Premier Service Bank Announces Second Quarter Results
July 21, 2003 11:46:00 AM ET

RIVERSIDE, Calif.--(BUSINESS WIRE)--July 21, 2003--Today, Premier Service Bank PSBK, a California state-chartered bank headquartered in Riverside, California, released the results of its operations for the quarter ended June 30, 2003.

At June 30, 2003 the bank reported total assets of $53.2 million, representing an 11% increase over the prior quarter. Deposits increased 13% over the prior quarter, closing at $46.8 million. Outstanding loans (prior to the allowance for loan loss reserves) grew to $26.8 million, representing a 21% increase over the prior quarter closing. Unfunded credit commitments stood at $6.4 million at the end of the quarter.

Revenues for the second quarter increased by 23% over the first quarter and overall operating losses were reduced by 41% when compared to the prior quarter and are in line with the bank's operating plan.


When compared to the quarter ended June 30, 2002, total assets had increased by 69%, deposits had increased by 92% and the bank's outstanding loans (prior to the allowance for loan loss reserves) had increased by 152%. Operating losses for the comparative period reported had been trimmed by 70%.

At quarter's end the bank was preparing to open its newest office, which will be located at 102 East Sixth Street in Corona, California. "We are extremely pleased to have the opportunity to open a full-service office in a community that has been so supportive of the bank," said Kerry Pendergast, president and CEO of the bank. "Clients and shareholders, who operate businesses and/or reside in Corona, will now have a beautiful banking facility to call their own," Pendergast said in closing.

Contact Information:
Premier Service Bank
Kerry L. Pendergast, President and CEO
or F. Dean Fletcher, Executive Vice President and CFO
(909) 274 - 2400