| Pacific State Bancorp, parent company of Pacific State Bank, today announced earnings for the quarter ended September 30, 2002. Net income for the three months ended September 30, 2002 was $174,270 or $.20 per diluted earnings per share, compared to $223,745 or $.29 per diluted earnings per share for the same period in 2001, a decrease of 22.1% in net income over the same period in 2001. Year to date net income for the nine months ended September 30, 2002 was $726,010 or $.86 per diluted earnings per share compared $756,806 or $.97 per diluted earnings per share also for the same period in 2001. Year to date earnings for the nine months ended September 30, 2002 are down 4.1% compared to the same period in 2001. During the third quarter 2002 the Company incurred one-time expenses of $75,000 for the formation of the holding company. On June 26, 2002 the Company issued $5.0 million in trust preferred securities to help fund the company?s growth. The interest expense associated with this transaction impacted the net income for the first time during the third quarter. The net decrease in income after taxes of these two transactions was $93,000. Pacific State Bancorp?s earnings per share decreased due to the decline in earnings. An additional contributory factor in the decline in earnings per share was the increase in the number of outstanding shares resulting from an investment of new equity capital in the first quarter.
Total assets at September 30, 2002 increased 31.2%, from $121.3 million at December 31, 2001 to $159.1 million. Net loans grew $28.4 million, from $97.1 million to $125.5 million, an increase of 29.2% for the same period. Deposits increased to $140.8 million at September 30, 2002, or 26.7%, compared to $111.1 million at December 31, 2001.
The Groveland Office construction will be completed during the fourth quarter. 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. The Modesto office remodel will also be completed during the fourth quarter. The March Lane office remodel was completed in August.
On November 2, 2002, Pacific State Bank will celebrate its fifteenth anniversary. Pacific State Bank was formed to meet the growing financial needs of Stockton and the San Joaquin County. The 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 leader in the underwriting of U.S. Department of Agriculture Business and Industry loans, as well as being designated as a Preferred Lender for the B & I 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. The Bank also offers a full cadre of deposit services, which include PSB On-line, Telebanking and Execubank.
Visit Pacific State Bank's website at: www.pacificstatebank.com
|
