-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QNoyjsm9sYNGeiqvCH6Qdw8cZb+/5rMxntB4Yhz8V/SML5vtjd5h/4K0ZTymr13e pMCOEu1e+9O2AQcjr5x0zQ== 0001019056-08-000673.txt : 20080520 0001019056-08-000673.hdr.sgml : 20080520 20080520170524 ACCESSION NUMBER: 0001019056-08-000673 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080520 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080520 DATE AS OF CHANGE: 20080520 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SERVICE 1ST BANCORP CENTRAL INDEX KEY: 0001225078 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 320061893 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-50323 FILM NUMBER: 08849443 BUSINESS ADDRESS: STREET 1: 2800 W MARCH LANE SUITE 120 CITY: STOCKTON STATE: CA ZIP: 95219 BUSINESS PHONE: 2099567800 MAIL ADDRESS: STREET 1: 2800 W MARCH LANE SUITE 120 CITY: STOCKTON STATE: CA ZIP: 95219 8-K/A 1 service_8ka.txt 8-K/A SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 8-K/A AMENDMENT NO. 1 CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): May 20, 2008 SERVICE 1ST BANCORP ------------------------------------------------------ (Exact name of registrant as specified in its charter) CALIFORNIA 000-50323 32-0061893 - ---------------------------- ------------- ---------------------- (State or other jurisdiction (File Number) (I.R.S. Employer of incorporation) identification number) 60 West 10th Street, Tracy, California 95376 ----------------------------------------------------- (Address of principal executive offices and zip code) (209) 956-7800 ---------------------------------------------------- (Registrant's telephone number, including area code) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13c-4(c)) Item 2.02. Results of Operations and Financial Condition. --------------------------------------------- On May 20, 2008, Service 1st Bancorp issued a press release announcing adjustments to the information contained in its May 6, 2008 press release and report on Form 8-K filed with the Commission on that date, announcing financial results for the quarter ended March 31, 2008. The adjustments included reductions for the quarter ended March 31, 2008 to (a) net income from $301,914 as reported to $159,265; (b) basic earnings per share from $.13 as reported to $.07; and (c) diluted earnings per share from $.13 as reported to $.07. The adjustments to net income and earnings per share were related to an adjustment to the Company's provision for loan losses net of tax expense resulting from an increase in the loan loss provision of $186,000 after reevaluating the potential loss on a participation loan. The borrower on the participation loan sued the Bank in its capacity as a participant on the loan along with the lead bank and another participant bank. The details of this lawsuit are described in the Company's Form 8-K filed on May 15, 2008, which includes the complaint filed in the matter as an exhibit. The foregoing summary results are qualified by reference to the press release attached as Exhibit 99.1. Item 9.01. Financial Statements and Exhibits --------------------------------- a. Financial Statements -------------------- None. b. Pro Forma Financial Information ------------------------------- None. c. Exhibits (99.1) Press Release dated May 20, 2008 Page 2 of 6 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. May 20, 2008 Service 1st Bancorp By: /s/ ROBERT E. BLOCH ------------------------------- Executive Vice President and Chief Financial Officer Page 3 0f 6 EXHIBIT INDEX Sequential Exhibit Number Description Page Number - -------------- ----------- ----------- 99.1 Press Release dated May 20, 2008 5-6 Page 4 of 6 EX-99.1 2 ex99_1.txt EXHIBIT 99.1 EXHIBIT 99.1 FOR IMMEDIATE RELEASE Service 1st Bancorp Announces Amended Quarter-End Results Tracy, California - May 20, 2008 Service 1st Bancorp (the "Company", OTCBB: SVCF), parent holding company for Service 1st Bank (the "Bank") and Charter Services Group, Inc., today announced an amendment of its press release issued May 6, 2008, announcing the Company's financial results for the quarter ended March 31, 2008. The amendment includes reductions for the quarter ended March 31, 2008 to (a) net income from $301,914 as reported to $159,625; (b) basic earnings per share from $.13 as reported to $.07; and (c) diluted earnings per share from $.13 as reported to $.07. The adjustments to net income and earnings per share were related to an adjustment to the Company's provision for loan losses net of tax expense resulting from an increase in the loan loss provision of $186,000 after reevaluating the potential loss on a participation loan. The borrower on the participation loan sued the Bank in its capacity as a participant on the loan along with the lead bank and another participant bank. The details of this lawsuit are described in the Company's Form 8-K filed on May 15, 2008, which includes the complaint filed in the matter as an exhibit. The following amended discussion of the Company's results of operations for the quarter ended March 31, 2008 reflects the above-described adjustments: Service 1st Bancorp Announces First Quarter Results Service 1st Bancorp (the "Company", OTCBB:SVCF), parent holding company for Service 1st Bank and Charter Services Group, Inc., announced first quarter 2008 financial results. The Company ended March 31, 2008 with total assets of $243,570,889 compared to $211,903,081 for the same period of 2007, representing an increase of 14.9%. Total assets for the first quarter of 2008 increased 5.4% compared to total assets of $231,075,943 at year-end 2007. Total deposits for the period ending March 31, 2008 were $214,727,862 compared to $183,901,805 at March 31, 2007, for an increase of 16.8%. Total net loans were $126,097,373 representing an 11.6% increase over $112,991,084 at March 31, 2007. Compared to year-end 2007, total deposits and total net loans increased in the first quarter of 2008 by 11.6% and 6.1%, respectively, from total deposits of $202,405,646 and total net loans of $113,169,164. Net Income for March 31, 2008 was $159,625 compared to $113,139 for the first quarter of 2007. This reflects per share diluted earnings of $.07 for the first quarter of 2008 compared to $.05 for the first quarter of 2007. Net interest income at March 31, 2008 increased marginally to 8.1%, while expenses declined 13.2%. The combined effect of the increase in net interest income and decline in expenses resulted in an improvement of 75.0% in net income for the first quarter. "It is gratifying to see an improvement in earnings. The steps taken last year to reduce operating expenses has had a beneficial impact on the first quarter results," said John O. Brooks, Chief Executive Officer of Service 1st Bancorp and Service 1st Bank. Page 5 of 6 First quarter 2008 results included an additional contribution to loan loss reserves of $303,000, as compared to no contributions in the first quarter of 2007. "The unsettled economic environment poses many challenges to the financial sector and the Company continues to evaluate methods to improve profits without increasing the risk profile of the Company," said Mr. Brooks. "I am pleased to report that we have experienced a small improvement to our operating margins in the first quarter due to the rate sensitive deposit pricing strategy we implemented, which has allowed us to adjust our pricing somewhat commensurate with reductions by the Federal Reserve in the discount rates, however, additional reductions in the discount rates could adversely affect our operating margins due to competitive pricing factors and timing of adjustments." said Mr. Brooks. About Service 1st Bank and Charter Services Group, Inc.: - ------------------------------------------------------- Service 1st Bank operates three full service branch offices in Lodi, Stockton, and Tracy. Charter Services Group, Inc. operates from an office in Lodi. For inquiries or comments please contact John Brooks at (209) 820-7953 or Robert Bloch at (209) 820-7923, respectively. Forward Looking Statements: - -------------------------- Certain statements contained herein are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties. Actual results may differ materially from the results in these forward-looking statements. Factors that might cause such a difference include, among other matters, changes in interest rates, economic conditions, governmental regulation and legislation, credit quality, and competition affecting the Company's businesses generally; the risk of natural disasters and future catastrophic events including terrorist related incidents; and other factors discussed in the Company's Annual Report on Form 10-K and in reports filed on Form 10-Q and Form 8-K. The Company does not undertake any obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or otherwise, except as required by law. Contact Information: - ------------------- John Brooks Robert Bloch Chairman & Chief Executive Officer Chief Financial Officer Service 1st Bancorp and Service 1st Bancorp and Service 1st Bank Service 1st Bank (209) 820-7953 (209) 820-7923 jbrooks@service1stbank.com rbloch@service1stbank.com Page 6 of 6 -----END PRIVACY-ENHANCED MESSAGE-----