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 June 30, 2012. The Company reported a
net loss allocable to common shareholders totaling $716,000, or
$0.06 per diluted share, for the quarter ended June 30, 2012,
compared to net income available to common shareholders of $2.0
million, or $0.18 per diluted share, for the quarter ended June 30,
2011. The net income for the quarter ended June 30, 2011 was due to
the $4.4 million pre-tax gain from acquisition relating to the
April 2011 acquisition of New Horizons Bank.
Other highlights during the quarter included:
- Non-covered past due loans 30 to 89 days delinquent and still
accruing interest totaled $1.8 million, or 0.31% of total
non-covered loans, at June 30, 2012. This represents the lowest
level that past due loans have been over the past three years and
the sixth 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 decreased by $2.0
million during the second quarter of 2012 to $30.1 million and
non-covered classified assets, which includes both classified loans
and other real estate owned, decreased by $2.5 million on a linked
quarter basis to $41.6 million.
- On a linked quarter basis, nonperforming non-covered assets
decreased by $1.9 million to $32.2 million, or 3.06% of total
assets at June 30 2012, compared to 3.17% of total assets at March
31, 2012.
- The Company's pre-tax, pre-credit earnings increased to $3.6
million for the second quarter.
- The Company's net interest margin remains strong at 3.78% for
the second quarter of 2012. This represents no change from the
second quarter of 2011 and a 10 basis point decline from the
previous quarter.
President Kim S. Price stated, "We are pleased that our credit
quality metrics continue showing signs of improvement. Our
operating results and credit trends are very much in line with the
projections utilized in our merger analysis with Park Sterling Bank
and we remain excited about the earnings capacity and balance sheet
strength created by combining the two companies."
Second Quarter Financial
Results:
Asset Quality
During the second quarter of 2012 the Company recognized net
loan charge-offs of $1.9 million compared to net loan charge-offs
of $6.4 million during the first quarter of 2012. 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 decrease in net charge-offs is largely the result
of an internal loan review which was completed in the first quarter
of 2012 and had resulted in a higher than normal level of
charge-offs during the first quarter of 2012. The Company had an
overall decrease in nonperforming non-covered assets from $34.0
million, or 3.17% of total assets at March 31, 2012, to $32.2
million, or 3.06% of total assets at June 30, 2012. This $1.8
million decrease was due to a $483,000 decrease in other real
estate owned and a $1.4 million decrease in nonaccrual loans. Also,
the Company's classified assets, which totaled $44.1 million at
March 31, 2012, decreased by $2.5 million, or 5.6%, to $41.6
million at June 30, 2012.
Loans and Core Deposits
The Company experienced positive trends in local economic
conditions and loan demand continues to improve gradually in its
markets. Total non-covered loans increased by $7.8 million on a
linked quarter basis, or 5.4% annualized. The Company originated
$49.0 million in loans during the second quarter of 2012 compared
to loan originations totaling $40.2 million during the first
quarter of 2012. Management continues to focus on increasing
business loans to the professional market, owner-occupied
commercial real estate loans, and residential and personal loans.
The Company's realigned lending team has been more effective in
developing quality business relationships and the Company is on
target with its Small Business Lending Fund initiative which has
reduced the preferred stock dividend rate from 5.0% to 1.0%.
The Company continues to experience steady non-time core deposit
growth. During the first half of 2012, non-time core deposits
increased by $9.9 million, or 4.3% annualized.
Capital Position
The Company's capital position continues to be a source of
strength. At June 30, 2012, the Bank's total risk-based, Tier 1
risk-based, and Tier 1 leverage capital ratios were 15.6%, 14.3%,
and 9.6%, respectively, compared to 17.3%, 16.0%, and 9.4%
respectively, at June 30, 2011. The Bank exceeded the regulatory
minimum capital ratios to be considered well-capitalized by 156%,
238%, and 192% for total risk-based capital, Tier 1 risk-based
capital, and Tier 1 leverage capital, respectively, at June 30,
2012.
Net Interest Income and Net Interest Margin
The Company's net interest income for the second quarter of 2012
decreased by $430,000, or 5.0%, as compared to the second quarter
of 2011. The reason for this decline was a $46.1 million decrease
in average interest-earning assets associated, in part, with the
expected reduction of covered assets acquired in FDIC assisted
transactions. The Company's net interest margin remained flat at
3.78% for the respective quarters. On a linked quarter basis, the
Company's net interest margin decreased by ten basis points. This
decrease was largely driven by the Company's higher than normal
level of liquidity partly associated with our anticipated merger.
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
Excluding the effects of the gain/loss from acquisition, which
amounted to a loss of $175,000 for the second quarter of 2012 and a
gain of $4.4 million for the second quarter of 2011, noninterest
income increased by $1.4 million, or 48.9%, for the second quarter
of 2012 compared to the second quarter of 2011.
Excluding valuation adjustments and other expenses on other real
estate owned ($2.2 million for the second quarter of 2012 and $2.1
million for the second quarter of 2011) and acquisition and
integration expenses ($566,000 for the second quarter of 2011),
noninterest operating expense increased by $728,000, or 11.0%,
during the respective second quarter periods. This increase was
partly due to operating costs related to the Bank's acquisition of
New Horizons Bank in April 2011 resulting in increased personnel
and operating expenses. On a linked-quarter basis noninterest
operating expense increased by $145,000, or 2.0%.
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 June 30, 2012, the Company had
$1.0 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.
Important Tables Follow
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Quarterly Financial Highlights
(unaudited) |
At and For the
Quarters Ended |
|
2012 |
2011 |
|
June 30 |
March 31 |
December 31 |
September 30 |
June 30 |
(Dollars in thousands, except share
and per share data) |
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Summary of Operations: |
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|
Interest income - taxable
equivalent |
$ 10,098 |
$ 10,528 |
$ 11,089 |
$ 11,308 |
$ 11,488 |
Interest expense |
1,888 |
2,016 |
2,304 |
2,554 |
2,826 |
Net
interest income - taxable equivalent |
8,210 |
8,512 |
8,785 |
8,754 |
8,662 |
Less: Taxable-equivalent
adjustment |
47 |
59 |
65 |
62 |
69 |
Net
interest income |
8,163 |
8,453 |
8,720 |
8,692 |
8,593 |
Provision for loan losses |
2,555 |
6,300 |
4,635 |
1,350 |
1,700 |
Net interest income after loan
loss provision |
5,608 |
2,153 |
4,085 |
7,342 |
6,893 |
Noninterest income |
2,700 |
2,719 |
1,985 |
1,990 |
5,886 |
Noninterest expense |
9,532 |
8,684 |
8,779 |
8,931 |
9,270 |
Net income
(loss) before income taxes |
(1,224) |
(3,812) |
(2,709) |
401 |
3,509 |
Income tax expense
(benefit) |
(576) |
(1,672) |
(1,172) |
28 |
1,213 |
Net income
(loss) |
(648) |
(2,140) |
(1,537) |
373 |
2,296 |
Dividends and accretion of
discount on preferred stock |
68 |
122 |
767 |
247 |
256 |
Net income (loss)
available to common shareholders |
$ (716) |
$ (2,262) |
$ (2,304) |
$ 126 |
$ 2,040 |
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Per Common Share Data: |
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Net income (loss): |
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Basic |
$ (0.06) |
$ (0.20) |
$ (0.20) |
$ 0.01 |
$ 0.18 |
Diluted |
(0.06) |
(0.20) |
(0.20) |
0.01 |
0.18 |
Weighted average shares
outstanding: |
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Basic |
11,444,873 |
11,469,525 |
11,470,599 |
11,462,107 |
11,455,642 |
Diluted |
11,444,873 |
11,469,525 |
11,470,599 |
11,462,107 |
11,455,642 |
End of period shares
outstanding |
11,506,324 |
11,506,324 |
11,506,324 |
11,506,324 |
11,506,324 |
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Cash dividends declared |
$ 0.01 |
$ 0.01 |
$ 0.01 |
$ 0.01 |
$ 0.01 |
Book value |
5.99 |
6.04 |
6.27 |
6.44 |
6.44 |
Tangible book value |
5.90 |
5.93 |
6.15 |
6.31 |
6.29 |
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Selected Financial Performance
Ratios (annualized): |
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Return on average assets |
(0.27)% |
(0.85)% |
(0.85)% |
0.05% |
0.73% |
Return on average common
equity |
(4.17)% |
(12.86)% |
(12.45)% |
0.68% |
11.00% |
Noninterest income to average
total assets |
1.03% |
1.02% |
0.73% |
0.72% |
2.12% |
Noninterest expense to average
total assets |
3.62% |
3.25% |
3.24% |
3.23% |
3.34% |
Efficiency ratio |
87.75% |
77.73% |
82.01% |
83.61% |
64.02% |
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Operating Earnings
(Non-GAAP): |
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Net income (loss) available to
common shareholders |
$ (716) |
$ (2,262) |
$ (2,304) |
$ 126 |
$ 2,040 |
(Gain) loss on acquisition, net
of tax |
106 |
-- |
(15) |
29 |
(2,695) |
Gain 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 |
Net
operating income (loss) |
$ (610) |
$ (2,667) |
$ (1,713) |
$ 174 |
$ (310) |
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Operating net income (loss) per
common share: |
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Basic |
$ (0.05) |
$ (0.23) |
$ (0.15) |
$ 0.02 |
$ (0.03) |
Diluted |
(0.05) |
(0.23) |
(0.15) |
0.02 |
(0.03) |
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Pre-tax, pre-credit
earnings (1) |
$ 3,612 |
$ 3,543 |
$ 3,545 |
$ 3,545 |
$ 3,902 |
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Operating return on average
assets |
(0.23)% |
(1.00)% |
(0.63)% |
0.06% |
(0.11)% |
Operating return on average
equity |
(3.55)% |
(11.72)% |
(7.29)% |
0.73% |
(1.30)% |
Operating efficiency
ratio (2) |
66.68% |
68.13% |
69.52% |
67.52% |
65.92% |
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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 |
|
June 30 |
March 31 |
December 31 |
September 30 |
June 30 |
(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 |
$ 11,583 |
$ 11,713 |
$ 12,956 |
$ 12,742 |
$ 12,006 |
Add: Provision for loan
losses |
2,050 |
6,300 |
4,635 |
1,350 |
1,700 |
Less: Net charge-offs |
1,898 |
6,430 |
5,878 |
1,136 |
964 |
Allowance for loan losses - end
of period |
$ 11,735 |
$ 11,583 |
$ 11,713 |
$ 12,956 |
$ 12,742 |
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Assets not covered by FDIC
loss-share agreements: |
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Past due loans (30-89 days)
accruing |
$ 1,812 |
$ 5,362 |
$ 4,933 |
$ 4,479 |
$ 5,687 |
Past due loans (30-89 days) to
total non-covered loans |
0.31% |
0.92% |
0.86% |
0.77% |
0.99% |
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Nonperforming non-covered
loans: |
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One-to-four
family residential |
$ 4,230 |
$ 2,698 |
$ 2,407 |
$ 1,556 |
$ 1,406 |
Construction |
-- |
-- |
-- |
-- |
-- |
Commercial
land |
3,169 |
3,852 |
2,631 |
3,176 |
3,167 |
Residential
development |
3,000 |
3,742 |
6,474 |
6,459 |
5,155 |
Other
commercial real estate |
8,489 |
8,924 |
4,173 |
6,602 |
10,306 |
Commercial
business |
945 |
1,086 |
168 |
306 |
201 |
Consumer |
976 |
1,750 |
2,958 |
2,426 |
2,440 |
Total nonperforming non-covered
loans |
20,809 |
22,052 |
18,811 |
20,525 |
22,675 |
Other nonperforming non-covered
assets |
11,504 |
11,987 |
8,936 |
8,208 |
10,723 |
Total nonperforming non-covered
assets |
$ 32,313 |
$ 34,039 |
$ 27,747 |
$ 28,733 |
$ 33,398 |
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Allowance for loan losses to
total non-covered loans |
2.00% |
2.00% |
2.04% |
2.23% |
2.22% |
Net charge-offs to average
non-covered loans (annualized) |
1.30% |
4.44% |
4.07% |
0.79% |
0.66% |
Nonperforming non-covered loans
to non-covered loans |
3.54% |
3.80% |
3.28% |
3.53% |
3.95% |
Nonperforming non-covered
assets to total assets |
3.08% |
3.17% |
2.57% |
2.61% |
2.99% |
Nonperforming non-covered
assets to total non-covered loans and other real estate owned |
5.39% |
5.75% |
4.76% |
4.87% |
5.72% |
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Assets covered by FDIC
loss-share agreements: |
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Past due loans (30-89 days)
accruing (3) |
$ 1,495 |
$ 2,726 |
$ 5,372 |
$ 6,430 |
$ 12,987 |
Past due loans (30-89 days) to
total covered loans |
1.16% |
1.83% |
3.36% |
3.81% |
7.34% |
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Total covered nonperforming
loans (4) |
$ 36,460 |
$ 40,582 |
$ 44,056 |
$ 37,074 |
$ 35,830 |
Other covered nonperforming
assets |
9,900 |
9,447 |
8,746 |
12,765 |
14,127 |
Total covered nonperforming
assets |
$ 46,360 |
$ 50,029 |
$ 52,802 |
$ 49,839 |
$ 49,957 |
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Classified Assets (5) |
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Non-covered classified
loans |
$ 30,142 |
$ 32,146 |
$ 28,727 |
$ 35,357 |
$ 41,515 |
OREO and other nonperforming
assets |
11,504 |
11,987 |
8,936 |
8,208 |
10,723 |
Total classified assets |
$ 41,646 |
$ 44,133 |
$ 37,663 |
$ 43,565 |
$ 52,238 |
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Tier 1 capital |
$ 100,586 |
$ 100,774 |
$ 102,539 |
$ 104,487 |
$ 105,088 |
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Total classified assets to Tier
1 capital |
41.40% |
43.79% |
36.73% |
41.69% |
49.71% |
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(3) The contractual balance of
past due loans covered by FDIC loss-share agreements totaled
$13.7 million, $8.2 million, $7.0 million, $3.5 million and $1.9
million at June 30, 2011, September 30, 2011, December 31, 2011,
March 31, 2012, and June 30, 2012, respectively. |
(4) The contractual balance of
nonperforming loans covered by FDIC loss-share agreements
totaled $39.3 million $48.8 million, $55.4 million, $46.2 million
and $41.4 million at June 30, 2011, September 30, 2011, December
31, 2011, March 31, 2012, and June 30, 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 |
|
June 30 |
March 31 |
December 31 |
September 30 |
June 30 |
(Dollars in thousands, except per
share data) |
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Net Interest Margin
(annualized): |
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Yield on earning assets |
4.63% |
4.75% |
4.81% |
4.84% |
4.95% |
Cost of funds |
0.88% |
0.92% |
1.01% |
1.11% |
1.23% |
Net interest rate spread |
3.75% |
3.83% |
3.80% |
3.73% |
3.72% |
Net interest margin (taxable
equivalent) |
3.78% |
3.88% |
3.84% |
3.76% |
3.78% |
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Selected End of Period
Balances: |
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Loans covered by FDIC
loss-share agreements |
$ 128,874 |
$ 148,833 |
$ 159,688 |
$ 168,940 |
$ 177,047 |
Loans not covered by FDIC
loss-share agreements |
587,498 |
579,692 |
574,100 |
582,065 |
573,603 |
Total loans, net |
716,372 |
728,525 |
733,788 |
751,005 |
750,650 |
Investment securities |
100,635 |
121,411 |
147,899 |
132,443 |
156,328 |
Total interest-earning
assets |
872,256 |
890,456 |
895,003 |
913,910 |
927,463 |
Total assets |
1,049,177 |
1,073,815 |
1,080,460 |
1,098,974 |
1,117,993 |
Noninterest-bearing
deposits |
95,512 |
97,437 |
88,077 |
87,413 |
82,305 |
Interest-bearing deposits |
757,252 |
775,209 |
787,979 |
801,167 |
822,273 |
Total deposits |
852,764 |
872,646 |
876,056 |
888,580 |
904,578 |
Total borrowings and other
debt |
99,724 |
104,080 |
103,939 |
105,778 |
108,011 |
Shareholders' equity |
89,473 |
90,010 |
92,659 |
94,782 |
94,771 |
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Selected Quarterly Average
Balances: |
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Loans covered by FDIC
loss-share agreements |
$ 136,530 |
$ 154,344 |
$ 164,314 |
$ 173,755 |
$ 170,580 |
Loans not covered by FDIC
loss-share agreements |
582,263 |
579,224 |
578,083 |
576,846 |
583,294 |
Average loans, net |
718,793 |
733,568 |
742,397 |
750,601 |
753,874 |
Investment securities |
109,559 |
128,086 |
140,846 |
146,017 |
157,513 |
Average interest-earning
assets |
872,028 |
880,073 |
906,064 |
920,932 |
918,118 |
Average total assets |
1,053,263 |
1,069,651 |
1,084,313 |
1,107,687 |
1,110,740 |
Noninterest-bearing
deposits |
93,126 |
90,024 |
87,770 |
84,001 |
81,617 |
Interest-bearing deposits |
763,442 |
777,621 |
789,233 |
810,469 |
814,736 |
Average total deposits |
856,568 |
867,645 |
877,003 |
894,470 |
896,353 |
Average borrowings and other
debt |
102,179 |
103,181 |
105,872 |
106,696 |
107,872 |
Shareholders' equity |
89,472 |
91,057 |
94,028 |
94,711 |
95,116 |
|
|
|
|
|
|
Capital Ratios: |
|
|
|
|
|
Total equity to total
assets |
8.53% |
8.38% |
8.58% |
8.62% |
8.48% |
Tangible common equity to
tangible assets |
6.47% |
6.36% |
6.56% |
6.61% |
6.49% |
Total Risk-Based Capital (Bank
only) |
15.59% |
15.50% |
15.60% |
17.32% |
17.29% |
Tier 1 Risk-Based Capital (Bank
only) |
14.33% |
14.25% |
14.35% |
16.06% |
16.03% |
Tier 1 Leverage Capital (Bank
only) |
9.62% |
9.42% |
9.44% |
9.53% |
9.42% |
|
|
|
|
|
|
|
|
|
|
CITIZENS SOUTH BANKING
CORPORATION |
CONSOLIDATED STATEMENTS
OF FINANCIAL CONDITION (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
June 30, 2012 |
December 31,
2011 |
Amount Change |
Percent Change |
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
Cash and cash equivalents: |
128,824 |
88,344 |
40,480 |
45.82% |
Investment securities available for sale, at
fair value |
18,359 |
52,136 |
(33,777) |
-64.79% |
Investment securities held to maturity, at
amortized cost |
82,276 |
95,763 |
(13,487) |
-14.08% |
Federal Home Loan Bank stock, at cost |
4,443 |
5,067 |
(624) |
-12.31% |
Presold loans in process of settlement |
2,146 |
2,146 |
-- |
0.00% |
Loans: |
|
|
|
|
Covered by FDIC
loss-share agreements |
128,874 |
159,688 |
(30,814) |
-19.30% |
Not covered by FDIC
loss-share agreements |
587,498 |
574,100 |
13,398 |
2.33% |
Loans, net
of deferred fees and costs |
716,372 |
733,788 |
(17,416) |
-2.37% |
Allowance for loan
losses |
(11,735) |
(11,713) |
(22) |
0.19% |
Loans,
net |
704,637 |
722,075 |
(17,438) |
-2.41% |
Other real estate owned |
21,405 |
17,571 |
3,834 |
21.82% |
Premises and equipment, net |
25,396 |
25,888 |
(492) |
-1.90% |
FDIC loss share receivable |
28,863 |
38,931 |
(10,068) |
-25.86% |
Accrued interest receivable |
1,840 |
2,773 |
(933) |
-33.65% |
Bank-owned life insurance |
18,723 |
18,978 |
(255) |
-1.34% |
Intangible assets |
1,141 |
1,373 |
(232) |
-16.90% |
Other assets |
11,124 |
9,415 |
1,709 |
18.15% |
Total
assets |
$ 1,049,177 |
$ 1,080,460 |
$ (31,283) |
-2.90% |
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
|
|
Deposits: |
|
|
|
|
Noninterest-bearing
demand deposits |
$ 95,512 |
$ 88,077 |
$ 7,435 |
8.44% |
Interest-bearing demand
and savings |
377,587 |
375,160 |
2,427 |
0.65% |
Time deposits |
379,665 |
412,819 |
(33,154) |
-8.03% |
Total deposits |
852,764 |
876,056 |
(23,292) |
-2.66% |
Securities sold under repurchase
agreements |
7,554 |
9,787 |
(2,233) |
-22.82% |
Borrowed money |
76,706 |
78,688 |
(1,982) |
-2.52% |
Subordinated debt |
15,464 |
15,464 |
-- |
0.00% |
Other liabilities |
7,216 |
7,806 |
(590) |
-7.56% |
Total liabilities |
959,704 |
987,801 |
(28,097) |
-2.84% |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
Preferred stock |
20,500 |
20,500 |
-- |
0.00% |
Common stock |
124 |
124 |
-- |
0.00% |
Additional paid-in-capital |
64,209 |
63,888 |
321 |
0.50% |
Retained earnings, substantially
restricted |
4,647 |
7,854 |
(3,207) |
-40.83% |
Accumulated other comprehensive income
(loss) |
(7) |
293 |
(300) |
-102.39% |
Total shareholders'
equity |
89,473 |
92,659 |
(3,186) |
-3.44% |
Total liabilities
and shareholders' equity |
$ 1,049,177 |
$ 1,080,460 |
$ (31,283) |
-2.90% |
|
|
|
|
|
|
|
|
|
|
CITIZENS SOUTH BANKING
CORPORATION |
CONSOLIDATED STATEMENTS
OF OPERATIONS (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended June 30 |
Amount |
Percent |
|
2012 |
2011 |
Change |
Change |
(Dollars in thousands, except per share
data) |
|
|
|
|
|
|
|
|
|
Interest Income: |
|
|
|
|
Interest and fees on loans |
$ 9,355 |
$ 10,329 |
$ (974) |
-9.43% |
Investment securities: |
|
|
|
|
Taxable interest
income |
606 |
983 |
(377) |
-38.35% |
Tax-exempt
interest income |
25 |
69 |
(44) |
-63.77% |
Other interest income |
65 |
38 |
27 |
71.05% |
Total interest
income |
10,051 |
11,419 |
(1,368) |
-11.98% |
Interest Expense: |
|
|
|
|
Deposits |
1,121 |
1,981 |
(860) |
-43.41% |
Repurchase agreements |
7 |
19 |
(12) |
-63.16% |
Borrowed money |
680 |
753 |
(73) |
-9.69% |
Subordinated debt |
80 |
73 |
7 |
9.59% |
Total interest
expense |
1,888 |
2,826 |
(938) |
-33.19% |
|
|
|
|
|
Net interest income |
8,163 |
8,593 |
(430) |
-5.00% |
Provision for loan losses |
2,555 |
1,700 |
855 |
50.29% |
Net interest income after
provision for loan losses |
5,608 |
6,893 |
(1,285) |
-18.64% |
Noninterest Income: |
|
|
|
|
Service charges on deposit
accounts |
1,092 |
1,046 |
46 |
4.40% |
Mortgage banking income |
393 |
254 |
139 |
54.72% |
Commissions on sales of
financial products |
67 |
69 |
(2) |
-2.90% |
Income from bank-owned life
insurance |
169 |
214 |
(45) |
-21.03% |
Gain (loss) from
acquisition |
(175) |
4,418 |
(4,593) |
-103.96% |
Gain on sale of investments,
available for sale |
-- |
1 |
(1) |
NA |
Gain (loss) on sale of other
assets |
85 |
(338) |
423 |
-125.15% |
Other |
1,069 |
222 |
847 |
381.53% |
Total noninterest income |
2,700 |
5,886 |
(3,186) |
-54.13% |
Noninterest Expense: |
|
|
|
|
Compensation and benefits |
3,902 |
3,806 |
96 |
2.52% |
Occupancy and
equipment |
898 |
873 |
25 |
2.86% |
Data processing and other
technology |
235 |
296 |
(61) |
-20.61% |
Professional services |
308 |
249 |
59 |
23.69% |
Advertising and business
development |
74 |
71 |
3 |
4.23% |
Loan collection and other
expenses |
864 |
204 |
660 |
323.53% |
Deposit insurance |
(49) |
361 |
(410) |
-113.57% |
Amortization of intangible
assets |
109 |
136 |
(27) |
-19.85% |
Office supplies |
53 |
62 |
(9) |
-14.52% |
Telephone and
communications |
107 |
111 |
(4) |
-3.60% |
Other real estate owned
valuation adjustments |
1,784 |
1,476 |
308 |
20.87% |
Other real estate owned
expenses |
388 |
596 |
(208) |
-34.90% |
Acquisition and integration
expenses |
-- |
566 |
(566) |
-100.00% |
Other |
859 |
463 |
396 |
85.53% |
Total noninterest expense |
9,532 |
9,270 |
432 |
4.66% |
|
|
|
|
|
Income (loss) before income tax expense
(benefit) |
(1,224) |
3,509 |
(4,733) |
-134.88% |
Income tax expense
(benefit) |
(576) |
1,213 |
(1,789) |
-147.49% |
Net income (loss) |
(648) |
2,296 |
(2,944) |
-128.22% |
Dividends on preferred
stock |
68 |
256 |
(188) |
-73.44% |
|
|
|
|
|
Net income (loss) allocable to common
shareholders |
$ (716) |
$ 2,040 |
$ (2,756) |
-135.10% |
|
|
|
|
|
Earnings (Loss) per common
share - basic |
$ (0.06) |
$ 0.18 |
$ (0.24) |
-135.13% |
Earnings (Loss) per common
share - diluted |
(0.06) |
0.18 |
(0.24) |
-135.13% |
|
|
|
|
|
|
|
|
|
|
CITIZENS SOUTH BANKING
CORPORATION |
CONSOLIDATED STATEMENTS
OF OPERATIONS (unaudited) |
|
|
|
|
|
|
Six Months Ended
June 30 |
Amount |
Percent |
|
2012 |
2011 |
Change |
Change |
(Dollars in thousands, except per share
data) |
|
|
|
|
|
|
|
|
|
Interest Income: |
|
|
|
|
Interest and fees on loans |
$ 19,002 |
$ 19,790 |
$ (788) |
-3.98% |
Investment securities: |
|
|
|
|
Taxable interest
income |
1,343 |
1,776 |
(433) |
-24.38% |
Tax-exempt
interest income |
62 |
137 |
(75) |
-54.74% |
Other interest income |
114 |
103 |
11 |
10.68% |
Total interest
income |
20,521 |
21,806 |
(1,285) |
-5.89% |
Interest Expense: |
|
|
|
|
Deposits |
2,357 |
3,982 |
(1,625) |
-40.81% |
Repurchase agreements |
14 |
37 |
(23) |
-62.16% |
Borrowed money |
1,371 |
1,516 |
(145) |
-9.56% |
Subordinated debt |
163 |
145 |
18 |
12.41% |
Total interest expense |
3,905 |
5,680 |
(1,775) |
-31.25% |
|
|
|
|
|
Net interest income |
16,616 |
16,126 |
490 |
3.04% |
Provision for loan losses |
8,855 |
4,700 |
4,155 |
88.40% |
Net interest income after
provision for loan losses |
7,761 |
11,426 |
(3,665) |
-32.08% |
Noninterest Income: |
|
|
|
|
Service charges on deposit
accounts |
2,147 |
2,004 |
143 |
7.14% |
Mortgage banking income |
710 |
491 |
219 |
44.60% |
Commissions on sales of
financial products |
153 |
136 |
17 |
12.50% |
Income from bank-owned life
insurance |
338 |
397 |
(59) |
-14.86% |
Gain (loss) from
acquisition |
(175) |
4,163 |
(4,338) |
-104.20% |
Gain on sale of investments,
available for sale |
664 |
1 |
663 |
NA |
Gain (loss) on sale of other
assets |
(53) |
(326) |
273 |
-83.74% |
Other |
1,638 |
500 |
1,138 |
227.60% |
Total noninterest income |
5,422 |
7,366 |
(1,944) |
-26.39% |
Noninterest Expense: |
|
|
|
|
Compensation and benefits |
7,748 |
7,454 |
294 |
3.94% |
Occupancy and
equipment |
1,806 |
1,701 |
105 |
6.17% |
Data processing and other
technology |
491 |
530 |
(39) |
-7.36% |
Professional services |
583 |
502 |
81 |
16.14% |
Advertising and business
development |
142 |
125 |
17 |
13.60% |
Loan collection and other
expenses |
1,116 |
494 |
622 |
125.91% |
Deposit insurance |
369 |
695 |
(326) |
-46.91% |
Amortization of intangible
assets |
231 |
275 |
(44) |
-16.00% |
Office supplies |
112 |
132 |
(20) |
-15.15% |
Telephone and
communications |
213 |
207 |
6 |
2.90% |
Other real estate owned
valuation adjustments |
2,784 |
1,984 |
800 |
40.32% |
Other real estate owned
expenses |
858 |
597 |
261 |
43.72% |
Acquisition and integration
expenses |
-- |
611 |
(611) |
-100.00% |
Other |
1,767 |
1,638 |
129 |
7.88% |
Total noninterest expense |
18,220 |
16,945 |
1,757 |
10.37% |
|
|
|
|
|
Income (loss) before income tax expense
(benefit) |
(5,037) |
1,847 |
(6,884) |
-372.71% |
Income tax expense
(benefit) |
(2,249) |
442 |
(2,691) |
-608.82% |
Net income (loss) |
(2,788) |
1,405 |
(4,193) |
-298.43% |
Dividends on preferred
stock |
190 |
512 |
(322) |
-62.89% |
|
|
|
|
|
Net income (loss) allocable to common
shareholders |
$ (2,978) |
$ 893 |
$ (3,871) |
-433.48% |
|
|
|
|
|
Earnings (Loss) per common
share - basic |
$ (0.26) |
$ 0.08 |
$ (0.34) |
-433.78% |
Earnings (Loss) per common
share - diluted |
(0.26) |
0.08 |
(0.34) |
-433.78% |
CONTACT: Gary F. Hoskins, CFO
(704) 884-2263
gary.hoskins@citizenssouth.com
Citizens South Banking Corp. (MM) (NASDAQ:CSBC)
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Citizens South Banking Corp. (MM) (NASDAQ:CSBC)
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