Vince Siciliano, President & CEO
SAN FRANCISCO—New Resource Bank (OTCBB: NWBN) has announced unaudited financial results for the quarter ended March 31, 2013.
The bank recorded net income of $187,000 for the quarter ended March 31, 2013, compared with a net loss of $56,000 for the quarter ended March 31, 2012.
The bank experienced double-digit growth in both loans outstanding and deposits compared with the first quarter last year. At the same time, credit quality continued to improve.
“We are very pleased with the progress we’ve made in improving the portfolio credit quality,” said Vince Siciliano, New Resource president and chief executive officer. “Non-performing assets as a percentage of total assets decreased substantially year over year, and our Texas ratio, which measures the level of non-performing assets as a percentage of capital, improved from 24.6 percent to 6.5 percent in the same period.”
Key financial results from the quarter included:
- Loan growth: Loans outstanding grew 17.3 percent, to $136.0 million from $115.9 million a year ago.
- Asset quality: Non-performing loans as a percentage of total loans dropped from 5.08 percent at March 31, 2012, to 1.48 percent at March 31, 2013.
- Deposits: Deposits rose 23.9 percent, to $178.5 million from $144.1 million at March 31, 2012.
- Total assets: Total assets increased 20.6 percent, to $208.3 million from $172.6 million at March 31, 2012.
- Non-performing assets to total assets: Non-performing assets to total assets decreased from 4.14 percent to 0.97 percent.
- Non-interest expense: At $2.0 million, non-interest expense remained essentially unchanged from the same period in 2012.
“Earnings for the quarter reflect significant improvement over the same quarter last year,” noted Mark A. Finser, chairman of the New Resource board. “We’re very pleased with how we’ve strengthened our business, given the still challenging economic environment and a federal low-interest rate monetary policy that continues to compress bank margins. These conditions remain an inhibiting factor in our ability to grow.”
Balance sheet (unaudited; dollar amounts in thousands):
Summary income statement (unaudited; dollar amounts in thousands):
About New Resource Bank
New Resource Bank (www.newresourcebank.com) is the premier 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.