Herald National Bank Reports Results for First Quarter of 2011; Third Consecutive Quarter of Profitability
03 Mayo 2011 - 7:00AM
Business Wire
Herald National Bank (NYSE AMEX: HNB), a full-service commercial
bank, today reported results for the first quarter of 2011, ended
March 31. It was the third consecutive quarter of sustained
profitability recently reported by Herald, which opened as a de
novo bank in November 2008.
“Herald National Bank has continued our profitability trend in
the first quarter of 2011, supporting the soundness of our business
strategy and our focus on relationship banking and stable asset
quality. Our Banking, Credit and Operations teams are continuing to
cooperatively develop and improve our unique relationship-based
business banking model, which focuses on small and middle market
clients in the New York metropolitan area and surrounding business
communities. Although the economic environment continues to be
unsettled, we continue to see promising opportunities to develop
secure, long-term small and middle market relationships. A number
of these opportunities have already materialized and others are
currently in progress,” said Chairman and Chief Executive Officer
Raymond A. Nielsen.
Key highlights for the quarter included the following:
- Net income for the first quarter
increased 63.5% to $206,000, or $0.02 per share, versus $126,000 or
$0.01 per share in the fourth quarter of 2010. This compares to a
loss of $1.9 million in the first quarter of 2010.
- Total assets decreased moderately to
$501 million, down 0.7% from $505 million at December 31 2010. As
compared to the first quarter of 2010, assets increased 10.7% from
$453 million.
- Deposits increased 1.5% to $437
million, of which 91.1% are core deposits and 30% are checking
accounts. This compares to deposits of $431 million on December 31,
2010 and $392 million at March 31, 2010.
- Net interest margin was 3.87%, a slight
decline from 4.10% in the fourth quarter but a slight increase from
3.85% in the first quarter last year.
- Total loans declined to $322 million at
March 31, 2011 from $333 million at December 31, 2010 and $344
million at March 31, 2010.
- Tier 1 leverage ratio was 10.61% at
March 31, 2011, compared to 10.97% at year-end 2010 and 11.94% at
March 31, 2010. This exceeds the minimum regulatory capital ratios
applicable to the bank.
- Non-performing loans were $1.7 million
as of March 31, 2011, compared to $0.4 million at December 31,
2010. There were no non-performing loans at March 31, 2010.
Non-performing loans increased during the quarter by one loan with
a $1.3 million loan balance. Non-performing loans to total loans
were 0.53% at March 31, 2011 and 0.12% at December 31, 2010 which
compare favorably to industry averages. In addition, the Bank’s
Allowance for Loan & Lease Losses increased to 1.94% of loans
at March 31, 2011, from 1.92% at December 31, 2010.
About Herald National Bank
Herald National Bank is a relationship-based banking institution
dedicated to serving the commercial and private banking needs of
small to mid-size businesses, their owners, executives and senior
managers, as well as high-net-worth individuals in the New York
metropolitan area. Herald National Bank presently has three offices
located in Manhattan (623 Fifth Avenue), Brooklyn (1333 60th
Street), and Melville, Long Island (58 South Service Road). For
more information, visit www.heraldnb.com.
Forward Looking Statements Disclaimer
Certain matters in this press release constitute forward-looking
statements that involve assumptions and potential risks and
uncertainties, which are made in a manner consistent with the safe
harbor provisions of the U.S. Private Securities Litigation Reform
Act of 1995. These forward looking statements involve known and
unknown risks, uncertainties, and other factors that may cause the
actual results, performance and achievements of Herald National
Bank to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. These factors include: general
economic, capital market and business conditions; risks arising
from litigation or similar proceedings; interest rate fluctuations;
levels of delinquent loans; employee turnover; government
regulation; legislation affecting the banking industry, and those
other factors discussed in the filings of Herald National Bank with
the Office of the Comptroller of the Currency. Herald National Bank
undertakes no obligation, and expressly disclaims any obligation,
to update publicly or revise any forward-looking statement, which
speaks only as of the date it is made, whether as a result of new
information, future events or otherwise.
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