![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
USOTC:NSBK | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
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 $209,455 (a basic loss of $0.17 per share) in the second quarter ended December 31, 2009 compared with a net loss of $166,929 (a basic loss of $0.18 per share) during the same period of the prior fiscal year. The Company reported a basic loss per share of $0.20 for the six month period ended December 31, 2009 compared with a basic loss per share of $0.31 during the same six month period of the prior fiscal year.
The Company's total assets decreased $1.77 million to $45.22 million at the end of the second quarter from $46.98 million at fiscal year ending June 30, 2009. Total deposits for the second quarter ended December 31, 2009 decreased $0.96 million to $34.46 million from $35.42 million at fiscal year ending June 30, 2009. Loan receivables net of an allowance for loan losses decreased by $4.43 million over the prior fiscal year end.
When comparing the Company's operating results for the first six months of fiscal year 2010, Stienessen reported that management was actively continuing to reduce the level of debt at the Company and nonperforming loans held on its subsidiary books. Northern Star Bank reported $1.31 million in loans on non-accrual status and another $1.39 million in other real estate owned status at December 31, 2009 from which no interest income was being recognized. Interest forgone or reversed on non-accrual and other real estate owned loans during the first six months of the fiscal year totaled approximately $155 thousand. Stienessen said that at quarter end Northern Star Bank had reduced its exposure in commercial real estate loans to $6.38 million or 17% of gross loans and 171% of capital. Stienessen noted that exclusive of $500 thousand in an unplanned provision made to the Bank's Allowance for Loan and Lease Losses and a $40 thousand increase in FDIC insurance; operating results were substantially on track with expectations.
Stienessen made public the election of long time Mankato area businessmen Randall Westman and Daniel Robinson to the Company and Bank board of directors and the appointment of former Security State Bank of Mankato President David Knopick to the position of Northern Star Bank President and Senior Lender.
The Company announced plans to issue five year warrants to shareholders of record as of December 31, 2009 to purchase additional shares of the Company's common stock at a price of $1.00 per share.
The Company operates 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 December 31, June 30, ------------ ------------ ASSETS 2009 2009 ------------ ------------ Cash and due from banks $ 1,917,726 $ 2,258,371 Federal funds sold - - ------------ ------------ Cash and cash equivalents 1,917,726 2,258,371 Securities available for sale, at fair value 3,204,542 3,164,288 Federal Home Loan Bank stock, at cost 363,600 505,600 Loans held for sale 5,374,521 3,256,515 Loans receivable, net of allowance for loan and lease losses of $763,042 and $317,403 31,280,746 35,713,075 Property and equipment, net of depreciation 201,170 223,870 Cash surrender value of life insurance 1,215,508 259,698 Accrued interest receivable 209,288 1,194,023 Other real estate owned 1,368,684 242,943 Other assets 80,479 163,958 ------------ ------------ Total Assets $ 45,216,264 46,982,341 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Demand deposits $ 2,561,365 $ 2,444,713 NOW and money market 8,131,039 7,016,803 Savings 4,701,077 4,830,489 Time deposits 19,062,357 21,128,344 ------------ ------------ Total deposits 34,455,838 35,420,349 Federal funds purchased 3,704,670 1,154,600 Notes payable and other borrowings 3,990,029 7,268,144 Convertible subordinated notes payable 2,355,000 2,355,000 Accrued interest payable 241,338 250,829 Other liabilities 89,866 141,274 ------------ ------------ Total Liabilities 44,836,741 46,590,196 Stockholders' Equity Common stock, $0.01 par value, 15,000,000 shares authorized; 1,215,358 and 1,030,647 shares issued outstanding respectively 12,153 10,306 Undesignated stock, par value $0.01 per share 5,000,000 shares authorized, no shares issued Paid in Capital 6,565,990 6,383,126 Accumulated deficit (6,155,046) (5,917,297) Accumulated comprehensive income (loss) (43,574) (83,990) ------------ ------------ Total Stockholders' Equity 379,523 392,145 ------------ ------------ Total Liabilities and Stockholders' Equity 45,216,264 46,982,341 ============ ============ Northern Star Financial, Inc. and Subsidiary Unaudited Consolidated Statements of Operation For the Three Months For the Six Months Ended December 31, Ended December 31, ------------------------ ------------------------ 2009 2008 2009 2008 ----------- ----------- ----------- ----------- Interest Income: Loans receivable $ 509,254 $ 668,358 $ 1,094,577 $ 1,361,341 Securities available for sale 32,223 56,361 66,957 113,856 Due from banks 8,678 6,130 20,232 6,130 Federal funds sold 455 2,199 1,163 12,482 ----------- ----------- ----------- ----------- Total interest income 550,610 733,048 1,182,929 1,493,809 ----------- ----------- ----------- ----------- Interest Expense: Deposits 172,141 300,397 371,832 641,435 Borrowed funds 119,408 151,893 261,580 310,073 ----------- ----------- ----------- ----------- Total interest expense 291,549 452,290 633,412 951,508 ----------- ----------- ----------- ----------- Net interest income 259,061 280,758 549,517 542,301 Provision for loan and lease losses 19,900 22,759 24,400 12,259 ----------- ----------- ----------- ----------- Net interest income after provision for loan and lease losses 239,161 257,999 525,117 530,042 ----------- ----------- ----------- ----------- Non-interest income: Other fees and service charges 54,273 54,189 108,024 138,682 Sale of investments - - 46,801 - Gain on sale of loans 22,841 23,567 45,762 73,005 ----------- ----------- ----------- ----------- Total non-interest income 77,114 77,756 200,587 211,687 ----------- ----------- ----------- ----------- Non-interest expense: Compensation and employee benefits 223,390 217,661 414,957 451,689 Board fees 5,200 5,450 10,800 9,950 Occupancy 73,990 62,888 140,122 131,147 Printing and Supplies 6,507 6,755 10,216 16,186 Furniture, fixtures & equipment depreciation 8,632 11,085 17,385 19,520 Data Processing 56,435 71,796 107,204 127,611 Professional fees 68,614 50,505 96,737 81,223 Other 82,962 76,544 166,032 182,255 ----------- ----------- ----------- ----------- Total non-interest expense 525,730 502,684 963,453 1,019,581 ----------- ----------- ----------- ----------- Loss before income tax benefit (209,455) (166,929) (237,749) (277,852) Income tax benefit - - - - ----------- ----------- ----------- ----------- Net loss $ (209,455) $ (166,929) $ (237,749) $ (277,852) =========== =========== =========== =========== Net (loss) per common share Basic and diluted (loss) per share of common stock $ (0.17) $ (0.18) $ (0.20) $ (0.31) =========== =========== =========== ===========
Contact: Thomas Stienessen Chief Executive Officer (507) 387-2265
1 Year Chart |
1 Month Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions