This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

New Resource Bank Reports Fourth Quarter Financial Results

New Resource Bank (OTCBB: NWBN) has announced unaudited financial results for the quarter and year ended December 31, 2012.

The bank recorded net income of $312,000 for the quarter ended December 31, 2012, compared with net income of $138,000 for the quarter ended December 31, 2011. Net income for the twelve months of 2012 was $751,000, compared with a net loss of $713,000 for the twelve months ended December 31, 2011.

“2012 marked our first full year of profitability,” said President and CEO Vince Siciliano. “It’s gratifying to see the bank’s strategic focus on its core markets—cleantech, organic products, nonprofits, and green building—continue to bear fruit. Our significant earnings improvement also reflects the hard work and dedication of our staff.”

Loans outstanding grew nearly 18 percent, to $135.7 million from $115.4 million a year ago. Deposits rose about 14 percent, to $170.2 million from $149.5 million, at December 31, 2011. Total assets were $200.2 million, compared with $170.8 million at December 31, 2011.

Loan loss reserves at quarter end December 31, 2012, were 2.08 percent of total loans. Nonperforming loans as a percentage of total loans were at 1.52 percent at December 31, 2012, compared with 5.22 percent at December 31, 2011. Nonperforming assets to total assets decreased from 4.26 percent to 1.10 percent.

Net interest income for the quarter ended December 31, 2012, was $2.2 million, about a 2 percent increase from $1.8 million for the same period in 2011. Net interest income for the full year ended December 31, 2012, was $7.8 million, up $0.2 million over the same period in 2011.

Non-interest income was $117,000 for the quarter ended December 31, 2012, a $62,000 decrease from $179,000 for the quarter ended December 31, 2011. For the year ended December 31, 2012, non-interest income was $837,000, up $158,000 from the full year 2011. Non-interest expense for the quarter ended December 31, 2012, was $1.9 million, essentially unchanged from the same period in 2011. The bank successfully managed expenses for the full year 2012: non-interest expense was $7.7 million, down $0.4 million from the full year ended December 31, 2011.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,927.27 -33.30 -0.20%
S&P 500 1,973.79 -4.55 -0.23%
NASDAQ 4,431.2140 -18.35 -0.41%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs