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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Herald National Bank Common Stock | AMEX:HNB | AMEX | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.00 | - |
Add after last graph of release: Financial Table: Herald National Bank, Financial Highlights, (unaudited), (dollars in thousands, except per share data)
The corrected release reads:
HERALD NATIONAL BANK REPORTS RESULTS FOR FIRST QUARTER OF 2011; THIRD CONSECUTIVE QUARTER OF PROFITABILITY
Herald National Bank (NYSE AMEX: HNB), a full-service commercial bank, today reported results for the first quarter of 2011, ended March 31. It was the third consecutive quarter of sustained profitability recently reported by Herald, which opened as a de novo bank in November 2008.
“Herald National Bank has continued our profitability trend in the first quarter of 2011, supporting the soundness of our business strategy and our focus on relationship banking and stable asset quality. Our Banking, Credit and Operations teams are continuing to cooperatively develop and improve our unique relationship-based business banking model, which focuses on small and middle market clients in the New York metropolitan area and surrounding business communities. Although the economic environment continues to be unsettled, we continue to see promising opportunities to develop secure, long-term small and middle market relationships. A number of these opportunities have already materialized and others are currently in progress,” said Chairman and Chief Executive Officer Raymond A. Nielsen.
Key highlights for the quarter included the following:
About Herald National Bank
Herald National Bank is a relationship-based banking institution dedicated to serving the commercial and private banking needs of small to mid-size businesses, their owners, executives and senior managers, as well as high-net-worth individuals in the New York metropolitan area. Herald National Bank presently has three offices located in Manhattan (623 Fifth Avenue), Brooklyn (1333 60th Street), and Melville, Long Island (58 South Service Road). For more information, visit www.heraldnb.com.
Forward Looking Statements Disclaimer
Certain matters in this press release constitute forward-looking statements that involve assumptions and potential risks and uncertainties, which are made in a manner consistent with the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance and achievements of Herald National Bank to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These factors include: general economic, capital market and business conditions; risks arising from litigation or similar proceedings; interest rate fluctuations; levels of delinquent loans; employee turnover; government regulation; legislation affecting the banking industry, and those other factors discussed in the filings of Herald National Bank with the Office of the Comptroller of the Currency. Herald National Bank undertakes no obligation, and expressly disclaims any obligation, to update publicly or revise any forward-looking statement, which speaks only as of the date it is made, whether as a result of new information, future events or otherwise.
Herald National Bank
Financial Highlights
(unaudited)
(dollars in thousands, except per share data)
Three months ended March 31, Statement of Operations 2011 2010 Interest income $ 5,510 $ 5,467 Interest expense 988 1,288 Net interest income 4,522 4,179 Provision for loan losses 100 687 Noninterest income 343 105 Noninterest expense 4,526 5,470 Pretax income (loss) 239 (1,873 ) Tax expense 33 25 Net income (loss) $ 206 $ (1,898 ) Basic earnings (loss) per share $ 0.02 $ (0.29 ) Weighted average shares - basic 12,218 6,607 Selected Financial Highlights Data at End of Period 3/31/2011 12/31/2010 9/30/2010 6/30/2010 3/31/2010 Total loans $ 321,990 $ 332,909 $ 349,555 $ 343,162 $ 344,467 Allowance for loan losses 6,265 6,404 5,554 6,837 4,584 Securities available for sale 108,200 132,076 59,334 69,080 50,128 Securities held to maturity 16,347 16,657 10,215 23,449 34,533 Total assets 501,114 504,690 439,265 464,104 452,537 Total deposits 437,145 430,569 375,672 407,950 392,227 Stockholders' equity 51,066 50,679 52,300 52,288 55,569 Net interest margin 3.87 % 4.10 % 4.10 % 4.10 % 3.85 % Cost of funds 1.25 % 1.14 % 1.26 % 1.49 % 1.62 % Capital Ratios Equity to Assets 10.19 % 10.04 % 11.91 % 11.27 % 12.28 % Tier 1 Leverage Ratio 10.61 % 10.97 % 10.98 % 10.73 % 11.94 % Tier 1 Risk-based Capital Ratio 15.53 % 15.10 % 14.96 % 14.25 % 15.20 % Total Risk-based Capital Ratio 16.78 % 16.36 % 16.21 % 15.51 % 16.45 %
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