Premier Service Bank has reported net earnings of $151,000, or $0.12 per diluted share for the first quarter of 2008, compared to $122,000, or $0.10 per diluted share for the corresponding period of 2007.
The bank said that the $29,000 increase in net earnings at March 31, 2008, compared to the first quarter of 2007, resulted primarily from increased interest income from the growth within the bank’s loan portfolio and a modest decline in interest expense associated with the interest rates paid on interest bearing deposits.
The net interest margin was 5.38%, an increase of 0.15% for the first quarter of 2008, compared to the fourth quarter of 2007 and an increase of 0.20% compared to the first quarter of 2007.
The bank had total assets of $144.7 million, representing a decrease of $3.3 million, or 2.2% less than total assets of $148 million at March 31, 2007. The bank’s total deposits at March 31, 2008 were $109.6 million, or 18.9% less than total deposits of $135.2 million for the corresponding period of 2007.
The bank’s gross loan portfolio grew to $111.9 million at March 31, 2008, representing a 20.9% increase over gross loans of $92.6 million at March 31, 2007.