* Earnings Per Share increases 10.8% for the quarter (12.4% full
year) * Net income increased 31.9% for the quarter (24.9% full
year) * Net Interest Margin increased to 5.36% for the quarter
(5.34% full year) FORT WORTH, Texas, Jan. 25 /PRNewswire-FirstCall/
-- State National Bancshares, Inc. (NASDAQ:SNBI) ("SNBI"), the
parent company of State National Bank, today announced net income
for fourth quarter 2005 of $5.0 million, or $0.41 per diluted
common share, compared to $3.8 million, or $0.37 per diluted common
share, for the comparable 2004 period. Net income for the year
ended December 31, 2005 was $16.7 million, or $1.54 per diluted
common share, compared to $13.4 million, or $1.37 per diluted
common share, for the comparable 2004 period. "All of our markets
continue to perform well, as evidenced by our impressive net
interest margin. We remain committed to increasing shareholder
value through strategic acquisitions and expense efficiencies,"
said Tom C. Nichols, Chairman, President and CEO of SNBI. Net
interest margin increased to 5.36% for the fourth quarter in 2005
from 5.14% in the same quarter in the previous year and increased
to 5.34% for the year ended December 31, 2005 from 4.87% in the
same period of 2004. SNBI completed the acquisition of Heritage
Financial Corporation ("Heritage") on October 6, 2005. The results
of operations for Heritage have been included in the consolidated
financial statements since the purchase date. SNBI completed the
acquisition of Mercantile Bank, Texas ("Mercantile") on July 30,
2004. The results of operations for Mercantile have been included
in the consolidated financial statements since the purchase date.
Results of Operations For the three months ended December 31, 2005,
net income was $5.0 million compared to $3.8 million for the same
period in 2004. Net income per diluted common share was $0.41 for
the three months ended December 31, 2005 compared with $0.37 for
the same period in 2004, which represents an increase of 10.8% per
share. Return on average assets, average common equity and average
tangible equity for the three months ended December 31, 2005 were
1.22%, 9.44% and 17.95%, respectively, and 1.11%, 10.03% and
21.62%, respectively for the three months ended December 31, 2004.
State National's efficiency ratio was 63.99% and 65.33% for the
three months ended December 31, 2005 and December 31, 2004,
respectively. Net income was $16.7 million for the year ended
December 31, 2005, compared to $13.4 million for the year ended
December 31, 2004. Net income per diluted common share was $1.54
for the year ended December 31, 2005, compared to $1.37 for the
comparable period in 2004 which represents an increase of 12.4% on
a per share basis. Returns on average assets, average common equity
and average tangible equity for 2005 were 1.17%, 9.73% and 19.33%,
respectively, and 1.08%, 9.84% and 17.42%, respectively for 2004.
State National's efficiency ratio was 64.73% and 65.96% for the
year ended December 31, 2005 and December 31, 2004, respectively.
Our tax-equivalent net interest income was $18.4 million for the
three months ended December 31, 2005 as compared to $14.9 million
for the comparable period in 2004, an increase of 23.4%. Our net
interest margin on a fully taxable-equivalent basis was 5.36% for
forth quarter of 2005 as compared to 5.14% in the same period in
2004. These increases were primarily attributable to higher
interest rates earned on our loan portfolio. Net interest margin
decreased slightly on a linked quarter basis from 5.41% at
September 30, 2005 to 5.36% at December 31, 2005. This slight
decline in net interest margin was related to the deposit mix
acquired from Heritage and we expect this to improve after
realignment of the Heritage deposit mix. Noninterest income was
$4.9 million for the three month period ended December 31, 2005 and
$4.0 million for the three month period ended December 31, 2004, a
22.0% increase. This increase is primarily related to increased
transactional and savings accounts resulting from our acquisition
of Heritage as well as increased gain on sale of loans due to
increased originations in the three month period ended December 31,
2005. Noninterest expense was $15.9 million for the fourth quarter
of 2005 as compared to $13.2 million for the same period in 2004,
an increase of 20.6% which is primarily attributable to the
acquisition of Heritage. We incurred costs associated with two
unusual events during the three month period ended December 31,
2005. Included in noninterest expense is $230,000 in merger
expenses related to the Heritage acquisition and included in
salaries and employee benefits is $125,000 in severance costs
related to a reduction in our mortgage origination department. Our
provision for loan losses for each of the three month periods ended
December 31, 2005 and December 31, 2004 was $150,000. Loans at
December 31, 2005 totaled $1.09 billion, an increase of $140.0
million, or 14.8% from $946.2 million at December 31, 2004.
Deposits in total at December 31, 2005 totaled $1.36 billion, an
increase of $230.7 million, or 20.5% from $1.13 billion at December
31, 2004. FORWARD-LOOKING STATEMENTS This press release contains
certain forward-looking information about State National 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
inherent risks and uncertainties, many of which are difficult to
predict and are generally beyond the control of State National.
State National cautions readers that a number of important factors
could cause actual results to differ materially from those
expressed in, implied or projected by, such forward-looking
statements. Risks and uncertainties include, but are not limited
to: the possibility that personnel changes will not proceed as
planned; planned acquisitions and related cost savings cannot be
realized or realized within the expected time frame; costs and
uncertainties related to the outcome of pending litigation;
revenues are lower than expected; competitive pressure among
depository institutions increases significantly; the integration of
acquired businesses costs more, takes longer or is less successful
than expected; the cost of additional capital is more than
expected; a change in the interest rate environment reduces
interest margins; general economic conditions, either nationally or
in the market areas in which State National operates, are less
favorable than expected; legislative or regulatory requirements or
changes that adversely affect State National's business or
regulatory capital requirements, or that alter the regulatory
capital treatment of the State National's trust preferred
securities; changes in the securities markets and other risks that
are described in State National's public filings with the U.S.
Securities and Exchange Commission (the "SEC"). If any of these
risks or uncertainties materializes or if any of the assumptions
underlying such forward-looking statements proves to be incorrect,
State National's results could differ materially from those
expressed in, implied or projected by such forward- looking
statements. State National assumes no obligation to update such
forward-looking statements. State National Bancshares, Inc.
Financial Highlights (Dollars in thousands, except per share data)
Three Months Ended Years Ended Dec 31, 2005 Dec 31, 2004 Dec 31,
2005 Dec 31, 2004 (Unaudited) (Unaudited) (Unaudited) (Unaudited)
Interest income $23,474 $17,406 $79,070 $60,989 Interest expense
5,230 2,529 15,228 9,093 Net interest income 18,244 14,877 63,842
51,896 Provision for loan losses 150 150 900 450 Net interest
income after provision for loan losses 18,094 14,727 62,942 51,446
Noninterest income 4,886 4,006 18,689 15,810 Noninterest expense
15,912 13,199 57,031 47,584 Income before income taxes 7,068 5,534
24,600 19,672 Income tax expense 2,061 1,738 7,918 6,317 Net income
$5,007 $3,796 $16,682 $13,355 Basic earnings per share $0.42 $0.38
$1.58 $1.40 Diluted earnings per share $0.41 $0.37 $1.54 $1.37
Period end shares outstanding 11,971,107 10,054,582 11,971,107
10,054,582 Weighted average shares outstanding (basic) 11,971,107
10,042,972 10,546,331 9,536,114 Weighted average shares outstanding
(diluted) 12,297,044 10,254,217 10,812,169 9,735,874 State National
Bancshares, Inc. Average Balance Sheet Data (Dollars in thousands)
Three Months Ended Years Ended Dec 31, 2005 Dec 31, 2004 Dec 31,
2005 Dec 31, 2004 (Unaudited) (Unaudited) (Unaudited) (Unaudited)
Total loans $1,082,133 $942,156 $989,406 $825,981 Securities
235,434 175,509 163,419 194,622 Fed funds sold and other earning
assets 52,253 41,270 45,395 45,104 Total earning assets 1,369,820
1,158,935 1,198,220 1,065,707 Allowance for loan loss (13,127)
(12,310) (11,915) (10,999) Cash and due from banks 69,898 61,524
63,670 53,580 Goodwill 100,494 70,812 78,237 50,149 Other
intangible assets, net 16,281 15,861 14,712 13,632 Other real
estate 1,266 2,449 1,788 2,350 Fixed assets, net 47,505 31,791
38,067 27,597 Other assets 52,239 42,954 46,263 39,267 Total assets
$1,644,376 $1,372,016 $1,429,042 $1,241,283 Demand deposits
$466,397 $377,191 $416,168 $316,207 Interest bearing deposits
873,044 764,701 759,455 713,248 Total deposits 1,339,441 1,141,892
1,175,623 1,029,455 Federal funds purchased and other interest
bearing liabilities 29,939 22,862 23,174 22,181 Junior subordinated
debentures 47,000 47,000 47,000 44,423 Notes payable 4,199 910
1,688 952 Other liabilities 11,540 7,995 10,043 8,611 Shareholders'
equity 212,257 151,357 171,514 135,661 Total liabilities and equity
$1,644,376 $1,372,016 $1,429,042 $1,241,283 State National
Bancshares, Inc. Income Statement Data (Dollars in thousands) Three
Months Ended Years Ended Dec 31, 2005 Dec 31, 2004 Dec 31, 2005 Dec
31, 2004 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Interest
on loans $20,471 $15,488 $70,990 $52,951 Interest on securities
2,480 1,727 6,580 7,454 Interest on federal funds sold and other
earning assets 523 191 1,500 584 Total interest income 23,474
17,406 79,070 60,989 Interest expense - deposits 4,031 1,795 11,298
6,636 Interest expense - federal funds purchased and securities
sold under agreement to repurchase 248 77 635 176 Interest expense
- subordinated notes payable 898 646 3,212 2,233 Interest expense -
notes payable 53 11 83 48 Total interest expense 5,230 2,529 15,228
9,093 Net interest income 18,244 14,877 63,842 51,896 Provision for
loan losses 150 150 900 450 Net interest income after provision for
loan losses 18,094 14,727 62,942 51,446 Service charges on deposit
accounts 2,750 2,500 10,166 9,333 Gain on sale of loans 797 538
2,950 2,261 Bank owned life insurance 416 308 1,364 1,259 Other
income 923 660 4,209 2,957 Total noninterest income 4,886 4,006
18,689 15,810 Salaries and employee benefits 8,176 6,920 29,790
24,507 Net occupancy and equipment 2,547 2,024 9,175 7,678
Amortization of intangibles 1,031 853 3,502 2,888 Professional fees
281 337 1,298 1,143 Communication 371 298 1,227 1,016 Merger 230
--- 289 285 Other 3,276 2,767 11,750 10,067 Total noninterest
expense 15,912 13,199 57,031 47,584 Income before taxes 7,068 5,534
24,600 19,672 Income tax expense 2,061 1,738 7,918 6,317 Net income
$5,007 $3,796 $16,682 $13,355 State National Bancshares, Inc.
Common Share and Other Data (Dollars in thousands except per share
data) Three Months Ended Years Ended Dec 31, Dec 31, Dec 31, Dec
31, 2005 2004 2005 2004 (Unaudited) (Unaudited) (Unaudited)
(Unaudited) Book value per share $17.73 $15.05 $17.73 $15.05
Tangible book value per share 9.23 7.01 9.23 7.01 Period end shares
outstanding 11,971,107 10,054,582 11,971,107 10,054,582 Weighted
average shares outstanding (basic) 11,971,107 10,042,972 10,546,331
9,536,114 Weighted average shares outstanding (diluted) 12,297,044
10,254,217 10,812,169 9,735,874 Nonaccrual loans $8,654 $6,926
$8,654 $6,926 Accruing loans 90 or more days past due --- 68 --- 68
Restructured loans 88 226 88 226 Total non-performing loans 8,742
7,220 8,742 7,220 Other real estate 927 1,943 927 1,943 Repossessed
assets 8 9 8 9 Total non-performing assets $9,677 $9,172 $9,677
$9,172 Allowance for loan losses at end of period $12,591 $11,383
$12,591 $11,383 Net charge-offs $856 $1,204 $1,369 $1,503 Basic
earnings per share $0.42 $0.38 $1.58 $1.40 Diluted earnings per
share $0.41 $0.37 $1.54 $1.37 State National Bancshares, Inc.
Performance and Asset Quality Ratios Three Months Ended Years Ended
Dec 31, Dec 31, Dec 31, Dec 31, 2005 2004 2005 2004 (Unaudited)
(Unaudited) (Unaudited) (Unaudited) Return on average assets
(annualized) 1.22 % 1.11 % 1.17 % 1.08 % Return on average common
equity (annualized) 9.44 10.03 9.73 9.84 Return on average tangible
common equity (annualized) 17.95 21.62 19.33 17.42 Net interest
margin (tax equivalent) (annualized) 5.36 5.14 5.34 4.87 Efficiency
ratio 63.99 % 65.33 % 64.73 % 65.96 % Non performing assets to
average earning assets 0.71 % 0.79 % 0.81 % 0.86 % Non performing
assets to loans and other real estate 0.89 0.98 0.89 0.98 Net
charge offs (annualized) to average loans 0.32 0.51 0.14 0.18
Allowance for loan losses to total loans 1.16 1.21 1.16 1.21 State
National Bancshares, Inc. Balance Sheet Data (at period end)
(Dollars in thousands) Dec 31, Sept 30, June 30, March 31, Dec 31,
2005 2005 2005 2005 2004 (Unaudited) (Unaudited) (Unaudited)
(Unaudited) (Unaudited) Total loans $1,086,195 $973,322 $965,853
$957,037 $946,166 Securities and other investments 214,881 124,899
133,916 141,219 159,314 Federal funds sold and other earning assets
81,713 77,425 45,884 36,548 34,575 Total earning assets 1,382,789
1,175,646 1,145,653 1,134,804 1,140,055 Allowance for loan losses
(12,591) (11,620) (11,538) (11,386) (11,383) Cash and due from
banks 72,922 64,658 64,175 65,401 54,892 Goodwill 100,486 70,818
70,818 70,818 70,818 Other intangible assets, net 17,936 13,015
13,839 14,662 15,486 Other real estate 935 1,851 2,212 1,936 1,952
Premises and equipment, net 48,769 35,583 35,136 34,308 33,915
Other Assets 51,631 47,058 45,521 44,305 44,645 Total Assets
$1,662,877 $1,397,009 $1,365,816 $1,354,848 $1,350,380 Demand
deposits 487,369 428,795 $401,797 $407,898 $390,159 Interest
bearing deposits 869,709 721,981 725,785 717,466 736,235 Total
deposits 1,357,078 1,150,776 1,127,582 1,125,364 1,126,394 Federal
funds purchased and other interest bearing liabilities 28,597
27,470 21,273 18,572 18,530 Subordinated notes payable 47,000
47,000 47,000 47,000 47,000 Notes payable 5,841 810 840 870 899
Other liabilities 12,104 9,618 10,908 8,790 6,197 Total liabilities
1,450,620 1,235,674 1,207,603 1,200,596 1,199,020 Shareholders'
equity 212,257 161,335 158,213 154,252 151,360 Total liabilities
and equity $1,662,877 $1,397,009 $1,365,816 $1,354,848 $1,350,380
State National Bancshares, Inc. Performance, Asset Quality and
Capital Ratios Three Months Ended Dec 31, Sept 30, June 30, March
31, Dec 31, 2005 2005 2005 2005 2004 (Unaudited) (Unaudited)
(Unaudited) (Unaudited) (Unaudited) Return on average assets
(annualized) 1.22% 1.27% 1.14% 1.03% 1.11% Return on average common
equity (annualized) 9.44 10.85 9.70 8.97 10.03 Return on average
tangible common equity (annualized) 17.95 21.54 19.51 18.91 21.62
Net interest margin (tax equivalent) (annualized) 5.36 5.41 5.35
5.24 5.14 Efficiency ratio 63.99% 63.93% 65.22% 66.03% 65.33% Non
performing assets to average earning assets 0.71% 0.61% 0.64% 0.73%
0.79% Non performing assets to loans and other real estate 0.89
0.74 0.75 0.86 0.98 Net charge offs (annualized) to average loans
0.32 0.03 0.09 0.13 0.51 Allowance for loan losses to total loans
1.16 1.20 1.21 1.20 1.21 Tier 1 risk-based capital 11.98% 11.74%
11.84% 11.13% 10.89% Total risk-based capital 13.04 12.82 12.96
12.21 11.98 Tier 1 leverage capital 8.69 9.71 9.61 9.36 8.82
Tangible equity to tangible assets (A) 6.19 6.23 6.10 5.80 5.55
Equity to assets 12.76 11.55 11.58 11.39 11.21 (A) This ratio is
calculated based on regulatory tangible common equity. State
National Bancshares, Inc. Yield Analysis Three Months Ended
December 31, 2005 December 31, 2004 Interest Interest Average
Income/ Yield/ Average Income/ Yield/ Balance Expenses Rate(A)
Balance Expenses Rate(A) (Dollars in thousands) Assets: Interest
earnings assets: Loans, net of unearned income $1,082,133 $20,471
7.57% $942,156 $15,488 6.58% Securities 235,434 2,607 4.43% 175,509
1,742 3.97% Time deposits in other banks 35,495 161 1.81% 8,944 44
1.97% Federal funds sold 16,758 362 8.64% 32,326 147 1.82% Total
interest- earnings assets 1,369,820 23,601 6.89% 1,158,935 17,421
6.01% Noninterest- earning assets: Cash and due from banks 69,898
61,524 Intangible assets 116,775 86,673 Premises and equipment, net
47,505 31,791 Accrued interest receivable and other assets 53,505
45,403 Allowance for loan losses (13,127) (12,310) Total
noninterest- earning assets 274,556 213,081 Total assets $1,644,376
$1,372,016 Liabilities and shareholders equity: Interest-bearing
liabilities: Demand, savings and money market deposits $521,784
1,473 1.13% $472,450 581 0.49% Time deposits 351,260 2,558 2.91%
292,251 1,214 1.66% Fed funds purchased and securities sold under
agreement to repurchase 29,939 248 3.31% 22,862 77 1.35%
Subordinated notes payable 47,000 898 7.64% 47,000 646 5.50% Note
payable 4,199 53 5.05% 910 11 4.84% Total interest- bearing
liabilities 954,182 5,230 2.19% 835,473 2,529 1.21% Noninterest-
bearing liabilities: Demand deposits 466,397 377,191 Accrued
interest payable and other liabilities 11,540 7,995 Total
noninterest- bearing liabilities 477,937 385,186 Total liabilities
1,432,119 1,220,659 Shareholders' equity 212,257 151,357 Total
liabilities and shareholders' equity $1,644,376 $1,372,016 Net
interest income $18,371 $14,892 Net interest spread(B) 4.70% 4.80%
Net interest margin(C) 5.36% 5.14% (A) Yields on tax-exempt
securities are calculated on a fully taxable equivalent basis
assuming a 35% tax rate. (B) Represents the average rate earned on
interest-earning assets less the average rate paid on
interest-bearing liabilities. (C) Represents net interest income on
a fully taxable equivalent basis as a percentage of average
interest-earning assets. State National Bancshares, Inc. Yield
Analysis Years Ended December 31, 2005 December 31, 2004 Interest
Interest Average Income/ Yield/ Average Income/ Yield/ Balance
Expenses Rate(A) Balance Expenses Rate(A) (Dollars in thousands)
Assets: Interest earnings assets: Loans, net of unearned income
$989,406 $70,990 7.18% $825,981 $52,951 6.41% Securities 163,419
6,747 4.13% 194,622 7,508 3.86% Time deposits in other banks 16,979
398 2.34% 13,501 175 1.30% Federal funds sold 28,416 1,102 3.88%
31,603 409 1.29% Total interest- earnings assets 1,198,220 79,237
6.61% 1,065,707 61,043 5.73% Noninterest- earning assets: Cash and
due from banks 63,670 53,580 Intangible assets 92,949 63,781
Premises and equipment, net 38,067 27,597 Accrued interest
receivable and other assets 48,051 41,617 Allowance for loan losses
(11,915) (10,999) Total noninterest- earning assets 230,822 175,576
Total assets $1,429,042 $1,241,283 Liabilities and shareholders
equity: Interest-bearing liabilities: Demand, savings and money
market deposits $463,836 4,241 0.91% $420,091 1,854 0.44% Time
deposits 295,619 7,057 2.39% 293,157 4,782 1.63% Fed funds
purchased and securities sold under agreement to repurchase 23,174
635 2.74% 22,181 176 0.79% Subordinated notes payable 47,000 3,212
6.83% 44,423 2,233 5.03% Note payable 1,688 83 4.92% 952 48 5.04%
Total interest- bearing liabilities 831,317 15,228 1.83% 780,804
9,093 1.16% Noninterest- bearing liabilities: Demand deposits
416,168 316,207 Accrued interest payable and other liabilities
10,043 8,611 Total noninterest- bearing liabilities 426,211 324,818
Total liabilities 1,257,528 1,105,622 Shareholders' equity 171,514
135,661 Total liabilities and shareholders' equity $1,429,042
$1,241,283 Net interest income $64,009 $51,950 Net interest
spread(B) 4.78% 4.57% Net interest margin(C) 5.34% 4.87% (A) Yields
on tax-exempt securities are calculated on a fully taxable
equivalent basis assuming a 35% tax rate. (B) Represents the
average rate earned on interest-earning assets less the average
rate paid on interest-bearing liabilities. (C) Represents net
interest income on a fully taxable equivalent basis as a percentage
of average interest-earning assets. Cash Earnings Per Share Our
balance sheet has a significant amount of intangible assets and a
corresponding amount of intangible amortization, creating a wide
margin between GAAP and Cash (GAAP EPS plus tax effected intangible
amortization expense per share) EPS. Cash EPS is a good indicator
of the increase in tangible book value per share (see below) when
dividends have not been paid. Therefore, we believe cash EPS is a
very important performance measurement for our company. Below is a
table reconciling GAAP EPS to cash EPS for the quarters ended
December 31, 2005 and December 31, 2004 and for the years ended
December 31, 2005 and December 31, 2004. Three Months Ended Years
Ended Dec 31, 2005 2004 2005 2004 (Unaudited) (Unaudited)
(Unaudited) (Unaudited) GAAP EPS $0.41 $0.37 $1.54 $1.37 fully
diluted Intangible amortization expense per share tax effected 0.05
0.05 0.21 0.19 Cash EPS fully diluted $0.46 $0.42 $1.75 $1.56 Cash
earnings per diluted common share was $0.46 for the three months
ended December 31, 2005 compared with $0.42 for the same period in
2004, which represents an increase of 9.5% per share. Net income
per diluted common share was $1.75 for the year ended December 31,
2005, compared to $1.56 for the comparable period in 2004 which
represents an increase of 12.2% on a per share basis. Tangible Book
Value Tangible book value is another important value and regulatory
measurement. Due to the Heritage acquisition, we will create a
significant deferred tax asset as we amortize the goodwill and core
deposit intangible balances for tax purposes. The table below
details the estimated amount of the deferred tax asset that would
be created if all intangibles were written off for tangible book
value calculation purposes. Year Ended Dec 31, 2005 (unaudited)
Stockholders' equity $212,257 Less goodwill (100,486) Less other
intangible assets (17,936) Plus estimated deferred tax asset
related to goodwill and other intangibles 16,661 Tangible book
value $110,496 Shares outstanding 11,971,107 Tangible book value
per share $9.23 DATASOURCE: State National Bancshares, Inc.
CONTACT: Tom C. Nichols, Chairman, President and Chief Executive
Officer, or Don E. Cosby, Executive Vice President and Chief
Financial Officer, both of State National Bancshares, Inc.,
+1-817-547-1150, or fax, +1-817-547-1159 Web site:
http://www.statenationalbank.com/
Copyright
State National Bancshares (NASDAQ:SNBI)
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State National Bancshares (NASDAQ:SNBI)
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から 6 2023 まで 6 2024