WESTMINSTER, Calif., Oct. 22, 2007 (PRIME NEWSWIRE) -- Saigon National Bank (OTCBB:SAGN) announced the net loss from operations was $214,117 or $0.15 per share for the three months ending September 30, 2007 and a net loss of $709,469 or $0.50 per share for the nine months ending September 30, 2007. John J. Kennedy, President and Chief Executive Officer, stated, "Our losses have continued to diminish on a year over year basis due to our increased loan growth of 121% during the last twelve months."
Bank assets have increased 80% over the last twelve months while deposits have increased 228%. Total assets were $33.5 million at September 30, 2007 compared to $18.6 million at September 30, 2006. At September 30, 2007 the loan portfolio totaled $19.9 million and deposits totaled $22.0 million. At September 30, 2006 the loan portfolio totaled $9.0 million and deposits totaled $6.7 million. The Bank's shareholders' equity totaled $11.2 million as of September 30, 2007 and the Bank had a book value per share of $7.95.
The Bank's net interest income for the three months ended September 30, 2007 was $283,700 and $778,343 for the nine months ended September 30, 2007. Average interest-earning assets were $33 million and $29 million with average interest-bearing liabilities of $20.5 million and $18.6 million for the three and nine months ended September 30, 2007, respectively, yielding a net interest margin of 3.41% and 3.57% for the three and nine months ended September 30, 2007, respectively. General and administrative expenses were $456,349 and $1,436,562 for the three and nine months ended September 30, 2007, respectively. The largest component of general and administrative expenses was salary and benefits expense of $227,879 and $724,897 for the three and nine months ended September 30, 2007, respectively. For the period from January 1, 2007 through September 30, 2007 a total of $98,000 was added to the allowance for loan losses due to increasing loan activity bringing the allowance for loan losses to $251,000 at September 30, 2007.
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.