SNB Bancshares, Inc. Announces First Quarter 2005 Results SUGAR
LAND, Texas, April 28 /PRNewswire-FirstCall/ -- SNB Bancshares,
Inc. (NASDAQ:SNBT), the parent company of Southern National Bank of
Texas, today announced solid operating results due to a significant
increase in net interest income, principally as a result of strong
loan growth, offset by a writedown for the previously announced
restructuring of its securities portfolio. For the first quarter of
2005, the Company recorded a $2.2 million loss, or $0.18 per share.
Net earnings for the first quarter 2005, excluding the after-tax
non-recurring impairment charge of $4.1 million or $0.33 per share,
would have been $1.9 million, a 46% increase compared with $1.3
million earned in the first quarter of 2004. Net earnings per
diluted share excluding the non-recurring impairment charge would
have been $0.15 on 12.9 million shares in the first quarter of 2005
compared with $0.17 on 7.2 million shares in the first quarter of
2004. Net earnings excluding the non-recurring impairment charge is
considered a non-GAAP financial measure as defined under the rules
and regulations of the Securities and Exchange Commission.
Management believes that this presentation of net earnings
excluding such charge should enhance investors' understanding of
the Company's earnings performance during the first quarter of
2005. "The restructuring and de-leveraging of our balance sheet and
the associated impairment charge was a necessary step to reduce our
risks in a rising interest rate environment and to improve
profitability going forward," said R. Darrell Brewer, Treasurer and
Chief Financial Officer. "While we remain liability sensitive,
paying down debt lessened our liability-sensitive position, thus
reducing our risk from rising interest rates, and increased yields
on our bond portfolio should improve our net interest margin. We do
not anticipate any need for further large-scale securities sales.
We will fund loan growth with deposits, short-term and cash
equivalent investments, cash flows from securities and short-term
borrowings as needed," said Brewer. "Of the $163 million in
proceeds from the sale of low yielding securities, which had a
weighted average yield of approximately 2.76%, $75 million was used
to pay down Federal Home Loan Bank borrowings, which had an average
cost of funds of 2.48%. In addition, $88 million was reinvested in
securities with a weighted average yield of approximately 4.90%.
Furthermore, we will benefit from increased cash flows from these
new securities." FIRST QUARTER RESULTS Strong loan growth and
improving yields from the loan portfolio helped offset higher cost
of funds. In spite of the significant increase in short term
interest rates over the past 12 months, our net interest margin in
the first quarter of 2005 expanded 14 basis points compared with
the first quarter of 2004. Net Interest Income Net interest income
for the first quarter of 2005 increased 29% to $7.9 million,
compared with $6.1 million for the same period in 2004. The
increase was primarily due to a 24% increase in average earning
assets, partially offset by a 63 basis point increase in weighted
average rates on interest-bearing liabilities. The average balance
of interest-earning assets in the first quarter of 2005 increased
$210.9 million compared with the same period in 2004 while the
average yield increased 63 basis points to 5.06% from 4.43%. The
average balance of interest-bearing liabilities increased $153.9
million in the first quarter of 2005 compared with the first
quarter of 2004. The weighted average rates on interest bearing
liabilities increased to 2.56% in the first quarter of 2005 from
1.93% in the first quarter of 2004. The provision for loan losses
in the first quarter of 2005 was down moderately at $600,000
compared with $750,000 in the first quarter of 2004 and the fourth
quarter of 2004, reflecting sound asset quality. Net interest
income after provision for loan losses increased 36% to $7.3
million for the first quarter of 2005 compared with $5.4 million in
the same period in 2004. Non-interest Income Non-interest income
declined in the first quarter of 2005 compared with the same period
in 2004 primarily due to the non-recurring impairment charge and no
gains from sales of securities. Non-interest income totaled a loss
of $5.7 million in the first quarter of 2005 compared with income
of $744,000 in the first quarter of 2004, with the decrease
primarily due to the $6.1 million impairment charge related to the
restructuring of our securities portfolio during the first quarter
of 2005 and the fact that there were no gains on the sale of
securities in the first quarter of 2005 compared with $359,000 in
gains on sales of securities during the same period in 2004.
Non-interest Expense Non-interest expense in the first quarter of
2005 increased 16% to $4.9 million compared with $4.2 million in
the first quarter of 2004, primarily due to increases in
compensation, higher professional fees associated with being
publicly traded, and technology upgrades/infrastructure
improvements made during 2004. Some of these higher expenses were
associated with the new branch opened in Katy in October 2004.
BALANCE SHEET REVIEW Assets increased to $1.1 billion at March 31,
2005, up 10% from a year ago and down 5% from December 31, 2004,
reflecting the de-leveraged balance sheet. In the first quarter of
2005, net loans increased 37% year-over-year and 5% from the linked
quarter to $621 million, with double-digit growth in all categories
except consumer and other from a year ago. Commercial mortgages
were the highest growth category showing a 55% increase over the
twelve months. According to a survey from infoUSA reported in the
Houston Business Journal March 7, 2005, Houston attracted more than
187,000 new businesses in the past four years, which equates to a
3.8% growth rate. "This solid growth in new businesses, coupled
with strong growth from established business in the region is
providing fertile ground for our commercial lending business," said
Harvey Zinn, President and Chief Executive Officer. Commercial
mortgage loans accounted for 45% of the loan portfolio compared to
39% a year ago; construction and development loans accounted for
21% from 23% a year ago and residential loans remained steady at
21%. In the past twelve months, deposits grew 3% to $867.4 million
at March 31, 2005, with a 12% increase in low-cost NOW, savings and
money market accounts which offset a 4% decline in higher cost time
deposits. Average deposits in the first quarter of 2005 increased
9% to $870.9 million from $801.0 million in the first quarter of
2004 and up 12% from the linked quarter. "The loyalty of our
customers is apparent in our deposit growth and demonstrates our
ability to compete in the Houston area market on service and
convenience," Zinn said. "Our deposit rates remain in the middle of
the market, and we believe we can continue to hold a strong and
growing position in our market with this strategy. Nevertheless, as
interest rates rise, we anticipate our cost of funds will also
rise, although probably not as quickly as the yield curve itself
changes." Shareholders' equity at March 31, 2005, more than doubled
to $83.4 million from $34.4 million at March 31, 2004, reflecting
the $52 million in new equity raised from the initial public
offering in August 2004. Book value per share was $6.70 at March
31, 2005, compared to $4.92 at March 31, 2004. SNB Bancshares
remains well capitalized with all capital ratios above minimum
requirements. ASSET QUALITY Nonperforming assets as of March 31,
2005 were $6.9 million, an increase compared with $6.5 million at
March 31, 2004, and up from $4.8 million at December 31, 2004. As a
percentage of total loans and other real estate owned,
nonperforming assets were 1.11% as of March 31, 2005, down from
1.41% as of March 31, 2004 and up from 0.80% as of December 31,
2004. The primary cause for the increase in nonperforming assets
when comparing March 31, 2005 with December 31, 2004 is $3.1
million in loans with one guarantor secured by commercial real
estate placed on non-accrual during January 2005. This increase was
partially offset by the sale of one commercial real estate property
in the amount of $895,000. At March 31, 2005, the allowance for
loan losses as a percentage of total loans was 1.39% compared with
1.34% at March 31, 2004. Net recoveries totaled $17,000 for the
quarter ended March 31, 2005, compared with net charge-offs of
$219,000 for the same period in 2004. KATY, TEXAS DE NOVO BRANCH
"Consistent with our strategy to build our franchise through adding
de novo or acquired branches in Fort Bend County and other suitable
markets, we opened the community branch in Katy, Texas, which is
about 30 miles west of Houston," said Harvey Zinn. "In the six
months since it opened, the Katy office has gathered $6 million of
the $1 billion in deposits in this market. This market offers
tremendous opportunities for us, because the competition is almost
exclusively from large national banks against whom we have competed
very successfully in the past. We believe that further growth in
the Katy community, along with several other expanding areas, will
leverage our marketing and staffing investments and accelerate our
acceptance in desirable markets, just as we have accomplished in
our hometown of Sugar Land." THE COMPANY SNB Bancshares, Inc. (the
"Company") is a bank holding company headquartered approximately 15
miles southwest of downtown Houston in Sugar Land, Texas, the
largest city in fast growing Fort Bend County. The Company, with
total assets of $1.1 billion, total loans of $630.0 million, total
deposits of $867.4 million and total shareholders' equity of $83.4
million, as of March 31, 2005, has four full-service branches in
Harris and Fort Bend Counties. Notice under the Private Securities
Litigation Reform Act of 1995 Except for historical information
contained herein, this press release may constitute forward-looking
statements for the purposes of the Securities Act of 1933, as
amended, and the Securities Exchange Act of 1934, as amended, and
as such, may involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or
achievements of the Company to be materially different from the
results, performance or achievements expressed or implied by such
forward-looking statements. The Company intends such
forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in the Private
Securities Litigation Act of 1995, and is including this statement
for purposes of said safe harbor provisions. The Company's actual
results may differ materially from the results anticipated in these
forward-looking statements due to a variety of factors, including,
without limitation, the following: (a) the effects of future
economic and business conditions on the Company and our customers;
(b) changes in governmental legislation and regulations; (c) the
risks of changes in interest rates; (d) competition from other
banks and financial institutions for customer deposits and loans;
(e) the failure of assumptions underlying the establishment of
reserves for loan losses; (f) changes in the levels of loan
prepayments and the resulting effects on the value of the Company's
loan portfolio; (g) the failure of assumptions underlying the
establishment of and provisions made to the allowance for loan
losses; (h) the effect of changes in accounting policies and
practices which may be adopted by regulatory agencies and/or the
Financial Accounting Standards Board; (i) technological changes;
(j) acquisition and integration of acquired businesses; (k) the
loss of senior management or operating personnel and the potential
inability to hire qualified personnel at reasonable compensation
levels; (l) acts of terrorism; and (m) other risks and
uncertainties listed from time to time in the Company's reports
filed with the Securities and Exchange Commission. Contacts: R.
Darrell Brewer, CFO (281) 269-7271 Whitney Rowe, Investor Relations
& Corp. Secretary (281) 269-7220 SNB BANCSHARES, INC. AND
CONSOLIDATED SUBSIDIARIES SELECTED FINANCIAL DATA (Dollars in
thousands, except outstanding shares and per share data)
(Unaudited) For the Three Months Ended March 31, 2005 2004 % chg
EARNINGS SUMMARY: Net earnings (loss) $(2,186) (A) $1,259 (273.6)
Basic earnings per share $(0.18) (B) $0.18 (197.7) Diluted earnings
per share (0.17) (C) 0.17 (200.1) Weighted average shares
outstanding: Common stock 9,755,689 3,767,320 159.0 Class B stock
2,678,696 3,226,669 (17.0) Total 12,434,385 6,993,989 77.8 Shares
outstanding at end of period: Common stock 9,758,412 3,777,208
158.3 Class B stock 2,676,541 3,216,781 (16.8) Total 12,434,953
6,993,989 77.8 EARNINGS STATEMENT DATA: Interest income: Loans
$9,797 $6,501 50.7 % Securities: Taxable 3,926 3,321 18.2
Nontaxable 133 22 504.5 Federal funds sold and earning deposits 14
99 (85.9) Total interest income 13,870 9,943 39.5 Interest expense:
Demand deposits 1,786 951 87.8 Certificates and other time deposits
2,668 2,193 21.7 Junior subordinated debentures 624 521 19.8 Other
borrowings 883 145 509.0 Total interest expense 5,961 3,810 56.5
Net interest income 7,909 6,133 29.0 Provision for loan losses 600
750 (20.0) Net interest income after provision 7,309 5,383 35.8
Noninterest income: Service charges on deposit accounts 223 237
(5.9) Gain on sale of securities-net --- 359 (100.0) Impairment
write-down of securities (6,144) --- --- Other 187 148 26.4 Total
noninterest income (5,734) 744 (870.7) Noninterest Expense:
Salaries and employee benefits 2,933 2,684 9.3 Net occupancy
expense 389 439 (11.4) Data processing 413 286 44.4 Legal and
professional fees 389 137 183.9 FDIC deposit insurance premium 29
25 16.0 Other 742 648 14.5 Total noninterest expense 4,895 4,219
16.0 Earnings (loss) before income taxes (3,320) 1,908 (274.0)
Provision (benefit) for income taxes (1,134) 649 (274.7) Net
earnings (loss) $(2,186) (A) $1,259 (273.6)% (A) Net loss of $2,186
for the three months ended March 31, 2005 includes the impairment
write-down charge on securities of $4,055, net of tax. Net earnings
excluding this charge would have been $1,869. (B) Basic loss per
share of $0.18 for the three months ended March 31, 2005 includes
the impairment write-down charge on securities of $0.33 per share,
net of tax. Basic earnings per share excluding this charge would
have been $0.15. (C) Diluted loss per share of $0.17 for the three
months ended March 31, 2005 includes the impairment write-down
charge of $0.32 per diluted share, net of tax. Diluted earnings per
share excluding this charge would have been $0.15. SNB BANCSHARES,
INC. AND CONSOLIDATED SUBSIDIARIES SELECTED FINANCIAL DATA (Dollars
in thousands, except outstanding shares and per share data)
(Unaudited) Q1 2005 EARNINGS STATEMENT DATA: Interest income: Loans
$9,797 Securities: Taxable 3,926 Nontaxable 133 Federal Funds Sold
14 Total interest income 13,870 Interest expense: Demand deposits
1,786 Certificates and other time deposits 2,668 Junior
subordinated debentures 624 Other borrowings 883 Total interest
expense 5,961 Net interest income 7,909 Provision for loan losses
600 Net interest income after provision 7,309 Noninterest income:
Service charges on deposit accounts 223 Gain on sale of
securities-net --- Impairment write-down of securities (6,144)
Other 187 Total noninterest income (5,734) Noninterest Expense:
Salaries and employee benefits 2,933 Net occupancy expense 389 Data
processing 413 Legal and professional fees 389 FDIC deposit
insurance premium 29 Other 742 Total noninterest expense 4,895
Earnings (loss) before income taxes (3,320) Provision (benefit) for
income taxes (1,134) Net earnings (loss) $(2,186) (A) Basic
earnings (loss) per share $(0.18) (B) Diluted earnings (loss) per
share (0.17) (C) Weighted average shares outstanding: Common stock
9,755,689 Class B stock 2,678,696 Total 12,434,385 Q4 Q3 Q2 Q1 2004
2004 2004 2004 EARNINGS STATEMENT DATA: Interest income: Loans
$9,153 $8,031 $7,085 $6,501 Securities: Taxable 3,992 4,184 4,030
3,321 Nontaxable 111 50 19 22 Federal Funds Sold 19 14 22 99 Total
interest income 13,275 12,279 11,156 9,943 Interest expense: Demand
deposits 1,323 1,215 1,025 951 Certificates and other time deposits
2,333 2,179 2,336 2,193 Junior subordinated debentures 592 566 516
521 Other borrowings 1,047 753 311 145 Total interest expense 5,295
4,713 4,188 3,810 Net interest income 7,980 7,566 6,968 6,133
Provision for loan losses 675 625 900 750 Net interest income after
provision 7,305 6,941 6,068 5,383 Noninterest income: Service
charges on deposit accounts 163 193 193 237 Gain on sale of
securities- net 0 197 144 359 Impairment write-down of securities 0
0 0 0 Other 182 153 151 148 Total noninterest income 345 543 488
744 Noninterest Expense: Salaries and employee benefits 2,980 2,944
2,757 2,684 Net occupancy expense 470 483 428 439 Data processing
377 284 271 286 Legal and professional fees 205 158 153 137 FDIC
deposit insurance premium 31 31 28 25 Other 1,398 831 773 648 Total
noninterest expense 5,461 4,731 4,410 4,219 Earnings (loss) before
income taxes 2,189 2,753 2,146 1,908 Provision (benefit) for income
taxes 736 935 729 649 Net earnings (loss) $1,453 $1,818 $1,417
$1,259 Basic earnings (loss) per share $0.12 $0.20 $0.20 $0.18
Diluted earnings (loss) per share 0.11 0.19 0.20 0.17 Weighted
average shares outstanding: Common stock 9,752,284 6,456,156
3,974,575 3,767,320 Class B stock 2,679,498 2,680,521 3,019,414
3,226,669 Total 12,431,782 9,136,677 6,993,989 6,993,989 (A) Net
loss of $2,186 for the three months ended March 31, 2005 includes
the impairment write-down charge on securities of $4,055, net of
tax. Net earnings excluding this charge would have been $1,869. (B)
Basic loss per share of $0.18 for the three months ended March 31,
2005 includes the impairment write-down charge on securities of
$0.33 per share, net of tax. Basic earnings per share excluding
this charge would have been $0.15. (C) Diluted loss per share of
$0.17 for the three months ended March 31, 2005 includes the
impairment write-down charge of $0.32 per diluted share, net of
tax. Diluted earnings per share excluding this charge would have
been $0.15. SNB BANCSHARES, INC. AND CONSOLIDATED SUBSIDIARIES
SELECTED FINANCIAL DATA (Dollars in thousands) (Unaudited) Q1 Q1
2005 2004 % chg BALANCE SHEET AVERAGES: Loans $613,375 $436,066
40.7 % Allowance for loan losses (8,396) (5,949) 41.1 Loans, net
604,979 430,117 40.7 Investment securities 486,885 412,277 18.1
Federal funds sold 838 25,269 (96.7) Interest-earning deposits in
other financial institutions 986 17,607 (94.4) Cash and due from
banks 17,333 18,366 (5.6) Premises and equipment 16,375 12,672 29.2
Accrued interest receivable and other assets 15,024 9,713 54.7
Total assets $1,142,420 $926,021 23.4 % Demand deposits $105,280
$98,717 6.6 % NOW, savings, and money market accounts 375,990
336,670 11.7 Time deposits 389,669 365,592 6.6 Total deposits
870,939 800,979 8.7 Other borrowed funds 142,167 51,683 175.1
Junior subordinated debentures 38,250 38,250 0.0 Accrued interest
payable and other liabilities 4,209 2,816 49.5 Total liabilities
1,055,565 893,728 18.1 Shareholders' equity 86,855 32,293 169.0
Total liabilities and shareholders' equity $1,142,420 $926,021 23.4
% March 31, 2005 2004 PERIOD END BALANCES: Loans $630,048 $460,872
36.7 % Allowance for loan losses (8,738) (6,181) 41.4 Loans, net
621,310 454,691 36.6 Investment securities 371,684 448,373 (17.1)
Federal funds sold 1,210 28,200 (95.7) Interest-earning deposits in
other financial institutions 25,773 339 7502.7 Cash and due from
banks 15,950 21,151 (24.6) Premises and equipment 17,769 12,628
40.7 Accrued interest receivable and other assets 14,282 9,765 46.3
Total assets $1,067,978 $975,147 9.5 % Demand deposits $111,408
$112,404 (0.9)% NOW, savings, and money market accounts 368,949
328,232 12.4 Time deposits 387,012 403,267 (4.0) Total deposits
867,369 843,903 2.8 Other borrowed funds 75,500 55,500 36.0 Junior
subordinated debentures 38,250 38,250 0.0 Accrued interest payable
and other liabilities 3,489 3,118 11.9 Total liabilities 984,608
940,771 4.7 Shareholders' equity 83,370 34,376 142.5 Total
liabilities and shareholders' equity $1,067,978 $975,147 9.5 % SNB
BANCSHARES, INC. AND CONSOLIDATED SUBSIDIARIES SELECTED FINANCIAL
DATA (Dollars in thousands (Unaudited) Q1 2005 QUARTERLY AVERAGE
BALANCE SHEET HISTORY: Loans $613,375 Allowance for loan losses
(8,396) Loans, net 604,979 Investment securities 486,885 Federal
funds sold 838 Interest-earning deposits in other financial
institutions 986 Cash and due from banks 17,333 Premises and
equipment 16,375 Accrued interest receivable and other assets
15,024 Total assets $1,142,420 Demand deposits $105,280 NOW,
savings, and money market accounts 375,990 Time deposits 389,669
Total deposits 870,939 Other borrowed funds 142,167 Junior
subordinated debentures 38,250 Accrued interest payable and other
liabilities 4,209 Total liabilities 1,055,565 Shareholders' equity
86,855 Total liabilities and shareholders' equity $1,142,420 PERIOD
END BALANCES HISTORY: Loans $630,048 Allowance for loan losses
(8,738) Loans, net 621,310 Investment securities 371,684 Federal
funds sold 1,210 Interest-earning deposits in other financial
institutions 25,773 Cash and due from banks 15,950 Premises and
equipment 17,769 Accrued interest receivable and other assets
14,282 Total assets $1,067,978 Demand deposits $111,408 NOW,
savings, and money market accounts 368,949 Time deposits 387,012
Total deposits 867,369 Other borrowed funds 75,500 Junior
subordinated debentures 38,250 Accrued interest payable and other
liabilities 3,489 Total liabilities 984,608 Shareholders' equity
83,370 Total liabilities and shareholders' equity $1,067,978 Q4 Q3
Q2 Q1 2004 2004 2004 2004 QUARTERLY AVERAGE BALANCE SHEET HISTORY:
Loans $579,459 $533,607 $486,394 $436,066 Allowance for loan losses
(7,748) (7,258) (6,501) (5,949) Loans, net 571,711 526,349 479,893
430,117 Investment securities 496,204 517,041 504,454 412,277
Federal funds sold 1,496 816 8,371 25,269 Interest-earning deposits
in other financial institutions 1,849 2,985 956 17,607 Cash and due
from banks 16,316 13,116 14,348 18,366 Premises and equipment
15,453 13,061 12,661 12,672 Accrued interest receivable and other
assets 14,328 15,542 13,479 9,713 Total assets $1,117,357
$1,088,910 $1,034,162 $926,021 Demand deposits $103,502 $111,968
$104,646 $98,717 NOW, savings, and money market accounts 325,857
334,347 342,693 336,670 Time deposits 351,178 351,116 404,545
365,592 Total deposits 780,537 797,431 851,884 800,979 Other
borrowed funds 207,593 199,093 110,287 51,683 Junior subordinated
debentures 38,250 38,250 38,250 38,250 Accrued interest payable and
other liabilities 3,977 3,536 3,423 2,816 Total liabilities
1,030,357 1,038,310 1,003,844 893,728 Shareholders' equity 87,000
50,600 30,318 32,293 Total liabilities and shareholders' equity
$1,117,357 $1,088,910 $1,034,162 $926,021 PERIOD END BALANCES
HISTORY: Loans $598,292 $553,185 $512,416 $460,872 Allowance for
loan losses (8,121) (7,473) (6,929) (6,181) Loans, net 590,171
545,712 505,487 454,691 Investment securities 488,523 503,584
533,477 448,373 Federal funds sold --- 1,735 6,100 28,200
Interest-earning deposits in other financial institutions 441 2,179
91 339 Cash and due from banks 20,794 13,692 17,292 21,151 Premises
and equipment 16,137 13,837 12,825 12,628 Accrued interest
receivable and other assets 14,022 13,797 16,624 9,765 Total assets
$1,130,088 $1,094,536 $1,091,896 $975,147 Demand deposits $110,858
$103,007 $114,401 $112,404 NOW, savings, and money market accounts
398,051 356,036 362,283 328,232 Time deposits 359,477 356,154
379,572 403,267 Total deposits 868,386 815,197 856,256 843,903
Other borrowed funds 132,900 151,500 168,500 55,500 Junior
subordinated debentures 38,250 38,250 38,250 38,250 Accrued
interest payable and other liabilities 4,151 3,536 3,101 3,118
Total liabilities 1,043,687 1,008,483 1,066,107 940,771
Shareholders' equity 86,401 86,053 25,789 34,376 Total liabilities
and shareholders' equity $1,130,088 $1,094,536 $1,091,896 $975,147
SNB BANCSHARES, INC. AND CONSOLIDATED SUBSIDIARIES SELECTED
FINANCIAL DATA (Dollars in thousands) (Unaudited) YIELD ANALYSIS:
For the Three Months Ended March 31, 2005 Average Interest Average
Outstanding Earned/ Yield/ Balance Paid Rate (Dollars in thousands)
Assets: Interest-earning assets: Loans $613,375 $9,797 6.39 %
Investment Securities 486,885 4,059 3.39 Federal funds sold 838 5
2.40 Interest-earning deposits in other financial institutions 986
9 3.72 Total interest-earning assets 1,102,084 13,870 5.06 % Less
allowance for loan losses (8,396) Total interest-earning assets,
net of allowance 1,093,688 Non-earning assets: Cash and due from
banks 17,333 Premises and equipment 16,375 Accrued interest
receivable and other assets 15,024 Total noninterest-earning assets
48,732 Total assets $1,142,420 Liabilities and Shareholders'
Equity: Interest-bearing liabilities: NOW, savings, and money
market accounts $375,990 $1,786 1.93 % Time deposits 389,669 2,668
2.78 Other borrowed funds 142,167 883 2.48 Junior subordinated
debentures 38,250 624 6.52 Total interest-bearing liabilities
946,076 5,961 2.56 % Noninterest-bearing liabilities: Demand
deposits 105,280 Accrued interest payable and other liabilities
4,209 Total noninterest-bearing liabilities 109,489 Total
liabilities 1,055,565 Shareholders' equity 86,855 Total liabilities
and shareholders' equity $1,142,420 Net interest income $7,909 Net
interest spread 2.50 Net interest margin (tax equivalent) 2.91 %
For the Three Months Ended March 31, 2004 Average Interest Average
Outstanding Earned/ Yield/ Balance Paid Rate (Dollars in thousands)
Assets: Interest-earning assets: Loans $436,066 $6,501 5.90 %
Investment Securities 412,277 3,343 3.24 Federal funds sold 25,269
59 0.92 Interest-earning deposits in other financial institutions
17,607 40 0.91 Total interest-earning assets 891,219 9,943 4.43 %
Less allowance for loan losses (5,949) Total interest-earning
assets, net of allowance 885,270 Non-earning assets: Cash and due
from banks 18,366 Premises and equipment 12,672 Accrued interest
receivable and other assets 9,713 Total noninterest-earning assets
40,751 Total assets $926,021 Liabilities and Shareholders' Equity:
Interest-bearing liabilities: NOW, savings, and money market
accounts $336,670 $951 1.14 % Time deposits 365,592 2,193 2.41
Other borrowed funds 51,683 145 1.11 Junior subordinated debentures
38,250 521 5.39 Total interest-bearing liabilities 792,195 3,810
1.93 % Noninterest-bearing liabilities: Demand deposits 98,717
Accrued interest payable and other liabilities 2,816 Total
noninterest-bearing liabilities 101,533 Total liabilities 893,728
Shareholders' equity 32,293 Total liabilities and shareholders'
equity $926,021 Net interest income $6,133 Net interest spread 2.50
Net interest margin (tax equivalent) 2.77 % SNB BANCSHARES, INC.
AND CONSOLIDATED SUBSIDIARIES SELECTED FINANCIAL DATA (Dollars in
thousands) (Unaudited) RATE VOLUME ANALYSIS: For the Three Months
Ended March 31, 2005 Compared with the Same Period in 2004 Q1 Q1
Increase 2005 2004 (Decrease) (Dollars in thousands)
Interest-earning assets: Loans $9,797 $6,501 $3,296 Investment
securities 4,059 3,343 716 Federal funds sold 5 59 (54)
Interest-bearing deposits in other financial institutions 9 40 (31)
Total interest income 13,870 9,943 3,927 Interest-bearing
liabilities: NOW, savings and money market accounts 1,786 951 835
Time deposits 2,668 2,193 475 Other borrowed funds 883 145 738
Junior subordinated debentures 624 521 103 Total interest expense
5,961 3,810 2,151 Net interest income $7,909 $6,133 $1,776 For the
Three Months Ended March 31, 2005 Compared with the Same Period in
2004 Increase (Decrease) Due to Change in Volume Rate Total
(Dollars in thousands) Interest-earning assets: Loans $2,578 $718
$3,296 Investment securities 597 119 716 Federal funds sold (55) 1
(54) Interest-bearing deposits in other financial institutions (37)
6 (31) Total interest income 3,083 844 3,927 Interest-bearing
liabilities: NOW, savings and money market accounts 110 725 835
Time deposits 143 332 475 Other borrowed funds 248 490 738 Junior
subordinated debentures --- 103 103 Total interest expense 501
1,650 2,151 Net interest income $2,582 $(806) $1,776 SNB
BANCSHARES, INC. AND CONSOLIDATED SUBSIDIARIES SELECTED FINANCIAL
DATA (Dollars in thousands) (Unaudited) LOAN PORTFOLIO: As of March
31, As of March 31, 2005 2004 Amount Percent Amount Percent
Business and industrial $71,463 11.3 % $64,811 14.1 % Real estate:
Construction and land development 130,543 20.7 105,015 22.8
Residential mortgages 134,495 21.4 98,142 21.3 Commercial mortgages
282,548 44.9 182,047 39.4 Consumer and other 12,648 2.0 11,978 2.6
Gross loans 631,697 100.3 461,993 100.2 Less unearned discounts and
fees (1,649) (0.3) (1,121) (0.2) Total loans $630,048 100.0 %
$460,872 100.0 % NONPERFORMING ASSETS: As of March 31, 2005 2004
Nonaccrual loans $4,677 $2,293 Accruing loans past due 90 days or
more --- --- Restructured loans 1,891 1,991 Other real estate 425
2,255 Total nonperforming assets $6,993 $6,539 Nonperforming assets
to total loans and other real estate 1.11% 1.41% ALLOWANCE FOR LOAN
LOSSES: As of and for the Three Months Ended March 31, March 31,
2005 2004 Allowance for loan losses at beginning of period $8,121
$5,650 Provision for loan losses 600 750 Charge-Offs: Business and
industrial --- (121) Real estate --- (94) Consumer (23) (28) Total
charge-offs (23) (243) Recoveries: Business and industrial 26 20
Real estate 12 --- Consumer 2 4 Total recoveries 40 24 Net
recoveries (charge-offs) 17 (219) Allowance for loan losses at end
of period $8,738 $6,181 Allowance for loan losses to end of period
loans 1.39 % 1.34 % Net (recoveries) charge-offs to average loans
(0.01) 0.20 Allowance for loans losses to end of period
nonperforming loans 133.04 144.28 SNB BANCSHARES, INC. AND
CONSOLIDATED SUBSIDIARIES SELECTED FINANCIAL DATA (Unaudited)
SELECTED RATIOS AND OTHER DATA: Q1 Q1 2005 2004 Return on average
assets (0.78)% 0.55 % Return on average equity (10.20) 15.68
Leverage ratio 10.29 4.85 Tier 1 Capital to RWA ratio 17.00 8.24
Total Capital (Tier 1 + Tier 2) to RWA ratio 19.32 14.10 Average
equity to average total assets 7.60 3.49 Tax equivalent yield on
earning assets 5.06 4.43 Cost of funds with demand account 2.30
1.72 Net interest margin, tax equivalent 2.91 2.77 Non-interest
expense to average total assets 1.74 1.83 Efficiency ratio 58.83
64.73 End of period book value per share $6.70 $4.92 Full time
equivalent employees 155 146 Common Stock Performance (A): First
quarter For the period of 2005 08/18/04 - 12/31/04 Market value of
common stock - End of period $11.31 $14.75 Market value of common
stock - High 15.00 15.49 Market value of common stock - Low 10.25
10.00 As of March 31, 2005 Book value of common stock $6.70
Market/book value of common stock 168.69 % Price/12 month trailing
earnings ratio 45.24 X (A) The common stock began trading on the
Nasdaq Stock Market National Market System on August 18, 2004
DATASOURCE: SNB Bancshares, Inc. CONTACT: R. Darrell Brewer, CFO,
+1-281-269-7271, or , or Whitney Rowe, Investor Relations &
Corp. Secretary, +1-281-269-7220, or , both of SNB Bancshares, Inc.
Web site: http://www.snbtx.com/
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