April 19, 2005 2:14:00 PM ET

Premier Service Bank PSBK, a California state-chartered bank with headquarters in Riverside, today announced the results of its operations for the quarter ended March 31, 2005.

At March 31, 2005, the bank's total assets were $91.1 million, representing a 19 percent increase over March 31, 2004. Deposits totaled $82.2 million at March 31, 2005, representing an increase of 17 percent over March 31, 2004. The bank's gross loan portfolio (prior to the allowance for loan loss reserves) grew to $56.8 million at March 31, 2005, representing a 73 percent increase over March 31, 2004. Unfunded credit commitments increased to $21.5 million at March 31, 2005, representing a 95 percent increase over March 31, 2004.

For the quarter the bank reported net earnings of $219,600, representing a 285 percent increase over the $119,000 loss reported for the comparable period ended March 31, 2004. The expansion of the bank's credit portfolio and the increased revenue associated with this growth accounted for a 98 percent increase in interest and fees on loans, when compared to the quarter ended March 31, 2004.

Earnings per basic share for the quarter ended March 31, 2005, were $0.18, compared to the loss of ($0.11) per basic share for the quarter ended March 31, 2004.

"The central focus of our business is in building solid banking relationships with our customers," said Kerry Pendergast, president and CEO of the bank. "Knowing our customers and being responsive to their needs is what, we believe, sets Premier Service Bank apart from our competitors. It also creates an environment in which our customers think of us more in terms of being their financial partner, which creates considerably more opportunities for the bank in the long run," Pendergast said in closing.

Contact Information: Premier Service Bank, Riverside Kerry L. Pendergast or F. Dean Fletcher, 951-274-2400

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