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Whether you're walking a tightrope or scribbling in your checkbook, balance is a good thing. And, one of the best ways to evaluate a company is to glance at its balance sheet to see what it owns with what it owes.
The balance sheet is a paragon of simplicity and is made up of three components: assets (the stuff it owns), liabilities (the money it owes), and shareholders' equity (the company's value to its shareholders).
Assets take two forms: short-term (or current) assets and long-term assets. Under short-term, there¿s good ol' hard cash. Then, there¿s something called "cash equivalents," which are assets like short-term bonds that can be sold so quickly, they might as well be cash. There you factor in inventory, which (if you're a reasonably competent business owner) you can sell to customers in return for--you guessed it--cash. (The raw materials a company owns to make that inventory also falls under this category.)
Long-term assets are things that are harder to convert into cash. (Think real estate and equipment.) Long-term assets depreciate, meaning they lose some value over time. Also under the long-term category are what's called intangible assets: things like patents and brands, that are important, but hard to quantify. Accountants earn their stripes figuring out the real overall value of these assets.
Once you know your assets, it's time for liabilities. As with assets, liabilities are separated into short-term or current, and long-term. Current liabilities are what a company owes in that year: Things like payments to employees or accounts payable to suppliers. Long-term liabilities are debts paid over several years.
Shareholders' equity is determined by subtracting the liabilities from the assets. That number represents the value of the company after all its bills are paid.
Obviously, investors should pay close attention to balance sheets. Spikes in the amount of debt carried, or a reduction in shareholders' equity, are usually red flags.
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Friday, July 18, 2008
Great Basin Financial Corporation Reports Mid-Year Results
Comtex
ELKO, Nev., Jul 18, 2008 (BUSINESS WIRE) ----Great Basin Financial Corporation (OTCBB: GBFL), the holding company for Great Basin Bank of Nevada, reported second quarter earnings of $501,735, compared to $588,710 for the same period last year. Diluted earnings per share were $.19 compared to $.22 in 2007. Year to date earnings totaled $309,094 compared to $921,365 last year.
Total assets were $282 million on June 30, 2008, up 21% from the previous year.
"Great Basin Bank of Nevada is profitable and well capitalized," stated Terry R. Sullivan, Chairman, President and CEO. "The bank continues to grow market share in a challenging environment."
Great Basin Bank of Nevada is an FDIC insured and an equal opportunity lender. Its parent company, Great Basin Financial Corporation, is listed over the OTCBB market at ticker symbol GBFL. More information on Great Basin Bank of Nevada can be found at www.greatbasinbank.com.
This press release contains forward-looking statements relating to operations, product features and benefits, market penetration and market strategies. Such statements are made based on management's beliefs as well as assumptions made by, and information currently available to, management, pursuant to "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. While these statements reflect our best judgment; they are subject to risks and uncertainties that could cause a change in focus and direction.
Great Basin Financial Corporation and Subsidiaries Consolidated Balance Sheets (Unaudited) June 30, 2008 and December 31, 2007 June 30, December 31, 2008 2007 ---------------------------------------------------------------------- Assets Cash and due from banks $ 15,922,452 $ 12,465,174 Interest bearing deposits at other financial institutions 200,000 200,000 Securities available for sale 94,711,357 77,462,384 Loans, net 150,445,426 144,007,277 Premises and equipment, net 9,798,690 10,326,489 Other real estate owned 830,279 608,762 Accrued interest receivable 2,234,562 2,049,134 Net deferred tax assets 718,930 646,768 Cash surrender value of life insurance 3,650,243 3,583,951 Federal Home Loan Bank stock 2,100,900 1,353,599 Other assets 1,019,604 1,182,308 --------------------------- Total assets $281,632,441 $253,885,846 =========================== Liabilities and Stockholders' Equity Deposits: Non-interest bearing demand $ 76,409,512 $ 72,406,561 Interest bearing: Demand 36,245,716 35,199,450 Savings 20,455,164 19,317,027 Time, $100,000 and over 63,937,415 54,890,514 Other time 22,353,400 25,365,914 --------------------------- Total deposits 219,401,206 207,179,466 Accrued interest payable and other liabilities 2,433,818 1,409,986 Borrowed funds 42,200,000 26,800,000 Junior subordinated debt 4,124,000 4,124,000 --------------------------- Total liabilities 268,159,024 239,513,452 --------------------------- Stockholders' Equity Preferred stock, no par value, nonvoting, 300,000 shares authorized, none issued or outstanding - - Common stock, $.01 par value, 10,000,000 shares authorized; shares issued: 2008: 2,640,721; 2007: 2,638,265; and shares outstanding: 2008: 2,568,479; 2007: 2,571,703 26,407 26,383 Additional paid-in capital 3,854,984 3,765,980 Retained earnings 10,719,805 10,698,037 Accumulated other comprehensive income (loss) (862,669) 103,608 --------------------------- 13,738,527 14,594,008 Less: cost of treasury stock, 2008: 72,242; 2007: 66,562 shares (265,110) (221,614) --------------------------- Total stockholders' equity 13,473,418 14,372,394 --------------------------- Total liabilities and stockholders' equity $281,632,442 $253,885,846 ===========================
Great Basin Financial Corporation and Subsidiaries Consolidated Statements of Income (Unaudited) For the Three and Six Month Periods Ended June Three Months Ended Six Months Ended 30, 2008 June 30 June 30 2008 2007 2008 2007 ---------------------------------------------------------------------- Interest income on: Loans $3,014,060 $3,444,199 $6,199,761 $6,926,874 Securities available for sale 1,083,772 652,785 2,041,751 1,137,614 Federal funds sold and other 508 227,124 2,530 317,284 ------------------------------------------- Total interest income 4,098,340 4,324,108 8,244,041 8,381,771 ------------------------------------------- Interest expense on: Deposits 1,005,170 1,311,910 2,168,878 2,467,241 --------- Borrowed funds 201,344 4,165 386,587 5,349 Junior subordinated debt 61,925 61,925 123,850 123,850 ------------------------------------------- Total interest expense 1,268,439 1,378,000 2,679,315 2,596,440 ------------------------------------------- Net interest income 2,829,901 2,946,108 5,564,726 5,785,331 Provision for loan losses 227,000 100,000 1,037,000 250,000 ------------------------------------------- Net interest income after provision for loan losses 2,602,901 2,846,108 4,527,726 5,535,331 ------------------------------------------- Other income: Service charges on deposit accounts 151,480 125,083 286,149 250,386 Mortgage loan fees 205,802 193,835 395,643 387,617 Gain on sale of securities available for sale 53,111 0 53,111 0 Gain on sale of other real estate owned and repossessions 26,593 361,354 26,593 361,354 Other 196,929 226,707 520,175 419,852 ------------------------------------------- 633,915 906,979 1,281,671 1,419,209 ------------------------------------------- Other expense: Salaries and employee benefits 1,205,451 1,511,616 2,328,890 2,938,247 Equipment rentals, depreciation and maintenance 389,230 312,640 559,697 616,846 Printing and postage 79,805 72,766 166,690 157,863 Occupancy 219,300 170,276 418,030 342,368 Advertising and public relations 76,292 95,272 148,779 187,618 Legal and professional 43,263 44,807 62,460 65,286 Insurance 44,532 37,073 76,735 56,280 Other real estate owned 9,815 23,358 9,815 39,876 Federal reserve charges 15,806 22,678 31,939 47,209 Taxes and licenses 41,281 25,002 50,355 28,502 Telephone expenses 48,246 45,497 93,948 89,769 Directors expense 31,711 30,359 63,362 60,654 Dues and memberships 7,412 2,459 20,794 13,230 Other 522,937 483,532 1,468,809 925,467 ------------------------------------------- 2,735,081 2,877,335 5,500,303 5,569,216 ------------------------------------------- Income before income taxes 501,735 875,752 309,094 1,385,324 Income tax expense 0 287,042 0 463,960 ------------------------------------------- Net income $ 501,735 $ 588,710 $ 309,094 $ 921,365 =========================================== Basic earnings per share $ 0.19 $ 0.23 $ 0.12 $ 0.36 =========================================== Diluted earnings per share $ 0.19 $ 0.22 $ 0.12 $ 0.34 ===========================================
SOURCE: Great Basin Financial Corporation
Great Basin Financial Corporation, Elko Mark Smith, 775-748-4433
Copyright Business Wire 2008
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