WESTMINSTER, Calif., Oct. 17, 2006 (PRIMEZONE) -- Saigon National Bank (OTCBB:SAGN) announced the results of operations for the three and nine months ending September 30, 2006 with a net loss of $356,402 or $0.25 per share and of $1,094,759 or $0.77 per share for three and nine months ending September 30, 2006, respectively. This is the first full nine months of operations for the Bank, which opened November 30, 2005. John J. Kennedy, President and Chief Executive Officer, stated, "Our loan demand is increasing at an accelerating pace. Loans increased $9 million and deposits increased $4.5 million when compared to December 31, 2005."
Total assets were $18.6 million at September 30, 2006 compared to $17.2 million at December 31, 2005. At September 30, 2006 the loan portfolio totaled $ 9.03 million and deposits totaled $6.7 million.
The Bank's net interest income for the three months ended September 30, 2006 was $214,143 and $530,315 for the nine months ended September 30, 2006. Average interest-earning assets were $17.3 million and $16.8 million with average interest-bearing liabilities of $5.3 million for both periods, yielding a net interest margin of 4.95% and 4.22% for the three and nine months ended September 30, 2006, respectively. General and administrative expenses were $522,291 and $1,534,954 for the three and nine months ended September 30, 2006, respectively. The largest component of general and administrative expenses was salary and benefits expense of $293,718 and $827,503 for the three and nine months ended September 30, 2006, respectively.
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.