SAN FRANCISCO, July 30, 2014 (GLOBE NEWSWIRE) -- New Resource Bank (OTCBB:NWBN) has announced unaudited financial results for the quarter ended June 30, 2014.
Net income for the quarter was $466,000, compared with $371,000 for the quarter ended June 30, 2013—a 25.4 percent rise. Gross loans increased 26.8 percent year over year, from $137.8 million at June 30, 2013, to $174.7 million at June 30, 2014. The bank also realized record deposits of $205.5 million at June 30, 2014, a 20.1 percent rise from $171 million at June 30, 2013.
"The new high in deposits is based on both increased balances for existing customers and deposits from new customers, primarily businesses and nonprofits. We believe this is a clear reflection of the appeal of our mission," said Vince Siciliano, New Resource Bank president and CEO. "The increase in gross loans is also notable, and continues a strong growth trend."
Key financial results from the second quarter 2014 compared with the same quarter 2013 include:
- Loan growth: Loans outstanding grew 26.8 percent, to $174.7 million from $137.8 million a year ago.
- Asset quality: Non-performing loans as a percentage of total loans dropped to 0.13 percent at June 30, 2014, from 1.42 percent at June 30, 2013.
- Non-performing assets to total assets: Non-performing assets to total assets decreased from 0.98 percent to 0.09 percent.
- Deposits: Deposits rose 20.1 percent, to $205.5 million at June 30, 2014, from $171 million at June 30, 2013.
- Total assets: Total assets increased 18.4 percent, to $236.9 million from $200.1 million at June 30, 2013.
- Net interest income: Net interest income was $2.4 million, a 20.5 percent rise from $2 million for the quarter ended June 30, 2013.
- Non-interest expense: Non-interest expense was $2.2 million, a 15.9 percent rise from $1.9 million for the quarter ended June 30, 2013.
- Efficiency ratio: The bank's efficiency ratio for the quarter was 81.9 percent, compared with 83.9 percent for the quarter ended June 30, 2013.
- Risk-based capital: The bank's total risk-based capital ratio was 17.23 percent, significantly above the standard for a well-capitalized bank.
"New Resource Bank's second quarter results continued a positive trend, and we remain focused on a strategy of pursuing growth while deepening the bank's mission," said Mark A. Finser, chairman of the New Resource board.
|Balance sheet (unaudited; dollar amounts in thousands):|
|June 30, 2014||June 30, 2013||Change|
|Cash and due from banks||$ 6,550||$ 4,508||45.3%|
|Money market funds||–||–||0.0%|
|Allowance for loan losses||(3,347)||(2,822)||18.6%|
|Premises and equipment||1,045||1,189||-12.1%|
|Other real estate owned||–||–||0.0%|
|Total assets||$ 236,859||$ 200,080||18.4%|
|Liabilities and equity|
|Deposits||$ 205,464||$ 171,023||20.1%|
|Total liabilities and equity||$ 236,859||$ 200,080||18.4%|
|June 30, 2014||June 30, 2013|
Book value per outstanding share
|Total risk-based capital ratio||17.23%||19.99%|
|Loan loss reserves to total loans||1.92%||2.05%|
|Loan loss reserves to non-performing loans||1517%||144%|
|Non-performing loans to total loans||0.13%||1.42%|
|Non-performing assets to total assets||0.09%||0.98%|
|Summary income statement (unaudited; dollar amounts in thousands):|
|June 30, 2014||June 30, 2013||Change|
|Interest income||$ 2,457||$ 2,054||19.6%|
|Net interest income||2,427||2,014||20.5%|
|Provision for loan loss||–||–||0.0%|
|Net operating income/(loss)||478||358||33.5%|
|Net income/(loss)||$ 466||$ 371||25.4%|
|Net interest margin||4.32%||4.09%||5.7%|
|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: Vince Siciliano, President and CEO 415.995.8170 email@example.com
Source:New Resource Bank