| Pacific State Bancorp, parent company of Pacific State Bank, today announced consolidated earnings for the quarter ended June 30, 2002. Net income for the three months ended June 30, 2002 was $351,508 or $.41 per diluted earnings per share, compared to $358,071 or $.47 per diluted earnings per share for the same period in 2001, off slightly by 1.8% in net income over the same period in 2001. Year to date net income for the six months ended June 30, 2002 was $551,740 or $.66 per diluted earnings per share versus $533,061 or $.70 per diluted earnings per share for the same period in 2001. The net income for the six months ending June 30, 2002 increased by 3.5% over the six months ending June 30, 2001. The per share earnings decreased due to the increase in the number of outstanding shares, resulting from the acquisition of the California Bank & Trust Stockton branch.
Total consolidated assets at June 30, 2002 increased 30.5%, from $121.2 million at December 31, 2001 to $158.4 million. Net loans grew $17.0 million, from $97.1 million at December 31, 2001 to $114.1 million at June 30, 2002, an increase of 17.5%. Deposits grew to $141.6 million at June 30, 2002, or 27.5%, compared to $111.1 million at December 31, 2001.
Steven A Rosso, President and CEO, stated, "Pacific State Bank is poised to continue its solid growth in assets and earnings for the remainder of 2002." On June 24, 2002 Pacific State Bancorp was consummated, the holding company for Pacific State Bank. The new trading symbol for Pacific State Bancorp is PSBC. Also during the second quarter the company issued $5.0 million in trust preferred securities to help fund the company's growth. During the month of June the Company's stock increased 22% and 27% for the second quarter 2002.
The Groveland Office construction is now moving along very quickly. The new office location will be very spacious with ample parking. The office will be able to offer safe deposit boxes with the same great services and staff our Groveland customers have already experienced. We anticipate the office will be completed by the third quarter of 2002. The Modesto and March Lane offices are also going through remodels and should also be completed by the end of the third quarter.
Pacific State Bank maintains two Branch offices in Stockton with its Main Office located in the heart of Stockton and Branch Offices in Angels Camp, Arnold, Groveland, Modesto and Tracy. The Bank's strategy is to provide quality financial services to small and middle market commercial businesses, real estate construction, mortgage and development companies and individuals, executives and professionals located in our market communities. Pacific State Bank is a national leader in the underwriting of U.S. Department of Agriculture Business and Industry loans, as well as a Preferred Lender for this program. The Bank also provides Farmer Service Agency loans, FarmerMac I & II loans, Part-Time Farmer Mortgages and Small Business Administration 7A and 504 loans.
Visit Pacific State Bank's website at: www.pacificstatebank.com
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