MACON, Ga., Oct. 19 /PRNewswire-FirstCall/ -- Security Bank Corporation
(the "Company") (Nasdaq: SBKC) today announced record quarterly net income and
earnings per share for the third quarter of 2005. All per share figures have
been adjusted for the Company's 2-for-1 stock split on May 27, 2005.
Earnings Summary
Net income for the third quarter of 2005 increased 40% to $4.5 million,
compared to $3.2 million for the third quarter of 2004. Diluted earnings per
share were a record $0.33 versus $0.27 for the same quarter of 2004, an
increase of 22%. For the nine months ended September 30, 2005, net income was
$11.8 million or $0.94 per diluted share, an increase of 33% and 21%,
respectively.
The Company's annualized returns on average equity and assets for the
third quarter were 12.99% and 1.35%, respectively, compared to 12.59% and
1.29%, respectively, for the third quarter of 2004. For the nine months ended
September 30, 2005, the annualized returns on average equity and assets were
12.94% and 1.31%, respectively, versus 13.06% and 1.24% for the same period in
2004. The Company's return on average tangible equity for the third quarter of
2005 was 21% compared to 17.7% in the same quarter of 2004. For the nine
months ended September 30, 2005, the Company's return on average tangible
equity increased 1.6% to 19.3% from the same period in the prior year.
Rett Walker, Security Bank Corporation President and CEO, remarked, "Third
quarter results were once again outstanding, as we achieved record earnings
and earnings per share of $4.5 million and $0.33. Despite a tougher
environment for banks, we have maintained the momentum for our shareholders
that has produced record earnings per share over the last eight quarters."
The Company completed the acquisition of SouthBank, a $158 million bank in
the high-growth north metropolitan Atlanta area, at the end of May 2005.
SouthBank's name was changed to Security Bank of North Metro at that time.
The quarter ended September 30, 2005 includes three months of operations for
Security Bank of North Metro and balance sheet averages for the third quarter
include three months of these balances. The quarter ended June 30, 2005
includes one month of operations for Security Bank of North Metro and balance
sheet averages for the second quarter include one month of these balances.
Balance Sheet
Loans, excluding loans held for resale, were $1.1 billion at September 30,
2005, up from $792.3 million at September 30, 2004, an increase of 34%.
Excluding the effect of loans acquired from SouthBank, loans increased $139.2
million or 17.6% from the same period last year. Total deposits were $1.1
billion at September 30, 2005, an increase of 37% over the year-ago level of
$791.2 million. Excluding the effect of deposits acquired from SouthBank,
deposits increased $160.6 million or 20% from the year-ago level.
Total assets increased 33% to $1.3 billion from $1.0 billion at September
30, 2004. Excluding the effects of assets acquired from SouthBank, total
assets increased $157.9 million or 15.6%, compared to September 30, 2004.
Stockholders' equity increased $36.3 million to $140.4 million, an
increase of 35% versus the year-ago level. Approximately $22.2 million of the
increase is the result of the stock issued in conjunction with the SouthBank
acquisition. The remainder of the increase is related to earnings, net of
dividends paid. Book value per share increased 21% to $10.87 and tangible
book value per share increased $0.48 or 7.4% to $6.94. Excluding the impact
of the acquisition of SouthBank, tangible book value per share would have
increased $0.83 per share or 12.9% over the year-ago level.
Net Interest Income
Net interest income (on a fully tax-equivalent basis) for the third
quarter of 2005 was $13.5 million, an increase of 32% when compared to the
third quarter of 2004. The net interest margin on a fully tax-equivalent basis
was 4.43% for the quarter ended September 30, 2005, compared to 4.44% for the
comparable period one year ago and 4.46% for the second quarter of 2005.
Noninterest Income and Expense
Noninterest income for the third quarter of 2005 was $4.4 million versus
$3.7 million for the third quarter of 2004, an increase of 19.6%. Excluding
three months of operations of SouthBank, noninterest income increased $393,000
or 10.7% from the third quarter of 2004. Service charge income was $2.0
million, up 19.6% from the third quarter of 2004. The increase is the result
of continued strong core deposit growth.
Noninterest expense for the third quarter was $10.3 million, an increase
of 25% over the third quarter 2004's level of $8.2 million. The increase in
noninterest expense is due to an increase in salaries and benefits expenses of
28%, primarily related to the Company's growth during the period. The
Company's efficiency ratio improved to 57.1% for the third quarter of 2005,
from 58.9% for the third quarter of 2004.
Asset Quality
Total nonperforming assets (nonaccrual, repossessed assets and other real
estate owned) was 0.70% of total loans plus ORE when compared to 0.64% and
0.98% at the end of the second quarter of 2005 and the third quarter of 2004,
respectively. Net charge-offs to average loans were 0.10% for the third
quarter of 2005 versus 0.08% for the third quarter of 2004. The allowance for
loan losses as a percentage of loans at September 30, 2005 was 1.28% compared
to 1.32% at September 30, 2004. The allowance for loan losses was $13.6
million at September 30, 2005, up from $10.5 million at September 30, 2004.
The increase in the allowance was primarily attributable to growth in the
Company's loan portfolio and the addition of $1.4 million of loss reserves in
connection with the acquisition of SouthBank.
Rivoli Bancorp, Inc.
In September, the Company announced that it had reached an agreement to
acquire Rivoli Bancorp, Inc., a community bank holding company headquartered
in Macon, Georgia with assets of approximately $211 million as of June 30,
2005. "The proposed merger will move us to the number one market share in the
Macon MSA and significantly enhances our footprint in the higher growth areas
of North Macon, improving convenience for Security and Rivoli customers," said
Rett Walker. "The cultures of both organizations are very similar in that we
share a common passion for excellent customer service. In addition, the
merger will meet our stated financial goals of earnings accretion in the first
year and recovery of tangible book value within five years," said Mr. Walker.
The merger is subject to approval by Rivoli Bancorp shareholders and
regulatory agencies.
Other Information
Security Bank Corporation management will host a conference call to
discuss these results at 8:30 AM EDT on Thursday, October 20, 2005. This call
is open to all interested parties. From locations within the United States,
the call-in number is 877-407-8035 (201-689-8035 from outside the United
States). Please call in 10 minutes prior to the beginning of the conference
and ask for the Security Bank Corporation conference call.
A recorded playback of the conference call will be available by calling
877-660-6853 (201-612-7415 from outside the United States) from approximately
12:00 PM EDT, Thursday, October 20, until 11:59 PM EDT, Friday, October 28,
2005. The reservation numbers for this playback is Account #286 and Conference
ID #171871.
About Security Bank Corporation
Security Bank Corporation is a Georgia multi-bank holding company based in
Macon, Bibb County, Georgia. The Company's wholly owned bank subsidiaries are
Security Bank of Bibb County, Security Bank of Houston County, Security Bank
of Jones County, and Security Bank of North Metro. The banks maintain 16 full
service offices in Macon, Perry, Warner Robins, Gray, Woodstock, St. Simons
Island, and Brunswick, Georgia, as well as loan production offices in Hiram
and Cumming, Georgia. In addition, Security Bank of Bibb County operates a
wholly owned mortgage subsidiary; Fairfield Financial Services, Inc. Fairfield
has offices in Macon, Warner Robins, Columbus, Richmond Hill, Gray, Pooler,
Woodstock, St. Simons, and Brunswick.
Safe Harbor
This press release contains forward-looking statements as defined by
federal securities laws. These statements may address issues that involve
significant risks, uncertainties, estimates and assumptions made by
management. Actual results could differ materially from current projections.
Please refer to Security Bank Corporation's filings with the Securities and
Exchange Commission for a summary of important factors that could affect
Security Bank Corporation's forward-looking statements. Security Bank
Corporation undertakes no obligation to revise these statements following the
date of this press release.
Security Bank Corporation
Selected Consolidated Financial Data
(Dollars in Thousands, except Per Share Amounts)
Unaudited
Quarters Ended Nine Months Ended
September 30, September 30,
2005 2004 % Change 2005 2004 % Change
EARNINGS SUMMARY:
Net interest
income (FTE) $13,547 $10,246 32.2% $36,861 $29,248 26.0%
Provision for
Loan Losses 624 529 18.0% 2,203 1,967 12.0%
Noninterest Income 4,410 3,688 19.6% 12,238 10,684 14.5%
Noninterest Expense 10,256 8,206 25.0% 28,045 23,697 18.3%
Provision for
Income Taxes 2,509 1,898 32.2% 6,803 5,089 33.7%
Net Income 4,489 3,210 39.8% 11,806 8,902 32.6%
PER COMMON SHARE (a):
Basic earnings $0.36 $0.28 28.6% $0.97 $0.81 19.8%
Diluted earnings 0.33 0.27 22.2% 0.94 0.78 20.5%
Cash dividends
declared 0.065 0.055 18.2% 0.195 0.165 18.2%
Book value 10.87 8.95 21.4% 10.87 8.95 21.4%
Tangible book value 6.94 6.46 7.4% 6.94 6.46 7.4%
KEY PERFORMANCE RATIOS (b):
Return on average
equity 12.99% 12.59% 12.94% 13.06%
Return on average
assets 1.35% 1.29% 1.31% 1.24%
Efficiency ratio 57.11% 58.89% 57.12% 59.34%
Net interest
margin (FTE) 4.43% 4.44% 4.45% 4.44%
Net charge-offs
to average loans 0.10% 0.08% 0.12% 0.16%
BALANCE SHEET SUMMARY - END OF PERIOD
Investment
securities $121,374 $115,325 5.2%
Loans Held for
Resale 9,372 9,363 0.1%
Loans, gross 1,064,070 792,321 34.3%
Allowance for
loan losses 13,628 10,465 30.2%
Total assets 1,345,566 1,012,647 32.9%
Deposits 1,086,379 791,202 37.3%
Other borrowed
money 110,259 110,812 -0.5%
Stockholders'
equity 140,408 104,154 34.8%
ASSET QUALITY - END OF PERIOD
Nonaccrual loans $5,746 $5,909 -2.8%
Loans 90 Days Past
Due and Accruing - - 0.0%
Other real
estate owned 1,722 1,857 -7.3%
Total nonperforming
assets 7,468 7,766 -3.8%
Allowance for
loan losses/NPA's 182.49% 134.75% 35.4%
Allowance for
loan losses/loans 1.28% 1.32% -3.0%
(a) Adjusted for the Company's 2-for-1 stock split on May 27, 2005.
(b) Annualized based on number of days in the period, except efficiency
ratio.
Security Bank Corporation
Average Balance Sheet and Net Interest Income Analysis
(Dollars in Thousands)
Unaudited
Quarter Ended Nine Months Ended
September 30, 2005 September 30, 2005
Average Income/ Yield/ Average Income/ Yield/
Balance Expense Rate Balance Expense Rate
ASSETS
Earning assets:
Interest-bearing
deposits and fed
funds sold $16,770 $162 3.83% $15,953 $393 3.28%
Investment
securities 123,002 1,288 4.15% 115,490 3,643 4.20%
Loans Held
for Resale 8,769 112 5.07% 6,706 273 5.42%
Loans 1,064,766 19,951 7.43% 965,567 51,500 7.11%
Other earning
assets 557 10 7.12% 557 27 6.46%
Total earning
assets 1,213,864 21,523 7.03% 1,104,273 55,836 6.74%
Non-earning
assets 112,726 93,851
Total assets $1,326,590 $1,198,124
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest-bearing liabilities:
Savings and
interest-bearing
transaction $278,980 $1,347 1.92% $246,289 $2,844 1.54%
Time deposits 673,889 5,523 3.25% 606,908 13,244 2.91%
Other borrowings 101,825 1,106 4.31% 97,752 2,887 3.93%
Total
interest-bearing
liabilities 1,054,694 7,976 3.00% 950,949 18,975 2.66%
Noninterest-bearing
liabilities:
Noninterest
bearing deposits 122,600 115,876
Other
noninterest-bearing
liabilities 11,050 9,705
Total
liabilities $1,188,344 $1,076,530
Stockholders'
Equity 138,246 121,594
Total liabilities
and stockholders'
equity $1,326,590 $1,198,124
Interest rate spread 4.03% 4.08%
Net interest income $13,547 $36,861
Net interest
margin (FTE) 4.43% 4.45%
Security Bank Corporation (SBKC)
Selected Financial Information
(Amounts in thousands, except per share data)
2005
3rd Quarter 2nd Quarter 1st Quarter
Period-End Balance Sheet
Total Assets $1,345,566 $1,329,629 $1,116,123
Total Securities 121,374 122,763 112,703
Mortgage Loans held for Sale 9,372 7,413 6,384
Loans:
Commercial:
Real-Estate 418,020 423,720 412,779
Construction 316,701 309,270 232,629
All Other 137,879 126,290 69,983
Residential:
Consumer Real-Estate 91,854 93,069 95,683
Consumer Construction 19,371 20,041 17,835
All Other Consumer 80,245 69,335 61,582
Total Loans 1,064,070 1,041,725 890,491
Allowance for loan losses 13,628 13,264 11,357
Other Assets:
Other earning assets: 23,928 45,141 18,846
Total Earning Assets: 1,218,744 1,217,042 1,028,424
Intangibles:
Goodwill 49,677 50,507 31,852
Core-Deposit 1,498 1,580 542
Deposits:
Demand Deposits 137,295 121,600 115,241
Interest bearing deposits 949,084 952,487 791,833
Total Deposits 1,086,379 1,074,087 907,074
Fed Funds purchased
& repo agreements 10,052 5,714 12,469
Other borrowed funds 100,207 94,007 77,707
Common Equity 140,408 137,019 110,968
Average Balance Sheet
Total Assets $1,326,590 $1,184,441 $1,082,503
Total Securities 123,002 115,694 107,674
Mortgage Loans held for Sale 8,769 6,132 5,167
Total Loans 1,064,766 956,933 874,078
Other earning assets: 17,327 18,467 13,729
Total Earning Assets: 1,213,864 1,097,226 1,000,648
Deposits:
Demand Deposits 122,600 116,899 108,057
Interest bearing deposits
Savings 19,646 20,821 20,782
NOW 175,373 141,396 116,830
Money Market 83,961 81,233 78,542
Time deposits > $100,000 349,889 304,208 257,372
Time deposits < $100,000 324,000 298,644 286,742
Total Deposits 1,075,469 963,201 868,325
Fed Funds purchased
& repo agreements 12,224 15,899 17,256
Other borrowed funds 89,601 76,511 82,205
Common Equity 138,246 118,365 107,792
Income Statement
Interest Income $21,444 $18,285 $15,865
Interest Expense 7,976 6,162 4,837
Net Interest Income 13,468 12,123 11,028
Loan loss provision 624 804 775
Service charges on deposit accounts 1,956 1,858 1,597
Mortgage banking revenues 1,333 1,170 959
Other income 1,121 1,286 958
Total noninterest income 4,410 4,314 3,514
Salaries and benefits 6,115 5,598 5,054
Occupancy and equipment 985 906 846
Losses on OREO - - -
Other noninterest expense 3,156 2,822 2,563
Total noninterest expense 10,256 9,326 8,463
Pre-tax earnings 6,998 6,307 5,304
Income Taxes 2,509 2,397 1,897
Net income $4,489 $3,910 $3,407
Basic earnings per share (3) $0.36 $0.32 $0.29
Diluted earnings per share (3) 0.33 0.32 0.29
Weighted average shares outstanding
(3) 12,899,119 12,047,652 11,671,370
Weighted average diluted shares o/s
(3) 13,218,030 12,374,075 11,970,224
Tax equivalent adjustment 79 81 82
Net interest income (FTE) 13,547 12,204 11,110
Stock and related per share data: (3)
Book value $10.87 $10.66 $9.42
Tangible book value 6.94 6.65 6.69
Dividends declared per share 0.065 0.065 0.065
Other Key Ratios/Data:
Return on average equity (1) 12.99% 13.21% 12.64%
Return on average assets (1) 1.35% 1.32% 1.26%
Net interest margin (FTE) (1) , (2) 4.43% 4.46% 4.50%
Efficiency ratio (FTE) 57.11% 56.46% 57.87%
Loan Performance Data:
Nonaccrual loans $5,746 $5,200 $5,761
Loans 90 Days Past Due and Accruing - 59 -
Other real estate owned (ORE) 1,722 1,467 938
Total non performing assets 7,468 6,726 6,699
Net charge-offs 260 317 321
Allowance for loan losses/NPA's 182.49% 197.20% 169.53%
Allowance for loan losses/loans 1.28% 1.27% 1.28%
NPA's/Loans plus ORE 0.70% 0.64% 0.75%
Nonperforming assets/total assets 0.56% 0.51% 0.60%
Net charge-offs to average loans (1) 0.10% 0.13% 0.15%
(1) Annualized
(2) The Net interest margin calculation for all periods has been adjusted
to use the actual number of days in the period to annualize net
interest income. In prior periods, net interest income was annualized
using a factor of 4.
(3) Adjusted for 2-for-1 stock split effective May 27, 2005.
Security Bank Corporation (SBKC)
Selected Financial Information
(Amounts in thousands, except per share data)
2004
Dec. 31/ 4th 3rd 2nd 1st
YTD Quarter Quarter Quarter Quarter
Period-End Balance
Sheet
Total
Assets $1,063,485 $1,063,485 $1,012,647 $993,038 $936,848
Total
Securities 111,412 111,412 115,325 107,067 96,026
Mortgage Loans
held for Sale 7,507 7,507 9,363 8,882 7,707
Loans:
Commercial:
Real-Estate 406,654 406,654 402,458 428,849 391,934
Construction 192,181 192,181 155,400 124,119 116,468
All Other 71,081 71,081 61,039 60,800 62,714
Residential:
Consumer Real-
Estate 97,829 97,829 99,300 96,058 100,838
Consumer
Construction 18,953 18,953 17,088 16,793 19,704
All Other
Consumer 59,067 59,067 57,036 55,090 49,156
Total Loans 845,765 845,765 792,321 781,709 740,814
Allowance for
loan losses 10,903 10,903 10,465 10,096 9,612
Other Assets:
Other earning
assets: 20,898 20,898 14,076 18,123 12,597
Total Earning
Assets: 985,582 985,582 931,085 915,781 857,144
Intangibles:
Goodwill 28,579 28,579 28,579 28,579 28,579
Core-Deposit 585 585 628 671 713
Deposits:
Demand
Deposits 119,545 119,545 109,136 109,261 106,447
Interest
bearing
deposits 723,013 723,013 682,066 683,783 654,889
Total
Deposits 842,558 842,558 791,202 793,044 761,336
Fed Funds
purchased
& repo
agreements 21,811 21,811 20,972 9,108 7,375
Other borrowed
funds 85,693 85,693 89,840 84,003 81,857
Common Equity 106,671 106,671 104,154 100,448 80,593
Average Balance
Sheet
Total Assets $972,091 $1,027,551 $994,605 $958,467 $907,742
Total
Securities 103,896 113,085 105,948 95,970 100,582
Mortgage Loans
held for Sale 6,955 6,455 7,429 7,650 6,285
Total Loans 775,274 820,778 793,698 773,250 713,365
Other earning
assets: 10,457 9,061 10,208 8,550 14,008
Total Earning
Assets: 896,582 949,379 917,283 885,420 834,240
Deposits:
Demand Deposits 105,695 111,249 106,740 104,558 100,232
Interest bearing
deposits
Savings 19,299 19,620 20,029 19,585 17,963
NOW 81,385 93,356 78,070 80,406 73,708
Money Market 85,886 80,011 88,879 89,628 85,028
Time
deposits
>$100,000 195,271 223,083 204,094 183,349 170,561
Time
deposits
<$100,000 293,068 289,686 296,809 289,925 295,854
Total
Deposits 780,604 817,005 794,621 767,451 743,346
Fed Funds
purchased
& repo
agreements 10,871 13,423 9,791 14,448 5,821
Other borrowed
funds 80,024 84,631 80,812 77,892 76,757
Common Equity 94,453 105,184 101,958 93,004 77,667
Income Statement
Interest Income $53,926 $14,717 $13,824 $13,057 $12,328
Interest Expense 14,373 4,135 3,669 3,294 3,275
Net Interest
Income 39,553 10,582 10,155 9,763 9,053
Loan loss
provision 2,819 852 529 718 720
Service charges
on deposit
accounts 6,450 1,704 1,636 1,634 1,476
Mortgage banking
revenues 4,931 1,019 1,425 1,284 1,203
Other income 3,452 1,426 627 722 677
Total
noninterest
income 14,833 4,149 3,688 3,640 3,356
Salaries and
benefits 18,629 4,916 4,759 4,621 4,333
Occupancy and
equipment 3,365 851 866 855 793
Losses on OREO 160 12 95 12 41
Other noninterest
expense 10,154 2,832 2,486 2,458 2,378
Total noninterest
expense 32,308 8,611 8,206 7,946 7,545
Pre-tax earnings 19,259 5,268 5,108 4,739 4,144
Income Taxes 6,940 1,851 1,898 1,729 1,462
Net income $12,319 $3,417 $3,210 $3,010 $2,682
Basic earnings
per share(3) $1.10 $0.29 $0.28 $0.27 $0.26
Diluted earnings
per share(3) 1.07 0.29 0.27 0.27 0.25
Weighted average
shares
outstanding(3) 11,156,372 11,646,386 11,633,558 11,157,412 10,178,376
Weighted
average
diluted
shares o/s(3) 11,482,830 11,922,292 11,837,508 11,404,906 10,384,274
Tax equivalent
adjustment 366 89 91 94 92
Net interest
income (FTE) 39,919 10,671 10,246 9,857 9,145
Stock and
related per
share data: (3)
Book value $9.15 $9.15 $8.95 $8.63 $7.83
Tangible book
value 6.67 6.67 6.46 6.14 5.01
Dividends
declared
per share 0.22 0.055 0.055 0.055 0.055
Other Key
Ratios/Data:
Return on
average
equity (1) 13.04% 12.99% 12.59% 12.95% 13.81%
Return on
average
assets (1) 1.27% 1.33% 1.29% 1.26% 1.18%
Net interest
margin (FTE)
(1),(2) 4.45% 4.47% 4.44% 4.48% 4.41%
Efficiency
ratio (FTE) 59.01% 58.10% 58.89% 58.87% 60.36%
Loan Performance Data:
Nonaccrual
loans $6,214 $6,214 $5,909 $4,748 $3,807
Loans 90 Days
Past Due
and Accruing - - - 23 236
Other real
estate owned
(ORE) 1,991 1,991 1,857 1,923 1,853
Total non
performing
assets 8,205 8,205 7,766 6,694 5,896
Net charge-
offs 1,323 414 160 234 515
Allowance for
loan losses/
NPA's 132.88% 132.88% 134.75% 150.82% 163.03%
Allowance for
loan losses/
loans 1.29% 1.29% 1.32% 1.29% 1.30%
NPA's/Loans
plus ORE 0.97% 0.97% 0.98% 0.85% 0.79%
Nonperforming
assets/total
assets 0.77% 0.77% 0.77% 0.67% 0.63%
Net charge-offs
to average
loans (1) 0.17% 0.20% 0.08% 0.12% 0.29%
(1) Annualized
(2) The Net interest margin calculation for all periods has been adjusted
to use the actual number of days in the period to annualize net
interest income. In prior periods, net interest income was annualized
using a factor of 4.
(3) Adjusted for 2-for-1 stock split effective May 27, 2005.
Security Bank Corporation (SBKC)
Selected Financial Information
(Amounts in thousands, except per share data)
2003
Dec. 31/ 4th 3rd
YTD Quarter Quarter
Period-End Balance Sheet
Total Assets $911,269 $911,269 $874,776
Total Securities 102,855 102,855 112,867
Mortgage Loans held for Sale 11,448 11,448 16,696
Loans:
Commercial:
Real-Estate 346,534 346,534 310,377
Construction 116,344 116,344 126,447
All Other 55,591 55,591 50,636
Residential:
Consumer Real-Estate 108,992 108,992 106,047
Consumer Construction 17,390 17,390 19,923
All Other Consumer 52,831 52,831 52,981
Total Loans 697,682 697,682 666,411
Allowance for loan losses 9,407 9,407 8,981
Other Assets:
Other earning assets: 11,576 11,576 3,429
Total Earning Assets: 823,561 823,561 799,403
Intangibles:
Goodwill 24,875 24,875 24,658
Core-Deposit 756 756 799
Deposits:
Demand Deposits 107,534 107,534 97,598
Interest bearing deposits 635,767 635,767 618,066
Total Deposits 743,301 743,301 715,664
Fed Funds purchased
& repo agreements 8,350 8,350 9,268
Other borrowed funds 77,635 77,635 72,265
Common Equity 75,809 75,809 73,808
Average Balance Sheet
Total Assets $746,630 $873,002 $880,591
Total Securities 78,342 109,430 102,953
Mortgage Loans held for Sale 29,518 13,504 38,385
Total Loans 574,706 674,120 658,033
Other earning assets: 6,543 5,414 11,965
Total Earning Assets: 689,109 802,468 811,336
Deposits:
Demand Deposits 80,472 96,119 88,607
Interest bearing deposits
Savings 14,167 17,244 17,143
NOW 58,580 69,039 67,782
Money Market 71,802 88,294 86,235
Time deposits > $100,000 117,634 153,686 146,607
Time deposits < $100,000 243,471 287,004 294,090
Total Deposits 586,126 711,386 700,464
Fed Funds purchased
& repo agreements 10,272 11,404 12,393
Other borrowed funds 84,843 72,367 90,884
Common Equity 60,581 74,652 72,748
Income Statement
Interest Income $42,919 $12,462 $12,324
Interest Expense 12,937 3,366 3,622
Net Interest Income 29,982 9,096 8,702
Loan loss provision 2,859 730 783
Service charges on deposit accounts 5,044 1,496 1,381
Mortgage banking revenues 9,211 1,734 2,340
Other income 3,103 1,007 721
Total noninterest income 17,358 4,237 4,442
Salaries and benefits 18,146 4,558 4,846
Occupancy and equipment 3,063 800 843
Losses on OREO 539 292 125
Other noninterest expense 9,148 2,976 2,487
Total noninterest expense 30,896 8,626 8,301
Pre-tax earnings 13,585 3,977 4,060
Income Taxes 4,938 1,436 1,411
Net income $8,647 $2,541 $2,649
Basic earnings per share(3) $0.99 $0.25 $0.26
Diluted earnings per share(3) 0.96 0.25 0.26
Weighted average shares outstanding(3) 8,725,276 10,039,204 10,024,077
Weighted average diluted shares o/s(3) 8,993,832 10,282,151 10,360,045
Tax equivalent adjustment 303 94 89
Net interest income (FTE) 30,285 9,190 8,791
Stock and related per share data:(3)
Book value $7.53 $7.53 $7.35
Tangible book value 5.00 5.00 4.85
Dividends declared per share 0.20 0.05 0.05
Other Key Ratios/Data:
Return on average equity (1) 14.27% 13.62% 14.57%
Return on average assets (1) 1.16% 1.16% 1.20%
Net interest margin (FTE)(1),(2) 4.39% 4.54% 4.30%
Efficiency ratio (FTE) 64.85% 64.24% 62.73%
Loan Performance Data:
Nonaccrual loans $4,154 $4,154 $7,716
Loans 90 Days Past Due and Accruing 27 27 -
Other real estate owned (ORE) 4,007 4,007 3,348
Total non performing assets 8,188 8,188 11,064
Net charge-offs 1,821 305 277
Allowance for loan losses/NPA's 114.89% 114.89% 81.17%
Allowance for loan losses/loans 1.35% 1.35% 1.35%
NPA's/Loans plus ORE 1.17% 1.17% 1.65%
Nonperforming assets/total assets 0.90% 0.90% 1.26%
Net charge-offs to average loans (1) 0.32% 0.18% 0.17%
(1) Annualized
(2) The Net interest margin calculation for all periods has been adjusted
to use the actual number of days in the period to annualize net
interest income. In prior periods, net interest income was annualized
using a factor of 4.
(3) Adjusted for 2-for-1 stock split effective May 27, 2005.
SOURCE Security Bank Corporation
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Related links:
http://www.securitybank.net
CONTACT:
Rett Walker, President and CEO,
+1-478-722-6220, or Jim McLemore, Chief Financial Officer,
+1-478-722-6243, both of Security Bank Corporation
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