PFF Bancorp, Inc. Provides Preliminary Financial Information for Quarter Ended March 31, 2008
April 30 2008 - 11:08PM
PR Newswire (US)
RANCHO CUCAMONGA, Calif., April 30 /PRNewswire-FirstCall/ -- PFF
Bancorp, Inc. (NYSE: PFB, the "Holding Company"), the holding
company for PFF Bank & Trust (the "Bank"), Diversified Builder
Services, Inc. and Glencrest Investment Advisors, Inc., today
announced that it expects to report a consolidated net loss of
approximately $159 million for the quarter ended March 31, 2008.
The operating results for the quarter include an estimated $196
million consolidated provision for loan and lease losses and an
estimated $44 million valuation allowance established against the
Holding Company's consolidated deferred tax asset. The Holding
Company has a secured term loan agreement with a commercial bank,
with a current outstanding balance of $44.0 million. Upon the
filing of its quarterly Thrift Financial Report on April 30, 2008,
the Bank is classified as "adequately capitalized" for regulatory
purposes. This classification would have resulted in an event of
default under a covenant of the loan agreement as of April 30,
2008. On April 30, 2008, the lender granted the Holding Company a
waiver of all events of default as of April 30, 2008, including the
requirement to make prepayments on the loan upon receipt of any
excess cash flow. The Holding Company is working with the lender to
further restructure the loan agreement. Certain matters discussed
in this news release may constitute forward- looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements may relate to, among
other things, expectations of the business environment in which the
Holding Company operates, projections of future performance,
perceived opportunities in the market and statements regarding the
Holding Company's strategic objectives. These forward-looking
statements are based upon current management expectations, and may
therefore involve risks and uncertainties. The Holding Company's
actual results or performance, may differ materially from those
suggested, expressed, or implied by forward-looking statements due
to a wide range of factors including, but not limited to, the
general business environment, the California real estate market,
competitive conditions in the business and geographic areas in
which the Holding Company conducts its business, regulatory actions
or changes, actions by lenders and customers, the possibility of a
going concern explanatory paragraph in our independent registered
public accountants' opinion on the Holding Company's March 31, 2008
consolidated financial statements and other risks detailed in the
Holding Company's reports filed with the Securities and Exchange
Commission, including the Annual Report on Form 10-K for the fiscal
year ended March 31, 2007. The Holding Company disclaims any
obligation to subsequently revise or update any forward-looking
statements to reflect events or circumstances after the date of
such statements or to reflect the occurrence of anticipated or
unanticipated events. Contact Kevin McCarthy, President and CEO or
Gregory C. Talbott, Senior Executive Vice President, COO/CFO, PFF
Bancorp, Inc. 9337 Milliken Avenue, Rancho Cucamonga, CA 91730
(909) 941-5400 http://www.pffbank.com/ DATASOURCE: PFF Bancorp,
Inc. CONTACT: Kevin McCarthy, President and CEO or Gregory C.
Talbott, Senior Executive Vice President, COO-CFO, PFF Bancorp,
Inc., +1-909-941-5400 Web site: http://www.pffbank.com/
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