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New Resource Bank reports fourth quarter financial results
February 17, 2011
SAN FRANCISCO — New Resource Bank (OTCBB: NWBN) has announced unaudited financial results for the quarter and year ended December 31, 2010.
The bank reported a net operating loss of $272,000 for the quarter ended December 31, 2010, compared with a net operating loss of $791,000 for the quarter ended December 31, 2009. Total assets were $154.8 million, compared with $159.4 million at the quarter end in 2009.
Net operating loss for the year ended December 31, 2010 is $2 million, compared with $5 million in 2009. Total deposits were $133.3 million, down from $136.1 million at the quarter-end last year. Gross loans were $104.5 million at December 31, 2010, up from $94.4 million at the fourth quarter of 2009.
“Loan growth of 11 percent is significant in this economic climate,” said President and CEO Vince Siciliano. “We’re seeing this rise in new lending to clients that share our mission of sustainable growth.”
The bank continues to reduce problem loans. The percentage of classified loans to total loans dropped by more than half year over year, from 7.75 percent on December 31, 2009, to 3.14 percent at the quarter ended December 31, 2010. Total classified loans were reduced to $3.2 million at the quarter ended December 31, 2010, compared with $7.3 million at the fourth quarter in 2009. Nonperforming assets were reduced substantially, from $2.9 million at the quarter ended December 31, 2009, to $2.1 million at December 31, 2010.
The bank’s total risk-based capital ratio was 17.39 percent at the quarter ended December 31, 2010, and the leverage ratio was 12.12 percent. The bank’s net interest margin expanded to 4.94 percent at the quarter ended December 31, 2010, from 4.04 percent at December 31, 2009.
“2010 was a year of renewing the energy and focus of the bank—we put some strong new experienced bankers in place and built a firm foundation to grow in our core target markets,” said Mark Finser, the bank's chairman of the board. “We’re looking forward to 2011 and the opportunity to carry out our mission.”
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.