As of June 30, 2008, SFSB
had total assets of USD177.
3 million pre-tax gain on the SFSB transaction in 2009.
Noninterest income for the first quarter of 2010 includes a net write-down and losses on the sale of covered other real estate in the FDIC acquired SFSB portfolio of $447,000, comprised of $2.
The following table portrays net interest income for all four quarters of 2009, as to be reported in pending amended filings with the Securities and Exchange Commission regarding the application of accounting related to loans acquired in the SFSB transaction:
Management has proactively managed excess deposits related to the transaction for The Community Bank (TCB) in 2008 and the SFSB transaction in 2009 and allowed higher priced time deposits to run-off without adversely compromising the Bank's liquidity position.
transaction resulted in further margin compression during 2009 as the Bank assumed a large volume of FDIC covered non-accruing loans that are included in the margin calculation.
Excluding the gain recorded on the SFSB
transaction in the first quarter, non-interest income would have equaled $2.
had seven branches operating in the greater Washington/Baltimore metropolitan area, and they are now operating as branches of the Bank.
The TCB acquisition, along with the SFSB
acquisition, affords our Company a solid core deposit base to use as a springboard to fund future loan growth for 2009 and beyond.
has proudly served its local communities' banking needs since 1955.
Tenders are invited for Shifting Of Contaminated Trays From KARP To MAPS - SFSB
Tenders are invited for Flask Loading Unloading Related Activities At SFSB
, KGS 1-2 For Transportation Of Special Material From KGS To SFSF, Kalpakkam Using 65 Ton Shipping Flask