|By Marketwired .||
|February 14, 2014 11:21 AM EST||
MOUNT AIRY, NC -- (Marketwired) -- 02/14/14 -- Surrey Bancorp (the "Company") (PINKSHEETS: SRYB), the holding company for Surrey Bank & Trust, today reported earnings for the fourth quarter of 2013 and the full year.
For the quarter ended December 31, 2013, net income totaled $700,849 or $0.17 per fully diluted share, compared with $976,399 or $0.23 per fully diluted common share earned during the fourth quarter of 2012.
The decrease in quarterly earnings results from an increase in the provision for loan losses.
The provision for loan losses increased from a recapture of $309,080 in the fourth quarter of 2012 to a provision of $171,452 for the same period in 2013, a $480,532 difference. The recapture was the result of significant early payoffs in loans outstanding during the last quarter of 2012, while loans increased in the fourth quarter of 2013.
Net interest income decreased by 1.96 percent from $2,321,194 in the fourth quarter of 2012 to $2,275,796 for the same period in 2013, as asset yields continue to decrease in the low interest rate environment. Noninterest income increased slightly to $838,663, compared to $798,359 reported for the quarter ended December 31, 2012. Noninterest expenses decreased from $1,790,262 in the fourth quarter of 2012 to $1,773,372 in the fourth quarter of 2013. This decrease is attributable to a reduction in expenses related to foreclosed assets.
For the year ended December 31, 2013, the Company reported net income of $2,889,351, or $0.69 per fully diluted common share. This represents a 3.77 percent increase in profitability from year-end 2012, when the Company reported earnings of $2,782,880, or $0.67 per fully diluted common share. This increase was attributable to a reduction in the provision for loan losses and an increase in noninterest income, which more than offset the reduction in net interest income. Net interest income decreased 2.69 percent from $9,283,410 for the 2012 year-end to $9,033,671 at year-end 2013, as asset yields declined. The provision for loan losses decreased from $471,292 in 2012 to $319,565 in 2013 due to increased loan guarantee enhancements. Approximately $60,864,000 of the total loans outstanding at December 31, 2013, carry government guarantees which reduce the Bank's credit exposure. The guaranteed portion of these loans amounts to approximately $47,716,000, or 26.0 percent of total loans outstanding. This compares to guarantees of $43,118,000, or 24.4 percent of loans outstanding at December 31, 2012. Noninterest income increased 11.2 percent to $2,906,844 compared to $2,613,627 reported for the year ended December 31, 2012 as income from the sale of government guaranteed loans and subsidiary insurance commission revenue increased. Noninterest expenses increased modestly, from $6,921,581 in 2012, $6,971,932 in 2013, or 0.73 percent.
Loan loss reserves were $3,375,350 or 1.84 percent of total loans as of December 31, 2013. Non-performing assets were 1.58 percent of total assets at December 31, 2013, compared to 1.84 percent on that date in 2012. At December 31, 2013, the allowance for loan loss reserves equals 86.88 percent of impaired and non-performing assets, net of government guarantees compared to 76.76 percent at the end of 2012.
Total assets were $240,918,977 as of December 31, 2013, an increase of 4.79 percent from $229,912,432 reported as of December 31, 2012. Total deposits were $195,800,961 at year-end 2013, an increase of 4.25 percent from the $187,823,037 reported at the end of year of 2012. Net loans increased 3.65 percent to $179,908,825, compared to $173,577,565 as of December 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. The Bank has opened a Loan Production Office at 1328 North Bridge Street in Elkin, North Carolina.
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.
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.
SURREY BANCORP CONSOLIDATED FINANCIAL HIGHLIGHTS (Dollars in thousands, except per share amounts) December 31, December 31, 2013 2012 ------------ ------------ (unaudited) Total assets $ 240,919 $ 229,912 Total loans 183,284 176,981 Investments 40,890 37,318 Deposits 195,801 187,823 Borrowed funds 7,750 7,750 Stockholders' equity 34,218 32,237 Non-performing assets to total assets 1.58% 1.84% Loans past due more than 90 days to total loans 0.02% 0.39% Allowance for loan losses to total loans 1.84% 1.93% Book value per common share $ 8.57 $ 8.01 SURREY BANCORP CONSOLIDATED FINANCIAL HIGHLIGHTS (Dollars in thousands, except per share amounts) For the Three Months For the Twelve Months Ended December 31, Ended December 31, ---------------------- ---------------------- 2013 2012 2013 2012 ---------- ---------- ---------- ---------- Interest income $ 2,634 $ 2,717 $ 10,539 $ 10,954 Interest expense 358 396 1,505 1,671 Net interest income 2,276 2,321 9,034 9,283 Provision for loan losses 171 (309) 320 471 Net interest income after provision for loan losses 2,105 2,630 8,714 8,812 Noninterest income 838 798 2,907 2,614 Noninterest expense 1,773 1,790 6,972 6,922 Net income before taxes 1,170 1,638 4,649 4,504 Provision for income taxes 469 662 1,760 1,721 Net income 701 976 2,889 2,783 Preferred stock dividend declared 46 46 183 183 Net income available to common shareholders $ 655 $ 930 $ 2,706 $ 2,600 Basic net income per share $ 0.18 $ 0.26 $ 0.76 $ 0.73 Diluted net income per share $ 0.17 $ 0.23 $ 0.69 $ 0.67 Return on average total assets (1) 1.15% 1.69% 1.22% 1.23% Return on average total equity (1) 8.10% 12.04% 8.59% 8.86% Yield on average interest earning assets 4.64% 5.06% 4.78% 5.24% Cost of funds 0.69% 0.81% 0.75% 0.87% Net yield on average interest earning assets 4.01% 4.32% 4.10% 4.44% Overhead efficiency ratio 56.94% 57.39% 58.39% 58.18% Net charge-offs/average loans 0.05% 0.01% 0.19% 0.53%
(1) Annualized for all periods presented.
For additional information, please contact
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develo...
Jul. 25, 2016 01:45 AM EDT Reads: 1,198
SYS-CON Events announced today that MangoApps will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device.
Jul. 25, 2016 01:30 AM EDT Reads: 1,244
“We're a global managed hosting provider. Our core customer set is a U.S.-based customer that is looking to go global,” explained Adam Rogers, Managing Director at ANEXIA, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 25, 2016 01:00 AM EDT Reads: 1,610
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
Jul. 25, 2016 12:45 AM EDT Reads: 2,150
Basho Technologies has announced the latest release of Basho Riak TS, version 1.3. Riak TS is an enterprise-grade NoSQL database optimized for Internet of Things (IoT). The open source version enables developers to download the software for free and use it in production as well as make contributions to the code and develop applications around Riak TS. Enhancements to Riak TS make it quick, easy and cost-effective to spin up an instance to test new ideas and build IoT applications. In addition to...
Jul. 25, 2016 12:30 AM EDT Reads: 1,870
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
Jul. 25, 2016 12:15 AM EDT Reads: 2,480
"This week we're really focusing on scalability, asset preservation and how do you back up to the cloud and in the cloud with object storage, which is really a new way of attacking dealing with your file, your blocked data, where you put it and how you access it," stated Jeff Greenwald, Senior Director of Market Development at HGST, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 25, 2016 12:15 AM EDT Reads: 1,414
"We've discovered that after shows 80% if leads that people get, 80% of the conversations end up on the show floor, meaning people forget about it, people forget who they talk to, people forget that there are actual business opportunities to be had here so we try to help out and keep the conversations going," explained Jeff Mesnik, Founder and President of ContentMX, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 24, 2016 11:30 PM EDT Reads: 1,257
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
Jul. 24, 2016 11:15 PM EDT Reads: 946
"We're bringing out a new application monitoring system to the DevOps space. It manages large enterprise applications that are distributed throughout a node in many enterprises and we manage them as one collective," explained Kevin Barnes, President of eCube Systems, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 24, 2016 11:00 PM EDT Reads: 1,617
“Being the one true cloud-agnostic and storage-agnostic software solution, more and more customers are coming to Commvault and saying ' What do you recommend? What's your best practice for implementing cloud?” explained Randy De Meno, Chief Technologist at Commvault, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 24, 2016 11:00 PM EDT Reads: 1,623
“delaPlex Software provides software outsourcing services. We have a hybrid model where we have onshore developers and project managers that we can place anywhere in the U.S. or in Europe,” explained Manish Sachdeva, CEO at delaPlex Software, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 24, 2016 11:00 PM EDT Reads: 1,496
"When you think about the data center today, there's constant evolution, The evolution of the data center and the needs of the consumer of technology change, and they change constantly," stated Matt Kalmenson, VP of Sales, Service and Cloud Providers at Veeam Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 24, 2016 11:00 PM EDT Reads: 1,259
From wearable activity trackers to fantasy e-sports, data and technology are transforming the way athletes train for the game and fans engage with their teams. In his session at @ThingsExpo, will present key data findings from leading sports organizations San Francisco 49ers, Orlando Magic NBA team. By utilizing data analytics these sports orgs have recognized new revenue streams, doubled its fan base and streamlined costs at its stadiums. John Paul is the CEO and Founder of VenueNext. Prior ...
Jul. 24, 2016 10:45 PM EDT Reads: 1,979
IoT is rapidly changing the way enterprises are using data to improve business decision-making. In order to derive business value, organizations must unlock insights from the data gathered and then act on these. In their session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, and Peter Shashkin, Head of Development Department at EastBanc Technologies, discussed how one organization leveraged IoT, cloud technology and data analysis to improve customer experiences and effi...
Jul. 24, 2016 10:00 PM EDT Reads: 1,954