Waccamaw Bankshares Inc (WBNK, Financial) filed Quarterly Report for the period ended 2010-03-31.
Waccamaw Bankshares Inc has a market cap of $18.6 million; its shares were traded at around $3.35 with and P/S ratio of 0.6.
Securities sold under agreements to repurchase on March 31, 2010, were $20,557,000 compared to $20,615,000 on December 31, 2009. Long-term debt on March 31, 2010 and December 31, 2009 was $43,000,000. At March 31, 2010 and December 31, 2009, $40,000,000 was outstanding under Federal Home Loan Bank advances. Also included in long-term debt at March 31, 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 March 31, 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 March 31, 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 March 31, 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, 2010. Other liabilities at March 31, 2010 were $1,900,389 compared to $2,098,993 on December 31, 2009.
The allowance for loan losses on March 31, 2010, was $10,442,170 or 3.05% of period end loans compared to $10,148,927 and 2.90% at December 31, 2009. The allowance for loan losses at March 31, 2010 represented 27.26% of impaired loans compared to 24.41% at December 31, 2009. At March 31, 2010 the Bank had loans totaling $31,053,115 in nonaccrual status as compared to $19,014,659 at March 31, 2009. The increase in non-accrual loans includes increases in five non-performing commercial real estate loans totaling $17,699,451. The largest non-accrual loan relationship totaled $4,741,926 with the average balance for the ninety non-accrual loans totaling $345,035. At March 31, 2010 there was $722,770 in net charge-offs compared to $94,021 at March 31, 2009. There was $16,974 in repossessed assets at March 31, 2010 and $100,738 in repossessed assets at March 31, 2009. At March 31, 2010 there was $8,086,184 in other real estate owned compared to $956,832 at March 31, 2009.
For the three months ended March 31, 2010, the net interest income of the Company was $3,074,403 compared to $3,080,871 for the three months ended March 31, 2009. For the quarter ended March 31, 2010, as compared to the quarter ended March 31, 2009, the net interest income decreased slightly as the decrease in loan market interest rates coupled with the $12,038,456 increase in the nonaccrual loans accounted for a $976,788 decrease in interest income which was almost completely offset by a $970,320 decrease in interest expense resulting from a decrease in deposit rates.
Non-interest income totaled $1,665,079 for the three months ended March 31, 2010 as compared with $1,345,154 for the three months ended March 31, 2009. The principal reason for the increase of $319,925 in total non-interest income for the current quarter was that the Company had realized gains on sales or maturity of investment securities of $385,927, had increases in service charges in deposit accounts of $164,728 and increases in other operating income of $33,564. Decreases of $15,969 in fees from mortgage origination income from the continued slowdown in the housing market, decreases of $10,292 in financial services income and decreases of $5,253 in earnings on bank owned life insurance accounted for the additional difference in non-interest income for the three months ended March 31, 2010 compared to the three months ended March 31, 2009.
Non-interest expenses totaled $3,415,642 for the three months ended March 31, 2010, a decrease of $409,310 or 10.7% over the $3,824,952 reported for the three months ended March 31, 2009. For the three months ended March 31, 2010, personnel costs decreased by $353,190, or 18.3% to $1,576,698 as compared to $1,929,888 for the three months ended March 31, 2009. Other expenses totaled $697,690 for the three months ended March 31, 2010, an increase of approximately $41,307 or 6.3% over the $656,383 reported for the three months ended March 31, 2009.
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Waccamaw Bankshares Inc has a market cap of $18.6 million; its shares were traded at around $3.35 with and P/S ratio of 0.6.
Highlight of Business Operations:
On March 31, 2010, Waccamaw Bankshares, Inc. assets totaled $586,134,169 compared to $533,221,072 on December 31, 2009. Net loans on March 31, 2010 were $332,074,918 compared to $340,020,798 on December 31, 2009. Total deposits on March 31, 2010 were $488,202,039 compared to $433,537,959 at the end of 2009. Stockholders equity after adjustments for unrealized losses on securities available for sale increased by $952,226 resulting in a March 31, 2010 book value of $3.26 per common share, up from $3.09 on December 31, 2009.Securities sold under agreements to repurchase on March 31, 2010, were $20,557,000 compared to $20,615,000 on December 31, 2009. Long-term debt on March 31, 2010 and December 31, 2009 was $43,000,000. At March 31, 2010 and December 31, 2009, $40,000,000 was outstanding under Federal Home Loan Bank advances. Also included in long-term debt at March 31, 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 March 31, 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 March 31, 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 March 31, 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, 2010. Other liabilities at March 31, 2010 were $1,900,389 compared to $2,098,993 on December 31, 2009.
The allowance for loan losses on March 31, 2010, was $10,442,170 or 3.05% of period end loans compared to $10,148,927 and 2.90% at December 31, 2009. The allowance for loan losses at March 31, 2010 represented 27.26% of impaired loans compared to 24.41% at December 31, 2009. At March 31, 2010 the Bank had loans totaling $31,053,115 in nonaccrual status as compared to $19,014,659 at March 31, 2009. The increase in non-accrual loans includes increases in five non-performing commercial real estate loans totaling $17,699,451. The largest non-accrual loan relationship totaled $4,741,926 with the average balance for the ninety non-accrual loans totaling $345,035. At March 31, 2010 there was $722,770 in net charge-offs compared to $94,021 at March 31, 2009. There was $16,974 in repossessed assets at March 31, 2010 and $100,738 in repossessed assets at March 31, 2009. At March 31, 2010 there was $8,086,184 in other real estate owned compared to $956,832 at March 31, 2009.
For the three months ended March 31, 2010, the net interest income of the Company was $3,074,403 compared to $3,080,871 for the three months ended March 31, 2009. For the quarter ended March 31, 2010, as compared to the quarter ended March 31, 2009, the net interest income decreased slightly as the decrease in loan market interest rates coupled with the $12,038,456 increase in the nonaccrual loans accounted for a $976,788 decrease in interest income which was almost completely offset by a $970,320 decrease in interest expense resulting from a decrease in deposit rates.
Non-interest income totaled $1,665,079 for the three months ended March 31, 2010 as compared with $1,345,154 for the three months ended March 31, 2009. The principal reason for the increase of $319,925 in total non-interest income for the current quarter was that the Company had realized gains on sales or maturity of investment securities of $385,927, had increases in service charges in deposit accounts of $164,728 and increases in other operating income of $33,564. Decreases of $15,969 in fees from mortgage origination income from the continued slowdown in the housing market, decreases of $10,292 in financial services income and decreases of $5,253 in earnings on bank owned life insurance accounted for the additional difference in non-interest income for the three months ended March 31, 2010 compared to the three months ended March 31, 2009.
Non-interest expenses totaled $3,415,642 for the three months ended March 31, 2010, a decrease of $409,310 or 10.7% over the $3,824,952 reported for the three months ended March 31, 2009. For the three months ended March 31, 2010, personnel costs decreased by $353,190, or 18.3% to $1,576,698 as compared to $1,929,888 for the three months ended March 31, 2009. Other expenses totaled $697,690 for the three months ended March 31, 2010, an increase of approximately $41,307 or 6.3% over the $656,383 reported for the three months ended March 31, 2009.
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