WESTMINSTER, Calif., Jan. 19, 2007 (PRIME NEWSWIRE) -- Saigon National Bank (OTCBB:SAGN) announced that the unaudited results of operations for the three and twelve months ending December 31, 2006 was a net loss of $166,381 or $0.12 per share and $1,262,740 or $0.89 per share respectively. This is the first full twelve months of operations for the Bank, which opened November 30, 2005. John J. Kennedy, President and Chief Executive Officer, stated, "Increased lending activity and continued expense control contributed significantly to the reduction in the fourth quarter loss when compared to previous quarters during 2006. Loans outstanding increased $13.6 million and total deposits increased $8.1 million during the year ended December 31, 2006."
Total assets were $21.0 million at December 31, 2006 compared to $17.2 million at December 31, 2005. At December 31, 2006 the loan portfolio totaled $13.6 million and deposits totaled $9.1 million.
The Bank's net interest income for the three months ended December 31, 2006 was $199,269 and $741,929 for the twelve months ended December 31, 2006. Average interest-earning assets were $18.4 million and $17.2 million with average interest-bearing liabilities of $7.9 million and $6.0 million for the three months and year ended December 31, 2006, yielding a net interest margin of 4.33% and 4.32% for the three and twelve months ended December 31, 2006, respectively. General and administrative expenses were $296,312 and $1,834,107 for the three and twelve months ended December 31, 2006, respectively. The largest component of general and administrative expenses was salary and benefits expense of $108,078 and $935,582 for the three and twelve months ended December 31, 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.