USA Bank Reports Operating Results for the Quarter Ended March 31, 2008
29 4월 2008 - 7:00AM
Marketwired
PORT CHESTER, NY ( http://www.usa-bankers.com/) reported a net
loss of $746 thousand ($0.13 per share) for the quarter ended March
31, 2008, which is a marked improvement compared to the net loss of
$1.5 million ($0.26 per share) for the quarter ended March 31,
2007.
The Bank continues to leverage upon its capital base with
quality loan growth, which is reflected in the $1.4 million
increase in interest income in the first quarter of 2008 as
compared to the first quarter of 2007, which has contributed to the
increase in net interest income of $525 thousand for the same
periods. Also benefiting the first quarter 2008 was the recognition
of a gain on sale of securities of $146 thousand and a $344,000
reduction in salaries and employee benefits, primarily reflecting
staff reductions since March 31, 2007. The first quarter 2008
reflects a larger provision for loan and lease loss expense of $225
thousand (as compared to $171 thousand for the quarter ended March
31, 2007), primarily caused by increased loan volume. There was
also an unfavorable variance in FDIC insurance expense, which was
$113 thousand for the first quarter of 2008 (as compared to $4
thousand for the quarter ended March 31, 2007), reflecting both
increased deposit volume and insurance rates.
Total assets increased $26.3 million (16%) to $195.8 million at
March 31, 2008 from $169.5 million at December 31, 2007, and an
increase of $87.6 million, or 81%, since March 31, 2007. As of
March 31, 2008, total deposits have increased to $149.5 million, an
increase of $26.7 million, or 22%, since year end 2007, and an
increase of $67.5 million, or 82%, since March 31, 2007. As of
March 31, 2008, total gross loans have increased to $129.6 million,
which represents an increase of $22.6 million, or 21%, since year
end 2007, and an increase of $53.8 million, or 71%, since March 31,
2007. Capital ratios continue to be strong, with Tier One Capital
to average assets of 13.21%, Tier One Capital to risk-weighted
assets of 17.12%, and Total Capital to risk-weighted assets of
18.21%.
President & CEO Gentile stated that "although results are
improving, we still have a long way to go. Legal and professional
fees continue to be a drag on operations, with such costs
aggregating $511 thousand during the recent quarter." He further
noted, "I am hopeful that the Federal Reserve Board rate reductions
will serve to further reduce our total cost of funds, which remains
far too high at 4.64% (1st quarter 2008 average), although it is
down from 4.77% and 4.83%, during the 4th quarter 2007 and 1st
quarter 2007, respectively."
Mr. Gentile also indicated that asset quality remains
manageable, with non-performing loans aggregating $3.7 million,
which is only $100 thousand higher than at year end 2007. And, the
four loans secured by real estate (referred to in the previous
quarter press release) continue to reflect sufficient equity to
protect against further losses. One of the secured loans ($2.6
million) is within about 60 days of becoming Other Real Estate
Owned, as a result of a recent judgment in our favor.
Lastly, Mr. Gentile reported that he remains optimistic that net
losses will be narrowing considerably over the successive quarters
of 2008, due to the efforts of the Bank's Board of Directors,
Senior Management and Staff.
"Safe Harbor" Statement under Private Securities Litigation
Reform Act of 1995
Some of the statements contained in this press release may
include forward-looking statements which reflect our current views
with respect to future events and financial performance. Statements
which include the words "expect," "intend," "plan," "believe,"
"project," "anticipate" and similar statements of future or
forward-looking nature identify forward-looking statements for
purposes of the federal securities laws or otherwise. All
forward-looking statements address matters that involve risks and
uncertainties. Accordingly, there are or will be important factors
that could cause actual results to differ materially from those
indicated in these statements or that could adversely affect the
holders of our common stock.
These factors include, but are not limited to, those outlined in
the Bank's Annual Report on Form 10-KSB for the year ended December
31, 2007 which was filed with the Federal Deposit Insurance
Corporation and is publicly available from the FDIC's Accounting
& Securities Disclosure Section, 550 17th Street, N.W.,
Washington, D.C. 20429.
Contact: Mr. Ron Gentile President & Chief Executive Officer
USA Bank (914) 417-3205 601 North Main Street Port Chester, New
York 10573
USA Bank NY (CE) (USOTC:USBK)
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