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2012年2月2日星期四

Cornerstone Community Bank Reports Financial Results For the Fourth Quarter and Full Year Ended December 31, 2011

RED BLUFF, Calif.–(BUSINESS WIRE)– Cornerstone Community Bank, (OTCBB: CRSB), announced today its financial results for the fourth quarter and full year ended December 31, 2011.
The Bank reported net income of $208,000 for the three months ended December 31, 2011 representing an increase of $83,000, or 66%, compared to net income of $125,000 for the same period last year. Diluted earnings per share for the three months ended December 31, 2011 were $0.17 compared to $0.10 for the same period last year. Net income for the year ended December 31, 2011 was $703,000, or $0.57 per diluted share compared to net income of $323,000, or $0.26 per diluted share, for the year ended December 31, 2010.
The return on average assets for the three months ended December 31, 2011 was 0.95% compared to 0.65% for the same period last year. The return on average equity was 8.25% for the three months ended December 31, 2011 compared to 5.38% for the same period last year. For the year ended December 31, 2011, the return on average assets was 0.87% and the return on average equity was 7.34% compared to 0.43% and 3.54%, respectively, for the year ended December 31, 2010.
President and CEO, Jeffrey Finck stated, “We are pleased with our 2011 performance. We opened our new Redding office in the third quarter which contributed to the 20% growth in deposits during the year. We look forward to continued success in 2012.”
Net Interest Income
Net interest income of $975,000 for the quarter ended December 31, 2011 represented an increase of approximately $107,000, or 12%, from $868,000 for the same quarter one year earlier. The net interest margin decreased to 4.64% during the quarter ended December 31, 2011 compared to 4.66% during the same quarter last year. For the year ended December 31, 2011, net interest income was $3,758,000 compared to $3,133,000 for the year ended December 31, 2010, representing an increase of $625,000, or 20%. The net interest margin increased to 4.86% for the year ended December 31, 2011 compared to 4.42% for the year ended December 31, 2010.
Provision for credit losses
The provision for credit losses for the quarter ended December 31, 2011 was $110,000 compared to $160,000 for the quarter ended December 31, 2010. The provision for credit losses for the year ended December 31, 2011 was $259,000 compared to $461,000 for the year ended December 31, 2010.
Non-Interest Income
The Bank’s non-interest income for the quarter ended December 31, 2011 was $84,000 compared to $140,000 for the quarter ended December 31, 2010. For the year ended December 31, 2011, non-interest income was $318,000 compared to $454,000 for the year ended December 31, 2010.
Non-Interest Expense
Non-interest expense was $894,000 for the quarter ended December 31, 2011 compared to $723,000 for the same period one year earlier. For the year ended December 31, 2011, non-interest expense was $3,583,000 compared to $2,802,000 for the year ended December 31, 2010. In April 2011, the Bank decided to exit the indirect auto lending business. As a result of this decision, the Bank incurred $252,000 of incremental charges during the second quarter of 2011.
Income Taxes
During the year ended December 31, 2011, the Bank recognized $470,000 of deferred tax assets which added to the Bank’s net income. The Bank determined that the historical progress in earnings performance met the standards for recognition of these assets in 2011.
Balance Sheet
The Bank had total assets at December 31, 2011 of $91 million, compared to $76 million at December 31, 2010, representing growth of $15 million, or 20%.
Total loans outstanding at December 31, 2011, net of unearned income, were $65 million compared to $55 million at December 31, 2010, representing an increase of $9 million, or 17%.
Total deposits were $81 million at December 31, 2011 compared to total deposits of $67 million at December 31, 2010, representing an increase of $14 million, or 20%.
Credit Quality
The allowance for loan losses was $1,270,000, or 1.97% of total loans at December 31, 2011, compared to $1,104,000, or 2.00% of total loans, at December 31, 2010. Nonperforming assets at December 31, 2011 were $185,000 compared to $232,000 at December 31, 2010.
The bank recognized $93,000 in net loan charge-offs during the year ended December 31, 2011, representing 0.16% of average loans.
Capital Adequacy
At December 31, 2011, shareholders’ equity totaled $10.2 million compared to $9.0 million at December 31, 2010. At December 31, 2011, the total risk-based capital ratio, tier one capital ratio, and leverage ratio was 14.52%, 13.27% and 10.89%, respectively, all exceeding the regulatory standards for “well-capitalized” institutions of 10.00%, 6.00%, 5.00%, respectively.
About Cornerstone Community Bank
Cornerstone Community Bank is a California state-chartered bank with its headquarters office in Red Bluff and a branch office in Redding. The Bank provides commercial banking services, including a wide variety of deposit products and real estate, construction, commercial and consumer loans to small businesses, professionals and individuals. Additional information about the Bank is available on its website at www.bankcornerstone.com
Forward-Looking Statements
Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and are subject to the safe harbors created by that Act. Forward-looking statements describe future plans, strategies and expectations. Forward-looking statements are based on currently available information, expectations, assumptions, projections, and management’s judgment about the Bank, the banking industry and general economic conditions. These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. Future events are difficult to predict, and the expectations described above are necessarily subject to risk and uncertainty that may cause actual results to differ materially and adversely.
Forward-looking statements involve significant risks and uncertainties and actual results may differ materially from those presented, either expressed or implied, in this press release. The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.


CORNERSTONE COMMUNITY BANK
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Dollars in Thousands)



		12/31/11			09/30/11			06/30/11			03/31/11			12/31/10

ASSETS
Cash and due from banks	$	1,957		$	1,944		$	1,542		$	1,448		$	1,552
Federal funds sold		-			-			-			-			-
Interest-bearing deposits		445			3,790			1,945			4,381			1,535
Investment securities		22,173			13,652			14,496			14,677			16,465
Loans held for sale		-			-			-			-			-
Loans, net of unearned income		64,504			60,595			57,980			56,800			55,248
Allowance for loan losses		(1,270	)		(1,180	)		(1,140	)		(1,099	)		(1,104	)
Loans, net		63,234			59,415			56,840			55,701			54,144
Premises and equipment, net		1,226			1,105			1,067			1,042			777
Other assets		2,312			1,917			2,014			1,732			1,855
Total assets	$	91,347		$	81,823		$	77,904		$	78,981		$	76,328

LIABILITIES
Deposits:
Demand noninterest-bearing	$	11,833		$	9,995		$	8,256		$	8,075		$	10,169
Demand interest-bearing		12,928			9,013			7,145			6,558			7,416
Money market and savings		32,322			33,393			33,833			37,385			31,429
Time deposits of less than $100,000		8,841			8,376			9,088			9,377			7,717
Time deposits of $100,000 or more		14,718			10,449			9,433			8,158			10,309
Total deposits		80,642			71,226			67,755			69,553			67,040
Other liabilities		535			577			492			286			301
Total liabilities		81,177			71,803			68,247			69,839			67,341

SHAREHOLDERS’ EQUITY
Common stock		11,959			11,959			11,959			11,959			11,959
Additional paid-in capital		685			656			627			599			570
Accumulated deficit		(2,650	)		(2,858	)		(3,035	)		(3,224	)		(3,353	)
Accumulated other comprehensive income (loss)		176			263			106			(192	)		(189	)
Total shareholders’ equity		10,170			10,020			9,657			9,142			8,987
Total liabilities and shareholders’ equity	$	91,347		$	81,823		$	77,904		$	78,981		$	76,328

CAPITAL ADEQUACY
Tier I leverage ratio		10.89	%		11.87	%		11.65	%		12.06	%		11.85	%
Tier I risk-based capital ratio		13.27	%		14.11	%		14.23	%		14.69	%		14.80	%
Total risk-based capital ratio		14.52	%		15.36	%		15.49	%		15.95	%		16.05	%
Total equity / total assets		11.13	%		12.25	%		12.40	%		11.57	%		11.77	%
Book value per share	$	8.48		$	8.35		$	8.05		$	7.62		$	7.49


CORNERSTONE COMMUNITY BANK
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Dollars in Thousands)




	Three months ended									Year ended
		12/31/11			09/30/11			12/31/10			12/31/11			12/31/10

INTEREST INCOME
Loans	$	1,014		$	1,006		$	944		$	3,920		$	3,507
Federal funds sold		-			-			-			-			-
Investment securities		126			117			92			487			361
Other		2			2			5			7			25
Total interest income		1,142			1,125			1,041			4,414			3,893

INTEREST EXPENSE
Deposits:
Interest-bearing demand		7			4			7			18			24
Money market and savings		91			92			91			380			341
Time deposits		69			64			75			257			394
Other		-			1			-			1			1
Total interest expense		167			161			173			656			760

Net interest income		975			964			868			3,758			3,133
Provision for credit losses		110			60			160			259			461
Net interest income after provision
for credit losses		865			904			708			3,499			2,672

NON-INTEREST INCOME
Service charges on deposit accounts		23			23			17			84			86
Gain on sale of SBA loans		-			-			-			37			11
Gain on sale of securities		-			37			97			37			254
Other non-interest income		61			50			26			160			103
Total non-interest income		84			110			140			318			454

OPERATING EXPENSES
Salaries and benefits		466			445			365			1,935			1,392
Premises and fixed assets		109			108			75			403			287
Other		319			317			283			1,245			1,123
Total operating expenses		894			870			723			3,583			2,802

Income before income taxes		55			144			125			234			324
Income taxes		(153	)		(33	)		-			(469	)		1

NET INCOME	$	208		$	177		$	125		$	703		$	323

EARNINGS PER SHARE
Basic earnings per share	$	0.17		$	0.15		$	0.10		$	0.59		$	0.27
Diluted earnings per share	$	0.17		$	0.15		$	0.10		$	0.57		$	0.26
Average common shares outstanding		1,200,000			1,200,000			1,200,000			1,200,000			1,200,000
Average common and equivalent
shares outstanding		1,200,000			1,218,056			1,280,289			1,224,701			1,258,183

PERFORMANCE MEASURES
Return on average assets		0.95	%		0.89	%		0.65	%		0.87	%		0.43	%
Return on average equity		8.25	%		7.20	%		5.38	%		7.34	%		3.54	%
Net interest margin		4.64	%		5.04	%		4.66	%		4.86	%		4.42	%
Efficiency ratio		84.42	%		81.01	%		71.73	%		87.90	%		78.12	%

2012年2月1日星期三

Cornerstone Community Bank Reports Financial Results For the Fourth Quarter and Full Year Ended December 31, 2011


CORNERSTONE COMMUNITY BANK
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Dollars in Thousands)



		12/31/11			09/30/11			06/30/11			03/31/11			12/31/10

ASSETS
Cash and due from banks	$	1,957		$	1,944		$	1,542		$	1,448		$	1,552
Federal funds sold		-			-			-			-			-
Interest-bearing deposits		445			3,790			1,945			4,381			1,535
Investment securities		22,173			13,652			14,496			14,677			16,465
Loans held for sale		-			-			-			-			-
Loans, net of unearned income		64,504			60,595			57,980			56,800			55,248
Allowance for loan losses		(1,270	)		(1,180	)		(1,140	)		(1,099	)		(1,104	)
Loans, net		63,234			59,415			56,840			55,701			54,144
Premises and equipment, net		1,226			1,105			1,067			1,042			777
Other assets		2,312			1,917			2,014			1,732			1,855
Total assets	$	91,347		$	81,823		$	77,904		$	78,981		$	76,328

LIABILITIES
Deposits:
Demand noninterest-bearing	$	11,833		$	9,995		$	8,256		$	8,075		$	10,169
Demand interest-bearing		12,928			9,013			7,145			6,558			7,416
Money market and savings		32,322			33,393			33,833			37,385			31,429
Time deposits of less than $100,000		8,841			8,376			9,088			9,377			7,717
Time deposits of $100,000 or more		14,718			10,449			9,433			8,158			10,309
Total deposits		80,642			71,226			67,755			69,553			67,040
Other liabilities		535			577			492			286			301
Total liabilities		81,177			71,803			68,247			69,839			67,341

SHAREHOLDERS’ EQUITY
Common stock		11,959			11,959			11,959			11,959			11,959
Additional paid-in capital		685			656			627			599			570
Accumulated deficit		(2,650	)		(2,858	)		(3,035	)		(3,224	)		(3,353	)
Accumulated other comprehensive income (loss)		176			263			106			(192	)		(189	)
Total shareholders’ equity		10,170			10,020			9,657			9,142			8,987
Total liabilities and shareholders’ equity	$	91,347		$	81,823		$	77,904		$	78,981		$	76,328

CAPITAL ADEQUACY
Tier I leverage ratio		10.89	%		11.87	%		11.65	%		12.06	%		11.85	%
Tier I risk-based capital ratio		13.27	%		14.11	%		14.23	%		14.69	%		14.80	%
Total risk-based capital ratio		14.52	%		15.36	%		15.49	%		15.95	%		16.05	%
Total equity / total assets		11.13	%		12.25	%		12.40	%		11.57	%		11.77	%
Book value per share	$	8.48		$	8.35		$	8.05		$	7.62		$	7.49


CORNERSTONE COMMUNITY BANK
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Dollars in Thousands)




	Three months ended									Year ended
		12/31/11			09/30/11			12/31/10			12/31/11			12/31/10

INTEREST INCOME
Loans	$	1,014		$	1,006		$	944		$	3,920		$	3,507
Federal funds sold		-			-			-			-			-
Investment securities		126			117			92			487			361
Other		2			2			5			7			25
Total interest income		1,142			1,125			1,041			4,414			3,893

INTEREST EXPENSE
Deposits:
Interest-bearing demand		7			4			7			18			24
Money market and savings		91			92			91			380			341
Time deposits		69			64			75			257			394
Other		-			1			-			1			1
Total interest expense		167			161			173			656			760

Net interest income		975			964			868			3,758			3,133
Provision for credit losses		110			60			160			259			461
Net interest income after provision
for credit losses		865			904			708			3,499			2,672

NON-INTEREST INCOME
Service charges on deposit accounts		23			23			17			84			86
Gain on sale of SBA loans		-			-			-			37			11
Gain on sale of securities		-			37			97			37			254
Other non-interest income		61			50			26			160			103
Total non-interest income		84			110			140			318			454

OPERATING EXPENSES
Salaries and benefits		466			445			365			1,935			1,392
Premises and fixed assets		109			108			75			403			287
Other		319			317			283			1,245			1,123
Total operating expenses		894			870			723			3,583			2,802

Income before income taxes		55			144			125			234			324
Income taxes		(153	)		(33	)		-			(469	)		1

NET INCOME	$	208		$	177		$	125		$	703		$	323

EARNINGS PER SHARE
Basic earnings per share	$	0.17		$	0.15		$	0.10		$	0.59		$	0.27
Diluted earnings per share	$	0.17		$	0.15		$	0.10		$	0.57		$	0.26
Average common shares outstanding		1,200,000			1,200,000			1,200,000			1,200,000			1,200,000
Average common and equivalent
shares outstanding		1,200,000			1,218,056			1,280,289			1,224,701			1,258,183

PERFORMANCE MEASURES
Return on average assets		0.95	%		0.89	%		0.65	%		0.87	%		0.43	%
Return on average equity		8.25	%		7.20	%		5.38	%		7.34	%		3.54	%
Net interest margin		4.64	%		5.04	%		4.66	%		4.86	%		4.42	%
Efficiency ratio		84.42	%		81.01	%		71.73	%		87.90	%		78.12	%

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Banco Santander Chile Announces Fourth Quarter 2011 Earnings

SANTIAGO, Chile, Feb. 1, 2012 /PRNewswire/ — Banco Santander Chile (NYSE: SAN; SSE: Bsantander) announced today its unaudited results for the fourth quarter and full year 2011. These results are reported on a consolidated basis in accordance with Chilean GAAP in nominal Chilean pesos.
In 2011, Santander Chile’s ROE reached 23.0% with an efficiency ratio of 38.4%
In 2011 (12M11), Net income attributable to shareholders(1) totaled Ch$435,084 million (Ch$2.31 per share and US$4.60/ADR (2) and decreased 8.8% compared to net income achieved in 2010. ROE reached 23.0% in 12M11, among the highest returns in the Chilean financial system. The Efficiency ratio in 12M11 reached 38.4%, one of the best in Chile.
4Q11: Net income up 35.9% QoQ, driven by solid operating trends
In 4Q11, Net income attributable to shareholders totaled Ch$102,121 million (Ch$0.54 per share and US$1.08/ADR). Compared to 3Q11 (from now on QoQ) Net income increased 35.9%. Compared to 4Q10 (from now on YoY) net income increased 8.8%. During the quarter, the Bank saw an important QoQ improvement in margins and profitability. Gross income net of provisions and costs, a good proxy for recurrent earnings growth, increased 27.1% QoQ and 24.6% YoY in 4Q11. ROE in the quarter reached 20.8% compared to 15.8% in 3Q11.
Our outlook for Chile in 2012 continues to be positive, with GDP expected to grow between 3.8 – 4.0% and inflation to be close to 2.8%. Nonetheless, the Bank has been taking actions on 4 main points during the second half of 2011 in order to maintain sustainable levels of high profitability and efficiency in 2012 even if the external situation has a larger impact on this central scenario: (i) selective loan growth and spreads, (ii) prudent risk policies, (iii) high liquidity, and (iv) strong capital.
I. Net interest margin reached 5.3%, increasing 70bp QoQ
The Bank‘s Net interest margin reached 5.3% in 4Q11, increasing 70 basis points compared to the net interest margin reached in 3Q11. Net interest income increased 13.8% QoQ and 13.9% YoY in 4Q11. The higher quarterly Net interest income and NIM was mainly due to higher inflation rates in the quarter, since the Bank has more assets than liabilities linked to inflation. Inflation, measured as the variation of the Unidad de Fomento (an inflation indexed currency unit), increased 1.28% in 4Q11 compared to 0.56% in 3Q11 and 0.54% in 4Q10. Higher loan spreads (excluding the impacts of mismatches in inflation indexed assets and liabilities) also helped to boost the Bank’s NIM in the quarter. Loan spreads in the quarter went up following the stricter pricing policy implemented in 3Q11 by the Bank.
Selective loan growth led by lending to individuals and SMEs
In 4Q11, total loans decreased 1.9% QoQ and increased 10.8% YoY. The Bank has been following a more selective approach to loan growth in recent quarters. In the quarter, the Bank focused on expanding its higher yielding credit card loan portfolio that increased 1.6% QoQ and 15.9% YoY. Lending to SMEs led growth in the loan book and expanded 1.4% QoQ (7.9% YoY), reflecting the Bank’s consistent focus on this expanding segment. Relatively low yielding corporate loans decreased 18.5% QoQ.
II. Lower provision expense in the quarter and a stable evolution of the Bank’s Risk Index
Provision for loan losses in the quarter decreased 4.2% QoQ and 13.8% YoY. For the full year, net provision expense increased 0% compared to a 10.8% rise in loans. In addition, during the quarter, the Bank upgraded its provisioning model for loans to SMEs (See Annex 1). This signified a one-time charge of Ch$16bn in 4Q11. This concluded the process started in 2010 of overhauling our retail banking credit risk models. This should permit the credit risk areas to increase feedback regarding potential growth opportunities to commercial teams and allow the Bank to allocate capital more efficiently among business segments.
The Risk Index, which measures the percentage of loans for which the Bank must set aside loan loss allowances, based on our internal models and Superintendency of Banks guidelines, remained stable at approximately 3% throughout 2011 (3.02% in 4Q11). The Bank’s Non-performing loans ratio (NPL) increased from 2.8% in 3Q10 to 3.0% in 4Q11. This was mainly due to the fall in large corporate loans and higher growth of the Banks’ retail activities. The Coverage ratio of total NPLs (loan loss allowances over non-performing loans) reached 102.4% as of December 2011.
III. Solid growth of core deposits in the quarter
Customer funds (deposits + mutual funds) decreased 2.8% QoQ and increased 10.8% in the year. Core deposits (deposits from non-institutional clients) increased 2.8% QoQ and 29.2% YoY. As of December 2011, core deposits represented 74.6% of our total deposits compared to 67.0% as of December 2010. Our strategy of focusing on liquidity and core deposits in 2011 has resulted in an improved funding mix. The Bank’s loan to deposit ratio (measured as loans minus marketable securities that fund mortgage portfolio over total deposits) improved to 95.4% as of December 2011 compared to 99.8% as December 2010.
IV. Core capital at 11.0% in 4Q11, increasing 80bp QoQ
Shareholders’ equity totaled Ch$2,001,222 million (US$3.8 billion) as of December 2011. The Bank’s BIS ratio reached 14.7% as of December 31, 2011 compared to 13.9% as of September 2011 and 14.5% as of December 2010. The Bank’s core capital ratio reached 11.0% as of December 2011 compared to 10.2% at the end of 3Q11 and 10.6% in December 2010. Voting common shareholders’ equity is the sole component of our Tier I capital.
Institutional Background
As per the latest public records published by the Superintendency of Banks of Chile for December 2011, Banco Santander Chile was the second largest bank in terms of loans and deposits. The Bank has among the highest credit ratings among all Latin American companies, with an A+ rating from Standard and Poor’s and Fitch and Aa3 by Moody’s, which are the same ratings assigned to the Republic of Chile. The stock is traded on the New York Stock Exchange (NYSE: SAN – News) and the Santiago Stock Exchange (SSE: Bsantander). The Bank’s main shareholder is Santander, which controls 67% of Banco Santander Chile.
For more information see www.santander.cl
(1) The results in this report are unaudited and are reported according to Chilean Bank GAAP.
(2) Earnings per ADR was calculated using the Observed Exchange Rate of Ch$521.46 per US$ as of December 31, 2011.
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2012年1月19日星期四

Why USB Is Up and PNC Is Down

This morning saw a slew of earnings from the financial sector. Here we take a brief look at the results from regional lenders US Bancorp (NYSE: USB  ) and PNC Financial (NYSE: PNC  ) .
Why US Bancorp is upShareholders of US Bancorp should be happy this morning. According to the bank’s press release, fourth-quarter earnings at the Minneapolis-based lender jumped 39%.
The bank’s net income increased $376 million to $1,350 million compared with net income of $974 million from the same period a year ago. This was on the back of an 8.1% year-over-year increase in net revenue.
In terms of the numbers more generally, three things stick out.
First, the bank’s average deposits grew by 17.3% over the same period a year ago — 11.7% excluding acquisitions.
Second, average total loans in the quarter grew by 5.9% over the fourth quarter of 2010. This was in line with results at Citigroup (NYSE: C  ) , JPMorgan Chase (NYSE: JPM  ) , and Wells Fargo (NYSE: WFC  ) , three of the four largest banks in the country. Citi’s loans grew 14%. JPMorgan’s increased 4%. And Wells Fargo’s improved 2%.
Third, the bank set aside only $497 million in loan-loss provisions compared with $912 million a year ago. Indeed, in what hopes to be a harbinger of things to come for the broader economy, the bank’s total nonperforming loans decreased by a staggering $1 billion from the same quarter in 2010.
In terms of the balance sheet, the bank’s book value per share increased 14.4% to $16.43 a share. And its tier 1 common equity ratio, an important measure of a bank’s capital position, increased to 8.6% from 7.8% last year.
The bank also reiterated its commitment to returning a significant amount of its earnings to shareholders through dividends. While it currently returns 29% of its earnings through both dividends and share buybacks, its stated long-term goal is to do so with a “majority of our earnings.”
Why PNC Financial is down
Shareholders of PNC Financial won’t be similarly rejoicing, as fourth-quarter profits at the Pittsburgh-based regional bank plunged 42%. For the quarter, the bank reported earnings of $476 million, down from a year-earlier profit of $823 million. On a per-share basis, this equates to $0.85 and $1.50, respectively.
For the year, meanwhile, the bank reported net income of $3.1 billion, or $5.64 per share, a decrease of 8.8% compared with 2010 net income of $3.4 billion, or $5.74 per share.
According to the bank’s press release, a number of factors contributed to a decrease in fourth-quarter revenue from $3.9 billion in 2010 down to $3.5 billion in 2011. These included a nonrecurring $160 million gain realized in last year, as well as lower debit card and commercial service fees recorded this year.
The silver-lining to PNC’s results concerns the performance of its loans. The ratio of non-performing loans to total loans decreased 73 basis points to 2.24%, down from 2.97% from the year-ago period. And along these lines, the bank set aside $71 million less in provisions for credit losses.
In addition, the bank progressed on the balance-sheet front. Its book value per share increased 9.3% from $56.29 last year to $61.52 today. And its tier 1 common equity ratio improved to 10.3% from 9.8% last year.
Next upThe next big bank to report is Bank of America, which releases its fourth-quarter earnings on Thursday.
Here at The Motley Fool, it’s expected that the quarter may have been ugly for the nation’s second-largest bank by assets because of the size of its investment banking and global business. Indeed, despite growing their loan books, both Citigroup and JPMorgan Chase reported worse-than-expected results as a consequence of capital market exposure via these business segments.
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2012年1月12日星期四

Saratoga Investment Corp. to Report Q3 2012 Financial Results and Hold Conference Call on Jan. 13, 2012

NEW YORK, Jan. 11, 2012 /PRNewswire/ – Saratoga Investment Corp. (NYSE: SAR), a business development company, will report its financial results for the quarter ended Nov. 30, 2011, on Friday, Jan. 13, 2012, at approximately 11:00 a.m. (ET). A conference call to discuss the financial results will be held on the same day. Details for the conference call are provided below.

Who:	Christian L. Oberbeck, Chief Executive Officer Richard A. Petrocelli, Chief Financial Officer

When:	Friday, Jan. 13, 2012 11:00 a.m. Eastern Time (ET)

How:	Call: Interested parties may participate by dialing (877) 312-9208 (U.S. and Canada) or (678) 224-7872 (outside U.S. and Canada). A replay of the call will be available from 2:00 p.m. ET on Friday, Jan. 13, 2012 through 11:59 p.m. ET on Wednesday, Jan. 18, 2012 by dialing (855) 859-2056 (U.S. and Canada) or (404) 537-3406 (outside U.S. and Canada), passcode for both replay numbers: 42061505.

	Webcast: Interested parties may also access a simultaneous webcast of the call by going to http://ir.saratogainvestmentcorp.com/events.cfm.

Information:	Saratoga Investment Corp.’s Form 10-Q for the quarter ended Nov. 30, 2011 will be filed on Jan. 12, 2012 with the Securities and Exchange Commission.

About Saratoga Investment Corp.
Saratoga Investment Corp. is a specialty finance company that provides customized financing solutions to U.S. middle-market businesses. The Company invests primarily in mezzanine debt, leveraged loans and, to a lesser extent, equity. Saratoga Investment Corp.’s investment objective is to create attractive risk-adjusted returns by generating current income from its debt investments and capital appreciation from its equity investments. The Company partners with business owners, management teams and financial sponsors to provide financing for change of ownership transactions, strategic acquisitions, recapitalizations and growth initiatives. It has elected to be regulated as a business development company under the Investment Company Act of 1940.
About Saratoga Investment Advisors, LLC
Saratoga Investment Advisors, LLC is a New York-based investment firm formed to focus on credit-driven strategies. It is the external investment adviser to Saratoga Investment Corp. and is affiliated with Saratoga Partners, a middle-market private equity investment firm that primarily invests in businesses with strong management teams and valuations of between $50 million and $500 million. Saratoga Partners’ investment strategy focuses on companies in manufacturing and business services and it has significant experience in special situations and distressed investing.
Since Saratoga Partners was founded in 1984 as a division of the New York investment firm Dillon, Read & Co., Inc., it has invested in 35 companies with an aggregate value of more than $3.7 billion. It has been an independent firm since its spinoff in 1998 after Dillon Read was acquired by Swiss Bank Corporation (a predecessor to UBS AG).

Contact:	Rich Petrocelli
	Saratoga Investment Corp.
	212-906-7800

	Roland Tomforde
	Broadgate Consultants
	212-232-2222

SOURCE Saratoga Investment Corp.
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