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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 third quarter of 2011, ended September 30. The profitability trend over the prior 12 months continued in the third quarter for Herald, which opened as a de novo bank in November 2008.
“Herald National Bank successfully achieved its fifth consecutive quarter of profitability in less than three years of operation. We continue to operate from a foundation of strong asset quality and sound risk management, as we pursue our relationship-based business banking model serving small and middle-market customers across the greater New York metropolitan area,” said Chairman and Chief Executive Officer Raymond A. Nielsen.
Key third quarter highlights included the following:
“We are very encouraged by the bank’s continued profitability and sustained operating performance during this ongoing cycle of economic uncertainty. Our anticipated merger with Bank United later this year will bring significant additional resources that will strengthen Herald’s ability to expand its market penetration and support the continued delivery of top quality relationship banking services to small and midsized customers,” Mr. Nielsen said.
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
This Press Release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect the current views of Herald National Bank with respect to, among other things, future events and financial performance. Herald National Bank generally identifies forward-looking statements by terminology such as “outlook”, “believes,” “expects,” “potential,” “continues,” “may,” “will,” “could,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of those words or other comparable words. Any forward-looking statements contained in this Press Release are based on the current plans, estimates and expectations of Herald National Bank. The inclusion of this forward-looking information should not be regarded as a representation by Herald National Bank that the future plans, estimates or expectations contemplated herein will be achieved. Such forward-looking statements are subject to various risks and uncertainties and assumptions relating to Herald National Bank’s respective operations, financial results, financial condition, business prospects, ability to complete the merger, growth, strategy and liquidity. If one or more of these or other risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results may vary materially from those indicated in these statements. These factors should not be construed as exhaustive. Herald National Bank undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. A number of important factors could cause actual results to differ materially from those indicated by the forward-looking statements. Information on these factors can be found in the 2010 Annual Reports on Form 10-K Herald National Bank, and in the Quarterly Reports on Form 10-Q Herald National Bank, filed with the Office of the Comptroller of the Currency and available at Herald National’s website (www.heraldnb.com).
Additional Information for Stockholders
In connection with the proposed merger, BankUnited has filed with the SEC a Registration Statement on Form S-4 that will include a Proxy Statement of Herald National Bank and a Prospectus of BankUnited, as well as other relevant documents concerning the proposed transaction. INVESTORS ARE URGED TO READ THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS REGARDING THE MERGER WHEN IT BECOMES AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED BY BANKUNITED WITH THE SEC AND BY HNB WITH THE OCC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.
Investors will be able to obtain a free copy of the Proxy Statement/Prospectus, as well as other filings containing information about BankUnited and Herald National Bank at the SEC’s website (http://www.sec.gov), and with respect to Herald National Bank, its website (www.Heraldnb.com). You will also be able to obtain these documents, free of charge, at http://www.bankunited.com under the tab “About Us” and then under the heading “Investor Relations” and then under “SEC Filings.” Copies of the Proxy Statement/Prospectus and the SEC and OCC filings that will be incorporated by reference in the Proxy Statement/Prospectus can also be obtained, free of charge, by directing a request to Douglas J. Pauls, 14817 Oak Lane, Miami Lakes, FL 33016, (305) 461-6841.
BankUnited and Herald National Bank and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of Herald National Bank in connection with the proposed merger. Information about the directors and executive officers of BankUnited is set forth in the Annual Report on Form 10-K of BankUnited for the year ended December 31, 2010, as filed with the SEC on March 31, 2011. Information about the directors and executive officers of Herald National Bank is set forth in the proxy statement for Herald National Bank’s 2011 annual meeting of stockholders, as filed with the OCC and posted on Herald National Bank’s website and dated April 22, 2011. Additional information regarding the interests of those persons and other persons who may be deemed participants in the transaction may be obtained by reading the Proxy Statement/Prospectus regarding the proposed merger when it becomes available. You may obtain free copies of this document as described in the preceding paragraph.
Herald National Bank
Financial Highlights (unaudited)
(dollars in thousands, except per share data)
Three months ended Nine months ended September 30, September 30,Statement of Operations
2011
2010
2011
2010
Interest income $ 5,393 $ 5,576 $ 16,393 $ 16,748 Interest expense 792 1,019 2,724 3,473 Net interest income 4,601 4,557 13,669 13,275 Provision for loan losses - 293 100 4,034 Noninterest income 556 478 1,290 701 Noninterest expense 4,944 4,395 14,304 15,368 Pretax income (loss) 213 347 555 (5,426 ) Tax expense 29 26 89 77 Net income (loss) $ 184 $ 321 $ 466 $ (5,503 ) Basic earnings (loss) per share $ 0.02 $ 0.03 $ 0.04 $ (0.53 ) Weighted average shares - basic 12,218 12,201 12,218 10,352 Selected Financial HighlightsData at End of Period
9/30/2011
6/30/2011
3/31/2011
12/31/2010
9/30/2010
Total loans $ 318,854 $ 319,570 $ 321,990 $ 332,909 $ 349,555 Allowance for loan losses 5,924 6,112 6,265 6,404 5,554 Nonperforming assets 1,151 1,442 1,666 433 494 Securities available for sale 137,129 107,397 108,200 132,076 59,334 Securities held to maturity 12,989 16,203 16,347 16,657 10,215 Total assets 486,718 486,551 501,114 504,690 439,265 Total deposits 414,087 430,974 437,145 430,569 375,672 Stockholders' equity 53,776 52,313 51,066 50,679 52,300 Net interest margin 4.11 % 4.02 % 3.87 % 4.10 % 4.10 % Cost of funds 1.08 % 1.22 % 1.25 % 1.14 % 1.26 %Capital Ratios
Equity to Assets 11.05 % 10.75 % 10.19 % 10.04 % 11.91 % Tier 1 Leverage Ratio 10.94 % 10.58 % 10.61 % 10.97 % 10.98 % Tier 1 Risk-based Capital Ratio 15.87 % 15.86 % 15.53 % 15.10 % 14.96 % Total Risk-based Capital Ratio 17.12 % 17.11 % 16.78 % 16.36 % 16.21 %
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