In the second table titled "Consolidated Statements of Income"
the Provision for Loan Losses was not inserted in the table of the
original release.
The corrected release reads:
TENNESSEE COMMERCE BANCORP REPORTS
SECOND QUARTER RESULTS
Tennessee Commerce Bancorp, Inc. (NASDAQ: TNCC) today reported
financial results for the second quarter ended June 30, 2009. The
Company reported a net loss available to common shareholders of
$6.9 million, or $1.46 per diluted share, for the second
quarter of 2009, compared with net income of $1.8 million, or
$0.38 per diluted share, in the second quarter of 2008.
“Tennessee Commerce reported solid growth in loans, net interest
income and net interest margin for the second quarter of 2009;
however, our loss for the quarter was due primarily to an increase
in our provision for loan losses,” stated Mike Sapp, President of
Tennessee Commerce Bancorp. “We continue to be aggressive in moving
problem loans through our system and reported a 24.7% decrease in
non-performing loans since the first quarter of 2009. We also
strengthened our allowance for loan losses in the second quarter
from 1.40% to 1.65% of total loans.
“We added $39.6 million in net loans in the second quarter,”
continued Mr. Sapp. “Our net loans rose 21.7% to a record $1.1
billion due to solid loan demand from our commercial customer base.
We believe Tennessee Commerce continues to attract new customers
displaced by the larger banks who have slowed lending in recent
quarters. This has also allowed us to be more selective in funding
new loans as we focus on strengthening credit quality across our
portfolio.”
Second Quarter
Highlights
- Net loans increased 21.7% to
a record $1.1 billion
- Allowance for loan losses was
strengthened 18% to 1.65% of total loans
- Non-performing loans
decreased 24.7%
- Total deposits increased
26.0% to a record $1.2 billion
- Net interest income increased
24.5% to $10.5 million
- Net interest margin improved
to 3.45%
- Total risk-based capital was
10.5% and Tier 1 capital was 9.3% for the bank
Interest income rose 8.0% to $19.9 million, up from $18.4
million in the second quarter of 2008. The growth in interest
income was primarily due to a 26.1% increase in average loans to
$1.1 billion for the second quarter of 2009 and expansion of net
interest margin. Net interest income rose 24.5% to $10.5 million
for the second quarter of 2009 compared with $8.4 million for
the second quarter of 2008. Net interest margin rose to 3.45% in
the second quarter of 2009 compared with 3.39% in the first quarter
of 2009 and 3.44% in the second quarter of 2008. Net interest
margin was reduced approximately 10 basis points, due to interest
reversals on non-accruing loans.
“We reported record net interest income in the second quarter of
2009 and benefited from the continued growth in our loan portfolio
and improved net interest margin,” stated Mr. Sapp. “Our margin was
up 6 basis points from the first quarter of 2009 as we focused on
improving our rates on loans and lowering our funding costs. Our
focus on improving loan yields and increasing the floor rates on
loans that renew have been an important part in building our net
interest margin.”
Provision for loan losses rose to $13.1 million in the second
quarter of 2009, an increase from $2.3 million in the second
quarter of last year. The increased provision for loan losses was
due to higher net charge-offs that totaled $9.6 million in the
second quarter of 2009 and a $3.5 million addition to the allowance
for loan losses. The 2009 charge-offs include approximately $3
million related to an equipment loan where customer fraud is
alleged. Net charge-offs were $1.9 million in the second quarter of
2008. At the end of the second quarter, the allowance for loan
losses was $18.9 million, or 1.65% of loans, compared with
$11.5 million, or 1.23% of loans, in the year prior
period.
Total non-performing loans declined 24.7% to $25.6 million in
the second quarter of 2009 compared with the linked first quarter
of 2009. Real estate owned and other repossessed assets were $5.6
million and $16.8 million respectively in the second quarter
of 2009. In the second quarter of 2008, non-performing loans
totaled $8.8 million and real estate owned and other repossessed
assets were $0.5 million and $12.7 million, respectively.
Approximately 34% of our non-performing loans are in the
transportation sector although they represent only 14% of our total
loan portfolio.
“We had a significant reduction in non-performing loans in the
second quarter due to the payoff on an $8.1 million loan that
was classified as non-performing in the first quarter of 2009,”
stated Frank Perez, Chief Financial Officer of Tennessee Commerce
Bancorp. “This was a commercial real estate loan where the property
was sold and we were paid off in full. In addition, we remain
focused on reducing our non-performing loans, foreclosed real
estate and repossessed assets to improve our credit quality,
minimize losses and protect our capital base.”
“We did not have any loan sales in the second quarter of 2009
compared with $10 million in the second quarter of 2008,” continued
Mr. Sapp. “We believe demand for loan sales was affected by
correspondent banks concern with regulatory issues and exams rather
than improving the yield on their earning assets. We expect demand
for the sale of loan pools to pick up based on recent inquiries by
banks. We also anticipate more interest from correspondent banks as
the economy improves.”
Non interest loss was $1.6 million in the second quarter of 2009
compared with non interest income of $0.8 million in the
second quarter of 2008. The 2009 results included a $629,000 loss
on sale of loans due to fee reversals on buy-backs of small ticket
loan pools. This compares with an $852,000 gain on sale of loans in
the second quarter of last year.
Non-interest expenses rose to $6.4 million compared with $3.9
million in the second quarter of 2008. The increase was due to an
increase in FDIC insurance premiums and a special FDIC assessment
combined with higher costs related to loan portfolio management and
additional staffing expense. The cost for FDIC insurance and
special assessment increased to $674,000 in the second quarter of
2009 compared with $159,000 in the second quarter of 2008. Costs
associated with other real estate owned, repossessed assets and
increased collection efforts rose to $665,000 in the second quarter
of 2009 compared with $250,000 in the second quarter of 2008.
Tennessee Commerce was classified as a well-capitalized bank at
the end of the second quarter. Total risk-based capital was 8.7%
for the holding company and 10.5% for the bank compared with
regulatory requirements of 10.0% for a well-capitalized bank and
minimum regulatory requirements of 8.0%. Tier 1 capital was 7.4%
for the holding company and 9.2% for the bank, and was above the
requirement of 6.0% for a well-capitalized bank and minimum
regulatory requirements of 4.0%.
“Tennessee Commerce Bancorp filed an S-3 with the Securities and
Exchange Commission earlier this month,” stated Mr. Sapp. “In
addition, shareholders are expected to approve an increase in our
authorized shares to 20 million. We believe these steps will put us
in better position to take advantage market opportunities to
further strengthen our capital base in the future.”
Average weighted diluted shares outstanding declined 4.1% to 4.7
million in the second quarter of 2009 from 4.9 million in the
second quarter of 2008. The decrease in average weighted shares
outstanding was due to certain stock options being excluded from
the most recent quarter’s calculation since they were anti-dilutive
shares.
Tennessee Commerce’s efficiency ratio increased to 71.82% in the
second quarter of 2009 compared with 41.85% in the second quarter
of 2008. The second quarter of 2009’s efficiency ratio was
adversely affected by lower non-interest income from loan sales and
higher FDIC insurance and loan portfolio management costs compared
with the prior year.
Six Months
Results
Net loss available to common shareholders for the first six
months of 2009 was $9.6 million compared with net income of $3.2
million in the same period of 2008. Net loss per diluted share was
$2.02 compared with net income per diluted share of $0.66 in the
first six months of 2008. The 2009 results include $796,000 in
preferred stock dividends and accretion on the preferred stock
related to Tennessee Commerce’s issuance of $30 million in
preferred stock in December 2008.
Net interest income rose 28% to $20.3 million, up from $15.9
million in the first six months of 2008. The growth in net interest
income benefited from a 20.6% increase in average earnings assets
to $1.2 billion and a 5 basis point increase in net interest
margin. Net interest margin was 3.42% for the 2009 period compared
with 3.37% for the same period in 2008.
Provision for loan losses was $21.6 million for the first six
months of 2009 compared with $3.9 million for the same period
in 2008.
Non interest loss for the first six months of 2009 was $1.5
million compared with non interest income of $1.3 million in
the first six months of 2008. The 2009 results included a $989,000
loss on sale of loans and an $338,000 gain on the sale of
securities. This compares with an $1.4 million gain on sale of
loans and a $30,000 gain on the sale of securities in the first
half of last year.
Non-interest expenses rose to $11.3 million in the first six
months of 2009 compared with $8.0 million in the first six months
of 2008. The increase was due to an $835,000 increase in FDIC
insurance premiums and a special FDIC assessment, and $1.1 million
in costs related to loan portfolio management and additional
staffing expense compared with the first half of 2008.
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 loan production offices in Birmingham, Alabama and
Minneapolis. 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.
Additional information concerning Tennessee Commerce can be
accessed at www.tncommercebank.com.
TENNESSEE COMMERCE BANCORP,
INC.
CONSOLIDATED BALANCE
SHEETS
JUNE 30, 2009 (UNAUDITED) AND
DECEMBER 31, 2008
(Dollars in thousands except share data)
2009 2008
ASSETS
Cash and due from financial institutions $ 15,900 $ 5,260 Federal
funds sold 5 35,538 Cash and cash
equivalents 15,905 40,798 Securities available for sale
107,099 101,290 Loans 1,147,119 1,036,725 Allowance for loan
losses (18,938 ) (13,454 ) Net loans 1,128,181
1,023,271 Premises and equipment, net 2,152 2,330 Accrued
interest receivable 8,260 8,115 Restricted equity securities 2,169
1,685 Income tax receivable 6,964 4,430 Other assets 68,809
36,165 Total assets $ 1,339,539
$ 1,218,084
LIABILITIES AND SHAREHOLDERS’
EQUITY Liabilities Deposits Noninterest-bearing $ 25,220 $
24,217 Interest-bearing 1,178,461 1,044,926
Total deposits 1,203,681 1,069,143 FHLB advances
--
--
Federal funds purchased
--
--
Accrued interest payable 2,958 3,315 Accrued dividend payable 187
--
Short-term borrowings 10,000 10,000 Accrued bonuses 386 917
Deferred tax liability 6,875 8,695 Other liabilities 1,528 1,069
Long-term subordinated debt 23,198 23,198
Total liabilities 1,248,813 1,116,337 Shareholders’ equity
Preferred stock, 1,000,000 shares authorized; 30,000 shares of
$0.50 par value Fixed Rate Cumulative Perpetual, Series A issued
and outstanding at June 30, 2009 and December 31, 2008,
respectively 15,000 15,000 Common stock, $0.50 par value;
10,000,000 shares authorized at June 30, 2009 and December 31,
2008; 4,733,712 and 4,731,696 shares issued and outstanding at June
30, 2009 and December 31, 2008, respectively 2,367 2,366 Common
stock warrants 453 453 Additional paid-in capital 60,143 59,946
Retained earnings 13,619 23,180 Accumulated other comprehensive
income (856 ) 802 Total shareholders’ equity
90,726 101,747 Total liabilities and shareholders’ equity $
1,339,539 $ 1,218,084
(1) The balance sheet at December
31, 2008 has been derived from the audited consolidated financial
statements at that date but does not include all of the information
and notes required by generally accepted accounting principles for
complete financial statements.
See accompanying notes to consolidated financial statements.
TENNESSEE COMMERCE BANCORP,
INC.
CONSOLIDATED STATEMENTS OF
INCOME
SIX MONTHS ENDED JUNE 30, 2009
AND 2008
THREE MONTHS ENDED JUNE 30,
2009 AND 2008
(UNAUDITED)
Six Months
Ended June 30, Three Months Ended June 30, (Dollars
in thousands, except share data) 2009 2008
2009 2008 Interest income Loans, including
fees $ 36,570 $ 33,597 $ 18,674 $ 17,215 Securities 2,788 2,177
1,233 1,144 Federal funds sold 5 141
0 70 Total interest income 39,363
35,915 19,907 18,429 Interest expense Deposits 18,083 19,438
8,954 9,694 Other 989 619 502
339 Total interest expense 19,072
20,057 9,456 10,033
Net interest income 20,291 15,858 10,451 8,396
Provision for loan losses
21,639
3,940
13,125
2,340 Net interest income after provision for loan
losses (1,348 ) 11,918 (2,674 ) 6,056 Non-interest income
Service charges on deposit accounts 91 49 48 25 Securities gains
(losses) 338 30 (80 )
--
Gain on sale of loans (989 ) 1418 (629 ) 852 Other (974 )
(167 ) (900 ) (74 ) Total non-interest income
(1,534 ) 1,330 (1,561 ) 803 Non-interest expense Salaries
and employee benefits 5,340 4,093 2,991 1,809 Occupancy and
equipment 792 722 382 362 Data processing fees 699 534 395 249
Professional fees 988 904 598 529 Other 3,499
1,741 2,019 901 Total
non-interest expense 11,318 7,994
6,385 3,850 Income before income
taxes (14,200 ) 5,254 (10,620 ) 3,009 Income tax expense
(5,435 ) 2,033 (4,071 ) 1163
Net income (8,765 ) 3,221 (6,549 ) 1,846 CPP Preferred
dividends (796 )
--
(352 )
--
Net income available to common shareholders $ (9,561
) $ 3,221 $ (6,901 ) $ 1,846 Earnings per
share (EPS): Basic EPS $ (2.02 ) $ 0.68 $ (1.46 ) $ 0.39 Diluted
EPS (2.02 ) 0.66 (1.46 ) 0.38 Weighted average shares
outstanding: Basic 4,732,387 4,730,707 4,733,070 4,731,696 Diluted
4,732,387 4,890,911 4,733,070 4,891,111 See accompanying
notes to consolidated financial statements.
Tennessee Commerce Bancorp, Inc Financial
Highlights (Dollars in thousands except ratios and share
data)
2009 2008
% Change For the Quarter Ending 6/30
Earnings: Net Interest Income $ 10,451 $ 8,396 24.48 % Non-Interest
Income (1,561 ) 803 -294.40 % Provision for Loan Losses 13,125
2,340 460.90 % Operating Expense 6,385 3,850 65.84 % Operating
Income (10,620 ) 3,009 -452.94 % Applicable Tax (4,071 )
1,163 -450.04 % Net Income (6,549 ) 1,846 -454.77 %
Preferred Dividends 352 - 100.00 % Net
Income Available to Common Shareholders $ (6,901 ) $ 1,846
-473.84 %
At June 30
Total Assets $ 1,339,539 $ 1,065,985 25.66 % Net Loans 1,128,181
927,116 21.69 % Earning Assets 1,235,285 1,024,055 20.63 %
Allowance for Loan Losses 18,938 11,520 64.39 % Deposits 1,203,681
955,248 26.01 % Shareholders' Equity $ 90,726 $ 65,652 38.19 %
Total Shares Outstanding
4,733,712 4,731,696 0.04 %
Significant Ratios - 2nd
Quarter
Net Interest Margin 3.45 % 3.44 % 0.29 % Return on Average Assets
-2.13 % 0.73 % -391.78 % Return on Average Common Equity -42.50 %
11.38 % -473.46 % Efficiency Ratio 71.82 % 41.85 % 71.61 % Loan
Loss Reserve/Loans 1.65 % 1.23 % 34.15 % Capital/Assets 6.77 % 6.16
% 9.90 % Basic Earnings per Share - YTD $ (1.46 ) $ 0.39 -474.36 %
Diluted Earnings per Share - YTD $ (1.46 ) $ 0.38 -484.21 %
TENNESSEE COMMERCE BANCORP,
INC.
ANALYSIS OF INTEREST INCOME AND
EXPENSE, RATES AND YIELDS
(UNAUDITED)
Three Months Ended June 30,
Three Months Ended June 30, 2009 2008
Average Average Average
Average (Dollars in thousands) Balance
Interest Rate Balance Interest
Rate ASSETS Interest earning assets
Securities (taxable)(1)
$ 96,410 $ 1,233 5.11 % $ 82,470 $ 1,144 5.62 %
Loans(2)(3)
1,117,841 18,674 6.70 % 886,808 17,215 7.81 % Federal funds sold
1,420 - 0.00 % 14,054 70
2.00 % Total interest earning assets 1,215,671 19,907 6.57 %
983,332 18,429 7.54 % Non-interest earning assets Cash and
due from banks 11,210 2,485 Net fixed assets and equipment 2,208
1,462 Accrued interest and other assets 72,449
30,346 Total assets $ 1,301,538 $ 1,017,625
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest bearing liabilities Deposits (other than demand) $
1,115,266 $ 8,954 3.22 % $ 897,607 $ 9,694 4.34 % Federal funds
purchased 25,254 32 0.51 % 8,229 61 2.98 % Subordinated debt
33,198 470 5.68 % 19,501 278
5.73 % Total interest bearing liabilities 1,173,718 9,456 3.23 %
925,337 10,033 4.36 % Non-interest bearing liabilities
Non-interest bearing demand deposits 24,398 22,531 Other
liabilities 8,747 4,487 Shareholders’ equity 94,675
65,270 Total liabilities and shareholders’
equity $ 1,301,538 $ 1,017,625 Net Interest
Spread 3.34 % 3.18 % Net Interest Margin 3.45 % 3.44 %
(1) Unrealized gain (loss) of $(418) and $607 is
excluded from yield calculation for the three months ended June 30,
2009 and 2008, respectively.
(2) Non-accrual loans are included
in average loan balances and loan fees of $1,016 and $1,254 are
included in interest income for the three months ended June 30,
2009 and 2008, respectively.
(3) Loans are presented net of allowance for loan loss.
TENNESSEE COMMERCE BANCORP,
INC.
ANALYSIS OF INTEREST INCOME AND
EXPENSE, RATES AND YIELDS
(UNAUDITED)
Six Months Ended June 30, Six Months
Ended June 30, 2009 2008 Average
Average Average Average
(Dollars in thousands) Balance Interest
Rate Balance Interest Rate
ASSETS Interest earning assets
Securities (taxable)(1)
$ 105,214 $ 2,788 5.33 % $ 79,270 $ 2,177 5.57 %
Loans(2)(3)
1,085,140 36,570 6.80 % 856,183 33,597 7.89 % Federal funds sold
5,770 5 0.17 % 11,039 141 2.57 % Total
interest earning assets 1,196,124 39,363 6.63 % 946,492 35,915 7.64
% Non-interest earning assets Cash and due from banks 8,606
3,448 Net fixed assets and equipment 2,249 1,458 Accrued interest
and other assets 63,056 27,200 Total assets $
1,270,035 $ 978,598
LIABILITIES AND SHAREHOLDERS’
EQUITY Interest bearing liabilities
Deposits (other than demand) $ 1,085,115 $ 18,083 3.36 % $ 862,419
$ 19,438 4.53 % Federal funds purchased 22,805 67 0.59 % 6,084 91
3.01 % Subordinated debt 33,198 922 5.6 %
17,457 528 6.08 % Total interest bearing liabilities
1,141,118 19,072 3.37 % 885,960 20,057 4.55 % Non-interest
bearing liabilities Non-interest bearing demand deposits 23,079
24,143 Other liabilities 8,445 3,922 Shareholders’ equity
97,393 64,573 Total liabilities and shareholders’
equity $ 1,270,035 $ 978,598 Net Interest Spread 3.26 % 3.09
% Net Interest Margin 3.42 % 3.37 % (1)
Unrealized gain (loss) of $(257) and $661 is excluded from yield
calculation for the six months ended June 30, 2009 and 2008,
respectively.
(2) Non-accrual loans are included
in average loan balances and loan fees of $2,990 and $2,070 are
included in interest income for the six months ended June 30, 2009
and 2008, respectively.
(3) Loans are presented net of allowance for loan loss
TENNESSEE COMMERCE BANCORP,
INC.
LOAN DATA
(amounts in thousands)
6/30/2009
3/31/2009 12/31/2008
9/30/2008
6/30/2008
LOAN BALANCES BY TYPE: Commercial and Industrial $ 639,287 $
635,943 $ 589,518 $ 580,501 $ 556,056 Consumer 3,827 3,628 3,572
3,479 3,375 Real Estate: Construction 216,208 202,034 181,638
165,511 152,075 1-4 Family 37,988 38,257 37,822 38,128 34,165 Other
175,510 172,771
171,150
162,283 153,770 Total Real Estate
429,706 413,062 390,610 365,922 340,010 Other 74,299
51,309 53,025 47,937
39,195 Total $ 1,147,119 $ 1,103,942 $
1,036,725 $ 997,839 $ 938,636 ASSET
QUALITY DATA: Nonaccrual Loans $ 23,332 $ 24,342 $ 11,603 $ 9,834 $
5,566 Loans 90+ Days Past Due
2,240
9,605 18,788
4,398 3,245 Total
Non-Performing Loans 25,572 33,947 30,391 14,232 8,811 Other Real
Estate Owned
5,635
5,045 5,764
1,126 485 Total Non-Performing
Assets $ 31,207 $ 38,992 $ 36,155 $ 15,358 $ 9,296
Non-Performing Loans to Total Loans 2.2 % 3.1 % 2.9 % 1.4 % 0.9 %
Non-Performing Assets to Total Loans and OREO 2.7 % 3.5 % 3.5 % 1.5
% 1.0 % Allowance for Loan Losses to Non-Performing Loans 74.1 %
45.4 % 44.3 % 85.7 % 130.7 % Allowance for Loan Losses to Total
Loans 1.7 % 1.4 % 1.3 % 1.2 % 1.2 % Loans 30+ Days Past Due to
Total Loans 3.3 % 4.9 % 4.5 % 3.0 % 3.5 % (loans not included in
non-performing loans) Net Chargeoffs to Average Gross Loans 0.9 %
0.6 % 0.2 % 0.1 % 0.2 % NET CHARGEOFFS FOR QUARTER $
9,611 $ 6,544 $ 2,058 $ 1,179 $ 1,854
Tennessee Commerce Bancorp (TN) (MM) (NASDAQ:TNCC)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Tennessee Commerce Bancorp (TN) (MM) (NASDAQ:TNCC)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024
