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Press Release: UPDATE - Amalgamated Bank Announces Agreement to Acquire New Resource Bank
Creates platform for a nationwide, values-based financial institution
NEW YORK, Dec. 15, 2017 (GLOBE NEWSWIRE) -- Amalgamated Bank ("Amalgamated") and New Resource Bancorp, the parent company of New Resource Bank ((OTC:NRBC); together, "New Resource") today announced the signing of a definitive merger agreement by which Amalgamated will acquire New Resource for a total consideration of approximately $58.5 million, in a 100% stock consideration transaction for New Resource shareholders and the cash out of existing New Resource stock options. Under the terms of the agreement, New Resource shareholders will receive 0.0315 shares of Amalgamated common stock for each share of New Resource, or a purchase price of $9.67 per share. The acquisition of New Resource represents the opportunity to expand Amalgamated's geographic presence to the San Francisco Bay Area as well as deepen its model of impact banking.
The combined bank will create the largest values-based bank in the U.S., offering significant expansion in products and services, greater geographic scope, and increased financial resources which will together enhance the experience for the customer, communities, and employees of both institutions. Together, Amalgamated and New Resource, both certified B Corps and Global Alliance for Banking on Values (GABV) banks, are scaling sustainable banking across the nation to confront the serious climate and social inequities of our time and restore the financial system to its proper role in support of people and the planet.
"The combination of Amalgamated and New Resource will create a platform for a nationwide, values-based financial institution that can serve the interests of changemakers around the country," said Keith Mestrich, President and CEO of Amalgamated Bank. "The transaction brings together two complementary and like-minded organizations who share a mission-driven orientation. I believe that, with the addition of New Resource, our bank can become the go-to financial resource and partner for the people, companies, and organizations dedicated to creating a better world."
President and CEO of New Resource Bank, Vincent Siciliano, commented, "We are excited about the ability to grow our impact with a bank that shares our values. From the very beginning, we have sought to build a bank with a strong commitment to the triple-bottom-line of people, planet and prosperity -- a commitment that is shared by Amalgamated. Our combination is a testament to what we have built at New Resource over the years. Our deep expertise in sustainable operations and lending, together with our network of values-based clients, complements Amalgamated's offerings and capabilities. We look forward to continuing to serve the sustainable business and nonprofit community at a larger scope and scale together with Amalgamated."
Through the transaction, Amalgamated will build on New Resource's successes in the western U.S. to have a significant impact for the companies' respective communities. The combined bank will have strong footholds in four key communities where changemaking organizations are concentrated -- New York City, Washington, D.C., San Francisco, and Boulder. The Bank intends in the future to continue to expand in values-aligned cities throughout the country.
Amalgamated's size and product offerings will enable New Resource founding mission to be realized much sooner and with national impact. The combined entity will boast a highly complementary customer base and segment expertise as well as a robust financial profile, with a healthy balance sheet and substantially stronger future earning potential. The acquisition will allow Amalgamated to scale their mission to serve progressive and social causes by expanding into new product lines, new geographies, and absorb risks to help a diversity of organizations working to make a positive difference in their communities.
The Boards of Directors of both companies have unanimously approved the transaction. The acquisition is subject to customary closing conditions, including New Resource shareholder approval of the merger agreement and receipt of required regulatory approvals, including by the FDIC and the New York State Department of Financial Services. The companies expect to complete the transaction in the second quarter of 2018. Following the close of the transaction, Keith Mestrich will continue in his role as President and CEO of the newly combined entity.
FinPro Capital Advisors served as financial advisor and Nelson Mullins Riley & Scarborough LLP served as legal counsel to Amalgamated. Vining Sparks IBG LP served as financial advisor and Gary Steven Findley & Associates served as legal counsel to New Resource.
About Amalgamated Bank
For nearly a century, Amalgamated Bank (www.amalgamatedbank.com) has been the most trusted financial institution for progressive people and organizations. By helping those who do good do better, we work to help make the world more just, compassionate and sustainable. Our extensive experience, financial resources and community of like-minded customers offers labor unions, philanthropies, political campaigns, socially and environmentally responsible corporations, as well as individuals, a unique set of financial services enabling them to lead the charge to improve our communities and our country.
About New Resource Bank
New Resource Bank (www.newresourcebank.com) is a triple-bottom-line bank serving values-driven businesses and nonprofits that are building a more sustainable world. We see money as an agent of positive social, environmental and economic change. We use banking to transform the economy into one that serves all people and the planet. We put deposits to work for good by lending to organizations that benefit our communities and protect our planet. By using banking to promote well-being, we aim to have an impact in four key areas: environmental protection; health & wellness; education & community empowerment; and sustainable commerce.
FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements, including certain plans, expectations, goals, and projections, and including statements about the potential benefits of the merger between Amalgamated and New Resource, which are subject to numerous assumptions, risks, and uncertainties. Forward-looking statements are generally identifiable by the use of words such as "will, " "believe," "expect," "anticipate," "should," "could," "would," "plans," "intend," "project," "estimate," "goals," "forecast," "may" or similar expressions. Actual results could differ materially from those anticipated by such forward-looking statements as a result of a variety of risks, uncertainties and other factors including, without limitation: the businesses of Amalgamated and New Resource may not be integrated successfully or such integration may take longer to accomplish than expected; the expected cost savings and any revenue synergies from the merger may not be fully realized within the expected timeframes or at all; disruption from the merger may make it more difficult to maintain relationships with clients, associates, or suppliers; the required governmental approvals of the merger may not be obtained on the anticipated proposed terms and schedule or at all; New Resource shareholders may not approve the merger; changes in economic conditions; movements in interest rates; competitive pressures on product pricing, services and customer acquisition and retention; the degree of success and the timing of various business strategies; the nature, extent, and timing of governmental actions and reforms; and extended disruption of vital infrastructure. All forward-looking statements included in this news release are based on information available at the time of this release. Neither Amalgamated nor New Resource assumes any obligation to update any forward-looking statement.
ADDITIONAL INFORMATION ABOUT THE MERGER AND WHERE TO FIND IT
In connection with the merger, New Resource will mail the final proxy statement/prospectus to its shareholders. BEFORE MAKING ANY INVESTMENT OR VOTING DECISION, NEW RESOURCE SHAREHOLDERS ARE URGED TO READ THE PROXY STATEMENT/ PROSPECTUS REGARDING THE MERGER AND ANY OTHER RELEVANT DOCUMENTS CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER. Copies of the proxy statement/prospectus can be obtained, without charge, by directing a request to New Resource Bank, 255 California Street, Suite 600, San Francisco, CA, 94111, Attention: Stephen A. Rossi.
This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful under the securities laws of any such jurisdiction.
Contact:
Amalgamated Bank New Resource Bank
Kaye Verville, The Levinson Group Isabel Verhille, Blue Practice
Kaye@MollyLevinson.com isabel@bluepractice.com
207-807-2835 415-381-1100
(END) Dow Jones Newswires
December 15, 2017 09:02 ET (14:02 GMT)
NWBN: Shareholders of New Resource Bank (NWBN) will receive 1 share of the holding company New Resource Bancorp Common Stock (NRBC) for each share of NWBN.
FINRA deleted symbol:
http://otce.finra.org/DLDeletions
New Resource Bank Reports Profits Increase in Q2 2017; Earnings Grow 28% Quarter-Over-Quarter and 49% Year-Over-Year
New Resource Bank Reports Profits Increase in Q2 2017; Earnings Grow 28% Quarter-Over-Quarter and 49% Year-Over-Year
SAN FRANCISCO, July 24, 2017 (GLOBE NEWSWIRE) -- New Resource Bank (OTC Link LLC:NWBN) reports higher earnings in the second quarter of 2017 compared to a year ago, reflecting strong growth in revenues, loans and deposits and solid asset quality. All financial results are unaudited.
Net income for the second quarter of 2017 was $394,000, or $0.07 per share, a 49% increase versus net income of $265,000, or $0.05 per share, for the second quarter of 2016, and up 28% from $308,000, or $0.05 per share, for the first quarter of 2017. Key factors impacting the annual comparison included a 17% increase in revenue largely due to strong loan growth, partially offset by a 17% increase in operating expense due to investments in staffing and technology.
As of June 30, 2017, gross loans stood at $259.6 million, an increase of 14%, or $31.8 million, compared to a year ago, and 2%, or $4.5 million, from March 31, 2017. Factors influencing the robust loan growth included the continuing appeal of New Resource Bank's triple-bottom-line mission, as well as its target-market expertise. Total deposits grew 16% to $309.0 million, from $267.0 million a year ago, and were relatively unchanged from the preceding quarter. Asset quality remains strong, with non-performing assets to total assets at 0.07%, down from 0.18% a year ago and up from 0.01% in the preceding quarter. There was a charge-off of $136,000 in the second quarter, compared to a net recovery of $183,000 recorded in the preceding quarter.
"We are committed to putting deposits to work for good and to advancing sustainability through lending to green and socially responsible companies," said Vince Siciliano, President and CEO. Socially responsible investing continues to attract investors and is estimated to account for $8.72 trillion in 2016, or one in five dollars under professional management, by the US SIF Foundation in its "Report of Sustainable and Responsible Investing Trends in the United States in 2016. Visit http://www.ussif.org/trends.
"New Resource Bank continues to demonstrate that banking can be both mission-driven and profitable," Siciliano added. "Loan demand from green builders, organic producers, clean energy providers and not-for profit enterprises is robust. Likewise, more and more business owners and consumers are looking to make a positive impact in their communities and the planet by aligning their savings and deposits with their values. These trends continue to fuel our growth and profitability."
Key financial results from the second quarter of 2017 compared with the second quarter of 2016 include:
-- Return on Average Assets was 0.11% for the second quarter of 2017 and 0.08% for the second quarter of 2016.
-- Return on Average Equity was 0.95% for the second quarter of 2017 and 0.66% for the second quarter of 2016.
-- Loan growth: Loans outstanding grew 14%, to $259.6 million from $227.8 million a year ago.
-- Deposits: Deposits rose 16%, to $309.0 million from $267.0 million one year ago.
-- Total assets: Total assets increased 14%, to $353.2 million from $309.4 million a year ago.
-- Net interest income: Net interest income for the second quarter of 2017 was $3.5 million, an increase of $479,000, or 16%, from the second quarter of 2016.
-- Non-interest expense: Non-interest expense for the second quarter was $2.9 million, an increase of $419,000, or 17%, from a year ago and down $219,000 or -7%, from the first quarter of 2017 which included $230,000 in non-recurring items for compensation and technology upgrades.
-- Provision expense: Provision expense for the quarter was $254,000, down 15% from $300,000 during the second quarter of 2016.
-- Asset quality: Credit quality continues to be excellent, with
non-performing assets to total assets at 0.07%, down from 0.18% a year ago and up from 0.01% in the preceding quarter.
-- Efficiency ratio: The bank's efficiency ratio for the second quarter was 77%, virtually unchanged compared to the second quarter of 2016.
-- Risk-based capital: Common equity tier 1 capital ratio amounted to 12.50% and total risk-based capital ratio was 13.75%, significantly above the standard for a well-capitalized bank.
"The investments we are making in attracting and retaining excellent bankers is an important factor in our growth," stated Mark A. Finser, Chairman of the Board, New Resource Bank. "While our customers are looking for socially responsible and green banking, they also expect and deserve superior service. We believe we deliver both mission-driven business practices and world-class banking services to our clients."
About New Resource Bank
New Resource Bank (www.newresourcebank.com) is a triple-bottom-line bank serving values-driven businesses and nonprofits that are building a more sustainable world. We see money as an agent of positive social, environmental and economic change. We use banking to transform the economy into one that serves all people and the planet. We put deposits to work for good by lending to organizations that benefit our communities and protect our planet. By using banking to promote well-being, we aim to have an impact in four key areas: environmental protection; health & wellness; education & community empowerment; and sustainable commerce.
The company's internal commitment to sustainability is equally crucial and demonstrated in many ways, notably through our LEED-certified San Francisco headquarters, our purchase of carbon offsets, our 87% waste diversion rate and generous employee benefits. In 2010, New Resource Bank became the first publicly traded, Certified B Corporation. B Corporations meet comprehensive social and environmental performance standards. For five consecutive years, New Resource Bank has earned the 'B Corp Best for the World' award. This list honors businesses that earned an overall score in the top 10% of more than 1,200 Certified B Corporations from over 120 industries on the B Impact Assessment, a rigorous and comprehensive assessment of a company's impact on its workers, community and the environment.
This press release contains forward-looking statements such as statements about certain expectations and projections, and the bank's preparedness for the coming year. Forward-looking statements are based on currently available information, are not guarantees of future performance and are subject to numerous risks and uncertainties. Such risks and uncertainties may include, but are not necessarily limited to, fluctuations in interest rates; fluctuations in asset prices, including real estate; inflation; changes in laws or government regulations or policies; general economic conditions, including the real estate market in California; the adequacy of the bank's allowance for loan losses; and other factors beyond the bank's control. Such risks and uncertainties could cause results for subsequent interim periods or for entire years to differ materially from those indicated. Readers should not place undue reliance on forward-looking statements, which reflect management's view only as of the date of this press release. The bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.
(in thousands)
June 30, March 31, June 30,
Balance Sheet 2017 2017 % Change 2016 % Change
Assets
Cash & Due From $ 10,762 $ 10,446 3.0% $ 14,028 -23.3%
Interest
Bearing
Deposits 42,755 45,935 -6.9% 25,355 68.6%
Money Market
Funds - - 0.0% - 0.0%
Fed Funds - - 0.0% - 0.0%
Investments 27,584 28,366 -2.8% 28,602 -3.6%
Gross Loans 259,596 255,052 1.8% 227,806 14.0%
Allowance for
Loan Loss (3,985) (3,865) 3.1% (3,715) 7.3%
Premises &
Equipment 2,253 2,325 -3.1% 2,534 -11.1%
Other Real
Estate Owned - - 0.0% 87 NM
Other Assets 14,188 14,245 -0.4% 14,664 -3.2%
Total Assets $353,153 $352,503 0.2% $309,362 14.2%
Liabilities &
Equity
Deposits $309,032 $309,380 -0.1% $266,971 15.8%
Borrowings - - 0.0% - 0.0%
Other
Liabilities 2,732 2,269 20.4% 2,287 19.5%
Total
Liabilities 311,764 311,649 0.0% 269,259 15.8%
Equity 41,389 40,854 1.3% 40,103 3.2%
Total
Liabilities &
Equity $353,153 $352,503 0.2% $309,362 14.2%
Book value per
outstanding
share $ 7.02 $ 7.01 $ 6.90
Leverage ratio 10.74% 10.94% 11.21%
Total risk
based capital
ratio 13.75% 13.76% 14.43%
BASEL III
Common Equity
Tier 1 12.50% 12.50% 13.17%
Loan loss
reserves to
total loans 1.54% 1.52% 1.63%
Loan loss
reserves to
non-performing
loans 1696% 9972% 809%
Non-performing
loans to total
loans 0.09% 0.02% 0.20%
Non-performing
assets to
total assets 0.07% 0.01% 0.18%
Income
Statement Quarter Ended
June 30, March 31, June 30,
(MORE TO FOLLOW) Dow Jones Newswires
July 24, 2017 16:00 ET (20:00 GMT)
New Resource Bank Reports Profits Increase in Q2 -2-
2017 2017 % Change 2016 % Change
Interest Income $ 3,503 $ 3,351 4.5% $ 3,026 15.8%
Interest
Expense 36 32 12.5% 36 0.0%
Net Interest
Income 3,468 3,318 4.5% 2,989 16.0%
Non-Interest
Income 316 304 3.9% 248 27.4%
Provision for
Loan Loss 254 - NM 300 NM
Non-Interest
Expense 2,914 3,133 -7.0% 2,495 16.8%
Net Operating
Income/(Loss) 616 489 26.0% 442 39.4%
Taxes 222 181 22.7% 177 25.4%
Net
Income/(Loss) $ 394 $ 308 27.9% $ 265 48.7%
Net Interest
Margin 4.26% 4.30% -0.9% 4.08% 4.3%
Efficiency
Ratio 77.02% 86.50% -11.0% 77.08% -0.1%
NM = Not
Meaningful
N/A = Not
Available
Media contact:
Vincent Siciliano, President and CEO
415.995.8170
vsiciliano@newresourcebank.com
(END) Dow Jones Newswires
July 24, 2017 16:00 ET (20:00 GMT)
https://www.newresourcebank.com/news/press-releases/
NWBN $6.00
3/31/2017 stats
Book Value $7.01
ROA 0.09%
ROE 0.75%
NIM 4.30%
NPA/TA 0.01%
ALL/NPL 9972%
Efficiency Ratio 86.5%
https://www.newresourcebank.com/
-let's call this the alternative "green" banking investment...
Significant Transitions, Steadfast Progress
The past year reminded us that progress is not a straight path, rather one marked by occasionally rocky roads. Throughout much of 2016, the nation anticipated the outcome of a presidential contest that would play a determining role in U.S. policy in the four years that followed. Among progressives at the grassroots and organizational levels, the election results signaled a shift in federal stance on environmental and social issues and, with it, the imperative for renewed commitments to a livable climate and prosperity for all.
Local land and resource conflicts impacting communities at Standing Rock and in Flint, Michigan went national and global, raising important questions about the role of public voices—particularly those of marginalized communities of color—in determining the health and safety of their communities. The struggle of Native American communities at Standing Rock against the Dakota Access Pipeline was particularly instrumental in awakening a critical mass of individuals and institutions to the role banks can play in financing a healthy or harmful future. In response, many chose to align their money with their values, moving their accounts from big banks to mission-aligned financial institutions like ours.
Despite the inconsistent tenor of national and global events in 2016, New Resource Bank has remained steadfast in its commitment to people, the planet and prosperity. The bank continues to extend financing to values-driven organizations advancing on their sustainability journeys, and enjoyed milestones that included our tenth anniversary, a fifth consecutive year of profitability and growth, and the opening of a loan production office in Boulder, Colorado—our first office outside of California.
At the end of 2016, our lending portfolio reached 90% investment in organizations representing our key impact areas of environmental protection, health and wellness, education and community empowerment, and sustainable commerce. We also continued to improve measurements of our loan clients’ sustainability thanks to ongoing utilization of B Lab’s Quick Impact Assessment. We were pleased to find that compared to a benchmark of over 24,000 companies, our clients offer more comprehensive health care plans, are more energy efficient, and value diversity, with nearly half of reporting clients indicating that 50 percent or more of their board members or owners are women or individuals from underrepresented communities.
Internally, our employees upheld our values as staff volunteered a cumulative 1,349 hours at places like Boulder Community Health, the San Francisco-Marin Food Bank, and Goodwill. Our Green Team raised awareness about the fashion industry—second only to the oil industry in polluting—prompting over half of our employees to pledge to purchase less, reuse more, repurpose, and support fair-trade, organic companies, where possible.
The bank received Acterra’s prestigious Business Environmental Award in the “Sustainability” category and was also named one of the 25 top “for benefit” businesses by GameChangers 500 and Conscious Company Magazine. These honors, together with our fifth consecutive year as a “Best for the World” B Corp, serve as important indicators of where we stand on our course toward building the new economy and promoting well-being for people and the planet through banking.
In the wake of the hottest year on record and in the face of social progress yet to be realized locally and globally, we are resolute in our commitment to building a better world through values-driven lending to organizations putting deposits to work for good.
Thank you for your support as we advance on this essential pursuit.
Vincent Siciliano
President and CEO
"NWBN News" FDIC and DFI Lift Regulatory Order as New Resource Bank Strengthens Operations
New Resource Bank's Strengthened Management and Improved Asset Quality Result in Lifting of Cease-and-Desist Order
http://www.marketwatch.com/story/fdic-and-dfi-lift-regulatory-order-as-new-resource-bank-strengthens-operations-2010-04-01?reflink=MW_news_stmp
SAN FRANCISCO, Apr 01, 2010 (BUSINESS WIRE) -- New Resource Bank /quotes/comstock/11k!nwbn (NWBN 4.10, +0.35, +9.33%) has announced that the Federal Deposit Insurance Corporation (FDIC) and California Department of Financial Institutions (DFI) have lifted the cease-and-desist order announced in April 2009.
"This is good news for us," said New Resource CEO and President Vince Siciliano. "We're ready for prudent growth and can now focus more strongly on our mission of sustainability.
"We felt, going into this work last year, that we needed to focus on our fundamentals in confronting the recession's tough economic climate," Siciliano continued. "And complying with the FDIC's directives has improved our operations--we've strengthened management and the board of directors, improved asset quality, implemented revised lending policies and reduced bad debt."
The bank has reduced nonperforming loans to about 3 percent of total loans--considerably better than the average for community banks of 5 percent. In December 2008, New Resource's nonperforming loans stood at just over 12 percent. About 40 percent of the bank's assets are liquid.
Additionally, New Resource has raised the bar on its dedication to customers who have a commitment to environmental and social sustainability as well as sound business.
"Our current strength is in the day-to-day ways we execute all our policies," Siciliano said. "We now have an excellent team of bankers with deep expertise who are focused on our sustainability mission."
In addition to Siciliano, who joined the bank in March 2009, newly staffed positions include a chief financial officer, a senior vice president for commercial lending and a chief credit officer. It also added directors to the board and elected a new chairman.
"I believe it's unusual for a bank to come out of an order in less than a year, especially in economic times like these," said Board Chairman Mark Finser, noting that the bank remains informally committed to the regulators to continue to make various improvements to its operations. "I think, too, it's a tribute to the skill and professionalism of our new management team."
New Resource Bank Presents Quarterly Financial Results for the First Quarter Ended March 31, 2009
May 19, 2009 7:00:00 PM
Copyright Business Wire 2009
Email Story Discuss on ZenoBank
View Additional ProfilesSAN FRANCISCO--(BUSINESS WIRE)-- New Resource Bank (OTCBB:NWBN) announced unaudited financial results for the quarter ended March 31, 2009.
The Bank reported a net loss of $1.991 million for the quarter ended March 31, 2009, compared to a loss of $826,835 for the quarter ended March 31, 2008. Included in the results for the quarter was a $1.129 million Provision for Loan Loss related to construction loans originated in 2007.
"Despite this loss, New Resource Bank continues to have high levels of capital and good liquidity," said Chairman, Mark Finser. "Like many financial institutions, we are facing a challenging economic climate and have already made significant reductions in under-performing loans in the real estate construction and development sector."
"In addition, we added nearly $15 million in equity capital September of 2008, which increased our capital base by over 80%. The standard regulatory definition for well capitalized banks is for risk based capital of at least 10%. We take comfort that our ratio was 18.97% as of 3/31/09, nearly double the standard," said bank Founder and Vice Chairman, Peter Liu.
The following is a summary of selected balance sheet items:
Unaudited (all dollar amounts in End of period Net %
thousands) Change Change
Mar-09 Mar-08
Gross Loans $ 108,407 $ 86,903 $ 21,503 25 %
Allowance for Loan Losses 4,228 1,362 2,866 210 %
Deposits 140,364 149,488 (9,124 ) (6 %)
Shareholders' Equity 23,746 20,574 3,172 15 %
Total Assets 166,115 170,377 (4,262 ) (3 %)
Gross loans increased 25% from the same period March 31, 2008. The loans originated in this period were largely commercial loans (both commercial real estate and traditional commercial business loans) and not construction loans that currently make up the entirety of the non-performing portfolio. Deposits, down 6% from the quarter end March 31, 2008, reflect an increased use of off-balance sweep accounts among some of our largest relationships. Checking balances as a percentage of total deposits rose to 21% from 13% at the end of the first quarter 2008.
Summary income information for the quarters ended March 31, 2008 and March 31, 2009 is as follows:
Quarter Ended
Unaudited (all dollar amounts in thousands) Mar-09 Mar-08
Interest Income $ 1,986 $ 2,259
Interest Expense 380 1,021
Net Interest Income 1,606 1,238
Non-Interest Income 104 61
Provision for Loan Loss 1,129 410
Non-Interest Expense 2,572 1,715
Net Operating Income/(Loss) (1,990 ) (826 )
Taxes 1 1
Net Income/(Loss) $ (1,991 ) $ (827 )
Net interest income for the quarter ended March 31, 2009 compared to the quarter ended March 31, 2008 increased $368,099. The increase can be attributed to careful management of interest rate margins which more than offsets the negative impact to interest income of the increase in the non-accrual loan portfolio. The provision for loan loss was $1.129 million, driven by the write-down of one Land & Construction loan originated in 2nd Quarter 2007. Non-Interest expense reflects higher occupancy expense to accommodate staffing, higher levels of technology and data processing expenditures, and the increased costs related to more frequent appraisals and other loan recovery costs.
"With our strong capital and liquidity, we are confident we will weather this storm," said A. Vincent Siciliano, President and CEO. "Our strength is our mission and our mission is financing sustainable growth in our community."
This release contains forward-looking statements, such as statements about certain plans, expectations, goals, and projections which are subject to numerous risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and general economic conditions, including the real estate market in California, the adequacy of the Bank's allowance for loan losses, and other factors beyond the Bank's control. Such risks and uncertainties could cause results for subsequent interim periods or for the entire years to differ materially from those indicated. Readers should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof. The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances. http://www.newresourcebank.com/
Source: New Resource Bank
----------------------------------------------
New Resource Bank
Vince Siciliano
President and CEO
415-995-8100
info@newresourcebank.com
Peter Liu
Founder and Vice Chairman
415-995-8100
info@newresourcebank.com
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