(October 17, 2003) President and C.E.O. Steven A. Rosso announced third quarter earnings for Pacific State Bancorp, the Stockton-headquartered financial institution and parent company of Pacific State Bank. As of September 30, 2003 the company reported net income for the quarter of $5030,093, or a 204% increase in earnings over the same period in 2002. Pacific State Bancorp’s net income for the first three quarters of 2003 was $1,412,071, or an increase of 94.50% above earnings for the same period ending September 30, 2002. Mr. Rosso also reported that Pacific State Bancorp’s total assets of $205,300,558 made the first time the company has reported assets in excess of $200,000,000 for the close of a financial period in the 16-year history of the Bank and holding company. The increase in total assets amounted to $25,160,074 or 13.97% from year-end of 2002.
Rosso cited increases in Loans, which were up $25,771,244 or 19.24%, and branch deposits, which grew $23,784,334 or 15.04% for the year; as the driving force in earnings and asset growth. The growth in loans resulted in an increase in interest income over the previous period even in the light of continued interest rate declines. An area of significant earnings growth was the Bank’s non-interest income, which increased by $84,268 or 25.53% for the quarter and $184,464 or 15.89% for the year compared to the same period ending September 30, 2002. Rosso also cited the continued strong business conditions in Calaveras, San Joaquin, Stanislaus, and Tuolumne Counties, Pacific State Bank’s primary service areas, as an additional reason for the steady earnings and asset growth in company.
Rosso stated that Pacific State Bank which operates branches in Angels Camp, Arnold, Groveland, Modesto, Stockton (2), and Tracy continues to be a leader in Business Banking through its long standing funding relationships with the Small Business Administration 7A, 504 and Low Doc financing programs. Pacific State Bank is also currently one of the leading banks in California providing USDA and Business and Industry Loans for rural communities. The Bank is also a strong lender to the Real Estate construction and mortgage finance industries, as well as Agriculture through the Bank’s affiliation with Farm Service Agency, Farmer Mac, and United States Department Agriculture.
In addition the Pacific State Bancorp reported the following financial performance numbers and ratios: Book Value per share $7.55, Basic Earnings per share $0.85 (year to date) and Diluted Earnings per share $0.82 (year to date), Return on Assets of 1.03% (year to date), Return on Average Equity 15.98% (year to date), and the Company?s Efficiency Ratio was 64.37%. Rosso noted that PSB announced a 2 for 1 stock split effective September 30, 2003, which effected the calculations for book value, and both earnings per share. The stock split?s distribution date was October 16, 2003. Shareholders should be receiving their new shares shortly; furthermore, the stock price will now reflect the adjusted price per share. If any shareholder or other interested person has any further questions they may contact Jane Armitage, assistant to the President, at 209-870-3214. For further information concerning the Pacific State Bancorp or Pacific State Bank you may access the Bank's website at www.pacificstatebank.com. |
