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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 |
MANKATO, MN today announced results for the Company and its wholly owned subsidiary, Northern Star Bank, for the third quarter of the fiscal year ending June 30, 2008.
Northern Star Financial, Inc., the parent company of Northern Star Bank, reported a net loss of $101,335 in the third quarter ended March 31, 2008 compared with a loss of $284,693 in the third quarter of fiscal year 2007. The basic loss per share of $0.12 for the third quarter of the fiscal year ending June 30, 2008 compared with a basic loss per share of $0.38 during the third quarter of the fiscal year ending June 30, 2007.
The Company's total assets increased to $54.03 million at the end of the third quarter up from $48.94 million for the fiscal year ending June 30, 2007. Total deposits for the third quarter ended March 31, 2008 increased to $41.20 million up from $37.33 million for the fiscal year ending June 30, 2007. Loan receivables net of allowance for loan losses decreased by $4.64 million over the prior fiscal year end.
When comparing the Company's third quarter fiscal year 2008 operating results with the results of operations during the same period of the prior fiscal year, President Stienessen indicated that the nearly $100 thousand improvement in earnings was the result of a $5 million increase in earnings assets; an improvement in loan quality and a reduction in non-interest expenses. Stienessen commented that the improvement in earnings was accomplished despite a decline in net interest income which he attributed to an unexpected and significant drop in interest rates perpetuated by problems in the housing markets.
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 March 31, June 30, ------------ ------------ ASSETS 2008 2007 ------------ ------------ Cash and due from banks $ 1,027,852 $ 1,270,856 Federal funds sold 5,300,653 1,447,688 ------------ ------------ Cash and cash equivalents 6,328,505 2,718,544 Securities available for sale, at fair value 4,642,607 4,093,750 Federal Home Loan Bank stock, at cost 435,500 420,900 Loans held for sale 5,345,546 - Loans receivable, net of allowance for loan and lease losses of $317,041 and $319,979 35,238,609 39,883,169 Property and equipment, net of depreciation 236,512 279,089 Cash surrender value of life insurance 1,141,008 1,109,770 Accrued interest receivable 259,062 281,204 Other assets 403,077 152,311 ------------ ------------ Total Assets $ 54,030,426 $ 48,938,737 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Demand deposits $ 2,498,602 $ 2,558,306 NOW and money market 8,523,648 8,716,094 Savings 3,673,219 3,440,319 Time deposits 26,503,649 22,619,026 ------------ ------------ Total deposits 41,199,118 37,333,745 Federal funds purchased - - Notes payable and other borrowings 8,863,612 8,066,862 Convertible subordinated notes payable 2,135,000 1,450,000 Accrued interest payable 391,045 486,173 Other liabilities 153,137 30,370 ------------ ------------ Total Liabilities 52,741,912 47,367,150 Stockholders' Equity Common stock, $0.01 par value, 15,000,000 shares authorized; 842,188 and 837,188 shares issued outstanding respectively 8,422 8,371 Undesignated stock, par value $0.01 per share 5,000,000 shares authorized, no shares issued Paid in Capital 6,012,788 5,987,838 Accumulated deficit (4,723,422) (4,390,764) Accumulated comprehensive income (loss) (9,274) (33,858) ------------ ------------ Total Stockholders' Equity 1,288,514 1,571,587 ------------ ------------ Total Liabilities and Stockholders' Equity 54,030,426 48,938,737 ============ ============ Northern Star Financial, Inc. and Subsidiary Unaudited Consolidated Statements of Operation For the Three Months For the Nine Months Ended March 31, Ended March 31, ------------------------ ------------------------ 2008 2007 2008 2007 ----------- ----------- ----------- ----------- Interest Income: Loans receivable $ 720,877 $ 825,690 $ 2,234,756 $ 2,367,103 Securities available for sale 54,591 43,690 176,387 130,553 Due from banks 114 - 114 - Federal funds sold 50,079 15,063 82,507 45,850 ----------- ----------- ----------- ----------- Total interest income 825,661 884,443 2,493,764 2,543,506 ----------- ----------- ----------- ----------- Interest Expense: Deposits 403,736 390,060 1,172,991 1,120,540 Borrowed funds 156,583 152,138 463,740 390,079 ----------- ----------- ----------- ----------- Total interest expense 560,319 542,198 1,636,731 1,510,619 ----------- ----------- ----------- ----------- Net interest income 265,342 342,245 857,033 1,032,887 Provision for loan and lease losses - 196,417 - 211,417 ----------- ----------- ----------- ----------- Net interest income after provision for loan and lease losses 265,342 145,828 857,033 821,470 ----------- ----------- ----------- ----------- Non-interest income: Other fees and service charges 68,393 77,269 166,359 198,616 Sale of investments 4,283 - 12,226 - Gain on sale of loans 12,301 29,119 73,360 80,620 ----------- ----------- ----------- ----------- Total non-interest income 84,977 106,388 251,945 279,236 ----------- ----------- ----------- ----------- Non-interest expense: Compensation and employee benefits 212,205 272,524 701,127 761,345 Board fees 4,500 5,100 16,000 21,350 Occupancy 62,000 69,533 191,718 196,985 Printing and Supplies 5,682 15,191 21,342 37,121 Furniture, fixtures & equipment depreciation 9,151 22,476 30,851 60,562 Data Processing 50,616 49,343 159,283 146,514 Professional fees 30,284 16,957 68,876 63,493 Other 77,216 85,785 252,439 239,864 ----------- ----------- ----------- ----------- Total non-interest expense 451,654 536,909 1,441,636 1,527,234 ----------- ----------- ----------- ----------- Loss before income tax benefit (101,335) (284,693) (332,658) (426,528) income tax benefit - - - - ----------- ----------- ----------- ----------- Net loss $ (101,335) $ (284,693) $ (332,658) $ (426,528) =========== =========== =========== =========== Net (loss) per common share Basic and diluted (loss) per share of common stock $ (0.12) $ (0.38) $ (0.40) $ (0.59) =========== =========== =========== ===========
Contact: Thomas Stienessen Chief Executive Officer (507) 387-2265
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