WAUKEGAN, Ill., July 24, 2017 (GLOBE NEWSWIRE) -- Northern States Financial Corporation (OTC PINK:NSFC) (the “Company”), the holding company of NorStates Bank (the “Bank”), today reported a second quarter 2017 loss of $1,448,000 as compared with net income of $370,000 for the first quarter 2017. The second quarter 2017 loss was due to the Bank recognizing $3,109,000 in write-downs on properties which have been carried for several quarters as other real estate owned (“OREO”). The effected properties are primarily under agreements to sell and the sales are expected to be completed in the third quarter. Generally Accepted Accounting Principles requires the Company to recognize these write-downs in the second quarter. Per share book value at June 30, 2017 was $0.64, compared to $0.65 at March 31, 2017.
Scott Yelvington, President and Chief Executive Officer stated, “We were able to increase our net interest income and non-interest income, as well as loans, in the second quarter. However, in an effort to substantially reduce non-performing assets ('NPAs'), we decided to enter into contracts on several OREO properties representing almost 75% of the $10 million OREO balance. While the one-time write-downs are painful, we believe that the associated expense reduction and resulting effect on NPAs was appropriate at this time. Unfortunately, by the accounting rules, we need to recognize the write-down loss this quarter. The sales of these properties will reduce the OREO balance by $5.5 million in the third quarter of 2017 with no additional loss incurred.” Yelvington continued, “Regrettably, the OREO loss obfuscated what was a steady increase in loans, core deposits and core earnings.”
Some highlights of continued financial improvement during the second quarter of 2017 included the following:
- Non-performing assets (“NPAs”), consisting of nonaccrual loans, ninety days or more past due loans still accruing, loans considered troubled debt restructurings and other real estate owned, decreased by $3.2 million from December 31, 2016 to June 30, 2017. NPAs less trouble debt restructurings to total assets decreased to 2.27% at June 30, 2017 from 2.76% at December 31, 2016. At June 30, 2017, the allowance for loan and lease losses to total loans and leases ratio was 1.92%, down slightly from 1.94% at March 31, 2017.
- Average loans increased by $35.8 million for the second quarter of 2017 compared with the second quarter of 2016. Loan interest income increased $232 thousand for the second quarter of 2017 compared to the second quarter of 2016. The increased loan interest income contributed to a net interest margin for the second quarter of 2017 of 3.29%.
- Core deposits consisting of personal and business non-time deposits increased $7.6 million from December 31, 2016. Core deposits growth assisted the Company in maintaining a low cost of funds during the second quarter of 2017 at 15 basis points with the Bank’s cost of funds at 8 basis points.
- Excluding the OREO write-downs, the Company’s pretax income for the second quarter of 2017 was $661,000 as compared with pretax income of $532,000 for the first quarter of 2017, and the Bank’s pretax income for the second quarter of 2017 was $782,000 as compared with pretax income of $645,000 for the first quarter of 2017.
About Northern States Financial Corporation
Northern States Financial Corporation is the holding company for NorStates Bank, a full-service commercial bank with eight branches in Lake County, Illinois. NorStates Bank is the successor to financial institutions dating to 1919. NorStates Bank serves the populations of northeastern Illinois and southeastern Wisconsin.
Forward-Looking Information
This release may contain forward-looking statements that are subject to risks and uncertainties. Such risks and uncertainties may include, but are not necessarily limited to, fluctuations in interest rates, inflation, government regulations, general economic conditions, competition within the business areas in which the Company conducts its operations including the real estate market in Illinois, and other factors beyond the Company’s control. Such risks and uncertainties could cause actual results for subsequent interim periods or for the entire year to differ materially from those expressed or implied by any forward-looking statement. Readers should not place undue reliance on the forward-looking statements, which reflect management’s beliefs, expectations and assumptions only as of the date hereof. The Company undertakes no obligation to update statements to reflect new information or subsequent events or circumstances.
NORTHERN STATES FINANCIAL CORPORATION | ||||||||||||||||||||||
($000s, except per share data) (Unaudited) | ||||||||||||||||||||||
Key Performance Data | ||||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||||
For the quarter ended | 2017 | 2017 | 2016 | 2016 | 2016 | |||||||||||||||||
Net income available to common stockholders | $ | (1,448 | ) | $ | 370 | $ | 983 | $ | 483 | $ | 354 | |||||||||||
Basic income (loss) per average outstanding share | (0.02 | ) | 0.00 | 0.01 | 0.01 | 0.00 | ||||||||||||||||
Diluted income (loss) per average outstanding share | (0.02 | ) | 0.00 | 0.01 | 0.01 | 0.00 | ||||||||||||||||
Return on average assets | (1.19 | )% | 0.30 | % | 0.78 | % | 0.38 | % | 0.29 | % | ||||||||||||
Return on average equity | (9.77 | )% | 2.52 | % | 6.85 | % | 3.38 | % | 2.50 | % | ||||||||||||
Yield on interest-earning assets | 3.44 | % | 3.36 | % | 3.21 | % | 3.17 | % | 3.20 | % | ||||||||||||
Cost of interest-bearing liabilities | 0.21 | % | 0.20 | % | 0.19 | % | 0.18 | % | 0.19 | % | ||||||||||||
Net interest spread | 3.23 | % | 3.16 | % | 3.02 | % | 2.99 | % | 3.01 | % | ||||||||||||
Net interest margin | 3.29 | % | 3.21 | % | 3.07 | % | 3.03 | % | 3.06 | % | ||||||||||||
Net charged-off (recovered) loans | $ | (1 | ) | $ | 56 | $ | 54 | $ | (407 | ) | $ | 168 | ||||||||||
Net charged-off loans to average loans (annualized) | 0.00 | % | 0.08 | % | 0.08 | % | (0.60 | )% | 0.26 | % | ||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||||
2017 | 2017 | 2016 | 2016 | 2016 | ||||||||||||||||||
Total stockholders' equity | $ | 57,795 | $ | 59,047 | $ | 58,460 | $ | 57,258 | $ | 56,868 | ||||||||||||
Book value per common share | $ | 0.64 | $ | 0.65 | $ | 0.65 | $ | 0.65 | $ | 0.65 | ||||||||||||
Common shares outstanding | 90,345,174 | 90,345,174 | 90,345,174 | 87,604,088 | 87,604,088 | |||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||||
2017 | 2017 | 2016 | 2016 | 2016 | ||||||||||||||||||
Nonperforming assets | ||||||||||||||||||||||
Loans on nonaccrual status | $ | 3,407 | $ | 2,878 | $ | 2,990 | $ | 3,054 | $ | 3,465 | ||||||||||||
Loans 90 days or more past due, still accruing | 537 | 140 | 309 | 0 | 0 | |||||||||||||||||
Loan troubled debt restructurings | 4,969 | 5,309 | 5,465 | 5,584 | 5,415 | |||||||||||||||||
Total nonperforming loans | 8,913 | 8,327 | 8,764 | 8,638 | 8,880 | |||||||||||||||||
Other real estate owned | 6,935 | 10,174 | 10,236 | 10,958 | 11,418 | |||||||||||||||||
Total nonperforming assets | $ | 15,848 | $ | 18,501 | $ | 19,000 | $ | 19,596 | $ | 20,298 | ||||||||||||
Nonperforming assets excluding trouble debt | ||||||||||||||||||||||
restructurings | $ | 10,879 | $ | 13,192 | $ | 13,535 | $ | 14,012 | $ | 14,883 | ||||||||||||
Nonperforming loans to total assets | 1.86 | % | 1.68 | % | 1.79 | % | 1.70 | % | 1.78 | % | ||||||||||||
Nonperforming assets to total assets | 3.30 | % | 3.74 | % | 3.88 | % | 3.85 | % | 4.06 | % | ||||||||||||
Nonperforming assets excluding trouble debt | ||||||||||||||||||||||
restructurings to total assets | 2.27 | % | 2.67 | % | 2.76 | % | 2.76 | % | 2.98 | % | ||||||||||||
Allowance for loan and lease losses to total loans | 1.92 | % | 1.94 | % | 1.97 | % | 2.10 | % | 2.05 | % |
NORTHERN STATES FINANCIAL CORPORATION | |||||||||||||||||||||
($000s, except per share data) (Unaudited) | |||||||||||||||||||||
Condensed Consolidated Balance Sheet | June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
2017 | 2017 | 2016 | 2016 | 2016 | |||||||||||||||||
Assets | |||||||||||||||||||||
Cash and due from banks | $ | 4,431 | $ | 4,853 | $ | 4,552 | $ | 5,491 | $ | 4,965 | |||||||||||
Interest bearing deposits in financial institutions - | |||||||||||||||||||||
maturities less than 90 days | 37,956 | 47,132 | 41,179 | 61,013 | 66,743 | ||||||||||||||||
Total cash and cash equivalents | 42,387 | 51,985 | 45,731 | 66,504 | 71,708 | ||||||||||||||||
Interest bearing deposits in financial institutions - | |||||||||||||||||||||
maturities of 90 days or greater | 26,774 | 30,510 | 29,233 | 33,880 | 31,049 | ||||||||||||||||
Securities available for sale | 56,272 | 59,640 | 63,180 | 71,341 | 69,689 | ||||||||||||||||
Securities held to maturity | 12,856 | 12,926 | 12,996 | 13,360 | 13,428 | ||||||||||||||||
Loans and leases, net of deferred fees | 294,901 | 290,801 | 289,594 | 274,281 | 264,244 | ||||||||||||||||
Less: Allowance for loan and lease losses | (5,648 | ) | (5,647 | ) | (5,703 | ) | (5,757 | ) | (5,425 | ) | |||||||||||
Loans and leases, net | 289,253 | 285,154 | 283,891 | 268,524 | 258,819 | ||||||||||||||||
Federal Home Loan Bank stock | 492 | 335 | 931 | 931 | 931 | ||||||||||||||||
Office buildings and equipment, net | 8,630 | 8,674 | 8,525 | 8,425 | 8,519 | ||||||||||||||||
Other real estate owned | 6,935 | 10,174 | 10,236 | 10,958 | 11,418 | ||||||||||||||||
Accrued interest receivable | 1,165 | 1,255 | 1,247 | 1,297 | 1,173 | ||||||||||||||||
Bank owned life insurance | 10,743 | 10,675 | 10,597 | 10,520 | 10,439 | ||||||||||||||||
Deferred tax asset, net | 23,159 | 22,202 | 22,436 | 21,461 | 21,479 | ||||||||||||||||
Other assets | 1,242 | 1,055 | 985 | 1,252 | 1,112 | ||||||||||||||||
Total assets | $ | 479,908 | $ | 494,585 | $ | 489,988 | $ | 508,453 | $ | 499,764 | |||||||||||
Liabilities and Stockholders' Equity | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||
Deposits | |||||||||||||||||||||
Noninterest-bearing deposits | $ | 107,470 | $ | 106,096 | $ | 100,870 | $ | 99,245 | $ | 102,097 | |||||||||||
Interest-bearing deposits | 277,249 | 290,899 | 289,940 | 314,834 | 307,334 | ||||||||||||||||
Total deposits | 384,719 | 396,995 | 390,810 | 414,079 | 409,431 | ||||||||||||||||
Securities sold under repurchase agreements | 22,331 | 22,820 | 25,901 | 23,686 | 18,015 | ||||||||||||||||
Subordinated debentures | 10,310 | 10,310 | 10,310 | 10,310 | 10,310 | ||||||||||||||||
Advances from borrowers for taxes and insurance | 2,137 | 2,820 | 1,902 | 510 | 2,195 | ||||||||||||||||
Accrued interest payable and other liabilities | 2,616 | 2,593 | 2,605 | 2,610 | 2,945 | ||||||||||||||||
Total liabilities | 422,113 | 435,538 | 431,528 | 451,195 | 442,896 | ||||||||||||||||
Stockholders' Equity | |||||||||||||||||||||
Common stock | 906 | 906 | 906 | 878 | 878 | ||||||||||||||||
Deferred compensation | (1,050 | ) | (1,155 | ) | (1,260 | ) | 0 | 0 | |||||||||||||
Additional paid-in capital | 34,019 | 34,019 | 34,019 | 32,088 | 32,088 | ||||||||||||||||
Retained earnings | 24,230 | 25,678 | 25,308 | 28,858 | 28,375 | ||||||||||||||||
Treasury stock, at cost | (182 | ) | (182 | ) | (182 | ) | (4,674 | ) | (4,674 | ) | |||||||||||
Accumulated other comprehensive income (loss), net | (128 | ) | (219 | ) | (331 | ) | 108 | 201 | |||||||||||||
Total stockholders' equity | 57,795 | 59,047 | 58,460 | 57,258 | 56,868 | ||||||||||||||||
Total liabilities and stockholders' equity | $ | 479,908 | $ | 494,585 | $ | 489,988 | $ | 508,453 | $ | 499,764 | |||||||||||
Common shares outstanding | 90,345,174 | 90,345,174 | 90,345,174 | 87,604,088 | 87,604,088 | ||||||||||||||||
Book value per common share | $ | 0.64 | $ | 0.65 | $ | 0.65 | $ | 0.65 | $ | 0.65 | |||||||||||
NORTHERN STATES FINANCIAL CORPORATION | ||||||||||||||||||||
($000s, except per share data) (Unaudited) | ||||||||||||||||||||
Condensed Consolidated Statement of Income | ||||||||||||||||||||
For the quarter ended | June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||
2017 | 2017 | 2016 | 2016 | 2016 | ||||||||||||||||
Interest income | ||||||||||||||||||||
Loans (including fee income) | $ | 3,195 | $ | 3,148 | $ | 3,103 | $ | 3,010 | $ | 2,963 | ||||||||||
Securities | ||||||||||||||||||||
Taxable | 334 | 357 | 353 | 378 | 377 | |||||||||||||||
Exempt from federal income tax | 0 | 0 | 3 | 3 | 3 | |||||||||||||||
Federal funds sold and other | 177 | 160 | 145 | 163 | 130 | |||||||||||||||
Total interest income | 3,706 | 3,665 | 3,604 | 3,554 | 3,473 | |||||||||||||||
Interest expense | ||||||||||||||||||||
Time deposits | 54 | 61 | 61 | 67 | 68 | |||||||||||||||
Other deposits | 26 | 25 | 23 | 21 | 24 | |||||||||||||||
Repurchase agreements and federal funds purchased | 0 | 1 | 1 | 0 | 0 | |||||||||||||||
Subordinated debentures | 82 | 76 | 74 | 68 | 66 | |||||||||||||||
Total interest expense | 162 | 163 | 159 | 156 | 158 | |||||||||||||||
Net interest income | 3,544 | 3,502 | 3,445 | 3,398 | 3,315 | |||||||||||||||
Provision for loan and lease losses | 0 | 0 | 0 | (75 | ) | 0 | ||||||||||||||
Net interest income after provision for | ||||||||||||||||||||
loan and lease losses | 3,544 | 3,502 | 3,445 | 3,473 | 3,315 | |||||||||||||||
Noninterest income | ||||||||||||||||||||
Service fees on deposits | 384 | 380 | 403 | 398 | 320 | |||||||||||||||
Gain on sale of securities | 0 | 0 | 0 | 0 | 104 | |||||||||||||||
Net gain (loss) on sale of other real estate owned | (12 | ) | (4 | ) | 68 | (7 | ) | 126 | ||||||||||||
Bank owned life insurance income | 69 | 78 | 78 | 80 | 82 | |||||||||||||||
Other operating income | 436 | 395 | 424 | 419 | 416 | |||||||||||||||
Total noninterest income | 877 | 849 | 973 | 890 | 1,048 | |||||||||||||||
Noninterest expense | ||||||||||||||||||||
Salaries and employee benefits | 1,910 | 1,945 | 2,593 | 1,787 | 1,861 | |||||||||||||||
Occupancy and equipment, net | 515 | 486 | 557 | 490 | 520 | |||||||||||||||
Data processing | 466 | 456 | 490 | 325 | 427 | |||||||||||||||
Legal | 62 | 23 | 72 | 28 | 81 | |||||||||||||||
FDIC insurance | 60 | 30 | 45 | 76 | 118 | |||||||||||||||
Audit and other professional | 231 | 181 | 169 | 125 | 151 | |||||||||||||||
Printing and supplies expense | 38 | 51 | 42 | 44 | 45 | |||||||||||||||
Write-down of other real estate owned | 3,109 | 0 | 55 | 487 | 126 | |||||||||||||||
Other real estate owned expense | 164 | 330 | 164 | 92 | 171 | |||||||||||||||
Other operating expenses | 314 | 317 | 326 | 297 | 309 | |||||||||||||||
Total noninterest expense | 6,869 | 3,819 | 4,513 | 3,751 | 3,809 | |||||||||||||||
Net income before income taxes | (2,448 | ) | 532 | (95 | ) | 612 | 554 | |||||||||||||
Income tax expense | (1,000 | ) | 162 | (1,078 | ) | 129 | 200 | |||||||||||||
Net income | $ | (1,448 | ) | $ | 370 | $ | 983 | $ | 483 | $ | 354 | |||||||||
Average common shares outstanding | 90,345,174 | 90,345,174 | 87,961,621 | 87,604,088 | 87,604,088 | |||||||||||||||
Basic income per average outstanding share | $ | (0.02 | ) | $ | 0.00 | $ | 0.01 | $ | 0.01 | $ | 0.00 | |||||||||
Diluted income per average outstanding share | $ | (0.02 | ) | $ | 0.00 | $ | 0.01 | $ | 0.01 | $ | 0.00 | |||||||||
NORTHERN STATES FINANCIAL CORPORATION | |||||||||||||||||||||
($000s, except per share data) (Unaudited) | |||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||||
2017 | 2017 | 2016 | 2016 | 2016 | |||||||||||||||||
Loans | |||||||||||||||||||||
Commercial | $ | 26,355 | $ | 27,462 | $ | 28,179 | $ | 14,977 | $ | 12,556 | |||||||||||
Real estate-construction | 30,866 | 26,534 | 26,975 | 22,255 | 17,531 | ||||||||||||||||
Real estate-mortgage 1-4 family | 48,658 | 50,533 | 48,593 | 47,826 | 49,530 | ||||||||||||||||
Real estate-mortgage 5+ family | 61,714 | 59,331 | 59,272 | 56,179 | 49,321 | ||||||||||||||||
Real estate-mortgage commercial | 118,271 | 118,917 | 115,514 | 121,491 | 123,717 | ||||||||||||||||
Home equity | 8,526 | 7,428 | 10,411 | 10,955 | 10,965 | ||||||||||||||||
Installment | 899 | 892 | 949 | 873 | 893 | ||||||||||||||||
Deferred loan fees | (388 | ) | (296 | ) | (299 | ) | (275 | ) | (269 | ) | |||||||||||
Total loans | $ | 294,901 | $ | 290,801 | $ | 289,594 | $ | 274,281 | $ | 264,244 | |||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||||
2017 | 2017 | 2016 | 2016 | 2016 | |||||||||||||||||
Deposits | |||||||||||||||||||||
Demand - noninterest bearing | $ | 107,470 | $ | 106,096 | $ | 100,870 | $ | 99,245 | $ | 102,097 | |||||||||||
Demand - interest bearing | 69,326 | 64,951 | 70,127 | 78,310 | 75,389 | ||||||||||||||||
Money market accounts | 49,709 | 50,161 | 48,231 | 56,921 | 54,297 | ||||||||||||||||
Savings | 92,735 | 91,861 | 90,095 | 88,578 | 88,813 | ||||||||||||||||
Time, over $250,000 | 12,355 | 30,651 | 26,510 | 33,613 | 29,332 | ||||||||||||||||
Time, $250,000 and under | 53,124 | 53,275 | 54,977 | 57,412 | 59,503 | ||||||||||||||||
Time, brokered | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Total deposits | $ | 384,719 | $ | 396,995 | $ | 390,810 | $ | 414,079 | $ | 409,431 | |||||||||||
NORTHERN STATES FINANCIAL CORPORATION | |||||||||||||||||||||||||||||
($000s, except per share data) (Unaudited) | |||||||||||||||||||||||||||||
2Q 2017 | 1Q 2017 | 4Q 2016 | 3Q 2016 | 2Q 2016 | |||||||||||||||||||||||||
Average | Yield/ | Average | Yield/ | Average | Yield/ | Average | Yield/ | Average | Yield/ | ||||||||||||||||||||
balance | Rate | balance | Rate | balance | Rate | balance | Rate | balance | Rate | ||||||||||||||||||||
Earning assets | |||||||||||||||||||||||||||||
Loans | $ | 290,307 | 4.42 | % | $ | 289,085 | 4.37 | % | $ | 283,029 | 4.40 | % | $ | 269,395 | 4.49 | % | $ | 254,545 | 4.67 | % | |||||||||
Securities taxable | 71,543 | 1.86 | 75,361 | 1.88 | 81,382 | 1.73 | 84,128 | 1.81 | 88,592 | 1.70 | |||||||||||||||||||
Securities tax-exempt | 0 | 0.00 | 0 | 0.00 | 283 | 5.65 | 295 | 6.78 | 295 | 5.42 | |||||||||||||||||||
Interest-bearing deposits | 70,299 | 1.01 | 73,051 | 0.88 | 86,056 | 0.67 | 96,358 | 0.68 | 92,069 | 0.56 | |||||||||||||||||||
Total earning assets | 432,149 | 3.44 | % | 437,497 | 3.36 | % | 450,750 | 3.21 | % | 450,176 | 3.17 | % | 435,501 | 3.20 | % | ||||||||||||||
Non interest earning assets | 53,124 | 53,678 | 53,461 | 53,823 | 55,761 | ||||||||||||||||||||||||
Total assets | $ | 485,273 | $ | 491,175 | $ | 504,211 | $ | 503,999 | $ | 491,262 | |||||||||||||||||||
Interest-bearing liabilities | |||||||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 67,112 | 0.10 | % | $ | 63,870 | 0.11 | % | $ | 73,467 | 0.08 | % | $ | 75,295 | 0.06 | % | $ | 72,646 | 0.09 | % | |||||||||
Money market deposits | 50,682 | 0.05 | 48,322 | 0.05 | 55,072 | 0.05 | 56,168 | 0.05 | 52,475 | 0.05 | |||||||||||||||||||
Savings deposits | 92,360 | 0.01 | 90,626 | 0.01 | 89,400 | 0.01 | 89,082 | 0.01 | 89,415 | 0.01 | |||||||||||||||||||
Time deposits | 70,898 | 0.30 | 85,014 | 0.29 | 86,655 | 0.28 | 91,003 | 0.29 | 89,727 | 0.30 | |||||||||||||||||||
Other borrowings | 31,741 | 1.03 | 37,737 | 0.82 | 35,613 | 0.84 | 30,669 | 0.89 | 26,040 | 1.01 | |||||||||||||||||||
Total interest-bearing liabilities. | 312,793 | 0.21 | % | 325,569 | 0.20 | % | 340,207 | 0.19 | % | 342,217 | 0.18 | % | 330,303 | 0.19 | % | ||||||||||||||
Demand deposits | 107,571 | 101,689 | 102,406 | 100,066 | 98,491 | ||||||||||||||||||||||||
Other liabilities | 5,621 | 5,201 | 4,175 | 4,547 | 5,932 | ||||||||||||||||||||||||
Stockholders' equity | 59,288 | 58,716 | 57,423 | 57,169 | 56,536 | ||||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 485,273 | $ | 491,175 | $ | 504,211 | $ | 503,999 | $ | 491,262 | |||||||||||||||||||
Cost of funds (including demand deposits) | 0.15 | % | 0.15 | % | 0.14 | % | 0.14 | % | 0.15 | % | |||||||||||||||||||
Net interest spread | 3.23 | % | 3.16 | % | 3.02 | % | 2.99 | % | 3.01 | % | |||||||||||||||||||
Net interest margin | 3.29 | % | 3.21 | % | 3.07 | % | 3.03 | % | 3.06 | % | |||||||||||||||||||
For Additional Information, Contact: Scott Yelvington, President and Chief Executive Officer: (847) 775-8200 Ext. 1201 Websites: www.nsfc.com www.nsfc.net