Citizens South Banking Corporation (Nasdaq:CSBC), the holding
company for Citizens South Bank (the "Bank"), released its
unaudited results of operations and other financial information for
the three-month period ended March 31, 2012. The Company reported a
net loss allocable to common shareholders totaling $2.3 million, or
$0.20 per diluted share, for the quarter ended March 31, 2012,
compared to a net loss allocable to common shareholders of $1.1
million, or $0.10 per diluted share, for the quarter ended March
31, 2011. The loss was attributable to $6.4 million in loan charge
offs resulting primarily from the completion of our internal loan
review initiated in the fourth quarter of 2011. Our internal loan
review is now complete. The Company's pre-tax, pre-credit earnings
of $3.5 million for the first quarter of 2012 were $905,000 higher
than the Company's pre-tax, pre-credit earnings in the first
quarter of 2011.
Other highlights during the quarter included:
- The successful completion of the Bank's first examination by
the Office of the Comptroller of the Currency ("OCC").
- Improvement of the Company's net interest margin to 3.88% for
the first quarter of 2012, an increase of four basis points on a
linked quarter basis, and an increase of 46 basis points compared
to the first quarter of 2011. This represents the second
consecutive quarter of margin expansion for the Company.
- Non-covered past due loans 30 to 89 days delinquent and still
accruing interest totaled $5.4 million, or 0.92% of total
non-covered loans, at March 31, 2012. This represents the fifth
consecutive quarter that past due non-covered accruing loans have
been less than 1.0% of total non-covered loans.
- The Bank's non-covered classified loans increased by $3.4
million during the first quarter 2012 to $32.1 million. Non-covered
classified loans had decreased by $6.6 million during the fourth
quarter 2011. Non-covered classified assets, which includes both
classified loans and other real estate owned, increased by $6.5
million to $44.1 million.
- On a linked quarter basis, nonperforming non-covered assets
increased by $6.3 million to $34.0 million, or 3.18% of total
assets at March 31, 2012, compared to 2.57% of total assets at
December 31, 2011.
- The Company's non-time core deposits grew by $12.6 million, or
10.9% annualized, during the first quarter of 2012 to $475.9
million at March 31, 2012.
President Kim S. Price stated, "While disappointed with the loss
in the first quarter, we are pleased to have completed our internal
loan review and to have completed our first exam by the OCC. Both
had an impact on our first quarter results but both reassure us
that our balance sheet is strong and that our management has in
place the processes to manage assets effectively even in
challenging economic conditions. The completion of these two
initiatives sets the stage for improved financial metrics and
long-term profitability."
First Quarter Financial
Results:
Asset Quality
During the first quarter of 2012 the Company recognized net loan
charge-offs of $6.4 million. These charge-offs resulted from
re-valuations on some collateral properties and also from
resolutions of problem assets where a portion of the loan was
charged-off. The elevated level of net charge-offs recognized over
the past two quarters is largely the result of an internal loan
review which is now complete. Despite the elevated level of loan
charge-offs during the first quarter 2012, the Company had an
overall increase in nonperforming non-covered assets from $27.7
million, or 2.57% of total assets at December 31, 2011, to $34.0
million, or 3.18% of total assets at March 31, 2012. This increase
was largely due to a $3.1 million increase in other real estate
owned and a $3.2 million increase in nonaccrual loans. The increase
in nonaccrual loans was due to the addition of several real estate
loans that have a current payment status, but were placed on
nonaccrual status for non-payment related reasons. Also as a result
of the items described above, our classified assets, which totaled
$37.7 million at December 31, 2011, increased to $44.1 million at
March 31, 2012.
Loans and Core Deposits
We are experiencing positive trends in local economic conditions
and loan demand continues to improve gradually in our markets.
Total non-covered loans increased by $5.7 million on a linked
quarter basis, or 4.0% annualized. The Company originated $40.2
million in loans during the first quarter of 2012 and the Company's
loan pipeline remains strong. Management continues to focus on
increasing business loans to the professional market,
owner-occupied commercial real estate loans, and residential and
personal loans. Our realigned lending team continues to be more
effective in developing quality business relationships and we are
on target with our Small Business Lending Fund initiative which has
reduced our preferred stock dividend rate from 5.0% to 1.3%. We
expect to continue to expand our small business lending in 2012,
which should ultimately reduce our dividend rate to the 1.0%
minimum rate.
The Company continues to experience strong non-time core deposit
growth. On a linked-quarter basis, non-time core deposits increased
by $12.6 million, or 10.9% annualized.
Capital Position
The Company's capital position continues to be a source of
strength. At March 31, 2012, the Bank's total risk-based, Tier
1 risk-based, and Tier 1 leverage capital ratios were 15.5%, 14.2%,
and 9.4%, respectively, compared to 16.7%, 15.4%, and 9.9%
respectively, at March 31, 2011. The Bank exceeded the
regulatory minimum capital ratios to be considered well-capitalized
by 155%, 237%, and 188% for total risk-based capital, Tier 1
risk-based capital, and Tier 1 leverage capital, respectively, at
March 31, 2012.
Increasing Net Interest Income and Net Interest
Margin
The Company's net interest income for the first quarter of 2012
increased by $921,000, or 12.2%, as compared to the first quarter
of 2011. The primary reason for this growth was a 46 basis
point increase in the Company's net interest margin from 3.42% for
the three months ended March 31, 2011, to 3.88% for the three
months ended March 31, 2012. The improvement in the net
interest margin was due to a 40 basis point decrease in the
Company's cost of funds and a 13 basis point increase in the
Company's yield on assets. On a linked quarter basis, the
Company's net interest margin increased by four basis
points. Given the Company's high level of liquidity, coupled
with strong core deposit growth, we have been able to repay
maturing time deposits or reprice these time deposits at lower
market rates at maturity.
Noninterest Income and Expense
Noninterest income increased by $1.5 million to $2.9 million for
the quarter ended March 31, 2012, as compared to the quarter ended
March 31, 2011. Excluding the effects of the loss from
acquisition ($255,000 for first quarter 2011) and the gain on sale
of investments and other assets ($664,000 for first quarter 2012
and $12,000 for first quarter 2011), noninterest income increased
by $561,000, or 32.6%, for the first quarter of 2012 compared to
the first quarter of 2011. We continue to improve our deposit
account revenue and our mortgage banking revenue.
Excluding valuation adjustments and other expenses on other real
estate owned ($1,597 for first quarter 2012 and $873,000 for first
quarter 2011) and acquisition and integration expenses ($45,000 for
first quarter 2011), noninterest expense increased by $560,000, or
8.3%, during the respective first quarter periods. This
increase was primarily due to costs related to the Bank's
acquisition of New Horizons Bank in April 2011.
About Citizens South Banking Corporation and Citizens
South
Bank
Citizens South Bank was founded in 1904 and is headquartered in
Gastonia, North Carolina. Deposits are FDIC insured up to
applicable regulatory limits. At March 31, 2012, the Company
had $1.1 billion in assets with 21 full-service offices in the
Charlotte and North Georgia regions, including Gaston, Iredell,
Rowan, Mecklenburg, and Union counties in North Carolina, York
County in South Carolina, and Towns, Union, Fannin, and Gilmer
counties in Georgia. Citizens South Bank is an Equal Housing
Lender and Member, FDIC. The Bank is a wholly-owned subsidiary
of Citizens South Banking Corporation, and shares of the common
stock of the Company trade on the NASDAQ Global Market under the
ticker symbol "CSBC." The Company maintains a website at
www.citizenssouth.com that includes information on the Company,
along with a list of products and services, branch locations,
current financial information, and links to the Company's filings
with the SEC.
The Citizens South Banking Corporation logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=7099
Non-GAAP Financial Measures
This press release contains non-GAAP financial measures and
should be read along with the accompanying tables which provide a
reconciliation of non-GAAP measures to GAAP measures. Management
believes that these non-GAAP measures provide a greater
understanding of ongoing operations and enhance comparability of
results with prior periods. Non-GAAP measures should not be
considered as an alternative to any measure of performance or
financial condition as promulgated under accounting principles
generally accepted in the United States ("GAAP"), and investors
should consider the company's performance and financial condition
as reported under GAAP and all other relevant information when
assessing the performance or financial condition of the company.
Non-GAAP measures have limitations as analytical tools, and
investors should not consider them in isolation, or as a substitute
for analysis of the Company's results or financial condition as
reported under GAAP.
Cautionary Statement Regarding Forward-looking Statements
This news release contains certain forward-looking statements
which include, but are not limited to, statements of our earnings
expectations, statements regarding our operating strategy, and
estimates of our future costs and benefits. These forward-looking
statements are based on our current beliefs and expectations and
are inherently subject to significant business, economic and
competitive uncertainties and contingencies, many of which are
beyond our control. In addition, these forward-looking
statements are subject to assumptions with respect to future
business strategies and decisions that are subject to change.
Forward-looking statements speak only as of the date they are made
and the Company is under no duty to update these forward-looking
statements to reflect circumstances or events that occur after the
date of the forward-looking statements or to reflect the occurrence
of unanticipated events. A number of factors could cause actual
conditions, events or results to differ significantly from those
described in the forward-looking statements. Factors that
could cause such a difference include, but are not limited to,
changes in general economic conditions – either locally or
nationally, competition among depository and financial
institutions, our ability to continue to expand our small business
lending and thereby reduce the dividend rate on our SBLF preferred
stock, the continuation of current revenue and expense trends,
significant changes in interest rates, unforeseen changes in the
Company's markets, and legal, regulatory, or accounting
changes. The Company's reports filed from time to time with
the Securities and Exchange Commission, including the Company's
Form 10-K for the year ended December 31, 2011, describe some of
these factors.
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Quarterly Financial Highlights
(unaudited) |
At and For the
Quarters Ended |
|
2012 |
2011 |
|
March 31 |
December 31 |
September 30 |
June 30 |
March 31 |
(Dollars in thousands, except share
and per share data) |
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Summary of Operations: |
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Interest income - taxable equivalent |
$ 10,528 |
$ 11,089 |
$ 11,308 |
$ 11,488 |
$ 10,457 |
Interest expense |
2,016 |
2,304 |
2,554 |
2,826 |
2,855 |
Net interest income - taxable
equivalent |
8,512 |
8,785 |
8,754 |
8,662 |
7,602 |
Less: Taxable-equivalent adjustment |
59 |
65 |
62 |
69 |
70 |
Net interest income |
8,453 |
8,720 |
8,692 |
8,593 |
7,532 |
Provision for loan losses |
6,300 |
4,635 |
1,350 |
1,700 |
3,000 |
Net interest income after loan loss
provision |
2,153 |
4,085 |
7,342 |
6,893 |
4,532 |
Noninterest income |
2,946 |
1,985 |
1,990 |
5,886 |
1,478 |
Noninterest expense |
8,911 |
8,779 |
8,931 |
9,270 |
7,672 |
Net income (loss) before income
taxes |
(3,812) |
(2,709) |
401 |
3,509 |
(1,662) |
Income tax expense (benefit) |
(1,672) |
(1,172) |
28 |
1,213 |
(771) |
Net income (loss) |
(2,140) |
(1,537) |
373 |
2,296 |
(891) |
Dividends and accretion of discount on
preferred stock |
122 |
767 |
247 |
256 |
256 |
Net income (loss) available to
common shareholders |
$ (2,262) |
$ (2,304) |
$ 126 |
$ 2,040 |
$ (1,147) |
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Per Common Share Data: |
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Net income (loss): |
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Basic |
$ (0.20) |
$ (0.20) |
$ 0.01 |
$ 0.18 |
$ (0.10) |
Diluted |
(0.20) |
(0.20) |
0.01 |
0.18 |
(0.10) |
Weighted average shares outstanding: |
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Basic |
11,469,525 |
11,470,599 |
11,462,107 |
11,455,642 |
11,491,734 |
Diluted |
11,469,525 |
11,470,599 |
11,462,107 |
11,455,642 |
11,491,734 |
End of period shares outstanding |
11,506,324 |
11,506,324 |
11,506,324 |
11,506,324 |
11,508,750 |
Cash dividends declared |
$ 0.01 |
$ 0.01 |
$ 0.01 |
$ 0.01 |
$ 0.01 |
Book value |
6.04 |
6.27 |
6.44 |
6.44 |
6.22 |
Tangible book value |
5.93 |
6.15 |
6.31 |
6.29 |
6.09 |
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Selected Financial Performance
Ratios (annualized): |
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Return on average assets |
(0.85)% |
(0.85)% |
0.05% |
0.73% |
(0.44)% |
Return on average common equity |
(12.86)% |
(12.45)% |
0.68% |
11.00% |
(6.39)% |
Noninterest income to average total
assets |
1.10% |
0.73% |
0.72% |
2.12% |
0.56% |
Noninterest expense to average total
assets |
3.34% |
3.24% |
3.23% |
3.34% |
2.91% |
Efficiency ratio |
78.17% |
82.01% |
83.61% |
64.02% |
85.15% |
Operating Earnings
(Non-GAAP): |
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Net income (loss) available to common
shareholders |
$ (2,262) |
$ (2,304) |
$ 126 |
$ 2,040 |
$ (1,147) |
(Gain) loss on acquisition, net of
tax |
-- |
(15) |
29 |
(2,695) |
155 |
(Gain) loss on sale of investments, net
of tax |
(405) |
-- |
(67) |
-- |
-- |
Other-than-temporary impairment on
securities, net of tax |
-- |
22 |
-- |
-- |
-- |
Acquisition and integration expenses, net
of tax |
-- |
584 |
86 |
345 |
27 |
Net operating income
(loss) |
$ (2,667) |
$ (1,713) |
$ 174 |
$ (310) |
$ (965) |
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Operating net income (loss) per common
share: |
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Basic |
$ (0.23) |
$ (0.15) |
$ 0.02 |
$ (0.03) |
$ (0.08) |
Diluted |
(0.23) |
(0.15) |
0.02 |
(0.03) |
(0.08) |
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Pre-tax, pre-credit
earnings (1) |
$ 3,543 |
$ 3,545 |
$ 3,545 |
$ 3,902 |
$ 2,638 |
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Operating return on average assets |
(1.00)% |
(0.63)% |
0.06% |
(0.11)% |
(0.37)% |
Operating return on average equity |
(11.72)% |
(7.29)% |
0.73% |
(1.30)% |
(4.13)% |
Operating efficiency ratio (2) |
68.13% |
69.52% |
67.52% |
65.92% |
72.99% |
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(1) Calculated using net
interest income plus noninterest income less noninterest expense
adjusted for the following items: 1) gains or losses from
acquisition or sale of investments or sale of other assets; 2)
other-than-temporary impairment on securities; 3) amortization of
intangible assets; 4) other real estate owned valuation adjustments
and expenses; and 5) acquisition and integration
expenses. |
(2) Calculated by dividing
noninterest expense by net interest income plus noninterest income
excluding the following items: 1) gains or losses from acquisition
or sale of investments; 2) other-than-temporary impairment on
securities; 3) other real estate owned valuation adjustments and
expenses; and 4) acquisition and integration expenses. |
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Quarterly Financial Highlights
(unaudited) |
At and For the
Quarters Ended |
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2012 |
2011 |
|
March 31 |
December 31 |
September 30 |
June 30 |
March 31 |
(Dollars in thousands, except per
share data) |
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Credit Quality Information and
Ratios: |
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Allowance for loan losses - beginning of
period |
$ 11,713 |
$ 12,956 |
$ 12,742 |
$ 12,006 |
$ 11,924 |
Add: Provision for loan losses |
6,300 |
4,635 |
1,350 |
1,700 |
3,000 |
Less: Net charge-offs |
6,430 |
5,878 |
1,136 |
964 |
2,918 |
Allowance for loan losses - end of
period |
$ 11,583 |
$ 11,713 |
$ 12,956 |
$ 12,742 |
$ 12,006 |
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Assets not covered by FDIC loss-share
agreements: |
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Past due loans (30-89 days) accruing |
$ 5,362 |
$ 4,933 |
$ 4,479 |
$ 5,687 |
$ 5,692 |
Past due loans (30-89 days) to total
non-covered loans |
0.92% |
0.86% |
0.77% |
0.99% |
0.97% |
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Nonperforming non-covered loans: |
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One-to-four family residential |
$ 2,698 |
$ 2,407 |
$ 1,556 |
$ 1,406 |
$ 2,373 |
Construction |
-- |
-- |
-- |
-- |
72 |
Commercial land |
3,852 |
2,631 |
3,176 |
3,167 |
4,653 |
Residential development |
3,742 |
6,474 |
6,459 |
5,155 |
4,675 |
Other commercial real estate |
8,924 |
4,173 |
6,602 |
10,306 |
9,636 |
Commercial business |
1,086 |
168 |
306 |
201 |
309 |
Consumer |
1,750 |
2,958 |
2,426 |
2,440 |
2,639 |
Total nonperforming non-covered
loans |
22,052 |
18,811 |
20,525 |
22,675 |
24,357 |
Other nonperforming non-covered
assets |
11,987 |
8,936 |
8,208 |
10,723 |
8,463 |
Total nonperforming non-covered
assets |
$ 34,039 |
$ 27,747 |
$ 28,733 |
$ 33,398 |
$ 32,820 |
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Allowance for loan losses to total
non-covered loans |
2.00% |
2.04% |
2.23% |
2.22% |
2.05% |
Net charge-offs to average non-covered
loans (annualized) |
4.44% |
4.07% |
0.79% |
0.66% |
2.00% |
Nonperforming non-covered loans to
non-covered loans |
3.80% |
3.28% |
3.53% |
3.95% |
4.15% |
Nonperforming non-covered assets to total
assets |
3.18% |
2.57% |
2.61% |
2.99% |
3.15% |
Nonperforming non-covered assets to total
non-covered loans and other real estate owned |
5.75% |
4.76% |
4.87% |
5.72% |
5.51% |
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Assets covered by FDIC loss-share
agreements: |
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Past due loans (30-89 days) accruing
(3) |
$ 2,726 |
$ 5,372 |
$ 6,430 |
$ 12,987 |
$ 7,006 |
Past due loans (30-89 days) to total
covered loans |
1.83% |
3.36% |
3.81% |
7.34% |
5.09% |
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Total covered nonperforming loans
(4) |
$ 40,582 |
$ 44,056 |
$ 37,074 |
$ 35,830 |
$ 24,791 |
Other covered nonperforming
assets |
9,447 |
8,746 |
12,765 |
14,127 |
8,225 |
Total covered nonperforming assets |
$ 50,029 |
$ 52,802 |
$ 49,839 |
$ 49,957 |
$ 33,016 |
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Classified Assets (5) |
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Non-covered classified loans |
$ 32,147 |
$ 28,727 |
$ 35,357 |
$ 41,515 |
$ 42,915 |
OREO and other nonperforming assets |
11,987 |
8,936 |
8,208 |
10,723 |
8,463 |
Total classified assets |
$ 44,134 |
$ 37,663 |
$ 43,565 |
$ 52,238 |
$ 51,378 |
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Tier 1 capital |
$ 100,757 |
$ 102,539 |
$ 104,487 |
$ 105,088 |
$ 102,628 |
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Total classified assets to Tier 1
capital |
43.80% |
36.73% |
41.69% |
49.71% |
50.06% |
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(3) The contractual
balance of past due loans covered by FDIC loss-share
agreements totaled $7.7 million $13.7 million, $8.2 million, $7.0
million and $3.5 million at December 31, 2010, March 31, 2011, June
30, 2011, September 30, 2011, December 31, 2011 and March 31, 2012
respectively. |
(4) The contractual balance of
nonperforming loans covered by FDIC loss-share agreements
totaled $31.2 million, $28.7 million $39.3 million $48.8 million,
$55.4 million and $46.2 million at December 31, 2010, March 31,
2011, June 30, 2011, September 30, 2011, December 31, 2011, and
March 31, 2012 respectively. |
(5) Excludes loans and OREO
covered by FDIC loss-share agreements. |
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Quarterly Financial Highlights
(unaudited) |
At and For the
Quarters Ended |
|
2012 |
2011 |
|
March 31 |
December 31 |
September 30 |
June 30 |
March 31 |
(Dollars in thousands, except per
share data) |
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Net Interest Margin
(annualized): |
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Yield on earning assets |
4.75% |
4.81% |
4.84% |
4.95% |
4.62% |
Cost of funds |
0.92% |
1.01% |
1.11% |
1.23% |
1.32% |
Net interest rate spread |
3.83% |
3.80% |
3.73% |
3.72% |
3.30% |
Net interest margin (taxable
equivalent) |
3.88% |
3.84% |
3.76% |
3.78% |
3.42% |
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Selected End of Period
Balances: |
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Loans covered by FDIC loss-share
agreements |
$ 148,713 |
$ 159,688 |
$ 168,940 |
$ 177,047 |
$ 137,758 |
Loans not covered by FDIC loss-share
agreements |
579,812 |
574,100 |
582,065 |
573,603 |
586,897 |
Total loans, net |
728,525 |
733,788 |
751,005 |
750,650 |
724,655 |
Investment securities |
121,411 |
147,899 |
132,443 |
156,328 |
154,006 |
Total interest-earning assets |
890,456 |
895,003 |
913,910 |
927,463 |
887,706 |
Total assets |
1,070,992 |
1,080,460 |
1,098,974 |
1,117,993 |
1,041,444 |
Noninterest-bearing deposits |
97,437 |
88,077 |
87,413 |
82,305 |
78,342 |
Interest-bearing deposits |
775,209 |
787,979 |
801,167 |
822,273 |
754,461 |
Total deposits |
872,646 |
876,056 |
888,580 |
904,578 |
832,803 |
Total borrowings and other debt |
104,080 |
103,939 |
105,778 |
108,011 |
107,646 |
Shareholders' equity |
90,010 |
92,659 |
94,782 |
94,771 |
92,276 |
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|
Selected Quarterly Average
Balances: |
|
|
|
|
|
Loans covered by FDIC loss-share
agreements |
$ 154,344 |
$ 164,314 |
$ 173,755 |
$ 170,580 |
$ 142,353 |
Loans not covered by FDIC loss-share
agreements |
579,224 |
578,083 |
576,846 |
583,294 |
583,993 |
Average loans, net |
733,568 |
742,397 |
750,601 |
753,874 |
726,346 |
Investment securities |
128,086 |
140,846 |
146,017 |
157,513 |
135,645 |
Average interest-earning assets |
880,073 |
906,064 |
920,932 |
918,118 |
902,141 |
Average total assets |
1,068,689 |
1,084,313 |
1,107,687 |
1,110,740 |
1,053,747 |
Noninterest-bearing deposits |
90,024 |
87,770 |
84,001 |
81,617 |
72,235 |
Interest-bearing deposits |
777,621 |
789,233 |
810,469 |
814,736 |
769,152 |
Average total deposits |
867,645 |
877,003 |
894,470 |
896,353 |
841,387 |
Average borrowings and other debt |
103,181 |
105,872 |
106,696 |
107,872 |
109,385 |
Shareholders' equity |
91,057 |
94,028 |
94,711 |
95,116 |
93,533 |
|
|
|
|
|
|
Capital Ratios: |
|
|
|
|
|
Total equity to total assets |
8.40% |
8.58% |
8.62% |
8.48% |
8.86% |
Tangible common equity to tangible
assets |
6.38% |
6.56% |
6.61% |
6.49% |
6.73% |
Total Risk-Based Capital (Bank only) |
15.50% |
15.60% |
17.32% |
17.29% |
16.70% |
Tier 1 Risk-Based Capital (Bank
only) |
14.24% |
14.35% |
16.06% |
16.03% |
15.44% |
Tier 1 Leverage Capital (Bank only) |
9.41% |
9.44% |
9.53% |
9.42% |
9.89% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITIZENS SOUTH BANKING
CORPORATION |
|
|
|
CONSOLIDATED STATEMENTS
OF FINANCIAL CONDITION (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount |
Percent |
|
March 31, 2012 |
December 31,
2011 |
Change |
Change |
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
Cash and cash equivalents: |
115,422 |
88,344 |
27,078 |
30.65% |
Investment securities available for sale, at
fair value |
20,947 |
52,136 |
(31,189) |
-59.82% |
Investment securities held to maturity, at
amortized cost |
100,464 |
95,763 |
4,701 |
4.91% |
Federal Home Loan Bank stock, at cost |
5,067 |
5,067 |
-- |
0.00% |
Presold loans in process of settlement |
4,666 |
2,146 |
2,520 |
117.43% |
Loans: |
|
|
|
|
Covered by FDIC loss-share
agreements |
148,713 |
159,688 |
(10,975) |
-6.87% |
Not covered by FDIC loss-share
agreements |
579,812 |
574,100 |
5,712 |
0.99% |
Loans, net of deferred fees and
costs |
728,525 |
733,788 |
(5,263) |
-0.72% |
Allowance for loan losses |
(11,583) |
(11,713) |
130 |
-1.11% |
Loans, net |
716,942 |
722,075 |
(5,133) |
-0.71% |
Other real estate owned |
21,433 |
17,571 |
3,862 |
21.98% |
Premises and equipment, net |
25,671 |
25,888 |
(217) |
-0.84% |
FDIC loss share receivable |
30,704 |
38,931 |
(8,227) |
-21.13% |
Accrued interest receivable |
2,577 |
2,773 |
(196) |
-7.07% |
Bank-owned life insurance |
18,554 |
18,978 |
(424) |
-2.23% |
Intangible assets |
1,251 |
1,373 |
(122) |
-8.89% |
Other assets |
7,294 |
9,415 |
(2,121) |
-22.53% |
Total assets |
$ 1,070,992 |
$ 1,080,460 |
$ (9,468) |
-0.88% |
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
|
|
Deposits: |
|
|
|
|
Noninterest-bearing demand deposits |
$ 97,437 |
$ 88,077 |
$ 9,360 |
10.63% |
Interest-bearing demand and savings |
378,421 |
375,160 |
3,261 |
0.87% |
Time deposits |
396,788 |
412,819 |
(16,031) |
-3.88% |
Total deposits |
872,646 |
876,056 |
(3,410) |
-0.39% |
Securities sold under repurchase
agreements |
9,919 |
9,787 |
132 |
1.35% |
Borrowed money |
78,697 |
78,688 |
9 |
0.01% |
Subordinated debt |
15,464 |
15,464 |
-- |
0.00% |
Other liabilities |
4,256 |
7,806 |
(3,550) |
-45.48% |
Total liabilities |
980,982 |
987,801 |
(6,819) |
-0.69% |
Shareholders' Equity |
|
|
|
|
Preferred stock |
20,500 |
20,500 |
-- |
0.00% |
Common stock |
124 |
124 |
-- |
0.00% |
Additional paid-in-capital |
63,941 |
63,888 |
53 |
0.08% |
Retained earnings, substantially
restricted |
5,477 |
7,854 |
(2,377) |
-30.26% |
Accumulated other comprehensive income |
(32) |
293 |
(325) |
-110.92% |
Total shareholders' equity |
90,010 |
92,659 |
(2,649) |
-2.86% |
Total liabilities and
shareholders' equity |
$ 1,070,992 |
$ 1,080,460 |
$ (9,468) |
-0.88% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITIZENS SOUTH BANKING
CORPORATION |
|
|
|
|
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited) |
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
|
March
31, |
Amount |
Percent |
|
2012 |
2011 |
Change |
Change |
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
Interest Income: |
|
|
|
|
Interest and fees on loans |
$ 9,646 |
$ 9,461 |
$ 185 |
1.96% |
Investment securities: |
|
|
|
|
Taxable interest income |
736 |
790 |
(54) |
-6.84% |
Tax-exempt interest income |
38 |
69 |
(31) |
-44.93% |
Other interest income |
49 |
67 |
(18) |
-26.87% |
Total interest income |
10,469 |
10,387 |
82 |
0.79% |
Interest Expense: |
|
|
|
|
Deposits |
1,236 |
2,002 |
(766) |
-38.26% |
Repurchase agreements |
8 |
18 |
(10) |
-55.56% |
Borrowed money |
669 |
763 |
(94) |
-12.32% |
Subordinated debt |
103 |
72 |
31 |
43.06% |
Total interest expense |
2,016 |
2,855 |
(839) |
-29.39% |
|
|
|
|
|
Net interest income |
8,453 |
7,532 |
921 |
12.23% |
Provision for loan losses |
6,300 |
3,000 |
3,300 |
110.00% |
Net interest income after provision for
loan losses |
2,153 |
4,532 |
(2,379) |
-52.49% |
Noninterest Income: |
|
|
|
|
Service charges on deposit accounts |
1,055 |
957 |
98 |
10.24% |
Mortgage banking income |
317 |
237 |
80 |
33.76% |
Commissions on sales of financial
products |
86 |
67 |
19 |
28.36% |
Income from bank-owned life
insurance |
184 |
182 |
2 |
1.10% |
Gain (loss) from acquisition |
-- |
(255) |
255 |
-100.00% |
Gain on sale of investments, available
for sale |
664 |
-- |
664 |
n/a |
Gain (loss) on sale of other assets |
-- |
12 |
(12) |
-100.00% |
Other |
640 |
278 |
362 |
130.22% |
Total noninterest income |
2,946 |
1,478 |
1,468 |
99.32% |
Noninterest Expense: |
|
|
|
|
Compensation and benefits |
3,846 |
3,648 |
198 |
5.43% |
Occupancy and equipment |
908 |
828 |
80 |
9.66% |
Data processing and other technology |
255 |
183 |
72 |
39.34% |
Professional services |
275 |
253 |
22 |
8.70% |
Advertising and business development |
68 |
54 |
14 |
25.93% |
Loan collection and other expenses |
251 |
290 |
(39) |
-13.45% |
Deposit insurance |
418 |
334 |
84 |
25.15% |
Amortization of intangible assets |
122 |
139 |
(17) |
-12.23% |
Office supplies |
60 |
70 |
(10) |
-14.29% |
Telephone and communications |
106 |
97 |
9 |
9.28% |
Other real estate owned valuation
adjustments |
1,000 |
509 |
491 |
96.46% |
Other real estate owned expenses |
597 |
364 |
233 |
64.01% |
Acquisition and integration expenses |
-- |
45 |
(45) |
-100.00% |
Other |
1,005 |
858 |
147 |
17.13% |
Total noninterest expense |
8,911 |
7,672 |
1,137 |
14.82% |
|
|
|
|
|
Loss before income tax benefit |
(3,812) |
(1,662) |
(2,150) |
129.36% |
Income tax benefit |
(1,672) |
(771) |
(901) |
116.86% |
Net loss |
(2,140) |
(891) |
(1,249) |
140.18% |
Dividends on preferred stock |
122 |
256 |
(134) |
-52.34% |
|
|
|
|
|
Net loss allocable to common
shareholders |
$ (2,262) |
$ (1,147) |
$ (1,115) |
97.21% |
|
|
|
|
|
|
|
|
|
|
CONTACT: For More Information:
Gary F. Hoskins, CFO
(704) 884-2263
gary.hoskins@citizenssouth.com
Citizens South Banking Corp. (MM) (NASDAQ:CSBC)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024
Citizens South Banking Corp. (MM) (NASDAQ:CSBC)
과거 데이터 주식 차트
부터 6월(6) 2023 으로 6월(6) 2024