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MNRK.. $7.22
Just bought 1288 @ $7.22.. nice Small Bank with earnings and deposit growth..hank
Monarch Financial Reports Record Profits and Improved Asset Quality
CHESAPEAKE, Va., July 16 /PRNewswire-FirstCall/ -- Monarch Financial Holdings, Inc. (Nasdaq: MNRK - News), the bank holding company for Monarch Bank, reported the best quarterly profits in the company's history. Net income was $1,419,592 for the second quarter of 2009, up 53.1% from the same period in 2008 when net income was $927,027. The quarterly annualized return on average equity (ROE) was 9.17 %, and the annualized return on average assets (ROA) was 0.85%. Quarterly diluted earnings per share were $0.21, an improvement over the first quarter of 2009 when basic and diluted earnings per share were $0.16.
For the first six months of 2009 net income was a record $2,479,863 compared to $1,895,228 for the same period in 2008, a 30.8% increase. The six month annualized return on average equity (ROE) was 8.05 %, and the annualized return on average assets (ROA) was 0.76%. Year-to-date 2009 diluted earnings per share were $0.37, compared to $0.38 the previous year.
"I am pleased to report record historic quarterly profits that were achieved in this very challenging environment. Our team at Monarch Mortgage had a record quarter for applications and closed mortgage loans, which drove our improved performance. Our banking group continued to improve the net interest margin through improved deposit and loan pricing. We produced these record profits despite significant expense increases including a higher provision for loan loss expense and a large special FDIC deposit insurance assessment." stated Brad E. Schwartz, Chief Executive Officer of Monarch Bank. "It was a strong quarter for growth in earnings, capital, deposits and liquidity, as well as the growth in our client base."
Total assets at June 30, 2009 grew to $666.1 million, up $31.9 million for the quarter and up $87.5 million or 15.1% from the same period in 2008. Total loans held for investment increased $28.3 million to $515.6 million, up 5.8% from the same period in 2008. Loans held for sale through our mortgage operations increased $57.0 million to $96.5 million, up 144.1% from the same period in 2008. Deposits increased $62.1 million to $526.6 million, up 13.4% from the same period in 2008. Since December 31, 2008 deposits have grown $30.5 million with lower cost demand deposit accounts now representing 19% of total deposits.
Non-performing assets declined from 1.62% of total assets on March 31, 2009 to 0.76% of total assets at June 30, 2009. Non-performing assets consist of $471,000 in loans 90 days or more past due and still accruing interest, $3,819,000 in non-accrual loans and $802,000 in five parcels of other real estate. Total non-performing assets were $5.1 million, down from $10.2 million at March 31, 2009. "We remain aggressive in managing asset quality issues and continue to build our allowance for loan losses and work with troubled borrowers." stated E. Neal Crawford, President of Monarch Bank. "Asset quality improved dramatically during the second quarter with non-performing assets at 0.76% of total assets, a very good number compared to our market and peer banks. We continue to work closely with our relationship clients and will not abandon the marketplace like many of our larger competitors are doing. We remain committed to our clients in good times and bad."
The Company's capital position remains extremely strong with total capital of $62.4 million and regulatory capital of $78.0 million at June 30, 2009. Regulatory capital includes $10 million in trust preferred subordinated debt and the majority of the allowance for loan losses. Monarch is rated as "Well Capitalized," the highest rating of capital strength by bank regulatory standards.
During the first six months of 2009, the Company expensed $370,000 in dividends to pay back the US Treasury for the $14.7 million investment by the Capital Purchase Program last December. Monarch has used the funds primarily to support growth in funding mortgage loans, and since receipt of the funds last December has funded over $700 million in residential mortgage loans.
Net interest income increased 43.1% or $3.1 million in 2009, due to higher yields and balances in both loans held for investment and in loans held for sale, as well as a major decline in our cost of funds. The net interest margin increased to 3.67% for the second quarter of 2009 compared to 2.96% for the same period in 2008, and 3.17% in the first quarter of 2009. Improved market and risk-based loan pricing coupled with major declines in the cost of deposits continued to improve net interest income. We anticipate improved asset yields and further declines in funding costs as our time deposits reprice to lower market rates.
Non-interest income grew 68.7% during 2009 compared to the same period in 2008, fueled by increased production at Monarch Mortgage. Monarch Mortgage closed $351 million in mortgage loans during the second quarter of 2009, and $639 million for the first six months of 2009 which is greater than all the loans closed for the entire year in 2008. For the second quarter of 2009 mortgage loan applications were $492 million. Monarch Mortgage is focused on the retail A-paper mortgage market and does not participate in the sub-prime or wholesale mortgage markets. Investment and Insurance commissions from our Virginia Asset Group subsidiary declined $179,399 or 43.9% in the second quarter compared to the previous year. We recognized an after-tax gain of $199,000 on the sale of excess land adjacent to one of our banking offices during the second quarter of 2009. Non-interest income represented 52.8% of total revenues in 2009, compared to 41.8% in 2008.
Non-interest expense grew 55.4% due to increased mortgage commission expense, FDIC insurance expense, legal expenses related to loan collections, and general expansion. During the second quarter of 2009 the FDIC increased deposit insurance costs for all banks and levied a special assessment to replenish the insurance fund. This increased our insurance expense to $575,254, an increase of $496,644 or 631.8% over the previous year's second quarter.
Monarch Financial Holdings, Inc. is the one-bank holding company for Monarch Bank. Monarch Bank is a community bank with two offices in Chesapeake, four offices in Virginia Beach, and two offices in Norfolk, Virginia. OBX Bank, a division of Monarch Bank, operates one office in Kitty Hawk, North Carolina. Services are also provided through over fifty ATMs located in the South Hampton Roads area and the Outer Banks of North Carolina, and "Monarch Online" consumer and business internet banking (monarchbank.com and OBXBank.com). Monarch Mortgage and our affiliated mortgage companies have thirteen offices with locations in Chesapeake, Norfolk, Virginia Beach (2), Fredericksburg, Suffolk, and Richmond, Virginia as well as Rockville (2), Waldorf, Crofton and Greenbelt, Maryland, and Charlotte, North Carolina. Our subsidiaries/divisions include Monarch Bank, OBX Bank, Monarch Mortgage (secondary mortgage origination), Coastal Home Mortgage, LLC (secondary mortgage origination), Home Mortgage Solutions, LLC (secondary mortgage origination), Virginia Asset Group, LLC (investment and insurance solutions), Real Estate Security Agency, LLC (title agency) and Monarch Capital, LLC (commercial mortgage brokerage). The shares of Monarch Financial Holdings, Inc. are publicly traded on the Nasdaq Capital Market under the symbol "MNRK".
WFSC.. $5.75
Weststar Financial Services Corporation Ranked First In North Carolina By Davenport
Aug 31, 2009 09:50:00 (ET)
ASHEVILLE, N.C., Aug 31, 2009 /PRNewswire-FirstCall via COMTEX/ -- For the quarter ended June 30, 2009, Weststar Financial Services Corporation (WFSC, Trade ), parent company of The Bank of Asheville, was ranked first in performance and 8th in valuation out of 33 banks in North Carolina by Davenport and Company, LLC in their Davenport Community Bank Quarterly. Financial institutions included in the report ranged in size from $174 million to $2.3 trillion. Davenport's model is somewhat similar to bank regulators' CAMELS System, which evaluates a bank's financial condition in six areas: Capital, Asset Quality, Management, Earnings, Liquidity and Sensitivity to Market Risk. Their methodology ranked banks according to five categories: profitability, capital, liquidity, asset quality and valuation. The first four categories address company fundamentals and are combined to establish a performance ranking. The valuation ranking is based on price to book value, price to last twelve months earnings and dividend yield.
Weststar exceeded the median in all five ratios used for computing profitability: return on assets, return on equity, efficiency, operating revenue growth and net earnings per share growth. For capital ratios, the Company exceeded the median in tangible equity to assets. The Company also outperformed its peers in all categories of asset quality and liquidity measures.
G. Gordon Greenwood, President and CEO stated, "We thank all our associates for their hard work and commitment that has helped us to achieve this distinction. We also appreciate the great support of our customers and shareholders, who have helped the Company grow and maintain profitability. For without them, we would not have reached this goal. Our commitment remains to be the leading community bank serving Asheville and Buncombe County."
Weststar Financial Services Corporation is the parent company of The Bank of Asheville. Weststar Financial Services Corporation owns 100% interest in Weststar Financial Services Corporation I, a statutory trust. The Bank operates five full-service banking offices in Buncombe County, North Carolina - Downtown Asheville, Candler, Leicester, South Asheville and Reynolds.
This news release contains forward-looking statements. Such statements are subject to certain factors that may cause the company's results to vary from those expected. These factors include changing economic and financial market conditions, competition, ability to execute our business plan, items already mentioned in this press release, and other factors described in our filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's judgment only as of the date hereof. The company undertakes no obligation to publicly revise these forward-looking statements to reflect events and circumstances that arise after the date hereof.
SOURCE Weststar Financial Services Corporation
MNRK..$6.55
Monarch Hires Four Experienced Bankers and Appoints Norfolk President:
Don Price, Craig Baker, Bob White and Chas Wright added to Monarch Bank team:
CHESAPEAKE, Va., Aug. 26 /PRNewswire-FirstCall/ -- Monarch Financial Holdings, Inc. (NASDAQ:MNRK), the bank holding company for Monarch Bank, reported the addition of four experienced bankers to the Monarch Bank team.
"We are very excited to have these four local bankers join the Monarch team," stated Neal Crawford, president of Monarch Bank. "They have strong reputations in the local business community and have always served their clients with the same proactive valued-added approach as practiced by our bankers here at Monarch. We consider them a natural fit with our culture of building lasting relationships thru exceptional service."
Donald F. Price will assume the title of Norfolk President and will be responsible for all banking activities related to Monarch Bank in Norfolk. Price is a graduate of Old Dominion University and has over twenty five years leadership experience in the banking industry in Norfolk and is active in many prominent community organizations including the Barry Robinson Center, St. Mary's Home for Disabled Children, and the Tidewater Business Financing Corporation.
R. Craig Baker will assume the title of senior vice president and will be a business banker located in Chesapeake. Baker, a graduate of Old Dominion University, also has over twenty five years of leadership experience in Norfolk and Chesapeake and is also very active in many prominent community organizations including the Sertoma Club, Child and Family Services, and the United Way of South Hampton Roads.
Robert "Bob" L. White will assume the title of senior vice president and will be a business banker located in Norfolk. White, a graduate of the Virginia Military Institute has over twenty years of banking leadership in Norfolk and was a Captain in the United States Air Force and is also very active in many prominent community organizations including the Kiwanis Club, the Virginia Zoological Society, International Azalea Festival, and the United Way of South Hampton Roads. Bob is also a graduate of Lead Hampton Roads.
Charles "Chas" M. Wright will assume the title of senior vice president and will be a business banker located in Virginia Beach and director for Monarch Capital in Norfolk. Wright earned his undergraduate degree from University of Virginia and MBA from Old Dominion University. He has seven years of banking and investment banking experience. Wright served on the board of directors for Old Dominion Alumni Association, Hampton Roads Technology Council and Sertoma Club of Norfolk. He is a member of Hampton Roads Association of Commercial Real Estate, Urban Land Institute, Downtown 100 and Norfolk Sports Club.
About Monarch Bank
Monarch Financial Holdings, Inc. is the one-bank holding company for Monarch Bank. Monarch Bank is a community bank with two offices in Chesapeake, four offices in Virginia Beach, and two offices in Norfolk, Virginia. OBX Bank, a division of Monarch Bank, operates one office in Kitty Hawk, North Carolina. Services are also provided through over fifty ATMs located in the South Hampton Roads area and the Outer Banks of North Carolina, and "Monarch Online" consumer and business internet banking (monarchbank.com and OBXBank.com). Monarch Mortgage and our affiliated mortgage companies have twelve offices with locations in Chesapeake, Norfolk, Virginia Beach (2), Fredericksburg, Suffolk, and Richmond, Virginia as well as Rockville (2), Waldorf, Crofton and Greenbelt, Maryland and Charlotte, North Carolina. Our subsidiaries/divisions include Monarch Bank, OBX Bank, Monarch Mortgage (secondary mortgage origination), Coastal Home Mortgage, LLC (secondary mortgage origination), Home Mortgage Solutions, LLC (secondary mortgage origination), Virginia Asset Group, LLC (investment and insurance solutions), Real Estate Security Agency, LLC (title agency) and Monarch Capital, LLC (commercial mortgage brokerage). The shares of Monarch Financial Holdings, Inc. are publicly traded on the NASDAQ Capital Market under the symbol "MNRK"
CONTACT: Nancy Porter, Senior VP - Marketing & Sales, Monarch Bank,
+1-757-389-5107
Web Site: http://www.monarchbank.com/
MNRK..$6.55 Insider buying:
SOURCE: Form 4
ISSUER: MONARCH FINANCIAL HOLDINGS INC
SYMBOL: MNRK
FILER: MATHIAS BARRY A
TITLE: Officer
DATE TRANSACTION SHARES PRICE VALUE
8/7/09 Exercise* 7,128 $6.31 $44,978
OWNERSHIP: 44,233 (Direct)
* - Exercised 7 years, 10 months after vesting and 2 years, 1 month before
expiration.
The Form 4 is filed with the Securities and Exchange Commission by insiders
to report transactions in their companies' shares. Open market purchases
and sales must be reported within two business days of the transaction.
NIDB.. $9.25.. Bought MORE !!!
It just doesn't get better than this.. hank
08/25/09 11:24 AM EDT Buy 298 NIDB Executed @ $9.25
08/25/09 11:15 AM EDT Buy 500 NIDB Executed @ $9.25
http://www.firstfedhuntington.com/home/fiFiles/static/documents/2nd_qtr.pdf
MNRK.. $7.962 SSKILLZ1
It looks like you have grabbed the brass ring and have made a good purchase.. There was a large seller lurking that got cleaned up this AM.. I have been buying MNRK at higher prices before today and was also able to make a low purchase today as the seller was out early.. Sorry I Didn't have a larger amount on the bid but I'm happy with what I got..
Hank
08/24/09 9:32 AM EDT Buy 888 MNRK Executed @ $6.42 Details | Edit
https://www.monarchbank.com/pdf/FinancialQ22009.pdf
UMPQ..
Sold my entire position @$10.29.. Was never a good or stable bank buy the offering put a floor on the price.. Just bought it for a trade.. Made $1,600.00+ after comm.. hank
Bank List updated 08/19/09..hank
BEOB Trade 9.50 500 $9.00 $250.00 +5.56% $4,750.00
BKSC Trade 11.75 488 $12.26 -$248.88 -4.16% $5,734.00
BOMK Trade 6.32 1,976 $6.00 $632.32 + 5.33% $12,488.32
BORT Trade 15.75 109 $12.00 $408.75 + 31.25% $1,716.75
CIWV Trade 8.50 1,288 $8.25 $322.00 + 3.03% $10,948.00
EBMT Trade 29.00 876 $29.10 -$87.60 -0.34% $25,404.00
MLGF Trade 12.25 976 $11.49 $741.76 + 6.61% $11,956.00
MNRK Trade 7.50 3,076 $8.46 -$2,952.96 -11.35% $23,070.00
MVLY Trade 7.00 1,876 $7.72 -$1,350.72 -9.33% $13,132.00
NASB Trade 30.52 10.52 $29.68 $8.84 + 2.83% $321.07
NCFT Trade 7.10 1,000 $7.25 -$150.00 -2.07% $7,100.00
NIDB Trade 9.25 960 $9.00 $240.00 +2.78% $8,880.00
NKSH Trade 24.46 576 $24.85 -$224.64 -1.57% $14,088.96
SAVB Trade 8.035 5,152 $8.06 -$128.80 -0.31% $41,396.32
SDBK Trade 11.75 200 $12.00 -$50.00 -2.08% $2,350.00
SVBI Trade 3.12 3,662 $3.04 $292.96 + 2.63% $11,425.44
TOWN Trade 13.39 793 $13.05 $269.62 + 2.61% $10,618.27
UBOH Trade 10.54 488 $11.28 -$361.12 -6.56% $5,143.52
UMPQ Trade 10.06 5,776 $10.00 $346.56 + 0.60% $58,106.56
WEFP Trade 18.10 1,276 $18.78 -$867.68 -3.62% $23,095.60
WFSC Trade 6.00 1,976 $5.74 $513.76 +4.53% $11,856.00
News..
Aug19
04:33 PM UMPQ Umpqua Hldgs: Net Proceeds Expected To Be $245.6M >UMPQ Dow Jones
04:33 PM UMPQ Umpqua Holdings Announces Closing of $258.7 Million Underwritten Public Offering of Common Stock, Including Exercise of Underwriters' over-Allotment Option Business Wire
Aug17
03:05 PM UMPQ Umpqua Bank Launches Oregon Corporate Banking Division Business Wire
01:17 AM UMPQ Umpqua Holdings Raised To Mkt Perform From Underperform By KBW Dow Jones
Aug13
07:19 PM UMPQ Umpqua Holdings Announces Pricing of Upsized $225 Million Underwritten Public Offering of Common Stock Business Wire
07:05 PM UMPQ Umpqua Hldgs 23.1M-Shr Offer Prices At $9.75 A Shr Dow Jones
10:43 AM UMPQ Calendar Of Equity Issues Expected To Price This Week Dow Jones
August 13
10:43 AM UMPQ Calendar Of Equity Issues Expected To Price This Week
August 12
12:22 PM UMPQ US HOT STOCKS: JA Solar, Janus Capital, Macy's, UBS, YRC -2-
10:29 AM UMPQ US HOT STOCKS: JA Solar, Maidenform, US Airways, YRC -2-
August 11
06:04 PM UMPQ Umpqua Holdings To Sell $175M In Stock; Shares Drop >UMPQ
04:10 PM UMPQ Umpqua Holdings Announces Commencement of Underwritten Public Offering of Common Stock Business Wire
August 10
12:29 PM UMPQ Umpqua Bank Unveils Next-Generation Store in Rocklin Business Wire
August 05
03:51 PM MVLY Mission Valley Bancorp Announces Year to Date Earnings Up More Than 200% From 2008 PR Newswire
12:17 PM NASB NASB Fincl 3Q Book Value $20.58/Shr Vs $19.42 >NASB
12:16 PM NASB NASB Financial, Inc. Announces Financial Results Business Wire
August 03
01:20 PM UMPQ Donna Huntsman Joins Umpqua Bank To Lead Newly Formed Private Banking Division
01:20 PM UMPQ Donna Huntsman Joins Umpqua Bank to Lead Newly Formed Private Banking Division Business Wire
July 30
04:30 PM MLGF Malaga Financial Corporation Reports Record Earnings Business Wire
July 28
09:40 AM NIDB Northeast Indiana Bancorp, Inc. Announces Quarterly Cash Dividend PR Newswire
July 24
04:29 PM WFSC Weststar Financial Services Corporation Second Quarter Earnings Increase 54% PR Newswire
July 23
03:15 PM NCFT First Trust Bank Reports Second Quarter Earnings PR Newswire
02:56 PM TOWN TowneBank Announces Cash Dividend On Preferred Stock
02:55 PM TOWN Towne Bank 2Q EPS 16c Vs EPS 24c >TOWN
02:55 PM TOWN TowneBank Reports Second Quarter 2009 Financial Results and Operating Performance
July 22
03:13 PM MLGF Malaga Bank Opens New Torrance Location Business Wire
02:06 PM UBOH United Bancshares 2Q Net $1.34M >UBOH
12:51 PM WEFP Wells Financial Corp. Announces Second Quarter Results and Cash Dividend PR Newswire
11:36 AM MNRK Monarch Bank Ranked One of 'The Best Places to Work in Hampton Roads' PR Newswire
July 21
04:32 PM SAVB CORRECT: Savannah Bancorp 2Q EPS 2c >SAVB
04:30 PM SAVB Savannah Bancorp Reports Second Quarter Earnings of $106,000 and Declares Quarterly Dividend
01:46 PM NASB NASB Financial, Inc. Declares Cash Dividend on Common Stock Business Wire
11:45 AM BEOB BEO Bancorp Reports Strong 2Q 2009 Earnings Business Wire
09:30 AM SDBK San Diego Trust Bank Posts Record Quarterly Results Business Wire
Total Position Cost $305,976.64
Unrealized P&L ( -$2,395.83) -0.78%
Position Value $303,580.81
UMPQ.. $10.02..
Just recently completed an issue of new stock with proceeds to the company @$9.75.. It appears that all the free riders are gone and that UMPQ is a buy at this level.. I bought a few this AM.. hank
08/19/09 12:00 PM EDT Buy 2045 UMPQ Executed @ $10.02 Details | Edit
08/19/09 11:59 AM EDT Buy 100 UMPQ Executed @ $10.025 Details | Edit
08/19/09 11:59 AM EDT Buy 100 UMPQ Executed @ $10.03 Details | Edit
08/19/09 11:59 AM EDT Buy 200 UMPQ Executed @ $10.03 Details | Edit
08/19/09 11:59 AM EDT Buy 243 UMPQ Executed @ $10.03 Details | Edit
08/19/09 11:59 AM EDT Buy 100 UMPQ Executed @ $10.025 Details | Edit
08/19/09 11:59 AM EDT Buy 100 UMPQ Executed @ $10.0275 Details | Edit
08/19/09 11:44 AM EDT Buy 200 UMPQ Executed @ $10 Details | Edit
08/19/09 11:44 AM EDT Buy 1288 UMPQ Executed @ $9.999 Details | Edit
08/19/09 11:44 AM EDT Buy 200 UMPQ Executed @ $10 Details | Edit
08/19/09 11:44 AM EDT Buy 100 UMPQ Executed @ $10 Details | Edit
08/19/09 11:44 AM EDT Buy 500 UMPQ Executed @ $10 Details | Edit
08/19/09 11:25 AM EDT Buy 600 UMPQ Executed @ $9.94 Details | Edit
NKSH.. $24.40..
It's down a little from my first purchase so I thought I would go revisit NKSH.. The efficency ratio remains low at 51.83% and return on average assets is high in todays econimic environment at 1.40%.. I have an order in to double down at $24.28..hank
National Bankshares, Inc. Reports Second Quarter Earnings
BLACKSBURG, VA, JULY 15, 2009: National Bankshares, Inc. (NASDAQ Capital Market: NKSH) reported today that it posted second quarter net income of nearly $3.36 million, or basic net income of $0.48 per share. For the second quarter of 2008, the Company had net income of nearly $3.47 million. Year-to-date net income is over $6.74 million, or $0.97 per share, 1.41% above the $6.65 million total on June 30, 2008. National Bankshares, Inc., a financial holding company headquartered in Blacksburg, Virginia, had net loans of $569.85 million at June 30, 2009, an increase of 7.63% over net loans at the end of the second quarter last year. Total assets on June 30 were $984.76 million, up by 10.04% over the same period in 2008.
Commenting on the Company's quarterly results, Chairman, President & CEO James G. Rakes said, "Second quarter earnings were impacted by a special Federal Deposit Insurance Corporation assessment, as well as an increase in quarterly fees. It is not commonly understood that insured depository institutions themselves, not the taxpayers, fund FDIC deposit insurance. The financial crisis has put an additional burden on the Deposit Insurance Fund, and all insured banks are contributing so that the Fund's reserve ratio remains healthy. Although the special assessment hurt second quarter earnings, FDIC insurance is a cornerstone of the American banking industry, and banks are doing what must be done to be certain that the public's confidence in FDIC remains high."
Mr. Rakes went on to say, "We are pleased with the level of loan growth through the first half of the year, and the quality of the loan portfolio is good. Although the total of nonperforming assets is somewhat higher, the ratio of nonperforming loans to total loans, at 0.47%, is reasonable and compares very well with our peers. We have increased the provision for loan losses throughout 2009, both in recognition of the difficult economy and to keep pace with loan growth. As we work to meet the challenges that remain this year, we are mindful of the conservative traditions that are a part of our bank's 118-year heritage and of its important role in the communities we serve."
National Bankshares, Inc. is the parent of the National Bank of Blacksburg, which does business as National Bank from 25 offices in Southwest Virginia. The Company has a financial services subsidiary that serves the same markets as National Bankshares Investment Services and National Bankshares Insurance Services. Company stock is traded on the NASDAQ Capital Market under the symbol "NKSH".
NODB..
From what I see I like but will research further.. Thanks for the idea..hank
NODB worth a look maybe
NWFL..
I like it but I don't like Pa.. too many Dems.. I'll study more over the weekend.. hank
NWFL
http://finance.yahoo.com/q/ks?s=NWFL
one of my fav. small banks! nice ER out today
http://sec.gov/Archives/edgar/data/1013272/000094627509000586/f10q_063009-0160.htm
recently included in the Russel 2k or 3k, provides good volume now! Insider cashing in some $$ into the recent strength but still pushing close to new 52week high!
I enjoy this board a lot, thanks for your DD and sharing of info!
mlvy..
The TARP money is fully leveraged and thier spreads between cost and interest recieved is higher.. Mainly the base for yields has expanded and thier new program for commerical credit cards service fees will add to the bottom line.. All bets are off if the Fed imposed additional fees this year.. hank
You see MVLY earning $.60 in the second half????
That's more than they made in either of the past two years. What do you see in the second half of this year that would cause such a major surge in earnings?
OPPS..MVLY DOWNWARD EPS EST..
It has been brought to my attention that my earnings Est.. can not hold up and I also after reading further info also believe the same.. I don't think the bank was trying to hide anything but,, thier reporting leaves a lot to be desired..
I used the info in the following portion of thier web site to mean second quarter results and not thru the second Qtr..
https://www.missionvalleybank.com/pdf/MVB_Q2_09.pdf
Because of this error I have to change my EPS projections to
$0.85 from $1.15 and that assumes that there will not be another extraordinary Fed fee made to all banks during the next six months.. The entire press release is as follows:
SUN VALLEY, Calif., Aug. 5 /PRNewswire-FirstCall/ -- Mission Valley Bancorp (the parent company of Mission Valley Bank (OTC Bulletin Board: MVLY - News)) today announced record year to date after tax income for 2009 of $635,000.
Related Quotes
Symbol Price Change
MVLY.OB 7.60 0.00
Tamara Gurney, President and CEO of the one bank holding company stated, "We are very pleased with the company's performance through the first half of 2009. Our commitment to 'sticking to the basics of banking' has enabled Mission Valley to achieve significant growth despite the current economic climate. Loans are up more than 19% to $196 million (an increase of $31 million over the $165 million reported at June 30, 2008). Deposits grew more than $49 million to slightly over $205 million, a 32% improvement from the year prior. As a result, total assets increased to more than $261 million - a 32% increase over the $198 million reported for the same period one year ago. Even more impressive, net income has grown more than 217% to $635,000 at June 30, 2009 from $200,000 reported at June 30, 2008."
Gurney continued, "During these turbulent times, Mission Valley's strong performance may seem extraordinary on the surface; however, as an organization we know that our continuing success is due to a number of strategic decisions made over the past 18 months in response to the changing financial landscape. Expansion of the Bank's Specialized Lending Division into accounts receivable and formula based lending has contributed, not only through increased loan growth and revenues, but also allowing the Bank to assist businesses that are struggling with cash flow and that may not otherwise qualify for financing. In addition, Mission Valley Bank received approval to become a 'settlement bank' for merchant bankcard processing. This designation allows the Bank to provide direct processing services for Independent Sales Organizations as well as our own clientele, thereby enhancing our operating and fee income."
Gurney concluded, "While we are pleased with our strong performance, we remain mindful of the current economic climate and the potential impact that further deterioration in commercial real estate could have on our Bank. Delinquencies within Mission Valley's loan portfolio remain relatively low (particularly as compared to the overall industry) however, in response to the on-going tough economy - as well as our own extensive analysis of our existing loan portfolio, we remain focused on preserving our allowance for credit losses and capital. Additionally, we are committed to maintaining open and frequent communication with our borrowers, working to understand their individual situations and partnering with them to define appropriate solutions to assist them through these difficult times."
Mission Valley Bank is a full-service, independent, commercial bank specializing in serving small and middle market businesses in the San Fernando & Santa Clarita Valleys. A full service, community based, business bank, the Bank was chartered in July 2001, with a vision of local ownership and a commitment to providing financial solutions to meet the needs of its clients.
www.MissionValleyBank.com
Forward-looking statements:
Certain matters discussed in this news release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based upon current management expectations and, therefore, are subject to certain risks and uncertainties that could cause actual results, performance, or achievements to differ materially from those expressed, suggested, or implied by the forward-looking statements. Forward-looking statements are effective only as of the date that they are made and Mission Valley Bank assumes no obligation to update this information.
Updated Positions: +$5,615.00 on IBOX..
08/07/09
$285,276.00... Unrealized Profit $5,615.00
SLBK..$12.00
Thin stock..hank
08/07/09 3:33 PM EDT Buy 200 SDBK Executed @ $12
MLGF charts:
And thank you.
MLGF - I have a general question... how can this be true?
OTC Market Tier
Pink Quote/OTCBB
SEC Reporting Status
non-SEC Reporting Company
Bank/Thrift/Other Regulated Company
Bank/Thrift
http://www.pinksheets.com/pink/quote/quote.jsp?symbol=mlgf
Yet, I see that Yahoo Finance says they are OTCBB?
And sure enough, they are an OTCBB stock: http://www.otcbb.com/profiles/mlgf.htm
SIC Number: 6022
Fiscal Year End: 12-31
Industry: Banking
Transfer Agent: Company
CIK: 1097144
===========
I thought all companies on the OTCBB had to be SEC Filing Companies??
Are there different rules for publicly trading chartered banks that are under the Office of Thrift Supervision?
Do you know?
WIBC..
I just took a quick look at it and I would not short.. The Efficency ratio is low and the return on assets and return on equity is very high.. The fed fees imposed in the first qtr may also be a large reason for the down qtr.. WIBC also it sells close to book and has customers that save a large portion of thier income.. It prob is a buy at this level but until I get a better handle on earnings mix and yield spreads within the bank I'll pss.. Take a look at MLGF and MVLY if you are looking for well run banks in your neck of the woods..hank
Thanks. I was thinking about a short on WIBC. It looks pretty overvalued.
MLGF..$11.50
Possibly the best run bank in CA.. hank
08/07/09 2:49 PM EDT Buy 488 MLGF Executed @ $11.5
I marked your board some time back and have been watching, but not posting. Until today.
Any opinion on this one? It's a small bank with locations in Texas and California. They have a branch I drive by regularly. It's a funny looking place. They target Asian small business owners.
http://investorshub.advfn.com/boards/board.aspx?board_id=14515
NASB..
Chased this one all day..
08/07/09 2:21 PM EDT Buy 288 NASB Executed @ $29.79306 08/07/09 2:19 PM EDT Buy 288 NASB Executed @ $29.6012
OFG.. $13.38 Sold.. NO P&L..
08/07/09 2:10 PM EDT Sell 488 OFG Executed @ $14.37 Details | Edit
08/07/09 2:09 PM EDT Sell 888 OFG Executed @ $14.39369 Details | Edit
------------------------------------------
SOURCE: Form 4
ISSUER: ORIENTAL FINANCIAL GROUP INC
SYMBOL: OFG
FILER: FERNANDEZ JOSE RAFAEL
TITLE: Chief Executive Officer
DATE TRANSACTION SHARES PRICE VALUE
7/31/09 Sale 15,000 $14.23 $213,455
OWNERSHIP: 138,842 (Direct)
The Form 4 is filed with the Securities and Exchange Commission by insiders
to report transactions in their companies' shares. Open market purchases
and sales must be reported within two business days of the transaction.
Updated Positions: +$2,573.00 on IBOX..
08/06/09
$261,623.00... Unrealized Profit $2573.00
More New Additions..hank
08/06/09 1:56 PM EDT Buy 88 UBOH Executed @ $11.25
08/06/09 1:56 PM EDT Buy 400 UBOH Executed @ $11.25
08/06/09 10:46 AM EDT Buy 588 MVLY Executed @ $7.6
08/06/09 10:45 AM EDT Buy 400 EBMT Executed @ $29.25
08/06/09 10:05 AM EDT Buy 338 MVLY Executed @ $7.75
08/06/09 9:44 AM EDT Buy 950 MVLY Executed @ $7.75
Mission Valley Bancorp Announces Year to Date Earnings Up More Than 200% From 2008
PR Newswire - Aug 05 at 15:51 NONE
Company Symbols: NASDAQ-OTCBB:MVLY I can not confirm EPS or share count as of yet..
SUN VALLEY, Calif., Aug. 5 /PRNewswire-FirstCall/ -- Mission Valley Bancorp (the parent company of Mission Valley Bank (OTC Bulletin Board: MVLY)) today announced record year to date after tax income for 2009 of $635,000.
Tamara Gurney, President and CEO of the one bank holding company stated, "We are very pleased with the company's performance through the first half of 2009. Our commitment to 'sticking to the basics of banking' has enabled Mission Valley to achieve significant growth despite the current economic climate. Loans are up more than 19% to $196 million (an increase of $31 million over the $165 million reported at June 30, 2008). Deposits grew more than $49 million to slightly over $205 million, a 32% improvement from the year prior. As a result, total assets increased to more than $261 million - a 32% increase over the $198 million reported for the same period one year ago. Even more impressive, net income has grown more than 217% to $635,000 at June 30, 2009 from $200,000 reported at June 30, 2008."
Gurney continued, "During these turbulent times, Mission Valley's strong performance may seem extraordinary on the surface; however, as an organization we know that our continuing success is due to a number of strategic decisions made over the past 18 months in response to the changing financial landscape. Expansion of the Bank's Specialized Lending Division into accounts receivable and formula based lending has contributed, not only through increased loan growth and revenues, but also allowing the Bank to assist businesses that are struggling with cash flow and that may not otherwise qualify for financing. In addition, Mission Valley Bank received approval to become a 'settlement bank' for merchant bankcard processing. This designation allows the Bank to provide direct processing services for Independent Sales Organizations as well as our own clientele, thereby enhancing our operating and fee income."
Gurney concluded, "While we are pleased with our strong performance, we remain mindful of the current economic climate and the potential impact that further deterioration in commercial real estate could have on our Bank. Delinquencies within Mission Valley's loan portfolio remain relatively low (particularly as compared to the overall industry) however, in response to the on-going tough economy - as well as our own extensive analysis of our existing loan portfolio, we remain focused on preserving our allowance for credit losses and capital. Additionally, we are committed to maintaining open and frequent communication with our borrowers, working to understand their individual situations and partnering with them to define appropriate solutions to assist them through these difficult times."
Mission Valley Bank is a full-service, independent, commercial bank specializing in serving small and middle market businesses in the San Fernando & Santa Clarita Valleys. A full service, community based, business bank, the Bank was chartered in July 2001, with a vision of local ownership and a commitment to providing financial solutions to meet the needs of its clients.
www.MissionValleyBank.com
Forward-looking statements:
Certain matters discussed in this news release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based upon current management expectations and, therefore, are subject to certain risks and uncertainties that could cause actual results, performance, or achievements to differ materially from those expressed, suggested, or implied by the forward-looking statements. Forward-looking statements are effective only as of the date that they are made and Mission Valley Bank assumes no obligation to update this information.
SOURCE Mission Valley Bancorp
More New Additions..hank
08/05/09 2:18 PM EDT Buy 100 UMPQ Executed @ $10.16 Details | Edit
08/05/09 2:18 PM EDT Buy 499 UMPQ Executed @ $10.16 Details | Edit
08/05/09 2:18 PM EDT Buy 1 UMPQ Executed @ $10.15 Details | Edit
08/05/09 2:18 PM EDT Buy 88 UMPQ Executed @ $10.16 Details | Edit
08/05/09 2:18 PM EDT Buy 200 UMPQ Executed @ $10.16 Details | Edit
08/05/09 1:43 PM EDT Buy 600 MNRK Executed @ $8.5 Details | Edit
New Additions.. hank
08/05/09 1:20 PM EDT Buy 888 MNRK Executed @ $8.5 Details | Edit
08/05/09 1:19 PM EDT Buy 188 MNRK Executed @ $8.4999 Details | Edit
08/05/09 1:19 PM EDT Buy 1100 MNRK Executed @ $8.49909 Details | Edit
08/05/09 12:55 PM EDT Buy 288 NKSH Executed @ $26.3499 Details | Edit
UMPQ..$10.02
08/03/09 11:14 AM EDT Buy 1376 UMPQ Executed @ $10.02 Details | Edit
WEFP.. 27.50 6.0%+ Yeild.. Upside potential $52.50..
About WEFP.. http://investorshub.advfn.com/boards/board.aspx?board_id=14369
Pay's @0.26 per Qtr div.. which I think will be raised to $0.32 by the end of the year,, Should/could earn $3.20 to $3.50 this year and has a great balance sheet.. Operates in a rural/farming community with low non performing assets.. This is one of the best run Small banks that I have seen in 3 years.. hank
Wells Financial Corp. is a Minnesota corporation organized in December 1994 at the direction of the Board of Directors of Wells Federal Bank to acquire all of the capital stock that Wells Federal Bank issued upon its conversion from mutual to stock form of ownership. Wells Financial Corp. is a unitary savings and loan holding company which, under existing laws, generally is not restricted in the types of business activities in which it may engage provided that Wells Federal Bank retains a specified amount of its assets in housing-related investments. Wells Financial Corp.’s common stock trades on the OTC Bulletin Board under the symbol “WEFP”.
Wells Federal Bank is a federally chartered stock savings bank headquartered in Wells, Minnesota. Wells Federal Bank has ten full service offices located in Wells, Blue Earth, Mankato, Fairmont, North Mankato, Albert Lea, St. Peter and Owatonna, Minnesota and Mason City, Iowa and one loan origination office located in Farmington, Minnesota. Wells Federal Bank was founded in 1934 and its deposits are federally insured. Wells Federal Bank is a community oriented, full-service retail savings institution. Wells Federal Bank attracts deposits from the general public and uses such deposits to invest in residential lending on owner occupied properties, commercial real estate and construction loans, agricultural real estate and operating loans, home equity and other consumer loans.
Wells Federal Bank has two operating subsidiaries, Greater Minnesota Mortgage and Wells Insurance Agency. Greater Minnesota Mortgage originates loans through referrals from community commercial banks and, primarily, sells these loans to the secondary market. Wells Insurance Agency is a full service insurance agency that sells property, casualty, life, health and investment products, including annuities and mutual funds.
OFG.. $14.12..
"The average FICO score was 722 and the average loan to value ratio was 81% on residential mortgage loans originated in the quarter."
A well run bank that caters to mid to high net worth in Puerto Rico.. It is highly leveraged and poised to have continued explosive earnings.. OFG is a speculative position in my portfolio.. Earnings could reach $4.00 to $4.45 this fiscal year... hank
SAN JUAN, Puerto Rico--(BUSINESS WIRE)--Oriental Financial Group Inc. (NYSE: OFG - News) today reported income available to common shareholders of $49.7 million for the second quarter ended June 30, 2009. This represented higher returns on average assets of 3.05% and average common equity of 80.89%, compared with 0.95% and 20.65%, respectively, in the second quarter of 2008. Diluted earnings per common share increased to $2.04 from $0.54 in the year ago quarter.
Highlights
Pre-tax operating income (net interest income, core non-interest income from banking and financial service revenues, less non-interest expenses) of approximately $17.3 million – an increase when compared to the $13.0 million-to-$14.8 million range the Group has generated since the first quarter of 2008.
Strong increase in net interest income of 24.8% and 15.7% compared to the year-ago quarter and the previous quarter, respectively, and a corresponding improvement in the net interest margin to 2.29% (compared to 1.90% and 1.98% in the year-ago and previous quarter, respectively), mainly reflecting the reduction in the cost of funds.
Growth in core banking and financial service revenues of 19.4% and 15.8% compared to the year-ago and previous quarter, respectively. On a sequential quarter basis, the Group saw increases in mortgage banking activities of 30.3%, banking service revenues of 15.0%, and financial service revenues of 5.5%.
Benefitting from the strategic positioning of its investment securities portfolio, the Group took advantage of market conditions during the quarter to realize gains on: (i) sales of securities of $10.5 million, (ii) derivative activities of $19.4 million, and (iii) trading activities of $13.0 million. These gains more than offset credit-related other than temporary impairment charges of $4.4 million on securities.
Sustained growth in retail deposits of $110.4 million (9.3%) on a sequential quarter basis and $220.7 million (20.4%) on a year-to-date basis.
Stockholders’ equity increased $40.3 million during the quarter and $98.3 million since December 31, 2008, representing an increase of 37.6% on a year-to-date basis. Book value per common share increased to $12.04, from $10.38 at March 31, 2009 and $7.96 at December 31, 2008.
Non-interest expenses were negatively affected by approximately $2.9 million, representing the increase in the Group’s insurance expense corresponding to the industry-wide FDIC special assessment on insured depository institutions and payable on September 30, 2009.
“We had an excellent quarter as we continued to implement our plan, focusing on mid and high net worth customers, which is yielding solid results for Oriental’s banking-financial services franchise,” said José Rafael Fernández, President and Chief Executive Officer.
“We are seeing consistent improvement in the deposit base, while also reducing our cost of funds. New customers are recognizing our service offerings. Approximately 20% more clients than a year ago are utilizing their accounts for ATM, debit card, online and telephone transactions. We also are generating more fees from commercial accounts using Oriental’s new cash management and point of sale services.”
“At the same time, the significant non-interest gains we generated highlight our opportunistic approach to market developments in a challenging environment.”
Capital
At June 30, 2009, stockholders’ equity totaled $359.6 million, 19.4% and 12.6% higher than the year ago quarter and the previous quarter, respectively. Tangible common equity to risk-weighted assets was 8.86% compared to 9.69% in the previous quarter.
The Group maintains capital ratios in excess of regulatory requirements. At June 30, 2009, the Leverage Capital Ratio was 7.31% (1.83 times the minimum of 4.00%); Tier I Risk-Based Capital Ratio was 14.62% (3.66 times the minimum of 4.00%), and the Total Risk-Based Capital Ratio was 15.13% (1.89 times the minimum of 8.00%). In dollars, Leverage Capital and Tier 1 Risk-Based Capital was $477.9 million, and Total Risk-Based Capital was $494.6 million, an increase from the previous quarter of $61.0 million and $62.5 million, respectively.
The Financial Service-Banking Franchise
The Group’s niche market approach to the integrated delivery of services to mid and high net worth clients performed well, as it expanded market share based on its service proposition and capital strength, as opposed to using rates to attract loans or deposits.
Lending
Total loan production and purchases of $73.5 million remained strong, as the Group’s capital levels and low credit losses, compared to most banking institutions, enabled it to continue prudent lending. The average FICO score was 722 and the average loan to value ratio was 81% on residential mortgage loans originated in the quarter.
The Group sells most of its conforming mortgages into the secondary market, but retains servicing rights. Mortgage banking activities on a sequential quarter basis reflect the continued high level of originations as well as its growing servicing portfolio, a source of recurring revenue.
Deposits
Growth in retail deposits during the quarter primarily reflects a $121.1 million increase in savings and demand deposits. At the same time, Oriental also reduced brokered deposits by $42.7 million
Assets Under Management
Assets under management, which generate recurring fees, increased 5.23% from March 31, 2009, to $2.85 billion. This growth, plus the Group’s participation in the underwriting of Puerto Rico’s COFINA II bond sale, resulted in the sequential increase in financial service revenues. The Group also was awarded the business of two new large trust accounts that will add approximately $75 million in assets under management.
Credit Quality
Net credit losses declined by 11.42%, to $2.1 million (0.70% of average loans outstanding), from $2.3 million (0.78%), in the previous quarter. The Group increased its provision for loan losses to $3.7 million (176% of net credit losses), from $3.2 million in the previous quarter, resulting in a $16.7 million allowance at June 30, 2009, up 10.37% from the previous quarter.
Non-performing loans (NPLs) increased $3.3 million in the quarter, a significantly lower rate than in the previous quarter. The Group’s NPLs generally reflect the economic environment in Puerto Rico. Based on historical performance, however, the Group does not expect non-performing loans to result in significantly higher losses as most are well-collateralized with adequate loan-to-value ratios. In residential mortgage lending, more than 90% of the Group’s portfolio consists of fixed-rate, fully amortizing, fully documented loans that do not have the level of risk generally associated with subprime loans. In commercial lending, more than 90% of its loans are collateralized by real estate.
The Investment Securities Portfolio
The average balance of the investment securities portfolio was $5.00 billion, up 4.7% from the year ago quarter and up 0.38% from the previous quarter. Yield declined slightly due to higher prepayments in the first half of the quarter.
Approximately 87% of the portfolio consists of fixed-rate mortgage-backed securities or notes, guaranteed or issued by FNMA, FHLMC, or GNMA and U.S. agency senior debt obligations, backed by a U.S. government sponsored entity or the full faith and credit of the U.S. government (86%), and Puerto Rico Government and agency obligations (1%). The remaining balance consists of non-agency collateralized mortgage obligations (10%), the majority of which are backed by prime fixed-rate residential mortgage collateral, and structured credit investments (3%).
Subsequent Event
Subsequent to June 30, 2009, as part of its general banking and asset and liability management strategies, the Group executed a $200 million deleverage of its balance sheet by terminating certain repurchase agreements at a cost of approximately $17.5 million (before income taxes). This transaction increases the Group's financial flexibility, creates additional liquidity, and helps to offset the Group’s income tax liability.
Non-GAAP Financial Measures
From time to time, the Group uses certain non-GAAP measures of financial performance to supplement the financial statements presented in accordance with GAAP. The Group presents non-GAAP measures when we believe that the additional information is useful and meaningful to investors. Non-GAAP measures do not have any standardized meaning and are therefore unlikely to be comparable to similar measures presented by other companies. The presentation of non-GAAP measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with GAAP.
We have reported and discussed our results of operations herein both on a GAAP basis and on a pre-tax operating income basis (as defined on page 1 of this release). We believe that, given the nature of the items excluded from the definition of pre-tax operating income, it is useful to state what our results of operations would have been without them so that investors can see the financial trends from our continuing business.
Conference Call
A conference call to discuss the Group’s results, outlook and related matters will be held on Wednesday, July 22, 2009 at 10:00 am (ET). The call will be accessible live via a webcast on the Group’s Investor Relations website at www.orientalfg.com. A webcast replay will be available shortly thereafter. Access the webcast link in advance to download any necessary software.
About Oriental Financial Group
Oriental Financial Group Inc. is a diversified financial holding company operating under U.S. and Puerto Rico banking laws and regulations. Now in its 45th year in business, Oriental provides a full range of mortgage, commercial and consumer banking services through 23 Oriental Group financial centers in Puerto Rico, as well as financial planning, trust, insurance, investment brokerage and investment banking services. Investor information about Oriental can be found at www.orientalfg.com.
Forward-Looking Statements
This news release may contain forward-looking statements that reflect management's beliefs and expectations and are subject to risks and uncertainties inherent to the Group's business, including, without limitation, the effect of economic and market conditions, the level and volatility of interest rates, and other risks and considerations detailed in the Group’s filings with the Securities and Exchange Commission. These or other factors could cause actual results to differ materially from forward-looking statements. The Group also disclaims any obligations to update information contained in this news release because of developments occurring after the date of issuance.
"no small banks qualify my screens"
hmmmmmmmmmmmmmm...time to change your profile?
NIDB.. $9.00 Another Sm Bk that rocks..
Bought 900 @9.00..hank
Northeast Indiana Bancorp, Inc. Announces Increased Second Quarter Earnings
HUNTINGTON, Ind., July 13 /PRNewswire-FirstCall/ -- Northeast Indiana Bancorp, Inc. (OTC:NIDB) (BULLETIN BOARD: NIDB) , the parent company of First Federal Savings Bank, today announced net income of $476,000 ($0.39 per diluted common share) for the Company's second quarter ended June 30, 2009 compared to net income of $408,000 ($0.32 per diluted common share) for the second quarter ended June 30, 2008. The current three months earnings equates to an annualized return on average assets (ROA) of 0.77% and a return on average equity (ROE) of 8.61% compared to an annualized ROA of 0.66% and an ROE of 7.18% for the months ended June 30, 2008.
Net interest income increased sharply by $353,000 or 21.5% to $2.0 million for the quarter ended June 30, 2009 when compared to $1.6 million for the quarter ended June 30, 2008. The Company's net interest margin increased significantly by sixty-one basis points to 3.43% for the current quarter compared to 2.82% in the year earlier quarter. Sequentially, the current quarter's 3.43% net interest margin was also a six basis point improvement over the quarter ended March 31, 2009 net interest margin of 3.37%.
The Company made a $300,000 provision for loan loss during the quarter ended June 30, 2009 compared to a $90,000 provision for loan loss for the quarter ended June 30, 2008. Management feels it is prudent to increase the allowance for loan losses by setting aside provisions for loan losses at higher levels during these uncertain economic conditions. The bank recorded net charge-offs of $25,000 for the quarter ended June 30, 2009 compared to net recoveries of ($8,000) for the quarter ended June 30, 2008.
Noninterest income increased sharply to $628,000 during the quarter ended June 30, 2009 when compared to $490,000 in the same quarterly period a year ago. This was primarily due to a significant increase in gains on the sale of loans of $190,000 from heavy refinancing activity between quarterly periods which helped to offset losses on the sale of securities and decreased brokerage fees.
Noninterest expense increased by $119,000 to $1.6 million for the current quarter compared with $1.5 million for the quarter ended June 30, 2008. The increase was due to FDIC insurance premiums increasing $178,000 between quarterly periods. Of the $178,000 increase, roughly $115,000 was directly related to the non-recurring FDIC Special Assessment levied on all FDIC - insured financial institutions as of June 30, 2009 but payable September 30, 2009. This substantial increase was partially offset by decreases in salaries and benefits, occupancy, and other expense. The Company's efficiency ratio improved to 61.9% for the current three month period compared to 70.5% in the prior year three month period.
Net income for the six months ended June 30, 2009 increased $243,000 or 31.7% to $1.0 million ($0.82 per diluted common share) compared to net income of $766,000 ($0.60 per diluted common share) for the six months ended June 30, 2008.
The sharp increase in net income between six month periods is due to both significantly improved net interest income from expanded net interest margins as well as record six month gains on loan sales activity due to the record refinance activity processed by First Federal Savings Bank. These improvements were partially offset by increased loan loss provisions, sharply higher FDIC insurance premiums, and increased net losses on the sale of repossessed assets.
Total assets decreased $13.8 million to $246.4 million at June 30, 2009 compared to December 31, 2008 assets of $260.2 million. The asset decline is primarily due to large non-interest bearing funds on hand at year end 2008 clearing early in first quarter 2009 as well as a reduction in single family portfolio mortgage balances due to most fixed rate originations being sold servicing retained to FHLMC. Net loans decreased $6.2 million to $197.9 million at June 30, 2009 compared to $204.2 million at December 31, 2008. Total deposits decreased $2.3 million to $153.4 million at June 30, 2009 from $155.7 million at December 31, 2008. Borrowed funds decreased $11.5 million to $68.5 million at June 30, 2009 compared to $80.0 million at December 31, 2008. Proceeds from the sale of fixed rate mortgages to FHLMC were used to pay down borrowed funds.
Shareholder's equity was $22.2 million at June 30, 2009 compared to $21.8 million at December 31, 2008. The book value of NIDB's stock was $18.04 per common share as of June 30, 2009. The number of outstanding common shares was 1,230,670 as of the same date. The last reported trade of the stock on July 10, 2009 was $9.50 per common share.
Northeast Indiana Bancorp, Inc. is headquartered at 648 North Jefferson Street, Huntington, Indiana. The company offers a full array of banking and financial brokerage services to its customers through three full service branches located in Huntington, Indiana and one full service branch located in Warsaw, Indiana. The Company announced during the quarter ended March 31, 2009 that it will build a full service branch in Fort Wayne, Indiana. That branch is currently under construction with an anticipated completion date during the third quarter of 2009. The Company is traded on the Over the Counter Bulletin Board ("OTCBB") under the symbol "NIDB".
=======================================
Northeast Indiana Bancorp, Inc. Announces Quarterly Cash Dividend
HUNTINGTON, Ind., July 28 /PRNewswire-FirstCall/ -- Northeast Indiana Bancorp, Inc., (OTC:NIDB) (BULLETIN BOARD: NIDB) , the parent company of First Federal Savings Bank, has announced that the Corporation will pay a cash dividend of $0.165 per common share. The dividend will be payable on August 25, 2009 to shareholders of record on August 11, 2009.
The book value of NIDB's stock was $18.04 per common share as of June 30, 2009. The last reported trade of stock at the close of business on July 27, 2009 was $8.50 per common share and the number of outstanding shares was 1,230,670 as of the same date. The annualized dividend yield is currently 7.80% when annualizing the current quarter cash dividend of $0.165 per common share against the July 27, 2009 closing price of $8.50 per common share.
Northeast Indiana Bancorp, Inc. is headquartered at 648 North Jefferson Street, Huntington, Indiana. The company offers a full array of banking and financial brokerage services to its customers through three full service branches located in Huntington, Indiana and one full service branch located in Warsaw, Indiana. The Company announced during the quarter ended March 31, 2009 that it will build a full service branch in Fort Wayne, Indiana. That branch is currently under construction with an anticipated completion date during the third quarter of 2009. The Company is traded on the Over the Counter Bulletin Board ("OTCBB") under the symbol "NIDB".
DATASOURCE: Northeast Indiana Bancorp, Inc.
CONTACT: Randy J. Sizemore, Senior Vice President, CFO of Northeast
Indiana Bancorp, Inc., +1-260-358-4680
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Northeast Indiana Bancorp, Inc. Announces Substantial Increase In First Quarter Earnings
HUNTINGTON, Ind., April 13 /PRNewswire-FirstCall/ -- Northeast Indiana Bancorp, Inc., (OTC:NIDB) (BULLETIN BOARD: NIDB) , the parent company of First Federal Savings Bank, has announced net income of $533,000 ($0.43 per diluted common share) for the first quarter ended March 31, 2009, an increase of $175,000 or 48.9% compared to $358,000 ($0.27 per diluted common share) for the first quarter ended March 31, 2008. The current three months earnings equates to an annualized return on average assets (ROA) of 0.84% and a return on average equity (ROE) of 9.72% as compared to an ROA of 0.59% and an ROE of 6.23% for the three months ended March 31, 2008.
Net interest income increased $544,000 or 37.3% to $2.0 million for the quarter ended March 31, 2009 when compared to $1.5 million for the quarter ended March 31, 2008. The increase was related to both rates decreasing faster on interest bearing liabilities than on interest earning assets as well as increases in interest earning asset balances between periods. The Company's net interest margin increased significantly to 3.37% for the current quarter compared to 2.58% for the year earlier quarter. Sequentially, the current quarter's 3.37% net interest margin was also a thirty-four basis point improvement over the quarter ended December 31, 2008 net interest margin of 3.03%.
The Company made a $275,000 provision for loan loss during the quarter ended March 31, 2009 compared to a $90,000 provision for loan loss for the quarter ended March 31, 2008. Net charge-offs were $139,000 for the quarter ended March 31, 2009 compared to net charge-offs of $44,000 for the quarter ended March 31, 2008. Non performing assets increased slightly to $4.6 million at March 31, 2008 when compared to $4.0 million at December 31, 2008.
Noninterest income increased by $48,000 to $573,000 for the current period compared to $525,000 during the year earlier period. First Federal processed record quarterly refinancing volumes which led to a substantial increase in net gains on the sale of loans of $184,000 between quarterly periods. This increase was partially offset by an increase in losses on the sale of repossessed assets of $74,000 and declines in brokerage fees of $36,000 between the current quarterly period and the prior year quarterly period.
Noninterest expense increased $66,000 to $1.5 million for the quarter ended March 31, 2009 compared to $1.4 million for the quarter ended March 31, 2008. This increase came primarily in increased FDIC premiums, data processing, and professional fees. These increases were partially offset by decreases to salaries and employee benefits between quarterly periods.
Net loans receivable decreased $3.1 million to $201.1 million at March 31, 2009 when compared to $204.2 million at December 31, 2008. Total deposits increased by $2.2 million to $157.9 million at March 31, 2009 compared to $155.7 million at December 31, 2008. Borrowed funds declined to $67.5 million at March 31, 2009 from $80.0 million at December 31, 2008 due to decreases in repurchase agreement account balances and FHLB advances during the current quarter.
Shareholders' equity increased to $22.0 million at March 31, 2009 compared to $21.8 million at December 31, 2008. The book value of NIDB's stock was $17.86 per common share as of March 31, 2009. The number of outstanding common shares was 1,230,670. The last reported trade of the stock on April 09, 2009 was $7.50 per common share.
During the quarter ended March 31, 2009, Northeast Indiana Bancorp, Inc. also announced the Company will not participate in the U.S. Treasury Department's Troubled Asset Relief Program ("TARP"). After a review of the subsidiary bank's operations and financial condition by the bank's primary federal regulator, the Company had received preliminary approval from the U.S. Treasury Department for the placement of $5.5 million in senior preferred stock. The board of directors elected to not participate in the TARP program after careful consideration of the subsidiary bank's Risk-Based Capital as well as core profitability. First Federal's Risk-Based Capital ratio continues to exceed "well capitalized" thresholds defined under existing bank regulations.
Northeast Indiana Bancorp, Inc. is headquartered at 648 North Jefferson Street, Huntington, Indiana. The company offers a full array of banking and financial brokerage services to its customers through three full service branches located in Huntington, Indiana and one full service branch located in Warsaw, Indiana. The Company announced during the quarter ended March 31, 2009 that it will build a full service branch in Fort Wayne, Indiana. That branch is currently under construction with an anticipated completion date during the third quarter of 2009. The Company is traded on the Over the Counter Bulletin Board ("OTCBB") under the symbol "NIDB".
This press release may contain forward-looking statements, which are based on management's current expectations regarding economic, legislative and regulatory issues. Factors which may cause future results to vary materially include, but are not limited to, general economic conditions, changes in interest rates, loan demand, and competition. Additional factors include changes in accounting principles, policies or guidelines; changes in legislation or regulation; and other economic, competitive, regulatory and technological factors affecting each company's operations, pricing, products and services.
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Northeast Indiana Bancorp, Inc. Announces Increased Fourth Quarter Earnings and Full Year 2008 Earnings
HUNTINGTON, Ind., Feb. 12 /PRNewswire-FirstCall/ -- Northeast Indiana Bancorp, Inc., (OTC:NIDB) (BULLETIN BOARD: NIDB) , the parent company of First Federal Savings Bank, today announced net income of $442,000 ($0.36 per diluted common share) for the fourth quarter ended December 31, 2008 compared to net income of $255,000 ($0.19 per diluted common share) for the fourth quarter ended December 31, 2007. The increase between periods is primarily due to substantial improvement in the bank's net interest margins and core profitability. The current three months earnings equates to an annualized return on average assets (ROA) of 0.69% and a return on average equity (ROE) of 8.31% as compared to an ROA of 0.42% and an ROE of 4.46% for the three months ended December 31, 2007.
Net interest income increased sharply by $530,000 or 40.1% to $1.8 million for the quarter ended December 31, 2008 when compared to $1.3 million for the quarter ended December 31, 2007. The Company's net interest margin increased significantly to 3.03% for the three months ended December 31, 2008 versus 2.31% for the three months ended December 31, 2007. Sequentially, the current quarter's 3.03% net interest margin was also a fifteen basis point improvement over the quarter ended September 30, 2008 net interest margin of 2.88%.
The Company made a $150,000 provision for loan loss for the quarter ended December 31, 2008 compared to a $70,000 provision for loan loss for the quarter ended December 31, 2007. Management feels non-performing assets continue to be manageable with total non-performing assets to total assets at 1.56% at the current quarter end, slightly lower than the 1.68% reported at the prior year quarter ended December 31, 2007. The bank recorded net recoveries of ($9,000) for the quarter ended December 31, 2008 compared to net recoveries of ($4,000) for the quarter ended December 31, 2007.
Noninterest income declined to $389,000 for the period ended December 31, 2008 compared to $524,000 for the period ended December 31, 2007. The primary reasons for the decline were a $66,000 net loss on sale of securities in the current quarterly period compared to no loss for the prior year quarterly period as well as a larger loss on the sale of repossessed assets between periods of roughly $24,000. Brokerage fees were also lower due to volatile stock market conditions.
Non-interest expenses decreased $31,000 to $1.4 million for the quarter ended December 31, 2008 compared to $1.5 million for the quarter ended December 31, 2007. This slight decrease came primarily from both decreases in salaries and employee benefits and a decrease in correspondent bank charges due to a statement rendering conversion to in-house processing that was competed late fourth quarter 2007.
Net income was reported at $242,000 for the year ended December 31, 2008 a decrease of $133,000 from net income of $375,000 for the year ended December 31, 2007. Net interest income increased significantly by $1.7 million or 35.0% between yearly periods due to an increasing net interest margin. Noninterest income fell sharply to $246,000 for the year ended December 31, 2008 when compared to $2.2 million for the year ended December 31, 2007. This decrease is primarily attributable to non-cash other than temporary impairment ("OTTI") write-downs of $1.7 million on FHLMC Preferred Shares and in the bank's investment in the Shay Ultrashort Mortgage Fund. We have no further exposure to Freddie Mac or Fannie Mae common or preferred shares and we continue to draw down our position in the Shay fund through quarterly cash redemptions. Noninterest expenses increased $162,000 to $6.1 million for the year ended December 31, 2008 when compared to $5.9 million for the year ended December 31, 2007, primarily due to increases in specific reserves established on repossessed assets and increased FDIC premiums partially offset by lower wages and correspondent bank charges.
Total assets increased $14.4 million or 5.9% to $260.2 million at December 31, 2008 compared to December 31, 2007 assets of $245.8 million. Net loans receivable increased to $204.2 million at December 31, 2008 from $186.4 million at December 31, 2007. Total deposits increased to $155.7 million for the current year end compared to $141.1 million for the previous year end. Borrowed funds were relatively unchanged between yearly periods.
Shareholder's equity at December 31, 2008 was $21.8 million compared to the $23.0 million reported at December 31, 2007. The Company paid out cash dividends of $839,000 to shareholders during the year ended December 31, 2008. In addition, Northeast Indiana Bancorp, Inc. repurchased 83,247 shares of treasury stock, at an average cost of $11.98, for a total cost of approximately $998,000 during the year ended December 31, 2008. In the opinion of management, these repurchases help leverage Northeast Indiana Bancorp's remaining equity and tend to improve return on shareholder's equity.
The book value of NIDB stock was $17.69 per common share as of December 31, 2008 as compared to a book value of $17.53 per common share as of December 31, 2007. The number of outstanding common shares was 1,230,670. The last reported trade of the stock on December 31, 2008 was $6.60 per common share.
Northeast Indiana Bancorp, Inc. is headquartered at 648 N. Jefferson Street, Huntington, Indiana. The company offers a full array of banking and financial brokerage services to its customers through three full service branches located in Huntington, Indiana and one full service branch located in Warsaw, Indiana. The Company is traded on the Over the Counter Bulletin Board under the symbol "NIDB".
BEOB.. $9.50
07/31/09 9:30 AM EDT Buy 500 BEOB Executed @ $9.5 Details | Edit
BEO Bancorp Reports Strong 2Q 2009 Earnings
BEO Bancorp (OTCBB:BEOB) and its subsidiary, Bank of Eastern Oregon, announced today net income for second quarter of 2009 of $564,000 or $0.63 per share, compared to second quarter 2008 earnings of $571,000 or $0.65 per share. Total assets increased 6.7% year over year to $233,838,000, while total loans grew 13.5% to $187,033,000 and deposits increased 8.1% to $190,672,000.
“Core earnings remain strong. If not for adding $600,000 to the loan loss reserve during 2nd quarter, we likely would have had one of our best quarters ever. The Board of Directors and management continue to take sound steps to make sure the provision for loan loss is funded at an appropriate level to address potential future loan losses,” said President and CEO, Jeff Bailey. “Our core earnings are encouraging to us. We are pleased to show a profitable 2nd quarter,” added Bailey.
“We are quite pleased with our growth in deposits. Our customer base continues to grow,” said COO, Gary Propheter. He continued, “We are also excited to have broken ground on our new facility in Enterprise, Oregon. The reception we have received in that new market has been exceptional.”
“Our net interest margin continues to be one of the best in the nation. This is driven by our ability to secure sources of low cost funds and a strong liquidity position. We are fortunate to be able to rely on our local communities for a good share of our funding needs,” said CFO, Mark Lemmon.
Bailey went on to say, “The Board of Directors is continuing the safe and prudent course of building capital and aggressively addressing problem credits. While we are told that the national economy shows a glimmer of hope, the banking industry continues to work through the effects of the housing crisis. The unemployment level in our state and especially in many of our counties will continue to inhibit regional economic recovery. The remainder of 2009 will be wrought with challenges. Turbulent economic times call for conservative approaches to how the bank is run. In light of this, the board of directors has voted not to pay a cash dividend for second quarter 2009.”
For further information on the company or to access internet banking, please visit our website at http://www.beobank.com.
About BEO Bancorp
BEO Bancorp is the holding company for Bank of Eastern Oregon, which operates 12 branches and two loan production offices in nine eastern Oregon counties. Branches are located in Arlington, Ione, Heppner, Condon, Irrigon, Boardman, Burns, John Day, Prairie City, Fossil, Moro and Enterprise; loan production offices are located in Hermiston and Ontario. Bank of Eastern Oregon also operates a mortgage division and offers brokerage services through BEO Financial Services. The bank’s website is www.beobank.com.
Forward-Looking Statements
The statements contained in this release that are not historical facts are forward-looking statements based upon management’s current expectations and beliefs concerning future developments and their potential effect on BEO Bancorp. There can be no assurances that future developments affecting BEO Bancorp will be the same as those anticipated by management.
Actual results may differ from those projected in the forward-looking statements. These forward-looking statements involve risks and uncertainties. These risks and uncertainties include, but are not limited to:
(1) Competitive pressures in the banking and financial industries.
(2) Changes in interest rate environment.
(3) General economic conditions, nationally, regionally, and in operating markets.
(4) Changes in regulatory environment.
(5) Changes in business conditions and inflation.
(6) Changes in securities markets.
(7) Future credit loss experience.
BEO Bancorp
PO Box 39
Heppner, OR 97836
NEWS RELEASE
1
BEO Bancorp reports strong 2008 earnings
CONTACT:
E. George Koffler, CEO (541) 676-020l
Jeff Bailey, President (541) 676-0204
Mark Lemmon, EVP & CFO, (541) 676-0201
Joey J. Warmenhoven, McAdams, Wright and Ragan, Market Maker, (866) 662-0351
Henry C. Stockman, Howe Barnes Hoefer & Arnett, Market Maker, (800) 346-5544
Heppner, Oregon, (January 26, 2009) BEO Bancorp (OTCBB:BEOB) and its subsidiary, Bank of Eastern Oregon, announced today net income for 2008 of $2,047,000. This is the second year in a row that earnings have surpassed $2 million.
Financial Highlights
Net Income for 2008 was $2,047,000, 12% lower then the record profits of 2007 of $2,325,000. Earnings per share were $2.32, compared to the previous year’s $2.64 per share total. “We are very proud of the results our employees were able to deliver to the bottom line in these uncertain times,” said CEO, E. George Koffler.
Considering the deterioration in the economy and potential weaknesses in the loan portfolio, the board of directors added $1,778,000 during the year to reserve for loan losses. Year-end reserve for loan losses stood at $3,635,074, or 2.03% of loans. “We continue to monitor the loan portfolio carefully. Non-performing assets have increased from .02% to 1.73% year over year. Non-accrual loans at year end totaled $2,427,000. Other real estate stands at $1,519,000. We have added staffing and resources to the special credits area as the need has dictated,” said Jeff Bailey, President and Chief Credit Officer. “Current appraisals show sufficient collateral coverage to mitigate the impact of additional market declines,” he concluded.
Growth
Loan levels increased to $175,791,000 from $148,274,000 year over year, an 18.6% increase. Deposit totals improved year over year from $170,160,000 to $188,958,000, an 11% increase. Total Assets increased 9.8% to $227,994,000 at year end compared to $207,636,000 at year end 2007.
1/26/2009
BEO Bancorp
PO Box 39
Heppner, OR 97836
NEWS RELEASE
2
Capital
Capital ratios declined slightly year over year (see chart) due to strong asset growth in 2008. The bank continues to exceed FDIC guidelines for well-capitalized banks in all respects.
Bank of Eastern Oregon Capital Ratios
2008
2007
FDIC Guidelines for a Well-Capitalized Bank
Tier 1 Leveraged Capital
8.51%
8.70%
5.00%
Tier 1 Risk-Based Capital
9.75%
10.03%
6.00%
Total Risk-Based Capital
11.00%
11.00%
10.00%
“We are considering several alternatives for building capital to support future growth and to provide an additional cushion should the economy worsen or the recession be prolonged,” said Koffler. “During 2009, we expect organic growth in our traditional markets and continued growth from our new branch location in Enterprise, Oregon,” he added.
For further information on the Company or to access internet banking, please visit our website at http://www.beobank.com.
About BEO Bancorp
BEO Bancorp is the holding company for Bank of Eastern Oregon, which operates 12 branches and two loan production offices in nine eastern Oregon counties. Branches are located in Arlington, Ione, Heppner, Condon, Irrigon, Boardman, Burns, John Day, Prairie City, Fossil, Moro and Enterprise; loan production offices are located in Hermiston and Ontario. Bank of Eastern Oregon also operates a mortgage division and offers brokerage services through BEO Financial Services. The bank’s website is www.beobank.com.
Forward-Looking Statements
The statements contained in this release that are not historical facts are forward-looking statements based upon management’s current expectations and beliefs concerning future
developments and their potential effect on BEO Bancorp. There can be no assurances that future developments affecting BEO Bancorp will be the same as those anticipated by management.
1/26/2009
BEO Bancorp
PO Box 39
Heppner, OR 97836
NEWS RELEASE
3
Actual results may differ from those projected in the forward-looking statements. These forward-looking statements involve risks and uncertainties. These risks and uncertainties include, but are not limited to:
(1)
Competitive pressures in the banking and financial industries.
(2)
Changes in interest rate environment.
(3)
General economic conditions, nationally, regionally, and in operating markets.
(4)
Changes in regulatory environment.
(5)
Changes in business conditions and inflation.
(6)
Changes in securities markets.
(7)
Future credit loss experience.
MLGF.. $11.45
Bought 488 @ $11.45.. hank
MLGF.. $11.45
Malaga Financial Corporation Reports Record Earnings
Business Wire - Jul 30 at 16:30 NONE
Company Symbols: NASDAQ-OTCBB:MLGF
25% Increase in Second Quarter and 38% Increase Year to Date
PALOS VERDES ESTATES, Calif.--(BUSINESS WIRE)-- Malaga Financial Corporation (OTCBB: MLGF), the parent company of Malaga Bank FSB, today reported that net income for the quarter ended June 30, 2009 was $2,218,000 ($0.39 basic and $0.38 fully diluted earnings per share), an increase of $447,000 or 25% from net income of $1,771,000 ($0.31 per share basic and fully diluted) for the quarter ended June 30, 2008. Net income for the six months ended June 30, 2009 was $4,629,000 ($0.81 basic and $0.80 fully diluted earnings per share) as compared to $3,363,000 ($0.59 basic and fully diluted earnings per share) for the six months ended June 30, 2008, a 38% increase.
Net income increased primarily due to continued growth in interest earning assets and improvement in the interest rate spread.
Despite the continuing deterioration of the real estate market in Southern California, Malaga did not have any delinquent loans or non-performing assets at June 30, 2009. The Company's allowance for loan losses at June 30, 2009 was $2,818,000 or 0.37% of total loans.
Net interest income totaled $6,440,000 in the second quarter of 2009, up $1,318,000 or 26% from the second quarter of 2008. This increase resulted from a $66 million or 9% increase in average interest earning assets to $770 million and a 0.53% increase in the interest rate spread to 3.23%. The improvement in the interest rate spread was due to a 1.24% decline in the weighted average cost of funds, while the weighted average yield on interest earning assets declined only 0.71%. Malaga's liabilities reprice more rapidly than its interest earning assets, and thus Malaga will generally see an improvement in its interest rate spread during periods of declining market interest rates.
Non-interest expenses increased 26% in the second quarter of 2009, to $2,783,000 from $2,214,000 in the second quarter of 2008. The increase is primarily attributed to $502,000 increase in FDIC insurance premiums, including a special assessment of approximately $355,000. FDIC increased these premiums on all FDIC-insured banks as a means of offsetting losses to its insurance fund as a result of the bank failures attributable to the economic recession and credit crisis.
Randy C. Bowers, President and CEO of Malaga, remarked, "We are pleased to continue reporting such stellar operating results, in spite of the extremely difficult environment for financial institutions and increased FDIC premiums. Our asset quality remains strong, with no delinquent loans or non-performing assets. We continue to build on our success and have expanded and relocated our Torrance branch to our new location at the corner of Crenshaw Blvd. and Rolling Hills Road in order to better serve our customers."
Malaga's total assets were $793 million at June 30, 2009 compared to $723 million at June 30, 2008, an increase of $70 million or 10%. The loan portfolio at June 30, 2009 was $759 million versus $688 million at June 30, 2008, an increase of $71 million. Malaga originates loans principally for its own portfolio and not for sale. At June 30, 2009, the loan portfolio was comprised of the following types of loans outstanding: multi-family loans - 74%; single family residential loans - 14%; commercial real estate loans - 7%; home equity lines of credit - 3%; and commercial and other loans - 2%.
Malaga funds its assets with a mix of deposits and FHLB borrowings. Retail deposits totaled $333 million as of June 30, 2009, up from $298 million at June 30, 2008, a 12% increase. Wholesale deposits and FHLB borrowings totaled $382 million at June 30, 2009 versus $354 million at June 30, 2008, an 8% increase. The weighted average cost of funds for the second quarter of 2009 was 2.34% versus 3.58% for the second quarter of 2008.
Malaga's stockholders' equity was $58.4 million at June 30, 2009, or $10.11 per fully diluted common share. The Company has paid a quarterly dividend for 20 consecutive quarters.
As of June 30, 2009, Malaga Bank was in compliance with all applicable regulatory capital requirements and was deemed "well-capitalized" under applicable regulations. Core capital and risk-based capital ratios were 8.77% and 14.04%, respectively, at June 30, 2009 significantly exceeding the minimum "well capitalized" requirements of 5% and 10% respectively.
Malaga Bank, a subsidiary of Malaga Financial Corporation, is a full-service community bank headquartered on the Palos Verdes Peninsula with branch offices located on the Peninsula, in Torrance and now in San Pedro. Now in its 25th year, Malaga Bank has been delivering competitive banking services to residents and businesses of the South Bay, including real estate loan products custom-tailored to consumers and investors. As the largest community bank in the South Bay, Malaga Bank is proud of its continuing tradition of relationship-based banking and legendary customer service. Malaga Bank's web site is www.malagabank.com.
Source: Malaga Financial Corporation
NIDB.. Purchase..
07/30/09 2:57 PM EDT Buy 500 NIDB Executed @ $9 Details | Edit
Northeast Indiana Bancorp, Inc. Announces Increased Second Quarter Earnings...
On Monday July 13, 2009, 1:18 pm EDT
HUNTINGTON, Ind., July 13 /PRNewswire-FirstCall/ -- Northeast Indiana Bancorp, Inc. (OTC Bulletin Board: NIDB - News), the parent company of First Federal Savings Bank, today announced net income of $476,000 ($0.39 per diluted common share) for the Company's second quarter ended June 30, 2009 compared to net income of $408,000 ($0.32 per diluted common share) for the second quarter ended June 30, 2008. The current three months earnings equates to an annualized return on average assets (ROA) of 0.77% and a return on average equity (ROE) of 8.61% compared to an annualized ROA of 0.66% and an ROE of 7.18% for the months ended June 30, 2008.
Related Quotes
Symbol Price Change
NIDB.OB 9.00 0.00
Net interest income increased sharply by $353,000 or 21.5% to $2.0 million for the quarter ended June 30, 2009 when compared to $1.6 million for the quarter ended June 30, 2008. The Company's net interest margin increased significantly by sixty-one basis points to 3.43% for the current quarter compared to 2.82% in the year earlier quarter. Sequentially, the current quarter's 3.43% net interest margin was also a six basis point improvement over the quarter ended March 31, 2009 net interest margin of 3.37%.
The Company made a $300,000 provision for loan loss during the quarter ended June 30, 2009 compared to a $90,000 provision for loan loss for the quarter ended June 30, 2008. Management feels it is prudent to increase the allowance for loan losses by setting aside provisions for loan losses at higher levels during these uncertain economic conditions. The bank recorded net charge-offs of $25,000 for the quarter ended June 30, 2009 compared to net recoveries of ($8,000) for the quarter ended June 30, 2008.
Noninterest income increased sharply to $628,000 during the quarter ended June 30, 2009 when compared to $490,000 in the same quarterly period a year ago. This was primarily due to a significant increase in gains on the sale of loans of $190,000 from heavy refinancing activity between quarterly periods which helped to offset losses on the sale of securities and decreased brokerage fees.
Noninterest expense increased by $119,000 to $1.6 million for the current quarter compared with $1.5 million for the quarter ended June 30, 2008. The increase was due to FDIC insurance premiums increasing $178,000 between quarterly periods. Of the $178,000 increase, roughly $115,000 was directly related to the non-recurring FDIC Special Assessment levied on all FDIC - insured financial institutions as of June 30, 2009 but payable September 30, 2009. This substantial increase was partially offset by decreases in salaries and benefits, occupancy, and other expense. The Company's efficiency ratio improved to 61.9% for the current three month period compared to 70.5% in the prior year three month period.
Net income for the six months ended June 30, 2009 increased $243,000 or 31.7% to $1.0 million ($0.82 per diluted common share) compared to net income of $766,000 ($0.60 per diluted common share) for the six months ended June 30, 2008.
The sharp increase in net income between six month periods is due to both significantly improved net interest income from expanded net interest margins as well as record six month gains on loan sales activity due to the record refinance activity processed by First Federal Savings Bank. These improvements were partially offset by increased loan loss provisions, sharply higher FDIC insurance premiums, and increased net losses on the sale of repossessed assets.
Total assets decreased $13.8 million to $246.4 million at June 30, 2009 compared to December 31, 2008 assets of $260.2 million. The asset decline is primarily due to large non-interest bearing funds on hand at year end 2008 clearing early in first quarter 2009 as well as a reduction in single family portfolio mortgage balances due to most fixed rate originations being sold servicing retained to FHLMC. Net loans decreased $6.2 million to $197.9 million at June 30, 2009 compared to $204.2 million at December 31, 2008. Total deposits decreased $2.3 million to $153.4 million at June 30, 2009 from $155.7 million at December 31, 2008. Borrowed funds decreased $11.5 million to $68.5 million at June 30, 2009 compared to $80.0 million at December 31, 2008. Proceeds from the sale of fixed rate mortgages to FHLMC were used to pay down borrowed funds.
Shareholder's equity was $22.2 million at June 30, 2009 compared to $21.8 million at December 31, 2008. The book value of NIDB's stock was $18.04 per common share as of June 30, 2009. The number of outstanding common shares was 1,230,670 as of the same date. The last reported trade of the stock on July 10, 2009 was $9.50 per common share.
Northeast Indiana Bancorp, Inc. is headquartered at 648 North Jefferson Street, Huntington, Indiana. The company offers a full array of banking and financial brokerage services to its customers through three full service branches located in Huntington, Indiana and one full service branch located in Warsaw, Indiana. The Company announced during the quarter ended March 31, 2009 that it will build a full service branch in Fort Wayne, Indiana. That branch is currently under construction with an anticipated completion date during the third quarter of 2009. The Company is traded on the Over the Counter Bulletin Board ("OTCBB") under the symbol "NIDB".
This press release may contain forward-looking statements, which are based on management's current expectations regarding economic, legislative and regulatory issues. Factors which may cause future results to vary materially include, but are not limited to, general economic conditions, changes in interest rates, loan demand, and competition. Additional factors include changes in accounting principles, policies or guidelines; changes in legislation or regulation; and other economic, competitive, regulatory and technological factors affecting each company's operations, pricing, products and services.
NORTHEAST INDIANA BANCORP
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
ASSETS
June 30, December 31,
2009 2008
-------- -------------
Interest-earning cash and cash equivalents $969,211 $6,122,439
Noninterest earning cash and cash equivalents 1,953,912 2,284,062
--------- ---------
Total cash and cash equivalents 2,923,123 8,406,501
Securities available for sale 31,261,282 33,022,602
Securities held to maturity 550,000 550,000
Loans held for sale 138,000 709,400
Loans receivable, net of allowance for loan
loss June 30, 2009 $2,161,415 and
December 31, 2008 $1,750,605 197,946,333 204,171,179
Accrued interest receivable 1,111,004 1,070,708
Premises and equipment 2,160,053 2,178,416
Investments in limited liability partnerships 389,961 462,279
Cash surrender value of life insurance 6,381,290 6,253,417
Other assets 3,555,027 3,415,020
--------- ---------
Total Assets $246,416,073 $260,239,522
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Non-interest bearing deposits 9,910,116 19,873,896
Interest bearing deposits 143,489,648 135,824,869
----------- -----------
Borrowed Funds 68,484,555 79,982,575
Accrued interest payable and other
liabilities 2,336,343 2,782,849
--------- ---------
Total Liabilities 224,220,662 238,464,189
----------- -----------
Retained earnings - substantially
restricted 22,195,411 21,775,333
Total Liabilities and
Shareholder's Equity $246,416,073 $260,239,522
============ ============
CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended Six Months Ended
June 30, June 30,
2009 2008 2009 2008
---- ---- ---- ----
Total interest income $3,422,105 $3,583,640 $6,983,887 $7,162,050
Total interest expense 1,424,302 1,939,203 2,982,482 4,058,396
--------- --------- --------- ---------
Net interest income $1,997,803 $1,644,437 $4,001,405 $3,103,654
---------- ---------- ---------- ----------
Provision for loan
losses 300,000 90,000 575,000 180,000
Net interest income
after provision for
loan losses $1,697,803 $1,554,437 $3,426,405 $2,923,654
Service charges on
deposit accounts 177,420 176,168 331,190 338,364
Net gain (loss) on
sale of securities (45,198) 637 (46,790) 12,414
Net gain on sale of
loans 205,577 14,799 429,235 54,486
Net loss on sale of
repossessed assets (10,684) (6,893) (87,597) (9,732)
Brokerage fees 61,791 92,980 138,411 206,011
Increase in cash
surrender value of
life insurance 61,626 60,744 127,873 123,699
Other income 177,439 151,214 308,212 289,196
------- ------- ------- -------
Total noninterest
income $627,971 $489,649 $1,200,534 $1,014,438
-------- -------- ---------- ----------
Salaries and employee
benefits 758,304 782,943 1,496,598 1,562,586
Occupancy 192,149 208,011 395,096 398,500
Data processing 193,689 165,514 384,714 332,556
Deposit insurance
premiums 182,000 3,936 236,000 7,765
Professional fees 50,083 23,602 112,880 72,825
Correspondent bank
charges 31,630 35,051 62,720 71,029
Other expense 216,607 286,212 440,245 497,996
------- ------- ------- -------
Total noninterest
expenses $1,624,462 $1,505,269 $3,128,253 $2,943,257
---------- ---------- ---------- ----------
Income before income
tax expenses $701,312 $538,817 $1,498,686 $994,835
-------- -------- ---------- --------
Income tax expense 224,843 130,429 489,519 228,540
Net Income $476,469 $408,388 $1,009,167 $766,295
========= ========= ========== ==========
Three Months Ended Six Months Ended
June 30, June 30,
2009 2008 2009 2008
---- ---- ---- ----
Basic Earnings per common
share 0.39 0.32 0.82 0.60
Dilutive Earnings per
share 0.39 0.32 0.82 0.60
Net interest margin 3.43% 2.82% 3.40% 2.70%
Return on average assets 0.77% 0.66% 0.81% 0.63%
Return on average equity 8.61% 7.18% 9.64% 6.70%
Efficiency ratio 61.87% 70.53% 60.14% 71.47%
Average shares
outstanding - primary 1,227,920 1,263,014 1,227,816 1,285,413
Average shares
outstanding - diluted 1,227,920 1,263,014 1,227,933 1,285,530
--------- --------- --------- ---------
Allowance for loan
losses:
Balance at
beginning of
period $1,886,191 $2,758,015 $1,750,605 $2,712,378
Charge-offs:
One-to-four
family 139,308 - 194,266 -
Commercial real
estate - - - -
Commercial 14,358 - 14,358 184,723
Consumer 22,039 4,948 117,538 11,992
------ ----- ------- ------
Gross
charge-offs 175,705 4,948 326,162 196,714
Recoveries:
One-to-four family 760 - 1,130 -
Commercial real
estate - - - -
Commercial 136,635 - 136,635 132,564
Consumer 13,534 12,557 24,207 27,396
------ ------ ------ ------
Gross
recoveries 150,929 12,557 161,972 159,960
------- ------ ------- -------
Net charge-offs 24,776 (7,609) 164,190 36,754
Additions charged to
operations 300,000 90,000 575,000 180,000
------- ------ ------- -------
Balance at end
of period $2,161,415 $2,855,624 $2,161,415 $2,855,624
========== ========== ========== ==========
Net loan charge-offs to
average loans (1) 0.05% 0.02% 0.16% 0.04%
---- ---- ---- ----
Nonperforming assets At June 30, At March 31, At December 31,
(000's) 2009 2009 2008
---- ---- ----
Loans:
Non-accrual $2,501 $2,171 $1,570
Past 90 days or
more and
still accruing - - -
Troubled debt
restructured 1,622 1,622 -
----- ----- ----
Total
nonperforming
loans 4,123 3,793 1,570
Real estate owned 1,498 1,332 1,423
Other repossessed
assets 1 1 8
---- ---- ----
Total nonperforming
assets $5,622 $5,126 $3,001
====== ====== ======
Nonperforming assets to
total assets 2.28% 2.05% 1.15%
Nonperforming loans to
total loans 2.06% 1.87% 0.76%
Allowance for loan
losses to nonperforming
loans 52.41% 49.72% 111.53%
Allowance for loan
Losses to net loans
receivable 1.09% 0.94% 0.86%
At June 30,
2009 2008
---- ----
Stockholders' equity as a % of total
assets 9.01% 8.66%
Book value per share $18.04 $17.84
Common shares outstanding- EOP 1,230,670 1,230,670
(1) Ratios for the three-month periods are annualized.
HARL...$14.72 Purchase..
07/17/09 3:05 PM EDT Buy 205 HARL Executed @ $14.72 Details | Edit
FFSL..$9.70
Small well cap bank that had EPS fall off a cliff.. Sold small position today.. hank
05/07/09 3:54 PM EDT Sell 194 FFSL Executed @ $9.7 Details | Edit
05/07/09 3:54 PM EDT Sell 148 FFSL Executed @ $9.7 Details | Edit
05/07/09 3:53 PM EDT Sell 394 FFSL Executed @ $9.8 Details | Edit
First Independence Corporation
For Further Information, Call
Anne M. Bertie, Vice President & CFO
(620) 331-1660
FOR IMMEDIATE RELEASE
FIRST INDEPENDENCE ANNOUNCES SECOND QUARTER EARNINGS
INDEPENDENCE, KS (April 21, 2009) -- First Independence Corporation (OTC Bulletin Board: FFSL.OB) (the “Company”), reported net earnings of $98,000 for the second quarter of fiscal 2009, compared to $451,000 for the second quarter of fiscal 2008. Diluted earnings per share of common stock for the second quarter of fiscal 2009 were $.12, compared to diluted earnings per share of $.53 for the second quarter of
fiscal 2008. Net earnings for the first half of fiscal 2009 were $533,000, compared to $863,000 for the first half of fiscal 2008. Diluted earnings per share for the six months
ended March 31, 2009 were $.64, compared to diluted earnings per share of $1.00 for the six months ended March 31, 2008.
The Company increased provision for loan losses during the second quarter of fiscal 2009 by $643,000, compared to $110,000 during the same period last year. The provision for loan losses for the first half of fiscal 2009 was $788,000, compared to
$131,000 for the first half of fiscal 2008.
Return on average assets for the second quarter of fiscal 2009 was .19% (annualized), compared to .92% (annualized), for the same period last year. Return on average equity for the second quarter of fiscal 2009 was 2.21% (annualized), compared to 10.64% (annualized), in the second quarter of fiscal 2008.
Return on average assets
for the first half of fiscal 2009 was .52% (annualized), compared to .89% (annualized), for the same period last year. Return on average equity for the first six months of fiscal
2009 was 6.02% (annualized), compared to 10.15% (annualized), for the first six months of fiscal 2008. We had $203.9 million in assets and $17.7 million in stockholders’ equity as of
March 31, 2009. At March 31, 2009, total shares outstanding were 835,163.
MYRTLE & SIXTH - P.O. DRAWER 947 - INDEPENDENCE, KANSAS 67301 - 620/331-1660
The Company is the parent corporation for First Federal Savings and Loan Association of Independence, Kansas ("First Federal"). At March 31, 2009, First Federal exceeded all of its regulatory capital requirements. First Federal has four fullservice
branch offices primarily serving Montgomery, Wilson, Crawford and Chautauqua Counties in Kansas along with a loan production office in Lawrence, Kansas.
This release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated. These risks and uncertainties include, among others, changes in economic conditions in our market area, changes in policies by regulatory agencies, fluctuations in interest rates, demand for loans in our market area and competition that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. For additional discussion of factors that may affect the Company’s erformance, refer to those described from time to time in our press releases and other communications.
http://www.firstfederalsl.com/Press%20Releases/EarningsPress%20Release%20042109_.pdf
UBOH.. $9.52 Great numbers..
United Bancshares, Inc. and Subsidiary
Overview of the Income Statement
For the quarter ended March 31, 2009, the Corporation reported net income of $1,432,000, or $0.42 basic earnings per share. This compares to first quarter 2008 net income of $945,000, or $0.27 basic earnings per share. Compared with the same period in 2008, first quarter 2009 net income increased $487,000 or 51.5%. The $487,000 increase for the quarter was primarily the result of a $426,000 increase in non-interest income, a decrease of $807,000 in interest expense, and a decrease of $58,000 in non-interest expenses offset by a decrease of $266,000 in interest income, an increase of $325,000 in the provision for loan losses and an increase in the provision for income taxes of $213,000.
Interest Income and Expense
Net interest income is the amount by which interest income from interest-earning assets exceeds interest incurred on interest-bearing liabilities. Interest-earning assets consist principally of loans and investment securities while interest-bearing liabilities include interest-bearing deposit accounts and borrowed funds. Net interest income remains the primary source of revenue for the Corporation. Changes in market interest rates, as well as changes in the mix and volume of interest-bearing assets and interest-bearing liabilities impact net interest income. Net interest income was $5,040,000 for the first quarter of 2009, compared to $4,499,000 for the same period of 2008, an increase of $541,000 (12.0%). This increase was mostly due to a $55 million increase in average interest-earning assets for the first quarter of 2009 as compared to the same period in 2008, as well as a slight increase in the net interest margin. The increase in average interest-earnings assets included a $46 million increase in loans.
Net interest margin is calculated by dividing net interest income (adjusted to reflect tax-exempt interest income on a taxable equivalent basis) by average interest-earning assets. The resulting percentage serves as a measurement for the Corporation in comparing its results with those of past periods as well as those of peer institutions. For the three months ended March 31, 2009, the net interest margin (on a taxable equivalent basis) was 3.66% compared with 3.62% for the same period of 2008. The increase in the net interest margin for the first quarter of 2009 as compared to the first quarter of 2008 primarily resulted from the decrease in the cost of interest bearing deposits (2.58% in 2009 compared to 3.57% in 2008) having a greater impact on the net interest margin than the decrease in the yield of interest-earning assets (5.98% in 2009 compared to 6.80% in 2008).
Provision for Loan Losses
The provision for loan losses is determined based upon management’s calculation of the allowance for loan losses and is reflective of management’s assessment of the quality of the portfolio and overall management of the inherent credit risk of the loan portfolio. Changes in the provision for loan losses are dependent, among other things, on loan delinquencies, collateral position, portfolio risks and general economic conditions in the Corporation’s lending markets. A $600,000 provision for loan losses was made for the first quarter of 2009 compared to a $275,000 provision for the same period in 2008. The increase in the provision for loan losses for the first quarter of 2009 as compared to the first quarter of 2008 is attributable to an increase in problem and potential problem loans as well as Union's charge-off experience. During the quarter ended March 31, 2009, Union recorded a $183,000 provision for loan losses relating to impaired loans and a $103,000 provision for potential problem loans. See “Allowance for Loan Losses” under Financial Condition for further discussion of the provision for loan losses.
Non-Interest Income
The Corporation’s non-interest income is largely generated from activities related to the origination, servicing and gain on sales of fixed rate mortgage loans, customer deposit account fees, earnings on life insurance policies, income arising from sales of investment products to customers, and occasional security sale transactions. Income related to customer deposit accounts and Bank Owned Life Insurance provides a relatively steady flow of income while the other sources are more volume or transaction related and consequently can vary from quarter to quarter.
Gain on sales of loans amounted to $417,000 for the quarter ended March 31, 2009, compared to $93,000 for the first quarter of 2008, an increase of $324,000. The quarterly gains included capitalized servicing rights of $181,000 and $21,000 on $20.8 million and $2.5 million of originated loan sales during the quarters ended March 31, 2009 and 2008, respectively. The balance of the gain on sales of loans represented cash gains. The significant increase in loan sales activity for the first quarter of 2009 as compared to 2008 is attributable to the significant decline in mortgage interest rates during the fourth quarter of 2008 and first quarter of 2009. Despite the significant loan sales activity experienced during the first quarter of 2009, Union's serviced portfolio remained essentially unchanged increasing only $1.5 million to $189.0 million at March 31, 2009.
The fair value of mortgage servicing rights decreased $56,000 for the quarter ended March 31, 2009 compared to $251,000 for the quarter ended March 31, 2008. Amortization of mortgage servicing rights, which is reported as a reduction of servicing income (other non-interest income in the accompanying condensed consolidated statements of income), amounted to $73,000 for the quarter ended March 31, 2009 compared to $80,000 for the quarter ended March 31, 2008.
Other non-interest income decreased $77,000 (11.1%) to $617,000 for the quarter ended March 31, 2009 compared to the same period in 2008. The decrease was the result of an $80,000 decrease in NSF and Overdraft charges.
Non-Interest Expenses
For the quarter ended March 31, 2009, non-interest expenses were $3,575,000, compared to $3,633,000 for the first quarter of 2008, a $58,000 (1.6%) decrease.
Non-interest expenses for the quarter ended March 31, 2009 included a $65,000 increase in the Corporation's FDIC assessment and a $79,000 decrease in the write downs on other real estate owned ($25,000 in 2009 compared to $104,000 in 2008), compared to the same quarter in 2008. In addition to the Corporation’s ongoing commitment to the improvement of internal controls and the overall operational environment, the Corporation has and will continue to identify and implement cost saving strategies.
Maintaining acceptable levels of non-interest expenses and operating efficiency are key performance indicators for the Corporation in its strategic initiatives. The financial services industry uses the efficiency ratio (total non-interest expense as a percentage of the aggregate of fully-tax equivalent net interest income and non-interest income) as a key indicator of performance. For the quarter ended March 31, 2009, the Corporation’s efficiency ratio improved to 56.96% compared to 68.67% for the same period of 2008.
Current economic conditions have increased bank failures and expectations for further failures, in which case the FDIC insures payment of deposits up to insured limits from the Deposit Insurance Fund. In late 2008, the FDIC announced an increase in insurance premium rates of seven basis points for the first quarter of 2009. On February 27, 2009, the FDIC announced its adoption of an interim final rule imposing a one-time special assessment of up to 20 basis points and a final rule adjusting the risk-based calculation used to determine the premiums due from each financial institution. On March 5, 2009, the FDIC announced its plan to reduce the special assessment to 10 basis points. Although at the time of this filing it was unclear to management the precise amount of the special assessment, management expects that the special assessment and the changes in the premium calculation will significantly increase the Corporation’s FDIC insurance expense for the remainder of 2009 and possibly thereafter.
Provision for Income Taxes
The provision for income taxes for the quarter ended March 31, 2009 was $416,000, or 22.5% of income before income taxes, compared to $203,000, or 17.7%, for the comparable 2008 period. The increase in the effective tax rate is attributable to tax-exempt interest income comprising a smaller portion of income before income taxes in 2009 than 2008.
Return on Assets
Return on average assets was 0.93% for the first quarter of 2009, compared to 0.68% for the comparable quarter of 2008. The increase resulted from a 51.5% increase in net income with only a slight increase in the Corporation’s average assets.
Return on Equity
Return on average equity for the first quarter of 2009 was 11.06% compared to 7.66% for the same period of 2008. This increase was the result of the increase in net income. The Corporation and Union met all regulatory capital requirements as of March 31, 2009, and Union is considered “well capitalized” under regulatory and industry standards of risk-based capital.
Condensed Consolidated Statements of Income (Unaudited)
UBOH.. $9.275
United Bancshares Requests Withdrawal From Treasury's CPP
Apr 27, 2009 15:29:39 (ET)
DOW JONES NEWSWIRES
United Bancshares Inc. (UBOH) said Monday it is seeking to withdraw its application to participate in the U.S. Treasury's Troubled Asset Relief Program Capital Purchase Program.
President and Chief Executive Daniel W. Schutt said in a letter to the agency that United Bancshares didn't receive the requisite two-thirds shareholder approval at its annual shareholders meeting to issue a new class of preferred stock.
"Without this amendment, the company is not authorized to issue the preferred stock necessary to consummate a transaction with Treasury under the CPP," Schutt said.
The Columbus Grove, Ohio, holding company for the Union Bank Co. provided a copy of the letter in a Securities and Exchange Commission filing.
-Gee L. Lee, Dow Jones Newswires; 202-862-1346
FBIZ..
On watch 02/27/09 $12.38...
First Business Financial Services Announces Increase in Earnings of 28.5 Percent
Monday October 27, 5:55 pm ET
MADISON, Wis., Oct. 27, 2008 (GLOBE NEWSWIRE) -- First Business Financial Services, Inc. (NasdaqGM:FBIZ - News) reported net income of $3.010 million for the first nine months of 2008, an increase of $668 thousand, or 28.5%, from the first nine months of 2007. Diluted earnings per share for the nine months ended September 30, 2008 were $1.24 compared to $0.95 reported for the same period in 2007, an increase of 30.5%. Net income for the three months ended September 30, 2008 was $1.172 million, an increase of $287 thousand, or 32.4%, compared to $885 thousand for the three months ended September 30, 2007. Diluted earnings per share for the three months ended September 30, 2008 were $0.48 compared to $0.36 for the same period in 2007, an increase of 33.3%.
The Corporation's total assets reached $998.4 million at September 30, 2008, an increase of $99.3 million, or 12.6%, from September 30, 2007. Net loans and leases, which totaled $828.4 million as of September 30, 2008, grew $79.8 million, or 10.7%, year-over-year.
A complete copy of the Corporation's Quarterly Report on Form 10-Q for the period ending September 30, 2008 and all reports filed by the Corporation with the SEC may be accessed through the Corporation's website, http://www.firstbusiness.com.
ADVERTISEMENT
Chief Executive Officer, Corey Chambas, commented, ``First Business, once again, had excellent growth in net income this quarter, particularly in light of the difficulties in the overall economy and especially in the banking sector. Our strong performance is due to our solid asset quality, no deterioration in the quality of the investment portfolio we own, and our ability to grow in a tough economic climate.'
About First Business Financial Services, Inc.
First Business Financial Services (NasdaqGM:FBIZ - News) is a Wisconsin-based bank holding company that specializes in focused financial solutions for businesses, key executives, and high net worth individuals through its operating companies. Its companies include: First Business Bank - Madison; First Business Bank - Milwaukee; First Business Bank - Northeast; First Business Trust & Investments; First Business Equipment Finance, LLC; and First Business Capital Corp. For additional information, visit http://www.firstbusiness.com or call 608-238-8008.
The First Business Financial Services, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=2667
Forward-Looking Statements
This press release contains forward-looking statements that reflect the Corporation's plans, estimates and beliefs. When used in this press release, the words ``anticipate,' ``believe,' ``estimate,' ``expect,' ``objective' and similar expressions and verbs in the future tense are intended to identify forward-looking statements. The statements contained in this press release involve or may involve certain assumptions, risks, and uncertainties, many of which are beyond the Corporation's control, which could cause actual results to differ materially from those discussed in the forward-looking statements. The forward-looking statements included in this press release are only made as of the date hereof, and the Corporation undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. In addition to the assumptions and other factors referenced specifically in connection with such statements, the factors described in ``Item 1A. Risk Factors' in our Annual Report on Form 10-K and the following factors could impact the business and financial prospects of the Corporation: general economic conditions; legislative and regulatory initiatives; increased competition and other effects of deregulation and consolidation of the financial services industry; monetary and fiscal policies of the federal government; deposit flows; disintermediation; the cost and availability of funds; general market rates of interest; interest rates or investment returns on competing investments; demand for loan products; demand for financial services; changes in accounting policies or guidelines; general economic developments; acts of terrorism and developments in the war on terrorism; and changes in the quality or composition of loan and investment portfolios.
Contact:
First Business Financial Services, Inc.
Jim Ropella, Senior Vice President and CFO
608-232-5970
jropella@firstbusiness.com
==================================================
First Business Financial Services, Inc.
401 Charmany Drive
Madison, WI 53719
Phone: 608-238-8008
Fax: 608-232-5975
Web Site: http://www.fbfinancial.com
DETAILS
Index Membership: N/A
Sector: Financial
Industry: Regional - Midwest Banks
Full Time Employees: 122
BUSINESS SUMMARY
First Business Financial Services, Inc. operates as the bank holding company for First Business Bank and First Business Bank, Milwaukee, which provide various commercial banking products and services to small and medium size businesses in Wisconsin. Its deposit products include demand deposits, time deposits, savings accounts, money market accounts, and certificates of deposit. The company offers loan products, including commercial mortgage loans, construction loans, multi family loans, one-to-four family loans, commercial loans, asset-based loans, consumer loans, personal loans, and term loans. It also provides personal lines of credit, cash management services, commercial lending, commercial real estate lending, and equipment leasing, as well as offers trust and investment services to local businesses, business owners, executives, professionals, and high net worth individuals. The company was founded in 1909 and is based in Madison, Wisconsin.
--------------------------------------------------------------------------------
Source: First Business Financial Services, Inc.
Citizens National Bank..
CIWV.OB Citizens Financial Corp. $6.60 02/27/09
213 Third Street
Elkins, WV 26241
Phone: 304-636-4095
Fax: 304-636-6924
Web Site: http://www.cnbelkins.com
Industry: Regional - Mid-Atlantic Banks
Full Time Employees: 88
============================================
SMALL Bank With increasing earnings...
Three Months Ended Nine Months Ended
September 30, September 30,
2008 2007 2008 2007
Basic and fully diluted earnings per common share
$ 0.28 $ 0.23 $ 0.73 $ 0.63
Weighted average shares outstanding
1,829,504 1,829,504 1,829,504 1,829,504
Dividends per common share
$ 0.12 $ 0.12 $ 0.36 $ 0.36
============================================
BUSINESS SUMMARY:
Citizens Financial Corp. operates as the holding company for Citizens National Bank of Elkins, which provides retail and commercial banking services in central and eastern West Virginia. It primarily engages in generating deposits and originating loans.
The company’s deposit products include demand deposits, savings, money market, and time deposits. Its lending portfolio comprises commercial, financial, and agricultural loans; real estate construction and mortgage loans; and installment loans. The company also provides letters of credit; safe deposit and wire transfer services; automated teller machine, telebanking, and Internet banking services; and brokerage and financial planning services, as well as fixed rate residential mortgages. As of December 31, 2007, it operated six branch offices. The company was founded in 1923 and is headquartered in Elkins, West Virginia.
http://www.cnbelkins.com/
http://www.cnbelkins.com/investrelate.cfm
Economic Characteristics of Citizens’ Marketplace...
Citizens serves an area of West Virginia including the counties of Randolph, Tucker, Grant and Pocahontas. This market is a largely rural, mountainous region covering approximately 2,876 square miles with a civilian labor force of 25,520.
The economy of this area typically does not experience highs or lows to the same degree as the national economy and is generally less prosperous than the nation as a whole. Major industries in the area include lumber and wood products, tourism, and poultry operations.
Other major sources of employment include public schools, hospitals and other health care providers and various forms of local and state governmental services. As of December,2007, the unemployment rate in this market was 5.9% compared to 4.4% for West Virginia and 4.8% nationwide. Average annual wages in the area approximate $28,869 which is below both state and national levels.
Ongoing roadway improvements are helping to improve access to and transportation within the area and are expected to provide long-term economic benefits. However, the local economy is not expected to undergo significant changes in the short-term...
SEC Filings:
http://finance.yahoo.com/q/sec?s=ciwv.ob
For the quarterly period ended September 30, 2008 Commission file number 2-96144
http://www.cnbelkins.com/10Q-0908.pdf
For the quarterly period ended June 30, 2008 Commission file number 2-96144
http://www.cnbelkins.com/10Q-0608.pdf
For the quarterly period ended March 31, 2008 Commission file number 2-96144
http://www.cnbelkins.com/10Q-0308.pdf
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the fiscal year ended December 31,2007
http://www.cnbelkins.com/10K-2007.pdf
U.S. Lawmakers Clash Over Nationalizing Banks to Stem Declines
Email | Print | A A A
By Alison Vekshin
Feb. 21 (Bloomberg) -- U.S. Senate and House Democrats who steer financial-industry legislation clashed over having the government take over some banks as a way to help lenders that have been hammered by the worst economic slump in 75 years.
Senate Banking Committee Chairman Christopher Dodd said yesterday some banks may have to be taken over for “a short time,” and his House counterpart, Financial Services Committee Chairman Barney Frank, along with Republican Senator Jon Kyl rejected having the government step in to run banks.
“I don’t welcome that at all, but I could see how it’s possible it may happen,” Dodd, a Connecticut Democrat, said on Bloomberg Television’s “Political Capital with Al Hunt,” broadcast this weekend. “I’m concerned that we may end up having to do that, at least for a short time.”
Citigroup Inc. and Bank of America Corp., which received $90 billion in U.S. aid in four months, tumbled as much as 36 percent yesterday on concern the U.S. may take over the banks. The Obama administration in response said a “privately held” banking system is the “correct way to go.”
Dodd, a Connecticut Democrat, also said Treasury Secretary Timothy Geithner has “an awful lot of leeway” in interpreting how the executive compensation restrictions he wrote into the economic stimulus legislation will be applied for banks that take federal aid.
Dodd’s statement gives Geithner the flexibility to say the rules don’t apply to firms that participate in the public-private partnership Treasury announced Feb. 10 to buy banks’ toxic assets, but only to companies that get cash injections under the Troubled Asset Relief Program.
Treasury Questions
“That’s one the Treasury has to respond to,” Dodd said. “That’s the kind of question that really ought to be reserved for them.”
Dodd softened his Feb. 5 opposition to nationalizing U.S. banks, when he told reporters he didn’t think it was time for the government to take over Bank of America, which had fallen to the lowest level in New York trading since 1984.
A possible government takeover has gained support. Former Federal Reserve Chairman Alan Greenspan told the Financial Times this week that the U.S. may have to temporarily nationalize some banks until the industry is restructured. Republican Senator Lindsey Graham, a member of the Budget Committee, said on ABC’s “This Week” Feb. 15 he wouldn’t reject the idea of nationalizing the banks.
The Obama administration turned aside questions about a U.S. takeover of banks, saying a “privately held banking system is the correct way to go, ensuring that they are regulated sufficiently by this government,” White House spokesman Robert Gibbs said yesterday at a briefing. “That’s been our belief for quite some time and we continue to have that.”
Frank, Kyl
Frank, a Massachusetts Democrat who heads the House panel that crafts banking legislation and often collaborates with Dodd, said he didn’t see the likelihood U.S. banks would be nationalized, and Geithner’s bank bailout plan should be given time to take effect.
“If that works, then we don’t have to go beyond it,” Frank said in a telephone interview yesterday.
Senator Jon Kyl, the second-ranking Republican and a member of the Finance Committee, agreed with Frank, saying nationalizing U.S. banks is “out of the question” and isn’t going to happen.
“I don’t think it’s something the market has to worry about,” Kyl, an Arizona Republican, said yesterday in a telephone interview, after Dodd spoke. “There are plenty of tools that we have short of that to deal with the crisis.”
Bank Shares Tumble
Citigroup tumbled 22 percent yesterday, to $1.95, the lowest in 18 years. Bank of America, the biggest bank by assets with $883 billion in deposits, recouped most of a 36 percent loss after Chief Executive Officer Kenneth Lewis said the bank can survive “on our own.” The KBW Bank Index of 26 companies fell for a sixth day, extending its decline this year to 51 percent.
Dodd said the executive-pay restrictions on banks that get TARP funds are necessary to draw taxpayer support for more government action.
“As long as they think their money is being squandered on bonuses or super salaries at a point like this, the job of getting people to support what we need to do is going to be that much more difficult,” Dodd said.
Dodd wrote a provision into the $787 billion stimulus bill that restricts bonuses for senior executives and the next top 20 employees at companies getting more than $500 million from the government rescue package. Limits on bonuses apply to other companies on a sliding scale based on how much aid they received.
Dodd said additional aid to the automobile industry should come from TARP, as there is “zero” tolerance in Congress to offer more funding for the government aid program.
General Motors Corp., the biggest U.S. carmaker, or Chrysler LLC could end up being forced into a merger, or a prepackaged bankruptcy filing, Dodd said. “I’m fearful it might turn into just a liquidation,” he said.
To contact the reporter on this story: Alison Vekshin in Washington at avekshin@bloomberg.net.
Last Updated: February 21, 2009 00:01 EST
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Hank's portfolio of Small Banks...
Return on eguity must be > 7.75%
Return on assets must be > .5%**
Asset Growth must be positive...
Income growth rates >
Diluted EPS growh rate >
Efficiency Ratio improving...If above 0.56% (improvement over previous period must be at least 0.04%..)
Is a ratio used to calculate a bank's efficiency.
Non-interest expense divided by net interest income plus non interest income less interest expense.
Investopedia Says: However the ratio is calculated, its purpose is to evaluate the overhead structure
of a financial institution. Banking is no different from any mature industry - the surviving companies are those that keep costs down. The efficiency ratio gives us a measure of how effectively a bank is operating. Efficiency is usually a decent measure of profitability.
Increase in income from sources other than interest growth >
**BASED ON EQUITY,,LESS ANY NEW EQUITY FUNDING DURING THE PREVIOUS 12 MONTHS...
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