WESTMINSTER, Calif., Aug. 1, 2008 (PRIME NEWSWIRE) -- Saigon National Bank (OTCBB:SAGN) announced improving results of operations for the six months ending June 30, 2008. The net loss for the period was $719,638 or $0.51 per share. The bank is now in its third full year of operation. Loans and deposits continue to grow impressively.
At June 30, 2008 total assets were $43.2 million compared to $34.7 million at June 30 2007. During the twelve months ending June 30, 2008 total loans increased $16.5 million to $32.5 million from $16.0 million at June 30, 2007. During the twelve months ending June 30, 2008 deposits increased $10.0 million to $33.0 million from $23.1 million at June 30, 2007. Deposits have increased 43% since June 30, 2007 while loans have grown 103% during the same period.
The Bank's net interest income for the six months ending June 30, 2008 was $570,751 compared to $494,693 for the six months ending June 30, 2007. Average interest-earning assets were $30.2 million for the six months ending June 30, 2008 versus $26.7 million in average interest-earning assets for the six months ending June 30, 2007. Average interest-bearing liabilities were $27.8 million and $16.4 million for the six months ending June 30, 2008 and 2007, respectively. Net interest margin was 3.79% for the six month period ending June 30, 2008 versus 3.74% for the six months ending June 30, 2007. General and administrative expenses were $1,186,381 for the six months ending June 30, 2008 versus $980,213 for the six months ending June, 30 2007. Salary and benefits expense was $609,296 for the six months ending June 30, 2008 versus $497,018 for the six months ending June 30, 2007. In recognition of the increase in loans, loan loss reserves increased to $446,000 as of June 30, 2008 compared to $207,000 as of June 30, 2007. The Bank's book value per share is $7.14 and is well capitalized at 23.3% of total assets.
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.