Psb Bancorp (NASDAQ:PSBI)
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PSB Bancorp, Inc. Financial Condition and Earnings Release
PHILADELPHIA, March 9 /PRNewswire-FirstCall/ -- PSB Bancorp, Inc. , the holding
company for First Penn Bank, today reported 2003 earnings of $2.0 million or
$0.46 earnings per diluted share compared to $3.2 million or $0.74 per diluted
share for the prior year.
Net interest income including fees for the fourth quarter of 2003 was $5.5
million or 10.0 percent higher than the $5.0 million earned in the fourth
quarter of 2002, reflecting growth in interest earning assets and fees. For the
full year, net interest income including fees was $18.8 million, or 1.7 percent
higher than the $18.4 million reported for 2002. In a lower interest rate
environment the net interest margin increased to3.86 percent for the year ended
December 31, 2003 from 3.80 percent for 2002.
"First Penn Bank maintained profitability despite a most challenging year. In a
period of an uncertain economy and declining interest rate environment, our net
interest income and margin increased for the year," said Anthony DiSandro,
President of First Penn Bank. He added, "We enter 2004 a stronger commercial
bank. We remain focused on our goals that will support our deposit, loan and
profitability growth objectives."
(Dollars in thousands
except per share data) 12 Months Ended 12 Months Ended
December 31, 2003 December 31, 2002
Net Interest Income $18,752 $18,446
Net Income $2,005 $3,146
Return on Average Assets (ROA) .46% .66%
Return on Average Equity (ROE) 4.30% 7.17%
Basic Earnings Per Share $0.47 $0.75
Diluted Earnings Per Share* $0.46 $0.74
*The computation of diluted earnings per share excludes 1,371,200 options
for the respective twelve-month periods ended December 31, 2003 and 2002.
Management has deemed that those options associated with the First Bank
of Philadelphia merger in 1999 are invalid and therefore should be
excluded from the aforementioned calculations.
Net income for the year ended 2002 reflects an extraordinary gain of
approximately $1.3 million of unamortized negative goodwill associated with the
acquisition of Jade Financial Corp. in accordance with SFAS No. 142 "Goodwill
and Intangible Assets."
The bank's total assets decreased by 5.2% to $470.6 million as of December 31,
2003, compared to assets of $496.3 million as of December 31, 2002.
At December 31, 2003, First Penn Bank's net loan portfolio totaled $289.2
million as compared to $307.4 million for the year ended December 31, 2002. The
overall loan portfolio reduction during the year was a result of the decision of
management by restructuring the loan portfolio to correspond with the newly
formed Credit Administration Department. The bank implemented more stringent
underwriting standards and allowed for the runoff of loans that did not comply
with the new guidelines.
At December 31, 2003, total deposits were $416.1 million, a decrease of $26.0
million or 5.9 percent from December 31, 2002. Management continues with a
disciplined Asset/Liability process to manage deposit pricing. Through this
process we manage cost of deposits, which in the short term decreased the
deposits (primarily time deposits) but resulted in an improved net interest
margin.
The Company remains well capitalized, as Tier 1 leverage capital and total
risk-based capital at December 31, 2003 was 7.94 percent and 13.47 percent,
respectively. Total shareholders' equity was $47.1 million and book value per
share of $10.38 at December 31, 2003, based on outstanding common shares of
approximately 4.5 million.
Selected Financial Data
(Dollars in thousands) December 31, 2003 December 31, 2002
Total Assets $470,601 $496,333
Net Loans $289,242 $307,485
Total Deposits $416,160 $442,224
Shareholders' Equity $47,123 $46,166
Commenting on the company's prospects for 2004, Mr. Anthony DiSandro said, "The
Bank will continue to provide high quality products and services to the
communities served, expand the array of product offerings consistent with our
community bank, and seek to provide retail banking services to customers
disenchanted with their existing banking relationships."
First Penn Bank conducts business from its corporate offices in Center City
Philadelphia, and has 12 branch locations throughout Philadelphia and the five
surrounding counties. The bank also operates Jade Abstract Company, a title
insurance agency and Trans National Mortgage Company (TNMC) a full service
mortgage company.
This release includes forward-looking statements and projections, made in
reliance on the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995.
The company has made every reasonable effort to ensure that the information and
assumption on which these statements and projections are based on current,
reasonable, and complete. However, a variety of factors could cause actual
results to differ materially from the projections, anticipated results or other
expectations expressed in this release.
While the company makes these statements and projections in good faith, neither
the company nor its management can guarantee that the anticipated future results
will be achieved.
DATASOURCE: PSB Bancorp, Inc.
CONTACT: Anthony DiSandro, President, PSB Bancorp, Inc.,
+1-215-979-7910
Web site: http://firstpennbank.com/