Century South Announces First Quarter Results

Apr 10, 2001, 01:00 ET from Century South Banks, Inc.

    ALPHARETTA, Ga., April 10 /PRNewswire/ --
 Century South Banks, Inc. (Nasdaq: CSBI) today reported net income of
 $3,962,000 for the quarter ended March 31, 2001 as compared to $2,323,000 for
 the fourth quarter of 2000.  Earnings per share for the first quarter of 2001
 were $0.29 per diluted share, as compared to $0.17 for the fourth quarter of
 2000.  First Quarter 2000 net income was $5,029,000 which represented
 $0.37 per share.
     At March 31, 2001, Century South had total assets of $1.658 billion and
 total deposits of $1.378 billion.  Equity capital of $162,215,000 represented
 9.79 percent of total assets.
     As previously announced, on December 4, 2000 Century South's Board of
 Directors approved a merger with BB&T Corporation based in Winston-Salem,
 North Carolina.  It is anticipated that the merger, subject to the approval of
 shareholders and regulatory authorities, will be consummated in the second
 quarter of 2001.
 
                                       For the Three Months       Increase
                                              Ended              (Decrease)
     (Dollars in thousands, except
      per share data)                 03/31/2001  03/31/2000      $        %
     INCOME STATEMENT
     Interest income                     $34,592     $31,654   $2,938    9.28%
     Interest expense                     16,716      14,014    2,702   19.28%
           Net interest income            17,876      17,640      236    1.34%
     Provision for loan losses             2,176         683    1,493  218.59%
           Net interest income after
            provision for loan losses     15,700      16,957   -1,257   -7.41%
     Noninterest income                    4,635       3,329    1,306   39.23%
     Noninterest expense                  14,445      12,832    1,613   12.57%
     Income before income taxes            5,890       7,454   -1,564  -20.98%
     Provision for income taxes            1,928       2,425     -497  -20.49%
           Net Income                     $3,962      $5,029  -$1,067  -21.22%
 
     PER SHARE DATA
     Basic earnings                        $0.29       $0.37   -$0.08  -21.62%
     Diluted earnings                      $0.29       $0.37   -$0.08  -21.62%
     Weighted average shares -
       Basic                          13,656,558  13,605,616   50,942    0.37%
       Diluted                        13,840,141  13,685,942  154,199    1.13%
     Dividends declared on common
      shares                               $0.14       $0.13    $0.01    7.69%
 
     PERFORMANCE RATIOS
     Return on average assets               0.99%       1.35%
     Return on average equity              10.09%      13.87%
     Net yield on earning assets
      (taxable equivalent)                  4.82%       5.11%
     Efficiency (taxable equivalent)       63.63%      60.49%
 
     SELECTED BALANCE SHEET DATA
     End of period balances
     Securities, at carrying value       276,103     274,104    1,999    0.73%
     Loans, net of unearned income     1,221,706   1,166,424   55,282    4.74%
     Allowance for loan losses           (18,345)    (17,023)  (1,322)   7.77%
     Other earning assets                 55,023      12,240   42,783  349.53%
     Total earning assets              1,547,620   1,459,397   88,223    6.05%
     Other nonearning assets             123,132     128,587   (5,455)  -4.24%
     Total assets                      1,657,619   1,564,332   93,287    5.96%
 
     Noninterest bearing deposits        158,614     163,706   (5,092)  -3.11%
     Interest bearing deposits         1,219,802   1,172,236   47,566    4.06%
     Total deposits                    1,378,416   1,335,942   42,474    3.18%
     Federal funds purchased              11,375      15,507   (4,132) -26.65%
     Federal Home Loan Bank advances
      and other borrowings                83,540      48,162   35,378   73.46%
     Total interest-bearing
      liabilities                      1,314,717   1,235,905   78,812    6.38%
     Total shareholders' equity          162,215     149,032   13,183    8.85%
 
     Average balances
     Securities, at carrying value       277,287     257,591   19,696    7.65%
     Loans, net of unearned income     1,224,786   1,115,821  108,965    9.77%
     Allowance for loan losses           (18,510)    (16,387)  (2,123)  12.96%
     Other earning assets                 25,581      23,579    2,002    8.49%
     Total earning assets              1,524,626   1,404,125  120,501    8.58%
     Other nonearning assets             121,529     118,960    2,569    2.16%
     Total assets                      1,630,674   1,499,564  131,110    8.74%
 
     Noninterest bearing deposits        151,473     158,660   (7,187)  -4.53%
     Interest bearing deposits         1,196,452   1,119,580   76,872    6.87%
     Total deposits                    1,347,925   1,278,240   69,685    5.45%
     Federal funds purchased              18,360      12,296    6,064   49.32%
     Federal Home Loan Bank advances
      and other borrowings                83,451      48,342   35,109   72.63%
     Total interest-bearing
      liabilities                      1,298,263   1,180,218  118,045   10.00%
     Total shareholders' equity          159,248     145,821   13,427    9.21%
 
 
                                                 As of / For the Quarter Ended
     (Dollars in thousands, except per
      share data)                                03/31/2001        12/31/2000
     INCOME STATEMENT
     Interest income                                 34,592            35,676
     Interest expense                                16,716            17,120
           Net interest income                       17,876            18,556
     Provision for loan losses                        2,176             3,098
           Net interest income after
            provision for loan losses                15,700            15,458
     Noninterest income                               4,635             4,334
     Noninterest expense                             14,445            16,227
 
     Income before income taxes                       5,890             3,565
     Provision for income taxes                       1,928             1,242
           Net Income                                 3,962             2,323
 
     PER SHARE DATA
        Basic earnings                                $0.29             $0.17
        Diluted earnings                              $0.29             $0.17
        Weighted average shares -
         Basic                                   13,656,558        13,713,684
         Diluted                                 13,840,141        13,822,044
        Dividends declared on common
         shares                                       $0.14             $0.14
        Book value per common share                  $11.87            $11.60
 
     PERFORMANCE RATIOS
         Return on average assets                      0.99%             1.13%
         Return on average equity                     10.09%            11.78%
         Net yield on earning assets
          (taxable equivalent)                         4.82%             4.91%
         Efficiency (taxable equivalent)              63.63%            70.21%
 
 
     SELECTED BALANCE SHEET DATA
     End of period balances
     Securities, at carrying value                  276,103           294,264
     Loans, net of unearned income                1,221,706         1,232,409
     Allowance for loan losses                      (18,345)          (18,396)
     Other earning assets                            55,023             7,027
     Total earning assets                         1,547,620         1,532,367
     Other nonearning assets                        123,132           126,882
     Total assets                                 1,657,619         1,642,186
 
     Noninterest bearing deposits                   158,614           166,729
     Interest bearing deposits                    1,219,802         1,168,018
     Total deposits                               1,378,416         1,334,747
     Federal funds purchased                         11,375            42,857
     Federal Home Loan Bank advances and
      other borrowings                               83,540            84,043
     Total interest-bearing liabilities           1,314,717         1,294,918
     Total shareholders' equity                     162,215           159,174
 
     Average balances
     Securities, at carrying value                  277,287           281,487
     Loans, net of unearned income                1,224,786         1,223,346
     Allowance for loan losses                      (18,510)          (17,616)
     Other earning assets                            25,581            13,529
     Total earning assets                         1,524,626         1,521,038
     Other nonearning assets                        121,529           119,504
     Total assets                                 1,630,674         1,620,250
 
     Noninterest bearing deposits                   151,473           160,109
     Interest bearing deposits                    1,196,452         1,159,501
     Total deposits                               1,347,925         1,319,610
     Federal funds purchased                         18,360            19,687
     Federal Home Loan Bank advances and
      other borrowings                               83,451           102,011
     Total interest-bearing liabilities           1,298,263         1,281,199
     Total shareholders' equity                     159,248           157,182
 
 
                                              As of / For the Quarter Ended
     (Dollars in thousands, except per
      share data)                           09/30/2000  06/30/2000  03/31/2000
     INCOME STATEMENT
     Interest income                            35,355      33,537      31,654
     Interest expense                           16,714      15,320      14,014
           Net interest income                  18,641      18,217      17,640
     Provision for loan losses                     653         662         683
           Net interest income after
            provision for loan losses           17,988      17,555      16,957
     Noninterest income                          4,186       3,529       3,329
     Noninterest expense                        14,292      13,293      12,832
 
     Income before income taxes                  7,882       7,791       7,454
     Provision for income taxes                  2,609       2,595       2,425
           Net Income                            5,273       5,196       5,029
 
     PER SHARE DATA
        Basic earnings                           $0.38       $0.38       $0.37
        Diluted earnings                         $0.38       $0.38       $0.37
        Weighted average shares -
         Basic                              13,739,744  13,738,658  13,605,629
         Diluted                            13,846,241  13,842,020  13,685,955
        Dividends declared on common shares      $0.13       $0.13       $0.13
        Book value per common share             $11.36      $10.94      $10.80
 
     PERFORMANCE RATIOS
         Return on average assets                 1.31%       1.33%       1.35%
         Return on average equity                13.70%      14.05%      13.87%
         Net yield on earning assets
          (taxable equivalent)                    4.98%       5.03%       5.11%
         Efficiency (taxable equivalent)         62.08%      60.53%      60.49%
 
 
     SELECTED BALANCE SHEET DATA
     End of period balances
     Securities, at carrying value             281,292     283,491     274,104
     Loans, net of unearned income           1,217,184   1,196,905   1,166,424
     Allowance for loan losses                 (17,590)    (17,448)    (17,023)
     Other earning assets                        5,990       7,127      12,240
     Total earning assets                    1,508,614   1,494,784   1,459,397
     Other nonearning assets                   127,621     127,695     128,587
     Total assets                            1,614,497   1,597,770   1,564,332
 
     Noninterest bearing deposits              159,248     169,145     163,706
     Interest bearing deposits               1,150,774   1,142,911   1,172,236
     Total deposits                          1,310,022   1,312,056   1,335,942
     Federal funds purchased                    19,846      31,242      15,507
     Federal Home Loan Bank advances and
      other borrowings                         108,956      87,778      48,162
     Total interest-bearing liabilities      1,279,576   1,261,931   1,235,905
     Total shareholders' equity                156,034     149,914     149,032
 
     Average balances
     Securities, at carrying value             282,138     273,467     257,591
     Loans, net of unearned income           1,209,825   1,176,518   1,115,821
     Allowance for loan losses                 (17,621)    (17,306)    (16,387)
     Other earning assets                        6,173      12,788      23,579
     Total earning assets                    1,504,139   1,470,952   1,404,125
     Other nonearning assets                   120,594     124,556     118,960
     Total assets                            1,601,110   1,570,023   1,499,564
 
     Noninterest bearing deposits              160,470     159,442     158,660
     Interest bearing deposits               1,138,710   1,163,111   1,119,580
     Total deposits                          1,299,180   1,322,553   1,278,240
     Federal funds purchased                    26,843      20,318      12,296
     Federal Home Loan Bank advances and
      other borrowings                         104,137      64,290      48,342
     Total interest-bearing liabilities      1,269,690   1,247,719   1,180,218
     Total shareholders' equity                153,065     148,758     145,821
 
 
                                           As of / For the Quarter Ended
     (Dollars in thousands,
       except per share data)        03/31    12/31    09/30    06/30    03/31
                                      2001     2000     2000     2000     2000
     ASSET QUALITY ANALYSIS
        Allowance for loan losses
           Beginning balance       $18,396  $17,590  $17,448  $17,023  $15,183
           Provision for loan
            losses                   2,176    3,098      653      662      683
           Charge-offs               2,394    2,579      675      513      434
           Recoveries                  167      287      164      276      213
              Net charge-offs        2,227    2,292      511      237      221
           Adjustment due to
            purchase of Subsidiary       0        0        0        0    1,378
           Ending balance          $18,345  $18,396  $17,590  $17,448  $17,023
 
        Nonperforming Assets
           Nonaccrual loans         $7,621  $10,907   $6,802   $5,370   $6,144
           Other nonperforming
            assets                   2,290    1,863    1,622    2,053    2,636
             Total nonperforming
              assets                $9,911  $12,770   $8,424   $7,423   $8,780
 
           Underperforming loans*   $3,095   $1,492   $1,102     $996     $682
 
     Asset Quality Ratios
        Nonaccrual loans as a
         percentage of total loans
         and leases                   0.62%    0.89%    0.56%    0.45%    0.53%
        Nonperforming assets as a
         percentage of:
             Total assets             0.60%    0.78%    0.52%    0.46%    0.56%
             Loans plus other
              nonperforming assets    0.81%    1.03%    0.69%    0.62%    0.75%
        Net charge-offs as a
         percentage of average
         loans and leases             0.74%    0.75%    0.17%    0.08%    0.08%
        Allowance for loans as a
         percentage of loans          1.50%    1.49%    1.45%    1.46%    1.46%
        Ratio of allowance for
         loan losses to:
             Net charge-offs          8.24     8.03    34.42    73.62    77.03
             Nonaccrual loans         2.41     1.70     2.59     3.25     2.77
 
     *  Loans past due 90 days or more and still accruing
 
 

SOURCE Century South Banks, Inc.
    ALPHARETTA, Ga., April 10 /PRNewswire/ --
 Century South Banks, Inc. (Nasdaq: CSBI) today reported net income of
 $3,962,000 for the quarter ended March 31, 2001 as compared to $2,323,000 for
 the fourth quarter of 2000.  Earnings per share for the first quarter of 2001
 were $0.29 per diluted share, as compared to $0.17 for the fourth quarter of
 2000.  First Quarter 2000 net income was $5,029,000 which represented
 $0.37 per share.
     At March 31, 2001, Century South had total assets of $1.658 billion and
 total deposits of $1.378 billion.  Equity capital of $162,215,000 represented
 9.79 percent of total assets.
     As previously announced, on December 4, 2000 Century South's Board of
 Directors approved a merger with BB&T Corporation based in Winston-Salem,
 North Carolina.  It is anticipated that the merger, subject to the approval of
 shareholders and regulatory authorities, will be consummated in the second
 quarter of 2001.
 
                                       For the Three Months       Increase
                                              Ended              (Decrease)
     (Dollars in thousands, except
      per share data)                 03/31/2001  03/31/2000      $        %
     INCOME STATEMENT
     Interest income                     $34,592     $31,654   $2,938    9.28%
     Interest expense                     16,716      14,014    2,702   19.28%
           Net interest income            17,876      17,640      236    1.34%
     Provision for loan losses             2,176         683    1,493  218.59%
           Net interest income after
            provision for loan losses     15,700      16,957   -1,257   -7.41%
     Noninterest income                    4,635       3,329    1,306   39.23%
     Noninterest expense                  14,445      12,832    1,613   12.57%
     Income before income taxes            5,890       7,454   -1,564  -20.98%
     Provision for income taxes            1,928       2,425     -497  -20.49%
           Net Income                     $3,962      $5,029  -$1,067  -21.22%
 
     PER SHARE DATA
     Basic earnings                        $0.29       $0.37   -$0.08  -21.62%
     Diluted earnings                      $0.29       $0.37   -$0.08  -21.62%
     Weighted average shares -
       Basic                          13,656,558  13,605,616   50,942    0.37%
       Diluted                        13,840,141  13,685,942  154,199    1.13%
     Dividends declared on common
      shares                               $0.14       $0.13    $0.01    7.69%
 
     PERFORMANCE RATIOS
     Return on average assets               0.99%       1.35%
     Return on average equity              10.09%      13.87%
     Net yield on earning assets
      (taxable equivalent)                  4.82%       5.11%
     Efficiency (taxable equivalent)       63.63%      60.49%
 
     SELECTED BALANCE SHEET DATA
     End of period balances
     Securities, at carrying value       276,103     274,104    1,999    0.73%
     Loans, net of unearned income     1,221,706   1,166,424   55,282    4.74%
     Allowance for loan losses           (18,345)    (17,023)  (1,322)   7.77%
     Other earning assets                 55,023      12,240   42,783  349.53%
     Total earning assets              1,547,620   1,459,397   88,223    6.05%
     Other nonearning assets             123,132     128,587   (5,455)  -4.24%
     Total assets                      1,657,619   1,564,332   93,287    5.96%
 
     Noninterest bearing deposits        158,614     163,706   (5,092)  -3.11%
     Interest bearing deposits         1,219,802   1,172,236   47,566    4.06%
     Total deposits                    1,378,416   1,335,942   42,474    3.18%
     Federal funds purchased              11,375      15,507   (4,132) -26.65%
     Federal Home Loan Bank advances
      and other borrowings                83,540      48,162   35,378   73.46%
     Total interest-bearing
      liabilities                      1,314,717   1,235,905   78,812    6.38%
     Total shareholders' equity          162,215     149,032   13,183    8.85%
 
     Average balances
     Securities, at carrying value       277,287     257,591   19,696    7.65%
     Loans, net of unearned income     1,224,786   1,115,821  108,965    9.77%
     Allowance for loan losses           (18,510)    (16,387)  (2,123)  12.96%
     Other earning assets                 25,581      23,579    2,002    8.49%
     Total earning assets              1,524,626   1,404,125  120,501    8.58%
     Other nonearning assets             121,529     118,960    2,569    2.16%
     Total assets                      1,630,674   1,499,564  131,110    8.74%
 
     Noninterest bearing deposits        151,473     158,660   (7,187)  -4.53%
     Interest bearing deposits         1,196,452   1,119,580   76,872    6.87%
     Total deposits                    1,347,925   1,278,240   69,685    5.45%
     Federal funds purchased              18,360      12,296    6,064   49.32%
     Federal Home Loan Bank advances
      and other borrowings                83,451      48,342   35,109   72.63%
     Total interest-bearing
      liabilities                      1,298,263   1,180,218  118,045   10.00%
     Total shareholders' equity          159,248     145,821   13,427    9.21%
 
 
                                                 As of / For the Quarter Ended
     (Dollars in thousands, except per
      share data)                                03/31/2001        12/31/2000
     INCOME STATEMENT
     Interest income                                 34,592            35,676
     Interest expense                                16,716            17,120
           Net interest income                       17,876            18,556
     Provision for loan losses                        2,176             3,098
           Net interest income after
            provision for loan losses                15,700            15,458
     Noninterest income                               4,635             4,334
     Noninterest expense                             14,445            16,227
 
     Income before income taxes                       5,890             3,565
     Provision for income taxes                       1,928             1,242
           Net Income                                 3,962             2,323
 
     PER SHARE DATA
        Basic earnings                                $0.29             $0.17
        Diluted earnings                              $0.29             $0.17
        Weighted average shares -
         Basic                                   13,656,558        13,713,684
         Diluted                                 13,840,141        13,822,044
        Dividends declared on common
         shares                                       $0.14             $0.14
        Book value per common share                  $11.87            $11.60
 
     PERFORMANCE RATIOS
         Return on average assets                      0.99%             1.13%
         Return on average equity                     10.09%            11.78%
         Net yield on earning assets
          (taxable equivalent)                         4.82%             4.91%
         Efficiency (taxable equivalent)              63.63%            70.21%
 
 
     SELECTED BALANCE SHEET DATA
     End of period balances
     Securities, at carrying value                  276,103           294,264
     Loans, net of unearned income                1,221,706         1,232,409
     Allowance for loan losses                      (18,345)          (18,396)
     Other earning assets                            55,023             7,027
     Total earning assets                         1,547,620         1,532,367
     Other nonearning assets                        123,132           126,882
     Total assets                                 1,657,619         1,642,186
 
     Noninterest bearing deposits                   158,614           166,729
     Interest bearing deposits                    1,219,802         1,168,018
     Total deposits                               1,378,416         1,334,747
     Federal funds purchased                         11,375            42,857
     Federal Home Loan Bank advances and
      other borrowings                               83,540            84,043
     Total interest-bearing liabilities           1,314,717         1,294,918
     Total shareholders' equity                     162,215           159,174
 
     Average balances
     Securities, at carrying value                  277,287           281,487
     Loans, net of unearned income                1,224,786         1,223,346
     Allowance for loan losses                      (18,510)          (17,616)
     Other earning assets                            25,581            13,529
     Total earning assets                         1,524,626         1,521,038
     Other nonearning assets                        121,529           119,504
     Total assets                                 1,630,674         1,620,250
 
     Noninterest bearing deposits                   151,473           160,109
     Interest bearing deposits                    1,196,452         1,159,501
     Total deposits                               1,347,925         1,319,610
     Federal funds purchased                         18,360            19,687
     Federal Home Loan Bank advances and
      other borrowings                               83,451           102,011
     Total interest-bearing liabilities           1,298,263         1,281,199
     Total shareholders' equity                     159,248           157,182
 
 
                                              As of / For the Quarter Ended
     (Dollars in thousands, except per
      share data)                           09/30/2000  06/30/2000  03/31/2000
     INCOME STATEMENT
     Interest income                            35,355      33,537      31,654
     Interest expense                           16,714      15,320      14,014
           Net interest income                  18,641      18,217      17,640
     Provision for loan losses                     653         662         683
           Net interest income after
            provision for loan losses           17,988      17,555      16,957
     Noninterest income                          4,186       3,529       3,329
     Noninterest expense                        14,292      13,293      12,832
 
     Income before income taxes                  7,882       7,791       7,454
     Provision for income taxes                  2,609       2,595       2,425
           Net Income                            5,273       5,196       5,029
 
     PER SHARE DATA
        Basic earnings                           $0.38       $0.38       $0.37
        Diluted earnings                         $0.38       $0.38       $0.37
        Weighted average shares -
         Basic                              13,739,744  13,738,658  13,605,629
         Diluted                            13,846,241  13,842,020  13,685,955
        Dividends declared on common shares      $0.13       $0.13       $0.13
        Book value per common share             $11.36      $10.94      $10.80
 
     PERFORMANCE RATIOS
         Return on average assets                 1.31%       1.33%       1.35%
         Return on average equity                13.70%      14.05%      13.87%
         Net yield on earning assets
          (taxable equivalent)                    4.98%       5.03%       5.11%
         Efficiency (taxable equivalent)         62.08%      60.53%      60.49%
 
 
     SELECTED BALANCE SHEET DATA
     End of period balances
     Securities, at carrying value             281,292     283,491     274,104
     Loans, net of unearned income           1,217,184   1,196,905   1,166,424
     Allowance for loan losses                 (17,590)    (17,448)    (17,023)
     Other earning assets                        5,990       7,127      12,240
     Total earning assets                    1,508,614   1,494,784   1,459,397
     Other nonearning assets                   127,621     127,695     128,587
     Total assets                            1,614,497   1,597,770   1,564,332
 
     Noninterest bearing deposits              159,248     169,145     163,706
     Interest bearing deposits               1,150,774   1,142,911   1,172,236
     Total deposits                          1,310,022   1,312,056   1,335,942
     Federal funds purchased                    19,846      31,242      15,507
     Federal Home Loan Bank advances and
      other borrowings                         108,956      87,778      48,162
     Total interest-bearing liabilities      1,279,576   1,261,931   1,235,905
     Total shareholders' equity                156,034     149,914     149,032
 
     Average balances
     Securities, at carrying value             282,138     273,467     257,591
     Loans, net of unearned income           1,209,825   1,176,518   1,115,821
     Allowance for loan losses                 (17,621)    (17,306)    (16,387)
     Other earning assets                        6,173      12,788      23,579
     Total earning assets                    1,504,139   1,470,952   1,404,125
     Other nonearning assets                   120,594     124,556     118,960
     Total assets                            1,601,110   1,570,023   1,499,564
 
     Noninterest bearing deposits              160,470     159,442     158,660
     Interest bearing deposits               1,138,710   1,163,111   1,119,580
     Total deposits                          1,299,180   1,322,553   1,278,240
     Federal funds purchased                    26,843      20,318      12,296
     Federal Home Loan Bank advances and
      other borrowings                         104,137      64,290      48,342
     Total interest-bearing liabilities      1,269,690   1,247,719   1,180,218
     Total shareholders' equity                153,065     148,758     145,821
 
 
                                           As of / For the Quarter Ended
     (Dollars in thousands,
       except per share data)        03/31    12/31    09/30    06/30    03/31
                                      2001     2000     2000     2000     2000
     ASSET QUALITY ANALYSIS
        Allowance for loan losses
           Beginning balance       $18,396  $17,590  $17,448  $17,023  $15,183
           Provision for loan
            losses                   2,176    3,098      653      662      683
           Charge-offs               2,394    2,579      675      513      434
           Recoveries                  167      287      164      276      213
              Net charge-offs        2,227    2,292      511      237      221
           Adjustment due to
            purchase of Subsidiary       0        0        0        0    1,378
           Ending balance          $18,345  $18,396  $17,590  $17,448  $17,023
 
        Nonperforming Assets
           Nonaccrual loans         $7,621  $10,907   $6,802   $5,370   $6,144
           Other nonperforming
            assets                   2,290    1,863    1,622    2,053    2,636
             Total nonperforming
              assets                $9,911  $12,770   $8,424   $7,423   $8,780
 
           Underperforming loans*   $3,095   $1,492   $1,102     $996     $682
 
     Asset Quality Ratios
        Nonaccrual loans as a
         percentage of total loans
         and leases                   0.62%    0.89%    0.56%    0.45%    0.53%
        Nonperforming assets as a
         percentage of:
             Total assets             0.60%    0.78%    0.52%    0.46%    0.56%
             Loans plus other
              nonperforming assets    0.81%    1.03%    0.69%    0.62%    0.75%
        Net charge-offs as a
         percentage of average
         loans and leases             0.74%    0.75%    0.17%    0.08%    0.08%
        Allowance for loans as a
         percentage of loans          1.50%    1.49%    1.45%    1.46%    1.46%
        Ratio of allowance for
         loan losses to:
             Net charge-offs          8.24     8.03    34.42    73.62    77.03
             Nonaccrual loans         2.41     1.70     2.59     3.25     2.77
 
     *  Loans past due 90 days or more and still accruing
 
 SOURCE  Century South Banks, Inc.