**UNITEDSTATES**

**SECURITIESAND EXCHANGE COMMISSION**

**WASHINGTON, D.C.  20549**

 

**FORM 10-K/A**

**(Amendment No. 1)**

 

**(MarkOne)**

 

**x****      ANNUAL REPORT PURSUANT TO SECTION 13 OR15(D) OF THE SECURITIES EXCHANGE ACT OF 1934**

** **

**For thefiscal year ended December 31, 2009**

** **

**OR**

** **

**o****         TRANSITION REPORT PURSUANT TO SECTION 13OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934**

 

**For the transition period from                    to                   .**

 

**Commission file number 000-51281**

 

**Tennessee Commerce Bancorp, Inc.**

(Exact name of registrant as specified in its charter)

 

| **Tennessee**                                                        | ** ** | **62-1815881**       |
|----------------------------------------------------------------------|------------|----------------------|
| (State or other  jurisdiction                                        |       | (I.R.S. Employer     |
| of incorporation  or organization)                                   |       | Identification  No.) |
|                                                                 |       |                 |
| **381  Mallory Station Road, Suite 207, Franklin,   Tennessee** | ** ** | **37067**            |
| (Address of  principal executive offices)                            |       | (Zip Code)           |

 

Registrant’s telephone number, including area code ** (615) 599-2274**

 

Securities registered pursuant to Section 12(b) ofthe Act:

 

| **Common  Stock, $0.50 par value per share** | ** ** | **NASDAQ  Global Market**  |
|----------------------------------------------|------------|----------------------------|
| (Title of each  class)                       |       | (Name of each  exchange of |
|                                         |       | which  registered)         |

 

Securities registered pursuant to Section 12(g) ofthe Act:

 

 

(Title of each class)

 

Indicateby check mark if the registrant is a well-known, seasoned issuer, as defined inRule 405 of the Securities Act.  Yes o No x

 

Indicateby check mark if the registrant is not required to file reports pursuant to Section 13or Section 15(d) of the Act.  Yes o No x

 

Indicateby check mark whether registrant (1) has filed reports required to befiled by Section 13 or 15(d) of the Securities Exchange Act of 1934during the preceding 12 months (or for such shorter period that the registrantwas required to file such reports), and (2) has been subject to suchfiling requirements for the past 90 days.  Yes x No o

 

Indicateby check mark whether registrant has submitted electronically and posted on itscorporate Web site, if any, every Interactive Data File required to besubmitted and posted pursuant to Rule 405 of Regulation S-T (§229.405 ofthis chapter) during the preceding 12 months (or for such shorter period thatthe registrant was required to submit and post such files).   Yes o No o

 

Indicateby check mark if disclosure of delinquent filers pursuant to Item 405 ofRegulation S-K is not contained herein, and will not be contained, to the bestof registrant’s knowledge, in definitive proxy or information statementsincorporated by reference in Part III of this Form 10-K or anyamendment to this Form 10-K.   o

 

Indicateby check mark whether the registrant is a large accelerated filer, anaccelerated filer, a non-accelerated filer, or a smaller reporting company. Seedefinitions of “large accelerated filer,” “accelerated filer” and “smallerreporting company” in Rule 12b-2 of the Exchange Act. (Check one):

 

| Large accelerated  filer o                |   | Accelerated filer o          |
|------------------------------------------------|--------|-----------------------------------|
|                                           |   |                              |
| Non-accelerated  filer x                  |   | Smaller reporting  company o |
| (Do not check if a smaller  reporting company) |   |                              |

 

Indicateby check mark whether the registrant is a shell company (as defined in Rule 12b-2of the Exchange Act).   Yes o No x

 

The aggregate market value of the registrant’s votingstock held by non-affiliates of the registrant at June 30, 2009 was $20.01million, based upon the average sale price on that date.

 

As of March 03,2010, there were 5,648,384 shares of the registrant’s common stock outstanding.

 

Documents Incorporated by Reference:

 

Part III informationis incorporated herein by reference, pursuant to Instruction G of Form 10-K,to the registrant’s Definitive Proxy Statement for its 2010 annual meeting ofshareholders that was held on May 20, 2010, which was filed with theCommission on April 16, 2010. Certain Part II information required byForm 10-K is incorporated by reference to the registrant’s Annual Reportto Shareholders, but the Annual Report to Shareholders shall not be deemedfiled with the Commission.

 

 

 

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**EXPLANATORY NOTE**

 

This amendment (“Amendment”)to the annual report of Tennessee Commerce Bancorp, Inc. (the “Company”)on Form 10-K for the year ended December 31, 2009, as filed with theSecurities and Exchange Commission on March 9, 2010 (the “Original Filing”),is being filed for the purposes of (i) updating the description of “DocumentsIncorporated by Reference” on the cover page of the Original Filing; (ii) correctingthe amount of the book value per share at December 31, 2009, as set forthunder the “Per Share Data” heading in the table contained in Part II, Item6 (Selected Financial Data); and (iii) correcting the disclosure withrespect to William W. McInnes’s beneficial ownership of Company common stock incorporatedby reference in Part III, Item 12 (Security Ownership of CertainBeneficial Owners and Management and Related Stockholder Matters) from theCompany’s proxy statement relating to the 2010 annual meeting ofshareholders.  These corrections do notaffect any other information, including financial information, in the OriginalFiling.  The remainder of Parts II andIII, as well as Parts I and IV, have not changed and can be found in theOriginal Filing.  This Form 10-K/Adoes not reflect events occurring after the Original Filing, nor does it modifyor update the disclosures and information contained in the Original Filing inany way other than described in this Explanatory Note.

 

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**ITEM 6.  SELECTED FINANCIAL DATA**

 

The followingselected financial data for the years ended December 31, 2009, 2008, 2007,2006 and 2005 should be read in conjunction with the financial statementsincluded in Item 8 of the Original Filing:

 
| ** **                                                      | ** ** | **2009**                                                              | ** ** | **2008**  | ** ** | **2007**  | ** ** | **2006** | ** ** | **2005** | ** ** |
|-----------------------------------------------------------------|------------|-----------------------------------------------------------------------|------------|-----------|------------|-----------|------------|----------|------------|----------|------------|
| ** **                                                      | ** ** | **(Dollars in thousands except share data)** | ** ** |
| **Operating Data:**                                             |       |                                                                  |       |      |       |      |       |     |       |     |       |
| Total  interest income                                          |       | $                                                                     | 81,108     |      | $          | 75,978    |       | $        | 62,206     |     | $          | 41,245 |   | $ | 23,633 |   |
| Total  interest expense                                         |       | 36,192                                                                |       | 41,027    |       | 34,934    |       | 21,868   |       | 10,006   |       |
| Net  interest income                                            |       | 44,916                                                                |       | 34,951    |       | 27,272    |       | 19,377   |       | 13,627   |       |
| Provision  for loan losses                                      |       | (31,039                                                               | )          | (9,111    | )          | (6,350    | )          | (4,350   | )          | (3,700   | )          |
| Net  interest income after provision for loan losses            |       | 13,877                                                                |       | 25,840    |       | 20,922    |       | 15,027   |       | 9,927    |       |
| Non-interest  income:                                           |       |                                                                  |       |      |       |      |       |     |       |     |       |
| Investment  securities gains                                    |       | 1,118                                                                 |       | 447       |       | 26        |       | —   |       | 4        |       |
| (Loss)  gain on sale of loans                                   |       | (1,928                                                                | )          | 3,750     |       | 2,687     |       | 2,025    |       | 1,106    |       |
| Other  (loss) income                                            |       | (747                                                                  | )          | 97        |       | 167       |       | (262     | )          | 201      |       |
| Non-interest  expense                                           |       | (21,305                                                               | )          | (17,608   | )          | (13,263   | )          | (9,056   | )          | (6,246   | )          |
| (Loss)  income before income taxes                              |       | (8,985                                                                | )          | 12,526    |       | 10,539    |       | 7,734    |       | 4,992    |       |
| Income  tax benefit (expense)                                   |       | 3,407                                                                 |       | (4,772    | )          | (3,643    | )          | (2,985   | )          | (1,925   | )          |
|                                                            |       |                                                                  |       |      |       |      |       |     |       |     |       |
| Net  (loss) income                                              |       | (5,578                                                                | )          | 7,754     |       | 6,896     |       | 4,749    |       | 3,067    |       |
| CPP  preferred dividends                                        |       | (1,546                                                                | )          | —    |       | —    |       | —   |       | —   |       |
|                                                            |       |                                                                  |       |      |       |      |       |     |       |     |       |
| Net  (loss) income available to common shareholders             |       | $                                                                     | (7,124     | )         | $          | 7,754     |       | $        | 6,896      |     | $          | 4,749 |   | $ | 3,067 |   |
|                                                            |       |                                                                  |       |      |       |      |       |     |       |     |       |
| **Per Share Data :**                                            |       |                                                                  |       |      |       |      |       |     |       |     |       |
| Net  income, basic                                              |       | $                                                                     | (1.50      | )         | $          | 1.64      |       | $        | 1.49       |     | $          | 1.24 |   | $ | 0.95 |   |
| Net  income, diluted                                            |       | $                                                                     | (1.50      | )         | $          | 1.60      |       | $        | 1.41       |     | $          | 1.14 |   | $ | 0.87 |   |
| Book  value                                                     |       | $                                                                     | 17.05      |      | $          | 21.50     |       | $        | 13.36      |     | $          | 11.51 |   | $ | 8.16 |   |
|                                                            |       |                                                                  |       |      |       |      |       |     |       |     |       |
| **Financial Condition Data:**                                   |       |                                                                  |       |      |       |      |       |     |       |     |       |
| Assets                                                          |       | $                                                                     | 1,383,432  |      | $          | 1,218,084 |       | $        | 900,153    |     | $          | 623,518 |   | $ | 404,040 |   |
| Loans,  net                                                     |       | 1,151,388                                                             |       | 1,023,271 |       | 784,001   |       | 538,550  |       | 344,187  |       |
| Investments                                                     |       | 93,668                                                                |       | 101,290   |       | 73,753    |       | 56,943   |       | 31,992   |       |
| Cash  and due from financial institutions                       |       | 22,864                                                                |       | 5,260     |       | 5,236     |       | 177      |       | 6,877    |       |
| Federal  funds sold                                             |       | 15,010                                                                |       | 35,538    |       | 9,573     |       | 13,820   |       | 12,535   |       |
| Premises  and equipment, net                                    |       | 1,967                                                                 |       | 2,330     |       | 1,413     |       | 1,633    |       | 769      |       |
| Deposits                                                        |       | 1,242,542                                                             |       | 1,069,143 |       | 815,053   |       | 560,567  |       | 367,705  |       |
| Federal  funds purchased                                        |       | —                                                                |       | —    |       | 2,000     |       | —   |       | —   |       |
| Long-term  debt                                                 |       | 23,198                                                                |       | 23,198    |       | 8,248     |       | 8,248    |       | 8,248    |       |
| Other  liabilities                                              |       | 21,400                                                                |       | 15,100    |       | 11,592    |       | 3,479    |       | 1,657    |       |
| Shareholders’  equity                                      |       | 96,292                                                                |       | 101,747   |       | 63,121    |       | 51,224   |       | 26,430   |       |
|                                                            |       |                                                                  |       |      |       |      |       |     |       |     |       |
| **Selected Ratios:**                                            |       |                                                                  |       |      |       |      |       |     |       |     |       |
| Overhead  ratio (1)                                             |       | 1.63                                                                  | %          | 1.52      | %          | 1.76      | %          | 1.80     | %          | 1.98     | %          |
| Efficiency  ratio (2)                                           |       | 49.14                                                                 | %          | 44.87     | %          | 43.99     | %          | 42.84    | %          | 41.81    | %          |
| Net  yield on earning assets                                    |       | 6.62                                                                  | %          | 7.45      | %          | 8.50      | %          | 8.46     | %          | 7.70     | %          |
| Cost  of funds                                                  |       | 3.00                                                                  | %          | 4.16      | %          | 5.18      | %          | 4.94     | %          | 3.66     | %          |
| Net  Interest margin                                            |       | 3.66                                                                  | %          | 3.43      | %          | 3.72      | %          | 3.98     | %          | 4.44     | %          |
| Operating  expenses to average earning assets                   |       | 1.74                                                                  | %          | 1.73      | %          | 1.81      | %          | 1.86     | %          | 2.03     | %          |
| Return  on average assets                                       |       | (0.54                                                                 | )%         | 0.73      | %          | 0.91      | %          | 0.95     | %          | 0.97     | %          |
| Return  on average common equity                                |       | (10.86                                                                | )%         | 11.34     | %          | 12.13     | %          | 12.68    | %          | 12.29    | %          |
| Average  common equity to average assets                        |       | 5.02                                                                  | %          | 6.48      | %          | 7.53      | %          | 7.46     | %          | 7.90     | %          |
| Ratio  of nonperforming assets to average assets                |       | 1.63                                                                  | %          | 3.42      | %          | 1.14      | %          | 0.94     | %          | 1.40     | %          |
| Ratio  of allowance for loan losses to average assets           |       | 1.52                                                                  | %          | 1.27      | %          | 1.37      | %          | 1.39     | %          | 1.39     | %          |
| Ratio  of allowance for loan losses to nonperforming assets (3) |       | 93.52                                                                 | %          | 37.21     | %          | 119.94    | %          | 146.91   | %          | 99.43    | %          |

 

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(1) Operatingexpenses divided by average assets.

(2) Operatingexpenses divided by net interest income and noninterest income.

(3) Nonperformingassets are made up of non-accruing loans, accruing loans 90 days past due andother real estate owned.

 

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**ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIALOWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS**

 

**SecurityOwnership of Certain Beneficial Owners and Management**

 

This information isincorporated by reference to the information contained under the caption “SecurityOwnership of Certain Beneficial Owners and Management” included in our proxystatement relating to our 2010 annual meeting of shareholders.

 

In addition, with respectto the 79,832 shares of our common stock reported as beneficially owned byWilliam W. McInnes in the table presented under the caption “Security Ownershipof Certain Beneficial Owners and Management” included in our proxy statementrelating to our 2010 annual meeting of shareholders, 46,332 of such shares werepledged as collateral for a loan as of January 1, 2010.

 

**EquityCompensation Plan Information**

 

The following tableprovides information as of December 31, 2009, with respect to compensationplans under which shares of Corporation common stock are authorized forissuance:

 
| **Plan Category**                                                                                                                     | ** ** | **Number  of Securities to be  Issued Upon Exercise of  Outstanding Options,  Warrants and Rights  (a)** | ** ** | **Weighted-average  Exercise  Price of Outstanding Options,  Warrants, and Rights  (b)** | ** ** | **Number  of Securities  Remaining Available for  Future Issuance Under Equity  Compensation Plans  (Excluding Securities  Reflected in Column (a))  (c)** | ** ** |
|---------------------------------------------------------------------------------------------------------------------------------------|------------|---------------------------------------------------------------------------------------------------------------|------------|-----------------------------------------------------------------------------------------------|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|
|                                                                                                                                  |       |                                                                                                          |       |                                                                                          |       |                                                                                                                                                                                     |       |
| Equity  Compensation Plans Approved by Shareholders (1)                                                                               |       | 242,000                                                                                                       |       | $                                                                                             | 23.92      |                                                                                                                                                                                     | 758,000    |   |
| Equity  Compensation Plans Not Approved by Shareholders (incentive options for  executive officers, directors, and incorporators) (2) |       | 623,820                                                                                                       |       | $                                                                                             | 9.68       |                                                                                                                                                                                     | —     |   |
| Total                                                                                                                                 |       | 865,820                                                                                                       |       | $                                                                                             | 13.66      |                                                                                                                                                                                     | 758,000    |   |

 

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|   | (1)    | Includes the Tennessee  Commerce Bancorp, Inc. 2007 Equity Plan.                                                                                                                                                                                                                                                                   |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                    |
|   | (2)    | Includes various stock  option agreements entered into with employees of the Bank between  January 14, 2000 and November 1, 2005. For additional information  regarding the terms of these stock options, see note 13 to the Corporation’s  Consolidated Financial Statements included in Item 8 of the Original Filing. |

 

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**ITEM 15.  EXHIBITS AND FINANCIAL STATEMENT SCHEDULES**

 

(3)         Exhibits:

 
| **Exhibit No.** | ** ** | **Description**                                                                                                                                     |
|----------------------|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|
|                 |       |                                                                                                                                                |
| 31.1                 |       | Certification of Chief  Executive Officer of Tennessee Commerce Bancorp, Inc. pursuant to Section 302  of the Sarbanes-Oxley Act of 2002* |
| 31.2                 |       | Certification of Chief  Financial Officer of Tennessee Commerce Bancorp, Inc. pursuant to  Section 302 of the Sarbanes-Oxley Act of 2002* |
| 32.1                 |       | Certification of Chief  Executive Officer of Tennessee Commerce Bancorp, Inc. pursuant to  Section 906 of the Sarbanes-Oxley Act of 2002* |
| 32.2                 |       | Certification of Chief  Financial Officer of Tennessee Commerce Bancorp, Inc. pursuant to  Section 906 of the Sarbanes-Oxley Act of 2002* |

 

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| * | Filed herewith. |
|---|-----------------|

 

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**SIGNATURES**

 

Pursuant to therequirements of Section 13 or 15(d) of the Securities Exchange Act of1934, the registrant has duly caused this report to be signed on its behalf bythe undersigned, thereunto duly authorized.

 
|   | TENNESSEE COMMERCE  BANCORP, INC.                                                    |
|--------|--------------------------------------------------------------------------------------|
|   |                                                                                 |   |
|   | By:                                                                                  | /s/  Michael R. Sapp |
|   | Michael R. Sapp,  Chairman and Chief Executive Officer (Principal Executive Officer) |
|   | Date:     May 27,  2010                                |

 

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**INDEX TOEXHIBITS**

 
| **Exhibit No.** | ** ** | **Description**                                                                                                                                    |
|----------------------|------------|----------------------------------------------------------------------------------------------------------------------------------------------------|
|                 |       |                                                                                                                                               |
| 31.1                 |       | Certification of Chief  Executive Officer of Tennessee Commerce Bancorp, Inc. pursuant to  Section 302 of the Sarbanes-Oxley Act of 2002 |
| 31.2                 |       | Certification of Chief  Financial Officer of Tennessee Commerce Bancorp, Inc. pursuant to  Section 302 of the Sarbanes-Oxley Act of 2002 |
| 32.1                 |       | Certification of Chief  Executive Officer of Tennessee Commerce Bancorp, Inc. pursuant to  Section 906 of the Sarbanes-Oxley Act of 2002 |
| 32.2                 |       | Certification of Chief  Financial Officer of Tennessee Commerce Bancorp, Inc. pursuant to  Section 906 of the Sarbanes-Oxley Act of 2002 |

 

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