Paragon Commercial Corp. (NASDAQ:PBNC)
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PFS Bancorp, Inc. (Nasdaq National Market:PBNC), parent
company of Peoples Federal Savings Bank, reported net earnings for the
third quarter ended September 30, 2005 of $249,000, or diluted
earnings per share of $.17, an increase of $19,000, or 8.3%, from the
$230,000 in net earnings, or $.16 of diluted earnings per share
recorded for the third quarter ended September 30, 2004. Book value,
or stockholders' equity totaled $14.06 per share at September 30,
2005.
The increase in net earnings for the quarter resulted primarily
from a $57,000, or 7.5%, decrease in general, administrative and other
expense, which was partially offset by a $24,000, or 2.3%, decrease in
net interest income, a $3,000, or 2.3%, decrease in other income and
an $11,000, or 6.9%, increase in income taxes.
For the nine months ended September 30, 2005, PFS Bancorp, Inc.
reported net earnings of $706,000, or diluted earnings per share of
$.49, an increase of $38,000, or 5.7%, as compared to the $668,000, or
diluted earnings per share of $.47, in earnings reported for the nine
months ended September 30, 2004.
The increase in net earnings for the nine months ended September
30, 2005 was primarily due to a $50,000, or 1.7%, increase in net
interest income and a $53,000, or 14.2%, increase in other income
which were partially offset by a $47,000, or 2.1%, increase in
general, administrative and other expense and an $18,000, or 3.9%,
increase in income taxes.
At September 30, 2005, PFS Bancorp, Inc. reported total assets of
$130.9 million, an increase of $1.1 million, or .9%, compared to total
assets at December 31, 2004. The increase in assets was comprised
primarily of a $6.3 million, or 5.5%, increase in loans receivable
which was partially funded by an increase in deposits of $2.4 million,
or 2.8%, to $89.4 million at September 30, 2005.
On May 4, 2005, Peoples Community Bancorp, Inc. of West Chester,
Ohio announced an Agreement and Plan of Merger with PFS Bancorp, Inc.
Under the terms of the agreement, Peoples Community Bancorp, Inc. will
pay $23.00 in cash for each of the outstanding common shares of PFS
Bancorp, Inc. The stockholders of PFS Bancorp, Inc. approved the
merger on October 14, 2005. The merger is expected to be consummated
in the fourth quarter of 2005.
PFS Bancorp, Inc. is the unitary thrift holding company for
Peoples Federal Savings Bank which conducts business from its main
office and two branch offices in southeastern Indiana.
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PFS Bancorp, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands)
September 30, December 31,
ASSETS 2005 2004
Cash and cash equivalents $ 3,778 $ 7,484
Investment securities 3,037 5,157
Loans receivable 120,976 114,673
Other assets 3,108 2,440
-------- --------
Total assets $130,899 $129,754
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LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $ 89,356 $ 86,939
Advances from the FHLB 19,500 17,500
Note payable - 3,500
Other liabilities 1,322 1,286
-------- --------
Total liabilities 110,178 109,225
Shareholders' equity 20,721 20,529
-------- --------
Total liabilities and shareholders'
equity $130,899 $129,754
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PFS Bancorp, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except share data)
Nine months ended Three months ended
September 30, September 30,
2005 2004 2005 2004
(Unaudited) (Unaudited)
Total interest income $5,017 $4,195 $1,710 $1,453
Total interest expense 1,952 1,180 696 415
------ ------ ------ ------
Net interest income 3,065 3,015 1,014 1,038
Provision for losses on loans 72 72 24 24
------ ------ ------ ------
Net interest income after
provision for losses on loans 2,993 2,943 990 1,014
Other income 427 374 129 132
General, administrative and other
expense 2,235 2,188 700 757
------ ------ ------ ------
Earnings before income taxes 1,185 1,129 419 389
Income taxes 479 461 170 159
------ ------ ------ ------
NET EARNINGS $ 706 $ 668 $ 249 $ 230
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EARNINGS PER SHARE
Basic $ .51 $ .48 $ .18 $ .16
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Diluted $ .49 $ .47 $ .17 $ .16
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