Savannah Bancorp Announces Ten-Percent Stock Dividend And Raises Quarterly Cash Dividend to 16 Cents from 15 Cents

Apr 16, 2001, 01:00 ET from Savannah Bancorp, Inc.

    SAVANNAH, Ga., April 16 /PRNewswire/ --
 The Savannah Bancorp, Inc. (Nasdaq:   SAVB), the bank holding company for The
 Savannah Bank, N.A., located in Savannah, Georgia, and Bryan Bank & Trust,
 Richmond Hill, Georgia, announces that its Board of Directors has declared a
 ten-percent stock dividend and also increased the regular quarterly cash
 dividend to 16 cents per share from 15 cents per share at its meeting on April
 16, 2001.  The stock dividend and the increased cash dividend result in a 17.3
 percent increase in the quarterly dividend to shareholders.
     The record date for the dividend is April 27.  The distribution date of
 the stock dividend is May 11, 2001, and the payable date of the cash dividend
 is May 21, 2001.
     "We are pleased to declare our 26th consecutive quarterly dividend and our
 seventh consecutive annual increase," said Archie H. Davis, President and
 Chief Executive Officer.
     Historical restatement of share and per share information for the most
 recent five quarters and five years is included as a part of this dividend
 announcement.
     The Savannah Bancorp, Inc. began operations in August 1990, and is traded
 on the Nasdaq National Market under the trading symbol SAVB (CUSIP
 #804748101).
 
 
     The Savannah Bancorp, Inc. and Subsidiaries
     Restatement of Historical Share and Per Share Data
     To Reflect The Ten-Percent Stock Dividend
     (Unaudited)
 
     (thousands, except per share data)
 
     The following tables reflect the effect of increasing all historical
     shares outstanding by a ten percent stock dividend.  The record date of
     the dividend is April 27, 2001 and the distribution date is May 11, 2001.
 
 
     For the Most Recent Five Quarters
 
                                  2001                     2000
                                  First    Fourth     Third    Second    First
                                 Quarter   Quarter   Quarter   Quarter  Quarter
 
     Net income                  $1,081    $1,152    $1,129    $1,056      $955
 
     Average shares
     Basic                        2,960     2,970     2,971     2,977     2,980
     Diluted                      3,005     3,018     3,020     3,022     3,031
 
     Net income per share
     Basic                       $0.365    $0.388    $0.380    $0.355    $0.320
     Diluted                      0.360     0.382     0.374     0.349     0.315
 
     Dividends per share          0.136     0.136     0.136     0.136     0.109
 
     Market price per common share
     High                        $18.64    $19.77    $19.32    $18.07    $17.39
     Low                          17.39     17.50     17.10     16.42     15.45
     Close                        17.50     17.50     18.86     17.50     16.48
 
     At quarter-end
     Shareholders' equity       $29,866   $28,656   $27,245   $26,143   $25,684
     Outstanding shares           2,958     2,965     2,972     2,974     2,981
     Book value per share        $10.10     $9.67     $9.17     $8.79     $8.62
 
     For the Most Recent Five Years
 
                                  2000      1999      1998*     1997     1996
 
     Net income                  $4,292    $3,533    $2,626    $2,911   $2,528
 
     Average shares
     Basic                        2,974     2,974     2,927    2,904     2,905
     Diluted                      3,023     3,047     3,036    3,033     2,988
 
     Net income per share
     Basic                        $1.44     $1.19     $0.90    $1.00     $0.87
     Diluted                      $1.42     $1.16     $0.86    $0.96     $0.85
 
     Dividends per share          $0.52     $0.42     $0.31    $0.13     $0.07
 
     Market price per common share
     High                        $19.77    $22.73    $28.18   $21.82    $14.85
     Low                          15.45     17.27     19.09    13.64     11.52
     Close                        17.50     17.91     23.64    21.25     14.85
 
     At December 31
     Shareholders' equity       $26,439   $24,941   $23,445  $21,040   $19,020
     Outstanding shares           2,965     2,980     2,951    2,904     2,899
     Book value per share         $8.92     $8.37     $7.94    $7.25     $6.56
 
     * includes non-recurring merger and data processing costs of $619 and a
       non-recurring gain on sale of land of $57, which together lowered
       diluted net income per share by 19 cents.
 
 

SOURCE Savannah Bancorp, Inc.
    SAVANNAH, Ga., April 16 /PRNewswire/ --
 The Savannah Bancorp, Inc. (Nasdaq:   SAVB), the bank holding company for The
 Savannah Bank, N.A., located in Savannah, Georgia, and Bryan Bank & Trust,
 Richmond Hill, Georgia, announces that its Board of Directors has declared a
 ten-percent stock dividend and also increased the regular quarterly cash
 dividend to 16 cents per share from 15 cents per share at its meeting on April
 16, 2001.  The stock dividend and the increased cash dividend result in a 17.3
 percent increase in the quarterly dividend to shareholders.
     The record date for the dividend is April 27.  The distribution date of
 the stock dividend is May 11, 2001, and the payable date of the cash dividend
 is May 21, 2001.
     "We are pleased to declare our 26th consecutive quarterly dividend and our
 seventh consecutive annual increase," said Archie H. Davis, President and
 Chief Executive Officer.
     Historical restatement of share and per share information for the most
 recent five quarters and five years is included as a part of this dividend
 announcement.
     The Savannah Bancorp, Inc. began operations in August 1990, and is traded
 on the Nasdaq National Market under the trading symbol SAVB (CUSIP
 #804748101).
 
 
     The Savannah Bancorp, Inc. and Subsidiaries
     Restatement of Historical Share and Per Share Data
     To Reflect The Ten-Percent Stock Dividend
     (Unaudited)
 
     (thousands, except per share data)
 
     The following tables reflect the effect of increasing all historical
     shares outstanding by a ten percent stock dividend.  The record date of
     the dividend is April 27, 2001 and the distribution date is May 11, 2001.
 
 
     For the Most Recent Five Quarters
 
                                  2001                     2000
                                  First    Fourth     Third    Second    First
                                 Quarter   Quarter   Quarter   Quarter  Quarter
 
     Net income                  $1,081    $1,152    $1,129    $1,056      $955
 
     Average shares
     Basic                        2,960     2,970     2,971     2,977     2,980
     Diluted                      3,005     3,018     3,020     3,022     3,031
 
     Net income per share
     Basic                       $0.365    $0.388    $0.380    $0.355    $0.320
     Diluted                      0.360     0.382     0.374     0.349     0.315
 
     Dividends per share          0.136     0.136     0.136     0.136     0.109
 
     Market price per common share
     High                        $18.64    $19.77    $19.32    $18.07    $17.39
     Low                          17.39     17.50     17.10     16.42     15.45
     Close                        17.50     17.50     18.86     17.50     16.48
 
     At quarter-end
     Shareholders' equity       $29,866   $28,656   $27,245   $26,143   $25,684
     Outstanding shares           2,958     2,965     2,972     2,974     2,981
     Book value per share        $10.10     $9.67     $9.17     $8.79     $8.62
 
     For the Most Recent Five Years
 
                                  2000      1999      1998*     1997     1996
 
     Net income                  $4,292    $3,533    $2,626    $2,911   $2,528
 
     Average shares
     Basic                        2,974     2,974     2,927    2,904     2,905
     Diluted                      3,023     3,047     3,036    3,033     2,988
 
     Net income per share
     Basic                        $1.44     $1.19     $0.90    $1.00     $0.87
     Diluted                      $1.42     $1.16     $0.86    $0.96     $0.85
 
     Dividends per share          $0.52     $0.42     $0.31    $0.13     $0.07
 
     Market price per common share
     High                        $19.77    $22.73    $28.18   $21.82    $14.85
     Low                          15.45     17.27     19.09    13.64     11.52
     Close                        17.50     17.91     23.64    21.25     14.85
 
     At December 31
     Shareholders' equity       $26,439   $24,941   $23,445  $21,040   $19,020
     Outstanding shares           2,965     2,980     2,951    2,904     2,899
     Book value per share         $8.92     $8.37     $7.94    $7.25     $6.56
 
     * includes non-recurring merger and data processing costs of $619 and a
       non-recurring gain on sale of land of $57, which together lowered
       diluted net income per share by 19 cents.
 
 SOURCE  Savannah Bancorp, Inc.