The Savannah Bancorp, Inc. (Nasdaq:SAVB) (the "Company") reported a
net loss for the fourth quarter 2011 of $2,034,000 compared to a
net loss of $1,876,000 for the fourth quarter 2010. Net loss per
diluted share was 28 cents in the fourth quarter 2011 compared to a
net loss per diluted share of 26 cents in 2010. The net loss for
2011 was $2,172,000 compared to a net loss of $3,989,000 in 2010.
Net loss per diluted share was 30 cents in 2011 compared to a net
loss per diluted share of 60 cents in 2010. The decline in the net
loss for 2011 was primarily due to an increase in the net interest
margin and a decrease in the Company's provision for loan losses.
Pretax earnings before the provision for loan losses and gain/loss
on sale of securities and foreclosed assets increased $2,119,000,
or 13 percent, to $17,884,000 in 2011 compared to $15,765,000 in
2010. Core earnings in the fourth quarter of 2011 declined slightly
to $4,320,000 compared to $4,448,000 in the fourth quarter of 2010.
Other growth and performance ratios are included in the attached
financial highlights.
Total assets decreased 7.9 percent to $985 million at December
31, 2011, down approximately $82 million from $1.07 billion a year
earlier. Loans totaled $760 million compared to $827 million one
year earlier, a decrease of approximately $67 million or 8.1
percent. Deposits totaled $847 and $924 million at December 31,
2011 and 2010, respectively, a decrease of 8.3 percent. On June 25,
2010, The Savannah Bank, N.A. ("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. 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 $84.1 million at December 31, 2011
compared to $85.8 million at December 31, 2010. The Company's total
capital to risk-weighted assets ratio was 12.63 percent at December
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, "In reviewing 2011,
there are several notable positives. Our net interest margin
increased from 3.43 percent in 2010 to 3.88 percent in 2011,
resulting in a 6.0 percent increase in our net interest income year
over year. Most of the improvement in our margin is a result of our
lower cost of deposits. This is our highest net interest margin
since 2007. We reduced salaries and benefits $666,000 and
information technology expense $393,000 saving us more than $1
million annually. All of this, and more, contributed to our 62
percent efficiency ratio in 2011, an improvement over 66 percent in
2010 but well short of our goal of less than 60 percent. There is
more work to do."
The Company's allowance for loan losses was $21,917,000, or 2.89
percent of total loans at December 31, 2011 compared to $20,350,000
or 2.46 percent of total loans a year earlier. Nonperforming assets
were $55,213,000 or 5.60 percent of total assets at December 31,
2011 compared to $49,099,000 or 4.60 percent at December 31, 2010.
Other real estate owned ("OREO") increased $7,133,000, or 54
percent, to $20,332,000 in 2011. For 2011, net charge-offs were
$18,468,000 compared to net charge-offs of $18,348,000 for 2010.
The provision for loan losses for 2011 was $20,035,000 compared to
$21,020,000 for 2010. Fourth quarter 2011 net charge offs and
provision for loan losses were $7,447,000 and $6,510,000,
respectively compared to net charge offs and provision for loan
losses of $5,894,000 and $6,725,000, respectively, for the fourth
quarter of 2010. Both the net charge-offs and the provision
for loan losses have remained elevated in 2011. The Company
continues to see weakness in its local real estate markets with
downward pressure on real estate values, and this weakness has led
to a continued high level of real estate related charge-offs and
provisions for loan losses.
Helmken continued, "We anticipated a reduction in charge-offs in
2011 compared to 2010 but several year-end appraisals resulted in
significant impairments and resulted in this year's charge-offs
again surpassing $18 million. We will continue to
aggressively review and address our loan and OREO portfolios.
Our disappointing fourth quarter and annual loss, led by the
previously mentioned charge-offs, highlight the negatives of this
quarter and year. Loan balances were down $45 million on
average in 2011, which is not surprising given the elevated level
of charge-offs, normal repayments, weakened loan demand and
increased underwriting standards. Despite the lower loan
balances, we increased our allowance for loan losses by 7.7
percent, to 2.89 percent of loans at year end. As we work
problem assets into and through our Special Assets Division, our
relationship managers will be able to return their focus to
business development and an intensified calling effort that
includes senior management and is directed by me. There
continues to be tremendous opportunity to gain market share in our
trade areas."
Net interest income increased $2,008,000, or 6.0 percent, in
2011 versus 2010. The net interest margin increased to 3.88
percent in 2011 as compared to 3.43 percent in 2010. The
Company saw increases in its net interest income and net interest
margin due primarily to a lower cost on interest-bearing deposits
in 2011 compared to 2010 partially offset by less interest income
on loans. The cost of interest-bearing deposits decreased to
1.03 percent for the year ended December 31, 2011 compared to 1.48
percent for the same period in 2010. Average loans declined
approximately $45 million for the year ended December 31, 2011
compared to the same period in 2010. The decrease in average
loans was due to normal pay downs, significant charge-offs, and
weakened demand for new loans.
Net interest income decreased $151,000, or 1.7 percent during
the fourth quarter of 2011 versus the same period in 2010. The
net interest margin increased to 3.88 percent in the fourth quarter
of 2011 as compared to 3.57 percent in the same period in
2010. While the net interest margin increased, net interest
income decreased in the fourth quarter of 2011 compared to the same
period in 2010 due to the lower level of interest-earning
assets. Average loans declined approximately $50 million for
the fourth quarter of 2011 compared to the same period in
2010. This decline was also due to normal pay downs,
significant charge-offs, and weakened demand for new loans.
On a linked quarter basis, the net interest margin decreased 13
basis points compared to the third quarter of 2011. The
Company held, on average, $34 million more in lower-yielding
interest-bearing deposits during the fourth quarter of 2011
compared to the third quarter.
Noninterest income decreased $665,000, or 9.1 percent, in 2011
versus 2010. This decrease was primarily related to a decline
in service charges on deposit accounts of $330,000, or 18 percent,
and other operating income of $319,000, or 17 percent, in 2011
compared to 2010. The decrease in service charges was
primarily due to recent regulatory guidance related to overdraft
charges. The decline 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
2010. Noninterest income decreased $270,000, or 15 percent, in
the fourth quarter of 2011 compared to the same period in 2010
primarily due to a $66,000 decline in service charges on deposit
accounts and a decline in other operating income. In the
fourth quarter of 2010, the Company recorded a $254,000 gain in
other operating income related to the sale of its 50 percent
interest in a parking lot.
Noninterest expense decreased $724,000, or 2.7 percent, to
$26,253,000 during 2011 as compared to 2010. Salaries and
employee benefits decreased $667,000, or 5.6 percent, information
technology declined $393,000, or 19 percent, and FDIC deposit
insurance declined $385,000, or 23 percent. The decrease in
salaries and employee benefits was due to the Company averaging
fewer employees during 2011 when compared to 2010. The Company
renegotiated and renewed its contract with its core processor which
contributed to the decline in the information technology
expense. The decrease in the FDIC deposit insurance premiums
was due to changes to the FDIC assessment process which became
effective in the second quarter of 2011. These decreases were
partially offset by an increase in loss on sale of foreclosed
assets of $207,000, or 8.4 percent, and an increase in other
operating expense of $722,000, or 16 percent. The increase in
other operating expense was mainly due to a $684,000 increase in
loan collection costs and OREO expenses in 2011. The Company
had significantly more activity in OREO in 2011. Noninterest
expense declined $88,000, or 1.3 percent, during the fourth quarter
of 2011 compared to the same period in 2010. Salaries and
employee benefits decreased $263,000, or 9.0 percent, occupancy and
equipment declined $147,000, or 14 percent, and FDIC deposit
insurance declined $286,000, or 64 percent. These decreases were
offset by an increase in loss on sale of foreclosed assets of
$187,000, or 33 percent, and an increase in other operating expense
of $471,000, or 40 percent. The increase in other operating
expense was due to a $425,000 increase in loan collection costs and
OREO expenses during the fourth quarter of 2011 compared to the
same period in 2010.
The Savannah Bancorp, Inc., a bank holding company
for The Savannah Bank, N.A., Bryan Bank & Trust (Richmond Hill,
Georgia) ("Bryan"), and Minis & Co., Inc., is headquartered in
Savannah, Georgia and began operations in 1990. The Company
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.
A printable 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, 2011
and 2010 |
($ in thousands, except share
data) |
(Unaudited) |
|
|
|
|
Balance Sheet Data at December
31 |
2011 |
2010 |
% Change |
Total assets |
$ 985,2350 |
$ 1,066,930 |
(7.7) |
Interest-earning assets |
889,026 |
971,653 |
(8.5) |
Loans |
759,678 |
826,562 |
(8.1) |
Other real estate owned |
20,332 |
13,199 |
54 |
Deposits |
846,929 |
923,745 |
(8.3) |
Interest-bearing liabilities |
789,918 |
881,599 |
(10) |
Shareholders' equity |
84,130 |
85,803 |
(1.9) |
Loan to deposit ratio |
89.70% |
89.48% |
0.2 |
Equity to assets |
8.54% |
8.04% |
6.2 |
Tier 1 capital to risk-weighted assets |
11.36% |
11.13% |
2.1 |
Total capital to risk-weighted assets |
12.63% |
12.40% |
1.9 |
Outstanding shares |
7,199 |
7,200 |
0.0 |
Book value per share |
$ 11.69 |
$ 11.92 |
(1.9) |
Tangible book value per share |
$ 11.19 |
$ 11.39 |
(1.7) |
Market value per share |
$ 4.95 |
$ 7.00 |
(29) |
|
|
|
|
Loan Quality Data |
|
|
|
Nonaccruing loans |
$ 34,668 |
$ 32,836 |
5.6 |
Loans past due 90 days – accruing |
213 |
3,064 |
(93) |
Net charge-offs |
18,468 |
18,348 |
0.7 |
Allowance for loan losses |
21,917 |
20,350 |
7.7 |
Allowance for loan losses to total loans |
2.89% |
2.46% |
17 |
Nonperforming assets to total assets |
5.60% |
4.60% |
22 |
|
|
|
|
Performance Data for the Fourth
Quarter |
|
|
|
Net loss |
$ (2,034) |
$ (1,876) |
(8.4) |
Return on average assets |
(0.82)% |
(0.69)% |
(19) |
Return on average equity |
(9.27)% |
(8.43)% |
(10) |
Net interest margin |
3.88% |
3.57% |
8.7 |
Efficiency ratio |
64.97% |
63.22% |
2.8 |
Per share data: |
|
|
|
Net loss – basic |
$ (0.28) |
$ (0.26) |
(10) |
Net loss – diluted |
$ (0.28) |
$ (0.26) |
(10) |
Dividends |
$ 0.00 |
$ 0.00 |
NM |
Average shares (000s): |
|
|
|
Basic |
7,199 |
7,200 |
NM |
Diluted |
7,199 |
7,200 |
NM |
Performance Data for the
Year |
|
|
|
Net loss |
$ (2,172) |
$ (3,989) |
46 |
Return on average assets |
(0.21)% |
(0.37)% |
42 |
Return on average equity |
(2.51)% |
(4.73)% |
47 |
Net interest margin |
3.88% |
3.43% |
13 |
Efficiency ratio |
62.18% |
66.00% |
(5.8) |
Per share data: |
|
|
|
Net loss – basic |
$ (0.30) |
$ (0.60) |
50 |
Net loss – diluted |
$ (0.30) |
$ (0.60) |
50 |
Dividends |
$ 0.00 |
$ 0.02 |
NM |
Average shares (000s): |
|
|
|
Basic |
7,199 |
6,625 |
8.7 |
Diluted |
7,199 |
6,625 |
8.7 |
|
The Savannah Bancorp,
Inc. and Subsidiaries |
Consolidated Balance
Sheets |
($ in thousands, except share
data) |
(Unaudited) |
|
|
|
|
|
|
|
December
31, |
|
2011 |
2010 |
Assets |
|
|
Cash and due from banks |
$
13,225 |
$ 17,990 |
Federal funds sold |
535 |
110 |
Interest-bearing deposits |
81,717 |
40,836 |
Cash and cash
equivalents |
95,477 |
58,936 |
Securities available for sale, at fair value
(amortized |
|
|
cost of $81,764 and
$136,980) |
83,653 |
138,099 |
Loans, net of allowance for loan losses |
|
|
of $21,917 and
$20,350 |
737,761 |
806,212 |
Premises and equipment, net |
14,286 |
15,056 |
Other real estate owned |
20,332 |
13,199 |
Bank-owned life insurance |
6,510 |
6,309 |
Goodwill and other intangible assets,
net |
3,562 |
3,786 |
Other assets |
23,654 |
25,333 |
Total assets |
$
985,235 |
$ 1,066,930 |
|
|
|
Liabilities |
|
|
Deposits: |
|
|
Noninterest-bearing |
$ 106,939 |
$ 95,725 |
Interest-bearing demand |
147,716 |
140,531 |
Savings |
20,062 |
20,117 |
Money market |
255,285 |
265,840 |
Time deposits |
316,927 |
401,532 |
Total deposits |
846,929 |
923,745 |
Short-term borrowings |
14,384 |
15,075 |
Other borrowings |
8,581 |
10,536 |
FHLB advances |
16,653 |
17,658 |
Subordinated debt |
10,310 |
10,310 |
Other liabilities |
4,248 |
3,803 |
Total
liabilities |
901,105 |
981,127 |
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 |
48,656 |
48,634 |
Retained earnings |
27,103 |
29,275 |
Treasury stock, at cost, 2,210 and 2,483
shares |
(1) |
(1) |
Accumulated other
comprehensive income, net |
1,171 |
694 |
Total
shareholders' equity |
84,130 |
85,803 |
Total liabilities
and shareholders' equity |
$ 985,235 |
$ 1,066,930 |
|
|
|
|
|
The Savannah Bancorp,
Inc. and Subsidiaries |
|
|
|
|
Consolidated
Statements of Income |
|
|
|
|
for the Twelve Months
and Five Quarters Ending December 31, 2011 |
|
|
|
|
($ in thousands, except per
share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
For the Twelve
Months Ended |
2011 |
2010 |
Q4-11 / |
|
|
December
31, |
% |
Fourth |
Third |
Second |
First |
Fourth |
Q4-10 |
|
2011 |
2010 |
Chg |
Quarter |
Quarter |
Quarter |
Quarter |
Quarter |
% Chg |
Interest and dividend
income |
|
|
|
|
|
|
|
|
|
Loans, including fees |
$41,935 |
$45,001 |
(6.8) |
$10,083 |
$10,535 |
$10,620 |
$10,697 |
$10,985 |
(8.2) |
Investment securities |
2,998 |
2,761 |
(8.6) |
587 |
700 |
836 |
875 |
950 |
(38) |
Deposits with banks |
127 |
147 |
(14) |
43 |
25 |
27 |
32 |
37 |
16 |
Federal funds sold |
3 |
20 |
(85) |
-- |
1 |
1 |
1 |
-- |
0.0 |
Total interest and
dividend income |
45,063 |
47,929 |
(6.0) |
10,713 |
11,261 |
11,484 |
11,605 |
11,972 |
(11) |
Interest expense |
|
|
|
|
|
|
|
|
|
Deposits |
8,016 |
12,460 |
(36) |
1,674 |
1,877 |
2,082 |
2,383 |
2,731 |
(39) |
Borrowings & sub debt |
1,124 |
1,444 |
(22) |
271 |
283 |
281 |
289 |
320 |
(15) |
FHLB advances |
348 |
458 |
(24) |
86 |
87 |
86 |
89 |
88 |
(2.3) |
Total interest
expense |
9,488 |
14,362 |
(34) |
2,031 |
2,247 |
2,449 |
2,761 |
3,139 |
(35) |
Net interest income |
35,575 |
33,567 |
6.0 |
8,682 |
9,014 |
9,035 |
8,844 |
8,833 |
(1.7) |
Provision for loan losses |
20,035 |
21,020 |
(4.7) |
6,510 |
2,865 |
6,300 |
4,360 |
6,725 |
(3.2) |
Net interest income after the |
|
|
|
|
|
|
|
|
|
provision for loan losses |
15,540 |
12,547 |
24 |
2,172 |
6,149 |
2,735 |
4,484 |
2,108 |
3.0 |
Noninterest income |
|
|
|
|
|
|
|
|
|
Trust and asset management fees |
2,646 |
2,599 |
1.8 |
638 |
663 |
683 |
662 |
651 |
(2.0) |
Service charges on deposits |
1,458 |
1,788 |
(18) |
369 |
371 |
348 |
370 |
435 |
(15) |
Mortgage related income, net |
183 |
398 |
(54) |
29 |
72 |
68 |
14 |
76 |
(62) |
Gain on sale of securities |
763 |
608 |
25 |
-- |
308 |
237 |
218 |
18 |
NM |
Gain (loss) on hedges |
(1) |
2 |
(150) |
-- |
4 |
2 |
(7) |
16 |
NM |
Other operating income |
1,597 |
1,916 |
(17) |
461 |
399 |
369 |
368 |
571 |
(19) |
Total noninterest
income |
6,646 |
7,311 |
(9.1) |
1,497 |
1,817 |
1,707 |
1,625 |
1,767 |
(15) |
Noninterest expense |
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
11,282 |
11,948 |
(5.6) |
2,644 |
2,886 |
2,846 |
2,906 |
2,907 |
(9.0) |
Occupancy and equipment |
3,683 |
3,945 |
(6.6) |
894 |
925 |
981 |
883 |
1,041 |
(14) |
Information technology |
1,708 |
2,101 |
(19) |
462 |
428 |
416 |
402 |
512 |
(9.8) |
FDIC deposit insurance |
1,303 |
1,688 |
(23) |
162 |
325 |
336 |
480 |
448 |
(64) |
Amortization of intangibles |
224 |
171 |
31 |
56 |
56 |
56 |
56 |
56 |
0.0 |
Loss on sale of foreclosed assets |
2,679 |
2,472 |
8.4 |
754 |
577 |
1,115 |
233 |
567 |
33 |
Other operating expense |
5,374 |
4,652 |
16 |
1,641 |
1,221 |
1,359 |
1,153 |
1,170 |
40 |
Total noninterest
expense |
26,253 |
26,977 |
(2.7) |
6,613 |
6,418 |
7,109 |
6,113 |
6,701 |
(1.3) |
Income (loss) before income taxes |
(4,067) |
(7,119) |
43 |
(2,944) |
1,548 |
(2,667) |
(4) |
(2,826) |
(4.2) |
Income tax expense (benefit) |
(1,895) |
(3,130) |
39 |
(910) |
320 |
(1,175) |
(130) |
(950) |
(4.2) |
Net income (loss) |
$ (2,172) |
$ (3,989) |
46 |
$ (2,034) |
$ 1,228 |
$ (1,492) |
$ 126 |
$ (1,876) |
(8.4) |
Net income (loss) per
share: |
|
|
|
|
|
|
|
|
|
Basic |
$ (0.30) |
$ (0.60) |
50 |
$ (0.28) |
$ 0.17 |
$ (0.21) |
$ 0.02 |
$ (0.26) |
(7.7) |
Diluted |
$ (0.30) |
$ (0.60) |
50 |
$ (0.28) |
$ 0.17 |
$ (0.21) |
$ 0.02 |
$ (0.26) |
(7.7) |
Average basic shares (000s) |
7,199 |
6,625 |
8.7 |
7,199 |
7,199 |
7,199 |
7,199 |
7,200 |
0.0 |
Average diluted shares (000s) |
7,199 |
6,625 |
8.7 |
7,199 |
7,199 |
7,199 |
7,199 |
7,200 |
0.0 |
Performance Ratios |
|
|
|
|
|
|
|
|
|
Return on average equity |
(2.51)% |
(4.73)% |
47 |
(9.27)% |
(6.96)% |
0.59% |
0.59% |
(8.43)% |
(9.1) |
Return on average assets |
(0.21)% |
(0.37)% |
43 |
(0.82)% |
(0.59)% |
0.05% |
0.05% |
(0.69)% |
(19) |
Net interest margin |
3.88% |
3.43% |
13 |
3.88% |
4.01% |
3.73% |
3.73% |
3.57% |
8.7 |
Efficiency ratio |
62.18% |
66.00% |
(5.8) |
64.97% |
66.18% |
58.39% |
58.39% |
63.22% |
2.8 |
Average equity |
86,695 |
84,319 |
2.8 |
87,013 |
86,037 |
86,723 |
86,723 |
88,250 |
(1.4) |
Average assets |
1,012,451 |
1,078,464 |
(6.1) |
987,888 |
1,018,324 |
1,054,263 |
1,054,263 |
1,086,365 |
(9.1) |
Average interest-earning assets |
918,054 |
979,436 |
(6.3) |
889,449 |
928,316 |
962,328 |
962,328 |
983,548 |
(9.6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Savannah Bancorp,
Inc. and Subsidiaries |
|
|
|
|
|
Selected Financial Condition
Highlights – Five-Year Comparison |
|
|
|
|
|
($ in thousands, except per
share data) |
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
2011 |
2010 |
2009 |
2008 |
2007 |
Selected Average
Balances |
|
|
|
|
|
Assets |
$ 1,012,451 |
$ 1,078,464 |
$ 1,018,470 |
$ 960,260 |
$ 869,026 |
Interest-earning assets |
918,054 |
979,436 |
935,617 |
898,295 |
830,900 |
Loans, net of unearned income |
765,641 |
810,484 |
841,033 |
821,673 |
754,490 |
Securities |
107,066 |
111,753 |
81,282 |
62,019 |
58,910 |
Other interest-earning assets |
45,347 |
57,199 |
13,302 |
13,838 |
16,201 |
Interest-bearing deposits |
774,758 |
840,077 |
777,763 |
701,045 |
628,310 |
Borrowed funds |
51,609 |
62,140 |
71,967 |
88,553 |
70,939 |
Total interest-bearing liabilities |
826,367 |
902,217 |
849,730 |
789,598 |
699,249 |
Noninterest-bearing deposits |
95,468 |
86,458 |
82,406 |
83,678 |
91,367 |
Total deposits |
870,226 |
926,535 |
860,169 |
784,723 |
719,677 |
Shareholders' equity |
86,695 |
84,319 |
79,804 |
78,998 |
71,516 |
Loan to deposit ratio – average |
88% |
87% |
98% |
105% |
105% |
Selected Financial
Data at Year-End |
|
|
|
|
|
Assets |
$ 985,235 |
$ 1,066,930 |
$ 1,050,508 |
$ 1,007,284 |
$ 932,459 |
Interest-earning assets |
889,026 |
971,653 |
959,219 |
931,448 |
878,992 |
Loans, net of unearned income |
759,678 |
826,562 |
883,886 |
864,974 |
808,651 |
Other real estate owned |
20,332 |
13,199 |
8,329 |
8,100 |
2,112 |
Deposits |
846,929 |
923,745 |
884,569 |
832,015 |
764,218 |
Interest-bearing liabilities |
789,918 |
881,599 |
883,527 |
837,558 |
759,597 |
Shareholders' equity |
84,130 |
85,803 |
79,026 |
80,932 |
76,272 |
Loan to deposit ratio |
90% |
89% |
100% |
104% |
106% |
Shareholders' equity to total
assets |
8.54% |
8.04% |
7.52% |
8.03% |
8.18% |
Dividend payout ratio |
NM |
NM |
118.19% |
49.38% |
36.73% |
Risk-based capital ratios: |
|
|
|
|
|
Tier 1 capital to
risk-weighted assets |
11.36% |
11.13% |
10.30% |
10.28% |
10.49% |
Total capital to
risk-weighted assets |
12.63% |
12.40% |
11.56% |
11.54% |
11.74% |
Loan Quality
Data |
|
|
|
|
|
Nonperforming assets |
$ 55,213 |
$ 49,099 |
$ 42,444 |
$ 35,703 |
$ 19,535 |
Nonperforming loans |
34,881 |
35,900 |
34,115 |
27,603 |
17,424 |
Net charge-offs |
18,468 |
18,348 |
8,687 |
5,564 |
765 |
Allowance for loan losses |
21,917 |
20,350 |
17,678 |
13,300 |
12,864 |
Allowance for loan losses to total
loans |
2.89% |
2.46% |
2.00% |
1.54% |
1.59% |
Nonperforming loans to loans |
4.59% |
4.34% |
3.86% |
3.19% |
2.15% |
Nonperforming assets to total
assets |
5.60% |
4.60% |
4.04% |
3.54% |
2.09% |
Net charge-offs to average loans |
2.41% |
2.26% |
1.03% |
0.68% |
0.01% |
Per Share Data at
Year-End |
|
|
|
|
|
Book value |
$ 11.69 |
$ 11.92 |
$ 13.32 |
$ 13.64 |
$ 12.88 |
Tangible book value |
11.19 |
11.39 |
12.90 |
13.19 |
12.40 |
Common stock closing price
(Nasdaq) |
4.95 |
7.00 |
8.00 |
8.85 |
17.14 |
Common shares outstanding (000s) |
7,199 |
7,199 |
5,932 |
5,934 |
5,924 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Savannah Bancorp,
Inc. and Subsidiaries |
|
|
|
|
|
Selected Operating
Highlights – Five-Year Comparison |
|
|
|
|
|
($ in thousands, except per
share data) |
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
2011 |
2010 |
2009 |
2008 |
2007 |
Summary of operations |
|
|
|
|
|
Interest income - taxable
equivalent |
$ 45,095 |
$ 47,961 |
$ 50,595 |
$ 56,714 |
$ 63,414 |
Interest expense |
9,488 |
14,362 |
18,258 |
24,439 |
30,282 |
Net interest income - taxable
equivalent |
35,607 |
33,599 |
32,337 |
32,275 |
33,132 |
Taxable equivalent
adjustment |
(32) |
(32) |
(32) |
(32) |
(156) |
Net interest income |
35,575 |
33,567 |
32,305 |
32,243 |
32,976 |
Provision for loan losses |
20,035 |
21,020 |
13,065 |
6,000 |
4,675 |
Net interest income
after provision for loan losses |
15,540 |
12,547 |
19,240 |
26,243 |
28,301 |
Noninterest income |
|
|
|
|
|
Trust and asset
management fees |
2,646 |
2,599 |
2,351 |
2,832 |
1,513 |
Service charges on
deposit accounts |
1,458 |
1,788 |
1,809 |
1,881 |
1,383 |
Mortgage related income,
net |
183 |
398 |
432 |
295 |
615 |
Gain on sale of
securities |
763 |
608 |
2,119 |
163 |
-- |
Gain (loss) on
hedges |
(1) |
2 |
873 |
1,288 |
-- |
Other
operating income |
1,597 |
1,916 |
1,238 |
1,216 |
1,242 |
Total noninterest income |
6,646 |
7,311 |
8,822 |
7,675 |
4,753 |
Noninterest expense |
|
|
|
|
|
Salaries and employee
benefits |
11,282 |
11,948 |
12,146 |
13,584 |
11,846 |
Occupancy and
equipment |
3,683 |
3,945 |
3,716 |
3,884 |
3,294 |
Information
technology |
1,708 |
2,101 |
1,810 |
1,633 |
1,616 |
FDIC deposit
insurance |
1,303 |
1,688 |
1,886 |
653 |
251 |
Amortization of
intangibles |
224 |
171 |
144 |
144 |
48 |
Loss on sale of
foreclosed assets |
2,679 |
2,472 |
2,566 |
228 |
44 |
Other operating
expense |
5,374 |
4,652 |
4,710 |
4,616 |
4,084 |
Total noninterest expense |
26,253 |
26,977 |
26,978 |
24,742 |
21,183 |
Income (loss) before income taxes |
(4,067) |
(7,119) |
1,084 |
9,176 |
11,871 |
Income tax expense (benefit) |
(1,895) |
(3,130) |
155 |
3,170 |
4,235 |
Net income
(loss) |
$ (2,172) |
$ (3,989) |
$ 929 |
$ 6,006 |
$ 7,636 |
Net income (loss) per
share: |
|
|
|
|
|
Basic |
$ (0.30) |
$ (0.60) |
$ 0.16 |
$ 1.01 |
$ 1.31 |
Diluted |
$ (0.30) |
$ (0.60) |
$ 0.16 |
$ 1.01 |
$ 1.29 |
Cash dividends paid per share |
$ 0.00 |
$ 0.02 |
$ 0.185 |
$ 0.50 |
$ 0.48 |
Average basic shares outstanding
(000s) |
7,199 |
6,625 |
5,933 |
5,930 |
5,850 |
Average diluted shares outstanding
(000s) |
7,199 |
6,625 |
5,936 |
5,947 |
5,922 |
|
|
|
|
|
|
Performance
ratios |
|
|
|
|
|
Net interest margin |
3.88% |
3.43% |
3.46% |
3.58% |
3.99% |
Return on average assets |
(0.21)% |
(0.37)% |
0.09% |
0.63% |
0.88% |
Return on average equity |
(2.51)% |
(4.73)% |
1.16% |
7.60% |
10.68% |
Efficiency ratio |
62.18% |
66.00% |
65.60% |
61.98% |
56.15% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Savannah Bancorp,
Inc. and Subsidiaries Selected Quarterly Data – 2011 and
2010 ($ in thousands, except per share data)
(Unaudited) |
|
|
|
|
|
|
|
|
|
Condensed Quarterly
Income Statements |
|
|
|
|
|
|
|
|
|
The following is a summary of
unaudited quarterly results for 2011 and 2010: |
|
|
|
|
|
|
|
|
|
|
2011 |
2010 |
|
|
|
Fourth |
Third |
Second |
First |
Fourth |
Third |
Second |
First |
|
Net interest income |
$8,682 |
$9,014 |
$9,035 |
$8,844 |
$8,833 |
$8,029 |
$8,276 |
$8,429 |
|
Provision for loan losses |
6,510 |
2,865 |
6,300 |
4,360 |
6,725 |
5,230 |
3,745 |
5,320 |
|
Net interest income after provision for
loan losses |
2,172 |
6,149 |
2,735 |
4,484 |
2,108 |
2,799 |
4,531 |
3,109 |
|
Noninterest income |
1,497 |
1,817 |
1,707 |
1,625 |
1,767 |
1,538 |
1,726 |
2,280 |
|
Noninterest expense |
6,613 |
6,418 |
7,109 |
6,113 |
6,701 |
7,310 |
6,539 |
6,427 |
|
Income (loss) before income taxes |
(2,944) |
1,548 |
(2,667) |
(4) |
(2,826) |
(2,973) |
(282) |
(1,038) |
|
Income tax expense (benefit) |
(910) |
320 |
(1,175) |
(130) |
(950) |
(1,410) |
(220) |
(550) |
|
Net income (loss) |
$(2,034) |
$ 1,228 |
$(1,492) |
$ 126 |
$(1,876) |
$(1,563) |
$ (62) |
$ (488) |
|
|
|
|
|
|
|
|
|
|
|
Per share: |
|
|
|
|
|
|
|
|
|
Net income (loss) –
basic |
$ (0.28) |
$ 0.17 |
$ (0.21) |
$ 0.02 |
$ (0.26) |
$ (0.22) |
$ (0.01) |
$ (0.08) |
|
Net income (loss) –
diluted |
$ (0.28) |
$ 0.17 |
$ (0.21) |
$ 0.02 |
$ (0.26) |
$ (0.22) |
$ (0.01) |
$ (0.08) |
|
Dividends |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 0.02 |
|
Average shares (000s) |
|
|
|
|
|
|
|
|
|
Basic |
7,199 |
7,199 |
7,199 |
7,199 |
7,200 |
7,200 |
6,146 |
5,938 |
|
Diluted |
7,199 |
7,199 |
7,199 |
7,199 |
7,200 |
7,200 |
6,146 |
5,938 |
|
|
|
|
|
|
|
|
|
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 2011 and
2010 are listed below. There were approximately 600 holders of
record of Company Common Stock and, according to information
available to the Company, approximately 1,200 additional
shareholders in street name through brokerage accounts at December
31, 2011. |
|
|
|
|
|
|
|
|
2011 |
|
2010 |
Closing Market Prices |
Fourth |
Third |
Second |
First |
|
Fourth |
Third |
Second |
First |
|
|
|
|
|
|
|
|
|
|
High |
$ 6.29 |
$ 7.58 |
$ 8.00 |
$ 8.00 |
|
$ 9.11 |
$ 10.05 |
$ 12.20 |
$ 11.09 |
Low |
4.65 |
5.93 |
7.20 |
7.00 |
|
6.85 |
8.86 |
9.03 |
7.50 |
Close |
4.95 |
6.00 |
7.41 |
7.35 |
|
7.00 |
9.30 |
9.76 |
10.61 |
|
The Savannah Bancorp,
Inc. and Subsidiaries |
Allowance for Loan
Losses and Nonperforming Assets |
(Unaudited) |
|
|
2011 |
2010 |
|
Fourth |
Third |
Second |
First |
Fourth |
($ in thousands) |
Quarter |
Quarter |
Quarter |
Quarter |
Quarter |
|
|
|
|
|
|
Allowance for loan
losses |
|
|
|
|
|
Balance at beginning of period |
$ 22,854 |
$ 23,523 |
$ 22,363 |
$ 20,350 |
$ 19,519 |
Provision for loan losses |
6,510 |
2,865 |
6,300 |
4,360 |
6,725 |
Net charge-offs |
(7,447) |
(3,534) |
(5,140) |
(2,347) |
(5,894) |
Balance at end of period |
$ 21,917 |
$ 22,854 |
$ 23,523 |
$ 22,363 |
$ 20,350 |
|
|
|
|
|
|
As a % of loans |
2.89% |
2.90% |
2.91% |
2.73% |
2.46% |
As a % of nonperforming loans |
62.83% |
53.72% |
59.84% |
64.38% |
56.69% |
As a % of nonperforming assets |
39.70% |
38.30% |
45.73% |
45.87% |
41.45% |
|
|
|
|
|
|
Net charge-offs as a % of average loans
(a) |
2.41% |
1.84% |
2.65% |
1.21% |
2.26% |
|
|
|
|
|
|
Risk element assets |
|
|
|
|
|
Nonaccruing loans |
$ 34,668 |
$ 41,689 |
$ 39,160 |
$ 33,921 |
$ 32,836 |
Loans past due 90 days – accruing |
213 |
851 |
150 |
817 |
3,064 |
Total nonperforming loans |
34,881 |
42,540 |
39,310 |
34,738 |
35,900 |
Other real estate owned |
20,332 |
17,135 |
12,125 |
14,014 |
13,199 |
Total nonperforming
assets |
$ 55,213 |
$ 59,675 |
$ 51,435 |
$ 48,752 |
$ 49,099 |
|
|
|
|
|
|
Loans past due 30-89 days |
$ 15,132 |
$ 13,096 |
$ 17,013 |
$ 9,175 |
$ 11,164 |
|
|
|
|
|
|
Nonperforming loans as a % of loans |
4.59% |
5.39% |
4.87% |
4.24% |
4.34% |
Nonperforming assets as a % of loans |
|
|
|
|
|
and other real estate owned |
7.08% |
7.41% |
6.28% |
5.85% |
5.85% |
Nonperforming assets as a % of assets |
5.60% |
6.04% |
5.13% |
4.69% |
4.60% |
|
|
|
|
|
|
(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. Bryan has agreed
with its primary regulator to maintain a Tier 1 Leverage Ratio of
not less than 8.00 percent. 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. Both banks are currently in conformity
with the agreements. The following table shows the capital
ratios for the Company and the Subsidiary Banks at December 31,
2011 and 2010: |
|
|
|
|
|
|
|
($ in thousands) |
Company |
Savannah |
Bryan |
|
2011 |
2010 |
2011 |
2010 |
2011 |
2010 |
Qualifying
Capital |
|
|
|
|
|
|
Tier 1 capital |
$81,697 |
$87,623 |
$62,451 |
$64,193 |
$19,416 |
$21,294 |
Total capital |
90,845 |
97,589 |
69,191 |
71,450 |
21,691 |
23,826 |
Leverage
Ratios |
|
|
|
|
|
|
Tier 1 capital to average assets |
8.37% |
8.12% |
8.63% |
7.97% |
8.01% |
8.20% |
Risk-based
Ratios |
|
|
|
|
|
|
Tier 1 capital to risk- weighted assets |
11.36% |
11.13% |
11.74% |
11.18% |
10.82% |
10.67% |
Total capital to risk- weighted assets |
12.63% |
12.40% |
13.01% |
12.44% |
12.09% |
11.93% |
|
|
|
Following are the regulatory
capital ratios minimum ratio and the minimum ratios to be
classified as a well- capitalized holding company or bank: |
|
|
|
|
|
Required Regulatory Capital
Ratios: |
Minimum |
Well- Capitalized |
Tier 1 capital to average assets |
4.00% |
5.00% |
Tier 1 capital to risk-weighted assets |
4.00% |
6.00% |
Total capital to risk-weighted assets |
8.00% |
10.00% |
|
The Savannah Bancorp,
Inc. and Subsidiaries Average Balance Sheet and Rate/Volume
Analysis – Fourth Quarter, 2011 and 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable-Equivalent |
|
(a) Variance |
Average Balance |
Average Rate |
|
Interest (b) |
|
Attributable to |
QTD |
QTD |
QTD |
QTD |
|
QTD |
QTD |
Vari- |
|
|
12/31/11 |
12/31/10 |
12/31/11 |
12/31/10 |
|
12/31/11 |
12/31/10 |
ance |
Rate |
Volume |
($ in thousands) |
(%) |
|
($ in thousands) |
|
($ in thousands) |
|
|
|
|
Assets |
|
|
|
|
|
$ 67,741 |
$ 49,667 |
0.25 |
0.30 |
Interest-bearing deposits |
$ 43 |
$ 37 |
$ 6 |
$ (6) |
$ 12 |
79,105 |
140,431 |
2.65 |
2.49 |
Investments - taxable |
528 |
880 |
(352) |
57 |
(409) |
5,840 |
6,935 |
4.42 |
4.35 |
Investments - non-taxable |
65 |
76 |
(11) |
1 |
(12) |
584 |
608 |
0.00 |
0.00 |
Federal funds sold |
-- |
-- |
-- |
-- |
-- |
736,179 |
785,907 |
5.43 |
5.55 |
Loans (c) |
10,085 |
10,987 |
(902) |
(238) |
(664) |
889,449 |
983,548 |
4.78 |
4.83 |
Total interest-earning assets |
10,721 |
11,980 |
(1,259) |
(186) |
(1,073) |
98,439 |
102,817 |
|
|
Noninterest-earning assets |
|
|
|
|
|
$ 987,888 |
$ 1,086,365 |
|
|
Total assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and equity |
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
$ 138,420 |
$ 136,779 |
0.20 |
0.34 |
NOW accounts |
70 |
117 |
(47) |
(48) |
1 |
20,548 |
19,308 |
0.10 |
0.29 |
Savings accounts |
5 |
14 |
(9) |
(9) |
-- |
224,543 |
221,039 |
0.99 |
1.38 |
Money market accounts |
561 |
769 |
(208) |
(217) |
9 |
34,475 |
42,494 |
0.30 |
0.71 |
Money market accounts -
institutional |
26 |
76 |
(50) |
(44) |
(6) |
145,063 |
187,098 |
1.36 |
1.79 |
CDs, $100M or more |
499 |
845 |
(346) |
(203) |
(143) |
56,826 |
60,717 |
0.71 |
0.90 |
CDs, broker |
102 |
137 |
(35) |
(29) |
(6) |
124,384 |
173,361 |
1.31 |
1.77 |
Other time deposits |
411 |
773 |
(362) |
(201) |
(161) |
744,259 |
840,796 |
0.89 |
1.29 |
Total interest-bearing deposits |
1,674 |
2,731 |
(1,057) |
(752) |
(305) |
24,548 |
28,766 |
3.12 |
3.38 |
Short-term/other borrowings |
193 |
245 |
(52) |
(19) |
(33) |
16,654 |
15,681 |
2.05 |
2.07 |
FHLB advances |
86 |
82 |
4 |
(1) |
5 |
10,310 |
10,310 |
3.00 |
3.12 |
Subordinated debt |
78 |
81 |
(3) |
(3) |
-- |
|
|
|
|
Total interest-bearing |
|
|
|
|
|
795,771 |
895,553 |
1.01 |
1.39 |
liabilities |
2,031 |
3,139 |
(1,108) |
(774) |
(334) |
100,976 |
93,178 |
|
|
Noninterest-bearing deposits |
|
|
|
|
|
4,128 |
9,384 |
|
|
Other liabilities |
|
|
|
|
|
87,013 |
88,250 |
|
|
Shareholders' equity |
|
|
|
|
|
$ 987,888 |
$ 1,086,365 |
|
|
Liabilities and equity |
|
|
|
|
|
|
|
3.77 |
3.44 |
Interest rate spread |
|
|
|
|
|
|
|
3.88 |
3.57 |
Net interest margin |
|
|
|
|
|
|
|
|
|
Net interest income |
$ 8,690 |
$ 8,841 |
$ (151) |
$ 588 |
$ (739) |
$ 93,678 |
$ 87,995 |
|
|
Net earning assets |
|
|
|
|
|
$ 845,235 |
$ 933,974 |
|
|
Average deposits |
|
|
|
|
|
|
|
0.79 |
1.16 |
Average cost of deposits |
|
|
|
|
|
87% |
84% |
|
|
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 $8 in the
fourth quarter 2011 and 2010, respectively.
(c) Average nonaccruing loans have been excluded from total average
loans and categorized in noninterest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Savannah Bancorp,
Inc. and Subsidiaries Average Balance Sheet and Rate/Volume
Analysis – 2011 and 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable-Equivalent |
|
(a) Variance |
Average Balance |
Average Rate |
|
Interest (b) |
|
Attributable to |
YTD |
YTD |
YTD |
YTD |
|
YTD |
YTD |
Vari- |
|
|
12/31/11 |
12/31/10 |
12/31/11 |
12/31/10 |
|
12/31/11 |
12/31/10 |
ance |
Rate |
Volume |
($ in thousands) |
(%) |
|
($ in thousands) |
|
($ in thousands) |
|
|
|
|
Assets |
|
|
|
|
|
$ 44,791 |
$ 50,461 |
0.28 |
0.29 |
Interest-bearing deposits |
$ 127 |
$ 147 |
$ (20) |
$ (5) |
$ (15) |
100,889 |
104,367 |
2.72 |
2.35 |
Investments - taxable |
2,745 |
2,456 |
289 |
386 |
(97) |
6,177 |
7,386 |
4.42 |
4.45 |
Investments - non-taxable |
273 |
329 |
(56) |
(2) |
(54) |
556 |
6,738 |
0.54 |
0.30 |
Federal funds sold |
3 |
20 |
(17) |
40 |
(57) |
765,641 |
810,484 |
5.48 |
5.55 |
Loans (c) |
41,947 |
45,009 |
(3,062) |
(567) |
(2,495) |
918,054 |
979,436 |
4.91 |
4.90 |
Total interest-earning assets |
45,095 |
47,961 |
(2,866) |
(148) |
(2,718) |
94,397 |
99,028 |
|
|
Noninterest-earning assets |
|
|
|
|
|
$ 1,012,451 |
$ 1,078,464 |
|
|
Total assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and equity |
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
$ 138,393 |
$ 125,994 |
0.27 |
0.36 |
NOW accounts |
374 |
450 |
(76) |
(113) |
37 |
20,738 |
18,402 |
0.14 |
0.39 |
Savings accounts |
29 |
71 |
(42) |
(46) |
4 |
230,959 |
199,331 |
1.12 |
1.49 |
Money market accounts |
2,595 |
2,974 |
(379) |
(738) |
359 |
39,396 |
54,927 |
0.43 |
0.83 |
Money market accounts -
institutional |
169 |
456 |
(287) |
(220) |
(67) |
158,419 |
185,505 |
1.56 |
2.20 |
CDs, $100M or more |
2,470 |
4,081 |
(1,611) |
(1,187) |
(424) |
49,036 |
86,523 |
0.76 |
1.01 |
CDs, broker |
374 |
877 |
(503) |
(216) |
(287) |
137,817 |
169,395 |
1.45 |
2.10 |
Other time deposits |
2,005 |
3,551 |
(1,546) |
(1,101) |
(445) |
774,758 |
840,077 |
1.03 |
1.48 |
Total interest-bearing deposits |
8,016 |
12,460 |
(4,444) |
(3,621) |
(823) |
24,490 |
30,609 |
3.35 |
3.72 |
Other borrowings |
821 |
1,138 |
(317) |
(113) |
(204) |
16,809 |
21,221 |
2.07 |
2.16 |
FHLB advances |
348 |
458 |
(110) |
(19) |
(91) |
10,310 |
10,310 |
2.94 |
2.97 |
Subordinated debt |
303 |
306 |
(3) |
(3) |
-- |
|
|
|
|
Total interest-bearing |
|
|
|
|
|
826,367 |
902,217 |
1.15 |
1.59 |
liabilities |
9,488 |
14,362 |
(4,874) |
(3,757) |
(1,117) |
95,468 |
86,458 |
|
|
Noninterest-bearing deposits |
|
|
|
|
|
3,921 |
5,470 |
|
|
Other liabilities |
|
|
|
|
|
86,695 |
84,319 |
|
|
Shareholders' equity |
|
|
|
|
|
$ 1,012,451 |
$ 1,078,464 |
|
|
Liabilities and equity |
|
|
|
|
|
|
|
3.76 |
3.31 |
Interest rate spread |
|
|
|
|
|
|
|
3.88 |
3.43 |
Net interest margin |
|
|
|
|
|
|
|
|
|
Net interest income |
$35,607 |
$33,599 |
$2,008 |
$ 3,609 |
$(1,601) |
$ 91,687 |
$ 77,219 |
|
|
Net earning assets |
|
|
|
|
|
$ 870,226 |
$ 926,535 |
|
|
Average deposits |
|
|
|
|
|
|
|
0.92 |
1.34 |
Average cost of deposits |
|
|
|
|
|
88% |
87% |
|
|
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 $32 in
2011 and 2010, respectively.
(c) Average nonaccruing loans have been excluded from total average
loans and categorized in noninterest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
The Savannah Bancorp,
Inc. and Subsidiaries |
Consolidated Statements
of Shareholders' Equity |
For the Three Years
Ended December 31, 2011 |
($ in thousands, except share
data) |
|
|
December
31, |
|
2011 |
2010 |
2009 |
Common shares issued |
|
|
|
Shares, beginning of
year |
7,201,346 |
5,933,789 |
5,933,789 |
Common stock issued |
-- |
1,267,557 |
-- |
Exercise of
options |
-- |
-- |
-- |
Shares, end of
year |
7,201,346 |
7,201,346 |
5,933,789 |
Treasury shares owned |
|
|
|
Shares, beginning of
year |
2,483 |
1,443 |
318 |
Treasury stock
issued |
(273) |
(943) |
-- |
Unredeemed common
stock |
-- |
36 |
-- |
Unvested
restricted stock |
-- |
1,947 |
1,125 |
Shares, end of
year |
2,210 |
2,483 |
1,443 |
Common stock |
|
|
|
Balance, beginning of
year |
$ 7,201 |
$ 5,934 |
$ 5,934 |
Common
stock issued |
-- |
1,267 |
-- |
Balance, end of
year |
7,201 |
7,201 |
5,934 |
Additional paid-in
capital |
|
|
|
Balance, beginning of
year |
48,634 |
38,605 |
38,516 |
Common stock issued, net
of issuance costs |
2 |
9,980 |
-- |
Stock-based compensation,
net |
20 |
49 |
89 |
Exercise
of options |
-- |
-- |
-- |
Balance, end of
year |
48,656 |
48,634 |
38,605 |
Retained earnings |
|
|
|
Balance, beginning of
year |
29,275 |
33,383 |
33,552 |
Net income (loss) |
(2,172) |
(3,989) |
929 |
Dividends
paid |
-- |
(119) |
(1,098) |
Balance, end of
year |
27,103 |
29,275 |
33,383 |
Treasury stock |
|
|
|
Balance, beginning and
end of year |
(1) |
(4) |
(4) |
Treasury stock
issued |
-- |
3 |
-- |
Balance, end
of year |
(1) |
(1) |
(4) |
Accumulated other comprehensive
income (loss), net |
|
|
|
Balance, beginning of
year |
694 |
1,108 |
2,934 |
Change in unrealized
gains/losses on securities |
|
|
|
available for sale, net
of tax |
477 |
(127) |
(531) |
Change in fair value and
gains on termination of derivative |
|
|
|
instruments, net of tax |
-- |
(287) |
(1,295) |
Balance, end of
year |
1,171 |
694 |
1,108 |
Total shareholders'
equity |
$ 84,130 |
$ 85,803 |
$ 79,026 |
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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