The Savannah Bancorp, Inc. (Nasdaq:SAVB) ("SAVB" or the "Company")
reported a net profit for the third quarter 2011 of $1,228,000
compared to a net loss of $1,563,000 for the third quarter 2010.
Third quarter net income per diluted share was 17 cents in 2011
compared to a net loss per diluted share of 22 cents in 2010. The
quarter over quarter increase in earnings resulted primarily from
an increase in net interest income and a decrease in the Company's
provision for loan losses and losses on the sale and write-down of
foreclosed assets. Pretax earnings before the provision for loan
losses and gain/loss on sale of securities and foreclosed assets
increased $1,361,000, or 41 percent, to $4,682,000 in the third
quarter 2011 compared to the third quarter 2010. Both of the
Company's bank subsidiaries, Bryan Bank & Trust ("Bryan") and
The Savannah Bank, N.A. ("Savannah"), were profitable in the third
quarter, as was its registered investment advisory firm, Minis
& Co., Inc. Net loss for the first nine months of 2011 was
$138,000 compared to a net loss of $2,113,000 for the same period
in 2010. Other growth and performance ratios are included in the
attached financial highlights.
Total assets decreased 10 percent to $989 million at September
30, 2011, down approximately $107 million from $1.10 billion a year
earlier. Loans totaled $789 million compared to $833 million one
year earlier, a decrease of approximately $44 million or 5.3
percent. Deposits totaled $846 and $947 million at September 30,
2011 and 2010, respectively, a decrease of 11 percent. On June 25,
2010, Savannah entered into an agreement with the FDIC to purchase
approximately $201 million in deposits and certain other
liabilities and assets of First National Bank, Savannah ("First
National"). 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 its net interest margin.
Shareholders' equity was $86.3 million at September 30, 2011
compared to $88.7 million at September 30, 2010. The Company's
total capital to risk-weighted assets ratio was 12.62 percent at
September 30, 2011, which exceeds the 10 percent required by the
regulatory agencies to maintain well-capitalized status.
John C. Helmken II, President and CEO, said, "As noted, our
pre-tax, pre-provision income increased 41 percent over third
quarter 2010. We are pleased to report our quarterly profit of
$1.2 million, our first quarterly profit over $1 million since the
third quarter 2008. The hard work of our dedicated staff is
finally passing through to earnings. Our quarterly net
interest margin climbed above four percent for the first time since
the third quarter 2007. The net interest margin increased 28
basis points from the first quarter of this year."
The Company's allowance for loan losses was $22,854,000, or 2.90
percent of total loans at September 30, 2011 compared to
$19,519,000 or 2.34 percent of total loans a year
earlier. Nonperforming assets were $59,675,000 or 6.04 percent
of total assets at September 30, 2011 compared to $50,780,000 or
4.63 percent at September 30, 2010. Other real estate owned
increased $7,396,000 in the third quarter 2011 compared to the same
period one year earlier. Third quarter net charge-offs were
$3,534,000 in 2011 compared to net charge-offs of $4,486,000 for
the same period in 2010. The provision for loan losses for the
third quarter of 2011 was $2,865,000 compared to $5,230,000 for the
third quarter of 2010. The lower provision for loan losses and
net charge-offs during the third quarter of 2011 compared to the
same period in 2010 was primarily due to lower real estate related
charge-offs. While the local real estate market has not fully
stabilized at this point, the Company has experienced lower
valuation allowances related to updated appraisals on real estate
in 2011 compared to 2010.
Helmken continued, "While we are disappointed in the increase in
nonperforming assets, we continue to work at controlling and
maximizing the variables that we can. Our net interest margin
has increased in each of the last four quarters. With a third
quarter efficiency ratio of 59 percent, our team is exemplifying
the goal of 'doing more with less.' With strong capital levels
and core earnings, we plan to continue to aggressively address
asset quality issues. Of particular note, trust and asset
management fees continue to run well above last year's
numbers."
Net interest income increased $985,000, or 12 percent, in the
third quarter 2011 versus the third quarter 2010. Third
quarter net interest margin increased to 4.01 percent in 2011 as
compared to 3.02 percent in the third quarter of 2010. The
increase was due to both a lower cost on interest-bearing deposits
and an increase in the yield on interest-earning assets. In
addition, the Company had a significantly lower amount of
interest-earning cash during the third quarter 2011. The cost
of interest-bearing deposits decreased to 0.99 percent in the third
quarter 2011 from 1.46 percent for the same period in 2010,
primarily due to the re-pricing of time deposits and money market
accounts. The yield on earning assets increased from 4.46
percent in the third quarter of 2010 to 5.01 percent for the third
quarter of 2011, which was primarily a result of the Company
holding, on average, $125 million less in lower yielding
interest-bearing deposits, fed funds sold and investment securities
during the third quarter of 2011 than the same period in
2010. The Company received $190 million in cash when it
acquired the deposits and certain assets of First National in June,
2010 and much of this liquidity was invested in interest-bearing
deposits and investments. On a linked quarter basis, the net
interest margin increased 10 basis points compared to the second
quarter of 2011. The Company held, on average, $20 million
less in lower-yielding interest-bearing deposits, fed funds sold
and investment securities during the third quarter of 2011 compared
to the second 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 increased $279,000, or 18 percent, in the
third quarter of 2011 versus the same period in 2010. This
increase was primarily related to a $326,000 increase in gains on
sale of securities during the third quarter of 2011 compared to the
same period in 2010. This increase was partially offset by a
$67,000 decrease in service charges on deposit accounts during 2011
compared to 2010, primarily due to recent regulatory guidance
related to overdraft charges.
Noninterest expense decreased $892,000, or 12 percent, to
$6,418,000 in the third quarter 2011 compared to the same period in
2010. The decrease in noninterest expense was mainly
attributable to a $469,000, or 45 percent, decrease in loss on sale
and write-down of foreclosed assets. Salaries and employee
benefits decreased $62,000 or 2.1 percent in the third quarter
2011. In addition, information technology expense declined
$147,000 or 26 percent and FDIC deposit insurance premiums were
down $117,000 or 26 percent. The Company renegotiated and
renewed its contract with its core processor resulting in the
decline in its information technology expense. The decrease in
the FDIC insurance premiums was due to changes to the FDIC
assessment process which became effective in the second quarter of
2011.
The Savannah Bancorp, Inc., 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 results 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 under the captions "Risk Factors"
and "Management's Discussion and Analysis of Financial Condition
and Results of Operations" in 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,
except as required by law.
The Savannah Bancorp,
Inc. and Subsidiaries |
Third Quarter Financial
Highlights |
($ in thousands, except share
data) |
(Unaudited) |
|
|
|
|
|
|
|
% |
Balance Sheet Data at September
30 |
2011 |
2010 |
Change |
Total assets |
$988,720 |
$1,096,074 |
(10) |
Interest-earning assets |
886,430 |
993,685 |
(11) |
Loans |
788,550 |
832,987 |
(5.3) |
Other real estate owned |
17,135 |
9,739 |
76 |
Deposits |
846,073 |
946,628 |
(11) |
Interest-bearing liabilities |
801,932 |
914,860 |
(12) |
Shareholders' equity |
86,309 |
88,729 |
(2.7) |
Loan to deposit ratio |
93.20% |
88.00% |
5.9 |
Equity to assets |
8.73% |
8.10% |
7.8 |
Tier 1 capital to risk-weighted assets |
11.35% |
11.77% |
(3.6) |
Total capital to risk-weighted assets |
12.62% |
13.04% |
(3.2) |
Outstanding shares |
7,199 |
7,200 |
0.0 |
Book value per share |
$11.99 |
$12.32 |
(2.7) |
Tangible book value per share |
$11.49 |
$11.79 |
(2.6) |
Market value per share |
$6.00 |
$9.30 |
(35) |
|
|
|
|
Loan Quality
Data |
Nonaccruing loans |
$41,689 |
$40,837 |
2.1 |
Loans past due 90 days – accruing |
851 |
204 |
317 |
Net charge-offs |
11,021 |
12,454 |
(12) |
Allowance for loan losses |
22,854 |
19,519 |
17 |
Allowance for loan losses to total loans |
2.90% |
2.34% |
24 |
Nonperforming assets to total assets |
6.04% |
4.63% |
30 |
|
|
|
|
Performance Data
for the Third Quarter |
Net income (loss) |
$ 1,228 |
$ (1,563) |
179 |
Return on average assets |
0.49% |
(0.54)% |
191 |
Return on average equity |
5.64% |
(6.91)% |
182 |
Net interest margin |
4.01% |
3.02% |
33 |
Efficiency ratio |
59.26% |
76.41% |
(22) |
Per share data: |
|
|
|
Net income (loss) – basic |
$ 0.17 |
$ (0.22) |
177 |
Net income (loss) – diluted |
$ 0.17 |
$ (0.22) |
177 |
Dividends |
$0.00 |
$0.00 |
0 |
Average shares (000s): |
|
|
|
Basic |
7,199 |
7,200 |
0 |
Diluted |
7,199 |
7,200 |
0 |
|
|
|
|
Performance Data
for the First Nine Months |
Net loss |
$ (138) |
$ (2,113) |
93 |
Return on average assets |
(0.02)% |
(0.26)% |
92 |
Return on average equity |
(0.21)% |
(3.40)% |
94 |
Net interest margin |
3.88% |
3.38% |
15 |
Efficiency ratio |
61.29% |
66.97% |
(8.5) |
Per share data: |
|
|
|
Net loss – basic |
$ (0.02) |
$ (0.33) |
94 |
Net loss – diluted |
$ (0.02) |
$ (0.33) |
94 |
Dividends |
$0.00 |
$0.02 |
NM |
Average shares (000s): |
|
|
|
Basic |
7,199 |
6,432 |
12 |
Diluted |
7,199 |
6,432 |
12 |
|
The Savannah Bancorp,
Inc. and Subsidiaries |
Consolidated Balance
Sheets |
($ in thousands, except share
data) |
(Unaudited) |
|
|
|
|
September
30, |
|
2011 |
2010 |
Assets |
|
|
Cash and due from banks |
$14,468 |
$18,063 |
Federal funds sold |
345 |
315 |
Interest-bearing deposits in banks |
52,210 |
50,794 |
Cash and cash equivalents |
67,023 |
69,172 |
Securities available for sale, at fair value
(amortized cost of $87,014 and $150,425) |
89,145 |
153,221 |
Loans, net of allowance for loan losses of
$22,854 and $19,519 |
765,696 |
813,468 |
Premises and equipment, net |
14,515 |
15,351 |
Other real estate owned |
17,135 |
9,739 |
Bank-owned life insurance |
6,459 |
6,253 |
Goodwill and other intangible assets,
net |
3,618 |
3,842 |
Other assets |
25,129 |
25,028 |
|
|
|
Total
assets |
$988,720 |
$1,096,074 |
|
|
|
Liabilities |
|
|
Deposits: |
|
|
Noninterest-bearing |
$96,294 |
$86,921 |
Interest-bearing demand |
136,555 |
122,962 |
Savings |
20,508 |
18,950 |
Money market |
268,933 |
258,914 |
Time deposits |
323,783 |
458,881 |
Total deposits |
846,073 |
946,628 |
Short-term borrowings |
16,029 |
17,177 |
Other borrowings |
9,160 |
12,006 |
FHLB advances |
16,654 |
15,660 |
|
|
|
Subordinated debt |
10,310 |
10,310 |
Other liabilities |
4,185 |
5,564 |
Total
liabilities |
902,411 |
1,007,345 |
|
|
|
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 |
7,201 |
7,201 |
Additional paid-in capital |
48,651 |
48,630 |
Retained earnings |
29,136 |
31,151 |
Treasury stock, at cost, 2,210 and 1,702
shares |
(1) |
(1) |
Accumulated other comprehensive income,
net |
1,322 |
1,748 |
Total
shareholders' equity |
86,309 |
88,729 |
Total liabilities
and shareholders' equity |
$988,720 |
$1,096,074 |
|
The Savannah Bancorp,
Inc. and Subsidiaries |
Consolidated
Statements of Income |
for the Nine Months
and Five Quarters Ending September 30, 2011 |
($ in thousands, except per
share data) |
|
|
(Unaudited) |
|
For the Nine
Months Ended |
2011 |
2010 |
Q3-11 / |
|
September
30, |
% |
Third |
Second |
First |
Fourth |
Third |
Q3-10 |
|
2011 |
2010 |
Chg |
Quarter |
Quarter |
Quarter |
Quarter |
Quarter |
% Chg |
Interest and dividend
income |
|
|
|
|
|
|
|
|
|
Loans, including fees |
$31,852 |
$34,016 |
(6.4) |
$10,535 |
$10,620 |
$10,697 |
$10,985 |
$11,100 |
(5.1) |
Investment securities |
2,411 |
1,811 |
33 |
700 |
836 |
875 |
950 |
698 |
0.3 |
Deposits with banks |
84 |
110 |
(24) |
25 |
27 |
32 |
37 |
80 |
(69) |
Federal funds sold |
3 |
20 |
(85) |
1 |
1 |
1 |
-- |
9 |
(89) |
Total interest and
dividend income |
34,350 |
35,957 |
(4.5) |
11,261 |
11,484 |
11,605 |
11,972 |
11,887 |
(5.3) |
Interest expense |
|
|
|
|
|
|
|
|
|
Deposits |
6,342 |
9,729 |
(35) |
1,877 |
2,082 |
2,383 |
2,731 |
3,336 |
(44) |
Borrowings & sub debt |
853 |
1,159 |
(26) |
283 |
281 |
289 |
330 |
358 |
(21) |
FHLB advances |
262 |
335 |
(22) |
87 |
86 |
89 |
78 |
164 |
(47) |
Total interest
expense |
7,457 |
11,223 |
(34) |
2,247 |
2,449 |
2,761 |
3,139 |
3,858 |
(42) |
Net interest income |
26,893 |
24,734 |
8.7 |
9,014 |
9,035 |
8,844 |
8,833 |
8,029 |
12 |
Provision for loan losses |
13,525 |
14,295 |
(5.4) |
2,865 |
6,300 |
4,360 |
6,725 |
5,230 |
(45) |
Net interest income after the provision
for loan losses |
13,368 |
10,439 |
28 |
6,149 |
2,735 |
4,484 |
2,108 |
2,799 |
120 |
Noninterest income |
|
|
|
|
|
|
|
|
|
Trust and asset management fees |
2,008 |
1,948 |
3.1 |
663 |
683 |
662 |
651 |
637 |
4.1 |
Service charges on deposits |
1,089 |
1,353 |
(20) |
371 |
348 |
370 |
435 |
438 |
(15) |
Mortgage related income, net |
154 |
322 |
(52) |
72 |
68 |
14 |
76 |
130 |
(45) |
Gain (loss) on sale of securities |
763 |
590 |
29 |
308 |
237 |
218 |
18 |
(18) |
NM |
Gain (loss) on hedges |
(1) |
(14) |
(93) |
4 |
2 |
(7) |
16 |
(3) |
(233) |
Other operating income |
1,136 |
1,345 |
(16) |
399 |
369 |
368 |
571 |
354 |
13 |
Total noninterest
income |
5,149 |
5,544 |
(7.1) |
1,817 |
1,707 |
1,625 |
1,767 |
1,538 |
18 |
Noninterest expense |
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
8,638 |
9,041 |
(4.5) |
2,886 |
2,846 |
2,906 |
2,907 |
2,948 |
(2.1) |
Occupancy and equipment |
2,789 |
2,904 |
(4.0) |
925 |
981 |
883 |
1,041 |
1,102 |
(16) |
Information technology |
1,246 |
1,589 |
(22) |
428 |
416 |
402 |
512 |
575 |
(26) |
FDIC deposit insurance |
1,141 |
1,240 |
(8.0) |
325 |
336 |
480 |
448 |
442 |
(26) |
Loss on sale of foreclosed assets |
1,925 |
1,905 |
1.0 |
577 |
1,115 |
233 |
567 |
1,046 |
(45) |
Other operating expense |
3,901 |
3,597 |
8.5 |
1,277 |
1,415 |
1,209 |
1,226 |
1,197 |
6.7 |
Total noninterest
expense |
19,640 |
20,276 |
(3.1) |
6,418 |
7,109 |
6,113 |
6,701 |
7,310 |
(12) |
Loss before income taxes |
(1,123) |
(4,293) |
74 |
1,548 |
(2,667) |
(4) |
(2,826) |
(2,973) |
152 |
Income tax expense (benefit) |
(985) |
(2,180) |
55 |
320 |
(1,175) |
(130) |
(950) |
(1,410) |
123 |
Net income (loss) |
$ (138) |
$ (2,113) |
93 |
$ 1,228 |
$ (1,492) |
$ 126 |
$ (1,876) |
$ (1,563) |
179 |
Net income (loss) per
share: |
|
|
|
|
|
|
|
|
|
Basic |
$ (0.02) |
$ (0.33) |
94 |
$ 0.17 |
$ (0.21) |
$ 0.02 |
$ (0.26) |
$ (0.22) |
177 |
Diluted |
$ (0.02) |
$ (0.33) |
94 |
$ 0.17 |
$ (0.21) |
$ 0.02 |
$ (0.26) |
$ (0.22) |
177 |
Average basic shares (000s) |
7,199 |
6,432 |
12 |
7,199 |
7,199 |
7,199 |
7,200 |
7,200 |
0 |
Average diluted shares (000s) |
7,199 |
6,432 |
12 |
7,199 |
7,199 |
7,199 |
7,200 |
7,200 |
0 |
Performance Ratios |
|
|
|
|
|
|
|
|
|
Return on average equity |
(0.21)% |
(3.40)% |
94 |
5.64% |
(6.96)% |
0.59% |
(8.43)% |
(6.91)% |
182 |
Return on average assets |
(0.02)% |
(0.26)% |
92 |
0.49% |
(0.59)% |
0.05% |
(0.69)% |
(0.54)% |
191 |
Net interest margin |
3.88% |
3.38% |
15 |
4.01% |
3.91% |
3.73% |
3.57% |
3.02% |
33 |
Efficiency ratio |
61.29% |
66.97% |
(8.5) |
59.26% |
66.18% |
58.39% |
63.22% |
76.41% |
(22) |
Average equity |
86,589 |
82,994 |
4.3 |
86,320 |
86,037 |
86,723 |
88,250 |
89,737 |
(3.8) |
Average assets |
1,020,729 |
1,076,823 |
(5.2) |
990,303 |
1,018,324 |
1,054,263 |
1,086,365 |
1,158,455 |
(15) |
Average interest-earning assets |
927,693 |
979,389 |
(5.3) |
893,188 |
928,316 |
962,328 |
983,548 |
1,057,565 |
(16) |
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 September 30,
2011, the Company and the Subsidiary Banks exceeded the minimum
statutory requirements necessary to be classified as
"well-capitalized." Notwithstanding the foregoing, Bryan has
agreed with its primary regulator to maintain a Tier 1 Leverage
Ratio of not less than 8.00 percent. The Company is evaluating its
options for Bryan to conform to this stipulation. Savannah
has agreed with its primary regulator to maintain a Tier 1 Leverage
Ratio of not less than 8.00 percent and a Total Risk-based Capital
Ratio of not less than 12.00 percent and is currently in conformity
with the agreement.
Total tangible equity capital for the Company was $82.7 million,
or 8.36 percent of total assets at September 30, 2011. The
table below includes the regulatory capital ratios for the Company
and each Subsidiary Bank, along with the minimum capital ratio and
the ratio required to maintain a well-capitalized regulatory
status.
|
|
|
|
|
Well- |
($ in thousands) |
Company |
Savannah |
Bryan |
Minimum |
Capitalized |
|
|
|
|
|
|
Qualifying Capital |
|
|
|
|
|
Tier 1 capital |
$85,269 |
$64,790 |
$18,840 |
-- |
-- |
Total capital |
94,824 |
71,779 |
21,254 |
-- |
-- |
|
|
|
|
|
|
Leverage Ratios |
|
|
|
|
|
Tier 1 capital to average assets |
8.70% |
8.89% |
7.85% |
4.00% |
5.00% |
|
|
|
|
|
|
Risk-based Ratios |
|
|
|
|
|
Tier 1 capital to risk-weighted assets |
11.35% |
11.73% |
10.03% |
4.00% |
6.00% |
Total capital to risk-weighted assets |
12.62% |
12.99% |
11.31% |
8.00% |
10.00% |
Tier 1 and total capital at the Company level includes $10
million of subordinated debt issued to the Company's
nonconsolidated subsidiaries. Total capital also includes the
allowance for loan losses up to 1.25 percent of risk-weighted
assets.
The Savannah Bancorp,
Inc. and Subsidiaries |
Allowance for Loan
Losses and Nonperforming Assets |
(Unaudited) |
|
|
|
|
|
|
|
2011 |
2010 |
|
Third |
Second |
First |
Fourth |
Third |
($ in thousands) |
Quarter |
Quarter |
Quarter |
Quarter |
Quarter |
|
|
|
|
|
|
Allowance for loan
losses |
|
|
|
|
|
Balance at beginning of period |
$23,523 |
$22,363 |
$20,350 |
$19,519 |
$18,775 |
Provision for loan losses |
2,865 |
6,300 |
4,360 |
6,725 |
5,230 |
Net charge-offs |
(3,534) |
(5,140) |
(2,347) |
(5,894) |
(4,486) |
Balance at end of period |
$22,854 |
$23,523 |
$22,363 |
$20,350 |
$19,519 |
|
|
|
|
|
|
As a % of loans |
2.90% |
2.91% |
2.73% |
2.46% |
2.34% |
As a % of nonperforming loans |
53.72% |
59.84% |
64.38% |
56.69% |
47.56% |
As a % of nonperforming assets |
38.30% |
45.73% |
45.87% |
41.45% |
38.44% |
|
|
|
|
|
|
Net charge-offs as a % of average loans
(a) |
1.84% |
2.65% |
1.21% |
2.26% |
2.03% |
|
|
|
|
|
|
Risk element assets |
|
|
|
|
|
Nonaccruing loans |
$41,689 |
$39,160 |
$33,921 |
$32,836 |
$40,837 |
Loans past due 90 days – accruing |
851 |
150 |
817 |
3,064 |
204 |
Total nonperforming loans |
42,540 |
39,310 |
34,738 |
35,900 |
41,041 |
Other real estate owned |
17,135 |
12,125 |
14,014 |
13,199 |
9,739 |
Total nonperforming
assets |
$59,675 |
$51,435 |
$48,752 |
$49,099 |
$50,780 |
|
|
|
|
|
|
Loans past due 30-89 days |
$13,096 |
$17,013 |
$9,175 |
$11,164 |
$10,757 |
|
|
|
|
|
|
Nonperforming loans as a % of loans |
5.39% |
4.87% |
4.24% |
4.34% |
4.93% |
Nonperforming assets as a % of loans and
other real estate owned |
7.41% |
6.28% |
5.85% |
5.85% |
6.03% |
Nonperforming assets as a % of assets |
6.04% |
5.13% |
4.69% |
4.60% |
4.63% |
|
|
|
|
|
|
(a) Annualized |
|
|
|
|
|
The Savannah Bancorp,
Inc. and Subsidiaries |
Average Balance Sheet
and Rate/Volume Analysis – Third Quarter, 2011 and
2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable-Equivalent |
|
(a) Variance |
Average Balance |
Average Rate |
|
Interest (b) |
|
Attributable to |
QTD |
QTD |
QTD |
QTD |
|
QTD |
QTD |
Vari- |
|
|
09/30/2011 |
09/30/2010 |
09/30/2011 |
09/30/2010 |
|
09/30/2011 |
09/30/2010 |
ance |
Rate |
Volume |
($ in thousands) |
(%) |
|
($ in thousands) |
($ in thousands) |
|
|
|
|
Assets |
|
|
|
|
|
$33,869 |
$112,297 |
0.29 |
0.27 |
Interest-bearing deposits |
$25 |
$76 |
$ (51) |
$6 |
$ (57) |
91,151 |
124,212 |
2.79 |
2.00 |
Investments - taxable |
640 |
627 |
13 |
247 |
(234) |
5,631 |
7,198 |
4.51 |
4.46 |
Investments - non-taxable |
64 |
81 |
(17) |
1 |
(18) |
351 |
12,002 |
1.13 |
0.30 |
Federal funds sold |
1 |
9 |
(8) |
25 |
(33) |
762,186 |
801,856 |
5.49 |
5.49 |
Loans (c) |
10,539 |
11,102 |
(563) |
-- |
(563) |
893,188 |
1,057,565 |
5.01 |
4.46 |
Total interest-earning assets |
11,269 |
11,895 |
(626) |
279 |
(905) |
97,115 |
100,890 |
|
|
Noninterest-earning assets |
|
|
|
|
|
$990,303 |
$1,158,455 |
|
|
Total assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and equity |
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
$135,292 |
$117,817 |
0.27 |
0.33 |
NOW accounts |
93 |
97 |
(4) |
(18) |
14 |
20,883 |
18,803 |
0.09 |
0.40 |
Savings accounts |
5 |
19 |
(14) |
(15) |
1 |
228,755 |
214,413 |
1.12 |
1.48 |
Money market accounts |
648 |
799 |
(151) |
(195) |
44 |
40,539 |
46,794 |
0.32 |
0.76 |
Money market accounts -
institutional |
33 |
90 |
(57) |
(52) |
(5) |
147,156 |
223,286 |
1.52 |
2.02 |
CDs, $100M or more |
563 |
1,137 |
(574) |
(281) |
(293) |
46,141 |
82,062 |
0.66 |
0.94 |
CDs, broker |
77 |
194 |
(117) |
(58) |
(59) |
130,369 |
203,029 |
1.39 |
1.95 |
Other time deposits |
458 |
1,000 |
(542) |
(287) |
(255) |
749,135 |
906,204 |
0.99 |
1.46 |
Total interest-bearing deposits |
1,877 |
3,336 |
(1,459) |
(905) |
(554) |
24,465 |
30,133 |
3.37 |
3.65 |
Short-term/other borrowings |
208 |
277 |
(69) |
(21) |
(48) |
20,047 |
23,269 |
1.72 |
2.80 |
FHLB advances |
87 |
164 |
(77) |
(63) |
(14) |
10,310 |
10,310 |
2.89 |
3.12 |
Subordinated debt |
75 |
81 |
(6) |
(6) |
-- |
803,957 |
969,916 |
1.11 |
1.58 |
Total interest-bearing liabilities |
2,247 |
3,858 |
(1,611) |
(995) |
(616) |
96,065 |
90,516 |
|
|
Noninterest-bearing deposits |
|
|
|
|
|
3,961 |
8,286 |
|
|
Other liabilities |
|
|
|
|
|
86,320 |
89,737 |
|
|
Shareholders' equity |
|
|
|
|
|
$990,303 |
$1,158,455 |
|
|
Liabilities and equity |
|
|
|
|
|
|
|
3.90 |
2.88 |
Interest rate spread |
|
|
|
|
|
|
|
4.01 |
3.02 |
Net interest margin |
|
|
|
|
|
|
|
|
|
Net interest income |
$ 9,022 |
$ 8,037 |
$ 985 |
$ 1,274 |
$ (289) |
$89,231 |
$87,649 |
|
|
Net earning assets |
|
|
|
|
|
$845,200 |
$996,720 |
|
|
Average deposits |
|
|
|
|
|
|
|
0.88 |
1.33 |
Average cost of deposits |
|
|
|
|
|
90% |
80% |
|
|
Average loan to deposit ratio (c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 $8 in the third quarter 2011 and 2010,
respectively. |
(c) Average nonaccruing loans
have been excluded from total average loans and categorized in
noninterest-earning assets. |
The Savannah Bancorp,
Inc. and Subsidiaries |
Average Balance Sheet
and Rate/Volume Analysis – First Nine Months, 2011 and
2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable-Equivalent |
|
(a) Variance |
Average Balance |
Average Rate |
|
Interest (b) |
|
Attributable to |
YTD |
YTD |
YTD |
YTD |
|
YTD |
YTD |
Vari- |
|
|
09/30/2011 |
09/30/2010 |
09/30/2011 |
09/30/2010 |
|
09/30/2011 |
09/30/2010 |
ance |
Rate |
Volume |
($ in thousands) |
(%) |
|
($ in thousands) |
|
($ in thousands) |
|
|
|
|
Assets |
|
|
|
|
|
$37,057 |
$50,740 |
0.30 |
0.29 |
Interest-bearing deposits |
$ 84 |
$ 110 |
$ (26) |
$ 4 |
$ (30) |
108,229 |
93,552 |
2.74 |
2.25 |
Investments - taxable |
2,217 |
1,576 |
641 |
343 |
298 |
6,291 |
7,539 |
4.44 |
4.49 |
Investments - non-taxable |
209 |
253 |
(44) |
(3) |
(41) |
548 |
8,805 |
0.73 |
0.30 |
Federal funds sold |
3 |
20 |
(17) |
28 |
(45) |
775,568 |
818,753 |
5.49 |
5.56 |
Loans (c) |
31,861 |
34,022 |
(2,161) |
(429) |
(1,732) |
927,693 |
979,389 |
4.95 |
4.91 |
Total interest-earning assets |
34,374 |
35,981 |
(1,607) |
(57) |
(1,550) |
93,036 |
97,434 |
|
|
Noninterest-earning assets |
|
|
|
|
|
$1,020,729 |
$1,076,823 |
|
|
Total assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and equity |
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
$138,384 |
$122,372 |
0.29 |
0.36 |
NOW accounts |
305 |
332 |
(27) |
(64) |
37 |
20,802 |
18,100 |
0.15 |
0.43 |
Savings accounts |
24 |
58 |
(34) |
(38) |
4 |
233,121 |
192,043 |
1.17 |
1.54 |
Money market accounts |
2,036 |
2,214 |
(178) |
(531) |
353 |
41,054 |
59,116 |
0.46 |
0.86 |
Money market accounts -
institutional |
142 |
380 |
(238) |
(177) |
(61) |
162,920 |
184,625 |
1.62 |
2.34 |
CDs, $100M or more |
1,971 |
3,236 |
(1,265) |
(994) |
(271) |
46,412 |
95,208 |
0.78 |
1.04 |
CDs, broker |
271 |
739 |
(468) |
(185) |
(283) |
142,343 |
167,879 |
1.50 |
2.21 |
Other time deposits |
1,593 |
2,770 |
(1,177) |
(892) |
(285) |
785,036 |
839,343 |
1.08 |
1.55 |
Total interest-bearing
deposits |
6,342 |
9,729 |
(3,387) |
(2,881) |
(506) |
24,471 |
35,983 |
3.43 |
3.43 |
Short-term/other borrowings |
628 |
929 |
(301) |
(5) |
(296) |
16,862 |
18,335 |
2.08 |
2.48 |
FHLB advances |
262 |
335 |
(73) |
(49) |
(24) |
10,310 |
10,310 |
2.92 |
2.98 |
Subordinated debt |
225 |
230 |
(5) |
(5) |
-- |
836,679 |
903,971 |
1.19 |
1.66 |
Total interest-bearing liabilities |
7,457 |
11,223 |
(3,766) |
(2,940) |
(826) |
93,612 |
84,527 |
|
|
Noninterest-bearing deposits |
|
|
|
|
|
3,849 |
5,331 |
|
|
Other liabilities |
|
|
|
|
|
86,589 |
82,994 |
|
|
Shareholders' equity |
|
|
|
|
|
$1,020,729 |
$1,076,823 |
|
|
Liabilities and equity |
|
|
|
|
|
|
|
3.76 |
3.25 |
Interest rate spread |
|
|
|
|
|
|
|
3.88 |
3.38 |
Net interest margin |
|
|
|
|
|
|
|
|
|
Net interest income |
$ 26,917 |
$ 24,758 |
$ 2,159 |
$ 2,884 |
$ (725) |
$91,014 |
$75,418 |
|
|
Net earning assets |
|
|
|
|
|
$878,648 |
$923,870 |
|
|
Average deposits |
|
|
|
|
|
|
|
0.97 |
1.41 |
Average cost of deposits |
|
|
|
|
|
88% |
89% |
|
|
Average loan to deposit ratio (c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 the first nine months 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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