PSB Bancorp, Inc. Announces Second Quarter Earnings
PHILADELPHIA, Aug. 11 /PRNewswire/ -- PSB Bancorp, Inc. (Nasdaq: PSBI),
the holding company for First Penn Bank, today announced earnings for the
second quarter of 2000. For the three-month period ended June 30, 2000, net
income was $591,000 or $0.13 per fully diluted share compared to $657,000 or
$0.13 per fully diluted share for the three months, ended June 30, 1999. For
the six months ending June 30, 2000, net income was $1.3 million or $0.28 per
fully diluted share as compared to $1.1 million net income or $0.23 for
six months ended June 30, 1999. This represents a 19.34% increase in net
income and a 19.23% increase in basic earnings per share for the six months
ended June 30, 2000 compared to the same period ended June 30, 1999.
Net interest income increased $1.3 million or 31% to $5.6 million for the
six-month period ended June 30, 2000 from $4.2 million for the same period for
1999, as a result of an increase in interest on loans and investment
securities due to an increase in loan originations and a favorable market.
Given the current high-interest environment, management's strategy is to
diversify the loan portfolio. Part of this strategy is to provide locally
originated residential first mortgages, commercial real estate loans,
construction loans, business loans, mortgage-backed securities and other
liquid securities. In addition, management's decision to integrate an
existing student loan program from First Bank of Philadelphia constituted 16%
of the loan portfolio as of June 30, 2000. Non interest income decreased 42%
largely due to a market-driven decrease in the gain of loan sales through the
bank's mortgage subsidiary, TransNational Mortgage Corporation.
Total loans increased $9.1 million to $157.8 million or 6.13% from
June 30, 1999 to June 30, 2000. Total assets remained constant from June 30,
1999 to June 30, 2000. Deposits at June 30, 2000 were $215.3 million. The
company's equity as a percent of assets was 14.7% at June 30, 2000 and
continues to be considered "well capitalized" by its regulators. Return on
average assets was 1.18 and 1.28 for the six-month period ended June 30,
2000 and 1999 respectively.
In reviewing the company's second quarter performance, Anthony DiSandro,
President and Chief Operating Officer, said, "The financial performance of PSB
Bancorp continues to be strong. Increased deposits as well as loan
originations in diversified products contributed to the banks overall growth.
Our management team is excited about the growth we're experiencing, and with a
strong foundation as a Philadelphia-based commercial bank, we're looking
forward to continued expansion throughout the City and suburbs." |
