Southern Community Financial Corporation Provides Update for First Quarter 2010
16 4월 2010 - 5:30AM
Marketwired
Southern Community Financial Corporation (NASDAQ: SCMF) (NASDAQ:
SCMFO), the holding company for Southern Community Bank and Trust,
announced that it expects to record a provision for loan losses of
approximately $10.0 million in the first quarter of 2010, compared
to $18.0 million in the fourth quarter 2009, based on preliminary
results. In addition, the Company expects to record a valuation
allowance on deferred tax assets of approximately $2.0 million. The
higher level of loan loss provision, combined with the valuation
allowance on deferred tax assets is expected to result in a net
loss available to common shareholders of approximately $5.2
million.
"The increase in our provision for loan losses during the first
quarter of 2010 was primarily the result of the impairment of two
commercial real estate credits, which occurred late in the first
quarter," said F. Scott Bauer, Chairman and Chief Executive
Officer. "The impairment of these two loans accounted for
approximately $5.6 million of our $10.0 million provision for loan
losses. We recognized that specific reserves on these loans were
required in the first quarter of 2010, and booked them as soon as
the impairments were identified. In addition, we determined that a
valuation allowance on our deferred tax assets was necessary, given
the uncertain outlook on credit quality and related expenses for
the remainder of 2010. We remain well capitalized, with ratios
exceeding regulatory requirements."
The allowance for loan losses is expected to increase to
approximately $36.0 million, or 2.98% of total loans and 71% of
nonperforming loans, compared to $29.6 million, or 2.40% of total
loans and 78% of nonperforming loans at December 31, 2009. Net
charge-offs for the first quarter of 2010 are expected to be
approximately $3.6 million, or 1.18% of average loans on an
annualized basis, compared with $9.2 million, or 2.86% of average
loans (annualized) in the fourth quarter of 2009. Nonperforming
loans as of March 31, 2010 are anticipated to be approximately
$50.6 million, or 4.19% of total loans compared with $37.7 million,
or 3.07% of total loans at December 31, 2009.
About Southern Community Financial
Corporation
Southern Community Financial Corporation is headquartered in
Winston-Salem, North Carolina and is the holding company of
Southern Community Bank and Trust, a community bank with twenty-two
banking offices throughout North Carolina.
Southern Community Financial Corporation's common stock and
trust preferred securities are listed on the NASDAQ Global Select
Market under the trading symbols SCMF and SCMFO, respectively.
Additional information about Southern Community is available on its
website at www.smallenoughtocare.com or by email at
investor.relations@smallenoughtocare.com.
This news release contains forward-looking statements. Such
statements are subject to certain factors that may cause the
Company's results to vary from those expected. These factors
include changing economic and financial market conditions,
competition, ability to execute our business plan, items already
mentioned in this press release, and other factors described in our
filings with the Securities and Exchange Commission. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which reflect management's judgment only as of the date
hereof. The Company undertakes no obligation to publicly revise
these forward-looking statements to reflect events and
circumstances that arise after the date hereof.
For additional information: F. Scott Bauer - Chairman/CEO James
Hastings, Executive Vice President/CFO (336) 768-8500
Capital Bank Financial Corp. - Southern Community Capital Trust II - % Cumulative Trust Preferred Securities (MM) (NASDAQ:SCMFO)
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