In the company’s news Friday,
Weststar Financial Services Corporation reported record consolidated assets of over $193 million, as of September 30, 2008, a 13% increase over the same date figure for 2007. Total loans grew 21% from a year ago, to over $157 million, with deposits growing 14% to over $166 million. Shareholder equity increased by 9% to $15.8 million.
In addition, asset quality remained strong for Weststar, displaying continued improvement, with the ratio of non-performing loans to total assets decreasing over the past year, further indicating that the bank’s traditionally conservative policies have paid off. All this in spite of Federal Open Market Committee interest rate cut initiatives, and increased operating expenses, causing a compression in the company’s net interest margin, putting pressure on bank earnings. Net income of $349,000 for the third quarter compared to $533,000 thousand for the same quarter 2007.
G. Gordon Greenwood, Weststar President & CEO, said “Despite the turmoil and uncertainty in the financial markets, the fundamentals and overall safety and soundness of our bank remain strong, and we believe we are well positioned to meet the needs of our customers during these challenging times. We will continue to manage the bank with sound and cautious policies that have served us well for over a decade, and have earned us a 5-Star Rating from BauerFinancial, Inc.”
Weststar Financial Services Corporation was formed in April, 2000, to hold all common stock of The Bank of Asheville, founded in 1997. The bank has 5 branches in the Asheville area. In September, Weststar was rated as one of the safest banks in the country by BauerFinancial, Inc., the nation’s leading independent bank rating firm. The bank was also ranked in the top 10% in terms of performance by U.S. Banker magazine.
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