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MNRK..$7.15.. Great earnings..
Monarch Financial Reports Record Profits And New Hilltop Banking Office
PR Newswire - Oct 15 at 16:36 NONE
Company Symbols: NASDAQ-SMALL:MNRK
CHESAPEAKE, Va., Oct. 15 /PRNewswire-FirstCall/ -- Monarch Financial Holdings, Inc. (Nasdaq: MNRK), the bank holding company for Monarch Bank, reported the best third quarter and nine month profits in the company's history. Net income was $1,153,699 for the third quarter of 2009, up 49.4% from the same period in 2008 when net income was $772,333. The quarterly annualized return on average equity (ROE) was 7.25%, and the annualized return on average assets (ROA) was 0.74%. Quarterly basic and diluted earnings per share were $0.17, a 21.4% improvement over the third quarter of 2008 when basic and diluted earnings per share were $0.14.
For the first nine months of 2009 net income was a record $3,633,562 compared to $2,667,561 for the same period in 2008, a 36.3% increase. The nine month annualized return on average equity (ROE) was 7.84 %, and the annualized return on average assets (ROA) was 0.75%. Year-to-date 2009 diluted earnings per share were $0.53, compared to $0.51 the previous year, despite the issuance of additional shares in June of 2008.
"I am pleased to again report record earnings that were achieved despite the challenges of this very tough economy. We improved our banking operations during the quarter and have had a great year of performance from our mortgage businesses. We continue to produce record profits despite significant expense increases including higher provision for loan loss expenses and much higher FDIC deposit insurance expenses," stated Brad E. Schwartz, Chief Executive Officer of Monarch Bank. "Our asset quality remains significantly better than our local and national peers, and our capital accounts are strong. In the past year we have created 91 net new jobs, which we feel is critical to improving the economy. Our talented people, capital strength and deposit base have allowed us to continue to lend and grow in all our communities."
The company also announced a new banking office in the Hilltop/First Colonial area of Virginia Beach, which is the top deposit market in the city. E. Neal Crawford, President of Monarch Bank, stated, "We are excited to soon have an office in not only the largest deposit market in Virginia Beach, but also in one of the top growing markets. This puts us in the center of the major retail, business, medical and professional corridor of northeastern Virginia Beach. Our new office will be located at 1635 Laskin Road and will open in the first quarter of 2010."
Total assets at September 30, 2009 grew to $651.8 million, up $57.0 million or 9.6% from the same period in 2008. Total loans held for investment increased $21.3 million to $522.3 million, up 4.2% from the same period in 2008. Loans held for sale through our mortgage operations increased $34.8 million to $71.2 million, up 95.7% from the same period in 2008. Deposits increased $41.4 million to $540.1 million, up 8.3% from the same period in 2008. Lower cost demand deposit accounts represent 19% of total deposits.
Non-performing assets were $8,765,000 or 1.34 % of total assets as of September 30, 2009, an increase from 0.76% of total assets at June 30, 2009, but in line with 1.35% reported at December 31, 2008. The increase for the quarter was primarily due to two relationships, with potential losses accounted for in our allowance for loan losses. Non-performing assets consist of $837,000 in loans 90 days or more past due and still accruing interest, $6,851,000 in non-accrual loans and seven residential properties totaling $1,077,000 carried in Other Real Estate Owned.
Our allowance for loan losses as of September 30, 2009 represents 1.83% of total loans, up significantly from 1.00% one year prior. Management continues to aggressively build the allowance for loans losses and manage non-performing assets. All Other Real Estate Owned as of June 30, 2009 has been sold except for one parcel carried at $67,000, which is under contract for sale and expected to close in October. Two of the remaining six properties held as Other Real Estate Owned are already under contract to close in the fourth quarter.
The Company's capital position remains extremely strong with total capital of $63.5 million and regulatory capital of $78.7 million at September 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, with total risk based capital to total assets of 13.94%, up 15.1% from one year prior. On October 14, 2009, Monarch announced the filing of a registration statement with the U.S. Securities and Exchange Commission in connection with a proposed public offering of 650,000 shares of noncumulative convertible perpetual preferred stock with a public offering price and liquidation value of $25.00 per share.
During the first nine months of 2009, the Company paid $557,375 in dividends directly to the US Treasury for the $14.7 million investment by the Capital Purchase Program last December. Despite this dividend payment in 2009, the company was able to report an increase in both quarterly and year to date earnings per share. Monarch has used the Capital Purchase Program funds primarily to support growth in funding mortgage loans, and since receipt of the funds last December has funded over $965 million in residential mortgage loans.
Net interest income increased 28.6% or $3.5 million in 2009, due to higher 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 was 3.60% for the third quarter of 2009 compared to 3.18% for the same period in 2008. Improved market and risk-based loan pricing coupled with major declines in the cost of deposits continued to improve net interest income. We do anticipate improved asset yields and further declines in funding costs as the majority of our time deposits reprice to lower market rates.
Non-interest income grew 81.3% during 2009 compared to the same period in 2008, fueled by increased production at Monarch Mortgage. Monarch Mortgage closed $265 million in mortgage loans during the third quarter of 2009, and $904 million for the first nine months of 2009, which is greater than all the loans closed for the entire year in 2008. For the third quarter of 2009 mortgage loan applications were $406 million. Monarch Mortgage is focused on the retail A-paper mortgage market and does not originate sub-prime mortgages or purchase loans in the wholesale mortgage market. Non-interest income represented 52.5% of total revenues in 2009, compared to 38.5% in 2008.
Non-interest expense grew 52.2% due to increased mortgage commission expense, FDIC insurance expense, legal expenses related to loan collections, and general expansion. Our largest non-interest expense percentage increase for 2009 is our FDIC deposit insurance premiums and special assessments, which was up $874,545 or 414.1% in 2009 compared to the same nine months of 2008.
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 eighteen offices with locations in Chesapeake, Norfolk, Virginia Beach (2), Fredericksburg, Suffolk, and Richmond, Virginia as well as Rockville (2), Bowie, Waldorf, Crofton, Gaithersburg and Greenbelt, Maryland, and Kitty Hawk, Charlotte, and Wilmington, North Carolina and Greenwood, South 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), Monarch Investments (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".
This press release may contain "forward-looking statements," within the meaning of federal securities laws that involve significant risks and uncertainties. Statements herein are based on certain assumptions and analyses by the Company and are factors it believes are appropriate in the circumstances. Actual results could differ materially from those contained in or implied by such statements for a variety of reasons including, but not limited to: changes in interest rates; changes in accounting principles, policies, or guidelines; significant changes in the economic scenario: significant changes in regulatory requirements; and significant changes in securities markets. Consequently, all forward-looking statements made herein are qualified by these cautionary statements and the cautionary language in the Company's most recent Form 10-K and 10-Q reports and other documents filed with the Securities and Exchange Commission. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
Consolidated Balance Sheets
Monarch Financial Holdings, Inc. and Subsidiaries
(In thousands)
Unaudited
September
2009 2008
---- ----
ASSETS:
Cash and due from banks $14,004 $14,060
Interest bearing bank balances 4,407 94
Federal funds sold 7,749 -
Investment securities:
Securities available for sale 5,762 17,290
Securities held to maturity 500 500
--- ---
Total investment securities 6,262 17,790
----- ------
Mortgage loans held for sale 71,232 36,395
Loans 522,333 501,052
Less: allowance for loan losses (9,550) (4,991)
------ ------
Net loans 512,783 496,061
------- -------
Bank premises and equipment 8,253 8,574
Restricted equity securities 7,017 3,757
Bank owned life insurance 6,981 6,724
Goodwill 775 775
Intangible assets 863 1,042
Accrued interest receivable and other assets 11,448 9,562
------ -----
Total assets $651,774 $594,834
======== ========
LIABILITIES:
Demand deposits--non-interest bearing $84,389 $73,379
Demand deposits--interest bearing 19,171 16,873
Money market deposits 139,115 110,475
Savings deposits 27,684 14,295
Time deposits 269,732 283,682
------- -------
Total deposits 540,091 498,704
FHLB borrowings 33,082 31,700
Federal funds purchased - 4,790
Trust preferred subordinated debt 10,000 10,000
Accrued interest payable and other liabilities 5,133 3,237
----- -----
Total liabilities 588,306 548,431
------- -------
STOCKHOLDERS' EQUITY:
Preferred stock, $5 par value, 1,985,300 shares
authorized, none issued - -
Cumulative perpetual preferred stock, series A,
$1,000 par value, 14,700 issued and outstanding 14,511 -
Common stock, $5 par, 20,000,000 shares
authorized, issued 5,792,914 shares outstanding
at September 30, 2009 and 5,688,580 shares
outstanding at September 30, 2008 28,965 28,443
Capital in excess of par value 8,230 7,810
Retained earnings 11,603 10,087
Accumulated other comprehensive income 56 (47)
-- ---
Total Monarch Financial Holdings, Inc.
stockholders' equity 63,365 46,293
Noncontrolling interest 103 110
--- ---
Total equity 63,468 46,403
------ ------
Total liabilities and stockholders' equity $651,774 $594,834
======== ========
Consolidated Statements of Income
Monarch Financial Holdings, Inc. and Subsidiaries
Unaudited
Three Months Ended Nine Months Ended
September 30 September 30
2009 2008 2009 2008
---- ---- ---- ----
INTEREST INCOME:
Interest on federal funds
sold $6,728 $5,560 $9,987 $17,444
Interest on other bank
accounts 494 10,060 1,902 65,040
Dividends on restricted
securities 41,705 41,852 80,553 162,206
Interest and dividends on
investment securities 53,794 141,123 181,539 367,649
Interest and fees on
loans 7,960,150 7,670,563 23,772,474 22,822,737
--------- --------- ---------- ----------
Total interest
income 8,062,871 7,869,158 24,046,455 23,435,076
--------- --------- ---------- ----------
INTEREST EXPENSE:
Interest on deposits 2,184,747 2,962,457 7,149,718 9,471,758
Interest on trust
preferred subordinated
debt 56,158 112,460 205,216 384,789
Interest on other
borrowings 285,887 435,059 864,998 1,272,451
------- ------- ------- ---------
Total interest
expense 2,526,792 3,509,976 8,219,932 11,128,998
--------- --------- --------- ----------
NET INTEREST INCOME 5,536,079 4,359,182 15,826,523 12,306,078
PROVISION FOR LOAN LOSSES 1,546,788 480,581 4,084,936 1,244,613
--------- ------- --------- ---------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 3,989,291 3,878,601 11,741,587 11,061,465
--------- --------- ---------- ----------
NON-INTEREST INCOME:
Service charges on
deposit accounts 395,981 357,395 1,052,808 1,021,517
Mortgage banking income 7,975,961 3,988,190 23,902,036 11,995,944
Investment and insurance
commissions 163,761 294,671 677,433 991,095
Security gains, net - - - 10,801
Other income 94,676 173,174 928,772 631,621
------ ------- ------- -------
Total non-interest
income 8,630,379 4,813,430 26,561,049 14,650,978
--------- --------- ---------- ----------
NON-INTEREST EXPENSE:
Salaries and employee
benefits 7,389,031 4,714,837 22,354,849 14,222,938
Occupancy and equipment 982,943 876,062 2,793,119 2,544,368
Loan Expense 1,067,668 386,727 2,574,562 1,311,311
Data processing 186,930 156,888 600,581 489,318
FDIC Insurance 255,000 95,940 1,085,755 211,210
Other expenses 941,997 1,183,471 3,258,306 2,679,800
------- --------- --------- ---------
Total non-interest
expense 10,823,569 7,413,925 32,667,172 21,458,945
---------- --------- ---------- ----------
INCOME BEFORE TAXES 1,796,101 1,278,106 5,635,464 4,253,498
Income tax provision 619,870 412,700 1,833,770 1,327,500
------- ------- --------- ---------
NET INCOME 1,176,231 865,406 3,801,694 2,925,998
Less: Net income
attributable to
noncontrolling
interest (22,532) (93,073) (168,132) (258,437)
------- ------- -------- --------
NET INCOME ATTRIBUTABLE
TO MONARCH FINANCIAL
HOLDINGS, INC. $1,153,699 $772,333 $3,633,562 $2,667,561
---------- -------- ---------- ----------
Preferred stock dividend
and accretion of preferred
stock discount 197,766 - 586,807 -
------- --- ------- ---
NET INCOME AVAILABLE TO
COMMON STOCKHOLDERS $955,933 $772,333 $3,046,755 $2,667,561
======== ======== ========== ==========
NET INCOME PER COMMON SHARE:
Basic $0.17 $0.14 $0.54 $0.52
Diluted $0.17 $0.14 $0.53 $0.51
Financial Highlights
Monarch Financial Holdings, Inc. and Subsidiaries
(Dollars in thousands,
except per share data)
Three Months Ended
September 30
2009 2008 Change
---- ---- ------
EARNINGS
Interest Income $8,063 $7,869 2.5%
Interest expense 2,527 3,510 (28.0)
Net interest income 5,536 4,359 27.0
Provision for loan losses 1,547 481 221.6
Noninterest income 8,630 4,814 79.3
Noninterest expense 10,824 7,414 46.0
Pre-tax net income 1,795 1,278 40.5
Minority interest in net income 23 93 (75.3)
Income taxes 619 413 49.9
Net income 1,153 772 49.4
PER COMMON SHARE
Earnings per share - basic $0.17 $0.14 21.4%
Earnings per share - diluted 0.17 0.14 21.4
FINANCIAL RATIOS
Return on average assets 0.74% 0.53% 39.6%
Return on average stockholders' equity 7.25 6.67 8.7
Net interest margin (FTE) 3.60 3.18 13.2
Non-interest revenue/Total revenue 51.7 38.0 36.1
Efficiency - Consolidated 76.1 80.3 (5.2)
Efficiency - Bank only 49.7 75.1 (33.8)
Average equity to average assets 10.18 7.90 28.9
AVERAGE BALANCES
Total loans $519,461 $496,082 4.7%
Interest-earning assets 622,856 555,671 12.1
Assets 619,701 582,623 6.4
Total deposits 514,189 464,878 10.6
Other borrowings 59,711 66,068 (9.6)
Stockholders' equity 63,079 46,050 37.0
ALLOWANCE FOR LOAN LOSSES
Beginning balance $9,030 $4,621 95.4%
Provision for loan losses 1,547 481 221.6
Charge-offs 1,050 138 660.9
Recoveries 23 27 (14.8)
Ending balance 9,550 4,991 91.3
Net charge-off loans to average loans 0.20 0.02 783.6
Nine Months Ended
September 30
2009 2008 Change
---- ---- ------
EARNINGS
Interest Income $24,046 $23,435 2.6%
Interest expense 8,220 11,129 (26.1)
Net interest income 15,826 12,306 28.6
Provision for loan losses 4,085 1,245 228.1
Noninterest income 26,561 14,651 81.3
Noninterest expense 32,667 21,459 52.2
Pre-tax net income 5,635 4,253 32.5
Minority interest in net income 168 258 (34.9)
Income taxes 1,833 1,328 38.0
Net income 3,634 2,667 36.3
PER COMMON SHARE
Earnings per share - basic $0.54 $0.52 3.8%
Earnings per share - diluted 0.53 0.51 3.9
Book value 8.42 8.16 3.2
Tangible book value 8.14 8.16 (0.2)
Closing market price (adjusted) 7.45 7.70 (3.2)
FINANCIAL RATIOS
Return on average assets 0.75% 0.65% 15.4%
Return on average stockholders' equity 7.84 8.79 (10.8)
Net interest margin (FTE) 3.49 3.20 9.1
Non-interest revenue/Total revenue 52.5 38.5 36.4
Efficiency - Consolidated 76.8 79.1 (2.9)
Efficiency - Bank only 57.1 75.5 (24.4)
Average equity to average assets 9.62 7.40 30.0
Total risk based capital -
Consolidated 13.94 12.11 15.1
Total risk based capital - Bank only 11.36 12.11 (6.2)
PERIOD END BALANCES
Total loans held for sale $71,232 $36,395 95.7%
Total loans held for investment 522,333 501,052 4.2
Interest-earning assets 625,981 565,812 10.6
Assets 651,774 594,834 9.6
Total deposits 540,091 498,704 8.3
Other borrowings 43,082 46,490 (7.3)
Stockholders' equity 63,468 46,403 36.8
AVERAGE BALANCES
Total loans $512,639 $468,461 9.4%
Interest-earning assets 620,000 523,462 18.4
Assets 644,363 547,479 17.7
Total deposits 506,890 442,371 14.6
Other borrowings 66,246 66,068 0.3
Stockholders' equity 61,967 40,516 52.9
ALLOWANCE FOR LOAN LOSSES
Beginning balance $8,046 $3,976 102.4%
Provision for loan losses 4,085 1,245 228.1
Charge-offs 2,662 294 805.4
Recoveries 81 64 26.6
Ending balance 9,550 4,991 91.3
Net charge-off loans to average loans 0.50 0.05 925.5
ASSET QUALITY RATIOS
Nonperforming assets to total assets 1.34% 0.89% 45.0 bp
Allowance for loan losses to total
loans 1.83 1.00 82.8 bp
Allowance for loan losses to
nonperforming loans 124.22 101.92 21.9%
COMPOSITION OF RISK ASSETS
Nonperforming loans:
90 days past due $837 $931 (10.1)%
Nonaccrual 6,851 3,966 72.7
OREO 1,077 410 162.7
----- ---
Nonperforming assets 8,765 5,307 65.2%
===== =====
bp - Change is measured as difference in basis points.
SOURCE Monarch Financial Holdings, Inc.
NIDB.. $9.25 Earnings.. WOW!!!!!! $518,000 Vrs. $453,000...After taking into account (A) w/o for the same period of last year..
Northeast Indiana Bancorp, Inc. Posts Strong Third Quarter Earnings..
HUNTINGTON, Ind., Oct. 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 $518,000 ($0.42 per diluted common share) for the Company's third quarter ended September 30, 2009 compared to a net loss of ($967,000) ($0.79 per diluted common share) for the third quarter ended September 30, 2008. (A)The prior year quarterly period contained non-cash other than temporary impairment ("OTTI") write-downs of $1.7 million taken on FHLMC Preferred Shares and in the bank's investment in the Shay Ultrashort Mortgage Fund as well as specific reserves established of $280,000 on four real estate owned properties. The current three months earnings equates to an annualized return on average assets (ROA) of 0.82% and a return on average equity (ROE) of 9.20%.
Net interest income increased sharply by $341,000 or 19.4% to $2.1 million for the quarter ended September 30, 2009 when compared to $1.8 million for the quarter ended September 30, 2008. The Company's net interest margin increased significantly by sixty-five basis points to 3.53% for the current quarter compared to 2.88% in the year earlier quarter. On a linked quarter basis, the Company's 3.53% net interest margin was ten basis points higher during the current quarter ended September 30, 2009 compared to 3.43% during the quarter ended June 30, 2009.
The Company made a $350,000 provision for loan loss during the quarter ended September 30, 2009 compared to a $100,000 provision for loan loss for the quarter ended September 30, 2008. Management continues to feel 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 Company experienced net charge-offs of $89,000 for the quarter ended September 30, 2009 compared to net charge-offs of $1.4 million for the quarter ended September 30, 2008.
Noninterest income increased to $669,000 for the third quarter ended September 30, 2009 compared to ($1.2 million) during the quarter ended September 30, 2008. The significant increase is mostly due to the OTTI write-downs discussed above on FHLMC preferred shares and the Shay fund during the prior quarterly period. Net gain on the sale of loans also increased $177,000 or 316.4% to $233,000 during the quarter ended September 30, 2009 due to increased sales volumes to FHLMC and the SBA.
Noninterest expense decreased $68,000 from $1.7 million for the quarter ended September 30, 2008 to $1.6 million for the quarter ended September 30, 2009. The decrease was mostly due to no valuation allowances on repossessed assets for the current quarterly period compared to $280,000 during the three months ended September 30, 2008.
This sharp reduction was partially offset by increases in occupancy, wages, professional fees and FDIC insurance premiums between quarterly periods. Wages and occupancy increases were related to the opening of the bank's fifth full service branch in Fort Wayne, Indiana during the current quarter as well as an increase in property taxes on existing branches.
Net income for the nine months ended September 30, 2009 increased to $1.5 million ($1.24 per diluted common share) compared to a net loss of ($200,000) ($0.16 per diluted common share) for the nine months ended September 30, 2008. This increase is mostly due to the non-cash OTTI charges taken during the quarter ended September 30, 2008 as discussed above. Net interest income increased $1.2 million or 25.5% to $6.1 million for the nine months ended September 30, 2009 compared to $4.9 million for the prior year nine month period. Noninterest income increased sharply due to the OTTI charges in the prior year period but net gain on sale of loans also increased $552,000 or 500% between periods. Noninterest expense was higher for the nine months ended September 30, 2009 primarily due to the sharp increase of $256,000 or 366% in FDIC insurance premiums between nine month periods. Most noninterest expense increases were partially offset by a reduction in valuation allowances on repossessed assets of $360,000 during the prior year nine month period.
Total assets decreased $12.7 million or 4.9% to $247.5 million at September 30, 2009 compared to December 31, 2008 assets of $260.2 million. The asset decline is primarily due to large noninterest 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 $7.1 million to $197.1 million at September 30, 2009 compared to $204.2 million at December 31, 2008. Total deposits increased $2.4 million to $158.1 million at September 30, 2009 from $155.7 million at December 31, 2008. Borrowed funds decreased $15.7 million to $64.3 million at September 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.
Shareholders' equity at September 30, 2009 was $22.9 million compared to $21.8 million at December 31, 2008. The book value of NEIB's stock was $18.60 per common share as of September 30, 2009. The number of outstanding common shares was 1,230,670. The last reported trade of the stock on October 12, 2009 was $9.25 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 its main office in Huntington and four full-service Indiana offices in Huntington (2), Warsaw and Fort Wayne. The Company is traded on the Over the Counter Bulletin Board under the symbol "NIDB". Our web site address is www.firstfedindiana.com.
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 September 30, December 31,
2009 2008
------------- -------------
Interest-earning cash and cash equivalents $1,957,446 $6,122,439
Noninterest earning cash and
cash equivalents 1,732,062 2,284,062
------------- -------------
Total cash and cash equivalents 3,689,508 8,406,501
Securities available for sale 32,545,085 33,022,602
Securities held to maturity 550,000 550,000
Loans held for sale 168,000 709,400
Loans receivable, net of allowance for loan
loss September 30, 2009 $2,422,874 and
December 31, 2008 $1,750,605 197,114,642 204,171,179
Accrued interest receivable 1,012,825 1,070,708
Premises and equipment 2,181,119 2,178,416
Investments in limited liability
partnerships 353,802 462,279
Cash surrender value of life insurance 6,442,915 6,253,417
Other assets 3,457,262 3,415,020
------------- -------------
Total Assets $247,515,158 $260,239,522
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Non-interest bearing deposits 9,758,793 19,873,896
Interest bearing deposits 148,356,373 135,824,869
Borrowed Funds 64,268,992 79,982,575
Accrued interest payable and other
liabilities 2,238,087 2,782,849
------------- -------------
Total Liabilities 224,622,245 238,464,189
------------- -------------
Retained earnings - substantially
restricted 22,892,913 21,775,333
------------- -------------
Total Liabilities and
Shareholders' Equity $247,515,158 $260,239,522
============= =============
------------------------------------------------------------------------
CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
---- ---- ---- ----
Total interest income $3,462,834 $3,663,318 $10,446,720 $10,825,370
Total interest expense 1,369,172 1,910,458 4,351,652 5,968,852
------------------------------------------------------------------------
Net interest income $2,093,662 $1,752,860 $6,095,068 $4,856,518
------------------------------------------------------------------------
Provision for loan
losses 350,000 100,000 925,000 280,000
Net interest income
after provision for
loan losses $1,743,662 $1,652,860 $5,170,068 $4,576,518
Service charges on
deposit accounts 188,516 193,025 519,706 531,391
Net (loss) on sale of
securities (37,346) (31,140) (84,135) (18,726)
Other than temporary
impairment-securities - (1,677,916) - (1,677,916)
Net gain on sale of
loans 232,774 55,903 662,010 110,390
Net (loss) on sale of
repossessed assets (33,064) (5,822) (126,656) (15,554)
Brokerage fees 77,279 97,438 215,690 303,449
Increase in cash
surrender value of
life insurance 61,626 60,744 189,499 184,443
Other income 179,317 150,412 493,521 439,605
------------------------------------------------------------------------
Total noninterest income $669,102 $(1,157,356) $1,869,635 $(142,918)
------------------------------------------------------------------------
Salaries and employee
benefits 817,746 752,334 2,314,347 2,314,924
Occupancy 234,574 168,315 629,670 566,815
Data processing 181,915 168,506 566,629 501,061
Deposit insurance
premiums 90,000 62,188 326,000 69,954
Professional fees 89,276 44,930 202,156 117,756
Correspondent bank
charges 28,729 30,837 91,448 101,867
Valuation allowances -
repossessed assets - 280,000 - 360,000
Other expense 204,388 207,471 644,631 625,465
------------------------------------------------------------------------
Total noninterest
expenses $1,646,628 $1,714,581 $4,774,881 $4,657,842
------------------------------------------------------------------------
Income/(Loss) before
income tax expense $766,136 $(1,219,077) $2,264,822 $(224,242)
------------------------------------------------------------------------
Income tax
expense/(benefit) 248,048 (252,543) 737,567 (24,003)
Net Income/(Loss) $518,088 $(966,534) $1,527,255 $(200,239)
========================================================================
NORTHEAST INDIANA BANCORP
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
---- ---- ---- ----
Basic Earnings per
common share 0.42 (0.79) 1.24 (0.16)
Dilutive Earnings per
share 0.42 (0.79) 1.24 (0.16)
Net interest margin 3.53% 2.88% 3.45% 2.76%
Return on average assets 0.82% (1.49%) 0.81% (0.11%)
Return on average equity 9.20% (18.00%) 9.17% (1.19%)
Efficiency ratio 59.60% 287.92%(2) 59.95% 98.82%(2)
Average shares
outstanding- primary 1,228,539 1,226,989 1,228,060 1,265,799
Average shares
outstanding- diluted 1,228,615 1,226,989 1,228,780 1,265,799
------------------------------------------------------------------------
Allowance for loan losses:
Balance at beginning of
period $2,161,415 $2,855,624 $1,750,605 $2,712,378
Charge-offs:
One-to-four family 9,695 32,616 203,962 32,616
Commercial real
estate - 1,469,710 - 1,469,710
Commercial 59,834 107,041 74,192 291,764
Consumer 26,493 13,283 144,030 25,275
-------------------------------------------------
Gross charge-offs 96,022 1,622,651 422,184 1,819,365
-------------------------------------------------
Recoveries:
One-to-four family 625 - 1,755 -
Commercial real
estate - 226,858 - 226,588
Commercial - 18,130 136,635 150,964
Consumer 6,856 13,243 31,063 40,639
-------------------------------------------------
Gross recoveries 7,481 258,231 169,453 418,191
-------------------------------------------------
Net charge-offs 88,541 1,364,420 252,731 1,401,174
Additions charged to
operations 350,000 100,000 925,000 280,000
-------------------------------------------------
Balance at end
of period $2,422,874 $1,591,204 $2,422,874 $1,591,204
=================================================
Net loan charge-offs
to average loans (1) 0.18% 2.71% 0.17% 0.94%
------------------------------------------------------------------------
Nonperforming assets At Sept. 30, At Sept. 30, At June 30, At Dec. 30,
(000's) 2009 2008 2009 2008
Loans: ---- ---- ---- ----
Non-accrual $2,251 $1,887 $2,501 $1,570
Past 90 days or more
and still accruing - - - -
Troubled debt
restructured 3,000 - 1,622 -
-------------------------------------------------
Total nonperforming
loans 5,251 1,887 4,123 1,570
Real estate owned 1,556 1,242 1,498 1,423
Other repossessed assets 7 7 1 8
-------------------------------------------------
Total nonperforming
assets $6,184 $3,136 $5,622 $3,001
=================================================
Nonperforming assets to
total assets 2.75% 1.22% 2.28% 1.15%
Nonperforming loans to
total loans 2.63% 0.93% 2.06% 0.76%
Allowance for loan
losses to nonperforming
loans 46.14% 84.31% 52.41% 111.53%
Allowance for loan losses
to net loans receivable 1.21% 0.78% 1.09% 0.86%
------------------------------------------------------------------------
At September 30,
2009 2008
---- ----
Stockholders' equity as a %
of total assets 9.25% 8.37%
Book value per share $18.60 $17.47
Common shares outstanding- EOP 1,230,670 1,230,670
(1) Ratios for the three-month periods are annualized.
(2) Core efficiency ratios were 75.42% for 3 months ended 9/30/08 and
72.88% for 9 months ended 9/30/08 without OTTI
Sold the following Small Banks this week..
Just don't like the possibility of advanced fee's imposed by the OBAMA administration.. But I did add to NIDB..
BKSC,, BORT,, MNRK,, SAVB,, SVBI,, UBOH.. hank
BKSC.. $12.50..SOLD..
Bank of South Carolina Corporation Announces Third Quarter Earnings
Oct 9, 2009 09:19:00 (ET)
CHARLESTON, S.C., Oct 09, 2009 /PRNewswire-FirstCall via COMTEX/ -- After allocating $1,110,000 to its Reserve for Loan Losses the Bank of South Carolina Corporation, (BKSC, Trade ) announced earnings for the third quarter of $136,521 compared to earnings of $712,072 for the three months ended September 30, 2008. Earnings for the nine months ended September 30, 2009, were $1,598,884 compared to $2,155,435 for the nine months ended September 30, 2008.
Hugh C. Lane, Jr., President and Chief Executive Officer of The Bank of South Carolina, stated, "The highlight of the year has been our loan and deposit growth. Loans have increased $38,175,353 or 21.62% from September 30, 2008 to September 30, 2009, while deposits have increased $28,310,808 or 13.69% during the same period. This growth alone is reason to strengthen our Reserve for Loan Losses, but when you factor in current economic conditions and the regulatory environment, raising our Reserve was the responsible thing to do. Doing so makes us a stronger bank."
Bank of South Carolina Corporation had total assets of $271,471,361 at the quarter ended September 30, 2009, compared to $235,269,398 at September 30, 2008, an increase of $36,201,963 or 15.39%.
Mr. Lane added, "Although this has been and remains a difficult economic environment, we are hearing encouraging comments from our customers. The Company's growth in 2009 gives us a better asset base to build on for 2010."
The Bank of South Carolina, a De Novo Charter, which opened in 1987 at 256 Meeting Street, has offices in Summerville, Mt. Pleasant, and the West Ashley community. Our website is www.banksc.com . Bank of South Carolina Corporation currently trades its common stock on the NASDAQ stock market under the symbol "BKSC". Select market makers for the stock for Bank of South Carolina Corporation are: Knight Equity Markets, LP, USB Securities, LLC, Citadel Derivatives Group, LLC and Automated Trading Desk.
MGLF.. $14.25
Malaga Financial Corporation Reports Record Quarterly Earnings and No Delinquent Loans or Non-Performing Assets
PALOS VERDES ESTATES, Calif., Oct 09, 2009 (BUSINESS WIRE) -- Malaga Financial Corporation (MLGF, Trade ), the parent company of Malaga Bank FSB, today reported that net income for the quarter ended September 30, 2009 was $2,501,000 ($0.44 basic and $0.43 fully diluted earnings per share), an increase of $718,000 or 40% from net income of $1,783,000 ($0.31 per share basic and fully diluted) for the quarter ended September 30, 2008. This was the highest quarterly net income in Malaga's history. Net income for the nine months ended September 30, 2009 was $7,130,000 ($1.24 basic and $1.23 fully diluted earnings per share) as compared to $5,146,000 ($0.90 basic and fully diluted earnings per share) for the nine months ended September 30, 2008, a 39% 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 September 30, 2009. The Company's allowance for loan losses at September 30, 2009 was $2,834,000 or 0.37% of total loans.
Net interest income totaled $6,638,000 in the third quarter of 2009, up $1,392,000 or 27% from the third quarter of 2008. This increase resulted from a $61 million or 9% increase in average interest earning assets to $766 million and a 0.59% increase in the interest rate spread to 3.28%. The improvement in the interest rate spread was due to a 1.26% decline in the weighted average cost of funds, while the weighted average yield on interest earning assets declined only 0.66%. 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 11% in the third quarter of 2009, to $2,501,000 from $2,245,000 in the third quarter of 2008. The increase is primarily attributed to $162,000 increase in FDIC insurance premiums and $114,000 increase in compensation related costs.
Randy C. Bowers, President and CEO of Malaga, remarked, "We are pleased to continue to report record operating results, in spite of an extremely challenging environment for financial institutions. Our asset quality remains strong as a result of our prudent lending practices. For the seventh consecutive quarter, we have been designated a five-star rated bank, the highest rating available from BauerFinancial. We take pride in continuing to provide a strong and safe place to bank for our customers, shareholders and communities."
Malaga's total assets were $796 million at September 30, 2009 compared to $737 million at September 30, 2008, an increase of $59 million or 8%. The loan portfolio at September 30, 2009 was $760 million versus $702 million at September 30, 2008, an increase of $59 million. Malaga originates loans principally for its own portfolio and not for sale. At September 30, 2009, the loan portfolio was comprised of the following types of loans outstanding: multi-family loans -- 74%; single family residential loans -- 15%; commercial real estate loans -- 7%; home equity lines of credit -- 3%; and commercial and other loans - 1%.
Malaga funds its assets with a mix of deposits and FHLB borrowings. Retail deposits totaled $362 million as of September 30, 2009, up from $309 million at September 30, 2008, a 17% increase. Wholesale deposits and FHLB borrowings totaled $355 million at September 30, 2009 and 2008. The increase in total assets for the quarter was funded primarily by increase in retail deposits and earnings. The weighted average cost of funds for the third quarter of 2009 was 2.13% versus 3.31% for the third quarter of 2008.
Malaga's stockholders' equity was $60.5 million at September 30, 2009, or $10.43 per fully diluted common share. The Company has paid a quarterly dividend for 20 consecutive quarters.
As of September 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 9.06% and 14.79%, respectively, at September 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
Malaga Financial Corporation
Randy Bowers
President and Chief Executive Officer
310-375-9000
rbowers@malagabank.com
MNRK.. $7.00
Monarch Mortgage Expands in Carolinas
CHESAPEAKE, Va., Sept 29, 2009 /PRNewswire-FirstCall via COMTEX/ -- Monarch Mortgage, a division of Monarch Bank and one-bank holding company Monarch Financial Holdings, Inc. (MNRK, Trade ), recently opened three full-service mortgage offices in North Carolina and South Carolina.
Monarch Mortgage opened its Charlotte, North Carolina office, located at 7900 Matthews Mint Hill Road, Suite 115, representing the company's second entrance into the North Carolina market, following OBX Bank Mortgage, affiliated mortgage company, on the Outer Banks of North Carolina. In addition, the company marked its 17th location with the opening of its Wilmington, North Carolina office, located at 1427 Military Cutoff Road, Suite 207, and its 18th location with the opening of its Greenwood, South Carolina office, located at 224-A West Cambridge Avenue.
The Monarch Mortgage Carolina management team of Robert O'Bday, Ritchie Love and Daryl Watson represents over 45 years of combined experience in the mortgage industry. The Charlotte office serves as the Carolina headquarters supervising over 20 loan officers, Trent Reed and Jeff Schutte will manage the Wilmington office and Lindsey DeTreville will manage the Greenwood office.
"We're very pleased to continue our expansion in North Carolina and bring a full-range of mortgage services to more residents throughout the Carolinas," said Ted Yoder, president of Monarch Mortgage. "Monarch's expertise lies in offering a solution to every homebuyers need. Our mission of providing superior client service will help strengthen our position in the Carolina market."
Monarch Mortgage offers a full range of mortgage and home equity products including FHA, VA, conventional, construction-perm, VHDA and USDA mortgage loans. The new full-service mortgage office is based on the traditional ways of 'locals serving locals' banking philosophy offering in-house underwriting and processing.
About Monarch
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 (Coastal Home Mortgage, LLC, Home Mortgage Solutions, LLC and OBX Bank Mortgage) have 18 offices with locations in Chesapeake, Fredericksburg, Norfolk, Richmond, Suffolk, and Virginia Beach (2), Virginia as well as Bowie, College Park, Crofton, Gaithersburg, Rockville (2), and Waldorf, Maryland and Charlotte, Kitty Hawk and Wilmington, North Carolina and Greenwood, South Carolina. Our subsidiaries/divisions include Monarch Capital, LLC (commercial mortgage brokerage), Monarch Investments (investment and insurance solutions), and Real Estate Security Agency, LLC (title agency). The shares of Monarch Financial Holdings, Inc. "MNRK" are publicly traded on the NASDAQ Capital Market.
SOURCE Monarch Mortgage
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
===========================================
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.
===========================================
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.
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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
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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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