Snb Bancshares (NASDAQ:SNBT)
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SNB Bancshares, Inc. Announces Strong Third Quarter Results
* Net Earnings for the Third Quarter up 111.1% to $1.8 million * Year-to-date
Earnings Per Share up 54.1% to $0.57 (Diluted) * Third Quarter Loan Growth of
35.2% * Initial Public Offering completed, infusing $52.2 million in capital *
Expansion into Katy, Texas
SUGAR LAND, Texas, Oct. 25 /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 third
quarter and the nine months ended September 30, 2004. Net earnings for the
quarter were $1.8 million or $0.19 per diluted share, an increase of $957
thousand or 111.1%, compared with $861 thousand or $0.12 per diluted share for
the same period in 2003. Net earnings for the nine months ended September 30,
2004 were $4.5 million or $0.57 per diluted share, an increase of $1.9 million
or 71.7%, compared with $2.6 million or $0.37 per diluted share for the same
period in 2003.
"The third quarter of 2004 marked the beginning of a new chapter in the history
of our company," said Harvey E. Zinn, President and Chief Executive Officer.
"We completed our successful Initial Public Offering, adding $52.2 million to
our capital, and we are excited about our future as a publicly-traded company.
Our shareholders' equity at September 30, 2004 was $86.1 million compared to
$30.7 million at September 30, 2003, an increase of 180.6%."
Lisa Simon, Chairman of the Board, added, "Our strong equity position will
allow us to expand our market area, and we have already taken a first step in
that direction by opening a de novo branch in Katy, Texas on October 12, 2004."
Continued Mr. Zinn, "We are pleased with our earnings growth, both for the
quarter and for the year-to-date, as compared with the same periods a year ago.
We continue to seek quality loan growth which has resulted in a 35.2% increase
in average loans for the quarter, as compared with the third quarter of 2003."
THIRD QUARTER RESULTS
Net earnings for the third quarter of 2004 were $1.8 million compared with $861
thousand for the same quarter in 2003, an increase of $957 thousand or 111.1%.
The $957 thousand increase in net earnings was primarily due to a $2.1 million
increase in net interest income and an $198 thousand increase in net gains on
sales of securities, offset by a $886 thousand increase in non- interest
expense.
Diluted net earnings were $0.19 per share compared with $0.12 per share for the
third quarter in 2003. Returns on average assets, average equity and average
tangible equity for the three months ended September 30, 2004 were 0.66%,
14.20% and 14.20%, respectively.
Net Interest Income
Net interest income for the third quarter of 2004 increased $2.1 million or
38.7% to $7.6 million, compared with $5.5 million for the same period in 2003.
The increase was primarily due to a 41.1% increase in average earning assets,
partially offset by a 39.4% increase in interest-bearing liabilities and an
increase of 0.15% in weighted average rates on interest-bearing liabilities
from 1.88% for the three months ended September 30, 2003 to 2.03% for the three
months ended September 30, 2004. The average balance of interest-earning
assets increased $307.3 million from the quarter ended September 30, 2003 to
the same period in 2004, while the average yield increased 0.05% to 4.55% from
4.50%. The average balance of interest-bearing liabilities increased $261.0
million for the three months ended September 30, 2004, compared with the same
period in 2003. Our net interest margin on a tax equivalent basis decreased
0.05% to 2.85% for the quarter ended September 30, 2004, from 2.90% for the
same period in 2003.
Non-interest Income
Non-interest income for the third quarter of 2004 was $543 thousand, an
increase of $187 thousand compared with the same period in 2003, primarily as a
result of a $198 thousand increase in net gains on sale of securities.
Non-interest Expense
Non-interest expense for the third quarter of 2004 was $4.7 million compared
with $3.8 million for the third quarter of 2003, an increase of $886 thousand,
or 23.0%, primarily due to an increase in compensation, payroll taxes and
benefits.
RESULTS FOR NINE MONTHS ENDED SEPTEMBER 30, 2004
Net earnings for the nine months ended September 30, 2004 were $4.5 million, an
increase of $1.9 million or 71.7%, compared with $2.6 million for the same
period in 2003, primarily due to a $5.2 million increase in net interest
income, partially offset by a $2.0 million increase in non-interest expense, a
$964 thousand increase in the provision for Federal income taxes, a $180
thousand decrease in net gains on sales of securities and a $174 thousand
increase in the provision for loan losses. Diluted earnings per share for the
nine months ended September 30, 2004 were $0.57, compared with $0.37 per share
for the same period in 2003. Returns on average assets, average equity and
average tangible equity for the nine months ended September 30, 2004 were
0.59%, 15.84% and 15.84%, respectively.
Net Interest Income
For the nine months ended September 30, 2004, net interest income increased
$5.2 million to $20.7 million compared with $15.5 million for the same period
in 2003. This increase is primarily due to a 51.2% increase in average earning
assets, partially offset by a 55.3% increase in interest- bearing liabilities.
The average balance of interest-earning assets increased $332.5 million, for
the nine months ended September 30, 2004, compared with the same period in
2003, while the average yield decreased 0.38% to 4.46% from 4.84%. The average
balance of interest-bearing liabilities increased $309.8 million for the nine
months ended September 30, 2004, compared with the same period in 2003, while
the average rate decreased 0.06% to 1.95% from 2.01%. Our net interest margin
on a tax equivalent basis decreased 0.37% to 2.81% for the nine months ended
September 30, 2004 from 3.18% for the same period in 2003.
Non-interest Income
For the nine months ended September 30, 2004, non-interest income decreased to
$1.8 million compared with $2.0 million for the same period in 2003, primarily
due to a $180 thousand decrease in the gain on sale of securities.
Non-interest Expense
Non-interest expense for the nine months ended September 30, 2004 was $13.4
million compared with $11.4 million for the same period in 2003, an increase of
$2.0 million or 17.6%, primarily due to an increase in compensation, payroll
taxes and benefits.
ASSET QUALITY
Nonperforming assets for the third quarter of 2004 were $6.4 million, down from
$7.4 million for the second quarter of 2004. As a percentage of total loans
and other real estate owned, nonperforming assets were 1.15% at September 30,
2004, compared with 1.44% at June 30, 2004. At September 30, 2003,
nonperforming assets were $5.1 million, or 1.24% of total loans and other real
estate owned.
During the nine months ended September 30, 2004, we recorded a provision for
loan losses of $2.3 million compared with $2.1 million for the same period in
2003. The provision recorded in 2004 is greater than the prior period due
primarily to the increase in the size of the loan portfolio. At September 30,
2004, the allowance for loan losses as a percentage of total loans was 1.35%
compared with 1.31% at September 30, 2003.
Net charge-offs for the nine months ended September 30, 2004 totaled $452
thousand, compared with $778 thousand 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 $553.2 million, total deposits of $815.2
million and total shareholders' equity of $86.1 million, as of September 30,
2004, has four full-service branches in Harris and Fort Bend Counties.
CONFERENCE CALL
In conjunction with SNB Bancshares, Inc.'s (SNBT) Third Quarter Earnings
Release, scheduled after the market closes on Monday, October 25, 2004,
management will host a conference call for analysts and investors at 10:30
a.m., Eastern Time (9:30 a.m., Central Time) on Tuesday, October 26, 2004.
Interested parties may participate by calling (800) 299-0148 and entering the
access code 73618456. 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 at 1:30 p.m., Eastern Time, on October 26, 2004.
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 For the Nine Months
Ended September 30, Ended September 30,
2004 2003 % chg 2004 2003 % chg
EARNINGS SUMMARY:
(Dollars in thousands)
Net earnings $1,818 $861 111.1% $4,494 $2,618 71.7%
Basic earnings per
share 0.20 0.12 66.7% 0.58 0.37 56.8%
Diluted earnings per
share 0.19 0.12 58.3% 0.57 0.37 54.1%
Weighted average
shares outstanding:
Common stock 6,456,156 3,709,527 74.0% 4,738,974 3,707,199 27.8%
Class B stock 2,680,521 3,284,462 (18.4%) 2,974,458 3,286,790 (9.5%)
Total 9,136,677 6,993,989 30.6% 7,713,432 6,993,989 10.3%
Shares outstanding
at end of period:
Common stock 9,750,312 3,710,023 162.8% 9,750,312 3,710,023 162.8%
Class B stock 2,680,041 3,283,966 (18.4%) 2,680,041 3,283,966 (18.4%)
Total 12,430,353 6,993,989 77.7% 12,430,353 6,993,989 77.7%
EARNINGS STATEMENT DATA:
Interest income:
Loans $8,031 $6,224 29.0% $21,617 $17,829 21.2%
Securities:
Taxable 4,184 2,338 79.0% 11,535 5,927 94.6%
Nontaxable 50 24 108.4% 91 74 24.0%
Federal funds sold
and earning
deposits 14 3 376.0% 135 31 327.4%
Total interest
income 12,279 8,589 43.0% 33,378 23,861 39.9%
Interest expense:
Demand deposits 1,215 606 100.4% 3,190 2,038 56.5%
Certificates and
other time
deposits 2,179 1,788 21.8% 6,708 4,594 46.0%
Other borrowings 1,319 742 77.8% 2,812 1,779 58.0%
Total interest
expense 4,713 3,136 50.3% 12,710 8,411 51.1%
Net interest income 7,566 5,453 38.7% 20,668 15,450 33.8%
Provision for loan
losses 625 660 (5.3%) 2,275 2,101 8.3%
Net interest income
after provision 6,941 4,793 44.8% 18,393 13,349 37.8%
Noninterest income:
Service charges on
deposit accounts 193 210 (7.9%) 623 674 (7.6%)
Gain (loss) on sale
of securities-net 197 (1) NM 700 880 (20.4%)
Other 153 147 3.9% 453 423 7.0%
Total noninterest
income 543 356 52.5% 1,776 1,977 (10.2%)
Noninterest Expense:
Salaries and employee
benefits 2,944 2,347 25.5% 8,386 6,839 22.6%
Net occupancy
expense 483 407 18.7% 1,350 1,215 11.1%
Data processing 284 284 0.0% 841 871 (3.4%)
Legal and professional
fees 158 139 14.0% 448 419 6.9%
FDIC deposit insurance
premium 31 20 53.1% 84 61 36.6%
Other 831 648 28.3% 2,253 1,954 15.3%
Total noninterest
expense 4,731 3,845 23.0% 13,362 11,359 17.6%
Earnings before income
taxes 2,753 1,304 111.1% 6,807 3,967 71.6%
Provision for income
taxes 935 443 111.1% 2,313 1,349 71.5%
Net earnings $1,818 $861 111.1% $4,494 $2,618 71.7%
SNB BANCSHARES, INC.
AND CONSOLIDATED SUBSIDIARIES
SELECTED FINANCIAL DATA
(Dollars in thousands, except outstanding shares
and per share data)
(Unaudited)
3Q 2Q 1Q 4Q 3Q
2004 2004 2004 2003 2003
QUARTERLY EARNINGS
STATEMENT HISTORY:
Interest income:
Loans $8,031 $7,085 $6,501 $6,371 $6,224
Securities:
Taxable 4,184 4,030 3,321 2,977 2,338
Nontaxable 50 19 22 22 24
Federal funds
sold and earning
deposits 14 22 99 7 3
Total interest
income 12,279 11,156 9,943 9,377 8,589
Interest expense:
Demand deposits 1,215 1,025 951 720 606
Certificates and
other time
deposits 2,179 2,336 2,193 2,159 1,788
Other borrowings 1,319 827 666 769 742
Total interest
expense 4,713 4,188 3,810 3,648 3,136
Net interest income 7,566 6,968 6,133 5,729 5,453
Provision for loan
losses 625 900 750 720 660
Net interest income
after provision 6,941 6,068 5,383 5,009 4,793
Noninterest income:
Service charges
on deposit
accounts 193 193 237 199 210
Gain (loss) on
sale of
securities-net 197 144 359 0 (1)
Other 153 151 148 133 147
Total noninterest
income 543 488 744 332 356
Noninterest Expense:
Salaries and
employee
benefits 2,944 2,757 2,684 2,489 2,347
Net occupancy
expense 483 428 439 464 407
Data processing 284 271 286 292 284
Legal and
professional fees 158 153 137 151 139
FDIC deposit
insurance premium 31 28 25 22 20
Other 831 773 648 712 648
Total noninterest
expense 4,731 4,410 4,219 4,130 3,845
Earnings before
income taxes 2,753 2,146 1,908 1,211 1,304
Provision for
income taxes 935 729 649 412 443
Net earnings $1,818 $1,417 $1,259 $799 $861
Basic EPS $0.20 0.20 0.18 0.11 0.12
Diluted EPS $0.19 0.20 0.17 0.11 0.12
Weighted average
shares outstanding:
Common stock 6,456,156 3,974,575 3,767,320 3,710,023 3,709,527
Class B stock 2,680,521 3,019,414 3,226,669 3,283,966 3,284,462
Total 9,136,677 6,993,989 6,993,989 6,993,989 6,993,989
SNB BANCSHARES, INC.
AND CONSOLIDATED SUBSIDIARIES
SELECTED FINANCIAL DATA
(Dollars in thousands)
(Unaudited)
3Q 3Q YTD YTD YTD
2004 2003 % chg 2004 2003 % chg
BALANCE SHEET
AVERAGES:
Loans $533,607 $394,725 35.2% $485,532 $372,656 30.3%
Allowance for
loan losses (7,258) (4,962) 46.3% (6,572) (4,511) 45.7%
Loans, net 526,349 389,763 35.0% 478,960 368,145 30.1%
Investment
securities 517,041 351,008 47.3% 478,067 273,425 74.8%
Federal funds
sold 816 727 12.1% 11,446 903 1167.3%
Interest-earning
deposits in other
financial
institutions 2,985 739 303.7% 7,168 2,757 160.0%
Cash and due
from banks 13,116 26,928 (51.3%) 15,269 27,958 (45.4%)
Premises and
equipment 13,061 12,537 4.2% 12,799 11,449 11.8%
Accrued interest
receivable and
other assets 15,542 8,324 86.7% 12,921 6,079 112.5%
Total assets $1,088,910 $790,026 37.8% $1,016,630 $690,716 47.2%
Demand deposits $111,968 $94,880 18.0% $105,136 $96,484 9.0%
NOW, savings, and
money market
accounts 334,347 231,421 44.5% 337,891 229,782 47.0%
Time deposits 351,116 289,938 21.1% 373,668 231,430 61.5%
Total deposits 797,431 616,239 29.4% 816,695 557,696 46.4%
Other borrowed
funds 199,093 111,806 78.1% 120,642 75,398 60.0%
Notes payable
to bank --- --- 0.0% --- 2,208 (100.0%)
Junior subordinated
debentures 38,250 28,612 33.7% 38,250 21,784 75.6%
Accrued interest
payable and other
liabilities 3,536 3,552 (0.4%) 3,258 2,673 21.9%
Total
liabilities 1,038,310 760,209 36.6% 978,845 659,759 48.4%
Shareholders'
equity 50,600 29,817 69.7% 37,785 30,957 22.1%
Total liabilities
and shareholders'
equity $1,088,910 $790,026 37.8% $1,016,630 $690,716 47.2%
PERIOD END September 30,
BALANCES: 2004 2003
Loans $553,185 $406,726 36.0%
Allowance for
loan losses (7,473) (5,329) 40.2%
Loans, net 545,712 401,397 36.0%
Investment
securities 503,584 370,715 35.8%
Federal funds sold 1,735 110 1477.3%
Interest-earning
deposits in
other financial
institutions 2,179 366 495.7%
Cash and due
from banks 13,692 28,271 (51.6%)
Premises and
equipment 13,837 12,679 9.1%
Accrued interest
receivable and
other assets 13,797 8,293 66.4%
Total assets $1,094,536 $821,831 33.2%
Demand deposits 103,007 96,009 7.3%
NOW, savings, and
money market
accounts $356,036 $227,179 56.7%
Time deposits 356,154 351,032 1.5%
Total deposits 815,197 674,220 20.9%
Other borrowed
funds 151,500 75,982 99.4%
Junior subordinated
debentures 38,250 38,250 0.0%
Accrued interest
payable and other
liabilities 3,536 2,710 30.5%
Total
liabilities 1,008,483 791,162 27.5%
Shareholders'
equity 86,053 30,669 180.6%
Total liabilities
and shareholders'
equity $1,094,536 $821,831 33.2%
SNB BANCSHARES, INC.
AND CONSOLIDATED SUBSIDIARIES
SELECTED FINANCIAL DATA
(Dollars in thousands)
(Unaudited)
3Q 2Q 1Q 4Q 3Q
2004 2004 2004 2003 2003
QUARTERLY AVERAGE
BALANCE SHEET HISTORY:
Loans $533,607 $486,394 $436,066 $417,004 $394,725
Allowance for
loan losses (7,258) (6,501) (5,949) (5,611) (4,962)
Loans, net 526,349 479,893 430,117 411,393 389,763
Investment
securities 517,041 504,454 412,277 389,132 351,008
Federal funds
sold 816 8,371 25,269 1,518 727
Interest-earning
deposits in
other financial
institutions 2,985 956 17,607 1,325 739
Cash and due
from banks 13,116 14,348 18,366 22,405 26,928
Premises and
equipment 13,061 12,661 12,672 12,776 12,537
Accrued interest
receivable and
other assets 15,542 13,479 9,713 9,020 8,324
Total assets $1,088,910 $1,034,162 $926,021 $847,569 $790,026
Demand deposits $111,968 $104,646 $98,717 $90,916 $94,880
NOW, savings,
and money market
accounts 334,347 342,693 336,670 254,539 231,421
Time deposits 351,116 404,545 365,592 344,652 289,938
Total deposits 797,431 851,884 800,979 690,107 616,239
Other borrowed
funds 199,093 110,287 51,683 85,970 111,806
Junior
subordinated
debentures 38,250 38,250 38,250 38,250 28,612
Accrued interest
payable and other
liabilities 3,536 3,423 2,816 2,997 3,552
Total
liabilities 1,038,310 1,003,844 893,728 817,324 760,209
Shareholders'
equity 50,600 30,318 32,293 30,245 29,817
Total liabilities
and shareholders'
equity $1,088,910 $1,034,162 $926,021 $847,569 $790,026
Sept. 30, June 30, March 31, Dec. 31, Sept. 30,
2004 2004 2004 2003 2003
PERIOD END
BALANCES HISTORY:
Loans $553,185 $512,416 $460,872 $424,479 $406,726
Allowance for
loan losses (7,473) (6,929) (6,181) (5,650) (5,329)
Loans, net 545,712 505,487 454,691 418,829 401,397
Investment
securities 503,584 533,477 448,373 412,620 370,715
Federal funds sold 1,735 6,100 28,200 3,195 110
Interest-earning
deposits in
other financial
institutions 2,179 91 339 501 366
Cash and due from
banks 13,692 17,292 21,151 27,427 28,271
Premises and
equipment 13,837 12,825 12,628 12,691 12,679
Accrued interest
receivable and
other assets 13,797 16,624 9,765 8,578 8,293
Total assets $1,094,536 $1,091,896 $975,147 $883,841 $821,831
Demand deposits 103,007 114,401 112,404 101,749 96,009
NOW, savings,
and money market
accounts $356,036 $362,283 $328,232 295,389 $227,179
Time deposits 356,154 379,572 403,267 336,833 351,032
Total deposits 815,197 856,256 843,903 733,971 674,220
Other borrowed
funds 151,500 168,500 55,500 77,800 75,982
Junior
subordinated
debentures 38,250 38,250 38,250 38,250 38,250
Accrued interest
payable and other
liabilities 3,536 3,101 3,118 3,053 2,710
Total
liabilities 1,008,483 1,066,107 940,771 853,074 791,162
Shareholders'
equity 86,053 25,789 34,376 30,767 30,669
Total liabilities
and shareholders'
equity $1,094,536 $1,091,896 $975,147 $883,841 $821,831
SNB BANCSHARES, INC.
AND CONSOLIDATED SUBSIDIARIES
SELECTED FINANCIAL DATA
(Dollars in thousands)
(Unaudited)
CONSOLIDATED YIELD ANALYSIS:
For the Three Months Ended September 30,
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 $533,607 $8,031 5.89% $394,725 $6,224 6.17%
Investment
securities 517,041 4,234 3.20 351,008 2,362 2.63
Federal funds
sold 816 3 1.33 727 1 0.40
Interest-
earning
deposits in
other
financial
institutions 2,985 11 1.45 739 2 1.14
Total
interest-
earning
assets 1,054,449 12,279 4.55% 747,199 8,589 4.50%
Less allowance
for loan
losses (7,258) (4,962)
Total
interest-
earning
assets, net
of
allowance 1,047,191 742,237
Non-earning assets:
Cash and due
from banks 13,116 26,928
Premises and
equipment 13,061 12,537
Accrued
interest
receivable
and other
assets 15,542 8,324
Total
noninterest-
earning assets 41,719 47,789
Total
assets $1,088,910 $790,026
Liabilities and
Shareholders' Equity:
Interest-bearing
liabilities:
NOW, savings,
and money
market
accounts $334,347 $1,215 1.45% $231,421 $606 1.04%
Time
deposits 351,116 2,179 2.47 289,938 1,788 2.45
Other
borrowed
funds 199,093 753 1.51 111,806 327 1.16
Junior
subordinated
debentures 38,250 566 5.79 28,612 415 5.67
Total
interest-
bearing
liabilities 922,806 4,713 2.03% 661,777 3,136 1.88%
Noninterest-
bearing
liabilities:
Demand
deposits 111,968 94,880
Accrued
interest
payable and
other
liabilities 3,536 3,552
Total
noninterest-
bearing
liabilities 115,504 98,432
Total
liabilities 1,038,310 760,209
Shareholders'
equity 50,600 29,817
Total
liabilities
and
shareholders'
equity $1,088,910 $790,026
Net interest
income $7,566 $5,453
Net interest
spread 2.52% 2.62%
Net interest
margin 2.85% 2.90%
SNB BANCSHARES, INC.
AND CONSOLIDATED SUBSIDIARIES
SELECTED FINANCIAL DATA
(Dollars in thousands)
(Unaudited)
RATE VOLUME ANALYSIS:
For the Three Months Ended September 30, 2004
Compared with the Same Period in 2003
Increase (Decrease)
Q3 Q3 Increase Due to Change in
2004 2003 (Decrease) Volume Rate Total
Interest-earning assets:
Loans $8,031 $6,224 $1,807 $2,154 $(347) $1,807
Investment
securities 4,234 2,362 1,872 781 1,091 1,872
Federal funds
sold 3 1 2 0 2 2
Interest-bearing
deposits in
other financial
institutions 11 2 9 6 3 9
Total interest
income 12,279 8,589 3,690 2,941 749 3,690
Interest-bearing
liabilities:
NOW, savings and
money market
accounts 1,215 606 609 3 606 609
Time deposits 2,179 1,788 391 376 15 391
Other borrowed
funds 753 327 426 254 172 426
Junior
subordinated
debentures 566 415 151 137 14 151
Total interest
expense 4,713 3,136 1,577 770 807 1,577
Net interest
income $7,566 $5,453 $2,113 $2,171 ($58) $2,113
SNB BANCSHARES, INC.
AND CONSOLIDATED SUBSIDIARIES
SELECTED FINANCIAL DATA
(Dollars in thousands)
(Unaudited)
CONSOLIDATED YIELD ANALYSIS:
For the Nine Months Ended September 30,
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 $485,532 $21,617 5.85% $372,656 $17,829 6.31%
Investment
securities 478,067 11,626 3.19 273,425 6,001 2.89
Federal funds
sold 11,446 80 0.92 903 7 1.08
Interest-
earning
deposits in
other
financial
institutions 7,168 55 1.00 2,757 24 1.15
Total
interest-
earning
assets 982,213 33,378 4.46% 649,741 23,861 4.84%
Less allowance
for loan losses (6,572) (4,511)
Total
interest-
earning
assets,
net of
allowance 975,641 645,230
Non-earning assets:
Cash and due
from banks 15,269 27,958
Premises and
equipment 12,799 11,449
Accrued interest
receivable and
other assets 12,921 6,079
Total
noninterest-
earning
assets 40,989 45,486
Total assets $1,016,630 $690,716
Liabilities and Shareholders' Equity:
Interest-bearing liabilities:
NOW, savings,
and money
market
accounts $337,891 $3,190 1.26% $229,782 $2,037 1.19%
Time deposits 373,668 6,708 2.40 231,430 4,594 2.65
Other borrowed
funds 120,642 1,209 1.34 75,398 699 1.24
Notes payable
to bank --- --- --- 2,208 53 3.23
Junior
subordinated
debentures 38,250 1,603 5.51 21,784 1,028 6.22
Total
interest-
bearing
liabilities 870,451 12,710 1.95% 560,602 8,411 2.01%
Noninterest-bearing
liabilities:
Demand
deposits 105,136 96,484
Accrued interest
payable and
other
liabilities 3,258 2,673
Total
noninterest-
bearing
liabilities 108,394 99,157
Total
liabilities 978,845 659,759
Shareholders'
equity 37,785 30,957
Total
liabilities
and
shareholders'
equity $1,016,630 $690,716
Net interest
income $20,668 $15,450
Net interest
spread 2.51% 2.83%
Net interest
margin 2.81% 3.18%
SNB BANCSHARES, INC.
AND CONSOLIDATED SUBSIDIARIES
SELECTED FINANCIAL DATA
(Dollars in thousands)
(Unaudited)
RATE VOLUME ANALYSIS:
For the Nine Months Ended September 30, 2004
Compared with the Same Period in 2003
Increase (Decrease)
Due to
YTD 9/30 YTD 9/30 Increase Change in
2004 2003 (Decrease) Volume Rate Total
Interest-earning assets:
Loans $21,617 $17,829 $3,788 $5,331 $(1,543) $3,788
Investment securities 11,626 6,001 5,625 4,465 1,160 5,625
Federal funds sold 80 7 73 85 (12) 73
Interest-bearing
deposits in other
financial
institutions 55 24 31 38 (7) 31
Total interest income 33,378 23,861 9,517 9,919 (402) 9,517
Interest-bearing
liabilities:
NOW, savings and
money market
accounts 3,190 2,037 1,153 10 1,143 1,153
Time deposits 6,708 4,594 2,114 2,826 (712) 2,114
Other borrowed funds 1,209 699 510 420 90 510
Notes payable to bank 0 53 (53) (53) 0 (53)
Junior subordinated
debentures 1,603 1,028 575 767 (192) 575
Total interest expense 12,710 8,411 4,299 3,970 329 4,299
Net interest income $20,668 $15,450 $5,218 $5,949 ($731) $5,218
SNB BANCSHARES, INC.
AND CONSOLIDATED SUBSIDIARIES
SELECTED FINANCIAL DATA
(Dollars in thousands, except outstanding shares
and per share data)
(Unaudited)
LOAN PORTFOLIO:
As of September 30, As of September 30,
2004 2003
Amount Percent Amount Percent
Business and industrial
$64,152 11.6% $55,988 13.8%
Real estate:
Construction and land
development 106,536 19.3 66,332 16.3
1-4 family residential 110,828 20.0 109,196 26.8
Commercial mortgages 260,359 47.1 163,779 40.3
Consumer 12,715 2.3 12,038 3.0
Other 154 0.0 250 0.0
Gross loans 554,744 100.3 407,583 100.2
Less unearned discounts
and fees (1,559) (0.3) (857) (0.2)
Total loans $553,185 100.0% $406,726 100.0%
NONPERFORMING ASSETS:
As of September 30, As of September 30,
2004 2003
Nonaccrual loans $2,237 $2,292
Accruing loans past due
90 days or more --- ---
Restructured loans 1,942 2,039
Other real estate
2,183 736
Total nonperforming assets $6,362 $5,067
Nonperforming assets to total
loans and other real estate 1.15% 1.24%
ALLOWANCE FOR LOAN LOSSES:
As of and for the As of and for the
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2004 2003 2004 2003
Allowance for loan losses at
beginning of period $6,929 $4,650 $5,650 $4,006
Provision for loan losses 625 660 2,275 2,101
Charge-Offs:
Business and industrial (82) (50) (242) (421)
Real estate (14) (5) (235) (311)
Consumer (30) (106) (84) (324)
Total charge-offs (126) (161) (561) (1,056)
Recoveries:
Business and industrial 3 117 33 183
Real estate 38 0 60 0
Consumer 4 63 16 95
Total recoveries 45 180 109 278
Net charge-offs (81) 19 (452) (778)
Allowance for loan losses at
end of period $7,473 $5,329 $7,473 $5,329
Allowance for loan losses to
end of period loans 1.35% 1.31% 1.35% 1.31%
Net charge-offs to average loans 0.02 (0.00) 0.09 0.21
Allowance for loans losses to
end of period nonperforming
loans 178.82 123.03 178.82 123.03
SNB BANCSHARES, INC.
AND CONSOLIDATED SUBSIDIARIES
SELECTED FINANCIAL DATA
(Dollars in thousands, except outstanding shares
and per share data)
(Unaudited)
3Q 3Q YTD YTD
2004 2003 2004 2003
SELECTED RATIOS AND OTHER DATA:
Return on average assets 0.66% 0.43% 0.59% 0.51%
Return on average equity 14.20 11.46 15.84 11.31
Leverage ratio 10.83 5.33 --- ---
Tier 1 Capital to RWA ratio 18.28 9.16 --- ---
Total Capital (Tier 1 + Tier 2)
to RWA ratio 20.56 16.06 --- ---
Average equity to average total
assets 4.65 3.77 3.72 4.48
Yield on earning assets 4.55 4.50 4.46 4.84
Cost of funds with demand accounts 1.81 1.64 1.74 1.71
Net interest margin 2.85 2.90 2.81 3.18
Non-interest expense to average
total assets 1.72 1.57 1.67 1.63
Efficiency ratio 59.56 62.88 60.31 68.13
End of period book value
per share $6.92 $4.38
Full time equivalent employees 156 143
End of period Class B shares
outstanding 2,680,041 3,283,966
End of period Common shares
outstanding 9,750,312 3,710,023
End of period total shares
outstanding 12,430,353 6,993,989
For the period of
08/18/04 - 09/30/04
COMMON STOCK PERFORMANCE (A):
Market value of common stock - Close $ 11.98
Market value of common stock - High 12.00
Market value of common stock - Low 10.00
As of September 30,
2004
Book value of common stock $6.92
Market/book value of common stock 173.08%
Price/12 month trailing earnings ratio 17.36 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/