Pacific State Bancorp News
Pacific State Bancorp Reports Earnings for the First Quarter of 2008
— Net income for the quarter ended March 31, 2008 decreased 17.5% to $1,094,000 from the first quarter of 2007. — Total Assets as of March 31, 2008 increased 2.9% or 11.7% annualized to $443,680,000 from December 31, 2007.
Mr. Rosso noted that the decreased income performance is primarily the result of the Bank experiencing a contraction in its net interest margin. The contraction of the net interest margin is the result of the Bank's interest earning assets repricing downward more quickly, after the federal reserve rate cuts, than the Bank's interest bearing liabilities. During the second and third quarters of 2008, approximately
In addition to a contracting net interest margin, the Bank has also experienced a decline in non-interest income of
The Bank has also experienced an increase in nonperforming loans from
The increase of
PSBC financial performance information for the three month period ending
Income Statement: — Total Interest Income: $7,301,000, a decrease of $205,000 or 2.7%. — Total Interest Expense: $3,382,000, an increase of $207,000 or 6.5%. — Net Interest Income: $3,919,000, a decrease of $412,000 or 9.5%. — Non-Interest Income: $472,000, a decrease of $214,000 or 31.2%. — Non-Interest Expense: $2,495,000, a decrease of $215,000 or 7.9%. — Provision for loan losses: $210,000, an increase of $45,000 or 27.3%. — Net Income: $1,094,000, a decrease of $232,000 or 17.5%. — Efficiency Ratio: 56.8% deteriorating from 54.0%. — Basic Earnings Per Share: $0.30 a decrease of $0.06 per share or 17.9%. — Diluted Earnings Per Share: $0.27, a decrease of $0.06 per share or 17.5%. — ROAA: Annualized rate of 1.05%, a decrease of 37 basis points from 1.42% — ROAE: Annualized rate of 12.85%, a decrease of 5.61% from 18.46%
PSBC
Balance Sheet: — Total Federal Funds and Investment Securities: $72,255,000, a decrease of $3,977,000 or an annualized 21.2%. — Net Loans: $325,041,000, an increase of $16,583,000 or an annualized 21.9%. — Total Assets: $443,680,000, an increase of $12,606,000 or an annualized 11.9%. — Non-Interest Bearing Deposits: $60,318,000, a decrease of $6,753,000 or an annualized 40.9%. — Total Deposits: $355,316,000, an increase of $13,495,000 or an annualized 16.1%. — Total Borrowings: Remained at $40,000,000. — Total Shareholders Equity: $35,129,000, an increase of $1,093,000 or an annualized 13.1%.
Attached are certain unaudited financial statements supporting the financial information summarized above. Further inquiries should be directed to Mr. Rosso at 209-870-3214, or by mail to P.O. Box 1649,
SAFE HARBOR: Except for historical information contained herein, the statements contained in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are subject to risks and uncertainties. Actual results may differ materially from those set forth in or implied by forward-looking statements. These risks are described from time to time in Pacific State Bancorp's Securities and Exchange Commission filings, including its Annual Reports on Form 10-K and quarterly reports on Form 10-Q. Pacific State Bancorp disclaims any intent or obligation to update these forward-looking statements.
PACIFIC STATE BANCORP AND SUBSIDIARY CONDENSED CONSOLIDATED BALANCE SHEETS Unaudited March 31, December 31, (Dollars in thousands) 2008 2007 ASSETS Cash and due from banks $13,130 $13,794 Federal funds sold 21,716 31,880 Total cash and cash equivalents 34,846 45,674 Interest bearing deposits at other banks 3,000 3,000 Investment securities 47,539 41,352 Loans, less allowance for loan losses of $3,629 in 2008 and $3,948 in 2007 325,041 308,458 Premises and equipment, net 14,659 14,269 Company owned life insurance 8,101 8,025 Accrued interest receivable and other assets 10,494 10,296 Total assets $443,680 $431,074 LIABILITIES AND SHAREHOLDERS' EQUITY Deposits: Non-interest bearing $60,318 $67,071 Interest bearing 294,998 274,750 Total deposits 355,316 341,821 Other borrowings 40,000 40,000 Subordinated debentures 8,764 8,764 Accrued interest payable and other liabilities 4,471 6,453 Total liabilities 408,551 397,038 Commitments and contingencies Shareholders' equity: Preferred stock - 2,000,000 shares authorized; none issued or outstanding - - Common stock - no par value; 24,000,000 shares authorized; issued and outstanding - 3,703,207 shares in 2008 and 3,703,207 shares in 2007 10,504 10,418 Retained earnings 25,098 24,004 Accumulated other comprehensive loss, net of taxes (473) (386) Total shareholders' equity 35,129 34,036 Total liabilities and shareholders' equity $443,680 $431,074 PACIFIC STATE BANCORP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended March 31, (Dollars in thousands, except per share data) 2008 2007 Interest income: Interest and fees on loans $6,476 $6,842 Interest on Federal funds sold 115 321 Interest on investment securities 710 343 Total interest income 7,301 7,506 Interest expense: Interest on deposits 2,798 2,917 Interest on borrowings 430 66 Interest on subordinated debentures 154 192 Total interest expense 3,382 3,175 Net interest income before provision for loan losses 3,919 4,331 Provision for loan losses 210 165 Net interest income after provision for loan losses 3,709 4,166 Non-interest income: Service charges 237 221 Gain on sale of loans 19 9 Other income 216 456 Total non-interest income 472 686 Non-interest expenses: Salaries and employee benefits 1,268 1,482 Occupancy 263 286 Furniture and equipment 179 167 Other expenses 785 775 Total non-interest expenses 2,495 2,710 Income before provision for income taxes 1,686 2,142 Provision for income taxes 592 816 Net income $1,094 $1,326 Basic earnings per share $0.30 $0.36 Diluted earnings per share $0.27 $0.33 PACIFIC STATE BANCORP Yield Analysis For Year Ended March 31, (Dollars in thousands) 2008 2007 Interest Average Interest Average Income Yield Income Yield Average or or Average or or Assets: Balance Expense Cost Balance Expense Cost Interest-earning assets: Loans $321,423 $6,476 8.10% $292,410 $6,842 9.49% Investment securities 48,044 704 5.89% 26,737 343 5.20% Federal funds sold 13,167 115 3.51% 26,149 321 4.98% Interest Bearing Deposits in Banks 3,000 6 0.80% 0 0 0.00% Total average earning assets $385,634 $7,301 7.61% $345,296 7,506 8.82% Non-earning assets: Cash and due from banks 12,944 18,802 Bank premises and equipment 14,458 11,987 Other assets 16,104 9,058 Allowance for loan loss (4,009) (2,544) Total average assets $425,131 $382,599 Liabilities and Shareholders' Equity: Interest-bearing liabilities: Deposits Interest-bearing Demand $69,081 $389 2.26% $87,840 $608 2.81% Savings 5,359 7 0.53% 5,595 14 1.01% Time Deposits 200,610 2,402 4.82% 179,076 2,295 5.20% Other borrowing 49,116 584 4.78% 13,787 258 7.59% Total average interest-bearing liabilities $324,166 $3,382 4.20% $286,298 $3,175 4.50% Noninterest-bearing liabilities: Demand deposits 61,640 65,347 Other liabilities 4,708 1,488 Total average liabilities 390,514 353,133 Shareholders' equity: 34,617 29,466 Total average liabilities and shareholders' equity $425,131 $382,599 Net interest income $3,919 $4,331 Net interest margin 4.09% 5.09%
SOURCE Pacific State Bancorp
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