San Francisco — New Resource Bank (OTCBB: NWBN) has announced unaudited financial results for the quarter ended March 31, 2010.
The bank reported a net operating loss of $705,000 for the quarter ended March 31, 2010, compared with a loss of $1.99 million for the quarter ended March 31, 2009. Total assets were $179.2 million, compared with $166.1 million at the end of the first quarter of 2009.
“This quarter ended with the FDIC and DFI releasing their regulatory order, which is a major step in restoring the health of the bank. We will now focus more energy on our mission of sustainability and prudent growth,” said CEO Vince Siciliano. “Our numbers are heading in the right direction, the pace of loan activity is quickening, and we’re excited about the opportunities we have to lend.”
Total deposits were $156.47 million, up from $140.36 million at the quarter end last year. Gross loans, at $95.13 million, were down 12 percent from the same period in 2009, but up slightly (from $94.47 million) compared with the quarter ended Dec. 31, 2009.
The percentage of nonperforming loans to total loans dropped substantially year over year, from 10.8 percent on March 31, 2009, to 2.6 percent at the quarter ended March 31, 2010. The classified loan total has fallen from $15.4 million at March 31, 2009, to $11.2 million at March 31, 2010.
The bank’s risk-based capital ratio was 17.20 percent at the quarter ended March 31, 2010, and the leverage ratio was 12.15 percent.
The bank’s net interest margin expanded to 4.07 percent at the quarter ended March 31, 2010, from 3.85 percent at the quarter ended March 31, 2009.
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 the 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.
Vince Siciliano, 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.