San Francisco — New Resource Bank (OTCBB: NWBN) has announced unaudited financial results for the quarter ended September 30, 2009.
The bank reported net operating income of $11,000 for the quarter ended Sept. 30, 2009, compared with a loss of $2.55 million for the quarter ended Sept. 30, 2008. The income statement for the quarter ended Sept. 30, 2009 reflects the recognition of $500,000 in recoveries of previously charged-off loans.
“New Resource is turning a corner,” said Board Chairman Mark Finser. “With a strengthened management team and board, the work of the past nine months is paying off.”
The bank continues to significantly reduce nonperforming loans. The percentage of nonperforming loans to total loans was 4.37 percent at the quarter ended Sept. 30, 2009, compared with 9.09 percent on the same date in 2008. The bank had roughly $8 million in classified loans at the quarter ended Sept. 30, 2009, compared with $22.44 million on the same date in 2008.
“We continue to reduce nonperforming loans significantly from their peak in the fourth quarter of last year,” said CEO Vince Siciliano. “We remain healthy, with ratios that speak to our well-capitalized position.”
The bank’s risk-based capital ratio was 18.14 percent at the quarter ended Sept. 30, 2009, and the leverage ratio was 12.91 percent.
Total assets were $165.63 million, compared with $175.9 million at the end of the third quarter of 2008. Gross loans decreased 17 percent from the same period in 2008, to $90.92 million for the quarter ended Sept. 30, 2009, largely due to resolution of nonperforming loans.
Total deposits were $141.87 million, down from $144.83 million for the quarter ended Sept. 30, 2008. (Balance sheet and summary income statement follow next item.)
William McClintock joins New Resource board
New Resource is pleased to announce that William McClintock has joined its board of directors. McClintock is a CPA with over 20 years’ experience on the boards of successful Northern California banks, and was co-founder of two banks. He currently provides financial consulting to family-held businesses, start-ups and emerging companies.
“William McClintock has valuable perspectives and experience that make him a great asset for New Resource,” said Chairman Mark Finser. “He knows what it takes to grow a community bank and make it successful.”
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.
This release contains forward-looking statements, such as statements about certain plans, expectations, goals, and projections which are subject to numerous risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and 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 the entire years to differ materially from those indicated. Readers should not place undue reliance on the forward-looking statements, which reflect management’s view only as of the date hereof. The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.