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Premier Service Bank Announces Earnings For The Quarter And Year Ended December 31, 2012

Stocks in this article: PSBK

Premier Service Bank, Riverside, California (OTCBB:PSBK), today announced its unaudited financial results for the quarter and year ended December 31, 2012.

For the year ended December 31, 2012, the Bank reported a net income of $152 thousand, or $0.09 per diluted share, compared to a net loss of $2.19 million, or ($1.77) per diluted share for the year ended December 31, 2011. The net income for the fourth quarter of 2012 was $347 thousand, or $0.27 per diluted share, compared to a net loss of $820 thousand, or ($0.66) per diluted share for the fourth quarter of 2011. The variance in earnings between the respective periods is primarily attributed to the provisions to the Bank’s allowance for loan losses, which, for the year ended December 31, 2012, totaled $225 thousand, compared to $2.79 million for the year ended December 31, 2011. No provision to the allowance for loan losses was provided for the fourth quarter of 2012, compared to $910 thousand for the same period in 2011.

At December 31, 2012, the Bank had $3.49 million of non-performing loans, representing 4.20% of the Bank’s total loans, compared to $8.93 million of non-performing loans, or 8.61% of total loans, at December 31, 2011. Impairment analyses are performed on the Bank’s non-performing loans and impairment adjustments, if any, are written off and/or fully reserved when appropriate as a part of this process. The Bank had foreclosed real estate of $2.60 million at December 31, 2012, compared to foreclosed real estate of $2.93 million at December 31, 2011. All non-performing loans were on non-accrual at December 31, 2012 and 2011. The allowance for loan losses totaled $2.73 million at December 31, 2012, or 3.29% of total loans as of that date, compared to $2.36 million at December 31, 2011, or 2.28% of total loans as of that date.

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