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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 $166,929 (a basic loss of $0.18 per share) in the second quarter ended December 31, 2008 compared with a net loss of $101,430 (a basic loss of $0.12 per share) during the same period of the prior fiscal year. The Company reported a basic loss per share of $0.31 for the six month period ended December 31, 2008 compared with a basic loss per share of $0.28 during the same six month period of the prior fiscal year.
The Company's total assets increased $1.22 million to $56.57 million at the end of the second quarter from $55.35 million at fiscal year ending June 30, 2008. Total deposits for the second quarter ended December 31, 2008 increased $0.99 million to $40.58 million from $39.59 million at fiscal year ending June 30, 2008. Loan receivables net of an allowance for loan losses increased by $0.78 million over the prior fiscal year end.
When comparing the Company's operating results for the first six months of fiscal year 2009 with the results of operations during the same period of the prior fiscal year, President Stienessen said, "Capital constraints and increased competition for lower levels of deposit and lending activity prevented the bank from experiencing erosion in its net interest margin." Stienessen noted that decreases in compensation and employee benefit cost coupled with increases in non-interest income were insufficient to offset increases in non-interest expenses resulting from the implementation of remote deposit capture services during the second quarter." Stienessen reported that the Company was conducting an evaluation of its strategic plan which he expected to be completed in early June.
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 2008 2008 ------------ ------------ Cash and due from banks $ 1,396,386 $ 1,037,213 Federal funds sold - - ------------ ------------ Cash and cash equivalents 1,396,386 1,037,213 Securities available for sale, at fair value 3,875,682 4,804,281 Federal Home Loan Bank stock, at cost 492,300 500,000 Loans held for sale 10,677,802 9,740,876 Loans receivable, net of allowance for loan and lease losses of $317,403 and $319,657 37,308,723 36,523,996 Property and equipment, net of depreciation 248,853 225,238 Cash surrender value of life insurance 1,172,887 1,151,488 Accrued interest receivable 312,262 254,316 Other real estate owned 924,764 954,422 Other assets 159,323 157,644 ------------ ------------ Total Assets $ 56,568,982 55,349,474 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Demand deposits $ 2,836,251 2,173,937 NOW and money market 7,564,113 8,128,707 Savings 3,742,812 3,490,022 Time deposits 26,440,055 25,794,456 ------------ ------------ Total deposits 40,583,231 39,587,122 Federal funds purchased 4,171,586 2,902,194 Notes payable and other borrowings 8,116,596 8,814,693 Convertible subordinated notes payable 2,405,000 2,155,000 Accrued interest payable 414,020 565,439 Other liabilities 13,691 162,721 ------------ ------------ Total Liabilities 55,704,124 54,187,169 Stockholders' Equity Common stock, $0.01 par value, 15,000,000 shares authorized; 888,783 and 871,553 shares issued outstanding respectively 8,887 8,715 Undesignated stock, par value $0.01 per share 5,000,000 shares authorized, no shares issued Paid in Capital 6,163,755 6,107,930 Accumulated deficit (5,187,584) (4,909,732) Accumulated comprehensive income (loss) (120,200) (44,608) ------------ ------------ Total Stockholders' Equity 864,858 1,162,305 ------------ ------------ Total Liabilities and Stockholders' Equity 56,568,982 55,349,474 ============ ============ 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, ------------------------ ------------------------ 2008 2007 2008 2007 ----------- ----------- ----------- ----------- Interest Income: Loans receivable $ 668,358 $ 782,726 $ 1,361,341 $ 1,513,879 Securities available for sale 56,361 62,667 113,856 121,796 Due from banks 6,130 - 6,130 - Federal funds sold 2,199 10,004 12,482 32,428 ----------- ----------- ----------- ----------- Total interest income 733,048 855,397 1,493,809 1,668,103 ----------- ----------- ----------- ----------- Interest Expense: Deposits 300,397 383,012 641,435 769,255 Borrowed funds 151,893 150,320 310,073 307,157 ----------- ----------- ----------- ----------- Total interest expense 452,290 533,332 951,508 1,076,412 ----------- ----------- ----------- ----------- Net interest income 280,758 322,065 542,301 591,691 Provision for loan and lease losses 22,759 - 12,259 - ----------- ----------- ----------- ----------- Net interest income after provision for loan and lease losses 257,999 322,065 530,042 591,691 ----------- ----------- ----------- ----------- Non-interest income: Other fees and service charges 54,189 46,785 138,682 97,966 Sale of investments - 7,943 - 7,943 Gain on sale of loans 23,567 42,185 73,005 61,059 ----------- ----------- ----------- ----------- Total non-interest income 77,756 96,913 211,687 166,968 ----------- ----------- ----------- ----------- Non-interest expense: Compensation and employee benefits 217,661 250,214 451,689 488,922 Board fees 5,450 5,750 9,950 11,500 Occupancy 62,888 65,378 131,147 129,718 Printing and Supplies 6,755 8,279 16,186 15,660 Furniture, fixtures & equipment depreciation 11,085 10,390 19,520 21,700 Data Processing 71,796 54,847 127,611 108,667 Professional fees 50,505 27,287 81,223 38,592 Other 76,544 98,263 182,255 175,229 ----------- ----------- ----------- ----------- Total non-interest expense 502,684 520,408 1,019,581 989,988 ----------- ----------- ----------- ----------- Loss before income tax benefit (166,929) (101,430) (277,852) (231,329) Income tax benefit - - - - ----------- ----------- ----------- ----------- Net loss $ (166,929) $ (101,430) $ (277,852) $ (231,329) =========== =========== =========== =========== Net (loss) per common share Basic and diluted (loss) per share of common stock $ (0.18) $ (0.12) $ (0.31) $ (0.28) =========== =========== =========== ===========
Contact: Thomas Stienessen Chief Executive Officer (507) 387-2265
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