WESTMINSTER, Calif., May 11, 2009 (GLOBE NEWSWIRE) -- Saigon National Bank (OTCBB:SAGN) announced that the results of operations for the three months ending March 31, 2009 was a net loss of $1,902,000 or $1.35 per share. The provision for loan and lease loss was $1,398,000 for the quarter.
At March 31, 2009 total assets were $67.5 million compared to $38.2 million at March 31, 2008 an increase of 77%. During the twelve months ending March 31, 2009 total loans increased 98% or $24.9 million to $50.4 million from $25.5 million at March 31, 2008. During the twelve months ending March 31, 2009 deposits increased 109% or $30.2 million to $57.8 million from $27.6 million at March 31, 2008.
The Bank's net interest income for the three months ending March 31, 2009 decreased to $258,870 compared to $281,916 for the three months ending March 31, 2008. Average interest-earning assets rose to $65.4 million for the three months ending March 31, 2009 versus $37.2 million in average interest-earning assets for the three months ending March 31, 2008. Average interest-bearing liabilities were $58.0 million and $27.7 million for the three months ending March 31, 2009 and 2008, respectively. Net interest margin was 1.61% for the three month period ending March 31, 2009 versus 3.08% for the three months ending March 31, 2008. General and administrative expenses were $774,956 for the three months ending March 31, 2009 versus $568,280 for the three months ending March, 31 2008. Salary and benefits expense increased 28.3% to $367,930 for the three months ending March 31, 2009 versus $286,678 for the three months ending March 31, 2008.
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.