WINSTON-SALEM, N.C.,
July 31, 2012 /PRNewswire/
-- Southern Community Financial Corporation (NASDAQ: SCMF)
(NASDAQ: SCMFO), announced today that it earned $446 thousand in the second quarter of 2012, or
$0.03 per common share, as capital
levels and asset quality continued to show marked improvement.
(Logo:
http://photos.prnewswire.com/prnh/20110721/CL38548LOGO )
The reporting period marked the fifth consecutive quarter in
which the Company has posted a profit. Excluding expenses related
to the pending merger with Capital Bank Financial, the Company
earned $1.1 million in the second
quarter of 2012, or $0.07 per diluted
share.
"It's evident we have stabilized many of the negative trends
brought on by the financial crisis," said Jim Hastings, Chief Financial Officer and,
subject to regulatory approval, interim President and Chief
Executive Officer. "The Bank is at a point now where it is
consistently earning a profit and effectively managing its
risks."
The Company's second quarter results compare to a net income
available to common shareholders of $170
thousand for the first quarter of 2012 and a net income
available to common shareholders of $511
thousand a year ago. Net income per diluted common
share of $0.03 in the second quarter
remained flat compared with the $0.03
for the second quarter 2011.
Most credit measures continued to trend favorably as
nonperforming assets decreased 8% to $75.0
million, or 5.18% of total assets, at June 30, 2012 from $81.9
million, or 5.46% of total assets, at March 31, 2012. Nonperforming loans
declined by 5% in the second quarter.
"It's taken time and a lot of hard work to turn our organization
around," Hastings said. "I'm extremely proud of our employees
and eternally grateful to the shareholders and customers who have
supported us from the very beginning."
Financial Highlights:
- Net income available to common shareholders of $446 thousand, or $0.03 per diluted share;
- Excluding merger expenses of $673
thousand, net income available to common shareholders of
$1.1 million, or $0.07 per diluted share;
- Year-to-date earnings of $616
thousand, or $0.04 per diluted
share;
- Provision for loan losses of $2.3
million decreased $600
thousand compared to first quarter of 2012;
- Nonperforming loans decreased 5% to $55.1 million, or 6.01% of loans, at June 30, 2012 from $57.9
million, or 6.19% of loans, at March
31, 2012;
- Nonperforming assets decreased 8% to $75.0 million, or 5.18% of total assets, from
$81.9 million, or 5.46% of total
assets, at March 31, 2012; and
- Allowance for loan losses decreased $1.2
million to $23.0 million, or
2.50% of total loans.
Asset Quality
Nonperforming loans decreased $2.8
million to $55.1 million, or
6.01% of total loans, at June 30,
2012 from $57.9 million, or
6.19% of total loans, at March 31,
2012 as a result of $4.5
million in gross charge-offs, $3.0
million in foreclosures and $5.5
million in loan payoffs and pay downs outpacing $10.2 million of new additions to nonperforming
loans in the second quarter of 2012. On a year-over-year
basis, nonperforming loans were down $11.7
million, or 18%. Loans delinquent 30-89 days
sequentially increased by $1.7
million to $6.2 million at
June 30, 2012; however, this
sequential increase was driven by one loan for $2.9 million for which the borrower is expected
to pay it current in the near term. Absent this loan, the
Company's 30-89 day delinquency would be $3.3 million, or 0.36% of total loans, a
$2.2 million improvement from the
March 31, 2012 metric.
Foreclosed assets decreased $4.2
million, or 17%, on a linked quarter basis. $6.4
million in sales of foreclosed properties and $831 thousand in valuation writedowns more than
offset $3.0 million in new foreclosed
asset additions during the second quarter of 2012.
Nonperforming assets showed significant improvement of $7.0 million, or 8% on a linked quarter basis,
decreasing to $75.0 million or 5.18%
of total assets from $81.9 million,
or 5.46% of total assets, at March 31,
2012.
The provision for loan losses of $2.3
million in the second quarter of 2012 decreased $600 thousand from $2.9
million in the first quarter of 2012. The allowance
for loan losses (ALLL) decreased $1.2
million to $23.0 million, or
2.50% of total loans, from $24.2
million, or 2.58% of total loans, at March 31, 2012. Net charge-offs increased
sequentially to $3.5 million, or
1.52% of average loans on an annualized basis, from $2.9 million, or 1.22% of average loans on an
annualized basis, for the first quarter of 2012.
Net Interest Income
Net interest income of $10.7
million in the second quarter of 2012 decreased $248 thousand, or 2%, compared to $10.9 million in the first quarter of 2012 as the
average balance of interest earning assets declined $24.0 million, or 2%, on a linked quarter
basis. This decline in earning assets was driven by a
$15.5 million sequential decrease in
average loan balances, resulting from continued customer
deleveraging, soft new loan demand and problem loan
remediation. The second quarter 2012 net interest margin of
3.15% decreased by two basis points on a linked quarter basis as
earning asset yields decreased by four basis points due to the
shift in earning asset mix caused by the decrease in loan
balances.
On a year-over-year basis, net interest income decreased
$1.9 million, or 15%, and the net
interest margin of 3.15% decreased by 28 basis points from 3.43% in
the second quarter of 2011. This decrease in net interest
income was due to a $108.6 million
decrease in the average balance of earning assets and a 31 basis
point decrease in the net interest spread. The decrease in
earning assets was driven by a $127.7
million decrease in the average balance of loans. This
decrease was partially offset by a $19.1
million net increase in the average balance of investments
and other earning assets. The year-over-year decrease in the
net interest spread was attributable both to the impact of the
earning asset mix shift and the decrease in year-over-year average
loan yield of 14 basis points partially mitigated by the eight
basis points in cost savings from the downward repricing of
deposits.
Non-interest Income
Non-interest income increased by $466
thousand, or 14%, to $3.9
million during the second quarter of 2012 compared with the
first quarter of 2012. The sequential increase in
non-interest income was attributable primarily to the $601 thousand increase in gains on sales of
investment securities, $126 thousand
increase in wealth management income, $93
thousand increase in fair value of derivatives and
$19 thousand increase in mortgage
banking income. These linked quarter increases were partially
offset by a $370 thousand decrease in
SBIC income.
Compared to the second quarter of 2011, non-interest income
increased by $364 thousand, or
10%. The comparative quarter increase was primarily related
to a $340 thousand increase in gains
on investment security sales, a $177
thousand improvement in SBIC income, $36 thousand in wealth management income and
$33 thousand increase in mortgage
banking income. These comparative quarter increases were
partially offset by a $218 thousand
decrease in service charge income.
Non-interest Expenses
Non-interest expenses of $11.2
million during the second quarter of 2012 increased
$542 million, or 5%, on a linked
quarter basis. Excluding merger expenses of $673 thousand, non-interest expenses decreased
sequentially by $131 thousand or
1%. In addition to these merger expenses, the sequential
increase was primarily attributable to a $225 thousand increase in foreclosed asset
related expenses which consisted of a $371
thousand, or 81%, increase in writedowns on carrying values
of foreclosed properties partially offset by a $146 thousand, or 43%, decrease in other holding
expenses on foreclosed properties. These second quarter 2012
writedowns of $831 thousand resulted
from declining real estate valuations.
Compared to the second quarter of 2011, non-interest expenses
decreased $78 thousand or 1%.
Excluding the above mentioned $673
thousand in merger expenses, non-interest expenses decreased
$751 thousand, or 7%. This
year-over-year decrease was due to a $198
thousand decrease in occupancy expenses, a $161 thousand decrease in FDIC insurance expense
and a $185 thousand decrease in other
expenses (which is net of the $673
thousand increase in merger expenses). These decreases
were partially offset by a $387
thousand increase in foreclosure related expenses and a
$79 thousand increase in personnel
expenses.
Balance Sheet
As of June 30, 2012, total assets
amounted to $1.45 billion,
representing a decrease of $54.4
million, or 4%, compared to March 31,
2012. Total assets decreased $115.0 million, or 7.36%, on a year-over-year
basis. The loan portfolio, excluding loans held for sale,
decreased by $17.8 million, or 2%,
sequentially, and decreased by $124.8
million, or 12%, since June 30,
2011 due to loan remediation activities and weak loan demand
resulting from the prolonged economic downturn. Total
deposits of $1.13 billion at
June 30, 2012 decreased $55.1 million, or 5%, sequentially due to net
deposit outflows of $44.5 million, or
8%, in time deposits and net outflows of $13.8 million, or 3%, in other interest bearing
deposits. Demand deposits increased $3.2 million, or 2%, sequentially to 13.1% of
total deposits as of June 30,
2012. All interest bearing deposits were impacted by the
Bank's reductions in deposit offering rates. The decrease in
time deposits of $44.5 million, or
8%, was affected by the $24.4 million
outflow of matured brokered deposits during the second quarter of
2012.
At June 30, 2012, stockholders'
equity of $100.3 million represented
6.93% of total assets. Stockholders' equity increased
$1.5 million, or 1%, on a linked
quarter basis due primarily to net income (before preferred
dividends) of $1.1 million. The
regulatory capital ratios for the Bank at June 30, 2012 were in excess of required levels.
The Bank's Tier 1 leverage ratio and total risk-based capital
ratio increased to 9.66% and 14.62%, respectively, at June 30, 2012 from 9.36% and 14.16%,
respectively, at March 31, 2012.
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.
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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Years
Ended
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Jun
30,
|
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Mar
31,
|
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Dec
31,
|
|
Sep
30,
|
|
Jun
30,
|
|
Jun
30,
|
|
Jun
30,
|
Income
Statement
|
|
2012
|
|
2012
|
|
2011
|
|
2011
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
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|
Interest
Income
|
|
$
15,442
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$
15,845
|
|
$
16,602
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|
$
17,287
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$
18,148
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|
$
31,287
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|
$
36,847
|
Interest
Expense
|
|
4,772
|
|
4,927
|
|
5,111
|
|
5,335
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|
5,578
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|
9,699
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|
11,446
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Net
Interest Income
|
|
10,670
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|
10,918
|
|
11,491
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|
11,952
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|
12,570
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21,588
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|
25,401
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|
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|
Provision
for Loan Losses
|
|
2,300
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|
2,900
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|
3,400
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|
3,950
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|
3,700
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|
5,200
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|
7,800
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Interest Income (Loss) after Provision for Loan Losses
|
|
8,370
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|
8,018
|
|
8,091
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|
8,002
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|
8,870
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|
16,388
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|
17,601
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Interest Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
charges and fees on deposit accounts
|
|
1,363
|
|
1,362
|
|
1,417
|
|
1,453
|
|
1,581
|
|
2,725
|
|
3,069
|
Income
from mortgage banking activities
|
|
324
|
|
305
|
|
377
|
|
343
|
|
291
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|
629
|
|
554
|
Investment
brokerage and trust fees
|
|
356
|
|
230
|
|
276
|
|
224
|
|
320
|
|
586
|
|
508
|
SBIC
income (loss) and management fees
|
|
300
|
|
670
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|
(5)
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|
(328)
|
|
123
|
|
970
|
|
245
|
Gain
(Loss) on sale of investment securities
|
|
864
|
|
263
|
|
1,781
|
|
740
|
|
524
|
|
1,127
|
|
1,468
|
Gain
(Loss) and net cash settlement on economic hedges
|
|
178
|
|
85
|
|
87
|
|
208
|
|
181
|
|
263
|
|
(424)
|
Other
Income
|
|
513
|
|
517
|
|
470
|
|
560
|
|
514
|
|
1,030
|
|
1,017
|
Total Non-Interest Income
|
|
3,898
|
|
3,432
|
|
4,403
|
|
3,200
|
|
3,534
|
|
7,330
|
|
6,437
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|
|
|
|
|
|
|
|
|
|
|
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Non-Interest Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries
and employee benefits
|
|
4,647
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|
4,686
|
|
4,512
|
|
4,482
|
|
4,568
|
|
9,333
|
|
9,314
|
Occupancy
and equipment
|
|
1,662
|
|
1,640
|
|
1,696
|
|
1,828
|
|
1,860
|
|
3,302
|
|
3,644
|
Debit card
expense
|
|
218
|
|
253
|
|
238
|
|
237
|
|
243
|
|
471
|
|
459
|
FDIC
deposit insurance
|
|
771
|
|
751
|
|
847
|
|
891
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|
932
|
|
1,522
|
|
2,065
|
Foreclosed
asset related
|
|
1,023
|
|
798
|
|
1,786
|
|
531
|
|
636
|
|
1,821
|
|
1,515
|
Other
|
|
2,856
|
|
2,507
|
|
2,418
|
|
2,456
|
|
3,016
|
|
5,363
|
|
5,741
|
Total Non-Interest Expense
|
|
11,177
|
|
10,635
|
|
11,497
|
|
10,425
|
|
11,255
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|
21,812
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|
22,738
|
|
|
|
|
|
|
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|
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|
Income
(Loss) Before Taxes
|
|
1,091
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|
815
|
|
997
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|
777
|
|
1,149
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|
1,906
|
|
1,300
|
Provision
for Income Taxes
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
(Loss)
|
|
$
1,091
|
|
$
815
|
|
$
997
|
|
$
777
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|
$
1,149
|
|
$
1,906
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|
$
1,300
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Effective
dividend on preferred stock
|
|
645
|
|
645
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|
638
|
|
639
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|
638
|
|
1,290
|
|
1,277
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
(loss) available to common shareholders
|
|
$
446
|
|
$
170
|
|
$
359
|
|
$
138
|
|
$
511
|
|
$
616
|
|
$
23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
(Loss) per Common Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
0.03
|
|
$
0.01
|
|
$
0.02
|
|
$
0.01
|
|
$
0.03
|
|
$
0.04
|
|
$
-
|
Diluted
|
|
$
0.03
|
|
$
0.01
|
|
$
0.02
|
|
$
0.01
|
|
$
0.03
|
|
$
0.04
|
|
$
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
Sheet
|
|
Jun
30,
|
|
Mar
31,
|
|
Dec
31,
|
|
Sep
30,
|
|
Jun
30,
|
|
|
|
|
|
|
2012
|
|
2012
|
|
2011
|
|
2011
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
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|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and
due from Banks
|
|
$
25,144
|
|
$
22,206
|
|
$
23,356
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|
$
23,062
|
|
$
18,590
|
|
|
|
|
Federal
Funds Sold and Overnight Deposits
|
|
101,784
|
|
46,050
|
|
23,198
|
|
33,862
|
|
46,380
|
|
|
|
|
Investment
Securities
|
|
312,953
|
|
402,837
|
|
406,701
|
|
404,340
|
|
357,428
|
|
|
|
|
Federal
Home Loan Bank Stock
|
|
5,957
|
|
6,842
|
|
6,842
|
|
7,381
|
|
7,879
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
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|
Loans Held
for Sale
|
|
4,032
|
|
4,383
|
|
4,459
|
|
5,750
|
|
1,624
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
913,591
|
|
931,345
|
|
950,022
|
|
986,533
|
|
1,038,349
|
|
|
|
|
Allowance
for Loan Losses
|
|
(22,954)
|
|
(24,181)
|
|
(24,165)
|
|
(26,409)
|
|
(27,511)
|
|
|
|
|
Net
Loans
|
|
890,637
|
|
907,164
|
|
925,857
|
|
960,124
|
|
1,010,838
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank
Premises and Equipment
|
|
37,501
|
|
37,952
|
|
38,315
|
|
38,878
|
|
39,360
|
|
|
|
|
Foreclosed
Assets
|
|
19,873
|
|
24,032
|
|
19,812
|
|
19,114
|
|
23,022
|
|
|
|
|
Other
Assets
|
|
49,080
|
|
49,929
|
|
54,038
|
|
53,482
|
|
56,865
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Assets
|
|
$
1,446,961
|
|
$
1,501,395
|
|
$
1,502,578
|
|
$
1,545,993
|
|
$
1,561,986
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Interest Bearing
|
|
$
148,048
|
|
$
144,852
|
|
$
135,434
|
|
$
137,599
|
|
$
127,485
|
|
|
|
|
Money market, savings and NOW
|
|
485,569
|
|
499,308
|
|
475,900
|
|
487,393
|
|
490,382
|
|
|
|
|
Time
|
|
493,084
|
|
537,598
|
|
571,838
|
|
604,188
|
|
630,021
|
|
|
|
|
Total Deposits
|
|
1,126,701
|
|
1,181,758
|
|
1,183,172
|
|
1,229,180
|
|
1,247,888
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings
|
|
206,694
|
|
209,615
|
|
211,143
|
|
208,668
|
|
209,954
|
|
|
|
|
Accrued
Expenses and Other Liabilities
|
|
13,227
|
|
11,143
|
|
10,628
|
|
9,857
|
|
9,404
|
|
|
|
|
Total Liabilities
|
|
1,346,622
|
|
1,402,516
|
|
1,404,943
|
|
1,447,705
|
|
1,467,246
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Stockholders' Equity
|
|
100,339
|
|
98,879
|
|
97,635
|
|
98,288
|
|
94,740
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Liabilities and Stockholders' Equity
|
|
$
1,446,961
|
|
$
1,501,395
|
|
$
1,502,578
|
|
$
1,545,993
|
|
$
1,561,986
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
Book Value per Common Share
|
|
$
3.44
|
|
$
3.35
|
|
$
3.29
|
|
$
3.33
|
|
$
3.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
three months ended
|
|
Years
Ended
|
|
|
|
Jun
30,
|
|
Mar
31,
|
|
Dec
31,
|
|
Sep
30,
|
|
Jun
30,
|
|
Jun
30,
|
|
Jun
30,
|
|
|
|
2012
|
|
2012
|
|
2011
|
|
2011
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per
Common Share Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
Earnings (loss) per Share
|
|
$
0.03
|
|
$
0.01
|
|
$
0.02
|
|
$
0.01
|
|
$
0.03
|
|
$
0.04
|
|
$
-
|
|
Diluted
Earnings (loss) per Share
|
|
$
0.03
|
|
$
0.01
|
|
$
0.02
|
|
$
0.01
|
|
$
0.03
|
|
$
0.04
|
|
$
-
|
|
Tangible
Book Value per Share
|
|
$
3.44
|
|
$
3.35
|
|
$
3.29
|
|
$
3.33
|
|
$
3.12
|
|
$
3.44
|
|
$
3.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Performance Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
Average Assets (annualized) ROA
|
|
0.30%
|
|
0.22%
|
|
0.26%
|
|
0.20%
|
|
0.29%
|
|
0.26%
|
|
0.16%
|
|
Return on
Average Equity (annualized) ROE
|
|
4.44%
|
|
3.35%
|
|
4.02%
|
|
3.24%
|
|
5.00%
|
|
3.90%
|
|
2.85%
|
|
Return on
Tangible Equity (annualized)
|
|
4.46%
|
|
3.36%
|
|
4.04%
|
|
3.26%
|
|
5.03%
|
|
3.91%
|
|
2.87%
|
|
Net
Interest Margin
|
|
3.15%
|
|
3.17%
|
|
3.22%
|
|
3.29%
|
|
3.43%
|
|
3.16%
|
|
3.42%
|
|
Net
Interest Spread
|
|
2.98%
|
|
3.01%
|
|
3.06%
|
|
3.14%
|
|
3.29%
|
|
2.99%
|
|
3.29%
|
|
Non-interest Income as a % of Revenue
|
|
26.76%
|
|
23.92%
|
|
27.70%
|
|
21.12%
|
|
21.94%
|
|
25.35%
|
|
20.22%
|
|
Non-interest Income as a % of Average
Assets
|
|
1.07%
|
|
0.93%
|
|
1.15%
|
|
0.82%
|
|
0.90%
|
|
1.00%
|
|
0.81%
|
|
Non-interest Expense to Average Assets
|
|
3.06%
|
|
2.87%
|
|
3.00%
|
|
2.67%
|
|
2.85%
|
|
2.97%
|
|
2.85%
|
|
Efficiency
Ratio
|
|
76.72%
|
|
74.11%
|
|
72.34%
|
|
68.80%
|
|
69.89%
|
|
75.43%
|
|
71.42%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset
Quality:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming Loans
|
|
$
55,112
|
|
$
57,903
|
|
$
68,048
|
|
$
72,457
|
|
$
66,803
|
|
$
55,112
|
|
$
66,803
|
|
Nonperforming Assets
|
|
$
74,985
|
|
$
81,935
|
|
$
87,860
|
|
$
91,571
|
|
$
89,825
|
|
$
74,985
|
|
$
89,825
|
|
Nonperforming Loans to Total Loans
|
|
6.01%
|
|
6.19%
|
|
7.13%
|
|
7.30%
|
|
6.42%
|
|
6.01%
|
|
6.42%
|
|
Nonperforming Assets to Total Assets
|
|
5.18%
|
|
5.46%
|
|
5.85%
|
|
5.92%
|
|
5.75%
|
|
5.18%
|
|
5.75%
|
|
Allowance
for Loan Losses to Period-end Loans
|
|
2.50%
|
|
2.58%
|
|
2.53%
|
|
2.66%
|
|
2.65%
|
|
2.50%
|
|
2.65%
|
|
Allowance
for Loan Losses to Nonperforming Loans (X)
|
|
0.42
|
X
|
0.42
|
X
|
0.36
|
X
|
0.36
|
X
|
0.41
|
X
|
0.42
|
X
|
0.41
|
X
|
Net
Charge-offs to Average Loans (annualized)
|
|
1.52%
|
|
1.22%
|
|
2.29%
|
|
1.98%
|
|
1.46%
|
|
1.37%
|
|
1.83%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity to
Total Assets
|
|
6.93%
|
|
6.59%
|
|
6.50%
|
|
6.36%
|
|
6.07%
|
|
6.93%
|
|
6.07%
|
|
Tangible
Common Equity to Total Tangible Assets (1)
|
|
4.00%
|
|
3.76%
|
|
3.68%
|
|
3.62%
|
|
3.36%
|
|
4.00%
|
|
3.36%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Balances:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year to
Date
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Earning Assets
|
|
$
1,374,163
|
|
$
1,386,174
|
|
$
1,462,016
|
|
$
1,477,405
|
|
$
1,495,592
|
|
|
|
|
|
Total
Assets
|
|
1,479,376
|
|
1,491,166
|
|
1,570,773
|
|
1,587,849
|
|
1,606,580
|
|
|
|
|
|
Total
Loans
|
|
939,564
|
|
947,319
|
|
1,039,531
|
|
1,061,036
|
|
1,085,468
|
|
|
|
|
|
Equity
|
|
98,325
|
|
97,902
|
|
94,455
|
|
93,122
|
|
92,084
|
|
|
|
|
|
Interest
Bearing Liabilities
|
|
1,229,044
|
|
1,246,536
|
|
1,333,836
|
|
1,354,558
|
|
1,377,769
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Earning Assets
|
|
$
1,362,152
|
|
$
1,386,174
|
|
$
1,416,350
|
|
$
1,441,624
|
|
$
1,470,795
|
|
|
|
|
|
Total
Assets
|
|
1,467,586
|
|
1,491,166
|
|
1,520,101
|
|
1,550,998
|
|
1,582,455
|
|
|
|
|
|
Total
Loans
|
|
931,809
|
|
947,319
|
|
975,717
|
|
1,012,969
|
|
1,059,527
|
|
|
|
|
|
Equity
|
|
98,748
|
|
97,902
|
|
98,411
|
|
95,164
|
|
92,209
|
|
|
|
|
|
Interest
Bearing Liabilities
|
|
1,211,552
|
|
1,246,536
|
|
1,272,345
|
|
1,308,892
|
|
1,347,893
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Number of Shares
Outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
16,858,572
|
|
16,841,111
|
|
16,827,684
|
|
16,830,099
|
|
16,835,724
|
|
16,849,841
|
|
16,829,898
|
|
Diluted
|
|
16,934,115
|
|
16,907,425
|
|
16,891,910
|
|
16,896,214
|
|
16,906,810
|
|
16,921,561
|
|
16,897,702
|
|
Period end
outstanding shares
|
|
16,854,775
|
|
16,859,825
|
|
16,827,075
|
|
16,828,575
|
|
16,831,375
|
|
16,854,775
|
|
16,831,375
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
|
|
|
|
SOURCE Southern Community Financial Corporation