| Pacific State Bancorp, the parent company of Pacific State Bank, today announced record earnings for the year ended December 31, 2002 . Net income for 2002 was $1,163,000 or $1.37 per diluted share, compared to $1,036,000 or $1.32 per diluted share in 2001, an increase of 12.3%. Net income for the fourth quarter ending December 31, 2002 increased to $437,000 or $.51 per diluted share from $279,000 or $.35 per diluted share for the same period in 2001, an increase of 56.6%. Pacific State Bank recorded a tremendous growth in earnings during 2002 as it posted $1,335,000.00, up 28% over 2001. Many one time expenses associated with the formation of Pacific State Bancorp and the purchase of California Bank & Trust reduced the overall earning performance of the Pacific State Bancorp.
Total assets at December 31, 2002 increased 48.6%, from $121.3 million to $180.3 million. Loans, net of the allowance for loan losses, grew $36.9 million, from $97.1 million to $134.0 million, an increase of 38.0% for the same period. Deposits in 2002 grew to $158.2 million, or 42.4%, compared to $111.1 million at December 31, 2001 .
Steven A Rosso, President and CEO, stated, ?2002 was an excellent year for the growth of our Company. Pacific State Bank developed many new products and expanded business opportunities in our service area. On March 15, 2002 we acquired the deposits and loans of the Stockton branch of California Bank & Trust. On June 24, 2002 Pacific State Bancorp was formed, becoming the holding company for Pacific State Bank. The new trading symbol for Pacific State Bancorp is PSBC. In conjunction with the Holding company creation, Pacific State Bancorp issued $5.0 million in trust preferred securities. These securities increased capital in Pacific State Bank helping to fund the Bank?s growth. On November 2, 2002 , Pacific State Bank celebrated its fifteenth anniversary.
In 2002 Pacific State Bank remodeled its? March Lane and Modesto Offices. The Bank also completed construction on its? new Groveland Office. The Office is now open. This January the Bank broke ground on our new branch in Angels Camp.
The management of Pacific State Bank is proud to note that we again achieved record asset growth and earning performance in 2002. Pacific State Bank generated record earnings and asset growth for the fourth consecutive year. We are poised to continue our trend of strong and solid growth.
Pacific State Bank operates two branch offices in Stockton . Their locations are at 6 South El Dorado Street in the heart of downtown Stockton and 1889 West March Lane. The Bank?s branch offices are 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 (sixth in the state of California ), 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. Pacific State Bank continues to be a leader in the California Capital Loan Programs for small businesses in our communities. Pacific State Bank also uses a leading lender for the construction and mortgage financing of SFD & Apartments in San Joaquin , Stanislaus, Calaveras and Tuolumne Counties .
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