Southern Community Financial Corporation (NASDAQ: SCMF) (NASDAQ:
SCMFO), the holding company for Southern Community Bank and Trust,
today reported fourth quarter and full year 2010 results.
Fourth Quarter Financial Highlights:
-- Net loss available to common shareholders of $2.9 million, or $0.17 per
diluted share;
-- Provision for loan losses of $6.5 million decreased $10.5 million
compared to third quarter;
-- Allowance for loan losses decreased $5.5 million to $29.6 million, or
2.60% of total loans;
-- Loans delinquent 30-89 days decreased $3.4 million from September 30,
2010 to $5.5 million;
-- Net charge-offs of $12.0 million, or 4.10% of average loans
(annualized), up from $11.5 million, or 3.78% of average loans
(annualized), in the third quarter;
-- Nonperforming assets increased to $121.0 million, or 7.28% of
total assets from $118.1 million, or 7.10%, of total assets at
September 30, 2010; and
-- Year-over-year improvement in mortgage banking income of 72%.
Full Year 2010 Financial Highlights:
-- Local core deposit funding increased year-over-year to 71% of deposits
from 67% at December 31, 2009;
-- Wealth management income increased 27% over 2009; and
-- Reduction in personnel and occupancy expenses of 7% and 6%,
respectively, compared to 2009 levels.
The net loss available to common shareholders decreased to $2.9
million in the fourth quarter of 2010, compared with a net loss of
$8.6 million in the third quarter of 2010 and a net loss of $11.3
million in the fourth quarter of 2009. The net loss per diluted
common share in the fourth quarter of 2010 also decreased to $0.17,
compared to $0.51 in the third quarter of 2010, and $0.68 in the
fourth quarter of 2009.
The net loss available to common shareholders for the year ended
December 31, 2010 decreased to $17.1 million, or $1.01 per diluted
share, compared to a net loss of $65.7 million, or $3.91 per
diluted share for the year ended December 31, 2009. Full year 2009
results were significantly impacted by the $49.5 million goodwill
impairment charge recorded during the first quarter of 2009.
Excluding this charge, the net loss available to common
shareholders was $16.2 million, or $0.96 per diluted share, for the
full year ended December 31, 2009.
"While our level of nonperforming assets remains high, we are
very encouraged by recent trends in our impaired loans and
delinquencies," said F. Scott Bauer, Chairman and Chief Executive
Officer. "The fourth quarter of 2010 was the third consecutive
quarter in which loan delinquencies decreased. Additionally, our
allowance for loan losses decreased due to the recognition of
charge-offs on loans with specific reserves allocated in prior
periods and a decrease in newly identified nonperforming loans
requiring a specific allowance. We have made progress in the
resolution of certain nonaccrual, collateral dependent loans and as
a result, we expect a reduction in our nonperforming loans during
the first half of 2011.
As economic conditions across our footprint remain weak, we
continue to expect shrinkage in the overall loan portfolio.
However, as nonaccrual collateral dependent loans return to
performing status and our earning asset mix shifts away from short
term, lower yielding securities, we anticipate that our net
interest margin should remain fairly stable with opportunities for
margin improvement in the second quarter of 2011 and subsequent
quarters.
We have identified approximately $2.0 million in annual cost
savings, and have implemented these cost saving initiatives
effective January 1, 2011. These expense reductions include the
elimination of the 401(k) employer match and company-wide
efficiency initiatives.
As they have been throughout this difficult credit cycle, our
employees remain committed to providing our customers with the best
service possible. We have a strong franchise and foundation which
will help us weather this difficult environment. Southern Community
remains well funded with capital ratios in excess of well
capitalized thresholds."
Asset Quality
Nonperforming loans increased to $103.6 million, or 9.12% of
total loans, at December 31, 2010 from $98.7 million, or 8.29% of
total loans, at September 30, 2010. Loans delinquent 30-89 days
have declined to $5.5 million at December 31, 2010 from $8.9
million at September 30, 2010, and from $9.7 million at June 30,
2010. Nonperforming assets increased to $121.0 million, or 7.28% of
total assets, at December 31, 2010 from $118.1 million, or 7.10% of
total assets, at September 30, 2010.
The provision for loan losses of $6.5 million in the fourth
quarter of 2010 decreased from $17.0 million in the third quarter
2010. The allowance for loan losses (ALLL) decreased $5.5 million
to $29.6 million, or 2.60% of loans, from $35.1 million, or 2.95%
of loans, at September 30, 2010. Net charge-offs increased
sequentially to $12.0 million, or 4.17% of average loans on an
annualized basis, from $11.5 million, or 3.78% of average loans on
an annualized basis, for the third quarter 2010. While
nonperforming loans increased slightly during the fourth quarter,
the specific allowance for impaired loans decreased by $4.4 million
to $5.1 million on a linked quarter basis as fewer newly identified
nonperforming loans required a specific allowance.
Given the relative magnitudes of the provision for loan losses
and the net charge-offs for the fourth quarter 2010 and their
impact on deferred tax assets, the income tax benefit on operating
losses during the fourth quarter 2010 was decreased due to
realization considerations by an addition of $1.0 million in the
valuation allowance on deferred tax assets.
Net Interest Income
Net interest income of $12.4 million in the fourth quarter of
2010 decreased 7% compared to $13.3 million in the third quarter of
2010 and to $13.4 million in the fourth quarter of 2009. The net
interest margin decreased 25 basis points to 3.14% compared with
3.39% in the third quarter of 2010. The sequential decrease in the
net interest margin resulted from the impact of a significant
increase in nonaccrual loans in late third quarter and a shift in
the earning asset mix of $46.6 million from average loan balances
to lower yielding investments and overnight funds, partially offset
by lower deposit costs. Excluding the impact of nonaccrual loans
(with an average balance of approximately $92.0 million), the net
interest margin for the fourth quarter would have been 31 basis
points higher than 3.14%. The funding mix also shifted towards time
deposits as higher cost, maturing borrowed funds were repaid, and
longer term certificates of deposit were secured at historically
reasonable funding costs. Compared to the fourth quarter of 2009,
the net interest margin decreased 14 basis points due to the $100.2
million, or 8%, decrease in loan balances.
Net interest income for 2010 increased $613 thousand, or 1%,
compared with the full year 2009 primarily due to the 19 basis
point increase in net interest margin during 2010 which offset a
$75.8 million decrease in earning assets. The increase in net
interest margin resulted principally from a 54 basis point decline
in the cost of funds during 2010.
Non-interest Income
Non-interest income increased by $1.1 million, or 37%, to $4.2
million during the fourth quarter of 2010, compared with the third
quarter of 2010. The increase in non-interest income primarily
resulted from a $1.1 million increase in investment securities
gains. The sequential increase in the fair value of derivatives of
$305 thousand was offset by a $120 thousand decrease in Small
Business Investment Company (SBIC) income, a $118 thousand decrease
in investment brokerage fee income, a $37 thousand decrease in
mortgage banking income, and a $23 thousand decrease in service
charge income.
On a year-over-year comparison, non-interest income in the
fourth quarter of 2010 increased $674 thousand, or 19%, compared
with the fourth quarter of 2009. The year-over-year increase was
primarily due to $1.1 million increase in investment securities
gains, a $298 thousand increase in mortgage banking income and a
$224 thousand increase in SBIC income. These increases were
partially offset by a $931 thousand decrease in the fair value of
derivatives and a $54 thousand decrease in service charge
income.
Non-interest Expenses
Non-interest expenses of $12.6 million during the fourth quarter
of 2010 increased $1.6 million, or 15%, on a linked quarter basis.
Excluding the sequential increases of $1.8 million in writedowns on
foreclosed properties and $64 thousand in other expenses related to
foreclosed real estate, non-interest expenses decreased by $212
thousand, or 2%. Compared to the fourth quarter of 2009,
non-interest expenses decreased $970 thousand, or 7%. The decrease
on a year-over-year basis was primarily due to a $282 thousand
decrease in salaries and employee benefits, a $104 thousand
decrease in occupancy and equipment expenses, and a $584 thousand
decrease in other expenses. The decrease in salaries and employee
benefits was due to reductions in staff and cost savings programs
initiated in prior quarters.
Balance Sheet
As of December 31, 2010, total assets amounted to $1.7 billion,
essentially flat compared to the third quarter of 2010. Total
assets decreased $66.6 million, or 4%, compared to the fourth
quarter of 2009. The loan portfolio decreased by $53.7 million, or
4%, sequentially, and decreased by $100.2 million, or 8%, since
December 31, 2009 due to decreased loan demand resulting from the
prolonged weak economic conditions. Total deposits of $1.3 billion
at December 31, 2010 increased $30.8 million, or 2%, sequentially
due to a $57.0 million increase in time deposits. Compared to the
fourth quarter of 2009, deposits increased $34.3 million, or 3%, as
time deposits increased $38.8 million, or 6%. Borrowings declined
$23.6 million, or 10% compared to the third quarter of 2010, and
$80.0 million, or 28%, year-over-year.
At December 31, 2010, stockholders' equity of $100.9 million
represented 6.07% of total assets. Stockholders' equity decreased
$8.2 million, or 7%, from $109.1 million at September 30, 2010
primarily as a result of the $2.9 million fourth quarter loss
discussed above. Also contributing to the decrease in stockholders'
equity was a $5.3 million decrease in other comprehensive income
resulting from a decrease in the fair values of investment
securities available for sale. Regulatory capital ratios remain in
excess of the "well capitalized" thresholds.
Conference Call
Southern Community's executive management team will host a
conference call on January 31, 2011, at 8:30 am Eastern Time to
discuss the quarter-end results. The call can be accessed by
dialing 1-877-719-9810 or 1-719-325-4751 and entering pass code
1234990. A replay of the conference call can be accessed until
12:30 pm on February 11, 2011, by calling 1-888-203-1112 or
1-719-457-0820 and entering pass code 1234990. You may access
additional presentation materials for this conference call in the
Investor Relations section of Southern Community's web site at
www.smallenoughtocare.com.
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 our
website at www.smallenoughtocare.com or by email at
investor.relations@smallenoughtocare.com.
Forward-Looking Statements
Certain statements in this news release contain "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995, such as statements relating to future plans and
expectations, and are thus prospective. Such forward-looking
statements include but are not limited to (1) statements regarding
potential future economic recovery, (2) statements with respect to
our plans, objectives, expectations, intentions and other
statements that are not historical facts, and (3) other statements
identified by words such as "believes," "expects," "anticipates,"
"estimates," "intends," "plans," "targets" and "projects," as well
as similar expressions. Such statements are subject to risks,
uncertainties and other factors which could cause actual results to
differ materially from future results expressed or implied by such
forward-looking statements. Although we believe that the
assumptions underlying the forward-looking statements are
reasonable, any of the assumptions could prove to be inaccurate.
Therefore, we can give no assurance that the results contemplated
in the forward-looking statements will be realized. The inclusion
of this forward-looking information should not be construed as a
representation by our Company or any person that the future events,
plans or expectations contemplated by our Company will be
achieved.
The following factors, among others, could cause actual results
to differ materially from the anticipated results or other
expectations expressed in the forward-looking statements: (1) the
rate of delinquencies and amounts of charge-offs, the level of
allowance for loan losses, the rates of loan growth, or adverse
changes in asset quality in our loan portfolio, which may result in
increased credit risk-related losses and expenses; (2) competitive
pressures among depository and other financial institutions may
increase significantly and have an effect on pricing, spending,
third party relationships and revenues; (3) the strength of the
United States economy in general and the strength of the local
economies in which we conduct operations may be different than
expected resulting in, among other things, a deterioration in the
credit quality or a reduced demand for credit, including the
resultant effect on the Company's loan portfolio and allowance for
loan losses; (4) the risk that the preliminary financial
information reported herein and our current preliminary analysis
will be different when our review is finalized; (5) changes in
deposit rates, the net interest margin and funding sources; (6)
changes in the U.S. legal and regulatory framework, including the
effect of recent financial reform legislation on the banking
industry; and (7) adverse conditions in the stock market, the
public debt market and other capital markets (including changes in
interest rate conditions) could have a negative impact on the
Company. Additional factors that could cause our results to differ
materially from those described in the forward-looking statements
can be found in our reports (such as Annual Reports on Form 10-K,
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K)
filed with the SEC and available at the SEC's website
(http://www.sec.gov). All subsequent written and oral
forward-looking statements concerning the Company or any person
acting on its behalf is expressly qualified in its entirety by the
cautionary statements above. We do not undertake any obligation to
update any forward-looking statement to reflect circumstances or
events that occur after the date the forward-looking statements are
made.
Southern Community Financial Corporation
(Dollars in thousands except per share data)
(Unaudited)
For the three months ended
Dec 31, Sep 30, Jun 30, Mar 31, Dec 31,
Income Statement 2010 2010 2010 2010 2009
-------- -------- -------- -------- --------
Interest Income $ 19,164 $ 20,049 $ 20,439 $ 20,986 $ 22,092
Interest Expense 6,759 6,773 7,007 7,739 8,701
-------- -------- -------- -------- --------
Net Interest Income 12,405 13,276 13,432 13,247 13,391
Provision for Loan Losses 6,500 17,000 5,500 10,000 18,000
Net Interest Income after
Provision for Loan
Losses 5,905 (3,724) 7,932 3,247 (4,609)
Non-Interest Income
Service Charges and Fees
on Deposit Accounts 1,617 1,640 1,719 1,557 1,671
Income from mortgage
banking activities 714 751 359 358 416
Investment brokerage and
trust fees 306 424 509 235 292
SBIC income (loss) and
management fees 6 126 323 176 (218)
Gain (Loss) on Sale of
Investment Securities 1,135 24 1,018 1,354 -
Gain (Loss) and Net Cash
Settlement on Economic
Hedges (79) (384) (38) (31) 852
Other-than-temporary
impairment - - - (186) -
Other Income 501 479 502 490 513
-------- -------- -------- -------- --------
Total Non-Interest
Income 4,200 3,060 4,392 3,953 3,526
Non-Interest Expense
Salaries and Employee
Benefits 5,103 5,033 5,321 5,469 5,385
Occupancy and Equipment 1,778 1,839 1,895 1,916 1,882
Goodwill Impairment - - - - -
Expenses of Managing
Foreclosed Assets 469 405 588 360 346
Writedowns of Foreclosed
Assets 1,895 123 591 483 1,604
Other 3,363 3,584 3,938 3,615 4,361
-------- -------- -------- -------- --------
Total Non-Interest
Expense 12,608 10,984 12,333 11,843 13,578
Income (Loss) Before
Taxes (2,503) (11,648) (9) (4,643) (14,661)
Provision for Income
Taxes (282) (3,698) (270) (32) (3,944)
-------- -------- -------- -------- --------
Net Income (Loss) $ (2,221) $ (7,950) $ 261 $ (4,611) $(10,717)
======== ======== ======== ======== ========
Effective dividend on
preferred stock 633 633 632 633 627
-------- -------- -------- -------- --------
Net Income (loss)
available to common
shareholders $ (2,854) $ (8,583) $ (371) $ (5,244) $(11,344)
======== ======== ======== ======== ========
Net Income (Loss) per
Common Share
Basic $ (0.17) $ (0.51) $ (0.02) $ (0.31) $ (0.68)
Diluted $ (0.17) $ (0.51) $ (0.02) $ (0.31) $ (0.68)
======== ======== ======== ======== ========
Years Ended
Dec 31, Dec 31,
Income Statement 2010 2009
-------- --------
Interest Income $ 80,638 $ 89,473
Interest Expense 28,278 37,726
-------- --------
Net Interest Income 52,360 51,747
Provision for Loan Losses 39,000 34,000
Net Interest Income after
Provision for Loan
Losses 13,360 17,747
Non-Interest Income
Service Charges and Fees
on Deposit Accounts 6,533 6,246
Income from mortgage
banking activities 2,182 2,104
Investment brokerage and
trust fees 1,474 1,159
SBIC income (loss) and
management fees 631 148
Gain (Loss) on Sale of
Investment Securities 3,531 1,236
Gain (Loss) and Net Cash
Settlement on Economic
Hedges (532) 234
Other-than-temporary
impairment (186) -
Other Income 1,972 1,779
-------- --------
Total Non-Interest
Income 15,605 12,906
Non-Interest Expense
Salaries and Employee
Benefits 20,926 22,502
Occupancy and Equipment 7,428 7,903
Goodwill Impairment - 49,501
Expenses of Managing
Foreclosed Assets 1,822 883
Writedowns of Foreclosed
Assets 3,092 2,493
Other 14,500 17,216
-------- --------
Total Non-Interest
Expense 47,768 100,498
Income (Loss) Before
Taxes (18,803) (69,845)
Provision for Income
Taxes (4,282) (6,686)
-------- --------
Net Income (Loss) $(14,521) $(63,159)
======== ========
Effective dividend on
preferred stock 2,531 2,508
-------- --------
Net Income (loss)
available to common
shareholders $(17,052) $(65,667)
======== ========
Net Income (Loss) per
Common Share
Basic $ (1.01) $ (3.91)
Diluted $ (1.01) $ (3.91)
======== ========
Balance Sheet Dec 31, Sep 30, Jun 30, Mar 31, Dec 31,
2010 2010 2010 2010 2009
---------- ---------- ---------- ---------- ----------
Assets
Cash and due
from Banks $ 16,584 $ 44,612 $ 35,757 $ 33,885 $ 30,184
Federal Funds
Sold and
Overnight
Deposits 49,587 1,646 1,358 22,352 31,269
Investment
Securities 352,873 322,431 307,595 335,519 323,700
Federal Home
Loan Bank
Stock 8,750 9,092 9,794 9,794 9,794
Loans held for
sale 5,991 7,161 6,582 2,984 3,025
Loans 1,130,076 1,183,753 1,198,565 1,208,454 1,230,275
Allowance for
Loan Losses (29,580) (35,100) (29,609) (36,007) (29,638)
---------- ---------- ---------- ---------- ----------
Net Loans 1,100,496 1,148,653 1,168,956 1,172,447 1,200,637
Bank Premises
and Equipment 40,550 40,718 41,535 42,058 42,630
Foreclosed
Assets 17,314 19,385 18,781 20,285 19,634
Other Assets 69,853 69,088 69,757 67,856 67,735
---------- ---------- ---------- ---------- ----------
Total Assets $1,661,998 $1,662,786 $1,660,115 $1,707,180 $1,728,608
========== ========== ========== ========== ==========
Liabilities and
Stockholders'
Equity
Deposits
Non-Interest
Bearing $ 110,114 $ 119,249 $ 123,573 $ 113,292 $ 118,372
Money market,
savings and
NOW 582,878 599,978 623,854 620,433 579,027
Time 655,427 598,383 545,420 573,229 616,671
---------- ---------- ---------- ---------- ----------
Total
Deposits 1,348,419 1,317,610 1,292,847 1,306,954 1,314,070
Borrowings 204,784 228,343 242,303 275,831 284,580
Accrued
Expenses and
Other
Liabilities 7,854 7,739 7,981 7,513 7,961
---------- ---------- ---------- ---------- ----------
Total
Liabilities 1,561,057 1,553,692 1,543,131 1,590,298 1,606,611
Total Stockholders'
Equity 100,941 109,094 116,984 116,882 121,997
---------- ---------- ---------- ---------- ----------
Total Liabilities
and Stockholders'
Equity $1,661,998 $1,662,786 $1,660,115 $1,707,180 $1,728,608
========== ========== ========== ========== ==========
Tangible Book
Value per
Common Share $ 3.50 $ 3.99 $ 4.46 $ 4.45 $ 4.77
========== ========== ========== ========== ==========
For the three months ended
Dec 31, Sep 30, Jun 30, Mar 31, Dec 31,
2010 2010 2010 2010 2009
---------- ---------- ---------- ---------- ----------
Per Common
Share Data:
Basic Earnings
(loss) per
Share $ (0.17) $ (0.51) $ (0.02) $ (0.31) $ (0.68)
Diluted
Earnings
(loss) per
Share $ (0.17) $ (0.51) $ (0.02) $ (0.31) $ (0.68)
Tangible Book
Value per
Share $ 3.50 $ 3.99 $ 4.46 $ 4.45 $ 4.77
Selected
Performance
Ratios:
Return on
Average Assets
(annualized)
ROA -0.52% -1.91% 0.06% -1.10% -2.44%
Return on
Average Equity
(annualized)
ROE -8.09% -27.07% 0.90% -15.34% -31.92%
Return on
Tangible
Equity
(annualized) -8.15% -27.25% 0.90% -15.44% -32.14%
Net Interest
Margin 3.14% 3.39% 3.46% 3.41% 3.28%
Net Interest
Spread 2.99% 3.20% 3.32% 3.26% 3.08%
Non-interest
Income as a %
of Revenue 25.29% 18.73% 24.64% 22.98% 20.84%
Non-interest
Income as a %
of Average
Assets 0.99% 0.73% 1.04% 0.94% 0.80%
Non-interest
Expense to
Average Assets 2.97% 2.64% 2.93% 2.82% 3.09%
Efficiency
Ratio 75.93% 67.24% 69.19% 68.85% 80.26%
Asset Quality:
Nonperforming
Loans $ 103,648 $ 98,709 $ 55,477 $ 50,608 $ 37,732
Nonperforming
Assets $ 120,962 $ 118,094 $ 74,258 $ 70,893 $ 57,366
Nonperforming
Loans to Total
Loans 9.12% 8.29% 4.60% 4.18% 3.06%
Nonperforming
Assets to
Total Assets 7.28% 7.10% 4.47% 4.15% 3.32%
Allowance for
Loan Losses to
Period-end
Loans 2.60% 2.95% 2.46% 2.97% 2.40%
Allowance for
Loan Losses to
Nonperforming
Loans (X) 0.29X 0.36X 0.53X 0.71X 0.79X
Net Charge-offs
to Average
Loans
(annualized) 4.10% 3.78% 3.95% 1.20% 2.92%
Capital Ratios:
Equity to Total
Assets 6.07% 6.56% 7.05% 6.85% 7.06%
Tangible Common
Equity to
Total Tangible
Assets (1) 3.54% 4.03% 4.52% 4.39% 4.63%
Average Balances:
Year to Date
Interest
Earning
Assets $1,562,393 $1,561,504 $1,564,646 $1,573,247 $1,638,171
Total Assets 1,681,068 1,680,902 1,695,640 1,704,190 1,767,047
Total Loans 1,200,609 1,213,497 1,215,776 1,222,594 1,272,087
Equity 115,962 118,352 119,293 121,944 147,652
Interest
Bearing
Liabilities 1,436,443 1,435,705 1,451,099 1,459,636 1,501,705
Quarterly
Interest
Earning
Assets $1,565,031 $1,555,323 $1,556,140 $1,573,247 $1,621,037
Total Assets 1,681,561 1,651,907 1,687,184 1,704,190 1,745,299
Total Loans 1,162,365 1,209,013 1,209,033 1,222,594 1,246,223
Equity 108,870 116,501 116,671 121,944 133,201
Interest
Bearing
Liabilities 1,438,633 1,405,419 1,442,655 1,459,636 1,486,386
Weighted Average
Number of Shares
Outstanding
Basic 16,812,380 16,812,625 16,814,378 16,806,292 16,789,045
Diluted 16,812,380 16,812,625 16,814,378 16,806,292 16,789,045
Period end
outstanding
shares 16,812,625 16,812,625 16,812,625 16,818,125 16,787,675
Years Ended
Dec 31, Dec 31,
2010 2009
---------- ----------
Per Common
Share Data:
Basic Earnings
(loss) per
Share $ (1.01) $ (3.91)
Diluted
Earnings
(loss) per
Share $ (1.01) $ (3.91)
Tangible Book
Value per
Share $ 3.50 $ 4.77
Selected
Performance
Ratios:
Return on
Average Assets
(annualized)
ROA -0.86% -3.57%
Return on
Average Equity
(annualized)
ROE -12.52% -42.78%
Return on
Tangible
Equity
(annualized) -12.61% -46.93%
Net Interest
Margin 3.35% 3.16%
Net Interest
Spread 3.19% 2.95%
Non-interest
Income as a %
of Revenue 22.96% 19.96%
Non-interest
Income as a %
of Average
Assets 0.93% 0.73%
Non-interest
Expense to
Average Assets 2.84% 5.69%
Efficiency
Ratio 70.28% 155.44%
Asset Quality:
Nonperforming
Loans $ 103,648 $ 37,732
Nonperforming
Assets $ 120,962 $ 57,366
Nonperforming
Loans to Total
Loans 9.12% 3.07%
Nonperforming
Assets to
Total Assets 7.28% 3.32%
Allowance for
Loan Losses to
Period-end
Loans 2.60% 2.40%
Allowance for
Loan Losses to
Nonperforming
Loans (X) 0.29X 0.79X
Net Charge-offs
to Average
Loans
(annualized) 3.25% 1.82%
Capital Ratios:
Equity to Total
Assets 6.07% 7.06%
Tangible Common
Equity to
Total Tangible
Assets (1) 3.54% 4.63%
Average
Balances:
Year to Date
Interest
Earning
Assets
Total Assets
Total Loans
Equity
Interest
Bearing
Liabilities
Quarterly
Interest
Earning
Assets
Total Assets
Total Loans
Equity
Interest
Bearing
Liabilities
Weighted Average
Number of Shares
Outstanding
Basic 16,811,439 16,787,938
Diluted 16,811,439 16,787,938
Period end
outstanding
shares 16,812,625 16,787,675
(1) - Tangible Common Equity to Total Tangible Assets is period-ending
common equity less intangibles, divided by period-ending assets less
intangibles.
Management provides the above non-GAAP measure, footnote (1) to provide
readers with the impact of purchase accounting on this key financial ratio.
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)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Capital Bank Financial Corp. - Southern Community Capital Trust II - % Cumulative Trust Preferred Securities (MM) (NASDAQ:SCMFO)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024
