Northern Star Financial, Inc. (OTCBB: NSBK) today announced results
for the Company and its wholly owned subsidiary Northern Star Bank
for the third 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 $503,429 in the third quarter
ended March 31, 2009 compared with a loss of $101,335 in the third
quarter of fiscal year 2008. The basic loss per share of $0.54 for
the third quarter of the fiscal year ending June 30, 2009 compared
with a basic loss per share of $0.12 during the third quarter of
the fiscal year ending June 30, 2008.
The Company's total assets decreased to $50.68 million at the
end of the third quarter from $55.35 million for the fiscal year
ending June 30, 2009. Total deposits for the third quarter ended
March 31, 2009 decreased to $37.72 million, down from $39.59
million for the fiscal year ending June 30, 2008. Loan receivables
net of allowance for loan losses decreased by $0.71 million over
the prior fiscal year end.
When comparing the Company's third quarter fiscal year 2009
operating results with the results of operations during the same
period of the prior fiscal year, President Stienessen attributed
the difference in earnings to a $400 thousand non-cash expense
incurred by the bank to increase the bank's allowance for loan
losses. Stienessen reported that the need for additional reserves
was dictated by the bank's regulators and resulted from the
regulator's assessment of commercial real estate collateral values.
Stienessen indicated that the requirement for additional reserves
will result in a need for the Company to raise additional capital
in equity markets that are not supportive of bank stocks.
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
March 31, June 30,
------------ ------------
ASSETS 2009 2008
------------ ------------
Cash and due from banks $ 1,198,042 $ 1,037,213
Federal funds sold - -
------------ ------------
Cash and cash equivalents 1,198,042 1,037,213
Securities available for sale, at fair value 4,270,782 4,804,281
Federal Home Loan Bank stock, at cost 505,600 500,000
Loans held for sale 5,873,114 9,740,876
Loans receivable, net of allowance for loan
and lease losses of $715,974 and $319,657 35,806,467 36,523,996
Property and equipment, net of depreciation 235,475 225,238
Other real estate owned 1,158,764 954,422
Cash surrender value of life insurance 1,183,350 1,151,488
Accrued interest receivable 281,719 254,316
Other assets 170,503 157,644
------------ ------------
Total Assets $ 50,683,816 $ 55,349,474
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Demand deposits $ 2,825,226 $ 2,173,937
NOW and money market 7,557,905 8,128,707
Savings 4,640,211 3,490,022
Time deposits 22,701,541 25,794,456
------------ ------------
Total deposits 37,724,883 39,587,122
Federal funds purchased 1,668,428 2,902,194
Notes payable and other borrowings 8,067,415 8,814,693
Convertible subordinated notes payable 2,355,000 2,155,000
Accrued interest payable 335,596 565,439
Other liabilities 31,790 162,721
------------ ------------
Total Liabilities 50,183,112 54,187,169
Stockholders' Equity
Common stock, $0.01 par value, 15,000,000
shares authorized; 923,861 and 871,553 shares
issued outstanding respectively 9,238 8,715
Undesignated stock, $0.01 par value, 5,000,000
shares authorized, no shares issued - -
Paid in Capital 6,277,408 6,107,930
Accumulated deficit (5,691,013) (4,909,732)
Accumulated comprehensive income (loss) (94,929) (44,608)
------------ ------------
Total Stockholders' Equity 500,704 1,162,305
------------ ------------
Total Liabilities and Stockholders' Equity 50,683,816 55,349,474
============ ============
Northern Star Financial, Inc. and Subsidiary
Unaudited Consolidated Statements of Operation
For the Three Months For the Nine Months
Ended March 31, Ended March 31,
------------------------ ------------------------
2009 2008 2009 2008
----------- ----------- ----------- -----------
Interest Income:
Loans receivable $ 649,484 $ 720,877 $ 2,010,825 $ 2,234,756
Securities available
for sale 41,812 54,591 155,668 176,387
Due from banks 14,365 114 20,495 114
Federal funds sold 719 50,079 13,201 82,507
----------- ----------- ----------- -----------
Total interest
income 706,380 825,661 2,200,189 2,493,764
----------- ----------- ----------- -----------
Interest Expense:
Deposits 266,448 403,736 907,883 1,172,991
Borrowed funds 146,962 156,583 457,035 463,740
----------- ----------- ----------- -----------
Total interest
expense 413,410 560,319 1,364,918 1,636,731
----------- ----------- ----------- -----------
Net interest income 292,970 265,342 835,271 857,033
Provision for loan and
lease losses 482,401 - 494,660 -
----------- ----------- ----------- -----------
Net interest income
after provision
for loan and
lease losses (189,431) 265,342 340,611 857,033
----------- ----------- ----------- -----------
Non-interest income:
Other fees and service
charges 141,177 68,393 279,859 166,359
Sale of investments - 4,283 - 12,226
Gain on sale of loans 21,690 12,301 94,695 73,360
----------- ----------- ----------- -----------
Total non-interest
income 162,867 84,977 374,554 251,945
----------- ----------- ----------- -----------
Non-interest expense:
Compensation and
employee benefits 189,980 212,205 641,669 701,127
Board fees 4,600 4,500 14,550 16,000
Occupancy 60,384 62,000 191,531 191,718
Printing and Supplies 5,163 5,682 21,349 21,342
Furniture, fixtures &
equipment depreciation 10,480 9,151 30,000 30,851
Data Processing 57,915 50,616 185,526 159,283
Professional fees 66,551 30,284 147,774 68,876
Other 81,792 77,216 264,047 252,439
----------- ----------- ----------- -----------
Total non-interest
expense 476,865 451,654 1,496,446 1,441,636
----------- ----------- ----------- -----------
Loss before income tax
benefit (503,429) (101,335) (781,281) (332,658)
Income tax benefit - - - -
----------- ----------- ----------- -----------
Net loss $ (503,429) $ (101,335) $ (781,281) $ (332,658)
=========== =========== =========== ===========
Net (loss) per common
share
Basic and diluted
(loss) per share
of common stock $ (0.54) $ (0.12) $ (0.85) $ (0.40)
=========== =========== =========== ===========
Contact: Thomas Stienessen Chief Executive Officer (507)
387-2265
(USOTC:NSBK)
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