Exhibit 99.1
PFS Bancorp, Inc.
Second and Bridgeway Streets
Aurora, Indiana 47001
April 28, 2005
FOR IMMEDIATE RELEASE:
CONTACT:
Stuart M. Suggs, Corp. Treasurer, COO & CFO
PFS Bancorp, Inc.
(812) 926-0631
PFS Bancorp, Inc. Reports Net Earnings For the Quarter Ended March 31, 2005.
Aurora, Indiana - PFS Bancorp, Inc. (Nasdaq National Market: PBNC), parent
company of Peoples Federal Savings Bank, reported net earnings for the first
quarter ended March 31, 2005 of $221,000, or diluted earnings per share of
$.16, an increase of $4,000, or 1.8%, from the $217,000 in net earnings, or
$.16 of diluted earnings per share recorded for the first quarter ended March
31, 2004. Book value, or stockholders' equity, was $13.90 per share at March
31, 2005.
The increase in net earnings for the quarter resulted primarily from a $28,000,
or 2.9%, increase in net interest income, a $50,000, or 42.4%, increase in
other income, and a $1,000, or .7%, decrease in income taxes which were
partially offset by a $75,000, or 10.6%, increase in general, administrative
and other expense.
The increase in other income for the quarter was primarily attributable to a
$51,000 gain from the sale of investment securities which partially offset an
increase in general, administrative and other expense. Excluding the
investment securities gain, other income would have decreased by $1,000 from
quarter to quarter.
The increase in general, administrative and other expense for the quarter was
due primarily to a $45,000 increase in pension costs, a $20,000, or 14.9%,
increase in other operating expenses and a $10,000, or 16.1%, increase in data
processing expenses. Excluding the pension expense increase, employee
compensation and benefits decreased $6,000, or 1.4%, quarter to quarter.
At March 31, 2005, PFS Bancorp, Inc. reported total assets of $133.8 million,
an increase of $4.0 million, or 3.1%, compared to total assets at December 31,
2004. The increase in assets was comprised primarily of a $5.6 million, or
4.9%, increase in loans receivable which was partially funded by additional
deposits of $3.3 million.
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.
PFS Bancorp, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands)
March 31, December 31,
ASSETS 2005 2004
(Unaudited)
Cash and cash equivalents $ 5,960 $ 7,484
Investment securities 4,896 5,157
Loans receivable 120,246 114,673
Other assets 2,664 2,440
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Total assets $ 133,766 $ 129,754
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LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $90,227 $86,939
Advances from the FHLB 21,500 17,500
Note payable - 3,500
Other liabilities 1,557 1,286
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Total liabilities 113,284 109,225
Shareholders' equity 20,482 20,529
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Total liabilities and shareholders' equity $ 133,766 $ 129,754
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PFS Bancorp, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except share data)
Three months ended
March 31,
2005 2004
(Unaudited)
Total interest income $1,608 $1,372
Total interest expense 600 392
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Net interest income 1,008 980
Provision for losses on loans 24 24
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Net interest income after provision for
losses on loans 984 956
Other income 168 118
General, administrative and other expense 782 707
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Earnings before income taxes 370 367
Income taxes 149 150
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NET EARNINGS $221 $217
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EARNINGS PER SHARE
Basic $.16 $.16
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Diluted $.16 $.16
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