The Savannah Bancorp, Inc. (Nasdaq:SAVB) reported a net loss for
the fourth quarter 2010 of $1,876,000 compared to net income of
$762,000 in the fourth quarter 2009. Net loss per diluted share was
26 cents in the fourth quarter of 2010 compared to net income per
diluted share of 13 cents in 2009. Net loss for 2010 was $3,989,000
compared to net income of $929,000 in 2009. Net loss per diluted
share was 60 cents in 2010 compared to net income per diluted share
of 16 cents in 2009. The decline in 2010 earnings results primarily
from a higher provision for loan losses, lower gain on sale of
securities and gain on hedges, partially offset by higher net
interest income. Pretax earnings before the provision for loan
losses and gain/loss on sale of securities and foreclosed assets
were $15,765,000 in 2010 versus $14,596,000 in 2009. Core earnings
were $4,448,000 in the fourth quarter 2010 compared to $3,835,000
in 2009.
Total assets increased 1.6 percent to $1.07 billion at December
31, 2010, up $16 million from $1.05 billion a year earlier. Loans
totaled $827 million compared to $884 million one year earlier, a
decrease of 6.5 percent. Deposits totaled $924 million and $885
million at December 31, 2010 and 2009, respectively, an increase of
4.4 percent. Shareholders' equity was $85.8 million at December 31,
2010 compared to $79.0 million at December 31, 2009. The Company's
total capital to risk-weighted assets ratio was 12.29 percent at
December 31, 2010, which exceeds the 10 percent required by the
regulatory agencies to maintain well-capitalized status.
John C. Helmken II, President and CEO, said, "In the fourth
quarter, we had an opportunity to exit several nonperforming
relationships and though the short term impact of those actions
resulted in our quarterly loss, the actions allowed us to resolve
several significant problem assets. While there seems to be a
growing sentiment, both regionally and locally, that the economy
has turned the corner, it is only appropriate that we move some of
these nonperforming assets in the event the bottom that we are
sensing is false. Additionally, as we have done throughout the
year, our discipline of reappraising collateral and OREO again
contributed to some of our changes to earnings."
The allowance for loan losses was $20,350,000, or 2.46 percent
of total loans at December 31, 2010 compared to $17,678,000 or 2.00
percent of total loans a year earlier. Nonperforming assets were
$49,099,000 or 4.60 percent of total assets at December 31, 2010
compared to $42,444,000 or 4.04 percent at December 31, 2009. For
2010, net charge-offs were $18,348,000 compared to $8,687,000 for
2009. The provision for loan losses was $21,020,000 in 2010
compared to $13,065,000 in 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.
Fourth quarter 2010 net charge-offs were $5,894,000 compared to net
charge-offs of $1,762,000 for the same period in 2009. The
provision for loan losses for the fourth quarter of 2010 was
$6,725,000 compared to $2,560,000 for 2009.
Helmken continued, "Our strategic and operational direction
remains sound. As stated above, our pre-tax, pre-provision
earnings allow us to continue to aggressively deal with asset
quality and real estate values with only a nominal impact on
capital. Our capital ratios remain very strong with a leverage
ratio of 8.44 percent and total capital to risk-weighted assets of
12.29 percent. Net interest income for 2010 was the highest in
our Company's 20 year history. Our fourth quarter net interest
income of $8.8 million is the highest recorded in the last eight
quarters. Noninterest expense, which was elevated in the third
quarter in part due to our acquisition of the deposits of First
National Bank, is down to a more acceptable level of $6.7
million. However, there is more work to be done there and we
are well into that process.
We continue to do many things well but they are overshadowed by
our portfolio losses. Our branches continue to do an
outstanding job of gathering low cost deposits as is evidenced by
an improved deposit mix and a net interest margin that was up to
3.57 percent in the fourth quarter. Our commercial group is
bringing in new loan relationships even as we reduce our
concentrations of construction and development loans. Wealth
management continues to shine with the strong performance of Minis
& Co. and growth in the customers served by The Savannah Bank's
Trust division. We continue to be in a 'do business' mode
at The Savannah Bancorp."
Net interest income increased $1,262,000, or 3.9 percent, in
2010 versus 2009. The net interest margin decreased 3 basis
points to 3.43 percent in 2010, while average interest-earning
assets increased $44 million. Net interest income increased
$518,000, or 6.2 percent, to $8,833,000 in the fourth quarter 2010
versus the fourth quarter 2009. Fourth quarter net interest
margin increased to 3.57 percent in 2010 as compared to 3.47
percent in 2009, primarily because the Company continued to reduce
its cost of funds in 2010. The net interest margin increased
55 basis points on a linked quarter basis from the 3.02 percent
margin for the third quarter 2010. The Company received $174
million in cash when it acquired the deposits and certain assets of
First National Bank, Savannah ("First National") in an
FDIC-assisted transaction in June, 2010. This excess liquidity
decreased the net interest margin significantly in the third
quarter 2010.
Noninterest income declined $1,511,000, or 17 percent, in 2010
versus 2009. The decline was primarily due to $871,000 lower
gain on hedges and $1,511,000 lower gain on sale of securities
partially offset by $248,000 higher trust and asset management fees
and $678,000 higher other operating income. Noninterest income
decreased $913,000, or 34 percent, in the fourth quarter of 2010
versus the same period in 2009 due to a $1,123,000 lower gain on
the sale of securities, partially offset by $249,000, or 77
percent, higher other operating income. In the fourth quarter
2010, the Company sold its 50 percent interest in a parking lot
that resulted in a $255,000 gain included in other operating
income.
Noninterest expense for 2010 was flat compared to 2009. In
2010, noninterest expense included approximately $600,000 of
expenses related to the purchase of First
National. Noninterest expense decreased $587,000, or 8.1
percent, to $6,701,000 in the fourth quarter 2010 compared to the
same period in 2009. FDIC deposit insurance increased $72,000,
or 19 percent, while loss on sale of foreclosed assets decreased
$702,000, or 55 percent, to $567,000. In addition, fourth
quarter 2010 noninterest expense included approximately $250,000 of
expenses related to the purchase of First National. The
Company closed three branches of the former First National in the
fourth quarter.
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 eleven 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.
A printable PDF format of this entire Annual Earnings Release
may be obtained from the Corporate Website at www.savb.com under
the "SEC Filings and More" link and then "Latest Earnings
Release".
|
The Savannah Bancorp,
Inc. and Subsidiaries |
Fourth Quarter
Financial Highlights |
December 31, 2010 and
2009 |
($ in thousands, except share
data) |
(Unaudited) |
|
Balance Sheet Data at December
31 |
2010 |
2009 |
Change |
Total assets |
$ 1,066,9300 |
$ 1,050,508 |
1.6 |
Interest-earning assets |
971,653 |
959,219 |
1.3 |
Loans |
826,562 |
883,886 |
(6.5) |
Other real estate owned |
13,199 |
8,329 |
58 |
Deposits |
923,745 |
884,569 |
4.4 |
Interest-bearing liabilities |
881,599 |
883,527 |
(0.2) |
Shareholders' equity |
85,803 |
79,026 |
8.6 |
Loan to deposit ratio |
89.48% |
99.92% |
(10) |
Equity to assets |
8.04% |
7.52% |
6.9 |
Tier 1 capital to risk-weighted assets |
11.02% |
10.30% |
7.0 |
Total capital to risk-weighted assets |
12.29% |
11.56% |
6.3 |
Outstanding shares |
7,200 |
5,932 |
21 |
Book value per share |
$ 11.92 |
$ 13.32 |
(11) |
Tangible book value per share |
$ 11.39 |
$ 12.90 |
(12) |
Market value per share |
$ 7.00 |
$ 8.00 |
(13) |
|
|
|
|
Loan Quality
Data |
Nonaccruing loans |
$ 32,836 |
$ 32,545 |
0.9 |
Loans past due 90 days – accruing |
3,064 |
1,570 |
95 |
Net charge-offs |
18,348 |
8,687 |
111 |
Allowance for loan losses |
20,350 |
17,678 |
15 |
Allowance for loan losses to total loans |
2.46% |
2.00% |
23 |
Nonperforming assets to total assets |
4.60% |
4.04% |
14 |
|
|
|
|
Performance Data
for the Fourth Quarter |
Net income (loss) |
$ (1,876) |
$ 762 |
(346) |
Return on average assets |
(0.69)% |
0.29% |
(338) |
Return on average equity |
(8.43)% |
3.80% |
(322) |
Net interest margin |
3.57% |
3.47% |
2.9 |
Efficiency ratio |
63.22% |
66.28% |
(4.6) |
Per share data: |
|
|
|
Net income (loss) – basic |
$ (0.26) |
$ 0.13 |
(300) |
Net income (loss) – diluted |
$ (0.26) |
$ 0.13 |
(300) |
Dividends |
$ 0.00 |
$ 0.02 |
NM |
Average shares (000s): |
|
|
|
Basic |
7,200 |
5,932 |
21 |
Diluted |
7,200 |
5,937 |
21 |
|
|
|
|
Performance Data
for the Year |
Net income (loss) |
$ (3,989) |
$ 929 |
(529) |
Return on average assets |
(0.37)% |
0.09% |
(511) |
Return on average equity |
(4.73)% |
1.16% |
(508) |
Net interest margin |
3.43% |
3.46% |
(0.9) |
Efficiency ratio |
66.00% |
65.60% |
0.6 |
Per share data: |
|
|
|
Net income (loss) – basic |
$ (0.60) |
$ 0.16 |
(475) |
Net income (loss) – diluted |
$ (0.60) |
$ 0.16 |
(475) |
Dividends |
$ 0.02 |
$ 0.185 |
(89) |
Average shares (000s): |
|
|
|
Basic |
6,625 |
5,933 |
12 |
Diluted |
6,625 |
5,936 |
12 |
|
|
The Savannah Bancorp,
Inc. and Subsidiaries |
Consolidated Balance
Sheets |
($ in thousands, except share
data) |
(Unaudited) |
|
|
|
December
31, |
|
2010 |
2009 |
Assets |
|
|
Cash and due from banks |
$ 17,990 |
$ 19,253 |
Federal funds sold |
110 |
8,575 |
Interest-bearing deposits |
40,836 |
12,707 |
Cash and cash equivalents |
58,936 |
40,535 |
Securities available for sale, at fair value
(amortized cost of $136,980 and $86,596) |
138,099 |
87,919 |
Loans, net of allowance for loan losses of
$20,350 and $17,678 |
806,212 |
866,208 |
Premises and equipment, net |
15,056 |
15,574 |
Other real estate owned |
13,199 |
8,329 |
Bank-owned life insurance |
6,309 |
6,434 |
Goodwill and other intangible assets,
net |
3,786 |
2,498 |
Other assets |
25,333 |
23,011 |
Total
assets |
$ 1,066,930 |
$ 1,050,508 |
|
|
|
Liabilities |
|
|
Deposits: |
|
|
Noninterest-bearing |
$ 95,725 |
$ 82,557 |
Interest-bearing demand |
140,531 |
143,559 |
Savings |
20,117 |
16,893 |
Money market |
265,840 |
228,124 |
Time deposits |
401,532 |
413,436 |
Total deposits |
923,745 |
884,569 |
Short-term borrowings |
17,075 |
39,553 |
Other borrowings |
10,536 |
15,988 |
FHLB advances – long-term |
15,658 |
15,664 |
Subordinated debt |
10,310 |
10,310 |
Other liabilities |
3,803 |
5,398 |
Total
liabilities |
981,127 |
971,482 |
|
|
|
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 |
48,634 |
38,605 |
Retained earnings |
29,275 |
33,383 |
Treasury stock, at cost, 1,702 and 1,443
shares |
(1) |
(4) |
Accumulated other comprehensive income,
net |
694 |
1,108 |
Total
shareholders' equity |
85,803 |
79,026 |
Total liabilities
and shareholders' equity |
$ 1,066,930 |
$ 1,050,508 |
|
|
The Savannah Bancorp,
Inc. and Subsidiaries |
Consolidated
Statements of Income |
for the Twelve Months
and Five Quarters Ending December 31, 2010 |
($ in thousands, except per
share data) |
|
|
(Unaudited) |
|
For the Twelve
Months Ended |
2010 |
2009 |
Q4-10 / |
|
December
31, |
% |
Fourth |
Third |
Second |
First |
Fourth |
Q4-09 |
|
2010 |
2009 |
Chg |
Quarter |
Quarter |
Quarter |
Quarter |
Quarter |
% Chg |
Interest and dividend
income |
|
|
|
|
|
|
|
|
|
Loans, including fees |
$ 45,001 |
$ 47,081 |
(4.4) |
$ 10,985 |
$ 11,100 |
$ 11,298 |
$ 11,618 |
$ 11,793 |
(6.9) |
Investment securities |
2,761 |
3,419 |
(19) |
950 |
698 |
552 |
561 |
688 |
38 |
Deposits with banks |
147 |
18 |
717 |
37 |
80 |
24 |
6 |
9 |
311 |
Federal funds sold |
20 |
45 |
(56) |
-- |
9 |
3 |
8 |
6 |
(100) |
Total interest and
dividend income |
47,929 |
50,563 |
(5.2) |
11,972 |
11,887 |
11,877 |
12,193 |
12,496 |
(4.2) |
Interest expense |
|
|
|
|
|
|
|
|
|
Deposits |
12,460 |
16,454 |
(24) |
2,731 |
3,336 |
3,118 |
3,275 |
3,652 |
(25) |
Borrowings & sub debt |
1,484 |
1,502 |
(1.2) |
330 |
358 |
392 |
404 |
446 |
(26) |
FHLB advances |
418 |
302 |
38 |
78 |
164 |
91 |
85 |
83 |
(6.0) |
Total interest
expense |
14,362 |
18,258 |
(21) |
3,139 |
3,858 |
3,601 |
3,764 |
4,181 |
(25) |
Net interest income |
33,567 |
32,305 |
3.9 |
8,833 |
8,029 |
8,276 |
8,429 |
8,315 |
6.2 |
Provision for loan losses |
21,020 |
13,065 |
61 |
6,725 |
5,230 |
3,745 |
5,320 |
2,560 |
163 |
Net interest income after
the provision for loan losses |
12,547 |
19,240 |
(35) |
2,108 |
2,799 |
4,531 |
3,109 |
5,755 |
(63) |
Noninterest income |
|
|
|
|
|
|
|
|
|
Trust and asset management fees |
2,599 |
2,351 |
11 |
651 |
637 |
678 |
633 |
613 |
6.2 |
Service charges on deposits |
1,788 |
1,809 |
(1.2) |
435 |
438 |
460 |
455 |
464 |
(6.3) |
Mortgage related income, net |
398 |
432 |
(7.9) |
76 |
130 |
103 |
89 |
92 |
(17) |
Other operating income |
1,916 |
1,238 |
55 |
571 |
354 |
355 |
636 |
322 |
77 |
Gain (loss) on hedges |
2 |
873 |
(100) |
16 |
(3) |
(11) |
-- |
48 |
(67) |
Gain (loss) on sale of securities |
608 |
2,119 |
(71) |
18 |
(18) |
141 |
467 |
1,141 |
(98) |
Total noninterest
income |
7,311 |
8,822 |
(17) |
1,767 |
1,538 |
1,726 |
2,280 |
2,680 |
(34) |
Noninterest expense |
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
11,948 |
12,146 |
(1.6) |
2,907 |
2,948 |
3,053 |
3,040 |
2,859 |
1.7 |
Occupancy and equipment |
3,945 |
3,716 |
6.2 |
1,041 |
1,102 |
909 |
893 |
1,014 |
2.7 |
Information technology |
2,101 |
1,810 |
16 |
512 |
575 |
519 |
495 |
469 |
9.2 |
FDIC deposit insurance |
1,688 |
1,886 |
(10) |
448 |
442 |
410 |
388 |
376 |
19 |
Loss on sale of foreclosed assets |
2,472 |
2,566 |
(3.7) |
567 |
1,046 |
331 |
528 |
1,269 |
(55) |
Other operating expense |
4,823 |
4,854 |
(0.6) |
1,226 |
1,197 |
1,317 |
1,083 |
1,301 |
(5.8) |
Total noninterest
expense |
26,977 |
26,978 |
0.0 |
6,701 |
7,310 |
6,539 |
6,427 |
7,288 |
(8.1) |
Income (loss) before income taxes |
(7,119) |
1,084 |
(757) |
(2,826) |
(2,973) |
(282) |
(1,038) |
1,147 |
(346) |
Income tax expense (benefit) |
(3,130) |
155 |
NM |
(950) |
(1,410) |
(220) |
(550) |
385 |
(347) |
Net income (loss) |
$ (3,989) |
$ 929 |
(529) |
$ (1,876) |
$ (1,563) |
$ (62) |
$ (488) |
$ 762 |
(346) |
Net income (loss) per
share: |
|
|
|
|
|
|
|
|
|
Basic |
$ (0.60) |
$ 0.16 |
(475) |
$ (0.26) |
$ (0.22) |
$ (0.01) |
$ (0.08) |
$ 0.13 |
(300) |
Diluted |
$ (0.60) |
$ 0.16 |
(475) |
$ (0.26) |
$ (0.22) |
$ (0.01) |
$ (0.08) |
$ 0.13 |
(300) |
Average basic shares (000s) |
6,625 |
5,933 |
12 |
7,200 |
7,200 |
6,146 |
5,938 |
5,932 |
21 |
Average diluted shares (000s) |
6,625 |
5,936 |
12 |
7,200 |
7,200 |
6,146 |
5,938 |
5,937 |
21 |
Performance Ratios |
|
|
|
|
|
|
|
|
|
Return on average equity |
(4.73)% |
1.16% |
(508) |
(8.43)% |
(6.91)% |
(0.31)% |
(2.50)% |
3.80% |
(322) |
Return on average assets |
(0.37)% |
0.09% |
(511) |
(0.69)% |
(0.54)% |
(0.02)% |
(0.19)% |
0.29% |
(338) |
Net interest margin |
3.43% |
3.46% |
(0.9) |
3.57% |
3.02% |
3.54% |
3.64% |
3.47% |
2.9 |
Efficiency ratio |
66.00% |
65.60% |
0.6 |
63.22% |
76.41% |
65.38% |
60.01% |
66.28% |
(4.6) |
Average equity |
84,319 |
79,804 |
5.7 |
88,250 |
89,737 |
80,110 |
79,016 |
79,459 |
11 |
Average assets |
1,078,464 |
1,018,470 |
5.9 |
1,086,365 |
1,158,455 |
1,038,176 |
1,032,454 |
1,038,328 |
4.6 |
Average interest-earning assets |
979,436 |
935,617 |
4.7 |
983,548 |
1,057,565 |
939,361 |
938,805 |
951,258 |
3.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Savannah Bancorp,
Inc. and Subsidiaries |
Selected Financial
Condition Highlights – Five-Year Comparison |
($ in thousands, except per
share data) |
(Unaudited) |
|
|
2010 |
2009 |
2008 |
2007 |
2006 |
Selected Average
Balances |
|
|
|
|
|
Assets |
$ 1,078,464 |
$ 1,018,470 |
$ 960,260 |
$ 869,026 |
$ 769,917 |
Interest-earning assets |
979,436 |
935,617 |
898,295 |
830,900 |
734,470 |
Loans, net of unearned income |
810,484 |
841,033 |
821,673 |
754,490 |
658,750 |
Securities |
111,753 |
81,282 |
62,019 |
58,910 |
50,600 |
Other interest-earning assets |
57,199 |
13,302 |
13,838 |
16,201 |
17,278 |
Interest-bearing deposits |
840,077 |
777,763 |
701,045 |
628,310 |
542,375 |
Borrowed funds |
62,140 |
71,967 |
88,553 |
70,939 |
62,255 |
Total interest-bearing liabilities |
902,217 |
849,730 |
789,598 |
699,249 |
604,630 |
Noninterest-bearing deposits |
86,458 |
82,406 |
83,678 |
91,367 |
96,113 |
Total deposits |
926,535 |
860,169 |
784,723 |
719,677 |
638,488 |
Shareholders' equity |
84,319 |
79,804 |
78,998 |
71,516 |
61,766 |
Loan to deposit ratio – average |
87% |
98% |
105% |
105% |
103% |
|
|
|
|
|
|
Selected Financial Data at
Year-End |
|
|
|
|
|
Assets |
$ 1,066,930 |
$ 1,050,508 |
$ 1,007,284 |
$ 932,459 |
$ 843,514 |
Interest-earning assets |
971,653 |
959,219 |
931,448 |
878,992 |
803,927 |
Loans, net of unearned income |
826,562 |
883,886 |
864,974 |
808,651 |
720,918 |
Other real estate owned |
13,199 |
8,329 |
8,100 |
2,112 |
545 |
Deposits |
923,745 |
884,569 |
832,015 |
764,218 |
706,824 |
Interest-bearing liabilities |
881,599 |
883,527 |
837,558 |
759,597 |
669,974 |
Shareholders' equity |
85,803 |
79,026 |
80,932 |
76,272 |
66,574 |
Loan to deposit ratio |
89% |
100% |
104% |
106% |
102% |
Shareholders' equity to total assets |
8.04% |
7.52% |
8.03% |
8.18% |
7.89% |
Dividend payout ratio |
NM |
118.19% |
49.38% |
36.73% |
25.92% |
Risk-based capital ratios: |
|
|
|
|
|
Tier 1 capital to risk-weighted
assets |
11.02% |
10.30% |
10.28% |
10.49% |
11.09% |
Total capital to risk-weighted
assets |
12.29% |
11.56% |
11.54% |
11.74% |
12.34% |
|
|
|
|
|
|
Loan Quality Data |
|
|
|
|
|
Nonperforming assets |
$ 49,099 |
$ 42,444 |
$ 35,703 |
$ 19,535 |
$ 2,776 |
Nonperforming loans |
35,900 |
34,115 |
27,603 |
17,424 |
2,231 |
Net charge-offs |
18,348 |
8,687 |
5,564 |
765 |
444 |
Allowance for loan losses |
20,350 |
17,678 |
13,300 |
12,864 |
8,954 |
Allowance for loan losses to total loans |
2.46% |
2.00% |
1.54% |
1.59% |
1.24% |
Nonperforming loans to loans |
4.34% |
3.86% |
3.19% |
2.15% |
0.31% |
Nonperforming assets to total assets |
4.60% |
4.04% |
3.54% |
2.09% |
0.33% |
Net charge-offs to average loans |
2.26% |
1.03% |
0.68% |
0.01% |
0.07% |
|
|
|
|
|
|
Per Share Data at
Year-End |
|
|
|
|
|
Book value |
$ 11.92 |
$ 13.32 |
$ 13.64 |
$ 12.88 |
$ 11.52 |
Tangible book value |
11.39 |
12.90 |
13.19 |
12.40 |
11.52 |
Common stock closing price (Nasdaq) |
7.00 |
8.00 |
8.85 |
17.14 |
27.25 |
Outstanding shares (000s) |
7,200 |
5,932 |
5,933 |
5,924 |
5,781 |
|
|
|
|
|
|
|
|
|
|
|
|
The Savannah Bancorp,
Inc. and Subsidiaries |
Selected Operating
Highlights – Five-Year Comparison |
($ in thousands, except per
share data) |
(Unaudited) |
|
|
|
2010 |
2009 |
2008 |
2007 |
2006 |
Summary of operations |
|
|
|
|
|
Interest income - taxable equivalent |
$ 47,961 |
$ 50,595 |
$ 56,714 |
$ 63,414 |
$ 55,347 |
Interest expense |
14,362 |
18,258 |
24,439 |
30,282 |
22,737 |
Net interest income - taxable equivalent |
33,599 |
32,337 |
32,275 |
33,132 |
32,610 |
Taxable equivalent adjustment |
(32) |
(32) |
(32) |
(156) |
(158) |
Net interest income |
33,567 |
32,305 |
32,243 |
32,976 |
32,452 |
Provision for loan losses |
21,020 |
13,065 |
6,000 |
4,675 |
1,585 |
Net interest income after provision for
loan losses |
12,547 |
19,240 |
26,243 |
28,301 |
30,867 |
Noninterest income |
|
|
|
|
|
Trust and asset management fees |
2,599 |
2,351 |
2,832 |
1,513 |
658 |
Service charges on deposit accounts |
1,788 |
1,809 |
1,881 |
1,383 |
1,526 |
Mortgage related income, net |
398 |
432 |
295 |
615 |
886 |
Other operating income |
1,916 |
1,238 |
1,216 |
1,242 |
1,233 |
Gain on hedges |
2 |
873 |
1,288 |
-- |
-- |
Gain on sale of
securities |
608 |
2,119 |
163 |
-- |
-- |
Total noninterest income |
7,311 |
8,822 |
7,675 |
4,753 |
4,303 |
Noninterest expense |
|
|
|
|
|
Salaries and employee benefits |
11,948 |
12,146 |
13,584 |
11,846 |
10,852 |
Occupancy and equipment |
3,945 |
3,716 |
3,884 |
3,294 |
2,920 |
FDIC deposit insurance |
1,688 |
1,886 |
653 |
251 |
78 |
Information technology |
2,101 |
1,810 |
1,633 |
1,616 |
1,525 |
Loss on sale of foreclosed assets |
2,472 |
2,566 |
228 |
44 |
-- |
Other operating
expense |
4,823 |
4,854 |
4,760 |
4,132 |
4,578 |
Total noninterest expense |
26,977 |
26,978 |
24,742 |
21,183 |
19,953 |
Income (loss) before income taxes |
(7,119) |
1,084 |
9,176 |
11,871 |
15,217 |
Income tax expense (benefit) |
(3,130) |
155 |
3,170 |
4,235 |
5,215 |
Net income (loss) |
$ (3,989) |
$ 929 |
$ 6,006 |
$ 7,636 |
$ 10,002 |
Net income (loss) per
share: |
|
|
|
|
|
Basic |
$ (0.60) |
$ 0.16 |
$ 1.0 |
$ 1.31 |
$ 1.73 |
Diluted |
$ (0.60) |
$ 0.16 |
$ 1.01 |
$ 1.29 |
$ 1.70 |
Cash dividends paid per share |
$ 0.02 |
$ 0.185 |
$ 0.50 |
$ 0.48 |
$ 0.45 |
Average basic shares outstanding (000s) |
6,625 |
5,933 |
5,930 |
5,850 |
5,765 |
Average diluted shares outstanding
(000s) |
6,625 |
5,936 |
5,947 |
5,922 |
5,876 |
|
|
|
|
|
|
Performance ratios |
|
|
|
|
|
Net interest margin |
3.43% |
3.46% |
3.58% |
3.99% |
4.44% |
Return on average assets |
(0.37)% |
0.09% |
0.63% |
0.88% |
1.30% |
Return on average equity |
(4.73)% |
1.16% |
7.60% |
10.68% |
16.19% |
Efficiency ratio |
66.00% |
65.60% |
61.98% |
56.15% |
54.29% |
|
|
|
|
The Savannah Bancorp,
Inc. and Subsidiaries |
|
Selected Quarterly Data
– 2010 and 2009 |
|
($ in thousands, except per
share data) |
|
(Unaudited) |
|
|
|
Condensed Quarterly
Income Statements |
|
|
|
The following is a summary of
unaudited quarterly results for 2010 and 2009: |
|
|
|
|
2010 |
2009 |
|
|
Fourth |
Third |
Second |
First |
Fourth |
Third |
Second |
First |
|
Net interest income |
$ 8,833 |
$ 8,029 |
$ 8,276 |
$ 8,429 |
$ 8,315 |
$ 8,240 |
$ 8,084 |
$ 7,666 |
|
Provision for loan losses |
6,725 |
5,230 |
3,745 |
5,320 |
2,560 |
3,560 |
3,225 |
3,720 |
|
Net interest income after provision for loan
losses |
2,108 |
2,799 |
4,531 |
3,109 |
5,755 |
4,680 |
4,859 |
3,946 |
|
Noninterest income |
1,767 |
1,538 |
1,726 |
2,280 |
2,680 |
2,227 |
1,906 |
2,009 |
|
Noninterest expense |
6,701 |
7,310 |
6,539 |
6,427 |
7,288 |
6,476 |
6,739 |
6,475 |
|
Income (loss) before income taxes |
(2,826) |
(2,973) |
(282) |
(1,038) |
1,147 |
431 |
26 |
(520) |
|
Income tax expense (benefit) |
(950) |
(1,410) |
(220) |
(550) |
385 |
85 |
(80) |
(235) |
|
Net income (loss) |
$ (1,876) |
$ (1,563) |
$ (62) |
$ (488) |
$ 762 |
$ 346 |
$ 106 |
$ (285) |
|
|
|
|
|
|
|
|
|
|
|
Per share: |
|
|
|
|
|
|
|
|
|
Net income (loss) – basic |
$ (0.26) |
$ (0.22) |
$ (0.01) |
$ (0.08) |
$ 0.13 |
$ 0.06 |
$ 0.02 |
$ (0.05) |
|
Net income (loss) – diluted |
$ (0.26) |
$ (0.22) |
$ (0.01) |
$ (0.08) |
$ 0.13 |
$ 0.06 |
$ 0.02 |
$ (0.05) |
|
Dividends |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 0.02 |
$ 0.02 |
$ 0.02 |
$ 0.02 |
$ 0.125 |
|
Average shares (000s) |
|
|
|
|
|
|
|
|
|
Basic |
7,200 |
7,200 |
6,146 |
5,938 |
5,932 |
5,932 |
5,932 |
5,933 |
|
Diluted |
7,200 |
7,200 |
6,146 |
5,938 |
5,937 |
5,936 |
5,936 |
5,933 |
|
Quarterly Market Values of
Common Shares
The Company's common stock was sold in an initial public
offering on April 10, 1990. It is traded on the NASDAQ Global
Market under the symbol SAVB. The quarterly high, low and
closing stock trading prices for 2010 and 2009 are listed
below. There were approximately 630 holders of record of
Company Common Stock and, according to information available to the
Company, approximately 1,150 additional shareholders in street name
through brokerage accounts at December 31, 2010.
|
|
|
2010 |
2009 |
Closing Market Prices |
Fourth |
Third |
Second |
First |
Fourth |
Third |
Second |
First |
|
|
|
|
|
|
|
|
|
|
High |
$ 9.11 |
$ 10.05 |
$ 12.20 |
$ 11.09 |
$ 9.25 |
$ 8.50 |
$ 10.93 |
$ 10.00 |
Low |
6.85 |
8.86 |
9.03 |
7.50 |
7.00 |
6.65 |
6.65 |
6.00 |
Close |
7.00 |
9.30 |
9.76 |
10.61 |
8.00 |
8.10 |
6.65 |
7.01 |
|
|
The Savannah Bancorp,
Inc. and Subsidiaries |
Allowance for Loan
Losses and Nonperforming Assets |
(Unaudited) |
|
|
2010 |
2009 |
|
Fourth |
Third |
Second |
First |
Fourth |
($ in thousands) |
Quarter |
Quarter |
Quarter |
Quarter |
Quarter |
|
|
|
|
|
|
Allowance for loan
losses |
|
|
|
|
|
Balance at beginning of period |
$ 19,519 |
$ 18,775 |
$ 19,611 |
$ 17,678 |
$ 16,880 |
Provision for loan losses |
6,725 |
5,230 |
3,745 |
5,320 |
2,560 |
Net charge-offs |
(5,894) |
(4,486) |
(4,581) |
(3,387) |
(1,762) |
Balance at end of period |
$ 20,350 |
$ 19,519 |
$ 18,775 |
$ 19,611 |
$ 17,678 |
|
|
|
|
|
|
As a % of loans |
2.46% |
2.34% |
2.21% |
2.26% |
2.00% |
As a % of nonperforming loans |
56.69% |
47.56% |
45.59% |
53.40% |
51.77% |
As a % of nonperforming assets |
41.45% |
38.44% |
38.33% |
44.47% |
41.62% |
|
|
|
|
|
|
Net charge-offs as a % of average loans
(a) |
2.26% |
2.03% |
2.26% |
1.63% |
0.83% |
|
|
|
|
|
|
Risk element assets |
|
|
|
|
|
Nonaccruing loans |
$ 32,836 |
$ 40,837 |
$ 39,001 |
$ 35,579 |
$ 32,545 |
Loans past due 90 days – accruing |
3,064 |
204 |
2,184 |
1,146 |
1,570 |
Total nonperforming loans |
35,900 |
41,041 |
41,185 |
36,725 |
34,115 |
Other real estate owned |
13,199 |
9,739 |
7,793 |
7,374 |
8,329 |
Total nonperforming
assets |
$ 49,099 |
$ 50,780 |
$ 48,978 |
$ 44,099 |
$ 42,444 |
|
|
|
|
|
|
Loans past due 30-89 days |
$ 11,164 |
$ 10,757 |
$ 10,259 |
$ 13,740 |
$ 5,182 |
|
|
|
|
|
|
Nonperforming loans as a % of loans |
4.34% |
4.93% |
4.85% |
4.23% |
3.86% |
Nonperforming assets as a % of loans and
other real estate owned |
5.85% |
6.03% |
5.72% |
5.03% |
4.76% |
Nonperforming assets as a % of assets |
4.60% |
4.63% |
3.97% |
4.21% |
4.04% |
|
|
|
|
|
|
(a) Annualized |
The Savannah Bancorp, Inc. and
Subsidiaries |
Regulatory Capital
Ratios |
|
The banking regulatory agencies have adopted
capital requirements that specify the minimum level for which no
prompt corrective action is required. In addition, the Federal
Deposit Insurance Corporation ("FDIC") has adopted FDIC insurance
assessment rates based on certain "well-capitalized" risk-based and
equity capital ratios. Failure to meet minimum capital
requirements can result in the initiation of certain actions by the
regulators that, if undertaken, could have a material effect on the
Company's and the Subsidiary Banks' financial statements. The
following table shows the capital ratios for the Company and the
Subsidiary Banks at December 31, 2010 and 2009: |
|
($ in thousands) |
Company |
Savannah |
Bryan |
|
2010 |
2009 |
2010 |
2009 |
2010 |
2009 |
Qualifying
Capital |
|
|
|
|
|
|
Tier 1 capital |
$ 87,612 |
$ 85,420 |
$ 64,193 |
$ 60,461 |
$ 21,294 |
$ 21,672 |
Total capital |
97,676 |
95,880 |
71,524 |
68,061 |
23,850 |
24,255 |
Leverage Ratios |
|
|
|
|
|
|
Tier 1 capital to average assets |
8.12% |
8.25% |
7.97% |
7.93% |
8.20% |
8.57% |
Risk-based Ratios |
|
|
|
|
|
|
Tier 1 capital to risk-weighted assets |
11.02% |
10.30% |
11.06% |
10.02% |
10.56% |
10.57% |
Total capital to risk-weighted assets |
12.29% |
11.56% |
12.32% |
11.28% |
11.83% |
11.83% |
|
Following are the regulatory capital ratios
minimum ratio and the minimum ratios to be classified as a
well-capitalized holding company or bank: |
|
|
|
Required
Regulatory Capital Ratios: |
Minimum |
Well-
Capitalized |
Tier 1 capital to average assets |
4.00% |
5.00% |
Tier 1 capital to
risk-weighted assets |
4.00% |
6.00% |
Total capital to
risk-weighted assets |
8.00% |
10.00% |
|
|
Loan Concentration
Schedule |
|
|
|
|
|
|
($ in thousands) |
12/31/10 |
% of Total |
12/31/09 |
% of Total |
% Dollar Change |
Non-residential real estate |
|
|
|
|
|
Owner-occupied |
$ 122,778 |
15 |
$ 108,070 |
12 |
14 |
Non owner-occupied |
191,255 |
23 |
188,460 |
22 |
1.5 |
Construction |
3,157 |
-- |
5,352 |
1 |
(41) |
Commercial land and lot
development |
39,882 |
5 |
47,080 |
5 |
(15) |
Total non-residential real estate |
357,072 |
43 |
348,962 |
40 |
2.3 |
Residential real estate |
|
|
|
|
|
Owner-occupied – 1-4 family |
81,293 |
10 |
95,741 |
11 |
(15) |
Non owner-occupied – 1-4 family |
160,426 |
19 |
158,172 |
18 |
1.4 |
Construction |
13,502 |
2 |
27,061 |
3 |
(50) |
Residential land and lot development |
68,681 |
8 |
92,346 |
10 |
(26) |
Home equity lines |
55,917 |
7 |
57,527 |
6 |
(2.8) |
Total residential real estate |
379,819 |
46 |
430,847 |
48 |
(12) |
Total real estate loans |
736,891 |
89 |
779,809 |
88 |
(5.5) |
Commercial |
74,888 |
9 |
89,379 |
10 |
(16) |
Consumer |
15,002 |
2 |
14,971 |
2 |
-- |
Unearned fees, net |
(219) |
-- |
(273) |
-- |
(20) |
Total loans, net of unearned fees |
$ 826,562 |
100 |
$ 883,886 |
100 |
(6.5) |
|
|
The Savannah Bancorp,
Inc. and Subsidiaries |
Average Balance Sheet
and Rate/Volume Analysis – Fourth Quarter, 2010 and
2009 |
|
|
|
|
|
|
Taxable-Equivalent |
|
(a) Variance |
Average Balance |
Average Rate |
|
Interest (b) |
|
Attributable to |
QTD |
QTD |
QTD |
QTD |
|
QTD |
QTD |
Vari- |
|
|
12/31/10 |
12/31/09 |
12/31/10 |
12/31/09 |
|
12/31/10 |
12/31/09 |
ance |
Rate |
Volume |
($ in thousands) |
(%) |
|
($ in thousands) |
|
($ in thousands) |
|
|
|
|
Assets |
|
|
|
|
|
$ 49,667 |
$ 6,732 |
0.30 |
0.53 |
Interest-bearing deposits |
$ 37 |
$ 9 |
$ 28 |
$ (4) |
$ 32 |
140,431 |
81,189 |
2.49 |
3.04 |
Investments - taxable |
880 |
622 |
258 |
(113) |
371 |
6,935 |
6,677 |
4.35 |
4.28 |
Investments - non-taxable |
76 |
72 |
4 |
1 |
3 |
608 |
10,535 |
0.00 |
0.23 |
Federal funds sold |
-- |
6 |
(6) |
(6) |
-- |
785,907 |
846,125 |
5.55 |
5.53 |
Loans (c) |
10,987 |
11,795 |
(808) |
43 |
(851) |
983,548 |
951,258 |
4.83 |
5.22 |
Total interest-earning assets |
11,980 |
12,504 |
(524) |
(935) |
411 |
102,817 |
87,070 |
|
|
Noninterest-earning assets |
|
|
|
|
|
$ 1,086,365 |
$ 1,038,328 |
|
|
Total assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and equity |
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
$ 136,779 |
$ 127,193 |
0.34 |
0.40 |
NOW accounts |
117 |
129 |
(12) |
(19) |
7 |
19,308 |
16,563 |
0.29 |
0.50 |
Savings accounts |
14 |
21 |
(7) |
(9) |
2 |
221,039 |
152,898 |
1.38 |
1.67 |
Money market accounts |
769 |
645 |
124 |
(112) |
236 |
42,494 |
74,627 |
0.71 |
1.13 |
Money market accounts -
institutional |
76 |
212 |
(136) |
(79) |
(57) |
187,098 |
163,595 |
1.79 |
2.89 |
CDs, $100M or more |
845 |
1,193 |
(348) |
(454) |
106 |
60,717 |
115,520 |
0.90 |
1.38 |
CDs, broker |
137 |
402 |
(265) |
(140) |
(125) |
173,361 |
151,359 |
1.77 |
2.75 |
Other time deposits |
773 |
1,050 |
(277) |
(374) |
97 |
840,796 |
801,755 |
1.29 |
1.81 |
Total interest-bearing deposits |
2,731 |
3,652 |
(921) |
(1,051) |
130 |
28,788 |
40,162 |
3.43 |
3.66 |
Short-term/other borrowings |
249 |
370 |
(121) |
(23) |
(98) |
15,659 |
15,664 |
1.98 |
2.10 |
FHLB advances - long-term |
78 |
83 |
(5) |
(5) |
-- |
10,310 |
10,310 |
3.12 |
2.92 |
Subordinated debt |
81 |
76 |
5 |
5 |
-- |
895,553 |
867,891 |
1.39 |
1.91 |
Total interest-bearing liabilities |
3,139 |
4,181 |
(1,042) |
(1,138) |
96 |
93,178 |
84,320 |
|
|
Noninterest-bearing deposits |
|
|
|
|
|
9,384 |
6,658 |
|
|
Other liabilities |
|
|
|
|
|
88,250 |
79,459 |
|
|
Shareholders' equity |
|
|
|
|
|
$ 1,086,365 |
$ 1,038,328 |
|
|
Liabilities and equity |
|
|
|
|
|
|
|
3.44 |
3.31 |
Interest rate spread |
|
|
|
|
|
|
|
3.57 |
3.47 |
Net interest margin |
|
|
|
|
|
|
|
|
|
Net interest income |
$ 8,841 |
$ 8,323 |
$ 518 |
$ 203 |
$ 315 |
$ 87,995 |
$ 83,367 |
|
|
Net earning assets |
|
|
|
|
|
$ 933,974 |
$ 886,075 |
|
|
Average deposits |
|
|
|
|
|
|
|
1.16 |
1.64 |
Average cost of deposits |
|
|
|
|
|
84% |
95% |
|
|
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 $8 in the fourth quarter 2010 and 2009,
respectively. |
(c) Average nonaccruing loans
have been excluded from total average loans and categorized in
noninterest-earning assets. |
|
|
The Savannah Bancorp,
Inc. and Subsidiaries |
Average Balance Sheet
and Rate/Volume Analysis – 2010 and 2009 |
|
|
|
|
|
|
Taxable-Equivalent |
|
(a) Variance |
Average Balance |
Average Rate |
|
Interest (b) |
|
Attributable to |
YTD |
YTD |
YTD |
YTD |
|
YTD |
YTD |
Vari- |
|
|
12/31/10 |
12/31/09 |
12/31/10 |
12/31/09 |
|
12/31/10 |
12/31/09 |
ance |
Rate |
Volume |
($ in thousands) |
(%) |
|
($ in thousands) |
|
($ in thousands) |
|
|
|
|
Assets |
|
|
|
|
|
$ 50,461 |
$ 5,963 |
0.29 |
0.75 |
Interest-bearing deposits |
$ 147 |
$ 45 |
$ 102 |
$ (27) |
$ 129 |
104,367 |
77,844 |
2.35 |
4.20 |
Investments - taxable |
2,456 |
3,273 |
(817) |
(1,440) |
623 |
7,386 |
3,438 |
4.45 |
4.94 |
Investments - non-taxable |
329 |
170 |
159 |
(17) |
176 |
6,738 |
7,339 |
0.30 |
0.25 |
Federal funds sold |
20 |
18 |
2 |
4 |
(2) |
810,484 |
841,033 |
5.55 |
5.60 |
Loans (c) |
45,009 |
47,089 |
(2,080) |
(421) |
(1,659) |
979,436 |
935,617 |
4.90 |
5.41 |
Total interest-earning assets |
47,961 |
50,595 |
(2,634) |
(4,772) |
2,138 |
99,028 |
82,853 |
|
|
Noninterest-earning assets |
|
|
|
|
|
$ 1,078,464 |
$ 1,018,470 |
|
|
Total assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and equity |
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
$ 125,994 |
$ 123,715 |
0.36 |
0.46 |
NOW accounts |
450 |
572 |
(122) |
(124) |
2 |
18,402 |
16,071 |
0.39 |
0.65 |
Savings accounts |
71 |
104 |
(33) |
(42) |
9 |
199,331 |
131,402 |
1.49 |
1.74 |
Money market accounts |
2,974 |
2,281 |
693 |
(329) |
1,022 |
54,927 |
86,044 |
0.83 |
1.48 |
Money market accounts -
institutional |
456 |
1,272 |
(816) |
(559) |
(257) |
185,505 |
157,923 |
2.20 |
3.32 |
CDs, $100M or more |
4,081 |
5,239 |
(1,158) |
(1,769) |
611 |
86,523 |
117,120 |
1.01 |
2.01 |
CDs, broker |
877 |
2,356 |
(1,479) |
(1,171) |
(308) |
169,395 |
145,488 |
2.10 |
3.18 |
Other time deposits |
3,551 |
4,630 |
(1,079) |
(1,571) |
492 |
840,077 |
777,763 |
1.48 |
2.12 |
Total interest-bearing deposits |
12,460 |
16,454 |
(3,994) |
(4,978) |
984 |
34,170 |
47,675 |
3.45 |
2.39 |
Short-term/other borrowings |
1,178 |
1,140 |
38 |
505 |
(467) |
17,660 |
13,982 |
2.37 |
2.16 |
FHLB advances - long-term |
418 |
302 |
116 |
29 |
87 |
10,310 |
10,310 |
2.97 |
3.51 |
Subordinated debt |
306 |
362 |
(56) |
(56) |
-- |
902,217 |
849,730 |
1.59 |
2.15 |
Total interest-bearing liabilities |
14,362 |
18,258 |
(3,896) |
(4,758) |
862 |
86,458 |
82,406 |
|
|
Noninterest-bearing deposits |
|
|
|
|
|
5,470 |
6,530 |
|
|
Other liabilities |
|
|
|
|
|
84,319 |
79,804 |
|
|
Shareholders' equity |
|
|
|
|
|
$ 1,078,464 |
$ 1,018,470 |
|
|
Liabilities and equity |
|
|
|
|
|
|
|
3.31 |
3.26 |
Interest rate spread |
|
|
|
|
|
|
|
3.43 |
3.46 |
Net interest margin |
|
|
|
|
|
|
|
|
|
Net interest income |
$ 33,599 |
$ 32,337 |
$ 1,262 |
$ (14) |
$ 1,276 |
$ 77,219 |
$ 85,887 |
|
|
Net earning assets |
|
|
|
|
|
$ 926,535 |
$ 860,169 |
|
|
Average deposits |
|
|
|
|
|
|
|
1.34 |
1.91 |
Average cost of deposits |
|
|
|
|
|
87% |
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 $32 in 2010 and 2009, respectively. |
(c) Average nonaccruing loans
have been excluded from total average loans and categorized in
noninterest-earning assets. |
|
|
The Savannah Bancorp,
Inc. and Subsidiaries |
Consolidated Statements
of Shareholders' Equity |
For the Three Years
Ended December 31, 2010 |
($ in thousands, except share
data) |
|
|
December
31, |
|
2010 |
2009 |
2008 |
Common shares issued |
|
|
|
Shares, beginning of year |
5,933,789 |
5,933,789 |
5,923,797 |
Common stock issued |
1,267,557 |
-- |
6,211 |
Exercise of options |
-- |
-- |
3,781 |
Shares, end of year |
7,201,346 |
5,933,789 |
5,933,789 |
Treasury shares owned |
|
|
|
Shares, beginning of year |
1,443 |
318 |
318 |
Treasury stock issued |
(943) |
-- |
-- |
Unredeemed common stock |
36 |
-- |
-- |
Unvested restricted
stock |
1,166 |
1,125 |
-- |
Shares, end of year |
1,702 |
1,443 |
318 |
Common stock |
|
|
|
Balance, beginning of year |
$ 5,934 |
$ 5,934 |
$ 5,924 |
Common stock issued |
1,267 |
-- |
6 |
Exercise of options |
-- |
-- |
4 |
Balance, end of year |
7,201 |
5,934 |
5,934 |
Additional paid-in
capital |
|
|
|
Balance, beginning of year |
38,605 |
38,516 |
38,279 |
Common stock issued, net of issuance
costs |
9,980 |
-- |
68 |
Stock-based compensation, net |
49 |
89 |
137 |
Exercise of options |
-- |
-- |
32 |
Balance, end of year |
48,634 |
38,605 |
38,516 |
Retained earnings |
|
|
|
Balance, beginning of year |
33,383 |
33,552 |
30,512 |
Net income (loss) |
(3,989) |
929 |
6,006 |
Dividends paid |
(119) |
(1,098) |
(2,966) |
Balance, end of year |
29,275 |
33,383 |
33,552 |
Treasury stock |
|
|
|
Balance, beginning and end of year |
(4) |
(4) |
(4) |
Treasury stock
issued |
3 |
-- |
-- |
Balance, end of
year |
(1) |
(4) |
(4) |
Accumulated other comprehensive
income (loss), net |
|
|
|
Balance, beginning of year |
1,108 |
2,934 |
1,561 |
Change in unrealized gains/losses on
securities available for sale, net of tax |
(127) |
(531) |
842 |
Change in fair value and
gains on termination of derivative instruments, net of
tax |
(287) |
(1,295) |
531 |
Balance, end of year |
694 |
1,108 |
2,934 |
Total shareholders'
equity |
$ 85,803 |
$ 79,026 |
$ 80,932 |
CONTACT: 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