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Share Name | Share Symbol | Market | Type |
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USOTC:NSBK | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.005 | 0.00 | 01:00:00 |
Northern Star Financial, Inc., the parent company of Northern Star Bank, reported a net loss of $110,923 in the first quarter ended September 30, 2008 compared with a net loss of $129,893 in the first quarter of fiscal year 2008. The basic loss per share of $0.12 for the first quarter of the fiscal year ending June 30, 2009 compared with a basic loss per share of $0.16 during the first quarter of the fiscal year ending June 30, 2008.
The Company's total assets increased to $57.80 million at the end of the first quarter up from $55.35 million for the fiscal year ending June 30, 2008. Total deposits for the first quarter ended September 30, 2008 increased $838 thousand to $40.43 million down from $39.59 million for the fiscal year ending June 30, 2008. Loan receivables net of allowance for loan losses remained constant.
When comparing the Company's first quarter fiscal year 2008 operating results with the results of operations during the same period of the prior fiscal year, President Stienessen said, "We have been able to achieve a modest improvement in operating results through an increase in non-interest income and by maintaining our net interest income despite minimal growth and unprecedented action by the Federal Reserve to quickly and significantly reduce interest rates." When compared to the same quarter of the prior fiscal year, the Company reported a $47 thousand increase in non-interest expense as a result of one-time cost associated with the write-down in the carrying value of a repossessed asset and expenses incurred in connection with a change in ATM networks. Stienessen restated his earlier comments indicating that he did not expect to see any significant near-term improvement in net interest margins as competition for deposits and quality loans is expected to remain high at the same time loan quality may well deteriorate as the economy worsens.
The Company commenced operations on January 25, 1999 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 September 30, June 30, ------------- ------------- ASSETS 2008 2008 ------------- ------------- Cash and due from banks $ 1,255,071 $ 1,037,213 Federal funds sold - - ------------- ------------- Cash and cash equivalents 1,255,071 1,037,213 Securities available for sale, at fair value 4,138,888 4,804,281 Federal Home Loan Bank stock, at cost 503,800 500,000 Loans held for sale 12,738,314 9,740,876 Loans receivable, net of allowance for loan and lease losses of $306,461 and $319,657 36,392,948 36,523,996 Property and equipment, net of depreciation 217,735 225,238 Accrued interest receivable 261,877 254,316 Other real estate owned 929,776 954,422 Cash surrender value of life insurance 1,162,186 1,151,488 Other assets 196,973 157,644 ------------- ------------- Total Assets $ 57,797,568 55,349,474 ============= ============= LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Demand deposits $ 2,692,857 2,173,937 NOW and money market 9,413,516 8,128,707 Savings 3,827,699 3,490,022 Time deposits 24,491,457 25,794,456 ------------- ------------- Total deposits 40,425,529 39,587,122 Federal funds purchased 4,541,000 2,902,194 Notes payable and other borrowings 8,665,688 8,814,693 Convertible subordinated notes payable 2,405,000 2,155,000 Accrued interest payable 542,188 565,439 Other liabilities 159,613 162,721 ------------- ------------- Total Liabilities 56,739,018 54,187,169 Stockholders' Equity Common stock, $0.01 par value, 15,000,000 shares authorized; 871,533 and 871,533 shares issued outstanding respectively 8,715 8,715 Undesignated stock, par value $0.01 per share 5,000,000 shares authorized, no shares issued Paid in Capital 6,107,930 6,107,930 Accumulated deficit (5,020,655) (4,909,732) Accumulated comprehensive income (loss) (37,440) (44,608) ------------- ------------- Total Stockholders' Equity 1,058,550 1,162,305 ------------- ------------- Total Liabilities and Stockholders' Equity 57,797,568 55,349,474 ============= ============= Northern Star Financial, Inc. and Subsidiary Unaudited Consolidated Statements of Operation For the Three Months Ended September 30, ---------------------- 2008 2007 ---------- ---------- Interest Income: Loans receivable $ 692,983 $ 731,153 Securities available for sale 57,495 59,129 Federal funds sold 10,283 22,424 ---------- ---------- Total interest income 760,761 812,706 ---------- ---------- Interest Expense: Deposits 341,038 386,243 Borrowed funds 158,180 156,837 ---------- ---------- Total interest expense 499,218 543,080 ---------- ---------- Net interest income 261,543 269,626 Provision for loan and lease losses (10,500) - ---------- ---------- Net interest income after provision for loan and lease losses 272,043 269,626 ---------- ---------- Non-interest income: Other fees and service charges 84,493 51,181 Gain on sale of loans 49,438 18,874 ---------- ---------- Total non-interest income 133,931 70,055 ---------- ---------- Non-interest expense: Compensation and employee benefits 234,028 238,708 Board fees 4,500 5,750 Occupancy 68,259 64,340 Printing and Supplies 9,431 7,381 Furniture, fixtures & equipment depreciation 8,435 11,310 Data Processing 55,815 53,820 Professional fees 30,718 11,305 Other 105,711 76,960 ---------- ---------- Total non-interest expense 516,897 469,574 ---------- ---------- Income (loss) before income tax benefit (110,923) (129,893) Income tax benefit - - ---------- ---------- Net income (loss) $ (110,923) $ (129,893) ========== ========== Net income (loss) per common share Basic and diluted income (loss) per share of common stock $ (0.12) $ (0.16) ========== ==========
Contact: Thomas Stienessen Chief Executive Officer (507) 387-2265
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