit of $1.638 million, which represented
a 625% improvement over the $226.1 thousand operating profit reported
for the year ended December 31, 2004.
Earnings per basic share for the year ended December 31, 2005 were $1.35, compared to the earnings per basic share of $0.20 for the year ended December 31, 2004.
"Throughout 2005 we focused on expanding our customer base and
broadening our reach by providing new products and services to our
clients," said Kerry Pendergast, President and CEO of the bank.
"Further, we were able to grow the balance sheet, registering solid
gains in assets, deposits and loans by year-end. At the same time the
bank enjoyed a 625% improvement in net operating income, reaching
$1.638 million by year-end. Our focus for 2006 will parallel 2005 -
expand our customer base, by providing products and services that our
customers want and need, while continuing to maintain the highest
level of customer service," Pendergast said in closing.
Forward-looking Statements
This news release contains statements that are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements are based on current
expectations, estimates and projections about Premier Service Bank's
business based, in part, on assumptions made by management. These
statements are not guarantees of future performance and involve risks,
uncertainties and assumptions that are difficult to predict.
Therefore, actual outcomes and results may differ materially from what
is expressed or forecasted in such forward-looking statements due to
numerous factors, including those described above and the following:
risks discussed from time to time in Premier Service Bank's filings
and reports with the Federal Deposit Insurance Corporation. In
addition, such statements could be affected by general industry and
market conditions and growth rates, and general domestic and
international economic conditions. Such forward-looking statements
speak only as of the date on which they are made, and Premier Service
Bank does not undertake any obligation to update any forward-looking
statement to reflect events or circumstances after the date of this
release.
Please see Summary Financial Data Attached
Contact Information: Premier Service Bank
Kerry L. Pendergast or F. Dean Fletcher, 951-274-2400
© 2006 BusinessWire |
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Quarter Ended
-----------------------------------------------
(In Thousands) Dec. 31, Sept. 30, June 30, March 31, Dec. 31,
2005 2005 2005 2005 2004
---------------------- --------- --------- --------- -------- --------
Interest income (not
taxable equivalent) $1,770 $1,564 $1,356 $1,220 $1,199
Interest expense 254 190 115 79 72
--------- --------- --------- -------- --------
Net interest income 1,516 1,374 1,241 1,141 1,127
Provision for loan
losses 60 20 35 50 75
--------- --------- --------- -------- --------
Net interest income
after provision for
loan losses 1,456 1,354 1,206 1,091 1,052
Non-interest income 123 124 115 109 119
Non-interest expense 1,127 1,101 1,081 1,029 885
--------- --------- --------- -------- --------
Income before income
taxes 452 377 240 171 286
(Benefit)/Provision
for income taxes (180) (105) (64) (49) -
--------- --------- --------- -------- --------
Net income $632 $482 $304 $220 $286
--------- --------- --------- -------- --------
Quarter Ended
-----------------------------------------------
(In Thousands) Dec. 31, Sept. 30, June 30, March 31, Dec. 31,
2005 2005 2005 2005 2004
---------------------- --------- --------- --------- -------- --------
Per share:
Net income - basic $0.52 $0.40 $0.25 $0.18 $0.24
Net income - diluted $0.51 $0.38 $0.24 $0.18 N/A
Weighted average
shares used in basic 1,218 1,218 1,215 1,211 1,211
Weighted average
shares used in
diluted 1,251 1,251 1,250 1,253 N/A
Book value at period
end $8.27 $7.80 $7.50 $7.16 $7.08
Ending shares 1,218 1,218 1,218 1,212 1,211
Balance Sheet - At
Period-End
Cash and due from
banks $8,074 $9,363 $7,817 $6,422 $5,738
Investments and Fed
fund sold 41,375 45,556 37,388 27,254 28,093
Gross Loans 67,486 62,367 59,748 56,802 52,491
Deferred fees (245) (230) (220) (220) (241)
Allowance for loan
losses (810) (750) (730) (695) (645)
Net Loans 66,431 61,387 58,798 55,887 51,605
Other assets 2,249 2,049 1,801 1,493 1,343
--------- --------- --------- -------- --------
Total Assets $118,129 $118,355 $105,804 $91,056 $86,779
--------- --------- --------- -------- --------
Non-interest-bearing
deposits $50,276 $46,267 $48,263 $39,083 $34,897
Interest-bearing
deposits 57,459 62,300 47,910 46,071 43,023
Other liabilities 328 291 504 230 285
Shareholders' equity 10,066 9,497 9,127 8,672 8,574
--------- --------- --------- -------- --------
Total
Liabilities and
Shareholders' $118,129 $118,355 $105,804 $94,056 $86,779
--------- --------- --------- -------- --------
Asset Quality &
Capital - At Period-
End
Non-accrual loans $- $- $- $- $-
Loans past due 90 days
or more - - - - -
Other real estate
owned - - - - -
--------- --------- --------- -------- --------
Total non-performing
assets $- $- $- $- $-
--------- --------- --------- -------- --------
Allowance for losses
to loans, gross 1.2% 1.2% 1.2% 1.2% 1.2%
Non-accrual loans to
total loans, gross N/A N/A N/A N/A N/A
Non-performing asset
to total assets N/A N/A N/A N/A N/A
Allowance for losses
to non-performing
loans N/A N/A N/A N/A N/A
Equity to average
assets (leverage
ratio) 16.1% 14.1% 14.4% 14.9% 16.1%
Tier one capital to
risk-adjusted assets 14.9% 13.0% 13.3% 13.7% 14.9%
Total capital to risk-
adjusted assets 9.4% 8.6% 9.3% 9.7% 9.4%
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