Exhibit 99.1
Summary of financial statement line items and ratios revised following completion of internal
asset review referenced in our press release dated August 13, 2007
PFF Bancorp, Inc., (NYSE:PFB) is providing the following summary of the financial statement line items and ratios as disclosed in our June 30, 2007 Earnings Release issued on July 23, 2007 and as revised following completion of the internal asset review referenced in our press release dated August 13, 2007.
Consolidated Statement of Earnings and Earnings Per Share | Three Months Ended June 30, 2007 As Reported | Three Months Ended June 30, 2007 Revised |
| (Dollars in thousands, except per share data) |
Interest income on loans and leases receivable | | $ 82,125 | $ 80,825 |
Total interest income | | 85,160 | 83,860 |
Net interest income | | 44,465 | 43,165 |
Provision for loan and lease losses | | 20,900 | 21,800 |
Net interest income after provision for loan and lease losses | | 23,565 | 21,365 |
Earnings before income taxes | | 3,190 | 990 |
Income taxes | | 1,375 | 434 |
Net earnings | | 1,815 | 556 |
Basic earnings per share | | 0.08 | 0.02 |
Diluted earnings per share | | 0.08 | 0.02 |
Selected Ratios and Other Data | | | |
Return on average assets (1) | | 0.16% | 0.05% |
Return on average stockholders equity (1) | | 1.88% | 0.58% |
Efficiency ratio (2) | | 52.79% | 54.17% |
Net interest spread | | 3.85% | 3.72% |
Net interest margin (3) | | 4.10% | 3.98% |
Average yield on interest-earning assets | | 7.87% | 7.74% |
Average yield on loans and leases receivable, net | 8.06% | 7.93% |
Average total assets | | $ 4,479,370 | $ 4,478,132 |
Average interest-earning assets | | 4,338,227 | 4,338,208 |
Average loans and leases receivable, net | | 4,082,979 | 4,082,960 |
Average stockholders' equity | | 386,191 | 384,953 |
| | | | |
| | | | |
| (1) Computed on an annualized basis. |
| (2) Total general and administrative expense divided by net interest income plus non-interest income. |
| (3) Net interest income divided by average interest earning assets. |
| | | |
Asset Quality | At June 30, 2007 As Reported | At June 30, 2007 Revised |
| (Dollars in thousands, except per share data) |
Non-accrual loans | $ 21,280 | $ 101,195 |
Non-accrual loans to gross loans and leases | 0.46% | 2.18% |
Non-performing assets to total assets (1) | 0.48% | 2.27% |
Allowance for loan and lease losses | $ 59,610 | $ 60,510 |
Allowance for loan and lease losses to non-accrual loans | 280% | 60% |
Allowance for loan and lease losses to gross loans and leases | 1.28% | 1.30% |
Consolidated Balance Sheet | At June 30, 2007 As Reported | At June 30, 2007 Revised |
| (Dollars in thousands, except per share data) |
Loans and leases receivable, net | $ 4,077,099 | $ 4,076,199 |
Allowance for loan and lease losses | 59,610 | 60,510 |
Accrued interest receivable | 25,006 | 23,706 |
Prepaid expenses and other assets | 28,714 | 29,655 |
Total assets | 4,470,453 | 4,469,194 |
Retained earnings | 199,568 | 198,309 |
Total stockholders' equity | 371,649 | 370,390 |
Total liabilities and stockholders' equity | 4,470,453 | 4,469,194 |
Capital Ratios | | |
Stockholders' equity to assets ratio | 8.31% | 8.29% |
Core capital ratio* | 8.95% | 8.92% |
Risk-based capital ratio* | 11.49% | 11.46% |
Book value per share outstanding | $ 15.87 | $ 15.82 |
Tangible book value per share outstanding (2) | $ 15.81 | $ 15.76 |
(1) Non-performing assets consist of non-accrual loans and assets acquired through foreclosure, net.
(2) Stated book value minus goodwill.
* PFF Bank and Trust
