This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Encore Bancshares Reports Fourth Quarter 2010 Net Earnings Of $420,000

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
  • 4 branches

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."

Earnings

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.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs