BIRMINGHAM, Ala., Feb. 9 /PRNewswire-FirstCall/ -- 2009 HIGHLIGHTS:
-- Deposits grew approximately 13.4%, to $2.7 billion. -- Loans
increased 6.8% during 2009, to $2.5 billion. -- Net interest income
increased 11.1%, to $92.6 million. -- Capital Optimization Plan
initiated: -- Shareholders approved an increase in authorized
shares to 200 million as part of our program to build our equity
base. -- Exchanged TARP Preferred Stock into Trust Preferred debt
-- resulted in a $23 million enhancement of tangible common equity.
-- Agreed to exchange privately held Trust Preferred debt into
common equity. -- Net loss of $20 million for the year 2009, versus
a $163 million loss in 2008 (2008 loss included $160 million
goodwill impairment charge) -- Well-capitalized, with Total Risk
Based Capital of 10.69%. Superior Bancorp (NASDAQ:SUPR) today
reported its fourth quarter and full year 2009 results. A summary
of the results is provided below and in the attached financial
data: As of and for the Quarters Ended --------------------------
December 31, September 30, (Dollars in thousands, except per share
data) 2009 2009 --------------------------------------------- ----
---- Total assets $3,221,869 $3,226,570 Total loans, net of
unearned income 2,472,697 2,434,534 Total deposits 2,656,573
2,619,961 Stockholders' equity 191,704 244,730 Net interest income
24,605 23,913 Net (loss) income (11,500) 880 Net income (loss)
available to common stockholders(1) 10,881 (287) Net income (loss)
per common share(1) 0.94 (0.03) Total branches 73 72 (1) Includes a
$23.1 million gain on exchange of TARP Preferred Stock into Trust
Preferred debt 2009 Performance "2009 proved to be as challenging
as anticipated, given the economic conditions faced by our country,
our markets and our bank," said Stan Bailey, Chairman & CEO.
"We focused our efforts on two primary objectives: assuring our
customers that we were still 'doing business' with regards to
making loans, accepting deposits and fulfilling their banking
needs, and managing the current credit cycle at the least cost to
our shareholders." During 2009, Superior experienced over 15% core
deposit growth while also generating almost 7% loan growth;
non-interest bearing deposits grew over 21%. These factors combined
with a stable interest rate environment resulted in a 3.28% margin
in 2009 versus 3.27% in 2008. Core noninterest income grew 16%
primarily from strong deposit transaction account growth and a 78%
growth in mortgage origination revenue. Core expenses remained
under control with only a 4% increase over 2008, with salary
expense remaining essentially flat. The 12% improvement in core
operating performance was more than offset by credit-related costs
(i.e. provisions for loan loans, OREO expense, collection costs,
etc.), totaling $36.7 million versus $14.0 million in 2008, and by
the increase in the allowance for loan losses by approximately $13
million, to $41.9 million. The net loss for 2009 was $19.9 million
compared to a loss of $163.2 million in 2008. The 2008 loss
included, however, a goodwill impairment charge of $160.3 million.
Expansion of Mortgage Activities During the last quarter, we took
advantage of a unique opportunity in the local market by bringing
on board 60 originators and associated staff from an existing
Alabama bank which had been taken into FDIC receivership and sold
to another financial institution. We believe this "no-cost"
acquisition affords us a tremendous opportunity in both Alabama and
Florida -- not only to increase shareholder value but also to help
people achieve their dream of home ownership through the expansion
of our mortgage operation. Initially, we expect the new staff to
approximately double our origination capability in Alabama, as well
as significantly improve the efficiency of the secondary placement
of our existing originations. Longer term, we expect this to raise
our origination capability to a higher level in support of our
Florida branches. As noted below, these additions did result in
increases in operating expenses in the fourth quarter, but we
expect this expansion to be solidly profitable on an incremental
basis starting in 2010. Comparison of Fourth Quarter 2009 with
Third Quarter 2009 Net interest income increased from $23.9 million
to $24.6 million. The margin rose from 3.36%, to 3.42% with both
being constrained by the effects of loans being placed on
non-accruing status, approximating 0.10% and 0.12% in the third and
fourth quarters of 2009, respectively. The increase in net interest
income resulted from margin improvement, as earning assets were
flat. Loan yields were also flat, but funding costs continued to
decline, falling 19 basis points from the third quarter.
Nonetheless, Superior incurred a loss of $11.5 million (before the
gain on the Preferred Stock for Trust Preferred debt exchange) for
the fourth quarter. This had been expected, given current economic
conditions. Our situation is common in the banking industry today.
Despite the increase in interest income and relatively encouraging
progress on the fee income front, the quarter's progress was
negatively impacted by increases in the provision for loan losses
in light of the current economy. Our loan loss provisions are well
above those in previous quarters, with a provision of $13.9 million
in the fourth quarter, compared to $5.2 million in the third
quarter. A portion of this provision related to charged-off loans
in the fourth quarter, but a majority was used to increase our
allowance for loan losses based on management's ongoing assessment
of the loss potential of certain areas of risk. Second, our losses
and expenses on other real estate owned, or "OREO", were $4.5
million during the fourth quarter, which was a significant increase
from the $1.3 million recorded in the third quarter, reflecting
several recent dispositions of foreclosed properties. The fourth
quarter's results were also affected by increases in operating
expenses including a one-time increase in FDIC expense of
approximately $1.5 million associated with the prepayment of three
years of premiums, a charge associated with an other-than-temporary
impairment ("OTTI") of investment securities of $600,000 (bringing
total OTTI recognized in 2009 to $15.7 million), increased expenses
of approximately $550,000 associated with our new mortgage activity
previously discussed, and one-time costs of approximately $420,000
associated with recent closures of six branches. Credit Quality
Loans 30-89 days past due (DPD) and still accruing were 1.84% of
total loans at quarter end compared to 1.64% on September 30, 2009.
Non-performing loans, including loans 90 DPD and still accruing,
increased slightly to $159.6 million, or 6.5 %, of total loans in
the quarter, compared to 6.3% of total loans at September 30, 2009.
Of the non-performing loans, 30% are in Alabama, 64% in Florida and
6% elsewhere. Our OREO portfolio of $42 million consists of 62% in
Alabama, 36% in Florida, and 2% elsewhere. Net charge-offs for the
quarter were $6.4 million, or an annualized rate of 1.03% of total
loans. The provision for loan losses for the quarter was $13.9
million compared to a provision of $5.2 million in the third
quarter. The allowance for loan losses stands at $41.9 million,
1.69% of loans, up from $34.3 million at the end of the third
quarter. Balance Sheet, Capital and Liquidity Loan demand in the
fourth quarter was relatively flat, with total loans increasing
1.6% from September 30, 2009 to December 31, 2009. We expect this
slowed rate of loan growth to continue into 2010 due to the current
condition of the economy. Deposits were up 1.4% for the quarter,
and 13.4% for the year, as we continue to experience the benefits
of our de novo branching program and our focus on relationship
banking. Deposits at our 23 de novo branches reached $432 million
at year-end, and more than any other single factor were the cause
of the continued increase in our liquidity. Liquidity at Superior
Bank continued to build. A year ago, borrowings were approximately
13.5% of borrowings plus deposits, and during this quarter, the
ratio fell to less than 8.9%. Reliance on brokered deposits,
including brokered certificates of deposit and CDARS, which had
been slightly in excess of 10% last year and at September 30, 2009,
fell to approximately 9% at December 31, 2009. Superior Bank
continues to be "well-capitalized", with a total risk based capital
ratio standing at 10.69% for the quarter. We continue to focus on
maintaining our capital ratios at appropriately high levels given
current economic conditions. Regulatory Reform and Costs Besides
the economy, the greatest risk of uncertainty for the banking
industry continues to be the regulatory reform initiatives under
consideration by the U. S. Congress and federal bank regulatory
agencies. While fully recognizing that the activities of the mostly
investment banking and non-bank financial institutions became major
catalysts for our current economic challenges, we believe that many
of the proposed reforms are over-reactive and represent a sweeping
"broad brush" approach that will result in an increase in
government regulations, oversight and involvement in the daily
business activities best left to experienced bank management teams
and their boards of directors. If enacted, these proposals will
result in additional burdensome disclosures and red tape for our
customers and additional cost to our shareholders. For the vast
majority of well-run community banks, this is totally unnecessary.
Also, the healthy banks are clearly carrying the costly burden for
the closing of many failed banks. For example, Superior alone
forwarded over $20 million to the FDIC in 2009 as deposit insurance
for current and future years to fund the current losses being
incurred by the government for bank closings. Capital Activities
During the fourth quarter, we successfully completed a conversion
of $69 million of our Preferred Stock held by the U. S. Treasury
for an identical amount of newly issued Trust Preferred Securities,
which is reflected as subordinated debt in our statement of
financial condition. As a result of this exchange transaction, we
recorded an accounting gain of approximately $23 million after-tax,
reflecting the net benefit of the favorable interest rate terms of
the newly issued Trust Preferred Securities compared to current
market rates. This gain reduced the net loss to common shareholders
by $2.16 per common share. Additionally, in January 2010, we
secured agreements from the holders of $7.5 million of our
currently outstanding non-pooled trust preferred securities to
exchange those securities for newly issued common stock. When
completed, we expect to record a net after-tax gain of $1.8 million
($0.15 per common share) upon exchange of the trust preferred
securities. The ultimate effect of the transactions will be to
increase tangible common equity of the Corporation by approximately
$6.5 million, consisting of both the increase in equity upon
recording the gain, and the fair value of the shares of common
stock issued in conjunction with the exchange. About Superior
Bancorp Superior Bancorp is a $3.2 billion thrift holding company
headquartered in Birmingham, and the second largest bank holding
company in Alabama. The principal subsidiary of Superior Bancorp is
Superior Bank, a southeastern community bank that currently has 73
branches, with 45 locations throughout the state of Alabama and 28
locations in Florida. Superior Bank also operates 24 consumer
finance offices in North Alabama as 1st Community Credit and
Superior Financial Services. This press release contains financial
information determined by methods other than in accordance with
U.S. generally accepted accounting principles ("GAAP"). Superior's
management uses these "non-GAAP" measures in its analysis of
Superior's performance. Non-GAAP measures typically adjust GAAP
performance measures to exclude the effects of significant gains,
losses or expenses that are unusual in nature and not expected to
recur. Since these items and their impact on Superior's performance
are difficult to predict, management believes presentations of
financial measures excluding the impact of these items provide
useful supplemental information that is important for a proper
understanding of the operating results of Superior's core business.
These disclosures should not be viewed as a substitute for
operating results determined in accordance with GAAP, nor are they
necessarily comparable to non-GAAP performance measures that are
presented by other companies. The Private Securities Litigation
Reform Act of 1995 provides a safe harbor for forward-looking
statements made by us or on our behalf. Some of the disclosures in
this release, including any statements preceded by, followed by or
which include the words "may," "could," "should," "will," "would,"
"hope," "might," "believe," "expect," "anticipate," "estimate,"
"intend," "plan," "assume" or similar expressions constitute
forward-looking statements. These forward-looking statements,
implicitly and explicitly, include the assumptions underlying the
statements and other information with respect to our beliefs,
plans, objectives, goals, expectations, anticipations, estimates,
intentions, financial condition, results of operations, future
performance and business, including our expectations and estimates
with respect to our revenues, expenses, earnings, return on equity,
return on assets, efficiency ratio, asset quality, the adequacy of
our allowance for loan losses and other financial data and capital
and performance ratios. Although we believe that the expectations
reflected in our forward-looking statements are reasonable, these
statements involve risks and uncertainties which are subject to
change based on various important factors (some of which are beyond
our control). Such forward looking statements should, therefore, be
considered in light of various important factors set forth from
time to time in our reports and registration statements filed with
the SEC. The following factors, among others, could cause our
financial performance to differ materially from our goals, plans,
objectives, intentions, expectations and other forward-looking
statements: (1) the strength of the United States economy in
general and the strength of the regional and local economies in
which we conduct operations; (2) the effects of, and changes in,
trade, monetary and fiscal policies and laws, including interest
rate policies of the Board of Governors of the Federal Reserve
System; (3) inflation, interest rate, market and monetary
fluctuations; (4) our ability to successfully integrate the assets,
liabilities, customers, systems and management we acquire or merge
into our operations; (5) our timely development of new products and
services in a changing environment, including the features, pricing
and quality compared to the products and services of our
competitors; (6) the willingness of users to substitute
competitors' products and services for our products and services;
(7) the impact of changes in financial services policies, laws and
regulations, including laws, regulations and policies concerning
taxes, banking, securities and insurance, and the application
thereof by regulatory bodies; (8) our ability to resolve any legal
proceeding on acceptable terms and its effect on our financial
condition or results of operations; (9) technological changes; (10)
changes in consumer spending and savings habits; (11) the effect of
natural disasters, such as hurricanes, in our geographic markets;
(12) regulatory, legal or judicial proceedings; (13) the continuing
instability in the domestic and international capital markets; (14)
the effects of new and proposed laws relating to financial
institutions and credit transactions; (15) the effects of policy
initiatives that have been and may continue to be introduced by the
new Presidential administration and related regulatory actions; and
(16) our success in any new capital financing activities we may
undertake. Superior Bancorp disclaims any intent or obligation to
update forward-looking statements. More information on Superior
Bancorp and its subsidiaries may be obtained over the Internet,
http://www.superiorbank.com/, or by calling 1-877-326-BANK (2265).
Superior Bancorp and Subsidiaries Condensed Consolidated Statements
of Financial Condition (Dollars In Thousands) December September
December 31, 30, 31, 2009 2009 2008 ---- ---- ---- (Unaudited)
---------------- Assets Cash and due from banks $74,021 $57,364
$74,237 Interest-bearing deposits in other banks 23,714 73,976
10,042 Federal funds sold 2,036 990 5,169 ----- --- ----- Total
cash and cash equivalents 99,771 132,330 89,448 Investment
securities available for sale 286,310 296,881 347,142 Tax lien
certificates 19,292 24,700 23,786 Mortgage loans held for sale
71,879 58,704 22,040 Loans, net of unearned income 2,472,697
2,434,534 2,314,921 Less: Allowance for loan losses (41,884)
(34,336) (28,850) ------- ------- ------- Net loans 2,430,813
2,400,198 2,286,071 --------- --------- --------- Premises and
equipment, net 104,022 104,764 104,085 Accrued interest receivable
15,581 15,540 14,794 Stock in FHLB 18,212 18,212 21,410 Cash
surrender value of life insurance 50,142 49,655 48,291 Intangible
assets 16,694 17,784 21,052 Other real estate 41,618 42,259 19,971
Other assets 67,535 65,543 54,611 ------ ------ ------ Total assets
$3,221,869 $3,226,570 $3,052,701 ========== ========== ==========
Liabilities and Stockholders' Equity Deposits Noninterest-bearing
$257,744 $255,196 $212,732 Interest-bearing 2,398,829 2,364,765
2,130,256 --------- --------- --------- Total deposits 2,656,573
2,619,961 2,342,988 - - - Advances from FHLB 218,322 218,321
361,324 Security repurchase agreements 841 1,652 3,563 Notes
payable 45,917 45,801 7,000 Subordinated debentures 84,170 60,720
60,884 Accrued expenses and other liabilities 24,342 35,385 25,703
------ ------ ------ Total liabilities 3,030,165 2,981,840
2,801,462 Stockholders' Equity Preferred stock, par value $.001 per
share; shares authorized 5,000,000: Series A, fixed rate cumulative
perpetual preferred stock; - 0 -, 69,000 and 69,000 shares issued
and outstanding at December 31, 2009, September 30, 2009 and
December 31, 2008, respectively - - - Common stock, par value $.001
per share; shares authorized 200,000,000 at December 31, 2009 and
20,000,000 at September 30, 2009 and December 31, 2008,
respectively; shares issued 11,673,837, 11,624,279 and 10,403,087,
respectively; outstanding 11,667,794, 11,624,279 and 10,074,999,
respectively 12 12 10 Surplus - preferred - 63,868 62,978 -
warrants 8,646 8,646 8,646 - common 322,044 321,840 329,461
Accumulated deficit (130,890) (141,770) (129,904) Accumulated other
comprehensive loss (7,825) (7,501) (7,925) Treasury stock, at cost
- - (11,373) Unearned ESOP stock (263) (308) (443) Unearned
restricted stock (20) (57) (211) --- --- ---- Total stockholders'
equity 191,704 244,730 251,239 ------- ------- ------- Total
liabilities and stockholders' equity $3,221,869 $3,226,570
$3,052,701 ========== ========== ========== Superior Bancorp and
Subsidiaries Condensed Consolidated Statements of Operations
(Amounts In Thousands, Except Per Share Data) As of and for the As
of and for the Three Months Ended Twelve Months Ended
--------------------------- ------------------- December September
December December 31, 31, 30, 31, ------------------- 2009 2009
2008 2009 2008 ---- ---- ---- ---- ---- (Unaudited) (Unaudited)
--------------------------- --------- Interest income Interest and
fees on loans $36,966 $36,783 $36,445 $144,660 $147,162 Interest on
investment securities: Taxable 2,937 3,362 4,008 14,085 16,310
Exempt from Federal income tax 315 432 426 1,610 1,716 Interest on
federal funds sold 1 1 8 9 122 Interest and dividends on other
investments 429 471 539 1,718 2,578 --- --- --- ----- ----- Total
interest income 40,648 41,049 41,426 162,082 167,888 Interest
expense Interest on deposits 12,043 13,315 15,433 54,360 68,405
Interest on FHLB advances and other borrowings 2,539 2,619 3,006
10,097 12,104 Interest on subordinated debt 1,461 1,202 1,207 5,063
4,094 ----- ----- ----- ----- ----- Total interest expense 16,043
17,136 19,646 69,520 84,603 ------ ------ ------ ------ ------ Net
interest income 24,605 23,913 21,780 92,562 83,285 Provision for
loan losses 13,948 5,169 2,969 28,550 13,112 ------ ----- -----
------ ------ Net interest income after provision for loan losses
10,657 18,744 18,811 64,012 70,173 Noninterest income Service
charges and fees on deposits 2,606 2,595 2,574 10,112 9,295
Mortgage banking income 1,617 1,506 855 7,084 3,972 Investment
securities (losses) gains (596) 2,121 (1,381) (10,102) (8,453)
Change in fair value of derivatives (996) 435 467 (826) 1,240
Increase in cash surrender value of life insurance 575 568 585
2,198 2,274 Gain on extinguishment of liabilities - - - - 2,918
Other income 1,303 1,254 1,274 5,113 5,521 ----- ----- ----- -----
----- Total noninterest income 4,509 8,479 4,374 13,579 16,767
Noninterest expenses Salaries and employee benefits 12,988 12,234
13,094 49,962 49,672 Occupancy, furniture and equipment expense
5,246 4,478 4,583 18,643 17,197 Amortization of core deposit
intangibles 985 985 896 3,941 3,585 Goodwill impairment charge - -
160,306 - 160,306 FDIC assessment 3,038 921 447 6,348 1,105
Foreclosure losses 4,462 1,337 354 8,116 908 Other operating
expenses 6,265 5,687 5,553 23,475 21,905 ----- ----- ----- ------
------ Total noninterest expenses 32,984 25,642 185,233 110,485
254,678 ------ ------ ------- ------- ------- (Loss) income before
income taxes (17,818) 1,581 (162,048) (32,894) (167,738) Income tax
(benefit) expense (6,318) 701 (3,869) (13,005) (4,588) ------ ---
------ ------- ------ Net (loss) income (11,500) 880 (158,179)
(19,889) (163,150) Preferred stock dividends and amortization (716)
(1,167) (311) (4,193) (311) Gain on exchange of preferred stock for
subordinated debt 23,097 - - 23,097 - ------ --- --- ------ --- Net
income (loss) applicable to common shareholders $10,881 $(287)
$(158,490) $(985) $(163,461) ======= ===== ========= =====
========= Basic income (loss) per common share $0.94 $(0.03)
$(15.80) $(0.09) $(16.31) ===== ====== ======= ====== =======
Diluted income (loss) per common share $0.92 $(0.03) $(15.80)
$(0.09) $(16.31) ===== ====== ======= ====== ======= Weighted
average common shares outstanding 11,621 10,984 10,034 10,687
10,021 Weighted average common shares outstanding, assuming
dilution 11,801 10,984 10,034 10,687 10,021 SUPERIOR BANCORP AND
SUBSIDIARIES UNAUDITED SUMMARY CONSOLIDATED FINANCIAL DATA (Dollars
in thousands, except per share data) As of and for the As of and
for the Three Months Ended Twelve Months Ended
------------------------------- ----------------------- December
September December December 31, 31, 30, 31, -----------------------
2009 2009 2008 2009 2008 ---- ---- ---- ---- ---- Selected Average
Balances : Total assets $3,182,290 $3,157,306 $3,096,755 $3,153,395
$3,010,045 Total liabilities 2,948,554 2,914,116 2,746,847
2,909,778 2,659,816 Loans, net of unearned income 2,453,786
2,422,871 2,250,941 2,401,805 2,147,524 Mortgage loans held for
sale 58,656 64,391 12,735 61,309 25,251 Investment securities
292,779 297,578 332,631 313,514 346,046 Total interest- earning
assets 2,875,287 2,853,456 2,660,172 2,846,344 2,576,505
Noninterest- bearing deposits 256,320 251,696 219,435 246,428
218,486 Interest- bearing deposits 2,338,908 2,307,757 2,053,614
2,289,900 2,009,918 Advances from FHLB 220,821 228,679 379,195
252,187 335,393 Federal funds borrowed and security repurchase
agreements 1,440 1,644 4,889 2,057 7,513 Subordinated debentures
66,038 60,743 60,919 62,117 55,736 Total interest- bearing
liabilities 2,676,494 2,648,029 2,512,190 2,646,039 2,421,892
Stockholders' equity 233,737 243,190 349,907 243,617 350,229 Per
Share Data: Net income (loss) - basic $0.94 $(0.03) $(15.80)
$(0.09) $(16.31) - diluted (5) $0.92 $(0.03) $(15.80) $(0.09)
$(16.31) Weighted average common shares outstanding - basic 11,621
10,984 10,034 10,687 10,021 Weighted average common shares
outstanding - diluted (5) 11,801 10,984 10,034 10,687 10,021 Common
book value per share at period end $15.69 $14.82 $17.83 $15.69
$17.83 Tangible common book value per share at period end $14.26
$13.29 $15.74 $14.26 $15.74 Preferred shares outstanding at period
end - 69 69 - 69 Common shares outstanding at period end 11,668
11,624 10,075 11,668 10,075 Performance Ratios and Other Data:
Return on average assets(1) (1.43%) 0.11% NCM (0.63%) (5.42%)
Return on average tangible assets(1) (1.44) 0.11 NCM (0.63) (5.78)
Return on average stockholders' equity(1) (19.52) 1.44 NCM (8.16)
(46.58) Return on average tangible equity(1) (21.07) 1.55 NCM
(8.85) (99.05) Net interest margin(1)(2)(3) 3.42 3.36 3.29 3.28
3.27 Net interest spread(1)(3)(4) 3.25 3.17 3.12 3.09 3.06 Average
loan to average deposit ratio 96.81 97.18 99.59 97.11 97.50 Average
interest- earning assets to average interest- bearing liabilities
107.43 107.76 105.89 107.57 106.38 Core deposit intangible ("CDI")
and other intangibles $16,694 $17,784 $21,052 $16,694 $21,052
Assets Quality Ratios: Nonaccrual loans $155,631 $143,507 $54,712
$155,631 $54,712 Accruing loans 90 days or more delinquent 3,920
9,102 8,033 3,920 8,033 Other real estate owned and repossessed
assets 41,998 42,764 20,303 41,998 20,303 Total nonperforming
assets ("NPAs") 201,549 195,373 83,048 201,549 83,048 Restructured
loans, not included in total NPAs 72,883 21,743 2,643 72,883 2,643
Net loan charge-offs 6,399 4,336 1,790 15,515 7,130 Allowance for
loan losses to nonperforming loans 26.25% 22.50% 45.98% 26.25%
45.98% Allowance for loan losses to loans, net of unearned income
1.69% 1.41% 1.25% 1.69% 1.25% NPA to loans plus NPAs, net of
unearned income 8.01% 7.89% 3.56% 8.01% 3.56% NPAs to total assets
6.26% 6.06% 2.72% 6.26% 2.72% Net loan charge-offs to average
loans(1) 1.03% 0.71% 0.32% 0.65% 0.33% Net loan charge-offs as a
percentage of: Provision for loan losses 45.88% 83.90% 60.26%
54.34% 54.38% Allowance for loan losses(1) 60.62% 50.10% 24.67%
37.04% 24.71% (1) Annualized for the three-month periods ended
December 31, 2009, September 30, 2009, and December 31, 2008. (2)
Net interest income divided by average earning assets. (3)
Calculated on a taxable equivalent basis. (4) Yield on average
interest-earning assets less rate on average interest-bearing
liabilities. (5) Common stock equivalents of 303,549 and 94,420,
and 159,561 and 65,226 were not included in computing diluted
earnings per share for the three-month periods ending September 30,
2009 and December 31, 2008 and the twelve-month periods ending
December 31, 2009 and 2008, respectively, because their effects
were antidilutive. NCM - Not considered meaningful SUPERIOR BANCORP
AND SUBSIDIARIES UNAUDITED SUMMARY CONSOLIDATED FINANCIAL DATA
(Dollars in Thousands, Except Per Share Data) For the For the
Three-months Ended Year Ended December 31, December 31, % Change
-------------- ------------- ------------ 2009 2008 2009 2008 QTD
YTD ---- ---- ---- ---- --- --- Reconciliation Table Core
noninterest income (non-GAAP) $6,101 $5,288 $24,507 $21,062 15% 16%
Investment securities (losses) gains (596) (1,381) (10,102) (8,453)
Change in fair value of derivatives (996) 467 (826) 1,240 Gain on
extinguishment of liabilities - - - 2,918 --- --- --- ----- Total
noninterest income (GAAP) $4,509 $4,374 $13,579 $16,767 ======
====== ======= ======= Core noninterest expense (non-GAAP) $25,484
$24,126 $96,021 $92,359 6% 4% Goodwill impairment charge - 160,306
- 160,306 FDIC assessment 3,038 447 6,348 1,105 Foreclosure losses
4,462 354 8,116 908 ----- --- ----- --- Total noninterest expense
(GAAP) $32,984 $185,233 $110,485 $254,678 ======= ======== ========
======== As of --------------------------- December September
December 31, 30, 31, 2009 2009 2008 ---- ---- ---- Total
stockholders' equity (GAAP) $191,704 $244,730 $251,239 Intangible
assets (GAAP) 16,694 17,784 21,052 Liquidation value of preferred
equity 8,646 72,514 71,624 ----- ------ ------ Total tangible
common equity (non-GAAP) $166,364 $154,432 $158,563 ========
======== ======== Common shares outstanding 11,668 11624 10,075
====== ===== ====== Tangible common book value per share at period
end $14.26 $13.29 $15.74 ====== ====== ====== DATASOURCE: Superior
Bancorp CONTACT: Jim White, Chief Financial Officer of Superior
Bancorp, +1-205-327-3656 Web Site: http://www.superiorbank.com/
Copyright
Superior Bancorp (MM) (NASDAQ:SUPR)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Superior Bancorp (MM) (NASDAQ:SUPR)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024