| Premier
Service Bank Announces Second Quarter Results
Thursday July 22, 1:16 pm ET
RIVERSIDE, Calif.--(BUSINESS WIRE)--July 22, 2004--Today, Premier
Service Bank (OTCBB:PSBK - News), a California state-chartered bank
with headquarters in Riverside, released the results of its operations
for the quarter ended June 30, 2004.
At June 30, 2004 the bank reported total assets of $84.6 million,
representing a 10% increase over the total reported for the prior
quarter ended March 31, 2004. Deposits increased 11% over the total
reported as of March 31, 2004, closing at $77.8 million. While the
bank enjoyed a modest increase in its assets, it was the composition
of those assets that changed dramatically. For the second quarter,
loans grew to $44.0 million (prior to the allowance for loan loss
reserves), representing a 34% increase over the total reported as
of March 31, 2004. This increase in loans enabled the bank to shift
away from lower yielding investments, primarily Fed-funds, and re-employ
those dollars in higher yielding loans. Unfunded credit commitments
stood at $11.9 million at quarter end, representing an 8% increase
over the total reported as of March 31, 2004.
When compared
to the quarter ended June 30, 2003, total assets had increased by
59% and deposits had increased by 66%. Total loans (prior to the
allowance for loan loss reserves), when compared to the quarter
ended June 30, 2003, had increased by 64%.
While the bank
reported a net operating loss of $64.5 thousand for the quarter
ended June 30, 2004, this represented a 46% reduction in loss when
compared to the operating loss for the quarter ended March 31, 2004.
Increased loan and loan fee income was a significant contributor
to the improving picture, with loan income up 23% over the prior
quarter.
"We are
extremely pleased with the progress we've made in the second quarter
and in the overall direction the bank is heading," said Kerry
Pendergast, president and CEO of the bank. "We have a robust
loan pipeline that is the result of a step-up in our business development
efforts. This has been made possible through the bank's recruitment
efforts - with a focus on hiring individuals that are seasoned 'community'
bankers," Pendergast said in closing.
©
2004 BusinessWire
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