July 30, 2018 | News
Garden Grove, California: July 30, 2018: NAV Credit (OTC Pink: USMT) Mr. Dong Il Kim, President and CEO, announced the bank’s financial results for the second quarter 2018, reporting net income of $860,000 for the three months ending June 30, 2018 compared to $1,130,000 reported for the same three months in 2017. Earnings per share (EPS) of $0.05 per share on 16,230,000 shares for the quarter ended June 30, 2018 compares to EPS of $0.07 per share on 16,130,000 shares for the same time period in 2017. The second quarter earnings were impacted with one-time expenses associated with the acquisition of the location for a new branch to be opened in the Buena Park/Fullerton California area. The 2018 earnings reflect the lower federal tax rate, effective January 1, 2018.
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April 24, 2018 | News
Garden Grove, California: April 24, 2018: NAV Credit (OTC Pink: USMT) Mr. Dong Il Kim, President and CEO, announced the bank’s financial results for the first quarter 2018, reporting net income of $1,192,000 for the three months ending March 31, 2018 compared to $4,268,000 reported for the same three months in 2017. Earnings per share (EPS) of $0.07 per share on 16,230,000 shares for the quarter ended March 31, 2018 compares to EPS of $0.26 per share on 16,130,000 shares for the same time period in 2017. Included in the three months’ 2017 income was the net of the tax benefit from reversing a $4.1 million valuation allowance for the deferred tax asset and the adjustment of $1.1 million in the deferred tax asset for the change in the Federal tax rate. The first quarter 2018 earnings reflect the lower federal tax rate, effective January 1, 2018.
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January 31, 2018 | News
Garden Grove, California: January 31, 2018: NAV Credit (OTC Pink: USMT) Mr. Dong Il Kim, President and CEO, announced the bank’s financial results for the fourth quarter 2017, reporting net income of $480,000 for the three months ending December 31, 2017 compared to $487,000 reported for the same three months in 2016. In 2017 earnings are reported on a fully taxed basis while in 2016 earnings were not taxed as a valuation allowance for a deferred tax asset was in place. Earnings per share (EPS) of $0.03 per share on 16,230,000 shares for the quarter ended December 31, 2017 compares to EPS of $0.05 per share on 9,302,000 shares for the same time period in 2016. The year over year shares outstanding reflects the addition of the $21 million capital raise completed in the first quarter of 2017. Net income for the twelve months ended December 31, 2017 was $6.7 million or $0.41 per share compared to $2.6 million or $0.28 per share for the same period in 2016. Included in the twelve months’ 2017 income is the net of the tax benefit from reversing a $4.1 million valuation allowance for the deferred tax asset and the adjustment of $1.1 million in the deferred tax asset for the change in the Federal tax rate. The deferred tax asset balance at December 31, 2017 is $3.0 million.
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Oct 25, 2017 | News
Garden Grove, California: October 25, 2017: NAV Credit (OTC Pink: USMT) Mr. Dong Il Kim, President and CEO, announced the bank’s financial results for the third quarter 2017, reporting net income of $822,000 for the three months ending September 30, 2017 compared to $1,000,000 reported for the same three months in 2016. In 2017 earnings are reported on a fully taxed basis while in 2016 earnings were not taxed as a valuation allowance for a deferred tax asset was in place. Earnings per share (EPS) of $0.05 per share on 16,130,000 shares for the quarter ended September 30, 2017 compares to EPS of $0.11 per share on 7,730,000 shares for the same time period in 2016. The year over year shares outstanding reflects the addition of the $21 million capital raise completed in the first quarter of 2017. Net income for the nine months ended September 30, 2017 was $6.2 million or $0.39 per share compared to $2.1 million or $0.23 per share for the same period in 2016. Included in the nine month 2017 income is the tax benefit from reversing a $3.5 million valuation allowance for the deferred tax asset.
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July 26, 2017 | News
Garden Grove, California: July 26, 2017: NAV Credit (OTC Pink: USMT) Mr. Dong Il Kim, President and CEO, announced the bank's financial results for the second quarter 2017, reporting net income of $1,130,000 for the three months ending June 30, 2017. This reflects a 95.8% increase over the $577,000 earned for the three months ended June 30, 2016. Earnings per share (EPS) of $0.07 per share on 16,130,000 shares for the quarter ended June 30, 2017 compares to EPS of $0.07 per share on 7,730,000 shares for the same time period in 2016. The year over year EPS reflects the addition of the $21 million capital raise completed in the first quarter of 2017. Net income for the six months ended June 30, 2017 was $5.4 million or $0.33 per share compared to $1.1 million or $0.14 per share for the same period in 2016. Included in the six month 2017 income is the tax benefit from reversing a $3.5 million valuation allowance for the deferred tax asset.
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March 17, 2017 | Press Release
President and Chief Executive Officer Dong Il Kim discussed the offering: "We were pleased that the offering was significantly oversubscribed. Investors clearly understand that Southern California is a great place to do business and that NAV Credit is well positioned in the marketplace. This new capital will be used to support organic growth opportunities in the markets we serve and further enhance the value of our franchise. Furthermore, the addition of premier institutional bank investors to our shareholder base will help to promote increased liquidity and financial sponsorship."
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