Northern States Financial Corp. (NSFC, Financial) filed Amended Quarterly Report for the period ended 2010-06-30.
Northern States Financial Corp. has a market cap of $8.9 million; its shares were traded at around $2.2 with and P/S ratio of 0.3.
Deposits totaled $462.4 million at June 30, 2010, decreasing $54.8 million from $517.2 million in deposits at December 31, 2009. The reduction to deposits was attributable to decreases to brokered time deposits that totaled $37.6 million at June 30, 2010, a decline of $57.3 million, as compared with a total of $94.9 million at December 31, 2009. The Company decreased its brokered time deposits to meet the terms of the Consent Order.
The Company had a loss for the three months ended June 30, 2010 of $574,000 or $0.20 per share, compared with a loss of $11.8 million, or $2.97 per share for the same three months of 2009. The loss for the three months ended June 30, 2010 was due primarily to the provision for loan and lease losses of $517,000, recognition of impairment losses on investment securities of $417,000 and write-downs of real estate owned of $1.4 million which was partially offset by gains of $262,000 from sales of other real estate owned. The loss for same three months of 2009 was primarily due to provision for loan and lease losses of $3.7 million and the one-time write-down of goodwill of $9.5 million.
The Company s securities available for sale declined $36.9 million, or 27.7 percent, to $96.5 million at June 30, 2010 compared with $133.4 million at year-end 2009. The Company s investments in mortgage-backed securities decreased $31.4 million to $87.3 million at June 30, 2010 as compared with $118.7 million at December 31, 2009. The Company s investments in state and political subdivision securities decreased $5.7 million to $3.9 million at June 30, 2010 as compared with $9.6 million at
December 31, 2009. These decreases to the Company s investment securities portfolio were the primarily the result of the sale of $37.1 million of mortgage-backed securities and $3.4 million of securities issued by state and political subdivisions during the first quarter of 2010, which together totaled $40.5 million. The Company sold these securities for liquidity purposes and recognized a gain of $653,000 on the sale of the securities. Securities also decreased by $645,000 due to other than temporary impairment write-downs to the Company s CDOs that are carried as other bonds. The write-downs to the CDOs were based on an analysis of the collateral and the expected discounted cash flows. At June 30, 2010, securities totaling $72.3 million were pledged to secure public deposits, repurchase agreements and for other purposes required or permitted by law.
Loan commitments have decreased $9.6 million to $49.1 million at June 30, 2010, compared with $58.7 million at December 31, 2009, corresponding with the decline in loan demand during the first six months of 2010. Letters of credit also decreased during the six months ended June 30, 2010, to $6.2 million from $6.5 million at year-end. At June 30, 2010, loans to related parties totaled $274,000 and loan commitments and letters of credit issued to related parties were $775,000. Loans, loan commitments and letters of credit to related parties are made on the same terms and conditions that are available to the public.
Read the The complete Report
Northern States Financial Corp. has a market cap of $8.9 million; its shares were traded at around $2.2 with and P/S ratio of 0.3.
Highlight of Business Operations:
Total assets at June 30, 2010 were $556.0 million, a decrease of $66.3 million from total assets of $622.3 million, or 10.7 percent, at December 31, 2009. Loans totaled $403.1 million at June 30, 2010, a decrease of $28.2 million, or 6.5 percent, from loans of $431.3 million at December 31, 2009. The Company lowered its assets as it managed its balance sheet to improve its capital ratios. Loans decreased as $9.9 million in loans were transferred to other real estate owned, $5.2 million in loans were charged-off to the allowance for loan and lease losses and as the Company received scheduled principal loan payments and loan payoffs received in the normal course of business. During the first quarter of 2010, the Company sold $40.5 million of investment securities, classified as available for sale, for liquidity purposes. The Company recognized a $653,000 gain from the sale of the securities while receiving $41.2 million in proceeds. As a consequence, the Company s securities portfolio was reduced to $96.5 million at June 30, 2010 compared with $133.4 million at year-end 2009.Deposits totaled $462.4 million at June 30, 2010, decreasing $54.8 million from $517.2 million in deposits at December 31, 2009. The reduction to deposits was attributable to decreases to brokered time deposits that totaled $37.6 million at June 30, 2010, a decline of $57.3 million, as compared with a total of $94.9 million at December 31, 2009. The Company decreased its brokered time deposits to meet the terms of the Consent Order.
The Company had a loss for the three months ended June 30, 2010 of $574,000 or $0.20 per share, compared with a loss of $11.8 million, or $2.97 per share for the same three months of 2009. The loss for the three months ended June 30, 2010 was due primarily to the provision for loan and lease losses of $517,000, recognition of impairment losses on investment securities of $417,000 and write-downs of real estate owned of $1.4 million which was partially offset by gains of $262,000 from sales of other real estate owned. The loss for same three months of 2009 was primarily due to provision for loan and lease losses of $3.7 million and the one-time write-down of goodwill of $9.5 million.
The Company s securities available for sale declined $36.9 million, or 27.7 percent, to $96.5 million at June 30, 2010 compared with $133.4 million at year-end 2009. The Company s investments in mortgage-backed securities decreased $31.4 million to $87.3 million at June 30, 2010 as compared with $118.7 million at December 31, 2009. The Company s investments in state and political subdivision securities decreased $5.7 million to $3.9 million at June 30, 2010 as compared with $9.6 million at
December 31, 2009. These decreases to the Company s investment securities portfolio were the primarily the result of the sale of $37.1 million of mortgage-backed securities and $3.4 million of securities issued by state and political subdivisions during the first quarter of 2010, which together totaled $40.5 million. The Company sold these securities for liquidity purposes and recognized a gain of $653,000 on the sale of the securities. Securities also decreased by $645,000 due to other than temporary impairment write-downs to the Company s CDOs that are carried as other bonds. The write-downs to the CDOs were based on an analysis of the collateral and the expected discounted cash flows. At June 30, 2010, securities totaling $72.3 million were pledged to secure public deposits, repurchase agreements and for other purposes required or permitted by law.
Loan commitments have decreased $9.6 million to $49.1 million at June 30, 2010, compared with $58.7 million at December 31, 2009, corresponding with the decline in loan demand during the first six months of 2010. Letters of credit also decreased during the six months ended June 30, 2010, to $6.2 million from $6.5 million at year-end. At June 30, 2010, loans to related parties totaled $274,000 and loan commitments and letters of credit issued to related parties were $775,000. Loans, loan commitments and letters of credit to related parties are made on the same terms and conditions that are available to the public.
Read the The complete Report
