| (April 16, 2004) Steven A. Rosso, President and Chief Executive Officer of the Stockton headquartered Pacific State Bancorp announced first quarter 2004 earnings of $658,000, an increase of $252,000 or 62.07% over the same period in 2003. Net income resulted in basic earnings per share of $0.39 and $0.36 diluted earnings per share for the quarter.
The Company reported return on assets of 1.31% and return on equity of 19.43% for the quarter. The Company also reported that its first quarter efficiency ratio was 60.05% down from 67.75% in the first quarter of 2003.
Pacific State Bancorp earnings increase was directly attributable to an increase of $573,000 in net interest income, or 31.93%, compared to March 31, 2003. The growth in net interest income resulted from an increase in interest income of $406,000, or 15.91%, and a decrease in interest expense of $167,000, or 22.15%. The core element driving the increase in interest income was due to a $12,460,844 or 8.01%, increase in growth. Deposits grew $5,545,000, or 3.15%, fueling total asset growth for the period of $9,911,000or 4.93%.
Pacific State Bancorp stock trades on the Over The Counter Bulletin Board under the stock symbol PSBC. Information on Pacific State Bancorp and Pacific State Bank can be obtained on the bank’s website at www.pacificstatebank.com. Questions pertaining to this news release may be directed to Steven A. Rosso at 209-870-3214.
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