Savannah Bancorp Inc. Reports Operating Results (10-Q)
At March 31, 2011 nonperforming loans consisted primarily of $16.6 million of land, lot and construction and development related loans and $14.3 million of improved residential real estate-secured loans. Less than one percent of the nonperforming loans were unsecured. The largest nonperforming relationship consists of four loans for $7.7 million to a residential developer in the Bluffton/Hilton Head Island, South Carolina (“Bluffton/HHI”) market. The loans are secured by residential land and lots. Approximately $2,246,000 of the allowance was allocated to this relationship as a specific reserve. The next largest nonperforming relationship consists of two loans for $3.4 million which is secured by a 1-4 family rental property and a residential improved lot located on Hilton Head Island, South Carolina. The Company has approximately $650,000 of the allowance allocated as a specific reserve on this loan relationship. The next largest nonperforming relationship consists of four loans for $3.0 million secured by 1-4 family residential rental properties on Tybee Island, Georgia.The Company is in process of foreclosure properties, with no amount set aside for compensation on the basis of assessments of the Company and impairment testing. The last significant relationship consists of four non-performing loans of $ 2.7 million to a developer housing market Effingham County, Georgia. The loans are secured by residential lots and lots and completed 1-4 family properties. The Company delisted $ 1,500,000 on this relationship in 2010 and has about 300,000 U.S. dollars of compensation awarded as a specific reserve and $ 53,000 allocated as a general reserve.
The Company reported net income for the first quarter 2011 of $126,000, compared to a net loss of $488,000 in the first quarter 2010. Net income per diluted share was 2 cents in the first quarter 2011 compared to a net loss of 8 cents per diluted share in the first quarter 2010. The increase in first quarter earnings results primarily from a lower provision for loan losses, higher net interest income and slightly lower noninterest expense. Return on average equity was 0.59 percent, return on average assets was 0.05 percent and the efficiency ratio was 58.39 percent in the first quarter 2011.profit before tax before allowance for loan losses and the gains / losses on sale of securities and foreclosed assets were $ 4,371,000 in the first quarter of 2011 compared to $ 4,343,000 in the first quarter of 2010. The following table reconciles the loss before income taxes to the base pay before taxes.
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Commissioners Georgia Hiller and Tom Henning voted against this unscheduled and inappropriate settlement proposal. Pledging land for an ATV park started nearly a decade ago when the South Florida Water Management District (SFWMD) began assuming control
The last significant nonperforming relationship consists of four loans for $2.7 million to a residential developer in the Effingham County, Georgia market. The loans are secured by residential land and lots and completed 1-4 family properties.
The board will meet in closed session to discuss possible land acquisition and then in open session to consider a purchase and sale agreement, a letter of intent and a ground lease. The Whitfield County Board of Commissioners will meet in a special
MARIETTA, Ga., (April 27, 2011) - Homes, commercial buildings, commercial land tracts and hundreds of residential home sites in Georgia will sell at auction May 25-26, with John Dixon & Associates handling the sale for a major regional bank.
(Total costs were defrayed by the sale of $3.3 million neighboring property also owned by the foundation). The state paid out $523161 this fiscal year for 104 Banbury. That covered the annual debt payment on the house with about $80000 in funds left
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