Surrey Bancorp (the "Company") (PINKSHEETS: SRYB), the holding
company for Surrey Bank & Trust (the "Bank"), today reported
earnings for the first quarter of 2013.
For the quarter ended March 31, 2013, net income totaled
$651,776 or $0.16 per fully diluted common share, compared with
$664,057 or $0.16 per fully diluted common share earned during the
first quarter of 2012.
This slight decrease in earnings results from a reduction in net
interest income. Net interest income decreased from $2,320,600 in
the first quarter of 2012 to $2,259,785 in 2013. Asset yields
decreased from 5.31% to 4.93% from 2012 to 2013 due to the change
in earning asset mix from higher yielding loans to lower yielding
deposits in other banks. Loan yields also decreased from 6.23% in
the first quarter of 2012 to 5.93% in the first quarter of 2013.
Loan yields fell due to the prolonged low rate environment and
competition. A reduction in the cost of deposits from the first
quarter of 2012 to 2013 was unable to offset the tightening asset
yields. The cost of funds decreased from 0.95% in the first quarter
of 2012 to 0.78% in the first quarter of 2013. The loan loss
provision decreased from $67,218 in the first quarter of 2012 to
$42,394 in the first quarter of 2013. This decrease was due to a
reduction in specific reserves attributable to impaired loans.
The allowance for loan loss reserves was $3,342,034 or 1.84
percent of total loans as of March 31, 2013. Non-performing assets
were 1.74 percent of total assets at March 31, 2013, compared to
2.04 percent on that date in 2012. At March 31, 2013, the allowance
equals 77 percent of impaired and non-performing assets, net of
government guarantees.
Noninterest income remained relatively unchanged decreasing from
$659,837 in the first quarter 2012 to $658,376 in 2013. Noninterest
expenses decreased slightly from $1,853,644 in the first quarter of
2012, to $1,841,826 in 2012.
Total assets as of March 31, 2013, were $241,131,017, an
increase of 5.7 percent from $228,421,181 reported as of March 31,
2012. Total deposits were $194,175,405 at quarter-end 2013, a 3.7
percent increase from the $187,184,571 reported at the end of the
first quarter of 2012. Net loans increased to $177,964,603 at the
end of the first quarter of 2013, compared to $177,420,797, as of
March 31, 2012.
About Surrey Bancorp Surrey Bancorp is the
bank holding company for Surrey Bank & Trust (the "Bank") and
is located at 145 North Renfro Street, Mount Airy, North Carolina.
The Bank operates full service branch offices at 145 North Renfro
Street, 1280 West Pine Street and 2050 Rockford Street in Mount
Airy. Full-service branch offices are also located at 653 South Key
Street in Pilot Mountain, North Carolina, and 940 Woodland Drive in
Stuart, Virginia.
Surrey Bank & Trust is engaged in the sale of insurance
through its wholly owned subsidiary, SB&T Insurance, located at
199 North Renfro Street in Mount Airy. The Bank also owns Surrey
Investment Services, Inc., which provides full-service brokerage
and investment advice through an association with LPL Financial,
and Freedom Finance, LLC, a sales finance company located at 165
North Renfro Street in Mount Airy. The Bank has opened a Loan
Production Office at 1328 North Bridge Street in Elkin, North
Carolina.
Surrey Bank & Trust can be found online at
www.surreybank.com.
Non-GAAP Financial Measures This report
refers to the overhead efficiency ratio, which is computed by
dividing non-interest expense by the sum of net interest income and
non-interest income. This is a non-GAAP financial measure that we
believe provides investors with important information regarding our
operational efficiency. Comparison of our efficiency ratio with
those of other companies may not be possible, because other
companies may calculate the efficiency ratio differently. Such
information is not in accordance with generally accepted accounting
principles in the United States (GAAP) and should not be construed
as such. Management believes such financial information is
meaningful to the reader in understanding operating performance,
but cautions that such information not be viewed as a substitute
for GAAP. Surrey Bancorp, in referring to its net income, is
referring to income under GAAP.
Forward-Looking Statements Information in
this press release contains "forward-looking statements." These
statements involve risks and uncertainties that could cause actual
results to differ materially, including without limitation, the
effects of future economic conditions, governmental fiscal and
monetary policies, legislative and regulatory changes, the risks of
changes in interest rates and the effects of competition.
Additional factors that could cause actual results to differ
materially are discussed in Surrey Bancorp's recent filings with
the Securities and Exchange Commission, included but not limited to
its Annual Report on Form 10-K and its other periodic reports.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Dollars in thousands, except per share amounts)
March 31 December 31 March 31
2013 2012 2012
----------- ----------- -----------
(unaudited) (unaudited)
Total assets $ 241,131 $ 229,912 $ 228,421
Total loans 181,307 176,981 181,323
Investments 44,792 37,318 28,111
Deposits 194,175 187,823 187,185
Borrowed funds 11,494 7,750 8,100
Stockholders' equity 32,862 32,237 30,845
Non-performing assets to total assets 1.65% 1.84% 2.01%
Loans past due more than 90 days to
total loans 0.12% 0.39% 0.03%
Allowance for loan losses to total
loans 1.85% 1.93% 2.15%
Book value per common share $ 8.18 $ 8.01 $ 7.63
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Dollars in thousands, except per share amounts)
For the Three Months
Ended March 31,
-----------------------
2013 2012
---------- ----------
Interest income $ 2,645 $ 2,770
Interest expense 385 450
Net interest income 2,260 2,320
Provision for loan losses 42 67
Net interest income after provision for loan losses 2,218 2,253
Noninterest income 658 660
Noninterest expense 1,842 1,854
Net income before taxes 1,034 1,059
Provision for income taxes 382 395
Net income 652 664
Preferred stock dividend declared 45 46
Net income available to common shareholders $ 607 $ 618
Basic net income per share $ 0.17 $ 0.17
Diluted net income per share $ 0.16 $ 0.16
Return on average total assets (1) 1.11% 1.18%
Return on average total equity (1) 8.01% 8.70%
Yield on average interest earning assets 4.93% 5.31%
Cost of funds 0.78% 0.95%
Net yield on average interest earning assets 4.21% 4.45%
Overhead efficiency ratio 63.12% 62.19%
Net charge-offs/average loans 0.06% 0.03%
(1) Annualized for all periods presented.
For additional information, please contact Ted Ashby CEO or Mark
Towe CFO (336) 783-3900
Surrey Bancorp (PK) (USOTC:SRYB)
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