San Francisco — New Resource Bank (OTCBB: NWBN) has announced unaudited financial results for the quarter and year ended Dec. 31, 2009.
The bank reported a net operating loss of $791,000 for the quarter ended Dec. 31, 2009, compared with a loss of $5.42 million for the quarter ended Dec. 31, 2008. Total assets were $159.4 million, compared with $170.4 million at the end of the fourth quarter of 2008.
“Our net revenues held up, even as the bank assets shrank,” said CEO Vince Siciliano. “We produced significant improvement in asset quality, our loan loss reserve ratio is robust, and our capital ratios continue to be well in excess of what’s required to be considered a well-capitalized bank.”
The percentage of nonperforming loans to total loans was 3.17 percent at the quarter ended Dec. 31, 2009, compared with 12.26 percent on the same date in 2008. The bank had roughly $7.3 million in classified loans at Dec. 31, 2009, compared with $17 million on the same date in 2008.
The bank’s risk-based capital ratio was 17.73 percent at the quarter ended Dec. 31, 2009, and the leverage ratio was 12.9 percent.
Total deposits were $136.15 million, down from $142.9 million for the quarter ended Dec. 31, 2008. Gross loans decreased 16 percent from the same period in 2008, to $94.47 million for the quarter ended Dec. 31, 2009.
The bank’s net interest margin expanded to 4.04 percent at the quarter ended Dec. 31 from 3.38 percent at the quarter ended Dec. 31, 2008.
“This was a year of addressing the economic environment in the region and our own asset quality,” said New Resource Board Chairman Mark Finser. The bank recently established its Asset-Based Lending Group, led by veteran banker Peter Pliska, and brought on Joe Anzalone, a senior banker formerly with Silicon Valley Bank, to manage commercial banking activities. “We believe we have the strength to move forward and are now ready for measured growth in 2010,” Finser said.
Balance Sheet (unaudited; dollar amounts in thousands):
Summary Income Statement (unaudited; dollar amounts in thousands):
About New Resource Bank
New Resource (http://www.newresourcebank.com) is a green community bank that aims to promote sustainable growth. The bank is a founding member of the Global Alliance for Banking on Values.
President & CEO;
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.