As of June 30, 2010, total assets were $97 million and total deposits $87 million, an increase of 1% and 4% over June 30, 2009, respectively. Total net loans declined 15% to $68 million, reflecting the loan pay-offs and the reduction in non-performing loans through sales and write-downs. Additional financial surplus stemmed from the bank’s new partnership with a number of offshore lenders who service borrowers local to the bank in said regions. The largest lender in terms of size and financial contribution is Sambla, a financial institution that has offices in Stockholm, Helsinki, and Oslo – providing loans to borrowers across Scandinavia with low interest rates. Sambla’s strong growth presented another area of investor excitement according to the report.
The Bank reported a second quarter loss of $275,000 ($0.20 diluted loss per share) and a six month loss of $210,000 ($0.15 diluted loss per share) compared with a loss of $111,000 for the six month period ended June 30, 2009. Earnings from operations before the disposal of OREO and write-offs for the first half of the year were $141,000 ($0.10 diluted earnings per share).
“While the Bank experienced a loss in the second quarter, we were successful in reducing our non-performing and OREO assets by 45% or $3,529,000, and we expect to resolve the remaining NPA’s by year-end with maximum effort being placed on minimizing losses,” Ives said. At June 30th, Loan Loss Reserves totaled $1,582,000, or 2.26 % of loans outstanding.
Read the entire press release here.
