PS Financial, Inc. Announces First Quarter Earnings

Apr 17, 2001, 01:00 ET from PS Financial, Inc.

    CHICAGO, April 17 /PRNewswire/ -- K. P. Rooney, President and Chief
 Executive Officer of PS Financial, Inc. (Nasdaq:   PSFI), holding company for
 Preferred Savings Bank, today announced the company's first quarter financial
 results.  Net income for the three months ended March 31, 2001 was $245,000
 compared to $386,000 for the three months ended March 31, 2000, a decrease of
 36.5%.  Basic earnings per share for the three months ended March 31, 2001
 were $0.21 compared to $0.25 for the three months ended March 31, 2000, a
 decrease of 16.0%, while diluted earnings per share for the three months ended
 March 31, 2001 was $0.20 compared to $0.25 for the three months ended March
 31, 2000, a decrease of 20.0%.  Net interest income was $751,000 in the first
 quarter of 2001 compared to $999,000 in the first quarter of 2000.  This
 decrease was a result of a decrease in the yield on average interest-earning
 assets due primarily to $10.1 million of securities called in the first
 quarter of 2001 and reinvested at lower rates and an increase in the cost of
 deposits and borrowings, which together resulted in a decrease in net interest
 spread.  Non-interest income increased $71,000, primarily due to a net gain of
 $27,000 on the sale of securities in the first quarter of 2001, compared to a
 net loss of $58,000 in 2000.  Income tax expense decreased $27,000 due to the
 decrease in taxable income.
     The Company had $112.0 million in assets and $16.2 million in
 stockholders' equity as of March 31, 2001.  At March 31, total shares
 outstanding equaled 1,277,632 shares.
     Preferred Savings Bank, a federally chartered, FDIC-insured savings bank
 founded in 1891 serves customers in Cook County, Illinois by operating one
 full service office located in Chicago, Illinois and exceeds all capital
 standards imposed by the federal government.
     PS Financial, Inc. shares are traded on The Nasdaq Stock Market under the
 symbol "PSFI".
 
     The following tables set forth certain selected consolidated financial
 information of the Company at and for the periods indicated.  Financial data
 for all periods is unaudited.  In the opinion of management, all adjustments,
 which consist only of normal recurring accruals, necessary for a fair
 presentation of the results for and at such unaudited periods have been
 included.  The results of operations and other data for the three months ended
 March 31, 2001 and 2000 are not necessarily indicative of the results of
 operations which may be expected for any future period.
 
                                                   At March 31,    At Dec. 31,
                                                       2001           2000
                                                        (In Thousands)
     Selected Financial Condition Data
     Total assets                                    $111,982       $114,088
     Cash & cash equivalents                            2,654          1,341
     Loans Receivable, net                             66,020         67,862
     Securities available-for-sale                     39,486         40,695
     Deposits                                          58,271         60,594
     FHLB Advances and other borrowings                36,335         36,147
     Shareholders' Equity                              16,221         16,026
 
 
                                                       Three Months Ended
                                                     March 31,       March 31,
                                                       2001            2000
                                                          (In Thousands)
     Selected Operations Data:
     Interest income                                   $2,020         $2,256
     Interest expense                                   1,268          1,257
     Net interest income before provision for
       loan losses                                        752            999
     Provision for loan losses                              0              7
     Net interest income after provision for
       loan losses                                        752            992
     Gain (Loss) on sale of securities                     27            (58)
     Other noninterest income                              23             37
     Total noninterest expense                            435            436
     Income before income taxes                           367            535
     Income taxes                                         122            149
     Net income                                          $245           $386
     Basic Earnings Per Share                           $0.21          $0.25
     Diluted Earnings Per Share                         $0.20          $0.25
 
 
 
                                              At or For the Three Months Ended
                                                      March 31,      March 31,
                                                        2001           2000
 
     Selected Financial Ratios and Other Data:
     Performance Ratios:
     Return on average assets(A)                        0.87%          1.27%
     Return on average equity(A)                         6.07           8.78
     Average equity to average assets                   14.27          14.41
     Shareholders' equity to total assets at
       end of period                                    14.49          11.75
     Interest rate spread at end of period               1.83           2.72
     Net interest margin(A)(B)                           2.70           3.38
     Average interest-earning assets to average
       interest-bearing liabilities                    116.10         116.37
     Efficiency ratio(C)                                54.23          44.58
     Noninterest expense to average assets(A)            1.53           1.43
 
     Asset Quality Ratios
     Non-performing assets to total assets at
       end of period                                     0.92           1.21
     Allowance for loan losses to total loans
       receivable                                        0.43           0.39
     Allowance for loan losses as a percent of
       non-performing loans                             27.38          18.65
 
     (A) Ratios for the three month periods have been annualized
     (B) Net interest income divided by average interest earning assets
     (C) The efficiency ratio represents noninterest expense as a percent of
         net interest income and noninterest income before provision for loan
         losses.
 
 

SOURCE PS Financial, Inc.
    CHICAGO, April 17 /PRNewswire/ -- K. P. Rooney, President and Chief
 Executive Officer of PS Financial, Inc. (Nasdaq:   PSFI), holding company for
 Preferred Savings Bank, today announced the company's first quarter financial
 results.  Net income for the three months ended March 31, 2001 was $245,000
 compared to $386,000 for the three months ended March 31, 2000, a decrease of
 36.5%.  Basic earnings per share for the three months ended March 31, 2001
 were $0.21 compared to $0.25 for the three months ended March 31, 2000, a
 decrease of 16.0%, while diluted earnings per share for the three months ended
 March 31, 2001 was $0.20 compared to $0.25 for the three months ended March
 31, 2000, a decrease of 20.0%.  Net interest income was $751,000 in the first
 quarter of 2001 compared to $999,000 in the first quarter of 2000.  This
 decrease was a result of a decrease in the yield on average interest-earning
 assets due primarily to $10.1 million of securities called in the first
 quarter of 2001 and reinvested at lower rates and an increase in the cost of
 deposits and borrowings, which together resulted in a decrease in net interest
 spread.  Non-interest income increased $71,000, primarily due to a net gain of
 $27,000 on the sale of securities in the first quarter of 2001, compared to a
 net loss of $58,000 in 2000.  Income tax expense decreased $27,000 due to the
 decrease in taxable income.
     The Company had $112.0 million in assets and $16.2 million in
 stockholders' equity as of March 31, 2001.  At March 31, total shares
 outstanding equaled 1,277,632 shares.
     Preferred Savings Bank, a federally chartered, FDIC-insured savings bank
 founded in 1891 serves customers in Cook County, Illinois by operating one
 full service office located in Chicago, Illinois and exceeds all capital
 standards imposed by the federal government.
     PS Financial, Inc. shares are traded on The Nasdaq Stock Market under the
 symbol "PSFI".
 
     The following tables set forth certain selected consolidated financial
 information of the Company at and for the periods indicated.  Financial data
 for all periods is unaudited.  In the opinion of management, all adjustments,
 which consist only of normal recurring accruals, necessary for a fair
 presentation of the results for and at such unaudited periods have been
 included.  The results of operations and other data for the three months ended
 March 31, 2001 and 2000 are not necessarily indicative of the results of
 operations which may be expected for any future period.
 
                                                   At March 31,    At Dec. 31,
                                                       2001           2000
                                                        (In Thousands)
     Selected Financial Condition Data
     Total assets                                    $111,982       $114,088
     Cash & cash equivalents                            2,654          1,341
     Loans Receivable, net                             66,020         67,862
     Securities available-for-sale                     39,486         40,695
     Deposits                                          58,271         60,594
     FHLB Advances and other borrowings                36,335         36,147
     Shareholders' Equity                              16,221         16,026
 
 
                                                       Three Months Ended
                                                     March 31,       March 31,
                                                       2001            2000
                                                          (In Thousands)
     Selected Operations Data:
     Interest income                                   $2,020         $2,256
     Interest expense                                   1,268          1,257
     Net interest income before provision for
       loan losses                                        752            999
     Provision for loan losses                              0              7
     Net interest income after provision for
       loan losses                                        752            992
     Gain (Loss) on sale of securities                     27            (58)
     Other noninterest income                              23             37
     Total noninterest expense                            435            436
     Income before income taxes                           367            535
     Income taxes                                         122            149
     Net income                                          $245           $386
     Basic Earnings Per Share                           $0.21          $0.25
     Diluted Earnings Per Share                         $0.20          $0.25
 
 
 
                                              At or For the Three Months Ended
                                                      March 31,      March 31,
                                                        2001           2000
 
     Selected Financial Ratios and Other Data:
     Performance Ratios:
     Return on average assets(A)                        0.87%          1.27%
     Return on average equity(A)                         6.07           8.78
     Average equity to average assets                   14.27          14.41
     Shareholders' equity to total assets at
       end of period                                    14.49          11.75
     Interest rate spread at end of period               1.83           2.72
     Net interest margin(A)(B)                           2.70           3.38
     Average interest-earning assets to average
       interest-bearing liabilities                    116.10         116.37
     Efficiency ratio(C)                                54.23          44.58
     Noninterest expense to average assets(A)            1.53           1.43
 
     Asset Quality Ratios
     Non-performing assets to total assets at
       end of period                                     0.92           1.21
     Allowance for loan losses to total loans
       receivable                                        0.43           0.39
     Allowance for loan losses as a percent of
       non-performing loans                             27.38          18.65
 
     (A) Ratios for the three month periods have been annualized
     (B) Net interest income divided by average interest earning assets
     (C) The efficiency ratio represents noninterest expense as a percent of
         net interest income and noninterest income before provision for loan
         losses.
 
 SOURCE  PS Financial, Inc.