SNB Bancshares, Inc. Announces Second Quarter 2005 Results - Net
Earnings for the Second Quarter Up 66.2% to $2.4 Million -
Continued Net Interest Margin Expansion - Second Quarter Average
Loans Up 31.9% SUGAR LAND, Texas, July 20 /PRNewswire-FirstCall/ --
SNB Bancshares, Inc. (NASDAQ:SNBT), a Sugar Land bank holding
company and the parent company of Southern National Bank of Texas,
a community-oriented, independent bank with offices in both Harris
and Fort Bend Counties, today reported strong growth in net
earnings for the second quarter 2005. Net earnings for the quarter
ended June 30, 2005 were $2.4 million or $0.19 per diluted share,
an increase in net earnings of $938 thousand or 66.2% compared with
$1.4 million or $0.20 per diluted share for the second quarter of
2004. Notwithstanding the significant increase in net earnings, the
slight decrease in diluted earnings per share for the second
quarter of 2005 compared with the same period in 2004 is the result
of the comparative impact of the 5.4 million shares of common stock
issued in connection with our initial public offering in August
2004. For computation of diluted earnings per share, weighted
average shares of common stock and Class B stock outstanding during
the second quarter of 2005 were 12.6 million compared with 7.2
million weighted average shares outstanding during the second
quarter of 2004. Net earnings for the six months ended June 30,
2005 were $169 thousand or $0.01 per diluted share, a decrease of
$2.5 million or 93.7% compared with $2.7 million or $0.37 per
diluted share for the same period in 2004. This decrease in net
earnings for the six months ended June 30, 2005 as compared with
the six months ended June 30, 2004 is primarily the result of a
balance sheet restructuring plan which resulted in an impairment
writedown loss of approximately $6.1 million before tax, or
approximately $4.1 million net of tax, during the quarter ended
March 31, 2005. More specifically, during March 2005, in an effort
to reduce our liability-sensitive position and to improve our net
interest margin, our Board of Directors approved a plan to
reposition our balance sheet by reducing the amount of low-yielding
investment securities and using a portion of the proceeds to
de-leverage our borrowing position. We identified for sale from our
available-for-sale securities portfolio approximately $169.0
million in U.S. Government callable agency bonds, with coupon rates
of 3.07% or less and with a weighted average yield of 2.76%. "The
restructuring and de-leveraging of our balance sheet and the
associated impairment charge during the first quarter 2005 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 have
improved our net interest margin. We do not anticipate any need for
further large-scale securities sales. We intend to 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
expect that we will benefit from increased cash flows from these
new securities." Net earnings for the six months ended June 30,
2005, excluding the first quarter's non-recurring after-tax
impairment writedown loss of $4.1 million or $0.33 per basic share,
would have been $4.2 million, a 57.3% increase compared with $2.7
million in the same period of 2004. Diluted earnings per share,
excluding the non-recurring impairment writedown loss, would have
been $0.33 on 12.6 million shares for the six months ended June 30,
2005 compared with $0.37 on 7.2 million shares for the same period
of 2004. Year-to-date earnings per share comparisons are affected
by the increased number of shares outstanding as a result of our
initial public offering in August 2004. Net earnings excluding the
non-recurring impairment writedown loss and diluted earnings per
share excluding the non-recurring impairment writedown loss are
considered non-GAAP financial measures as defined under the rules
and regulations of the Securities and Exchange Commission.
Management believes that this presentation of net earnings and
diluted earnings per share excluding such charge should clarify
investors' understanding of the Company's earnings performance
during the six months ended June 30, 2005 compared with the same
period of 2004. SECOND QUARTER RESULTS During the second quarter
2005, strong loan growth and improving yields from the loan
portfolio helped offset higher cost of funds. Since June 2004 the
Federal Reserve Bank's Federal Open Market Committee has raised the
target Fed funds rate nine times, by a quarter-point each time,
taking Fed funds from 1.00% to 2.25% by year-end 2004, and to 3.25%
at June 30, 2005. The Wall Street Journal prime rate has followed
suit, its rate increasing from 4.00% to 5.25% by year-end 2004, and
to 6.25% at June 30, 2005. In spite of this significant increase in
short term interest rates over the past 12 months, our net interest
margin on a tax equivalent basis in the second quarter of 2005
expanded 53 basis points compared with the second quarter of 2004.
Net Interest Income Net interest income for the second quarter of
2005 increased 23.2% to $8.6 million compared with $7.0 million for
the same period in 2004. The increase was primarily due to a 31.9%
increase in average loans outstanding and a 121 basis point
increase in the weighted average yield on earning assets, partially
offset by a 92 basis point increase in weighted average rates on
interest-bearing liabilities. The average balance of interest-
earning assets in the second quarter of 2005 increased $34.8
million compared with the same period in 2004 while the average
yield increased to 5.64% from 4.43%. As a result of the balance
sheet restructuring plan, the weighted average yield on investment
securities increased 76 basis points to 3.97% for the three months
ended June 30, 2005 compared with 3.21% for the same period in
2004. The average balance of interest-bearing liabilities decreased
$31.4 million in the second quarter of 2005 compared with the
second quarter of 2004. The weighted average rate on total interest
bearing liabilities increased to 2.80% in the second quarter of
2005 from 1.88% in the second quarter of 2004. The provision for
loan losses in the second quarter of 2005 was $650 thousand, a
decrease compared with $900 thousand in the second quarter of 2004.
Net interest income after provision for loan losses increased 30.8%
to $7.9 million for the second quarter of 2005 compared with $6.1
million in the same period in 2004. Non-interest Income
Non-interest income totaled $545 thousand in the second quarter of
2005 compared with $488 thousand in the second quarter of 2004, an
increase of $57 thousand primarily due to growth in deposit account
fees and fees for other services. We posted $128 thousand in gains
on the sale of securities in the second quarter of 2005 compared
with $144 thousand in gains on sales of securities during the same
period in 2004. Non-interest Expense Non-interest expense in the
second quarter of 2005 increased 11.2% to $4.9 million compared
with $4.4 million in the second quarter of 2004, primarily due to
increases in salaries and employee benefits, higher legal and
professional fees associated with being a publicly traded company,
including Sarbanes-Oxley compliance costs, continued technology
upgrades and costs related to our new branch in Katy. RESULTS FOR
SIX MONTHS ENDED JUNE 30, 2005 Net earnings for the six months
ended June 30, 2005 were $169 thousand or $0.01 per diluted share,
a decrease of $2.5 million or 93.7%, compared with $2.7 million or
$0.37 per diluted share for same period in 2004. This decrease in
net earnings for the six months ended June 30, 2005 compared with
the six months ended June 30, 2004 is the result of the balance
sheet restructuring plan which resulted in an impairment writedown
loss of approximately $6.1 million before tax (approximately $4.1
million after tax) during the quarter ended March 31, 2005. This
$6.1 million writedown loss, combined with a decrease in gains on
sales of securities of $375 thousand and a $1.2 million increase in
noninterest expenses, was partially offset by a $3.4 million
increase in net interest income, a $1.3 million decrease in the
provision for Federal income taxes and a $400 thousand decrease in
the provision for loan losses. Diluted earnings per share excluding
the non-recurring impairment charge would have been $0.33 on 12.6
million shares for the six months ended June 30, 2005 compared with
$0.37 on 7.2 million shares for the same period of 2004. Net
Interest Income For the six months ended June 30, 2005, net
interest income increased $3.4 million to $16.5 million compared
with $13.1 million for the same period in 2004. This increase is
primarily due to a 13.0% increase in average earning assets,
partially offset by a 7.2% increase in interest-bearing
liabilities. The average balance of interest-earning assets
increased $122.6 million for the six months ended June 30, 2005
compared with the same period in 2004, while the average yield
increased 91 basis points to 5.34% from 4.43%. The average balance
of interest-bearing liabilities increased $61.0 million for the six
months ended June 30, 2005, compared with the same period in 2004,
while the average rate increased 76 basis points to 2.67% from
1.91%. Our net interest margin on a tax equivalent basis increased
32 basis points to 3.11% for the six months ended June 30, 2005
compared with 2.79% for the same period in 2004. Non-interest
Income For the six months ended June 30, 2005, non-interest income
decreased by $6.4 million to a negative $5.2 million principally as
a result of the $6.1 million writedown loss in connection with the
balance sheet restructuring plan and a decrease of $375 thousand in
gains on sales of securities. Non-interest Expense Non-interest
expense for the six months ended June 30, 2005 was $9.8 million
compared with $8.6 million for the same period in 2004, an increase
of $1.2 million or 13.6%, primarily due to a $426 thousand increase
in compensation, payroll taxes and benefits, a $452 thousand
increase in legal and professional fees and a $270 thousand
increase in data processing expenses. BALANCE SHEET REVIEW Assets
increased to $1.1 billion at June 30, 2005, up 1.6% from one year
ago and down 1.8% from December 31, 2004, principally as a result
of the balance sheet restructuring plan. In the second quarter of
2005, total loans increased 29.8% compared with their level at June
30, 2004 and 5.5% from the linked quarter to $664.9 million. "Our
loan growth continues to encompass all lending categories. The loan
to deposit ratio at June 30, 2005 reached 82.5%, showing success in
our strategy to increase this measure," said Harvey Zinn, President
and Chief Executive Officer. Commercial mortgage loans accounted
for 44.9% of the loan portfolio compared with 42.8% at June 30,
2004 and construction and land development loans accounted for
22.1% compared with 23.2% at June 30, 2004. Average deposits in the
first six months of 2005 increased 2.6% to $848.1 million compared
with $826.4 million in the first six months of 2004.
Noninterest-bearing demand deposits increased 9.9% and lower cost
NOW, savings and money market accounts increased 5.0% more than
offsetting the 1.4% decline in higher cost time deposits. "We
continue our business strategy of providing exceptional service to
our community, allowing us to retain our deposit customers," Brewer
stated. Shareholders' equity at June 30, 2005 more than doubled to
$87.6 million from $25.8 million at June 30, 2004, reflecting the
$52 million in new equity raised from the initial public offering
in August 2004. Book value per share was $7.05 at June 30, 2005,
compared with $3.69 at June 30, 2004. ASSET QUALITY Nonperforming
assets as of June 30, 2005 were $10.7 million, an increase of $3.6
million compared with $7.4 million as of June 30, 2004, principally
as a result of an increase of $5.8 million in nonaccrual loans,
partially offset by a decrease in other real estate owned of $2.4
million. The $5.8 million increase in nonaccrual loans was
primarily the result of one business and industrial loan,
collateralized by furniture, fixtures and equipment and by accounts
receivable, in the amount of approximately $3.9 million placed on
nonaccrual status during June 2005. Although this loan was
performing in accordance with its terms, management was concerned
about its future performance and therefore placed it on nonaccrual
status. Of the total nonaccrual loans of approximately $8.4 million
as of June 30, 2005, only two loans totaling approximately $133
thousand were in excess of 30 days past due. As a percentage of
total loans and other real estate owned, nonperforming assets were
1.61% at June 30, 2005, compared with 1.44% at June 30, 2004. At
March 31, 2005, nonperforming assets were $7.0 million, or 1.11% of
total loans and other real estate owned. During the six months
ended June 30, 2005, we recorded a provision for loan losses of
$1.3 million compared with $1.7 million for the same period in
2004. The provision recorded in 2005 is less than the same period
in 2004 primarily due to having net recoveries of $16 thousand
during the six months ended June 30, 2005 compared with $371
thousand in net charge-offs during the same period of 2004. At June
30, 2005, the allowance for loan losses as a percentage of total
loans was 1.41% compared with 1.35% at June 30, 2004. FRANCHISE
GROWTH "Our Katy branch has been open for approximately nine months
and continues to meet our goals, with deposit growth of
approximately $1 million per month," said Zinn. "We have two de
novo branch locations currently planned in Fort Bend County. Our
Pecan Grove location, which will be housed in leased space in
Richmond, Texas just southwest of Sugar Land, is scheduled to open
in August 2005. In addition, we expect our Cinco Ranch location in
Katy, Texas to open during the first quarter of 2006. Additionally,
we recently won the competitive bids with respect to the depository
contracts for two school districts, Katy Independent School
District and Fort Bend Independent School District, both to begin
in September 2005." 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 $664.9 million, total
deposits of $805.8 million and total shareholders' equity of $87.6
million, as of June 30, 2005, has four full-service branches and
two drive-through locations 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 and other documents filed with the Securities
and Exchange Commission. Contacts: R. Darrell Brewer, CFO (281)
269-7271 Whitney Rowe, Investor Relations & Corporate 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 For the
Six Months Ended June 30, Ended June 30, 2005 2004 % chg 2005 2004
% chg EARNINGS SUMMARY: Net earnings $2,355 $1,417 66.2% $169
$2,676 (93.7)% Basic earnings per share $0.19 $0.20 (6.5) $0.01
$0.38 (96.4) Diluted earnings per share 0.19 0.20 (5.0) 0.01 0.37
(97.3) Weighted average shares outstanding: Common stock 9,764,858
3,974,575 145.7 9,760,299 3,870,948 152.1 Class B stock 2,670,095
3,019,414 (11.6) 2,674,372 3,123,041 (14.4) Total 12,434,953
6,993,989 77.8 12,434,671 6,993,989 77.8 Shares outstanding at end
of period: Common stock 9,782,478 4,312,148 126.9 9,782,478
4,312,148 126.9 Class B stock 2,652,475 2,681,841 (1.1) 2,652,475
2,681,841 (1.1) Total 12,434,953 6,993,989 77.8 12,434,953
6,993,989 77.8 EARNINGS STATEMENT DATA: Interest income: Loans
$10,819 $7,085 52.7% $20,616 $13,586 51.7% Securities: Taxable
3,593 4,030 (10.8) 7,519 7,351 2.3 Nontaxable 159 19 736.8 292 41
612.2 Federal funds sold and earning deposits 47 22 113.6 61 121
(49.6) Total interest income 14,618 11,156 31.0 28,488 21,099 35.0
Interest expense: Demand deposits 1,708 1,025 66.6 3,494 1,976 76.8
Certificates and other time deposits 2,768 2,336 18.5 5,436 4,529
20.0 Junior subordinated debentures 671 516 30.0 1,295 1,037 24.9
Other borrowings 885 311 184.6 1,768 456 287.7 Total interest
expense 6,032 4,188 44.0 11,993 7,998 49.9 Net interest income
8,586 6,968 23.2 16,495 13,101 25.9 Provision for loan losses 650
900 (27.8) 1,250 1,650 (24.2) Net interest income after provision
7,936 6,068 30.8 15,245 11,451 33.1 Noninterest income: Service
charges on deposit accounts 228 193 18.1 451 430 4.9 Gain on sale
of securities-net 128 144 (11.1) 128 503 (74.6) Impairment write-
down of securities --- --- --- (6,144) --- N/M Other 189 151 25.2
376 299 25.8 Total noninterest income 545 488 11.7 (5,189) 1,232
(521.2) Noninterest Expense: Salaries and employee benefits 2,934
2,757 6.4 5,867 5,441 7.8 Net occupancy expense 440 438 0.5 845 887
(4.7) Data processing 414 271 52.8 827 557 48.5 Legal and
professional fees 353 153 130.7 742 290 155.9 FDIC deposit
insurance premium 31 28 10.7 60 53 13.2 Other 732 763 (4.1) 1,458
1,401 4.1 Total noninterest expense 4,904 4,410 11.2 9,799 8,629
13.6 Earnings before income taxes 3,577 2,146 66.7 257 4,054 (93.7)
Provision for income taxes 1,222 729 67.6 88 1,378 (93.6) Net
earnings $2,355 $1,417 66.2% $169 $2,676 (93.7)% SNB BANCSHARES,
INC. AND CONSOLIDATED SUBSIDIARIES SELECTED FINANCIAL DATA (Dollars
in thousands, except outstanding shares and per share data)
(Unaudited) Q2 Q1 Q4 Q3 Q2 2005 2005 2004 2004 2004 EARNINGS
STATEMENT DATA: Interest income: Loans $10,819 $9,797 $9,153 $8,031
$7,085 Securities: Taxable 3,593 3,926 3,992 4,184 4,030 Nontaxable
159 133 111 50 19 Federal Funds Sold 47 14 19 14 22 Total interest
income 14,618 13,870 13,275 12,279 11,156 Interest expense: Demand
deposits 1,708 1,786 1,323 1,215 1,025 Certificates and other time
deposits 2,768 2,668 2,333 2,179 2,336 Junior subordinated
debentures 671 624 592 566 516 Other borrowings 885 883 1,047 753
311 Total interest expense 6,032 5,961 5,295 4,713 4,188 Net
interest income 8,586 7,909 7,980 7,566 6,968 Provision for loan
losses 650 600 675 625 900 Net interest income after provision
7,936 7,309 7,305 6,941 6,068 Noninterest income: Service charges
on deposit accounts 228 223 163 193 193 Gain on sale of securities-
net 128 --- --- 197 144 Impairment write-down of securities ---
(6,144) --- --- --- Other 189 187 182 153 151 Total noninterest
income 545 (5,734) 345 543 488 Noninterest Expense: Salaries and
employee benefits 2,934 2,933 2,980 2,944 2,757 Net occupancy
expense 440 405 480 494 438 Data processing 414 413 377 284 271
Legal and professional fees 353 389 205 158 153 FDIC deposit
insurance premium 31 29 31 31 28 Other 732 726 1,388 819 763 Total
noninterest expense 4,904 4,895 5,461 4,731 4,410 Earnings (loss)
before income taxes 3,577 (3,320) 2,189 2,753 2,146 Provision
(benefit) for income taxes 1,222 (1,134) 736 935 729 Net earnings
(loss) $2,355 $(2,186) $1,453 $1,818 $1,417 Basic EPS $0.19 $(0.18)
$0.12 $0.20 $0.20 Diluted EPS 0.19 (0.17) 0.11 0.19 0.20 Weighted
average shares outstanding: Common stock 9,764,858 9,755,689
9,752,284 6,456,156 3,974,575 Class B stock 2,670,095 2,678,696
2,679,498 2,680,521 3,019,414 Total 12,434,953 12,434,385
12,431,782 9,136,677 6,993,989 SNB BANCSHARES, INC. AND
CONSOLIDATED SUBSIDIARIES SELECTED FINANCIAL DATA (Dollars in
thousands) (Unaudited) Q2 Q2 2005 2004 % chg BALANCE SHEET
AVERAGES: Loans $641,650 $486,394 31.9 % Allowance for loan losses
(9,013) (6,501) 38.6 Loans, net 632,637 479,893 31.8 Investment
securities 386,894 504,454 (23.3) Federal funds sold 1,366 8,371
(83.7) Interest-earning deposits in other financial institutions
5,032 956 426.4 Cash and due from banks 14,907 14,348 3.9 Premises
and equipment 18,810 12,661 48.6 Accrued interest receivable and
other assets 13,150 13,479 (2.4) Total assets $1,072,796 $1,034,162
3.7 % Demand deposits $118,122 $104,646 12.9 % NOW, savings, and
money market accounts 337,496 342,693 (1.5) Time deposits 369,909
404,545 (8.6) Total deposits 825,527 851,884 (3.1) Other borrowed
funds 118,715 110,287 7.6 Junior subordinated debentures 38,250
38,250 0.0 Accrued interest payable and other liabilities 4,127
3,423 20.6 Total liabilities 986,619 1,003,844 (1.7) Shareholders'
equity 86,177 30,318 184.2 Total liabilities and shareholders'
equity $1,072,796 $1,034,162 3.7% YTD YTD 2005 2004 % chg BALANCE
SHEET AVERAGES: Loans $627,591 $461,230 36.1 % Allowance for loan
losses (8,706) (6,225) 39.9 Loans, net 618,885 455,005 36.0
Investment securities 436,613 458,366 (4.7) Federal funds sold
1,104 16,821 (93.4) Interest-earning deposits in other financial
institutions 3,020 9,281 (67.5) Cash and due from banks 16,113
16,358 (1.5) Premises and equipment 17,599 12,461 41.2 Accrued
interest receivable and other assets 14,082 11,594 21.5 Total
assets $1,107,416 $979,886 13.0 % Demand deposits $111,737 $101,682
9.9 % NOW, savings, and money market accounts 356,637 339,681 5.0
Time deposits 379,735 385,069 (1.4) Total deposits 848,109 826,432
2.6 Other borrowed funds 130,376 80,985 61.0 Junior subordinated
debentures 38,250 38,250 0.0 Accrued interest payable and other
liabilities 4,168 3,118 33.7 Total liabilities 1,020,903 948,785
7.6 Shareholders' equity 86,513 31,101 178.2 Total liabilities and
shareholders' equity $1,107,416 $979,886 13.0 % June 30, 2005 2004
PERIOD END BALANCES: Loans $664,899 $512,416 29.8 % Allowance for
loan losses (9,387) (6,929) 35.5 Loans, net 655,512 505,487 29.7
Investment securities 399,523 533,477 (25.1) Federal funds sold
1,150 6,100 (81.1) Interest-earning deposits in other financial
institutions 642 91 605.5 Cash and due from banks 20,793 17,292
20.2 Premises and equipment 19,615 12,825 52.9 Accrued interest
receivable and other assets 12,063 16,624 (27.4) Total assets
$1,109,298 $1,091,896 1.6 % Demand deposits $118,165 $114,401 3.3 %
NOW, savings, and money market accounts 327,181 362,283 (9.7) Time
deposits 360,413 379,572 (5.0) Total deposits 805,759 856,256 (5.9)
Other borrowed funds 173,100 168,500 2.7 Junior subordinated
debentures 38,250 38,250 0.0 Accrued interest payable and other
liabilities 4,570 3,101 47.4 Total liabilities 1,021,679 1,066,107
(4.2) Shareholders' equity 87,619 25,789 239.8 Total liabilities
and shareholders' equity $1,109,298 $1,091,896 1.6 % SNB
BANCSHARES, INC. AND CONSOLIDATED SUBSIDIARIES SELECTED FINANCIAL
DATA (Dollars in thousands (Unaudited) Q2 Q1 Q4 Q3 Q2 2005 2005
2004 2004 2004 QUARTERLY AVERAGE BALANCE SHEET HISTORY: Loans
$641,650 $613,375 $579,459 $533,607 $486,394 Allowance for loan
losses (9,013) (8,396) (7,748) (7,258) (6,501) Loans, net 632,637
604,979 571,711 526,349 479,893 Investment securities 386,894
486,885 496,204 517,041 504,454 Federal funds sold 1,366 838 1,496
816 8,371 Interest-earning deposits in other financial institutions
5,032 986 1,849 2,985 956 Cash and due from banks 14,907 17,333
16,316 13,116 14,348 Premises and equipment 18,810 16,375 15,453
13,061 12,661 Accrued interest receivable and other assets 13,150
15,024 14,328 15,542 13,479 Total assets $1,072,796 $1,142,420
$1,117,357 $1,088,910 $1,034,162 Demand deposits $118,122 $105,280
$103,502 $111,968 $104,646 NOW, savings, and money market accounts
337,496 375,990 325,857 334,347 342,693 Time deposits 369,909
389,669 351,178 351,116 404,545 Total deposits 825,527 870,939
780,537 797,431 851,884 Other borrowed funds 118,715 142,167
207,593 199,093 110,287 Junior subordinated debentures 38,250
38,250 38,250 38,250 38,250 Accrued interest payable and other
liabilities 4,127 4,209 3,977 3,536 3,423 Total liabilities 986,619
1,055,565 1,030,357 1,038,310 1,003,844 Shareholders' equity 86,177
86,855 87,000 50,600 30,318 Total liabilities and shareholders'
equity $1,072,796 $1,142,420 $1,117,357 $1,088,910 $1,034,162
PERIOD END BALANCES HISTORY: Loans $664,899 $630,048 $598,292
$553,185 $512,416 Allowance for loan losses (9,387) (8,738) (8,121)
(7,473) (6,929) Loans, net 655,512 621,310 590,171 545,712 505,487
Investment securities 399,523 371,684 488,523 503,584 533,477
Federal funds sold 1,150 1,210 --- 1,735 6,100 Interest-earning
deposits in other financial institutions 642 25,773 441 2,179 91
Cash and due from banks 20,793 15,950 20,794 13,692 17,292 Premises
and equipment 19,615 17,769 16,137 13,837 12,825 Accrued interest
receivable and other assets 12,063 14,282 14,022 13,797 16,624
Total assets $1,109,298 $1,067,978 $1,130,088 $1,094,536 $1,091,896
Demand deposits $118,165 $111,408 $110,858 $103,007 $114,401 NOW,
savings, and money market accounts 327,181 368,949 398,051 356,036
362,283 Time deposits 360,413 387,012 359,477 356,154 379,572 Total
deposits 805,759 867,369 868,386 815,197 856,256 Other borrowed
funds 173,100 75,500 132,900 151,500 168,500 Junior subordinated
debentures 38,250 38,250 38,250 38,250 38,250 Accrued interest
payable and other liabilities 4,570 3,489 4,151 3,536 3,101 Total
liabilities 1,021,679 984,608 1,043,687 1,008,483 1,066,107
Shareholders' equity 87,619 83,370 86,401 86,053 25,789 Total
liabilities and shareholders' equity $1,109,298 $1,067,978
$1,130,088 $1,094,536 $1,091,896 SNB BANCSHARES, INC. AND
CONSOLIDATED SUBSIDIARIES SELECTED FINANCIAL DATA (Dollars in
thousands) (Unaudited) YIELD ANALYSIS: For the Three Months Ended
June 30, 2005 Average Interest Average Outstanding Earned/ Yield/
Balance Paid Rate Assets: Interest-earning assets: Loans $ 641,650
$ 10,819 6.67 % Investment Securities 386,894 3,752 3.97 Federal
funds sold 1,366 10 2.81 Interest-earning deposits in other
financial institutions 5,032 37 2.91 Total interest-earning assets
1,034,942 14,618 5.64 % Less allowance for loan losses (9,013)
Total interest-earning assets, net of allowance 1,025,929
Non-earning assets: Cash and due from banks 14,907 Premises and
equipment 18,810 Accrued interest receivable and other assets
13,150 Total noninterest-earning assets 46,867 Total assets $
1,072,796 Liabilities and Shareholders' Equity: Interest-bearing
liabilities: NOW, savings, and money market accounts $ 337,496 $
1,708 2.03 % Time deposits 369,909 2,768 3.00 Junior subordinated
debentures 38,250 671 6.94 Other borrowed funds 118,715 885 2.95
Total interest-bearing liabilities 864,370 6,032 2.80 %
Noninterest-bearing liabilities: Demand deposits 118,122 Accrued
interest payable and other liabilities 4,127 Total
noninterest-bearing liabilities 122,249 Total liabilities 986,619
Shareholders' equity 86,177 Total liabilities and shareholders'
equity $ 1,072,796 Net interest income $ 8,586 Net interest spread
2.84 % Net interest margin (tax equivalent) 3.33 % For the Three
Months Ended June 30, 2004 Average Interest Average Outstanding
Earned/ Yield/ Balance Paid Rate Assets: Interest-earning assets:
Loans $ 486,394 $ 7,085 5.76 % Investment Securities 504,454 4,049
3.21 Federal funds sold 8,371 19 0.91 Interest-earning deposits in
other financial institutions 956 3 1.33 Total interest-earning
assets 1,000,175 11,156 4.43 % Less allowance for loan losses
(6,501) Total interest-earning assets, net of allowance 993,674
Non-earning assets: Cash and due from banks 14,348 Premises and
equipment 12,661 Accrued interest receivable and other assets
13,479 Total noninterest-earning assets 40,488 Total assets $
1,034,162 Liabilities and Shareholders' Equity: Interest-bearing
liabilities: NOW, savings, and money market accounts $ 342,693 $
1,025 1.20 % Time deposits 404,545 2,336 2.32 Junior subordinated
debentures 38,250 516 5.34 Other borrowed funds 110,287 311 1.12
Total interest-bearing liabilities 895,775 4,188 1.88 %
Noninterest-bearing liabilities: Demand deposits 104,646 Accrued
interest payable and other liabilities 3,423 Total
noninterest-bearing liabilities 108,069 Total liabilities 1,003,844
Shareholders' equity 30,318 Total liabilities and shareholders'
equity $ 1,034,162 Net interest income $ 6,968 Net interest spread
2.55 % Net interest margin (tax equivalent) 2.80 % SNB BANCSHARES,
INC. AND CONSOLIDATED SUBSIDIARIES SELECTED FINANCIAL DATA (Dollars
in thousands) (Unaudited) RATE/VOLUME ANALYSIS: For the Three
Months Ended June 30, 2005 Compared with the Same Period in 2004
Increase (Decrease) Q2 Q2 Increase Due to Change in 2005 2004
(Decrease) Volume Rate Total Interest-earning assets: Loans $10,819
$7,085 $3,734 $2,231 $1,503 $3,734 Investment securities 3,752
4,049 (297) (941) 644 (297) Federal funds sold 10 19 (9) (16) 7 (9)
Interest-bearing deposits in other financial institutions 37 3 34
14 20 34 Total interest income 14,618 11,156 3,462 1,288 2,174
3,462 Interest-bearing liabilities: NOW, savings and money market
accounts 1,708 1,025 683 (16) 699 683 Time deposits 2,768 2,336 432
(200) 632 432 Junior subordinated debentures 671 516 155 --- 155
155 Other borrowed funds 885 311 574 23 551 574 Total in interest
expense 6,032 4,188 1,844 (193) 2,037 1,844 Net interest income
$8,586 $6,968 $1,618 $1,481 $137 $1,618 SNB BANCSHARES, INC. AND
CONSOLIDATED SUBSIDIARIES SELECTED FINANCIAL DATA (Dollars in
thousands) (Unaudited) YIELD ANALYSIS: For the Six Months Ended
June 30, 2005 Average Interest Average Outstanding Earned/ Yield/
Balance Paid Rate Assets: Interest-earning assets: Loans $627,591
$20,616 6.53% Investment Securities 436,613 7,811 3.65 Federal
funds sold 1,104 15 2.65 Interest-earning deposits in other
financial institutions 3,020 46 3.04 Total interest-earning assets
1,068,328 28,488 5.34% Less allowance for loan losses (8,706) Total
interest-earning assets, net of allowance 1,059,621 Non-earning
assets: Cash and due from banks 16,113 Premises and equipment
17,599 Accrued interest receivable and other assets 14,082 Total
noninterest-earning assets 47,795 Total assets $1,107,416
Liabilities and Shareholders' Equity: Interest-bearing liabilities:
NOW, savings, and money market accounts $356,637 $3,494 1.98% Time
deposits 379,735 5,436 2.89 Junior subordinated debentures 38,250
1,295 6.73 Other borrowed funds 130,376 1,768 2.70 Total
interest-bearing liabilities 904,998 11,993 2.67%
Noninterest-bearing liabilities: Demand deposits 111,737 Accrued
interest payable and other liabilities 4,168 Total
noninterest-bearing liabilities 115,905 Total liabilities 1,020,903
Shareholders' equity 86,513 Total liabilities and shareholders'
equity $1,107,416 Net interest income $16,495 Net interest spread
2.67% Net interest margin (tax equivalent) 3.11% For the Six Months
Ended June 30, 2004 Average Interest Average Outstanding Earned/
Yield/ Balance Paid Rate Assets: Interest-earning assets: Loans
$461,230 $13,586 5.83% Investment Securities 458,366 7,392 3.23
Federal funds sold 16,821 77 0.91 Interest-earning deposits in
other financial institutions 9,281 44 0.94 Total interest-earning
assets 945,698 21,099 4.43% Less allowance for loan losses (6,225)
Total interest-earning assets, net of allowance 939,473 Non-earning
assets: Cash and due from banks 16,358 Premises and equipment
12,461 Accrued interest receivable and other assets 11,594 Total
noninterest-earning assets 40,413 Total assets $979,886 Liabilities
and Shareholders' Equity: Interest-bearing liabilities: NOW,
savings, and money market accounts $339,681 $1,976 1.17% Time
deposits 385,069 4,529 2.37 Junior subordinated debentures 38,250
1,037 5.36 Other borrowed funds 80,985 456 1.13 Total
interest-bearing liabilities 843,985 7,998 1.91%
Noninterest-bearing liabilities: Demand deposits 101,682 Accrued
interest payable and other liabilities 3,118 Total
noninterest-bearing liabilities 104,800 Total liabilities 948,785
Shareholders' equity 31,101 Total liabilities and shareholders'
equity $979,886 Net interest income $13,101 Net interest spread
2.52% Net interest margin (tax equivalent) 2.79% SNB BANCSHARES,
INC. AND CONSOLIDATED SUBSIDIARIES SELECTED FINANCIAL DATA (Dollars
in thousands) (Unaudited) RATE/VOLUME ANALYSIS: For the Six Months
Ended June 30, 2005 Compared with the Same Period in 2004 Increase
(Decrease) Increase Due to Change in 2005 2004 (Decrease) Volume
Rate Total Interest-earning assets: Loans $20,616 $13,586 $7,030
$4,807 $2,223 $7,030 Securities 7,811 7,392 419 (348) 767 419
Federal funds sold 15 77 (62) (70) 8 (62) Interest-bearing deposits
in other financial institutions 46 44 2 (29) 31 2 Total interest
income 28,488 21,099 7,389 4,360 3,029 7,389 Interest-bearing
liabilities: NOW, savings and money market accounts 3,494 1,976
1,518 98 1,420 1,518 Time deposits 5,436 4,529 907 (63) 970 907
Junior subordinated deferrable interest debentures 1,295 1,037 258
--- 258 258 Other borrowed funds 1,768 456 1,312 278 1,034 1,312
Total interest expense 11,993 7,998 3,995 313 3,682 3,995 Net
interest income $16,495 $13,101 $3,394 $4,047 $(653) $3,394 SNB
BANCSHARES, INC. AND CONSOLIDATED SUBSIDIARIES SELECTED FINANCIAL
DATA (Dollars in thousands) (Unaudited) LOAN PORTFOLIO: As of June
30, As of June 30, 2005 2004 Amount Percent Amount Percent Business
and industrial $78,626 11.8% $63,420 12.4% Real estate:
Construction and land development 146,661 22.1 118,931 23.2
Residential 129,366 19.5 99,360 19.4 Commercial mortgages 298,510
44.9 218,929 42.8 Consumer 13,242 2.0 13,048 2.5 Other 229 0.0 149
0.0 Gross loans 666,634 100.3 513,837 100.3 Less unearned discounts
and fees (1,735) (0.3) (1,421) (0.3) Total loans $664,899 100.0%
$512,416 100.0% NONPERFORMING ASSETS: As of June 30, 2005 2004
Nonaccrual loans $8,389 $2,626 Accruing loans past due 90 days or
more --- --- Restructured loans 1,865 1,967 Other real estate 425
2,834 Total nonperforming assets $10,679 $7,427 Nonperforming
assets to total loans and other real estate 1.61% 1.44% ALLOWANCE
FOR LOAN LOSSES: As of and for the Six Months Ended June 30, 2005
June 30, 2004 Allowance for loan losses at beginning of period
$8,121 $5,650 Provision for loan losses 1,250 1,650 Charge-Offs:
Business and industrial (6) (159) Real estate --- (221) Consumer
(42) (55) Total charge-offs (48) (435) Recoveries: Business and
industrial 41 30 Real estate 12 22 Consumer 11 12 Total recoveries
64 64 Net recoveries (charge-offs) 16 (371) Allowance for loan
losses at end of period $9,387 $6,929 Allowance for loan losses to
end of period loans 1.41% 1.35% Net charge-offs to average loans
(0.01) 0.16 Allowance for loans losses to end of period
nonperforming loans 91.54 150.86 SNB BANCSHARES, INC. AND
CONSOLIDATED SUBSIDIARIES SELECTED FINANCIAL DATA (Unaudited)
SELECTED RATIOS AND OTHER DATA: Q2 Q2 YTD YTD 2005 2004 2005 2004
Return on average assets 0.88% 0.55% 0.03% 0.55% Return on average
equity 10.96 18.79 0.39 17.30 Leverage ratio 11.23 4.50 Tier 1
Capital to RWA ratio 16.44 7.48 Total Capital (Tier 1 + Tier 2) to
RWA ratio 18.62 12.64 Average equity to average total assets 8.03
2.93 7.81 3.19 Tax equivalent yield on earning assets 5.64 4.43
5.34 4.43 Cost of funds with demand account 2.46 1.68 2.38 1.70 Net
interest margin, tax equivalent 3.33 2.80 3.11 2.79 Non-interest
expense to average total assets 1.83 1.72 1.78 1.77 Efficiency
ratio 54.47 60.32 56.57 62.40 End of period book value per share
$7.05 $3.69 Full time equivalent employees 157 157 COMMON STOCK
PERFORMANCE: Second quarter 2005 First quarter 2005 Market value of
common stock - End of period $11.00 $11.31 Market value of common
stock - High 11.49 15.00 Market value of common stock - Low 9.21
10.25 As of June 30, As of March 31, 2005 2005 Book value of common
stock $7.05 $6.70 Market/book value of common stock 156.11% 168.69%
Price/12 month trailing earnings ratio 37.10 X 45.24 X DATASOURCE:
SNB Bancshares, Inc. CONTACT: R. Darrell Brewer, CFO,
+1-281-269-7271, or , or Whitney Rowe, Investor Relations &
Corporate Secretary, +1-281-269-7220, or , both of SNB Bancshares,
Inc. Web site: http://www.snbtx.com/
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