Highlands State Bank Reports Results for the Year Ended December 31, 2009
09 March 2010 - 3:31AM
PR Newswire (US)
VERNON, N.J., March 8 /PRNewswire-FirstCall/ -- Highlands State
Bank (OTC Bulletin Board: HSBK) reported a fourth quarter net loss
available to common stockholders of $1,104,000 or $.62 per diluted
share compared to a loss of $404,000 or $.37 per diluted share, for
the same period in 2008. The net loss available to common
stockholders for the full year 2009 was $2,218,000 or $1.24 per
diluted share compared to a loss of $993,000 or $.91 per diluted
share for the year of 2008. The 2009 results reflect the impact of
the dividends and accretion on the preferred stock issued to the
United States Treasury in 2009 under the Treasury's Capital
Purchase Program ("CPP"). No such preferred stock was outstanding
during the 2008 periods. During 2009 Highlands State Bank elected
and was approved to participate in the CPP and CPP for Small Banks,
and received investments from the Treasury of $3,091,000 in the
second quarter of 2009 and $2,359,000 during the fourth quarter of
2009. In addition, the 2009 financial results reflect the
integration of the former Noble Community Bank into Highlands State
Bank. The acquisition of Noble Community Bank was completed on
December 31, 2008, and 2008 results have not been restated to give
effect to the merger. Net interest income increased by $761,000 to
$1,285,000 for the fourth quarter of 2009 when compared to net
interest income of $524,000 for the three month period ended on
December 31, 2008. For the year ended December 31, 2009, net
interest income increased to $4,349,000 from $1,953,000 for 2008.
The provision for loan losses increased by $1,061,000 for the
quarter and $1,680,000 for the year ended December 31, 2009 to
$1,282,000 and $2,090,000 respectively, reflecting an increase in
non-performing loans. Charge-offs for the year ended December 31,
2009 were $1,800,000, as non-performing loans were written down to
their net realizable value. Non-interest expenses increased by
$498,000 for the quarter and $2,173,000 for the year ended December
31, 2009 compared to the similar periods of 2008, to $1,242,000 and
$4,777,000 respectively. The 2009 results include the effects of
the acquisition of Noble Community Bank on December 31, 2008 as
well as the opening of a new branch office in January 2009,
including increased salaries and employee benefits, occupancy and
equipment charges, data processing expenses, higher FDIC deposit
insurance premiums and a special FDIC assessment charge. Total
assets at Highlands State Bank were $166.0 million on December 31,
2009, an increase of $46.4 million or 39% when compared to total
assets of $119.6 million at December 31, 2008. The year end 2008
assets include those assets acquired as part of the Noble
acquisition. Deposits increased $46.8 million or 48% during 2009
from $96.8 million on December 31, 2008 to $143.6 million on
December 31, 2009. Net loans outstanding on December 31, 2009 were
$111.9 million compared to $89.4 million on December 31, 2008, an
increase of 25%. Highlands State Bank is a full service community
bank headquartered in Vernon, New Jersey with branch offices in
Sparta and Totowa, New Jersey. Highlands State Bank provides
deposit and loan banking services to consumers and businesses in
northern New Jersey. On December 31, 2008 Highlands State Bank
merged with the former Noble Community Bank, Sparta, NJ.
Forward-Looking Statements This news release contains certain
forward-looking statements, either expressed or implied, which are
provided to assist the reader in understanding anticipated future
financial performance. These statements involve certain risks,
uncertainties, estimates and assumptions made by management, which
are subject to factors beyond the company's control and could
impede its ability to achieve these goals. These factors include
general economic conditions, trends in interest rates, the ability
of our borrowers to repay their loans, and results of regulatory
exams, among other factors. Highlands State Bank Financial
Highlights (unaudited) (In thousands, except per share data) Three
Months Ended Twelve Month Ended December 31, December 31, 2009 2008
2009 2008 -------- --------- -------- -------- INCOME STATEMENT Net
interest income $1,285 $524 $4,349 $1,953 Provision for loan losses
1,282 221 2,090 410 Non-interest income 188 37 433 68 Non-interest
expense 1,242 744 4,777 2,604 -------- --------- -------- --------
Net loss (1,051) (404) (2,085) (993) Preferred stock dividends and
accretion (53) - (133) - -------- --------- -------- -------- Net
loss available to common stockholders $(1,104) $(404) $(2,218)
$(993) ======== ========= ======== ======== Net loss per common
share Basic and diluted $(0.62) $(0.37) $(1.24) $(0.91) Weighted
average common shares Basic and diluted 1,788,262 1,095,159
1,788,262 1,095,159 SELECTED BALANCE SHEET DATA AT END OF PERIOD
12/31/2009 12/31/2008 ---------- ---------- Total loans $113,319
$90,603 Allowance for loan loss 1,438 1,147 Investment securities
19,134 19,596 Total Assets 165,955 119,646 Total Deposits 143,566
96,781 Stockholders' Equity 15,746 12,483 ASSET QUALITY Non-accrual
loans 4,601 675 Loans past due 90 days and still accruing - 593
OREO property - - Allowance for loan losses to total loans 1.28%
1.27% Non-performing loans to total loans 4.06% 1.40% DATASOURCE:
Highlands State Bank CONTACT: Highlands State Bank, George E.
Irwin, President,+1-973-764-3200
Copyright
Str PD S & P 2001-11 (AMEX:HSB)
Historical Stock Chart
From May 2024 to Jun 2024
Str PD S & P 2001-11 (AMEX:HSB)
Historical Stock Chart
From Jun 2023 to Jun 2024