PSB Bancorp, Inc. Announces Record First Quarter Earnings And Stock Buyback Program
PHILADELPHIA, April 13 /PRNewswire/ -- PSB Bancorp, Inc. (Nasdaq: PSBI),
the holding company for First Penn Bank (formerly Pennsylvania Savings Bank),
today announced record earnings for the first quarter of 2000. For the
three months ended March 31, 2000, net income was $754,349, or $0.17 per basic
share compared to $469,719, or $0.10 per basic share for the three months
ended March 31, 1999. This represents a 60.4% increase in net income and a
70.0% increase in basic earnings per share, respectively. The net income for
the first quarter 2000 is net of $185,000 addition to loan loss reserve and
Other Real Estate Owned (OREO) writedowns. Both periods include effect of
PSB's acquisition of First Bank of Philadelphia, which was completed in
October, 1999.
The increase in net income is a result of a 42.2% increase in net interest
income to $2.8 million for the three months ended March 31, 2000 as compared
to the same period last year.
The increase in net interest income is the result of an increase in net
loans of $28.7 million to $163.8 million, or 21.2% from March 31, 1999 to
March 31, 2000. Total assets increased $29.3 million to $262.1 million, or
12.6% during the same period. Deposits at March 31, 2000 were $188.1 million.
The Company's equity as a percent of assets was 14.0% at March 31, 2000 and
continues to be considered "well capitalized" by its regulators.
In reviewing the Company's first quarter performance, Anthony DiSandro,
President of the Company, stated: "We are pleased with PSB Bancorp's financial
performance during the first quarter of 2000. The integration of First Bank
of Philadelphia has proceeded smoothly and the positive impact of the merger
on our product offerings and management team is evident in our earnings and
balance sheet growth. As one of the few remaining independent financial
institutions headquartered in Philadelphia, we plan to continue to expand our
presence both in Philadelphia and its surrounding suburbs and to remain
committed to enhancing shareholder value."
Stock Buyback Program
Consistent with the commitment to enhance shareholder value, the Board of
Directors of PSB Bancorp has approved a stock buyback program under which the
Company may acquire a maximum of 5.0%, or 218,532 shares, of its common stock
in open market and privately negotiated transactions. |
