Syringa Bancorp posts 2Q loss 

Boise-based Syringa Bancorp recently reported losses for the second quarter and for the first half of 2008.

  The Syringa Bank parent posted a first-half loss of $217,873 as net charge-offs of $1,147,387 and slower-than-expected growth dragged earnings, the company said in a release. Syringa lost $82,337 in the second quarter compared to a first quarter loss of $135,536. Meanwhile, total assets grew by 5.2 percent year-to-date through June 30.

   “In the first half of 2008, Syringa Bank was very proactive in monitoring and scrubbing the loan portfolio,” President and CEO Jerry Aldape said. “We understand the negative impact to earnings in the short term, but remain confident in the strength of our institution.”

  Aldape said Syringa is “fortunate to have high capital levels relative to our peers, which gives us additional flexibility going forward.”

  Net loans increased to $267,939,000 from $226,545,000 in mid-2007 despite higher loan losses. The loan-loss provision was $893,000 on June 30, 2008 compared to $645,000 a year earlier.

  Syringa Bancorp’s total assets as of June 30, 2008 increased by 13.5 percent from a year earlier to $301,294,950. Assets increased by 5.2 percent from January through June.

  Net interest income through the first half of 2008 totaled $5,981,418, up 11.19 percent from a year earlier. Non-interest income through the first half of 2008 increased by 15.9 percent. Non-interest expense dropped by 0.2 percent.

  The bank in June opened a new building for its Lewiston branch office.

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