![]() ![]() We recorded a provision for loan losses of $152,000 for the quarter ended Decemcompared to a provision for loan losses of $188,000 for the quarter ended December 31, 2009. Net interest income increased by $91,000, or 4.4%, to $2.2 million for the quarter ended Decemfrom $2.1 million for the quarter ended December 31, 2009, as our net interest-earning assets increased to $28.2 million from $16.4 million. Partially offsetting the increase in net interest-earning assets was a 5 basis point decrease in our net interest rate spread to 3.68% from 3.73%, and a 3 basis point decrease in our net interest margin to 3.80% from 3.83%. In contrast, noninterest expense increased by $173,000 and our provision for loan losses increased by $770,000 during 2010. Net income for the twelve months ended Decemwas $524,000 compared to net income of $493,000 for the twelve months ended December 31, 2009. Net interest income increased by $382,000 to $8.2 million for the twelve months ended Decemfrom $7.8 million for the twelve months ended December 31, 2009, noninterest income increased $537,000 and income tax expense decreased by $55,000. The increase in net income for the quarter ended Decemreflected a slight increase of $91,000 in net interest income, a $36,000 decrease in the provision for loan losses and a $342,000 increase in noninterest income, partially offset by a $250,000 increase in noninterest expense and a $62,000 increase in income tax expense. Charge-Offs Remain Low: Net charge-offs for the twelve months ended Decemtotaled $261,000, or 0.15% of average loans outstanding.IPO Completed: The completion of the Company's initial public offering in October 2010 increased the Bank's Total Risk-Based Capital, Tier 1 Risk-Based Capital and Tier 1 Core Capital ratios at Decemto 18.46%, 17.70% and 11.78%, respectively, compared to 12.86%, 12.11% and 7.40%, respectively, at September 30, 2010.Increased Deposits: Deposits increased by $15.6 million, or 9.1%, from December 31, 2009, fueled by increases in checking, money market and CD accounts.Increased Non Interest Income: Noninterest income increased by $537,000, or 22.6%, to $2.9 million for the twelve months ended Decemfrom $2.4 million for the twelve months ended December 31, 2009. ![]() Stronger Loan Production: Increased production for single-family loans and commercial real-estate loans caused net loans to increase by $21.6 million, or 12.6%, from December 31, 2009.Annualized Return on Assets ("ROA") Improves: Annualized ROA for the quarter ended Decemtotaled 0.53%, compared to 0.28% for the quarter ended December 31, 2009.Quarterly Net Income Increases 96.9%: Net income for the three months ended Decemincreased to $319,000, or by 96.9%, when compared to $162,000 for the three months ended Decemand by 29.1%, when compared to $247,000 for the three months ended September 30, 2010. ![]()
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