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Northern States Financial Corp. (NSFC) filed Quarterly Report for the period ended 2011-03-31.
Northern States Financial Corp. has a market cap of $6.21 million; its shares were traded at around $1.4499 with and P/S ratio of 0.21.
This is the annual revenues and earnings per share of NSFC over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of NSFC.
Highlight of Business Operations:
Total assets at March 31, 2011 were $529.8 million, a slight decrease of $1.9 million from $531.7 million at December 31, 2010. Loans totaled $373.1 million at March 31, 2011, a decrease of $11.7 million, or 3.0 percent, from $384.8 million at December 31, 2010. Loans decreased as the Company lacked quality lending opportunities and as a $4.9 million loan that was outside of the Bank s lending area was sold. Contributing to the decrease in loans was the receipt of scheduled principal loan payments and loan payoffs in the normal course of business. The Company s cash and cash equivalents totaled $44.9 million at March 31, 2011, an increase of $14.5 million from December 31, 2010 as the Company continued to manage its liquidity.
Deposits totaled $452.0 million at March 31, 2011, increasing $5.4 million from $446.6 million at December 31, 2010. Low cost demand deposits and savings accounts increased $1.2 million and $3.5 million from year-end, respectively. Large time deposits of $100,000 or greater increased $12.1 million as the Company increased its wholesale internet time deposits while brokered deposits were reduced by $7.6 million and time deposits under $100,000 decreased $1.8 million from year-end. The Company s brokered time deposits decreased as management lowered this source of funding in order to comply with the regulatory restrictions applicable to adequately capitalized institutions and to manage its balance sheet. Money market accounts decreased $2.5 million from year-end.
At March 31, 2011, approximately 94 percent of the Bank s loan portfolio was secured by real estate. The Company s loans to the hotel industry totaled $63.3 million, or 195 percent of total capital, at March 31, 2011 decreasing $5.2 million primarily from the sale of the $4.9 million loan discussed above. Loans totaling $33.5 million secured by 1-4 family homes and 5+ family residences at March 31, 2010 were pledged to secure a line of credit of $17.4 million from the Federal Home Loan Bank of Chicago. At March 31, 2011, loans totaling $94.9 million had payment schedules where only interest is collected until the loans mature as compared with $103.1 million in loans at December 31, 2010. At March 31, 2011, $21.0 million of the loans having interest only payments consisted of home equity loans.
Loan commitments increased $4.6 million to $41.1 million at March 31, 2010, compared with $36.5 million at December 31, 2010. Letters of credit decreased during the three months ended March 31, 2011, to $3.0 million from $3.1 million at year-end 2010. At March 31, 2011, loans to related parties totaled $202,000 as compared with $218,000 at December 31, 2010. Loan commitments and letters of credit issued to related parties were $225,000 at March 31, 2011 compared with $220,000 at December 31, 2010. Loans, loan commitments and letters of credit to related parties are made on the same terms and conditions that are available to the public.
Deposits totaled $452.0 million at March 31, 2011, increasing $5.4 million from $446.6 million at December 31, 2010. Low cost demand deposits and savings accounts increased $1.2 million and $3.5 million from year-end, respectively. Large time deposits of $100,000 or greater increased $12.1 million as the Company increased its wholesale internet time deposits while brokered deposits were reduced by $7.6 million and time deposits under $100,000 decreased $1.8 million from year-end. The Company s brokered time deposits decreased as management reduced it reliance on this source of funding in order to comply with the regulatory restrictions applicable to adequately capitalized institutions and to manage its balance sheet. Money market accounts decreased $2.5 million from year-end due to the lower interest rates paid on this deposit product.
Total stockholders equity decreased $849,000 to $32.4 million at March 31, 2011 as compared with $33.3 million at year-end 2010. The Company s net loss of $1.1 million and accrual for dividends on the preferred stock of $230,000 for the three months ended March 31, 2011 were offset by a $331,000 of increase to accumulated other comprehensive income relating to the unrealized gains on securities available for sale, net of deferred tax and $152,000 due to the accretion of the unearned portion of stock awards. The book value of the Company s outstanding common stock at March 31, 2011 was $3.56 per share, compared with $3.95 at December 31, 2010.
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