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8-K/A - FORM 8-K/A - CITIZENS SOUTH BANKING CORP | f8ka_081111.htm |
Exhibit 99.1
Quarterly Financial Highlights (unaudited)
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At and For the Quarters Ended
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2011
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2010
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June 30
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March 31
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December 31
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September 30
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June 30
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(Dollars in thousands, except per share data)
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Summary of Operations:
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Interest income - taxable equivalent
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$ | 11,488 | $ | 10,457 | $ | 11,055 | $ | 11,675 | $ | 12,308 | ||||||||||
Interest expense
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2,826 | 2,855 | 3,411 | 3,790 | 4,083 | |||||||||||||||
Net interest income - taxable equivalent
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8,662 | 7,602 | 7,644 | 7,885 | 8,225 | |||||||||||||||
Less: Taxable-equivalent adjustment
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69 | 70 | 70 | 79 | 114 | |||||||||||||||
Net interest income
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8,593 | 7,532 | 7,574 | 7,806 | 8,111 | |||||||||||||||
Provision for loan losses
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1,700 | 3,000 | 5,000 | 3,000 | 3,000 | |||||||||||||||
Net interest income after loan loss provision
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6,893 | 4,532 | 2,574 | 4,806 | 5,111 | |||||||||||||||
Noninterest income
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5,886 | 1,478 | 2,274 | 2,290 | 2,415 | |||||||||||||||
Noninterest expense
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9,270 | 7,672 | 7,918 | 7,781 | 7,279 | |||||||||||||||
Net income (loss) before income taxes
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3,509 | (1,662 | ) | (3,070 | ) | (685 | ) | 247 | ||||||||||||
Income tax expense (benefit)
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1,213 | (771 | ) | (1,331 | ) | (413 | ) | (108 | ) | |||||||||||
Net income (loss)
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2,296 | (891 | ) | (1,739 | ) | (272 | ) | 355 | ||||||||||||
Dividends on preferred stock
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256 | 256 | 256 | 256 | 257 | |||||||||||||||
Net income (loss) available to common shareholders
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$ | 2,040 | $ | (1,147 | ) | $ | (1,995 | ) | $ | (528 | ) | $ | 98 | |||||||
Per Common Share Data:
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Net income (loss):
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Basic
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$ | 0.18 | $ | (0.10 | ) | $ | (0.18 | ) | $ | (0.05 | ) | $ | 0.01 | |||||||
Diluted
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0.18 | (0.10 | ) | (0.18 | ) | (0.05 | ) | 0.01 | ||||||||||||
Weighted average shares outstanding:
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Basic
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11,455,642 | 11,491,734 | 11,173,174 | 10,844,386 | 9,077,042 | |||||||||||||||
Diluted
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11,455,642 | 11,491,734 | 11,173,174 | 10,844,386 | 9,077,042 | |||||||||||||||
End of period shares outstanding
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11,506,324 | 11,508,750 | 11,508,750 | 10,964,146 | 10,965,941 | |||||||||||||||
Cash dividends declared
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$ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.04 | $ | 0.04 | ||||||||||
Book value
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6.44 | 6.22 | 6.32 | 6.86 | 6.91 | |||||||||||||||
Tangible book value
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6.29 | 6.09 | 6.17 | 6.70 | 6.73 | |||||||||||||||
Selected Financial Performance Ratios (annualized):
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Return on average assets
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0.73 | % | -0.44 | % | -0.74 | % | -0.20 | % | 0.04 | % | ||||||||||
Return on average common equity
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11.00 | % | -6.39 | % | -10.68 | % | -2.77 | % | 0.56 | % | ||||||||||
Noninterest income to average total assets
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2.12 | % | 0.56 | % | 0.85 | % | 0.85 | % | 0.87 | % | ||||||||||
Noninterest expense to average total assets
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3.34 | % | 2.91 | % | 2.95 | % | 2.88 | % | 2.63 | % | ||||||||||
Operating Earnings (Non-GAAP):
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Net income (loss) available to common shareholders
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$ | 2,040 | $ | (1,147 | ) | $ | (1,995 | ) | $ | (528 | ) | $ | 98 | |||||||
(Gain) loss on acquisition, net of tax
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(2,695 | ) | 155 | (90 | ) | (118 | ) | (368 | ) | |||||||||||
(Gain) loss on sale of investments, net of tax
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- | - | - | (186 | ) | (6 | ) | |||||||||||||
Other-than-temporary impairment on securities, net of tax
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- | - | 365 | - | - | |||||||||||||||
Acquisition and integration expenses, net of tax
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345 | 27 | 26 | 86 | 57 | |||||||||||||||
Net operating loss
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$ | (310 | ) | $ | (965 | ) | $ | (1,694 | ) | $ | (746 | ) | $ | (219 | ) | |||||
Operating net loss per common share:
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Basic
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$ | (0.03 | ) | $ | (0.08 | ) | $ | (0.15 | ) | $ | (0.07 | ) | $ | (0.02 | ) | |||||
Diluted
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(0.03 | ) | (0.08 | ) | (0.15 | ) | (0.07 | ) | (0.02 | ) | ||||||||||
Net Interest Margin (annualized):
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Yield on earning assets
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4.95 | % | 4.62 | % | 4.68 | % | 4.91 | % | 4.96 | % | ||||||||||
Cost of funds
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1.23 | % | 1.32 | % | 1.51 | % | 1.66 | % | 1.72 | % | ||||||||||
Net interest rate spread
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3.72 | % | 3.30 | % | 3.17 | % | 3.25 | % | 3.24 | % | ||||||||||
Net interest margin (taxable equivalent)
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3.78 | % | 3.42 | % | 3.25 | % | 3.42 | % | 3.48 | % |
Quarterly Financial Highlights (unaudited)
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At and For the Quarters Ended
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2011
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2010
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June 30
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March 31
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December 31
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September 30
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June 30
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(Dollars in thousands, except per share data)
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Selected End of Period Balances:
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Loans, net
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$ | 750,650 | $ | 724,655 | $ | 736,510 | $ | 754,740 | $ | 776,234 | ||||||||||
Investment securities
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156,328 | 154,006 | 111,586 | 87,255 | 97,678 | |||||||||||||||
Total interest-earning assets
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931,156 | 886,872 | 914,456 | 937,278 | 927,757 | |||||||||||||||
Total assets
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1,117,993 | 1,041,444 | 1,064,487 | 1,087,558 | 1,077,431 | |||||||||||||||
Deposits
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904,578 | 832,803 | 850,456 | 865,786 | 853,526 | |||||||||||||||
Shareholders' equity
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94,771 | 92,276 | 93,443 | 95,682 | 96,410 | |||||||||||||||
Selected Quarterly Average Balances:
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Loans, net
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$ | 753,874 | $ | 726,346 | $ | 747,054 | $ | 767,381 | $ | 780,209 | ||||||||||
Investment securities
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157,513 | 135,645 | 100,691 | 91,361 | 100,501 | |||||||||||||||
Total interest-earning assets
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918,118 | 902,141 | 928,756 | 915,882 | 949,130 | |||||||||||||||
Total assets
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1,110,740 | 1,053,747 | 1,075,338 | 1,080,680 | 1,105,788 | |||||||||||||||
Deposits
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896,353 | 841,387 | 853,185 | 853,902 | 859,408 | |||||||||||||||
Shareholders' equity
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95,116 | 93,533 | 94,761 | 96,258 | 96,282 | |||||||||||||||
Credit Quality Information and Ratios:
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Allowance for loan losses - beginning of period
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$ | 12,006 | $ | 11,924 | $ | 10,752 | $ | 9,796 | $ | 9,230 | ||||||||||
Add: Provision for loan losses
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1,700 | 3,000 | 5,000 | 3,000 | 3,000 | |||||||||||||||
Less: Net charge-offs
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964 | 2,918 | 3,828 | 2,044 | 2,433 | |||||||||||||||
Allowance for loan losses - end of period
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12,742 | 12,006 | 11,924 | 10,752 | 9,797 | |||||||||||||||
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Assets not covered by FDIC loss-share agreements:
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Past due loans (30-89 days) accruing
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5,687 | 5,692 | 13,787 | 6,602 | 10,145 | |||||||||||||||
Past due loans to total non-covered loans
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0.99 | % | 0.97 | % | 2.34 | % | 1.11 | % | 1.68 | % | ||||||||||
Nonperforming non-covered loans:
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One-to-four family residential
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1,406 | 2,373 | 1,864 | 2,068 | 1,646 | |||||||||||||||
Construction
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- | 72 | 14 | 163 | 896 | |||||||||||||||
Acquisition and development
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5,155 | 4,675 | 2,560 | 340 | 691 | |||||||||||||||
Commercial land
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3,167 | 4,653 | 4,360 | 5,034 | 3,252 | |||||||||||||||
Other commercial real estate
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10,306 | 9,636 | 4,800 | 9,566 | 4,127 | |||||||||||||||
Commercial business
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201 | 309 | 287 | 720 | 742 | |||||||||||||||
Consumer
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2,440 | 2,639 | 2,529 | 1,930 | 1,652 | |||||||||||||||
Total nonperforming non-covered loans
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22,675 | 24,357 | 16,414 | 19,821 | 13,006 | |||||||||||||||
Other nonperforming non-covered assets
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10,723 | 8,463 | 7,650 | 8,557 | 8,239 | |||||||||||||||
Total nonperforming non-covered assets
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33,398 | 32,820 | 24,064 | 28,378 | 21,245 | |||||||||||||||
Allowance for loan losses to total non-covered loans
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2.22 | % | 2.05 | % | 2.02 | % | 1.81 | % | 1.62 | % | ||||||||||
Net charge-offs to average non-covered loans (annualized)
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0.66 | % | 1.99 | % | 2.59 | % | 1.36 | % | 3.22 | % | ||||||||||
Nonperforming non-covered loans to non-covered loans
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3.95 | % | 4.15 | % | 2.79 | % | 3.33 | % | 2.15 | % | ||||||||||
Nonperforming non-covered assets to total assets
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2.99 | % | 3.15 | % | 2.26 | % | 2.61 | % | 1.97 | % | ||||||||||
Nonperforming non-covered assets to total non-covered loans and other real estate owned
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5.72 | % | 5.51 | % | 4.03 | % | 4.71 | % | 3.46 | % | ||||||||||
Assets covered by FDIC loss-share agreements:
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Past due loans (30-89 days) accruing
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12,987 | 7,006 | 5,767 | 8,701 | 5,257 | |||||||||||||||
Past due loans to total covered loans
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7.34 | % | 5.09 | % | 3.91 | % | 5.43 | % | 3.07 | % | ||||||||||
Total covered nonperforming loans
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35,830 | 24,791 | 25,541 | 22,416 | 24,924 | |||||||||||||||
Other covered nonperforming assets
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14,127 | 8,225 | 7,108 | 3,183 | 2,343 | |||||||||||||||
Total covered nonperforming assets
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49,957 | 33,016 | 32,649 | 25,599 | 27,267 | |||||||||||||||
Capital Ratios:
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Tangible common equity
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6.49 | % | 6.73 | % | 6.69 | % | 6.74 | % | 6.86 | % | ||||||||||
Total Risk-Based Capital (Bank only)
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17.29 | % | 16.70 | % | 16.80 | % | 16.83 | % | 16.78 | % | ||||||||||
Tier 1 Risk-Based Capital (Bank only)
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16.03 | % | 15.44 | % | 15.54 | % | 15.58 | % | 15.52 | % | ||||||||||
Tier 1 Leverage Capital (Bank only)
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9.42 | % | 9.89 | % | 9.74 | % | 9.58 | % | 9.74 | % |