SAN FRANCISCO, Oct. 29, 2013 (GLOBE NEWSWIRE) -- New Resource Bank (OTCBB:NWBN) has announced unaudited financial results for the quarter ended September 30, 2013.
Net income for the quarter was $310,000, a 7 percent increase compared with net income of $290,000 for the quarter ended September 30, 2012.
The bank achieved solid growth in gross loans and substantial deposit growth compared with the third quarter of last year, and showed continued strong credit quality.
"The bank continues to increase both loans and deposits, while maintaining a well-capitalized position and controlling operating expenses," said Vince Siciliano, New Resource Bank president and CEO. "It's particularly gratifying to note that clients who are aligned with our mission have played an important role in deposit growth."
Key financial results from the third quarter 2013 compared with the same quarter 2012 included:
- Loan growth: Loans outstanding grew 7.8 percent, to $147.7 million from $137 million a year ago.
- Asset quality: Non-performing loans as a percentage of total loans dropped to 1.2 percent at September 30, 2013, from 1.75 percent at September 30, 2012.
- Deposits: Deposits rose 17.8 percent, to $189.8 million from $161.1 million at September 30, 2012.
- Total assets: Total assets increased 14.9 percent, to $219.3 million from $190.9 million at September 30, 2012.
- Non-performing assets to total assets: Non-performing assets to total assets decreased from 1.62 percent to 0.81 percent.
- Risk-based capital: Total risk-based capital ratio was 19.05 percent, a small rise from 18.93 percent at September 30, 2012.
- Non-interest expense: Non-interest expense dropped slightly, from $1.87 million at September 30, 2012, to $1.85 million at September 30, 2013.
- Efficiency ratio: The bank's efficiency ratio for the quarter was 79.8 percent, versus 80.5 percent in the third quarter of 2012.
"With the bank showing steady year-over-year growth in each of the past three quarters, we are well positioned as we plan for the future," said Mark A. Finser, chairman of the New Resource board. "Our strategy is to grow the balance sheet efficiently while deepening our focus on our mission."
|Balance sheet (unaudited; dollar amounts in thousands):|
|September 30, 2013||September 30, 2012||Change|
|Cash and due from banks||$ 4,880||$ 5,301||–7.9%|
|Money market funds||–||–||0.0%|
|Allowance for loan losses||(2,974)||(2,801)||6.2%|
|Premises and equipment||1,138||1,359||–16.2%|
|Other real estate owned||–||695||–100.0%|
|Total assets||$ 219,273||$ 190,882||14.9%|
|Liabilities and equity|
|Deposits||$ 189,763||$ 161,122||17.8%|
|Total liabilities and equity||$ 219,273||$ 190,882||14.9%|
|September 30, 2013||September 30, 2012|
|Book value per outstanding share||$5.05||$4.99|
|Total risk-based capital ratio||19.05%||18.93%|
|Loan loss reserves to total loans||2.01%||2.05%|
|Loan loss reserves to non-performing loans||168%||117%|
|Non-performing loans to total loans||1.20%||1.75%|
|Non-performing assets to total assets||0.81%||1.62%|
|Summary income statement (unaudited; dollar amounts in thousands):|
|September 30, 2013||September 30, 2012||Change|
|Interest income||$ 2,146||$ 2,046||4.9%|
|Net interest income||2,109||1,999||5.5%|
|Provision for loan loss||150||160||-6.3%|
|Net operating income (loss)||320||293||9.3%|
|Net income (loss)||$ 310||$ 290||7.0%|
|Net interest margin||4.09%||4.39%||-7.0%|
|NM = not meaningful|
About New Resource Bank
New Resource Bank (https://www.newresourcebank.com) is the premier bank for people who are leading the way to a more sustainable world. We match an entrepreneurial spirit with a dedication to achieving environmental and social as well as financial returns. Our mission is to advance sustainability with everything we do—the loans we make, the way we operate and our commitment to putting deposits to work for good.
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.
CONTACT: Media contact: Sarah Grolnic-McClurg Thinkshift Communications/Pounce PR firstname.lastname@example.org 510-898-1837
Source:New Resource Bank