Tennessee Commerce Bancorp Reports $1.2 Million in Third Quarter Income
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FRANKLIN, Tenn.--(BUSINESS WIRE)-- Tennessee Commerce Bancorp, Inc. (NASDAQ: TNCC) today reported financial results for the third quarter ended September 30, 2009. The Company reported net income available to common shareholders of $1.2 million, or $0.25 per diluted share, for the third quarter of 2009, compared with net income of $1.9 million, or $0.39 per diluted share, for the third quarter of 2008.
"Tennessee Commerce's $1.2 million in third quarter net income was the result of progress we made in reducing our provision for loan losses and strengthening our key drivers of profitability since the first half of this year," stated Mike Sapp, President of Tennessee Commerce Bancorp. "We reported solid growth in our net margin compared with the linked second quarter of 2009, as well as improvement in loan sales. We also strengthened our allowance for loan losses as part of our strategy to protect our capital base. We expect these factors will contribute to continued net income growth in the fourth quarter.
"Our third quarter's profitability was due to gain on loan sales, margin improvement and a continuing reduction in loan losses. Our net interest income rose 23.2% to $11.4 million in the third quarter due to continued growth in loans and solid improvement in our net interest margin," continued Mr. Sapp. "Net loans rose 15.7% to a record $1.1 billion. The net interest margin improved 15 basis points to 3.61% compared with 3.46% in the third quarter of last year. We anticipate our continued focus on loan yields and managing costs will result in additional margin improvement."
Third Quarter Highlights
-- Net loans increased 15.7%, from the third quarter of 2008, to $1.1
billion
-- Allowance for loan losses was strengthened to 1.70% of total loans
-- Total deposits increased 21.6%, from the third quarter of 2008, to $1.2
billion
-- Operating efficiency ratio improved to 39.28%, one of the best in the
industry
-- Net interest income increased 23.2%, from the third quarter of 2008 to
$11.4 million
-- Net interest margin improved to 3.61%
-- Total risk-based capital was 10.68% and Tier 1 capital was 9.43% for the
bank
"This was our third consecutive quarterly increase in our net interest margin," stated CFO Frank Perez. "This reflects our focus on improving loan pricing. We also made significant progress in reducing our non-core funding sources to improve our funding costs. These steps contributed to our 118 basis point reduction in deposit costs since the third quarter of 2008 and 30 basis point improvement from the linked second quarter of 2009."
Provision for loan losses was $5.3 million in the third quarter of 2009 and was down substantially from $13.1 million reported in the linked second quarter of 2009. The decrease in the provision for loan losses benefited from a 53.2% drop in charge offs to $4.5 million in the third quarter of 2009 compared with $9.6 million in the linked second quarter of 2009. At the end of the third quarter, the allowance for loan losses was strengthened to $19.7 million, or 1.70% of loans, up from $18.9 million, or 1.65% in the linked second quarter of 2009. The provision for loan losses was $1.9 million and the allowance for loan losses was $12.2 million, or 1.22% of loans, in the year prior period.
"Our provision for loan losses is down significantly from earlier this year due to our aggressive stance on managing problem loans," noted Mr. Sapp. "We also experienced a reduction in past due loans, including those 30 days past due, 31-89 days past due and 90+ days past due. Nashville continues to outperform other markets, including a much stronger real estate market, that is reflected in the reduction of our past due loans and OREO over the past quarter.
"Our total non-performing assets were up less than 1% from the linked second quarter of 2009, primarily due to a significant reduction in OREO, offset partially by an increase in nonaccrual loans. We remain diligent in reducing our non-performing loans, foreclosed real estate and repossessed assets to improve our credit quality, minimize losses and protect our capital base," continued Mr. Sapp.
Total non-performing loans were $30.2 million in the third quarter of 2009 compared with $25.6 million in the linked second quarter of 2009. After the close of the third quarter, we reduced non-performing assets by an additional $2.75 million. Other real estate owned and repossessed assets were $1.3 million and $22.1 million respectively in the third quarter of 2009. In the third quarter of 2008, non-performing loans totaled $14.2 million and other real estate owned and repossessed assets were $1.1 million and $11.1 million, respectively. The transportation sector of our loan portfolio continues to lag due to economic conditions.
Non-interest income rose to $1.4 million in the third quarter of 2009 compared with $98,000 in the third quarter of last year. The growth in non-interest income benefited from an increase in gains on security sales, sales of loan pools and other income. Security gains rose to $532,000 in the third quarter of 2009 compared with a loss of $97,000 on security sales in the third quarter of 2008. Sales of loan pools generated $340,000 in the third quarter of 2009, including a $218,000 loss on sale of loans due to fee reversals on buy-backs of small ticket loan pools. This compares with a $1,000 net gain on loan sales in the third quarter of 2008. Other income rose to $440,000 and included a $203,000 gain on sales of repossessed assets in the transportation sector.
Non-interest expenses rose 12.9% to $5.0 million compared with $4.4 million in the third quarter of 2008. The increase was due to an increase in FDIC insurance premiums and a special FDIC assessment combined with higher costs related to loan portfolio management and additional staffing expense. The cost for FDIC insurance and special assessment increased to $717,000 in the third quarter of 2009 compared with $170,000 in the third quarter of 2008. Costs associated with other real estate owned, repossessed assets and increased collection efforts were included in other non-interest expenses and rose to $478,000 in the third quarter of 2009 compared with $249,000 in the third quarter of 2008.
Total risk-based capital was 10.59% for the holding company and 10.68% for the bank compared with regulatory requirements of 10.0% for a well-capitalized bank and minimum regulatory requirements of 8.0%. Tier 1 capital was 9.34% for the holding company and 9.43% for the bank, both well above the requirement of 6.0% for a well-capitalized bank and minimum regulatory requirements of 4.0%.
"We slowed our loan growth in the third quarter as we maintained our focus on loan quality and preserving our strong capital base," continued Mr. Sapp. "We believe it is very important to maintain our capital ratios well above those required by the bank's regulators as a buffer to the continued weakness in the economy. Based on our current capital ratios, we expect to moderate our fourth quarter's loan growth as well.
"We filed an S-3 with the Securities and Exchange Commission and our shareholders approved an increase in our authorized shares in July. We believe these steps will put us in better position to take advantage of market opportunities to further strengthen our capital base in the future," concluded Mr. Sapp.
Tennessee Commerce's efficiency ratio was 39.28% in the third quarter of 2009 which is one of the best efficiency ratios in the industry and its asset-to-employee ratio of $15.3 million is almost four times higher than the average for other Tennessee banks.
Nine Months Results
For the first nine months of 2009, Tennessee Commerce reported a net loss available to common shareholders of $8.4 million compared with net income of $5.1 million for the first nine months of 2008. Net loss per diluted share was $1.77 compared with net income per diluted share of $1.05 in the first nine months of 2008. The 2009 year-to-date loss was primarily due to higher charge offs in the first half of 2009 combined with significant additions to the allowance for loan losses.
Net interest income rose 26.2% to $31.7 million, up from $25.1 million in the first nine months of 2008 based on a 23.2% increase in average earnings assets to $1.2 billion. Net interest margin was 3.49% for the 2009 period compared with 3.40% for the same period in 2008.
Provision for loan losses was $26.9 million for the first nine months of 2009 compared with $5.8 million for the same period in 2008.
Non interest loss for the first nine months of 2009 was $181,000 compared with non interest income of $1.4 million in the first nine months of 2008. The 2009 non interest loss was due primarily to losses on loan sales and repossessed assets in the first half of the year.
Non-interest expenses rose to $16.3 million in the first nine months of 2009 compared with $12.4 million in the first nine months of 2008. The increase was due primarily to higher costs associated with other real estate owned, repossessed assets and increased collection efforts.
About Tennessee Commerce Bancorp, Inc.
Tennessee Commerce Bancorp, Inc. is the parent company of Tennessee Commerce Bank. The Bank provides a wide range of banking services and is primarily focused on business accounts. Its corporate and banking offices are located in Franklin, Tennessee, and it has loan production offices in Atlanta, Birmingham and Minneapolis. Tennessee Commerce Bancorp's stock is traded on the NASDAQ Global Market under the symbol TNCC.
Information contained in this press release, other than historical information, may be considered forward-looking in nature and is subject to various risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or expected. Among the key factors that may have a direct bearing on Tennessee Commerce Bancorp's operating results, performance or financial condition are competition, changes in interest rates, the demand for its products and services, the ability to expand, and numerous other factors as set forth in the Corporation's filings with the Securities and Exchange Commission.
Additional information concerning Tennessee Commerce can be accessed at www.tncommercebank.com.
TENNESSEE COMMERCE BANCORP, INC. CONSOLIDATED BALANCE SHEETS SEPTEMBER 30, 2009 (UNAUDITED) AND DECEMBER 31, 2008 (Dollars in thousands except share data) 2009 2008 ASSETS Cash and due from financial institutions $ 17,038 $ 5,260 Federal funds sold 8,660 35,538 Cash and cash equivalents 25,698 40,798 Securities available for sale 86,000 101,290 Loans 1,159,705 1,036,725 Allowance for loan losses (19,690 ) (13,454 ) Net loans 1,140,015 1,023,271 Premises and equipment, net 2,057 2,330 Accrued interest receivable 8,799 8,115 Restricted equity securities 2,169 1,685 Income tax receivable 2,037 4,430 Other assets 68,976 36,165 Total assets $ 1,335,751 $ 1,218,084 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Deposits Noninterest-bearing $ 25,714 $ 24,217 Interest-bearing 1,176,571 1,044,926 Total deposits 1,202,285 1,069,143 FHLB advances -- -- Federal funds purchased -- -- Accrued interest payable 2,537 3,315 Accrued dividend payable 188 -- Short-term borrowings 10,000 10,000 Accrued bonuses 52 917 Deferred tax liability 3,190 8,695 Other liabilities 1,549 1,069 Long-term subordinated debt 23,198 23,198 Total liabilities 1,242,999 1,116,337 Shareholders' equity Preferred stock, 1,000,000 shares authorized; 30,000 shares of $0.50 par value Fixed Rate Cumulative Perpetual, Series A issued and 15,000 15,000 outstanding at September 30, 2009 and December 31, 2008, respectively Common stock, $0.50 par value; 20,000,000 shares authorized at September 30, 2009 and 10,000,000 shares authorized at December 31, 2008; 2,371 2,366 4,742,944 and 4,731,696 shares issued and outstanding at September, 2009 and December 31, 2008, respectively Common stock warrants 453 453 Additional paid-in capital 60,321 59,946 Retained earnings 14,780 23,180 Accumulated other comprehensive income (153 ) 802 Total shareholders' equity 92,772 101,747 Total liabilities and shareholders' equity $ 1,335,771 $ 1,218,084 (1) The balance sheet at December 31, 2008 has been derived from the audited consolidated financial statements at that date but does not include all of the information and notes required by generally accepted accounting principles for complete financial statements. See accompanying notes to consolidated financial statements.
TENNESSEE COMMERCE BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
NINE MONTHS ENDED SEPTEMBER 30, 2009 AND 2008
THREE MONTHS ENDED SEPTEMBER 30, 2009 AND 2008
(UNAUDITED)
Nine Months Ended Three Months Ended
September 30, September 30,
(Dollars in
thousands, 2009 2008 2009 2008
except share
data)
Interest income
Loans, including $ 55,904 $ 52,125 $ 19,334 $ 18,528
fees
Securities 4,089 3,398 1,301 1,221
Federal funds 12 148 7 7
sold
Total interest 60,005 55,671 20,642 19,756
income
Interest expense
Deposits 26,807 29,340 8,724 9,902
Other 1,483 1,199 494 580
Total interest 28,290 30,539 9,218 10,482
expense
Net interest 31,715 25,132 11,424 9,274
income
Provision for 26,889 5,790 5,250 1,850
loan losses
Net interest
income after 4,826 19,342 6,174 7,424
provision for
loan losses
Non-interest
income
Service charges
on deposit 132 89 41 40
accounts
Securities gains 870 (67 ) 532 (97 )
(losses)
Gain on sale of (649 ) 1,419 340 1
loans
Other (534 ) (13 ) 440 154
Total
non-interest $ (181 ) 1,428 1,353 98
income
Non-interest
expense
Salaries and
employee 7,428 6,151 2,088 2,058
benefits
Occupancy and 1,186 1,037 394 315
equipment
Data processing 1,148 910 449 376
fees
Professional 1,393 1,531 405 627
fees
Other 5,182 2,811 1,683 1,070
Total
non-interest 16,337 12,440 5,019 4,446
expense
Income before (11,692 ) 8,330 2,508 3,076
income taxes
Income tax (4,463 ) $ 3,223 972 $ 1,190
expense
Net income (7,229 ) 5,107 1,536 1,886
CPP Preferred (1,171 ) -- (375 ) --
dividends
Net income
available to $ (8,400 ) $ 5,107 $ 1,161 $ 1,886
common
shareholders
Earnings per
share (EPS):
Basic EPS $ (1.77 ) $ 1.08 $ 0.25 $ 0.40
Diluted EPS (1.77 ) 1.05 0.25 0.39
Weighted average
shares
outstanding:
Basic 4,733,882 4,731,039 4,736,823 4,731,696
Diluted 4,733,882 4,878,150 4,736,823 4,851,831
See accompanying notes to consolidated financial statements.
Tennessee Commerce Bancorp, Inc.
Financial Highlights
(Dollars in thousands except ratios and share data)
2009 2008 % Change
For the Quarter Ending 9/30
Earnings:
Net Interest Income $ 11,424 $ 9,274 23.18 %
Non-Interest Income 1,353 98 1280.61 %
Provision for Loan Losses 5,250 1,850 183.78 %
Operating Expense 5,019 4,446 12.89 %
Operating Income 2,508 3,076 -18.47 %
Applicable Tax 972 1,190 -18.32 %
Net Income 1,536 1,886 -18.56 %
Preferred Dividends 375 - 100.00 %
Net Income Available to Common $ 1,161 $ 1,886 -38.44 %
Shareholders
At September 30
Total Assets $ 1,335,751 $ 1,106,058 20.77 %
Net Loans 1,140,015 985,648 15.66 %
Earning Assets 1,234,675 1,062,299 16.23 %
Allowance for Loan Losses 19,690 12,191 61.51 %
Deposits 1,202,285 988,664 21.61 %
Shareholders' Equity $ 92,772 $ 67,352 37.74 %
Total Shares Outstanding 4,742,944 4,731,696 0.24 %
Significant Ratios - 3rd Quarter
Net Interest Margin 3.61 % 3.46 % 4.34 %
Return on Average Assets 0.34 % 0.68 % -49.60 %
Return on Average Common Equity 7.46 % 11.35 % -34.30 %
Efficiency Ratio 39.28 % 47.44 % -17.20 %
Loan Loss Reserve/Loans 1.70 % 1.22 % 38.97 %
Capital/Assets 6.95 % 6.09 % 14.06 %
Basic Earnings per Share - YTD $ 0.25 $ 0.40 -37.50 %
Diluted Earnings per Share - YTD $ 0.25 $ 0.39 -35.90 %
TENNESSEE COMMERCE BANCORP, INC.
ANALYSIS OF INTEREST INCOME AND EXPENSE, RATES AND YIELDS
(UNAUDITED)
Three Months Ended September 30, Three Months Ended September 30,
2009 2008
Average Average Average Average
(Dollars in Balance Interest Rate Balance Interest Rate
thousands)
ASSETS
Interest
earning
assets
Securities $ 101,978 $ 1,301 4.96 % $ 87,356 $ 1,221 5.47 %
(taxable) (1)
Loans (2) (3) 1,139,510 19,334 6.73 % 975,487 18,528 7.56 %
Federal funds 10,707 7 0.26 % 1,553 7 1.79 %
sold
Total
interest 1,252,195 20,642 6.53 % 1,064,396 19,756 7.37 %
earning
assets
Non-interest
earning
assets
Cash and due 9,495 3,936
from banks
Net fixed
assets and 2,118 2,358
equipment
Accrued
interest and 79,468 32,041
other assets
Total assets $ 1,343,276 $ 1,102,731
LIABILITIES
AND
SHAREHOLDERS'
EQUITY
Interest
bearing
liabilities
Deposits
(other than $ 1,184,337 $ 8,724 2.92 % $ 961,777 $ 9,902 4.10 %
demand)
Federal funds 1,401 8 2.27 % 15,377 115 2.98 %
purchased
Subordinated 33,198 486 5.81 % 32,736 465 5.65 %
debt
Total
interest 1,218,936 9,218 3.00 % 1,009,890 10,482 4.13 %
bearing
liabilities
Non-interest
bearing
liabilities
Non-interest
bearing 25,383 23,328
demand
deposits
Other 7,606 3,428
liabilities
Shareholders' 91,351 66,085
equity
Total
liabilities
and $ 1,343,276 $ 1,102,731
shareholders'
equity
Net Interest 3.53 % 3.24 %
Spread
Net Interest 3.61 % 3.46 %
Margin
(1) Unrealized gain (loss) of $(1,997) and $(1,399) is excluded from yield calculation
for the nine months ended September 30, 2009 and 2008, respectively.
(2) Non-accrual loans are included in average loan balances and loan fees of $3,951 and
$3,698 are included in interest income for the three months ended September 30, 2009
and 2008, respectively.
(3) Loans are presented net of allowance for loan loss
TENNESSEE COMMERCE BANCORP, INC.
ANALYSIS OF INTEREST INCOME AND EXPENSE, RATES AND YIELDS
(UNAUDITED)
Nine Months Ended September 30, Nine Months Ended September 30,
2009 2008
Average Average Average Average
(Dollars in Balance Interest Rate Balance Interest Rate
thousands)
ASSETS
Interest
earning
assets
Securities $ 104,123 $ 4,089 5.21 % $ 81,985 $ 3,398 5.53 %
(taxable) (1)
Loans (2) (3) 1,103,463 55,904 6.77 % 896,241 52,125 7.77 %
Federal funds 7,434 12 0.22 % 7,854 148 2.52 %
sold
Total
interest 1,215,020 60,005 6.60 % 986,080 55,671 7.54 %
earning
assets
Non-interest
earning
assets
Cash and due 8,905 3,612
from banks
Net fixed
assets and 2,205 1,760
equipment
Accrued
interest and 68,587 28,826
other assets
Total assets $ 1,294,717 $ 1,020,278
LIABILITIES
AND
SHAREHOLDERS'
EQUITY
Interest
bearing
liabilities
Deposits
(other than $ 1,118,552 $ 26,807 3.20 % $ 895,780 $ 29,340 4.38 %
demand)
Federal funds 16,596 75 0.60 % 9,204 206 2.99 %
purchased
Subordinated 33,198 1,408 5.67 % 22,605 993 5.87 %
debt
Total
interest 1,168,346 28,290 3.24 % 927,589 30,539 4.40 %
bearing
liabilities
Non-interest
bearing
liabilities
Non-interest
bearing 23,855 23,870
demand
deposits
Other 6,873 3,749
liabilities
Shareholders' 95,643 65,070
equity
Total
liabilities
and $ 1,294,717 $ 1,020,278
shareholders'
equity
Net Interest 3.36 % 3.14 %
Spread
Net Interest 3.49 % 3.40 %
Margin
(1) Unrealized gain (loss) of $(843) and $(31) is excluded from yield calculation for
the nine months ended September 30, 2009 and 2008, respectively.
(2) Non-accrual loans are included in average loan balances and loan fees of $3,951 and
$3,698 are included in interest income for the three months ended September 30, 2009
and 2008, respectively.
(3) Loans are presented net of allowance for loan loss
TENNESSEE COMMERCE BANCORP, INC.
LOAN DATA
(amounts in
thousands)
9/30/2009 6/30/2009 3/31/2009 12/31/2008 9/30/2008
LOAN BALANCES
BY TYPE:
Commercial and $ 637,016 $ 639,287 $ 635,943 $ 589,518 $ 580,501
Industrial
Consumer 3,421 3,827 3,628 3,572 3,479
Real Estate:
Construction 206,512 216,208 202,034 181,638 165,511
1-4 Family 40,033 37,988 38,257 37,822 38,128
Other 198,653 175,510 172,771 171,150 162,283
Total Real 445,198 429,706 413,062 390,610 365,922
Estate
Other 74,070 74,299 51,309 53,025 47,937
Total $ 1,159,705 $ 1,147,119 $ 1,103,942 $ 1,036,725 $ 997,839
ASSET QUALITY
DATA:
Nonaccrual $ 28,854 $ 23,332 $ 24,342 $ 11,603 $ 9,834
Loans
Loans 90+ Days 1,332 2,240 9,605 18,788 4,398
Past Due
Total
Non-Performing 30,186 25,572 33,947 30,391 14,232
Loans
Other Real 1,254 5,635 5,045 5,764 1,126
Estate Owned
Total
Non-Performing $ 31,440 $ 31,207 $ 38,992 $ 36,155 $ 15,358
Assets
Non-Performing
Loans to Total 2.6 % 2.2 % 3.1 % 2.9 % 1.4 %
Loans
Non-Performing
Assets to 2.7 % 2.7 % 3.5 % 3.5 % 1.5 %
Total Loans
and OREO
Allowance for
Loan Losses to 65.2 % 74.1 % 45.4 % 44.3 % 85.7 %
Non-Performing
Loans
Allowance for
Loan Losses to 1.7 % 1.7 % 1.4 % 1.3 % 1.2 %
Total Loans
Loans 30+ Days
Past Due to 3.0 % 3.3 % 4.9 % 4.5 % 3.0 %
Total Loans
(loans not
included in
non-performing
loans)
Net Chargeoffs
to Average 0.4 % 0.9 % 0.6 % 0.2 % 0.1 %
Gross Loans
NET CHARGEOFFS $ 4,498 $ 9,611 $ 6,544 $ 2,058 $ 1,179
FOR QUARTER
Transportation
& Other
Equipment :
Nonaccrual
Loans $ 10,486 $ 2,850 $ 7,838 $ 6,952 $ 5,875
(included
above)
Loans 90+ Days
Past Due 1,311 2,240 1,196 2,119 1,815
(included
above)
Repossessions $ 21,262 $ 16,363 $ 11,657 $ 10,363 $ 10,215
TENNESSEE COMMERCE BANCORP, INC.
FINANCIAL HIGHLIGHTS
(Dollars in thousands, except per share amounts)
2009 Q3 2009 Q2 2009 Q1 2008 Q4 2008 Q3
Total Assets $ 1,335,751 $ 1,339,539 $ 1,275,134 $ 1,218,084 $ 1,106,058
Total Net 1,140,015 1,128,181 1,088,518 1,023,271 985,648
Loans
Total 1,202,285 1,203,681 1,095,307 1,069,143 988,664
Deposits
Reserves/ 1.70 % 1.65 % 1.40 % 1.30 % 1.22 %
Loans (%)
Common 63,163 61,141 68,472 72,200 67,352
Equity
Tangible
Common 63,163 61,141 68,472 72,200 67,352
Equity
Net Interest 11,424 10,451 9,840 9,819 9,274
Income
Operating 12,777 8,890 9,867 12,685 9,372
Revenue
Net Income
(Loss)
Available to 1,161 (6,901 ) (2,660 ) 2,647 1,886
Common
Shareholders
Diluted
Earnings $ 0.25 $ (1.46 ) $ (0.56 ) $ 0.55 $ 0.39
(Loss) Per
Share
ROAA 0.34 % -2.13 % -0.86 % 0.91 % 0.68 %
ROAE 7.46 % -42.50 % -15.22 % 13.86 % 11.35 %
Net Interest 3.61 % 3.45 % 3.39 % 3.48 % 3.46 %
Margin
Tangible
Equity/ 4.73 % 4.56 % 5.37 % 5.93 % 6.09 %
Total Assets
Total
Capital 10.68 % 10.53 % 10.61 % 11.01 % 10.18 %
Ratio - Bank
Total
Capital 10.59 % 10.49 % 11.40 % 12.42 % 9.86 %
Ratio -
Corporation
Source: Tennessee Commerce Bancorp, Inc.
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