Vision Bancshares, Inc. Reports Fourth Quarter and Annual 2004
Earnings PANAMA CITY, Fla., March 1 /PRNewswire-FirstCall/ --
Vision Bancshares, Inc., (OTC:VBAL.OB) (BULLETIN BOARD: VBAL.OB) ,
today reported record earnings of $570 thousand for the fourth
quarter of 2004 versus a $217 thousand net loss for the same period
in 2003. Basic earnings per share increased $0.31, or 258.3%, to
$0.19 per share for the quarter ending December 31, 2004 from a
loss of $0.12 per share for the fourth quarter of 2003. Diluted
earnings per share was $0.18 compared to a $0.11 loss per share for
the fourth quarter of 2004 and 2003, respectively. The increase in
the Company's quarterly earnings resulted as the Alabama bank
subsidiary continued to post a positive earnings trend and the
Florida bank subsidiary posted its first quarter of profitability
since beginning operation in January 2003. Net income for the
twelve months ended December 31, 2004 was $1,189 thousand compared
to a $251 thousand loss for the twelve months ended December 31,
2003. The consolidated net income for the year 2004 consisted of
net income of $1,763 thousand for Vision Bank in Alabama, a net
loss of $351 thousand for Vision Bank in Florida and a net loss of
$223 thousand for Vision Bancshares, Inc. (on a parent only basis).
For the year ended December 31, 2004, basic earnings per share of
$0.43 represented a $0.56, or 430.8%, increase over the loss of
$0.13 per share for 2003, while diluted earnings per share was
$0.42 compared to a loss of $0.13 per share for the years ended
December 31, 2004 and 2003, respectively. The increase in 2004
earnings resulted as the Company expanded its market share and
produced a 79.9% increase in net interest income while maintaining
a modest increase of 39.7% in non-interest expenses. Total assets
at December 31, 2004 were $410 million, an increase of 95.2%, or
$200 million, over total assets of $210 million at December 31,
2003. During this same period total loans increased $171 million,
or 97.7%, to $346 million, and total deposits also increased $171
million, or 95.5%, to $350 million. "I am extremely pleased to
report Vision Bancshares, Inc.'s year of record earnings," said J.
Daniel Sizemore, Chairman and CEO. "Once again we have been able to
achieve strong loan and deposit growth while maintaining excellent
asset quality." Mr. Sizemore further stated, "Our Alabama based
bank continues to show a positive earnings trend with year-to-date
net profits more than double 2003 earnings and 12.6% ahead of
budget. We continue to grow in our Alabama market as we opened our
sixth branch in Elberta and now have regulatory approval to
establish our seventh branch office in Daphne. Our Florida
subsidiary reached an earnings milestone as it posted its first
quarterly earnings during the fourth quarter. We anticipate the
acquisition of BankTrust of Florida, completed October 15, 2004,
will continue to have a positive impact on consolidated earnings in
2005." The following table presents, on an unaudited basis,
"Financial Highlights" of the Company for the quarters and years
ended December 31, 2004 and 2003: VISION BANCSHARES, INC. &
SUBSIDIARIES FINANCIAL HIGHLIGHTS (unaudited) (dollars in thousands
except per share data) QUARTER ENDED YEAR-TO-DATE 12/31/04 12/31/03
12/31/04 12/31/03 EARNINGS SUMMARY Net interest income $3,978
$1,820 $11,683 $6,493 Provision for loan losses 500 656 1,819 1,290
Non-interest income 145 119 1,950 1,511 Non-interest expense 2,753
1,676 9,911 7,095 Income taxes 276 (195) 618 (204) Non-controlling
interest in VIE's (24) (19) (96) (74) Net income $570 $(217) $1,189
$(251) PER SHARE SUMMARY Common shares outstanding 3,024,004
1,888,516 3,024,004 1,888,516 Weighted average shares 3,023,876
1,888,414 2,738,049 1,878,168 Income per weighted avg share - basic
$0.19 $(0.12) $0.43 $(0.13) Dividends declared per share $- $- $-
$- OPERATING RATIOS (annualized) Net interest rate spread (a) 4.00%
3.43% 3.44% 3.34% Net interest margin (a) 4.51% 3.88% 3.98% 3.93%
Return on average assets 0.60% -0.44% 0.39% -0.15% Return on
average equity 5.51% -3.86% 3.28% -1.14% Efficiency (b) 66.77%
86.44% 72.70% 88.64% ENDING BALANCES Total assets $410,086 $210,232
$410,086 $210,232 Earning assets 382,231 199,678 382,231 199,678
Intangible assets 3,601 125 3,601 125 Loans, net of unearned income
345,651 174,745 345,651 174,745 Allowance for loan losses 4,565
2,072 4,565 2,072 Deposits 350,215 179,460 350,215 179,460
Stockholders' equity 40,637 21,100 40,637 21,100 Book value per
share $13.44 $11.17 $13.44 $11.17 Tangible book value per share
$12.25 $11.11 $12.25 $11.11 Stockholders' equity to total assets
9.91% 10.04% 9.91% 10.04% (a) Computed using fully
taxable-equivalent net income. (b) Computed by dividing
non-interest expense by the sum of net interest income and
non-interest income. VISION BANCSHARES, INC. & SUBSIDIARIES
FINANCIAL HIGHLIGHTS (unaudited) (dollars in thousands except per
share data) QUARTER ENDED YEAR-TO-DATE 12/31/04 12/31/03 12/31/04
12/31/03 AVERAGE BALANCES Total assets $377,237 $197,508 $308,091
$171,888 Earning assets 353,191 187,926 294,007 165,409 Loans, net
of unearned income 314,353 168,170 243,420 142,869 Deposits 323,362
176,502 264,990 148,686 Equity 41,355 22,493 36,295 21,991 ASSET
QUALITY Nonperforming loans $1,976 $458 $1,976 $458 Nonperforming
assets (c) 2,431 458 2,431 458 Net loan charge-offs (recoveries)
121 533 162 608 Allowance for loan loss to loans 1.32% 1.19% 1.32%
1.19% Net loan charge- offs(recoveries) to average loans 0.04%
0.32% 0.07% 0.43% Nonperforming loans to gross loans 0.57% 0.26%
0.57% 0.26% Nonperforming assets to allowance for loan loss 53.25%
22.10% 53.25% 22.10% Allowance for loan loss to nonperforming
assets 187.78% 452.40% 187.78% 452.40% Nonperforming assets to
total assets 0.59% 0.22% 0.59% 0.22% REGULATORY CAPITAL RATIOS
12/31/04 REQUIRED EXCESS Tier 1 Leverage 11.18% 4.00% 7.18%
Risk-based Tier 1 (Core) 9.86% 4.00% 5.86% Total Capital 12.65%
8.00% 4.65% (c) Computed by adding nonperforming loans, foreclosed
real estate and repossessed collateral. In accordance with the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995, Vision Bancshares, Inc. notes that any statements in this
press release, and elsewhere, that are not historical facts are
"forward-looking statements" that involve risks and uncertainties
that may cause the Company's actual results of operations to differ
materially from expected results. For a discussion of such risks
and uncertainties, see the Company's Annual Report on Form 10-KSB
for the most recently ended fiscal year as well as its other
filings with the U.S. Securities and Exchange Commission. Vision
Bancshares, Inc. was organized in July 1999 as a bank holding
company and is headquartered in Panama City, Florida. It is the
parent company for Vision Bank in Alabama, a state banking
corporation organized under the laws of the State of Alabama and
Vision Bank in Florida, a state banking corporation organized under
the laws of the State of Florida. Vision Bank, Alabama provides
general retail and commercial banking services principally to
customers in Baldwin County, Alabama through its offices located in
Gulf Shores, Orange Beach, Point Clear, Foley, Fairhope and
Elberta. Vision Bank, Florida provides general retail and
commercial banking services to customers in Bay County, Gulf County
and the panhandle of Florida through its offices located in Panama
City, Panama City Beach, Wewahitchka, Port St. Joe and Port St. Joe
Beach. DATASOURCE: Vision Bancshares, Inc. CONTACT: J. Daniel
Sizemore of Vision Bancshares, Inc., +1-251-967-4249 Web site:
http://www.visionbanc.com/
Copyright
