
Harold Kurfehs
Harold “Hal” Kurfehs, vice president of Coldwell Banker Commercial-Scalzo Group, has been appointed to NewMil Bank’s Danbury Advisory Board for the 2005-2006 term. He specializes in commercial, investment and industrial sales and leasing, as well as development projects.
Kurfehs was past president of the statewide Commercial Investment Division and the Connecticut Association of Realtors and has served as state director and past president of the Greater Danbury CID. He is vice chairman of the Brookfield Planning Commission and a member of the Brookfield Economic Development Commission. Kurfehs received his Master of Business Administration degree from the Wharton School at the University of Pennsylvania.
Coldwell Banker Commercial is a registered trademark licensed to Coldwell Banker Real Estate Corp. The company has independently owned and operated affiliate real estate offices in more than 325 markets throughout the world and leads the industry in providing commercial real estate solutions and the management of commercial real estate property. Coldwell Banker Commercial Scalzo Group is part of the Scalzo Group Real Estate Services companies.
Bank Reports Earnings
NewMil Bancorp’s diluted earnings per share increased 6 percent to 53 cents for the third quarter ended Sept. 30, from 50 cents at the end of the third quarter of 2004.
Net income increased 2.8 percent to $2.2 million for the third quarter of 2005, compared with $2.1 million for the third quarter of 2004.
Those results were attributable to increases in net-interest income and a negative provision, which was attributable to a recovery of a previously charged-off loan. Net-interest income increased primarily due to an increase of $85.9 million in average earning assets, which more than offset the 46 basis point decrease in the net interest margin to 3.42 percent, compared with 3.88 percent at Sept. 30, 2004. Non-interest income decreased primarily due to lower gains on sale of mortgage loans and lower commission and other deposit fees. Non-interest expense was also lower in the nine-month period ended Sept. 30, contributing to an efficiency ratio of 58 percent for this period.
NewMil’s assets increased to $857 million, up $112 million since Dec. 31, 2004. Total gross loans were $501 million at Sept. 30, 2005, which increased $19 million, or 3.9 percent, since Dec. 31, 2004. Credit quality remains strong, as evidenced by nonperforming assets at 16 basis points of total assets at Sept. 30, 2005. Deposits increased $14 million to $601 million from $587 million at Dec. 31, 2004. At Sept. 30, 2005, book value and tangible book value per common share were $13.04 and $11.06, respectively, and tier 1 leverage and total risk-based capital ratios were 7 percent and 13.1 percent, respectively. Return on average shareholder’s equity was 16 percent for the third quarter of 2005.
“Given the very difficult yield curve, we are pleased with our results for the quarter,” said Francis J. Wiatr, NewMil’s chairman, president and chief executive officer. “Our commercial lending business had an excellent quarter and is substantially ahead of last year. Our lending programs for small business are contributing to our growth, as activity in the markets we serve remains healthy. Recently, the statistics released from the U.S. Small Business Administration rank us second in the state among all financial institutions for SBA 504 Loans for the SBA’s fiscal year ending Sept. 30, 2005.”