Superior Bancorp Builds Equity Capital
14 Décembre 2009 - 10:00PM
PR Newswire (US)
Completes Exchange of TARP Securities With U. S. Treasury
BIRMINGHAM, Ala., Dec. 14 /PRNewswire-FirstCall/ -- Superior
Bancorp (NASDAQ:SUPR) today announced that it had completed an
exchange of $69 million of its Preferred Stock held by the U. S.
Treasury for an identical amount of Superior's newly issued Trust
Preferred Securities. As a result of this exchange transaction,
Superior will record an accounting gain of approximately $22.5
million after tax, reflecting the net benefit of the favorable
interest rate terms of the newly issued Trust Preferred Securities
compared to current market rates. On a pro forma basis, this
accounting gain will increase Superior's tangible common equity by
approximately $1.93 per common share outstanding to $15.22 per
share as of September 30, 2009, and the Corporation's tangible
common equity ratio will increase from 5.08% to 5.81%. Attached is
a schedule reconciling the foregoing data to GAAP data. The
interest rate on the Trust Preferred Securities is initially five
percent resetting to nine percent on February 15, 2014 as was the
case with the original Preferred Stock. The Preferred Stock, which
is being retired, was sold to the U. S. Treasury in December 2008
under its Capital Purchase Program ("CPP" or "TARP"). Warrants to
purchase approximately 1.9 million shares of Superior's Common
Stock at $5.38 per share that were acquired by the U.S. Treasury
under the CPP will remain outstanding. This exchange is the first
step in a multi-phased program being undertaken by Superior to
increase its equity capital base. At September 30, 2009, Superior
Bank had capital ratios well in excess of those necessary to
maintain "well capitalized" status, with a Total Risk Based Capital
Ratio of 11.27%, and a Core Capital Ratio of 8.32%. Stan Bailey,
CEO of Superior Bancorp, said, "While Superior has always
maintained capital ratios that are far in excess of regulatory
'well capitalized' requirements, we believe that the uncertain
economic environment in which we find ourselves warrants taking
advantage of every opportunity to strengthen our common equity.
This first step is non-dilutive, relatively simple to accomplish,
and sets the stage for other measures as necessary. Our goal in
this process is to build a capital base at Superior that is
unassailable, and puts us in the position of being able to be a
leader in the recovery of the economy in both of our key markets -
Florida and Alabama." Superior received approval for an increase in
authorized shares from 20 million to 200 million at a shareholders'
meeting held on November 19, 2009. Keefe, Bruyette & Woods
served as an advisor to Superior Bancorp in this transaction. About
Superior Bancorp Superior Bancorp is a $3.2 billion thrift holding
company headquartered in Birmingham, and the second largest bank
holding company in Alabama. The principal subsidiary of Superior
Bancorp is Superior Bank, a southeastern community bank that
currently has 72 branches, with 44 locations throughout the state
of Alabama and 28 locations in Florida. Superior Bank also operates
23 consumer finance offices in North Alabama as 1st Community
Credit and Superior Financial Services. The Private Securities
Litigation Reform Act of 1995 provides a safe harbor for
forward-looking statements made by us or on our behalf. Some of the
disclosures in this release, including any statements preceded by,
followed by or which include the words "may," "could," "should,"
"will," "would," "hope," "might," "believe," "expect,"
"anticipate," "estimate," "intend," "plan," "assume," "goal" or
similar expressions constitute forward-looking statements. These
forward-looking statements, implicitly and explicitly, include the
assumptions underlying the statements and other information with
respect to our beliefs, plans, objectives, goals, expectations,
anticipations, estimates, intentions, financial condition, results
of operations, future performance and business, including our
expectations and estimates with respect to our revenues, expenses,
earnings, return on equity, return on assets, efficiency ratio,
asset quality, the adequacy of our allowance for loan losses and
other financial data and capital and performance ratios. Although
we believe that the expectations reflected in our forward-looking
statements are reasonable, these statements involve risks and
uncertainties which are subject to change based on various
important factors (some of which are beyond our control). Such
forward looking statements should, therefore, be considered in
light of various important factors set forth from time to time in
our reports and registration statements filed with the SEC. The
following factors, among others, could cause our financial
performance to differ materially from our goals, plans, objectives,
intentions, expectations and other forward-looking statements: (1)
the strength of the United States economy in general and the
strength of the regional and local economies in which we conduct
operations; (2) the effects of, and changes in, trade, monetary and
fiscal policies and laws, including interest rate policies of the
Board of Governors of the Federal Reserve System; (3) inflation,
interest rate, market and monetary fluctuations; (4) our ability to
successfully integrate the assets, liabilities, customers, systems
and management we acquire or merge into our operations; (5) our
timely development of new products and services in a changing
environment, including the features, pricing and quality compared
to the products and services of our competitors; (6) the
willingness of users to substitute competitors' products and
services for our products and services; (7) the impact of changes
in financial services policies, laws and regulations, including
laws, regulations and policies concerning taxes, banking,
securities and insurance, and the application thereof by regulatory
bodies; (8) our ability to resolve any legal proceeding on
acceptable terms and its effect on our financial condition or
results of operations; (9) technological changes; (10) changes in
consumer spending and savings habits; (11) the effect of natural
disasters, such as hurricanes, in our geographic markets; (12)
regulatory, legal or judicial proceedings; (13) the continuing
instability in the domestic and international capital markets; (14)
the effects of new and proposed laws relating to financial
institutions and credit transactions; and (15) the effects of
policy initiatives that have been and may continue to be introduced
by the new Presidential administration and related regulatory
actions. Superior Bancorp disclaims any intent or obligation to
update forward-looking statements. More information on Superior
Bancorp and its subsidiaries may be obtained over the Internet,
http://www.superiorbank.com/, or by calling 1-877-326-BANK (2265).
Table 1 - Reconciliation of Non-GAAP Measures September 30, 2009
------------------ Historical Proforma ---------- --------
Reconciliation of Shareholders Equity to Tangible Equity Total
shareholders equity (GAAP) $244,730 $203,350 Less: Preferred
issuance (63,868) - Intangible assets (17,784) (17,784) -------
------- Tangible equity (Non-GAAP) $163,078 $185,566 ========
======== Total assets (GAAP) $3,226,570 $3,212,938 Less: intangible
assets (17,784) (17,784) ------- ------- Total tangible assets
(Non-GAAP) $3,208,786 $3,195,154 ========== ========== Tangible
equity to tangible assets 5.08% 5.81% ==== ==== Reconciliation of
Shareholders Equity to Tangible Common Equity Total shareholders
equity (GAAP) $244,730 $203,350 Less: Liquidation value of
preferred stock (63,868) - Warrants (8,646) (8,646) Intangible
assets (17,784) (17,784) ------- ------- Tangible common equity
(Non-GAAP) $154,432 $176,920 ======== ======== Common shares
outstanding 11,624 11,624 ====== ====== Tangible book value per
share (Non- GAAP) $13.29 $15.22 ====== ====== Management believes
these Non-GAAP measures provide critical metrics with which to
analyze and evaluate financial condition and capital strength.
DATASOURCE: Superior Bancorp CONTACT: Jim White, Chief Financial
Officer of Superior Bancorp, +1-205-327-3656 Web Site:
http://www.superiorbank.com/
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