GREENEVILLE, Tenn. -- (Business Wire)
Green Bankshares, Inc. (NASDAQ:GRNB), a majority-owned subsidiary of
North American Financial Holdings, Inc. ("NAFH"), today reported
unaudited financial results for the third quarter of 2011. Operating and
financial highlights include the following:
-
On September 7, 2011, NAFH completed its $217 million investment (the
“NAFH Investment”) in Green Bankshares, Inc. ("the Company");
-
Effectively immediately after completion of the investment, GreenBank,
formerly the wholly owned banking subsidiary of the Company, was
merged with and into Capital Bank, National Association ("Capital
Bank, NA");
-
As a result of these mergers, the Company held a 34% ownership in
Capital Bank, NA as of September 30, 2011;
-
The Company reported a net loss available to common shareholders of
$9.8 million and $33.7 million, or $0.75 and $2.57 per diluted share,
for the periods prior to the NAFH Investment from July 1, 2011 through
September 7, 2011, and January 1, 2011 through September 7, 2011,
respectively; and
-
The Company reported net income of $930 thousand, or $.01 per diluted
share, for the period subsequent to the NAFH Investment from September
8, 2011 through September 30, 2011.
NAFH is a bank holding company formed with the goal of creating a
regional banking franchise in the southeastern region of the United
States through organic growth and acquisition of other banks, including
failed, underperforming and undercapitalized banks. NAFH is the
controlling owner of Capital Bank, NA, a $6.6 billion bank with 146
branches in Florida, North Carolina, South Carolina, Tennessee and
Virginia.
NAFH Investment
On September 7, 2011, the Company completed the issuance and sale of
119.9 million shares of its common stock to NAFH for approximately $217
million in consideration. The consideration included $147.6 million of
cash and NAFH's contribution of the Company's Series A Preferred Stock
and warrant to purchase shares of common stock issued to the U.S.
Treasury through the TARP, which were repurchased by NAFH.
Financial results for the first nine months of 2011 were significantly
impacted by the controlling investment in the Company by NAFH. The
Company applied push-down accounting. Accordingly, the Company's assets
and liabilities were adjusted to estimated fair values at the NAFH
Investment date, resulting in elimination of the allowance for loan
losses. The Company is still in the process of completing its fair value
analysis of assets and liabilities, and final fair value adjustments may
differ from the preliminary estimates recorded to date. Balances and
activity in the Company's consolidated financial statements prior to the
NAFH Investment have been labeled with "Predecessor Company" while
balances and activity subsequent to the NAFH Investment have been
labeled with "Successor Company."
Bank Merger
On September 7, 2011, GreenBank, which was formerly a wholly owned
subsidiary of the Company, merged (the "Bank Merger") with and into
Capital Bank, NA, a national banking association and subsidiary of TIB
Financial Corp. ("TIB Financial"), a corporation organized under the
laws of the State of Florida, Capital Bank Corporation, a corporation
organized under the laws of the state of North Carolina ("Capital Bank
Corp.") and NAFH, with Capital Bank, NA as the surviving entity. NAFH is
the owner of approximately 90% of the Company’s common stock,
approximately 83% of Capital Bank Corp.’s common stock and approximately
94% of TIB Financial’s common stock.
Capital Bank, NA (formerly NAFH National Bank) was formed on July 16,
2010, in connection with the purchase and assumption of assets and
deposits of three banks – Metro Bank of Dade County (Miami, Florida),
Turnberry Bank (Aventura, Florida) and First National Bank of the South
(Spartanburg, South Carolina) – from the Federal Deposit Insurance
Corporation (the "FDIC") and is a party to loss sharing agreements with
the FDIC covering the large majority of the loans it acquired from the
FDIC. As of September 30, 2011, Capital Bank, NA had total assets of
$6.6 billion, total deposits of $5.3 billion and shareholders' equity of
$931.1 million. As of September 30, 2011, following the Bank Merger,
Capital Bank, NA operated 146 branches in Tennessee, Florida, North
Carolina, South Carolina, and Virginia.
The Bank Merger occurred pursuant to the terms of an Agreement and Plan
of Merger entered into by and between the Bank and Capital Bank, NA,
dated as of September 7, 2011 (the "Merger Agreement"). In the Merger,
each share of Bank common stock was converted into the right to receive
shares of Capital Bank, NA common stock. As a result of the Merger, the
Company now owns approximately 34% of Capital Bank, NA, with NAFH owning
19%, Capital Bank Corp. owning 26% and TIB Financial owning the
remaining 21%.
Due to its ownership level and significant influence, the Company's
investment in Capital Bank, NA is recorded as an equity-method
investment in that entity. As of September 30, 2011, the Company's
investment in Capital Bank, NA totaled $312.4 million, which reflected
the Company's pro rata ownership of Capital Bank, NA's total
shareholders' equity as a result of the Bank Merger. In periods
subsequent to the Bank Merger, the Company will adjust this equity
investment balance based on its equity in Capital Bank, NA's net income
and comprehensive income. In connection with the Bank Merger, assets and
liabilities of GreenBank were deconsolidated from the Company's balance
sheet, resulting in a significant decrease in total assets and total
liabilities of the Company in the third quarter of 2011.
Financial Discussion
The Company reported a net loss available to common shareholders for the
period from July 1, 2011 through September 7, 2011, of $9.8 million
compared to a net loss of $12.4 million for the second quarter of 2011
and a net loss of $36.4 million for the third quarter of 2010. For the
period from September 8, 2011 through September 30, 2011, the Company
reported net income of $930 thousand. Financial results prior to the
September 7th NAFH Investment have been labeled with
"Predecessor Company" while results subsequent to the NAFH Investment
have been labeled with "Successor Company."
Due to the difference in lengths of reporting periods and the Merger
discussed above and the resulting deconsolidation of GreenBank on
September 7, 2011, the operating results for the period from July 1,
2011 through September 7, 2011, only include the results of GreenBank
for approximately two months and therefore are generally not comparable
to the operations in prior quarters.
The loss reported in the period from July 1, 2011 through September 7,
2011, was primarily due to a $15.5 million provision for loan losses and
$14.7 million in foreclosed asset related expenses. The loss reported in
the second quarter of 2011 was primarily due to a $14.3 million
provision for loan losses and $6.3 million in foreclosed asset related
expenses, while the loss reported in the third quarter of 2010 was
primarily due to a $36.8 million provision for loan losses and $7.8
million in foreclosed asset related expenses.
The net interest margin for the period from July 1, 2011 through
September 7, 2011, was 3.91%, up a modest 0.01% versus the second
quarter of 2011. Subsequent to the deconsolidation of GreenBank on
September 7, 2011, the net interest margin is not meaningful as the
Company has no interest earning asset. As the Company accounts for its
investment in Capital Bank, NA using the equity method, the Company's
proportional share of the net after tax earnings of Capital Bank, NA is
recorded as Equity in income of Capital Bank, NA, which for the period
from September 8, 2011 through September 30, 2011, was $1.1 million.
About Green Bankshares
Headquartered in Greeneville, Tennessee, Green Bankshares, Inc. is a
financial services company with a 34% equity method investment in
Capital Bank, NA, a national banking association with approximately $6.6
billion in total assets and 146 branches serving communities in
Tennessee, Florida, North Carolina, South Carolina, and Virginia.
|
|
| |
| | |
GREEN BANKSHARES INC. Unaudited Consolidated Statements of Operations | |
| | | | | |
|
| (Dollars in thousands except per share data) | | | Successor Company | | Predecessor Company | |
| | | July 1 - Sept. 7, 2011 |
| Three Months Ended | |
| | Sept. 8 - Sept. 30, 2011 | | | June 30, 2011 |
| March 31, 2011 |
| Dec. 31, 2010 |
| Sept. 30 2010 | |
| Operating Data: | | | | | | | | | | | | | | |
|
Total interest income
| | |
$
|
–
| | |
$
|
18,480
| | |
$
|
26,075
| | |
$
|
26,625
| | |
$
|
28,213
| | |
$
|
29,455
| | |
|
Total interest expense
| | |
|
236
|
| |
|
4,422
|
| |
|
6,623
|
| |
|
7,358
|
| |
|
8,499
|
| |
|
8,708
|
| |
|
Net interest income
| | | |
(236
|
)
| | |
14,058
| | | |
19,452
| | | |
19,267
| | | |
19,714
| | | |
20,747
| | |
|
Provision for loan losses
| | |
|
–
|
| |
|
15,513
|
| |
|
14,333
|
| |
|
13,897
|
| |
|
25,646
|
| |
|
36,823
|
| |
|
Net interest income (loss) after provision for loan losses
| | | |
(236
|
)
| | |
(1,455
|
)
| | |
5,119
| | | |
5,370
| | | |
(5,932
|
)
| | |
(16,076
|
)
| |
|
Non-interest income
| | | |
1,138
| | | |
11,940
| | | |
8,236
| | | |
7,627
| | | |
7,058
| | | |
9,029
| | |
|
Non-interest expense
| | |
|
95
|
| |
|
29,585
|
| |
|
24,770
|
| |
|
23,027
|
| |
|
41,986
|
| |
|
27,009
|
| |
|
Income (loss) before income taxes
| | | |
807
| | | |
(19,100
|
)
| | |
(11,415
|
)
| | |
(10,030
|
)
| | |
(40,860
|
)
| | |
(34,056
|
)
| |
|
Income tax expense (benefit)
| | |
|
(123
|
)
| |
|
974
|
| |
|
(281
|
)
| |
|
281
|
| |
|
10,688
|
| |
|
1,098
|
| |
|
Net income (loss)
| | | |
930
| | | |
(20,074
|
)
| | |
(11,134
|
)
| | |
(10,311
|
)
| | |
(51,548
|
)
| | |
(35,154
|
)
| |
|
Preferred stock dividend and accretion of discount on warrants
| | | |
–
| | | |
909
| | | |
1,250
| | | |
1,250
| | | |
1,250
| | | |
1,251
| | |
|
Gain on retirement of Series A preferred allocated to common
shareholders
| | |
|
–
|
| |
|
11,188
|
| |
|
–
|
| |
|
–
|
| |
|
–
|
| |
|
–
|
| |
|
Net income (loss) available to common shareholders
| | |
$
|
930
|
| |
$
|
(9,795
|
)
| |
$
|
(12,384
|
)
| |
$
|
(11,561
|
)
| |
$
|
(52,798
|
)
| |
$
|
(36,405
|
)
| |
| | | | | | | | | | | | | |
|
| Per Share of Common Stock: | | | | | | | | | | | | | | |
|
Basic earnings (loss)
| | |
$
|
0.01
|
| |
$
|
(0.75
|
)
| |
$
|
(0.94
|
)
| |
$
|
(0.88
|
)
| |
$
|
(4.03
|
)
| |
$
|
(2.78
|
)
| |
|
Diluted earnings (loss)
| | |
$
|
0.01
|
| |
$
|
(0.75
|
)
| |
$
|
(0.94
|
)
| |
$
|
(0.88
|
)
| |
$
|
(4.03
|
)
| |
$
|
(2.78
|
)
| |
|
Dividends
| | |
$
|
0.00
|
| |
$
|
0.00
|
| |
$
|
0.00
|
| |
$
|
0.00
|
| |
$
|
0.00
|
| |
$
|
0.00
|
| |
| | | | | | | | | | | | | |
|
| Weighted Average Shares Outstanding: | | | | | | | | | | | | | | |
|
Basic
| | |
|
133,083,705
|
| |
|
13,145,744
|
| |
|
13,126,923
|
| |
|
13,108,598
|
| |
|
13,097,611
|
| |
|
13,097,611
|
| |
|
Diluted
| | |
|
133,174,370
|
| |
|
13,145,744
|
| |
|
13,126,923
|
| |
|
13,108,598
|
| |
|
13,097,611
|
| |
|
13,097,611
|
| |
|
|
| |
| |
GREEN BANKSHARES INC. End of Period Balances |
| | | | |
|
| | | Successor Company | | Predecessor Company |
| (Dollars in thousands except per share data) | | | Sept. 30, 2011 | |
| June 30, 2011 |
|
| March 31, 2011 |
|
| Dec. 31, 2010 |
|
| Sept 30, 2010 |
|
Assets
| | |
$
|
318,733
| |
|
$
|
2,293,815
| | |
$
|
2,392,694
| | |
$
|
2,406,040
| | |
$
|
2,415,014
|
|
Loans, net of unearned interest
| | | |
–
| |
| |
1,560,503
| | | |
1,680,249
| | | |
1,745,378
| | | |
1,835,591
|
|
Cash and investments
| | | |
2,347
| |
| |
574,555
| | | |
570,997
| | | |
509,415
| | | |
384,698
|
|
Federal funds sold
| | | |
–
| |
| |
5,023
| | | |
7,931
| | | |
4,856
| | | |
3,682
|
|
Deposits
| | | |
–
| |
| |
1,883,388
| | | |
1,975,635
| | | |
1,976,854
| | | |
1,916,544
|
|
FHLB advances and
notes payable
| | | |
–
| |
| |
157,859
| | | |
158,588
| | | |
158,653
| | | |
170,884
|
|
Subordinated debentures
| | | |
43,637
| |
| |
88,662
| | | |
88,662
| | | |
88,662
| | | |
88,662
|
|
Repurchase agreements
| | | |
–
| |
| |
18,713
| | | |
18,712
| | | |
19,413
| | | |
22,641
|
|
Shareholders' equity
| | | |
258,617
| |
| |
122,046
| | | |
132,830
| | | |
143,897
| | | |
197,824
|
|
Common shareholders' equity(1) | | | |
258,617
| |
| |
53,231
| | | |
64,362
| | | |
75,776
| | | |
130,049
|
|
Tangible common shareholders' equity(2) | | | |
258,617
| |
| |
47,729
| | | |
58,237
| | | |
69,025
| | | |
122,651
|
|
Tangible shareholders' equity(3) | | | |
258,617
| |
| |
116,544
| | | |
126,705
| | | |
137,146
| | | |
190,426
|
| | | | | | | | | | | | | | |
|
| Ratios: | | | | | | | | | | | | | | | |
|
Common book value per share(1) | | |
$
|
1.94
| |
|
$
|
4.02
| | |
$
|
4.88
| | |
$
|
5.75
| | |
$
|
9.86
|
|
Tangible common book value per share(2) | | |
$
|
1.94
| |
|
$
|
3.60
| | |
$
|
4.41
| | |
$
|
5.23
| | |
$
|
9.30
|
| | | | | | | | | | | | | | |
|
|
* Derived from Audited Consolidated Financial Statements.
|
|
|
(1) Common shareholders' equity is shareholders' equity
less preferred stock.
|
(2) Tangible common shareholders' equity is
shareholders' equity less goodwill, intangible assets and
preferred stock.
|
(3) Tangible shareholders' equity is shareholders'
equity less goodwill and intangible assets.
|
(4) Tangible assets is total assets less goodwill and
intangible assets.
|
|
|
| |
|
| | |
GREEN BANKSHARES INC. Consolidated Balance Sheets |
| | | | | | |
|
| | | (Unaudited) | | | | |
| (Dollars in thousands except per share data) | | | Successor Company | | | Predecessor Company | |
| | Sept. 30, 2011 | | | Dec. 31, 2010 | |
ASSETS | | | | |
|
Cash and due from banks
| | |
$
|
2,347
| | | |
$
|
289,358
| | |
|
Federal funds sold
| | |
|
–
|
| | |
|
4,856
|
| |
|
Cash and cash equivalents
| | | |
2,347
| | | | |
294,214
| | |
| | | | | | |
|
|
Interest earning deposits in other banks
| | | |
–
| | | | |
–
| | |
|
Securities available-for-sale ("AFS")
| | | |
–
| | | | |
202,002
| | |
|
Securities held-to-maturity (with a December 31, 2010 market value
of $467)
| | | |
–
| | | | |
465
| | |
|
FHLB and other stock, at cost
| | | |
–
| | | | |
12,734
| | |
|
Loans held for sale
| | | |
–
| | | | |
1,299
| | |
|
Loans, net of unearned income
| | | |
–
| | | | |
1,745,378
| | |
|
Allowance for loan losses
| | | |
–
| | | | |
(66,830
|
)
| |
|
Other real estate owned and repossessed assets
| | | |
–
| | | | |
60,095
| | |
|
Bank premises and equipment, net
| | | |
–
| | | | |
78,794
| | |
|
Cash surrender value of life insurance
| | | |
–
| | | | |
31,479
| | |
|
Core deposit and other intangibles
| | | |
–
| | | | |
6,751
| | |
|
Deferred Tax Asset ( December 31, 2010 net of valuation allowance of
$43,455)
| | | |
–
| | | | |
2,177
| | |
|
Investment in Capital Bank, NA
| | | |
312,432
| | | | | |
|
Other assets
| | |
|
3,954
|
| | |
|
37,482
|
| |
|
Total assets
| | |
$
|
318,733
|
| | |
$
|
2,406,040
|
| |
| | | | | | |
|
LIABILITIES AND SHAREHOLDERS' EQUITY | | | | |
|
Non-interest-bearing deposits
| | |
$
|
–
| | | |
$
|
152,752
| | |
|
Interest-bearing deposits
| | | |
–
| | | | |
1,822,703
| | |
|
Brokered deposits
| | |
|
–
|
| | |
|
1,399
|
| |
|
Total deposits
| | | |
–
| | | | |
1,976,854
| | |
| | | | | | |
|
|
Repurchase agreements
| | | |
–
| | | | |
19,413
| | |
|
FHLB advances and notes payable
| | | |
–
| | | | |
158,653
| | |
|
Subordinated debentures
| | | |
43,637
| | | | |
88,662
| | |
|
Deferred tax liability
| | | |
16,073
| | | | |
–
| | |
|
Accrued interest payable and other liabilities
| | |
|
406
|
| | |
|
18,561
|
| |
|
Total liabilities
| | |
|
60,116
|
| | |
|
2,262,143
|
| |
| | | | | | |
|
| SHAREHOLDERS' EQUITY: | | | | | | | |
|
Preferred stock: no par value, 1,000,000 shares authorized;
0 and 72,278 shares outstanding
| | | | | | | |
| | |
–
| | | | |
68,121
| | |
|
Common stock: $0.01 and $2 par value, 300,000,000 and 20,000,000
shares authorized; 133,174,370 and 13,188,896 shares outstanding
| | | | | | | |
| | |
1,332
| | | | |
26,378
| | |
|
Common stock warrants
| | | |
–
| | | | |
6,934
| | |
|
Additional paid in capital
| | | |
257,711
| | | | |
188,901
| | |
|
Accumulated earnings (deficit)
| | | |
930
| | | | |
(147,436
|
)
| |
|
Accumulated other comprehensive income
| | |
|
(1,356
|
)
| | |
|
999
|
| |
|
Total shareholders' equity
| | |
|
258,617
|
| | |
|
143,897
|
| |
| | | | | | |
|
|
Total liabilities & shareholders' equity
| | |
$
|
318,733
|
| | |
$
|
2,406,040
|
| |
|
|
| |
|
| | |
GREEN BANKSHARES INC. Consolidated Statements of Operations | |
| | | | | | |
|
| (Dollars in thousands except share and per share data) | | | Successor Company | | | Predecessor Company | |
| | Sept. 8 - Sept. 30, 2011 | | | July 1 - Sept. 7, 2011 |
|
| Three Months Ended Sept. 30, 2010 |
|
| Jan. 1 - Sept. 7, 2011 |
|
| Nine Months Ended Sept. 30, 2010 | |
| Interest income: | | | | | | | | | | | | | | | | |
|
Interest and fees on loans
| | |
$
|
–
| | | |
$
|
16,854
| | | |
$
|
27,744
| | | |
$
|
65,258
| | | |
$
|
87,178
| | |
|
Taxable securities
| | | |
–
| | | | |
1,202
| | | | |
1,181
| | | | |
4,290
| | | | |
3,860
| | |
|
Nontaxable securities
| | | |
–
| | | | |
204
| | | | |
304
| | | | |
790
| | | | |
922
| | |
|
FHLB and other stock
| | | |
–
| | | | |
102
| | | | |
136
| | | | |
374
| | | | |
408
| | |
|
Federal funds sold and other
| | |
|
–
|
| | |
|
118
|
| | |
|
90
|
| | |
|
468
|
| | |
|
283
|
| |
|
Total interest income
| | |
|
–
|
| | |
|
18,480
|
| | |
|
29,455
|
| | |
|
71,180
|
| | |
|
92,651
|
| |
| | | | | | | | | | | | | | | |
|
| Interest expense: | | | | | | | | | | | | | | | | |
|
Deposits
| | | |
–
| | | | |
2,873
| | | | |
6,444
| | | | |
12,764
| | | | |
22,131
| | |
|
Federal funds purchased and repurchase agreements
| | | |
–
| | | | |
3
| | | | |
6
| | | | |
11
| | | | |
17
| | |
|
FHLB advances and notes payable
| | | |
–
| | | | |
1,200
| | | | |
1,726
| | | | |
4,314
| | | | |
5,132
| | |
|
Subordinated debentures
| | |
|
236
|
| | |
|
346
|
| | |
|
532
|
| | |
|
1,315
|
| | |
|
1,492
|
| |
|
Total interest expense
| | |
|
236
|
| | |
|
4,422
|
| | |
|
8,708
|
| | |
|
18,404
|
| | |
|
28,772
|
| |
|
Net interest income (expense)
| | | |
(236
|
)
| | | |
14,058
| | | | |
20,747
| | | | |
52,776
| | | | |
63,879
| | |
| | | | | | | | | | | | | | | |
|
|
Provision for loan losses
| | |
|
–
|
| | |
|
15,513
|
| | |
|
36,823
|
| | |
|
43,742
|
| | |
|
45,461
|
| |
|
Net interest income (loss) after provision for loan losses
| | |
|
(236
|
)
| | |
|
(1,455
|
)
| | |
|
(16,076
|
)
| | |
|
9,034
|
| | |
|
18,418
|
| |
| | | | | | | | | | | | | | | |
|
| Non-interest income: | | | | | | | | | | | | | | | | |
|
Service charges on deposit accounts
| | | |
–
| | | | |
4,137
| | | | |
6,651
| | | | |
16,346
| | | | |
19,283
| | |
|
Other charges and fees
| | | |
–
| | | | |
348
| | | | |
417
| | | | |
1,147
| | | | |
1,156
| | |
|
Trust and investment services income
| | | |
–
| | | | |
446
| | | | |
1,021
| | | | |
1,457
| | | | |
2,360
| | |
|
Mortgage banking income
| | | |
–
| | | | |
72
| | | | |
212
| | | | |
271
| | | | |
453
| | |
|
Other income
| | |
|
1,138
|
| | |
|
6,937
|
| | |
|
728
|
| | |
|
8,582
|
| | |
|
2,234
|
| |
|
Total non-interest income
| | |
|
1,138
|
| | |
|
11,940
|
| | |
|
9,029
|
| | |
|
27,803
|
| | |
|
25,486
|
| |
| | | | | | | | | | | | | | | |
|
| Non-interest expense: | | | | | | | | | | | | | | | | |
|
Employee compensation
| | | |
–
| | | | |
6,105
| | | | |
8,266
| | | | |
21,560
| | | | |
23,903
| | |
|
Employee benefits
| | | |
–
| | | | |
602
| | | | |
816
| | | | |
2,458
| | | | |
2,609
| | |
|
Occupancy expense
| | | |
–
| | | | |
1,803
| | | | |
1,792
| | | | |
5,308
| | | | |
5,175
| | |
|
Equipment expense
| | | |
–
| | | | |
661
| | | | |
742
| | | | |
2,176
| | | | |
2,118
| | |
|
Computer hardware/software expense
| | | |
–
| | | | |
653
| | | | |
916
| | | | |
2,508
| | | | |
2,626
| | |
|
Professional services
| | | |
61
| | | | |
1,189
| | | | |
741
| | | | |
3,099
| | | | |
1,924
| | |
|
Advertising
| | | |
–
| | | | |
448
| | | | |
657
| | | | |
1,533
| | | | |
2,061
| | |
|
OREO maintenance expense
| | | |
–
| | | | |
627
| | | | |
712
| | | | |
2,976
| | | | |
1,711
| | |
|
Collection and repossession expense
| | | |
–
| | | | |
408
| | | | |
508
| | | | |
1,727
| | | | |
2,329
| | |
|
Loss on OREO and repossessed assets
| | | |
–
| | | | |
13,672
| | | | |
6,538
| | | | |
20,101
| | | | |
7,973
| | |
|
FDIC insurance
| | | |
–
| | | | |
260
| | | | |
1,099
| | | | |
2,629
| | | | |
3,159
| | |
|
Core deposit and other intangible amortization
| | | |
–
| | | | |
467
| | | | |
646
| | | | |
1,716
| | | | |
1,937
| | |
|
Other expenses
| | |
|
34
|
| | |
|
2,690
|
| | |
|
3,576
|
| | |
|
9,591
|
| | |
|
11,304
|
| |
|
Total non-interest expense
| | |
|
95
|
| | |
|
29,585
|
| | |
|
27,009
|
| | |
|
77,382
|
| | |
|
68,829
|
| |
|
Income (loss) before income taxes
| | | |
807
| | | | |
(19,100
|
)
| | | |
(34,056
|
)
| | | |
(40,545
|
)
| | | |
(24,925
|
)
| |
|
Income taxes provision (benefit)
| | |
|
(123
|
)
| | |
|
974
|
| | |
|
1,098
|
| | |
|
974
|
| | |
|
4,222
|
| |
|
Net income (loss)
| | | |
930
| | | | |
(20,074
|
)
| | | |
(35,154
|
)
| | | |
(41,519
|
)
| | | |
(29,147
|
)
| |
|
Preferred stock dividends and accretion of discount on warrants
| | | |
–
| | | | |
909
| | | | |
1,251
| | | | |
3,409
| | | | |
3,751
| | |
|
Gain on retirement of Series A preferred allocated to common
shareholders
| | |
|
–
|
| | |
|
11,188
|
| | |
|
–
|
| | |
|
11,188
|
| | |
|
–
|
| |
|
Net income (loss) available to common shareholders
| | |
$
|
930
|
| | |
$
|
(9,795
|
)
| | |
$
|
(36,405
|
)
| | |
$
|
(33,740
|
)
| | |
$
|
(32,898
|
)
| |
| | | | | | | | | | | | | | | |
|
| Per share of common stock: | | | | | | | | | | | | | | | | |
|
Basic earnings (loss)
| | |
$
|
0.01
| | | |
$
|
(0.75
|
)
| | |
$
|
(2.78
|
)
| | |
$
|
(2.57
|
)
| | |
$
|
(2.51
|
)
| |
|
Diluted earnings (loss)
| | |
$
|
0.01
| | | |
$
|
(0.75
|
)
| | |
$
|
(2.78
|
)
| | |
$
|
(2.57
|
)
| | |
$
|
(2.51
|
)
| |
|
Dividends
| | |
$
|
0.00
| | | |
$
|
0.00
| | | |
$
|
0.00
| | | |
$
|
0.00
| | | |
$
|
0.00
| | |
| | | | | | | | | | | | | | | |
|
| Weighted average shares outstanding: | | | | | | | | | | | | | | | | |
|
Basic
| | |
|
133,083,705
|
| | |
|
13,145,744
|
| | |
|
13,097,611
|
| | |
|
13,125,521
|
| | |
|
13,092,579
|
| |
|
Diluted
| | |
|
133,174,366
|
| | |
|
13,145,744
|
| | |
|
13,097,611
|
| | |
|
13,125,521
|
| | |
|
13,092,579
|
| |
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
(1) Diluted weighted average shares outstanding for the
period from July 1, 2011 to September 7, 2011, January 1, 2011 to
September 7, 2011 and three and nine months ended September 30,
2010 excludes 119,150, 94,930, 93,791 and 93,082 unvested shares,
respectively, because they are anti-dilutive.
|
|
|
| | |
GREEN BANKSHARES INC. Average Balances, Interest Earned or Paid, and Interest Yields
/ Rates | |
| | | |
|
| | | Predecessor Company | |
| | | Period of July 1 to Sept. 7, 2011 |
| Three Months Ended Sept. 30, 2010 | |
| | | Average Balance |
| Interest |
| Average Rate | | Average Balance |
| Interest |
| Average Rate | |
| Interest-earning assets: | | | | | | | | | | | | | | |
|
Loans(1)(2) | | |
$
|
1,404,673
| |
$
|
16,863
| |
6.35
|
%
| |
$
|
1,812,154
| |
$
|
27,759
| |
6.08
|
%
| |
|
Investment securities(2) | | | |
253,733
| | |
1,618
| |
3.37
|
%
| | |
179,586
| | |
1,785
| |
3.94
|
%
| |
|
Other short-term investments
| | |
|
260,137
| |
|
118
| |
0.24
|
%
| |
|
138,599
| |
|
90
| |
0.26
|
%
| |
|
Total interest-earning assets
| | |
|
1,918,543
| |
|
18,599
| |
5.13
|
%
| |
|
2,130,339
| |
|
29,634
| |
5.52
|
%
| |
|
Non-interest earning assets
| | |
|
319,598
| | | | | |
|
333,199
| | | | | |
|
Total assets
| | |
$
|
2,238,141
| | | | | |
$
|
2,463,538
| | | | | |
| | | | | | | | | | | | | |
|
| Interest-bearing liabilities: | | | | | | | | | | | | | | |
| Deposits: | | | | | | | | | | | | | | |
|
Interest checking, money market and savings
| | |
$
|
1,044,383
| |
$
|
822
| |
0.42
|
%
| |
$
|
992,222
| |
$
|
2,522
| |
1.01
|
%
| |
|
Time deposits
| | |
|
615,145
| |
|
2,051
| |
1.76
|
%
| |
|
765,960
| |
|
3,922
| |
2.03
|
%
| |
|
Total interest bearing-deposits
| | |
|
1,659,528
| |
|
2,873
| |
0.92
|
%
| |
|
1,758,182
| |
|
6,444
| |
1.45
|
%
| |
|
Securities sold under repurchase and short-term borrowings
| | | |
15,456
| | |
3
| |
0.10
|
%
| | |
22,990
| | |
6
| |
0.10
|
%
| |
|
Notes payable
| | | |
157,826
| | |
1,200
| |
4.03
|
%
| | |
171,216
| | |
1,726
| |
4.00
|
%
| |
|
Subordinated debentures
| | |
|
88,662
| |
|
346
| |
2.06
|
%
| |
|
88,662
| |
|
532
| |
2.38
|
%
| |
|
Total interest-bearing liabilities
| | |
|
1,921,472
| |
|
4,422
| |
1.22
|
%
| |
|
2,041,050
| |
|
8,708
| |
1.69
|
%
| |
| | | | | | | | | | | | | |
|
| Non-interest bearing liabilities: | | | | | | | | | | | | | | |
|
Demand Deposits
| | | |
173,999
| | | | | | |
171,237
| | | | | |
|
Other Liabilities
| | |
|
22,652
| | | | | |
|
19,161
| | | | | |
|
Total non-interest bearing liabilities
| | |
|
196,651
| | | | | |
|
190,398
| | | | | |
|
Total liabilities
| | |
|
2,118,123
| | | | | |
|
2,231,448
| | | | | |
|
Shareholders' equity
| | | |
120,018
| | | | | | |
232,090
| | | | | |
|
Total liabilities & shareholders' equity
| | |
$
|
2,238,141
| | | | | |
$
|
2,463,538
| | | | | |
| | | | | | | | | | | | | |
|
|
Net interest income
| | | | |
$
|
14,177
| | | | | |
$
|
20,926
| | | |
| | | | | | | | | | | | | |
|
|
Interest rate spread
| | | | | | |
3.91
|
%
| | | | | |
3.83
|
%
| |
| | | | | | | | | | | | | |
|
|
Net yield on interest-earning assets (net interest margin)
| | | | | | |
3.91
|
%
| | | | | |
3.90
|
%
| |
| | | | | | | | | | | | | |
|
(1) Average loan balances exclude nonaccrual loans for
the periods presented.
| |
(2) Fully Taxable Equivalent ("FTE") at the rate of
35%. The FTE basis adjusts for the tax benefits of income on
certain tax-exempt loans and investments using the federal
statutory rate of 35% for each period presented. The Company
believes this measure to be the preferred industry measurement of
net interest income and provides relevant comparison between
taxable and non-taxable amounts.
| |
|
|
| |
GREEN BANKSHARES INC. Average Balances, Interest Earned or Paid, and Interest Yields
/ Rates |
| | |
|
| | | Predecessor Company |
| | | Period of Jan. 1 to Sept. 7, 2011 |
| Nine Months Ended Sept. 30, 2010 |
| | | Average Balance |
| Interest |
| Average Rate | | Average Balance |
| Interest |
| Average Rate |
| Interest-earning assets: | | | | | | | | | | | | | |
|
Loans(1)(2) | | |
$
|
1,491,844
| |
$
|
65,293
| |
6.39
|
%
| |
$
|
1,886,937
| |
$
|
87,230
| |
6.18
|
%
|
|
Investment securities(2) | | | |
243,473
| | |
5,879
| |
3.53
|
%
| | |
180,894
| | |
5,686
| |
4.20
|
%
|
|
Other short-term investments
| | |
|
278,355
| |
|
468
| |
0.25
|
%
| |
|
148,365
| |
|
283
| |
0.26
|
%
|
|
Total interest-earning assets
| | |
|
2,013,672
| |
|
71,640
| |
5.19
|
%
| |
|
2,216,196
| |
|
93,199
| |
5.62
|
%
|
|
Non-interest earning assets
| | |
|
331,633
| | | | | |
|
315,147
| | | | |
|
Total assets
| | |
$
|
2,345,305
| | | | | |
$
|
2,531,343
| | | | |
| | | | | | | | | | | | |
|
| Interest-bearing liabilities: | | | | | | | | | | | | | |
| Deposits: | | | | | | | | | | | | | |
|
Interest checking, money market and savings
| | |
$
|
1,066,783
| |
$
|
4,062
| |
0.56
|
%
| |
$
|
968,322
| |
$
|
7,407
| |
1.02
|
%
|
|
Time deposits
| | |
|
696,335
| |
|
8,702
| |
1.82
|
%
| |
|
862,823
| |
|
14,724
| |
2.28
|
%
|
|
Total interest bearing-deposits
| | |
|
1,763,118
| |
|
12,764
| |
1.06
|
%
| |
|
1,831,145
| |
|
22,131
| |
1.62
|
%
|
|
Securities sold under repurchase and short-term borrowings
| | | |
16,466
| | |
11
| |
0.10
|
%
| | |
22,847
| | |
17
| |
0.10
|
%
|
|
Notes payable
| | | |
158,351
| | |
4,314
| |
3.98
|
%
| | |
171,673
| | |
5,132
| |
4.00
|
%
|
|
Subordinated debentures
| | |
|
88,662
| |
|
1,315
| |
2.17
|
%
| |
|
88,662
| |
|
1,492
| |
2.25
|
%
|
|
Total interest-bearing liabilities
| | |
|
2,026,597
| |
|
18,404
| |
1.33
|
%
| |
|
2,114,327
| |
|
28,772
| |
1.82
|
%
|
| | | | | | | | | | | | |
|
| Non-interest bearing liabilities: | | | | | | | | | | | | | |
|
Demand Deposits
| | | |
166,768
| | | | | | |
166,685
| | | | |
|
Other Liabilities
| | |
|
19,575
| | | | | |
|
18,243
| | | | |
|
Total non-interest bearing liabilities
| | |
|
186,343
| | | | | |
|
184,928
| | | | |
|
Total liabilities
| | |
|
2,212,940
| | | | | |
|
2,299,255
| | | | |
|
Shareholders' equity
| | | |
132,365
| | | | | | |
232,088
| | | | |
|
Total liabilities & shareholders' equity
| | |
$
|
2,345,305
| | | | | |
$
|
2,531,343
| | | | |
| | | | | | | | | | | | |
|
|
Net interest income
| | | | |
$
|
53,236
| | | | | |
$
|
64,427
| | |
| | | | | | | | | | | | |
|
|
Interest rate spread
| | | | | | |
3.87
|
%
| | | | | |
3.80
|
%
|
| | | | | | | | | | | | |
|
|
Net yield on interest-earning assets (net interest margin)
| | | | | | |
3.86
|
%
| | | | | |
3.89
|
%
|
| | | | | | | | | | | | | | |
|
(1) Average loan balances exclude nonaccrual loans for
the periods presented.
|
(2) Fully Taxable Equivalent ("FTE") at the rate of
35%. The FTE basis adjusts for the tax benefits of income on
certain tax-exempt loans and investments using the federal
statutory rate of 35% for each period presented. The Company
believes this measure to be the preferred industry measurement of
net interest income and provides relevant comparison between
taxable and non-taxable amounts.
|
Contacts:
Green Bankshares, Inc.
Christopher G. Marshall, Chief Financial
Officer, 704-554-5901
cmarshall@nafhinc.com
Source: Green Bankshares, Inc.
© 2026 Canjex Publishing Ltd. All rights reserved.