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USA Bank Reports Operating Results for the Quarter Ended June 30, 2008

PORT CHESTER, NY, Aug 09, 2008 (MARKET WIRE via COMTEX) -- USA Bank (OTCBB: USBK) reported a net loss of $383 thousand ($0.07 per share) for the quarter ended June 30, 2008, which is a marked improvement compared to the net loss of $481 thousand ($0.08 per share) for the quarter ended June 30, 2007. This marks the third successive quarter of reduced losses by the Bank. For the six months ended June 30, 2008, the Bank's net loss was $1,129,000 ($0.20 per share) as compared to a net loss of $1,995,000 ($0.35 per share) for the six months ended June 30, 2007.
The Bank continues to leverage upon its capital base with quality loan growth, which is reflected in the $1.1 million increase in interest income in the second quarter of 2008 as compared to the second quarter of 2007, which has contributed to the $535 thousand increase in net interest income for the same period. Also benefiting the second quarter 2008 was the recognition of a gain on the sale of securities of $169 thousand and a $120 thousand reduction in salaries and employee benefits, primarily reflecting staff reductions since June 30, 2007. The second quarter 2008 reflects a larger provision for loan and lease loss expense of $314 thousand (related primarily to loan growth), as compared to a credit to the provision of $108 thousand for the quarter ended June 30, 2007 (based primarily upon the credit risk upgrading of one loan in June 2007 and the resulting decline in the required allowance for loan losses). The second quarter of 2008 also reflects a $280,000 reduction in gains on loan sales, which partially reflects the volatile mortgage market and partially reflects the Bank's focus on traditional commercial banking. There was also an unfavorable variance in FDIC insurance expense, which was $126 thousand for the second quarter of 2008 (as compared to $37 thousand for the quarter ended June 30, 2007), reflecting increases in both deposit volume and insurance rates.

Total assets increased $25.2 million (15%) to $194.7 million at June 30, 2008 from $169.5 million at December 31, 2007, and an increase of $45.2 million, or 30%, since June 30, 2007. As of June 30, 2008, total deposits have increased to $149.0 million, an increase of $26.1 million, or 21%, since year end 2007, and an increase of $29.0 million, or 24%, since June 30, 2007. As of June 30, 2008, total gross loans have increased to $147.7 million, which represents an increase of $40.7 million, or 38%, since year end 2007, and an increase of $74.4 million, or 101%, since June 30, 2007. Capital ratios continue to be strong, with Tier One Capital to average assets of 10.79%, Tier One Capital to risk-weighted assets of 12.52%, and Total Capital to risk-weighted assets of 13.53%.

President and CEO Gentile stated that "results continue to show improvement and we are performing essentially in line with our revised business plan/budget. Legal and professional fees continue to have a negative impact on operating results, with such costs aggregating $330 thousand during the recent quarter." He further noted, "I am pleased that our total average cost of funds is continuing to decline to 4.25% for the 2nd quarter 2008; it is down from 4.82% during the 2nd quarter 2007. We will continue to reduce these costs by attracting core deposit accounts through our enhanced calling programs, remote deposit capture program, and compensating balances from commercial loan customers."

Mr. Gentile also indicated that "asset quality remains manageable, with non-performing loans aggregating $4.3 million at June 30, 2008, which represents an approximate $700 thousand increase from the $3.6 million in nonperforming loans at year end 2007. The underlying collateral real estate of one loan previously included in the non-performing category has been transferred to Other Real Estate Owned, as a result of foreclosure in June 2008, in the amount of $2.4 million (a July 2008 appraisal shows a $2.9 million value). Substantially all of the $4.3 million in non-performing loans is real estate secured with current appraisals (none performed beyond one year), which all exceed the book or carrying values, as further comfort."

Lastly, Mr. Gentile reported that he remains optimistic that net losses will be narrowing considerably over the successive quarters of 2008, due to the efforts of the Bank's Board of Directors, Senior Management and Staff.

"Safe Harbor" Statement under Private Securities Litigation Reform Act of 1995

Some of the statements contained in this press release may include forward-looking statements which reflect our current views with respect to future events and financial performance. Statements which include the words "expect," "intend," "plan," "believe," "project," "anticipate" and similar statements of future or forward-looking nature identify forward-looking statements for purposes of the federal securities laws or otherwise. All forward-looking statements address matters that involve risks and uncertainties. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in these statements or that could adversely affect the holders of our common stock.

These factors include, but are not limited to, those outlined in the Bank's Annual Report on Form 10-KSB for the year ended December 31, 2007, which was filed with the Federal Deposit Insurance Corporation and is publicly available from the FDIC's Accounting & Securities Disclosure Section, 550 17th Street, N.W., Washington, D.C. 20429 and on the Bank's website at www.usa-bank-online.com.



Contact:
Ronald J. Gentile
President & CEO
USA Bank
Telephone: 914-417-3205
800 Westchester Avenue
Rye Brook, NY 10573

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#155   That's what happens with micro floaters. Minimal vol, dave79 04/26/17 01:06:42 PM
#154   No volume tho. Anyone buying big will surely aidytrader 04/26/17 12:43:22 PM
#153   No one posting here. This has to be dave79 04/26/17 09:42:26 AM
#152   USBK OS is under 6M - Market cap Mr. Bill 02/16/17 07:17:34 AM
#151   USBK is having perfect play kranthikumar 05/14/14 10:03:19 AM
#150   It's the lowest bank stock I could find The Apostle 02/24/14 07:33:00 PM
#149   Hey Apostle, what's the scoop here? You were PADRINO 02/24/14 05:43:20 PM
#148   I have 10k and holding. Greg794855 02/24/14 04:53:21 PM
#147   Hello everyone, I just bought a little position PADRINO 02/24/14 04:35:33 PM
#146   Things are looking good here. thescience 02/24/14 11:12:46 AM
#145   Keep accumulating. Trust me. The Apostle 02/20/14 04:59:37 PM
#144   Thanks for the reply! I was just wondering thescience 02/20/14 04:52:46 PM
#143   Yes, Bro. The Apostle 02/20/14 02:54:22 PM
#142   Apostle, are you still in here? thescience 02/20/14 02:27:03 PM
#141   Very interested to see how the plot unfolds thescience 02/19/14 08:29:08 AM
#140   I can't believe how little traffic we have thescience 02/18/14 12:36:16 PM
#139   What kinda pump y'all speakin? What's this? WhiteSpir1t 02/16/14 06:27:12 PM
#138   This is the ultimate play. If everyone just The Apostle 02/15/14 12:57:14 PM
#137   The float on this baby is like 5 The Apostle 02/15/14 02:25:53 AM
#136   http://www.youtube.com/watch?v=M9EVZF5BFIg&feature=youtube_gdata_player The Apostle 02/15/14 02:23:43 AM
#135   Not anymore: http://mobile.bloomberg.com/news/2014-02-14/treasury-lets-banks-off The Apostle 02/15/14 12:56:15 AM
#134   USBK is smells like a winner kranthikumar 02/04/14 09:51:02 AM
#133   USBK is just crossed 100% kranthikumar 11/05/13 09:50:57 AM
#132   Yep. You gotta respect it in some ways Longshot30 10/28/13 01:26:43 PM
#131   heckuva pump I might add.. [SMART MONEY] 10/28/13 01:18:18 PM
#130   This was a front loaded pump by madmax. Longshot30 10/28/13 12:22:34 PM
#129   LOL still waiting for Everest to send a JLPTNG 10/24/13 03:43:32 PM
#128   I still think this is a .05 stock.. SIBA420 10/23/13 12:12:01 PM
#127   Buy low 0.0001 is nice sell at 0.0002 Josh slone 10/23/13 11:37:47 AM
#126   Thanks for sharing the knowledge. Noobs like GOSSSAMER 10/23/13 11:29:24 AM
#125   Sorry for the stupid post no idea why Josh slone 10/23/13 11:21:05 AM
#124   Don't trust anyone to make you money trust Josh slone 10/23/13 11:21:00 AM
#123   Don't trust anyone to make you money trust Josh slone 10/23/13 11:20:57 AM
#122   Don't trust anyone to make you money trust Josh slone 10/23/13 11:20:49 AM
#121   ah I made money as always gg Josh slone 10/23/13 11:17:12 AM
#120   Let's all pump this thing like it was SIBA420 10/23/13 11:09:57 AM
#119   Most of these guys prebuy and then pump TheSaint 10/23/13 09:00:36 AM
#118   From .15 to back under .019 in no [SMART MONEY] 10/23/13 07:16:04 AM
#117   Been following Big since February. I'm up SEVERAL buckyeffindent 10/23/13 03:16:47 AM
#116   Wow..This thing has a small float! Missed the lotto. TrendVestor 10/22/13 10:57:49 PM
#115   Thanks for the message back and yes I MTH4 10/22/13 08:52:12 PM
#114   Lol didn't get that post lol. O well SIBA420 10/22/13 07:48:17 PM
#113   More like a 5 min play and if JLPTNG 10/22/13 07:20:59 PM
#112   In and out quick play what was not mofran 10/22/13 07:18:54 PM
#111   You can't trust him to make us money. GlyfadaSM 10/22/13 07:16:31 PM
#110   HR I said many many times this was BIG Investment LLC 10/22/13 07:15:46 PM
#108   So what's the deal hear Big ?? Is SIBA420 10/22/13 06:31:24 PM
#107   Im wondering if he meant to go in kingu1ysnmbr1 10/22/13 06:06:58 PM
#106   I got greedy and stupid listening to BIG. GlyfadaSM 10/22/13 05:15:38 PM
#105   $200 gamble plus I was late this morning JimBoStevens 10/22/13 03:53:51 PM
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