This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

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

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.

1 of 6

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,157.01 +25.04 0.15%
S&P 500 2,001.93 +2.95 0.15%
NASDAQ 4,562.4050 +9.6460 0.21%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs