Premier Service Bank Announces Third Quarter Financial Results
October 12, 2005
Premier Service Bank (OTC BB: PSBK), a California state-chartered bank headquartered in Riverside, California, released the results of its operations for the quarter and nine months ended September 30, 2005.
At September 30, 2005, the bank reported total assets of $118.4 million, representing a 17% increase over September 30, 2004. Deposits closed at $108.6 million, representing an increase of 18% over September 30, 2004. The bank’s gross loan portfolio (prior to the allowance for loan loss reserves) grew to $62.1 million, representing a 20% increase over September 30, 2004. Unfunded credit commitments increased to $28.1 million at September 30, 2005, representing an 80% increase over September 30, 2004.
For the quarter the bank reported an operating profit of $481.6 thousand, representing a 290% increase over the $123.4 thousand operating profit reported for the comparable period ended September 30, 2004. For the nine months ended September 30, 2005 the bank reported an operating profit of $1.0 million, representing a 1,767% increase over the $60.0 thousand loss reported for the comparable period ended September 30, 2004.
Earnings per basic share for the quarter ended September 30, 2005 were $0.40, compared to the earnings per basic share of $0.11 reported for the quarter ended September 30, 2004. For the nine months ended September 30, 2005 earnings per basic share stood at $0.83, compared to the loss of <$0.06 > per basic share for the nine months ended September 30, 2004.
“We continue to be pleased with the progress we’re making on a quarter over quarter basis,” said Kerry Pendergast, President and CEO of the bank. “At the end of the third quarter of 2005, we saw assets increase by 12%, deposits increase by 13%, loans (prior to the allowance for loan loss reserves) increase by 4% and net income increase by 58% over the quarter ended June 30, 2005. During the third quarter we integrated additional deposit products into our deposit product suite, and also introduced a new commercial real estate lending product to the marketplace. We intend to maintain the same pace going into the fourth quarter of this year,” 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 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.
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
© 2005
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