Welcome!

Microsoft Cloud Authors: Liz McMillan, David H Deans, Pat Romanski, Janakiram MSV, Jnan Dash

News Feed Item

/ CORRECTION - Treasure State Bank

MISSOULA, MT -- (Marketwire) -- 02/08/13 -- In the news release, "Treasure State Bank Reports Fourth Quarter 2012 Operating Results," issued February 4, 2013 by Treasure State Bank (OTCQB: TRSU), we are advised by the company that the fifth bullet should read "The return on average assets for the quarter ended December 31, 2012 was 0.41%, as compared to 0.18% for the same quarter last year. The return on average equity for the quarter ended December 31, 2012 was 4.62%, as compared to 2.40% for the same quarter last year." rather than "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 sixth bullet should read "The return on average assets for the year ended December 31, 2012 was 0.36%, as compared to 0.47% for the same period last year. The return on average equity for the year ended December 31, 2012 was 4.29%, as compared to 6.46% for the same period last year." rather than "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." as originally issued. Complete corrected text follows.

Treasure State Bank Reports Fourth Quarter 2012 Operating Results

MISSOULA, MT -- February 4, 2013 -- 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 0.18% for the same quarter last year. The return on average equity for the quarter ended December 31, 2012 was 4.62%, as compared to 2.40% for the same quarter last year.

  • The return on average assets for the year ended December 31, 2012 was 0.36%, as compared to 0.47% for the same period last year. The return on average equity for the year ended December 31, 2012 was 4.29%, as compared to 6.46% 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
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
The taxi industry never saw Uber coming. Startups are a threat to incumbents like never before, and a major enabler for startups is that they are instantly “cloud ready.” If innovation moves at the pace of IT, then your company is in trouble. Why? Because your data center will not keep up with frenetic pace AWS, Microsoft and Google are rolling out new capabilities In his session at 20th Cloud Expo, Don Browning, VP of Cloud Architecture at Turner, will posit that disruption is inevitable for c...
SYS-CON Events announced today that Loom Systems will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in S...
SYS-CON Events announced today that Telecom Reseller has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
SYS-CON Events announced today that Ocean9will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Ocean9 provides cloud services for Backup, Disaster Recovery (DRaaS) and instant Innovation, and redefines enterprise infrastructure with its cloud native subscription offerings for mission critical SAP workloads.
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
SYS-CON Events announced today that Addteq will exhibit at SYS-CON's DevOps Summit at Cloud Expo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Addteq specializes in creating innovative solutions to solve business processes through the use of DevOps automation. Addteq was founded on the firm belief that automation is essential for successful software releases. Addteq's products and services are centered around the fundamental approach of understanding the pr...
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
SYS-CON Events announced today that Infranics will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Since 2000, Infranics has developed SysMaster Suite, which is required for the stable and efficient management of ICT infrastructure. The ICT management solution developed and provided by Infranics continues to add intelligence to the ICT infrastructure through the IMC (Infra Management Cycle) based on mathemat...
"I think that everyone recognizes that for IoT to really realize its full potential and value that it is about creating ecosystems and marketplaces and that no single vendor is able to support what is required," explained Esmeralda Swartz, VP, Marketing Enterprise and Cloud at Ericsson, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
SYS-CON Events announced today that HTBase will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. HTBase (Gartner 2016 Cool Vendor) delivers a Composable IT infrastructure solution architected for agility and increased efficiency. It turns compute, storage, and fabric into fluid pools of resources that are easily composed and re-composed to meet each application’s needs. With HTBase, companies can quickly prov...
SYS-CON Events announced today that Outlyer, a monitoring service for DevOps and operations teams, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Outlyer is a monitoring service for DevOps and Operations teams running Cloud, SaaS, Microservices and IoT deployments. Designed for today's dynamic environments that need beyond cloud-scale monitoring, we make monitoring effortless so you ...
SYS-CON Events announced today that MobiDev, a client-oriented software development company, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex softw...
In his General Session at 17th Cloud Expo, Bruce Swann, Senior Product Marketing Manager for Adobe Campaign, explored the key ingredients of cross-channel marketing in a digital world. Learn how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects).
With the introduction of IoT and Smart Living in every aspect of our lives, one question has become relevant: What are the security implications? To answer this, first we have to look and explore the security models of the technologies that IoT is founded upon. In his session at @ThingsExpo, Nevi Kaja, a Research Engineer at Ford Motor Company, will discuss some of the security challenges of the IoT infrastructure and relate how these aspects impact Smart Living. The material will be delivered i...