Northern States Financial Corporation Reports Third Quarter 2015 Net Income of $514,000
(firmenpresse) - WAUKEGAN, IL -- (Marketwired) -- 10/21/15 -- Northern States Financial Corporation (OTCQB: NSFC) (the "Company"), holding company for NorStates Bank (the "Bank"), an FDIC insured financial institution, today reported third quarter 2015 net income of $514,000, an increase from $392,000 for the second quarter of 2015 and $180,000 for the first quarter of 2015. The Company''s per share book value at September 30, 2015 was $0.39.
The Bank reported earnings of $604,000 for the third quarter of 2015.
Assets of the Company totaled $462.0 million at September 30, 2015, an increase of 9.4% from December 31, 2014. The Company increased its loans and leases, net of deferred fees by $2.9 million and total interest bearing deposits in financial institutions increased by $12.1 million between June 30, 2015 and September 30, 2015, while total investment securities decreased by $5.8 million between the two dates due to bond calls. Total deposits increased from $381.4 million at June 30, 2015 to $394.3 million at September 30, 2015.
With regard to asset quality, the Company''s non-performing assets ("NPAs"), consisting of nonaccrual loans, ninety days or more past due loans still accruing, loans considered troubled debt restructurings and other real estate owned, decreased by $8.7 million between December 31, 2014 and September 30, 2015.
"We are pleased to report steady solid growth in earnings and continued progress in the reduction of NPAs," stated Scott Yelvington, President and Chief Executive Officer of the Company. "During the third quarter, we sold one of our branch buildings at a gain of $1.4 million which is being replaced by a new smaller, more efficient building that the Bank will lease. The gain was largely offset by write-downs to other real estate owned of $1.3 million as we prepare to sell these properties to further reduce NPAs. Our focus will remain on the reduction of NPAs and the further increase in profitability through loan generation and short-term investments while reducing expenses."
Northern States Financial Corporation is the holding company for NorStates Bank, a full-service commercial bank with eight branches in Lake County, Illinois. NorStates Bank is the successor to financial institutions dating to 1919. NorStates Bank serves the populations of northeastern Illinois and southeastern Wisconsin.
This release may contain forward-looking statements that are subject to risks and uncertainties. Such risks and uncertainties may include, but are not necessarily limited to, fluctuations in interest rates, inflation, government regulations, general economic conditions, competition within the business areas in which the Company conducts its operations including the real estate market in Illinois, and other factors beyond the Company''s control. Such risks and uncertainties could cause actual results for subsequent interim periods or for the entire year to differ materially from those expressed or implied by any forward-looking statement. Readers should not place undue reliance on the forward-looking statements, which reflect management''s beliefs, expectations and assumptions only as of the date hereof. The Company undertakes no obligation to update statements to reflect new information or subsequent events or circumstances.
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Datum: 21.10.2015 - 10:44 Uhr
Sprache: Deutsch
News-ID 1393826
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