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, 2010.
Northern Star Financial, Inc., the parent company of Northern
Star Bank, reported a net loss of $209,455 (a basic loss of $0.17
per share) in the second quarter ended December 31, 2009 compared
with a net loss of $166,929 (a basic loss of $0.18 per share)
during the same period of the prior fiscal year. The Company
reported a basic loss per share of $0.20 for the six month period
ended December 31, 2009 compared with a basic loss per share of
$0.31 during the same six month period of the prior fiscal
year.
The Company's total assets decreased $1.77 million to $45.22
million at the end of the second quarter from $46.98 million at
fiscal year ending June 30, 2009. Total deposits for the second
quarter ended December 31, 2009 decreased $0.96 million to $34.46
million from $35.42 million at fiscal year ending June 30, 2009.
Loan receivables net of an allowance for loan losses decreased by
$4.43 million over the prior fiscal year end.
When comparing the Company's operating results for the first six
months of fiscal year 2010, Stienessen reported that management was
actively continuing to reduce the level of debt at the Company and
nonperforming loans held on its subsidiary books. Northern Star
Bank reported $1.31 million in loans on non-accrual status and
another $1.39 million in other real estate owned status at December
31, 2009 from which no interest income was being recognized.
Interest forgone or reversed on non-accrual and other real estate
owned loans during the first six months of the fiscal year totaled
approximately $155 thousand. Stienessen said that at quarter end
Northern Star Bank had reduced its exposure in commercial real
estate loans to $6.38 million or 17% of gross loans and 171% of
capital. Stienessen noted that exclusive of $500 thousand in an
unplanned provision made to the Bank's Allowance for Loan and Lease
Losses and a $40 thousand increase in FDIC insurance; operating
results were substantially on track with expectations.
Stienessen made public the election of long time Mankato area
businessmen Randall Westman and Daniel Robinson to the Company and
Bank board of directors and the appointment of former Security
State Bank of Mankato President David Knopick to the position of
Northern Star Bank President and Senior Lender.
The Company announced plans to issue five year warrants to
shareholders of record as of December 31, 2009 to purchase
additional shares of the Company's common stock at a price of $1.00
per share.
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 2009 2009
------------ ------------
Cash and due from banks $ 1,917,726 $ 2,258,371
Federal funds sold - -
------------ ------------
Cash and cash equivalents 1,917,726 2,258,371
Securities available for sale, at fair value 3,204,542 3,164,288
Federal Home Loan Bank stock, at cost 363,600 505,600
Loans held for sale 5,374,521 3,256,515
Loans receivable, net of allowance for loan and
lease losses of $763,042 and $317,403 31,280,746 35,713,075
Property and equipment, net of depreciation 201,170 223,870
Cash surrender value of life insurance 1,215,508 259,698
Accrued interest receivable 209,288 1,194,023
Other real estate owned 1,368,684 242,943
Other assets 80,479 163,958
------------ ------------
Total Assets $ 45,216,264 46,982,341
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Demand deposits $ 2,561,365 $ 2,444,713
NOW and money market 8,131,039 7,016,803
Savings 4,701,077 4,830,489
Time deposits 19,062,357 21,128,344
------------ ------------
Total deposits 34,455,838 35,420,349
Federal funds purchased 3,704,670 1,154,600
Notes payable and other borrowings 3,990,029 7,268,144
Convertible subordinated notes payable 2,355,000 2,355,000
Accrued interest payable 241,338 250,829
Other liabilities 89,866 141,274
------------ ------------
Total Liabilities 44,836,741 46,590,196
Stockholders' Equity
Common stock, $0.01 par value, 15,000,000
shares authorized; 1,215,358 and 1,030,647
shares issued outstanding respectively 12,153 10,306
Undesignated stock, par value $0.01 per share
5,000,000 shares authorized, no shares issued
Paid in Capital 6,565,990 6,383,126
Accumulated deficit (6,155,046) (5,917,297)
Accumulated comprehensive income (loss) (43,574) (83,990)
------------ ------------
Total Stockholders' Equity 379,523 392,145
------------ ------------
Total Liabilities and Stockholders' Equity 45,216,264 46,982,341
============ ============
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,
------------------------ ------------------------
2009 2008 2009 2008
----------- ----------- ----------- -----------
Interest Income:
Loans receivable $ 509,254 $ 668,358 $ 1,094,577 $ 1,361,341
Securities available
for sale 32,223 56,361 66,957 113,856
Due from banks 8,678 6,130 20,232 6,130
Federal funds sold 455 2,199 1,163 12,482
----------- ----------- ----------- -----------
Total interest
income 550,610 733,048 1,182,929 1,493,809
----------- ----------- ----------- -----------
Interest Expense:
Deposits 172,141 300,397 371,832 641,435
Borrowed funds 119,408 151,893 261,580 310,073
----------- ----------- ----------- -----------
Total interest
expense 291,549 452,290 633,412 951,508
----------- ----------- ----------- -----------
Net interest income 259,061 280,758 549,517 542,301
Provision for loan and
lease losses 19,900 22,759 24,400 12,259
----------- ----------- ----------- -----------
Net interest income
after provision
for loan and
lease losses 239,161 257,999 525,117 530,042
----------- ----------- ----------- -----------
Non-interest income:
Other fees and service
charges 54,273 54,189 108,024 138,682
Sale of investments - - 46,801 -
Gain on sale of loans 22,841 23,567 45,762 73,005
----------- ----------- ----------- -----------
Total non-interest
income 77,114 77,756 200,587 211,687
----------- ----------- ----------- -----------
Non-interest expense:
Compensation and
employee benefits 223,390 217,661 414,957 451,689
Board fees 5,200 5,450 10,800 9,950
Occupancy 73,990 62,888 140,122 131,147
Printing and Supplies 6,507 6,755 10,216 16,186
Furniture, fixtures &
equipment depreciation 8,632 11,085 17,385 19,520
Data Processing 56,435 71,796 107,204 127,611
Professional fees 68,614 50,505 96,737 81,223
Other 82,962 76,544 166,032 182,255
----------- ----------- ----------- -----------
Total non-interest
expense 525,730 502,684 963,453 1,019,581
----------- ----------- ----------- -----------
Loss before income tax
benefit (209,455) (166,929) (237,749) (277,852)
Income tax benefit - - - -
----------- ----------- ----------- -----------
Net loss $ (209,455) $ (166,929) $ (237,749) $ (277,852)
=========== =========== =========== ===========
Net (loss) per common
share
Basic and diluted
(loss) per share
of common stock $ (0.17) $ (0.18) $ (0.20) $ (0.31)
=========== =========== =========== ===========
Contact: Thomas Stienessen Chief Executive Officer (507)
387-2265
(USOTC:NSBK)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
(USOTC:NSBK)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024