7-30-13 9:00 AM EDT | Email Article

SAN FRANCISCO, July 30, 2013 (GLOBE NEWSWIRE) -- New Resource Bank (OTCBB:NWBN) has announced unaudited financial results for the quarter ended June 30, 2013.

Net income for the quarter was $371,000, compared with $205,000 for the quarter ended June 30, 2012—an increase of more than 80 percent.

The bank achieved solid growth in both gross loans and deposits compared with the second quarter last year, while continuing to show strong credit quality.

"The bank's increased profitability is very encouraging and reflects our ongoing efforts in several key areas," said Vince Siciliano, New Resource president and chief executive officer. "We've expanded our loan portfolio. We've improved our operating efficiency. And we've reduced the level of problem loans."

Key financial results from the quarter included:

  • Loan growth: Loans outstanding grew 8.4 percent, to $137.8 million from $127.1 million a year ago.
  • Asset quality: Non-performing loans as a percentage of total loans dropped from 4.54 percent at June 30, 2012, to 1.42 percent at June 30, 2013.
  • Deposits: Deposits rose 9.7 percent, to $171.0 million from $155.9 million at June 30, 2012.
  • Total assets: Total assets increased 8.2 percent, to $200.1 million from $184.9 million at June 30, 2012.
  • Non-performing assets to total assets: Non-performing assets to total assets decreased from 3.67 percent to 0.98 percent.
  • Non-interest expense: Non-interest expense rose 3 percent, from $1.81 million at June 30, 2012, to $1.87 million at June 30, 2013.

"We think these results indicate that the bank has built some momentum and is making steady progress in reaching target markets," said Mark A. Finser, chairman of the New Resource board. "We believe that our newest board members—Penelope Douglas and Esther Park, both of whom have extensive experience in lending to sustainable businesses—will be very helpful in efforts to maintain that progress," he added.

Balance sheet (unaudited; dollar amounts in thousands):      
       
 June 30, 2013June 30, 2012Change
Assets      
Cash & due from banks  $  4,508  $ 4,815 -6.4%
Interest-bearing deposits  22,910  21,485 6.6%
Money market funds  --   --  0.0%
Fed funds  --   --  0.0%
Investments  34,682  30,403 14.1%
       
Gross loans  137,827  127,111 8.4%
Allowance for loan losses  (2,822)  (2,676) 5.5%
       
Premises & equipment  1,189  1,385 -14.1%
Other real estate owned  --   1,006 -100.0%
Other assets  1,787  1,338 33.6%
       
Total assets  $ 200,080  $ 184,867 8.2%
       
Liabilities & equity      
Deposits  $ 171,023  $ 155,882 9.7%
Borrowings  --   --  0.0%
Other liabilities  1,178  1,780 -33.8%
Total liabilities  171,995  157,662 9.1%
       
Equity  27,878  27,205 2.5%
Total liabilities & equity  $ 200,080  $ 184,867 8.2%
     
Summary income statement (unaudited; dollar amounts in thousands):
 
   
 Quarter ended 
 June 30, 2013June 30, 2012Change
       
Interest income  $ 2,054  $ 1,854 10.8%
Interest expense 40 46 -13.8%
Net interest income 2,014 1,808 11.4%
       
Non-interest income 210 209 0.5%
       
Provision for loan loss  --   --  0.0%
Non-interest expense 1,867 1,812 3.0%
       
Net operating income (loss) 358 205 74.1%
Taxes  (14)  --  NM
Net income (loss)  $ 371  $ 205 80.8%
       
Net interest margin 4.09% 4.13% -1.0%
       
NM = not meaningful      
       
Performance ratios:        
 June 30, 2013  June 30, 2012
Book value per outstanding share $4.99   $4.89
Leverage ratio 13.91%   14.70%
Total risk-based capital ratio 19.99%   19.87%
Loan loss reserves to total loans 2.05%   2.11%
Loan loss reserves to non-performing loans 144%   46%
Non-performing loans to total loans 1.42%   4.54%
Non-performing assets to total assets 0.98%   3.67%

About New Resource Bank

New Resource Bank (https://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.
 

CONTACT: Media contact:
         Sarah Grolnic-McClurg
         Thinkshift Communications/Pounce PR
         sarah@pounce-pr.com
         510-898-1837

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GlobeNewswire, Inc. 2013
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