Stellar Business Bank Announces Third Quarter 2009 Results
Mon Oct 26, 2:19 PMCOVINA, Calif.--(BUSINESS WIRE)--Stellar Business Bank (OTCBB: SLRB.OB) announced its third quarter 2009 financial results. As of September 30, 2009, the Bank reported total assets of $105.9 million, total deposits of $82.2 million and net total loans of $34.0 million, which represents an increase of 20%, 21% and 16%, respectively, from the third quarter of 2008, with an additional $3.1 million in unfunded loan commitments, no non-performing loans, and no residential “sub prime” mortgage loans.
The Bank reported an unaudited year-to-date loss of $1,148,425 or $0.50 basic loss per share, which includes a gain on sale of investment securities of $979,210 and a loan loss provision of $430,409. This is compared to a net loss of $1,665,797 or $0.73 basic loss per share in the same fiscal period last year, which included a loan loss reserve provision of $396,744. These numbers also reflect the impact of accounting rules that require companies to include stock option compensation as an expense.
“We are pleased with our improving performance over the same fiscal period last year and are confident that we continue to trend in an increasingly positive direction for the Bank, its customers and shareholders,” stated Timothy P. Walbridge, President and CEO. “While the economy and lending environment continue to prove challenging, we are navigating very strategically through these historically unchartered waters. We have implemented prudent investment strategies, which have resulted in a one-time gain on sale earlier this year, and focused on sound lending practices that balance fulfilling our customers’ needs with solid risk management principles. The addition of our newly formed SBA Division is now past its organizational period and is expanding our lending opportunities. The addition of our Business Services Division has also allowed us to compete effectively in the electronic services arena. Finally, the hiring of experienced local banking professionals this year has uniquely positioned us for growth, increased market share, and relationship management. We have built a great business-banking team of professionals and are excited about the future of our Bank. We look forward to continuing to build a valuable franchise and to provide a level of strength, stability and service essential to maintaining our reputation as your community bank of choice.”
The numbers in this press release are unaudited. Certain statements in this press release, including statements regarding the anticipated development and expansion of Stellar Business Bank’s business, and the intent, belief or current expectations of the Bank, its directors or its officers, are “forward looking” statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward looking statements. These risks and uncertainties include, but are not limited to, risks related to the local and national economy, the Bank’s performance, including its ability to generate loan and deposit growth, changes in interest rates, regulatory matters and those discussed in filings by the Bank with the Federal Deposit Insurance Corporation. Member FDIC
|
STELLAR BUSINESS BANK Balance Sheets (Unaudited) |
||||
| ASSETS | 09/30/2009 | 09/30/2008 | ||
| Cash and Cash Equivalents | $700,777 | $1,809,336 | ||
| Fed Funds Sold | 6,445,000 | 8,530,000 | ||
| Interest-Bearing Deposits in Banks | 5,932,000 | 36,779,936 | ||
| Investment Securities Available for Sale | 56,050,032 | 9,594,000 | ||
| Equity Securities | 614,000 | 282,400 | ||
| Loans | 34,736,647 | 29,937,811 | ||
| Allowance for Loan Losses | (692,913) | (503,210) | ||
| Loans, Net | 34,043,734 | 29,434,601 | ||
| Premises and Equipment, Net | 1,343,798 | 1,259,587 | ||
|
Accrued Interest Receivable and Other Assets |
736,197 | 431,552 | ||
| Total Assets | $105,865,538 | $88,121,412 | ||
|
LIABILITIES and STOCKHOLDERS' EQUITY |
||||
| Deposits | ||||
| Noninterest-Bearing Deposits | $8,139,534 | $8,077,455 | ||
| Interest Bearing Deposits | 74,110,427 | 59,792,806 | ||
| Total Deposits | 82,249,961 | 67,870,261 | ||
| Federal Home Loan Bank Advance | 5,000,000 | 0 | ||
| Accrued Interest Payable and Other Liabilities | 392,176 | 516,338 | ||
| Total Liabilities | $87,642,137 | $68,386,599 | ||
| Stockholders' Equity | ||||
| Common Stock | 23,630,607 | 23,302,108 | ||
| Accumulated Deficit | (5,631,231) | (3,832,117) | ||
| Accumulated Other Comprehensive Gain | 224,025 | 264,822 | ||
| Total Stockholders' Equity | 18,223,401 | 19,734,813 | ||
| Total Liabilities & Stockholders' Equity | $105,865,538 | $88,121,412 | ||
|
STELLAR BUSINESS BANK Statement of Operations (Unaudited) |
||||
| January 1, 2009 thru | January 1, 2008 thru | |||
| September 30, 2009 | September 30, 2008 | |||
| Interest and Loan Fee Income | $2,987,043 | $2,482,336 | ||
| Interest Expense | (1,439,284) | (1,160,699) | ||
| Net Interest and Loan Fee Income | 1,547,759 | 1,321,637 | ||
| Provision for Loan Losses | (430,409) | (396,744) | ||
|
Net Interest Income after Provision for Loan Losses |
1,117,350 | 924,893 | ||
| Gain on Sale of Available for Sale Securities | 979,210 | 0 | ||
| Other Income | 29,368 | 18,048 | ||
| Operating Expenses | (3,273,553) | (2,608,738) | ||
| Net Loss (Before Taxes) | (1,147,625) | (1,665,797) | ||
| Income Taxes | (800) | 0 | ||
| Net Loss | ($1,148,425) | ($1,665,797) | ||
| Basic Loss Per Share | ($0.50) | ($0.73) | ||
| Book Value Per Share | $7.94 | $8.60 | ||
| Shares Outstanding | 2,295,271 | 2,295,271 | ||
Stellar Business Bank
Timothy P. Walbridge, President &
CEO
626-214-3040
