* Net Earnings for the Third Quarter up 19.6% to $2.2 million *
Third Quarter Average Loans up 23.5% SUGAR LAND, Texas, Oct. 27
/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 third quarter 2005 compared
with the same quarter a year ago. Net earnings for the quarter
ended September 30, 2005 were $2.2 million or $0.17 per diluted
share, an increase in net earnings of $356 thousand or 19.6%
compared with $1.8 million or $0.19 per diluted share for the third
quarter of 2004. Notwithstanding the increase in net earnings, the
slight decrease in diluted earnings per share for the third quarter
of 2005 compared with the same period in 2004 was 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 third
quarter of 2005 were 12.6 million compared with 9.3 million
weighted average shares outstanding during the third quarter of
2004. Net earnings for the nine months ended September 30, 2005
were $2.3 million, a decrease of $2.2 million or 47.9% compared
with $4.5 million for the same period in 2004. This decrease in net
earnings for the nine months ended September 30, 2005 as compared
with the nine months ended September 30, 2004 is primarily the
result of the balance sheet restructuring plan initiated during
March 2005 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 on
approximately $169 million of securities identified for sale from
our available-for-sale securities portfolio. Diluted earnings per
share for the nine months ended September 30, 2005, were $0.19 on
12.6 million shares compared with $0.57 on 7.9 million shares for
the same period of 2004. Year-to-date earnings per share
comparisons are also affected by the increased number of shares
outstanding as a result of our initial public offering in August
2004. "Previously issued earnings releases and other documents
filed with the Securities and Exchange Commission discussed more
fully this first quarter restructuring and de-leveraging of our
balance sheet and the associated impairment charge," said R.
Darrell Brewer, Treasurer and Chief Financial Officer. Net earnings
for the nine months ended September 30, 2005, excluding the first
quarter's non-recurring after-tax impairment writedown loss of $4.1
million or $0.32 per basic share, would have been $6.4 million, a
42.2% increase compared with $4.5 million in the same period of
2004. Diluted earnings per share, excluding the non-recurring
impairment writedown loss, would have been $0.51 on 12.6 million
shares for the nine months ended September 30, 2005 compared with
$0.57 per share on 7.9 million shares for the same period of 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 nine months ended
September 30, 2005 compared with the same period of 2004. THIRD
QUARTER RESULTS Net earnings for the quarter ended September 30,
2005 of $2.2 million or $0.17 per diluted share, represented an
increase in net earnings of $356 thousand or 19.6% compared with
$1.8 million or $0.19 per diluted share for the third quarter of
2004. This $356 thousand increase in net earnings was the result of
an $897 thousand increase in net interest income, partially offset
by a $152 thousand decrease in total noninterest income, a $216
thousand increase in total noninterest expense and a $198 thousand
increase in our provision for income taxes. During the third
quarter 2005, strong loan growth and improving yields from the loan
portfolio helped offset higher cost of funds. Since June 2004, the
Fed funds rate increased from 1.00% to 2.25% by year-end 2004, and
to 3.75% at September 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 6.75% at September 30, 2005. Notwithstanding
this significant increase in short term interest rates over the
past fifteen months, our net interest margin on a tax equivalent
basis in the third quarter of 2005 expanded 29 basis points to
3.14% compared with 2.85% for the third quarter of 2004. However,
we remain a liability sensitive bank, and rising interest rates
have caused our net interest margin to decrease 19 basis points
from 3.33% for the linked quarter ended June 30, 2005. Net Interest
Income Net interest income for the third quarter of 2005 increased
by $897 thousand or 11.9% to $8.5 million compared with $7.6
million for the same period in 2004. Total interest income
increased by $3.3 million to $15.6 million for the third quarter of
2005 compared with $12.3 million for the same quarter in 2004,
partially offset by a $2.5 million increase in total interest
expense to $7.2 million for the third quarter of 2005 compared with
$4.7 million for the same quarter in 2004. The $3.3 million
increase in total interest income was primarily due to a $3.5
million increase in loan interest income, resulting from a 23.5%
increase in volume of average loans outstanding combined with a 97
basis point increase in the average yield on loans. The average
balance of loans in the third quarter of 2005 increased $125.1
million to $658.8 million compared with $533.7 million for the same
period in 2004, while the average yield on loans increased to 6.86%
from 5.89%. The $2.5 million increase in total interest expense was
principally the result of a 112 basis point increase in average
rates on interest-bearing liabilities to 3.15% in the third quarter
of 2005 compared with 2.03% in the third quarter of 2004. The
average balance of interest-bearing liabilities decreased $19.9
million in the third quarter of 2005 compared with the third
quarter of 2004. The provision for loan losses in the third quarter
of 2005 was $600 thousand, a $25 thousand decrease compared with
$625 thousand in the third quarter of 2004. Net interest income
after provision for loan losses increased $922 thousand or 13.3% to
$7.9 million for the third quarter of 2005 compared with $6.9
million in the same period in 2004. Noninterest Income Noninterest
income totaled $391 thousand in the third quarter of 2005 compared
with $543 thousand in the third quarter of 2004, a decrease of $152
thousand primarily as a result of reduced gains on sales of
securities. We posted $197 thousand in gains on the sale of
securities in the third quarter of 2004 compared with no sales of
securities during the same period in 2005. Noninterest Expense
Noninterest expense in the third quarter of 2005 increased $216
thousand or 4.6% to $4.9 million compared with $4.7 million in the
third quarter of 2004, primarily due to increases in data
processing expenses and higher legal and professional fees
associated with being a publicly traded company, including
Sarbanes-Oxley compliance costs, partially offset by reduced
salaries and employee benefit expenses, net occupancy expenses and
other expenses. RESULTS FOR NINE MONTHS ENDED SEPTEMBER 30, 2005
Net earnings for the nine months ended September 30, 2005 were $2.3
million or $0.19 per diluted share, a decrease of $2.2 million or
47.9%, compared with $4.5 million or $0.57 per diluted share for
same period in 2004. This decrease in net earnings for the nine
months ended September 30, 2005 compared with the same period in
2004 is primarily the result of our balance sheet restructuring
plan which resulted in a non-recurring 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 non-recurring impairment writedown loss, combined with a
decrease in gains on sales of securities of $572 thousand and a
$1.4 million increase in noninterest expenses, was partially offset
by a $4.3 million increase in net interest income, a $1.1 million
decrease in the provision for Federal income taxes and a $425
thousand decrease in the provision for loan losses. Diluted
earnings per share excluding the non-recurring impairment writedown
loss would have been $0.51 on 12.6 million shares for the nine
months ended September 30, 2005 compared with $0.57 per share on
7.9 million shares for the same period of 2004. Net Interest Income
For the nine months ended September 30, 2005, net interest income
increased by $4.3 million or 20.8% to $25.0 million compared with
$20.7 million for the same period in 2004. This increase is
primarily due to a 31.4% increase in average loans outstanding,
along with an 80 basis point increase in the average yield on loans
outstanding, partially offset by an 88 basis point increase in
weighted average rates on total interest-bearing liabilities. Total
interest income increased by $10.7 million to $44.1 million for the
nine months ended September 30, 2005 compared with $33.4 million
for the same period in 2004, partially offset by a $6.4 million
increase in total interest expense to $19.1 million for the nine
months ended September 30, 2005 compared with $12.7 million for the
same period in 2004. The $10.7 million increase in total interest
income was primarily due to a $10.6 million increase in loan
interest income, resulting from a 31.4% increase in volume of
average loans outstanding combined with an 80 basis point increase
in the average yield on loans. The average balance of loans for the
nine months ended September 30, 2005 increased $152.6 million to
$638.1 million compared with $485.5 million for the same period in
2004, while the average yield on loans increased to 6.65% from
5.85%. The $6.4 million increase in total interest expense for the
nine months ended September 30, 2005 was principally the result of
an 88 basis point increase in weighted average rates on total
interest-bearing liabilities. The weighted average rate on total
interest bearing liabilities increased to 2.83% for the nine months
ended September 30, 2005 compared with 1.95% for the same period in
2004, while the average balance of interest-bearing liabilities
increased $33.8 million to $904.3 million for the nine months ended
September 30, 2005 compared with $870.5 million for the same period
of 2004. Our net interest margin on a tax equivalent basis
increased 31 basis points to 3.12% for the nine months ended
September 30, 2005 compared with 2.81% for the same period in 2004.
Noninterest Income For the nine months ended September 30, 2005,
noninterest income decreased by $6.6 million to a negative $4.8
million compared with noninterest income of $1.8 million for the
same period of 2004, principally as a result of the $6.1 million
non-recurring impairment writedown loss in connection with the
balance sheet restructuring plan and a decrease of $572 thousand in
gains on sales of securities. Noninterest Expense Noninterest
expense for the nine months ended September 30, 2005 was $14.7
million compared with $13.4 million for the same period in 2004, an
increase of $1.3 million or 10.4%, primarily due to a $589 thousand
increase in legal and professional fees, a $443 thousand increase
in data processing expenses and a $393 thousand increase in
salaries and employee benefits. BALANCE SHEET REVIEW Assets at
September 30, 2005 were $1.1 billion, up 2.4% from September 30,
2004 and down 0.8% from December 31, 2004, principally as a result
of the balance sheet restructuring plan. As of September 30, 2005,
total loans were up $104.8 million or 18.9% to $658.0 million
compared with $553.2 million as of September 30, 2004 and down 1.0%
from $664.9 million at June 30, 2005. Commented Harvey Zinn,
President and Chief Executive Officer, "Although our loans were
down slightly from the end of the second quarter, our average loan
growth continues. For the three months ended September 30, 2005,
our loans averaged $658.8 million, up from $641.7 million for the
linked second quarter of 2005 and up $125.2 million or 23.5% from
the average for the three months ended September 30, 2004. For the
nine months ended September 30, 2005, our loans averaged $638.1
million, up $152.6 million or 31.4% compared with average loans of
$485.5 million for the nine months ended September 30, 2004."
Commercial mortgage loans accounted for 46.6% of the loan portfolio
compared with 47.1% at September 30, 2004 and construction and land
development loans accounted for 21.0% of the loan portfolio
compared with 19.3% at September 30, 2004. Average deposits in the
first nine months of 2005 increased 1.2% to $826.7 million compared
with $816.7 million for the first nine months of 2004.
Noninterest-bearing demand deposits increased 8.1% and lower cost
NOW, savings and money market accounts increased 2.7%, more than
offsetting the 2.0% decline in higher cost time deposits. "We
continued our strategy of allowing broker and internet deposits to
run off upon maturity, as these higher costing deposits decreased
approximately $72.4 million to $9.4 million at September 30, 2005
compared with $81.8 million at September 30, 2004. We remain
focused on our business strategy of providing exceptional service
to our community, allowing us to retain our core deposit
customers," Brewer stated. Shareholders' equity at September 30,
2005 was $88.3 million compared with $86.1 million at September 30,
2004. Book value per share was $7.10 at September 30, 2005,
compared with $6.92 at September 30, 2004. ASSET QUALITY
Nonperforming assets as of September 30, 2005 were $11.8 million,
an increase of $5.4 million compared with $6.4 million as of
September 30, 2004, principally as a result of an increase of $7.2
million in nonaccrual loans, partially offset by a decrease in
other real estate owned of $1.7 million to $490 thousand at
September 30, 2005 compared with $2.2 million at September 30,
2004. The $7.2 million increase in nonaccrual loans was primarily
the result of two real estate loans and one business and industrial
loan. The business and industrial loan, collateralized by
furniture, fixtures and equipment and by accounts receivable, in
the amount of approximately $3.9 million was placed on nonaccrual
status during June 2005. Although this loan is performing in
accordance with its terms, management was concerned about its
future performance and therefore placed it on nonaccrual status.
The two real estate loans, both related to the same guarantor and
placed on nonaccrual status in February 2005, consisted of one loan
in the amount of $2.4 million secured by multi-family real estate
and another loan in the amount of $711 thousand secured by
commercial real estate. Although these two loans are performing in
accordance with their terms, management was concerned about the
cash flow of the related properties and the financial status of the
related guarantor. As a percentage of total loans and other real
estate owned, nonperforming assets were 1.79% at September 30,
2005, compared with 1.15% at September 30, 2004. At June 30, 2005,
nonperforming assets were $10.7 million, or 1.61% of total loans
and other real estate owned. During the nine months ended September
30, 2005, we recorded a provision for loan losses of $1.9 million
compared with $2.3 million for the same period in 2004. Although
the provision recorded in 2005 is less than the same period in
2004, the allowance for loan losses as a percentage of total loans
at September 30, 2005 increased to 1.40% compared with 1.35% at
September 30, 2004. FRANCHISE GROWTH "Our Katy branch has been open
for approximately one year and continues to meet our goals, with
deposit growth of approximately $1 million per month," said Zinn.
"Our Pecan Grove location, housed in leased space in Richmond,
Texas just southwest of Sugar Land, opened on September 30, 2005.
In addition, we expect our Cinco Ranch location in Katy, Texas to
open during 2006. Additionally, in September, 2005, we became the
depository for two school districts, Katy Independent School
District and Fort Bend Independent School District." THE COMPANY
SNB Bancshares, Inc. 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 $658.0
million, total deposits of $738.3 million and total shareholders'
equity of $88.3 million, as of September 30, 2005, has five
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 Ended September 30, 2005
2004 % chg EARNINGS SUMMARY: Net earnings $2,174 $1,818 19.6% Basic
earnings per share $0.17 $0.20 (12.1) Diluted earnings per share
0.17 0.19 (10.5) Weighted average shares outstanding: Common stock
9,782,761 6,456,156 51.5 Class B stock 2,652,475 2,680,521 (1.0)
Total 12,435,236 9,136,677 36.1 Shares outstanding at end of
period: Common stock 9,782,878 9,750,312 0.3 Class B stock
2,652,475 2,680,041 (1.0) Total 12,435,353 12,430,353 0.0 EARNINGS
STATEMENT DATA: Interest income: Loans $11,551 $8,031 43.8%
Securities: Taxable 3,845 4,184 (8.1) Nontaxable 197 50 294.0
Federal funds sold and earning deposits 41 14 192.9 Total interest
income 15,634 12,279 27.3 Interest expense: Demand deposits 1,860
1,215 53.1 Certificates and other time deposits 2,899 2,179 33.0
Junior subordinated debentures 701 566 23.9 Other borrowings 1,711
753 127.2 Total interest expense 7,171 4,713 52.2 Net interest
income 8,463 7,566 11.9 Provision for loan losses 600 625 (4.0) Net
interest income after provision 7,863 6,941 13.3 Noninterest
income: Service charges on deposit accounts 195 193 1.0 Gain on
sale of securities-net --- 197 (100.0) Impairment write-down of
securities --- --- --- Other 196 153 28.1 Total noninterest income
391 543 (28.0) Noninterest Expense: Salaries and employee benefits
2,912 2,944 (1.1) Net occupancy expense 477 494 (3.4) Data
processing 457 284 60.9 Legal and professional fees 295 158 86.7
FDIC deposit insurance premium 29 31 (6.5) Other 777 820 (5.2)
Total noninterest expense 4,947 4,731 4.6 Earnings before income
taxes 3,307 2,753 20.1 Provision for income taxes 1,133 935 21.2
Net earnings $2,174 $1,818 19.6% For the Nine Months Ended
September 30, 2005 2004 % chg EARNINGS SUMMARY: Net earnings $2,343
$4,494 (47.9)% Basic earnings per share $0.19 $0.58 (67.7) Diluted
earnings per share 0.19 0.57 (66.7) Weighted average shares
outstanding: Common stock 9,767,868 4,738,974 106.1 Class B stock
2,666,993 2,974,458 (10.3) Total 12,434,861 7,713,432 61.2 Shares
outstanding at end of period: Common stock 9,782,878 9,750,312 0.3
Class B stock 2,652,475 2,680,041 (1.0) Total 12,435,353 12,430,353
0.0 EARNINGS STATEMENT DATA: Interest income: Loans $32,167 $21,617
48.8% Securities: Taxable 11,364 11,535 (1.5) Nontaxable 489 91
437.4 Federal funds sold and earning deposits 102 135 (24.4) Total
interest income 44,122 33,378 32.2 Interest expense: Demand
deposits 5,354 3,190 67.8 Certificates and other time deposits
8,335 6,708 24.3 Junior subordinated debentures 1,996 1,603 24.5
Other borrowings 3,479 1,209 187.8 Total interest expense 19,164
12,710 50.8 Net interest income 24,958 20,668 20.8 Provision for
loan losses 1,850 2,275 (18.7) Net interest income after provision
23,108 18,393 25.6 Noninterest income: Service charges on deposit
accounts 646 623 3.7 Gain on sale of securities-net 128 700 (81.7)
Impairment write-down of securities (6,144) --- --- Other 572 453
26.3 Total noninterest income (4,798) 1,776 (370.2) Noninterest
Expense: Salaries and employee benefits 8,779 8,386 4.7 Net
occupancy expense 1,322 1,382 (4.3) Data processing 1,284 841 52.7
Legal and professional fees 1,037 448 131.5 FDIC deposit insurance
premium 89 84 6.0 Other 2,235 2,221 0.6 Total noninterest expense
14,746 13,362 10.4 Earnings before income taxes 3,564 6,807 (47.6)
Provision for income taxes 1,221 2,313 (47.2) Net earnings $2,343
$4,494 (47.9)% SNB BANCSHARES, INC. AND CONSOLIDATED SUBSIDIARIES
SELECTED FINANCIAL DATA (Dollars in thousands, except outstanding
shares and per share data) (Unaudited) Q3 Q2 Q1 Q4 Q3 2005 2005
2005 2004 2004 EARNINGS STATEMENT DATA: Interest income: Loans
$11,551 $10,819 $9,797 $9,153 $8,031 Securities: Taxable 3,845
3,593 3,926 3,992 4,184 Nontaxable 197 159 133 111 50 Federal funds
sold and earning deposits 41 47 14 19 14 Total interest income
15,634 14,618 13,870 13,275 12,279 Interest expense: Demand
deposits 1,860 1,708 1,786 1,323 1,215 Certificates and other time
deposits 2,899 2,768 2,668 2,333 2,179 Junior subordinated
debentures 701 671 624 592 566 Other borrowings 1,711 885 883 1,047
753 Total interest expense 7,171 6,032 5,961 5,295 4,713 Net
interest income 8,463 8,586 7,909 7,980 7,566 Provision for loan
losses 600 650 600 675 625 Net interest income after provision
7,863 7,936 7,309 7,305 6,941 Noninterest income: Service charges
on deposit accounts 195 228 223 163 193 Gain on sale of
securities-net --- 128 --- --- 197 Impairment write-down of
securities --- --- (6,144) --- --- Other 196 189 187 182 153 Total
noninterest income 391 545 (5,734) 345 543 Noninterest Expense:
Salaries and employee benefits 2,912 2,934 2,933 2,980 2,944 Net
occupancy expense 477 440 405 480 494 Data processing 457 414 413
377 284 Legal and professional fees 295 353 389 205 158 FDIC
deposit insurance premium 29 31 29 31 31 Other 777 732 726 1,388
820 Total noninterest expense 4,947 4,904 4,895 5,461 4,731
Earnings (loss) before income taxes 3,307 3,577 (3,320) 2,189 2,753
Provision (benefit) for income taxes 1,133 1,222 (1,134) 736 935
Net earnings (loss) $2,174 $2,355 $(2,186) $1,453 $1,818 Basic EPS
$0.17 $0.19 $(0.18) $0.12 $0.20 Diluted EPS 0.17 0.19 (0.17) 0.11
0.19 Weighted average shares outstanding: Common stock 9,782,761
9,764,858 9,755,689 9,752,284 6,456,156 Class B stock 2,652,475
2,670,095 2,678,696 2,679,498 2,680,521 Total 12,435,236 12,434,953
12,434,385 12,431,782 9,136,677 SNB BANCSHARES, INC. AND
CONSOLIDATED SUBSIDIARIES SELECTED FINANCIAL DATA (Dollars in
thousands) (Unaudited) Q3 Q3 2005 2004 % chg BALANCE SHEET
AVERAGES: Loans $658,760 $533,607 23.5% Allowance for loan losses
(9,414) (7,258) 29.7 Loans, net 649,346 526,349 23.4 Investment
securities 406,438 517,041 (21.4) Federal funds sold 3,449 816
322.7 Interest-earning deposits in other financial institutions
1,106 2,985 (62.9) Cash and due from banks 19,831 13,116 51.2
Premises and equipment 20,702 13,061 58.5 Accrued interest
receivable and other assets 13,330 15,542 (14.2) Total assets
$1,114,202 $1,088,910 2.3% Demand deposits $117,312 $111,968 4.8%
NOW, savings, and money market accounts 327,733 334,347 (2.0) Time
deposits 339,671 351,116 (3.3) Total deposits 784,716 797,431 (1.6)
Other borrowed funds 197,209 199,093 (0.9) Junior subordinated
debentures 38,250 38,250 0.0 Accrued interest payable and other
liabilities 5,449 3,536 54.1 Total liabilities 1,025,624 1,038,310
(1.2) Shareholders' equity 88,578 50,600 75.1 Total liabilities and
shareholders' equity $1,114,202 $1,088,910 2.3% September 30, 2005
2004 PERIOD END BALANCES: Loans $658,003 $553,185 18.9% Allowance
for loan losses (9,185) (7,473) 22.9 Loans, net 648,818 545,712
18.9 Investment securities 408,473 503,584 (18.9) Federal funds
sold 1,450 1,735 (16.4) Interest-earning deposits in other
financial institutions 7,267 2,179 233.5 Cash and due from banks
19,472 13,692 42.2 Premises and equipment 21,835 13,837 57.8
Accrued interest receivable and other assets 13,432 13,797 (2.6)
Total assets $1,120,747 $1,094,536 2.4% Demand deposits $128,090
$103,007 24.4% NOW, savings, and money market accounts 330,463
356,036 (7.2) Time deposits 279,766 356,154 (21.4) Total deposits
738,319 815,197 (9.4) Other borrowed funds 250,500 151,500 65.3
Junior subordinated debentures 38,250 38,250 0.0 Accrued interest
payable and other liabilities 5,341 3,536 51.0 Total liabilities
1,032,410 1,008,483 2.4 Shareholders' equity 88,337 86,053 2.7
Total liabilities and shareholders' equity $1,120,747 $1,094,536
2.4% YTD YTD 2005 2004 % chg BALANCE SHEET AVERAGES: Loans $638,095
$485,532 31.4% Allowance for loan losses (8,945) (6,572) 36.1
Loans, net 629,150 478,960 31.4 Investment securities 426,444
478,067 (10.8) Federal funds sold 1,894 11,446 (83.5)
Interest-earning deposits in other financial institutions 2,375
7,168 (66.9) Cash and due from banks 17,366 15,269 13.7 Premises
and equipment 18,645 12,799 45.7 Accrued interest receivable and
other assets 13,829 12,921 7.0 Total assets $1,109,703 $1,016,630
9.2% Demand deposits $113,615 $105,136 8.1% NOW, savings, and money
market accounts 346,896 337,891 2.7 Time deposits 366,234 373,668
(2.0) Total deposits 826,745 816,695 1.2 Other borrowed funds
152,899 120,642 26.7 Junior subordinated debentures 38,250 38,250
0.0 Accrued interest payable and other liabilities 4,600 3,258 41.2
Total liabilities 1,022,494 978,845 4.5 Shareholders' equity 87,209
37,785 130.8 Total liabilities and shareholders' equity $1,109,703
$1,016,630 9.2% SNB BANCSHARES, INC. AND CONSOLIDATED SUBSIDIARIES
SELECTED FINANCIAL DATA (Dollars in thousands) (Unaudited) Q3 Q2 Q1
2005 2005 2005 QUARTERLY AVERAGE BALANCE SHEET HISTORY: Loans
$658,760 $641,650 $613,375 Allowance for loan losses (9,414)
(9,013) (8,396) Loans, net 649,346 632,637 604,979 Investment
securities 406,438 386,894 486,885 Federal funds sold 3,449 1,366
838 Interest-earning deposits in other financial institutions 1,106
5,032 986 Cash and due from banks 19,831 14,907 17,333 Premises and
equipment 20,702 18,810 16,375 Accrued interest receivable and
other assets 13,330 13,150 15,024 Total assets $1,114,202
$1,072,796 $1,142,420 Demand deposits $117,312 $118,122 $105,280
NOW, savings, and money market accounts 327,733 337,496 375,990
Time deposits 339,671 369,909 389,669 Total deposits 784,716
825,527 870,939 Other borrowed funds 197,209 118,715 142,167 Junior
subordinated debentures 38,250 38,250 38,250 Accrued interest
payable and other liabilities 5,449 4,127 4,209 Total liabilities
1,025,624 986,619 1,055,565 Shareholders' equity 88,578 86,177
86,855 Total liabilities and shareholders' equity $1,114,202
$1,072,796 $1,142,420 PERIOD END BALANCES HISTORY: Loans $658,003
$664,899 $630,048 Allowance for loan losses (9,185) (9,387) (8,738)
Loans, net 648,818 655,512 621,310 Investment securities 408,473
399,523 371,684 Federal funds sold 1,450 1,150 1,210
Interest-earning deposits in other financial institutions 7,267 642
25,773 Cash and due from banks 19,472 20,793 15,950 Premises and
equipment 21,835 19,615 17,769 Accrued interest receivable and
other assets 13,432 12,063 14,282 Total assets $1,120,747
$1,109,298 $1,067,978 Demand deposits $128,090 $118,165 $111,408
NOW, savings, and money market accounts 330,463 327,181 368,949
Time deposits 279,766 360,413 387,012 Total deposits 738,319
805,759 867,369 Other borrowed funds 250,500 173,100 75,500 Junior
subordinated debentures 38,250 38,250 38,250 Accrued interest
payable and other liabilities 5,341 4,570 3,489 Total liabilities
1,032,410 1,021,679 984,608 Shareholders' equity 88,337 87,619
83,370 Total liabilities and shareholders' equity $1,120,747
$1,109,298 $1,067,978 Q4 Q3 2004 2004 QUARTERLY AVERAGE BALANCE
SHEET HISTORY: Loans $579,459 $533,607 Allowance for loan losses
(7,748) (7,258) Loans, net 571,711 526,349 Investment securities
496,204 517,041 Federal funds sold 1,496 816 Interest-earning
deposits in other financial institutions 1,849 2,985 Cash and due
from banks 16,316 13,116 Premises and equipment 15,453 13,061
Accrued interest receivable and other assets 14,328 15,542 Total
assets $1,117,357 $1,088,910 Demand deposits $103,502 $111,968 NOW,
savings, and money market accounts 325,857 334,347 Time deposits
351,178 351,116 Total deposits 780,537 797,431 Other borrowed funds
207,593 199,093 Junior subordinated debentures 38,250 38,250
Accrued interest payable and other liabilities 3,977 3,536 Total
liabilities 1,030,357 1,038,310 Shareholders' equity 87,000 50,600
Total liabilities and shareholders' equity $1,117,357 $1,088,910
PERIOD END BALANCES HISTORY: Loans $598,292 $553,185 Allowance for
loan losses (8,121) (7,473) Loans, net 590,171 545,712 Investment
securities 488,523 503,584 Federal funds sold --- 1,735
Interest-earning deposits in other financial institutions 441 2,179
Cash and due from banks 20,794 13,692 Premises and equipment 16,137
13,837 Accrued interest receivable and other assets 14,022 13,797
Total assets $1,130,088 $1,094,536 Demand deposits $110,858
$103,007 NOW, savings, and money market accounts 398,051 356,036
Time deposits 359,477 356,154 Total deposits 868,386 815,197 Other
borrowed funds 132,900 151,500 Junior subordinated debentures
38,250 38,250 Accrued interest payable and other liabilities 4,151
3,536 Total liabilities 1,043,687 1,008,483 Shareholders' equity
86,401 86,053 Total liabilities and shareholders' equity $1,130,088
$1,094,536 SNB BANCSHARES, INC. AND CONSOLIDATED SUBSIDIARIES
SELECTED FINANCIAL DATA (Dollars in thousands) (Unaudited) YIELD
ANALYSIS: For the Three Months Ended September 30, 2005 2004
Average Interest Average Average Interest Average Outstanding
Earned/ Yield/ Outstanding Earned/ Yield/ Balance Paid Rate Balance
Paid Rate Assets: Interest-earning assets: Loans $658,760 $11,551
6.86% $533,607 $8,031 5.89% Investment securities 406,438 4,042
4.08 517,041 4,234 3.20 Federal funds sold 3,449 31 3.52 816 3 1.33
Interest-earning deposits in other financial institutions 1,106 10
3.58 2,985 11 1.45 Total interest- earning assets 1,069,753 15,634
5.79% 1,054,449 12,279 4.55% Less allowance for loan losses (9,414)
(7,258) Total interest- earning assets, net of allowance 1,060,339
1,047,191 Non-earning assets: Cash and due from banks 19,831 13,116
Premises and equipment 20,702 13,061 Accrued interest receivable
and other assets 13,330 15,542 Total noninterest- earning assets
53,863 41,719 Total assets $1,114,202 $1,088,910 Liabilities and
Shareholders' Equity: Interest-bearing liabilities: NOW, savings,
and money market accounts $327,733 $1,860 2.25% $334,347 $1,215
1.45% Time deposits 339,671 2,899 3.39 351,116 2,179 2.47 Other
borrowed funds 197,209 1,711 3.39 199,093 753 1.51 Junior
subordinated debentures 38,250 701 7.17 38,250 566 5.79 Total
interest- bearing liabilities 902,863 7,171 3.15% 922,806 4,713
2.03% Noninterest- bearing liabilities: Demand deposits 117,312
111,968 Accrued interest payable and other liabilities 5,449 3,536
Total noninterest- bearing liabilities 122,761 115,504 Total
liabilities 1,025,624 1,038,310 Shareholders' equity 88,578 50,600
Total liabilities and shareholders' equity $1,114,202 $1,088,910
Net interest income $8,463 $7,566 Net interest spread 2.64 2.52 Net
interest margin (tax equivalent) 3.14% 2.85% SNB BANCSHARES, INC.
AND CONSOLIDATED SUBSIDIARIES SELECTED FINANCIAL DATA (Dollars in
thousands) (Unaudited) RATE VOLUME ANALYSIS: For the Three Months
Ended September 30, 2005 Compared with the Same Period in 2004
Increase (Decrease) Q3 Q3 Increase Due to Change in 2005 2004
(Decrease) Volume Rate Total Interest-earning assets: Loans $11,551
$8,031 $3,520 $1,858 $1,662 $3,520 Investment securities 4,042
4,234 (192) (890) 698 (192) Federal funds sold 31 3 28 9 19 28
Interest-bearing deposits in other financial institutions 10 11 (1)
(7) 6 (1) Total interest income 15,634 12,279 3,355 970 2,385 3,355
Interest-bearing liabilities: NOW, savings and money market
accounts 1,860 1,215 645 (24) 669 645 Time deposits 2,899 2,179 720
(71) 791 720 Other borrowed funds 1,711 753 958 (7) 965 958 Junior
subordinated debentures 701 566 135 --- 135 135 Total in interest
expense 7,171 4,713 2,458 (102) 2,560 2,458 Net interest income
$8,463 $7,566 $897 $1,072 $(175) $897 SNB BANCSHARES, INC. AND
CONSOLIDATED SUBSIDIARIES SELECTED FINANCIAL DATA (Dollars in
thousands) (Unaudited) YIELD ANALYSIS: For the Nine Months Ended
September 30, 2005 2004 Average Interest Average Average Interest
Average Outstanding Earned/ Yield/ Outstanding Earned/ Yield/
Balance Paid Rate Balance Paid Rate Assets: Interest-earning
assets: Loans $638,095 $32,167 6.65% $485,532 $21,617 5.85%
Investment securities 426,444 11,853 3.79 478,067 11,626 3.19
Federal funds sold 1,894 46 3.18 11,446 80 0.92 Interest-earning
deposits in other financial institutions 2,375 56 3.13 7,168 55
1.00 Total interest- earning assets 1,068,808 44,122 5.49% 982,213
33,378 4.46% Less allowance for loan losses (8,945) (6,572) Total
interest- earning assets, net of allowance 1,059,863 975,641
Non-earning assets: Cash and due from banks 17,366 15,269 Premises
and equipment 18,645 12,799 Accrued interest receivable and other
assets 13,829 12,921 Total noninterest- earning assets 49,840
40,989 Total assets $1,109,703 $1,016,630 Liabilities and
Shareholders' Equity: Interest-bearing liabilities: NOW, savings,
and money market accounts $346,896 $5,354 2.06% $337,891 $3,190
1.26% Time deposits 366,234 8,335 3.04 373,668 6,708 2.40 Other
borrowed funds 152,899 3,479 3.00 120,642 1,209 1.34 Junior
subordinated debentures 38,250 1,996 6.88 38,250 1,603 5.51 Total
interest- bearing liabilities 904,279 19,164 2.83% 870,451 12,710
1.95% Noninterest- bearing liabilities: Demand deposits 113,615
105,136 Accrued interest payable and other liabilities 4,600 3,258
Total noninterest- bearing liabilities 118,215 108,394 Total
liabilities 1,022,494 978,845 Shareholders' equity 87,209 37,785
Total liabilities and shareholders' equity $1,109,703 $1,016,630
Net interest income $24,958 $20,668 Net interest spread 2.66 2.51
Net interest margin (tax equivalent) 3.12% 2.81% SNB BANCSHARES,
INC. AND CONSOLIDATED SUBSIDIARIES SELECTED FINANCIAL DATA (Dollars
in thousands) (Unaudited) RATE VOLUME ANALYSIS: For the Nine Months
Ended September 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 $32,167 $21,617
$10,550 6,675 3,875 $10,550 Investment securities 11,853 11,626 227
(1,230) 1,457 227 Federal funds sold 46 80 (34) (66) 32 (34)
Interest-bearing deposits in other financial institutions 56 55 1
(36) 37 1 Total interest income 44,122 33,378 10,744 5,343 5,401
10,744 Interest-bearing liabilities: NOW, savings and money market
accounts 5,354 3,190 2,164 85 2,079 2,164 Time deposits 8,335 6,708
1,627 (133) 1,760 1,627 Other borrowed funds 3,479 1,209 2,270 322
1,948 2,270 Junior subordinated debentures 1,996 1,603 393 --- 393
393 Total in interest expense 19,164 12,710 6,454 274 6,180 6,454
Net interest income $24,958 $20,668 $4,290 $5,069 $(779) $4,290 SNB
BANCSHARES, INC. AND CONSOLIDATED SUBSIDIARIES SELECTED FINANCIAL
DATA (Dollars in thousands) (Unaudited) LOAN PORTFOLIO: As of As of
As of September 30, December 31, September 30, 2005 2004 2004
Amount Percent Amount Percent Amount Percent Business and
industrial $77,614 11.8% $70,101 11.7% $64,152 11.6% Real estate:
Construction and land development 137,997 21.0 123,655 20.7 106,536
19.3 Residential 123,908 18.8 126,200 21.1 110,828 20.0 Commercial
mortgages 306,610 46.6 267,158 44.7 260,359 47.1 Consumer 13,135
2.0 12,592 2.1 12,715 2.3 Other 345 0.0 227 0.0 154 0.0 Gross loans
659,609 100.2 599,933 100.3 554,744 100.3 Less unearned discounts
and fees (1,606) (0.2) (1,641) (0.3) (1,559) (0.3) Total loans
$658,003 100.0% $598,292 100.0% $553,185 100.0% NONPERFORMING
ASSETS: As of As of As of September 30, December 31, September 30,
2005 2004 2004 Nonaccrual loans $9,472 $1,489 $2,237 Accruing loans
past due 90 days or more --- 62 --- Restructured loans 1,839 1,917
1,942 Other real estate and repossessed assets 490 1,320 2,183
Total nonperforming assets $11,801 $4,788 $6,362 Nonperforming
assets to total loans and other real estate 1.79% 0.80% 1.15%
ALLOWANCE FOR LOAN LOSSES: As of and As of and for the for the Nine
Months Ended Year Ended September 30, September 30, December 31,
2005 2004 2004 Allowance for loan losses at beginning of period
$8,121 $5,650 $5,650 Provision for loan losses 1,850 2,275 2,950
Charge-Offs: Business and industrial (801) (242) (242) Real estate
--- (235) (262) Consumer (68) (84) (110) Total charge-offs (869)
(561) (614) Recoveries: Business and industrial 59 33 50 Real
estate 13 60 63 Consumer 11 16 22 Total recoveries 83 109 135 Net
recoveries (charge-offs) (786) (452) (479) Allowance for loan
losses at end of period $9,185 $7,473 $8,121 Allowance for loan
losses to end of period loans 1.40% 1.35% 1.36% Net charge-offs to
average loans 0.12 0.09 0.09 Allowance for loans losses to end of
period nonperforming loans 81.20 178.82 234.17 SNB BANCSHARES, INC.
AND CONSOLIDATED SUBSIDIARIES SELECTED FINANCIAL DATA (Unaudited)
SELECTED RATIOS AND OTHER DATA: Q3 Q3 YTD YTD 2005 2004 2005 2004
Return on average assets 0.77% 0.66% 0.28% 0.59% Return on average
equity 9.74 14.30 3.59 15.89 Leverage ratio 11.15 10.83 Tier 1
Capital to RWA ratio 16.96 18.28 Total Capital (Tier 1 + Tier 2) to
RWA ratio 18.99 20.56 Average equity to average total assets 7.95
4.65 7.86 3.72 Tax equivalent yield on earning assets 5.72 4.55
5.42 4.46 Cost of funds with demand accounts 2.79 1.81 2.52 1.74
Net interest margin, tax equivalent 3.14 2.85 3.12 2.81
Non-interest expense to average total assets 1.76 1.73 1.78 1.76
Efficiency ratio 55.88 59.79 56.34 61.45 End of period book value
per share $7.10 $6.92 Full time equivalent employees 162 156 COMMON
STOCK PERFORMANCE: Third Second quarter quarter 2005 2005 Market
value of common stock - End of period $11.25 $11.00 Market value of
common stock - High 11.90 11.49 Market value of common stock - Low
10.85 9.21 As of As of September 30, June 30, 2005 2005 Book value
of common stock $7.10 $7.05 Market/book value of common stock
158.37% 156.11% Price/12 month trailing earnings ratio 36.85X
36.67X 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 , for SNB
Bancshares, Inc. Web site: http://www.snbtx.com/
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