PSB Bancorp, Inc. Announces Fourth Quarter Earnings
PHILADELPHIA, Feb. 15 /PRNewswire/ -- PSB Bancorp, Inc., (Nasdaq: PSBI), the holding company for First Penn Bank (formerly Pennsylvania Savings Bank), reported net income for the 12-month period ending December 31, 1999 of $2,084,000. Earnings per share after taxes were $0.45. Reported income is net of non-recurring costs of approximately $897,000 related to the acquisition of First Bank of Philadelphia in October 1999. Net income for the period ending December 31, 1998, was $1,664,000, and earnings per share were $0.37.
At December 31, 1999, First Penn Bank had total assets of $280,905,000; total deposits of $192,948,000; total loans of $177,499,000; and shareholders' equity of $38,390,000; compared to total assets of $227,967,000; total deposits of $195,231,000; total loans of $120,822,000; and shareholders' equity of $29,341,000 as of December 31, 1998.
"The bank's continued growth and profitability reflects the acquisition of First Bank of Philadelphia and our mission and growth strategies to secure the bank's position as a full-service commercial and community financial institution. We will continue to offer customers banking convenience and value via traditional channels of distribution, as well as the Internet and other electronic banking technologies available," Anthony DiSandro, President, said.
First Penn Bank, headquartered in center city Philadelphia, has seven branch locations throughout Philadelphia and in Eastern Montgomery County. |
