SNB Bancshares, Inc. Announces Balance Sheet Repositioning
31 March 2005 - 9:20AM
PR Newswire (US)
SNB Bancshares, Inc. Announces Balance Sheet Repositioning SUGAR
LAND, Texas, March 30 /PRNewswire-FirstCall/ -- SNB Bancshares,
Inc. (NASDAQ:SNBT), a Sugar Land bank holding company with assets
of $1.1 billion and the parent company of Southern National Bank of
Texas, announced today that its Board of Directors has approved a
plan to reposition its balance sheet by reducing the amount of
low-yielding investment securities and using a portion of the
proceeds to de-leverage its borrowing position. The Board approved
this plan in an effort to reduce its liability sensitive position
and to improve its net interest margin. The Company has identified
for sale from its 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%. As a result of the writedown of these
investments, the Company expects to incur a loss of approximately
$4.1 million, net of tax, during the quarter ended March 31, 2005.
The Company plans to use the net proceeds from such sales to reduce
short-term borrowings and reinvest in higher-yielding investments.
SNB Bancshares, Inc. is a registered bank holding company listed on
the Nasdaq National Market under the symbol "SNBT" and
headquartered approximately 15 miles southwest of downtown Houston
in Sugar Land, Texas. Its wholly owned subsidiary, Southern
National Bank of Texas, specializes in business and industrial,
construction and land development and commercial mortgage loans to
small to medium-sized owner-operated businesses through its four
full-service branch locations. Except for historical information
contained herein, this press release contains forward-looking
statements regarding SNB Bancshares' prospective performance and
strategies within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. SNB Bancshares intends such forward-looking
statements to be covered by the safe harbor provisions for
forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995, and is including this statement for
purposes of said safe harbor provisions. The following factors,
among others, could cause actual results to differ materially from
the expectations stated in any forward-looking statement: a change
in general business and economic conditions in the markets the
Company serves; changes in the interest rate environment, deposit
flows, loan demand, real estate values, and competition; changes in
accounting principles, policies or guidelines; changes in
legislation and regulation; and other economic, competitive,
governmental, regulatory, geopolitical, and technological factors
affecting SNB Bancshares' operations, pricing, and services. SNB
Bancshares undertakes no obligation to update these forward-
looking statements to reflect events or circumstances that occur
after the date on which such statements were made. Please also read
the additional risks and factors described from time to time in SNB
Bancshares' reports and documents filed with the Securities and
Exchange Commission. Contact: R. Darrell Brewer, CFO 14060
Southwest Freeway, Sugar Land, TX 77478 Phone: 281 269 7271 Email:
DATASOURCE: SNB Bancshares, Inc. CONTACT: R. Darrell Brewer, CFO of
SNB Bancshares, Inc., +1-281-269-7271, or Web site:
http://www.snbtx.com/
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