FRANKLIN, Tenn., April 25 /PRNewswire-FirstCall/ -- Tennessee
Commerce Bancorp, Inc. (NASDAQ:TNCC) today reported record net
income, loans and deposits for the first quarter ended March 31,
2007. Net income rose 54.7% to $1.4 million for the first quarter
ended March 31, 2007, compared with $909,000 in the same period in
2006. Diluted earnings per share increased 16% to $0.29 for the
first quarter of 2007 compared with $0.25 per diluted share for the
same quarter in 2006. "Tennessee Commerce's record first quarter
results benefited from increased loan demand, growth in net
interest income and improved operating efficiencies," stated Mike
Sapp, President of Tennessee Commerce Bancorp. "Net loans grew 54%
to a record $583 million in the first quarter due to continued
demand from local and national accounts. We are also pleased with
our 55% increase in earnings this quarter and the contribution of
loan sales to building our non-interest income. "Our efficiency
ratio of 40.81% is one of the best in our industry and highlights
the leverage of our business banking strategy compared with other
banks. At the end of the first quarter, Tennessee Commerce had
$12.6 million per employee in assets, an amount that is over three
and half times better than the average for other Tennessee banks,"
continued Mr. Sapp. First Quarter Interest income rose 54.3% to
$13.0 million, up from $8.4 million in the first quarter of 2006.
The growth in interest income was primarily due to a 54.1% increase
in average loans to $560.2 million for the first quarter of 2007.
Net interest income rose 31.3% to $5.6 million in the first quarter
of 2007 compared with $4.3 million in the first quarter of 2006.
The growth in net interest income was due to an increase in loans
offset somewhat by a decline in net interest margin. Net interest
margin was 3.62% in the first quarter of 2007 compared with 4.18%
in the first quarter of 2006 as the margin continues to be affected
by the inverted yield curve. Provision for loan losses was $1.5
million in the first quarter of 2007, up from $1.0 million in the
first quarter of last year. The increase was associated primarily
with the growth rate in the loan portfolio and an increase in
charge-offs compared with the prior year. The allowance for loan
losses was 1.33% of net loans for the first quarter of 2007
compared with 1.32% in the year prior period. "Loan quality remains
strong across our local and national accounts," stated George Fort,
Chief Financial Officer. "Our charge-offs to average loans was a
low 0.50% annualized and our reserves were 1.31% of total loans at
the end of the quarter." Non-interest income grew to $822,000
compared with $245,000 in the first quarter of 2006. The growth in
non-interest income benefited primarily from an increase in gain on
sale of loans and from an increase in service charges on accounts.
The gain on sale of loans rose 221.7% to $817,000 compared with
$254,000 in the first quarter of 2006. The principle balance on
loans sold in the first quarter of 2007 was $31 million. Average
weighted diluted shares outstanding increased 35.6% to 4.8 million
in the first quarter of 2007 from 3.6 million in the first quarter
of 2006. The increase in shares was due to the Company's initial
public stock offering of 1.15 million shares sold in June 2006.
Annualized return on average assets was 0.88% and annualized return
on average equity was 10.78% in the first quarter of 2007.
Tennessee Commerce's efficiency ratio improved to 40.81% in the
first quarter of 2007 compared with 44.84% in the first quarter of
2006. About Tennessee Commerce Bancorp, Inc. Tennessee Commerce
Bancorp, Inc. is the parent company of Tennessee Commerce Bank. The
Bank provides a wide range of banking services and is primarily
focused on business accounts. Its corporate and banking offices are
located in Franklin, Tennessee and it has a loan production office
in Birmingham, Alabama. Tennessee Commerce Bancorp's stock is
traded on the NASDAQ Global Market under the symbol TNCC.
Information contained in this press release, other than historical
information, may be considered forward-looking in nature and is
subject to various risks, uncertainties and assumptions. Should one
or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those anticipated, estimated or expected. Among the
key factors that may have a direct bearing on Tennessee Commerce
Bancorp's operating results, performance or financial condition are
competition, changes in interest rates, the demand for its products
and services, the ability to expand, and numerous other factors as
set forth in the Corporation's filings with the Securities and
Exchange Commission. TENNESSEE COMMERCE BANCORP, INC. CONSOLIDATED
BALANCE SHEETS MARCH 31, 2007 (UNAUDITED) AND DECEMBER 31, 2006
(dollars in thousands except share data) March 31, December 31,
2007 2006 ------------ ----------- ASSETS Cash and due from
financial institutions $ 7,538 $ 177 Federal funds sold 3,434
13,820 ----------- ----------- Cash and cash equivalents 10,972
13,997 Securities available for sale 58,943 56,943 Loans 591,245
545,518 Allowance for loan losses (7,758) (6,968) -----------
----------- Net loans 583,487 538,550 Premises and equipment, net
1,583 1,633 Accrued interest receivable 4,413 4,116 Restricted
equity securities 633 633 Deferred tax asset 588 635 Other assets
8,555 7,011 ----------- ----------- Total assets $ 669,174 $
623,518 =========== =========== LIABILITIES AND SHAREHOLDERS'
EQUITY Liabilities Deposits Noninterest-bearing $ 21,205 $ 17,001
Interest-bearing 582,636 543,566 ----------- ----------- Total
deposits 603,841 560,567 Accrued interest payable 1,749 1,728
Accrued bonuses 218 623 Long-term subordinated debt 8,248 8,248
Other liabilities 1,624 1,128 ----------- ----------- Total
liabilities 615,680 572,294 Shareholders' equity Preferred stock,
no par value. Authorized 1,000,000 shares; none issued or
outstanding at March 31, 2007 and December 31, 2006 -- -- Common
stock, $0.50 par value. Authorized 10,000,000 shares; issued and
outstanding 4,495,024 at March 31, 2007 and 4,451,674 December 31,
2006 2,247 2,226 Additional paid-in capital 41,521 40,755 Retained
earnings 9,936 8,530 Accumulated other comprehensive income (loss)
(210) (287) ----------- ----------- Total shareholders' equity
53,494 51,224 ----------- ----------- Total liabilities and
shareholders' equity $ 669,174 $ 623,518 =========== ===========
TENNESSEE COMMERCE BANCORP, INC. CONSOLIDATED STATEMENTS OF INCOME
AND COMPREHENSIVE INCOME THREE MONTHS ENDED MARCH 31, 2007 AND 2006
(UNAUDITED) (dollars in thousands except share data) Three Months
Ended March 31, ------------------------ 2007 2006 -----------
----------- Interest income Loans, including fees $ 12,099 $ 7,847
Securities 764 451 Federal funds sold 108 106 -----------
----------- Total interest income 12,971 8,404 Interest expense
Deposits 7,226 4,002 Other 160 147 ----------- ----------- Total
interest expense 7,386 4,149 ----------- ----------- Net interest
income 5,585 4,255 Provision for loan losses 1,500 1,000
----------- ----------- Net interest income after provision for
loan losses 4,085 3,255 Non interest income Service charges on
deposit accounts 61 49 Gain on sale of loans 817 254 Other (56)
(58) ----------- ----------- Total non interest income 822 245 Non
interest expense Salaries and employee benefits 1,472 1,200
Occupancy and equipment 268 200 Data processing fees 226 157
Professional fees 238 191 Other 411 270 ----------- -----------
Total non interest expense 2,615 2,018 ----------- -----------
Income before income taxes 2,292 1,482 Income tax expense 886 573
----------- ----------- Net income $ 1,406 $ 909 Unrealized gains
(losses) on securities, net 124 (206) ----------- -----------
Comprehensive income (loss) $ 1,530 $ 703 =========== ===========
Earnings per share (EPS): Basic EPS $ 0.31 $ 0.28 Diluted EPS 0.29
0.25 Weighted average shares outstanding: Basic 4,480,289 3,240,563
Diluted 4,827,045 3,565,727 TENNESSEE COMMERCE BANCORP, INC.
FINANCIAL HIGHLIGHTS (Dollars in thousands except ratios and share
data) 2007 2006 % Change ---- ---- -------- Year To Date thru 3/31
Earnings: Net Interest Income $ 5,585 $ 4,255 31.26% Non-Interest
Income 822 245 235.51% Provision for Loan Losses 1,500 1,000 50.00%
Operating Expense 2,615 2,018 29.58% Operating Income 2,292 1,482
54.66% Applicable Tax 886 573 54.62% ---------- ----------- Net
Income $ 1,406 $ 909 54.68% ========== =========== At March 31
Total Assets $ 669,174 $ 438,318 52.67% Net Loans 583,487 379,264
53.85% Earning Assets 645,864 425,994 51.61% Allowance for Loan
Losses 7,758 5,020 54.54% Deposits 603,841 400,977 50.59%
Shareholders' Equity $ 53,494 $ 27,277 96.11% Total Shares
Outstanding 4,495,024 3,240,674 38.71% Significant Ratios - YTD Net
Interest Margin 3.62% 4.18% -13.40% Return on Average Assets 0.88%
0.87% 1.15% Return on Average Equity 10.78% 13.54% -20.38%
Efficiency Ratio 40.81% 44.84% -8.99% Loan Loss Reserve/Net Loans
1.33% 1.32% 0.76% Tier 1 Leverage Ratio 9.56% 8.41% 13.67% Basic
Earnings per Share - YTD $ 0.31 $ 0.28 10.71% Diluted Earnings per
Share - YTD $ 0.29 $ 0.25 16.00% TENNESSEE COMMERCE BANCORP, INC.
ANALYSIS OF INTEREST INCOME AND EXPENSE, RATES AND YIELDS
(UNAUDITED) Three Months Ended Three Months Ended March 31, 2007
March 31, 2006 ------------------------ -------------------------
(dollars in Average Rates/ Average Rates/ thousands) Balances
Interest Yields Balances Interest Yields ----------------- --------
-------- ------ -------- -------- ------ Interest-earning assets:
Loans $560,168 $ 12,099 8.76% $363,408 $ 7,847 8.76% Securities:
Taxable 58,140 764 5.27% 37,634 451 4.78% Federal funds sold and
other 7,406 108 5.91% 11,503 106 3.74% -------- -------- --------
-------- Total interest- earning assets 625,714 $ 12,971 8.40%
412,545 $ 8,404 8.25% -------- -------- Nonearning assets 19,560
12,323 -------- -------- Total assets $645,274 $424,868 ========
======== Interest-bearing liabilities: Interest-bearing deposits
$560,863 $ 7,226 5.23% $367,933 $ 4,002 4.41% Federal funds
purchased 1,455 21 5.85% 752 9 4.85% Subordinated debt 8,248 139
6.83% 8,248 138 6.74% -------- -------- -------- -------- Total
interest- bearing liabilities 570,566 7,386 5.25% 376,933 4,149
4.46% -------- -------- Noninterest bearing deposits and other
liabilities 22,561 21,082 Stockholders' equity 52,147 26,853
-------- -------- Total liabilities and equity $645,274 $424,868
======== ======== Net interest income $ 5,585 $ 4,255 ========
======== Net interest spread (1) 3.15% 3.79% Net interest margin
(2) 3.62% 4.18% (1) Yields realized on interest-earning assets less
the rates paid on interest-bearing liabilities. (2) Net interest
margin is the result of annualized net interest income calculated
on a tax equivalent basis divided by average interest-earning
assets for the period. DATASOURCE: Tennessee Commerce Bancorp, Inc.
CONTACT: George Fort, Chief Financial Officer of Tennessee Commerce
Bancorp, Inc., +1-615-599-2274
Copyright
Tennessee Commerce Bancorp (TN) (MM) (NASDAQ:TNCC)
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