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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 consolidated net loss of $186,316 in the fourth quarter and $518,974 for the fiscal year ended June 30, 2008 compared with a net loss of $142,896 in the fourth quarter and a net loss of $569,424 during fiscal year 2007. The Company reported a basic loss per share of $(0.61) during the fiscal year ending June 30, 2006 compared with a basic loss of $(0.77) per share during fiscal year ending June 30, 2007. The Company's wholly owned subsidiary, Northern Star Bank, reported operating losses of $3,200 during the fourth quarter and $87,441 for the fiscal year ending June 30, 2008.
Thomas Stienessen, President and Chief Executive Officer, commented that when comparing operations to the prior fiscal year there had been a $50,000 improvement in annual operating results. President Stienessen reiterated his comments of previous earnings releases in that the Company's operating results were overshadowed by the more than $200 thousand annual cost of carrying the Company's debt.
When commenting on the organization's operating performance Stienessen reported that sudden and deep drops in interest rates had resulted in a $300 thousand reduction in net interest income during the prior fiscal year which was exacerbated by $100 thousand increase in professional fees associated with the Company's previously announced plans to acquire Rive City Mortgage and Financial, Inc. of Eagan, Minnesota. Stienessen advised investors that the Company was able to compensate for the loss in net interest income and for the increase in expenses by increasing fee income $110 thousand; reducing compensation and benefits by $90 thousand; and a $110 thousand reduction in provisions for loan losses.
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 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.
THIS PRESS RELEASE CONTAINS FORWARD-LOOKING INFORMATION AND ACTUAL RESULTS MAY DIFFER.
Statements that Northern Star Financial, Inc. 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 competitive marketplace, changes in the interest rate environment, economic conditions, and outcome of pending litigations, 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 STOCKHOLDERS' EQUITY YEARS ENDED JUNE 30, 2008 AND 2007 2008 2007 ------------ ------------ ASSETS Cash and due from banks $ 1,037,213 $ 1,270,856 Federal funds sold - 1,447,688 ------------ ------------ Cash and cash equivalents 1,037,213 2,718,544 Securities available for sale, at fair value 4,804,281 4,093,750 Restricted stock, at cost 500,000 420,900 Loans held for sale 9,740,876 - Loans receivable, net of allowance for loan and lease losses of $319,657 and $319,978 36,523,996 39,883,169 Property and equipment, net of depreciation 225,238 279,089 Other real estate owned 954,422 - Cash surrender value of life insurance 1,151,488 1,109,770 Accrued interest receivable 254,316 281,204 Other assets 157,644 152,311 ------------ ------------ Total Assets $ 55,349,474 $ 48,938,737 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Demand deposits $ 2,173,937 $ 2,558,306 NOW and money market 8,128,707 8,716,094 Savings 3,490,022 3,440,319 Time deposits 25,794,456 22,619,026 ------------ ------------ Total deposits 39,587,122 37,333,745 Federal funds purchased 2,902,194 - Notes payable and other borrowings 8,814,693 8,066,862 Subordinated notes payable 2,155,000 1,450,000 Accrued interest payable 565,439 486,173 Other liabilities 162,721 30,370 ------------ ------------ Total Liabilities 54,187,169 47,367,150 Stockholders' Equity: Common stock, $.01 par value, 15,000,000 shares authorized; 871,553 and 837,188 shares issued 8,715 8,371 Undesignated stock, par value $.01 per share; 5,000,000 shares authorized, no shares issued - - Additional paid in capital 6,107,930 5,987,838 Accumulated deficit (4,909,732) (4,390,764) Accumulated other comprehensive income (loss) (44,608) (33,858) ------------ ------------ Total Stockholders' Equity 1,162,305 1,571,587 ------------ ------------ Total Liabilities and Stockholders Equity $ 55,349,474 $ 48,938,737 ============ ============ NORTHERN STAR FINANCIAL, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF OPERATIONS YEARS ENDED JUNE 30, 2008 AND 2007 2008 2007 ----------- ----------- INTEREST INCOME Loans receivable $ 2,963,498 $ 3,163,823 Securities available-for-sale 232,971 182,713 Other 92,429 106,423 ----------- ----------- Total interest income 3,288,898 3,452,959 INTEREST EXPENSE Deposits 1,531,997 1,508,932 Borrowed Funds 621,734 534,677 ----------- ----------- Total interest expense 2,153,731 2,043,609 ----------- ----------- NET INTEREST INCOME 1,135,167 1,409,350 PROVISON FOR LOAN LOSSES 4,500 114,885 ----------- ----------- NEW INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 1,130,667 1,294,465 NON-INTEREST INCOME Other fees and service charges 229,330 164,528 Gain on sale of loans held for sale 157,209 108,166 Gain on sale of investments 12,225 - Other income - 12,580 ----------- ----------- Total non-interest income 398,764 285,274 NON-INTEREST EXPENSE Compensation and employee benefits 941,917 1,032,499 Board fees 23,750 27,100 Occupancy 266,137 262,983 Printing and supplies 33,560 49,761 Furniture, fixtures and equipment depreciation 39,450 68,458 Data processing 209,770 192,200 Professional fees 206,148 87,614 Other 327,673 428,548 ----------- ----------- Total non-interest expense 2,048,405 2,149,163 ----------- ----------- NET LOSS $ (518,974) $ (569,424) =========== =========== NET LOSS PER COMMON SHARE Basic and diluted loss per share of common stock $ (0.61) $ (0.77) =========== ===========
Contact: Thomas Stienessen Chief Executive Officer (507) 387-2265
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