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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 $503,429 in the third quarter ended March 31, 2009 compared with a loss of $101,335 in the third quarter of fiscal year 2008. The basic loss per share of $0.54 for the third quarter of the fiscal year ending June 30, 2009 compared with a basic loss per share of $0.12 during the third quarter of the fiscal year ending June 30, 2008.
The Company's total assets decreased to $50.68 million at the end of the third quarter from $55.35 million for the fiscal year ending June 30, 2009. Total deposits for the third quarter ended March 31, 2009 decreased to $37.72 million, down from $39.59 million for the fiscal year ending June 30, 2008. Loan receivables net of allowance for loan losses decreased by $0.71 million over the prior fiscal year end.
When comparing the Company's third quarter fiscal year 2009 operating results with the results of operations during the same period of the prior fiscal year, President Stienessen attributed the difference in earnings to a $400 thousand non-cash expense incurred by the bank to increase the bank's allowance for loan losses. Stienessen reported that the need for additional reserves was dictated by the bank's regulators and resulted from the regulator's assessment of commercial real estate collateral values. Stienessen indicated that the requirement for additional reserves will result in a need for the Company to raise additional capital in equity markets that are not supportive of bank stocks.
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 2009 2008 ------------ ------------ Cash and due from banks $ 1,198,042 $ 1,037,213 Federal funds sold - - ------------ ------------ Cash and cash equivalents 1,198,042 1,037,213 Securities available for sale, at fair value 4,270,782 4,804,281 Federal Home Loan Bank stock, at cost 505,600 500,000 Loans held for sale 5,873,114 9,740,876 Loans receivable, net of allowance for loan and lease losses of $715,974 and $319,657 35,806,467 36,523,996 Property and equipment, net of depreciation 235,475 225,238 Other real estate owned 1,158,764 954,422 Cash surrender value of life insurance 1,183,350 1,151,488 Accrued interest receivable 281,719 254,316 Other assets 170,503 157,644 ------------ ------------ Total Assets $ 50,683,816 $ 55,349,474 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Demand deposits $ 2,825,226 $ 2,173,937 NOW and money market 7,557,905 8,128,707 Savings 4,640,211 3,490,022 Time deposits 22,701,541 25,794,456 ------------ ------------ Total deposits 37,724,883 39,587,122 Federal funds purchased 1,668,428 2,902,194 Notes payable and other borrowings 8,067,415 8,814,693 Convertible subordinated notes payable 2,355,000 2,155,000 Accrued interest payable 335,596 565,439 Other liabilities 31,790 162,721 ------------ ------------ Total Liabilities 50,183,112 54,187,169 Stockholders' Equity Common stock, $0.01 par value, 15,000,000 shares authorized; 923,861 and 871,553 shares issued outstanding respectively 9,238 8,715 Undesignated stock, $0.01 par value, 5,000,000 shares authorized, no shares issued - - Paid in Capital 6,277,408 6,107,930 Accumulated deficit (5,691,013) (4,909,732) Accumulated comprehensive income (loss) (94,929) (44,608) ------------ ------------ Total Stockholders' Equity 500,704 1,162,305 ------------ ------------ Total Liabilities and Stockholders' Equity 50,683,816 55,349,474 ============ ============ 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, ------------------------ ------------------------ 2009 2008 2009 2008 ----------- ----------- ----------- ----------- Interest Income: Loans receivable $ 649,484 $ 720,877 $ 2,010,825 $ 2,234,756 Securities available for sale 41,812 54,591 155,668 176,387 Due from banks 14,365 114 20,495 114 Federal funds sold 719 50,079 13,201 82,507 ----------- ----------- ----------- ----------- Total interest income 706,380 825,661 2,200,189 2,493,764 ----------- ----------- ----------- ----------- Interest Expense: Deposits 266,448 403,736 907,883 1,172,991 Borrowed funds 146,962 156,583 457,035 463,740 ----------- ----------- ----------- ----------- Total interest expense 413,410 560,319 1,364,918 1,636,731 ----------- ----------- ----------- ----------- Net interest income 292,970 265,342 835,271 857,033 Provision for loan and lease losses 482,401 - 494,660 - ----------- ----------- ----------- ----------- Net interest income after provision for loan and lease losses (189,431) 265,342 340,611 857,033 ----------- ----------- ----------- ----------- Non-interest income: Other fees and service charges 141,177 68,393 279,859 166,359 Sale of investments - 4,283 - 12,226 Gain on sale of loans 21,690 12,301 94,695 73,360 ----------- ----------- ----------- ----------- Total non-interest income 162,867 84,977 374,554 251,945 ----------- ----------- ----------- ----------- Non-interest expense: Compensation and employee benefits 189,980 212,205 641,669 701,127 Board fees 4,600 4,500 14,550 16,000 Occupancy 60,384 62,000 191,531 191,718 Printing and Supplies 5,163 5,682 21,349 21,342 Furniture, fixtures & equipment depreciation 10,480 9,151 30,000 30,851 Data Processing 57,915 50,616 185,526 159,283 Professional fees 66,551 30,284 147,774 68,876 Other 81,792 77,216 264,047 252,439 ----------- ----------- ----------- ----------- Total non-interest expense 476,865 451,654 1,496,446 1,441,636 ----------- ----------- ----------- ----------- Loss before income tax benefit (503,429) (101,335) (781,281) (332,658) Income tax benefit - - - - ----------- ----------- ----------- ----------- Net loss $ (503,429) $ (101,335) $ (781,281) $ (332,658) =========== =========== =========== =========== Net (loss) per common share Basic and diluted (loss) per share of common stock $ (0.54) $ (0.12) $ (0.85) $ (0.40) =========== =========== =========== ===========
Contact: Thomas Stienessen Chief Executive Officer (507) 387-2265
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