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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 | - |
Herald National Bank (NYSE AMEX: HNB), a full-service commercial bank, today reported results for the quarter and year ended December 31, 2010. The period represents the second consecutive quarter of profitability for the Bank.
“The fourth quarter was our second consecutive quarter of profitability, coming in just our second full year of operation. This rewarding result corroborates our focus on relationship banking for small and mid-market companies whose financial needs are not being met by larger institutions,” said Chairman and Chief Executive Officer Raymond A. Nielsen.
Key highlights for the three and 12-month periods include:
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 Twelve months ended December 31, December 31,Statement of Operations
2010
2009
2010
2009
Interest income $ 5,642 $ 4,416 $ 22,390 $ 9,264 Interest expense 948 1,377 4,421 3,355 Net interest income 4,694 3,039 17,969 5,909 Provision for loan losses 323 1,582 4,357 4,022 Noninterest income 160 150 861 319 Noninterest expense 4,380 5,244 19,748 26,059 Pretax income (loss) 151 (3,637 ) (5,275 ) (23,853 ) Tax expense 25 23 102 57 Net income (loss) $ 126 $ (3,660 ) $ (5,377 ) $ (23,910 ) Basic earnings (loss) per share $ 0.01 $ (0.59 ) $ (0.50 ) $ (3.86 ) Weighted average shares - basic 12,207 6,204 10,819 6,202 Selected Financial HighlightsData at End of Period
12/31/2010 9/30/2010 6/30/2010 3/31/2010 12/31/2009 Total loans $ 332,909 $ 349,555 $ 343,162 $ 344,467 $ 301,177 Allowance for loan losses 6,404 5,554 6,837 4,584 4,127 Securities available for sale 132,076 59,334 69,080 50,128 71,779 Securities held to maturity 16,657 10,215 23,449 34,533 41,515 Total assets 504,690 439,265 464,104 452,537 443,194 Total deposits 430,569 375,672 407,950 392,227 404,628 Stockholders' equity 50,679 52,300 52,288 55,569 35,226 Net income (loss) before provision for loan losses 449 326 (373 ) (1,211 ) (2,079 ) Net interest margin 4.10 % 4.10 % 4.10 % 3.85 % 3.22 % Cost of funds 1.14 % 1.26 % 1.49 % 1.62 % 1.86 %Capital Ratios
Equity to Assets 10.04 % 11.91 % 11.27 % 12.28 % 7.95 % Tier 1 Leverage Ratio 10.97 % 10.98 % 10.73 % 11.94 % 8.52 % Tier 1 Risk-based Capital Ratio 15.10 % 14.96 % 14.25 % 15.20 % 10.63 % Total Risk-based Capital Ratio 16.36 % 16.21 % 15.51 % 16.45 % 11.88 %
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