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HOUSTON, Jan. 28, 2011 (GLOBE NEWSWIRE) -- Encore Bancshares, Inc. (Nasdaq:EBTX) today announced its financial results for the fourth quarter of 2010.
Fourth Quarter Highlights
Completed sale of Florida franchise on December 31, 2010
Included in the sale:
$180.8 million of deposits
$61.5 million of loans
Continued growth of Texas franchise compared with December 31, 2009
Deposit growth of 10.0%
Commercial loan growth of 12.0%
Demand deposits were 20.9% of total deposits, up from 14.6%
Assets under management grew 6.9% to $2.9 billion
Significant improvement in credit quality
Nonperforming assets decreased $24.9 million, or 39.7%, compared with September 30, 2010
Allowance for loan losses of 2.02% of loans, excluding loans held for sale
Capital ratios continue to be strong
Estimated tier 1 capital ratio of 15.06%
Tangible common equity ratio of 6.86%
"With the completion of the sale of our Florida operations, our sole focus will be Houston, which we believe is leading the rebounding economy," said James S. D'Agostino, Jr., Chairman and Chief Executive Officer of Encore Bancshares, Inc. "We are very optimistic about our growth potential in Houston as we believe we can benefit from the disruptions local customers are likely to experience from other bank consolidations. We will continue providing the highest level of personalized service in the Houston market."
For the three months ended December 31, 2010, our net earnings were $420,000, compared with net earnings of $1.6 million for the same period of 2009. Loss per diluted common share for the fourth quarter of 2010 was $0.01, compared with earnings per diluted common share of $0.09 for the same period of 2009, after deducting preferred dividends for each period.
For the twelve months ended December 31, 2010, the net loss was $22.9 million, compared with net earnings of $1.8 million for the same period of 2009. The loss per diluted common share was $2.25, compared with a net loss of $0.04 per diluted common share for the comparable period of 2009, after deducting preferred dividends for each period. The loss was due primarily to credit costs and write downs of assets held for sale in Florida.