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Increased Loan Loss Provision Drives Loss
Action Plan to Reduce Non-Performing Assets Underway
SAN RAFAEL, Calif.--(BUSINESS WIRE)-- Tamalpais Bancorp (the "Company") (NASDAQ: TAMB), the parent company for Tamalpais Bank and Tamalpais Wealth Advisors, reported today a net loss of $5,098,000 for the quarter ended September 30, 2009 as compared to a net income of $1,486,000 for the quarter ended September 30, 2008. The quarterly diluted loss per share was $1.33 as compared to earnings per diluted share of $0.39 in the comparable period last year.
The net loss for the nine months ended September 30, 2009 was $9,433,000 as compared to net income of $3,979,000 for the same period in 2008. The 2009 year-to-date diluted loss per share was $2.47 compared to earnings per diluted share of $1.04 in the comparable nine month period last year.
The net loss for the quarter reflected a $9,431,000 provision for loan losses, as compared to a provision of $653,000 in the third quarter of 2008. The loss provision for the third quarter primarily was attributable to a $50.3 million increase in non-performing loans in the quarter.
"Our targeted core deposit gathering efforts continue to produce positive results, led by Jamie Williams and our business banking team. Year-to-date, we increased the Bank's noninterest-bearing deposits by 25.3%, which, when added to other core deposits, improves our liquidity and funding sources," said Mark Garwood, president and CEO.
The Company also reported today that it continues to implement an aggressive action plan to reduce non-performing assets. A major step of the plan taken in October was to offer $37.4 million of non-performing loans for sale. The Company has received offers from various third parties and is in the process of negotiating a definitive sale agreement.
If such agreements are finalized shortly, the Company anticipates closing the sale by the end of November 2009. Additionally, a $3.9 million non-performing loan was paid-off in October, on which the Company recognized as a modest gain relative to its carrying value. All of the loans in the sale that are expected to close in November and the loan that paid-off in October was first classified non-performing during the third quarter 2009.
"The Company recognizes the importance of reducing exposure to substandard loans and non-performing assets in a timely and efficient manner," said Garwood. "We continue to allocate resources towards troubled asset resolution and have reassigned internal staff as well as engaged external assistance."
The Bank's allowance for loan loss reserves was $26,259,000 at September 30, 2009, or 4.56% of total gross loans and 36.8% of nonperforming loans, as compared to 1.37% of gross loans and 48.3% of nonperforming loans as of December 31, 2008.
Third Quarter Highlights:
-- Successful efforts to reduce the size of the balance sheet were
implemented during the quarter to improve liquidity, the funding mix and
to manage capital resources. In the quarter, total assets declined $7.5
million (1.1%) as gross loans declined $19.8 million (3.3%) due to a
sale of $19.8 million of loans, which was partially offset by a $17.1
million (21.9%) increase in liquid assets (cash, cash equivalents and
investment securities).
-- Noninterest-bearing deposits increased 6.3% to $41.7 million.
-- The Company and a member of the Board of Directors executed an agreement
whereby the Company received $0.5 million in exchange for an unsecured
promissory note that accrues interest at 0.75% per annum over its three
year term, and a warrant to purchase 12,500 shares of the Company's
common stock at an exercise price of $6.00 per share over its five year
term. The promissory note was subsequently donated to the Marin
Community Foundation.
"We greatly appreciate the support of our loyal customers during this challenging time," said Garwood. "Our experienced management and staff continue to provide quality advice and solutions to help our customers achieve their goals."
The Company has several ongoing strategic initiatives to address the current environment, including:
-- Identify and evaluate a broad range of strategic alternatives to further
strengthen the Bank's capital base. As part of this process, the Board
of Directors has retained a financial advisor;
-- Taking prudent reserves and identifying potential problem borrowers;
-- Continue the timely disposition of nonperforming and substandard loans
and other real estate owned (OREO);
-- Manage the loan portfolio to reduce concentrations in commercial real
estate, multifamily and hospitality loans;
-- Reduce the reliance on brokered funding sources and continue to generate
low cost core deposits with the Marin County based team of business
banking professionals.
About Tamalpais Bancorp
Tamalpais Bancorp, through its wholly owned subsidiaries Tamalpais Bank and Tamalpais Wealth Advisors, offers business and consumer banking through its seven Marin County full service branches, and wealth advisory services to high net worth families and institutional clients. The Company had $695 million in assets and $394 million in assets under management as of September 30, 2009. Shares of the Company's common stock are traded on the NASDAQ Capital Market System under the symbol TAMB.
This news release contains forward-looking statements with respect to the financial condition, results of operation and business of Tamalpais Bancorp and its subsidiaries. These include, but are not limited to, statements that relate to or are dependent on estimates or assumptions relating to the prospects of loan growth, credit quality, liquidity, capital adequacy, reduction of loan concentrations, diversification of the deposit base, sales of nonperforming loans, changes in securities or financial markets, and certain operating efficiencies resulting from the operations of Tamalpais Bank and Tamalpais Wealth Advisors. These forward-looking statements involve certain risks and uncertainties. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, the following possibilities: (1) higher than expected credit losses; (2) our ability to enhance the capital ratios of the Bank and the Company; (3) our ability to diversify our loan portfolio; (4) our ability to sell loans and OREO and the resulting net incremental gains or losses on sales relative to the carrying value of these assets; (5) our ability to reduce reliance on wholesale funding and generate low cost deposits from our market area; (6) competitive pressure among financial services companies increases significantly; (7) changes in the interest rate environment reduce interest margins; (8) general economic conditions, internationally, nationally or in the State of California are less favorable than expected; (9) legislation or regulatory requirements or changes adversely affect the businesses in which the consolidated organization is or will be engaged; (10) the ability to satisfy the requirements of the Sarbanes-Oxley Act and other regulations governing internal controls; (11) volatility or significant changes in the equity and bond markets which can affect our ability to raise capital as well as overall growth and profitability of our wealth management business; (12) our ability to sell nonperforming loans or sell such loans on terms acceptable to the Company; and (13) other risks detailed in the Tamalpais Bancorp filings with the Securities and Exchange Commission. When relying on forward-looking statements to make decisions with respect to Tamalpais Bancorp, investors and others are cautioned to consider these and other risks and uncertainties. Tamalpais Bancorp disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any of the forward-looking statements contained herein to reflect future events or developments.
TAMALPAIS BANCORP AND SUBSIDIARIES
Consolidated Balance Sheets
September 30, December 31, Percent Change vs.
2009 2008 12/31/2008
(unaudited)
Assets
Cash and cash equivalents:
Cash and due from banks $ 22,310,765 $ 15,918,826 40.2 %
Federal funds sold 315,000 838 37489.5 %
Total Cash and Cash 22,625,765 15,919,664 42.1 %
Equivalents
Interest-bearing time
deposits in other 177,176 558,034 -68.2 %
financial institutions
Investment securities
Available-for-sale 66,098,119 56,415,727 17.2 %
Held-to-maturity, at cost 6,248,745 10,773,579 -42.0 %
Federal Home Loan Bank 8,652,000 8,652,000 0.0 %
restricted stock, at cost
Pacific Coast Banker's
Bank restricted stock, at 50,000 50,000 0.0 %
cost
Loans receivable 575,861,783 592,543,181 -2.8 %
Less: Allowance for loan (26,259,367 ) (8,093,499 ) 224.5 %
losses
549,602,416 584,449,682 -6.0 %
Bank premises and 3,490,675 3,935,230 -11.3 %
equipment, net
Accrued interest 3,415,394 3,861,854 -11.6 %
receivable
Other real estate owned 6,003,819 417,207 1339.1 %
Cash surrender value of 11,123,099 10,828,936 2.7 %
bank-owned life insurance
Other assets 17,793,378 7,945,510 123.9 %
Total Assets $ 695,280,586 $ 703,807,423 -1.2 %
Liabilities and
Stockholders' Equity
Liabilities
Deposits
Noninterest-bearing 41,671,261 33,259,929 25.3 %
deposits
Interest-bearing checking 7,772,029 9,735,689 -20.2 %
deposits
Money market and saving 146,380,708 156,479,340 -6.5 %
deposits
Certificates of deposit 297,284,081 260,826,102 14.0 %
Total Deposits 493,108,079 460,301,060 7.1 %
Federal Home Loan Bank 150,085,000 183,085,000 -18.0 %
Advances
Long term debt 6,185,614 6,000,000 3.1 %
Junior Subordinated 13,403,000 13,403,000 0.0 %
Debentures
Accrued interest payable 4,128,055 3,227,823 27.9 %
and other liabilities
Total Liabilities 666,909,748 666,016,883 0.1 %
Commitment and - - N/A
Contingencies
Stockholders' Equity
Common stock, no par
value; 10,000,000 shares
authorized; 3,823,634
shares issued and 12,027,473 12,027,473 0.0 %
outstanding at September
30, 2009 and December 31,
2008, and September 30,
2008
Paid-In-Capital 1,127,668 949,488 18.8 %
Retained earnings 14,420,131 24,082,473 -40.1 %
Accumulated other 795,566 313,899 153.4 %
comprehensive income/loss
Total Stockholders' Equity 28,370,838 37,373,333 -24.1 %
Total Liabilities and $ 695,280,586 $ 703,390,216 -1.2 %
Stockholders' Equity
TAMALPAIS BANCORP AND SUBSIDIARIES
Consolidated Statements of Income
For the Periods Indicated
For the Three Months Ended
September 30, September 30, Percent Change vs.
2009 2008 9/30/08
(Unaudited)
Interest Income
Interest and fees on loans $ 9,093,012 $ 10,399,017 -12.6 %
Interest on investment 664,041 644,872 3.0 %
securities
Interest on Federal funds 15,064 43,474 -65.3 %
sold
Interest on other 18,216 124,481 -85.4 %
investments
Interest on deposits in 5,040 7,691 -34.5 %
other financial institutions
Total Interest Income 9,795,373 11,219,535 -12.7 %
Interest Expense
Interest expense on deposits 2,337,907 2,928,303 -20.2 %
Interest expense on borrowed 1,620,273 1,858,216 -12.8 %
funds
Interest expense on long 89,168 80,741 10.4 %
term debt
Interest expense on Junior 361,050 145,064 148.9 %
Subordinated Debentures
Total Interest Expense 4,408,398 5,012,324 -12.0 %
Net Interest Income Before 5,386,975 6,207,211 -13.2 %
Provision for Loan Losses
Provision for Loan Losses 9,431,171 653,000 1344.3 %
Net Interest (Loss) Income
After Provision for Loan (4,044,196 ) 5,554,211 -172.8 %
Losses
Noninterest Income
Gain (Loss) on sale of 246,340 (5,780 ) -4361.9 %
securities, net
Gain on sale of other real 15,803 - -
estate owned, net
Loan servicing 27,790 47,103 -41.0 %
Registered Investment 134,537 157,283 -14.5 %
Advisory Services fee income
Other income 326,897 324,874 0.6 %
Total Noninterest Income 751,367 523,480 43.5 %
Noninterest Expenses
Salaries and benefits 1,866,041 2,190,224 -14.8 %
Occupancy 347,157 375,669 -7.6 %
Advertising 134,996 85,598 57.7 %
Professional 808,309 88,313 815.3 %
Data processing 168,034 142,624 17.8 %
Equipment and depreciation 203,856 213,005 -4.3 %
Other administrative 2,198,414 689,919 218.6 %
Total Noninterest Expense 5,726,807 3,785,352 51.3 %
(Loss) Income Before Income (9,019,636 ) 2,292,339 -493.5 %
Taxes
(Benefit) Provision for (3,921,876 ) 806,748 -586.1 %
Income Taxes
Net (Loss) Income $ (5,097,760 ) $ 1,485,591 -443.1 %
(Loss) Earnings Per Share
Basic $ (1.33 ) $ 0.39 -441.0 %
Diluted $ (1.33 ) $ 0.39 -441.0 %
TAMALPAIS BANCORP AND SUBSIDIARIES
Consolidated Statements of Income
For the Periods Indicated
For the Nine Months Ended Percent
September 30, September 30, Change Vs.
2009 2008 9/30/2008
(Unaudited)
Interest Income
Interest and fees on loans $ 29,077,970 $ 29,764,998 -2.3 %
Interest on investment securities 2,136,745 1,952,504 9.4 %
Interest on Federal funds sold 26,764 94,430 -71.7 %
Interest on other investments 20,674 330,432 -93.7 %
Interest on deposits in other 19,142 23,613 -18.9 %
financial institutions
Total Interest Income 31,281,295 32,165,977 -2.8 %
Interest Expense
Interest expense on deposits 6,782,949 9,302,869 -27.1 %
Interest expense on borrowed funds 5,203,239 5,135,603 1.3 %
Interest expense on long term debt 203,736 118,914 71.3 %
Interest expense on Junior 664,812 498,005 33.5 %
Subordinated Debentures
Total Interest Expense 12,854,736 15,055,391 -14.6 %
Net Interest Income Before 18,426,559 17,110,586 7.7 %
Provision for Loan Losses
Provision for Loan Losses 23,435,171 1,596,957 1367.5 %
Net Interest Income (Loss) After (5,008,612 ) 15,513,629 -132.3 %
Provision for Loan Losses
Noninterest Income
Gain on sale of loans, net - 166,293 -100.0 %
Gain (Loss) on sale of securities, 237,487 (5,780 ) -4208.8 %
net
Gain on sale of other real estate 77,781 - 100.0 %
owned, net
Loan servicing 119,339 131,861 -9.5 %
Registered Investment Advisory 393,077 464,117 -15.3 %
Services fee income
Other income 950,301 907,813 4.7 %
Total Noninterest Income 1,777,985 1,664,304 6.8 %
Noninterest Expenses
Salaries and benefits 5,969,794 6,412,496 -6.9 %
Occupancy 1,069,699 1,120,204 -4.5 %
Advertising 386,208 233,839 65.2 %
Professional 1,254,876 386,489 224.7 %
Data processing 471,007 423,884 11.1 %
Equipment and depreciation 562,509 650,364 -13.5 %
Other administrative 4,084,593 1,957,672 108.6 %
Total Noninterest Expense 13,798,686 11,184,948 23.4 %
(Loss) Income Before Income Taxes (17,029,313 ) 5,992,985 -384.2 %
(Benefit) Provision for Income (7,596,289 ) 2,013,977 -477.2 %
Taxes
Net (Loss) Income $ (9,433,024 ) $ 3,979,008 -337.1 %
(Loss) Earnings Per Share
Basic $ (2.47 ) $ 1.04 -337.5 %
Diluted $ (2.47 ) $ 1.04 -337.5 %
TAMALPAIS BANCORP AND SUBSIDIARIES
Selected Ratios and Other Data
Unaudited
(Dollars in Thousands Except Per Share Amounts)
At or For the Three Months Ended At or For the Nine Months Ended
September 30 September 30 September 30 September 30
2009 2008 2009 2008
Profitability
Ratios:
Return on
average -2.83 % 0.89 % -1.80 % 0.86 %
assets
Return on
average -61.99 % 16.61 % -36.29 % 15.38 %
equity
Net Interest 3.10 % 3.83 % 3.61 % 3.83 %
Margin
Efficiency 93.3 % 56.2 % 68.3 % 59.6 %
ratio
Other
Information:
Average total $ 713,985 $ 666,192 $ 705,136 $ 619,901
assets
Average
interest $ 689,344 $ 644,115 $ 682,497 $ 597,545
earning
assets
Average $ 32,651 $ 35,769 $ 34,755 $ 34,502
equity
Period Ending
Shares 3,823,634 3,823,634 3,823,634 3,823,634
Outstanding
Average Basic
Shares 3,823,634 3,821,889 3,823,634 3,819,495
Outstanding
Average
Diluted 3,825,229 3,833,518 3,827,699 3,832,121
Shares
Outstanding
Book value $ 7.42 $ 9.55 $ 7.42 $ 9.55
per share
Basic (loss)
/ earnings $ (1.33 ) $ 0.39 $ (2.47 ) $ 1.04
per share
Diluted
(loss) / $ (1.33 ) $ 0.39 $ (2.47 ) $ 1.04
earnings per
share
Tamalpais
Bank Capital
Ratios:
Tier 1
leverage 6.46 % 8.19 %
ratio
Tier 1 risk
based capital 7.95 % 9.34 %
ratio
Total risk
based capital 9.24 % 10.45 %
ratio
Tamalpais
Bancorp
Capital
Ratios:
Tier 1
leverage 5.15 % N/A
ratio
Tier 1 risk
based capital 6.32 % N/A
ratio
Total risk
based capital 8.26 % N/A
ratio
TAMALPAIS BANCORP AND SUBSIDIARIES
Selected Loan and Asset Quality Data
Unaudited
(Dollars in Thousands Except Per Share Amounts)
As Of the Period Indicated
September 30, December 31,
2009 2008
Loan Portfolio:
One-to-four family $ 32,857 $ 33,695
residential
Multifamily 158,028 171,136
residential
Commercial real 305,245 322,861
estate
Land 9,788 10,905
Construction real 37,427 31,077
estate
Commercial, non real 29,340 18,913
estate
Consumer loans 1,512 2,111
Total gross loans 574,197 590,698
Net deferred loan 1,664 1,845
costs
Gross loans $ 575,861 $ 592,543
receivable
As Of the Period Indicated
September 30, December 31,
2009 2008
Nonperforming
Assets:
Nonaccrual loans $ 71,264 $ 16,758
Nonperforming loans 71,264 16,758
Other real estate 6,004 417
owned
Nonperforming assets 77,268 17,175
For the Three Months For the Nine Months Ended
September 30, September 30, September 30, September 30,
2009 2008 2009 2008
Allowance for Loan
Losses:
Balance, beginning $ 17,599 $ 4,915 $ 8,093 $ 4,915
of period
Provisions for loan 9,431 653 23,435 1,597
losses
Charge-offs 771 37 5,269 37
Recoveries - 1 - 1
Net charge-offs 771 36 5,269 36
Balance, end of $ 26,259 $ 5,532 $ 26,259 $ 6,476
period
As Of the Period Indicated
September 30, December 31,
2009 2008
Allowance for Loan
Losses:
General allowance $ 12,705 $ 8,093
for loan losses
Impairments of 13,555 -
specific loans
Balance $ 26,260 $ 8,093
As Of the Period Indicated
September 30, December 31,
2009 2008
Asset Quality:
Allowance for loan 4.56 % 1.37 %
losses / gross loans
Allowance for loan
losses / 36.8 % 48.3 %
nonperforming loans
Nonperforming loans 12.38 % 2.83 %
/ gross loans
Nonperforming assets 11.11 % 2.44 %
/ total assets
Net charge-offs / 0.92 % 0.69 %
gross loans
TAMALPAIS BANCORP AND SUBSIDIARIES
Average Balance Sheets (Unaudited)
For the Three Months Ended
(dollars in September 30, 2009 September 30, 2008
thousands)
Average Interest Yields Average Interest Yields
Balance Income/ Earned/ Balance Income/ Earned/
Expense Paid Expense Paid
Assets
Investment
securities - $ 4,774 $ 47 5.58 % $ 6,733 $ 66 5.49 %
Muni's (1,2)
Investment
securities - 57,959 617 4.22 % 49,546 579 4.65 %
Taxable (2)
Other 8,702 18 0.82 % 8,367 125 5.94 %
investments
Interest
bearing
deposits in 516 5 3.84 % 713 8 4.46 %
other financial
institutions
Federal funds 22,025 15 0.27 % 8,649 43 1.98 %
sold
Loans (3) 595,368 9,093 6.06 % 570,107 10,399 7.26 %
Total Interest 689,344 9,795 5.64 % 644,115 11,220 6.93 %
Earning Assets
Allowance for (18,232 ) (5,981 )
loan losses
Cash and due 5,827 4,545
from banks
Net premises,
furniture and 3,621 4,224
equipment
Other assets 33,425 19,289
Total Assets $ 713,985 $ 666,192
Liabilities and
Shareholders'
Equity
Interest
bearing $ 8,990 6 0.26 % $ 7,128 11 0.61 %
checking
Savings 179,723 558 1.23 % 156,724 915 2.32 %
deposits (4)
Time deposits 273,579 1,774 2.57 % 239,709 2,001 3.32 %
Other 155,982 1,620 4.12 % 176,356 1,858 4.19 %
borrowings
Long term debt 5,861 89 6.02 % 6,000 81 5.37 %
Junior
Subordinated 13,403 361 10.69 % 13,403 145 4.30 %
Debentures
Total Interest
Bearing 637,538 4,408 2.74 % 599,320 5,011 3.33 %
Liabilities
Noninterest 40,869 27,222
deposits
Other 2,927 3,881
liabilities
Total 681,334 630,423
Liabilities
Shareholders' 32,651 35,769
Equity
Total
Liabilities and $ 713,985 $ 666,192
Shareholders'
Equity
Net interest $ 5,387 $ 6,209
income
Net interest 2.90 % 3.60 %
spread (5)
Net interest 3.10 % 3.83 %
margin (6)
(1) Yields on securities and certain loans have been adjusted upward to a "fully
taxable equivalent" ("FTE") basis in order to reflect the effect of income which
is exempt from federal income taxation at the current statutory tax rate.
(2) The yields for securities were computed using the average amortized cost and
therefore do not give effect for changes in fair value.
(3) Loans, net of unearned income, include non-accrual loans but do not reflect
average reserves for possible loan losses.
(4) Savings deposits include Money Market accounts.
TAMALPAIS BANCORP AND SUBSIDIARIES
Average Balance Sheets (Unaudited)
For the Nine Months Ended
(dollars in September 30, 2009 September 30, 2008
thousands)
Average Interest Yields Average Interest Yields
Balance Income/ Earned/ Balance Income/ Earned/
Expense Paid Expense Paid
Assets
Investment
securities - $ 4,839 $ 142 5.58 % $ 6,670 $ 197 5.56 %
Muni's (1,2)
Investment
securities - 61,401 1,994 4.34 % 49,613 1,756 4.73 %
taxable (2)
Other 9,797 25 0.34 % 7,874 330 5.60 %
investments
Interest
bearing
deposits in 573 19 4.43 % 682 24 4.70 %
other financial
institutions
Federal funds 12,931 27 0.28 % 5,313 94 2.36 %
sold
Loans (3) 592,956 29,078 6.56 % 527,393 29,766 7.54 %
Total Interest 682,497 31,285 6.13 % 597,545 32,167 7.19 %
Earning Assets
Allowance for (13,804 ) (5,478 )
loan losses
Cash and due 4,591 4,458
from banks
Net premises,
furniture and 3,763 4,407
equipment
Other assets 28,089 18,969
Total Assets $ 705,136 $ 619,901
Liabilities and
Shareholders'
Equity
Interest
bearing $ 9,053 $ 19 0.28 % $ 6,942 33 0.63 %
checking
Savings 176,875 1,697 1.28 % 150,601 2,852 2.53 %
deposits (4)
Time deposits 256,337 5,066 2.64 % 219,065 6,418 3.91 %
Other 169,436 5,203 4.11 % 163,770 5,136 4.19 %
borrowings
Long Term Debt 5,950 204 4.58 % 3,343 119 4.75 %
Junior
Subordinated 13,403 666 6.64 % 13,403 498 4.96 %
Debentures
Total Interest
Bearing 631,054 12,855 2.72 % 557,124 15,056 3.61 %
Liabilities
Noninterest 36,623 24,907
deposits
Other 2,704 3,368
liabilities
Total 670,381 585,399
Liabilities
Shareholders' 34,755 34,502
Equity
Total
Liabilities and $ 705,136 $ 619,901
Shareholders'
Equity
Net interest $ 18,430 $ 17,111
income
Net interest 3.41 % 3.58 %
spread (5)
Net interest 3.61 % 3.83 %
margin (6)
(1) Yields on securities and certain loans have been adjusted upward to a "fully
taxable equivalent" ("FTE") basis in order to reflect the effect of income which
is exempt from federal income taxation at the current statutory tax rate.
(2) The yields for securities were computed using the average amortized cost and
therefore do not give effect for changes in fair value.
(3) Loans, net of unearned income, include non-accrual loans but do not reflect
average reserves for possible loan losses.
(4) Savings deposits include Money Market accounts.
(5) Net interest spread is the interest differential between total interest
earning assets and total interest-bearing liabilities.
(6) Net interest margin is the net yield on average interest earning assets.
Source: Tamalpais Bancorp
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