Dear Valued Customers,
Dear Valued Customers, Shareholders, and Friends,
Greeting to all of you –
I would like to take this opportunity to wish you and your loved ones a Very Happy New Year!
2012 has been an outstanding year for BankAsiana. Our strong earnings have been fueled by sound growth and efficient operations. Further, we continue to achieve satisfactory results in all internal and external audits as well as regulatory examinations. In addition, we have successfully prevented any operational losses even with adverse encounters such as Hurricane Sandy.
As of the end of September 2012, BankAsiana marked $195 million in assets with $155 million and $157 million in deposits and loans, respectively. For the nine months ended September 30, 2012, our net income before taxes was $2.4 million compared to $1.8 million in the comparable 2011 period.
Further, our Book Value per common share was $10.35, exceeding the original per share price. BankAsiana is on its way to achieving its third consecutive profitable year and projects to continue into 2013.
Here are several of the achievements BankAsiana has made during the course of 2012:
● Tier 1 Leverage Ratio of over 14% far exceeding regulatory requirements;
● Maintaining a net interest margin of over 4% in a highly competitive environment;
● Exceeding projections for deposits in the newest branch located in Flushing, New York of over $22 million in just over eighteen months of operation;
● Continuing as a SBA Preferred Lender, and achieving one of the highest loan production results in New Jersey and New York
● SBA loan sales are projected to exceed $23 million for 2012 with total gains of $2.3 million;
● Achieving a Five Star Rating from Bauer Financial, an independent bank research firm.
BankAsiana is once again positioned to achieve even greater accomplishments in 2013. We would like to take this opportunity to express our gratitude for your role in making BankAsiana a success.
All of us here at BankAsiana will do our very best to increase shareholder and franchise value in 2013 and beyond.
Hong Sik Hur
President and Chief Executive