Waccamaw Bankshares Inc (WBNK, Financial) filed Annual Report for the period ended 2010-12-31.
Waccamaw Banksh has a market cap of $1.5 million; its shares were traded at around $0.19 with and P/S ratio of 0.1.
Noninterest income totaled $6.7 million, $3.9 million, and $966,000 for the years ended December 31, 2010, 2009, and 2008, respectively. Noninterest income increased in 2010 primarily due to increases in gains on sales of investment securities, an increase of $123,000 of ATM and check cashing fees and an increase of $25,000 in mortgage origination income. Service charges on deposit accounts were 41.3% of total noninterest income. Service charges tend to increase as the number of deposit accounts increases. The Bank's fee structure is reviewed annually to determine if adjustments to fees are warranted.
The overhead ratio of noninterest expense to adjusted total revenues (net interest income plus noninterest income excluding securities transactions) was 107%, 107% and 111% in 2010, 2009, and 2008, respectively. The primary elements of noninterest expense for the fiscal years ended December 31, 2010, 2009, and 2008 are summarized in the following table.
Average earning assets were $500.5 million during 2010, an increase of 2.0% from 2009. Average earning assets were $481.9 million in 2009, a decrease of 1.8% over the $490.9 million balance for 2008. Total average earning assets represented 88.7%, 86.3%, and 91.0% of total average assets during the years ended December 31, 2010, 2009 and 2008, respectively. A summary of average assets is shown in the following table.
Federal funds represent the most liquid portion of the Bank's invested funds and generally the lowest yielding portion of earning assets. However, because of the flat yield curve and the need to maintain liquidity, management maintained a significant amount of federal funds during the past three years. At December 31, 2010 and December 31, 2009, federal funds sold were $2.2 million and $21.3 million, respectively.
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Waccamaw Banksh has a market cap of $1.5 million; its shares were traded at around $0.19 with and P/S ratio of 0.1.
Highlight of Business Operations:
Interest income during 2010 was $20.7 million, a decrease of 20.1% from the 2009 total of $25.9 million. Interest income for 2008 was $30.5 million. The decrease in net interest income can primarily be attributed to the decrease in loans and investments and the increase in interest bearings deposits with banks in 2010. Average earning assets were $500.5 million during 2010, a decrease of 3.9% from 2009. Average earning assets decreased 1.8% to $481.9 million during 2009 over the 2008 balance of $490.9 million. Yields on interest-earning assets during 2010, 2009, and 2008 were 4.1%, 5.4%, and 6.2%, respectively.Noninterest income totaled $6.7 million, $3.9 million, and $966,000 for the years ended December 31, 2010, 2009, and 2008, respectively. Noninterest income increased in 2010 primarily due to increases in gains on sales of investment securities, an increase of $123,000 of ATM and check cashing fees and an increase of $25,000 in mortgage origination income. Service charges on deposit accounts were 41.3% of total noninterest income. Service charges tend to increase as the number of deposit accounts increases. The Bank's fee structure is reviewed annually to determine if adjustments to fees are warranted.
The overhead ratio of noninterest expense to adjusted total revenues (net interest income plus noninterest income excluding securities transactions) was 107%, 107% and 111% in 2010, 2009, and 2008, respectively. The primary elements of noninterest expense for the fiscal years ended December 31, 2010, 2009, and 2008 are summarized in the following table.
Average earning assets were $500.5 million during 2010, an increase of 2.0% from 2009. Average earning assets were $481.9 million in 2009, a decrease of 1.8% over the $490.9 million balance for 2008. Total average earning assets represented 88.7%, 86.3%, and 91.0% of total average assets during the years ended December 31, 2010, 2009 and 2008, respectively. A summary of average assets is shown in the following table.
Federal funds represent the most liquid portion of the Bank's invested funds and generally the lowest yielding portion of earning assets. However, because of the flat yield curve and the need to maintain liquidity, management maintained a significant amount of federal funds during the past three years. At December 31, 2010 and December 31, 2009, federal funds sold were $2.2 million and $21.3 million, respectively.
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