HOUSTON, April 25, 2008 (GLOBE NEWSWIRE) -- Encore Bancshares, Inc. (Nasdaq:EBTX) today announced its financial results for the first quarter of 2008.
-- Net earnings of $1.6 million, or $0.15 per share, excluding a
nonrecurring after-tax charge of $417,000
-- Net interest margin improved 39 basis points from the first
quarter of 2007
-- Loans increased 24% from the first quarter of 2007
-- Core deposits increased 9% from the first quarter of 2007
"Our first quarter results demonstrated solid growth while improving our margin," said James S. D'Agostino, Jr., Chairman and Chief Executive Officer. "We will continue to make margin growth and asset quality our top priorities as these are the key to improved earnings performance."
Earnings
For the three months ended March 31, 2008, net earnings were $1.2 million, or $0.11 per diluted share, compared with $1.8 million, or $0.22 per diluted share for the same period of 2007. Net earnings for the first quarter of 2008 included a nonrecurring after-tax severance charge of $417,000 for a former executive officer of Encore Bank. Excluding this charge, net earnings would have been $1.6 million, or $0.15 per diluted share.
Net interest income increased by $2.2 million, however, this increase was offset by a $2.1 million decrease in mortgage banking income and a $601,000 increase in the provision for loan losses. The change in net earnings was different than earnings per share primarily because of the additional shares issued in the initial public offering in the third quarter of 2007.
Net Interest Income
Net interest income for the first quarter of 2008 was $9.9 million, an increase of $2.2 million, or 28.6%, compared with the first quarter of 2007. The net interest margin expanded 39 basis points to 2.94% for the same comparison period, reflecting an improved asset mix, as we continued to execute our strategy of replacing lower yielding mortgage loans and securities with higher yielding loans. In addition, average earning assets grew $132.1 million, or 10.8%, due primarily to growth in loans. On a linked quarter basis (compared with the immediately preceding quarter), net interest income rose $448,000, or 4.8%, and the net interest margin rose 9 basis points to 2.94%. The growth in the net interest margin was due primarily to our ability to reprice more funding liabilities than assets while in a declining rate environment.
Noninterest Income
Noninterest income was $6.7 million for the first quarter of 2008, a decrease of $1.8 million, or 21.0%, compared with the first quarter of 2007. The decrease in noninterest income was due primarily to a reduction in mortgage banking income, which was partially offset by growth in fees from our wealth management group, despite the recent decline in stock market conditions.
Noninterest Expense
Noninterest expense was $13.3 million for the first quarter of 2008 including the nonrecurring $635,000 pre-tax severance charge. The severance charge was related to the termination of a consulting agreement entered into with a former executive officer of our subsidiary Encore Bank in the third quarter of 2007. Excluding this one time charge, noninterest expense was $12.6 million, an increase of $180,000, or 1.4%, compared with the first quarter of 2007. The increase in expenses was due primarily to legal expenses of $415,000 related to an arbitration matter.
Segment Earnings
On a segment basis, our wealth management group earned $897,000 for the first quarter of 2008, an increase of $74,000, or 9.0%, compared with the first quarter of 2007. The growth in wealth management net earnings is due to higher fees in trust and asset management, due primarily to a 4.9% increase in assets under management. Our banking net earnings were $60,000. However, excluding the nonrecurring charge, banking net earnings were $477,000 for the first quarter of 2008, a decrease of $290,000, or 37.8%, compared with the same period of 2007, due primarily to a reduction in mortgage banking income and higher legal expenses. Our insurance group had net earnings of $429,000, a decrease of $60,000, or 12.3%, compared with the first quarter of 2007. Commission revenue was essentially flat due to the soft property and casualty insurance market.
Loans
Period end loans were $1.2 billion at March 31, 2008, up $223.7 million, or 24.0%, compared with March 31, 2007, and up $59.2 million, or 5.4%, on a linked quarter basis. Average loans were $1.1 billion for the first quarter of 2008, an increase of $202.9 million, or 22.1%, compared with the same period of 2007.
Deposits
Period end deposits were $1.1 billion, up $113.8 million, or 11.4%, compared with March 31, 2007 and up $69.8 million, or 6.7%, on a linked quarter basis. Core deposits were $860.7 million at March 31, 2008, an increase of $69.9 million, or 8.8% compared with March 31, 2007. Average deposits were $1.1 billion for the first quarter of 2008, an increase of $58.6 million, or 5.9%, compared with the same period of 2007.
Credit Quality
The provision for loan losses was $1.5 million in the first quarter of 2008, an increase of $601,000 compared with the same period of 2007 due primarily to growth in the loan portfolio and higher charge-offs. Net charge-offs for the first quarter of 2008 were $1.1 million, or 0.38% of average total loans on an annualized basis, compared with $166,000, or 0.07% of average total loans on an annualized basis for the first quarter of 2007. Consumer loans, which include our indirect auto and boat portfolio, accounted for a majority of the net charge-offs in the first quarter of 2008. We stopped originating indirect auto and boat loans in the third quarter of 2005. The allowance for loan losses was $11.6 million, or 1.00% of total loans at March 31, 2008, compared with $9.8 million, or 1.05% of total loans at March 31, 2007.
At March 31, 2008, nonperforming assets, including loans past due 90 days or more and still accruing, were $16.5 million, or 1.42% of total loans and investment in real estate, compared with $14.2 million, or 1.30% of total loans and investment in real estate at December 31, 2007 and $10.3 million, or 1.11% of total loans and investment in real estate at March 31, 2007. At March 31, 2008, non-accrual loans were $14.1 million, compared with $11.2 million at December 31, 2007. The increase in non-accrual loans was primarily attributable to two commercial real estate loans totaling $2.7 million. Included in non-accrual loans was a loan in the amount of $6.3 million to a law firm. Repayment of a major portion of this loan is primarily dependent on a lawsuit which has settled and the proceeds are placed in escrow, but distribution of the attorneys' fee to our client is pending final court action. Loans 90 days past due or more and still accruing were $283,000 at March 31, 2008, compared with $2.2 million at December 31, 2007. Investment in real estate was $2.1 million at March 31, 2008 compared with $835,000 at December 31, 2007, a $1.2 million increase due primarily to repossession of a residential lot in Houston.
John Lingor Named Chief Credit Officer
John Lingor was named Executive Vice President and Chief Credit Officer of Encore Bank. Mr. Lingor has over 36 years of banking and credit management experience, most recently as Senior Vice President and Credit Risk Manager at Amegy Bank of Texas.
Conference Call
A conference call will be held on Friday, April 25, 2008 at 10:00 a.m., Central time, to discuss first quarter 2008 results. A question and answer session will follow the prepared remarks. Individuals may access the call by dialing 1-877-419-6603, or access the live webcast by visiting www.encorebank.com/investorrelations.shtml
About Encore Bancshares, Inc.
Encore Bancshares, Inc. is a bank holding company headquartered in Houston, Texas and offers a broad range of banking, wealth management and insurance services through Encore Bank, N.A. and its subsidiaries. Encore Bank operates 11 private client offices in the Greater Houston area and six in southwest Florida. Headquartered in Houston and with $1.5 billion in assets, Encore Bank builds relationships with professional firms, privately-owned businesses, investors and affluent individuals. Encore Bank offers a full range of business and personal banking products and services, as well as financial planning, wealth management, trust and insurance products through its trust division, Encore Trust, and its subsidiaries Linscomb & Williams and Town & Country Insurance. Products and services offered by Encore Bank's affiliates are not FDIC insured. The Company's common stock is listed on the NASDAQ Global Market under the symbol "EBTX".
The Encore Bancshares, Inc. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=4257
This press release contains certain financial information determined by methods other than in accordance with GAAP. Encore's management believes these non-GAAP financial measures provide information useful to investors in understanding our financial results and facilitates comparisons with the performance of peers within the financial services industry. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP.
This press release contains certain forward-looking information about Encore Bancshares that is intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. Such statements involve risks and uncertainties that may cause actual results to differ materially from those expressed in or implied by such forward-looking statements. Risks and uncertainties include, but are not limited to: competitive pressure among financial institutions; our ability to expand and grow our businesses and operations and to realize the cost savings and revenue enhancements expected from such activities; a deterioration of credit quality or a reduced demand for credit; changes in the interest rate environment; the continued service of key management personnel; our ability to attract, motivate and retain key employees; general economic conditions, either nationally, regionally or in the market areas in which we operate; legislative or regulatory developments or changes in laws; changes in the securities markets and other risks that are described in our public filings with the Securities and Exchange Commission.
Encore Bancshares, Inc. and Subsidiaries
FINANCIAL HIGHLIGHTS
(Unaudited, amounts in thousands, except per share data)
As of and for the
Three Months Ended
-----------------------------
March 31, Dec. 31,
------------------ -------
2008 2007 2007
------- ------- -------
Earnings Statement Data:
Interest income $20,532 $19,480 $21,240
Interest expense 10,653 11,800 11,809
------- ------- -------
Net interest income 9,879 7,680 9,431
Provision for loan losses 1,501 900 1,176
------- ------- -------
Net interest income after provision
for loan losses 8,378 6,780 8,255
Noninterest income 6,677 8,455 6,269
Noninterest expense 13,277 12,462 12,367
------- ------- -------
Net earnings before income taxes 1,778 2,773 2,157
Income tax expense 608 998 454
------- ------- -------
Net earnings $ 1,170 $ 1,775 $ 1,703
======= ======= =======
Common Share Data:
Basic earnings per share $ 0.12 $ 0.23 $ 0.17
Diluted earnings per share 0.11 0.22 0.16
Book value per share 15.70 13.80 15.56
Tangible book value per share 12.30 9.33 12.13
Average common shares outstanding
(basic) 9,846 7,555 9,808
Diluted average common shares
outstanding 10,714 8,131 10,661
Shares outstanding at end of period 10,154 7,897 10,124
Selected Performance Ratios:
Return on average assets 0.33% 0.55% 0.48%
Return on average equity 2.97% 6.68% 4.33%
Return on average tangible equity 3.80% 9.96% 5.57%
Net interest margin 2.94% 2.55% 2.85%
Efficiency ratio 79.06% 75.25% 77.44%
Noninterest income to total revenue 40.33% 52.40% 39.93%
Encore Bancshares, Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(Unaudited, dollars in thousands, except per share data)
March 31, Dec 31, Sept 30, June 30, March 31,
2008 2007 2007 2007 2007
---------- ---------- ---------- ---------- ----------
ASSETS
Cash and
due from
banks $ 16,608 $ 18,817 $ 19,044 $ 23,972 $ 23,912
Interest-
bearing
deposits in
banks 40,328 18,581 1,804 2,903 7,122
Federal funds
sold and
other 58,769 41,017 100,630 9,862 888
---------- ---------- ---------- ---------- ----------
Cash and
cash equi-
valents 115,705 78,415 121,478 36,737 31,922
Securities
available-
for-sale, at
estimated
fair value 12,108 12,207 12,205 15,298 51,439
Securities
held-to-
maturity,
at amortized
cost 123,133 134,056 140,507 148,983 156,472
Mortgages
held-for-
sale 1,928 1,396 2,244 54,004 45,954
Loans re-
ceivable 1,156,501 1,097,268 1,030,133 952,838 932,793
Allowance
for loan
losses (11,603) (11,161) (10,711) (10,168) (9,790)
---------- ---------- ---------- ---------- ----------
Net loans
receiv-
able 1,144,898 1,086,107 1,019,422 942,670 923,003
Federal Home
Loan Bank
of Dallas
stock, at
cost 6,987 5,880 5,805 6,424 6,611
Investments
in real
estate 2,078 835 731 1,785 1,785
Premises and
equipment,
net 16,789 16,831 15,814 15,790 13,051
Goodwill 27,969 27,942 27,922 27,905 27,894
Other intan-
gible assets,
net 6,592 6,780 6,991 7,200 7,408
Cash surrender
value of
life insu-
rance
policies 14,256 14,091 13,951 13,818 13,684
Accrued
interest
receivable
and other
assets 16,183 16,657 16,062 16,587 15,764
---------- ---------- ---------- ---------- ----------
$1,488,626 $1,401,197 $1,383,132 $1,287,201 $1,294,987
========== ========== ========== ========== ==========
LIABILITIES
AND SHAREHOLDERS'
EQUITY
Deposits:
Noninterest-
bearing $ 129,983 $ 106,382 $ 115,742 $ 106,064 $ 112,585
Interest-
bearing 981,164 934,992 916,442 914,208 884,713
---------- ---------- ---------- ---------- ----------
Total
deposits 1,111,147 1,041,374 1,032,184 1,020,272 997,298
Borrowings
and repur-
chase agree-
ments 188,845 173,395 166,359 125,753 157,505
Junior sub-
ordinated
debentures 20,619 20,619 20,619 20,619 20,619
Accrued
interest
payable and
other
liabilities 8,604 8,330 8,538 9,447 10,621
---------- ---------- ---------- ---------- ----------
Total lia-
bilities 1,329,215 1,243,718 1,227,700 1,176,091 1,186,043
Commitments
and contin-
gencies -- -- -- -- --
Shareholders'
equity:
Preferred
stock -- -- -- -- --
Common
stock 10,158 10,128 10,124 7,925 7,901
Additional
paid-in
capital 108,813 108,173 107,954 68,188 67,670
Retained
earnings 40,933 39,763 38,060 35,812 34,154
Common stock
in treasury,
at cost (69) (69) (69) (69) (69)
Accumulated
other com-
prehensive
loss (424) (516) (637) (746) (712)
---------- ---------- ---------- ---------- ----------
Total share-
holders'
equity 159,411 157,479 155,432 111,110 108,944
---------- ---------- ---------- ---------- ----------
$1,488,626 $1,401,197 $1,383,132 $1,287,201 $1,294,987
========== ========== ========== ========== ==========
Ratios:
Leverage
ratio 10.31% 10.47% 10.71% 7.66% 7.40%
Tier 1 risk-
based capital
ratio 12.91% 13.59% 14.20% 10.31% 10.28%
Total risk-
based capital
ratio 13.94% 14.65% 15.28% 11.40% 11.35%
Book value
per share $ 15.70 $ 15.56 $ 15.36 $ 14.03 $ 13.80
Tangible book
value per
share 12.30 12.13 11.91 9.60 9.33
Tangible
common
equity to
tangible
assets 8.59% 8.98% 8.94% 6.07% 5.85%
Encore Bancshares, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited, amounts in thousands, except per share data)
Three Months Ended
------------------------------------------------
March 31, Dec 31, Sept 30, June 30, March 31,
2008 2007 2007 2007 2007
------- ------- ------- ------- -------
Interest income:
Loans, including
fees $18,378 $18,536 $17,309 $16,346 $15,808
Mortgages held-for-
sale 32 64 1,346 1,202 1,121
Securities 1,319 1,442 1,463 1,745 2,273
Federal funds sold
and other 803 1,198 914 382 278
------- ------- ------- ------- -------
Total interest
income 20,532 21,240 21,032 19,675 19,480
Interest expense:
Deposits 8,542 9,731 9,947 9,525 9,456
Borrowings and
repurchase
agreements 1,755 1,710 1,651 1,779 1,889
Junior subordinated
debentures 356 368 368 373 455
------- ------- ------- ------- -------
Total interest
expense 10,653 11,809 11,966 11,677 11,800
------- ------- ------- ------- -------
Net interest income 9,879 9,431 9,066 7,998 7,680
Provision for loan
losses 1,501 1,176 1,008 945 900
------- ------- ------- ------- -------
Net interest income
after provision for
loan losses 8,378 8,255 8,058 7,053 6,780
Noninterest income:
Trust and investment
management fees 4,407 4,533 4,501 4,268 4,244
Mortgage banking 54 95 1,167 2,052 2,192
Insurance commissions
and fees 1,727 1,217 1,450 1,562 1,713
Real estate opera-
tions, including
net gain on sales 55 63 178 107 18
Net loss on sale of
available-for-sale
securities -- -- -- (32) (149)
Other 434 361 225 764 437
------- ------- ------- ------- -------
Total noninterest
income 6,677 6,269 7,521 8,721 8,455
Noninterest expense:
Compensation 8,078 7,081 7,318 7,855 7,863
Occupancy 1,438 1,428 1,438 1,499 1,399
Equipment 531 553 506 497 520
Advertising and
promotion 204 223 328 271 196
Outside data
processing 694 883 884 904 808
Professional fees 1,156 797 401 458 390
Intangible
amortization 187 209 209 211 209
Loss on early debt
extinguishment -- -- -- 391 --
Other 989 1,193 1,405 1,203 1,077
------- ------- ------- ------- -------
Total noninterest
expense 13,277 12,367 12,489 13,289 12,462
------- ------- ------- ------- -------
Net earnings before
income taxes 1,778 2,157 3,090 2,485 2,773
Income tax expense 608 454 842 827 998
------- ------- ------- ------- -------
NET EARNINGS $ 1,170 $ 1,703 $ 2,248 $ 1,658 $ 1,775
======= ======= ======= ======= =======
Earnings Per
Common Share:
Basic $ 0.12 $ 0.17 $ 0.24 $ 0.22 $ 0.23
Diluted 0.11 0.16 0.22 0.20 0.22
Average common
shares out-
standing 9,846 9,808 9,347 7,559 7,555
Diluted average
common shares
outstanding 10,714 10,661 10,156 8,200 8,131
Encore Bancshares, Inc. and Subsidiaries
AVERAGE CONSOLIDATED BALANCE SHEETS
(Unaudited, dollars in thousands)
Three Months Ended
----------------------------------------------------------
March 31, Dec 31, Sept 30, June 30, March 31,
2008 2007 2007 2007 2007
---------- ---------- ---------- ---------- ----------
Assets:
Interest-
earning
assets:
Loans $1,119,439 $1,060,927 $ 973,641 $ 938,356 $ 916,523
Mortgages
held-for-
sale 1,465 2,693 60,959 53,926 52,273
Securities 142,098 148,912 156,159 183,008 232,154
Federal
funds
sold and
other 89,419 98,789 68,347 27,755 19,412
---------- ---------- ---------- ---------- ----------
Total
interest-
earning
assets 1,352,421 1,311,321 1,259,106 1,203,045 1,220,362
Less:
Allowance
for loan
losses (11,178) (10,754) (10,391) (9,843) (9,268)
Noninterest-
earning
assets 102,266 101,783 102,667 103,512 102,234
---------- ---------- ---------- ---------- ----------
Total
assets $1,443,509 $1,402,350 $1,351,382 $1,296,714 $1,313,328
========== ========== ========== ========== ==========
Liabilities,
shareholders'
equity and
puttable
common stock:
Interest-
bearing
liabilities:
Interest
check-
ing $ 182,483 $ 169,823 $ 169,860 $ 167,956 $ 183,335
Money
market
and
savings 333,241 359,217 358,732 340,950 334,971
Time
deposits 434,597 399,224 375,896 373,669 374,389
---------- ---------- ---------- ---------- ----------
Total
interest-
bearing
deposits 950,321 928,264 904,488 882,575 892,695
Borrowings
and re-
purchase
agree-
ments 193,855 170,141 158,203 161,698 172,660
Junior
subordi-
nated de-
bentures 20,619 20,619 20,619 20,930 20,619
---------- ---------- ---------- ---------- ----------
Total
interest-
bearing li-
abilities 1,164,795 1,119,024 1,083,310 1,065,203 1,085,974
---------- ---------- ---------- ---------- ----------
Noninterest-
bearing
liabilities:
Noninterest-
bearing
deposits 106,905 113,849 108,168 109,753 105,950
Other li-
abilities 13,313 13,428 16,128 12,127 13,685
---------- ---------- ---------- ---------- ----------
Total lia-
bilities 1,285,013 1,246,301 1,207,606 1,187,083 1,205,609
Shareholders'
equity and
puttable
common
stock 158,496 156,049 143,776 109,631 107,719
---------- ---------- ---------- ---------- ----------
Total lia-
bilities,
shareholders'
equity and
puttable
common
stock $1,443,509 $1,402,350 $1,351,382 $1,296,714 $1,313,328
========== ========== ========== ========== ==========
Encore Bancshares, Inc. and Subsidiaries
SELECTED FINANCIAL DATA
(Unaudited, dollars in thousands)
March 31, Dec 31, Sept 30, June 30, March 31,
2008 2007 2007 2007 2007
---------- ---------- ---------- ---------- ----------
Loan Portfolio:
Commercial:
Commercial $ 142,259 $ 127,583 $ 111,072 $ 113,370 $ 115,896
Commercial real
estate 291,543 277,047 249,576 225,985 210,992
Real estate
construction 97,807 100,975 132,557 130,168 134,781
---------- ---------- ---------- ---------- ----------
Total
commercial 531,609 505,605 493,205 469,523 461,669
Consumer:
Residential real
estate first
lien 264,445 271,346 264,541 265,901 278,346
Residential real
estate second
lien 234,623 195,583 146,719 89,378 55,810
Home equity
lines 78,860 79,023 76,096 76,452 78,430
Consumer
installment
- indirect 21,917 25,262 29,210 33,622 39,204
Consumer other 25,047 20,449 20,362 17,962 19,334
---------- ---------- ---------- ---------- ----------
Total consumer 624,892 591,663 536,928 483,315 471,124
---------- ---------- ---------- ---------- ----------
Total loans
receivable $1,156,501 $1,097,268 $1,030,133 $ 952,838 $ 932,793
========== ========== ========== ========== ==========
Nonperforming Assets:
Nonaccrual
loans $ 14,131 $ 11,208 $ 8,734 $ 9,111 $ 8,446
Accruing loans
past due 90
days or more 283 2,183 20 2,178 100
Restructured
loans -- -- -- -- --
---------- ---------- ---------- ---------- ----------
Total nonper-
forming loans 14,414 13,391 8,754 11,289 8,546
---------- ---------- ---------- ---------- ----------
Investment in
real estate 2,078 835 731 1,785 1,785
---------- ---------- ---------- ---------- ----------
Total nonper-
forming
assets $ 16,492 $ 14,226 $ 9,485 $ 13,074 $ 10,331
========== ========== ========== ========== ==========
Asset Quality Ratios:
Nonperforming
assets to total
loans and in-
vestment in
real estate 1.42% 1.30% 0.92% 1.37% 1.11%
Net charge-offs
to average loans 0.38% 0.27% 0.19% 0.24% 0.07%
Allowance for
loan losses to
period-end loans 1.00% 1.02% 1.04% 1.07% 1.05%
Allowance for
loan losses to
nonperforming
loans 80.50% 83.35% 122.36% 90.07% 114.56%
Deposits:
Noninterest-
bearing
deposits $ 129,983 $ 106,382 $ 115,742 $ 106,064 $ 112,585
Interest
checking 190,633 179,486 169,646 172,079 174,602
Money market
and savings 338,386 345,066 362,289 368,682 329,414
Time deposits
less than
$100,000 201,735 193,900 175,071 166,482 174,281
---------- ---------- ---------- ---------- ----------
Core deposits 860,737 824,834 822,748 813,307 790,882
---------- ---------- ---------- ---------- ----------
Time deposits
$100,000 and
greater 233,462 201,932 194,619 188,075 195,894
Brokered
deposits 16,948 14,608 14,817 18,890 10,522
---------- ---------- ---------- ---------- ----------
Total
deposits $1,111,147 $1,041,374 $1,032,184 $1,020,272 $ 997,298
========== ========== ========== ========== ==========
Assets Under
Management $2,737,603 $2,784,617 $2,792,894 $2,683,841 $2,609,893
========== ========== ========== ========== ==========
Encore Bancshares, Inc. and Subsidiaries
ALLOWANCE FOR LOAN LOSSES
(Unaudited, dollars in thousands)
Three Months Ended
---------------------------------------------
March 31, Dec 31, Sept 30, June 30, March 31,
2008 2007 2007 2007 2007
------- ------- ------- ------- -------
Allowance for loan losses
at beginning of quarter $11,161 $10,711 $10,168 $ 9,790 $ 9,056
Charge-offs:
Commercial:
Commercial (231) (20) (42) -- --
Commercial real estate (80) -- -- -- --
Real estate construction (9) (79) -- -- --
------- ------- ------- ------- -------
Total commercial (320) (99) (42) -- --
------- ------- ------- ------- -------
Consumer:
Residential real estate
first lien (43) (66) (124) -- --
Residential real estate
second lien (377) (44) (216) (416) (84)
Home equity lines (42) (299) (25) -- (10)
Consumer installment
- indirect (297) (360) (307) (215) (80)
Consumer other (29) (45) (13) (24) (144)
------- ------- ------- ------- -------
Total consumer (788) (814) (685) (655) (318)
------- ------- ------- ------- -------
Total charge-offs (1,108) (913) (727) (655) (318)
------- ------- ------- ------- -------
Recoveries:
Commercial:
Commercial 11 40 6 -- --
Commercial real estate -- -- -- -- --
Real estate construction -- -- -- -- --
------- ------- ------- ------- -------
Total commercial 11 40 6 -- --
------- ------- ------- ------- -------
Consumer:
Residential real estate
first lien 1 22 12 -- --
Residential real estate
second lien 2 -- 145 7 26
Home equity lines 2 -- -- -- 43
Consumer installment
- indirect 6 109 76 45 64
Consumer other 27 16 23 36 19
------- ------- ------- ------- -------
Total consumer 38 147 256 88 152
------- ------- ------- ------- -------
Total recoveries 49 187 262 88 152
------- ------- ------- ------- -------
Net charge-offs (1,059) (726) (465) (567) (166)
------- ------- ------- ------- -------
Provision for loan losses 1,501 1,176 1,008 945 900
------- ------- ------- ------- -------
Allowance for loan losses
at end of quarter $11,603 $11,161 $10,711 $10,168 $ 9,790
======= ======= ======= ======= =======
Encore Bancshares, Inc. and Subsidiaries
SEGMENT OPERATIONS
(Unaudited, dollars in thousands)
As of and for the Three Months Ended
----------------------------------------------------------
March 31, Dec 31, Sept 30, June 30, March 31,
2008 2007 2007 2007 2007
---------- ---------- ---------- ---------- ----------
Banking
Net interest
income $ 10,130 $ 9,674 $ 9,315 $ 8,258 $ 8,035
Provision
for loan
losses 1,501 1,176 1,008 945 900
Noninterest
income 519 509 1,559 2,807 2,481
Noninterest
expense 9,103 8,378 8,338 8,853 8,453
---------- ---------- ---------- ---------- ----------
Earnings
before
income
taxes 45 629 1,528 1,267 1,163
Income tax
expense
(benefit) (15) 103 261 370 396
---------- ---------- ---------- ---------- ----------
Net
earnings $ 60 $ 526 $ 1,267 $ 897 $ 767
========== ========== ========== ========== ==========
Total
assets at
quarter
end $1,500,462 $1,411,934 $1,392,156 $1,292,112 $1,301,562
========== ========== ========== ========== ==========
Wealth Management
Net interest
income $ 64 $ 89 $ 82 $ 77 $ 73
Noninterest
income 4,407 4,533 4,501 4,268 4,244
Noninterest
expense 3,070 3,042 3,137 2,988 3,027
---------- ---------- ---------- ---------- ----------
Earnings
before in-
come taxes 1,401 1,580 1,446 1,357 1,290
Income tax
expense 504 460 531 483 467
---------- ---------- ---------- ---------- ----------
Net
earnings $ 897 $ 1,120 $ 915 $ 874 $ 823
========== ========== ========== ========== ==========
Total assets
at quarter
end $ 47,444 $ 46,270 $ 45,425 $ 44,395 $ 43,935
========== ========== ========== ========== ==========
Insurance
Net interest
income $ 41 $ 36 $ 37 $ 36 $ 27
Noninterest
income 1,732 1,222 1,460 1,637 1,716
Noninterest
expense 1,104 947 1,014 1,057 982
---------- ---------- ---------- ---------- ----------
Earnings
before in-
come taxes 669 311 483 616 761
Income tax
expense 240 73 167 232 272
---------- ---------- ---------- ---------- ----------
Net
earnings $ 429 $ 238 $ 316 $ 384 $ 489
========== ========== ========== ========== ==========
Total assets
at quarter
end $ 10,143 $ 9,242 $ 9,219 $ 9,101 $ 9,278
========== ========== ========== ========== ==========
Other
Net interest
expense $ (356) $ (368) $ (368) $ (373) $ (455)
Noninterest
income 19 5 1 9 14
Noninterest
expense -- -- -- 391 --
---------- ---------- ---------- ---------- ----------
Loss before
income
taxes (337) (363) (367) (755) (441)
Income tax
benefit (121) (182) (117) (258) (137)
---------- ---------- ---------- ---------- ----------
Net loss $ (216) $ (181) $ (250) $ (497) $ (304)
========== ========== ========== ========== ==========
Total assets
at quarter
end $ (69,423) $ (66,249) $ (63,668) $ (58,407) $ (59,788)
========== ========== ========== ========== ==========
Consolidated
Net interest
income $ 9,879 $ 9,431 $ 9,066 $ 7,998 $ 7,680
Provision
for loan
losses 1,501 1,176 1,008 945 900
Noninterest
income 6,677 6,269 7,521 8,721 8,455
Noninterest
expense 13,277 12,367 12,489 13,289 12,462
---------- ---------- ---------- ---------- ----------
Earnings
before in-
come taxes 1,778 2,157 3,090 2,485 2,773
Income tax
expense 608 454 842 827 998
---------- ---------- ---------- ---------- ----------
Net
earnings $ 1,170 $ 1,703 $ 2,248 $ 1,658 $ 1,775
========== ========== ========== ========== ==========
Total assets
at quarter
end $1,488,626 $1,401,197 $1,383,132 $1,287,201 $1,294,987
========== ========== ========== ========== ==========
Encore Bancshares, Inc. and Subsidiaries
YIELD ANALYSIS
(Unaudited, dollars in thousands)
For the Three Months Ended March 31,
-----------------------------------------------------
2008 2007
--------------------------- -------------------------
Average Interest Avg Average Interest Avg
Outstanding Earned/ Yield/ Outstanding Earned/ Yield/
Balance Paid Rate Balance Paid Rate
---------- ------- ---- ---------- ------- ----
Assets:
Interest-earning
assets:
Loans $1,119,439 $18,378 6.60% $ 916,523 $15,808 6.99%
Mortgages held-
for-sale 1,465 32 8.79% 52,273 1,121 8.70%
Securities 142,098 1,319 3.73% 232,154 2,273 3.97%
Federal funds
sold and other 89,419 803 3.61% 19,412 278 5.81%
---------- ------- ---------- -------
Total interest-
earning assets 1,352,421 20,532 6.11% 1,220,362 19,480 6.47%
Less: Allowance
for loan losses (11,178) (9,268)
Noninterest-
earning assets 102,266 102,234
---------- ----------
Total assets $1,443,509 $1,313,328
========= ==========
Liabilities,
shareholders'
equity and
puttable common
stock:
Interest-bearing
liabilities:
Interest
checking $ 182,483 $ 953 2.10% $ 183,335 $ 1,301 2.88%
Money market
and savings 333,241 2,380 2.87% 334,971 3,619 4.38%
Time deposits 434,597 5,209 4.82% 374,389 4,536 4.91%
---------- ------- ---------- -------
Total inte-
rest-bearing
deposits 950,321 8,542 3.62% 892,695 9,456 4.30%
Borrowings and
repurchase
agreements 193,855 1,755 3.64% 172,660 1,889 4.44%
Junior sub-
ordinated
debentures 20,619 356 6.94% 20,619 455 8.95%
---------- ------- ---------- -------
Total inte-
rest-bearing
liabilities 1,164,795 10,653 3.68% 1,085,974 11,800 4.41%
---------- ------- ---------- -------
Noninterest-
bearing lia-
bilities:
Noninterest-
bearing de-
posits 106,905 105,950
Other
liabilities 13,313 13,685
---------- ----------
Total lia-
bilities 1,285,013 1,205,609
Shareholders'
equity and
puttable common
stock 158,496 107,719
---------- ----------
Total liabili-
ties, share-
holders' equity
and puttable
common stock $1,443,509 $1,313,328
========== ==========
Net interest
income $ 9,879 $ 7,680
======= =======
Net interest
spread 2.43% 2.06%
Net interest
margin 2.94% 2.55%
CONTACT: Encore Bancshares, Inc.
L. Anderson Creel, Chief Financial Officer
713.787.3138
James S. D'Agostino, Jr., Chairman and CEO
713.787.3103
|
Encore Bancshares, Inc. to Release Earnings on January 29, 2010 - Jan 15, 2010
| James R. Lykes Appointed Senior Vice President, Manager, and Scott Shackouls Appointed Vice President, Private Banking at Encore Bank - Jan 14, 2010
| Encore Bancshares Reports Third Quarter 2009 Net Loss of $1.8 Million, or $0.22 Per Diluted Share - Oct 23, 2009
| Encore Bancshares, Inc. to Release Earnings On October 23, 2009 - Oct 9, 2009
| Carin M. Barth Named to Board of Directors of Encore Bancshares, Inc. and Encore Bank, N.A. - Sep 28, 2009
| | More >> |
| Symbol: |
EBTX |
| Last Trade: |
8.12
(14:02 ET)
|
| Change: |
-0.13
(-1.5758%)
|
| Day's Range: |
8.030 -
8.30 |
| Open: |
8.25 |
| Previous Close: |
8.25 |
| TSO: |
10,504,000 |
| Market Cap: |
85.29M |
| Day's Volume: |
3,800 |
|
Blogger
Blog Search
Digg
del.icio.us
Facebook
Newsvine
Reddit
StumbleUpon
Technorati
Yahoo MyWeb
