Today, children, we'll meet the Really Big Numbers, the ones with three zeros following a comma. You know how to write a zero, don't you? It's just like a circle. See? Easy! Too bad our friends at Professional Business Bank aren't in class today to practice writing zeros with us.
Professional Business Bank Reports 81% Increase in 4th Quarter Net Earnings
Professional Business Bank (the Bank) (OTCBB:PBBK) reported fourth quarter 2006 earnings of $703 thousand, a $315 thousand, or 81% increase compared to earnings of $388 thousand reported for 2005. ... Income before taxes increased $262 thousand, or 25%, from $1.0 million in 2005 to $1.3 million in 2006 ... a $182 thousand increase in stock based compensation expense ... $76 thousand in proposed merger related legal and accounting expense, and a $296 thousand increase in income tax expense.
Tsk, tsk. You'd certainly think a professional business bank--you know, with grown-ups and all--would know the right way to write those big "thousand" numbers, like $703,000 and $315,000 and...well, let's keep practicing those zeros! And when we're finished, let's practice hyphens so we can insert them into phrases like "fourth-quarter earnings" and "merger-related expense."
Perhaps, you protest, the bank is more "professional" with words than with numbers and punctuation? Let's take a look. Elsewhere in this little story, the bank's president and CEO, a Mr. Norm Breyer, tells us that "[t]he flat to inverted yield curve has caused all banks to face margin compression." Uh-oh. I feel an inverted yield curve turning my smile upside down!
Press release at BusinessWire (free registration required). Hat tip to Banker X.