Losses continued to mount last year at Perris-based Modtech Holdings Inc. (Nasdaq: MODT), which reported April 14 it lost $56.9 million -- about $2.66 per share -- in 2007. Sales at the portable-classroom builder plummeted nearly 44% last year to $87.3 million from $156 million in 2006.

The company blamed lower sales on delays in school-expansion projects. The company closed a Texas factory at the beginning of 2007 because of poor sales the previous year.

Modtech reported it lost $9.3 million in its fourth quarter of 2007 and sales were off that quarter 52% from a year earlier.

The company managed to lose about $2.2 million more in 2007 than it did the previous year after taking in its second quarter another noncash impairment charge of $38.3 million to its goodwill.

The company had written down $33.6 million of goodwill in the fourth quarter of 2006. In a conference call with analysts, executives said sales at the company have been well below expectations.

"Our financial performance continues to be disappointing," said Ken Cragun, the company's chief financial officer.

Modtech, which has suffered numerous financial losses in the past few years, laid off about 30% of its workers in October.

The company employed 710 workers at the end of its 2006 fiscal year, according to financial filings, which would mean more than 200 workers were let go.

Executives lauded growth in the company's backlogs. Modtech reported its backlog, or work that has been agreed upon but not completed, was $86 million at the end of March.

Premier Service Bank

Premier Service Bank (OTC: PSBK) in Riverside reported net earnings of $151,000 for the quarter ended March 31, up 23% from the $122,000 reported for the same quarter of 2007.

A news release said total assets declined 2.2% to $144.7 million, and total deposits were down 18.9% to $109.6 million.

The bank's headquarters is in Riverside, with another full-service office in Corona.

Mission Oaks Bancorp

Mission Oaks Bancorp (OTC: MOKB) in Temecula said assets and loans experienced double-digit growth despite flat revenues and declining earnings in the first quarter of 2008.

Assets in the quarter ended March 31 reached a record $218.1 million, up 12.9% from a year ago, according to a release. Net loans rose to $164.8 million, up $16.5 million, or 11.1% compared with the same quarter in 2007.

Non-performing loans as of March 31were $2.3 million, an increase of $1.86 million compared with $438,000 a year ago. Non-performing loans were 1.4% of total gross loans as of March 31 compared with 0.3% a year earlier. The bank has no other real estate owned assets and $2.3 million of non-performing loans from three borrowers.

Net earnings for the quarter totaled $303,000 or 7 cents per share, a decrease of 29% compared with $427,000 or 9 cents per share in the first quarter of 2007. The Press-Enterprise contributed to this report.