WESTMINSTER, Calif., April 17, 2007 (PRIME NEWSWIRE) -- Saigon National Bank (OTCBB:SAGN) announced that the results of operations for the three months ending March 31, 2007 was a net loss of $298,392 or $0.21 per share. The bank is now in its second full year of operation. Loans and deposits have grown impressively over the past twelve months.
At March 31, 2007 total assets were $29.0 million compared to $17.8 million at March 31, 2006. During the twelve months ending March 31, 2007 total loans increased $12.5 million to $ 15.2 million from $2.7 million at March 31, 2006. During the twelve months ending March 31, 2007 deposits increased $12.2 million to $17.4 million from $5.2 million at March 31, 2006. Deposits have more than tripled since March 31, 2006 while loans have quadrupled during the same period.
The Bank's net interest income for the three months ending March 31, 2007 was $233,225 compared to $147,837 for the three months ending March 31, 2006. Average interest-earning assets were $22.9 million for the three months ending March 31, 2007 versus $15.7 million in average interest-earning assets for the three months ending March 31, 2006. Average interest-bearing liabilities were $12.3 million and $3.9 million for the three months ending March 31, 2007 and 2006, respectively. Net interest margin improved to 4.13% for the three month period ending March 31, 2007 versus 3.75% for the three months ending March 31, 2006. General and administrative expenses were down slightly to $506,899 for the three months ending March 31, 2007 versus $520,034 for the three months ending March, 31 2006. Salary and benefits expense was down 5% to $245,968 for the three months ending March 31, 2007 versus $259,708 for the three months ending March 31, 2007. Interest margins are improving while expense controls tighten.
Forward-Looking Statements
The statements contained in this release that are not historical facts are forward-looking statements based upon management's current expectations and beliefs concerning future developments and their potential effect on Saigon National Bank. There can be no assurances that future developments affecting Saigon National Bank will be the same as those anticipated by management.
Actual results may differ from those projected in the forward-looking statements. These forward-looking statements involve risks and uncertainties. These include, but are not limited to, the following risks: (1) changes in performance of the financial markets; (2) changes in the demand for and market acceptance of Saigon National Bank's products and services; (3) changes in general economic conditions including interest rates, presence of competitors with greater financial resources, and the impact of competitive products and pricing; (4) the effect of Saigon National Bank's policies; (5) the continued availability of adequate funding sources.