PHILADELPHIA, Aug. 15 /PRNewswire/ -- PSB Bancorp, Inc. (Nasdaq: PSBI), the holding company for First Penn Bank, today announced selected information from the statement of financial condition of PSB Bancorp, Inc. for the periods of June 30, 2001 and December 31, 2000 as outlined below:
Selected Financial Data June 30, 2001 December 31, 2000
(Dollars in thousands)
Total Assets $490,002 $254,819
Net Loans $313,796 $154,936
Total Deposits $408,491 $204,175
Shareholders' Equity $38,258 $35,982
The Bank's total assets increased $235.2 million or 92% from $254.8 million at December 31, 2000 to $490.0 million at June 30, 2001. The increase in assets was primarily due to the acquisition of the assets of Jade Financial Corp., which represented $210.1 million or 89% of the increase. The increase in assets attributable solely to the operations of PSB was $25.1 million or 11% of the increase.
At June 30, 2001 the Bank's net loan portfolio totaled $313.8 million compared to $154.9 million at December 31, 2000. The net loan portfolio includes $128.7 million of loans acquired from Jade Financial Corp. The increase in the net loan portfolio attributable solely to the Bank is $30.2 million or 19%.
PSB Bancorp, Inc. in connection with the aforementioned data, also announced today the earnings for the six-month period ended June 30, 2001. The following table shows PSB Bancorp, Inc. income for the six-month period ended June 30, 2001, and the pro forma statements of income as if PSB Bancorp, Inc. had acquired Jade Financial Corp. at the beginning of the reporting period. This acquisition was completed under the purchase method of accounting.
(Dollars in thousands PSB Bancorp, Jade Combined
except per share data) Inc. Financial Pro Forma
Net Interest Income $4,491 $3,330 $7,821
Net Income $990 $736 $1,726
Basic Earnings Per Share $.25 $.42 $.44
In reviewing the company's six-month statement of financial condition, Anthony DiSandro, President said, "PSB Bancorp, Inc. continues to be strong through our recent acquisition of Jade Financial Corp., the holding company for IGA Federal Savings Bank. Our management team is excited about the future of the newly combined company and its potential for increased profitability, and its ability to withstand the current declining interest rate environment. First Penn's strategy is to capitalize on our growth by cross-selling a comprehensive line of consumer banking products and services and commercial banking services to our existing customer base. In addition, we plan to take advantage of the opportunities for growth in Philadelphia and the surrounding counties." |
