Premier Service Bank Announces Financial Results for the Quarter and Year Ended December 31, 2005.RIVERSIDE Riverside.1 City (1990 pop. 226,505), seat of Riverside co., S Calif.; inc. 1883. One of the fastest growing U.S. cities in the late 20th cent., it is famous for its orange industry. , Calif. -- Premier Service Bank (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :PSBK), a California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). state-chartered bank headquartered in Riverside, California Riverside is the county seat of Riverside County, California, United States and is also a focus city of the Greater Los Angeles Area. The city is named for the nearby Santa Ana River. As of 2006, Riverside had an estimated population of 293,741. , announced today the unaudited results of its operations for the quarter and year ended December December: see month. 31, 2005. At December 31, 2005, the bank reported total assets of $118.1 million, representing a 36% increase over December 31, 2004. Deposits closed at $107.7 million, representing an increase of 38% over the prior year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. . The bank's gross loan portfolio grew to $67.5 million, representing a 29% increase over year-end 2004. Unfunded credit commitments increased to $32.5 million at December 31, 2005, representing a 75% increase over the prior year-end. For the quarter, the bank reported an operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. of $631.7 thousand, representing a 31% increase over the prior quarter operating profit of $481.6 thousand. For the year ended December 31, 2005 the bank reported an operating profit of $1.638 million, which represented a 625% improvement over the $226.1 thousand operating profit reported for the year ended December 31, 2004. Earnings per basic share for the year ended December 31, 2005 were $1.35, compared to the earnings per basic share of $0.20 for the year ended December 31, 2004. "Throughout 2005 we focused on expanding our customer base and broadening broad·en tr. & intr.v. broad·ened, broad·en·ing, broad·ens To make or become broad or broader. broad our reach by providing new products and services to our clients," said Kerry Kerry, county (1991 pop. 121,894), 1,815 sq mi (4,701 sq km), SW Republic of Ireland. The county town is Tralee. Kerry consists of a series of mountainous peninsulas that extend into the Atlantic. Pendergast, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of the bank. "Further, we were able to grow the balance sheet, registering solid gains in assets, deposits and loans by year-end. At the same time the bank enjoyed a 625% improvement in net operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. , reaching $1.638 million by year-end. Our focus for 2006 will parallel 2005 - expand our customer base, by providing products and services that our customers want and need, while continuing to maintain the highest level of customer service," Pendergast said in closing. Forward-looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This news release contains statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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: risks discussed from time to time in Premier Service Bank's filings and reports with the Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. . In addition, such statements could be affected by general industry and market conditions and growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. , 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 CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date of this release. Please see Summary Financial Data Attached
Summary Financial Data - Premier Service Bank
(Unaudited)
Quarter Ended
-----------------------------------------------
(In Thousands) Dec. 31, Sept. 30, June 30, March 31, Dec. 31,
2005 2005 2005 2005 2004
---------------------- --------- --------- --------- -------- --------
Interest income (not
taxable equivalent) $1,770 $1,564 $1,356 $1,220 $1,199
Interest expense 254 190 115 79 72
--------- --------- --------- -------- --------
Net interest income 1,516 1,374 1,241 1,141 1,127
Provision for loan
losses 60 20 35 50 75
--------- --------- --------- -------- --------
Net interest income
after provision for
loan losses 1,456 1,354 1,206 1,091 1,052
Non-interest income 123 124 115 109 119
Non-interest expense 1,127 1,101 1,081 1,029 885
--------- --------- --------- -------- --------
Income before income
taxes 452 377 240 171 286
(Benefit)/Provision
for income taxes (180) (105) (64) (49) -
--------- --------- --------- -------- --------
Net income $632 $482 $304 $220 $286
--------- --------- --------- -------- --------
Quarter Ended
-----------------------------------------------
(In Thousands) Dec. 31, Sept. 30, June 30, March 31, Dec. 31,
2005 2005 2005 2005 2004
---------------------- --------- --------- --------- -------- --------
Per share:
Net income - basic $0.52 $0.40 $0.25 $0.18 $0.24
Net income - diluted $0.51 $0.38 $0.24 $0.18 N/A
Weighted average
shares used in basic 1,218 1,218 1,215 1,211 1,211
Weighted average
shares used in
diluted 1,251 1,251 1,250 1,253 N/A
Book value at period
end $8.27 $7.80 $7.50 $7.16 $7.08
Ending shares 1,218 1,218 1,218 1,212 1,211
Balance Sheet - At
Period-End
Cash and due from
banks $8,074 $9,363 $7,817 $6,422 $5,738
Investments and Fed
fund sold 41,375 45,556 37,388 27,254 28,093
Gross Loans 67,486 62,367 59,748 56,802 52,491
Deferred fees (245) (230) (220) (220) (241)
Allowance for loan
losses (810) (750) (730) (695) (645)
Net Loans 66,431 61,387 58,798 55,887 51,605
Other assets 2,249 2,049 1,801 1,493 1,343
--------- --------- --------- -------- --------
Total Assets $118,129 $118,355 $105,804 $91,056 $86,779
--------- --------- --------- -------- --------
Non-interest-bearing
deposits $50,276 $46,267 $48,263 $39,083 $34,897
Interest-bearing
deposits 57,459 62,300 47,910 46,071 43,023
Other liabilities 328 291 504 230 285
Shareholders' equity 10,066 9,497 9,127 8,672 8,574
--------- --------- --------- -------- --------
Total
Liabilities and
Shareholders' $118,129 $118,355 $105,804 $94,056 $86,779
--------- --------- --------- -------- --------
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
Equity to average
assets (leverage
ratio) 16.1% 14.1% 14.4% 14.9% 16.1%
Tier one capital to
risk-adjusted assets 14.9% 13.0% 13.3% 13.7% 14.9%
Total capital to risk-
adjusted assets 9.4% 8.6% 9.3% 9.7% 9.4%
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