Click here to close now.




















Welcome!

Microsoft Cloud Authors: Eric Aarrestad, Greg O'Connor, Liz McMillan, Aleksei Gavrilenko, Elizabeth White

News Feed Item

Treasure State Bank Reports Fourth Quarter 2012 Operating Results

MISSOULA, MT -- (Marketwire) -- 02/04/13 -- Treasure State Bank ("the Bank") (OTCQB: TRSU), a Montana chartered community bank, today announced:

  • The Bank had a net operating profit of $72,000 for the quarter ended December 31, 2012, as compared to $76,000 for the quarters ended September 30, $76,000 for the quarter ended June 30, 2012, $42,000 for the quarter ended March 31, 2012 and $34,000 for the same quarter last year.

  • Earnings, before non-cash expenses of depreciation and amortization, loan loss provisions, real estate owned write-downs and stock option expense were $230,000 ($920,000 annualized) for the quarter ended December 31, 2012, as compared to $219,000 ($876,000 annualized) for the quarter ended September 30, 2012, $214,000 ($856,000 annualized) for the quarter ended June 30, 2012, $178,000 ($712,000 annualized) for the quarter ended March 31, 2012 and $207,000 ($828,000 annualized) for the same quarter last year. Non cash stock option expense was $30,000 for the quarter ended December 31, 2012 as compared to $0 for the same period last year.

  • On a year-to-date basis, the Bank had a net operating profit of $266,000, as compared to $365,000 for the same period last year.

  • Earnings, before non-cash expenses of depreciation and amortization, loan loss provisions, real estate owned write-downs and stock option expense were $841,000 for the year ended December 31, 2012, as compared to $1,039,000 for the same period last year. Non cash stock option expense was $120,000 for the year just ended, as compared to $4,000 for the same period last year.

  • The return on average assets for the quarter ended December 31, 2012 was 0.41%, as compared to 0.47% for the same quarter last year. The return on average equity for the quarter ended December 31, 2012 was 4.62%, as compared to 6.46% for the same quarter last year.

  • The return on average assets for the year ended December 31, 2012 was 0.36%, as compared to 0.72% for the same period last year. The return on average equity for the year ended December 31, 2012 was 4.29%, as compared to 8.64% for the same period last year.

  • Equity to assets at December 31, 2012 was 9.16% as compared to 7.34% at December 31, 2011. Regulatory Tier 1 leverage capital, based on average assets, was 8.80% as of December 31, 2012, as compared to 7.52% as of December 31, 2011. Regulatory Total Risk-Based Capital based on average assets was 12.92% as of December 31, 2012, as compared to 11.06% as of December 31, 2011.

  • Book value per share was $3.80 as of December 31, 2012, based on 1,630,821 shares outstanding.

  • Total assets decreased $9.4MM, or 12.2%, to $67.6MM at December 31, 2012, as compared to $77.0MM at December 31, 2011.

  • Cost of funds decreased 25.0% to 1.14% at December 31, 2012 as compared to 1.52% at December 31, 2011.

  • The net interest margin (interest income less interest expense divided by average earning assets) increased to 3.85% for the quarter ended December 31, 2012, as compared to 3.72% for the quarter ended December 31, 2011.

  • Loan loss reserves to total loans were 3.89% ($1.9MM) at December 31, 2012, as compared to 4.00% ($2.0MM) as of December 31, 2011.

  • Total liquidity as of December 31, 2012 was 19.7%, and available liquidity was 17.5%.

  • Non-performing assets decreased $2.6MM, or 30.2%, to $6.0MM at December 31, 2012 from $8.6MM at December 31, 2011. Non-performing assets to total assets at December 31, 2012 were 8.9% as compared to 11.2% at December 31, 2011.

President and Chief Executive Officer Jim Salisbury stated, "I am pleased to report that the Bank ended 2012 with continued improvement in many critical areas to enhance the financial condition of the Bank in these troubled economic and political times. Our $72,000 of earnings for this quarter represents our eighth consecutive profitable quarter. Our $265,000 of earnings for the year 2012 compares to $365,000 for 2011. Earnings for 2012 were reduced by the $120,000 non-cash expense of stock options, while 2011 was not so burdened. The grants of new stock options in 2012 were for the purpose of retaining, attracting and incentivizing Board members and key team members, and, when exercised, adds additional capital to the Bank. In 2012, $158,000 of new capital was obtained by the exercising of stock options. Stock option expense for 2013 will be minimal as compared to 2012. The combination of positive earnings for two consecutive years and the addition of the new capital have increased the Bank's capital to assets by 39.6%, to 9.16% at December 31, 2012 from a low of 6.56% at December 31, 2010. The Bank's net interest income did decline by $200,000 year over year due primarily to the reduction in gross loans and lower yields on new and refinanced loans. The $200,000 reduction in net interest income was mitigated by a reduction in operating expenses of $100,000 and an increase in other loan related fee income of $110,000.

"The Bank continues to work diligently to address non-performing assets. As noted above non-performing assets decreased $2.6MM, or 30.2%, to $6.0MM at December 31, 2012 from $8.6MM at December 31, 2011. The Bank was able to sell $1.2MM of repossessed property during 2012 while not adding any new repossessed property. While gross loans declined $2.2MM year over year from $50.6MM at December 2011 to $48.4MM at December 31, 2012, several non-performing loans were part of the reduction when paid down or charged off. The Bank did originate and refinance $10.5MM of loans in 2012.

"In order to maximize the Bank's earnings and capital the Bank continued to reduce its asset size. Total assets decreased $9.4MM, or 12.2%, to $67.6MM at December 31, 2012, as compared to $77.0MM at December 31, 2011. Cash and cash equivalents decreased $5.6MM, gross loans decreased $2.2MM, repossessed assets decreased $1.2MM and other assets decreased $400,000. The cash and cash equivalent decrease was primarily due to the intentional reduction of out of market certificates of deposits and Federal Home Loan Bank borrowings. Lower yielding short term investments were allocated to pay off higher cost maturing certificates of deposits and Federal Home Loan Bank borrowings during 2012, which has helped reduce the Bank's cost of funds by 25% and increase the net interest margin.

"The Bank again added $60,000 for the quarter just ended to its allowance for loan loss reserve. Year to date the provision was $238,000. The allowance for loan losses totals $1.9MM at December 31, 2012. This is 3.89% of gross loans and is available to act as a cushion to absorb potential losses on existing troubled loans.

"The Bank continued to successfully reduce its cost of funds. Cost of funds decreased 25.0% to 1.14% at December 31, 2012 as compared to 1.52% at December 31, 2011.

"Nearly twenty cents of every dollar is held in domestic liquid assets to cushion the Bank from a rising interest rate environment and to allow for the funding of new loans. In addition, at December 31, 2012, transaction checking accounts have increased $2.4MM, or 24.2%, year over year.

"The Western Montana economy continues to present challenges to the Bank in its efforts to dispose of its remaining repossessed property and certain portions of its loan portfolio. Additional write downs of repossessed developed lots may be required to liquidate them in the future if demand for them does not improve. However, recently there continues to be a slight improvement in the Western Montana economy. With this improved economic outlook, positive earnings and the $1.9MM in loan loss reserves, the Bank is hopeful that its non-performing assets will continue to decline. The continued easing by the Federal Reserve could result in a continued decrease in net interest income for the Bank and could put added pressure on the Bank's earnings. On the other side, if the Federal Reserve were to discontinue its policy of easing and adding liquidity to the markets, or the United States deficits are not meaningfully reduced, then interest rates could increase. This could reduce the Bank's loan fee income associated with the origination of mortgage loans and put pressure on the Bank's cost of funds. However, we will continue to work diligently to improve the asset quality of the Bank, generate profits to enhance stockholders' equity and retain adequate liquidity in these uncertain economic times. The Bank has made great progress in the last two years and is in the position to once again grow its asset base with quality loans funded by core deposits in 2013 and beyond."

For more information regarding this release, or the Bank in general, you may contact James A. Salisbury, President and CEO, at 406-543-8700.

About Treasure State Bank
Treasure State Bank, a Montana chartered community bank, is headquartered in Missoula, Montana. The Bank was founded in January 2007. Treasure State Bank currently trades on the OTCQB under the ticker symbol "TRSU." Treasure State Bank serves businesses, professionals, non-profit organizations and individuals through customized banking services and products. For more information, please visit www.treasurestatebank.com.

Safe Harbor Statement
This communication contains statements that may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Treasure State Bank and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully, and the ability to complete before-mentioned transactions. The Bank undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducted a live demonstration of how quickly application development can happen when the need to comply wit...
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Architect for the Internet of Things and Intelligent Systems, described how to revolutionize your archit...
MuleSoft has announced the findings of its 2015 Connectivity Benchmark Report on the adoption and business impact of APIs. The findings suggest traditional businesses are quickly evolving into "composable enterprises" built out of hundreds of connected software services, applications and devices. Most are embracing the Internet of Things (IoT) and microservices technologies like Docker. A majority are integrating wearables, like smart watches, and more than half plan to generate revenue with APIs within the next year.
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Opening Keynote at 16th Cloud Expo, Sandy Carter, IBM General Manager Cloud Ecosystem and Developers, and a Social Business Evangelist, d...
In his keynote at 16th Cloud Expo, Rodney Rogers, CEO of Virtustream, discussed the evolution of the company from inception to its recent acquisition by EMC – including personal insights, lessons learned (and some WTF moments) along the way. Learn how Virtustream’s unique approach of combining the economics and elasticity of the consumer cloud model with proper performance, application automation and security into a platform became a breakout success with enterprise customers and a natural fit for the EMC Federation.
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists addressed this very serious issue of profound change in the industry.
Discussions about cloud computing are evolving into discussions about enterprise IT in general. As enterprises increasingly migrate toward their own unique clouds, new issues such as the use of containers and microservices emerge to keep things interesting. In this Power Panel at 16th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the state of cloud computing today, and what enterprise IT professionals need to know about how the latest topics and trends affect their organization.
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society-changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his session at @ThingsExpo, Jason Mondanaro, Director, Product Management at Metanga, discussed how you can plan to cooperate, partner, and form lasting all-star teams to change the world and it starts with business models and monetization strategies.
Converging digital disruptions is creating a major sea change - Cisco calls this the Internet of Everything (IoE). IoE is the network connection of People, Process, Data and Things, fueled by Cloud, Mobile, Social, Analytics and Security, and it represents a $19Trillion value-at-stake over the next 10 years. In her keynote at @ThingsExpo, Manjula Talreja, VP of Cisco Consulting Services, discussed IoE and the enormous opportunities it provides to public and private firms alike. She will share what businesses must do to thrive in the IoE economy, citing examples from several industry sectors.
There will be 150 billion connected devices by 2020. New digital businesses have already disrupted value chains across every industry. APIs are at the center of the digital business. You need to understand what assets you have that can be exposed digitally, what their digital value chain is, and how to create an effective business model around that value chain to compete in this economy. No enterprise can be complacent and not engage in the digital economy. Learn how to be the disruptor and not the disruptee.
Akana has released Envision, an enhanced API analytics platform that helps enterprises mine critical insights across their digital eco-systems, understand their customers and partners and offer value-added personalized services. “In today’s digital economy, data-driven insights are proving to be a key differentiator for businesses. Understanding the data that is being tunneled through their APIs and how it can be used to optimize their business and operations is of paramount importance,” said Alistair Farquharson, CTO of Akana.
Business as usual for IT is evolving into a "Make or Buy" decision on a service-by-service conversation with input from the LOBs. How does your organization move forward with cloud? In his general session at 16th Cloud Expo, Paul Maravei, Regional Sales Manager, Hybrid Cloud and Managed Services at Cisco, discusses how Cisco and its partners offer a market-leading portfolio and ecosystem of cloud infrastructure and application services that allow you to uniquely and securely combine cloud business applications and services across multiple cloud delivery models.
The enterprise market will drive IoT device adoption over the next five years. In his session at @ThingsExpo, John Greenough, an analyst at BI Intelligence, division of Business Insider, analyzed how companies will adopt IoT products and the associated cost of adopting those products. John Greenough is the lead analyst covering the Internet of Things for BI Intelligence- Business Insider’s paid research service. Numerous IoT companies have cited his analysis of the IoT. Prior to joining BI Intelligence, he worked analyzing bank technology for Corporate Insight and The Clearing House Payment...
"Optimal Design is a technology integration and product development firm that specializes in connecting devices to the cloud," stated Joe Wascow, Co-Founder & CMO of Optimal Design, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
SYS-CON Events announced today that CommVault has been named “Bronze Sponsor” of SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. A singular vision – a belief in a better way to address current and future data management needs – guides CommVault in the development of Singular Information Management® solutions for high-performance data protection, universal availability and simplified management of data on complex storage networks. CommVault's exclusive single-platform architecture gives companies unp...
Electric Cloud and Arynga have announced a product integration partnership that will bring Continuous Delivery solutions to the automotive Internet-of-Things (IoT) market. The joint solution will help automotive manufacturers, OEMs and system integrators adopt DevOps automation and Continuous Delivery practices that reduce software build and release cycle times within the complex and specific parameters of embedded and IoT software systems.
"ciqada is a combined platform of hardware modules and server products that lets people take their existing devices or new devices and lets them be accessible over the Internet for their users," noted Geoff Engelstein of ciqada, a division of Mars International, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
Internet of Things is moving from being a hype to a reality. Experts estimate that internet connected cars will grow to 152 million, while over 100 million internet connected wireless light bulbs and lamps will be operational by 2020. These and many other intriguing statistics highlight the importance of Internet powered devices and how market penetration is going to multiply many times over in the next few years.