Premier Service Bank reports loss

Premier Service Bank, headquartered in Riverside, reported a net loss of $33,000 for its third quarter ending Sept. 30. A news release said the company had net earnings of $158,000 in the same quarter of 2007. Bank officials attributed the decline to increased provisions for loan losses, totaling $873,000 in 2008 compared with $87,000 at the same point of 2007.

The company had earnings of $127,000 for the nine months ended Sept. 30, compared with $388,000 for the same period of 2007. Total assets as of Sept. 30 rose 14.3 percent from a year ago, to $155.2 million. Premier Service has two offices, one each in Riverside and Corona.

Mission Oaks earnings drop 84 percent

Temecula-based Mission Oaks Bancorp reported that its earnings for the third quarter ending Sept. 30 dropped 84 percent from a year ago, from $520,000 to $82,000. A company news release said assets rose 8.5 percent, to $221.2 million.

While it recorded its 25th consecutive profitable quarter, the parent firm of Mission Oaks National Bank set aside $623,000 as a provision for potential loan losses during the quarter, compared with $85,000 placed in reserves a year ago.

Earnings for the first nine months of 2008 reached $543,000, about a third of the $1.52 million in the same period of 2007.

"Without a doubt, these are difficult and uncertain times," said Gary Votapka, Mission Oaks president and chief executive. "But we are pleased to report another quarter of profitability and an acceptable level of growth in our business when many of our peers were unable to do so."

Altura to open new branches

Riverside-based Altura Credit Union was scheduled to open a branch on Nov. 8 at 1616 University Ave. and will open an office Nov. 12 inside the Wal-Mart Supercenter at 12721 Moreno Beach Drive in Moreno Valley. Altura now has 16 offices.

The University Avenue branch will have environmentally friendly design elements and a new technology ATM that scans check deposits without requiring envelopes.

Temecula Valley reports loss

Temecula Valley Bancorp reported a loss of $3.6 million for its third quarter ending Sept. 30, due primarily to an addition of $7.6 million to its loan-loss reserves. The company had earnings of $2.5 million in the same quarter of 2007, according to a news release from the parent firm of Temecula Valley Bank.

For the first nine months of 2008, the net loss was $4.2 million, compared with net gain of $12 million in the same period last year. Total assets increased 15 percent year-over-year, to $1.51 billion, and the company saw a 34 percent increase in Small Business Administration lending.

President and CEO Stephen Wacknitz said the company remains well capitalized but is "actively investigating" the possibility of participating in a proposed nationwide Treasury Department capital-purchase program. Wacknitz said it is not clear whether funds will be available or how much will flow to community banks.

1st Centennial reports more losses

Redlands-based 1st Centennial Bancorp reported a net loss of $15.5 million for the third quarter ending Sept. 30, marking the third consecutive quarter of losses for the parent of 1st Centennial Bank. The company's provision for loan losses in the quarter was $24.9 million, compared with $6.2 million in the previous quarter.

Chairman Patrick J. Meyer said the company continues to work with its investment bankers and financial consultants to raise additional capital and is reviewing possible participation in recent government capital-purchase programs.

Meyer said the company has received approval from a majority of shareholders for a tenfold increase in its common stock shares, though the solicitation process remains open through Wednesday. The bank reported losses of nearly $4.8 million over the first half of the year, tied primarily to delinquent residential construction loans.

Provident to pay 5-cent dividend

The board of Riverside-based Provident Financial Holdings, the parent of Provident Savings Bank, has declared a 5-cent-per-share quarterly cash dividend.

A news release said it is payable on Dec. 16 to shareholders of record as of Nov. 21.

Provident has 14 offices and $1.6 billion in assets.