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SAN FRANCISCO, July 27, 2015 (GLOBE NEWSWIRE) -- New Resource Bank (OTC Pink:NWBN) has announced unaudited financial results for the quarter ended June 30, 2015.
New Resource continued our loan and deposit growth this quarter but overall net income slowed due to expenses associated with our July office move as well as the impact of loan payoffs on interest income. Gross loans amount to $179.6 million—a 2.8 percent increase over June 30, 2014. Loan growth was slower than expected due to several loan payoffs during the quarter. Total deposits continued their robust growth, amounting to $229 million—an increase of 11.5 percent over June 30, 2014. Despite loan and deposit growth, net income contracted for the quarter to $359,000, a 23 percent decline compared with net income of $466,000 for the quarter ended June 30, 2014.
"We expanded into our new office space in July and experienced several loan payoffs this quarter, which impacted our financial performance. We continue to experience loan and deposit growth and therefore look forward to finishing the year strongly," said Vince Siciliano, New Resource Bank president and CEO.
Key financial results from the second quarter of 2015 compared with the same quarter of 2014 include:
"I view the second and upcoming third quarter as transition periods given the competitive loan marketplace as well as the financial impact of our July move to a new location," said Mark A. Finser, chairman of the New Resource Bank board. "We continue to see strong demand for our unique lending expertise in our key target markets and with borrowers that want to align their financing with their values."
|Balance Sheet (unaudited; dollar amounts in thousands)||June 30, 2015||June 30, 2014||% Change|
|Cash & Due From||$7,406||$6,550||13.1%|
|Interest Bearing Deposits||43,660||26,055||67.6%|
|Money Market Funds||--||--||0.0%|
|Allowance for Loan Loss||(3,360)||(3,347)||0.4%|
|Premises & Equipment||1,789||1,045||71.2%|
|Other Real Estate Owned||--||--||0.0%|
|Liabilities & Equity|
|Total Liabilities & Equity||$261,980||$236,859||10.6%|
|June 30, 2015||June 30, 2014|
|Book value per outstanding share||$5.48||$5.26|
|Total risk based capital ratio||17.04%||17.23%|
|BASEL III Common Equity Tier 1||15.79%||--|
|Loan loss reserves to total loans||1.87%||1.92%|
|Loan loss reserves to non-performing loans||191%||1517%|
|Non-performing loans to total loans||0.98%||0.13%|
|Non-performing assets to total assets||0.67%||0.09%|
|Income Statement (unaudited; dollar amounts in thousands)||Quarter Ended|
|June 30, 2015||June 30, 2014||% Change|
|Net Interest Income||2,543||2,427||4.8%|
|Provision for Loan Loss||--||--||NM|
|Net Operating Income/(Loss)||366||478||-23.3%|
|Net Interest Margin||4.03%||4.32%||-6.6%|
|NM = Not Meaningful|
|N/A = Not Available|
About New Resource Bank
New Resource Bank (https://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 financial change. We use banking to transform the economy into one that serves all people and the planet. By putting deposits to work for good, we lend to organizations that benefit our communities and preserve our planet.
This press release contains forward-looking statements such as statements about certain expectations and projections. 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 firstname.lastname@example.orgNEXT ARTICLE