Attached files
| file | filename |
|---|---|
| 8-K/A - FORM 8-K/A - PALMETTO BANCSHARES INC | plmt20140129_8ka.htm |
Exhibit 99.1
Palmetto Bancshares, Inc. and Subsidiary
Consolidated Balance Sheets
(dollars in thousands, except per share data)
(unaudited)
|
December 31, |
||||||||||||||||||||||||
|
December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
2013 vs. 2012 |
|||||||||||||||||||
|
2013 |
2013 |
2013 |
2013 |
2012 |
% Change |
|||||||||||||||||||
|
Cash and cash equivalents |
$ | 38,178 | $ | 55,743 | $ | 62,668 | $ | 60,762 | $ | 101,385 | (62.3 |
)% | ||||||||||||
|
Investment securities available for sale, at fair value |
214,383 | 227,079 | 246,501 | 265,798 | 264,502 | (18.9 | ) | |||||||||||||||||
|
Trading account assets |
5,118 | 5,027 | - | - | - |
n/m |
||||||||||||||||||
|
Mortgage loans held for sale |
1,722 | 1,865 | 2,934 | 7,056 | 6,114 | (71.8 | ) | |||||||||||||||||
|
Other loans held for sale |
- | - | - | 776 | 776 | (100.0 | ) | |||||||||||||||||
|
Loans, gross |
767,513 | 756,814 | 741,355 | 730,764 | 738,282 | 4.0 | ||||||||||||||||||
|
Less: allowance for loan losses |
(16,485 | ) | (16,706 | ) | (17,218 | ) | (17,470 | ) | (17,825 | ) | (7.5 | ) | ||||||||||||
|
Loans, net |
751,028 | 740,108 | 724,137 | 713,294 | 720,457 | 4.2 | ||||||||||||||||||
|
Foreclosed real estate |
7,502 | 7,928 | 8,296 | 11,057 | 10,911 | (31.2 | ) | |||||||||||||||||
|
Deferred tax asset, net |
22,087 | 22,197 | 1,273 | - | - |
n/m |
||||||||||||||||||
|
Bank-owned life insurance |
11,617 | 1,571 | 1,571 | 1,571 | 1,571 |
n/m |
||||||||||||||||||
|
Other assets |
38,594 | 38,379 | 37,842 | 38,977 | 39,740 | (2.9 | ) | |||||||||||||||||
|
Total assets |
$ | 1,090,229 | $ | 1,099,897 | $ | 1,085,222 | $ | 1,099,291 | $ | 1,145,456 | (4.8 |
)% | ||||||||||||
|
Noninterest bearing deposits |
$ | 178,075 | $ | 187,150 | $ | 188,197 | $ | 180,290 | $ | 179,695 | (0.9 |
)% | ||||||||||||
|
Interest bearing deposits |
729,285 | 757,662 | 770,644 | 791,906 | 843,547 | (13.5 | ) | |||||||||||||||||
|
Total deposits |
907,360 | 944,812 | 958,841 | 972,196 | 1,023,242 | (11.3 | ) | |||||||||||||||||
|
Retail repurchase agreements |
18,175 | 24,640 | 18,312 | 17,706 | 15,357 | 18.3 | ||||||||||||||||||
|
FHLB advances |
35,000 | - | - | - | - |
n/m |
||||||||||||||||||
|
Other liabilities |
5,877 | 9,499 | 8,953 | 9,580 | 8,477 | (30.7 | ) | |||||||||||||||||
|
Total liabilities |
966,412 | 978,951 | 986,106 | 999,482 | 1,047,076 | (7.7 | ) | |||||||||||||||||
|
Shareholders' equity |
123,817 | 120,946 | 99,116 | 99,809 | 98,380 | 25.9 | ||||||||||||||||||
|
Total liabilities and shareholders' equity |
$ | 1,090,229 | $ | 1,099,897 | $ | 1,085,222 | $ | 1,099,291 | $ | 1,145,456 | (4.8 |
)% | ||||||||||||
|
Quarterly Average Balances |
||||||||||||||||||||||||
|
Loans(1) |
$ | 766,454 | $ | 749,201 | $ | 740,643 | $ | 739,962 | $ | 743,065 | 3.1 |
% | ||||||||||||
|
Investment securities |
220,412 | 243,955 | 258,200 | 272,853 | 281,929 | (21.8 | ) | |||||||||||||||||
|
Trading account assets |
5,067 | 652 | - | - | - |
n/m |
||||||||||||||||||
|
Total assets |
1,096,881 | 1,080,900 | 1,086,965 | 1,117,090 | 1,143,855 | (4.1 | ) | |||||||||||||||||
|
Noninterest-bearing deposits |
188,603 | 188,477 | 185,199 | 177,974 | 184,059 | 2.5 | ||||||||||||||||||
|
Interest-bearing deposits |
751,974 | 763,746 | 774,525 | 814,146 | 835,791 | (10.0 | ) | |||||||||||||||||
|
Retail repurchase agreements |
22,638 | 19,521 | 16,789 | 16,643 | 16,494 | 37.2 | ||||||||||||||||||
|
FHLB advances and other borrowings |
2,271 | 24 | 9 | 14 | 36 |
n/m |
||||||||||||||||||
|
Shareholders' equity |
123,299 | 100,795 | 101,613 | 99,729 | 97,079 | 27.0 | ||||||||||||||||||
|
Other Data and Ratios |
||||||||||||||||||||||||
|
% of loans past due |
0.42 |
% |
0.63 |
% |
0.40 |
% |
0.85 |
% |
1.03 |
% |
(59.2 | ) | ||||||||||||
|
Nonperforming loans |
$ | 15,108 | $ | 14,735 | $ | 16,752 | $ | 17,106 | $ | 15,848 | (4.7 | ) | ||||||||||||
|
Nonperforming assets |
22,654 | 22,706 | 25,081 | 28,194 | 26,839 | (15.6 | ) | |||||||||||||||||
|
90-days past due and still accruing interest |
- | 1,723 | - | - | - |
n/m |
||||||||||||||||||
|
ALL as % of loans held for investment |
2.15 |
% |
2.21 |
% |
2.32 |
% |
2.39 |
% |
2.41 |
% |
(10.8 | ) | ||||||||||||
|
Net charge-offs (quarterly) |
$ | 2,021 | $ | 1,157 | $ | 922 | $ | 705 | $ | 1,838 | 9.9 | |||||||||||||
|
Net charge-offs to average loans (annualized) |
1.05 |
% |
0.61 |
% |
0.50 |
% |
0.39 |
% |
1.00 |
% |
4.7 | |||||||||||||
|
Outstanding common shares |
12,784,605 | 12,783,019 | 12,772,344 | 12,762,452 | 12,754,045 | 0.2 | ||||||||||||||||||
|
Book value per common share |
$ | 9.68 | $ | 9.46 | $ | 7.76 | $ | 7.82 | $ | 7.71 | 25.6 | |||||||||||||
|
Closing market price per common share |
12.96 | 13.04 | 13.00 | 11.60 | 8.33 | 55.6 | ||||||||||||||||||
|
Tier 1 risk-based capital (consolidated) |
14.24 |
% |
14.26 |
% |
13.67 |
% |
13.48 |
% |
13.16 |
% |
8.2 | |||||||||||||
|
Total risk-based capital (consolidated) |
15.49 | 15.52 | 14.93 | 14.74 | 14.42 | 7.4 | ||||||||||||||||||
|
Tier 1 leverage ratio (consolidated) |
11.03 | 10.95 | 10.06 | 9.63 | 9.18 | 20.2 | ||||||||||||||||||
|
Full Time Equivalent Employees - including contractors |
305.0 | 306.0 | 314.0 | 324.0 | 324.0 | (5.9 | ) | |||||||||||||||||
|
(1) Includes Mortgage and Other Loans held for sale. |
Palmetto Bancshares, Inc. and Subsidiary
Consolidated Statements of Income
(dollars in thousands, except per share data)
(unaudited)
|
For the Three Months Ended |
||||||||||||||||||||||||
|
December 31, 2013 |
September 30, 2013 |
June 30, 2013 |
March 31, 2013 |
December 31, 2012 |
December 31, 2013 vs. 2012 % Change |
|||||||||||||||||||
|
Interest income |
||||||||||||||||||||||||
|
Interest earned on cash and cash equivalents |
$ | 17 | $ | 24 | $ | 24 | $ | 35 | $ | 37 | (54.1 |
)% | ||||||||||||
|
Dividends received on FHLB stock |
10 | 8 | 21 | - | 12 | (16.7 | ) | |||||||||||||||||
|
Interest earned on trading account assets |
33 | 5 | - | - | - |
n/m |
||||||||||||||||||
|
Interest earned on investment securities available for sale |
1,033 | 1,010 | 964 | 1,010 | 1,006 | 2.7 | ||||||||||||||||||
|
Interest and fees earned on loans |
9,330 | 9,476 | 9,719 | 9,819 | 9,812 | (4.9 | ) | |||||||||||||||||
|
Total interest income |
10,423 | 10,523 | 10,728 | 10,864 | 10,867 | (4.1 | ) | |||||||||||||||||
|
Interest expense |
||||||||||||||||||||||||
|
Interest expense on deposits |
385 | 475 | 502 | 895 | 1,178 | (67.3 | ) | |||||||||||||||||
|
Interest expense on retail repurchase agreements |
1 | - | 1 | - | - |
n/m |
||||||||||||||||||
|
Interest paid on FHLB advances |
1 | - | - | - | - |
n/m |
||||||||||||||||||
|
Total interest expense |
387 | 475 | 503 | 895 | 1,178 | (67.1 | ) | |||||||||||||||||
|
Net interest income |
10,036 | 10,048 | 10,225 | 9,969 | 9,689 | 3.6 | ||||||||||||||||||
|
Provision for loan losses |
1,800 | 645 | 670 | 350 | 1,325 | 35.8 | ||||||||||||||||||
|
Net interest income after provision for loan losses |
8,236 | 9,403 | 9,555 | 9,619 | 8,364 | (1.5 | ) | |||||||||||||||||
|
Noninterest income |
||||||||||||||||||||||||
|
Service charges on deposit accounts, net |
1,883 | 1,862 | 1,603 | 1,554 | 1,713 | 9.9 | ||||||||||||||||||
|
Fees for trust and investment management and brokerage services |
151 | 214 | 905 | 769 | 746 | (79.8 | ) | |||||||||||||||||
|
Mortgage-banking |
498 | 375 | 564 | 571 | 797 | (37.5 | ) | |||||||||||||||||
|
Debit card and automatic teller machine, net |
652 | 648 | 600 | 499 | 565 | 15.4 | ||||||||||||||||||
|
Bankcard services |
67 | 70 | 64 | 60 | 64 | 4.7 | ||||||||||||||||||
|
Investment securities gains (losses), net |
23 | (44 | ) | 331 | - | 635 | (96.4 | ) | ||||||||||||||||
|
Trading asset income |
134 | 36 | - | - | - |
n/m |
||||||||||||||||||
|
Other |
167 | 118 | 170 | 292 | 282 | (40.8 | ) | |||||||||||||||||
|
Total noninterest income |
3,575 | 3,279 | 4,237 | 3,745 | 4,802 | (25.6 | ) | |||||||||||||||||
|
Noninterest expense |
||||||||||||||||||||||||
|
Salaries and other personnel |
4,837 | 4,862 | 5,310 | 5,098 | 4,940 | (2.1 | ) | |||||||||||||||||
|
Occupancy and equipment |
2,037 | 2,004 | 1,965 | 1,967 | 1,913 | 6.5 | ||||||||||||||||||
|
Professional services |
609 | 491 | 556 | 427 | 406 | 50.0 | ||||||||||||||||||
|
FDIC deposit insurance assessment |
356 | 355 | 358 | 370 | 381 | (6.6 | ) | |||||||||||||||||
|
Marketing |
304 | 267 | 338 | 142 | 400 | (24.0 | ) | |||||||||||||||||
|
Foreclosed real estate writedowns and expenses |
468 | 173 | 2,280 | 452 | 258 | 81.4 | ||||||||||||||||||
|
Loss (gain) on other loans held for sale |
- | - | (326 | ) | - | 1,122 | (100.0 | ) | ||||||||||||||||
|
Loan workout expenses |
204 | 410 | 240 | 212 | 651 | (68.7 | ) | |||||||||||||||||
|
Other |
1,397 | 1,273 | 1,190 | 1,707 | 1,256 | 11.2 | ||||||||||||||||||
|
Total noninterest expense |
10,212 | 9,835 | 11,911 | 10,375 | 11,327 | (9.8 | ) | |||||||||||||||||
|
Income before provision (benefit) for income taxes |
1,599 | 2,847 | 1,881 | 2,989 | 1,839 | (13.1 | ) | |||||||||||||||||
|
Provision (benefit) for income taxes |
(224 | ) | (19,386 | ) | 382 | 813 | (871 | ) |
n/m |
|||||||||||||||
|
Net income |
$ | 1,823 | $ | 22,233 | $ | 1,499 | $ | 2,176 | $ | 2,710 | (32.7 |
)% | ||||||||||||
|
Earnings per Share and Results of Operations |
||||||||||||||||||||||||
|
Basic net income per common share |
$ | 0.14 | $ | 1.74 | $ | 0.12 | $ | 0.17 | $ | 0.21 | (33.3 |
)% | ||||||||||||
|
Diluted net income per common share |
0.14 | 1.74 | 0.12 | 0.17 | 0.21 | (33.3 | ) | |||||||||||||||||
|
Weighted average shares outstanding, diluted |
12,689,245 | 12,674,743 | 12,671,929 | 12,650,766 | 12,640,991 | 0.4 | ||||||||||||||||||
|
Efficiency ratio |
75.0 |
% |
73.8 |
% |
82.4 |
% |
75.7 |
% |
78.2 |
% |
(4.0 | ) | ||||||||||||
|
Return on average assets |
0.66 | 8.16 | 0.55 | 0.79 | 0.94 | (29.9 | ) | |||||||||||||||||
|
Return on average equity |
5.87 | 87.51 | 5.92 | 8.85 | 11.11 | (47.2 | ) | |||||||||||||||||
|
Yields and Rates |
||||||||||||||||||||||||
|
Loans (1) |
4.83 |
% |
5.02 |
% |
5.26 |
% |
5.38 |
% |
5.25 |
% |
(8.0 | ) | ||||||||||||
|
Investment securities |
1.87 | 1.66 | 1.49 | 1.48 | 1.43 | 30.8 | ||||||||||||||||||
|
Trading account assets |
2.58 | 3.04 | - | - | - |
n/m |
||||||||||||||||||
|
Transaction deposits |
0.01 | 0.01 | 0.01 | 0.01 | 0.01 | - | ||||||||||||||||||
|
Money market deposits |
0.03 | 0.02 | 0.02 | 0.02 | 0.02 | 50.0 | ||||||||||||||||||
|
Savings deposits |
0.01 | 0.01 | 0.02 | 0.01 | 0.02 | (50.0 | ) | |||||||||||||||||
|
Time deposits |
0.64 | 0.75 | 0.77 | 1.17 | 1.35 | (52.6 | ) | |||||||||||||||||
|
Retail repurchase agreements |
0.02 | - | 0.02 | - | - |
n/m |
||||||||||||||||||
|
FHLB advances and other borrowings |
0.17 | - | - | - | - |
n/m |
||||||||||||||||||
|
Net interest margin |
3.86 | 3.83 | 3.92 | 3.77 | 3.50 | 10.3 | ||||||||||||||||||
|
(1) Includes Mortgage and Other Loans held for sale. |
Palmetto Bancshares, Inc. and Subsidiary
Consolidated Statements of Income (Loss)
(dollars in thousands, except per share data)
(unaudited)
|
For the Years Ended December 31, |
2013 vs. 2012 |
|||||||||||
|
2013 |
2012 |
% Change |
||||||||||
|
Interest income |
||||||||||||
|
Interest earned on cash and cash equivalents |
$ | 100 | $ | 209 | (52.2 |
)% | ||||||
|
Dividends received on FHLB stock |
39 | 47 | (17.0 | ) | ||||||||
|
Interest on trading account assets |
38 | - |
n/m |
|||||||||
|
Interest earned on investment securities available for sale |
4,017 | 5,059 | (20.6 | ) | ||||||||
|
Interest and fees earned on loans |
38,344 | 40,075 | (4.3 | ) | ||||||||
|
Total interest income |
42,538 | 45,390 | (6.3 | ) | ||||||||
|
Interest expense |
||||||||||||
|
Interest expense on deposits |
2,257 | 5,136 | (56.1 | ) | ||||||||
|
Interest expense on retail repurchase agreements |
2 | 2 | - | |||||||||
|
Interest paid on FHLB advances |
1 | - |
n/m |
|||||||||
|
Total interest expense |
2,260 | 5,138 | (56.0 | ) | ||||||||
|
Net interest income |
40,278 | 40,252 | 0.1 | |||||||||
|
Provision for loan losses |
3,465 | 13,075 | (73.5 | ) | ||||||||
|
Net interest income after provision for loan losses |
36,813 | 27,177 | 35.5 | |||||||||
|
Noninterest income |
||||||||||||
|
Service charges on deposit accounts, net |
6,902 | 6,691 | 3.2 | |||||||||
|
Fees for trust and investment management and brokerage services |
2,039 | 3,092 | (34.1 | ) | ||||||||
|
Mortgage-banking |
2,008 | 3,139 | (36.0 | ) | ||||||||
|
Debit card and automatic teller machine, net |
2,400 | 2,171 | 10.5 | |||||||||
|
Bankcard services |
261 | 247 | 5.7 | |||||||||
|
Investment securities gains, net |
310 | 10,494 | (97.0 | ) | ||||||||
|
Trading asset income |
170 | - |
n/m |
|||||||||
|
Gain on sale of branches |
- | 568 | (100.0 | ) | ||||||||
|
Other |
746 | 628 | 18.8 | |||||||||
|
Total noninterest income |
14,836 | 27,030 | (45.1 | ) | ||||||||
|
Noninterest expense |
||||||||||||
|
Salaries and other personnel |
20,107 | 21,088 | (4.7 | ) | ||||||||
|
Occupancy and equipment |
7,973 | 7,833 | 1.8 | |||||||||
|
Professional services |
2,083 | 1,715 | 21.5 | |||||||||
|
FDIC deposit insurance assessment |
1,439 | 1,861 | (22.7 | ) | ||||||||
|
Marketing |
1,051 | 1,384 | (24.1 | ) | ||||||||
|
Foreclosed real estate writedowns and expenses |
3,373 | 9,285 | (63.7 | ) | ||||||||
|
Loss (gain) on other loans held for sale |
(326 | ) | 3,660 | (108.9 | ) | |||||||
|
Loan workout expenses |
1,066 | 1,273 | (16.3 | ) | ||||||||
|
Other |
5,567 | 5,251 | 6.0 | |||||||||
|
Total noninterest expense |
42,333 | 53,350 | (20.7 | ) | ||||||||
|
Income before provision (benefit) for income taxes |
9,316 | 857 |
n/m |
|||||||||
|
Provision (benefit) for income taxes |
(18,415 | ) | 2,721 |
n/m |
||||||||
|
Net income (loss) |
$ | 27,731 | $ | (1,864 | ) |
n/m |
% | |||||
|
Earnings per Share and Results of Operations |
||||||||||||
|
Basic net income (loss) per common share |
$ | 2.17 | $ | (0.15 | ) |
n/m |
% | |||||
|
Diluted net income (loss) per common share |
2.17 | (0.15 | ) |
n/m |
||||||||
|
Weighted average shares oustanding, diluted |
12,658,752 | 12,639,379 | 0.2 | |||||||||
|
Efficiency ratio |
76.8 |
% |
79.3 |
% |
(3.1 | ) | ||||||
|
Return on average assets |
2.53 | (0.16 | ) |
n/m |
||||||||
|
Return on average equity |
26.06 | (1.86 | ) |
n/m |
||||||||
|
Yields and Rates |
||||||||||||
|
Loans (1) |
5.12 |
% |
5.29 |
% |
(3.2 | ) | ||||||
|
Investment securities |
1.62 | 1.88 | (13.8 | ) | ||||||||
|
Trading account assets |
2.64 | - |
n/m |
|||||||||
|
Transaction deposits |
0.01 | 0.01 | - | |||||||||
|
Money market deposits |
0.02 | 0.04 | (50.0 | ) | ||||||||
|
Savings deposits |
0.01 | 0.01 | - | |||||||||
|
Time deposits |
0.85 | 1.37 | (38.0 | ) | ||||||||
|
Retail repurchase agreements |
0.01 | 0.01 | - | |||||||||
|
FHLB advances and other borrowings |
0.17 | - |
n/m |
|||||||||
|
Net interest margin |
3.85 | 3.58 | 7.5 | |||||||||
|
(1) Includes Mortgage and Other Loans held for sale. |