The Savannah Bancorp, Inc. (Nasdaq:SAVB) reported net income for
the first quarter 2011 of $126,000 compared to a net loss of
$488,000 for the first quarter 2010. Net income per diluted share
was 2 cents in the first quarter of 2011 compared to net loss per
diluted share of 8 cents in 2010. The quarter over quarter increase
in earnings resulted primarily from an increase in net interest
income and a decrease in the provision for loan losses. Pretax
earnings before the provision for loan losses and gain/loss on sale
of securities and foreclosed assets were $4,371,000 in the first
quarter 2011 compared to $4,343,000 in 2010. Other growth and
performance ratios are included in the attached financial
highlights.
Total assets decreased 0.8 percent to $1.04 billion at March 31,
2011, down $8 million from $1.05 billion a year earlier. Loans
totaled $819 million compared to $869 million one year earlier, a
decrease of 5.7 percent. Deposits totaled $898 million and
$902 million at March 31, 2011 and 2010, respectively, a decrease
of 0.4 percent. Shareholders' equity was $85.9 million at
March 31, 2011 compared to $77.9 million at March 31,
2010. The Company's total capital to risk-weighted assets
ratio was 12.56 percent at March 31, 2011, which exceeds the 10
percent required by the regulatory agencies to maintain
well-capitalized status.
John C. Helmken II, President and CEO, said, "Our bankers
continue to exhibit the pricing discipline that is always very
important, even more so in today's environment with so many
unprecedented challenges. Our first quarter net interest
margin was 3.73 percent, a 9 basis point increase over last year
and up 16 basis points over year end. We continue to do an
excellent job of controlling and maximizing the variables that we
can. In addition, our noninterest expense was down 4.9 percent
versus the first quarter of 2010. We continue to play offense
but identifying solid, credit worthy borrowers at an acceptable
margin is a challenge. We are soliciting relationships from
our competitors but have seen defensive loan pricing creep back
into the market."
The allowance for loan losses was $22,363,000, or 2.73 percent
of total loans at March 31, 2011 compared to $19,611,000 or 2.26
percent of total loans a year earlier. Nonperforming assets
were $48,752,000 or 4.69 percent of total assets at March 31, 2011
compared to $44,099,000 or 4.21 percent at March 31,
2010. First quarter net charge-offs were $2,347,000 compared
to net charge-offs of $3,387,000 for the same period in
2010. The provision for loan losses for the first quarter of
2011 was $4,360,000 compared to $5,320,000 for the first quarter of
2010. The lower provision for loan losses was primarily due to
the $49 million smaller loan portfolio, lower net charge-offs and
stabilizing credit quality trends.
Helmken added, "We continue to build our allowance for loan
losses, which exceeds $22 million and is now 2.73 percent of
loans. We believe that our reserve methodology is sound and
that we must continue elevated provision levels until real estate
values and sales activity have improved. We are encouraged by
what we are seeing in that regard but are not yet comfortable with
allowing the provision to return to more historical levels."
Helmken continued, "Our pre-tax, pre-provision core earnings
continue to be very strong and we remain confident in our strategic
and operational direction. With strong capital levels and
core earnings, we will aggressively address any asset quality
issues."
Net interest income increased $415,000, or 4.9 percent, in the
first quarter 2011 versus the first quarter 2010. First
quarter net interest margin increased to 3.73 percent in 2011 as
compared to 3.64 percent in 2010, primarily due to a lower cost on
interest-bearing deposits. This was partially offset by a
decrease in the yield on interest-earning assets. The cost of
interest-bearing deposits decreased from 1.66 percent for the first
three months of 2010 to 1.18 percent for the same period in 2011,
primarily due to the repricing of time deposits in the current low
interest rate environment. The yield on earning assets
decreased from 5.27 percent for the first three months of 2010 to
4.89 percent for the first three months of 2011 which was primarily
a result of the Company holding, on average, $77.5 million more in
lower yielding interest-bearing deposits and investments during the
first quarter of 2011 than the same period in 2010. The
Company received $174 million in cash when it acquired the deposits
and certain assets of First National Bank, Savannah in an
FDIC-assisted transaction in June, 2010 and much of this liquidity
was invested in interest-bearing deposits and
investments. Since this transaction, the Company has allowed
much of its brokered and higher priced time deposits to run-off in
order to reduce this excess liquidity and improve the net interest
margin. The Company on average held $25.7 million less in
interest-bearing deposits and investments during the first quarter
of 2011 compared to the fourth quarter of 2010 and the yield on
earning assets increased from 4.83 percent in the fourth quarter of
2010 to 4.89 percent during the first quarter of 2011. The
Company continues to aggressively manage the pricing on deposits
and the use of wholesale funds to mitigate the amount of margin
compression.
Noninterest income decreased $655,000, or 29 percent, in the
first quarter of 2011 versus the same period in 2010 due to a
$249,000 lower gain on the sale of securities, a $85,000 decline in
service charges on deposits and a $275,000 decrease in other
operating income. The decrease in other operating income was
due to the Company recording a $308,000 gain on a bank-owned life
insurance policy payout in which the Company was the beneficiary
during the first quarter of 2010.
Noninterest expense decreased $314,000, or 4.9 percent, to
$6,113,000 in the first quarter 2011 compared to the same period in
2010. Information technology expense declined $93,000, or 19
percent, and losses from write-downs and sales of foreclosed assets
decreased $295,000, or 56 percent. This was partially offset
by $92,000, or 24 percent, higher FDIC deposit insurance premiums.
The Company renegotiated and renewed its contract with its core
processor resulting in the decline in its information technology
expense. The increase in the FDIC premiums was due in part to
scheduled rate increases effective after the first quarter of
2010. The recent changes to the FDIC assessment process are
not effective until the second quarter 2011.
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.
The Savannah Bancorp,
Inc. and Subsidiaries |
First Quarter Financial
Highlights |
March 31, 2011
and 2010 |
($ in thousands, except share
data) |
(Unaudited) |
|
|
|
|
|
|
|
% |
Balance Sheet Data at March
31 |
2011 |
2010 |
Change |
Total assets |
$1,038,571 |
$1,046,645 |
(0.8) |
Interest-earning assets |
948,375 |
928,915 |
2.1 |
Loans |
819,152 |
868,516 |
(5.7) |
Other real estate owned |
14,014 |
7,374 |
90 |
Deposits |
898,171 |
901,792 |
(0.4) |
Interest-bearing liabilities |
855,885 |
870,238 |
(1.6) |
Shareholders' equity |
85,870 |
77,905 |
10 |
Loan to deposit ratio |
91.20% |
96.31% |
(5.3) |
Equity to assets |
8.27% |
7.44% |
11 |
Tier 1 capital to risk-weighted assets |
11.29% |
10.45% |
8.0 |
Total capital to risk-weighted assets |
12.56% |
11.71% |
7.3 |
Outstanding shares |
7,199 |
5,938 |
21 |
Book value per share |
$11.93 |
$13.12 |
(9.1) |
Tangible book value per share |
$11.41 |
$12.71 |
(10) |
Market value per share |
$7.35 |
$10.61 |
(31) |
|
|
|
|
Loan Quality Data |
|
|
|
Nonaccruing loans |
$33,921 |
$35,579 |
(4.7) |
Loans past due 90 days – accruing |
817 |
1,146 |
(29) |
Net charge-offs |
2,347 |
3,387 |
(31) |
Allowance for loan losses |
22,363 |
19,611 |
14 |
Allowance for loan losses to total loans |
2.73% |
2.26% |
21 |
Nonperforming assets to total assets |
4.69% |
4.21% |
11 |
|
|
|
|
Performance Data for the First
Quarter |
|
|
|
Net income (loss) |
$126 |
$ (488) |
126 |
Return on average assets |
0.05% |
(0.19)% |
126 |
Return on average equity |
0.59% |
(2.50)% |
124 |
Net interest margin |
3.73% |
3.64% |
2.5 |
Efficiency ratio |
58.39% |
60.01% |
(2.7) |
Per share data: |
|
|
|
Net income (loss) – basic |
$0.02 |
$ (0.08) |
125 |
Net income (loss) – diluted |
$0.02 |
$ (0.08) |
125 |
Dividends |
$0.00 |
$0.02 |
NM |
Average shares (000s): |
|
|
|
Basic |
7,199 |
5,936 |
21 |
Diluted |
7,199 |
5,936 |
21 |
|
The Savannah Bancorp,
Inc. and Subsidiaries |
Consolidated Balance
Sheets |
($ in thousands, except share
data) |
(Unaudited) |
|
|
|
|
March
31, |
|
2011 |
2010 |
Assets |
|
|
Cash and due from banks |
$14,074 |
$45,685 |
Federal funds sold |
155 |
9,205 |
Interest-bearing deposits in banks |
41,679 |
5,259 |
Cash and cash equivalents |
55,908 |
60,149 |
Securities available for sale, at fair value
(amortized cost of $121,310 and $81,514) |
122,323 |
82,128 |
Loans, net of allowance for loan losses of
$22,363 and $19,611 |
796,789 |
848,905 |
Premises and equipment, net |
14,830 |
15,494 |
Other real estate owned |
14,014 |
7,374 |
Bank-owned life insurance |
6,358 |
6,155 |
Goodwill and other intangible assets,
net |
3,730 |
2,462 |
Other assets |
24,619 |
23,978 |
Total
assets |
$1,038,571 |
$1,046,645 |
|
|
|
Liabilities |
|
|
Deposits: |
|
|
Noninterest-bearing |
$92,972 |
$94,836 |
Interest-bearing demand |
141,255 |
120,643 |
Savings |
20,963 |
18,266 |
Money market |
279,865 |
259,893 |
Time deposits |
363,116 |
408,154 |
Total deposits |
898,171 |
901,792 |
Short-term borrowings |
14,583 |
17,854 |
Other borrowings |
10,136 |
15,456 |
FHLB advances |
15,657 |
19,662 |
Subordinated debt |
10,310 |
10,310 |
Other liabilities |
3,844 |
3,666 |
Total
liabilities |
952,701 |
968,740 |
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 5,938,189 |
7,201 |
5,938 |
Additional paid-in capital |
48,641 |
38,644 |
Retained earnings |
29,401 |
32,776 |
Treasury stock, at cost, 2,210 and 500
shares |
(1) |
(1) |
Accumulated other comprehensive income,
net |
628 |
548 |
Total
shareholders' equity |
85,870 |
77,905 |
Total liabilities
and shareholders' equity |
$1,038,571 |
$1,046,645 |
|
The Savannah Bancorp,
Inc. and Subsidiaries |
Consolidated
Statements of Income |
for the Three Months
and Five Quarters Ending March 31, 2011 |
($ in thousands, except per
share data) |
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
For the Three
Months Ended |
2011 |
2010 |
Q1-11/Q1-10 |
|
March
31, |
% |
First |
Fourth |
Third |
Second |
First |
% |
|
2011 |
2010 |
Chg |
Quarter |
Quarter |
Quarter |
Quarter |
Quarter |
Chg |
Interest and dividend
income |
|
|
|
|
|
|
|
|
|
Loans, including fees |
$10,697 |
$11,618 |
(7.9) |
$10,697 |
$10,985 |
$11,100 |
$11,298 |
$11,618 |
(7.9) |
Investment securities |
875 |
561 |
56 |
875 |
950 |
698 |
552 |
561 |
56 |
Deposits with banks |
32 |
8 |
300 |
32 |
37 |
80 |
24 |
8 |
300 |
Federal funds sold |
1 |
6 |
(83) |
1 |
-- |
9 |
3 |
6 |
(83) |
Total interest and
dividend income |
11,605 |
12,193 |
(4.8) |
11,605 |
11,972 |
11,887 |
11,877 |
12,193 |
(4.8) |
Interest expense |
|
|
|
|
|
|
|
|
|
Deposits |
2,383 |
3,275 |
(27) |
2,383 |
2,731 |
3,336 |
3,118 |
3,275 |
(27) |
Borrowings & sub debt |
289 |
393 |
(26) |
289 |
330 |
358 |
392 |
393 |
(26) |
FHLB advances |
89 |
96 |
(7.3) |
89 |
78 |
164 |
91 |
96 |
(7.3) |
Total interest
expense |
2,761 |
3,764 |
(27) |
2,761 |
3,139 |
3,858 |
3,601 |
3,764 |
(27) |
Net interest income |
8,844 |
8,429 |
4.9 |
8,844 |
8,833 |
8,029 |
8,276 |
8,429 |
4.9 |
Provision for loan losses |
4,360 |
5,320 |
(18) |
4,360 |
6,725 |
5,230 |
3,745 |
5,320 |
(18) |
Net interest income after the provision
for loan losses |
4,484 |
3,109 |
44 |
4,484 |
2,108 |
2,799 |
4,531 |
3,109 |
44 |
Noninterest income |
|
|
|
|
|
|
|
|
|
Trust and asset management fees |
662 |
633 |
4.6 |
662 |
651 |
637 |
678 |
633 |
4.6 |
Service charges on deposits |
370 |
455 |
(19) |
370 |
435 |
438 |
460 |
455 |
(19) |
Mortgage related income, net |
14 |
89 |
(84) |
14 |
76 |
130 |
103 |
89 |
(84) |
Gain (loss) on sale of securities |
218 |
467 |
(53) |
218 |
18 |
(18) |
141 |
467 |
(53) |
Gain (loss) on hedges |
-- |
-- |
-- |
-- |
16 |
(3) |
(11) |
-- |
-- |
Other operating income |
361 |
636 |
(43) |
361 |
571 |
354 |
355 |
636 |
(43) |
Total noninterest
income |
1,625 |
2,280 |
(29) |
1,625 |
1,767 |
1,538 |
1,726 |
2,280 |
(29) |
Noninterest expense |
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
2,906 |
3,040 |
(4.4) |
2,906 |
2,907 |
2,948 |
3,053 |
3,040 |
(4.4) |
Occupancy and equipment |
883 |
893 |
(1.1) |
883 |
1,041 |
1,102 |
909 |
893 |
(1.1) |
FDIC deposit insurance |
480 |
388 |
24 |
480 |
448 |
442 |
410 |
388 |
24 |
Information technology |
402 |
495 |
(19) |
402 |
512 |
575 |
519 |
495 |
(19) |
Loss on sale of foreclosed assets |
233 |
528 |
(56) |
233 |
567 |
1,046 |
331 |
528 |
(56) |
Other operating expense |
1,209 |
1,083 |
12 |
1,209 |
1,226 |
1,197 |
1,317 |
1,083 |
12 |
Total noninterest
expense |
6,113 |
6,427 |
(4.9) |
6,113 |
6,701 |
7,310 |
6,539 |
6,427 |
(4.9) |
Income (loss) before income taxes |
(4) |
(1,038) |
NM |
(4) |
(2,826) |
(2,973) |
(282) |
(1,038) |
NM |
Income tax expense (benefit) |
(130) |
(550) |
(76) |
(130) |
(950) |
(1,410) |
(220) |
(550) |
(76) |
Net income (loss) |
$ 126 |
$ (488) |
126 |
$126 |
$ (1,876) |
$ (1,563) |
$ (62) |
$ (488) |
126 |
Net income (loss) per
share: |
|
|
|
|
|
|
|
|
|
Basic |
$ 0.02 |
$ (0.08) |
125 |
$0.02 |
$ (0.26) |
$ (0.22) |
$ (0.01) |
$ (0.08) |
125 |
Diluted |
$ 0.02 |
$ (0.08) |
125 |
$0.02 |
$ (0.26) |
$ (0.22) |
$ (0.01) |
$ (0.08) |
125 |
Average basic shares (000s) |
7,199 |
5,938 |
21 |
7,199 |
7,200 |
7,200 |
6,146 |
5,938 |
21 |
Average diluted shares (000s) |
7,199 |
5,938 |
21 |
7,199 |
7,200 |
7,200 |
6,146 |
5,938 |
21 |
Performance Ratios |
|
|
|
|
|
|
|
|
|
Return on average equity |
0.59% |
(2.50)% |
124 |
0.59% |
(8.43)% |
(6.91)% |
(0.31)% |
(2.50)% |
124 |
Return on average assets |
0.05% |
(0.19)% |
126 |
0.05% |
(0.69)% |
(0.54)% |
(0.02)% |
(0.19)% |
126 |
Net interest margin |
3.73% |
3.64% |
2.5 |
3.73% |
3.57% |
3.02% |
3.54% |
3.64% |
2.5 |
Efficiency ratio |
58.39% |
60.01% |
(2.7) |
58.39% |
63.22% |
76.41% |
65.38% |
60.01% |
(2.7) |
Average equity |
86,723 |
79,016 |
9.8 |
86,723 |
88,250 |
89,737 |
80,110 |
79,016 |
9.8 |
Average assets |
1,054,263 |
1,032,454 |
2.1 |
1,054,263 |
1,086,365 |
1,158,455 |
1,038,176 |
1,032,454 |
2.1 |
Average interest-earning assets |
962,328 |
938,805 |
2.5 |
962,328 |
983,548 |
1,057,565 |
939,361 |
938,805 |
2.5 |
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, 2011,
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 $82.1 million,
or 7.90 percent of total assets at March 31, 2011. The table
below includes the regulatory capital ratios for the Company and
each Subsidiary Bank along with the minimum capital ratio and the
ratio required to maintain a well-capitalized regulatory
status.
|
|
|
|
|
Well- |
($ in thousands) |
Company |
Savannah |
Bryan |
Minimum |
Capitalized |
|
|
|
|
|
|
Qualifying Capital |
|
|
|
|
|
Tier 1 capital |
$87,812 |
$64,463 |
$21,489 |
-- |
-- |
Total capital |
97,687 |
71,675 |
23,977 |
-- |
-- |
|
|
|
|
|
|
Leverage Ratios |
|
|
|
|
|
Tier 1 capital to average assets |
8.39% |
8.30% |
8.34% |
4.00% |
5.00% |
|
|
|
|
|
|
Risk-based Ratios |
|
|
|
|
|
Tier 1 capital to risk-weighted assets |
11.29% |
11.32% |
11.00% |
4.00% |
6.00% |
Total capital to risk-weighted assets |
12.56% |
12.59% |
12.28% |
8.00% |
10.00% |
Tier 1 and total capital at the Company level includes $10
million of subordinated debt issued to the Company's
nonconsolidated subsidiaries. Total capital also includes the
allowance for loan losses up to 1.25 percent of risk-weighted
assets.
The Savannah Bancorp,
Inc. and Subsidiaries |
Allowance for Loan
Losses and Nonperforming Assets |
(Unaudited) |
|
|
|
|
|
|
|
2011 |
2010 |
|
First |
Fourth |
Third |
Second |
First |
($ in thousands) |
Quarter |
Quarter |
Quarter |
Quarter |
Quarter |
|
|
|
|
|
|
Allowance for loan
losses |
|
|
|
|
|
Balance at beginning of period |
$20,350 |
$19,519 |
$18,775 |
$19,611 |
$17,678 |
Provision for loan losses |
4,360 |
6,725 |
5,230 |
3,745 |
5,320 |
Net charge-offs |
(2,347) |
(5,894) |
(4,486) |
(4,581) |
(3,387) |
Balance at end of period |
$22,363 |
$20,350 |
$19,519 |
$18,775 |
$19,611 |
|
|
|
|
|
|
As a % of loans |
2.73% |
2.46% |
2.34% |
2.21% |
2.26% |
As a % of nonperforming loans |
64.38% |
56.69% |
47.56% |
45.59% |
53.40% |
As a % of nonperforming assets |
45.87% |
41.45% |
38.44% |
38.33% |
44.47% |
|
|
|
|
|
|
Net charge-offs as a % of average loans
(a) |
1.21% |
2.26% |
2.03% |
2.26% |
1.63% |
|
|
|
|
|
|
Risk element assets |
|
|
|
|
|
Nonaccruing loans |
$33,921 |
$32,836 |
$40,837 |
$39,001 |
$35,579 |
Loans past due 90 days – accruing |
817 |
3,064 |
204 |
2,184 |
1,146 |
Total nonperforming loans |
34,738 |
35,900 |
41,041 |
41,185 |
36,725 |
Other real estate owned |
14,014 |
13,199 |
9,739 |
7,793 |
7,374 |
Total nonperforming
assets |
$48,752 |
$49,099 |
$50,780 |
$48,978 |
$44,099 |
|
|
|
|
|
|
Loans past due 30-89 days |
$9,175 |
$11,164 |
$10,757 |
$10,259 |
$13,740 |
|
|
|
|
|
|
Nonperforming loans as a % of loans |
4.24% |
4.34% |
4.93% |
4.85% |
4.23% |
Nonperforming assets as a % of loans and
other real estate owned |
5.85% |
5.85% |
6.03% |
5.72% |
5.03% |
Nonperforming assets as a % of assets |
4.69% |
4.60% |
4.63% |
3.97% |
4.21% |
|
|
|
|
|
|
(a) Annualized |
|
|
|
|
|
The Savannah Bancorp,
Inc. and Subsidiaries |
Loan Concentration
Schedule |
March 31, 2011 and
December 31, 2010 |
|
|
|
|
|
|
($ in thousands) |
2011 |
% of Total |
2010 |
% of Total |
% Change ($) |
Non-residential real estate |
|
|
|
|
|
Owner-occupied |
$126,066 |
15 |
$122,753 |
15 |
2.7 |
Non owner-occupied |
188,527 |
23 |
191,255 |
23 |
(1.4) |
Construction |
2,763 |
1 |
3,157 |
-- |
(12) |
Commercial land
and lot development |
40,593 |
5 |
39,882 |
5 |
1.8 |
Total non-residential real estate |
357,949 |
44 |
357,047 |
43 |
0.3 |
Residential real estate |
|
|
|
|
|
Owner-occupied – 1-4 family |
82,471 |
10 |
81,293 |
10 |
1.4 |
Non owner-occupied – 1-4 family |
158,355 |
19 |
160,426 |
19 |
(1.3) |
Construction |
15,296 |
2 |
13,502 |
2 |
13 |
Residential land and lot development |
64,655 |
8 |
68,681 |
8 |
(5.9) |
Home equity
lines |
53,162 |
6 |
55,917 |
7 |
(4.9) |
Total residential real estate |
373,939 |
45 |
379,819 |
46 |
(1.5) |
Total real estate loans |
731,888 |
89 |
736,866 |
89 |
(0.7) |
Commercial |
73,616 |
9 |
74,889 |
9 |
(1.7) |
Consumer |
13,878 |
2 |
15,026 |
2 |
(7.6) |
Unearned fees, net |
(230) |
-- |
(219) |
-- |
5.0 |
Total loans, net of unearned fees |
$819,152 |
100 |
$826,562 |
100 |
(0.9) |
|
The Savannah Bancorp,
Inc. and Subsidiaries |
Average Balance Sheet
and Rate/Volume Analysis – First Quarter, 2011 and
2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable-Equivalent |
|
(a) Variance |
Average Balance |
Average Rate |
|
Interest (b) |
|
Attributable
to |
QTD |
QTD |
QTD |
QTD |
|
QTD |
QTD |
Vari- |
|
|
3/31/2011 |
3/31/2010 |
3/31/2011 |
3/31/2010 |
|
3/31/2011 |
3/31/2010 |
ance |
Rate |
Volume |
($ in thousands) |
(%) |
|
($ in thousands) |
|
($ in thousands) |
|
|
|
|
Assets |
|
|
|
|
|
$41,604 |
$4,689 |
0.31 |
0.69 |
Interest-bearing deposits |
$32 |
$8 |
$24 |
$ (4) |
$28 |
125,509 |
77,664 |
2.60 |
2.57 |
Investments - taxable |
806 |
492 |
314 |
6 |
308 |
6,896 |
7,831 |
4.35 |
3.99 |
Investments - non-taxable |
74 |
77 |
(3) |
7 |
(10) |
698 |
6,990 |
0.58 |
0.35 |
Federal funds sold |
1 |
6 |
(5) |
4 |
(9) |
787,621 |
841,631 |
5.51 |
5.60 |
Loans (c) |
10,700 |
11,618 |
(918) |
(187) |
(731) |
962,328 |
938,805 |
4.89 |
5.27 |
Total interest-earning assets |
11,613 |
12,201 |
(588) |
(880) |
292 |
91,935 |
93,649 |
|
|
Noninterest-earning assets |
|
|
|
|
|
$1,054,263 |
$1,032,454 |
|
|
Total assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and equity |
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
$139,312 |
$122,818 |
0.33 |
0.39 |
NOW accounts |
113 |
119 |
(6) |
(18) |
12 |
20,347 |
17,465 |
0.20 |
0.46 |
Savings accounts |
10 |
20 |
(10) |
(11) |
1 |
235,307 |
172,815 |
1.27 |
1.59 |
Money market accounts |
736 |
679 |
57 |
(136) |
193 |
42,113 |
67,637 |
0.55 |
0.94 |
Money market accounts -
institutional |
57 |
156 |
(99) |
(65) |
(34) |
178,257 |
161,824 |
1.71 |
2.69 |
CDs, $100M or more |
751 |
1,075 |
(324) |
(391) |
67 |
49,532 |
106,262 |
0.86 |
1.10 |
CDs, broker |
105 |
287 |
(182) |
(63) |
(119) |
155,824 |
149,821 |
1.59 |
2.54 |
Other time deposits |
611 |
939 |
(328) |
(351) |
23 |
820,692 |
798,642 |
1.18 |
1.66 |
Total interest-bearing deposits |
2,383 |
3,275 |
(892) |
(945) |
53 |
25,408 |
35,244 |
3.43 |
3.10 |
Short-term/other borrowings |
215 |
331 |
(116) |
35 |
(151) |
15,702 |
23,685 |
2.30 |
2.20 |
FHLB advances |
89 |
85 |
4 |
4 |
-- |
10,310 |
10,310 |
2.91 |
2.87 |
Subordinated debt |
74 |
73 |
1 |
1 |
-- |
872,112 |
867,881 |
1.28 |
1.76 |
Total interest-bearing liabilities |
2,761 |
3,764 |
(1,003) |
(1,027) |
24 |
91,674 |
79,323 |
|
|
Noninterest-bearing deposits |
|
|
|
|
|
3,754 |
6,234 |
|
|
Other liabilities |
|
|
|
|
|
86,723 |
79,016 |
|
|
Shareholders' equity |
|
|
|
|
|
$1,054,263 |
$1,032,454 |
|
|
Liabilities and equity |
|
|
|
|
|
|
|
3.61 |
3.51 |
Interest rate spread |
|
|
|
|
|
|
|
3.73 |
3.64 |
Net interest margin |
|
|
|
|
|
|
|
|
|
Net interest income |
$8,852 |
$8,437 |
$415 |
$147 |
$268 |
$90,216 |
$70,924 |
|
|
Net earning assets |
|
|
|
|
|
$912,366 |
$877,965 |
|
|
Average deposits |
|
|
|
|
|
|
|
1.06 |
1.51 |
Average cost of deposits |
|
|
|
|
|
86% |
96% |
|
|
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 2011 and 2010,
respectively. |
(c) Average nonaccruing loans
have been excluded from total average loans and categorized in
noninterest-earning assets. |
CONTACT: John C. Helmken II, President and CEO
912-629-6486
Michael W. Harden, Jr., Chief Financial Officer
912-629-6496
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