BIRMINGHAM, Ala., Feb. 9 /PRNewswire-FirstCall/ --
2009 HIGHLIGHTS:
- Deposits grew approximately 13.4%, to $2.7 billion.
- Loans increased 6.8% during 2009, to $2.5 billion.
- Net interest income increased 11.1%, to $92.6 million.
- Capital Optimization Plan initiated:
- Shareholders approved an increase in authorized shares to 200 million as part of our program to build our equity base.
- Exchanged TARP Preferred Stock into Trust Preferred debt -- resulted in a $23 million enhancement of tangible common equity.
- Agreed to exchange privately held Trust Preferred debt into common equity.
- Net loss of $20 million for the year 2009, versus a $163 million loss in 2008 (2008 loss included $160 million goodwill impairment charge)
- Well-capitalized, with Total Risk Based Capital of 10.69%.
Superior Bancorp (Nasdaq: SUPR) today reported its fourth quarter and full year 2009 results. A summary of the results is provided below and in the attached financial data:
As of and for the
Quarters Ended
--------------------------
December 31, September 30,
(Dollars in thousands, except per share data) 2009 2009
--------------------------------------------- ---- ----
Total assets $3,221,869 $3,226,570
Total loans, net of unearned income 2,472,697 2,434,534
Total deposits 2,656,573 2,619,961
Stockholders' equity 191,704 244,730
Net interest income 24,605 23,913
Net (loss) income (11,500) 880
Net income (loss) available to common stockholders(1) 10,881 (287)
Net income (loss) per common share(1) 0.94 (0.03)
Total branches 73 72
(1) Includes a $23.1 million gain on exchange of TARP Preferred Stock
into Trust Preferred debt
2009 Performance
"2009 proved to be as challenging as anticipated, given the economic conditions faced by our country, our markets and our bank," said Stan Bailey, Chairman & CEO. "We focused our efforts on two primary objectives: assuring our customers that we were still 'doing business' with regards to making loans, accepting deposits and fulfilling their banking needs, and managing the current credit cycle at the least cost to our shareholders." During 2009, Superior experienced over 15% core deposit growth while also generating almost 7% loan growth; non-interest bearing deposits grew over 21%. These factors combined with a stable interest rate environment resulted in a 3.28% margin in 2009 versus 3.27% in 2008. Core noninterest income grew 16% primarily from strong deposit transaction account growth and a 78% growth in mortgage origination revenue. Core expenses remained under control with only a 4% increase over 2008, with salary expense remaining essentially flat. The 12% improvement in core operating performance was more than offset by credit-related costs (i.e. provisions for loan loans, OREO expense, collection costs, etc.), totaling $36.7 million versus $14.0 million in 2008, and by the increase in the allowance for loan losses by approximately $13 million, to $41.9 million. The net loss for 2009 was $19.9 million compared to a loss of $163.2 million in 2008. The 2008 loss included, however, a goodwill impairment charge of $160.3 million.
Expansion of Mortgage Activities
During the last quarter, we took advantage of a unique opportunity in the local market by bringing on board 60 originators and associated staff from an existing Alabama bank which had been taken into FDIC receivership and sold to another financial institution. We believe this "no-cost" acquisition affords us a tremendous opportunity in both Alabama and Florida -- not only to increase shareholder value but also to help people achieve their dream of home ownership through the expansion of our mortgage operation. Initially, we expect the new staff to approximately double our origination capability in Alabama, as well as significantly improve the efficiency of the secondary placement of our existing originations. Longer term, we expect this to raise our origination capability to a higher level in support of our Florida branches. As noted below, these additions did result in increases in operating expenses in the fourth quarter, but we expect this expansion to be solidly profitable on an incremental basis starting in 2010.
Comparison of Fourth Quarter 2009 with Third Quarter 2009
Net interest income increased from $23.9 million to $24.6 million. The margin rose from 3.36%, to 3.42% with both being constrained by the effects of loans being placed on non-accruing status, approximating 0.10% and 0.12% in the third and fourth quarters of 2009, respectively. The increase in net interest income resulted from margin improvement, as earning assets were flat. Loan yields were also flat, but funding costs continued to decline, falling 19 basis points from the third quarter.
Nonetheless, Superior incurred a loss of $11.5 million (before the gain on the Preferred Stock for Trust Preferred debt exchange) for the fourth quarter. This had been expected, given current economic conditions. Our situation is common in the banking industry today. Despite the increase in interest income and relatively encouraging progress on the fee income front, the quarter's progress was negatively impacted by increases in the provision for loan losses in light of the current economy. Our loan loss provisions are well above those in previous quarters, with a provision of $13.9 million in the fourth quarter, compared to $5.2 million in the third quarter. A portion of this provision related to charged-off loans in the fourth quarter, but a majority was used to increase our allowance for loan losses based on management's ongoing assessment of the loss potential of certain areas of risk. Second, our losses and expenses on other real estate owned, or "OREO", were $4.5 million during the fourth quarter, which was a significant increase from the $1.3 million recorded in the third quarter, reflecting several recent dispositions of foreclosed properties.
The fourth quarter's results were also affected by increases in operating expenses including a one-time increase in FDIC expense of approximately $1.5 million associated with the prepayment of three years of premiums, a charge associated with an other-than-temporary impairment ("OTTI") of investment securities of $600,000 (bringing total OTTI recognized in 2009 to $15.7 million), increased expenses of approximately $550,000 associated with our new mortgage activity previously discussed, and one-time costs of approximately $420,000 associated with recent closures of six branches.
Credit Quality
Loans 30-89 days past due (DPD) and still accruing were 1.84% of total loans at quarter end compared to 1.64% on September 30, 2009. Non-performing loans, including loans 90 DPD and still accruing, increased slightly to $159.6 million, or 6.5 %, of total loans in the quarter, compared to 6.3% of total loans at September 30, 2009. Of the non-performing loans, 30% are in Alabama, 64% in Florida and 6% elsewhere. Our OREO portfolio of $42 million consists of 62% in Alabama, 36% in Florida, and 2% elsewhere. Net charge-offs for the quarter were $6.4 million, or an annualized rate of 1.03% of total loans. The provision for loan losses for the quarter was $13.9 million compared to a provision of $5.2 million in the third quarter. The allowance for loan losses stands at $41.9 million, 1.69% of loans, up from $34.3 million at the end of the third quarter.
Balance Sheet, Capital and Liquidity
Loan demand in the fourth quarter was relatively flat, with total loans increasing 1.6% from September 30, 2009 to December 31, 2009. We expect this slowed rate of loan growth to continue into 2010 due to the current condition of the economy. Deposits were up 1.4% for the quarter, and 13.4% for the year, as we continue to experience the benefits of our de novo branching program and our focus on relationship banking. Deposits at our 23 de novo branches reached $432 million at year-end, and more than any other single factor were the cause of the continued increase in our liquidity.
Liquidity at Superior Bank continued to build. A year ago, borrowings were approximately 13.5% of borrowings plus deposits, and during this quarter, the ratio fell to less than 8.9%. Reliance on brokered deposits, including brokered certificates of deposit and CDARS, which had been slightly in excess of 10% last year and at September 30, 2009, fell to approximately 9% at December 31, 2009.
Superior Bank continues to be "well-capitalized", with a total risk based capital ratio standing at 10.69% for the quarter. We continue to focus on maintaining our capital ratios at appropriately high levels given current economic conditions.
Regulatory Reform and Costs
Besides the economy, the greatest risk of uncertainty for the banking industry continues to be the regulatory reform initiatives under consideration by the U. S. Congress and federal bank regulatory agencies. While fully recognizing that the activities of the mostly investment banking and non-bank financial institutions became major catalysts for our current economic challenges, we believe that many of the proposed reforms are over-reactive and represent a sweeping "broad brush" approach that will result in an increase in government regulations, oversight and involvement in the daily business activities best left to experienced bank management teams and their boards of directors. If enacted, these proposals will result in additional burdensome disclosures and red tape for our customers and additional cost to our shareholders. For the vast majority of well-run community banks, this is totally unnecessary.
Also, the healthy banks are clearly carrying the costly burden for the closing of many failed banks. For example, Superior alone forwarded over $20 million to the FDIC in 2009 as deposit insurance for current and future years to fund the current losses being incurred by the government for bank closings.
Capital Activities
During the fourth quarter, we successfully completed a conversion of $69 million of our Preferred Stock held by the U. S. Treasury for an identical amount of newly issued Trust Preferred Securities, which is reflected as subordinated debt in our statement of financial condition. As a result of this exchange transaction, we recorded an accounting gain of approximately $23 million after-tax, reflecting the net benefit of the favorable interest rate terms of the newly issued Trust Preferred Securities compared to current market rates. This gain reduced the net loss to common shareholders by $2.16 per common share.
Additionally, in January 2010, we secured agreements from the holders of $7.5 million of our currently outstanding non-pooled trust preferred securities to exchange those securities for newly issued common stock. When completed, we expect to record a net after-tax gain of $1.8 million ($0.15 per common share) upon exchange of the trust preferred securities. The ultimate effect of the transactions will be to increase tangible common equity of the Corporation by approximately $6.5 million, consisting of both the increase in equity upon recording the gain, and the fair value of the shares of common stock issued in conjunction with the exchange.
About Superior Bancorp
Superior Bancorp is a $3.2 billion thrift holding company headquartered in Birmingham, and the second largest bank holding company in Alabama. The principal subsidiary of Superior Bancorp is Superior Bank, a southeastern community bank that currently has 73 branches, with 45 locations throughout the state of Alabama and 28 locations in Florida. Superior Bank also operates 24 consumer finance offices in North Alabama as 1st Community Credit and Superior Financial Services.
This press release contains financial information determined by methods other than in accordance with U.S. generally accepted accounting principles ("GAAP"). Superior's management uses these "non-GAAP" measures in its analysis of Superior's performance. Non-GAAP measures typically adjust GAAP performance measures to exclude the effects of significant gains, losses or expenses that are unusual in nature and not expected to recur. Since these items and their impact on Superior's performance are difficult to predict, management believes presentations of financial measures excluding the impact of these items provide useful supplemental information that is important for a proper understanding of the operating results of Superior's core business. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that are presented by other companies.
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by us or on our behalf. Some of the disclosures in this release, including any statements preceded by, followed by or which include the words "may," "could," "should," "will," "would," "hope," "might," "believe," "expect," "anticipate," "estimate," "intend," "plan," "assume" or similar expressions constitute forward-looking statements. These forward-looking statements, implicitly and explicitly, include the assumptions underlying the statements and other information with respect to our beliefs, plans, objectives, goals, expectations, anticipations, estimates, intentions, financial condition, results of operations, future performance and business, including our expectations and estimates with respect to our revenues, expenses, earnings, return on equity, return on assets, efficiency ratio, asset quality, the adequacy of our allowance for loan losses and other financial data and capital and performance ratios. Although we believe that the expectations reflected in our forward-looking statements are reasonable, these statements involve risks and uncertainties which are subject to change based on various important factors (some of which are beyond our control). Such forward looking statements should, therefore, be considered in light of various important factors set forth from time to time in our reports and registration statements filed with the SEC. The following factors, among others, could cause our financial performance to differ materially from our goals, plans, objectives, intentions, expectations and other forward-looking statements: (1) the strength of the United States economy in general and the strength of the regional and local economies in which we conduct operations; (2) the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; (3) inflation, interest rate, market and monetary fluctuations; (4) our ability to successfully integrate the assets, liabilities, customers, systems and management we acquire or merge into our operations; (5) our timely development of new products and services in a changing environment, including the features, pricing and quality compared to the products and services of our competitors; (6) the willingness of users to substitute competitors' products and services for our products and services; (7) the impact of changes in financial services policies, laws and regulations, including laws, regulations and policies concerning taxes, banking, securities and insurance, and the application thereof by regulatory bodies; (8) our ability to resolve any legal proceeding on acceptable terms and its effect on our financial condition or results of operations; (9) technological changes; (10) changes in consumer spending and savings habits; (11) the effect of natural disasters, such as hurricanes, in our geographic markets; (12) regulatory, legal or judicial proceedings; (13) the continuing instability in the domestic and international capital markets; (14) the effects of new and proposed laws relating to financial institutions and credit transactions; (15) the effects of policy initiatives that have been and may continue to be introduced by the new Presidential administration and related regulatory actions; and (16) our success in any new capital financing activities we may undertake.
Superior Bancorp disclaims any intent or obligation to update forward-looking statements.
More information on Superior Bancorp and its subsidiaries may be obtained over the Internet, http://www.superiorbank.com, or by calling 1-877-326-BANK (2265).
Superior Bancorp and Subsidiaries
Condensed Consolidated Statements of Financial Condition
(Dollars In Thousands)
December September December
31, 30, 31,
2009 2009 2008
---- ---- ----
(Unaudited)
----------------
Assets
Cash and due from banks $74,021 $57,364 $74,237
Interest-bearing deposits
in other banks 23,714 73,976 10,042
Federal funds sold 2,036 990 5,169
----- --- -----
Total cash and cash
equivalents 99,771 132,330 89,448
Investment securities
available for sale 286,310 296,881 347,142
Tax lien certificates 19,292 24,700 23,786
Mortgage loans held for sale 71,879 58,704 22,040
Loans, net of unearned
income 2,472,697 2,434,534 2,314,921
Less: Allowance for loan
losses (41,884) (34,336) (28,850)
------- ------- -------
Net loans 2,430,813 2,400,198 2,286,071
--------- --------- ---------
Premises and equipment, net 104,022 104,764 104,085
Accrued interest receivable 15,581 15,540 14,794
Stock in FHLB 18,212 18,212 21,410
Cash surrender value of life
insurance 50,142 49,655 48,291
Intangible assets 16,694 17,784 21,052
Other real estate 41,618 42,259 19,971
Other assets 67,535 65,543 54,611
------ ------ ------
Total assets $3,221,869 $3,226,570 $3,052,701
========== ========== ==========
Liabilities and Stockholders'
Equity
Deposits
Noninterest-bearing $257,744 $255,196 $212,732
Interest-bearing 2,398,829 2,364,765 2,130,256
--------- --------- ---------
Total deposits 2,656,573 2,619,961 2,342,988
- - -
Advances from FHLB 218,322 218,321 361,324
Security repurchase agreements 841 1,652 3,563
Notes payable 45,917 45,801 7,000
Subordinated debentures 84,170 60,720 60,884
Accrued expenses and other
liabilities 24,342 35,385 25,703
------ ------ ------
Total liabilities 3,030,165 2,981,840 2,801,462
Stockholders' Equity
Preferred stock, par value
$.001 per share; shares
authorized 5,000,000:
Series A, fixed rate cumulative
perpetual preferred stock; - 0 -,
69,000 and 69,000 shares issued
and outstanding at December 31,
2009, September 30, 2009 and
December 31, 2008, respectively - - -
Common stock, par value
$.001 per share; shares
authorized 200,000,000 at
December 31, 2009 and
20,000,000 at September
30, 2009 and December 31,
2008, respectively;
shares issued 11,673,837,
11,624,279 and 10,403,087,
respectively; outstanding
11,667,794, 11,624,279 and
10,074,999, respectively 12 12 10
Surplus - preferred - 63,868 62,978
- warrants 8,646 8,646 8,646
- common 322,044 321,840 329,461
Accumulated deficit (130,890) (141,770) (129,904)
Accumulated other
comprehensive loss (7,825) (7,501) (7,925)
Treasury stock, at cost - - (11,373)
Unearned ESOP stock (263) (308) (443)
Unearned restricted stock (20) (57) (211)
--- --- ----
Total stockholders'
equity 191,704 244,730 251,239
------- ------- -------
Total liabilities
and stockholders'
equity $3,221,869 $3,226,570 $3,052,701
========== ========== ==========
Superior Bancorp and Subsidiaries
Condensed Consolidated Statements of Operations
(Amounts In Thousands, Except Per Share Data)
As of and for the As of and for the
Three Months Ended Twelve Months Ended
--------------------------- -------------------
December September December December 31,
31, 30, 31, -------------------
2009 2009 2008 2009 2008
---- ---- ---- ---- ----
(Unaudited) (Unaudited)
--------------------------- ---------
Interest income
Interest and fees
on loans $36,966 $36,783 $36,445 $144,660 $147,162
Interest on
investment
securities:
Taxable 2,937 3,362 4,008 14,085 16,310
Exempt from
Federal income tax 315 432 426 1,610 1,716
Interest on federal
funds sold 1 1 8 9 122
Interest and
dividends on
other investments 429 471 539 1,718 2,578
--- --- --- ----- -----
Total interest income 40,648 41,049 41,426 162,082 167,888
Interest expense
Interest on deposits 12,043 13,315 15,433 54,360 68,405
Interest on FHLB
advances and
other borrowings 2,539 2,619 3,006 10,097 12,104
Interest on
subordinated debt 1,461 1,202 1,207 5,063 4,094
----- ----- ----- ----- -----
Total interest expense 16,043 17,136 19,646 69,520 84,603
------ ------ ------ ------ ------
Net interest
income 24,605 23,913 21,780 92,562 83,285
Provision for
loan losses 13,948 5,169 2,969 28,550 13,112
------ ----- ----- ------ ------
Net interest
income after
provision for
loan losses 10,657 18,744 18,811 64,012 70,173
Noninterest income
Service charges
and fees on deposits 2,606 2,595 2,574 10,112 9,295
Mortgage
banking income 1,617 1,506 855 7,084 3,972
Investment securities
(losses) gains (596) 2,121 (1,381) (10,102) (8,453)
Change in fair value
of derivatives (996) 435 467 (826) 1,240
Increase in cash
surrender value
of life insurance 575 568 585 2,198 2,274
Gain on extinguishment
of liabilities - - - - 2,918
Other income 1,303 1,254 1,274 5,113 5,521
----- ----- ----- ----- -----
Total noninterest
income 4,509 8,479 4,374 13,579 16,767
Noninterest expenses
Salaries and employee
benefits 12,988 12,234 13,094 49,962 49,672
Occupancy, furniture
and equipment expense 5,246 4,478 4,583 18,643 17,197
Amortization of
core deposit
intangibles 985 985 896 3,941 3,585
Goodwill impairment
charge - - 160,306 - 160,306
FDIC assessment 3,038 921 447 6,348 1,105
Foreclosure losses 4,462 1,337 354 8,116 908
Other operating
expenses 6,265 5,687 5,553 23,475 21,905
----- ----- ----- ------ ------
Total noninterest
expenses 32,984 25,642 185,233 110,485 254,678
------ ------ ------- ------- -------
(Loss) income before
income taxes (17,818) 1,581 (162,048) (32,894) (167,738)
Income tax (benefit)
expense (6,318) 701 (3,869) (13,005) (4,588)
------ --- ------ ------- ------
Net (loss) income (11,500) 880 (158,179) (19,889) (163,150)
Preferred stock
dividends and
amortization (716) (1,167) (311) (4,193) (311)
Gain on exchange
of preferred stock for
subordinated debt 23,097 - - 23,097 -
------ --- --- ------ ---
Net income (loss)
applicable to
common shareholders $10,881 $(287) $(158,490) $(985) $(163,461)
======= ===== ========= ===== =========
Basic income (loss) per
common share $0.94 $(0.03) $(15.80) $(0.09) $(16.31)
===== ====== ======= ====== =======
Diluted income (loss)
per common share $0.92 $(0.03) $(15.80) $(0.09) $(16.31)
===== ====== ======= ====== =======
Weighted average common
shares outstanding 11,621 10,984 10,034 10,687 10,021
Weighted average common
shares outstanding,
assuming dilution 11,801 10,984 10,034 10,687 10,021
SUPERIOR BANCORP AND SUBSIDIARIES
UNAUDITED SUMMARY CONSOLIDATED FINANCIAL DATA
(Dollars in thousands, except per share data)
As of and for the As of and for the
Three Months Ended Twelve Months Ended
------------------------------- -----------------------
December September December December 31,
31, 30, 31, -----------------------
2009 2009 2008 2009 2008
---- ---- ---- ---- ----
Selected Average
Balances :
Total assets $3,182,290 $3,157,306 $3,096,755 $3,153,395 $3,010,045
Total
liabilities 2,948,554 2,914,116 2,746,847 2,909,778 2,659,816
Loans, net of
unearned
income 2,453,786 2,422,871 2,250,941 2,401,805 2,147,524
Mortgage loans
held for sale 58,656 64,391 12,735 61,309 25,251
Investment
securities 292,779 297,578 332,631 313,514 346,046
Total interest-
earning assets 2,875,287 2,853,456 2,660,172 2,846,344 2,576,505
Noninterest-
bearing
deposits 256,320 251,696 219,435 246,428 218,486
Interest-
bearing
deposits 2,338,908 2,307,757 2,053,614 2,289,900 2,009,918
Advances from
FHLB 220,821 228,679 379,195 252,187 335,393
Federal funds
borrowed and
security
repurchase
agreements 1,440 1,644 4,889 2,057 7,513
Subordinated
debentures 66,038 60,743 60,919 62,117 55,736
Total interest-
bearing
liabilities 2,676,494 2,648,029 2,512,190 2,646,039 2,421,892
Stockholders'
equity 233,737 243,190 349,907 243,617 350,229
Per Share Data:
Net income (loss)
- basic $0.94 $(0.03) $(15.80) $(0.09) $(16.31)
- diluted (5) $0.92 $(0.03) $(15.80) $(0.09) $(16.31)
Weighted average
common shares
outstanding -
basic 11,621 10,984 10,034 10,687 10,021
Weighted average
common shares
outstanding -
diluted (5) 11,801 10,984 10,034 10,687 10,021
Common book value
per share at
period end $15.69 $14.82 $17.83 $15.69 $17.83
Tangible common
book value per
share at
period end $14.26 $13.29 $15.74 $14.26 $15.74
Preferred shares
outstanding at
period end - 69 69 - 69
Common shares
outstanding at
period end 11,668 11,624 10,075 11,668 10,075
Performance Ratios
and Other Data:
Return on average
assets(1) (1.43%) 0.11% NCM (0.63%) (5.42%)
Return on average
tangible
assets(1) (1.44) 0.11 NCM (0.63) (5.78)
Return on average
stockholders'
equity(1) (19.52) 1.44 NCM (8.16) (46.58)
Return on average
tangible
equity(1) (21.07) 1.55 NCM (8.85) (99.05)
Net interest
margin(1)(2)(3) 3.42 3.36 3.29 3.28 3.27
Net interest
spread(1)(3)(4) 3.25 3.17 3.12 3.09 3.06
Average loan to
average deposit
ratio 96.81 97.18 99.59 97.11 97.50
Average interest-
earning assets to
average interest-
bearing
liabilities 107.43 107.76 105.89 107.57 106.38
Core deposit
intangible ("CDI")
and other
intangibles $16,694 $17,784 $21,052 $16,694 $21,052
Assets Quality
Ratios:
Nonaccrual loans $155,631 $143,507 $54,712 $155,631 $54,712
Accruing loans
90 days or more
delinquent 3,920 9,102 8,033 3,920 8,033
Other real
estate owned
and repossessed
assets 41,998 42,764 20,303 41,998 20,303
Total
nonperforming
assets
("NPAs") 201,549 195,373 83,048 201,549 83,048
Restructured
loans, not
included in
total NPAs 72,883 21,743 2,643 72,883 2,643
Net loan
charge-offs 6,399 4,336 1,790 15,515 7,130
Allowance for
loan losses
to nonperforming
loans 26.25% 22.50% 45.98% 26.25% 45.98%
Allowance for
loan losses to
loans, net of
unearned income 1.69% 1.41% 1.25% 1.69% 1.25%
NPA to loans plus
NPAs, net of
unearned income 8.01% 7.89% 3.56% 8.01% 3.56%
NPAs to total
assets 6.26% 6.06% 2.72% 6.26% 2.72%
Net loan charge-offs
to average loans(1) 1.03% 0.71% 0.32% 0.65% 0.33%
Net loan charge-offs
as a percentage of:
Provision for
loan losses 45.88% 83.90% 60.26% 54.34% 54.38%
Allowance for
loan losses(1) 60.62% 50.10% 24.67% 37.04% 24.71%
(1) Annualized for the three-month periods ended December 31, 2009,
September 30, 2009, and December 31, 2008.
(2) Net interest income divided by average earning assets.
(3) Calculated on a taxable equivalent basis.
(4) Yield on average interest-earning assets less rate on average
interest-bearing liabilities.
(5) Common stock equivalents of 303,549 and 94,420, and 159,561 and 65,226
were not included in computing diluted earnings per share for the
three-month periods ending September 30, 2009 and December 31, 2008
and the twelve-month periods ending December 31, 2009 and 2008,
respectively, because their effects were antidilutive.
NCM - Not considered meaningful
SUPERIOR BANCORP AND SUBSIDIARIES
UNAUDITED SUMMARY CONSOLIDATED FINANCIAL DATA
(Dollars in Thousands, Except Per Share Data)
For the For the
Three-months Ended Year Ended
December 31, December 31, % Change
-------------- ------------- ------------
2009 2008 2009 2008 QTD YTD
---- ---- ---- ---- --- ---
Reconciliation Table
Core noninterest
income (non-GAAP) $6,101 $5,288 $24,507 $21,062 15% 16%
Investment securities
(losses) gains (596) (1,381) (10,102) (8,453)
Change in fair value
of derivatives (996) 467 (826) 1,240
Gain on extinguishment
of liabilities - - - 2,918
--- --- --- -----
Total noninterest
income (GAAP) $4,509 $4,374 $13,579 $16,767
====== ====== ======= =======
Core noninterest
expense
(non-GAAP) $25,484 $24,126 $96,021 $92,359 6% 4%
Goodwill impairment
charge - 160,306 - 160,306
FDIC assessment 3,038 447 6,348 1,105
Foreclosure losses 4,462 354 8,116 908
----- --- ----- ---
Total noninterest
expense (GAAP) $32,984 $185,233 $110,485 $254,678
======= ======== ======== ========
As of
---------------------------
December September December
31, 30, 31,
2009 2009 2008
---- ---- ----
Total stockholders'
equity (GAAP) $191,704 $244,730 $251,239
Intangible
assets (GAAP) 16,694 17,784 21,052
Liquidation value
of preferred
equity 8,646 72,514 71,624
----- ------ ------
Total tangible
common equity
(non-GAAP) $166,364 $154,432 $158,563
======== ======== ========
Common shares
outstanding 11,668 11624 10,075
====== ===== ======
Tangible common book
value per share at
period end $14.26 $13.29 $15.74
====== ====== ======
SOURCE Superior Bancorp
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