Waccamaw Bankshares Inc (WBNK, Financial) filed Quarterly Report for the period ended 2010-06-30.
Waccamaw Bankshares Inc has a market cap of $7.16 million; its shares were traded at around $1.2899 with and P/S ratio of 0.24.
Net loans outstanding on June 30, 2010, were $323,530,066, compared to $340,020,798 on December 31, 2009. The Bank maintains a loan portfolio dominated by real estate and commercial loans diversified among various industries. Curtailment of real estate lending in the first six months of 2010, coupled with very low loan demand and aggressive resolution of problem loans, including the addition of $4,213,673 in foreclosed assets in the first six months of 2010 and net charge-offs of $1,057,164 in the first six months of 2010 are the major factors contributing to the $16,490,732 decrease in loans in the period since December 31, 2009.
Securities sold under agreements to repurchase on June 30, 2010, were $20,053,000 compared to $20,615,000 on December 31, 2009. Long-term debt on June 30, 2010 and December 31, 2009 was $43,000,000. At June 30, 2010 and December 31, 2009, $40,000,000 was outstanding under Federal Home Loan Bank advances. Also included in long-term debt at June 30, 2010 and December 31, 2009 was $3,000,000 of subordinated notes bearing interest at 3-month LIBOR plus 350 basis points that will mature on July 1, 2015. Short-term borrowings at June 30, 2010 were $1,000,000 compared to $3,500,000 at December 31, 2009. There were no short-term borrowings funded by the Federal Home Loan Bank of Atlanta at June 30, 2010 and $2,500,000 in short-term borrowings at December 31, 2009 funded by the Federal Home Loan Bank of Atlanta. Also included in other short-term borrowings at June 30, 2010 and December 31, 2009 was a $1,000,000 line of credit at a 5.00% lending rate that will mature on July 1, 2020. Other liabilities at June 30, 2010 were $1,545,959 compared to $2,098,993 on December 31, 2009.
Waccamaw Bankshares, Inc. maintains a strong capital position which exceeds all capital adequacy requirements of Federal regulatory authorities. Total stockholders equity at June 30, 2010 was $18,435,076 compared to $17,154,431 at December 31, 2009. This $1,280,645 increase was primarily due to unrealized gains on securities available for sale increasing $1,974,712, net of tax and operating income of $160,662 for the six months ended June 30, 2010. Regulatory guidelines relating to capital adequacy provide minimum risk-based ratios which assess capital adequacy while encompassing all credit risks, including those related to off-balance sheet activities. Capital ratios under these guidelines are computed by weighing the relative risk of each asset category to derive risk-adjusted assets. For the Company, risk-based capital guidelines require minimum ratios of core (Tier 1) capital (common stockholders equity) to risk-weighted assets of 4.0% and total regulatory capital (core capital plus allowance for loan losses up to 1.25% of risk-weighted assets) to risk-weighted assets of 8.0%. As of June 30, 2010, the Company s Tier 1 risk-weighted capital ratio and total capital ratio were 8.3% and 9.3%, respectively. As of December 31, 2009, the Company s Tier 1 risk-weighted capital ratio and total capital ratio were 7.9% and 8.9%, respectively.
The increase in the provision is the result of an increase in non-performing loans along with loans identified as impaired under FAS 114 as discussed under Note 6 – “Fair Value” – in the notes to the Company s consolidated financial statements included under Item 1 of this report. As of June 30, 2010 the Bank identified $44,599,956 in impaired loans. Of these impaired loans, $11,451,174 was identified to have impairment of $1,335,849. At December 31, 2009, there was $41,575,130 of loans that were reviewed for individual impairment under FAS 114. None of these impaired loans required a specific reserve at December 31, 2009. The increases in impaired loans resulted from net charge-offs of $13,618,962 at December 31, 2009, as most of the loans charged-off in 2009 were classified as impaired.
The allowance for loan losses on June 30, 2010, was $10,902,377 or 3.26% of period end loans compared to $10,148,927 and 2.90% at December 31, 2009. The allowance for loan losses at June 30, 2010 represented 24.44% of impaired loans compared to 24.41% at December 31, 2009. At June 30, 2010 the Bank had loans totaling $35,077,457 in nonaccrual status as compared to $26,010,130 at June 30, 2009. The increase in non-accrual loans includes increases in eight non-performing commercial real estate loans. The largest non-accrual loan relationship totaled $4,704,805 with the average balance for the ninety three non-accrual loans totaling $377,176. At June 30, 2010 there was $1,057,164 in net charge-offs compared to $329,878 at June 30, 2009. There was $98,575 in repossessed assets at June 30, 2010 and $8,281 in repossessed assets at June 30, 2009. At June 30, 2010 there was $9,207,914 in other real estate owned compared to $731,087 at June 30, 2009.
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Waccamaw Bankshares Inc has a market cap of $7.16 million; its shares were traded at around $1.2899 with and P/S ratio of 0.24.
Highlight of Business Operations:
On June 30, 2010, Waccamaw Bankshares, Inc. assets totaled $573,493,596 compared to $533,221,072 on December 31, 2009. Net loans on June 30, 2010 were $323,530,066 compared to $340,020,798 on December 31, 2009. Total deposits on June 30, 2010 were $475,979,553 compared to $433,537,959 at the end of 2009. Stockholders equity after adjustments for unrealized losses on securities available for sale increased by $1,280,645 resulting in a June 30, 2010 book value of $3.32 per common share, up from $3.09 on December 31, 2009.Net loans outstanding on June 30, 2010, were $323,530,066, compared to $340,020,798 on December 31, 2009. The Bank maintains a loan portfolio dominated by real estate and commercial loans diversified among various industries. Curtailment of real estate lending in the first six months of 2010, coupled with very low loan demand and aggressive resolution of problem loans, including the addition of $4,213,673 in foreclosed assets in the first six months of 2010 and net charge-offs of $1,057,164 in the first six months of 2010 are the major factors contributing to the $16,490,732 decrease in loans in the period since December 31, 2009.
Securities sold under agreements to repurchase on June 30, 2010, were $20,053,000 compared to $20,615,000 on December 31, 2009. Long-term debt on June 30, 2010 and December 31, 2009 was $43,000,000. At June 30, 2010 and December 31, 2009, $40,000,000 was outstanding under Federal Home Loan Bank advances. Also included in long-term debt at June 30, 2010 and December 31, 2009 was $3,000,000 of subordinated notes bearing interest at 3-month LIBOR plus 350 basis points that will mature on July 1, 2015. Short-term borrowings at June 30, 2010 were $1,000,000 compared to $3,500,000 at December 31, 2009. There were no short-term borrowings funded by the Federal Home Loan Bank of Atlanta at June 30, 2010 and $2,500,000 in short-term borrowings at December 31, 2009 funded by the Federal Home Loan Bank of Atlanta. Also included in other short-term borrowings at June 30, 2010 and December 31, 2009 was a $1,000,000 line of credit at a 5.00% lending rate that will mature on July 1, 2020. Other liabilities at June 30, 2010 were $1,545,959 compared to $2,098,993 on December 31, 2009.
Waccamaw Bankshares, Inc. maintains a strong capital position which exceeds all capital adequacy requirements of Federal regulatory authorities. Total stockholders equity at June 30, 2010 was $18,435,076 compared to $17,154,431 at December 31, 2009. This $1,280,645 increase was primarily due to unrealized gains on securities available for sale increasing $1,974,712, net of tax and operating income of $160,662 for the six months ended June 30, 2010. Regulatory guidelines relating to capital adequacy provide minimum risk-based ratios which assess capital adequacy while encompassing all credit risks, including those related to off-balance sheet activities. Capital ratios under these guidelines are computed by weighing the relative risk of each asset category to derive risk-adjusted assets. For the Company, risk-based capital guidelines require minimum ratios of core (Tier 1) capital (common stockholders equity) to risk-weighted assets of 4.0% and total regulatory capital (core capital plus allowance for loan losses up to 1.25% of risk-weighted assets) to risk-weighted assets of 8.0%. As of June 30, 2010, the Company s Tier 1 risk-weighted capital ratio and total capital ratio were 8.3% and 9.3%, respectively. As of December 31, 2009, the Company s Tier 1 risk-weighted capital ratio and total capital ratio were 7.9% and 8.9%, respectively.
The increase in the provision is the result of an increase in non-performing loans along with loans identified as impaired under FAS 114 as discussed under Note 6 – “Fair Value” – in the notes to the Company s consolidated financial statements included under Item 1 of this report. As of June 30, 2010 the Bank identified $44,599,956 in impaired loans. Of these impaired loans, $11,451,174 was identified to have impairment of $1,335,849. At December 31, 2009, there was $41,575,130 of loans that were reviewed for individual impairment under FAS 114. None of these impaired loans required a specific reserve at December 31, 2009. The increases in impaired loans resulted from net charge-offs of $13,618,962 at December 31, 2009, as most of the loans charged-off in 2009 were classified as impaired.
The allowance for loan losses on June 30, 2010, was $10,902,377 or 3.26% of period end loans compared to $10,148,927 and 2.90% at December 31, 2009. The allowance for loan losses at June 30, 2010 represented 24.44% of impaired loans compared to 24.41% at December 31, 2009. At June 30, 2010 the Bank had loans totaling $35,077,457 in nonaccrual status as compared to $26,010,130 at June 30, 2009. The increase in non-accrual loans includes increases in eight non-performing commercial real estate loans. The largest non-accrual loan relationship totaled $4,704,805 with the average balance for the ninety three non-accrual loans totaling $377,176. At June 30, 2010 there was $1,057,164 in net charge-offs compared to $329,878 at June 30, 2009. There was $98,575 in repossessed assets at June 30, 2010 and $8,281 in repossessed assets at June 30, 2009. At June 30, 2010 there was $9,207,914 in other real estate owned compared to $731,087 at June 30, 2009.
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