updated 4/29/2011 6:20:55 AM ET 2011-04-29T10:20:55

FRANKLIN, Tenn., April 29, 2011 (GLOBE NEWSWIRE) -- Tennessee Commerce Bancorp, Inc. (Nasdaq:TNCC), the bank holding company of Tennessee Commerce Bank (the "Bank"), today reported financial results for the first quarter ended March 31, 2011. The Company reported a net loss of $3.2 million for the quarter ended March 31, 2011, compared with net income of $1.4 million for the same period in 2010. The net loss per diluted common share was $0.26 compared to net income per diluted common share of $0.24 for the same period in 2010.

The net loss for the period ended March 31, 2011 resulted from an additional $5.0 million of loan loss provision expense and $2.4 million associated with losses on repossessed assets, each by the Bank. These charges combined accounted for a $0.37 per diluted share impact. The loss on repossessions was mainly attributed to measures taken to dispose of all repossessions older than eighteen months. This was a result of measures taken to dispose of repossessions in accordance with our existing plan of accelerated reduction and pursuant to an agreed plan to comply with state law on holding periods for this type of asset.

Assets increased $68.0 million or 4.7% compared to the fourth quarter of 2010. The increase in assets is mainly attributable to an increase of $55 million in securities available-for-sale and an increase of $32 million in federal funds sold offset in part by a decrease in gross loans of $21 million.

The net interest margin decreased slightly from 3.93% for the three months ended December 31, 2010, to 3.89% for the three months ended March 31, 2011. The cost of interest bearing liabilities improved to 2.04% or 13 basis points from 2.17% for the 2010 fourth quarter. DDA accounts increased $8.9 million or 29.0% from the 2010 fourth quarter. The increase is a reflection of our continued push to reduce our cost of funding.       

"We made significant progress during the quarter in our deposit funding base," stated Mike Sapp, President and Chief Executive Officer of Tennessee Commerce Bancorp, Inc. "One of our key strategic initiatives in 2011 is to enhance our deposit franchise."

Total non-performing assets increased to $94.4 million or 3.5% at March 31, 2011, compared to $91.2 million at December 31, 2010. The increase is mainly due to an increase in non-accruals of $5.1 million offset by a decrease of $2.9 million in repossessions for the period. Net loan charge-offs for the three months ended March 31, 2011, were $4.3 million or an annualized 1.4% of average loans outstanding.     

The loan loss provision for the three months ended March 31, 2011, was $8.9 million, which included the additional $5.0 million previously mentioned and increases the allowance for loans and lease losses to total loans to 2.16% at March 31, 2011 compared to 1.75% at December 31, 2010. 

The efficiency ratio for the three months ended March 31, 2011, was 59.6% compared to 62.1% in the 2010 fourth quarter.  The improvement in the efficiency ratio is mainly attributed to lower operating expenses.

At March 31, 2011, the Bank satisfied the well capitalized regulatory guidelines, with total risk-based capital at 10.98%, tier 1 capital 9.72%, and tier 1 leverage capital of 8.64%. The holding company's total risk based capital is 12.19%, tier 1 capital 10.93%, and tier 1 leverage capital of 9.73%. Tangible common equity to tangible assets is 5.65% at March 31, 2011. However, as a result of the recent regulatory events that were disclosed in our 10-K filing, we anticipate that our regulators will seek higher capital ratios, likely increasing our minimum total risk-based capital ratio to 12.00%, our tier 1 capital to 11.00%, and our tier 1 leverage capital to 9.00%. Based on our regulatory capital ratios at March 31, 2011, Bank management believes that, if the proposed increased regulatory capital ratios materialize, such benchmarks could be achieved within a reasonable period of time through balance sheet management combined with earnings, which would preclude a need to raise additional outside capital. However, we cannot give assurances that we will be given a reasonable period of time to achieve such ratios. 

"We are disappointed by the events that occurred during the quarter and the resulting loss," stated Mike Sapp, President and Chief Executive Officer of Tennessee Commerce Bancorp, Inc. "We are committed to operating the Bank in a sound and profitable manner. We have already increased our efforts to resolve the open issues that adversely affected us this quarter and return to profitability."

First Quarter Conference Call

Schedule this webcast into MS-Outlook calendar (click open when prompted):

http://apps.shareholder.com/PNWOutlook/t.aspx?m=47483&k=00B6AF90

Toll-free: 877-312-5412

Conference ID: 61533881

Listen via Internet: http://investor.shareholder.com/media/eventdetail.cfm?eventid=95966&CompanyID=ABEA-2G5D9Z&e=1&mediaKey=B8DF282067CD208270C595F65354F2C4

Tennessee Commerce will provide an online, real-time webcast and rebroadcast of its first quarter earnings conference call to be held at 11:00 a.m. Eastern on April 29, 2011. The live broadcast will be available online at http://www.tncommercebank.com under the Investor Relations tab.  

An audio replay of the conference call will be available approximately two hours after the call's completion on our website at http://www.tncommercebank.com under the Investor Relations tab or by dialing one of the following Dial-In Numbers and the Conference ID shown below:

Encore Dial In #: (800) 642-1687 Encore Dial In #: (706) 645-9291

The recording will be available from: 04/29/2011 14:00 to 05/05/2011 23:59 Conference ID number: 61533881

About Tennessee Commerce Bancorp, Inc.

Tennessee Commerce Bancorp, Inc. is the parent company of Tennessee Commerce Bank. The Bank provides a wide range of banking services and is primarily focused on business accounts. Its corporate and banking office is located in Franklin, Tennessee. Tennessee Commerce Bancorp's stock is traded on the NASDAQ Global Market under the symbol TNCC.

Additional information concerning Tennessee Commerce can be accessed at www.tncommercebank.com .

Forward Looking Statements

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements about our regional economy and non-GAAP financial measures. Forward-looking statements can be identified by the use of the words "anticipate," "believe," "expect," "outlook," "estimate," "continue," "predict," "project",   "intend," "could" and "should," and other words of similar meaning. These forward-looking statements express management's current expectations or forecasts of future events and, by their nature, are subject to risks and uncertainties and there are a number of factors that could cause actual results to differ materially from those in such statements. Factors that might cause such a difference include, but are not limited to, the resolution of our recent regulatory examination, the effects of future economic, business and market conditions and changes, domestic and foreign, that may affect general economic conditions, governmental monetary and fiscal policies, negative developments in the financial services industry and U.S. and global credit markets, fluctuations in interest rates, changes in accounting policies, rules and practices,  other matters discussed in this press release and other factors identified in the Company's Annual Report on Form 10-K and other periodic filings with the Securities and Exchange Commission.

These forward-looking statements are made only as of the date of this press release, and Tennessee Commerce undertakes no obligation to release revisions to these forward-looking statements to reflect events or conditions after the date of this release. Tennessee Commerce is not responsible for updating the information contained in this press release beyond the published date, or for changes made to this document by wire services or Internet services.

 
TENNESSEE COMMERCE BANCORP, INC.
FINANCIAL HIGHLIGHTS 
THREE MONTHS ENDED MARCH 31, 2011, DECEMBER 31, 2010 AND MARCH 31, 2010
           
  March 31, December 31, March 31,  Percent change vs. 
(Dollars in thousands, except per share data) 2011 2010 2010  4Q '10  1Q '10
INCOME STATEMENT:          
Net interest income  $ 13,153  $ 13,580  $ 13,249 -3.14% -0.72%
           
Provision for loan losses  8,948  3,768  4,600 137.47% 94.52%
           
Other non interest (loss) income  (1,973)  (646)  268 205.42% -836.19%
           
Securities (losses) gains   (119)  153  419 -177.78% -128.40%
           
Total non-interest expense  6,588  8,126  6,509 -18.93% 1.21%
(Loss) income before income taxes  (4,475)  1,193  2,827 -475.10% -258.30%
Income tax (benefit) expense   (1,651)  265  1,098 -723.02% -250.36%
Net (loss) income  $ (2,824)  $ 928  $ 1,729 -404.31% -263.33%
Preferred dividends  (375)  (375)  (375) 0.00% 0.00%
Net (loss) income available to common shareholders  $ (3,199)  $ 553  $ 1,354 -678.48% -336.26%
           
MARKET DATA:          
Earnings per share - basic (b)  $ (0.26)  $ 0.05  $ 0.24 -620.00% -208.33%
Earnings per share - diluted (b)  (0.26)  0.05  0.24 -620.00% -208.33%
Book value per share at period end  7.05  7.31  12.09 -3.56% -41.69%
Stock price at period end  4.90  4.88  7.55 0.41% -35.10%
Market capitalization at period end  59,764,810  59,511,034  42,645,299 0.43% 40.14%
           
Weighted average common shares - basic (a)  12,195,301 12,194,884 5,647,379    
Weighted average common shares - diluted (a)  12,195,301 12,194,884 5,700,753 0.00% 113.92%
Common share outstanding at period end  12,196,900  12,194,884  5,648,384 0.02% 115.94%
           
PERFORMANCE RATIOS:          
Annualized return on average assets (a)(b) -0.88% 0.15% 0.40% -686.67% -320.00%
Annualized return on average common equity (a)(b) -14.68% 2.39% 8.19% -714.23% -279.24%
Yield on loans 6.28% 6.45% 6.75% -2.64% -6.96%
Yield on investments 3.39% 2.82% 4.93% 20.21% -31.24%
Yield on earning assets 5.89% 6.01% 6.58% -2.00% -10.49%
Cost of interest bearing deposits 2.04% 2.17% 2.27% -5.99% -10.13%
Cost of borrowings 4.73% 4.67% 5.89% 1.28% -19.69%
Cost of paying liabilities 2.09% 2.19% 2.37% -4.57% -11.81%
Net interest margin (annualized) 3.89% 3.93% 4.25% -1.02% -8.47%
           
OTHER RATIOS (NON GAAP):          
Efficiency ratio (g) 59.56% 62.09% 46.71% -4.07% 27.51%
Annualized return on average tangible assets -0.88% 0.15% 0.40% -686.67% -320.00%
Annualized return on tangible common equity -14.64% 2.32% 8.18% -731.00% -279.13%
Tangible book value per common share (d)  $ 7.05  $ 7.31  $ 12.09 -3.56% -41.69%
 
 
TENNESSEE COMMERCE BANCORP, INC.
FINANCIAL HIGHLIGHTS (CONTINUED)
THREE MONTHS ENDED MARCH 31, 2011, DECEMBER 31, 2010 AND MARCH 31, 2010
           
  March 31, December 31, March 31,  Percent change vs. 
(Dollars in thousands, except per share data) 2011 2010 2010  4Q '10  1Q '10
BALANCE SHEET:          
Securities available for sale  $ 182,644  $ 127,650  $ 96,506 43.08% 89.26%
Loans  1,208,610  1,229,811  1,186,171 -1.72% 1.89%
Allowance for loan losses  (26,114)  (21,463)  (20,110) 21.67% 29.86%
Other real estate owned  2,284  2,888  480 -20.91% 375.83%
Total assets  1,521,343  1,453,166  1,382,851 4.69% 10.01%
Total deposits  1,370,057  1,299,051  1,239,835 5.47% 10.50%
Borrowings  25,232  25,421  35,271 -0.74% -28.46%
Shareholders' equity  116,210  119,337  98,407 -2.62% 18.09%
Common Equity  86,210  89,337  68,407 -3.50% 26.03%
Tangible common equity (d)  86,210  89,337  68,407 -3.50% 26.03%
Nonperforming loans  59,089  54,020  34,792 9.38% 69.84%
Nonperforming assets  94,424  91,151  81,621 3.59% 15.69%
Past due 90 day loans and accruing  5,357  3,608  6,232 48.48% -14.04%
           
ASSET QUALITY RATIOS:          
Loans as a % of period end assets 79.44% 84.63% 85.78% -6.13% -7.38%
Nonperforming loans as a % period end loans 4.89% 4.39% 2.93% 11.30% 66.68%
Past due 90 day loans as a % period end loans 0.44% 0.29% 0.53% 51.08% -15.64%
Nonperforming assets / Period end loans + OREO 7.80% 7.39% 6.88% 5.46% 13.37%
Allowance for loan losses as a % of period end loans 2.16% 1.75% 1.70% 23.80% 27.44%
Net-charge offs  $ 4,297  $ 4,047  $ 4,403 6.18% -2.41%
Annualized net charge-offs as a percent of average loans (a) 1.42% 1.31% 1.51% 8.54% -6.25%
           
CAPITAL & LIQUIDITY:          
Total equity / Period end assets 7.64% 8.21% 7.12% -6.98% 7.34%
Common equity / Period end assets 5.67% 6.15% 4.95% -7.82% 14.55%
Tangible common equity (d) / Tangible assets (f) 5.67% 6.15% 4.95% -7.82% 14.55%
Average equity / Average assets (a) 8.04% 8.29% 7.08% -2.95% 13.50%
Average equity / Average deposits (a) 8.99% 9.54% 7.93% -5.76% 13.37%
Average loans / Average deposits (a) 91.42% 95.21% 94.51% -3.98% -3.27%
   
   
TENNESSEE COMMERCE BANCORP, INC.  
FINANCIAL HIGHLIGHTS (CONTINUED)  
THREE MONTHS ENDED MARCH 31, 2011, DECEMBER 31, 2010 AND MARCH 31, 2010  
       
(a) Averages are for the quarters ended March 31, 2011, December 31, 2010 and March 31, 2010
       
(b) Reported measure uses net income available to common shareholders
       
(c) Net income available to common shareholders for each period divided by average tangible common equity during the applicable period. Average tangible shareholders' equity during the applicable period less (i) average preferred stock during the applicable period and (ii) average goodwill and other intangibles during the period.
       
RECONCILIATION OF AVERAGE SHAREHOLDERS' EQUITY TO AVERAGE TANGIBLE COMMON EQUITY
 
  THREE MONTHS ENDED 
  March 31, 2011 December 31, 2010 March 31, 2010
AVERAGE SHAREHOLDERS' EQUITY  $ 118,593  $ 122,118  $ 97,170
Less: average preferred stock, net of discount  29,736  29,713  29,644
Less: warrant  453  453  453
Less: average goodwill and other intangibles  --   --   -- 
AVERAGE TANGIBLE COMMON EQUITY  $ 88,404  $ 91,952  $ 67,073
       
(d) Tangible common equity equals ending shareholders' equity less preferred stock, net of discount, warrant and goodwill and other intangibles, in each case at the end of the period.
       
RECONCILIATION OF SHAREHOLDERS' EQUITY TO TANGIBLE COMMON EQUITY
 
  THREE MONTHS ENDED 
  March 31, 2011 December 31, 2010 March 31, 2010
SHAREHOLDERS' EQUITY  $ 116,210  $ 119,337  $ 98,407
Less: preferred stock, net of discount  29,747  29,724  29,655
Less: warrant  453  453  453
Less: goodwill and other intangibles  --   --   -- 
TANGIBLE COMMON EQUITY  $ 86,010  $ 89,160  $ 68,299
       
(e) Net income available to common shareholders for each period divided by average tangible assets during the period. Average tangible assets equals average assets less average goodwill and other intangibles
       
RECONCILIATION OF AVERAGE ASSETS TO AVERAGE TANGIBLE ASSETS
 
  THREE MONTHS ENDED 
  March 31, 2011 December 31, 2010 March 31, 2010
AVERAGE ASSETS  $ 1,474,808  $ 1,473,799  $ 1,371,526
Less: average goodwill and other intangibles  --   --   -- 
AVERAGE TANGIBLE ASSETS  $ 1,474,808  $ 1,473,799  $ 1,371,526
       
(f) Tangible common equity divided by tangible assets. Tangible assets equals total assets less goodwill and other intangibles.
       
RECONCILIATION OF TOTAL ASSETS TO TANGIBLE ASSETS
 
  THREE MONTHS ENDED 
  March 31, 2011 December 31, 2010 March 31, 2010
TOTAL ASSETS  $ 1,521,343  $ 1,453,166  $ 1,382,851
Less: goodwill and other intangibles  --   --   -- 
TANGIBLE ASSETS  $ 1,521,343  $ 1,453,166  $ 1,382,851
       
RECONCILIATION OF EFFICIENCY RATIO
  THREE MONTHS ENDED 
  March 31, 2011 December 31, 2010 March 31, 2010
NON-INTEREST EXPENSE  $ 6,588  $ 8,126  $ 6,509
       
NET-INTEREST INCOME  13,153  13,580  13,249
NON-INTEREST INCOME  (2,092)  (493)  687
NET REVENUES  11,061  13,087  13,936
EFFICIENCY RATIO 59.56% 62.09% 46.71%
       
(g) Efficiency ratio is calculated by dividing net revenues into non-interest expense.
 
(h) Common book value at period end equals shareholders' equity less preferred stock, net of discount and warrant, in each case at end of period
       
       
TENNESSEE COMMERCE BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
THREE MONTHS ENDED MARCH 31, 2011 AND 2010
(UNAUDITED)
     
  Three Months Ended
  March 31,
(Dollars in thousands, except per share data) 2011 2010
Interest income    
Loans, including fees  $ 18,663  $ 19,264
Securities  1,248  1,237
Federal funds sold  16  2
Total interest income  19,927  20,503
     
Interest expense    
Deposits  6,477  6,721
Other  297  533
Total interest expense  6,774  7,254
     
Net interest income  13,153  13,249
     
Provision for loan losses  8,948  4,600
     
Net interest income after provision for loan losses  4,205  8,649
     
Non-interest income    
Service charges on deposit accounts  33  27
Securities gains   (119)  419
Gain (loss) on sale of loans  148  -- 
Loss on repossession  (2,380)  (1,085)
Other  226  1,326
Total non-interest (loss) income   (2,092)  687
     
Non-interest expense    
Salaries and employee benefits  2,418  2,715
Occupancy and equipment  489  477
Data processing fees  515  534
FDIC expense  840  546
Professional fees  578  551
Other  1,748  1,686
Total non-interest expense  6,588  6,509
     
(Loss) income before income taxes  (4,475)  2,827
     
Income tax expense (benefit)   (1,651)  1,098
Net (loss) income  (2,824)  1,729
Preferred dividends  (375)  (375)
     
Net (loss) income available to common shareholders  $ (3,199)  $ 1,354
     
Earnings (loss) per share (EPS):    
Basic EPS  $ (0.26)  $ 0.24
Diluted EPS  (0.26)  0.24
     
Weighted average shares outstanding:    
Basic  12,195,301 5,647,379
Diluted  12,195,301 5,700,753
 
 
TENNESSEE COMMERCE BANCORP, INC.
CONSOLIDATED BALANCE SHEETS
MARCH 31, 2011 (UNAUDITED), DECEMBER 31, 2010, AND MARCH 31, 2010
       
  March 31,  December 31, March 31,
(Dollars in thousands, except per share data) 2011 2010 (1) 2010
ASSETS      
Cash and due from banks  $ 14,379  $ 6,521  $ 6,710
Federal funds sold  46,165  14,214  9,710
Cash and cash equivalents  60,544  20,735  16,420
       
Securities available for sale  182,644  127,650  96,506
       
Loans  1,208,610  1,229,811  1,186,171
Allowance for loan losses  (26,114)  (21,463)  (20,110)
Net loans  1,182,496  1,208,348  1,166,061
       
Premises and equipment, net  2,188  2,335  2,058
Accrued interest receivable  9,800  8,746  10,321
Restricted equity securities  2,459  2,459  2,169
Income tax receivable  2,040  418  -- 
Bank-owned life insurance  28,132  27,969  25,860
Other real estate owned  2,284  2,888  480
Repossessions  27,694  30,635  39,993
Other assets  21,062  20,983  22,983
Total assets  $ 1,521,343  $ 1,453,166  $ 1,382,851
       
LIABILITIES AND SHAREHOLDERS' EQUITY      
Liabilities      
Deposits      
Non-interest-bearing  $ 32,193  $ 25,486  $ 23,108
Interest-bearing  1,337,864  1,273,565  1,216,727
Total deposits  1,370,057  1,299,051  1,239,835
       
Accrued interest payable  1,565  1,408  1,558
Accrued dividend payable  187  187  188
Short-term borrowings  2,034  --   8,750
Other liabilities  8,092  7,762  7,592
Long-term subordinated debt and other borrowings  23,198  25,421  26,521
Total liabilities  1,405,133  1,333,829  1,284,444
Shareholders' equity      
Preferred stock, 1,000,000 shares authorized; 30,000 shares of $0.50 par value Fixed Rate Cumulative Perpetual, Series A issued and outstanding at March 31, 2011, December 31, 2010 and March 31, 2010  15,000  15,000  15,000
Common stock, $0.50 par value; 20,000,000 shares authorized at March 31, 2011, December 31, 2010 and March 31, 2010; 12,196,900,12,194,884 and 5,648,384 shares issued and outstanding at March 31, 2011, December 31, 2010 and March 31, 2010, respectively  6,098  6,097  2,823
Common stock warrant  453  453  453
Additional paid-in capital  84,587  84,391  63,368
Retained earnings  14,801  18,000  17,410
Accumulated other comprehensive loss  (4,729)  (4,604)  (647)
Total shareholders' equity  116,210  119,337  98,407
       
Total liabilities and shareholders' equity  $ 1,521,343  $ 1,453,166  $ 1,382,851
       
 (1) The balance sheet at December 31, 2010 has been derived from the audited consolidated financial statements at that date but does not include all of the information and notes required by generally accepted accounting principles for complete financial statements.
 
 
TENNESSEE COMMERCE BANCORP, INC.
AVERAGE BALANCE SHEET
THREE MONTHS ENDED MARCH 31, 2011, DECEMBER 31, 2010 AND MARCH 31, 2010
                   
  Three Months   Three Months   Three Months  
   Ended March 31,    Ended December 31,    Ended March 31,  
  2011   2010   2010  
  Average   Average Average   Average Average   Average
  Balance Interest Rate Balance Interest Rate Balance Interest Rate
ASSETS                  
                   
Interest earning assets                  
Securities (taxable) (1)  $ 142,103  $ 1,248  3.39%  $ 124,935  $ 895  2.82%  $ 100,283  $ 1,237  4.93%
Loans (2) (3)  1,205,856  18,663  6.28%  1,218,748  19,818  6.45%  1,157,948  19,264  6.75%
Federal funds sold  17,099  16  0.38%  25,994  34  0.52%  3,641  2  0.22%
Total interest earning assets  1,365,058  19,927  5.89%  1,369,677  20,747  6.01%  1,261,872  20,503  6.58%
                   
Non-interest earning assets                  
Cash and due from banks  15,216      10,162      8,581    
Net fixed assets and equipment  2,275      2,373      1,967    
Accrued interest and other assets  92,259      91,587      99,106    
                   
Total assets  $ 1,474,808      $ 1,473,799      $ 1,371,526    
                   
LIABILITIES AND SHAREHOLDERS EQUITY                  
                   
Interest-bearing liabilities                  
Deposits (other than demand)  1,288,780  6,477  2.04%  1,253,292  6,856  2.17%  1,202,175  6,721  2.27%
Federal funds purchased  184  1  2.20%  17,782  11  0.25%  3,961  8  0.82%
Subordinated debt  25,359  296  4.73%  25,500  300  4.67%  36,165  525  5.89%
Total interest-bearing liabilities  1,314,323  6,774  2.09%  1,296,574  7,167  2.19%  1,242,301  7,254  2.37%
                   
Non-interest bearing liabilities                  
Non-interest bearing demand deposits  30,276      26,782      23,052    
Other liabilities  11,616      28,325      9,003    
Shareholders' equity  118,593      122,118      97,170    
                   
Total liabilities and shareholders' equity  $ 1,474,808      $ 1,473,799      $ 1,371,526    
                   
Net interest spread  3.80%      3.82%      4.21%    
                   
Net interest margin  3.89%      3.93%      4.25%    
 
 
TENNESSEE COMMERCE BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
LINKED QUARTERS
(UNAUDITED)
           
  1st QTR 4th QTR 3rd QTR 2nd QTR 1st QTR
(Dollars in thousands, except per share data) 2011 2010 2010 2010 2010
Interest income          
Loans, including fees  $ 18,663  $ 19,818  $ 18,998  $ 19,840  $ 19,264
Securities  1,248  895  489  766  1,237
Federal funds sold  16  34  24  11  2
Total interest income  19,927  20,747  19,511  20,617  20,503
           
Interest expense          
Deposits  6,477  6,856  6,811  6,774  6,721
Other  297  311  367  500  533
Total interest expense  6,774  7,167  7,178  7,274  7,254
           
Net interest income  13,153  13,580  12,333  13,343  13,249
           
Provision for loan losses  8,948  3,768  7,193  4,450  4,600
           
Net interest income after provision for loan losses  4,205  9,812  5,140  8,893  8,649
           
Non-interest income          
Service charges on deposit accounts  33  32  30  33  27
Securities gains   (119)  153  38  277  419
Gain (loss) on sale of loans  148  442  (55)  741  -- 
Loss on repossession  (2,380)  (1,371)  (1,990)  (1,134)  (1,085)
Other  226  251  3,272  977  1,326
Total non-interest (loss) income   (2,092)  (493)  1,295  894  687
           
Non-interest expense          
Salaries and employee benefits  2,418  3,836  2,859  2,661  2,715
Occupancy and equipment  489  558  551  446  477
Data processing fees  515  501  522  473  534
FDIC expense  840  1,252  1,288  515  546
Professional fees  578  725  1,212  523  551
Other  1,748  1,254  1,887  2,093  1,686
Total non-interest expense  6,588  8,126  8,319  6,711  6,509
           
(Loss) income before income taxes  (4,475)  1,193  (1,884)  3,076  2,827
           
Income tax expense (benefit)   (1,651)  265  (785)  1,190  1,098
Net (loss) income  (2,824)  928  (1,099)  1,886  1,729
Preferred dividends  (375)  (375)  (375)  (375)  (375)
           
Net (loss) income available to common shareholders  $ (3,199)  $ 553  $ (1,474)  $ 1,511  $ 1,354
           
Earnings (loss) per share (EPS):          
Basic EPS  $ (0.26)  $ 0.05  $ (0.16)  $ 0.27  $ 0.24
Diluted EPS  (0.26)  0.05  (0.16)  0.26  0.24
           
Weighted average shares outstanding:          
Basic  12,195,301 12,194,884  9,277,422 5,648,384 5,647,379
Diluted  12,195,301 12,194,884  9,277,422 5,737,048 5,700,753
 
 
TENNESSEE COMMERCE BANCORP, INC.
RECONCILIATION OF OTHER NON-INTEREST INCOME AND OTHER NON-INTEREST EXPENSE
LINKED QUARTERS
(UNAUDITED)
           
  1st QTR 4th QTR 3rd QTR 2nd QTR 1st QTR
(Dollars in thousands, except per share data) 2011 2010 2010 2010 2010
Other income:          
Income from fiduciary activities  $ 1  $ --   $ 1  $ --   $ -- 
Credit card income  16  13  24  16  13
ATM fees  --   --   --   11  15
Bank owned life insurance income  164  193  205  211  187
MMAX income  32  32  30  27  28
Other  13  13  3,012  712  1,083
Total other income  226  251  3,272  977  1,326
           
Other expenses          
Supplies  39  36  28  48  25
Advertising  7  32  17  25  22
Amortization - software  62  38  36  36  24
Mileage  10  16  13  13  13
Travel expense  65  120  102  77  64
Public relations  98  57  50  46  63
Loan expense  89  (143)  435  123  84
Loan collections expense  862  707  652  810  793
Donations  12  29  42  287  20
Directors expense   127  46  33  82  77
Postage  17  13  14  4  21
Telephone  30  27  24  25  29
Check expense  11  11  8  9  7
CDAR's fee expense  --   1  5  2  -- 
Subs & dues  72  75  45  47  49
State banking fees  55  64  65  64  65
Franchise tax expense  42  58  42  68  12
Losses other than loans  10  1  --   33  50
Miscellaneous expense  19  (78)  112  121  147
ATM / debit card expense  --   2  4  (4)  8
Credit card expense  47  34  59  32  26
Warrant expense  23  23  23  23  23
Insurance  20  30  30  46  34
Investor relations  31  55  48  76  30
Total other expense  1,748  1,254  1,887  2,093  1,686
 
 
TENNESSEE COMMERCE BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
ASSET QUALITY INFORMATION
FOR QUARTER ENDED MARCH 31, 2010 AND YEARS ENDED DECEMBER 31, 2010, 2009 & 2008
         
  March 31, December 31,  December 31,  December 31, 
(Dollars in thousands, except ratios) 2011 2010 2009 2008
Allowance for loan losses:        
Allowance for loan loss beginning of the period  $ 21,463  $ 19,913  $ 13,454  $ 10,321
Charge-offs  4,339  18,868  26,085  6,099
Recoveries  42  407  1,505  121
Net charge-offs  4,297  18,461  24,580  5,978
Provision for loan losses  8,948  20,011  31,039  9,111
Allowance for loan losses, end of period  $ 26,114  $ 21,463  $ 19,913  $ 13,454
         
General Reserve Trends:        
Allowance for loan losses, end of period  $ 26,114  $ 21,463  $ 19,913  $ 13,454
Specific reserves  15,830  9,610  6,580  11,603
General reserves  $ 10,284  $ 11,853  $ 13,333  $ 1,851
         
Total loans  $ 1,208,610  $ 1,229,811  $1,171,301  $ 1,036,725
Impaired commercial loans  130,248  45,552  28,547  10,789
Impaired real estate loans        
Construction   6,965  4,096  11,367  -- 
1-4 Family  6,040  5,581  671  20
Other  49,357  32,474  508  783
Consumer  729  --     11
Total impaired loans  193,339  87,703  41,093  11,603
Non impaired loans  $ 1,015,271  $ 1,142,108  $1,130,208  $ 1,025,122
         
Asset Quality Ratios:        
Net charge-offs as a % of average assets (annualized for quarterly periods) 1.18% 1.25% 1.96% 0.57%
Allowance for loan losses as a % of period end loans 2.16% 1.75% 1.70% 1.30%
General reserves as a % of non-impaired loans 1.01% 1.04% 1.18% 0.18%
         
Non-performing assets:        
Nonaccrual loans  57,410  52,315  19,151  11,603
Troubled debt  1,679  1,705  109  668
Total non-performing loans  59,089  54,020  19,260  12,271
Loans past due 90 days or more  5,357  3,608  1,328  18,788
Repossessions  27,694  30,635  24,440  15,395
Other real estate owned  2,284  2,888  814  5,764
Total non-performing assets  94,424  91,151  45,842  52,218
Percentage of non-performing loans to period end loans 4.89% 4.39% 1.64% 1.18%
Percentage of non-performing assets to period end loans 7.81% 7.41% 3.91% 5.04%
Percentage of non-performing assets to period end assets 6.83% 6.59% 3.31% 4.29%
         
Impaired Commercial Loan Portfolio Information      
Remaining principal balance  $ 130,248  $ 45,552  $ 28,547  $ 10,789
Specific reserve  11,909  8,160  5,080  2,978
Book value, after specific reserve  $ 118,339  $ 37,392  $ 23,467  $ 7,811
         
Impaired real estate loans - Construction        
Remaining principal balance  $ 6,965  $ 4,096  $ 11,367  $ -- 
Specific reserve  1,354  950  400  -- 
Book value, after specific reserve  $ 5,611  $ 3,146  $ 10,967  $ -- 
         
Impaired real estate loans - 1 - 4 Family        
Remaining principal balance  $ 6,040  $ 5,581  $ 671  $ 20
Specific reserve  500  500  --   6
Book value, after specific reserve  $ 5,540  $ 5,081  $ 671  $ 14
         
Impaired Real Estate loans - Other        
Remaining principal balance  $ 49,357  $ 32,474  $ 508  $ 783
Specific reserve  2,067  --   100  216
Book value, after specific reserve  $ 47,290  $ 32,474  $ 408  $ 567
         
Impaired Consumer loans         
Remaining principal balance  $ 729  $ --   $ --   $ 11
Specific reserve  --   --   --   3
Book value, after specific reserve  $ 729  $ --   $ --   $ 8
CONTACT: Frank Perez
         Chief Financial Officer
         615-599-2274

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