| (July 21, 2003) Pacific State Bancorp, the parent of Pacific State Bank, announced its second quarter earnings today. Pacific State Bancorp continued its positive trend for 2003 by reporting net income of $476,004 for the second quarter, or $.57 per basic share. This represented an increase of $124,496, or 35.4%, over the second quarter of 2002. Diluted earnings per share for the Company were up $0.14 to $0.55 per share for the quarter. Earnings for the six months ended June 30, 2003 were also up for Pacific State Bancorp, hitting a record level of $881,977. This growth in year-to-date net income amounted to an aggregate increase of $330,238 or 59.9%, year to date. Basic earnings per share for the six months ending June 30, 2003 were $1.06 and diluted earnings per share were $1.03. Basic earnings per share grew 52.0% and diluted earnings per share grew 55.9% from the previous six months. The growth in earning reflected strong and steady improvement in the company’s profit performance.
Other highlights for the holding company and the bank are as follows :
- Total Assets at June 30, 2003 grew to $185,545,385 an increase of $5,404,901 or 3.0% from December 31, 2002 .
- Total Assets increased by $27,149,325 from $158,396,060 or 17.1% from June 30, 2002 .
- The Efficiency Ratio for the second quarter of 2003 was 63.48% compared to 69.18% for the same period last year, or an improvement of 5.7 or 8.2%.
- The Efficiency Ratio also declined for the year to date hitting 65.58% down from 73.13% or 10.3% improvement over the period ending 06-30-02 .
- Return on Average Assets (ROA) for the second quarter was 1.04% and for the first six months of the year the ROA was 0.97%.
- Return on Average Equity (ROE) for the second quarter was 15.74% and for the first six months of the year the ROE was 15.06%.
- Pacific State Bancorp stock hit a record trading level with a selling price of $22.00 per share.
- The Bank’s total loans increased to $153,442,747; up from year-end by over $18,000,000. The increase in loans lead to a growth in total interest income of $429,450, or 18.8%, for the quarter and a jump of $954,032, or 22.1%, in total interest year-to-date.
- Branch development continues to be positive with strong earning growth in the Motherlode lead by the Bank’s Angels Camp office. The bank continues growth in all its branches seeing strong improvement in Modesto , Stockton , and Tracy .
- The Bank’s non-interest income continues to improve as well; increasing by $100,196 to $930,798 for the first six months of 2003. The largest increase in non-interest income was in service charge income up $70,343 or 29.6% year-to-date. The Bank also continues to be a leader in mortgage financing for both residential and commercial real estate aiding in the growth of our non-interest income.
- The Bank continues to be a leader in the financing of USDA Business and Industry Loans; as well as SBA 7A and 504 loans to local businesses.
President and C.E.O., Steven A. Rosso, reflecting on the Company’s performance over the first half of the year and its prospects for the second half of 2003, stated ?As the Bank’s service region of Calaveras, San Joaquin, Stanislaus, and Tuolumne Counties heats up in the summer months, the strength of these communities will help us generate stronger growth and profitability within Pacific State Bancorp.?
Pacific State Bancorp is the holding company for Pacific State Bank, a California state chartered bank, operating seven branches in Central California , including two branches in Stockton , and branches in Modesto , Groveland, Arnold , Angels Camp and Tracy . The Bank’s primary source of revenue is providing loans to customers who are predominately small to middle-market businesses and middle-income individuals.
Cautionary Statement: This release contains certain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those stated herein. Management’s assumptions and projections are based on their anticipation of future events and actual performance may differ materially from those projected. Risks and uncertainties which could impact future financial performance include, among others, (a) competitive pressures in the banking industry; (b) changes in the interest rate environment; (c) general economic conditions, either nationally or regionally or locally, including fluctuations in real estate values; (d) changes in the regulatory environment; (e) changes in business conditions or the securities markets and inflation; (f) possible shortages of gas and electricity at utility companies operating in the State of California, and (g) the effects of terrorism, including the events of September 11, 2001, and thereafter, and the conduct of war on terrorism by the United States and its allies. Therefore, the information set forth herein, together with other information contained in the periodic reports filed by the Company with the Securities and Exchange Commission, should be carefully considered when evaluating the business prospects of the Company. Pacific State Bancorp undertakes no obligation to update any forward-looking statements contained in this release.
For further information contact: Steven A. Rosso, President & Chief Executive Officer, (530) 870-3214.
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