Syringa Bancorp Consolidated Second Quarter 2008 Financial Results

BOISE, Idaho--(Business Wire)--
Syringa Bancorp (OTCBB: SGBP) reported a loss of $217,873 through
the first half of 2008. Earnings were lower than projected due largely
to net charge-offs of $1,147,387 and slower-than-expected first half
growth. The second quarter loss was $82,337 compared to a first
quarter loss of $135,536.

"In the first half of 2008, Syringa Bank was very proactive in
monitoring and scrubbing the loan portfolio," said Jerry F. Aldape,
President and CEO. "We understand the negative impact to earnings in
the short term, but remain confident in the strength of our
institution. We are fortunate to have high capital levels relative to
our peers, which gives us additional flexibility going forward. In
June, we opened our new Lewiston Branch building and reached a major
milestone of $300 million in total assets. I'd like to thank our
employees, customers, and shareholders for their contributions to this
achievement."

Syringa Bancorp's total assets as of June 30, 2008 increased
$35,879,654 (13.5%) to $301,294,950 from $265,415,296 at June 30,
2007. Year-to-date asset growth through June 30, 2008 totaled
$14,920,234 (5.2%).

Syringa Bancorp's net interest income through the first six months
of 2008 of $5,981,418 compared favorably to $5,379,242 posted in the
same period in 2007. Non-interest income through the first six months
of 2008 increased 15.9% compared to the same period in 2007 and
non-interest expense decreased 0.2%.

Syringa Bancorp was organized in April 2005 as a holding company
of Syringa Bank. Syringa Bank was formed in 1996 and has since
expanded to six branch locations, two mortgage offices, and a
residential construction loan production office, all within the state
of Idaho. Syringa Bank is an Idaho state-chartered commercial bank.

Statements in this report regarding future events, performance or
results are "forward-looking statements" within the meaning of the
Private Litigation Reform Act of 1995 ("PSLRA") and are made pursuant
to the safe harbors of the PSLRA. Actual results could be materially
different from those expressed or implied by the forward-looking
statements. Factors that could cause results to differ include but are
not limited to: general economic and banking business conditions,
competitive conditions between banks and non-bank financial service
providers, interest rate fluctuations, regulatory and accounting
changes, risks related to construction and development, commercial
real estate and consumer lending and other risks. Forward-looking
statements are accurate only as of the date released, and we do not
undertake any responsibility to update or revise any forward-looking
statements to reflect subsequent events or circumstances.

-0-
*T
Syringa Bancorp and Subsidiary
Consolidated Balance Sheet and Income Statement
Unaudited
*T

-0-
*T
Balance Sheet
(In Thousands)

6/30/2008 6/30/2007
---------- ----------
Assets
Cash and Due from Banks 5,702 5,547

Fed Funds/Investments 19,687 28,466

Gross Loans 271,560 229,856
Loan Loss Reserve (3,622) (3,311)
---------- ----------
Net Loans 267,939 226,545

Premises & Fixed Assets 3,324 1,451

Other Assets 4,643 3,406

Total Assets 301,295 265,415

Liabilities
Deposits
Non-Interest Bearing 29,453 32,899
Interest Bearing 172,542 186,204
---------- ----------
Total Deposits 201,996 219,103

Other Borrowings 55,819 2,500

Trust Preferred Securities (TPS) 5,155 5,155

Other Liabilities 1,631 2,776

Total Liabilities 264,600 229,534

Capital
Stockholders' Equity 34,445 34,204
Undivided Profits 2,642 2,410
Current Year Earnings (218) (531)
Net Unrealized Gain/(Loss)
on AFS Securities (174) (202)
---------- ----------
Total Capital 36,694 35,881

Total Liabilities and Capital 301,295 265,415
*T

-0-
*T
Income Statement
(In Thousands)

For Six Months Ending
6/30/2008 6/30/2007
---------- ----------

Interest and Fee Income
Fed Funds/Investments 440 403
Loans 9,589 8,774
---------- ----------
Total Interest and Fee Income 10,029 9,177

Interest Expense
Deposits 3,197 3,380
Other Borrowings 685 252
TPS Interest Expense 165 165
---------- ----------
Total Interest Expense 4,048 3,798

Net Interest Income 5,981 5,379

Loan Loss Provision 893 645

Net Interest Income after
Provision for Loan Losses 5,088 4,734

Non-Interest Income 676 584

Non-Interest Expense
Salaries and Benefits 3,794 3,845
Occupancy / FF&E 707 645
Data Processing / ATM /
Online Banking 208 196
Marketing 289 391
Other 1,179 1,112
---------- ----------
Total Non-Interest Expense 6,175 6,189

Pre-Tax Net Income (411) (870)

Income Taxes (193) (339)
---------- ----------

Net Income (218) (531)
*T

Syringa Bancorp
Jerry F. Aldape, President and CEO, 208-947-9650
or
Sydney L. Mills, SVP Shareholder Relations, 208-947-9657
www.syringabank.com

Copyright Business Wire 2008