Blue River Bancshares, Inc. (OTC:BRBI.OB) (BULLETIN BOARD: BRBI.OB) today announced consolidated net income of $96,000 for the quarter ended September 30, 2008. This net income compares to consolidated net income from continuing operations for the same period of 2007 of $1,136,000. Fully diluted earnings per share were $.03 for the quarter ended September 30, 2008 and $.33 from continuing operations for the same period in 2007. Weighted average outstanding shares (fully diluted) were 3,187,320, as of September 30, 2008, compared to 3,459,787 shares at the end of the same quarter of 2007. Net interest income from continuing operations before loan loss provision for the three months ended September 30, 2008 was $1,810,000 as compared to $1,332,000 for the same period of 2007.
Non-interest income from continuing operations was $139,000 for the three months ended September 30,2008 compared to $1,832,000 for the same period of 2007. The change is primarily the result of the sale of the Paramount charter of $1,688,000 in the third quarter of 2007.
The loan loss provision from continuing operations was $402,000 for the three months ended September 30, 2008 versus $21,000 for the quarter ended September 30, 2007. In addition to providing for an increase in outstanding loans from continued operations at SCB Bank, the specific reserves were increased by $349,000 related to three single family homes and a commercial loan, all located in Kentucky.
Non-interest expense from continuing operations increased to $1,386,000 for the quarter ended September 30, 2008 as compared to $1,304,000 for the quarter ended September 30, 2007. This increase is primarily the result of increased salary expenses, FDIC insurance premiums and expenses related to the collection of loans.
Showing posts with label banking results. Show all posts
Showing posts with label banking results. Show all posts
Thursday, 16 October 2008
Blackhawk Bancorp 2008 Q3 Results
Blackhawk Bancorp, Inc. (OTC:BHWB) (BULLETIN BOARD: BHWB) today announced improved financial results for the third quarter ended September 30, 2008.
Net income rose to $755,000, or $0.35 per fully diluted share, compared with $645,000, or $0.29 per diluted share in third quarter 2007. Net income for the first nine months of the year rose to $2,164,000, or $1.00 per fully diluted share, compared with $1,728,000, or $0.77 per diluted share for the same period in 2007. Total assets increased to $486.3 million as of September 30, 2008 compared with $464.7 million at year end 2007.
"By following a disciplined and focused approach to our business we're continuing to grow and improve performance," said Rick Bastian, president and CEO. "The strength of our core earnings has produced record earnings while, at the same time, we increased our reserve for bad debts," he added. Blackhawk's solid performance reflects an improved net interest margin and balance sheet growth. "Up to this point we've avoided major issues, but as the effects of the big bank problems and a weaker economy trickle down, we expect to feel some impact," said Bastian.
Net income rose to $755,000, or $0.35 per fully diluted share, compared with $645,000, or $0.29 per diluted share in third quarter 2007. Net income for the first nine months of the year rose to $2,164,000, or $1.00 per fully diluted share, compared with $1,728,000, or $0.77 per diluted share for the same period in 2007. Total assets increased to $486.3 million as of September 30, 2008 compared with $464.7 million at year end 2007.
"By following a disciplined and focused approach to our business we're continuing to grow and improve performance," said Rick Bastian, president and CEO. "The strength of our core earnings has produced record earnings while, at the same time, we increased our reserve for bad debts," he added. Blackhawk's solid performance reflects an improved net interest margin and balance sheet growth. "Up to this point we've avoided major issues, but as the effects of the big bank problems and a weaker economy trickle down, we expect to feel some impact," said Bastian.
Monarch Financial Q3 Results
Monarch Financial Holdings, Inc. (NASDAQ:MNRK) , the bank holding company for Monarch Bank, reported greatly improved third quarter net income and record year to date net income. Net income was $772,333 for the third quarter of 2008, up 146.4% from the third quarter of 2007 when net income was $313,461. For the first nine months of 2008 net income was a record $2,667,561 compared to $2,027,044 for the same period in 2007, a 31.6% increase. Diluted earnings for the third quarter were $0.14 per share, compared to $0.06 the previous year, a 133.3% increase. Year-to-date 2008 diluted earnings per share were $0.51, compared to $0.40 the previous year, a 27.5% increase.
"In the midst of a global financial crisis Monarch continues to perform well in our core lines of business of community banking, mortgage lending, and investment and insurance sales. While the marketplace continues to be extremely challenging for our company and our clients, we are pleased to grow revenues, profits and improve our balance sheet despite this environment. Turmoil among several of our local competitors proved positive, as it drove many substantial deposit clients to Monarch in search of a safe and sound bank," stated William 'Tree' Rountree, President and Chief Executive Officer. "We have been aggressive in dealing with non-performing assets and in building up our reserve for potential losses, which we feel is very prudent at this time. Like just about all banks, Monarch reported a higher level of non-performing assets this quarter, and we have aggressively charged-off any expected deficiency balances in these assets. We remain focused on building a strong company which we think will further differentiate us from the competition in these difficult economic times".
"In the midst of a global financial crisis Monarch continues to perform well in our core lines of business of community banking, mortgage lending, and investment and insurance sales. While the marketplace continues to be extremely challenging for our company and our clients, we are pleased to grow revenues, profits and improve our balance sheet despite this environment. Turmoil among several of our local competitors proved positive, as it drove many substantial deposit clients to Monarch in search of a safe and sound bank," stated William 'Tree' Rountree, President and Chief Executive Officer. "We have been aggressive in dealing with non-performing assets and in building up our reserve for potential losses, which we feel is very prudent at this time. Like just about all banks, Monarch reported a higher level of non-performing assets this quarter, and we have aggressively charged-off any expected deficiency balances in these assets. We remain focused on building a strong company which we think will further differentiate us from the competition in these difficult economic times".
Subscribe to:
Posts (Atom)