The Savannah Bancorp, Inc. (Nasdaq:SAVB) reported a net loss for
the first quarter 2010 of $488,000 compared to a $285,000 loss in
the first quarter 2009. Net loss per diluted share was 8 cents in
the first quarter of 2010 compared to 5 cents per diluted share in
2009. The quarter over quarter decline in earnings results
primarily from a higher provision for loan losses and higher loss
on sale of foreclosed assets partially offset by a higher net
interest margin in 2010 as compared to 2009. Pretax earnings
before the provision for loan losses and gain/loss on sale of
securities and foreclosed assets were $4,343,000 in the first
quarter 2010 compared to $3,180,000 in 2009. Other growth and
performance ratios are included in the attached financial
highlights and information.
Total assets increased 4.7 percent to $1.05 billion at March 31,
2010, up $47 million from $1.00 billion a year earlier. Loans
totaled $869 million compared to $865 million one year earlier, an
increase of 0.4 percent. Deposits totaled $902 million and
$843 million at March 31, 2010 and 2009, respectively, an increase
of 7.0 percent. Shareholders' equity was $77.9 million at
March 31, 2010 compared to $79.6 million at March 31,
2009. The Company's total capital to risk-weighted assets
ratio was 11.71 percent at March 31, 2010, which exceeds the 10
percent required by the regulatory agencies to maintain
well-capitalized status.
John Helmken, President and CEO, said, "Unfortunately, our large
provision for loan losses and aggressive impairing and marking down
of our loans and foreclosed assets resulted in a quarterly
loss. Since it is not yet clear that our local markets have
stabilized or that we have reached the bottom of the cycle, it is
only prudent that we continue to build our loan loss
reserve. Our cautious moves may be painful in the short term
but they will serve us well over the longer term. Management
appreciates our Board of Directors continued support of these tough
decisions."
Helmken continued, "The first quarter did see some notable
highlights. We continued to grow deposits, experiencing a 7.0
percent increase over the last year to $902 million at March 31,
2010. More importantly, our net interest margin continued to
improve and was 3.64 percent for the first quarter, all a result of
the hard work of our experienced team of bankers. We continue
to improve our deposit mix while decreasing rates. Our
discipline on expenses has pushed our efficiency ratio down to 60
percent. We are working to get it even lower."
The allowance for loan losses was $19,611,000, or 2.26 percent
of loans at March 31, 2010 compared to $15,309,000 or 1.77 percent
of total loans a year earlier. Nonperforming assets were
$44,099,000 or 4.21 percent of total assets at March 31, 2010
compared to $32,537,000 or 3.25 percent at March 31,
2009. First quarter net charge-offs were $3,387,000 compared
to net charge-offs of $1,711,000 for the same period in
2009. The provision for loan losses for the first quarter of
2010 was $5,320,000 compared to $3,720,000 for the first quarter of
2009. The higher provision for loan losses was primarily due
to real estate-related charge-offs and continued weakness in the
Company's local real estate markets.
Net interest income was up $763,000, or 10 percent, in the first
quarter 2010 versus the first quarter 2009. First quarter net
interest margin was 3.64 percent in 2010 as compared to 3.36
percent in 2009, an 8.3 percent increase, primarily due to
significantly lower deposit rates partially offset by higher levels
of noninterest-earning assets. The net interest margin increased 17
basis points on a linked quarter basis from the 3.47 percent margin
for the fourth quarter 2009.
Noninterest income increased $271,000, or 13 percent, in the
first quarter of 2010 versus the same period in 2009 due to a
$283,000 higher gain on the sale of securities, a $308,000 gain on
bank-owned life insurance included in other operating income and
higher trust and asset management fees, partially offset by a
significantly lower gain on hedges.
Noninterest expense decreased $48,000 to $6,427,000 in the first
quarter 2010 compared to the same period in 2009. First
quarter 2010 noninterest expense included $311,000, or 9.3 percent,
of lower salaries and employee benefits and $115,000, or 11
percent, of lower occupancy and equipment expense. FDIC
insurance premiums were $89,000 higher, or 30 percent, information
technology expense was up $57,000, or 13 percent, and loss on sale
of foreclosed assets increased $364,000.
The Board of Directors decided to suspend the cash
dividend for this quarter. Helmken noted, "This was not a
decision the Company entered into lightly. After careful
consideration we felt that it was prudent to preserve capital in
light of the uncertain economic and regulatory
environment. The Company and the Board remain committed to
reinstating the dividend once we return to sustained profitability
and have clarity about the regulatory environment."
The Savannah Bancorp, Inc. ("SAVB" or "Company"), a bank holding
company for The Savannah Bank, N.A., Bryan Bank & Trust
(Richmond Hill, Georgia), and Minis & Co., Inc., is
headquartered in Savannah, Georgia and began operations in
1990. SAVB has ten branches in Coastal Georgia and South
Carolina. Its primary businesses include loan, deposit, trust,
asset management, and mortgage origination services provided to
local customers.
Forward-Looking Statements
This press release contains statements that constitute
"forward-looking statements" within the meaning of the Securities
Act of 1933 and the Securities Exchange Act of 1934 as amended by
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements include, among others, statements
identified by words or phrases such as "potential," "opportunity,"
"believe," "expect," "anticipate," "current," "intention,"
"estimate," "assume," "outlook," "continue," "seek," "plans,"
"achieve," and similar expressions, or future or conditional verbs
such as "will," "would," "should," "could," "may" or similar
expressions. These statements are based on the current beliefs and
expectations of our management and are subject to significant risks
and uncertainties. There can be no assurance that these
transactions will occur or that the expected benefits associated
therewith will be achieved. A number of important factors could
cause actual results to differ materially from those contemplated
by our forward-looking statements in this press release. Many of
these factors are beyond our ability to control or predict. These
factors include, but are not limited to, those found in our filings
with the Securities and Exchange Commission, including our Annual
Report on Form 10-K, Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K. We believe these forward-looking statements
are reasonable; however, undue reliance should not be placed on any
forward-looking statements, which are based on current
expectations. We do not assume any obligation to update any
forward-looking statements as a result of new information, future
developments or otherwise.
The Savannah Bancorp, Inc. and Subsidiaries
First Quarter Financial Highlights
March 31, 2010 and 2009
($ in thousands, except share data)
(Unaudited)
|
|
|
|
%
|
Balance Sheet Data at March 31
|
2010
|
2009
|
Change
|
Total assets
|
$1,046,6450
|
$999,900
|
4.7
|
Interest-earning assets
|
928,915
|
920,205
|
0.9
|
Loans
|
868,516
|
864,926
|
0.4
|
Other real estate owned
|
7,374
|
8,342
|
(12)
|
Deposits
|
901,792
|
842,519
|
7.0
|
Interest-bearing liabilities
|
870,238
|
830,087
|
4.8
|
Shareholders' equity
|
77,905
|
79,644
|
(2.2)
|
Loan to deposit ratio
|
96.31%
|
102.66%
|
(6.2)
|
Equity to assets
|
7.44%
|
7.97%
|
(6.6)
|
Tier 1 capital to risk-weighted assets
|
10.45%
|
10.26%
|
1.9
|
Total capital to risk-weighted assets
|
11.71%
|
11.52%
|
1.6
|
Outstanding shares
|
5,938
|
5,932
|
0.1
|
Book value per share
|
$13.12
|
$13.42
|
(2.2)
|
Tangible book value per share
|
$12.71
|
$12.98
|
(2.1)
|
Market value per share
|
$10.61
|
$7.01
|
51
|
Loan Quality Data
|
|
|
|
Nonaccruing loans
|
$35,579
|
$23,927
|
49
|
Loans past due 90 days – accruing
|
1,146
|
268
|
328
|
Net charge-offs
|
3,387
|
1,711
|
98
|
Allowance for loan losses
|
19,611
|
15,309
|
28
|
Allowance for loan losses to total loans
|
2.26%
|
1.77%
|
28
|
Nonperforming assets to total assets
|
4.21%
|
3.25%
|
30
|
Performance Data for the First Quarter
|
|
|
|
Net loss
|
$(488)
|
$(285)
|
71
|
Return on average assets
|
(0.19)%
|
(0.12)%
|
58
|
Return on average equity
|
(2.50)%
|
(1.43)%
|
75
|
Net interest margin
|
3.64%
|
3.36%
|
8.3
|
Efficiency ratio
|
60.01%
|
66.93%
|
(10)
|
Per share data:
|
|
|
|
Net loss – basic
|
$(0.08)
|
$(0.05)
|
60
|
Net loss – diluted
|
$(0.08)
|
$(0.05)
|
60
|
Dividends
|
$0.02
|
$0.125
|
(84)
|
Average shares (000s):
|
|
|
|
Basic
|
5,938
|
5,933
|
0.1
|
Diluted
|
5,938
|
5,933
|
0.1
|
|
The Savannah Bancorp, Inc. and Subsidiaries
Consolidated Balance Sheets
($ in thousands, except share data)
(Unaudited)
|
|
|
|
|
March 31,
|
|
2010
|
2009
|
Assets
|
|
|
Cash and due from banks
|
$45,685
|
$23,180
|
Federal funds sold
|
9,205
|
565
|
Interest-bearing deposits
|
5,259
|
6,460
|
Cash and cash equivalents
|
60,149
|
30,205
|
Securities available for sale, at fair value (amortized cost of
$81,514 and $72,131)
|
82,128
|
74,589
|
Loans, net of allowance for loan losses of $19,611 and
$15,309
|
848,905
|
849,617
|
Premises and equipment, net
|
15,494
|
10,946
|
Other real estate owned
|
7,374
|
8,342
|
Bank-owned life insurance
|
6,155
|
6,271
|
Goodwill and other intangible assets, net
|
2,462
|
2,606
|
Other assets
|
23,978
|
17,324
|
Total assets
|
$1,046,645
|
$999,900
|
|
|
|
Liabilities
|
|
|
Deposits:
|
|
|
Noninterest-bearing
|
$94,836
|
$84,739
|
Interest-bearing demand
|
120,643
|
116,804
|
Savings
|
18,266
|
16,219
|
Money market
|
259,893
|
204,711
|
Time deposits
|
408,154
|
420,046
|
Total deposits
|
901,792
|
842,519
|
Short-term borrowings
|
21,854
|
41,900
|
Other borrowings
|
15,456
|
9,930
|
FHLB advances – long-term
|
15,662
|
10,167
|
Subordinated debt
|
10,310
|
10,310
|
Other liabilities
|
3,666
|
5,430
|
Total liabilities
|
968,740
|
920,256
|
Shareholders' equity
|
|
|
Preferred stock, par value $1 per share: shares authorized
10,000,000, none issued
|
--
|
--
|
Common stock, par value $1 per share: shares authorized
20,000,000, issued 5,938,189 and 5,933,789
|
5,938
|
5,934
|
Additional paid-in capital
|
38,644
|
38,540
|
Retained earnings
|
32,776
|
32,525
|
Treasury stock, at cost, 500 and 1,443 shares
|
(1)
|
(4)
|
Accumulated other comprehensive income, net
|
548
|
2,649
|
Total shareholders' equity
|
77,905
|
79,644
|
Total liabilities and shareholders' equity
|
$1,046,645
|
$999,900
|
The Savannah Bancorp, Inc. and Subsidiaries
Consolidated Statements of Income
for the Three Months and Five Quarters Ending March 31,
2010
($ in thousands, except per share data)
|
|
|
|
(Unaudited)
|
|
For the Three Months Ended
|
|
2010
|
2009
|
|
|
March 31,
|
|
|
|
|
|
|
|
|
|
2010
|
2009
|
%Chg
|
|
First Quarter
|
Fourth Quarter
|
Third Quarter
|
Second Quarter
|
First Quarter
|
Q1-10/
Q1-09 % Chg
|
Interest and dividend income
|
|
|
|
|
|
|
|
|
|
|
Loans, including fees
|
$11,618
|
$11,646
|
(0.2)
|
|
$11,618
|
$11,793
|
$11,786
|
$11,856
|
$11,646
|
(0.2)
|
Investment securities
|
561
|
905
|
(38)
|
|
561
|
668
|
932
|
894
|
905
|
(38)
|
Deposits with banks
|
8
|
13
|
(38)
|
|
8
|
9
|
11
|
12
|
13
|
(38)
|
Federal funds sold
|
6
|
2
|
200
|
|
6
|
6
|
8
|
2
|
2
|
200
|
Total interest and dividend
income
|
12,193
|
12,566
|
(3.0)
|
|
12,193
|
12,496
|
12,737
|
12,764
|
12,566
|
(3.0)
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
3,275
|
4,481
|
(27)
|
|
3,275
|
3,652
|
4,057
|
4,264
|
4,481
|
(27)
|
Borrowings & sub debt
|
404
|
364
|
11
|
|
404
|
446
|
354
|
338
|
364
|
11
|
FHLB advances
|
85
|
55
|
55
|
|
85
|
83
|
86
|
78
|
55
|
55
|
Total interest expense
|
3,764
|
4,900
|
(23)
|
|
3,764
|
4,181
|
4,497
|
4,680
|
4,900
|
(23)
|
Net interest income
|
8,429
|
7,666
|
10
|
|
8,429
|
8,315
|
8,240
|
8,084
|
7,666
|
10
|
Provision for loan losses
|
5,320
|
3,720
|
43
|
|
5,320
|
2,560
|
3,560
|
3,225
|
3,720
|
43
|
Net interest income after the provision for loan losses
|
3,109
|
3,946
|
(21)
|
|
3,109
|
5,755
|
4,680
|
4,859
|
3,946
|
(21)
|
Noninterest income
|
|
|
|
|
|
|
|
|
|
|
Trust and asset management fees
|
633
|
587
|
7.8
|
|
633
|
613
|
580
|
571
|
587
|
7.8
|
Service charges on deposits
|
455
|
467
|
(2.6)
|
|
455
|
464
|
446
|
432
|
467
|
(2.6)
|
Mortgage related income, net
|
89
|
92
|
(3.3)
|
|
89
|
92
|
89
|
159
|
92
|
(3.3)
|
Other operating income
|
636
|
283
|
125
|
|
636
|
322
|
324
|
309
|
283
|
125
|
Gain on hedges
|
--
|
396
|
NM
|
|
--
|
48
|
184
|
245
|
396
|
NM
|
Gain on sale of securities
|
467
|
184
|
154
|
|
467
|
1,141
|
604
|
190
|
184
|
154
|
Total noninterest income
|
2,280
|
2,009
|
13
|
|
2,280
|
2,680
|
2,227
|
1,906
|
2,009
|
13
|
Noninterest expense
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits
|
3,040
|
3,351
|
(9.3)
|
|
3,040
|
2,859
|
2,938
|
2,998
|
3,351
|
(9.3)
|
Occupancy and equipment
|
893
|
1,008
|
(11)
|
|
893
|
1,014
|
1,242
|
452
|
1,008
|
(11)
|
Information technology
|
495
|
438
|
13
|
|
495
|
469
|
452
|
451
|
438
|
13
|
FDIC deposit insurance
|
388
|
299
|
30
|
|
388
|
376
|
396
|
815
|
299
|
30
|
Loss on sale of foreclosed assets
|
528
|
164
|
222
|
|
528
|
1,269
|
220
|
885
|
164
|
222
|
Other operating expense
|
1,083
|
1,215
|
(2.8)
|
|
1,083
|
1,301
|
1,228
|
1,138
|
1,215
|
(2.8)
|
Total noninterest expense
|
6,427
|
6,475
|
(0.7)
|
|
6,427
|
7,288
|
6,476
|
6,739
|
6,475
|
(0.7)
|
Income (loss) before income taxes
|
(1,038)
|
(520)
|
100
|
|
(1,038)
|
1,147
|
431
|
26
|
(520)
|
100
|
Income tax expense (benefit)
|
(550)
|
(235)
|
134
|
|
(550)
|
385
|
85
|
(80)
|
(235)
|
134
|
Net income (loss)
|
$(488)
|
$(285)
|
71
|
|
$(488)
|
$762
|
$346
|
$106
|
$(285)
|
71
|
Net income (loss) per share:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$(0.08)
|
$(0.05)
|
60
|
|
$ (0.08)
|
$0.13
|
$0.06
|
$0.02
|
$(0.05)
|
60
|
Diluted
|
$(0.08)
|
$(0.05)
|
60
|
|
$(0.08)
|
$0.13
|
$0.06
|
$0.02
|
$(0.05)
|
60
|
Average basic shares (000s)
|
5,938
|
5,933
|
0.1
|
|
5,938
|
5,932
|
5,932
|
5,932
|
5,933
|
0.1
|
Average diluted shares (000s)
|
5,938
|
5,933
|
0.1
|
|
5,938
|
5,937
|
5,936
|
5,936
|
5,933
|
0.1
|
Performance Ratios
|
|
|
|
|
|
|
|
|
|
|
Return on average equity
|
(2.50)%
|
(1.43)%
|
75
|
|
(2.50)%
|
3.80%
|
1.73%
|
0.53%
|
(1.43)%
|
75
|
Return on average assets
|
(0.19)%
|
(0.12)%
|
58
|
|
(0.19)%
|
0.29%
|
0.13%
|
0.04%
|
(0.12)%
|
58
|
Net interest margin
|
3.64%
|
3.36%
|
8.3
|
|
3.64%
|
3.47%
|
3.47%
|
3.52%
|
3.36%
|
8.3
|
Efficiency ratio
|
60.01%
|
66.93%
|
(10)
|
|
60.01%
|
66.28%
|
61.87%
|
67.46%
|
66.93%
|
(10)
|
Average equity
|
79,016
|
80,873
|
(2.3)
|
|
79,016
|
79,459
|
79,302
|
79,606
|
80,873
|
(2.3)
|
Average assets
|
1,032,454
|
1,003,068
|
2.9
|
|
1,032,454
|
1,038,328
|
1,026,871
|
1,005,112
|
1,003,068
|
2.9
|
Average interest-earning assets
|
938,805
|
925,531
|
1.4
|
|
938,805
|
951,258
|
943,236
|
922,073
|
925,531
|
1.4
|
Capital Resources
The banking regulatory agencies have adopted capital
requirements that specify the minimum level for which no prompt
corrective action is required. In addition, the FDIC assesses
FDIC insurance premiums based on certain "well-capitalized"
risk-based and equity capital ratios. As of March 31, 2010,
the Company and the Subsidiary Banks exceeded the minimum
requirements necessary to be classified as "well-capitalized."
Total tangible equity capital for the Company was $75.4 million,
or 7.21 percent of total assets at March 31, 2010. The table
below includes the regulatory capital ratios for the Company and
each Subsidiary Bank along with the minimum capital ratio and the
ratio required to maintain a well-capitalized regulatory
status.
|
|
|
|
|
Well-
|
($ in thousands)
|
Company
|
Savannah
|
Bryan
|
Minimum
|
Capitalized
|
|
|
|
|
|
|
Qualifying Capital
|
|
|
|
|
|
Tier 1 capital
|
$84,895
|
$59,850
|
$21,685
|
--
|
--
|
Total capital
|
95,171
|
67,250
|
24,297
|
--
|
--
|
|
|
|
|
|
|
Leverage Ratios
|
|
|
|
|
|
Tier 1 capital to
average assets
|
8.22%
|
7.93%
|
8.46%
|
4.00%
|
5.00%
|
|
|
|
|
|
|
Risk-based Ratios
|
|
|
|
|
|
Tier 1 capital to risk-weighted assets
|
10.45%
|
10.21%
|
10.50%
|
4.00%
|
6.00%
|
Total capital to risk-weighted assets
|
11.71%
|
11.47%
|
11.76%
|
8.00%
|
10.00%
|
Tier 1 and total capital at the Company level includes $10
million of subordinated debt issued to the Company's
nonconsolidated subsidiaries. Total capital also includes the
allowance for loan losses up to 1.25 percent of risk-weighted
assets.
The Savannah Bancorp, Inc. and Subsidiaries
Allowance for Loan Losses and Nonperforming Loans
(Unaudited)
|
|
|
2010
|
2009
|
|
First
|
Fourth
|
Third
|
Second
|
First
|
($ in thousands)
|
Quarter
|
Quarter
|
Quarter
|
Quarter
|
Quarter
|
|
|
|
|
|
|
Allowance for loan losses
|
|
|
|
|
|
Balance at beginning of period
|
$17,678
|
$16,880
|
$15,597
|
$15,309
|
$13,300
|
Provision for loan losses
|
5,320
|
2,560
|
3,560
|
3,225
|
3,720
|
Net charge-offs
|
(3,387)
|
(1,762)
|
(2,277)
|
(2,937)
|
(1,711)
|
Balance at end of period
|
$19,611
|
$17,678
|
$16,880
|
$15,597
|
$15,309
|
|
|
|
|
|
|
As a % of loans
|
2.26%
|
2.00%
|
1.95%
|
1.81%
|
1.77%
|
As a % of nonperforming loans
|
53.40%
|
51.77%
|
64.92%
|
56.99%
|
63.27%
|
As a % of nonperforming assets
|
44.47%
|
41.62%
|
46.56%
|
46.22%
|
47.05%
|
|
|
|
|
|
|
Net charge-offs as a % of average loans (a)
|
1.63%
|
0.83%
|
1.07%
|
1.41%
|
0.82%
|
|
|
|
|
|
|
Risk element assets
|
|
|
|
|
|
Nonaccruing loans
|
$35,579
|
$32,545
|
$25,694
|
$24,994
|
$23,927
|
Loans past due 90 days – accruing
|
1,146
|
1,570
|
307
|
2,374
|
268
|
Total nonperforming loans
|
36,725
|
34,115
|
26,001
|
27,368
|
24,195
|
Other real estate owned
|
7,374
|
8,329
|
10,252
|
6,377
|
8,342
|
Total nonperforming assets
|
$44,099
|
$42,444
|
$36,253
|
$33,745
|
$32,537
|
|
|
|
|
|
|
Loans past due 30-89 days
|
$ 13,740
|
$ 5,182
|
$ 8,122
|
$ 6,670
|
$ 16,906
|
|
|
|
|
|
|
Nonperforming loans as a % of loans
|
4.23%
|
3.86%
|
3.00%
|
3.17%
|
2.80%
|
Nonperforming assets as a % of loans and other real estate
owned
|
5.03%
|
4.76%
|
4.13%
|
3.88%
|
3.73%
|
Nonperforming assets as a % of assets
|
4.21%
|
4.04%
|
3.48%
|
3.31%
|
3.25%
|
|
|
|
|
|
|
(a) Annualized
|
|
The Savannah Bancorp, Inc. & Subsidiaries
Loan Concentration Schedule
March 31, 2010 and December 31, 2009
|
|
|
|
|
|
|
($ in thousands)
|
03/31/10
|
% of
Total
|
12/31/09
|
% of
Total
|
% Dollar
Change
|
Non-residential real estate
|
|
|
|
|
|
Owner-occupied
|
$136,732
|
16
|
$137,439
|
16
|
(0.5)
|
Non owner-occupied
|
160,633
|
18
|
159,091
|
18
|
1.0
|
Construction
|
5,796
|
1
|
5,352
|
1
|
8.3
|
Commercial land and lot development
|
47,559
|
5
|
47,080
|
5
|
1.0
|
Total non-residential real estate
|
350,720
|
40
|
348,962
|
40
|
0.5
|
Residential real estate
|
|
|
|
|
|
Owner-occupied – 1-4 family
|
92,806
|
11
|
95,741
|
11
|
(3.1)
|
Non owner-occupied – 1-4 family
|
161,548
|
19
|
158,172
|
18
|
2.1
|
Construction
|
23,591
|
3
|
27,061
|
3
|
(13)
|
Residential land and lot development
|
87,713
|
10
|
92,346
|
10
|
(5.0)
|
Home equity lines
|
56,015
|
6
|
57,527
|
6
|
(2.6)
|
Total residential real estate
|
421,673
|
49
|
430,847
|
48
|
(2.1)
|
Total real estate loans
|
772,393
|
89
|
779,809
|
88
|
(1.0)
|
Commercial
|
81,535
|
9
|
89,379
|
10
|
(8.8)
|
Consumer
|
14,835
|
2
|
14,971
|
2
|
(0.9)
|
Unearned fees, net
|
(247)
|
--
|
(273)
|
--
|
(10)
|
Total loans, net of unearned fees
|
$868,516
|
100
|
$883,886
|
100
|
(1.7)
|
The Savannah Bancorp, Inc. and Subsidiaries
Average Balance Sheet and Rate/Volume Analysis – First
Quarter, 2010 and 2009
|
|
|
|
|
|
|
Taxable-Equivalent
|
|
(a) Variance
|
Average Balance
|
Average Rate
|
|
Interest (b)
|
|
Attributable to
|
QTD
|
QTD
|
QTD
|
QTD
|
|
QTD
|
QTD
|
Vari-
|
|
|
3/31/10
|
3/31/09
|
3/31/10
|
3/31/09
|
|
3/31/10
|
3/31/09
|
ance
|
Rate
|
Volume
|
($ in thousands)
|
(%)
|
|
($ in thousands)
|
|
($ in thousands)
|
|
|
|
|
Assets
|
|
|
|
|
|
$4,689
|
$3,817
|
0.69
|
1.38
|
Interest-bearing deposits
|
$8
|
$13
|
$(5)
|
$(6)
|
$1
|
77,664
|
76,748
|
2.57
|
4.70
|
Investments - taxable
|
492
|
890
|
(398)
|
(403)
|
5
|
7,831
|
1,573
|
3.99
|
5.41
|
Investments - non-taxable
|
77
|
21
|
56
|
(6)
|
62
|
6,990
|
3,602
|
0.35
|
0.23
|
Federal funds sold
|
6
|
2
|
4
|
1
|
3
|
841,631
|
839,791
|
5.60
|
5.63
|
Loans (c)
|
11,618
|
11,648
|
(30)
|
(62)
|
32
|
938,805
|
925,531
|
5.27
|
5.51
|
Total interest-earning assets
|
12,201
|
12,574
|
(373)
|
(548)
|
175
|
93,649
|
77,537
|
|
|
Noninterest-earning assets
|
|
|
|
|
|
$1,032,454
|
$1,003,068
|
|
|
Total assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and equity
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
$122,818
|
$123,346
|
0.39
|
0.53
|
NOW accounts
|
119
|
160
|
(41)
|
(43)
|
2
|
17,465
|
15,067
|
0.46
|
0.73
|
Savings accounts
|
20
|
27
|
(7)
|
(10)
|
3
|
172,815
|
107,227
|
1.59
|
1.79
|
Money market accounts
|
679
|
473
|
206
|
(53)
|
259
|
67,637
|
98,091
|
0.94
|
1.80
|
Money market accounts - institutional
|
156
|
436
|
(280)
|
(208)
|
(72)
|
161,824
|
144,346
|
2.69
|
3.77
|
CDs, $100M or more
|
1,075
|
1,342
|
(267)
|
(384)
|
117
|
106,262
|
122,728
|
1.10
|
2.65
|
CDs, broker
|
287
|
803
|
(516)
|
(469)
|
(47)
|
149,821
|
140,807
|
2.54
|
3.57
|
Other time deposits
|
939
|
1,240
|
(301)
|
(358)
|
57
|
798,642
|
751,612
|
1.66
|
2.42
|
Total interest-bearing deposits
|
3,275
|
4,481
|
(1,206)
|
(1,409)
|
203
|
43,266
|
62,134
|
3.10
|
1.66
|
Short-term/other borrowings
|
331
|
255
|
76
|
221
|
(145)
|
15,663
|
10,545
|
2.20
|
2.12
|
FHLB advances - long-term
|
85
|
55
|
30
|
2
|
28
|
10,310
|
10,310
|
2.87
|
4.29
|
Subordinated debt
|
73
|
109
|
(36)
|
(36)
|
--
|
867,881
|
834,601
|
1.76
|
2.38
|
Total interest-bearing liabilities
|
3,764
|
4,900
|
(1,136)
|
(1,276)
|
140
|
79,323
|
81,126
|
|
|
Noninterest-bearing deposits
|
|
|
|
|
|
6,234
|
6,468
|
|
|
Other liabilities
|
|
|
|
|
|
79,016
|
80,873
|
|
|
Shareholders' equity
|
|
|
|
|
|
$1,032,454
|
$1,003,068
|
|
|
Liabilities and equity
|
|
|
|
|
|
|
|
3.51
|
3.13
|
Interest rate spread
|
|
|
|
|
|
|
|
3.64
|
3.36
|
Net interest margin
|
|
|
|
|
|
|
|
|
|
Net interest income
|
$8,437
|
$7,674
|
$763
|
$728
|
$35
|
$70,924
|
$90,930
|
|
|
Net earning assets
|
|
|
|
|
|
$877,965
|
$832,738
|
|
|
Average deposits
|
|
|
|
|
|
|
|
1.51
|
2.18
|
Average cost of deposits
|
|
|
|
|
|
96%
|
101%
|
|
|
Average loan to deposit ratio
|
|
|
|
|
|
(a) This table shows the changes in interest income and interest
expense for the comparative periods based on either changes in
average volume or changes in average rates for interest-earning
assets and interest-bearing liabilities. Changes which are not
solely due to rate changes or solely due to volume changes are
attributed to volume.
(b) The taxable equivalent adjustment results from tax exempt
income less non-deductible TEFRA interest expense and was $8 in the
first quarter 2010 and 2009, respectively.
(c) Average nonaccruing loans have been excluded from total
average loans and categorized in noninterest-earning assets.
CONTACT: The Savannah Bancorp, Inc.
John C. Helmken II, President and CEO
912-629-6486
Michael W. Harden, Jr., Chief Financial Officer
912-629-6496
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