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The company's total assets as of 31 March 2009 were USD291.5m, up by 22.1% or USD52.7m compared to USD238.7m the previous year. Total loans including that available for sale was USD230.5m, an increase of 23.1% or USD43.3m, from the total loans of USD187.3m in the same quarter of 2008. Total deposits were USD218.6m, higher by 7.2% or USD11.7m, compared to USD203.9m at the prior year first quarter.
The efficiency ratio in the first quarter 2009 increased to 97.4%, as against 72.6% the fourth quarter of 2009 and from 69% a year earlier. This was largely the result of an OREO impairment loss of USD368m in 2009 and an increase in the FDIC insurance expense from USD37m in the same quarter of 2008 to USD165, in the corresponding period in 2009. Non-performing assets increased to 3.31% of total assets, from 2.35% at the fourth quarter of 2008 and 1.50% of total assets at the first quarter of 2008.
Gross interest revenue for the first quarter 2009 was USD3.3m, a decrease of 15.0% compared to USD3.9m for 2008. Provision for loan and lease losses was USD920m, as against USD216m for the similar quarter of 2008. The net loss was USD538,000 (USD0.11 loss per common share, down 222%), a decrease of 213% compared to the net income of USD475,000 (USD0.09 per common share) in the same quarter of 2008.
The company's other bank ratios in the first quarter of 2009 were a total risk-based capital of 14.19%, the minimum for being a well capitalised bank, which under regulatory guidelines is 10.00%. Tier 1 leverage capital is 10.95%, the minimum for being a well capitalised bank, which under regulatory guideline is 5.0%. ALLL as a percent of HTM loans is 1.41%, total OREO, delinquent and non-accrual loans to total risk based capital being 33.9%, which is also equal to 4.7% of total loans. The Average Net Interest Margin was a healthy 4.01%.
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