Northern Empire Bancshares Announces Record Earnings for Second Quarter 2004
16 7월 2004 - 8:58AM
PR Newswire (US)
Northern Empire Bancshares Announces Record Earnings for Second
Quarter 2004 SANTA ROSA, Calif., July 15 /PRNewswire-FirstCall/ --
Northern Empire Bancshares ("NREB"), the financial holding company
of Sonoma National Bank ("Bank"), reported consolidated income of
$3,649,000 for the second quarter of 2004 compared to $2,635,000
for the second quarter of last year, for an increase of 38.5%.
Return on average assets equaled 1.6% and the return on average
equity equaled 19.4% for the second quarter. Net income for the
first six months of 2004 totaling $7,230,000 grew 39.3% when
compared to the first six months of 2003 net income of $5,191,000.
Increased earnings resulted from growth in earning assets, mainly
loans. Loans grew 28.6% to $833,026,000 at June 30, 2004 compared
to $647,606,000 at June 30, 2003. The allowance for loan losses was
increased to $7,719,000 through provision of $325,000 during the
second quarter of 2004 in recognition of the loan growth. Operating
expenses of $3,740,000 increased from $3,437,000 in the second
quarter of 2003. The majority of the increase in expenses for the
second quarter can be attributed to growth of the Bank. Additional
staffing throughout the Bank was required to process loan and
deposit growth and for operations. The Bank also made a significant
investment in its data processing systems to provide for further
expansion and improve operational efficiencies. The Bank now has
imaging capabilities and will be providing check images in
customers' checking account statements this fall. The efficiency
ratio equaled 36.3% for the second quarter for 2004, compared to
42.1% for the same period in 2003. During the second quarter the
Loan Department and several administrative officers relocated to a
larger building in the Fountaingrove Business Center in northern
Santa Rosa. Expansion of the existing operations center located in
the Northpoint area of Santa Rosa is recently completed. Both of
these projects will provide for improved work flow and additional
staffing. The Bank is pleased to announce the opening of our 8th
branch. The San Rafael Branch is opening on July 28, 2004 and is
our first branch in Marin County. Total assets at June 30, 2004
grew 26.8% to $959,771,000 from $756,885,000 on June 30, 2003. The
majority of asset growth was funded through increased deposits
which grew 17.2% to $720,884,000 at June 30, 2004 from $615,040,000
at June 30, 2003. Asset growth was also funded by advances from the
San Francisco Federal Home Loan Bank. FHLB advances increased to
$156,195,000 at June 30, 2004 compared to $79,227,000 on June 30,
2003. The Bank remained well capitalized with total capital to
risk-weighted assets equaling 11.4% on June 30, 2004. Except for
historical information contained herein, the statements contained
in this press release are forward-looking statements within the
meaning of the "safe harbor" provisions of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking
statements are subject to risks and uncertainties. Actual results
may differ materially from those set forth in or implied by
forward-looking statements. These risks are described from time to
time in Northern Empire Bancshares' Securities and Exchange
Commission filings, including its annual reports on Form 10-K and
quarterly reports on Form 10-Q. Northern Empire Bancshares
disclaims any intent or obligation to update these forward-looking
statements. Financial Information as of June 30, 2004 (unaudited)
Assets: $959,771,000 Deposits: $720,884,000 Equity: $78,975,000
Book Value: $8.00 Return on Equity: 19.4% Return on Assets: 1.6
Efficiency Ratio: 36.3% Non-Performing Loans: 0.09% Financial
Information as of June 30, 2003 (unaudited) Assets: $756,885,000
Deposits: $615,040,000 Equity: $59,016,000 Book Value: $6.39 Return
on Equity: 18.1% Return on Assets: 1.5 Efficiency Ratio: 42.1%
Non-Performing Loans: 0.23% Visit the NREB Website at:
http://www.snbank.com/ DATASOURCE: Northern Empire Bancshares
CONTACT: Lisa Gallo of Hoefer & Arnett, +1-800-346-5544, or
Fred Ptucha of BrooksStreet Securities, +1-800-775-7517, or Stephen
Eddy of First Security Van Kasper, 1-800-652-1747, or Douglas
Brinker of SmithBarney, +1-707-571-5781, all for Northern Empire
Bancshares Web site: http://snbank.com/
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