PFS Bancorp, Inc. Reports Net Earnings For the Quarter and Nine Months Ended September 30, 2005
28 October 2005 - 12:47AM
Business Wire
PFS Bancorp, Inc. (Nasdaq National Market:PBNC), parent company of
Peoples Federal Savings Bank, reported net earnings for the third
quarter ended September 30, 2005 of $249,000, or diluted earnings
per share of $.17, an increase of $19,000, or 8.3%, from the
$230,000 in net earnings, or $.16 of diluted earnings per share
recorded for the third quarter ended September 30, 2004. Book
value, or stockholders' equity totaled $14.06 per share at
September 30, 2005. The increase in net earnings for the quarter
resulted primarily from a $57,000, or 7.5%, decrease in general,
administrative and other expense, which was partially offset by a
$24,000, or 2.3%, decrease in net interest income, a $3,000, or
2.3%, decrease in other income and an $11,000, or 6.9%, increase in
income taxes. For the nine months ended September 30, 2005, PFS
Bancorp, Inc. reported net earnings of $706,000, or diluted
earnings per share of $.49, an increase of $38,000, or 5.7%, as
compared to the $668,000, or diluted earnings per share of $.47, in
earnings reported for the nine months ended September 30, 2004. The
increase in net earnings for the nine months ended September 30,
2005 was primarily due to a $50,000, or 1.7%, increase in net
interest income and a $53,000, or 14.2%, increase in other income
which were partially offset by a $47,000, or 2.1%, increase in
general, administrative and other expense and an $18,000, or 3.9%,
increase in income taxes. At September 30, 2005, PFS Bancorp, Inc.
reported total assets of $130.9 million, an increase of $1.1
million, or .9%, compared to total assets at December 31, 2004. The
increase in assets was comprised primarily of a $6.3 million, or
5.5%, increase in loans receivable which was partially funded by an
increase in deposits of $2.4 million, or 2.8%, to $89.4 million at
September 30, 2005. On May 4, 2005, Peoples Community Bancorp, Inc.
of West Chester, Ohio announced an Agreement and Plan of Merger
with PFS Bancorp, Inc. Under the terms of the agreement, Peoples
Community Bancorp, Inc. will pay $23.00 in cash for each of the
outstanding common shares of PFS Bancorp, Inc. The stockholders of
PFS Bancorp, Inc. approved the merger on October 14, 2005. The
merger is expected to be consummated in the fourth quarter of 2005.
PFS Bancorp, Inc. is the unitary thrift holding company for Peoples
Federal Savings Bank which conducts business from its main office
and two branch offices in southeastern Indiana. -0- *T PFS Bancorp,
Inc. CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (In
thousands) September 30, December 31, ASSETS 2005 2004 Cash and
cash equivalents $ 3,778 $ 7,484 Investment securities 3,037 5,157
Loans receivable 120,976 114,673 Other assets 3,108 2,440 --------
-------- Total assets $130,899 $129,754 ======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY Deposits $ 89,356 $ 86,939
Advances from the FHLB 19,500 17,500 Note payable - 3,500 Other
liabilities 1,322 1,286 -------- -------- Total liabilities 110,178
109,225 Shareholders' equity 20,721 20,529 -------- -------- Total
liabilities and shareholders' equity $130,899 $129,754 ========
======== PFS Bancorp, Inc. CONDENSED CONSOLIDATED STATEMENTS OF
EARNINGS (In thousands, except share data) Nine months ended Three
months ended September 30, September 30, 2005 2004 2005 2004
(Unaudited) (Unaudited) Total interest income $5,017 $4,195 $1,710
$1,453 Total interest expense 1,952 1,180 696 415 ------ ------
------ ------ Net interest income 3,065 3,015 1,014 1,038 Provision
for losses on loans 72 72 24 24 ------ ------ ------ ------ Net
interest income after provision for losses on loans 2,993 2,943 990
1,014 Other income 427 374 129 132 General, administrative and
other expense 2,235 2,188 700 757 ------ ------ ------ ------
Earnings before income taxes 1,185 1,129 419 389 Income taxes 479
461 170 159 ------ ------ ------ ------ NET EARNINGS $ 706 $ 668 $
249 $ 230 ====== ====== ====== ====== EARNINGS PER SHARE Basic $
.51 $ .48 $ .18 $ .16 ====== ====== ====== ====== Diluted $ .49 $
.47 $ .17 $ .16 ====== ====== ====== ====== *T
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