Northern States Financial Corporation Reports 2015 Net Income of $23.1 million
(firmenpresse) - WAUKEGAN, IL -- (Marketwired) -- 03/08/16 -- Northern States Financial Corporation (OTCQB: NSFC) (the "Company"), holding company for NorStates Bank (the "Bank"), an FDIC insured financial institution, today reported annual net income for 2015 available to stockholders of $23,129,000, or $0.26 per share. A significant portion of the Company''s net income for 2015 resulted from the reversal of almost all of the Company''s deferred tax allowance which allowed the booking of a $21.7 million tax credit during the fourth quarter of 2015. At year-end 2015, there remains a deferred tax allowance of approximately $3.0 million. In 2014, the Company successfully negotiated a discount of TARP preferred shares in association with the Company''s recapitalization which resulted in net income available to stockholders of $15,564,000, or $0.26 per share. Pretax income for 2015 was $1,474,000 as compared with pretax income for 2014 of $210,000. Per share book value at December 31, 2015 was $0.64.
For the three months ended December 31, 2015, the Company showed net income of $22,043,000, mainly due to the reversal of the deferred tax allowance. Pretax income for the quarter was $323,000 as compared with a loss of $142,000 for the same quarter of 2014.
Assets of the Company increased 15.0% to $485.3 million at December 31, 2015 from year-end 2014. Despite some strategic loan payoffs and reduction of nonperforming loans, the Company increased its loans by 8.3% to $237.3 million at December 31, 2015 compared with December 31, 2014. Total deposits increased 10.9% to $395.4 million as noninterest bearing deposits increased 18.3% and interest bearing deposits increased 8.7% between the same dates.
In regards to credit quality, total nonperforming loans were reduced 60.7% to $8.3 million at December 31, 2015 compared with December 31, 2014. Other real estate owned was reduced 23.8% to $12.6 million between the same dates.
"The Company continues to focus on non-performing asset ("NPA") reduction and earnings," stated Scott Yelvington, President and Chief Executive Officer of the Company. "We are pleased with our progress on both fronts in 2015 as we were able to reduce NPAs as a percentage of total assets to 4.3% at year-end from 8.9% at year-end 2014. Solid earnings growth has allowed us to recapture the vast majority of the deferred tax allowance enhancing share value of our Company. We were also pleased with the net increase in loans and growth to our core deposits as we move to profitably deploy our excess liquidity."
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: 08.03.2016 - 17:35 Uhr
Sprache: Deutsch
News-ID 1420476
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