Premier Service Bank Announces First Quarter Results

April 26, 2004 6:06:00 PM ET

Today, Premier Service Bank PSBK, a California state-chartered bank with headquarters in Riverside, released the results of its operations for the quarter ended March 31, 2004.

At March 31, 2004 the bank reported total assets of $76.8 million, representing a 13% increase over the total reported as of December 31, 2003. Deposits increased 14% over the total reported as of December 31, 2003, closing at $70.2 million. Outstanding loans (prior to the allowance for loan loss reserves) stood at $32.8 million, representing a 6% increase over the total reported as of December 31, 2003. Unfunded credit commitments stood at $11 million at quarter end, representing a 12% increase over the total reported as of December 31, 2003.

When compared to the total reported as of March 31, 2003, total assets had increased by 61%, deposits had increased by 70% and the bank's outstanding loans (prior to the allowance for loan loss reserves) had increased by 48%. The bank's net operating loss for the three-month period ended March 31, 2004, had been reduced by 14% when compared to the three-month period ended March 31, 2003. This reduction in net operating loss was achieved despite the increased costs associated with opening and operating a full-service office in Corona, Calif.

"During the first quarter of this year, the bank was able to fill several 'key' staffing positions within the Riverside and Corona offices," said Kerry Pendergast, president and CEO of the bank. "The caliber of the individuals who have been brought into the organization will have a profound impact on the bank's business development efforts. Each individual is well known within Community Banking circles, here in the Inland Empire, and we are fortunate to have them as members of our team," Pendergast said in closing.

Contact Information: Premier Service Bank, Riverside
Kerry L. Pendergast, or F. Dean Fletcher, 909-274-2400

© 2004 BusinessWire