PennRock Financial Services Corp. Reports a 10% Increase In First Quarter Net Income

Apr 04, 2001, 01:00 ET from PennRock Financial Services Corp.

    BLUE BALL, Pa., April 4 /PRNewswire/ --
 PennRock Financial Services Corp. (Nasdaq:   PRFS), parent company of Blue Ball
 National Bank ("the Bank") and The National Advisory Group, Inc. ("National"),
 reports that net income for the first quarter of 2001 was a record
 $3.0 million or $.51 per share, a 9.9% increase from $2.7 million or $.46 per
 share earned in the first quarter of 2000 and a 51.3% increase from the
 $2.0 million or $.33 per share earned in the fourth quarter of 2000.  Melvin
 Pankuch, Executive Vice President and Chief Executive Officer of PennRock
 noted, "This marks the first time that PennRock has earned in excess of
 $3 million for a quarter.  While we are very pleased with our record earnings,
 our margins, although improving, are still lower than we would like.  We will
 be continuing our efforts throughout the year to increase our spreads
 primarily by concentrating on lowering funding costs.  We are also focused on
 integrating our recent acquisition of The National Advisory Group into the
 PennRock family and capitalizing on the synergies we believe exist between
 National and the Bank."  Return on assets increased from 1.30% in the first
 quarter of last year to 1.36% this year.  Return on average equity declined
 from 18.25% in 2000 to 16.57% in 2001 because of the strong growth in
 stockholders' equity, which increased $12 million or 19.2%.
     PennRock's assets totaled $893 million as of March 31, 2001, an increase
 of $20 million or 2.3% from the first quarter of last year.  Loans increased
 $26 million or 5.5% and were funded by an increase in deposits of $23 million
 or 3.6%.  The investment portfolio declined $12 million or 3.5% while borrowed
 funds decreased by $17 million or 10.7%.
     PennRock is a financial holding company headquartered in Blue Ball,
 Pennsylvania.  Blue Ball National Bank provides a broad range of banking,
 trust and other financial services to consumers, small businesses and
 corporations through 15 offices in south-central and southeastern
 Pennsylvania.  The National Advisory Group offers asset management and
 corporate retirement plan administration services to clients in southeastern
 Pennsylvania, New Jersey and Delaware, and serves as an investment advisor for
 a family of mutual funds.
 
 
            (Unaudited; dollars in thousands, except per share data)
 
     Quarter ending March 31,                           2001          2000
      Interest income                                 $16,299        $15,208
      Interest expense                                  9,438          8,299
      Net interest income                               6,861          6,908
      Provision for loan
      Losses                                              444            371
      Other income                                      2,628          1,644
      Other expenses                                    5,396          4,898
      Net income                                      $ 3,021        $ 2,748
 
     EPS - basic                                         $.51           $.46
     EPS - diluted                                       $.51           $.46
 
     Weighted average shares outstanding            5,965,168      5,971,440
 
     As of March 31:                                    2001           2000
       Federal funds sold                              $2,338         $1,190
       Mortgages held for sale                          3,283            206
       Securities held for sale                       314,965        326,465
       Loans                                          503,012        476,881
       Total assets                                   893,069        872,701
       Deposits                                       668,037        644,597
       Borrowed funds                                 140,476        157,237
       Stockholders' equity                            74,392         62,407
 
 

SOURCE PennRock Financial Services Corp.
    BLUE BALL, Pa., April 4 /PRNewswire/ --
 PennRock Financial Services Corp. (Nasdaq:   PRFS), parent company of Blue Ball
 National Bank ("the Bank") and The National Advisory Group, Inc. ("National"),
 reports that net income for the first quarter of 2001 was a record
 $3.0 million or $.51 per share, a 9.9% increase from $2.7 million or $.46 per
 share earned in the first quarter of 2000 and a 51.3% increase from the
 $2.0 million or $.33 per share earned in the fourth quarter of 2000.  Melvin
 Pankuch, Executive Vice President and Chief Executive Officer of PennRock
 noted, "This marks the first time that PennRock has earned in excess of
 $3 million for a quarter.  While we are very pleased with our record earnings,
 our margins, although improving, are still lower than we would like.  We will
 be continuing our efforts throughout the year to increase our spreads
 primarily by concentrating on lowering funding costs.  We are also focused on
 integrating our recent acquisition of The National Advisory Group into the
 PennRock family and capitalizing on the synergies we believe exist between
 National and the Bank."  Return on assets increased from 1.30% in the first
 quarter of last year to 1.36% this year.  Return on average equity declined
 from 18.25% in 2000 to 16.57% in 2001 because of the strong growth in
 stockholders' equity, which increased $12 million or 19.2%.
     PennRock's assets totaled $893 million as of March 31, 2001, an increase
 of $20 million or 2.3% from the first quarter of last year.  Loans increased
 $26 million or 5.5% and were funded by an increase in deposits of $23 million
 or 3.6%.  The investment portfolio declined $12 million or 3.5% while borrowed
 funds decreased by $17 million or 10.7%.
     PennRock is a financial holding company headquartered in Blue Ball,
 Pennsylvania.  Blue Ball National Bank provides a broad range of banking,
 trust and other financial services to consumers, small businesses and
 corporations through 15 offices in south-central and southeastern
 Pennsylvania.  The National Advisory Group offers asset management and
 corporate retirement plan administration services to clients in southeastern
 Pennsylvania, New Jersey and Delaware, and serves as an investment advisor for
 a family of mutual funds.
 
 
            (Unaudited; dollars in thousands, except per share data)
 
     Quarter ending March 31,                           2001          2000
      Interest income                                 $16,299        $15,208
      Interest expense                                  9,438          8,299
      Net interest income                               6,861          6,908
      Provision for loan
      Losses                                              444            371
      Other income                                      2,628          1,644
      Other expenses                                    5,396          4,898
      Net income                                      $ 3,021        $ 2,748
 
     EPS - basic                                         $.51           $.46
     EPS - diluted                                       $.51           $.46
 
     Weighted average shares outstanding            5,965,168      5,971,440
 
     As of March 31:                                    2001           2000
       Federal funds sold                              $2,338         $1,190
       Mortgages held for sale                          3,283            206
       Securities held for sale                       314,965        326,465
       Loans                                          503,012        476,881
       Total assets                                   893,069        872,701
       Deposits                                       668,037        644,597
       Borrowed funds                                 140,476        157,237
       Stockholders' equity                            74,392         62,407
 
 SOURCE  PennRock Financial Services Corp.