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Premier Service Bank Announces Second Quarter Financial ResultsAt June 30, 2006, the bank reported total assets of $132.6 million, representing a 25% increase over June 30, 2005. Deposits closed at $121.2 million, representing an increase of 26% over June 30, 2005. Gross loans grew to $86.9 million, representing a 45% increase over June 30, 2005. Unfunded credit commitments increased to $40.5 million at June 30, 2006, representing a 60% increase over June 30, 2005. Total shareholders' equity at March 31, 2006, increased to $10.8 million, a 19% increase over the $9.1 million reported as of June 30, 2005. For the quarter ended June 30, 2006, the bank reported an operating profit of $484,500, representing a 59% increase over the $305,000 operating profit reported for the comparable period ended June 30, 2005. Earnings per basic share for the quarter ended June 30, 2006, were $0.40, compared to the earnings per basic share of $0.25 reported for the quarter ended June 30, 2005. "Loan demand continues to remain strong as evidenced by the increases reported for the subject periods," said Kerry Pendergast, president and CEO of the bank. "Additionally, the bank's unfunded credit commitments continue to increase, which, in some cases, represents near term funding opportunities, along with resulting increases in the bank's gross loan portfolio," 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 in the following: Premier Service Bank's ability to continue to increase its assets, deposits and total loans, control expenses, retain critical personnel, manage interest rate risk, manage technological changes, address regulatory requirements, and other 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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(Unaudited)
Quarter Ended
-------------------------------------------------
Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,
(In Thousands) 2006 2006 2005 2005 2005
-------------------- --------- --------- --------- --------- ---------
Interest income (not
taxable equivalent) $2,115 $1,934 $1,770 $1,564 $1,356
Interest expense 442 280 254 190 115
--------- --------- --------- --------- ---------
Net interest income 1,673 1,654 1,516 1,374 1,241
Provision for loan
losses 36 166 60 20 35
--------- --------- --------- --------- ---------
Net interest income
after provision for
loan losses 1,637 1,488 1,456 1,354 1,206
Non-interest income 137 135 123 124 115
Non-interest expense 1,365 1,375 1,127 1,101 1,081
--------- --------- --------- --------- ---------
Income before income
taxes 409 248 452 377 240
(Benefit)/Provision
for income taxes (75) (89) (180) (105) (64)
--------- --------- --------- --------- ---------
Net income $484 $337 $632 $482 $304
========= ========= ========= ========= =========
Quarter Ended
-------------------------------------------------
Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,
(In Thousands) 2006 2006 2005 2005 2005
-------------------- --------- --------- --------- --------- ---------
Per share:
Net income - basic $0.40 $0.28 $0.52 $0.40 $0.25
Weighted average
shares used in
basic 1,218 1,218 1,218 1,218 1,215
Book value at period
end $8.89 $8.53 $8.27 $7.80 $7.50
Ending shares 1,220 1,218 1,218 1,218 1,218
Balance Sheet - At
Period-End
Cash and due from
banks $9,534 $8,244 $8,074 $9,363 $7,817
Investments and Fed
fund sold 32,201 31,430 41,375 45,556 37,388
Gross Loans 86,886 81,971 67,486 62,367 59,748
Deferred fees (272) (242) (245) (230) (220)
Allowance for loan
losses (1,010) (975) (810) (750) (730)
Net Loans 85,604 80,754 66,431 61,387 58,798
Other assets 5,234 2,561 2,249 2,049 1,801
--------- --------- --------- --------- ---------
Total Assets $132,573 $122,989 $118,129 $118,355 $105,804
========= ========= ========= ========= =========
Non-interest-bearing
deposits $47,057 $47,065 $50,276 $46,267 $48,263
Interest-bearing
deposits 74,137 65,173 57,459 62,300 47,910
Other liabilities 535 363 328 291 504
Shareholders' equity 10,844 10,388 10,066 9,497 9,127
--------- --------- --------- --------- ---------
Total
Liabilities and
Shareholders' $132,573 $122,989 $118,129 $118,355 $105,804
========= ========= ========= ========= =========
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
Total capital to
risk-adjusted
assets 12.2% 13.0% 14.3% 14.1% 14.4%
Tier one capital to
risk-adjusted
assets 11.1% 11.9% 13.2% 13.0% 13.3%
Equity to average
assets (leverage
ratio) 8.8% 9.0% 8.6% 8.6% 9.3%
Contact Information: Premier Service Bank, Riverside Kerry L. Pendergast or F. Dean Fletcher, 951-274-2400
© 2006 BusinessWire
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