The Savannah Bancorp, Inc. (Nasdaq:SAVB) reported a net loss for
the second quarter 2010 of $62,000 compared to net income of
$106,000 in the second quarter 2009. Net loss per diluted share was
1 cent in the second quarter of 2010 compared to net income per
diluted share of 2 cents in 2009. The quarter over quarter decline
in earnings results primarily from a higher provision for loan
losses. Pretax earnings before the provision for loan losses and
gain/loss on sale of securities and foreclosed assets were
$3,653,000 in the second quarter 2010 compared to $3,946,000 in
2009. Other growth and performance ratios are included in the
attached financial highlights.
On June 25, 2010, The Savannah Bank, N.A. ("Savannah"), the
Company's largest subsidiary bank, entered into an agreement with
the FDIC to purchase substantially all deposits and certain
liabilities and assets of First National Bank, Savannah ("First
National"). Savannah acquired approximately $42 million in
assets and assumed $216 million in liabilities, including $201
million in customer deposits. The assets primarily include
cash and due from accounts and investment securities. Savannah
acquired the local, non-brokered deposits of approximately $105
million at a premium of 0.11 percent. In connection with
closing, Savannah received a cash payment from the FDIC totaling
$174 million, based on the differential between liabilities assumed
and assets acquired, taking into account the deposit premium.
Total assets increased 21 percent to $1.23 billion at June 30,
2010, up $210 million from $1.02 billion a year earlier. Loans
totaled $849 million compared to $862 million one year earlier, a
decrease of 1.6 percent. Deposits totaled $1.07 billion and
$847 million at June 30, 2010 and 2009, respectively, an increase
of 26 percent. Deposits include $195 million in deposits from
the acquisition of First National. Shareholders' equity was
$89.6 million at June 30, 2010 compared to $79.0 million at June
30, 2009. Shareholder's equity includes $11.2 million in net
proceeds from the issuance of common stock in the second quarter
2010. The Company's total capital to risk-weighted assets
ratio was 13.38 percent at June 30, 2010, which exceeds the 10
percent required by the regulatory agencies to maintain
well-capitalized status.
John C. Helmken II, President and CEO, said, "Though we did
report a small loss this quarter, we should not lose sight of the
Company's significant second quarter events: a successful
capital raise, the acquisition of a bank through an FDIC-assisted
transaction, a key executive hire and continued progress in our
loan portfolio. In addition, our net interest margin remained
above 3.50 percent for a second consecutive quarter and our deposit
mix continues to improve. We enter the second half of the
year well positioned for growth."
Helmken continued, "With the addition of Mike Viers to lead our
Commercial Banking Group in Savannah, we expect to see growth on
each side of the balance sheet. Regardless of economic
conditions, there is tremendous opportunity in our existing markets
and we remain focused on soliciting core relationships for our
Company. We have the best team in the market to make that
happen."
The allowance for loan losses was $18,775,000, or 2.21 percent
of loans at June 30, 2010 compared to $15,597,000 or 1.81 percent
of total loans a year earlier. Nonperforming assets were
$48,978,000 or 3.97 percent of total assets at June 30, 2010
compared to $33,745,000 or 3.31 percent at June 30,
2009. Second quarter net charge-offs were $4,581,000 compared
to net charge-offs of $2,937,000 for the same period in
2009. The provision for loan losses for the second quarter of
2010 was $3,745,000 compared to $3,225,000 for the second 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 $192,000, or 2.4 percent, in the
second quarter 2010 versus the second quarter 2009. Second
quarter net interest margin increased to 3.54 percent in
2010 as compared to 3.52 percent in 2009, primarily due to
significantly lower deposit rates partially offset by higher levels
of noninterest-earning assets. The net interest margin
decreased 10 basis points on a linked quarter basis from the
3.64 percent margin for the first quarter 2010.
Noninterest income decreased $180,000, or 9.4 percent, in the
second quarter of 2010 versus the same period in 2009 due to lower
mortgage related income, $256,000 lower gain on hedges, and a lower
gain on the sale of securities, partially offset by $107,000, or 19
percent, higher trust and asset management fees.
Noninterest expense decreased $200,000 to $6,539,000 in the
second quarter 2010 compared to the same period in
2009. Second quarter 2010 noninterest expense included
$405,000, or 50 percent, of lower FDIC insurance premiums and
$554,000, or 63 percent, lower loss on sale of foreclosed
assets. The second quarter 2009 included the special
assessment from the FDIC which accounts for most of the net decline
in FDIC insurance premiums. Occupancy and equipment expense
was $457,000 higher, or 101 percent, and other operating expense
was $179,000 higher, or 16 percent. In the second quarter
2009, the Company purchased its previously leased Hilton Head
Island branch from an outside party and reversed approximately
$527,000 in accrued rent expense that was recorded in occupancy and
equipment expense.
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 fourteen 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 |
Second Quarter
Financial Highlights |
June 30, 2010 and
2009 |
($ in thousands, except share
data) |
(Unaudited) |
|
|
|
% |
Balance Sheet Data at June
30 |
2010 |
2009 |
Change |
Total assets |
$ 1,234,8170 |
$ 1,019,557 |
21 |
Interest-earning assets |
1,137,863 |
936,927 |
21 |
Loans |
848,852 |
862,242 |
(1.6) |
Other real estate owned |
7,793 |
6,377 |
22 |
Deposits |
1,070,445 |
847,037 |
26 |
Interest-bearing liabilities |
1,049,175 |
856,041 |
23 |
Shareholders' equity |
89,594 |
78,980 |
13 |
Loan to deposit ratio |
79.30% |
101.80% |
(22) |
Equity to assets |
7.26% |
7.75% |
(6.3) |
Tier 1 capital to risk-weighted assets |
12.12% |
10.30% |
18 |
Total capital to risk-weighted assets |
13.38% |
11.55% |
16 |
Outstanding shares |
7,201 |
5,932 |
21 |
Book value per share |
$ 12.44 |
$13.31 |
(6.5) |
Tangible book value per share |
$ 12.09 |
$ 12.88 |
(6.1) |
Market value per share |
$ 9.76 |
$ 6.65 |
47 |
|
|
|
|
Loan Quality Data |
|
|
|
Nonaccruing loans |
$ 39,001 |
$ 24,994 |
56 |
Loans past due 90 days – accruing |
2,184 |
2,374 |
(8.0) |
Net charge-offs |
7,968 |
4,648 |
71 |
Allowance for loan losses |
18,775 |
15,597 |
20 |
Allowance for loan losses to total loans |
2.21% |
1.81% |
22 |
Nonperforming assets to total assets |
3.97% |
3.31% |
20 |
|
|
|
|
Performance Data for the Second
Quarter |
|
|
|
Net (loss) income |
$ (62) |
$ 106 |
(158) |
Return on average assets |
(0.02)% |
0.04% |
(150) |
Return on average equity |
(0.31)% |
0.53% |
(158) |
Net interest margin |
3.56% |
3.52% |
1.1 |
Efficiency ratio |
65.38% |
67.46% |
(3.1) |
Per share data: |
|
|
|
Net (loss) income – basic |
$ (0.01) |
$ 0.02 |
(150) |
Net (loss) income – diluted |
$ (0.01) |
$ 0.02 |
(150) |
Dividends |
$ 0.00 |
$ 0.02 |
NM |
Average shares (000s): |
|
|
|
Basic |
6,146 |
5,932 |
3.6 |
Diluted |
6,146 |
5,936 |
3.5 |
|
|
|
|
Performance Data for the First
Six Months |
|
|
|
Net loss |
$ (550) |
$ (179) |
207 |
Return on average assets |
(0.05)% |
(0.04)% |
25 |
Return on average equity |
(0.69)% |
(0.45)% |
(53) |
Net interest margin |
3.59% |
3.44% |
4.4 |
Efficiency ratio |
62.60% |
67.20% |
(6.8) |
Per share data: |
|
|
|
Net loss – basic |
$ (0.09) |
$ (0.03) |
200 |
Net loss – diluted |
$ (0.09) |
$ (0.03) |
200 |
Dividends |
$ 0.02 |
$ 0.145 |
(86) |
Average shares (000s): |
|
|
|
Basic |
6,042 |
5,933 |
1.8 |
Diluted |
6,042 |
5,936 |
1.8 |
|
The Savannah Bancorp,
Inc. and Subsidiaries |
Consolidated Balance
Sheets |
($ in thousands, except share
data) |
(Unaudited) |
|
June
30, |
|
2010 |
2009 |
Assets |
|
|
Cash and due from banks |
$
19,606 |
$ 22,650 |
Federal funds sold |
8,286 |
11,550 |
Interest-bearing deposits |
203,611 |
6,209 |
Cash and cash equivalents |
231,503 |
40,409 |
Securities available for sale, at fair value
(amortized |
|
|
cost of $116,115 and $81,862) |
117,695 |
83,883 |
Loans, net of allowance for loan losses |
|
|
of $18,775 and $15,597 |
830,077 |
846,645 |
Premises and equipment, net |
15,480 |
16,408 |
Other real estate owned |
7,793 |
6,377 |
Bank-owned life insurance |
6,206 |
6,326 |
Goodwill and other intangible assets,
net |
2,542 |
2,570 |
Other assets |
23,521 |
16,939 |
Total
assets |
$ 1,234,817 |
$ 1,019,557 |
|
|
|
Liabilities |
|
|
Deposits: |
|
|
Noninterest-bearing |
$ 89,793 |
$ 78,961 |
Interest-bearing demand |
121,834 |
121,919 |
Savings |
18,810 |
16,421 |
Money market |
257,961 |
219,990 |
Time deposits |
582,047 |
409,746 |
Total deposits |
1,070,445 |
847,037 |
Short-term borrowings |
19,295 |
49,604 |
Other borrowings |
13,257 |
12,385 |
FHLB advances – long-term |
25,661 |
15,666 |
Subordinated debt |
10,310 |
10,310 |
Other liabilities |
6,255 |
5,575 |
Total
liabilities |
1,145,223 |
940,577 |
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 7,201,346 and
5,933,789 |
7,201 |
5,934 |
Additional paid-in capital |
48,644 |
38,567 |
Retained earnings |
32,715 |
32,512 |
Treasury stock, at cost, 536 and 1,443
shares |
(1) |
(4) |
Accumulated other comprehensive income,
net |
1,035 |
1,971 |
Total
shareholders' equity |
89,594 |
78,980 |
Total liabilities
and shareholders' equity |
$ 1,234,817 |
$ 1,019,557 |
|
The Savannah Bancorp,
Inc. and Subsidiaries |
Consolidated
Statements of Income |
for the Six
Months and Five Quarters Ending June 30, 2010 |
($ in thousands, except per
share data) |
|
|
|
|
|
(Unaudited) |
|
For the Six
Months Ended |
2010 |
2009 |
Q2-10/ |
|
June 30, |
% |
Second |
First |
Fourth |
Third |
Second |
Q2-09 |
|
2010 |
2009 |
Chg |
Quarter |
Quarter |
Quarter |
Quarter |
Quarter |
% Chg |
Interest and dividend
income |
|
|
|
|
|
|
|
|
|
Loans, including fees |
$22,916 |
$23,502 |
(2.5) |
$11,298 |
$11,618 |
$11,793 |
$11,786 |
$11,856 |
(4.7) |
Investment securities |
1,113 |
1,799 |
(38) |
552 |
561 |
688 |
932 |
894 |
(38) |
Deposits with banks |
30 |
25 |
20 |
24 |
6 |
9 |
11 |
12 |
100 |
Federal funds sold |
11 |
4 |
175 |
3 |
8 |
6 |
8 |
2 |
50 |
Total interest and
dividend income |
24,070 |
25,330 |
(5.0) |
11,877 |
12,193 |
12,496 |
12,737 |
12,764 |
(6.9) |
Interest expense |
|
|
|
|
|
|
|
|
|
Deposits |
6,393 |
8,745 |
(27) |
3,118 |
3,275 |
3,652 |
4,057 |
4,264 |
(27) |
Borrowings & sub debt |
796 |
702 |
13 |
392 |
404 |
446 |
354 |
338 |
16 |
FHLB advances |
176 |
133 |
32 |
91 |
85 |
83 |
86 |
78 |
17 |
Total interest
expense |
7,365 |
9,580 |
(23) |
3,601 |
3,764 |
4,181 |
4,497 |
4,680 |
(23) |
Net interest income |
16,705 |
15,750 |
6.1 |
8,276 |
8,429 |
8,315 |
8,240 |
8,084 |
2.4 |
Provision for loan losses |
9,065 |
6,945 |
31 |
3,745 |
5,320 |
2,560 |
3,560 |
3,225 |
16 |
Net interest income after the |
|
|
|
|
|
|
|
|
|
provision for loan losses |
7,640 |
8,805 |
(13) |
4,531 |
3,109 |
5,755 |
4,680 |
4,859 |
(6.8) |
Noninterest income |
|
|
|
|
|
|
|
|
|
Trust and asset management fees |
1,311 |
1,158 |
13 |
678 |
633 |
613 |
580 |
571 |
19 |
Service charges on deposits |
915 |
899 |
1.8 |
460 |
455 |
464 |
446 |
432 |
6.5 |
Mortgage related income, net |
192 |
251 |
(24) |
103 |
89 |
92 |
89 |
159 |
(35) |
Other operating income |
991 |
592 |
67 |
355 |
636 |
322 |
324 |
309 |
15 |
Gain on hedges |
(11) |
641 |
(102) |
(11) |
-- |
48 |
184 |
245 |
(104) |
Gain on sale of
securities |
608 |
374 |
63 |
141 |
467 |
1,141 |
604 |
190 |
(26) |
Total noninterest
income |
4,006 |
3,915 |
2.3 |
1,726 |
2,280 |
2,680 |
2,227 |
1,906 |
(9.4) |
Noninterest expense |
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
6,093 |
6,349 |
(4.0) |
3,053 |
3,040 |
2,859 |
2,938 |
2,998 |
1.8 |
Occupancy and equipment |
1,802 |
1,460 |
23 |
909 |
893 |
1,014 |
1,242 |
452 |
101 |
Information technology |
1,014 |
889 |
14 |
519 |
495 |
469 |
452 |
451 |
15 |
FDIC deposit insurance |
798 |
1,114 |
(28) |
410 |
388 |
376 |
396 |
815 |
(50) |
Loss on sale of foreclosed assets |
859 |
1,049 |
(18) |
331 |
528 |
1,269 |
220 |
885 |
(63) |
Other operating expense |
2,400 |
2,353 |
2.0 |
1,317 |
1,083 |
1,301 |
1,228 |
1,138 |
16 |
Total noninterest
expense |
12,966 |
13,214 |
(1.9) |
6,539 |
6,427 |
7,288 |
6,476 |
6,739 |
(3.0) |
Income (loss) before income taxes |
(1,320) |
(494) |
167 |
(282) |
(1,038) |
1,147 |
431 |
26 |
NM |
Income tax expense (benefit) |
(770) |
(315) |
144 |
(220) |
(550) |
385 |
85 |
(80) |
175 |
Net income (loss) |
$ (550) |
$ (179) |
207 |
$ (62) |
$ (488) |
$ 762 |
$ 346 |
$ 106 |
(158) |
Net income (loss) per
share: |
|
|
|
|
|
|
|
|
|
Basic |
$ (0.09) |
$ (0.03) |
200 |
$ (0.01) |
$ (0.08) |
$ 0.13 |
$ 0.06 |
$ 0.02 |
(150) |
Diluted |
$ (0.09) |
$ (0.03) |
200 |
$ (0.01) |
$ (0.08) |
$ 0.13 |
$ 0.06 |
$ 0.02 |
(150) |
Average basic shares (000s) |
6,042 |
5,933 |
1.8 |
6,146 |
5,938 |
5,932 |
5,932 |
5,932 |
3.6 |
Average diluted shares (000s) |
6,042 |
5,936 |
1.8 |
6,146 |
5,938 |
5,937 |
5,936 |
5,936 |
3.5 |
Performance Ratios |
|
|
|
|
|
|
|
|
|
Return on average equity |
(0.69)% |
(0.45)% |
(53) |
(0.31)% |
(2.50)% |
3.80% |
1.73% |
0.53% |
(158) |
Return on average assets |
(0.05)% |
(0.04)% |
(25) |
(0.02)% |
(0.19)% |
0.29% |
0.13% |
0.04% |
(150) |
Net interest margin |
3.59% |
3.44% |
4.4 |
3.56% |
3.64% |
3.47% |
3.47% |
3.52% |
1.1 |
Efficiency ratio |
62.60% |
67.20% |
(6.8) |
65.38% |
60.01% |
66.28% |
61.87% |
67.46% |
(3.1) |
Average equity |
79,566 |
80,236 |
(0.8) |
80,110 |
79,016 |
79,459 |
79,302 |
79,606 |
0.6 |
Average assets |
1,035,332 |
1,004,105 |
3.1 |
1,038,176 |
1,032,454 |
1,038,328 |
1,026,871 |
1,005,112 |
3.3 |
Average interest-earning assets |
939,654 |
923,791 |
1.7 |
939,361 |
938,805 |
951,258 |
943,236 |
922,073 |
1.9 |
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 June 30, 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 $87.1 million,
or 7.05 percent of total assets at June 30, 2010. The table
below includes the regulatory capital ratios for the Company and
each Subsidiary Bank along with the minimum capital ratio and the
ratio required to maintain a well-capitalized regulatory
status.
|
|
|
|
|
Well- |
($ in thousands) |
Company |
Savannah |
Bryan |
Minimum |
Capitalized |
|
|
|
|
|
|
Qualifying Capital |
|
|
|
|
|
Tier 1 capital |
$ 96,133 |
$ 65,070 |
$ 22,866 |
-- |
-- |
Total capital |
106,160 |
72,240 |
25,479 |
-- |
-- |
|
|
|
|
|
|
Leverage Ratios |
|
|
|
|
|
Tier 1 capital to average assets |
9.28% |
8.54% |
8.97% |
4.00% |
5.00% |
|
|
|
|
|
|
Risk-based Ratios |
|
|
|
|
|
Tier 1 capital to risk- weighted assets |
12.12% |
11.45% |
11.05% |
4.00% |
6.00% |
Total capital to risk- weighted assets |
13.38% |
12.71% |
12.32% |
8.00% |
10.00% |
Tier 1 and total capital at the Company level includes $10
million of subordinated debt issued to the Company's
nonconsolidated subsidiaries. Total capital also includes the
allowance for loan losses up to 1.25 percent of risk-weighted
assets.
The Savannah Bancorp,
Inc. and Subsidiaries |
Allowance for Loan
Losses and Nonperforming Loans |
(Unaudited) |
|
|
2010 |
2009 |
|
Second |
First |
Fourth |
Third |
Second |
($ in thousands) |
Quarter |
Quarter |
Quarter |
Quarter |
Quarter |
|
|
|
|
|
|
Allowance for loan
losses |
|
|
|
|
|
Balance at beginning of period |
$ 19,611 |
$ 17,678 |
$ 16,880 |
$ 15,597 |
$ 15,309 |
Provision for loan losses |
3,745 |
5,320 |
2,560 |
3,560 |
3,225 |
Net charge-offs |
(4,581) |
(3,387) |
(1,762) |
(2,277) |
(2,937) |
Balance at end of period |
$ 18,775 |
$ 19,611 |
$ 17,678 |
$ 16,880 |
$ 15,597 |
|
|
|
|
|
|
As a % of loans |
2.21% |
2.26% |
2.00% |
1.95% |
1.81% |
As a % of nonperforming loans |
45.59% |
53.40% |
51.77% |
64.92% |
56.99% |
As a % of nonperforming assets |
38.33% |
44.47% |
41.62% |
46.56% |
46.22% |
|
|
|
|
|
|
Net charge-offs as a % of average loans
(a) |
2.26% |
1.63% |
0.83% |
1.07% |
1.41% |
|
|
|
|
|
|
Risk element assets |
|
|
|
|
|
Nonaccruing loans |
$ 39,001 |
$ 35,579 |
$ 32,545 |
$ 25,694 |
$ 24,994 |
Loans past due 90 days – accruing |
2,184 |
1,146 |
1,570 |
307 |
2,374 |
Total nonperforming loans |
41,185 |
36,725 |
34,115 |
26,001 |
27,368 |
Other real estate owned |
7,793 |
7,374 |
8,329 |
10,252 |
6,377 |
Total nonperforming
assets |
$ 48,978 |
$ 44,099 |
$ 42,444 |
$ 36,253 |
$ 33,745 |
|
|
|
|
|
|
Loans past due 30-89 days |
$ 10,259 |
$ 13,740 |
$ 5,182 |
$ 8,122 |
$ 6,670 |
|
|
|
|
|
|
Nonperforming loans as a % of loans |
4.85% |
4.23% |
3.86% |
3.00% |
3.17% |
Nonperforming assets as a % of loans |
|
|
|
|
|
and other real estate owned |
5.72% |
5.03% |
4.76% |
4.13% |
3.88% |
Nonperforming assets as a % of assets |
3.97% |
4.21% |
4.04% |
3.48% |
3.31% |
|
|
|
|
|
|
(a) Annualized |
|
The Savannah Bancorp,
Inc. and Subsidiaries |
Loan Concentration
Schedule |
June 30, 2010 and
December 31, 2009 |
|
|
|
|
|
|
($ in thousands) |
6/30/10 |
% of Total |
12/31/09 |
% of Total |
% Dollar Change |
Non-residential real estate |
|
|
|
|
|
Owner-occupied |
$ 157,906 |
19 |
$ 137,439 |
16 |
15 |
Non owner-occupied |
146,937 |
17 |
159,091 |
18 |
(7.6) |
Construction |
5,966 |
1 |
5,352 |
1 |
11 |
Commercial land and
lot development |
45,289 |
5 |
47,080 |
5 |
(3.8) |
Total non-residential real estate |
356,098 |
42 |
348,962 |
40 |
2.0 |
Residential real estate |
|
|
|
|
|
Owner-occupied – 1-4
family |
85,003 |
10 |
95,741 |
11 |
(11) |
Non owner-occupied – 1-4
family |
162,224 |
19 |
158,172 |
18 |
2.6 |
Construction |
25,781 |
3 |
27,061 |
3 |
(4.7) |
Residential land and lot
development |
76,958 |
9 |
92,346 |
10 |
(17) |
Home equity
lines |
56,492 |
7 |
57,527 |
6 |
(1.8) |
Total residential real estate |
406,458 |
48 |
430,847 |
48 |
(5.7) |
Total real estate loans |
762,556 |
90 |
779,809 |
88 |
(2.2) |
Commercial |
71,453 |
8 |
89,379 |
10 |
(20) |
Consumer |
15,101 |
2 |
14,971 |
2 |
0.8 |
Unearned fees, net |
(258) |
-- |
(273) |
-- |
(5.5) |
Total loans, net of unearned fees |
$ 848,852 |
100 |
$ 883,886 |
100 |
(4.0) |
|
The Savannah Bancorp,
Inc. and Subsidiaries |
Average Balance Sheet
and Rate/Volume Analysis – Second Quarter, 2010 and
2009 |
|
|
|
|
|
|
Taxable-Equivalent |
|
(a) Variance |
Average Balance |
Average Rate |
|
Interest (b) |
|
Attributable to |
QTD |
QTD |
QTD |
QTD |
|
QTD |
QTD |
Vari- |
|
|
6/30/10 |
6/30/09 |
6/30/10 |
6/30/09 |
|
6/30/10 |
6/30/09 |
ance |
Rate |
Volume |
($ in thousands) |
(%) |
|
($ in thousands) |
|
($ in thousands) |
|
|
|
|
Assets |
|
|
|
|
|
$ 32,915 |
$ 8,819 |
0.24 |
0.55 |
Interest-bearing deposits |
$ 20 |
$ 12 |
$ 8 |
$ (7) |
$ 15 |
78,271 |
71,551 |
2.44 |
4.89 |
Investments - taxable |
476 |
873 |
(397) |
(437) |
40 |
7,595 |
1,467 |
4.33 |
7.38 |
Investments - non-taxable |
82 |
27 |
55 |
(11) |
66 |
7,365 |
4,414 |
0.27 |
0.18 |
Federal funds sold |
5 |
2 |
3 |
1 |
2 |
813,215 |
835,822 |
5.57 |
5.69 |
Loans (c) |
11,300 |
11,858 |
(558) |
(250) |
(308) |
939,361 |
922,073 |
5.07 |
5.56 |
Total interest-earning assets |
11,883 |
12,772 |
(889) |
(1,126) |
237 |
98,815 |
83,039 |
|
|
Noninterest-earning assets |
|
|
|
|
|
$ 1,038,176 |
$ 1,005,112 |
|
|
Total assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and equity |
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
$ 126,536 |
$ 124,691 |
0.37 |
0.49 |
NOW accounts |
117 |
153 |
(36) |
(37) |
1 |
18,015 |
16,425 |
0.40 |
0.71 |
Savings accounts |
18 |
29 |
(11) |
(13) |
2 |
188,443 |
118,787 |
1.57 |
1.76 |
Money market accounts |
739 |
522 |
217 |
(56) |
273 |
63,147 |
91,463 |
1.03 |
1.61 |
Money market accounts -
institutional |
162 |
367 |
(205) |
(132) |
(73) |
168,090 |
160,127 |
2.36 |
3.48 |
CDs, $100M or more |
988 |
1,391 |
(403) |
(447) |
44 |
97,563 |
113,551 |
1.18 |
2.17 |
CDs, broker |
288 |
613 |
(325) |
(280) |
(45) |
150,201 |
142,272 |
2.16 |
3.35 |
Other time deposits |
807 |
1,189 |
(382) |
(422) |
40 |
811,995 |
767,316 |
1.54 |
2.23 |
Total interest-bearing deposits |
3,119 |
4,264 |
(1,145) |
(1,320) |
175 |
34,695 |
45,704 |
3.63 |
2.12 |
Short-term/other borrowings |
314 |
242 |
72 |
172 |
(100) |
15,992 |
13,974 |
2.26 |
2.24 |
FHLB advances - long-term |
90 |
78 |
12 |
1 |
11 |
10,310 |
10,310 |
2.92 |
3.73 |
Subordinated debt |
75 |
96 |
(21) |
(21) |
-- |
|
|
|
|
Total interest-bearing |
|
|
|
|
|
872,992 |
837,304 |
1.65 |
2.24 |
liabilities |
3,598 |
4,680 |
(1,082) |
(1,232) |
150 |
83,620 |
82,172 |
|
|
Noninterest-bearing deposits |
|
|
|
|
|
1,454 |
6,030 |
|
|
Other liabilities |
|
|
|
|
|
80,110 |
79,606 |
|
|
Shareholders' equity |
|
|
|
|
|
$ 1,038,176 |
$ 1,005,112 |
|
|
Liabilities and equity |
|
|
|
|
|
|
|
3.42 |
3.32 |
Interest rate spread |
|
|
|
|
|
|
|
3.54 |
3.52 |
Net interest margin |
|
|
|
|
|
|
|
|
|
Net interest income |
$ 8,285 |
$ 8,092 |
$ 193 |
$ 106 |
$ 87 |
$ 66,369 |
$ 84,769 |
|
|
Net earning assets |
|
|
|
|
|
$ 895,615 |
$ 849,488 |
|
|
Average deposits |
|
|
|
|
|
|
|
1.40 |
2.01 |
Average cost of deposits |
|
|
|
|
|
91% |
98% |
|
|
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 $8 in the
second quarter 2010 and 2009, respectively.
(c) Average nonaccruing loans have been excluded from total
average loans and categorized in noninterest-earning
assets.
|
The Savannah Bancorp,
Inc. and Subsidiaries |
Average Balance Sheet
and Rate/Volume Analysis – First Six Months, 2010 and
2009 |
|
|
|
|
|
|
Taxable-Equivalent |
|
(a) Variance |
Average Balance |
Average Rate |
|
Interest (b) |
|
Attributable to |
YTD |
YTD |
YTD |
YTD |
|
YTD |
YTD |
Vari- |
|
|
6/30/10 |
6/30/09 |
6/30/10 |
6/30/09 |
|
6/30/10 |
6/30/09 |
ance |
Rate |
Volume |
($ in thousands) |
(%) |
|
($ in thousands) |
|
($ in thousands) |
|
|
|
|
Assets |
|
|
|
|
|
$ 19,450 |
$ 6,331 |
0.31 |
0.80 |
Interest-bearing deposits |
$ 30 |
$ 25 |
$ 5 |
$ (15) |
$ 20 |
77,969 |
74,133 |
2.50 |
4.79 |
Investments - taxable |
965 |
1,761 |
(796) |
(842) |
46 |
7,712 |
1,520 |
4.16 |
6.63 |
Investments - non-taxable |
159 |
50 |
109 |
(19) |
128 |
7,179 |
4,011 |
0.31 |
0.20 |
Federal funds sold |
11 |
4 |
7 |
2 |
5 |
827,344 |
837,796 |
5.59 |
5.66 |
Loans (c) |
22,921 |
23,506 |
(585) |
(291) |
(294) |
939,654 |
923,791 |
5.17 |
5.53 |
Total interest-earning assets |
24,086 |
25,346 |
(1,260) |
(1,649) |
389 |
95,678 |
80,314 |
|
|
Noninterest-earning assets |
|
|
|
|
|
$ 1,035,332 |
$ 1,004,105 |
|
|
Total assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and equity |
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
$ 124,688 |
$ 124,023 |
0.38 |
0.50 |
NOW accounts |
235 |
310 |
(75) |
(74) |
(1) |
17,742 |
15,750 |
0.44 |
0.72 |
Savings accounts |
39 |
56 |
(17) |
(22) |
5 |
180,672 |
113,038 |
1.58 |
1.78 |
Money market accounts |
1,418 |
996 |
422 |
(112) |
534 |
65,380 |
94,759 |
0.98 |
1.71 |
Money market accounts -
institutional |
318 |
805 |
(487) |
(343) |
(144) |
164,974 |
152,281 |
2.52 |
3.62 |
CDs, $100M or more |
2,064 |
2,730 |
(666) |
(831) |
165 |
101,889 |
118,115 |
1.13 |
2.42 |
CDs, broker |
573 |
1,417 |
(844) |
(756) |
(88) |
150,012 |
141,542 |
2.35 |
3.46 |
Other time deposits |
1,746 |
2,431 |
(685) |
(779) |
94 |
805,357 |
759,508 |
1.60 |
2.32 |
Total interest-bearing deposits |
6,393 |
8,745 |
(2,352) |
(2,712) |
360 |
38,955 |
53,875 |
3.36 |
1.86 |
Short-term/other borrowings |
650 |
497 |
153 |
401 |
(248) |
15,828 |
12,269 |
2.20 |
2.19 |
FHLB advances - long-term |
173 |
133 |
40 |
1 |
39 |
10,310 |
10,310 |
2.91 |
4.01 |
Subordinated debt |
149 |
205 |
(56) |
(56) |
-- |
|
|
|
|
Total interest-bearing |
|
|
|
|
|
870,450 |
835,962 |
1.71 |
2.31 |
liabilities |
7,365 |
9,580 |
(2,215) |
(2,487) |
272 |
81,485 |
81,660 |
|
|
Noninterest-bearing deposits |
|
|
|
|
|
3,831 |
6,247 |
|
|
Other liabilities |
|
|
|
|
|
79,566 |
80,236 |
|
|
Shareholders' equity |
|
|
|
|
|
$ 1,035,332 |
$ 1,004,105 |
|
|
Liabilities and equity |
|
|
|
|
|
|
|
3.46 |
3.22 |
Interest rate spread |
|
|
|
|
|
|
|
3.59 |
3.44 |
Net interest margin |
|
|
|
|
|
|
|
|
|
Net interest income |
$16,721 |
$ 15,766 |
$ 955 |
$ 838 |
$ 117 |
$ 69,204 |
$ 87,829 |
|
|
Net earning assets |
|
|
|
|
|
$ 886,842 |
$ 841,168 |
|
|
Average deposits |
|
|
|
|
|
|
|
1.45 |
2.10 |
Average cost of deposits |
|
|
|
|
|
93% |
100% |
|
|
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 $16 in
the first six months 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
The Savannah Bancorp, Inc. (MM) (NASDAQ:SAVB)
Historical Stock Chart
From Jun 2024 to Jul 2024
The Savannah Bancorp, Inc. (MM) (NASDAQ:SAVB)
Historical Stock Chart
From Jul 2023 to Jul 2024