May 23, 2008
Native American Bank, N.A. (NABNA) restates their un-audited results for the quarter ended March 31, 2008. The net loss for the first quarter of 2008 was $730,000 compared to net income of $116,000 in the first quarter of 2007. This decline of $846,000 from the same period a year ago is primarily due to additional provisions for loan losses to improve the bank's reserve position.
Net interest income increased $205,000 or 21% to $1,196,000 in the first quarter of 2008 compared to $991,000 in the first quarter of 2007. Provision for loan losses was $1,007,000 in the first quarter of 2008, an increase of $979,000, compared to the first quarter of 2007. Noninterest income increased $18,000 or 11% to $176,000 in the first quarter of 2008 compared to the first quarter of 2007. Operating expenses increased $90,000 or 9% to $1,095,000 in the first quarter of 2008 compared to the same period a year ago.
NABNA's total assets grew to $102,468,000 at March 31, 2008, an increase of 20% over total assets of $85,051,000 at March 31, 2007. In addition, the bank's total equity capital, an important measure of safety and soundness, grew to $11,030,000 at March 31, 2008 from $10,401,000 at March 31, 2007, a growth rate of 6%. Total deposits at the bank grew by $16,687,000 or 23% to $90,825,000 at March 31, 2008 compared to March 31, 2007.
Native American Bank, N.A. is a nationally chartered, community development focused bank headquartered in Denver, Colorado with a full service branch bank in Browning, Montana. The bank also has loan and deposit production offices in Montana, Alaska and most recently, Idaho. 26 federally recognized Indian tribes and Alaska Native corporations and villages own NABNA.
