USA Bank Reports Operating Results for the Fiscal Year Ending December 31, 2007
27 2월 2008 - 2:22AM
Marketwired
PORT CHESTER, NY reported a net loss of $4.3 million, or $0.75
per share, for the fiscal year ended December 31, 2007. This is an
improvement compared to a net loss of $4.5 million, or $1.11 per
share, for the fiscal year ended December 31, 2006. Total assets
increased to $169.9 million at December 31, 2007, an increase of
61% above the December 31, 2006 level. The Bank's key capital
ratios remain well in excess of regulatory requirements, with tier
one capital to average assets of 13.21%, tier one capital to
risk-weighted assets of 17.04%, and total capital to risk-weighted
assets of 18.13%.
USA Bank's loan portfolio grew to $107 million at December 31,
2007, an increase of 54% above the December 31, 2006 level. Total
deposits increased to $123 million at December 31, 2007, an
increase of 57% above the December 31, 2006 level. President and
Chief Executive Officer Ron Gentile stated that the increase in
deposits partly reflects the improved location of the Bank's main
office, which was moved to 601 North Main Street in Port Chester,
NY.
Mr. Gentile also indicated that the local market remains strong
for commercial real estate financing and construction loans. The
Bank continues to maintain strict underwriting standards and
focuses on financing properties primarily in its target market of
Westchester County, NY and Fairfield County, CT.
The Bank has not had any exposure to sub-prime loans within its
loan portfolio. The average length of time a construction loan
remains in portfolio from origination through payoff has not
increased. The Bank's home equity and consumer loan portfolios
continue to perform well. Non-performing loans of $3.6 million at
December 31, 2007, represent exposure to four borrowers. All four
loans are all secured by real estate within the New York
metropolitan area. In all four instances, recent appraisals
indicate that current values should protect the Bank from any
further losses, as their current appraised values each exceed
current book values of such loans. The Bank has no sub-investment
quality securities in its investments portfolio, with the entire
portfolio being accorded the highest quality ratings by recognized
advisory services, and reflect net unrealized gains of $444
thousand, as of December 31, 2007.
Mr. Gentile stated that while the movement towards profitability
appears modest, it should be noted that two components of
noninterest expense, professional and legal fees, increased $1.1
million in 2007, compared to 2006. Some of these expenses were
one-time occurrences. Mr. Gentile further reported that the
Directors instructed management to address noninterest expenses
through a Revenue Enhancement and Expense Reduction Committee, and
in January 2008, the Bank's Board of Directors approved/
implemented various salary reductions that are expected to result
in cost savings approximating $600 thousand.
Finally, Mr. Gentile indicated optimism that the Bank's current
conservative underwriting standards and enhanced loan and
investment policies should serve to maintain high levels of credit
quality within its loan and investment portfolios. Further capital
leveraging, coupled with the work of the Revenue Enhancement and
Expense Reduction Committee, should produce significantly improved
operating results in 2008.
Statements in this earnings release that are not historical
facts are considered to be forward-looking statements. Such
statements include, but are not limited to, statements regarding
management's beliefs and expectations, based upon information
available at the time the statements are made, regarding future
plans, objectives and performance. All forward-looking statements
are subject to risks and uncertainties, many of which are beyond
management's control, and actual results and performance may differ
significantly from those contained in forward-looking statements. A
discussion of the risks and uncertainties that could cause actual
results to differ materially from those contained in
forward-looking statements is included in the Bank's periodic
reports filed with the Federal Deposit Insurance Corporation,
pursuant to the Securities Exchange Act of 1934.
For more information regarding USA Bank, visit our website at
www.usa-bankers.com.
Contact: Mr. Ron Gentile President & Chief Executive Officer
(914) 417-3205 USA Bank 601 North Main Street Port Chester, New
York 10573
USA Bank NY (CE) (USOTC:USBK)
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