Northern Star Financial, Inc. (OTCBB: NSBK) today announced results
for the Company and its wholly owned subsidiary Northern Star Bank
for the first quarter of the fiscal year ending June 30, 2009.
Northern Star Financial, Inc., the parent company of Northern
Star Bank, reported a net loss of $110,923 in the first quarter
ended September 30, 2008 compared with a net loss of $129,893 in
the first quarter of fiscal year 2008. The basic loss per share of
$0.12 for the first quarter of the fiscal year ending June 30, 2009
compared with a basic loss per share of $0.16 during the first
quarter of the fiscal year ending June 30, 2008.
The Company's total assets increased to $57.80 million at the
end of the first quarter up from $55.35 million for the fiscal year
ending June 30, 2008. Total deposits for the first quarter ended
September 30, 2008 increased $838 thousand to $40.43 million down
from $39.59 million for the fiscal year ending June 30, 2008. Loan
receivables net of allowance for loan losses remained constant.
When comparing the Company's first quarter fiscal year 2008
operating results with the results of operations during the same
period of the prior fiscal year, President Stienessen said, "We
have been able to achieve a modest improvement in operating results
through an increase in non-interest income and by maintaining our
net interest income despite minimal growth and unprecedented action
by the Federal Reserve to quickly and significantly reduce interest
rates." When compared to the same quarter of the prior fiscal year,
the Company reported a $47 thousand increase in non-interest
expense as a result of one-time cost associated with the write-down
in the carrying value of a repossessed asset and expenses incurred
in connection with a change in ATM networks. Stienessen restated
his earlier comments indicating that he did not expect to see any
significant near-term improvement in net interest margins as
competition for deposits and quality loans is expected to remain
high at the same time loan quality may well deteriorate as the
economy worsens.
The Company commenced operations on January 25, 1999 as a bank
holding company whose subsidiary provides financial services.
Northern Star Bank's business is that of a financial intermediary
and consists primarily of attracting deposits from the general
public and using such deposits, together with borrowings and other
funds, to make secured and unsecured loans to business and
professional concerns and mortgage loans secured by residential
real estate and other consumer loans. The Bank operates two
full-service offices that are located in Mankato and St. Cloud,
Minnesota.
THIS PRESS RELEASE CONTAINS FORWARD-LOOKING INFORMATION AND
ACTUAL RESULTS MAY DIFFER.
Statements that Northern Star Financial may publish, including
those in this announcement that are not strictly historical, are
"forward-looking" statements made under the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are inherently unreliable and actual
results may vary. Factors which could cause actual results to
differ from these forward-looking statements include changes in the
competitive marketplace, changes in the interest rate environment,
economic conditions, outcome of pending litigation, risks
associated with credit quality and other factors discussed in the
Company's filings with the Securities and Exchange Commission. The
Company undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Northern Star Financial, Inc. and Subsidiary
Consolidated Statements of Financial Condition
September 30, June 30,
------------- -------------
ASSETS 2008 2008
------------- -------------
Cash and due from banks $ 1,255,071 $ 1,037,213
Federal funds sold - -
------------- -------------
Cash and cash equivalents 1,255,071 1,037,213
Securities available for sale, at fair value 4,138,888 4,804,281
Federal Home Loan Bank stock, at cost 503,800 500,000
Loans held for sale 12,738,314 9,740,876
Loans receivable, net of allowance for loan
and lease losses of $306,461 and $319,657 36,392,948 36,523,996
Property and equipment, net of depreciation 217,735 225,238
Accrued interest receivable 261,877 254,316
Other real estate owned 929,776 954,422
Cash surrender value of life insurance 1,162,186 1,151,488
Other assets 196,973 157,644
------------- -------------
Total Assets $ 57,797,568 55,349,474
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Demand deposits $ 2,692,857 2,173,937
NOW and money market 9,413,516 8,128,707
Savings 3,827,699 3,490,022
Time deposits 24,491,457 25,794,456
------------- -------------
Total deposits 40,425,529 39,587,122
Federal funds purchased 4,541,000 2,902,194
Notes payable and other borrowings 8,665,688 8,814,693
Convertible subordinated notes payable 2,405,000 2,155,000
Accrued interest payable 542,188 565,439
Other liabilities 159,613 162,721
------------- -------------
Total Liabilities 56,739,018 54,187,169
Stockholders' Equity
Common stock, $0.01 par value, 15,000,000
shares authorized; 871,533 and 871,533 shares
issued outstanding respectively 8,715 8,715
Undesignated stock, par value $0.01 per share
5,000,000 shares authorized, no shares issued
Paid in Capital 6,107,930 6,107,930
Accumulated deficit (5,020,655) (4,909,732)
Accumulated comprehensive income (loss) (37,440) (44,608)
------------- -------------
Total Stockholders' Equity 1,058,550 1,162,305
------------- -------------
Total Liabilities and Stockholders'
Equity 57,797,568 55,349,474
============= =============
Northern Star Financial, Inc. and Subsidiary
Unaudited Consolidated Statements of Operation
For the Three Months
Ended September 30,
----------------------
2008 2007
---------- ----------
Interest Income:
Loans receivable $ 692,983 $ 731,153
Securities available for sale 57,495 59,129
Federal funds sold 10,283 22,424
---------- ----------
Total interest income 760,761 812,706
---------- ----------
Interest Expense:
Deposits 341,038 386,243
Borrowed funds 158,180 156,837
---------- ----------
Total interest expense 499,218 543,080
---------- ----------
Net interest income 261,543 269,626
Provision for loan and lease losses (10,500) -
---------- ----------
Net interest income after provision
for loan and lease losses 272,043 269,626
---------- ----------
Non-interest income:
Other fees and service charges 84,493 51,181
Gain on sale of loans 49,438 18,874
---------- ----------
Total non-interest income 133,931 70,055
---------- ----------
Non-interest expense:
Compensation and employee benefits 234,028 238,708
Board fees 4,500 5,750
Occupancy 68,259 64,340
Printing and Supplies 9,431 7,381
Furniture, fixtures & equipment depreciation 8,435 11,310
Data Processing 55,815 53,820
Professional fees 30,718 11,305
Other 105,711 76,960
---------- ----------
Total non-interest expense 516,897 469,574
---------- ----------
Income (loss) before income tax benefit (110,923) (129,893)
Income tax benefit - -
---------- ----------
Net income (loss) $ (110,923) $ (129,893)
========== ==========
Net income (loss) per common share
Basic and diluted income (loss) per share
of common stock $ (0.12) $ (0.16)
========== ==========
Contact: Thomas Stienessen Chief Executive Officer (507)
387-2265
(USOTC:NSBK)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
(USOTC:NSBK)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024
