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New Resource Bank reports fourth quarter financial results
February 11, 2013
Vince Siciliano, President & CEO
SAN FRANCISCO, February 11, 2013—New Resource Bank (OTCBB: NWBN) has announced unaudited financial results for the quarter and year ended December 31, 2012.
The bank recorded net income of $312,000 for the quarter ended December 31, 2012, compared with net income of $138,000 for the quarter ended December 31, 2011. Net income for the twelve months of 2012 was $751,000, compared with a net loss of $713,000 for the twelve months ended December 31, 2011.
“2012 marked our first full year of profitability,” said President and CEO Vince Siciliano. “It’s gratifying to see the bank’s strategic focus on its core markets—cleantech, organic products, nonprofits, and green building—continue to bear fruit. Our significant earnings improvement also reflects the hard work and dedication of our staff.”
Loans outstanding grew nearly 18 percent, to $135.7 million from $115.4 million a year ago. Deposits rose about 14 percent, to $170.2 million from $149.5 million, at December 31, 2011. Total assets were $200.2 million, compared with $170.8 million at December 31, 2011.
Loan loss reserves at quarter end December 31, 2012, were 2.08 percent of total loans. Nonperforming loans as a percentage of total loans were at 1.52 percent at December 31, 2012, compared with 5.22 percent at December 31, 2011. Nonperforming assets to total assets decreased from 4.26 percent to 1.10 percent.
Net interest income for the quarter ended December 31, 2012, was $2.2 million, about a 2 percent increase from $1.8 million for the same period in 2011. Net interest income for the full year ended December 31, 2012, was $7.8 million, up $0.2 million over the same period in 2011.
Non-interest income was $117,000 for the quarter ended December 31, 2012, a $62,000 decrease from $179,000 for the quarter ended December 31, 2011. For the year ended December 31, 2012, non-interest income was $837,000, up $158,000 from the full year 2011. Non-interest expense for the quarter ended December 31, 2012, was $1.9 million, essentially unchanged from the same period in 2011. The bank successfully managed expenses for the full year 2012: non-interest expense was $7.7 million, down $0.4 million from the full year ended December 31, 2011.
The bank’s total risk-based capital ratio was 19.36 percent at December 31, 2012, and the leverage ratio was 14.38 percent.
“This is New Resource Bank’s largest quarterly profit to date,” noted Mark A. Finser, chairman of the New Resource board. “These earnings for the quarter and the year reflect significant improvement, and we’re very pleased with how we’ve continued to strengthen our business.”
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.