Post by Moon Seeker on Apr 11, 2008 12:09:49 GMT -5
Native American Bank's Q1 net income more than doubles
Native American Bank earned $234,000 in the first quarter of the year, up 102 percent from the same period in 2007, the bank said Thursday.
"This was an exemplary first quarter for Native American Bank," J.D. Colbert, the bank's president and CEO, said in a statement. "That NAB could more than double net income over the prior year period during these turbulent economic times is a testament to the bank being able to serve our target market of Indian Country and the robust market opportunities of tribal non-gaming enterprises as well as the continuing emergence of native entrepreneurs."
Total interest income rose by 20 percent to $1.9 million, while revenue was nearly $2.2 million, the highest quarterly revenue in the bank's history.
Native American Bank's total assets grew to $103 million as of March 31, up 22 percent from a year earlier, the bank said. Deposits grew by 22 percent to almost $91 million.
"NAB has experienced very strong deposit growth in recent months," Elouise Cobell, co-chairman of the board, said in a statement. "With the turmoil in the financial markets we are witnessing a flight to quality and safety and thus deposits at the bank have increased accordingly."
Denver-based Native American Bank is a nationally chartered bank with offices in Montana and Alaska, and an office soon to be opened in Idaho. The bank is owned by 26 federally recognized Indian tribes and Alaska Native corporations and villages.
www.bizjournals.com/denver/stories/2008/04/07/daily61.html?b=1207540800^1619002
Native American Bank earned $234,000 in the first quarter of the year, up 102 percent from the same period in 2007, the bank said Thursday.
"This was an exemplary first quarter for Native American Bank," J.D. Colbert, the bank's president and CEO, said in a statement. "That NAB could more than double net income over the prior year period during these turbulent economic times is a testament to the bank being able to serve our target market of Indian Country and the robust market opportunities of tribal non-gaming enterprises as well as the continuing emergence of native entrepreneurs."
Total interest income rose by 20 percent to $1.9 million, while revenue was nearly $2.2 million, the highest quarterly revenue in the bank's history.
Native American Bank's total assets grew to $103 million as of March 31, up 22 percent from a year earlier, the bank said. Deposits grew by 22 percent to almost $91 million.
"NAB has experienced very strong deposit growth in recent months," Elouise Cobell, co-chairman of the board, said in a statement. "With the turmoil in the financial markets we are witnessing a flight to quality and safety and thus deposits at the bank have increased accordingly."
Denver-based Native American Bank is a nationally chartered bank with offices in Montana and Alaska, and an office soon to be opened in Idaho. The bank is owned by 26 federally recognized Indian tribes and Alaska Native corporations and villages.
www.bizjournals.com/denver/stories/2008/04/07/daily61.html?b=1207540800^1619002