PSB Bancorp Inc.

PSB Bancorp Inc. is listed on NASDAQ (PSBI). PSB Bancorp, Inc. (PSB) was organized as a Pennsylvania business corporation on October 3, 1997, for the purpose of becoming a holding company for First Penn Bank. PSB is subject to regulation by the Federal Reserve Bank of Philadelphia, and its principal business is the ownership of First Penn Bank. At December 31, 2004, PSB had total assets of $533.1 million, total deposits of $475.3 million and shareholders equity of $52.2 million. On October 12, 1999, PSB completed its acquisition of First Bank of Philadelphia. In connection with the acquisition, each outstanding share of First Bank of Philadelphia was exchanged for .857 shares of PSB common stock (Common Stock). In addition, options to acquire 1,612,500 shares of First Bank of Philadelphia were converted into options to acquire 1,381,912 shares of Common Stock.

PSB Holdings Inc.

PSB Holdings Inc. is listed on NASDAQ (PSBH). This Annual Report contains certain forward-looking statements which may be identified by the use of words such as believe, expect, anticipate, should, planned, estimated and potential. Examples of forward-looking statements include, but are not limited to, estimates with respect to our financial condition, results of operations and business that are subject to various factors which could cause actual results to differ materially from these estimates and most other statements that are not historical in nature. These factors include, but are not limited to, general and local economic conditions, changes in interest rates, deposit flows, demand for mortgage, and other loans, real estate values, competition, changes in accounting principles, policies, or guidelines, changes in legislation or regulation, and other economic, competitive, governmental, regulatory, and technological factors affecting our operations, pricing products and services.

Rio Vista Energy Partners L.P. ..ware limited partnership, was formed by Penn Octane Corporation (Penn Octane) on July 10, 2003 and was a wholly owned subsidiary of Penn Octane until ..

Royal Caribbean Cruises Ltd. .. The current parent corporation, Royal Caribbean Cruises Ltd., was incorporated on July 23, 1985 in the Republic of Liberia under the Business Corpora..

Southwest Airlines Company ..stic airline that provides point-to-point, low-fare service. Historically, routes served by Southwest had been predominantly short-haul, with high fre..

San Juan Basin Royalty Trust ..ws of the state of Texas by the San Juan Basin Royalty Trust Indenture (the Original Indenture) entered into on November 3, 1980, between Southland Ro..

Superior Well Services Inc. ..n 2005 to serve as the parent holding company for an oilfield services business operating under the Superior Well Services name since 1997. In August ..

Apogee Enterprises Inc. ..e laws of the State of Minnesota in 1949. Through its subsidiaries, the Company believes it is a world leader in technologies involving the design and..

Skyline Corporation .. Indiana in 1959, as successor to a business founded in 1951. Skyline Corporation and its consolidated subsidiaries design, produce and distribute ma..

Synagro Technologies Inc. ..ts to secure the protection of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 for all forward-looking statements m..

Sony Corporation ..he Sony Group, was established in Japan in May 1946 as Tokyo Tsushin Kogyo Kabushiki Kaisha, a joint stock company (Kabushiki Kaisha) under the Japane..

SRA International Inc ..y services and solutions to clients in national security, civil government, and health care and public health. Our largest market, national security, ..

Seattle Genetics Inc. ..d on the development of monoclonal antibody-based therapeutic products for the treatment of cancer and immunologic diseases. We currently have three p..

Star Scientific Inc. ..subsidiary, Star Tobacco, Inc. (ST and together with Star) are technology-oriented tobacco companies with a mission to reduce toxins in tobacco leaf a..

Super Vision International Inc. ..ures, markets and sells LED and fiber optic lighting products to be used in applications in the commercial, architectural, signage, swimming pool and ..

SWISSCOM AG ..ons provider in Switzerland, offering a comprehensive range of products and services to residential and business customers. As the leading provider of..

Tarrant Apparel Group ..pany for private label and private brand casual apparel serving mass merchandisers, department stores, branded wholesalers and specialty chains locate..

Tiens Biotech Group (USA) Inc. ..rly known as Strategika, Inc. (Strategika), was incorporated on July 13, 1990 as Super Shops, Inc. in the State of Michigan. In October 2000, Super Sh..

Theravance Inc. ..ipeline of internally discovered product candidates. Of our six programs in development, two are in late stage-our bacterial infections program focusi..

Telik Inc. ..nd is a biopharmaceutical company working to discover, develop and commercialize innovative small molecule drugs to treat diseases. Our most advanced ..

Transmeta Corporation ..d on designing, developing and selling x86-compatible microprocessor products, including products in both our Crusoe® and Efficeontm families. Unlike ..

Too Inc. .. January 31, 2004, and the consolidated statements of operations, changes in stockholders' equity and cash flows for the years ended January 31, 2004 ..

Transcontinental Realty Investors Inc. ..e Company or we or us), a Nevada corporation, is the successor to a California business trust that was organized on September 6, 1983 and commenced op..

Tuxis Corporation ..ties and Exchange Commission (the SEC) pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, are made available, free..

The Exploration Company ..cal, including statements regarding TXCOs or managements intentions, hopes, beliefs, expectations, representations, projections, estimations, plans or..

Net 1 UEPS Technologies Inc. ..lorida in May 1997. Until June 7, 2004, Net 1 UEPS Technologies, Inc. was a development stage company and its business consisted only of acquiring a l..

Unico American Corporation .. company that underwrites property and casualty insurance through its insurance company subsidiary; provides property, casualty, health and life insur..

Ultra Petroleum Corp. ..l and gas company engaged in the development, production, operation, exploration and acquisition of oil and gas properties. The Company was incorporat..

UnumProvident Corporation ..numProvident Corporation, a Delaware general business corporation, and its insurance and non-insurance companies that collectively operate in the Unit..

Vical Incorporated ..rch and develop biopharmaceutical products based on our patented DNA delivery technologies for the prevention and treatment of serious or life-threate..

Viasys Healthcare Inc ..developing, manufacturing, marketing and servicing a variety of medical devices, instruments and medical and surgical products for use in the respirat..

Western Digital Corporation ..) designs, develops, manufactures and sells hard disk drives. A hard disk drive is a device that stores data on one or more rotating magnetic disks to..

Webster Preferred Capital Corp ..Connecticut corporation incorporated in March 1997. The Company acquires, holds and manages real estate mortgage assets (mortgage assets), including, ..

Willow Grove Bancorp Inc. ..vania corporation and parent holding company for Willow Grove Bank. The Bank, which was originally organized in 1909, is a Federally chartered savings..

WOLSELEY PLC ..velopment of the Company The Company and its subsidiaries form an international group of companies, engaged primarily in the wholesale distribution an..

Watts Water Technologies Inc. ..s which are not historical facts and are considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These ..

EZCORP Inc. ..rincipal executive offices located at 1901 Capital Parkway, Austin, Texas 78746. Its telephone number is (512) 314-3400. Interested parties may access..

ZipRealty Inc. ..erage firm, using the Internet, proprietary technology and efficient business processes to provide home buyers and sellers with high-quality service a..

Abigail Adams National Bancorp Inc. ..e-chartered bank holding company which conducts business through its wholly-owned bank subsidiary, The Adams National Bank. The Bank serves the nation..

American Bio Medica Corp. ..r the laws of the State of New York under the name American Micro Media, Inc. On September 9, 1992, we filed an amendment to our Articles of Incorpora..

Action Products International Inc. ..used, educational toy company. We design, manufacture and market a diversified portfolio of educational, positive and non-violent brands of toy produc..

Adeza Biomedical Corporation ... All statements contained in this Form 10-K other than statements of historical fact are forward-looking statements. The words may, continue, estimat..

AtheroGenics Inc. ..mpany incorporated in the State of Georgia in 1993. We are focused on the discovery, development and commercialization of novel drugs for the treatmen..

Arts-Way Manufacturing Co. Inc. ..as a farm equipment manufacturer in 1956. Our manufacturing plant is located in Armstrong, Iowa. On July 28, 2003, we purchased the assets of Obeco, I..

Alamo Group Inc. ..t subsidiaries (Alamo Group,), is a leading manufacturer of high quality right-of-way maintenance and agriculture equipment. As used herein and otherw..

Alteon Inc. ..ngaged in the discovery and development of small molecule drugs to reverse or slow down diseases of aging and complications of diabetes. We have ident..

Allied Motion Technologies Inc. ..s organized under the laws of Colorado in 1962. The Company is engaged in the business of designing, manufacturing and selling motor and servo motion ..

Antares Pharma Inc. .. delivery-pharmaceutical company utilizing its experience and expertise in drug delivery systems to enhance the performance of established and develop..

Alto Palermo S.A. .. S.A. (APSA). We were organized and incorporated on August 29,1889 under Argentine law as a stock corporation (Sociedad Annima or S.A.). Our bylaws we..

Array BioPharma Inc. ..y focused on the discovery, development and commercialization of targeted small molecule drugs to treat debilitating and life-threatening diseases. Ou..

ASML Holding N.V. ..nformation on the Company We commenced business operations in 1984. ASM Lithography Holding N.V. was incorporated in the Netherlands on October 3, 199..

ATC HEALTHCARE INC ..on which was incorporated in New York in 1978 and reincorporated in Delaware in May 1983. Unless the context otherwise requires, all references to the..

Atlantic American Corporation ..on incorporated in 1968 (the Parent or Company), is a holding company that operates through its subsidiaries in well-defined specialty markets of the ..

Annaly Mortgage Management Inc. ..d finances a portfolio of investment securities, including mortgage pass-through certificates, collateralized mortgage obligations (or CMOs), agency c..

Banco Bradesco Sa .. as of December 2004, we are the largest private-sector (non-government-controlled) bank in Brazil in terms of total net worth. We provide a wide rang..

Bel Fuse Inc. ..ronic products that help make global connectivity a reality. The Company designs, manufactures and markets a broad array of magnetics, modules, circui..

Bunge Limited ..unge Limited, Bunge, we, us and our refer to Bunge Limited and its consolidated subsidiaries, unless the context otherwise indicates. Business Overvie..

Sothebys Holdings Inc. ..aries, unless the context otherwise requires) is one of the worlds two largest auctioneers of fine art, decorative arts and collectibles. The Company ..

Blue Coat Systems Inc ..contains forward-looking statements that involve risks and uncertainties. The statements contained in this Report that are not purely historical are f..

Bodisen Biotech Inc. ..der the laws of the State of Delaware. Bodisens sole operating subsidiary, Yang Ling Bodisen Biology Science and Technology Development Company Limite..

Biosite Inc. ..m 10-K contain forward-looking statements that involve risks and uncertainties, including: the impact of competition, including products competitive w..

BluePhoenix Solutions Ltd. ..ame A. Crystal Solutions Ltd. In 1996, we changed our name to Crystal Systems Solutions Ltd. In 2003, following the acquisition of Liraz Systems Ltd.,..

CardioDynamics International Corporation ..namics) is the innovator and market leader of an important medical technology called Impedance Cardiography (ICG). We develop, manufacture and market ..

Coffee Holding Co. Inc. ..esale coffee roaster and dealer in the United States. Our core products can be divided into three categories: o Wholesale Green Coffee: unroasted raw ..

Cincinnati Financial Corporation ..corporation formed in 1968. Through its subsidiaries, CFC has been conducting insurance operations since 1950, marketing commercial, personal and life..

Coach Inc. ..modern American classic accessories. Coach believes that it is one of the most recognized fine accessories brands in the U.S. and in targeted internat..

Chesapeake Corporation .. paperboard packaging products in Europe, and we are also a leading international supplier of plastic packaging products to niche end-use markets. We ..

Caliper Life Sciences Inc ..e technologies of liquid handling, automation, and LabChip microfluidics to create enabling solutions for the life sciences industry. Caliper is a lea..

Dollar Financial Corp. ..company serving under-banked consumers. Our customers are typically lower- and middle-income working-class individuals who require basic financial ser..

Dycom Industries Inc. .. services. These services are provided throughout the United States and include engineering, construction, maintenance and installation services to te..

Embrex Inc. ..ural biotechnology company engaged in the development of innovative in ovo (in the egg) solutions that meet the needs of the global poultry industry. ..

Energy West Inc. ..tility, with certain non-utility operations conducted through its subsidiaries. The Company was originally incorporated in Montana in 1909. The Compan..

Fairfax Financial Holdings Ltd ..inancial services holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance, investment managemen..

Frontier Financial Corporation ..tion) is a Washington corporation which was incorporated in 1983 and is registered as a financial holding company under the Bank Holding Company Act o..

Grill Concepts Inc. ..t otherwise requires, as used herein, the Company, we, our, or us, means Grill Concepts, Inc., a Delaware corporation and its subsidiaries. GENERAL Gr..

GP Strategies Corporation ..aware in 1959. The Company is a New York Stock Exchange listed company traded under the symbol GPX. Prior to November 24, 2004 the Company had five op..

Healthcare Technologies Ltd. ..liability company under the law of the state of Israel in May 1988. The Company's principal executive offices are located at Beit Amargad, 32 Shaham S..

HOSPIRA INC ..edication delivery company that is focused on products that improve the productivity, safety and efficacy of patient care in the acute care setting. H..

INFINEON TECHNOLOGIES AG ..cal Year The business name of the company is Infineon Technologies AG. º (2) º The companys registered place of business is Munich. º (3) º The fiscal..

IRIDEX Corporation ..e diseases in ophthalmology and skin conditions in dermatology (also referred to as aesthetics). Our products are sold in the United States predominan..