The Savannah Bancorp, Inc. (Nasdaq:SAVB) (the "Company") reported a
net loss for the first quarter 2012 of $1,031,000 compared to net
income of $126,000 for the first quarter 2011. Net loss per diluted
share was 14 cents in the first quarter 2012 compared to net income
per diluted share of 2 cents in 2011. The quarter over quarter
decrease in earnings resulted primarily from an increase in loss on
sales of foreclosed assets and in the provision for loans losses.
Pretax earnings before the provision for loan losses and gain/loss
on sale of securities and foreclosed assets decreased $167,000, or
3.8 percent, to $4,204,000 in the first quarter of 2012 compared to
$4,371,000 in the first quarter of 2011. Other growth and
performance ratios are included in the attached financial
highlights.
Total assets decreased 6.5 percent to $972 million at March 31,
2012, down approximately $67 million from $1.04 billion a year
earlier. Loans totaled $744 million compared to $819 million one
year earlier, a decrease of approximately $75 million or 9.2
percent. Deposits totaled $834 million and $898 million
at March 31, 2012 and 2011, respectively, a decrease of 7.2
percent. Shareholders' equity was $83.3 million at March 31,
2012 compared to $85.9 million at March 31, 2011. The
Company's total capital to risk-weighted assets ratio was 12.69
percent at March 31, 2012, which exceeds the 10 percent required by
the regulatory agencies to maintain well-capitalized status.
John C. Helmken II, President and CEO, said, "We continue to
focus on our net interest margin with the result being another
increase this quarter to 3.92 percent. This margin has helped
reduce the impact of lower loan balances due to pay downs,
charge-offs and continued weak loan demand. While many
borrowers are seeing improved operating results, most are still
reluctant to pull the trigger on any growth or expansion
plans. Most, but not all, of our new relationship activity is
coming from our competitors. We continue to solicit business
and believe our efforts will pay off over time."
The Company's allowance for loan losses was $22,396,000, or 3.01
percent of total loans at March 31, 2012 compared to $22,363,000 or
2.73 percent of total loans a year earlier. Nonperforming
assets were $50,207,000 or 5.17 percent of total assets at March
31, 2012 compared to $48,752,000 or 4.69 percent at March 31,
2011. Other real estate owned ("OREO") increased $3,575,000,
or 26 percent, to $17,589,000 in 2012 due to an increase in
foreclosures on real property as a result of borrower defaults. For
the first quarter of 2012, net charge-offs were $4,261,000 compared
to net charge-offs of $2,347,000 for the first quarter of
2011. The provision for loan losses for the first quarter of
2012 was $4,740,000 compared to $4,360,000 for the same period in
2011. Both the net charge-offs and the provision for loan
losses have remained elevated in 2012. 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, "Our team continues to do a good job of
containing expenses. During the first quarter, we experienced
a large loss on an OREO property, but otherwise expenses remained
flat. In 2011, we saw a reduction in operating expenses other
than those associated with collection efforts and we expect to
continue to press on controlling expenses during the balance of
2012.
"We continue to deal with primarily one issue – asset
quality. The past due trends for the first quarter, coupled
with the decline in nonperforming assets, are
encouraging. However, the continued decline in values on loan
collateral and OREO is significantly impacting our
profitability. With collection costs averaging more than
$100,000 per month and significant provisioning and charge-offs
during the first quarter, management and the Board of Directors are
evaluating all alternatives to reduce nonperforming and classified
assets of which a bulk asset sale is a consideration."
Net interest income decreased $274,000, or 3.1 percent, in the
first quarter of 2012 versus the first quarter of 2011. The
net interest margin increased to 3.92 percent in the first quarter
of 2012 as compared to 3.73 percent in the same period in
2011. While the net interest margin increased, net interest
income decreased quarter over quarter due primarily to the lower
level of interest-earning assets. The net interest margin increased
mainly due to a decline in the cost of interest-bearing deposits
partially offset by a decline in the yield on earning
assets. The cost of interest-bearing deposits decreased to
0.83 percent for the first quarter of 2012 compared to 1.18 percent
for the same period in 2011 primarily due to the repricing of time
deposits and money market accounts in the current low interest rate
environment. The yield on earning assets declined from 4.89
percent in the first quarter of 2011 to 4.77 percent in the first
quarter of 2012 due to the Company holding, on average, $38 million
more in lower yielding interest-bearing deposits and $71 million
less in higher yielding accruing loans. The decline in average
accruing loans was due to normal pay downs, charge-offs and
weakened demand for new loans. On a linked quarter basis, the
net interest margin increased 4 basis points compared to the fourth
quarter of 2011.
Noninterest income decreased $107,000, or 6.6 percent, in 2012
versus 2011. This decrease was primarily related to a decline
in gain on sale of securities of $218,000 in the first quarter of
2012 compared to the same period in 2011. This decline was
somewhat offset by an increase in other operating income of $89,000
or 25 percent. The decline in gain on sale of securities was
due to the fact that the Company did not sell any investment
securities in the first quarter of 2012. The increase in other
operating income during the first quarter of 2012 compared to the
same period in 2011 was due primarily to an increase of $34,000 in
rent income from OREO and $34,000 in income from fees related to
ATMs and debit cards.
Noninterest expense increased $1.1 million, or 18 percent, to
$7,189,000 during the first quarter of 2012 as compared to the same
period in 2011. This increase was due to a $1.1 million, or
460 percent, increase in loss on sale of foreclosed assets in the
first quarter of 2012. A write-down on one OREO property
accounted for approximately $564,000 of the 2012 loss. In
addition, the Company had increased activity related to foreclosed
properties and continued declines in real estate values.
The Savannah Bancorp, Inc., a bank holding company
for The Savannah Bank, N.A. ("Savannah"), 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 federal
securities laws. All statements other than statements of
historical fact are forward-looking statements. 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 of the future or otherwise regarding the outlook for
the Company's future business and financial performance and/or the
performance of the banking industry and economy in general. These
forward-looking statements include, among others, our assessment of
local real estate markets and the decline in values on loan
collateral and OREO; expectations regarding loan demand, new
business and relationships; expectations on our ability to contain
operating expenses in 2012; our evaluation of alternatives to
reduce nonperforming and classified assets; and the assumptions
underlying our expectations. Prospective investors are
cautioned that any such forward-looking statements are not
guarantees of future performance and involve known and unknown
risks and uncertainties which may cause the actual results,
performance or achievements of the Company to be materially
different from the future results, performance or achievements
expressed or implied by such forward-looking statements. Actual
results may differ materially from those contemplated by such
forward-looking statements.
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 for the
year ended December 31, 2011, 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 and speak only as of the date that they are
made. 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 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 |
First Quarter Financial
Highlights |
March 31, 2012
and 2011 |
($ in thousands, except share
data) |
(Unaudited) |
Balance Sheet Data at March
31 |
2012 |
2011 |
% Change |
Total assets |
$ 971,532 |
$ 1,038,571 |
(6.5) |
Interest-earning assets |
881,262 |
948,375 |
(7.1) |
Loans |
743,668 |
819,152 |
(9.2) |
Other real estate owned |
17,589 |
14,014 |
26 |
Deposits |
833,597 |
898,171 |
(7.2) |
Interest-bearing liabilities |
767,029 |
855,885 |
(10) |
Shareholders' equity |
83,278 |
85,870 |
(3.0) |
Loan to deposit ratio |
89.21% |
91.20% |
(2.2) |
Equity to assets |
8.57% |
8.27% |
3.6 |
Tier 1 capital to risk-weighted assets |
11.41% |
11.29% |
1.1 |
Total capital to risk-weighted assets |
12.69% |
12.56% |
1.0 |
Outstanding shares |
7,199 |
7,199 |
0.0 |
Book value per share |
$ 11.57 |
$ 11.93 |
(3.0) |
Tangible book value per share |
$ 11.08 |
$ 11.41 |
(2.9) |
Market value per share |
$ 5.17 |
$ 7.35 |
(30) |
|
|
|
|
Loan Quality
Data |
|
|
|
Nonaccruing loans |
$ 30,742 |
$ 33,921 |
(9.4) |
Loans past due 90 days – accruing |
1,876 |
817 |
130 |
Net charge-offs |
4,261 |
2,347 |
82 |
Allowance for loan losses |
22,396 |
22,363 |
0.1 |
Allowance for loan losses to total loans |
3.01% |
2.73% |
10 |
Nonperforming assets to total assets |
5.17% |
4.69% |
10 |
|
|
|
|
Performance Data
for the First Quarter |
|
|
|
Net income (loss) |
$ (1,031) |
$ 126 |
(918) |
Return on average assets |
(0.42) % |
0.05% |
(940) |
Return on average equity |
(4.86) % |
0.59% |
(924) |
Net interest margin |
3.92% |
3.73% |
5.1 |
Efficiency ratio |
71.26% |
58.39% |
22 |
|
|
|
|
Per share data: |
|
|
|
Net income (loss) – basic |
$ (0.14) |
$ 0.02 |
(800) |
Net income (loss) – diluted |
$ (0.14) |
$ 0.02 |
(800) |
|
|
|
|
Average shares (000s): |
|
|
|
Basic |
7,199 |
7,199 |
0.0 |
Diluted |
7,199 |
7,199 |
0.0 |
|
The Savannah Bancorp,
Inc. and Subsidiaries |
Consolidated Balance
Sheets |
($ in thousands, except share
data) |
(Unaudited) |
|
|
|
|
|
|
|
March
31, |
|
2012 |
2011 |
Assets |
|
|
Cash and due from banks |
$13,899 |
$14,074 |
Federal funds sold |
160 |
155 |
Interest-bearing deposits |
85,661 |
41,679 |
Cash and cash equivalents |
99,720 |
55,908 |
Securities available for sale, at fair value
(amortized cost of $82,514 and $121,310) |
84,683 |
122,323 |
Loans, net of allowance for loan losses of
$22,396 and $22,363 |
721,272 |
796,789 |
Premises and equipment, net |
14,252 |
14,830 |
Other real estate owned |
17,589 |
14,014 |
Bank-owned life insurance |
6,560 |
6,358 |
Goodwill and other intangible assets,
net |
3,506 |
3,730 |
Other assets |
23,950 |
24,619 |
Total
assets |
$971,532 |
$1,038,571 |
|
|
|
Liabilities |
|
|
Deposits: |
|
|
Noninterest-bearing |
$117,402 |
$92,972 |
Interest-bearing demand |
145,567 |
141,255 |
Savings |
22,034 |
20,963 |
Money market |
251,238 |
279,865 |
Time deposits |
297,356 |
363,116 |
Total deposits |
833,597 |
898,171 |
Short-term borrowings |
15,997 |
14,583 |
Other borrowings |
7,875 |
10,136 |
FHLB advances |
16,652 |
15,657 |
Subordinated debt |
10,310 |
10,310 |
Other liabilities |
3,823 |
3,844 |
Total
liabilities |
888,254 |
952,701 |
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 |
48,661 |
48,641 |
Retained earnings |
26,072 |
29,401 |
Treasury stock, at cost, 2,109 and 2,210
shares |
(1) |
(1) |
Accumulated other comprehensive income,
net |
1,345 |
628 |
Total
shareholders' equity |
83,278 |
85,870 |
Total liabilities and shareholders' equity |
$971,532 |
$1,038,571 |
|
|
The Savannah Bancorp,
Inc. and Subsidiaries |
Consolidated
Statements of Operations |
for the Three Months
and Five Quarters Ending March 31, 2012 |
($ in thousands, except per
share data) |
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
For the Three
Months Ended |
2012 |
2011 |
Q1-12/ |
|
March 31, |
% |
First |
Fourth |
Third |
Second |
First |
Q1-11 |
|
2012 |
2011 |
Chg |
Quarter |
Quarter |
Quarter |
Quarter |
Quarter |
% Chg |
Interest and dividend
income |
|
|
|
|
|
|
|
|
|
Loans, including fees |
$9,842 |
$10,697 |
(8.0) |
$9,842 |
$10,083 |
$10,535 |
$10,620 |
$10,697 |
(8.0) |
Investment securities |
537 |
875 |
(39) |
537 |
587 |
700 |
836 |
875 |
(39) |
Deposits with banks |
48 |
32 |
50 |
48 |
43 |
25 |
27 |
32 |
50 |
Federal funds sold |
1 |
1 |
-- |
1 |
-- |
1 |
1 |
1 |
-- |
Total interest
and dividend income |
10,428 |
11,605 |
(10) |
10,428 |
10,713 |
11,261 |
11,484 |
11,605 |
(10) |
Interest expense |
|
|
|
|
|
|
|
|
|
Deposits |
1,511 |
2,383 |
(37) |
1,511 |
1,674 |
1,877 |
2,082 |
2,383 |
(37) |
Borrowings & sub debt |
263 |
289 |
(9.0) |
263 |
271 |
283 |
281 |
289 |
(9.0) |
FHLB advances |
84 |
89 |
(5.6) |
84 |
86 |
87 |
86 |
89 |
(5.6) |
Total interest
expense |
1,858 |
2,761 |
(33) |
1,858 |
2,031 |
2,247 |
2,449 |
2,761 |
(33) |
Net interest income |
8,570 |
8,844 |
(3.1) |
8,570 |
8,682 |
9,014 |
9,035 |
8,844 |
(3.1) |
Provision for loan losses |
4,740 |
4,360 |
8.7 |
4,740 |
6,510 |
2,865 |
6,300 |
4,360 |
8.7 |
Net interest income after the provision
for loan losses |
3,830 |
4,484 |
(15) |
3,830 |
2,172 |
6,149 |
2,735 |
4,484 |
(15) |
Noninterest income |
|
|
|
|
|
|
|
|
|
Trust and asset management fees |
657 |
662 |
(0.8) |
657 |
638 |
663 |
683 |
662 |
(0.8) |
Service charges on deposits |
350 |
370 |
(5.4) |
350 |
369 |
371 |
348 |
370 |
(5.4) |
Mortgage related income, net |
61 |
14 |
336 |
61 |
29 |
72 |
68 |
14 |
336 |
Gain on sale of securities |
-- |
218 |
NM |
-- |
-- |
308 |
237 |
218 |
NM |
Other operating income |
450 |
361 |
25 |
450 |
461 |
403 |
371 |
361 |
25 |
Total noninterest
income |
1,518 |
1,625 |
(6.6) |
1,518 |
1,497 |
1,817 |
1,707 |
1,625 |
(6.6) |
Noninterest expense |
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
2,983 |
2,906 |
2.6 |
2,983 |
2,644 |
2,886 |
2,846 |
2,906 |
2.6 |
Occupancy and equipment |
863 |
883 |
(2.3) |
863 |
894 |
925 |
981 |
883 |
(2.3) |
Information technology |
476 |
402 |
18 |
476 |
462 |
428 |
416 |
402 |
18 |
FDIC deposit insurance |
336 |
480 |
(30) |
336 |
162 |
325 |
336 |
480 |
(30) |
Loan collection and OREO costs |
284 |
225 |
26 |
284 |
621 |
324 |
330 |
225 |
26 |
Amortization of intangibles |
56 |
56 |
0.0 |
56 |
56 |
56 |
56 |
56 |
0.0 |
Loss on sales of foreclosed assets |
1,305 |
233 |
460 |
1,305 |
754 |
577 |
1,115 |
233 |
460 |
Other operating expense |
886 |
928 |
(4.5) |
886 |
1,020 |
897 |
1,029 |
928 |
(4.5) |
Total noninterest
expense |
7,189 |
6,113 |
18 |
7,189 |
6,613 |
6,418 |
7,109 |
6,113 |
18 |
Income (loss) before income taxes |
(1,841) |
(4) |
NM |
(1,841) |
(2,944) |
1,548 |
(2,667) |
(4) |
NM |
Income tax expense (benefit) |
(810) |
(130) |
(523) |
(810) |
(910) |
320 |
(1,175) |
(130) |
(523) |
Net income (loss) |
$(1,031) |
$126 |
(918) |
$(1,031) |
$(2,034) |
$1,228 |
$(1,492) |
$126 |
(918) |
Net income (loss) per
share: |
|
|
|
|
|
|
|
|
|
Basic |
$(0.14) |
$0.02 |
(800) |
$(0.14) |
$(0.28) |
$0.17 |
$(0.21) |
$0.02 |
(800) |
Diluted |
$(0.14) |
$0.02 |
(800) |
$(0.14) |
$(0.28) |
$0.17 |
$(0.21) |
$0.02 |
(800) |
Average basic shares (000s) |
7,199 |
7,199 |
0.0 |
7,199 |
7,199 |
7,199 |
7,199 |
7,199 |
0.0 |
|
Average diluted shares (000s) |
7,199 |
7,199 |
0.0 |
7,199 |
7,199 |
7,199 |
7,199 |
7,199 |
0.0 |
Performance Ratios |
|
|
|
|
|
|
|
|
|
Return on average equity |
(4.86)% |
0.59% |
(924) |
(4.86)% |
(9.27)% |
(6.96)% |
0.59% |
0.59% |
(924) |
Return on average assets |
(0.42)% |
0.05% |
(940) |
(0.42)% |
(0.82)% |
(0.59)% |
0.05% |
0.05% |
(940) |
Net interest margin |
3.92% |
3.73% |
5.1 |
3.92% |
3.88% |
4.01% |
3.73% |
3.73% |
5.1 |
Efficiency ratio |
71.26% |
58.39% |
22 |
71.26% |
64.97% |
66.18% |
58.39% |
58.39% |
22 |
Average equity |
85,166 |
86,723 |
(1.8) |
85,166 |
87,013 |
86,037 |
86,723 |
86,723 |
(1.8) |
Average assets |
974,940 |
1,054,263 |
(7.5) |
974,940 |
987,888 |
1,018,324 |
1,054,263 |
1,054,263 |
(7.5) |
Average interest-earning assets |
878,273 |
962,328 |
(8.7) |
878,273 |
889,449 |
928,316 |
962,328 |
962,328 |
(8.7) |
|
|
|
Capital Resources
The banking regulators have adopted capital requirements that
specify the minimum capital level for which no prompt corrective
action is required. In addition, the FDIC has adopted FDIC
insurance assessment rates based on certain "well-capitalized"
risk-based and equity capital ratios. As of March 31, 2012,
the Company and the Subsidiary Banks exceeded the minimum statutory
requirements necessary to be classified as "well-capitalized."
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.
Bryan entered into a Consent Order ("Order") with its
regulators, which requires the bank to maintain a Tier 1 Leverage
Ratio of 8.00 percent and Total Risk-based Capital Ratio of 10.00
percent. Entry into the Order automatically changes Bryan's
capital status to "adequately capitalized" for regulatory purposes.
As of March 31, 2012, Bryan had a Tier 1 Leverage Ratio of
7.57 percent and a Total Risk-based Capital Ratio of 11.60 percent
and is evaluating strategic alternatives to conform to the minimum
capital ratios required by the Order.
Total tangible equity capital for the Company was $79.8 million,
or 8.21 percent of total assets at March 31, 2012. The table
below shows the regulatory capital amounts and ratios for the
Company and Subsidiary Banks, along with the minimum capital ratio
and the ratio required to maintain a well-capitalized regulatory
status.
($ in thousands) |
Company |
Savannah |
Bryan |
Minimum |
Well- Capitalized |
|
|
|
|
|
|
Qualifying Capital |
|
|
|
|
|
Tier 1 capital |
$80,727 |
$61,959 |
$17,942 |
-- |
-- |
Total capital |
89,736 |
68,585 |
20,164 |
-- |
-- |
|
|
|
|
|
|
Leverage Ratios |
|
|
|
|
|
Tier 1 capital to average assets |
8.38% |
8.65% |
7.57% |
4.00% |
5.00% |
|
|
|
|
|
|
Risk-based Ratios |
|
|
|
|
|
Tier 1 capital to risk-weighted assets |
11.41% |
11.84% |
10.32% |
4.00% |
6.00% |
Total capital to risk-weighted assets |
12.69% |
13.10% |
11.60% |
8.00% |
10.00% |
Tier 1 and total capital at the Company level includes $10
million of subordinated debt issued to the Company's
nonconsolidated subsidiaries. Total capital also includes the
allowance for loan losses up to 1.25 percent of risk-weighted
assets.
|
The Savannah Bancorp,
Inc. and Subsidiaries |
Allowance for Loan
Losses and Nonperforming Assets |
(Unaudited) |
|
|
2012 |
2011 |
|
|
|
|
|
|
($ in thousands) |
First Quarter |
Fourth Quarter |
Third Quarter |
Second Quarter |
First Quarter |
|
|
|
|
|
|
Allowance for loan
losses |
|
|
|
|
|
Balance at beginning of period |
$21,917 |
$22,854 |
$23,523 |
$22,363 |
$20,350 |
Provision for loan losses |
4,740 |
6,510 |
2,865 |
6,300 |
4,360 |
Net charge-offs |
(4,261) |
(7,447) |
(3,534) |
(5,140) |
(2,347) |
Balance at end of period |
$22,396 |
$21,917 |
$22,854 |
$23,523 |
$22,363 |
|
|
|
|
|
|
As a % of loans |
3.01% |
2.89% |
2.90% |
2.91% |
2.73% |
As a % of nonperforming loans |
68.66% |
62.83% |
53.72% |
59.84% |
64.38% |
As a % of nonperforming assets |
44.61% |
39.70% |
38.30% |
45.73% |
45.87% |
|
|
|
|
|
|
Net charge-offs as a % of average loans
(a) |
2.27% |
2.41% |
1.84% |
2.65% |
1.21% |
|
|
|
|
|
|
Risk element assets |
|
|
|
|
|
Nonaccruing loans |
$30,742 |
$34,668 |
$41,689 |
$39,160 |
$33,921 |
Loans past due 90 days – accruing |
1,876 |
213 |
851 |
150 |
817 |
Total nonperforming loans |
32,618 |
34,881 |
42,540 |
39,310 |
34,738 |
Other real estate owned |
17,589 |
20,332 |
17,135 |
12,125 |
14,014 |
Total nonperforming
assets |
$50,207 |
$55,213 |
$59,675 |
$51,435 |
$48,752 |
|
|
|
|
|
|
Loans past due 30-89 days |
$4,701 |
$15,132 |
$13,096 |
$17,013 |
$9,175 |
|
|
|
|
|
|
Nonperforming loans as a % of loans |
4.39% |
4.59% |
5.39% |
4.87% |
4.24% |
Nonperforming assets as a % of loans and
other real estate owned |
6.60% |
7.08% |
7.41% |
6.28% |
5.85% |
Nonperforming assets as a % of assets |
5.17% |
5.60% |
6.04% |
5.13% |
4.69% |
|
|
|
|
|
|
(a) Annualized |
|
|
|
|
|
|
|
|
|
|
|
The Savannah Bancorp,
Inc. and Subsidiaries |
Average Balance Sheet
and Rate/Volume Analysis – First Quarter, 2012 and
2011 |
|
|
|
|
|
|
|
|
|
|
Average Balance |
Average Rate |
|
Taxable-Equivalent
Interest (b) |
|
(a) Variance Attributable
to |
QTD |
QTD |
QTD |
QTD |
|
QTD |
QTD |
Vari- |
|
|
3/31/2012 |
3/31/2011 |
3/31/2012 |
3/31/2011 |
|
3/31/2012 |
3/31/2011 |
ance |
Rate |
Volume |
($ in thousands) |
(%) |
|
($ in thousands) |
|
($ in thousands) |
|
|
|
|
Assets |
|
|
|
|
|
$79,749 |
$41,604 |
0.24 |
0.31 |
Interest-bearing deposits |
$48 |
$32 |
$16 |
$(7) |
$23 |
75,469 |
125,509 |
2.54 |
2.60 |
Investments - taxable (d) |
478 |
806 |
(328) |
(19) |
(309) |
5,829 |
6,896 |
4.34 |
4.35 |
Investments - non-taxable (d) |
63 |
74 |
(11) |
-- |
(11) |
502 |
698 |
0.80 |
0.58 |
Federal funds sold |
1 |
1 |
-- |
-- |
-- |
716,724 |
787,621 |
5.51 |
5.51 |
Loans (c) |
9,846 |
10,700 |
(854) |
-- |
(854) |
878,273 |
962,328 |
4.77 |
4.89 |
Total interest-earning assets |
10,436 |
11,613 |
(1,177) |
(26) |
(1,151) |
96,667 |
91,935 |
|
|
Noninterest-earning assets |
|
|
|
|
|
$974,940 |
$1,054,263 |
|
|
Total assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and equity |
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
$142,440 |
$139,312 |
0.17 |
0.33 |
NOW accounts |
62 |
113 |
(51) |
(56) |
5 |
20,931 |
20,347 |
0.08 |
0.20 |
Savings accounts |
4 |
10 |
(6) |
(6) |
-- |
223,833 |
235,307 |
0.93 |
1.27 |
Money market accounts |
521 |
736 |
(215) |
(199) |
(16) |
32,023 |
42,113 |
0.30 |
0.55 |
MMA - institutional |
24 |
57 |
(33) |
(26) |
(7) |
138,132 |
178,257 |
1.25 |
1.71 |
Time deposits, $100M or more |
432 |
751 |
(319) |
(204) |
(115) |
47,685 |
49,532 |
0.76 |
0.86 |
Time deposits, broker |
90 |
105 |
(15) |
(12) |
(3) |
121,861 |
155,824 |
1.24 |
1.59 |
Other time deposits |
378 |
611 |
(233) |
(136) |
(97) |
726,905 |
820,692 |
0.83 |
1.18 |
Total interest-bearing deposits |
1,511 |
2,383 |
(872) |
(640) |
(232) |
22,589 |
25,408 |
3.21 |
3.43 |
Short-term/other borrowings |
181 |
215 |
(34) |
(14) |
(20) |
16,652 |
15,702 |
2.02 |
2.30 |
FHLB advances |
84 |
89 |
(5) |
(11) |
6 |
10,310 |
10,310 |
3.19 |
2.91 |
Subordinated debt |
82 |
74 |
8 |
7 |
1 |
776,456 |
872,112 |
0.96 |
1.28 |
Total interest-bearing liabilities |
1,858 |
2,761 |
(903) |
(658) |
(245) |
109,746 |
91,674 |
|
|
Noninterest-bearing deposits |
|
|
|
|
|
3,572 |
3,754 |
|
|
Other liabilities |
|
|
|
|
|
85,166 |
86,723 |
|
|
Shareholders' equity |
|
|
|
|
|
$974,940 |
$1,054,263 |
|
|
Liabilities and equity |
|
|
|
|
|
|
|
3.81 |
3.61 |
Interest rate spread |
|
|
|
|
|
|
|
3.92 |
3.73 |
Net interest margin |
|
|
|
|
|
|
|
|
|
Net interest income |
$8,578 |
$8,852 |
$(274) |
$632 |
$(906) |
$101,817 |
$90,216 |
|
|
Net earning assets |
|
|
|
|
|
$836,651 |
$912,366 |
|
|
Average deposits |
|
|
|
|
|
|
|
0.72 |
1.06 |
Average cost of deposits |
|
|
|
|
|
86% |
86% |
|
|
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 of $8 in the first quarter of 2012 and 2011 results from
tax exempt income less non-deductible TEFRA interest expense. |
(c) Average nonaccruing loans
have been excluded from total average loans and categorized in
noninterest-earning assets. |
(d) Average investment
securities do not include the unrealized gain/loss on available for
sale investment securities. |
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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