Northern Star Financial, Inc. (OTCBB: NSBK) today announced results
for the Company and its wholly owned subsidiary Northern Star Bank
for the second 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 $166,929 (a basic loss of $0.18
per share) in the second quarter ended December 31, 2008 compared
with a net loss of $101,430 (a basic loss of $0.12 per share)
during the same period of the prior fiscal year. The Company
reported a basic loss per share of $0.31 for the six month period
ended December 31, 2008 compared with a basic loss per share of
$0.28 during the same six month period of the prior fiscal
year.
The Company's total assets increased $1.22 million to $56.57
million at the end of the second quarter from $55.35 million at
fiscal year ending June 30, 2008. Total deposits for the second
quarter ended December 31, 2008 increased $0.99 million to $40.58
million from $39.59 million at fiscal year ending June 30, 2008.
Loan receivables net of an allowance for loan losses increased by
$0.78 million over the prior fiscal year end.
When comparing the Company's operating results for the first six
months of fiscal year 2009 with the results of operations during
the same period of the prior fiscal year, President Stienessen
said, "Capital constraints and increased competition for lower
levels of deposit and lending activity prevented the bank from
experiencing erosion in its net interest margin." Stienessen noted
that decreases in compensation and employee benefit cost coupled
with increases in non-interest income were insufficient to offset
increases in non-interest expenses resulting from the
implementation of remote deposit capture services during the second
quarter." Stienessen reported that the Company was conducting an
evaluation of its strategic plan which he expected to be completed
in early June.
The Company operates 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
December 31, June 30,
------------ ------------
ASSETS 2008 2008
------------ ------------
Cash and due from banks $ 1,396,386 $ 1,037,213
Federal funds sold - -
------------ ------------
Cash and cash equivalents 1,396,386 1,037,213
Securities available for sale, at fair value 3,875,682 4,804,281
Federal Home Loan Bank stock, at cost 492,300 500,000
Loans held for sale 10,677,802 9,740,876
Loans receivable, net of allowance for loan and
lease losses of $317,403 and $319,657 37,308,723 36,523,996
Property and equipment, net of depreciation 248,853 225,238
Cash surrender value of life insurance 1,172,887 1,151,488
Accrued interest receivable 312,262 254,316
Other real estate owned 924,764 954,422
Other assets 159,323 157,644
------------ ------------
Total Assets $ 56,568,982 55,349,474
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Demand deposits $ 2,836,251 2,173,937
NOW and money market 7,564,113 8,128,707
Savings 3,742,812 3,490,022
Time deposits 26,440,055 25,794,456
------------ ------------
Total deposits 40,583,231 39,587,122
Federal funds purchased 4,171,586 2,902,194
Notes payable and other borrowings 8,116,596 8,814,693
Convertible subordinated notes payable 2,405,000 2,155,000
Accrued interest payable 414,020 565,439
Other liabilities 13,691 162,721
------------ ------------
Total Liabilities 55,704,124 54,187,169
Stockholders' Equity
Common stock, $0.01 par value, 15,000,000
shares authorized; 888,783 and 871,553 shares
issued outstanding respectively 8,887 8,715
Undesignated stock, par value $0.01 per share
5,000,000 shares authorized, no shares issued
Paid in Capital 6,163,755 6,107,930
Accumulated deficit (5,187,584) (4,909,732)
Accumulated comprehensive income (loss) (120,200) (44,608)
------------ ------------
Total Stockholders' Equity 864,858 1,162,305
------------ ------------
Total Liabilities and Stockholders' Equity 56,568,982 55,349,474
============ ============
Northern Star Financial, Inc. and Subsidiary
Unaudited Consolidated Statements of Operation
For the Three Months For the Six Months
Ended December 31, Ended December 31,
------------------------ ------------------------
2008 2007 2008 2007
----------- ----------- ----------- -----------
Interest Income:
Loans receivable $ 668,358 $ 782,726 $ 1,361,341 $ 1,513,879
Securities available
for sale 56,361 62,667 113,856 121,796
Due from banks 6,130 - 6,130 -
Federal funds sold 2,199 10,004 12,482 32,428
----------- ----------- ----------- -----------
Total interest
income 733,048 855,397 1,493,809 1,668,103
----------- ----------- ----------- -----------
Interest Expense:
Deposits 300,397 383,012 641,435 769,255
Borrowed funds 151,893 150,320 310,073 307,157
----------- ----------- ----------- -----------
Total interest
expense 452,290 533,332 951,508 1,076,412
----------- ----------- ----------- -----------
Net interest income 280,758 322,065 542,301 591,691
Provision for loan and
lease losses 22,759 - 12,259 -
----------- ----------- ----------- -----------
Net interest income
after provision
for loan and
lease losses 257,999 322,065 530,042 591,691
----------- ----------- ----------- -----------
Non-interest income:
Other fees and service
charges 54,189 46,785 138,682 97,966
Sale of investments - 7,943 - 7,943
Gain on sale of loans 23,567 42,185 73,005 61,059
----------- ----------- ----------- -----------
Total non-interest
income 77,756 96,913 211,687 166,968
----------- ----------- ----------- -----------
Non-interest expense:
Compensation and
employee benefits 217,661 250,214 451,689 488,922
Board fees 5,450 5,750 9,950 11,500
Occupancy 62,888 65,378 131,147 129,718
Printing and Supplies 6,755 8,279 16,186 15,660
Furniture, fixtures &
equipment depreciation 11,085 10,390 19,520 21,700
Data Processing 71,796 54,847 127,611 108,667
Professional fees 50,505 27,287 81,223 38,592
Other 76,544 98,263 182,255 175,229
----------- ----------- ----------- -----------
Total non-interest
expense 502,684 520,408 1,019,581 989,988
----------- ----------- ----------- -----------
Loss before income tax
benefit (166,929) (101,430) (277,852) (231,329)
Income tax benefit - - - -
----------- ----------- ----------- -----------
Net loss $ (166,929) $ (101,430) $ (277,852) $ (231,329)
=========== =========== =========== ===========
Net (loss) per common
share
Basic and diluted
(loss) per share
of common stock $ (0.18) $ (0.12) $ (0.31) $ (0.28)
=========== =========== =========== ===========
Contact: Thomas Stienessen Chief Executive Officer (507)
387-2265
(USOTC:NSBK)
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