 | |
- close
- close
|
RELATED WIKI ARTICLES
Tennessee Commerce Bancorp Reports $1.2 Million in Third Quarter Income
Business Wire
Oct 19, 2009
Tennessee Commerce Bancorp, Inc. (NASDAQ:TNCC) today reported financial results for the third quarter ended September 30, 2009. The Company reported net income available to common shareholders of $1.2 million, or $0.25 per diluted share, for the third quarter of 2009, compared with net income of $1.9 million, or $0.39 per diluted share, for the third quarter of 2008.
“Tennessee Commerce’s $1.2 million in third quarter net income was the result of progress we made in reducing our provision for loan losses and strengthening our key drivers of profitability since the first half of this year,” stated Mike Sapp, President of Tennessee Commerce Bancorp. “We reported solid growth in our net margin compared with the linked second quarter of 2009, as well as improvement in loan sales. We also strengthened our allowance for loan losses as part of our strategy to protect our capital base. We expect these factors will contribute to continued net income growth in the fourth quarter.
“Our third quarter’s profitability was due to gain on loan sales, margin improvement and a continuing reduction in loan losses. Our net interest income rose 23.2% to $11.4 million in the third quarter due to continued growth in loans and solid improvement in our net interest margin,” continued Mr. Sapp. “Net loans rose 15.7% to a record $1.1 billion. The net interest margin improved 15 basis points to 3.61% compared with 3.46% in the third quarter of last year. We anticipate our continued focus on loan yields and managing costs will result in additional margin improvement.”
Third Quarter Highlights
- Net loans increased 15.7%, from the third quarter of 2008, to $1.1 billion
- Allowance for loan losses was strengthened to 1.70% of total loans
- Total deposits increased 21.6%, from the third quarter of 2008, to $1.2 billion
- Operating efficiency ratio improved to 39.28%, one of the best in the industry
- Net interest income increased 23.2%, from the third quarter of 2008 to $11.4 million
- Net interest margin improved to 3.61%
- Total risk-based capital was 10.68% and Tier 1 capital was 9.43% for the bank
“This was our third consecutive quarterly increase in our net interest margin,” stated CFO Frank Perez. “This reflects our focus on improving loan pricing. We also made significant progress in reducing our non-core funding sources to improve our funding costs. These steps contributed to our 118 basis point reduction in deposit costs since the third quarter of 2008 and 30 basis point improvement from the linked second quarter of 2009.”
Provision for loan losses was $5.3 million in the third quarter of 2009 and was down substantially from $13.1 million reported in the linked second quarter of 2009. The decrease in the provision for loan losses benefited from a 53.2% drop in charge offs to $4.5 million in the third quarter of 2009 compared with $9.6 million in the linked second quarter of 2009. At the end of the third quarter, the allowance for loan losses was strengthened to $19.7 million, or 1.70% of loans, up from $18.9 million, or 1.65% in the linked second quarter of 2009. The provision for loan losses was $1.9 million and the allowance for loan losses was $12.2 million, or 1.22% of loans, in the year prior period.
“Our provision for loan losses is down significantly from earlier this year due to our aggressive stance on managing problem loans,” noted Mr. Sapp. “We also experienced a reduction in past due loans, including those 30 days past due, 31-89 days past due and 90+ days past due. Nashville continues to outperform other markets, including a much stronger real estate market, that is reflected in the reduction of our past due loans and OREO over the past quarter.
“Our total non-performing assets were up less than 1% from the linked second quarter of 2009, primarily due to a significant reduction in OREO, offset partially by an increase in nonaccrual loans. We remain diligent in reducing our non-performing loans, foreclosed real estate and repossessed assets to improve our credit quality, minimize losses and protect our capital base,” continued Mr. Sapp.
Total non-performing loans were $30.2 million in the third quarter of 2009 compared with $25.6 million in the linked second quarter of 2009. After the close of the third quarter, we reduced non-performing assets by an additional $2.75 million. Other real estate owned and repossessed assets were $1.3 million and $22.1 million respectively in the third quarter of 2009. In the third quarter of 2008, non-performing loans totaled $14.2 million and other real estate owned and repossessed assets were $1.1 million and $11.1 million, respectively. The transportation sector of our loan portfolio continues to lag due to economic conditions.
Non-interest income rose to $1.4 million in the third quarter of 2009 compared with $98,000 in the third quarter of last year. The growth in non-interest income benefited from an increase in gains on security sales, sales of loan pools and other income. Security gains rose to $532,000 in the third quarter of 2009 compared with a loss of $97,000 on security sales in the third quarter of 2008. Sales of loan pools generated $340,000 in the third quarter of 2009, including a $218,000 loss on sale of loans due to fee reversals on buy-backs of small ticket loan pools. This compares with a $1,000 net gain on loan sales in the third quarter of 2008. Other income rose to $440,000 and included a $203,000 gain on sales of repossessed assets in the transportation sector.
Non-interest expenses rose 12.9% to $5.0 million compared with $4.4 million in the third 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 $717,000 in the third quarter of 2009 compared with $170,000 in the third quarter of 2008. Costs associated with other real estate owned, repossessed assets and increased collection efforts were included in other non-interest expenses and rose to $478,000 in the third quarter of 2009 compared with $249,000 in the third quarter of 2008.
Total risk-based capital was 10.59% for the holding company and 10.68% 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 9.34% for the holding company and 9.43% for the bank, both well above the requirement of 6.0% for a well-capitalized bank and minimum regulatory requirements of 4.0%.
“We slowed our loan growth in the third quarter as we maintained our focus on loan quality and preserving our strong capital base,” continued Mr. Sapp. “We believe it is very important to maintain our capital ratios well above those required by the bank’s regulators as a buffer to the continued weakness in the economy. Based on our current capital ratios, we expect to moderate our fourth quarter’s loan growth as well.
“We filed an S-3 with the Securities and Exchange Commission and our shareholders approved an increase in our authorized shares in July. We believe these steps will put us in better position to take advantage of market opportunities to further strengthen our capital base in the future,” concluded Mr. Sapp.
Tennessee Commerce’s efficiency ratio was 39.28% in the third quarter of 2009 which is one of the best efficiency ratios in the industry and its asset-to-employee ratio of $15.3 million is almost four times higher than the average for other Tennessee banks.
Nine Months Results
For the first nine months of 2009, Tennessee Commerce reported a net loss available to common shareholders of $8.4 million compared with net income of $5.1 million for the first nine months of 2008. Net loss per diluted share was $1.77 compared with net income per diluted share of $1.05 in the first nine months of 2008. The 2009 year-to-date loss was primarily due to higher charge offs in the first half of 2009 combined with significant additions to the allowance for loan losses.
Net interest income rose 26.2% to $31.7 million, up from $25.1 million in the first nine months of 2008 based on a 23.2% increase in average earnings assets to $1.2 billion. Net interest margin was 3.49% for the 2009 period compared with 3.40% for the same period in 2008.
Provision for loan losses was $26.9 million for the first nine months of 2009 compared with $5.8 million for the same period in 2008.
Non interest loss for the first nine months of 2009 was $181,000 compared with non interest income of $1.4 million in the first nine months of 2008. The 2009 non interest loss was due primarily to losses on loan sales and repossessed assets in the first half of the year.
Non-interest expenses rose to $16.3 million in the first nine months of 2009 compared with $12.4 million in the first nine months of 2008. The increase was due primarily to higher costs associated with other real estate owned, repossessed assets and increased collection efforts.
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 Atlanta, Birmingham 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 | ||||||||||
| SEPTEMBER 30, 2009 (UNAUDITED) AND DECEMBER 31, 2008 | ||||||||||
| (Dollars in thousands except share data) | 2009 | 2008 | ||||||||
| ASSETS | ||||||||||
| Cash and due from financial institutions | $ | 17,038 | $ | 5,260 | ||||||
| Federal funds sold | 8,660 | 35,538 | ||||||||
| Cash and cash equivalents | 25,698 | 40,798 | ||||||||
| Securities available for sale | 86,000 | 101,290 | ||||||||
| Loans | 1,159,705 | 1,036,725 | ||||||||
| Allowance for loan losses | (19,690 | ) | (13,454 | ) | ||||||
| Net loans | 1,140,015 | 1,023,271 | ||||||||
| Premises and equipment, net | 2,057 | 2,330 | ||||||||
| Accrued interest receivable | 8,799 | 8,115 | ||||||||
| Restricted equity securities | 2,169 | 1,685 | ||||||||
| Income tax receivable | 2,037 | 4,430 | ||||||||
| Other assets | 68,976 | 36,165 | ||||||||
| Total assets | $ | 1,335,751 | $ | 1,218,084 | ||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||
| Liabilities | ||||||||||
| Deposits | ||||||||||
| Noninterest-bearing | $ | 25,714 | $ | 24,217 | ||||||
| Interest-bearing | 1,176,571 | 1,044,926 | ||||||||
| Total deposits | 1,202,285 | 1,069,143 | ||||||||
| FHLB advances | — | — | ||||||||
| Federal funds purchased | — | — | ||||||||
| Accrued interest payable | 2,537 | 3,315 | ||||||||
| Accrued dividend payable | 188 | — | ||||||||
| Short-term borrowings | 10,000 | 10,000 | ||||||||
| Accrued bonuses | 52 | 917 | ||||||||
| Deferred tax liability | 3,190 | 8,695 | ||||||||
| Other liabilities | 1,549 | 1,069 | ||||||||
| Long-term subordinated debt | 23,198 | 23,198 | ||||||||
| Total liabilities | 1,242,999 | 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 September 30, 2009 and December 31, 2008, respectively | 15,000 | 15,000 | ||||||||
| Common stock, $0.50 par value; 20,000,000 shares authorized at September 30, 2009 and 10,000,000 shares authorized at December 31, 2008; 4,742,944 and 4,731,696 shares issued and outstanding at September, 2009 and December 31, 2008, respectively | 2,371 | 2,366 | ||||||||
| Common stock warrants | 453 | 453 | ||||||||
| Additional paid-in capital | 60,321 | 59,946 | ||||||||
| Retained earnings | 14,780 | 23,180 | ||||||||
| Accumulated other comprehensive income | (153 | ) | 802 | |||||||
| Total shareholders’ equity | 92,772 | 101,747 | ||||||||
| Total liabilities and shareholders’ equity | $ | 1,335,771 | $ | 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 | ||||||||||||||||||||
| NINE MONTHS ENDED SEPTEMBER 30, 2009 AND 2008 | ||||||||||||||||||||
| THREE MONTHS ENDED SEPTEMBER 30, 2009 AND 2008 | ||||||||||||||||||||
| (UNAUDITED) | ||||||||||||||||||||
| Nine Months Ended | Three Months Ended | |||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||
| (Dollars in thousands, except share data) | 2009 | 2008 | 2009 | 2008 | ||||||||||||||||
| Interest income | ||||||||||||||||||||
| Loans, including fees | $ | 55,904 | $ | 52,125 | $ | 19,334 | $ | 18,528 | ||||||||||||
| Securities | 4,089 | 3,398 | 1,301 | 1,221 | ||||||||||||||||
| Federal funds sold | 12 | 148 | 7 | 7 | ||||||||||||||||
| Total interest income | 60,005 | 55,671 | 20,642 | 19,756 | ||||||||||||||||
| Interest expense | ||||||||||||||||||||
| Deposits | 26,807 | 29,340 | 8,724 | 9,902 | ||||||||||||||||
| Other | 1,483 | 1,199 | 494 | 580 | ||||||||||||||||
| Total interest expense | 28,290 | 30,539 | 9,218 | 10,482 | ||||||||||||||||
| Net interest income | 31,715 | 25,132 | 11,424 | 9,274 | ||||||||||||||||
| Provision for loan losses | 26,889 | 5,790 | 5,250 | 1,850 | ||||||||||||||||
| Net interest income after provision for loan losses | 4,826 | 19,342 | 6,174 | 7,424 | ||||||||||||||||
| Non-interest income | ||||||||||||||||||||
| Service charges on deposit accounts | 132 | 89 | 41 | 40 | ||||||||||||||||
| Securities gains (losses) | 870 | (67 | ) | 532 | (97 | ) | ||||||||||||||
| Gain on sale of loans | (649 | ) | 1,419 | 340 | 1 | |||||||||||||||
| Other | (534 | ) | (13 | ) | 440 | 154 | ||||||||||||||
| Total non-interest income | $ | (181 | ) | 1,428 | 1,353 | 98 | ||||||||||||||
| Non-interest expense | ||||||||||||||||||||
| Salaries and employee benefits | 7,428 | 6,151 | 2,088 | 2,058 | ||||||||||||||||
| Occupancy and equipment | 1,186 | 1,037 | 394 | 315 | ||||||||||||||||
| Data processing fees | 1,148 | 910 | 449 | 376 | ||||||||||||||||
| Professional fees | 1,393 | 1,531 | 405 | 627 | ||||||||||||||||
| Other | 5,182 | 2,811 | 1,683 | 1,070 | ||||||||||||||||
| Total non-interest expense | 16,337 | 12,440 | 5,019 | 4,446 | ||||||||||||||||
| Income before income taxes | (11,692 | ) | 8,330 | 2,508 | 3,076 | |||||||||||||||
| Income tax expense | (4,463 | ) | $ | 3,223 | 972 | $ | 1,190 | |||||||||||||
| Net income | (7,229 | ) | 5,107 | 1,536 | 1,886 | |||||||||||||||
| CPP Preferred dividends | (1,171 | ) | — | (375 | ) | — | ||||||||||||||
| Net income available to common shareholders | $ | (8,400 | ) | $ | 5,107 | $ | 1,161 | $ | 1,886 | |||||||||||
| Earnings per share (EPS): | ||||||||||||||||||||
| Basic EPS | $ | (1.77 | ) | $ | 1.08 | $ | 0.25 | $ | 0.40 | |||||||||||
| Diluted EPS | (1.77 | ) | 1.05 | 0.25 | 0.39 | |||||||||||||||
| Weighted average shares outstanding: | ||||||||||||||||||||
| Basic | 4,733,882 | 4,731,039 | 4,736,823 | 4,731,696 | ||||||||||||||||
| Diluted | 4,733,882 | 4,878,150 | 4,736,823 | 4,851,831 | ||||||||||||||||
| 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 9/30 | ||||||||||||||
| Earnings: | ||||||||||||||
| Net Interest Income | $ | 11,424 | $ | 9,274 | 23.18 | % | ||||||||
| Non-Interest Income | 1,353 | 98 | 1280.61 | % | ||||||||||
| Provision for Loan Losses | 5,250 | 1,850 | 183.78 | % | ||||||||||
| Operating Expense | 5,019 | 4,446 | 12.89 | % | ||||||||||
| Operating Income | 2,508 | 3,076 | -18.47 | % | ||||||||||
| Applicable Tax | 972 | 1,190 | -18.32 | % | ||||||||||
| Net Income | 1,536 | 1,886 | -18.56 | % | ||||||||||
| Preferred Dividends | 375 | - | 100.00 | % | ||||||||||
| Net Income Available to Common Shareholders | $ | 1,161 | $ | 1,886 | -38.44 | % | ||||||||
| At September 30 | ||||||||||||||
| Total Assets | $ | 1,335,751 | $ | 1,106,058 | 20.77 | % | ||||||||
| Net Loans | 1,140,015 | 985,648 | 15.66 | % | ||||||||||
| Earning Assets | 1,234,675 | 1,062,299 | 16.23 | % | ||||||||||
| Allowance for Loan Losses | 19,690 | 12,191 | 61.51 | % | ||||||||||
| Deposits | 1,202,285 | 988,664 | 21.61 | % | ||||||||||
| Shareholders' Equity | $ | 92,772 | $ | 67,352 | 37.74 | % | ||||||||
| Total Shares Outstanding | 4,742,944 | 4,731,696 | 0.24 | % | ||||||||||
| Significant Ratios - 3rd Quarter | ||||||||||||||
| Net Interest Margin | 3.61 | % | 3.46 | % | 4.34 | % | ||||||||
| Return on Average Assets | 0.34 | % | 0.68 | % | -49.60 | % | ||||||||
| Return on Average Common Equity | 7.46 | % | 11.35 | % | -34.30 | % | ||||||||
| Efficiency Ratio | 39.28 | % | 47.44 | % | -17.20 | % | ||||||||
| Loan Loss Reserve/Loans | 1.70 | % | 1.22 | % | 38.97 | % | ||||||||
| Capital/Assets | 6.95 | % | 6.09 | % | 14.06 | % | ||||||||
| Basic Earnings per Share - YTD | $ | 0.25 | $ | 0.40 | -37.50 | % | ||||||||
| Diluted Earnings per Share - YTD | $ | 0.25 | $ | 0.39 | -35.90 | % | ||||||||
| TENNESSEE COMMERCE BANCORP, INC. | ||||||||||||||||||||||||||
| ANALYSIS OF INTEREST INCOME AND EXPENSE, RATES AND YIELDS | ||||||||||||||||||||||||||
| (UNAUDITED) | ||||||||||||||||||||||||||
| Three Months Ended September 30, | Three Months Ended September 30, | |||||||||||||||||||||||||
| 2009 | 2008 | |||||||||||||||||||||||||
| Average | Average | Average | Average | |||||||||||||||||||||||
| (Dollars in thousands) | Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||
| Interest earning assets | ||||||||||||||||||||||||||
| Securities (taxable) (1) | $ | 101,978 | $ | 1,301 | 4.96 | % | $ | 87,356 | $ | 1,221 | 5.47 | % | ||||||||||||||
| Loans (2) (3) | 1,139,510 | 19,334 | 6.73 | % | 975,487 | 18,528 | 7.56 | % | ||||||||||||||||||
| Federal funds sold | 10,707 | 7 | 0.26 | % | 1,553 | 7 | 1.79 | % | ||||||||||||||||||
| Total interest earning assets | 1,252,195 | 20,642 | 6.53 | % | 1,064,396 | 19,756 | 7.37 | % | ||||||||||||||||||
| Non-interest earning assets | ||||||||||||||||||||||||||
| Cash and due from banks | 9,495 | 3,936 | ||||||||||||||||||||||||
| Net fixed assets and equipment | 2,118 | 2,358 | ||||||||||||||||||||||||
| Accrued interest and other assets | 79,468 | 32,041 | ||||||||||||||||||||||||
| Total assets | $ | 1,343,276 | $ | 1,102,731 | ||||||||||||||||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||||
| Interest bearing liabilities | ||||||||||||||||||||||||||
| Deposits (other than demand) | $ | 1,184,337 | $ | 8,724 | 2.92 | % | $ | 961,777 | $ | 9,902 | 4.10 | % | ||||||||||||||
| Federal funds purchased | 1,401 | 8 | 2.27 | % | 15,377 | 115 | 2.98 | % | ||||||||||||||||||
| Subordinated debt | 33,198 | 486 | 5.81 | % | 32,736 | 465 | 5.65 | % | ||||||||||||||||||
| Total interest bearing liabilities | 1,218,936 | 9,218 | 3.00 | % | 1,009,890 | 10,482 | 4.13 | % | ||||||||||||||||||
| Non-interest bearing liabilities | ||||||||||||||||||||||||||
| Non-interest bearing demand deposits | 25,383 | 23,328 | ||||||||||||||||||||||||
| Other liabilities | 7,606 | 3,428 | ||||||||||||||||||||||||
| Shareholders’ equity | 91,351 | 66,085 | ||||||||||||||||||||||||
| Total liabilities and shareholders’ equity | $ | 1,343,276 | $ | 1,102,731 | ||||||||||||||||||||||
| Net Interest Spread | 3.53 | % | 3.24 | % | ||||||||||||||||||||||
| Net Interest Margin | 3.61 | % | 3.46 | % | ||||||||||||||||||||||
| (1) Unrealized gain (loss) of $(1,997) and $(1,399) is excluded from yield calculation for the nine months ended September 30, 2009 and 2008, respectively. | ||||||||||||||||||||||||||
|
(2) Non-accrual loans are included in average loan balances and loan fees of $3,951 and $3,698 are included in interest income for the three months ended September 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) | ||||||||||||||||||||||||||
| Nine Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2009 | 2008 | |||||||||||||||||||||||||
| Average | Average | Average | Average | |||||||||||||||||||||||
| (Dollars in thousands) | Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||
| Interest earning assets | ||||||||||||||||||||||||||
| Securities (taxable) (1) | $ | 104,123 | $ | 4,089 | 5.21 | % | $ | 81,985 | $ | 3,398 | 5.53 | % | ||||||||||||||
| Loans (2) (3) | 1,103,463 | 55,904 | 6.77 | % | 896,241 | 52,125 | 7.77 | % | ||||||||||||||||||
| Federal funds sold | 7,434 | 12 | 0.22 | % | 7,854 | 148 | 2.52 | % | ||||||||||||||||||
| Total interest earning assets | 1,215,020 | 60,005 | 6.60 | % | 986,080 | 55,671 | 7.54 | % | ||||||||||||||||||
| Non-interest earning assets | ||||||||||||||||||||||||||
| Cash and due from banks | 8,905 | 3,612 | ||||||||||||||||||||||||
| Net fixed assets and equipment | 2,205 | 1,760 | ||||||||||||||||||||||||
| Accrued interest and other assets | 68,587 | 28,826 | ||||||||||||||||||||||||
| Total assets | $ | 1,294,717 | $ | 1,020,278 | ||||||||||||||||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||||
| Interest bearing liabilities | ||||||||||||||||||||||||||
| Deposits (other than demand) | $ | 1,118,552 | $ | 26,807 | 3.20 | % | $ | 895,780 | $ | 29,340 | 4.38 | % | ||||||||||||||
| Federal funds purchased | 16,596 | 75 | 0.60 | % | 9,204 | 206 | 2.99 | % | ||||||||||||||||||
| Subordinated debt | 33,198 | 1,408 | 5.67 | % | 22,605 | 993 | 5.87 | % | ||||||||||||||||||
| Total interest bearing liabilities | 1,168,346 | 28,290 | 3.24 | % | 927,589 | 30,539 | 4.40 | % | ||||||||||||||||||
| Non-interest bearing liabilities | ||||||||||||||||||||||||||
| Non-interest bearing demand deposits | 23,855 | 23,870 | ||||||||||||||||||||||||
| Other liabilities | 6,873 | 3,749 | ||||||||||||||||||||||||
| Shareholders’ equity | 95,643 | 65,070 | ||||||||||||||||||||||||
| Total liabilities and shareholders’ equity | $ | 1,294,717 | $ | 1,020,278 | ||||||||||||||||||||||
| Net Interest Spread | 3.36 | % | 3.14 | % | ||||||||||||||||||||||
| Net Interest Margin | 3.49 | % | 3.40 | % | ||||||||||||||||||||||
| (1) Unrealized gain (loss) of $(843) and $(31) is excluded from yield calculation for the nine months ended September 30, 2009 and 2008, respectively. | ||||||||||||||||||||||||||
|
(2) Non-accrual loans are included in average loan balances and loan fees of $3,951 and $3,698 are included in interest income for the three months ended September 30, 2009 and 2008, respectively. |
||||||||||||||||||||||||||
| (3) Loans are presented net of allowance for loan loss | ||||||||||||||||||||||||||
| TENNESSEE COMMERCE BANCORP, INC. | |||||||||||||||||||||||||
| LOAN DATA | |||||||||||||||||||||||||
| (amounts in thousands) | |||||||||||||||||||||||||
| 9/30/2009 | 6/30/2009 | 3/31/2009 | 12/31/2008 | 9/30/2008 | |||||||||||||||||||||
| LOAN BALANCES BY TYPE: | |||||||||||||||||||||||||
| Commercial and Industrial | $ | 637,016 | $ | 639,287 | $ | 635,943 | $ | 589,518 | $ | 580,501 | |||||||||||||||
| Consumer | 3,421 | 3,827 | 3,628 | 3,572 | 3,479 | ||||||||||||||||||||
| Real Estate: | |||||||||||||||||||||||||
| Construction | 206,512 | 216,208 | 202,034 | 181,638 | 165,511 | ||||||||||||||||||||
| 1-4 Family | 40,033 | 37,988 | 38,257 | 37,822 | 38,128 | ||||||||||||||||||||
| Other | 198,653 | 175,510 | 172,771 | 171,150 | 162,283 | ||||||||||||||||||||
| Total Real Estate | 445,198 | 429,706 | 413,062 | 390,610 | 365,922 | ||||||||||||||||||||
| Other | 74,070 | 74,299 | 51,309 | 53,025 | 47,937 | ||||||||||||||||||||
| Total | $ | 1,159,705 | $ | 1,147,119 | $ | 1,103,942 | $ | 1,036,725 | $ | 997,839 | |||||||||||||||
| ASSET QUALITY DATA: | |||||||||||||||||||||||||
| Nonaccrual Loans | $ | 28,854 | $ | 23,332 | $ | 24,342 | $ | 11,603 | $ | 9,834 | |||||||||||||||
| Loans 90+ Days Past Due | 1,332 | 2,240 | 9,605 | 18,788 | 4,398 | ||||||||||||||||||||
| Total Non-Performing Loans | 30,186 | 25,572 | 33,947 | 30,391 | 14,232 | ||||||||||||||||||||
| Other Real Estate Owned | 1,254 | 5,635 | 5,045 | 5,764 | 1,126 | ||||||||||||||||||||
| Total Non-Performing Assets | $ | 31,440 | $ | 31,207 | $ | 38,992 | $ | 36,155 | $ | 15,358 | |||||||||||||||
| Non-Performing Loans to Total Loans | 2.6 | % | 2.2 | % | 3.1 | % | 2.9 | % | 1.4 | % | |||||||||||||||
| Non-Performing Assets to Total Loans and OREO | 2.7 | % | 2.7 | % | 3.5 | % | 3.5 | % | 1.5 | % | |||||||||||||||
| Allowance for Loan Losses to Non-Performing Loans | 65.2 | % | 74.1 | % | 45.4 | % | 44.3 | % | 85.7 | % | |||||||||||||||
| Allowance for Loan Losses to Total Loans | 1.7 | % | 1.7 | % | 1.4 | % | 1.3 | % | 1.2 | % | |||||||||||||||
| Loans 30+ Days Past Due to Total Loans | 3.0 | % | 3.3 | % | 4.9 | % | 4.5 | % | 3.0 | % | |||||||||||||||
| (loans not included in non-performing loans) | |||||||||||||||||||||||||
| Net Chargeoffs to Average Gross Loans | 0.4 | % | 0.9 | % | 0.6 | % | 0.2 | % | 0.1 | % | |||||||||||||||
| NET CHARGEOFFS FOR QUARTER | $ | 4,498 | $ | 9,611 | $ | 6,544 | $ | 2,058 | $ | 1,179 | |||||||||||||||
| Transportation & Other Equipment : | |||||||||||||||||||||||||
| Nonaccrual Loans (included above) | $ | 10,486 | $ | 2,850 | $ | 7,838 | $ | 6,952 | $ | 5,875 | |||||||||||||||
| Loans 90+ Days Past Due (included above) | 1,311 | 2,240 | 1,196 | 2,119 | 1,815 | ||||||||||||||||||||
|
Repossessions |
$ | 21,262 | $ | 16,363 | $ | 11,657 | $ | 10,363 | $ | 10,215 | |||||||||||||||
| TENNESSEE COMMERCE BANCORP, INC. | |||||||||||||||||||||||||
| FINANCIAL HIGHLIGHTS | |||||||||||||||||||||||||
| (Dollars in thousands, except per share amounts) | |||||||||||||||||||||||||
| 2009 Q3 | 2009 Q2 | 2009 Q1 | 2008 Q4 | 2008 Q3 | |||||||||||||||||||||
| Total Assets | $ | 1,335,751 | $ | 1,339,539 | $ | 1,275,134 | $ | 1,218,084 | $ | 1,106,058 | |||||||||||||||
| Total Net Loans | 1,140,015 | 1,128,181 | 1,088,518 | 1,023,271 | 985,648 | ||||||||||||||||||||
| Total Deposits | 1,202,285 | 1,203,681 | 1,095,307 | 1,069,143 | 988,664 | ||||||||||||||||||||
| Reserves/ Loans (%) | 1.70 | % | 1.65 | % | 1.40 | % | 1.30 | % | 1.22 | % | |||||||||||||||
| Common Equity | 63,163 | 61,141 | 68,472 | 72,200 | 67,352 | ||||||||||||||||||||
| Tangible Common Equity | 63,163 | 61,141 | 68,472 | 72,200 | 67,352 | ||||||||||||||||||||
| Net Interest Income | 11,424 | 10,451 | 9,840 | 9,819 | 9,274 | ||||||||||||||||||||
| Operating Revenue | 12,777 | 8,890 | 9,867 | 12,685 | 9,372 | ||||||||||||||||||||
|
Net Income (Loss) Available to Common Shareholders |
1,161 | (6,901 | ) | (2,660 | ) | 2,647 | 1,886 | ||||||||||||||||||
| Diluted Earnings (Loss) Per Share | $ | 0.25 | $ | (1.46 | ) | $ | (0.56 | ) | $ | 0.55 | $ | 0.39 | |||||||||||||
| ROAA | 0.34 | % | -2.13 | % | -0.86 | % | 0.91 | % | 0.68 | % | |||||||||||||||
| ROAE | 7.46 | % | -42.50 | % | -15.22 | % | 13.86 | % | 11.35 | % | |||||||||||||||
| Net Interest Margin | 3.61 | % | 3.45 | % | 3.39 | % | 3.48 | % | 3.46 | % | |||||||||||||||
| Tangible Equity/ Total Assets | 4.73 | % | 4.56 | % | 5.37 | % | 5.93 | % | 6.09 | % | |||||||||||||||
| Total Capital Ratio - Bank | 10.68 | % | 10.53 | % | 10.61 | % | 11.01 | % | 10.18 | % | |||||||||||||||
| Total Capital Ratio - Corporation | 10.59 | % | 10.49 | % | 11.40 | % | 12.42 | % | 9.86 | % | |||||||||||||||
(c) 2009 Business Wire, Inc., All rights reserved. All of the news releases and other content contained herein are protected by copyright and other applicable laws, treaties and conventions. Information contained in the releases is furnished by Business Wire's members, who warrant that they are solely responsible for the content, accuracy and originality of the information contained therein. Any copying or reproduction (other than for an individual user's personal reference), redistribution, reposting or other transmission or communication is expressly prohibited without prior written permission of Business Wire, Inc
| ||||||
Wikinvest © 2006, 2007, 2008, 2009. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
|
|
