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| 8-K - SOUTHERN COMMUNITY FINANCIAL CORP | v219923_8k.htm |
Southern Community Financial Corporation
Announces Improved First
Quarter 2011 Results
Winston-Salem, NC – (MARKET WIRE) 04/28/2011 – Southern Community Financial Corporation (NASDAQ: SCMF) (NASDAQ: SCMFO), the holding company for Southern Community Bank and Trust, today reported first quarter 2011 results.
Financial Highlights:
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Net income before the accrual for preferred dividend of $151 thousand;
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After preferred dividend accrual, net loss available to common shareholders of $488 thousand, or $0.03 per diluted share;
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Net interest margin increased 28 basis points to 3.42% on a linked quarter basis;
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Provision for loan losses of $4.1 million decreased $2.4 million compared to fourth quarter of 2010;
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Nonperforming loans decreased 20% to $73.8 million, or 6.80% of loans, at March 31, 2011 from $91.8 million, or 8.08% of loans, at December 31, 2010;
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Nonperforming assets decreased 11% to $96.8 million, or 6.04% of total assets, from $109.1 million, or 6.60% of total assets, at December 31, 2010;
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Net charge-offs of $6.0 million, or 2.19% of average loans (annualized), down from $12.0 million, or 4.10% of average loans (annualized), in the fourth quarter of 2010; and
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Allowance for loan losses decreased $1.9 million to $27.7 million, or 2.55% of total loans.
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Southern Community Financial reported a net loss available to common shareholders of $488 thousand for the first quarter 2011, compared with a net loss of $11.5 million for the fourth quarter of 2010 and net loss of $5.2 million for the first quarter 2010. The net loss per diluted common share in the first quarter 2011 decreased to $0.03, compared to $0.68 and $0.31 for the fourth quarter 2010 and first quarter 2010, respectively.
“We are pleased to report a profit before preferred dividend for the first quarter of 2011. We also are very encouraged by the 20% reduction in our nonperforming loans during the first quarter of 2011 and by continued positive trends in our impaired loans,” said F. Scott Bauer, Chairman and Chief Executive Officer. “The first quarter of 2011 marked the fourth consecutive quarter in which our loan delinquencies have decreased. Impaired loans requiring specific reserves dropped $14.5 million, or 52%, compared to the fourth quarter of 2010. We are continuing to make progress in the resolution of the formerly collateral dependent loans that were added to nonaccrual status during the third quarter of 2010. Given these developments, we are optimistic that our nonperforming loans will continue to decrease in the second quarter of 2011, particularly as we anticipate additional formerly collateral dependent loans to be returned to accruing status. As a result, we continue to expect opportunities for net interest margin improvement in the second quarter of 2011.
While we are optimistic about the positive trends we are seeing in our asset quality, we continue to anticipate shrinkage in our overall loan portfolio and balance sheet as loan demand remains weak due to the prolonged economic downturn. However, this shrinkage will allow us to better manage our capital during the current economic cycle.
Our employees continue to exceed my expectations for their exemplary commitment to providing our customers with the highest level of service possible. Southern Community remains well funded with regulatory capital ratios in excess of the well-capitalized requirements at the consolidated Company level and with a Tier 1 leverage ratio in excess of 8% and a total risk-based capital ratio above 12% at the Bank level.”
Asset Quality
Nonperforming loans decreased $18.0 million to $73.8 million, or 6.80% of total loans, at March 31, 2011 from $91.8 million, or 8.08% of total loans, at December 31, 2010. Included in the $18.0 million net reduction in nonperforming loans, there are $11.0 million in formerly collateral dependent loans that were restored to an accruing status during first quarter of 2011 as a result of consistent payment performance on these loans over a reasonable period subsequent to the addition of principal curtailments to the borrowers’ scheduled loan payments. Loans delinquent 30-89 days declined to $3.4 million at March 31, 2011 from $5.5 million at December 31, 2010, and from $8.9 million at September 31, 2010. Nonperforming assets decreased to $96.8 million, or 6.04% of total assets, at March 31, 2011 from $109.1 million, or 6.60% of total assets, at December 31, 2010.
The provision for loan losses of $4.1 million in the first quarter of 2011 decreased $2.4 million from $6.5 million in the fourth quarter 2010. The allowance for loan losses (ALLL) decreased $1.9 million to $27.7 million, or 2.55% of total loans, from $29.6 million, or 2.60% of total loans, at December 31, 2010. Net charge-offs decreased sequentially to $6.0 million, or 2.19% of average loans on an annualized basis, from $12.0 million, or 4.10% of average loans on an annualized basis, for the fourth quarter 2010. As the overall ALLL decreased sequentially during the first quarter of 2011, the specific allowance for impaired loans decreased by $2.3 million to $2.8 million on a linked quarter basis as the volume of impaired loans requiring a specific allowance decreased to $15.9 million at March 31, 2011 from $28.2 million at December 31, 2010.
Net Interest Income
Net interest income of $12.8 million in the first quarter of 2011 increased $426 thousand, or 3%, compared to $12.4 million in the fourth quarter of 2010 and the net interest margin increased 28 basis points to 3.42% compared with 3.14% in the fourth quarter of 2010. The sequential increase in net interest income and the net interest margin resulted from the impact of $11.0 million in formerly collateral dependent loans that were reinstated to accrual status as well as the continued downward repricing of deposits. These positive factors were partially offset by a $44.4 million decrease in the average balance of earning assets, driven by a $50.7 million decrease in average loan balances.
On a year-over-year basis, net interest income decreased $416 thousand, or 3%, and the net interest margin increased by one basis point from 3.41% in the first quarter of 2010. The decrease in net interest income year-over-year was due primarily to a $52.6 million decrease in the average balance of earning assets partially offset by the favorable impact of the cost of interest-bearing liabilities repricing downward to a greater extent than the yield on earning assets.
Non-interest Income
Non-interest income decreased by $1.3 million, or 31%, to $2.9 million during the first quarter of 2011 compared with the fourth quarter of 2010. The sequential decrease in non-interest income was attributable primarily to a $526 thousand decrease in the fair value of derivatives, a $451 thousand decrease in mortgage banking income, a $129 thousand decrease in service charge income and a $118 thousand decrease in investment brokerage fee income. These sequential decreases in non-interest income were slightly offset by a $116 thousand improvement in Small Business Investment Company (SBIC) income.
Compared to the first quarter of 2010, non-interest income decreased by $1.1 million, or 27%. The year-over-year decrease was primarily related to a $574 thousand decrease in the fair value of derivatives and a $410 thousand decrease in gains on investment security sales.
Non-interest Expenses
Non-interest expenses of $11.5 million during the first quarter of 2011 decreased $1.1 million, or 9%, on a linked quarter basis. The sequential reduction in non-interest expenses was attributable to a decrease in writedowns on foreclosed property of $1.3 million, a $199 thousand decrease in other expenses related to foreclosed real estate and a $357 thousand decrease in salaries and employee benefits. Offsetting a portion of these sequential decreases, there were sequential increases in other non-interest expense categories of $711 thousand in total, the largest of which was a $598 thousand increase in FDIC insurance premiums.
Compared to the first quarter of 2010, non-interest expenses decreased $360 thousand, or 3%. This year-over-year decrease was due primarily to a $723 thousand decrease in salaries and employee benefits, and a $132 thousand decrease in occupancy and equipment expenses. These expense reductions more than offset a $456 thousand increase in other non-interest expenses, the largest of which was a $586 thousand increase in FDIC insurance premiums.
Balance Sheet
As of March 31, 2011, total assets amounted to $1.6 billion, representing a decrease of $49.5 million, or 3%, compared to December 31, 2010. Total assets decreased $103.3 million, or 6%, on a year-over-year basis. The loan portfolio decreased by $46.6 million, or 4%, sequentially, and decreased by $125.0 million, or 10%, since March 31, 2010 due to decreased loan demand resulting from the prolonged weak economic conditions. Total deposits of $1.3 billion at March 31, 2011 decreased $69.2 million, or 5%, sequentially due to an $85.5 million decrease in interest bearing deposits offset by a $16.3 million increase in demand deposits.
At March 31, 2011, stockholders’ equity of $91.9 million represented 5.73% of total assets. Stockholders’ equity decreased $487 thousand, or less than one percent, to $91.9 million from $92.3 million at December 31, 2010. The regulatory capital ratios at the Bank at March 31, 2011 were in excess of the levels required under the Consent Order with a Tier 1 leverage ratio of 8.10% and a total risk-based capital ratio of 12.05%.
Conference Call
Southern Community’s executive management team will host a conference call on April 29, 2011, at 8:30 am Eastern Time to discuss the quarter-end results. The call can be accessed by dialing 1-877-640-9867 or 1-914-495-8546 and entering pass code 62939149. You may access additional presentation materials for this conference call in the Investor Relations section of Southern Community’s web site at www.smallenoughtocare.com.
About Southern Community Financial Corporation
Southern Community Financial Corporation is headquartered in Winston-Salem, North Carolina and is the holding company of Southern Community Bank and Trust, a community bank with twenty-two banking offices throughout North Carolina.
Southern Community Financial Corporation’s common stock and trust preferred securities are listed on the NASDAQ Global Select Market under the trading symbols SCMF and SCMFO, respectively. Additional information about Southern Community is available on our website at www.smallenoughtocare.com or by email at investor.relations@smallenoughtocare.com.
Forward-Looking Statements
Certain statements in this news release contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans and expectations, and are thus prospective. Such forward-looking statements include but are not limited to (1) statements regarding potential future economic recovery, (2) statements with respect to our plans, objectives, expectations, intentions and other statements that are not historical facts, and (3) other statements identified by words such as “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “targets” and “projects,” as well as similar expressions. Such statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, we can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by our Company or any person that the future events, plans or expectations contemplated by our Company will be achieved.
The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (1) the rate of delinquencies and amounts of charge-offs, the level of allowance for loan losses, the rates of loan growth or shrinkage, or adverse changes in asset quality in our loan portfolio, which may result in increased credit risk-related losses and expenses; (2) competitive pressures among depository and other financial institutions may increase significantly and have an effect on pricing, spending, third party relationships and revenues; (3) the strength of the United States economy in general and the strength of the local economies in which we conduct operations may be different than expected resulting in, among other things, a deterioration in the credit quality or a reduced demand for credit, including the resultant effect on the Company’s loan portfolio and
allowance for loan losses; (4) the risk that the preliminary financial information reported herein and our current preliminary analysis will be different when our review is finalized; (5) changes in deposit rates, the net interest margin and funding sources; (6) changes in the U.S. legal and regulatory framework, including the effect of recent financial reform legislation on the banking industry; and (7) adverse conditions in the stock market, the public debt market and other capital markets (including changes in interest rate conditions) could have a negative impact on the Company. Additional factors that could cause our results to differ materially from those described in the forward-looking statements can be found in our reports (such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the SEC and available at the SEC’s website (http://www.sec.gov). All subsequent written and oral forward-looking statements concerning the Company or any person acting on its behalf is expressly qualified in its entirety by the cautionary statements above. We do not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.
For additional information:
F. Scott Bauer - Chairman/CEO
James Hastings, Executive Vice President/CFO
(336) 768-8500
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Southern Community Financial Corporation
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(Dollars in thousands except per share data)
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(Unaudited)
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For the three months ended
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Mar 31,
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Dec 31,
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Sep 30,
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Jun 30,
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Mar 31,
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Income Statement
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2011
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2010
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2010
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2010
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2010
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Interest Income
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$ | 18,699 | $ | 19,164 | $ | 20,049 | $ | 20,439 | $ | 20,986 | ||||||||||
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Interest Expense
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5,868 | 6,759 | 6,773 | 7,007 | 7,739 | |||||||||||||||
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Net Interest Income
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12,831 | 12,405 | 13,276 | 13,432 | 13,247 | |||||||||||||||
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Provision for Loan Losses
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4,100 | 6,500 | 17,000 | 5,500 | 10,000 | |||||||||||||||
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Net Interest Income after Provision for Loan Losses
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8,731 | 5,905 | (3,724 | ) | 7,932 | 3,247 | ||||||||||||||
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Non-Interest Income
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Service Charges and Fees on Deposit Accounts
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1,488 | 1,617 | 1,640 | 1,719 | 1,557 | |||||||||||||||
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Income from mortgage banking activities
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263 | 714 | 751 | 359 | 358 | |||||||||||||||
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Investment brokerage and trust fees
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188 | 306 | 424 | 509 | 235 | |||||||||||||||
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SBIC income (loss) and management fees
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122 | 6 | 126 | 323 | 176 | |||||||||||||||
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Gain (Loss) on Sale of Investment Securities
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944 | 1,135 | 24 | 1,018 | 1,354 | |||||||||||||||
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Gain (Loss) and Net Cash Settlement on Economic Hedges
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(605 | ) | (79 | ) | (384 | ) | (38 | ) | (31 | ) | ||||||||||
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Other-than-temporary impairment
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- | - | - | - | (186 | ) | ||||||||||||||
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Other Income
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503 | 501 | 479 | 502 | 490 | |||||||||||||||
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Total Non-Interest Income
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2,903 | 4,200 | 3,060 | 4,392 | 3,953 | |||||||||||||||
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Non-Interest Expense
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Salaries and Employee Benefits
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4,746 | 5,103 | 5,033 | 5,321 | 5,469 | |||||||||||||||
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Occupancy and Equipment
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1,784 | 1,778 | 1,839 | 1,895 | 1,916 | |||||||||||||||
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Expenses of Managing Foreclosed Assets
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270 | 469 | 405 | 588 | 360 | |||||||||||||||
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Writedowns of Foreclosed Assets
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609 | 1,895 | 123 | 591 | 483 | |||||||||||||||
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Other
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4,074 | 3,363 | 3,584 | 3,938 | 3,615 | |||||||||||||||
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Total Non-Interest Expense
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11,483 | 12,608 | 10,984 | 12,333 | 11,843 | |||||||||||||||
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Income (Loss) Before Taxes
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151 | (2,503 | ) | (11,648 | ) | (9 | ) | (4,643 | ) | |||||||||||
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Provision for Income Taxes
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- | 8,318 | (3,698 | ) | (270 | ) | (32 | ) | ||||||||||||
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Net Income (Loss)
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$ | 151 | $ | (10,821 | ) | $ | (7,950 | ) | $ | 261 | $ | (4,611 | ) | |||||||
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Effective dividend on preferred stock
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639 | 633 | 633 | 632 | 633 | |||||||||||||||
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Net Income (loss) available to common shareholders
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$ | (488 | ) | $ | (11,454 | ) | $ | (8,583 | ) | $ | (371 | ) | $ | (5,244 | ) | |||||
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Net Income (Loss) per Common Share
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Basic
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$ | (0.03 | ) | $ | (0.68 | ) | $ | (0.51 | ) | $ | (0.02 | ) | $ | (0.31 | ) | |||||
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Diluted
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$ | (0.03 | ) | $ | (0.68 | ) | $ | (0.51 | ) | $ | (0.02 | ) | $ | (0.31 | ) | |||||
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Balance Sheet
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Mar 31,
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Dec 31,
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Sep 30,
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Jun 30,
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Mar 31,
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| 2011 | 2010 | 2010 | 2010 | 2010 | ||||||||||||||||
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Assets
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Cash and due from Banks
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$ | 28,096 | $ | 16,584 | $ | 44,612 | $ | 35,757 | $ | 33,885 | ||||||||||
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Federal Funds Sold and Overnight Deposits
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34,615 | 49,587 | 1,646 | 1,358 | 22,352 | |||||||||||||||
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Investment Securities
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350,962 | 352,873 | 322,431 | 307,595 | 335,519 | |||||||||||||||
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Federal Home Loan Bank Stock
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8,750 | 8,750 | 9,092 | 9,794 | 9,794 | |||||||||||||||
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Loans held for sale
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597 | 5,991 | 7,161 | 6,582 | 2,984 | |||||||||||||||
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Loans
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1,083,468 | 1,130,076 | 1,183,753 | 1,198,565 | 1,208,454 | |||||||||||||||
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Allowance for Loan Losses
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(27,664 | ) | (29,580 | ) | (35,100 | ) | (29,609 | ) | (36,007 | ) | ||||||||||
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Net Loans
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1,055,804 | 1,100,496 | 1,148,653 | 1,168,956 | 1,172,447 | |||||||||||||||
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Bank Premises and Equipment
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39,878 | 40,550 | 40,718 | 41,535 | 42,058 | |||||||||||||||
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Foreclosed Assets
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23,060 | 17,314 | 19,385 | 18,781 | 20,285 | |||||||||||||||
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Other Assets
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62,118 | 61,253 | 69,088 | 69,757 | 67,856 | |||||||||||||||
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Total Assets
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$ | 1,603,880 | $ | 1,653,398 | $ | 1,662,786 | $ | 1,660,115 | $ | 1,707,180 | ||||||||||
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Liabilities and Stockholders' Equity
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Deposits
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Non-Interest Bearing
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$ | 126,393 | $ | 110,114 | $ | 119,249 | $ | 123,573 | $ | 113,292 | ||||||||||
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Money market, savings and NOW
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521,577 | 582,878 | 599,978 | 623,854 | 620,433 | |||||||||||||||
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Time
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631,240 | 655,427 | 598,383 | 545,420 | 573,229 | |||||||||||||||
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Total Deposits
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1,279,210 | 1,348,419 | 1,317,610 | 1,292,847 | 1,306,954 | |||||||||||||||
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Borrowings
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224,608 | 204,784 | 228,343 | 242,303 | 275,831 | |||||||||||||||
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Accrued Expenses and Other Liabilities
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8,208 | 7,854 | 7,739 | 7,981 | 7,513 | |||||||||||||||
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Total Liabilities
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1,512,026 | 1,561,057 | 1,553,692 | 1,543,131 | 1,590,298 | |||||||||||||||
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Total Stockholders' Equity
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91,854 | 92,341 | 109,094 | 116,984 | 116,882 | |||||||||||||||
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Total Liabilities and Stockholders' Equity
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$ | 1,603,880 | $ | 1,653,398 | $ | 1,662,786 | $ | 1,660,115 | $ | 1,707,180 | ||||||||||
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Tangible Book Value per Common Share
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$ | 2.95 | $ | 2.99 | $ | 3.99 | $ | 4.46 | $ | 4.45 | ||||||||||
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2011
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2010
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2010
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2010
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2010
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Per Common Share Data:
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Basic Earnings (loss) per Share
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$ | (0.03 | ) | $ | (0.68 | ) | $ | (0.51 | ) | $ | (0.02 | ) | $ | (0.31 | ) | ||||||
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Diluted Earnings (loss) per Share
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$ | (0.03 | ) | $ | (0.68 | ) | $ | (0.51 | ) | $ | (0.02 | ) | $ | (0.31 | ) | ||||||
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Tangible Book Value per Share
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$ | 2.95 | $ | 2.99 | $ | 3.99 | $ | 4.46 | $ | 4.45 | |||||||||||
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Selected Performance Ratios:
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Return on Average Assets (annualized) ROA
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0.04 | % | -2.55 | % | -1.91 | % | 0.06 | % | -1.10 | % | |||||||||||
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Return on Average Equity (annualized) ROE
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0.67 | % | -39.43 | % | -27.07 | % | 0.90 | % | -15.34 | % | |||||||||||
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Return on Tangible Equity (annualized)
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0.67 | % | -39.68 | % | -27.25 | % | 0.90 | % | -15.44 | % | |||||||||||
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Net Interest Margin
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3.42 | % | 3.14 | % | 3.39 | % | 3.46 | % | 3.41 | % | |||||||||||
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Net Interest Spread
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3.30 | % | 2.99 | % | 3.20 | % | 3.32 | % | 3.26 | % | |||||||||||
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Non-interest Income as a % of Revenue
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18.45 | % | 25.29 | % | 18.73 | % | 24.64 | % | 22.98 | % | |||||||||||
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Non-interest Income as a % of Average Assets
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0.72 | % | 0.99 | % | 0.73 | % | 1.04 | % | 0.94 | % | |||||||||||
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Non-interest Expense to Average Assets
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2.86 | % | 2.97 | % | 2.64 | % | 2.93 | % | 2.82 | % | |||||||||||
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Efficiency Ratio
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72.98 | % | 75.93 | % | 67.24 | % | 69.19 | % | 68.85 | % | |||||||||||
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Asset Quality:
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Nonperforming Loans
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$ | 73,741 | $ | 91,777 | $ | 98,709 | $ | 55,477 | $ | 50,608 | |||||||||||
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Nonperforming Assets
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$ | 96,801 | $ | 109,091 | $ | 118,094 | $ | 74,258 | $ | 70,893 | |||||||||||
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Nonperforming Loans to Total Loans
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6.80 | % | 8.08 | % | 8.29 | % | 4.60 | % | 4.18 | % | |||||||||||
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Nonperforming Assets to Total Assets
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6.04 | % | 6.60 | % | 7.10 | % | 4.47 | % | 4.15 | % | |||||||||||
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Allowance for Loan Losses to Period-end Loans
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2.55 | % | 2.60 | % | 2.95 | % | 2.46 | % | 2.97 | % | |||||||||||
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Allowance for Loan Losses to Nonperforming Loans (X)
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0.38 | X | 0.32 | X | 0.36 | X | 0.53 | X | 0.71 | X | |||||||||||
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Net Charge-offs to Average Loans (annualized)
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2.19 | % | 4.10 | % | 3.78 | % | 3.95 | % | 1.20 | % | |||||||||||
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Capital Ratios:
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Equity to Total Assets
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5.73 | % | 5.58 | % | 6.56 | % | 7.05 | % | 6.85 | % | |||||||||||
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Tangible Common Equity to Total Tangible Assets (1)
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3.10 | % | 3.04 | % | 4.03 | % | 4.52 | % | 4.39 | % | |||||||||||
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Average Balances:
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Year to Date
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Interest Earning Assets
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$ | 1,520,664 | $ | 1,562,393 | $ | 1,561,504 | $ | 1,564,646 | $ | 1,573,247 | |||||||||||
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Total Assets
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1,630,975 | 1,681,068 | 1,680,902 | 1,695,640 | 1,704,190 | ||||||||||||||||
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Total Loans
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1,111,697 | 1,200,609 | 1,213,497 | 1,215,776 | 1,222,594 | ||||||||||||||||
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Equity
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91,958 | 115,962 | 118,352 | 119,293 | 121,944 | ||||||||||||||||
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Interest Bearing Liabilities
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1,407,978 | 1,436,443 | 1,435,705 | 1,451,099 | 1,459,636 | ||||||||||||||||
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Quarterly
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Interest Earning Assets
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$ | 1,520,664 | $ | 1,565,031 | $ | 1,555,323 | $ | 1,556,140 | $ | 1,573,247 | |||||||||||
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Total Assets
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1,630,975 | 1,681,561 | 1,651,907 | 1,687,184 | 1,704,190 | ||||||||||||||||
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Total Loans
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1,111,697 | 1,162,365 | 1,209,013 | 1,209,033 | 1,222,594 | ||||||||||||||||
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Equity
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91,958 | 108,870 | 116,501 | 116,671 | 121,944 | ||||||||||||||||
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Interest Bearing Liabilities
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1,407,978 | 1,438,633 | 1,405,419 | 1,442,655 | 1,459,636 | ||||||||||||||||
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Weighted Average Number of Shares Outstanding
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Basic
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16,824,008 | 16,812,380 | 16,812,625 | 16,814,378 | 16,806,292 | ||||||||||||||||
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Diluted
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16,824,008 | 16,812,380 | 16,812,625 | 16,814,378 | 16,806,292 | ||||||||||||||||
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Period end outstanding shares
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16,838,125 | 16,812,625 | 16,812,625 | 16,812,625 | 16,818,125 | ||||||||||||||||
(1) - Tangible Common Equity to Total Tangible Assets is period-ending common equity less intangibles, divided by period-ending assets less intangibles.
Management provides the above non-GAAP measure, footnote (1) to provide readers with the impact of purchase accounting on this key financial ratio.
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