Syringa Bank reports better quarter 

Syringa Bancorp on April 24 reported a $55,002 loss in the first quarter due to holding-company expenses including debt service on trust-preferred securities. The Boise company in the year-earlier quarter posted a $136,000 loss, mainly due to income tax liability.

But subsidiary Syringa Bank reported first quarter net income of $68,109 as capital levels, liquidity and operating efficiency improved from the previous quarter, Syringa Bancorp said in a release.

Syringa Bancorp – which in January received $8 million from the U.S. Treasury’s TARP Capital Purchase Program, boosting the risk-based capital ratio by about three percentage points – is proud of its performance in the first quarter of 2009 and continues to “apply an assertive approach in recognizing and managing non-performing loans, monitoring loan reserve levels and promoting greater operating efficiencies,” President and CEO Jerry Aldape said.

“We know economic conditions will eventually improve, and remain dedicated to taking steps to generate higher return on investment for our shareholders,” he said.

Net loans in the first quarter totaled $253,072,000 including $260,063,000 in gross loans and $6,991,000 in loan-loss reserve, Syringa said. In the first quarter of 2008, net loans of $260,377,000 included $264,041,000 in gross loans and $3,664,000 in loan-loss reserve.

Other first-quarter changes from the year-earlier period included a 19.5 percent increase in non-interest income, helped by a gain on the sale of mortgage loans; a 14.7 percent drop in non-interest expenses; a 1.2 percent drop in total assets, to $290,154,465; and an increase in total deposits from $199,352,000 to $211,175,000.

NEW! Online only subscription. 24/7 access to premium online subscriber content for only $79.00 a year!
CLICK HERE TO SIGN UP TODAY!

Comments are closed.