Psb Bancorp (NASDAQ:PSBI)
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PSB Bancorp, Inc. Second Quarter Results
PHILADELPHIA, Aug. 11 /PRNewswire-FirstCall/ -- PSB Bancorp, Inc.
(NASDAQ:PSBI), the holding company for First Penn Bank, announced today net
income of $524,000, or $0.10 per common share on a diluted basis for the
quarter ended June 30, 2004, compared to net income of $595,000, or $0.14 per
diluted share, for the same period of 2003.
During the six months ended June 30, 2004, net income totaled $1.1 million, or
$0.22 per common share on a diluted basis, compared to $1.0 million or $0.25
per diluted share for June 30, 2003.
Net interest income increased $366,000 to $5.0 million for the three-month
period ended June 30, 2004, and $659,000 to $9.4 million for the six-month
period ended June 30, 2004, as compared to the same periods in 2003. The
increase in net interest income is attributable in large part to the interest
income and corresponding fees derived from growth of the Bank's loan portfolio
and the reduction in cost of funds.
Interest expense for the second quarter of 2004 was $1.9 million, a decrease of
$594,000 from the $2.5 million reported for the same quarter in 2003. This
decrease was generally due to lower rates paid on deposits, coupled with a
shift in deposit mix, as depositors transferred higher-rate time deposits to
more liquid, lower-rate savings and money market accounts. This shift was
reflected in the Bank's cost of funds, which declined to 1.87% for the quarter
ended June 30, 2004, compared with 2.40% for the 2003 quarter.
During the six months ended June 30, 2004, net income increased 6.39% to $1.1
million, compared to $1.0 million for June 30, 2003. The second quarter net
income slightly decreased 11.93% to $524,000 compared to net income of $595,000
for June 30, 2003. Additional expenses were incurred to service an expanding
customer base along with the growth of assets and deposits in the second
quarter.
Highlights from the results of operations of PSB Bancorp, Inc. for the three-
and six-month periods ended June 30, 2004 and 2003, respectively, are outlined
below:
PSB BANCORP, INC.
OPERATING HIGHLIGHTS
(Unaudited)
(In thousands, except per share data)
3 Months Ended 6 Months Ended
June 30, June 30, June 30, June 30,
2004 2003 2004 2003
Net Interest Income $4,987 $4,576 $9,418 $8,759
Net Income $524 $595 $1,132 $1,064
Return on Average Assets (1) .44% .55% .47% .59%
Return on Average Equity (1) 4.35% 5.62% 4.73% 6.66%
Basic Earnings per Share $0.12 $0.14 $0.26 $0.25
Diluted Earnings per Share (2) $0.10 $0.14 $0.22 $0.25
(1) Annualized
(2) The computation of dilutive earnings per share now includes 895,240
shares of the 1,371,200 options which were issued in connection with
the 1999 First Bank of Philadelphia acquisition and were originally
deemed invalid by management. These shares are considered to be
contingently issuable shares and are required to be included in the
calculation of dilutive EPS and excluded from the calculation of
basic EPS for the three- and six-month periods ended June 30, 2004 as
they are currently held in escrow and all or part may be returned
pending the outcome of an appeal of a court ruling which rendered the
options valid.
PSB BANCORP, INC.
BALANCE SHEET HIGHLIGHTS
(In thousands)
June 30, 2004 December 31, 2003
(Unaudited) (Audited)
Total Assets $502,787 $470,330
Net Loans $251,800 $237,383
Total Deposits $448,565 $416,160
Shareholders' Equity $47,873 $47,123
Balance sheet growth trended up throughout the first half of 2004 as total
assets increased $32.5 million, to $502.8 million, as of June 30, 2004, an
increase of 6.9%. Net loans outstanding grew by $14.4 million or 6.07% and
accounted for the majority of the asset growth during the first half of 2004.
The increase in loans was funded by increase in deposits. Total deposits
equaled $448.6 million, an increase of $32.4 million or 7.8% during the first
half of 2004.
"Our loan volume continued to increase in the second quarter, indicating that
our local economy is maintaining its upward trend," commented Anthony DiSandro,
President and CEO of the bank. "We are positioning our bank to accommodate
accelerated growth with construction of two new branches in Philadelphia and
Montgomery County.
"We are very pleased that our deposits grew 7.8% during the first half while
our cost of funds decreased from 2.40% in the second quarter of 2003 to 1.87%
in the second quarter of 2004. We believe that the positive trends are a
result of our sales focus in the branches and our asset liability management
discipline. Both of these efforts began in 2003 and we are pleased with the
results to date."
The Bank continued to be placed in the "well capitalized" category under all
regulatory capital requirements at June 30, 2004. At June 30, 2004,
stockholders' equity totaled $47.9 million representing a book value per share
of $10.55.
First Penn Bank conducts business from its corporate offices in Center City
Philadelphia, and twelve banking offices throughout Philadelphia and the
surrounding counties.
In addition to historical information, this information may contain
"forward-looking statements" which are made in good faith by PSB Bancorp Inc.
("PSB"), pursuant to the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements include
statements with respect to PSB's strategies, goals, beliefs, expectations,
estimates, intentions, financial condition, and results of operations, future
performance and business of PSB. Statements preceded by, followed by or that
include the words "may," "could," "should," "pro forma," "looking forward,"
"would," "believe," "expect," "anticipate," "estimate," "intend," "plan," or
similar expressions generally indicate a forward-looking statement. These
forward-looking statements involve risks and uncertainties that are subject to
change based on various important factors (some of which, in whole or in part,
are beyond PSB's control). Numerous competitive, economic, regulatory, legal
and technological factors, among others, could cause PSB's financial
performance to differ materially from the goals, plans, objectives, intentions
and expectations expressed in such forward-looking statements. PSB cautions
that the foregoing factors are not exclusive, and neither such factors nor any
such forward-looking statement takes into account the impact that any future
acquisition may have on PSB and any such forward-looking statement. PSB does
not undertake to update any forward-looking statement whether written or oral,
that may be made from time to time by or on behalf of PSB.
DATASOURCE: PSB Bancorp, Inc.
CONTACT: Anthony DiSandro, President, PSB Bancorp, Inc.,
+1-215-979-7910
Web site: http://www.firstpennbank.com/