SAN FRANCISCO, October 28, 2011 — New Resource Bank (OTCBB: NWBN) has announced unaudited financial results for the quarter ended September 30, 2011.
The bank recorded its first operational profit: a net operating income of $196,000 for the quarter ended September 30, 2011, compared with a net operating loss of $433,000 for the quarter ended September 30, 2010.
Loans outstanding grew to $112.3 million, up from $95.8 million a year ago, a 17 percent increase. Deposits were $139.7 million, compared with $135.5 million at the quarter end in 2010.
“We are very pleased to report our first quarter of operational profit,” said President and CEO Vince Siciliano. “The bank has continued to grow its loan and deposit portfolio with mission-oriented companies that are managing for a social and environmental as well as a financial return.”
Total assets were $160.6 million at September 30, 2011, compared with $157.8 million at the corresponding quarter end in 2010.
New Resource Bank’s net interest margin expanded to 5.31 percent at the quarter ended September 30, 2011, from 4.14 percent at September 30, 2010.
The percent of nonperforming assets to total loans was 1.1 percent, down from 1.8 percent last year. That ratio compares favorably with the peer bank median of 3.64 percent as of June 30, 2011 (the most recent data available). There were no nonperforming loans as of September 30, 2011.
The bank’s total risk-based capital ratio was 15.8 percent at the quarter ended September 30, 2011, and the leverage ratio was 11.9 percent.
“New Resource Bank’s growing success has been a team effort involving staff, the board and supportive shareholders,” said Mark A. Finser, chairman of the New Resource board. “This quarter’s results reflect that effort as well as the power of the bank’s mission in a continued challenging economy.”
Balance sheet(unaudited; dollar amounts in thousands):
Summary income statement (unaudited; dollar amounts in thousands):
About New Resource Bank
New Resource Bank is the premiere 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.