Annapolis Bancorp, Inc. (NASDAQ: ANNB), parent company of
BankAnnapolis, today announced net income of $1,111,000 for the
third quarter of 2012, an increase of $443,000 or 66.3% compared to
net income of $668,000 in the third quarter of 2011. These results
make the third quarter of 2012 the most profitable in the Company’s
22+ year history.
Third quarter net income available to common shareholders after
accruing for preferred stock dividends was $1,060,000 ($0.27 per
basic and $0.26 per diluted common share), an increase of $515,000
or 94.5% compared to net income available to common shareholders of
$545,000 ($0.14 per basic and diluted common share) in the third
quarter of 2011.
Return on average assets and return on average common equity for
the quarter improved to 1.00% and 13.31%, respectively, compared to
0.61% and 7.61% in the same period of 2011.
Net income for the first nine months of 2012 grew to $2,856,000,
an increase of $1,354,000 or 90.1% from $1,502,000 in the same
period of 2011. Year-to-date net income available to common
shareholders totaled $2,636,000 ($0.66 per basic and $0.65 per
diluted common share) compared to $1,135,000 ($0.29 per basic and
diluted common share) in the same nine month period of 2011.
Book value per common share at September 30, 2012 was $8.05
compared to $7.38 at December 31, 2011.
Total assets of $436.4 million at September 30, 2012 decreased
1.2% or $5.2 million from $441.6 million at December 31, 2011.
Gross loans totaled $284.7 million compared to $290.5 million at
year-end 2011.
As of September 30, 2012, the Company’s allowance for credit
losses was $6.6 million or 2.33% of total loans. Quarter-end
nonperforming assets amounted to 1.88% of total assets.
Deposits of $338.8 million at September 30, 2012 decreased by
$11.6 million or 3.3% from $350.4 million reported at year-end
2011.
Common stockholders’ equity increased to $32.0 million at
September 30, 2012 from $29.2 million at December 31, 2011.
Preferred stock was reduced to $4.1 million at September 30, 2012
from $8.1 million at year-end 2011 as one-half of the Company’s
$8.2 million TARP obligation to the U.S. Treasury was repaid in the
second quarter of 2012.
At September 30, 2012, Annapolis Bancorp, Inc. exceeded all
federal regulatory requirements for a well-capitalized institution,
with a Tier 1 capital ratio of 12.6%, a total capital ratio of
13.8%, and a Tier 1 leverage ratio of 9.0%.
In the quarter just ended, net interest income increased by
$42,000 to $4,159,000 from $4,117,000 in the third quarter of 2011.
The net interest margin improved to 3.95% in the third quarter of
2012 from 3.93% in the same period of 2011.
The Company lowered its provision for credit losses to $29,000
in the third quarter of 2012 from $338,000 in the third quarter of
2011.
Noninterest income totaled $509,000 for the three months ended
September 30, 2012, a decrease of $150,000 or 22.8% compared to
$659,000 in the third quarter of 2011.
Noninterest expense improved by $547,000 or 16.1% to $2,848,000
in the quarter just ended compared to $3,395,000 in the third
quarter of 2011. The Company’s efficiency ratio improved to 60.99%
in the third quarter of the year compared to 71.08% in the linked
quarter of 2011.
Year-to-date net interest income totaled $12,249,000 resulting
in a net interest margin of 3.90% for the first nine months of
2012. A $306,000 provision for credit losses was recorded in the
first nine months of 2012 compared to $1,574,000 in the same period
of 2011. Noninterest income increased by $28,000 compared to the
first nine months of 2011 and noninterest expense was reduced by
$875,000. The year-to-date efficiency ratio improved to 64.26% from
71.45% in the same period of 2011.
BankAnnapolis serves the banking needs of small businesses,
professional concerns, and individuals through eight community
banking offices located in Anne Arundel and Queen Anne’s Counties
in Maryland. In October, the Bank opened its newest branch in the
Waugh Chapel Towne Centre adjacent to Wegmans in Gambrills,
Maryland.
On October 22, 2012, Annapolis Bancorp, Inc. announced that it
had entered into a definitive merger agreement with F.N.B
Corporation (NYSE: FNB) pursuant to which F.N.B. Corporation will
acquire Annapolis Bancorp, Inc. in an all stock transaction valued
at approximately $12.09 per share, or $51 million in the
aggregate.
Under the terms of the merger agreement, which has been approved
by the boards of directors of both companies, shareholders of
Annapolis Bancorp, Inc. will be entitled to receive 1.143 shares of
F.N.B. Corporation common stock for each share of Annapolis
Bancorp, Inc. stock. The exchange ratio is fixed and the
transaction is expected to qualify as a tax-free exchange for
shareholders of Annapolis Bancorp, Inc. A cash credit-related
adjustment provides that shareholders of Annapolis Bancorp, Inc.
may receive up to an additional $0.36 per share in cash for each
share of Annapolis Bancorp, Inc. stock they own, dependent on
Annapolis Bancorp, Inc.’s ability to resolve an agreed-upon credit
matter.
F.N.B. Corporation and Annapolis Bancorp, Inc. expect to
complete the transaction in April 2013, after satisfaction of
customary closing conditions, including regulatory approvals and
the approval of the shareholders of Annapolis Bancorp, Inc. Subject
to the receipt of requisite approvals, it is expected that
Annapolis Bancorp, Inc. will redeem all of its preferred stock held
by the U.S. Treasury under the TARP Capital Purchase Program prior
to closing or it will be extinguished upon closing of the
merger.
F.N.B. Corporation will file a registration statement on Form
S-4 with the SEC. The registration statement will include a proxy
statement/prospectus and other documents relevant to the
merger.
SHAREHOLDERS OF ANNAPOLIS BANCORP, INC. ARE ADVISED TO READ THE
PROXY STATEMENT/PROSPECTUS WHEN IT BECOMES AVAILABLE AND ANY OTHER
RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR
SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION.
The proxy statement/prospectus and other relevant materials
(when they become available), and any other documents F.N.B.
Corporation has filed with the SEC, may be obtained free of charge
at the SEC's website at www.sec.gov. In addition, investors and
security holders may obtain free copies of the documents F.N.B.
Corporation has filed with the SEC by contacting James Orie, Chief
Legal Officer, F.N.B. Corporation, One F.N.B. Boulevard, Hermitage,
PA 16148, telephone (724) 983-3317, or by contacting Edward J.
Schneider, Chief Financial Officer, Annapolis Bancorp, Inc., 1000
Bestgate Road, Suite 400, Annapolis, MD 21401, telephone (410)
224-4455.
Annapolis Bancorp, Inc. and its directors, executive officers
and other members of its management and employees may be deemed to
be participants in the solicitation of proxies from its
shareholders in connection with the proposed merger. Information
concerning such participants' ownership of Annapolis Bancorp, Inc.
common stock will be set forth in the proxy statement/prospectus
relating to the merger when it becomes available. This
communication does not constitute an offer of any securities for
sale.
This press release may contain forward-looking statements as
defined in the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements are based on management’s current
expectations and involve certain risks and uncertainties which
could cause actual results to differ materially from those
expressed in forward-looking statements. Factors that might cause
such a difference include, but are not limited to: (i) the rate of
declining growth in the economy and employment levels, as well as
general business and economic conditions; (ii) changes in interest
rates, as well as the magnitude of such changes; (iii) the fiscal
and monetary policies of the federal government and its agencies;
(iv) changes in federal bank regulatory and supervisory policies,
including required levels of capital; (v) the relative strength or
weakness of the consumer and commercial credit sectors and of the
real estate market; (vi) the performance of the stock and bond
markets; (vii) competition in the financial services industry;
(viii) possible legislative, tax or regulatory changes, and; (ix)
such other risks and uncertainties as set forth in the Company’s
filings with the Securities and Exchange Commission. Other than to
the extent required by applicable law, including the requirements
of applicable securities laws, the Company does not undertake, and
specifically disclaims any obligation to update any forward-looking
statements to reflect occurrences or unanticipated events or
circumstances after the date of such statements.
The Company is not responsible for changes made to this press
release by wire services, Internet service providers or other
media.
Annapolis Bancorp, Inc. and Subsidiaries
Consolidated Balance Sheets as of September 30, 2012 and
December 31, 2011 ($000) (Unaudited)
(Audited) September 30, December 31,
2012 2011 Assets Cash and due from banks $
1,951 $ 2,026 Interest bearing balances with banks 39,996 18,288
Federal funds sold 11 26,583 Investment securities, available for
sale 91,777 87,549
Federal Reserve and Federal Home Loan Bank
stock
2,864 2,992 Loans, net of allowance of $6,647 and $7,182 278,102
283,284 Premises and equipment 9,797 8,418 Accrued interest
receivable 1,350 1,279 Deferred income taxes 2,390 2,617 Investment
in bank owned life insurance 5,783 5,624 Real estate owned 697
1,222 Prepaid FDIC Insurance 954 1,198 Other assets 683
490
Total Assets $ 436,355 $ 441,570
Liabilities and Stockholders'
Equity
Deposits Noninterest bearing $ 57,314 $ 56,664 Interest
bearing 281,501 293,717 Total deposits 338,815
350,381
Securities sold under agreement to
repurchase
18,895 11,344 Long term borrowed funds 35,000 35,000 Junior
subordinated debentures 5,000 5,000 Accrued interest and dividends
payable 188 219 Accrued expense and other liabilities 2,381
2,258
Total Liabilities 400,279 404,202
Stockholders' Equity Preferred stock 4,076 8,146
Common stock 40 39 Warrants to purchase common stock 234 234 Paid
in capital 11,847 11,779 Retained earnings 18,815 16,179
Accumulated other comprehensive income 1,064 991
Total Equity 36,076 37,368
Total Liabilities and Equity
$ 436,355 $ 441,570
Annapolis
Bancorp, Inc. and Subsidiaries Consolidated Statements of
Income for the Three and Nine Month Periods Ended September
30, 2012 and 2011 (Unaudited) (In thousands, except
per share data) For the Three Months For the
Nine Months Ended September 30, Ended September
30, 2012 2011 2012 2011
Interest Income Loans $ 4,338 $ 4,348 $ 12,817 $ 12,807
Investments 513 640 1,601 2,044 Interest bearing balances with
banks 9 4 24 13 Federal funds sold 9 12
31 27 Total interest income 4,869
5,004 14,473 14,891
Interest expense Deposits 367 541 1,203 1,729
Securities sold under agreements to
repurchase
13 18 36 59 Interest on long-term borrowings 330
328 985 974 Total interest
expense 710 887 2,224
2,762 Net interest income 4,159 4,117 12,249 12,129
Provision 29 338 306
1,574 Net interest income after provision
4,130 3,779 11,943 10,555
NonInterest Income Service charges 309 322 903 938
Mortgage banking 111 59 207 76 Other fee income 130 229 313 227
Gain on sale of loans - 18 - 165 (Loss) Gain on sale of REO and
other assets (41 ) 31 (12 ) 8 Loss on sale or disposal of fixed
assets - - - (31 ) Total
noninterest income 509 659 1,411
1,383
NonInterest Expense Personnel
expense 1,620 1,826 4,927 5,301 Occupancy and equipment expense 361
360 1,108 1,204 Data processing expense 209 214 629 635
Professional fees 117 138 385 363 Marketing expense 50 63 267 295
FDIC expense 88 57 256 338 Other operating expense 403
737 1,207 1,518 Total
noninterest expense 2,848 3,395 8,779
9,654 Income before taxes 1,791 1,043
4,575 2,284 Income tax expense 680 375
1,719 782 Net income 1,111 668 2,856 1,502
Preferred stock dividend and discount accretion 51
123 220 367 Net income available
to common shareholders $ 1,060 $ 545 $ 2,636 $ 1,135
Basic earnings per common share $ 0.27
$ 0.14 $ 0.66 $ 0.29 Diluted earnings per common
share $ 0.26 $ 0.14 $ 0.65 $ 0.29 Book value
per common share $ 8.05 $ 7.26 $ 8.05 $ 7.26
Annapolis Bancorp, Inc. and
Subsidiaries Financial Ratios and Average Balance
Highlights (In thousands) For the Three
Months For the Nine Months Ended September 30,
Ended September 30, 2012 2011 2012
2011 (Unaudited) (Unaudited)
(Unaudited) (Unaudited) Performance Ratios
(annualized) Return on average assets 1.00 % 0.61 % 0.86 % 0.46
% Return on average common equity 13.31 % 7.61 % 11.49 % 5.50 %
Average equity to average assets 8.11 % 8.37 % 8.23 % 8.23 % Net
interest margin 3.95 % 3.93 % 3.90 % 3.94 % Efficiency ratio 60.99
% 71.08 % 64.26 % 71.45 %
Other Ratios Allowance for
credit losses to loans 2.33 % 2.56 % 2.33 % 2.56 % Nonperforming
assets to total assets 1.88 % 1.83 % 1.88 % 1.83 % Net charge-offs
to average loans 0.10 % 0.03 % 0.28 % 0.32 % Tier 1 capital ratio
12.6 % 12.9 % 12.6 % 12.9 % Total capital ratio 13.8 % 14.2 % 13.8
% 14.2 %
Average Balances Assets 441,171 436,744
441,646 433,944 Earning assets 419,233 415,102 419,971 411,151
Loans, gross 291,994 294,649 296,111 288,312 Interest-bearing
liabilities 344,155 346,244 345,518 347,795 Stockholders' equity
35,782 36,539 36,340 35,712
Annapolis Bancorp Inc. (MM) (NASDAQ:ANNB)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Annapolis Bancorp Inc. (MM) (NASDAQ:ANNB)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024