| Premier
Service Bank Announces Fourth Quarter Results
January 28, 2003, Riverside, California
At
Dec. 31, 2002 the bank reported total assets of $40.9 million, representing
a 6% increase over the prior quarter. Deposits increased 8% over
the prior quarter, closing at $34.3 million. The bank's loan portfolio
grew to $19.8 million, representing a 38% increase over the prior
quarter closing. Unfunded credit commitments increased to $7.9 million
at the end of the quarter, representing a 17% increase over the
prior period.
Revenues
for the fourth quarter increased by 30% over the third quarter.
Investment income, along with increased earnings generated from
the expansion of the bank's credit portfolio, represented most of
the increase in revenues realized in the fourth quarter. Overall
operating losses were reduced by 18% when compared with the prior
quarter.
For
the year total assets grew by 92%. Additionally the bank experienced
a 513% increase in loans for the year and deposits increased by
154% for the same period.
"Overall,
we are extremely pleased with the progress we've made during this
most recent quarter," said Kerry Pendergast, president and
CEO of the bank. "We are obviously pleased with the performance
we have registered in 2002, and are now setting our sights on 2003!"
"We
are anxious to bring our Corona office on line and believe that
it will play a significant role in helping us achieve optimum operating
results," Pendergast said in closing. The Corona office is
scheduled to open late in the second quarter or early third quarter
of this year.
Forward-Looking
Statements
This
news release with respect to Premier Service Bank contains forward-looking
statements that involve risks, uncertainties and assumptions. All
statements other than statements of historical fact are forward-looking
statements. Risks and uncertainties include, but are not limited
to: the possibility that delays will be encountered in opening the
Corona office; that the Corona office will be less successful than
expected; that asset growth and revenues will be lower than expected;
changes in the interest rate environment reduces interest margins;
general economic conditions, either nationally or in the market
area in which Premier Service Bank does business, are less favorable
than expected; legislation or regulatory requirements or changes
adversely affect Premier Service Bank's business; changes that may
occur in the securities markets; and other risks that are described
in Premier Service Bank's securities filings with the Federal Deposit
Insurance Corp. If any of these uncertainties materializes or any
of these assumptions proves incorrect, Premier Service Bank's results
could differ materially from its expectations as set forth in these
statements. Premier Service Bank assumes no obligation and does
not intend to update such forward-looking statements.
For
further details contact:
Kerry
L. Pendergast, President and CEO or
F. Dean Fletcher, Executive Vice President and CFO
at Premier Service Bank
(951)-274-2400
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