New Resource Bank reports first quarter financial results

SAN FRANCISCO — New Resource Bank (OTCBB: NWBN) has announced unaudited financial results for the quarter ended March 31, 2011.

The bank reported a net operating loss of $105,000 for the quarter ended March 31, 2011, compared with a net operating loss of $705,000 for the quarter ended March 31, 2010. Total assets were $152 million at March 31, 2011, compared with $179.2 million at the corresponding quarter end in 2010.

“As the bank grows by adding mission-related clients, our loss is narrowing. It has dropped significantly over the past year and we are in great balance sheet condition in terms of capital and loan quality has significantly improved,” said President and CEO Vince Siciliano.

“Our gross loans are up more than 13 percent compared with March 31, 2010, which speaks to our success in developing new client relationships in sectors such as commercial solar, community housing development, energy efficiency and organic food,” Siciliano added.

New Resource’s net interest margin expanded to 5.09 percent at the quarter ended March 31, 2011, from 4.07 percent at March 31, 2010. Nonperforming assets to total loans dropped to 2.01% at March 31, 2011, from 2.60% at the quarter ended March 31, 2010.

The bank’s total risk-based capital ratio was 17.13 percent at the quarter ended March 31, 2011, and the leverage ratio was 12.48 percent.

“We are pleased that the bank’s financial strength is growing, and along with that our ability to contribute to our clients’ business and sustainability success,” said Mark A. Finser, chairman of the New Resource Bank board. “Ultimately, that benefits our community and the environment.”

Balance sheet (unaudited; dollar amounts in thousands):

Balance sheet Q1 2011

Summary income statement (unaudited; dollar amounts in thousands):

Summary income statement Q1 2011

Performance ratios

Performance ratios Q1 2011

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.

 

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