Snb Bancshares (NASDAQ:SNBT)
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SNB Bancshares, Inc. Announces Strong Results for Fourth Quarter
and Year
* Net Earnings for the Fourth Quarter up 89.2% to $1.5 million
SUGAR LAND, Texas, Jan. 27 /PRNewswire-FirstCall/ -- SNB Bancshares, Inc.
(NASDAQ:SNBT), a Sugar Land bank holding company with assets of $1.1 billion,
and the parent company of Southern National Bank of Texas, a community-
oriented, independent bank with offices in both Harris and Fort Bend Counties,
today reported strong growth both in net earnings and in assets for the fourth
quarter and the year ended December 31, 2004. Net earnings for the quarter
were $1.5 million or $0.12 per diluted share, an increase of $712 thousand or
89.2%, compared with $799 thousand or $0.11 per diluted share for the fourth
quarter of 2003. The slight increase in diluted earnings per share for the
fourth quarter of 2004 compared with the same period in 2003, notwithstanding
the significant increase in net earnings, is due to the 5,436,364 shares of
common stock issued in connection with our Initial Public Offering in August
2004. Net earnings for the year ended December 31, 2004 were $6.0 million or
$0.66 per diluted share, an increase of $2.6 million or 75.7%, compared with
$3.4 million or $0.48 per diluted share for 2003.
"The fourth quarter of 2004 represented our first full quarter as a
publicly-traded company," said Harvey E. Zinn, President and Chief Executive
Officer. "During August 2004 we completed our successful Initial Public
Offering, which added $52.2 million to our capital, and we remain excited about
our future as a publicly-traded company. Our shareholders' equity at December
31, 2004 was $86.5 million compared to $30.8 million at December 31, 2003, an
increase of 181.0%."
Continued Mr. Zinn, "We are pleased with our earnings growth, both for the
fourth quarter of 2004 and for the year, compared with the same periods a year
ago. We continue to seek quality loan growth which has resulted in a 39.0%
increase in average loans for the fourth quarter, compared with the fourth
quarter of 2003. Notwithstanding our earnings growth in 2004, our earnings are
expected to be negatively impacted by generally rising interest rates,
principally due to our continued liability sensitive position. In addition, we
expect to incur increased expenses related to compliance with the Sarbanes-
Oxley internal control system requirements that become effective this year.
Consequently, management has established an initial earnings estimate for the
full year 2005 of $0.43 to $0.46 per diluted share. Also, during 2005, our EPS
will continue to be affected by the increased shares outstanding as a result of
our IPO completed during August, 2004. For 2004, we had 8,899,465 total
weighted average shares outstanding. During 2005, we anticipate that we will
have approximately 12,432,653 total weighted average shares outstanding, or
approximately 39.7% more shares, assuming no option exercises, stock issuances
or stock repurchases."
Said Zinn, "During 2004, and specifically since June 30th, the Federal Reserve
raised the benchmark Fed funds rate five times, each a quarter-point increase,
taking the Fed funds rate from 1.00% to 2.25% by year end. Because we are
liability sensitive, we have more liabilities subject to such increases than we
do interest-earning assets. We are pleased with our management of our net
interest margin ("NIM") during this time, which saw us record a NIM of 2.85%
for the year ended December 31, 2004 compared with 3.07% for the year ended
December 31, 2003. For the fourth quarter of 2004, our NIM was 2.94%, up 0.13%
compared with 2.81% for the fourth quarter of 2003. Comparing our NIM for the
linked third quarter of 2004, we saw an increase of 0.09%, with the fourth
quarter 2004 NIM of 2.94%, compared to the third quarter 2004 NIM of 2.85%.
However, we anticipate that we will experience more pressure on our net
interest income and on our NIM during 2005 if the Federal Reserve continues its
plan of measured increases."
Lisa Simon, Chairman of the Board, added, "Our strong equity position will
allow us to expand our market area, and we took our first step in that
direction by opening a de novo branch in Katy, Texas on October 12, 2004. We
remain focused on our intermediate and long-term strategies of increasing our
market area, increasing core deposits and changing the mix of our interest-
earning assets by increasing our loan portfolio as a percentage of earning
assets."
FOURTH QUARTER RESULTS
Net earnings for the fourth quarter of 2004 were $1.5 million compared with
$799 thousand for the same quarter of 2003, an increase of $712 thousand or
89.2%. The increase was primarily due to a $2.3 million increase in net
interest income, partially offset by a $1.3 million increase in non-interest
expense.
Net earnings were $0.12 per diluted share compared with $0.11 per diluted share
for the fourth quarter of 2003. We posted returns on average assets of 0.54%
and 0.37% for the fourth quarters ended December 31, 2004 and 2003,
respectively. Returns on average equity were 6.91% and 10.49% for the fourth
quarters ended December 31, 2004 and 2003, respectively.
Net Interest Income
Net interest income for the fourth quarter of 2004 increased $2.3 million or
39.4% to $8.0 million, compared with $5.7 million for the same period in 2003.
The increase was primarily due to a 33.4% increase in average earning assets,
partially offset by the combined effect of a 27.6% increase in interest-bearing
liabilities and a 0.28% increase in weighted average rates on interest-bearing
liabilities from 2.00% for the three months ended December 31, 2003 to 2.28%
for the three months ended December 31, 2004. The average balance of
interest-earning assets increased $270.0 million from the quarter ended
December 31, 2003 compared with the same period in 2004, while the average
yield increased 0.28% to 4.82% from 4.54%. The average balance of
interest-bearing liabilities increased $199.5 million for the three months
ended December 31, 2004, compared with the same period in 2003. Our net
interest margin on a tax equivalent basis increased 0.13% to 2.94% for the
quarter ended December 31, 2004, compared with 2.81% for the same period in
2003.
Non-interest Expense
Non-interest expense for the fourth quarter of 2004 was $5.4 million compared
with $4.1 million for the fourth quarter of 2003, an increase of $1.3 million,
or 30.3%. This $1.3 million increase in non-interest expense was principally
the result of a $545 thousand increase in other real estate expenses and a $491
thousand increase in salaries and employee benefits due primarily to increased
staffing. Of the $545 thousand increase in other real estate expenses,
approximately $535 thousand related to valuation adjustments to the carrying
value of the related properties. The book value of ORE, as a result of these
value write-downs as well as sales of ORE, was $895 thousand at December 31,
2004, compared with $2.2 million at September 30, 2004.
RESULTS FOR YEAR ENDED DECEMBER 31, 2004
Net earnings for the year ended December 31, 2004 were $6.0 million, an
increase of $2.6 million or 75.7%, compared with $3.4 million for the year
ended December 31, 2003, primarily due to a $7.5 million increase in net
interest income, partially offset by a $3.3 million increase in non-interest
expense, and a $1.3 million increase in the provision for Federal income taxes.
Diluted earnings per share for the year ended December 31, 2004 were $0.66,
compared with $0.48 per share for the same period in 2003. We posted returns
on average assets of 0.58% and 0.47% for the years ended December 31, 2004 and
2003, respectively. Returns on average equity were 11.97% and 11.13% for the
years ended December 31, 2004 and 2003, respectively.
Net Interest Income
For the year ended December 31, 2004, net interest income increased $7.5
million to $28.7 million compared with $21.2 million for the year ended
December 31, 2003. This increase is primarily due to a $316.7 million increase
in average earning assets, partially offset by a $282.0 million increase in
interest-bearing liabilities. The average yield of interest- earning assets
for the year ended December 31, 2004, decreased 0.18% to 4.57% from 4.75%. The
average rate of interest-bearing liabilities for the year ended December 31,
2004, compared with the same period in 2003, increased 0.04% to 2.04% from
2.00%. Our net interest margin on a tax equivalent basis decreased 0.22% to
2.85% for the year ended December 31, 2004 from 3.07% for the year 2003.
Non-interest Income
For the year ended December 31, 2004, non-interest income decreased to $2.1
million compared with $2.3 million for the year 2003, primarily due to a $180
thousand decrease in the net gains on sales of securities.
Non-interest Expense
Non-interest expense for the year ended December 31, 2004 was $18.7 million
compared with $15.5 million for the year ended December 31, 2003, an increase
of $3.2 million or 21.0%, primarily due to an increase of $2.0 million in
salaries and employee benefits and a $904 thousand increase in other
non-interest expense. Approximately $724 thousand of the $904 thousand
increase in other non-interest expense was related to other real estate
expenses, including $116 thousand in property taxes and $535 thousand in
valuation expense related to the carrying value of the properties.
ASSET QUALITY
Nonperforming assets as of December 31, 2004 were $4.4 million, a decrease
compared with $4.6 million at December 31, 2003, and down from $6.4 million at
September 30, 2004. As a percentage of total loans and other real estate
owned, nonperforming assets were 0.73% as of December 31, 2004, down from 1.07%
as of December 31, 2003 and from 1.15% as of September 30, 2004.
For the year ended December 31, 2004, we recorded a provision for loan losses
of $3.0 million compared with $2.8 million for the year 2003. The increase in
the provision was due primarily to the increase in the size of the loan
portfolio. At December 31, 2004, the allowance for loan losses as a percentage
of total loans was 1.36% compared with 1.33% at December 31, 2003.
Net charge-offs for the year ended December 31, 2004 totaled $479 thousand,
compared with $1.2 million for the same period in 2003.
THE COMPANY
SNB Bancshares, Inc. (the "Company") is a bank holding company headquartered
approximately 15 miles southwest of downtown Houston in Sugar Land, Texas, the
largest city in fast growing Fort Bend County. The Company, with total assets
of $1.1 billion, total loans of $598.7 million, total deposits of $868.4
million and total shareholders' equity of $86.5 million, as of December 31,
2004, has four full-service branches in Harris and Fort Bend Counties.
CONFERENCE CALL
In conjunction with SNB Bancshares, Inc.'s (SNBT) Fourth Quarter Earnings
Release, scheduled after the market closes on Thursday, January 27, 2005,
management will host a conference call for analysts and investors at 10:30
a.m., Eastern Time (9:30 a.m., Central Time) on Friday, January 28, 2005.
Interested parties may participate by calling (800) 798-2864 and entering the
access code 49622179. The conference call will also be available via the
Internet by accessing the Investor Relations section of the Company's website
http://www.snbtx.com/ . An audio archive of the call will be available at the
same website address beginning on January 28, 2005.
Notice under the Private Securities Litigation Reform Act of 1995
Except for historical information contained herein, this press release may
constitute forward-looking statements for the purposes of the Securities Act of
1933, as amended, and the Securities Exchange Act of 1934, as amended, and as
such, may involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of the Company
to be materially different from the results, performance or achievements
expressed or implied by such forward-looking statements. The Company intends
such forward-looking statements to be covered by the safe harbor provisions for
forward-looking statements contained in the Private Securities Litigation Act
of 1995, and is including this statement for purposes of said safe harbor
provisions.
The Company's actual results may differ materially from the results anticipated
in these forward-looking statements due to a variety of factors, including,
without limitation, the following: (a) the effects of future economic and
business conditions on the Company and our customers; (b) changes in
governmental legislation and regulations; (c) the risks of changes in interest
rates; (d) competition from other banks and financial institutions for customer
deposits and loans; (e) the failure of assumptions underlying the establishment
of reserves for loan losses; (f) changes in the levels of loan prepayments and
the resulting effects on the value of the Company's loan portfolio; (g) the
failure of assumptions underlying the establishment of and provisions made to
the allowance for loan losses; (h) the effect of changes in accounting policies
and practices which may be adopted by regulatory agencies and/or the Financial
Accounting Standards Board; (i) technological changes; (j) acquisition and
integration of acquired businesses; (k) the loss of senior management or
operating personnel and the potential inability to hire qualified personnel at
reasonable compensation levels; (l) acts of terrorism; and (m) other risks and
uncertainties listed from time to time in the Company's reports filed with the
Securities and Exchange Commission.
Contacts:
R. Darrell Brewer, CFO
(281) 269-7271
Whitney Rowe, Investor Relations & Corp. Secretary
(281) 269-7220
SNB BANCSHARES, INC.
AND CONSOLIDATED SUBSIDIARIES
SELECTED FINANCIAL DATA
(Dollars in thousands, except outstanding shares
and per share data)
(Unaudited)
For the Three Months
Ended December 31,
2004 2003 % chg
EARNINGS SUMMARY:
Net earnings $1,511 $799 89.2%
Basic earnings per share 0.12 0.11 9.1%
Diluted earnings per share 0.12 0.11 9.1%
Weighted average shares outstanding:
Common stock 9,752,284 3,710,023 162.9%
Class B stock 2,679,498 3,283,966 (18.4%)
Total 12,431,782 6,993,989 77.7%
Shares outstanding at end of period:
Common stock 9,753,612 3,735,523 161.1%
Class B stock 2,679,041 3,258,466 (17.8%)
Total 12,432,653 6,993,989 77.8%
EARNINGS STATEMENT DATA:
Interest income:
Loans $9,161 6,371 43.8%
Securities:
Taxable 3,992 2,977 34.1%
Nontaxable 111 22 398.6%
Federal funds sold and earning deposits 19 7 167.8%
Total interest income 13,283 9,377 41.7%
Interest expense:
Demand deposits 1,323 720 83.7%
Certificates and other time deposits 2,333 2,159 8.1%
Other borrowings 1,639 769 113.2%
Total interest expense 5,295 3,648 45.1%
Net interest income 7,988 5,729 39.4%
Provision for loan losses 675 720 (6.3%)
Net interest income after provision 7,313 5,009 46.0%
Noninterest income:
Service charges on deposit accounts 163 199 (18.4%)
Gain on sale of securities-net 0 0 0.0%
Other 182 133 37.2%
Total noninterest income 345 332 3.8%
Noninterest Expense:
Salaries and employee benefits 2,980 2,489 19.7%
Net occupancy expense 470 464 1.2%
Data processing 377 292 29.4%
Legal and professional fees 205 151 35.1%
FDIC deposit insurance premium 31 22 39.6%
Other 1,317 712 85.1%
Total noninterest expense 5,380 4,130 30.3%
Earnings before income taxes 2,278 1,211 88.1%
Provision for income taxes 767 412 86.3%
Net earnings $1,511 799 89.2%
For the Year
Ended December 31,
2004 2003 % chg
EARNINGS SUMMARY:
Net earnings $6,005 $3,417 75.7%
Basic earnings per share 0.67 0.49 38.1%
Diluted earnings per share 0.66 0.48 37.5%
Weighted average shares outstanding:
Common stock 5,999,150 3,707,911 61.8%
Class B stock 2,900,315 3,286,078 (11.7%)
Total 8,899,465 6,993,989 27.2%
Shares outstanding at end of period:
Common stock 9,753,612 3,735,523 161.1%
Class B stock 2,679,041 3,258,466 (17.8%)
Total 12,432,653 6,993,989 77.8%
EARNINGS STATEMENT DATA:
Interest income:
Loans 30,778 24,200 27.2%
Securities:
Taxable 15,527 8,904 74.4%
Nontaxable 202 96 111.0%
Federal funds sold and earning deposits 154 38 301.1%
Total interest income 46,661 33,238 40.4%
Interest expense:
Demand deposits 4,514 2,757 63.7%
Certificates and other time deposits 9,041 6,753 33.9%
Other borrowings 4,451 2,549 74.6%
Total interest expense 18,006 12,059 49.3%
Net interest income 28,655 21,179 35.3%
Provision for loan losses 2,950 2,821 4.6%
Net interest income after provision 25,705 18,358 40.0%
Noninterest income:
Service charges on deposit accounts 786 873 (10.0%)
Gain on sale of securities-net 700 880 (20.4%)
Other 634 556 14.0%
Total noninterest income 2,120 2,309 (8.2%)
Noninterest Expense:
Salaries and employee benefits 11,365 9,328 21.8%
Net occupancy expense 1,820 1,679 8.4%
Data processing 1,218 1,163 4.7%
Legal and professional fees 653 571 14.3%
FDIC deposit insurance premium 115 83 37.4%
Other 3,569 2,665 33.9%
Total noninterest expense 18,740 15,489 21.0%
Earnings before income taxes 9,085 5,178 75.4%
Provision for income taxes 3,080 1,761 74.9%
Net earnings 6,005 3,417 75.7%
SNB BANCSHARES, INC.
AND CONSOLIDATED SUBSIDIARIES
SELECTED FINANCIAL DATA
(Dollars in thousands, except outstanding shares
and per share data)
(Unaudited)
4Q 3Q 2Q
2004 2004 2004
EARNINGS STATEMENT DATA:
Interest income:
Loans $9,161 $8,031 $7,085
Securities:
Taxable 3,992 4,184 4,030
Nontaxable 111 50 19
Federal Funds Sold 19 14 22
Total interest income 13,283 12,279 11,156
Interest expense:
Demand deposits 1,323 1,215 1,025
Certificates and other time deposits 2,333 2,179 2,336
Other borrowings 1,639 1,319 827
Total interest expense 5,295 4,713 4,188
Net interest income 7,988 7,566 6,968
Provision for loan losses 675 625 900
Net interest income after provision 7,313 6,941 6,068
Noninterest income:
Service charges on deposit accounts 163 193 193
Gain on sale of securities-net 0 197 144
Other 182 153 151
Total noninterest income 345 543 488
Noninterest Expense:
Salaries and employee benefits 2,980 2,944 2,757
Net occupancy expense 470 483 428
Data processing 377 284 271
Legal and professional fees 205 158 153
FDIC deposit insurance premium 31 31 28
Other 1,317 831 773
Total noninterest expense 5,380 4,731 4,410
Income before income taxes 2,278 2,753 2,146
Provision for income taxes 767 935 729
Net income $1,511 $1,818 $1,417
Basic EPS $0.12 0.20 0.20
Diluted EPS $0.12 0.19 0.20
Weighted average shares outstanding:
Common stock 9,752,284 6,456,156 3,974,575
Class B stock 2,679,498 2,680,521 3,019,414
Total 12,431,782 9,136,677 6,993,989
1Q 4Q
2004 2003
EARNINGS STATEMENT DATA:
Interest income:
Loans $6,501 $6,371
Securities:
Taxable 3,321 2,977
Nontaxable 22 22
Federal Funds Sold 99 7
Total interest income 9,943 9,377
Interest expense:
Demand deposits 951 720
Certificates and other time deposits 2,193 2,159
Other borrowings 666 769
Total interest expense 3,810 3,648
Net interest income 6,133 5,729
Provision for loan losses 750 720
Net interest income after provision 5,383 5,009
Noninterest income:
Service charges on deposit accounts 237 199
Gain on sale of securities-net 359 0
Other 148 133
Total noninterest income 744 332
Noninterest Expense:
Salaries and employee benefits 2,684 2,489
Net occupancy expense 439 464
Data processing 286 292
Legal and professional fees 137 151
FDIC deposit insurance premium 25 22
Other 648 712
Total noninterest expense 4,219 4,130
Income before income taxes 1,908 1,211
Provision for income taxes 649 412
Net income $1,259 $799
Basic EPS 0.18 0.11
Diluted EPS 0.17 0.11
Weighted average shares outstanding:
Common stock 3,767,320 3,710,023
Class B stock 3,226,669 3,283,966
Total 6,993,989 6,993,989
SNB BANCSHARES, INC.
AND CONSOLIDATED SUBSIDIARIES
SELECTED FINANCIAL DATA
(Dollars in thousands)
Unaudited)
Q4 Q4
2004 2003 % chg
BALANCE SHEET AVERAGES:
Loans $579,459 $417,004 39.0%
Allowance for loan losses (7,748) (5,611) 38.1%
Loans, net 571,711 411,393 39.0%
Investment securities 496,204 389,132 27.5%
Federal funds sold 1,496 1,518 (1.4%)
Interest-earning deposits in
other financial institutions 1,849 1,325 39.5%
Cash and due from banks 16,316 22,405 (27.2%)
Premises and equipment 15,453 12,776 21.0%
Accrued interest receivable and
other assets 14,328 9,020 58.8%
Total assets $1,117,357 $847,569 31.8%
Demand deposits $103,502 $90,916 13.8%
NOW, savings, and money market
accounts 325,857 254,539 28.0%
Time deposits 351,178 344,652 1.9%
Total deposits 780,537 690,107 13.1%
Other borrowed funds 207,593 85,970 141.5%
Notes payable to bank --- --- 0.0%
Junior subordinated debentures 38,250 38,250 0.0%
Accrued interest payable and
other liabilities 3,977 2,997 32.7%
Total liabilities 1,030,357 817,324 26.1%
Shareholders' equity 87,000 30,245 187.7%
Total liabilities and
shareholders' equity $1,117,357 $847,569 31.8%
Year Ended December 31,
2004 2003 % chg
BALANCE SHEET AVERAGES:
Loans $509,142 $383,844 32.6%
Allowance for loan losses (6,868) (4,788) 43.4%
Loans, net 502,274 379,056 32.5%
Investment securities 482,626 302,590 59.5%
Federal funds sold 8,945 1,058 745.5%
Interest-earning deposits in
other financial institutions 5,830 2,387 144.2%
Cash and due from banks 15,533 26,543 (41.5%)
Premises and equipment 13,466 11,784 14.3%
Accrued interest receivable and
other assets 13,275 6,834 94.2%
Total assets $1,041,949 $730,252 42.7%
Demand deposits $104,725 $95,080 10.1%
NOW, savings, and money market
accounts 334,865 236,022 41.9%
Time deposits 368,015 259,968 41.6%
Total deposits 807,605 591,070 36.6%
Other borrowed funds 142,498 78,063 82.5%
Notes payable to bank --- 1,651 (100.0%)
Junior subordinated debentures 38,250 25,934 47.5%
Accrued interest payable and
other liabilities 3,440 2,825 21.8%
Total liabilities 991,793 699,543 41.8%
Shareholders' equity 50,156 30,709 63.3%
Total liabilities and
shareholders' equity $1,041,949 $730,252 42.7%
December 31,
2004 2003 % chg
PERIOD END BALANCES:
Loans $598,717 $424,479 41.0%
Allowance for loan losses (8,121) (5,650) 43.7%
Loans, net 590,596 418,829 41.0%
Investment securities 488,523 412,620 18.4%
Federal funds sold --- 3,195 (100.0%)
Interest-earning deposits in
other financial institutions 441 501 (12.0%)
Cash and due from banks 20,794 27,427 (24.2%)
Premises and equipment 16,137 12,691 27.2%
Accrued interest receivable and
other assets 13,566 8,578 58.1%
Total assets $1,130,057 $883,841 27.9%
Demand deposits $110,858 $101,749 9.0%
NOW, savings, and money market
accounts 398,051 295,389 34.8%
Time deposits 359,477 336,833 6.7%
Total deposits 868,386 733,971 18.3%
Other borrowed funds 132,900 77,800 70.8%
Junior subordinated debentures 38,250 38,250 0.0%
Accrued interest payable and
other liabilities 4,062 3,053 33.0%
Total liabilities 1,043,598 853,074 22.3%
Shareholders' equity 86,459 30,767 181.0%
Total liabilities and
shareholders' equity $1,130,057 $883,841 27.9%
SNB BANCSHARES, INC.
AND CONSOLIDATED SUBSIDIARIES
SELECTED FINANCIAL DATA
(Dollars in thousands)
(Unaudited)
4Q 3Q 2Q
2004 2004 2004
QUARTERLY AVERAGE
BALANCE SHEET HISTORY:
Loans $579,459 $533,607 $486,394
Allowance for loan losses (7,748) (7,258) (6,501)
Loans, net 571,711 526,349 479,893
Investment securities 496,204 517,041 504,454
Federal funds sold 1,496 816 8,371
Interest-earning deposits in other
financial institutions 1,849 2,985 956
Cash and due from banks 16,316 13,116 14,348
Premises and equipment 15,453 13,061 12,661
Accrued interest receivable and
other assets 14,328 15,542 13,479
Total assets $1,117,357 $1,088,910 $1,034,162
Demand deposits $103,502 $111,968 $104,646
NOW, savings, and money market
accounts 325,857 334,347 342,693
Time deposits 351,178 351,116 404,545
Total deposits 780,537 797,431 851,884
Other borrowed funds 207,593 199,093 110,287
Junior subordinated debentures 38,250 38,250 38,250
Accrued interest payable and
other liabilities 3,977 3,536 3,423
Total liabilities 1,030,357 1,038,310 1,003,844
Shareholders' equity 87,000 50,600 30,318
Total liabilities and shareholders'
equity $1,117,357 $1,088,910 $1,034,162
PERIOD END BALANCES HISTORY:
Loans $598,717 $553,185 $512,416
Allowance for loan losses (8,121) (7,473) (6,929)
Loans, net 590,596 545,712 505,487
Investment securities 488,523 503,584 533,477
Federal funds sold 0 1,735 6,100
Interest-earning deposits in other
financial institutions 441 2,179 91
Cash and due from banks 20,794 13,692 17,292
Premises and equipment 16,137 13,837 12,825
Accrued interest receivable and
other assets 13,566 13,797 16,624
Total assets $1,130,057 $1,094,536 $1,091,896
Demand deposits $110,858 $103,007 $114,401
NOW, savings, and money market
accounts 398,051 356,036 362,283
Time deposits 359,477 356,154 379,572
Total deposits 868,386 815,197 856,256
Other borrowed funds 132,900 151,500 168,500
Junior subordinated debentures 38,250 38,250 38,250
Accrued interest payable and
other liabilities 4,062 3,536 3,101
Total liabilities 1,043,598 1,008,483 1,066,107
Shareholders' equity 86,459 86,053 25,789
Total liabilities and shareholders'
equity $1,130,057 $1,094,536 $1,091,896
1Q 4Q
2004 2003
QUARTERLY AVERAGE
BALANCE SHEET HISTORY:
Loans $436,066 $417,004
Allowance for loan losses (5,949) (5,611)
Loans, net 430,117 411,393
Investment securities 412,277 389,132
Federal funds sold 25,269 1,518
Interest-earning deposits in
other financial institutions 17,607 1,325
Cash and due from banks 18,366 22,405
Premises and equipment 12,672 12,776
Accrued interest receivable and
other assets 9,713 9,020
Total assets $926,021 $847,569
Demand deposits $98,717 $90,916
NOW, savings, and money market
accounts 336,670 254,539
Time deposits 365,592 344,652
Total deposits 800,979 690,107
Other borrowed funds 51,683 85,970
Junior subordinated debentures 38,250 38,250
Accrued interest payable and
other liabilities 2,816 2,997
Total liabilities 893,728 817,324
Shareholders' equity 32,293 30,245
Total liabilities and
shareholders' equity $926,021 $847,569
PERIOD END BALANCES HISTORY:
Loans $460,872 $424,479
Allowance for loan losses (6,181) (5,650)
Loans, net 454,691 418,829
Investment securities 448,373 412,620
Federal funds sold 28,200 3,195
Interest-earning deposits in
other financial institutions 339 501
Cash and due from banks 21,151 27,427
Premises and equipment 12,628 12,691
Accrued interest receivable and
other assets 9,765 8,578
Total assets $975,147 $883,841
Demand deposits $112,404 $101,749
NOW, savings, and money market
accounts 328,232 295,389
Time deposits 403,267 336,833
Total deposits 843,903 733,971
Other borrowed funds 55,500 77,800
Junior subordinated debentures 38,250 38,250
Accrued interest payable and
other liabilities 3,118 3,053
Total liabilities 940,771 853,074
Shareholders' equity 34,376 30,767
Total liabilities and
shareholders' equity $975,147 $883,841
SNB BANCSHARES, INC.
AND CONSOLIDATED SUBSIDIARIES
SELECTED FINANCIAL DATA
(Dollars in thousands)
(Unaudited)
YIELD ANALYSIS:
For the Three Months Ended December 31,
2004 2003
Average Interest Average Average Interest Average
Outstanding Earned/ Yield/ Outstanding Earned/ Yield/
Balance Paid Rate Balance Paid Rate
Assets:
Interest-earning assets:
Loans $579,459 $9,161 6.19% $417,004 $6,371 5.98%
Investment
Securities 496,204 4,103 3.35 389,132 2,999 3.08
Federal funds sold 1,496 7 1.94 1,518 3 0.88
Interest-earning
deposits in other
financial institutions 1,849 12 2.60 1,325 4 1.05
Total interest-
earning assets 1,079,008 13,283 4.82% 808,979 9,377 4.54%
Less allowance for
loan losses (7,748) (5,611)
Total interest-
earning assets,
net of
allowance 1,071,260 803,368
Non-earning assets:
Cash and due from
banks 16,316 22,405
Premises and
equipment 15,453 12,776
Accrued interest
receivable and
other assets 14,328 9,020
Total non-earning
assets 46,097 44,201
Total assets $1,117,357 $847,569
Liabilities and
Shareholders' Equity:
Interest-bearing
liabilities:
NOW, savings, and
money market
accounts $325,857 $1,323 1.62% $254,539 $720 1.12%
Time deposits 351,178 2,333 2.64 344,652 2,159 2.49
Other borrowed funds 207,593 1,047 2.01 85,970 241 1.12
Junior subordinated
debentures 38,250 592 6.05 38,250 528 5.40
Total interest-
bearing
liabilities 922,878 5,295 2.28% 723,411 3,648 2.00%
Noninterest-bearing
liabilities:
Demand deposits 103,502 90,916
Accrued interest
payable and other
liabilities 3,977 2,997
Total noninterest-
bearing
liabilities 107,479 93,913
Total liabilities 1,030,357 817,324
Shareholders'
equity 87,000 30,245
Total liabilities
and shareholders'
equity $1,117,357 $847,569
Net interest
income $7,988 $5,729
Net interest spread 2.53% 2.53%
Net interest margin 2.94% 2.81%
SNB BANCSHARES, INC.
AND CONSOLIDATED SUBSIDIARIES
SELECTED FINANCIAL DATA
(Dollars in thousands)
(Unaudited)
RATE VOLUME ANALYSIS:
For the Three Months Ended
December 31, 2004 Compared
with the Same Period in 2003
Q4 Q4 Increase
2004 2003 (Decrease)
Interest-earning assets:
Loans $9,161 $6,371 $2,790
Securities 4,103 2,999 1,104
Federal funds sold 7 3 4
Interest-bearing deposits in other
financial institutions 12 4 8
Interest income 13,283 9,377 3,906
Interest-bearing liabilities:
NOW, savings and money market accounts 1,323 720 603
Time deposits 2,333 2,159 174
Other borrowed funds 1,047 241 806
Junior subordinated deferrable
interest debentures 592 528 64
Interest expense 5,295 3,648 1,647
Net interest income $7,988 $5,729 $2,259
RATE VOLUME ANALYSIS:
For the Three Months Ended
December 31, 2004 Compared
with the Same Period in 2003
Increase (Decrease)
Due to Change in
Volume Rate Total
Interest-earning assets:
Loans $2,441 $349 $2,790
Securities 830 274 1,104
Federal funds sold --- 4 4
Interest-bearing deposits in other
financial institutions 1 7 8
Interest income 3,272 634 3,906
Interest-bearing liabilities:
NOW, savings and money market accounts 200 403 603
Time deposits 41 133 174
Other borrowed funds 342 464 806
Junior subordinated deferrable
interest debentures --- 64 64
Interest expense 583 1,064 1,647
Net interest income $2,689 $(430) $2,259
SNB BANCSHARES, INC.
AND CONSOLIDATED SUBSIDIARIES
SELECTED FINANCIAL DATA
(Dollars in thousands)
(Unaudited)
YIELD ANALYSIS:
For the Years Ended December 31,
2004 2003
Average Interest Average Average Interest Average
Outstanding Earned/ Yield/ Outstanding Earned/ Yield/
Balance Paid Rate Balance Paid Rate
Assets:
Interest-earning assets:
Loans $509,142 $30,778 5.95% $383,844 $24,200 6.22%
Investment
Securities 482,626 15,729 3.28 302,590 9,000 2.97
Federal funds sold 8,945 87 0.96 1,058 11 1.03
Interest-earning
deposits in
other financial
institutions 5,830 67 1.13 2,387 27 1.12
Total interest-
earning assets 1,006,543 46,661 4.57% 689,879 33,238 4.75%
Less allowance
for loan losses (6,868) (4,788)
Total interest-
earning assets,
net of
allowance 999,675 685,091
Non-earning assets:
Cash and due from
banks 15,533 26,543
Premises and
equipment 13,466 11,784
Accrued interest
receivable and
other assets 13,275 6,834
Total non-earning
assets 42,274 45,161
Total assets $1,041,949 $730,252
Liabilities and
Shareholders' Equity:
Interest-bearing
liabilities:
NOW, savings, and
money market
accounts $334,865 $4,514 1.35% $236,022 $2,757 1.17%
Time deposits 368,015 9,041 2.46 259,968 6,753 2.60
Other borrowed
funds 142,498 2,256 1.56 78,063 941 1.19
Notes payable to
bank 0 0 0.00 1,651 53 3.21
Junior
subordinated
debentures 38,250 2,195 5.64 25,934 1,555 6.00
Total interest-
bearing
liabilities 883,628 18,006 2.04% 601,639 12,059 2.00%
Noninterest-bearing
liabilities:
Demand deposits 104,725 95,080
Accrued interest
payable and
other liabilities 3,440 2,825
Total noninterest-
bearing
liabilities 108,165 97,905
Total liabilities 991,793 699,543
Shareholders'
equity 50,156 30,709
Total liabilities
and shareholders'
equity $1,041,949 $730,252
Net interest
income $28,655 $21,179
Net interest
spread 2.53% 2.75%
Net interest
margin 2.85% 3.07%
SNB BANCSHARES, INC.
AND CONSOLIDATED SUBSIDIARIES
SELECTED FINANCIAL DATA
(Dollars in thousands)
(Unaudited)
RATE VOLUME ANALYSIS:
For the Year Ended December 31, 2004 Compared
with the Same Period in 2003
Increase (Decrease)
Increase Due to Change in
2004 2003 (Decrease) Volume Rate Total
Interest-earning
assets:
Loans $30,778 $24,200 $6,578 7,792 (1,214) $6,578
Securities 15,729 9,000 6,729 5,355 1,374 6,729
Federal funds sold 87 11 76 79 (3) 76
Interest-bearing
deposits in other
financial
institutions 67 27 40 40 --- 40
Interest income 46,661 33,238 13,423 13,266 157 13,423
Interest-bearing
liabilities:
NOW, savings and
money market
accounts 4,514 2,757 1,757 1,154 603 1,757
Time deposits 9,041 6,753 2,288 2,807 (519) 2,288
Other borrowed funds 2,256 941 1,315 776 539 1,315
Notes payable to bank --- 53 (53) (53) --- (53)
Junior subordinated
deferrable interest
debentures 2,195 1,555 640 729 (89) 640
Interest expense 18,006 12,059 5,947 5,413 534 5,947
Net interest income $28,655 $21,179 $7,476 $7,853 $(377) $7,476
SNB BANCSHARES, INC.
AND CONSOLIDATED SUBSIDIARIES
SELECTED FINANCIAL DATA
(Dollars in thousands)
(Unaudited)
LOAN PORTFOLIO:
As of December 31, As of December 31,
2004 2003
Amount Percent Amount Percent
Business and industrial $70,101 11.7% $55,218 13.0%
Real estate:
Construction and land development 123,655 20.7 65,628 15.5
Residential 126,200 21.1 117,593 27.7
Commercial mortgages 267,583 44.7 175,686 41.4
Consumer 12,592 2.1 11,092 2.6
Other 227 0.0 198 0.1
Gross loans 600,358 100.3 425,415 100.3
Less unearned discounts and fees (1,641) (0.3) (936) (0.3)
Total loans $598,717 100.0% $424,479 100.0%
NONPERFORMING ASSETS:
As of As of
Dec. 31, Dec. 31,
2004 2003
Nonaccrual loans $1,489 $2,496
Accruing loans past due 90 days or more 62 ---
Restructured loans 1,917 2,015
Other real estate 895 40
Total nonperforming assets $4,363 $4,551
Nonperforming assets to total loans
and other real estate 0.73% 1.07%
ALLOWANCE FOR LOAN LOSSES:
As of and for the As of and for the
Three Months Ended Years Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2004 2003 2004 2003
Allowance for loan losses
at beginning of period $7,473 $5,329 $5,650 $4,006
Provision for loan losses 675 720 2,950 2,821
Charge-Offs:
Business and industrial 0 (95) (242) (516)
Real estate (27) (362) (262) (673)
Consumer (26) (13) (110) (337)
Total charge-offs (53) (470) (614) (1,526)
Recoveries:
Business and industrial 17 2 50 185
Real estate 3 51 63 51
Consumer 6 18 22 113
Total recoveries 26 71 135 349
Net charge-offs (27) (399) (479) (1,177)
Allowance for loan losses
at end of period $8,121 $5,650 $8,121 $5,650
Allowance for loan losses to end
of period loans 1.36% 1.33% 1.36% 1.33%
Net charge-offs to average loans 0.00 0.10 0.09 0.31
Allowance for loans losses to end
of period nonperforming loans 234.17 125.25 234.17 125.25
SNB BANCSHARES, INC.
AND CONSOLIDATED SUBSIDIARIES
SELECTED FINANCIAL DATA
(Dollars in thousands)
(Unaudited)
SELECTED RATIOS AND OTHER DATA:
Q4 Q4 Year Ended 12/31
2004 2003 2004 2003
Return on average assets 0.54% 0.37% 0.58% 0.47%
Return on average equity 6.91 10.49 11.97 11.13
Leverage ratio 10.88 5.09
Tier 1 Capital to RWA ratio 17.74 8.84
Total Capital (Tier 1 + Tier 2)
to RWA ratio 19.87 15.35
Average equity to average
total assets 7.79 3.57 4.81 4.21
Yield on earning assets 4.82 4.54 4.56 4.75
Cost of funds with demand
accounts 2.05 1.78 1.82 1.73
Net interest margin 2.94 2.81 2.85 3.07
Non-interest expense to
average total assets 1.89 1.71 1.73 1.65
Efficiency ratio 64.55 68.13 62.31 68.51
End of period book value
per share $6.95 $4.40
Full time equivalent employees 164 149
COMMON STOCK PERFORMANCE (A):
Fourth quarter For the period of
2004 08/18/04 - 12/31/04
Market value of common stock
- End of period $ 14.75 $ 14.75
Market value of common stock - High 15.49 15.49
Market value of common stock - Low 11.76 10.00
As of December 31,
2004
Book value of common stock $6.95
Market/book value of common stock 212.10%
Price/12 month trailing earnings ratio 22.01 X
(A) The common stock began trading on the Nasdaq Stock Market National
Market System on August 18, 2004.
DATASOURCE: SNB Bancshares, Inc.
CONTACT: R. Darrell Brewer, CFO, +1-281-269-7271, or ,
or Whitney Rowe, Investor Relations & Corp. Secretary, +1-281-269-7220, or
, both of SNB Bancshares, Inc.
Web site: http://www.snbtx.com/