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Share Name | Share Symbol | Market | Type |
---|---|---|---|
The Savannah Bancorp, Inc. (MM) | NASDAQ:SAVB | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 9.46 | 0 | 01:00:00 |
The Savannah Bancorp, Inc.
|
(Exact name of registrant as specified in its charter)
|
Georgia
|
58-1861820
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
25 Bull Street, Savannah, Georgia 31401
|
(Address of principal executive offices) (Zip Code)
|
(912) 629-6486
|
(Registrant's telephone number, including area code)
|
Not Applicable
|
(Former name, former address and former fiscal year,
|
if changed since last report.)
|
Large accelerated filer __
|
Accelerated filer __
|
Non-accelerated filer __ Smaller reporting company
X
|
Page
|
|
Part I – Financial Information
|
|
Item 1. Financial Statements
|
|
Consolidated Balance Sheets
|
|
September 30, 2012 and 2011 and December 31, 2011
|
3
|
Consolidated Statements of Operations
|
|
for the Three Months and Nine Months Ended September 30, 2012 and 2011
|
4
|
Consolidated Statements of Other Comprehensive Income (Loss)
|
|
for the Three Months and Nine Months Ended September 30, 2012 and 2011
|
5
|
Consolidated Statements of Changes in Shareholders’ Equity
|
|
for the Nine Months Ended September 30, 2012 and 2011
|
6
|
Consolidated Statements of Cash Flows
|
|
for the Nine Months Ended September 30, 2012 and 2011
|
7
|
Condensed Notes to Consolidated Financial Statements
|
8-21
|
Item 2. Management’s Discussion and Analysis of Financial Condition
|
|
and Results of Operations
|
22-38
|
Item 3. Quantitative and Qualitative Disclosures about Market Risk
|
38
|
Item 4. Controls and Procedures
|
38
|
Part II – Other Information
|
|
Item 1. Legal Proceedings
|
38-39
|
Item 1A. Risk Factors
|
39
|
Item 6. Exhibits
|
39
|
Signatures
|
September 30,
|
December 31,
|
September 30,
|
|
2012
|
2011
|
2011
|
|
Assets
|
(Unaudited)
|
(Unaudited)
|
|
Cash and due from banks
|
$ 11,906
|
$ 13,225
|
$ 14,468
|
Federal funds sold
|
670
|
535
|
345
|
Interest-bearing deposits in banks
|
90,400
|
81,717
|
52,210
|
Cash and cash equivalents
|
102,976
|
95,477
|
67,023
|
Securities available for sale, at fair value (amortized
|
|||
cost of $77,263, $81,764 and $87,014)
|
79,646
|
83,653
|
89,145
|
Loans, net of allowance for loan losses of $18,110,
|
|||
$21,917 and $22,854
|
667,085
|
737,761
|
765,696
|
Premises and equipment, net
|
13,842
|
14,286
|
14,515
|
Other real estate owned
|
11,820
|
20,332
|
17,135
|
Bank-owned life insurance
|
6,664
|
6,510
|
6,459
|
Goodwill and other intangible assets, net
|
3,394
|
3,562
|
3,618
|
Deferred tax assets, net
|
-
|
11,074
|
10,265
|
Other assets
|
10,840
|
12,580
|
14,864
|
Total assets
|
$ 896,267
|
$ 985,235
|
$ 988,720
|
Liabilities
|
|||
Deposits:
|
|||
Noninterest-bearing
|
$ 122,283
|
$ 106,939
|
$ 96,294
|
Interest-bearing demand
|
143,152
|
147,716
|
136,555
|
Savings
|
23,099
|
20,062
|
20,508
|
Money market
|
235,984
|
255,285
|
268,933
|
Time deposits
|
253,609
|
316,927
|
323,783
|
Total deposits
|
778,127
|
846,929
|
846,073
|
Short-term borrowings
|
14,206
|
14,384
|
16,029
|
Other borrowings
|
7,169
|
8,581
|
9,160
|
Federal Home Loan Bank advances
|
13,149
|
16,653
|
16,654
|
Subordinated debt to nonconsolidated subsidiaries
|
10,310
|
10,310
|
10,310
|
Other liabilities
|
5,435
|
4,248
|
4,185
|
Total liabilities
|
828,396
|
901,105
|
902,411
|
Shareholders' equity
|
|||
Preferred stock, par value $1 per share:
|
|||
authorized 10,000,000 shares, none issued
|
-
|
-
|
-
|
Common stock, par value $1 per share: shares
|
|||
authorized 20,000,000; issued 7,201,346
|
7,201
|
7,201
|
7,201
|
Additional paid-in capital
|
48,681
|
48,656
|
48,651
|
Retained earnings
|
10,512
|
27,103
|
29,137
|
Treasury stock, at cost, 2,109, 2,210 and 2,210 shares
|
(1)
|
(1)
|
(1)
|
Accumulated other comprehensive income, net
|
1,478
|
1,171
|
1,321
|
Total shareholders' equity
|
67,871
|
84,130
|
86,309
|
Total liabilities and shareholders' equity
|
$ 896,267
|
$ 985,235
|
$ 988,720
|
For the
Three Months Ended
September 30,
|
For the
Nine Months Ended
September 30,
|
|||
2012
|
2011
|
2012
|
2011
|
|
Interest and dividend income
|
||||
Loans, including fees
|
$ 9,009
|
$ 10,535
|
$ 28,341
|
$ 31,852
|
Investment securities:
|
||||
Taxable
|
430
|
626
|
1,337
|
2,166
|
Tax-exempt
|
58
|
60
|
178
|
197
|
Dividends
|
26
|
14
|
67
|
48
|
Deposits with banks
|
61
|
25
|
168
|
84
|
Federal funds sold
|
-
|
1
|
1
|
3
|
Total interest and dividend income
|
9,584
|
11,261
|
30,092
|
34,350
|
Interest expense
|
||||
Deposits
|
1,190
|
1,877
|
4,024
|
6,342
|
Short-term and other borrowings
|
159
|
208
|
509
|
628
|
Federal Home Loan Bank advances
|
67
|
87
|
224
|
262
|
Subordinated debt
|
80
|
75
|
242
|
225
|
Total interest expense
|
1,496
|
2,247
|
4,999
|
7,457
|
Net interest income
|
8,088
|
9,014
|
25,093
|
26,893
|
Provision for loan losses
|
3,800
|
2,865
|
11,080
|
13,525
|
Net interest income after
|
||||
provision for loan losses
|
4,288
|
6,149
|
14,013
|
13,368
|
Noninterest income
|
||||
Trust and asset management fees
|
707
|
663
|
2,054
|
2,008
|
Service charges on deposit accounts
|
330
|
371
|
1,026
|
1,089
|
Mortgage related income, net
|
76
|
72
|
178
|
154
|
Gain on sale of securities
|
(2)
|
308
|
21
|
763
|
Other operating income
|
437
|
403
|
1,331
|
1,135
|
Total noninterest income
|
1,548
|
1,817
|
4,610
|
5,149
|
Noninterest expense
|
||||
Salaries and employee benefits
|
2,844
|
2,886
|
8,769
|
8,638
|
Occupancy and equipment
|
919
|
925
|
2,650
|
2,789
|
Information technology
|
494
|
428
|
1,448
|
1,246
|
FDIC deposit insurance
|
356
|
325
|
1,103
|
1,141
|
Loan collection and OREO costs
|
313
|
324
|
962
|
879
|
Amortization of intangibles
|
56
|
56
|
168
|
168
|
Loss on sales and write-downs of foreclosed assets
|
1,488
|
577
|
3,578
|
1,925
|
Other operating expense
|
2,492
|
897
|
4,371
|
2,854
|
Total noninterest expense
|
8,962
|
6,418
|
23,049
|
19,640
|
Income (loss) before income taxes
|
(3,126)
|
1,548
|
(4,426)
|
(1,123)
|
Income tax expense (benefit)
|
12,850
|
320
|
12,165
|
(985)
|
Net income (loss)
|
$ (15,976)
|
$ 1,228
|
$ (16,591)
|
$ (138)
|
Net income (loss) per share:
|
||||
Basic
|
$ (2.22)
|
$ 0.17
|
$ (2.30)
|
$ (0.02)
|
Diluted
|
$ (2.22)
|
$ 0.17
|
$ (2.30)
|
$ (0.02)
|
For the
Three Months Ended
September 30,
|
For the
Nine Months Ended
September 30,
|
||||
2012
|
2011
|
2012
|
2011
|
||
Net income (loss)
|
$ (15,976)
|
$ 1,228
|
$ (16,591)
|
$ (138)
|
|
Other comprehensive income (loss):
|
|||||
Change in unrealized holding gains on securities
|
|||||
available for sale arising during the period, net of
|
|||||
tax of $74, $81, $195 and $675
|
122
|
132
|
320
|
1,100
|
|
Reclassification adjustment for net (gains) losses on
|
|||||
securities available for sale included in net income
|
|||||
(loss), net of tax of $(1), $117, $8 and $290
|
1
|
(191)
|
(13)
|
(473)
|
|
Other comprehensive income (loss)
|
$ (15,853)
|
$ 1,169
|
$ (16,284)
|
$ 489
|
For the
Nine Months Ended
|
||
September 30, | ||
2012
|
2011
|
|
Common shares issued
|
||
Shares, beginning of period
|
7,201,346
|
7,201,346
|
Common stock issued
|
-
|
-
|
Shares, end of period
|
7,201,346
|
7,201,346
|
Treasury shares owned
|
||
Shares, beginning of period
|
2,210
|
2,483
|
Treasury stock issued
|
(101)
|
(273)
|
Shares, end of period
|
2,109
|
2,210
|
Common stock
|
||
Balance, beginning of period
|
$ 7,201
|
$ 7,201
|
Common stock issued
|
-
|
-
|
Balance, end of period
|
7,201
|
7,201
|
Additional paid-in capital
|
||
Balance, beginning of period
|
48,656
|
48,634
|
Common stock issued, net of issuance cost
|
-
|
2
|
Stock-based compensation, net
|
25
|
15
|
Balance, end of period
|
48,681
|
48,651
|
Retained earnings
|
||
Balance, beginning of period
|
27,103
|
29,275
|
Net loss
|
(16,591)
|
(138)
|
Balance, end of period
|
10,512
|
29,137
|
Treasury stock
|
||
Balance, beginning of period
|
(1)
|
(1)
|
Treasury stock issued
|
- |
-
|
Balance, end of period
|
(1)
|
(1)
|
Accumulated other comprehensive income, net
|
||
Balance, beginning of period
|
1,171
|
694
|
Change in unrealized gains/losses on securities
|
||
available for sale, net of reclassification adjustment
|
307 |
627
|
Balance, end of period
|
1,478
|
1,321
|
Total shareholders' equity
|
$ 67,871
|
$ 86,309
|
For the
Nine Months Ended
|
||
September 30,
|
||
2012
|
2011
|
|
Operating activities
|
||
Net loss
|
$ (16,591)
|
$ (138)
|
Adjustments to reconcile net loss to cash
|
||
provided by operating activities:
|
||
Provision for loan losses
|
11,080
|
13,525
|
Net amortization of securities
|
905
|
743
|
Depreciation and amortization
|
974
|
1,022
|
Non cash stock-based compensation expense
|
25
|
15
|
Decrease (increase) in deferred income taxes, net
|
11,792
|
(1,710)
|
Gain on sale of securities, net
|
(21)
|
(763)
|
Loss on sales and write-downs of foreclosed assets
|
3,578
|
1,925
|
Increase in CSV of bank-owned life insurance policies
|
(154)
|
(150)
|
Decrease in prepaid FDIC deposit insurance assessment
|
913
|
1,040
|
Decrease in income taxes receivable
|
242
|
335
|
Change in other assets and other liabilities, net
|
866
|
536
|
Net cash provided by operating activities
|
13,609
|
16,380
|
Investing activities
|
||
Activity in available for sale securities:
|
||
Purchases
|
(23,701)
|
(2,767)
|
Sales
|
12,401
|
38,200
|
Maturities and principal collections
|
14,917
|
14,553
|
Loan originations and principal collections, net
|
56,896
|
16,743
|
Proceeds from sales of foreclosed assets
|
7,635
|
4,387
|
Additions to premises and equipment
|
(362)
|
(313)
|
Net cash provided by investing activities
|
67,786
|
70,803
|
Financing activities
|
||
Net increase in noninterest-bearing deposits
|
15,344
|
569
|
Net decrease in interest-bearing deposits
|
(84,146)
|
(78,241)
|
Net (decrease) increase in short-term borrowings
|
(178)
|
954
|
Net decrease in other borrowings
|
(1,412)
|
(1,376)
|
Net decrease in FHLB advances
|
(3,504)
|
(1,004)
|
Issuance of common stock, net of issuance costs
|
-
|
2
|
Net cash used in financing activities
|
(73,896)
|
(79,096)
|
Increase in cash and cash equivalents
|
7,499
|
8,087
|
Cash and cash equivalents, beginning of period
|
95,477
|
58,936
|
Cash and cash equivalents, end of period
|
$ 102,976
|
$ 67,023
|
For the
|
For the
|
|||
Three Months Ended
|
Nine Months Ended
|
|||
September 30,
|
September 30,
|
|||
(Amounts in thousands)
|
2012
|
2011
|
2012
|
2011
|
Average number of common shares outstanding - basic
|
7,199
|
7,199
|
7,199
|
7,199
|
Effect of dilutive options
|
-
|
-
|
-
|
-
|
Average number of common shares outstanding - diluted
|
7,199
|
7,199
|
7,199
|
7,199
|
September 30, 2012
|
||||
($ in thousands)
|
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
Cost
|
Gains
|
Losses
|
Value
|
|
Investment securities:
|
||||
U.S. government-sponsored enterprises (“GSE”)
|
$ 3,084
|
$ 6
|
$ (4)
|
$ 3,086
|
Mortgage-backed securities - GSE
|
56,874
|
1,910
|
(45)
|
58,739
|
State and municipal securities
|
14,436
|
528
|
(12)
|
14,952
|
Restricted equity securities
|
2,869
|
-
|
-
|
2,869
|
Total investment securities
|
$ 77,263
|
$ 2,444
|
$ (61)
|
$ 79,646
|
December 31, 2011
|
||||
($ in thousands)
|
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
Cost
|
Gains
|
Losses
|
Value
|
|
Investment securities:
|
||||
U.S. government-sponsored enterprises
|
$ 1,433
|
$ 13
|
$ -
|
$ 1,446
|
Mortgage-backed securities - GSE
|
66,464
|
1,583
|
(35)
|
68,012
|
State and municipal securities
|
10,329
|
339
|
(11)
|
10,657
|
Restricted equity securities
|
3,538
|
-
|
-
|
3,538
|
Total investment securities
|
$ 81,764
|
$ 1,935
|
$ (46)
|
$ 83,653
|
($ in thousands)
|
Amortized
Cost
|
Fair Value
|
Securities available for sale:
|
||
Due in one year or less
|
$ -
|
$ -
|
Due after one year through five years
|
2,124
|
2,161
|
Due after five years through ten years
|
6,670
|
7,054
|
Due after ten years
|
8,726
|
8,823
|
Mortgage-backed securities - GSE
|
56,874
|
58,739
|
Restricted equity securities
|
2,869
|
2,869
|
Total investment securities
|
$ 77,263
|
$ 79,646
|
September 30, 2012
|
||||||
Less Than 12 Months
|
12 Months or More
|
Total
|
||||
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
|
($ in thousands)
|
Value
|
Losses
|
Value
|
Losses
|
Value
|
Losses
|
U.S. government-sponsored enterprises
|
$ 1,996
|
$ (4)
|
$ -
|
$ -
|
$ 1,996
|
$ (4)
|
Mortgage-backed securities - GSE
|
5,817
|
(45)
|
-
|
-
|
5,817
|
(45)
|
State and municipal securities
|
1,160
|
(12)
|
-
|
-
|
1,160
|
(12)
|
Total temporarily impaired securities
|
$ 8,973
|
$ (61)
|
$ -
|
$ -
|
$ 8,973
|
$ (61)
|
December 31, 2011
|
||||||
Less Than 12 Months
|
12 Months or More
|
Total
|
||||
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
|
($ in thousands)
|
Value
|
Losses
|
Value
|
Losses
|
Value
|
Losses
|
Mortgage-backed securities - GSE
|
$ 5,585
|
$ (35)
|
$ -
|
$ -
|
$ 5,585
|
$ (35)
|
State and municipal securities
|
800
|
(11)
|
-
|
-
|
800
|
(11)
|
Total temporarily impaired securities
|
$ 6,385
|
$ (46)
|
$ -
|
$ -
|
$ 6,385
|
$ (46)
|
($ in thousands)
|
September 30,
2012
|
Percent
of Total
|
December 31,
2011
|
Percent
of Total
|
Commercial real estate
|
||||
Construction and development
|
$ 15,918
|
2.3%
|
$ 22,675
|
3.0%
|
Owner-occupied
|
105,103
|
15.3
|
110,900
|
14.6
|
Non owner-occupied
|
212,853
|
31.1
|
221,128
|
29.1
|
Residential real estate - mortgage
|
282,621
|
41.3
|
324,365
|
42.7
|
Commercial
|
58,834
|
8.6
|
68,304
|
9.0
|
Installment and other consumer
|
9,866
|
1.4
|
12,306
|
1.6
|
Gross loans
|
685,195
|
100.0%
|
759,678
|
100.0%
|
Allowance for loan losses
|
(18,110)
|
(21,917)
|
||
Net loans
|
$ 667,085
|
$ 737,761
|
($ in thousands)
|
Commercial Real Estate
|
Residential
Real Estate
|
Commercial
|
Consumer
|
Unallocated
|
Total
|
Allowance for loan losses
|
||||||
Beginning balance
|
$ 7,599
|
$ 13,872
|
$ 1,045
|
$ 214
|
$ 46
|
$ 22,776
|
Charge-offs
|
(1,646)
|
(6,539)
|
(416)
|
(18)
|
-
|
(8,619)
|
Recoveries
|
17
|
81
|
38
|
17
|
-
|
153
|
Provision
|
590
|
2,752
|
470
|
11
|
(23)
|
3,800
|
Ending balance
|
$ 6,560
|
$ 10,166
|
$ 1,137
|
$ 224
|
$ 23
|
$ 18,110
|
($ in thousands)
|
Commercial Real Estate
|
Residential
Real Estate
|
Commercial
|
Consumer
|
Unallocated
|
Total
|
Allowance for loan losses
|
||||||
Beginning balance
|
$ 6,162
|
$ 14,195
|
$ 1,271
|
$ 193
|
$ 96
|
$ 21,917
|
Charge-offs
|
(2,298)
|
(11,977)
|
(1,017)
|
(221)
|
-
|
(15,513)
|
Recoveries
|
53
|
371
|
157
|
45
|
-
|
626
|
Provision
|
2,643
|
7,577
|
726
|
207
|
(73)
|
11,080
|
Ending balance
|
$ 6,560
|
$ 10,166
|
$ 1,137
|
$ 224
|
$ 23
|
$ 18,110
|
($ in thousands)
|
Commercial Real Estate
|
Residential
Real Estate
|
Commercial
|
Consumer
|
Unallocated
|
Total
|
Allowance for loan losses
|
||||||
Beginning balance
|
$ 7,053
|
$ 14,592
|
$ 1,382
|
$ 209
|
$ 287
|
$ 23,523
|
Charge-offs
|
(1,038)
|
(2,752)
|
(24)
|
(11)
|
-
|
(3,825)
|
Recoveries
|
-
|
276
|
5
|
10
|
-
|
291
|
Provision
|
560
|
2,377
|
(51)
|
184
|
(205)
|
2,865
|
Ending balance
|
$ 6,575
|
$ 14,493
|
$ 1,312
|
$ 392
|
$ 82
|
$ 22,854
|
($ in thousands)
|
Commercial Real Estate
|
Residential
Real Estate
|
Commercial
|
Consumer
|
Unallocated
|
Total
|
Allowance for loan losses
|
||||||
Beginning balance
|
$ 4,722
|
$ 13,582
|
$ 1,528
|
$ 518
|
$ -
|
$ 20,350
|
Charge-offs
|
(2,127)
|
(8,579)
|
(670)
|
(71)
|
-
|
(11,447)
|
Recoveries
|
20
|
363
|
22
|
21
|
-
|
426
|
Provision
|
3,960
|
9,127
|
432
|
(76)
|
82
|
13,525
|
Ending balance
|
$ 6,575
|
$ 14,493
|
$ 1,312
|
$ 392
|
$ 82
|
$ 22,854
|
($ in thousands)
|
Commercial Real Estate
|
Residential
Real Estate
|
Commercial
|
Consumer
|
Unallocated
|
Total
|
Allowance for loan losses
|
||||||
Ending balance
|
$ 6,560
|
$ 10,166
|
$ 1,137
|
$ 224
|
$ 23
|
$ 18,110
|
Ending balance: individually
evaluated for impairment
|
$ 1,597
|
$ 1,975
|
$ 276
|
$ 16
|
$ -
|
$ 3,864
|
Ending balance: collectively
evaluated for impairment
|
$ 4,963
|
$ 8,191
|
$ 861
|
$ 208
|
$ 23
|
$ 14,246
|
Loans
|
||||||
Ending balance
|
$ 333,874
|
$ 282,621
|
$ 58,834
|
$ 9,866
|
$ -
|
$ 685,195
|
Ending balance: individually
evaluated for impairment
|
$ 11,204
|
$ 21,376
|
$ 276
|
$ 16
|
$ -
|
$ 32,872
|
Ending balance: collectively
evaluated for impairment
|
$ 322,670
|
$ 261,245
|
$ 58,558
|
$ 9,850
|
$ -
|
$ 652,323
|
($ in thousands)
|
Commercial Real Estate
|
Residential Real Estate
|
Commercial
|
Consumer
|
Unallocated
|
Total
|
Allowance for loan losses
|
||||||
Ending balance
|
$ 6,162
|
$ 14,195
|
$ 1,271
|
$ 193
|
$ 96
|
$ 21,917
|
Ending balance: individually
evaluated for impairment
|
$ 1,108
|
$ 5,813
|
$ 145
|
$ -
|
$ -
|
$ 7,066
|
Ending balance: collectively
evaluated for impairment
|
$ 5,054
|
$ 8,382
|
$ 1,126
|
$ 193
|
$ 96
|
$ 14,851
|
Loans
|
||||||
Ending balance
|
$ 354,703
|
$ 324,365
|
$ 68,304
|
$ 12,306
|
$ -
|
$ 759,678
|
Ending balance: individually
evaluated for impairment
|
$ 10,936
|
$ 24,941
|
$ 522
|
$ -
|
$ -
|
$ 36,399
|
Ending balance: collectively
evaluated for impairment
|
$ 343,767
|
$ 299,424
|
$ 67,782
|
$ 12,306
|
$ -
|
$ 723,279
|
($ in thousands)
|
Recorded Investment
|
Unpaid
Principal
Balance
|
Related
Allowance
|
Impaired loans without a valuation allowance
|
|||
Commercial real estate
|
|||
Construction and development
|
$ 458
|
$ 2,929
|
$ -
|
Owner-occupied
|
1,371
|
1,667
|
-
|
Non owner-occupied
|
3,267
|
3,689
|
-
|
Residential real estate - mortgage
|
15,398
|
30,076
|
-
|
Commercial
|
-
|
-
|
-
|
Installment and other consumer
|
-
|
-
|
|
Total impaired loans without a valuation allowance
|
20,494
|
38,361
|
-
|
Impaired loans with a valuation allowance
|
|||
Commercial real estate
|
|||
Construction and development
|
35
|
35
|
35
|
Owner-occupied
|
1,269
|
1,300
|
301
|
Non owner-occupied
|
8,738
|
8,823
|
1,597
|
Residential real estate - mortgage
|
12,950
|
13,890
|
2,602
|
Commercial
|
389
|
452
|
287
|
Installment and other consumer
|
120
|
123
|
29
|
Total impaired loans with a valuation allowance
|
23,501
|
24,623
|
4,851
|
Total impaired loans
|
$ 43,995
|
$ 62,984
|
$ 4,851
|
Average investment in impaired loans for the quarter
|
$ 43,246
|
||
Income recognized on impaired loans for the quarter
|
$ 175
|
||
Average investment in impaired loans for the nine months
|
$ 45,041
|
||
Income recognized on impaired loans for the nine months
|
$ 461
|
($ in thousands)
|
Recorded Investment
|
Unpaid
Principal
Balance
|
Related
Allowance
|
Impaired loans without a valuation allowance
|
|||
Commercial real estate
|
|||
Construction and development
|
$ -
|
$ -
|
$ -
|
Owner-occupied
|
710
|
758
|
-
|
Non owner-occupied
|
5,998
|
6,507
|
-
|
Residential real estate - mortgage
|
12,940
|
19,556
|
-
|
Commercial
|
294
|
351
|
-
|
Total impaired loans without a valuation allowance
|
19,492
|
27,172
|
-
|
Impaired loans with a valuation allowance
|
|||
Commercial real estate
|
|||
Construction and development
|
2,325
|
3,325
|
751
|
Owner-occupied
|
2,946
|
3,034
|
425
|
Non owner-occupied
|
3,239
|
3,742
|
481
|
Residential real estate - mortgage
|
22,889
|
24,958
|
6,776
|
Commercial
|
721
|
778
|
215
|
Installment and other consumer
|
99
|
103
|
13
|
Total impaired loans with a valuation allowance
|
32,219
|
35,940
|
8,661
|
Total impaired loans
|
$ 51,711
|
$ 63,112
|
$ 8,661
|
Average investment in impaired loans for the year
|
$ 55,324
|
||
Income recognized on impaired loans for the year
|
$ 818
|
($ in thousands)
|
30-59 days
past due
|
60-89 days
past due
|
Accruing
greater
than 90
days past
due
|
Nonaccrual
|
Total past
due and nonaccrual
|
Commercial real estate
|
|||||
Construction and development | $ - | $ 35 | $ - | $ 458 | $ 493 |
Owner-occupied
|
238
|
-
|
-
|
1,988
|
2,226
|
Non owner-occupied
|
1,366
|
2,707
|
145
|
7,649
|
11,867
|
Residential real estate - mortgage
|
5,317
|
2,220
|
217
|
17,510
|
25,264
|
Commercial
|
67
|
-
|
6
|
356
|
429
|
Installment and other consumer
|
81
|
29
|
-
|
21
|
131
|
Total
|
$ 7,069
|
$ 4,991
|
$ 368
|
$ 27,982
|
$ 40,410
|
($ in thousands)
|
30-59 days
past due
|
60-89 days
past due
|
Accruing
greater
than 90
days past
due
|
Nonaccrual
|
Total past
due and
nonaccrual
|
Commercial real estate
|
|||||
Construction and development
|
$ -
|
$ -
|
$ -
|
$ 2,325
|
$ 2,325
|
Owner-occupied
|
77
|
931
|
-
|
1,232
|
2,240
|
Non owner-occupied
|
1,217
|
260
|
-
|
7,054
|
8,531
|
Residential real estate - mortgage
|
10,322
|
2,107
|
213
|
23,376
|
36,018
|
Commercial
|
23
|
162
|
-
|
652
|
837
|
Installment and other consumer
|
20
|
13
|
-
|
29
|
62
|
Total
|
$ 11,659
|
$ 3,473
|
$ 213
|
$ 34,668
|
$ 50,013
|
September 30, 2012
|
||||||
($ in thousands)
|
Pass
(1-4)
|
Special Mention
(5)
|
Sub-
standard
(6)
|
Doubtful
(7)
|
Loss
(8)
|
Total
|
Commercial real estate
|
||||||
Construction and development
|
$ 15,348
|
$ -
|
$ 570
|
$ -
|
$ -
|
$ 15,918
|
Owner-occupied
|
97,038
|
4,063
|
4,002
|
-
|
-
|
105,103
|
Non owner-occupied
|
192,943
|
7,358
|
12,552
|
-
|
-
|
212,853
|
Residential real estate - mortgage
|
229,048
|
19,473
|
34,100
|
-
|
-
|
282,621
|
Commercial
|
56,794
|
538
|
1,502
|
-
|
-
|
58,834
|
Installment and other consumer
|
9,531
|
53
|
282
|
-
|
-
|
9,866
|
Total
|
$ 600,702
|
$ 31,485
|
$ 53,008
|
$ -
|
$ -
|
$ 685,195
|
December 31, 2011
|
||||||
($ in thousands)
|
Pass
(1-4)
|
Special Mention
(5)
|
Sub-
standard
(6)
|
Doubtful
(7)
|
Loss
(8)
|
Total
|
Commercial real estate
|
||||||
Construction and development
|
$ 19,749
|
$ 147
|
$ 2,779
|
$ -
|
$ -
|
$ 22,675
|
Owner-occupied
|
101,004
|
3,444
|
6,452
|
-
|
-
|
110,900
|
Non owner-occupied
|
201,960
|
4,833
|
14,335
|
-
|
-
|
221,128
|
Residential real estate - mortgage
|
260,301
|
19,190
|
44,874
|
-
|
-
|
324,365
|
Commercial
|
64,406
|
622
|
3,276
|
-
|
-
|
68,304
|
Installment and other consumer
|
11,760
|
67
|
479
|
-
|
-
|
12,306
|
Total
|
$ 659,180
|
$ 28,303
|
$ 72,195
|
$ -
|
$ -
|
$ 759,678
|
Three Months Ended September 30, 2012
|
|||
($ in thousands)
|
Number of
Contracts
|
Pre-
Modification Outstanding Recorded
Investment
|
Post-
Modification Outstanding Recorded
Investment
|
Troubled debt restructurings
|
|||
Commercial real estate
|
|||
Construction and development
|
0
|
$ -
|
$ -
|
Residential real estate - mortgage
|
2
|
951
|
720
|
Commercial
|
0
|
-
|
-
|
Installment and other consumer
|
1
|
19
|
19
|
Total
|
3
|
$ 970
|
$ 739
|
Nine Months Ended September 30, 2012
|
|||
($ in thousands)
|
Number of
Contracts
|
Pre-
Modification Outstanding Recorded
Investment
|
Post-
Modification Outstanding Recorded
Investment
|
Troubled debt restructurings
|
|||
Commercial real estate
|
|||
Construction and development
|
0
|
$ -
|
$ -
|
Residential real estate - mortgage
|
5
|
1,178
|
959
|
Commercial
|
1
|
11
|
11
|
Installment and other consumer
|
1
|
19
|
19
|
Total
|
7
|
$ 1,208
|
$ 989
|
Fair Value Measurements at September 30, 2012 Using
|
||||
Quoted Prices in
|
Significant Other
|
Significant
|
||
Active Markets for
|
Observable
|
Unobservable
|
||
Carrying
|
Identical Assets
|
Inputs
|
Inputs
|
|
($ in thousands)
|
Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Investment securities
|
$ 79,646
|
$ -
|
$ 76,777
|
$ 2,869
|
Derivative asset positions
|
334
|
-
|
334
|
-
|
Derivative liability positions
|
334
|
-
|
334
|
-
|
Carrying
|
Fair Value Measurements at December 31, 2011 Using
|
|||
($ in thousands)
|
Value
|
Level 1
|
Level 2
|
Level 3
|
Investment securities
|
$ 83,653
|
$ -
|
$ 80,115
|
$ 3,538
|
Derivative asset positions
|
301
|
-
|
301
|
-
|
Derivative liability positions
|
301
|
-
|
301
|
-
|
Carrying Values at September 30, 2012
|
|||||
($ in thousands)
|
Total
|
Level 1
|
Level 2
|
Level 3
|
Total loss
|
Impaired loans
|
$ 11,977
|
$ -
|
$ -
|
$ 11,977
|
$ (9,403)
|
OREO
|
4,132
|
-
|
-
|
4,132
|
(1,477)
|
Carrying Values at December 31, 2011
|
|||||
($ in thousands)
|
Total
|
Level 1
|
Level 2
|
Level 3
|
Total loss
|
Impaired loans
|
$ 11,541
|
$ -
|
$ -
|
$ 11,541
|
$ (6,091)
|
OREO
|
7,323
|
-
|
-
|
7,323
|
(1,880)
|
|
September 30, 2012
|
||||
($ in thousands)
|
Fair Value Measurement
|
||||
Estimated
|
|||||
Carrying
|
Fair
|
||||
Value
|
Value
|
Level 1
|
Level 2
|
Level 3
|
|
Financial assets:
|
|||||
Cash and federal funds sold
|
$ 12,576
|
$ 12,576
|
$ 12,576
|
$ -
|
$ -
|
Interest-bearing deposits
|
90,400
|
90,400
|
90,400
|
-
|
-
|
Securities available for sale
|
79,646
|
79,646
|
-
|
76,777
|
2,869
|
Loans, net of allowance for loan losses
|
667,085
|
654,440
|
-
|
-
|
654,440
|
Accrued interest receivable
|
2,640
|
2,640
|
2,640
|
-
|
-
|
Derivative asset positions
|
334
|
334
|
-
|
334
|
-
|
Financial liabilities:
|
|||||
Deposits
|
778,127
|
781,823
|
-
|
524,518
|
257,305
|
Short-term borrowings
|
14,206
|
14,206
|
-
|
14,206
|
-
|
Other borrowings
|
7,169
|
7,169
|
-
|
7,169
|
-
|
FHLB advances
|
13,149
|
13,949
|
-
|
13,949
|
-
|
Subordinated debt to nonconsolidated
|
|||||
subsidiaries
|
10,310
|
10,310
|
-
|
10,310
|
-
|
Accrued interest payable
|
486
|
486
|
486
|
-
|
-
|
Derivative liability positions
|
334
|
334
|
-
|
334
|
-
|
|
December 31, 2011
|
|
($ in thousands)
|
Estimated
|
|
Carrying
|
Fair
|
|
Value
|
Value
|
|
Financial assets:
|
||
Cash and federal funds sold
|
$ 13,760
|
$ 13,760
|
Interest-bearing deposits
|
81,717
|
81,717
|
Securities available for sale
|
83,653
|
83,653
|
Loans, net of allowance for loan losses
|
737,761
|
727,714
|
Accrued interest receivable
|
3,103
|
3,103
|
Derivative asset positions
|
301
|
301
|
Financial liabilities:
|
||
Deposits
|
846,929
|
851,700
|
Short-term borrowings
|
14,384
|
14,384
|
Other borrowings
|
8,581
|
8,581
|
FHLB advances
|
16,653
|
17,393
|
Subordinated debt to nonconsolidated subsidiaries
|
10,310
|
10,310
|
Accrued interest payable
|
687
|
687
|
Derivative liability positions
|
301
|
301
|
For the
|
For the
|
|||
Three Months Ended
|
Nine Months Ended
|
|||
September 30,
|
September 30,
|
|||
($ in thousands)
|
2012
|
2011
|
2012
|
2011
|
Pre-tax core earnings
|
||||
Income (loss) before income taxes
|
$ (3,126)
|
$ 1,548
|
$ (4,426)
|
$ (1,123)
|
Add: Provision for loan losses
|
3,800
|
2,865
|
11,080
|
13,525
|
Add: Losses on foreclosed assets
|
1,488
|
577
|
3,578
|
1,925
|
Add: Expenses related to the merger and other
|
||||
strategic initiatives
|
1,474
|
-
|
1,474
|
-
|
Add: (Gain) loss on sale of securities
|
2
|
(308)
|
(21)
|
(763)
|
Pre-tax core earnings
|
$ 3,638
|
$ 4,682
|
$ 11,685
|
$ 13,564
|
September 30,
|
||
2012
|
2011
|
|
Tangible book value per share
|
||
Book value per share
|
$ 9.43
|
$ 11.99
|
Less: Effect to adjust for intangible assets
|
0.47
|
0.50
|
Tangible book value per share
|
$ 8.96
|
$ 11.49
|
September 30,
|
||
2012
|
2011
|
|
Tangible equity to tangible assets
|
||
Equity to assets
|
7.57%
|
8.73%
|
Less: Effect to adjust for intangible assets
|
0.35%
|
0.34%
|
Tangible equity to tangible assets
|
7.22%
|
8.39%
|
Balance Sheet Data at September 30
|
2012
|
2011
|
% Change
|
||||
Total assets
|
$ |
896,267
|
$ |
988,720
|
(9.4)
|
||
Interest-earning assets (a)
|
825,547
|
886,430
|
(6.9)
|
||||
Loans
|
685,195
|
788,550
|
(13)
|
||||
Other real estate owned
|
11,820
|
17,135
|
(31)
|
||||
Deposits
|
778,127
|
846,073
|
(8.0)
|
||||
Interest-bearing liabilities
|
700,678
|
801,932
|
(13)
|
||||
Shareholders' equity
|
67,871
|
86,309
|
(21)
|
||||
Loan to deposit ratio
|
88.06
|
%
|
93.20
|
%
|
(5.5)
|
||
Equity to assets
|
7.57
|
%
|
8.73
|
%
|
(13)
|
||
Tier 1 capital to risk-weighted assets
|
11.36
|
%
|
11.35
|
%
|
0.1
|
||
Total capital to risk-weighted assets
|
12.62
|
%
|
12.62
|
%
|
0.0
|
||
Outstanding shares
|
7,199
|
7,199
|
0.0
|
||||
Book value per share
|
$ |
9.43
|
$ |
11.99
|
(21)
|
||
Tangible book value per share
|
$ |
8.96
|
$ |
11.49
|
(22)
|
||
Market value per share
|
$ |
10.00
|
$ |
6.00
|
67
|
||
Loan Quality Data
|
|||||||
Nonaccruing loans
|
$ |
27,982
|
$ |
41,689
|
(33)
|
||
Loans past due 90 days - accruing
|
368
|
851
|
(57)
|
||||
Net charge-offs
|
14,887
|
11,021
|
35
|
||||
Allowance for loan losses
|
18,110
|
22,854
|
(21)
|
||||
Allowance for loan losses to total loans
|
2.64
|
%
|
2.90
|
%
|
(9.0)
|
||
Nonperforming assets to total assets
|
4.48
|
%
|
6.04
|
%
|
(26)
|
||
Performance Data for the Third Quarter
|
|||||||
Net income (loss)
|
$ |
(15,976)
|
$ |
1,228
|
NM
|
||
Return on average assets
|
(6.80)
|
%
|
0.49
|
%
|
NM
|
||
Return on average equity
|
(76.64)
|
%
|
5.64
|
%
|
NM
|
||
Net interest margin
|
3.78
|
%
|
4.01
|
%
|
(6.0)
|
||
Efficiency ratio
|
93.01
|
%
|
59.26
|
%
|
57
|
||
Per share data:
|
|||||||
Net income (loss) - basic
|
$ |
(2.22)
|
$ |
0.17
|
NM
|
||
Net income (loss) - diluted
|
$ |
(2.22)
|
$ |
0.17
|
NM
|
||
Average shares (000s):
|
|||||||
Basic
|
7,199
|
7,199
|
0.0
|
||||
Diluted
|
7,199
|
7,199
|
0.0
|
||||
Performance Data for the First Nine Months
|
|||||||
Net loss
|
$ |
(16,591)
|
$ |
(138)
|
NM
|
||
Return on average assets
|
(2.32)
|
%
|
(0.02)
|
%
|
NM
|
||
Return on average equity
|
(26.32)
|
%
|
(0.21)
|
%
|
NM
|
||
Net interest margin
|
3.88
|
%
|
3.88
|
%
|
0.0
|
||
Efficiency ratio
|
77.60
|
%
|
61.29
|
%
|
27
|
||
Per share data:
|
|||||||
Net loss - basic
|
$ |
(2.30)
|
$ |
(0.02)
|
NM
|
||
Net loss - diluted
|
$ |
(2.30)
|
$ |
(0.02)
|
NM
|
||
Average shares (000s):
|
|||||||
Basic
|
7,199
|
7,199
|
0.0
|
||||
Diluted
|
7,199
|
7,199
|
0.0
|
(a)
|
Interest-earnings assets do not include the unrealized gain/loss on available for sale investment securities.
|
2012
|
2011
|
||||
Third
|
Second
|
First
|
Fourth
|
Third
|
|
($ in thousands)
|
Quarter
|
Quarter
|
Quarter
|
Quarter
|
Quarter
|
Allowance for loan losses
|
|||||
Balance at beginning of period
|
$ 22,776
|
$ 22,396
|
$ 21,917
|
$ 22,854
|
$ 23,523
|
Provision for loan losses
|
3,800
|
2,540
|
4,740
|
6,510
|
2,865
|
Net charge-offs
|
(8,466)
|
(2,160)
|
(4,261)
|
(7,447)
|
(3,534)
|
Balance at end of period
|
$ 18,110
|
$ 22,776
|
$ 22,396
|
$ 21,917
|
$ 22,854
|
As a % of loans
|
2.64%
|
3.14%
|
3.01%
|
2.89%
|
2.90%
|
As a % of nonperforming loans
|
63.88%
|
77.00%
|
68.66%
|
62.83%
|
53.72%
|
As a % of nonperforming assets
|
45.08%
|
49.61%
|
44.61%
|
39.70%
|
38.30%
|
Net charge-offs as a % of average loans (a)
|
4.97%
|
1.80%
|
2.27%
|
2.41%
|
1.84%
|
Nonperforming assets
|
|||||
Nonaccruing loans
|
$ 27,982
|
$ 29,417
|
$ 30,742
|
$ 34,668
|
$ 41,689
|
Loans past due 90 days – accruing
|
368
|
161
|
1,876
|
213
|
851
|
Total nonperforming loans
|
28,350
|
29,578
|
32,618
|
34,881
|
42,540
|
Other real estate owned
|
11,820
|
16,335
|
17,589
|
20,332
|
17,135
|
Total nonperforming assets
|
$ 40,170
|
$ 45,913
|
$ 50,207
|
$ 55,213
|
$ 59,675
|
Loans past due 30-89 days
|
$ 12,060
|
$ 5,364
|
$ 4,701
|
$ 15,132
|
$ 13,096
|
Nonperforming loans as a % of loans
|
4.14%
|
4.08%
|
4.39%
|
4.59%
|
5.39%
|
Nonperforming assets as a % of loans
|
|||||
and other real estate owned
|
5.76%
|
6.19%
|
6.60%
|
7.08%
|
7.41%
|
Nonperforming assets as a % of assets
|
4.48%
|
4.82%
|
5.17%
|
5.60%
|
6.04%
|
(a) Annualized
|
For the
|
||
Three Months Ended
|
||
September 30,
|
||
($ in thousands)
|
2012
|
2011
|
Income (loss) before income taxes
|
$ (3,126)
|
$ 1,548
|
Add: Provision for loan losses
|
3,800
|
2,865
|
Add: Losses on foreclosed assets
|
1,488
|
577
|
Add: Expenses related to the merger and other
|
||
strategic initiatives
|
1,474
|
-
|
Add: (Gain) loss on sale of securities
|
2
|
(308)
|
Pre-tax core earnings
|
$ 3,638
|
$ 4,682
|
For the
|
||
Nine Months Ended
|
||
September 30,
|
||
($ in thousands)
|
2012
|
2011
|
Loss before income taxes
|
$ (4,426)
|
$ (1,123)
|
Add: Provision for loan losses
|
11,080
|
13,525
|
Add: Losses on foreclosed assets
|
3,578
|
1,925
|
Add: Expenses related to the merger and other
|
||
strategic initiatives
|
1,474
|
-
|
Less: Gain on sale of securities
|
(21)
|
(763)
|
Pre-tax core earnings
|
$ 11,685
|
$ 13,564
|
Well-
|
|||||
($ in thousands)
|
Company
|
Savannah
|
Bryan
|
Minimum
|
Capitalized
|
Qualifying Capital
|
|||||
Tier 1 capital
|
$ 72,999
|
$55,714
|
$ 17,633
|
-
|
-
|
Total capital
|
81,159
|
61,755
|
19,660
|
-
|
-
|
Leverage Ratios
|
|||||
Tier 1 capital to average assets
|
7.86%
|
8.04%
|
7.83%
|
4.00%
|
5.00%
|
Risk-based Ratios
|
|||||
Tier 1 capital to risk-weighted assets
|
11.36%
|
11.69%
|
11.08%
|
4.00%
|
6.00%
|
Total capital to risk-weighted assets
|
12.62%
|
12.96%
|
12.36%
|
8.00%
|
10.00%
|
0-3
|
3-12
|
1-3
|
3-5
|
Over 5
|
|||
($ in thousands)
|
Immediate
|
months
|
Months
|
Years
|
Years
|
Years
|
Total
|
Interest-earning assets
|
|||||||
Investment securities
|
$ -
|
$ 6,637
|
$ 17,207
|
$ 26,233
|
$ 11,317
|
$ 18,252
|
$ 79,646
|
Federal funds sold
|
670
|
-
|
-
|
-
|
-
|
-
|
670
|
Interest-bearing deposits
|
86,784
|
-
|
1,941
|
1,675
|
-
|
-
|
90,400
|
Loans - fixed rates
|
-
|
115,449
|
150,924
|
144,421
|
29,686
|
18,838
|
459,318
|
Loans - variable rates
|
-
|
188,286
|
8,391
|
342
|
876
|
-
|
197,895
|
Total interest-earnings assets
|
87,454
|
310,372
|
178,463
|
172,671
|
41,879
|
37,090
|
827,929
|
Interest-bearing liabilities
|
|||||||
NOW and savings
|
-
|
8,313
|
16,625
|
41,563
|
49,875
|
49,875
|
166,251
|
Money market accounts
|
-
|
52,422
|
75,584
|
43,191
|
64,787
|
-
|
235,984
|
Time deposits
|
-
|
68,664
|
125,406
|
47,269
|
12,270
|
-
|
253,609
|
Short-term borrowings
|
14,206
|
-
|
-
|
-
|
-
|
-
|
14,206
|
Other borrowings
|
-
|
-
|
7,169
|
- |
-
|
-
|
7,169
|
FHLB advances
|
-
|
-
|
3,004
|
11
|
11
|
10,123
|
13,149
|
Subordinated debt
|
-
|
10,310
|
-
|
-
|
-
|
-
|
10,310
|
Total interest-bearing liabilities
|
14,206
|
139,709
|
227,788
|
132,034
|
126,943
|
59,998
|
700,678
|
Gap-Excess assets (liabilities)
|
73,248
|
170,663
|
(49,325)
|
40,637
|
(85,064)
|
(22,908)
|
127,251
|
Gap-Cumulative
|
$ 73,248
|
$ 243,911
|
$ 194,586
|
$ 235,223
|
$ 150,159
|
$ 127,251
|
$ 127,251
|
Cumulative sensitivity ratio *
|
6.16
|
2.58
|
1.51
|
1.46
|
1.23
|
1.18
|
1.18
|
Taxable-Equivalent
|
(a) Variance
|
||||||||||
Average Balance
|
Average Rate
|
Interest (b)
|
Attributable to
|
||||||||
QTD
|
QTD
|
QTD
|
QTD
|
QTD
|
QTD
|
Vari-
|
|||||
09/30/12
|
09/30/11
|
09/30/12
|
09/30/11
|
09/30/12
|
09/30/11
|
ance
|
Rate
|
Volume
|
|||
($ in thousands)
|
(%)
|
($ in thousands)
|
($ in thousands)
|
||||||||
Assets
|
|||||||||||
$ 94,244
|
$ 33,869
|
0.26
|
0.29
|
Interest-bearing deposits
|
$ 61
|
$ 25
|
$ 36
|
$ (3)
|
$ 39
|
||
75,168
|
91,151
|
2.42
|
2.79
|
Investments - taxable (d)
|
457
|
640
|
(183)
|
(85)
|
(98)
|
||
5,556
|
5,631
|
4.44
|
4.51
|
Investments - non-taxable (d)
|
62
|
64
|
(2)
|
(1)
|
(1)
|
||
540
|
351
|
0.00
|
1.13
|
Federal funds sold
|
-
|
1
|
(1)
|
(1)
|
-
|
||
675,880
|
762,186
|
5.30
|
5.49
|
Loans (c)
|
9,012
|
10,539
|
(1,527)
|
(364)
|
(1,163)
|
||
851,388
|
893,188
|
4.48
|
5.01
|
Total interest-earning assets
|
9,592
|
11,269
|
(1,677)
|
(453)
|
(1,224)
|
||
80,979
|
97,115
|
Noninterest-earning assets
|
|||||||||
$ 932,367
|
$ 990,303
|
Total assets
|
|||||||||
Liabilities and equity
|
|||||||||||
Deposits
|
|||||||||||
$ 142,394
|
$ 135,292
|
0.15
|
0.27
|
NOW accounts
|
54
|
93
|
(39)
|
(41)
|
2
|
||
22,852
|
20,883
|
0.07
|
0.09
|
Savings accounts
|
4
|
5
|
(1)
|
(1)
|
-
|
||
217,826
|
228,755
|
0.76
|
1.12
|
Money market accounts
|
415
|
648
|
(233)
|
(207)
|
(26)
|
||
25,734
|
40,539
|
0.29
|
0.32
|
MMA – institutional
|
19
|
33
|
(14)
|
(3)
|
(11)
|
||
118,914
|
147,156
|
1.10
|
1.52
|
Time deposits, $100M or more
|
330
|
563
|
(233)
|
(155)
|
(78)
|
||
38,420
|
46,141
|
0.74
|
0.66
|
Time deposits, broker
|
71
|
77
|
(6)
|
9
|
(15)
|
||
109,376
|
130,369
|
1.08
|
1.39
|
Other time deposits
|
297
|
458
|
(161)
|
(102)
|
(59)
|
||
675,516
|
749,135
|
0.70
|
0.99
|
Total interest-bearing deposits
|
1,190
|
1,877
|
(687)
|
(500)
|
(187)
|
||
22,792
|
24,465
|
2.78
|
3.37
|
Short-term/other borrowings
|
159
|
208
|
(49)
|
(36)
|
(13)
|
||
13,149
|
20,047
|
2.03
|
1.72
|
FHLB advances
|
67
|
87
|
(20)
|
16
|
(36)
|
||
10,310
|
10,310
|
3.09
|
2.89
|
Subordinated debt
|
80
|
75
|
5
|
5
|
-
|
||
Total interest-bearing
|
|||||||||||
721,767
|
803,957
|
0.82
|
1.11
|
liabilities
|
1,496
|
2,247
|
(751)
|
(515)
|
(236)
|
||
124,043
|
96,065
|
Noninterest-bearing deposits
|
|||||||||
3,860
|
3,961
|
Other liabilities
|
|||||||||
82,697
|
86,320
|
Shareholders' equity
|
|||||||||
$ 932,367
|
$ 990,303
|
Liabilities and equity
|
|||||||||
3.66
|
3.90
|
Interest rate spread
|
|||||||||
3.78
|
4.01
|
Net interest margin
|
|||||||||
Net interest income
|
$ 8,096
|
$ 9,022
|
$ (926)
|
$ 62
|
$ (988)
|
||||||
$ 129,621
|
$ 89,231
|
Net earning assets
|
|||||||||
$ 799,559
|
$ 845,200
|
Average deposits
|
|||||||||
0.59
|
0.88
|
Average cost of deposits
|
|||||||||
85%
|
90%
|
Average loan to deposit ratio (c)
|
(a) | This table shows the changes in interest income and interest expense for the comparative periods based on either changes in average | |
volume or changes in average rates for interest-earning assets and interest-bearing liabilities. Changes which are not solely due to rate changes or solely due to volume changes are attributed to volume.
|
||
(b) | The taxable equivalent adjustment of $8 in the third quarter of 2012 and 2011 results from tax exempt income less | |
non-deductible TEFRA interest expense. | ||
(c) | Average nonaccruing loans have been excluded from total average loans and categorized in noninterest-earning assets. | |
(d) | Average investment securities do not include the unrealized gain/loss on available for sale investment securities. |
Taxable-Equivalent
|
(a) Variance
|
||||||||||
Average Balance
|
Average Rate
|
Interest (b)
|
Attributable to
|
||||||||
YTD
|
YTD
|
YTD
|
YTD
|
YTD
|
YTD
|
Vari-
|
|||||
09/30/12
|
09/30/11
|
09/30/12
|
09/30/11
|
09/30/12
|
09/30/11
|
ance
|
Rate
|
Volume
|
|||
($ in thousands)
|
(%)
|
($ in thousands)
|
($ in thousands)
|
||||||||
Assets
|
|||||||||||
$ 85,612
|
$ 37,057
|
0.26
|
0.30
|
Interest-bearing deposits
|
$ 168
|
$ 84
|
$ 84
|
$ (11)
|
$ 95
|
||
74,908
|
108,229
|
2.51
|
2.74
|
Investments - taxable (d)
|
1,407
|
2,217
|
(810)
|
(186)
|
(624)
|
||
5,724
|
6,291
|
4.43
|
4.44
|
Investments - non-taxable (d)
|
190
|
209
|
(19)
|
-
|
(19)
|
||
570
|
548
|
0.23
|
0.73
|
Federal funds sold
|
1
|
3
|
(2)
|
(2)
|
-
|
||
698,643
|
775,568
|
5.42
|
5.49
|
Loans (c)
|
28,350
|
31,861
|
(3,511)
|
(406)
|
(3,105)
|
||
865,457
|
927,693
|
4.65
|
4.95
|
Total interest-earning assets
|
30,116
|
34,374
|
(4,258)
|
(606)
|
(3,652)
|
||
88,646
|
93,036
|
Noninterest-earning assets
|
|||||||||
$ 954,103
|
$1,020,729
|
Total assets
|
|||||||||
Liabilities and equity
|
|||||||||||
Deposits
|
|||||||||||
$ 143,309
|
$138,384
|
0.16
|
0.29
|
NOW accounts
|
174
|
305
|
(131)
|
(135)
|
4
|
||
22,120
|
20,802
|
0.07
|
0.15
|
Savings accounts
|
12
|
24
|
(12)
|
(12)
|
-
|
||
219,583
|
233,121
|
0.85
|
1.17
|
Money market accounts
|
1,400
|
2,036
|
(636)
|
(558)
|
(78)
|
||
28,452
|
41,054
|
0.30
|
0.46
|
MMA - institutional
|
64
|
142
|
(78)
|
(49)
|
(29)
|
||
128,244
|
162,920
|
1.16
|
1.62
|
Time deposits, $100M or more
|
1,118
|
1,971
|
(853)
|
(561)
|
(292)
|
||
42,555
|
46,412
|
0.78
|
0.78
|
Time deposits, broker
|
250
|
271
|
(21)
|
-
|
(21)
|
||
115,785
|
142,343
|
1.16
|
1.50
|
Other time deposits
|
1,006
|
1,593
|
(587)
|
(362)
|
(225)
|
||
700,048
|
785,036
|
0.77
|
1.08
|
Total interest-bearing deposits
|
4,024
|
6,342
|
(2,318)
|
(1,678)
|
(640)
|
||
23,237
|
24,471
|
2.93
|
3.43
|
Short-term/other borrowings
|
509
|
628
|
(119)
|
(92)
|
(27)
|
||
14,684
|
16,862
|
2.04
|
2.08
|
FHLB advances
|
224
|
262
|
(38)
|
(5)
|
(33)
|
||
10,310
|
10,310
|
3.14
|
2.92
|
Subordinated debt
|
242
|
225
|
17
|
17
|
-
|
||
Total interest-bearing
|
|||||||||||
748,279
|
836,679
|
0.89
|
1.19
|
liabilities
|
4,999
|
7,457
|
(2,458)
|
(1,758)
|
(700)
|
||
118,125
|
93,612
|
Noninterest-bearing deposits
|
|||||||||
3,728
|
3,849
|
Other liabilities
|
|||||||||
83,971
|
86,589
|
Shareholders' equity
|
|||||||||
$ 954,103
|
$1,020,729
|
Liabilities and equity
|
|||||||||
3.76
|
3.76
|
Interest rate spread
|
|||||||||
3.88
|
3.88
|
Net interest margin
|
|||||||||
Net interest income
|
$ 25,117
|
$ 26,917
|
$(1,800)
|
$ 1,152
|
$(2,952)
|
||||||
$ 117,178
|
$ 91,014
|
Net earning assets
|
|||||||||
$ 818,173
|
$ 878,648
|
Average deposits
|
|||||||||
0.66
|
0.97
|
Average cost of deposits
|
|||||||||
85%
|
88%
|
Average loan to deposit ratio (c)
|
(a) | This table shows the changes in interest income and interest expense for the comparative periods based on either changes in average | |
volume or changes in average rates for interest-earning assets and interest-bearing liabilities. Changes which are not solely due to rate changes or solely due to volume changes are attributed to volume.
|
||
(b) | The taxable equivalent adjustment of $24 in the first nine months of 2012 and 2011 results from tax exempt income less | |
non-deductible TEFRA interest expense. | ||
(c) | Average nonaccruing loans have been excluded from total average loans and categorized in noninterest-earning assets. | |
(d) | Average investment securities do not include the unrealized gain/loss on available for sale investment securities. |
Payments due by period
|
|||||
Less than
|
1-3
|
3-5
|
More than
|
||
Contractual obligations
|
Total
|
1 year
|
years
|
years
|
5 years
|
FHLB advances
|
$ 13,149
|
$ -
|
$ 3,000
|
$ -
|
$ 10,149
|
Subordinated debt
|
10,310
|
-
|
-
|
-
|
10,310
|
Operating leases – buildings
|
4,902
|
817
|
1,474
|
1,004
|
1,607
|
Information technology contracts
|
4,019
|
1,242
|
2,479
|
298
|
-
|
Total
|
$ 32,380
|
$ 2,059
|
$ 6,953
|
$ 1,302
|
$ 22,066
|
Exhibit Number
|
Description
|
2.1
|
Agreement and Plan of Merger, dated as of August 7, 2012, by and between SCBT Financial Corporation and The Savannah Bancorp, Inc. (incorporated by reference to Exhibit 2.1 to the Company’s Form 8-K as filed with the SEC on August 10, 2012)
|
3.1
|
Articles of Incorporation (incorporated by reference to Exhibit 3.1 to the Company’s Registration Statement on Form S-1 (No. 33-33405) as filed with the SEC on February 8, 1990)
|
3.2
|
By-laws as amended and restated July 20, 2004 (incorporated by reference to Exhibit 4.2 to the Company’s Registration Statement on Form S-3 (No. 333-128724) as filed with the SEC on September 30, 2005)
|
10.1
|
First Modification to Amended and Restated Promissory Note, dated as of October 24, 2012, by and among SAVB Holdings, LLC and Lewis Broadcasting Corporation *
|
10.2
|
Amendment to Change in Control Agreement, dated as of August 8, 2012, by and between The Savannah Bancorp, Inc. and E. James Burnsed *
|
10.3
|
Amendment to Change in Control Agreement, dated as of August 8, 2012, by and between The Savannah Bancorp, Inc. and John C. Helmken II *
|
10.4
|
Amendment to Change in Control Agreement, dated as of August 8, 2012, by and between The Savannah Bancorp, Inc. and Jerry O’Dell Keith *
|
10.5
|
Amendment to Change in Control Agreement, dated as of August 8, 2012, by and between The Savannah Bancorp, Inc. and R. Stephen Stramm *
|
31.1
|
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 *
|
31.2
|
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 *
|
32
|
Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 *
|
||
101
|
The following materials from the Company’s 10-Q for the period ended September 30, 2012, formatted in Extensible Business Reporting Language (XBRL): (a) Consolidated Balance Sheets; (b) Consolidated Statements of Operations; (c) Consolidated Statements of Other Comprehensive Income (Loss); (d) Consolidated Statements of Changes in Shareholders’ Equity; (e) Consolidated Statements of Cash Flows; and (f) Condensed Notes to Consolidated Financial Statements **
|
||
*
|
Filed herewith
|
**
|
Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933 or Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.
|
The Savannah Bancorp, Inc.
(Registrant)
|
|
Date:
11/14/12
|
/s/ John C. Helmken II
John C. Helmken II
President and Chief Executive Officer
(Principal Executive Officer)
|
Date:
11/14/12
|
/s/
Michael W. Harden, Jr.
Michael W. Harden, Jr.
Chief Financial Officer
(Principal Financial and Accounting Officer)
|
1 Year The Savannah Bancorp, Inc. (MM) Chart |
1 Month The Savannah Bancorp, Inc. (MM) Chart |
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