United States
Securities and Exchange Commission
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or
15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest
event reported): May 1, 2015
ASB BANCORP, INC.
(Exact name of registrant as
specified in its charter)
North Carolina |
001-35279 |
45-2463413 |
(State or other jurisdiction of |
(Commission |
(I.R.S. Employer |
incorporation or organization) |
File Number) |
Identification Number) |
11 Church Street, Asheville, North Carolina 28801 |
(Address of principle executive offices) (Zip Code) |
|
(828) 254-7411 |
|
(Registrant’s telephone number, including area code) |
|
Not Applicable |
|
(Former name or former address, if changed since last report) |
Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing
obligation of the registrant under any of the following
provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 2.02 Results of Operations and Financial
Condition
On May 1, 2015, ASB Bancorp, Inc. (the
“Company”), the holding company for Asheville Savings Bank, S.S.B., issued a news release announcing its
financial results for the three-month period ended March 31, 2015. A copy of the news release is included as Exhibit 99.1 to
this report and is furnished herewith.
Item 9.01 Financial Statements and Exhibits
Exhibits |
|
|
|
|
|
Number |
|
Description |
99.1 |
|
News Release Dated May 1, 2015 |
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
|
|
ASB BANCORP, INC. |
|
|
Registrant |
|
|
|
|
|
|
May 1, 2015 |
By: |
/s/ Suzanne S. DeFerie |
|
|
Suzanne S. DeFerie |
|
|
President and Chief Executive Officer |
Exhibit 99.1
![](tex99-1logo.jpg) |
NEWS RELEASE |
For Immediate Release
ASB BANCORP, INC. REPORTS FINANCIAL RESULTS
FOR THE QUARTER ENDED MARCH 31, 2015
ASHEVILLE, NORTH CAROLINA, May 1, 2015 /PRNewswire/ ―
ASB Bancorp, Inc. (the “Company”) (NASDAQ GM: ASBB), the holding company for Asheville Savings Bank, S.S.B. (the “Bank”),
announced today its operating results for the three-month period ended March 31, 2015. The Company reported net income of $622,000,
or $0.16 per diluted common share, for the quarter ended March 31, 2015 compared to $404,000, or $0.09 per diluted common share,
for the same quarter of 2014.
Suzanne DeFerie, President and CEO, noted, “Our latest
quarterly financial results show increased net interest income over the previous four quarters with a continued improvement in
our net interest margin to 3.01% compared to 2.94% in the previous quarter and 2.90% in the comparable quarter of 2014. We grew
loans by $19.9 million during the first quarter and increased interest income from loans by 12.2% compared to the first quarter
of 2014. The growth in loans for the quarter was funded in part by a $9.2 million growth in lower cost core deposits since December
31, 2014. We continue our focus on building relationships with clients while we explore ways in which we can more quickly and profitably
leverage our capital.”
2015 First Quarter Highlights
| Ø | Net income for the first quarter of 2015 was $622,000, or $0.16 per
diluted common share, compared to $404,000, or $0.09 per diluted common share, for the first quarter of 2014. |
| Ø | Net interest income increased 9.0% to $5.3 million for the three months
ended March 31, 2015 from $4.9 million for the three months ended March 31, 2014. The net interest margin improved to 3.01% for
the first quarter of 2015 compared to 2.90% for the first quarter of 2014. |
| Ø | Interest income from loans increased 12.2% in the first quarter of 2015
compared to the first quarter of 2014, primarily reflecting an $80.5 million increase in average loan balances when comparing the
two quarters. |
| Ø | Interest expense decreased 2.9% in the first quarter of 2015 compared
to the first quarter of 2014. |
| Ø | The Company recorded a $194,000 provision for loan losses in the first
quarter of 2015 compared to a recovery of loan losses of $(68,000) in the first quarter of 2014. The allowance for loan losses
declined to 1.12% of total loans at March 31, 2015 from 1.14% at December 31, 2014, and the allowance coverage of nonperforming
loans was 197.5% at March 31, 2015 compared to 221.3% at December 31, 2014. |
| Ø | Loan balances increased $19.9 million, or 3.8%, to $541.7 million during
the first quarter of 2015 and increased $86.3 million, or 18.9%, since March 31, 2014 as new loan originations exceeded loan repayments,
prepayments and foreclosures. |
| Ø | Noninterest expenses decreased 1.5% to $5.8 million for the first quarter
of 2015 from $5.9 million for the first quarter of 2014, due to decreases in foreclosed property expenses and overhead expense
reduction initiatives. |
| Ø | Delinquent and nonperforming loans were 0.27% and 0.56%, respectively,
of total loans at March 31, 2015, compared to 0.60% and 0.52%, respectively, of total loans at December 31, 2014. |
| Ø | Nonperforming assets, including foreclosed properties, were 1.61% of
total assets at March 31, 2015 compared to 1.51% of total assets at December 31, 2014 and 2.07% of total assets at March 31, 2014. |
| Ø | Core deposits, which exclude certificates of deposit, increased $9.2
million, or 2.0%, since December 31, 2014 and $34.9 million, or 8.2%, since March 31, 2014. Noninterest-bearing deposits have increased
$5.3 million, or 5.4%, since December 31, 2014, while commercial non-maturity deposits increased $5.7 million, or 4.7%, over the
same period. |
| Ø | Book value per common share increased to $21.93 at March 31, 2015 from
$21.56 at December 31, 2014 and $20.53 at March 31, 2014. |
| Ø | Capital remained strong with consolidated regulatory capital ratios
of 18.42% common equity tier 1 capital, 13.16% tier 1 leverage capital, 18.42% tier 1 risk-based capital and 19.53% total risk-based
capital. |
| Ø | On March 31, 2015, the Company announced a plan to repurchase up to
5%, or 218,920 shares, of its common stock. |
DeFerie commented, “We are encouraged by our improving
core performance and remain optimistic about our Company's prospects in 2015 to create shareholder value through increased earnings
and prudent balance sheet management.”
Income Statement Analysis
Net Interest Income. Net interest income increased
by $439,000, or 9.0%, to $5.3 million for the three months ended March 31, 2015 compared to $4.9 million for the three months ended
March 31, 2014. Interest income on loans increased $599,000, primarily resulting from an $80.5 million increase in the average
loan balances, partially offset by a 21 basis point decrease in the average yield on loans. Interest on securities decreased $168,000,
attributable to a $34.0 million decrease in the average balance in mortgage-backed and other investment securities and a 9 basis
point reduction in the average yield earned on the investment portfolio. Interest expense decreased $26,000, or 2.9%, to $861,000
for the three months ended March 31, 2015 from $887,000 for the three months ended March 31, 2014, due to a 3 basis point reduction
in the average rate paid on interest-bearing deposits, partially offset by an increase of $7.0 million in the average balance of
interest-bearing deposits. The lower cost of interest-bearing deposits was primarily attributable to a lower average balance of
certificates of deposit, as well as an average rate reduction of 2 basis points on certificates of deposit, and reductions in average
rates paid on NOW and savings accounts, which were partially offset by increases in the average balances of NOW, money market and
savings accounts as the Company continued its focus on core deposit growth.
DeFerie commented, “We believe an important measure of
our performance is the improvement demonstrated in increasing interest income through loan growth, lowering interest expense through
disciplined deposit pricing and core deposit growth, resulting in net interest margin improvement.”
Noninterest Income. Noninterest income increased
$154,000, or 10.6%, to $1.6 million for the three months ended March 31, 2015 from $1.5 million for the three months ended March
31, 2014. Factors that contributed to the increase in noninterest income during the 2015 period included increases of $135,000
in mortgage banking income, $46,000 in income from debit card services and $21,000 in income from an investment in a Small Business
Investment Company, which were partially offset by $58,000 in lower securities gains. The increase in mortgage banking income was
attributable to higher volumes of residential mortgage loans originated and sold. Increased transaction volume also drove the rise
in income from debit card services.
Noninterest Expenses. Noninterest expenses decreased
$88,000, or 1.5%, to $5.8 million for the three months ended March 31, 2015 from $5.9 million for the three months ended March
31, 2014. The lower 2015 noninterest expenses primarily reflected decreases of $84,000 in foreclosed property expenses, $71,000
in data processing expenses and $19,000 in occupancy expenses, which were partially offset by increases of $46,000 in compensation
expenses and $48,000 in various other expenses. The decrease in foreclosed property expenses included a reduction of $19,000 in
valuation write-downs of foreclosed properties. Increased pension plan expense was the primary factor contributing to higher compensation
expenses.
Balance Sheet Review
Assets. Total assets increased $14.4 million,
or 1.9%, to $774.4 million at March 31, 2015 from $760.0 million at December 31, 2014. Cash and cash equivalents increased $3.2
million, or 5.6%, to $60.1 million at March 31, 2015 from $56.9 million at December 31, 2014 in anticipation of loan growth. Investment
securities decreased $12.3 million, or 8.5%, to $133.1 million at March 31, 2015 from $145.4 million at December 31, 2014, primarily
due to the sale of investment securities to fund anticipated loan growth. Loans receivable, net of deferred fees, increased $19.9
million, or 3.8%, to $541.7 million at March 31, 2015 from $521.8 million at December 31, 2014 as new loan originations exceeded
loan repayments, prepayments and foreclosures.
Liabilities. Total deposits increased $8.9 million,
or 1.5%, to $612.3 million at March 31, 2015 from $603.4 million at December 31, 2014. During the three months ended March 31,
2015, the Company continued its focus on core deposit growth, from which it excludes certificates of deposit. Core deposits increased
$9.2 million, or 2.0%, to $458.5 million at March 31, 2015 from $449.3 million at December 31, 2014.
Commercial checking and money market accounts increased $5.7
million, or 4.7%, to $127.3 million at March 31, 2015 from $121.6 million at December 31, 2014, reflecting expanded sources of
lower cost funding. The Company’s initiatives to obtain new commercial deposit relationships in conjunction with making new
commercial loans significantly contributed to this increase and reflects a commitment to establishing diversified relationships
with business clients.
Over the same period, certificates of deposit decreased $272,000,
or 0.2%, to $153.8 million at March 31, 2015 from $154.1 million at December 31, 2014 as the Company continued its focus on core
deposit growth. Accounts payable and other liabilities increased $3.5 million, or 30.3%, to $15.1 million at March 31, 2015 from
$11.6 million at December 31, 2014. The increase in accounts payable and other liabilities at March 31, 2015 was primarily attributable
to securities purchased in the process of settlement at the end of the first quarter.
Asset Quality
Provision for Loan Losses. The Company recorded
a provision for loan losses in the amount of $194,000 for the three months ended March 31, 2015 compared to a recovery of loan
losses of $(68,000) for the three months ended March 31, 2014. Charge-offs were $252,000 for the first three months of 2015 compared
to $94,000 for the first three months of 2014. The increase in the provision for loan losses for the quarter was primarily due
to growth in loan volume, while the increase in charge-offs was related to two large loans charged off during the first quarter
of 2015.
Nonperforming Assets. Nonperforming assets totaled
$12.4 million, or 1.61% of total assets, at March 31, 2015, compared to $11.5 million, or 1.51% of total assets, at December 31,
2014. Nonperforming assets included $3.0 million in nonperforming loans and $9.4 million in foreclosed real estate at March 31,
2015 compared to $2.7 million and $8.8 million, respectively, at December 31, 2014.
Nonperforming loans increased $371,000 to $3.0 million, or 0.56%
of total loans, at March 31, 2015 from $2.7 million, or 0.52% of total loans, at December 31, 2014. Of the $371,000 increase in
nonperforming loans for the quarter, $337,000 related to additional nonperforming mortgage loans. Collateral on nonperforming loans
in the amount of $745,000 was moved into foreclosed real estate, while performing troubled debt restructurings decreased $41,000,
or 0.9%, when comparing the same periods. Total performing troubled debt restructurings and nonperforming assets increased $899,000,
or 5.5%, to $17.2 million, or 2.22% of total assets, at March 31, 2015 compared to $16.3 million, or 2.15% of total assets, at
December 31, 2014.
At March 31, 2015, nonperforming loans included six residential
mortgage loans that totaled $1.6 million, two commercial mortgage loans that totaled $863,000, five revolving home equity loans
that totaled $367,000 and four commercial and industrial loans that totaled $274,000. As of March 31, 2015, the nonperforming loans
had specific reserves totaling $174,000.
Foreclosed real estate at March 31, 2015 included ten properties
with a total recorded amount of $9.4 million compared to ten properties with a total recorded amount of $8.8 million at December
31, 2014. During the three months ended March 31, 2015, one new property in the amount of $745,000 was added to foreclosed real
estate, while one property in the amount of $89,000 was sold. In addition, the Bank sold one of its 15 units in a mixed-use condominium
complex for net proceeds of $89,000 during the first quarter of 2015. The Bank recorded no capital additions and no loss provisions
during the first three months of 2015.
The Bank’s largest foreclosed property resulted from a
loan relationship that had an original purpose of constructing a mixed-use retail, commercial office, and residential condominium
project located in western North Carolina. As a result of this foreclosure, the Bank acquired 44 of the 48 condominium units in
the building. Following an additional write-down of approximately $630,000 on the loans secured by this collateral in the fourth
quarter of 2012, the Bank recorded this foreclosed property in the amount of $9.8 million. During 2013, the Bank recorded additional
write-downs totaling $1.6 million, which resulted in an adjusted recorded amount of $8.2 million at December 31, 2013. During the
year ended December 31, 2014, the Bank recorded an additional write-down of $133,000 on the property and sold 28 residential condominium
units and one office unit. During the first quarter of 2015, the Bank sold one office unit. At March 31, 2015, the adjusted recorded
amount was $4.4 million for the remaining eight retail units and six office units.
Outlook
DeFerie concluded, “We are pleased with the progress we
have made to improve the Company's balance sheet. The ongoing strength of our loan portfolio, asset quality management and improvement
in operating efficiencies should have an increasingly positive impact on future earnings and the Company's ability to deliver increasing
value to shareholders.”
Profile
The Bank is a North Carolina chartered stock savings bank offering
traditional financial services through 13 full-service banking centers located in Buncombe, Madison, McDowell, Henderson and Transylvania
counties in Western North Carolina and a loan production office in Mecklenburg County. Originally chartered in 1936 and headquartered
in Asheville, North Carolina, the Bank is locally managed with a focus on fostering strong relationships with its customers, its
employees and the communities it serves. The Bank was recognized as the 2014 #1 Best Bank and #1 Best Bank for Small Business Services
by the readers of the Mountain Xpress newspaper in Western North Carolina and was also awarded the Best Bank in McDowell
County for 2014 by the readers of The McDowell News newspaper.
This news release, as well as other written communications made
from time to time by the Company and its subsidiaries and oral communications made from time to time by authorized officers of
the Company, may contain statements relating to the future results of the Company (including certain projections and business trends)
that are considered “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995
(the PSLRA). Such forward-looking statements may be identified by the use of such words as “believe,” “expect,”
“anticipate,” “should,” “planned,” “estimated,” “intend” and “potential.”
For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the PSLRA.
The Company cautions you that a number of important factors
could cause actual results to differ materially from those currently anticipated in any forward-looking statement. Such factors
include, but are not limited to: prevailing economic and geopolitical conditions; changes in interest rates, loan demand, real
estate values and competition; changes in accounting principles, policies, and guidelines; changes in any applicable law, rule,
regulation or practice with respect to tax or legal issues; and other economic, competitive, governmental, regulatory and technological
factors affecting the Company’s operations, pricing, products and services and other factors described in the Company’s
Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission. The forward-looking
statements are made as of the date of this release, and, except as may be required by applicable law or regulation, the Company
assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those
projected in the forward-looking statements.
Contact: |
Suzanne S. DeFerie |
|
Chief Executive Officer |
|
(828) 254-7411 |
Selected Financial Condition Data
| |
March 31, | | |
December 31, | | |
| |
(Dollars in thousands) | |
2015 | | |
2014* | | |
% Change | |
| |
| | |
| | |
| |
Total assets | |
$ | 774,420 | | |
$ | 760,050 | | |
| 1.9 | % |
Cash and cash equivalents | |
| 60,061 | | |
| 56,858 | | |
| 5.6 | % |
Investment securities | |
| 133,118 | | |
| 145,461 | | |
| -8.5 | % |
Loans receivable, net of deferred fees | |
| 541,706 | | |
| 521,820 | | |
| 3.8 | % |
Allowance for loan losses | |
| (6,042 | ) | |
| (5,949 | ) | |
| -1.6 | % |
Deposits | |
| 612,287 | | |
| 603,379 | | |
| 1.5 | % |
Core deposits** | |
| 458,465 | | |
| 449,286 | | |
| 2.0 | % |
FHLB advances | |
| 50,000 | | |
| 50,000 | | |
| 0.0 | % |
Accounts payable and other liabilities | |
| 15,137 | | |
| 11,614 | | |
| 30.3 | % |
Total equity | |
| 96,008 | | |
| 94,397 | | |
| 1.7 | % |
* Derived from audited consolidated financial statements.
** Core deposits are defined as total deposits excluding certificates
of deposit.
Selected Operating Data
(Dollars in thousands, | |
Three Months Ended | |
except per share data) | |
March 31, | |
| |
2015 | | |
2014 | | |
% Change | |
| |
| | |
| | |
| |
Interest and dividend income | |
$ | 6,154 | | |
$ | 5,741 | | |
| 7.2 | % |
Interest expense | |
| 861 | | |
| 887 | | |
| -2.9 | % |
Net interest income | |
| 5,293 | | |
| 4,854 | | |
| 9.0 | % |
Provision for (recovery of) loan losses | |
| 194 | | |
| (68 | ) | |
| 385.3 | % |
Net interest income after provision for (recovery of) loan losses | |
| 5,099 | | |
| 4,922 | | |
| 3.6 | % |
Noninterest income | |
| 1,610 | | |
| 1,456 | | |
| 10.6 | % |
Noninterest expenses | |
| 5,772 | | |
| 5,860 | | |
| -1.5 | % |
Income before income tax provision | |
| 937 | | |
| 518 | | |
| 80.9 | % |
Income tax provision | |
| 315 | | |
| 114 | | |
| 176.3 | % |
Net income | |
$ | 622 | | |
$ | 404 | | |
| 54.0 | % |
| |
| | | |
| | | |
| | |
Net income per common share: | |
| | | |
| | | |
| | |
Basic | |
$ | 0.16 | | |
$ | 0.09 | | |
| 77.8 | % |
Diluted | |
$ | 0.16 | | |
$ | 0.09 | | |
| 77.8 | % |
Average shares outstanding: | |
| | | |
| | | |
| | |
Basic | |
| 3,899,419 | | |
| 4,461,521 | | |
| -12.6 | % |
Diluted | |
| 3,975,886 | | |
| 4,493,617 | | |
| -11.5 | % |
Ending shares outstanding | |
| 4,378,411 | | |
| 4,964,611 | | |
| -11.8 | % |
Selected Average Balances and Yields/Costs
| |
For The Three Months Ended March 31, | |
| |
2015 | | |
2014 | |
| |
Average | | |
Yield/ | | |
Average | | |
Yield/ | |
(Dollars in thousands) | |
Balance | | |
Cost | | |
Balance | | |
Cost | |
| |
| | |
| | |
| | |
| |
Loans receivable | |
$ | 535,130 | | |
| 4.18 | % | |
$ | 454,621 | | |
| 4.39 | % |
Investment securities, including tax-exempt (1) | |
| 137,741 | | |
| 1.93 | % | |
| 171,755 | | |
| 2.02 | % |
Other interest-earning assets | |
| 52,227 | | |
| 0.50 | % | |
| 68,121 | | |
| 0.49 | % |
Total interest-earning assets (1) | |
| 725,098 | | |
| 3.49 | % | |
| 694,497 | | |
| 3.42 | % |
Interest-bearing deposits | |
| 506,065 | | |
| 0.30 | % | |
| 499,043 | | |
| 0.33 | % |
Federal Home Loan Bank advances | |
| 50,000 | | |
| 3.93 | % | |
| 50,000 | | |
| 3.93 | % |
Total interest-bearing liabilities | |
| 557,019 | | |
| 0.63 | % | |
| 549,929 | | |
| 0.65 | % |
| |
| | | |
| | | |
| | | |
| | |
Interest rate spread (1) | |
| | | |
| 2.86 | % | |
| | | |
| 2.77 | % |
Net interest margin (1) | |
| | | |
| 3.01 | % | |
| | | |
| 2.90 | % |
(1) Yields on tax-exempt securities have been included on a tax-equivalent
basis using a 34% federal marginal tax rate.
Selected Asset Quality Data
| |
Three Months Ended | |
Allowance for Loan Losses | |
March 31, | |
(Dollars in thousands) | |
2015 | | |
2014 | |
| |
| | |
| |
Allowance for loan losses, beginning of period | |
$ | 5,949 | | |
$ | 7,307 | |
Provision for (recovery of) loan losses | |
| 194 | | |
| (68 | ) |
| |
| | | |
| | |
Charge-offs | |
| (252 | ) | |
| (94 | ) |
Recoveries | |
| 151 | | |
| 44 | |
Net charge-offs | |
| (101 | ) | |
| (50 | ) |
| |
| | | |
| | |
Allowance for loan losses, end of period | |
$ | 6,042 | | |
$ | 7,189 | |
| |
| | | |
| | |
Allowance for loan losses as a percent of: | |
| | | |
| | |
Total loans | |
| 1.12 | % | |
| 1.58 | % |
Total nonperforming loans | |
| 197.52 | % | |
| 377.38 | % |
Nonperforming Assets | |
March 31, | | |
December 31, | | |
| |
(Dollars in thousands) | |
2015 | | |
2014 | | |
% Change | |
| |
| | |
| | |
| |
Nonperforming loans: | |
| | | |
| | | |
| | |
Nonaccruing loans (1) | |
| | | |
| | | |
| | |
Commercial: | |
| | | |
| | | |
| | |
Commercial mortgage | |
$ | 863 | | |
$ | 881 | | |
| -2.0 | % |
Commercial and industrial | |
| 274 | | |
| 221 | | |
| 24.0 | % |
Total commercial | |
| 1,137 | | |
| 1,102 | | |
| 3.2 | % |
Non-commercial: | |
| | | |
| | | |
| | |
Residential mortgage | |
| 1,554 | | |
| 1,354 | | |
| 14.8 | % |
Revolving mortgage | |
| 367 | | |
| 230 | | |
| 59.6 | % |
Consumer | |
| 1 | | |
| 2 | | |
| -50.0 | % |
Total non-commercial | |
| 1,922 | | |
| 1,586 | | |
| 21.2 | % |
Total nonaccruing loans (1) | |
| 3,059 | | |
| 2,688 | | |
| 13.8 | % |
| |
| | | |
| | | |
| | |
Total loans past due 90 or more days and still accruing | |
| - | | |
| - | | |
| 0.0 | % |
Total nonperforming loans | |
| 3,059 | | |
| 2,688 | | |
| 13.8 | % |
Foreclosed real estate | |
| 9,383 | | |
| 8,814 | | |
| 6.5 | % |
| |
| | | |
| | | |
| | |
Total nonperforming assets | |
| 12,442 | | |
| 11,502 | | |
| 8.2 | % |
| |
| | | |
| | | |
| | |
Performing troubled debt restructurings (2) | |
| 4,763 | | |
| 4,804 | | |
| -0.9 | % |
Performing troubled debt restructurings and total nonperforming assets | |
$ | 17,205 | | |
$ | 16,306 | | |
| 5.5 | % |
| |
| | | |
| | | |
| | |
Nonperforming loans as a percent of total loans | |
| 0.56 | % | |
| 0.52 | % | |
| | |
Nonperforming assets as a percent of total assets | |
| 1.61 | % | |
| 1.51 | % | |
| | |
Performing troubled debt restructurings and total nonperforming assets to total assets | |
| 2.22 | % | |
| 2.15 | % | |
| | |
(1) Nonaccruing loans include nonaccruing troubled debt restructurings.
(2) Performing troubled debt restructurings exclude nonaccruing
troubled debt restructurings.
Foreclosed Real Estate by Loan Type | |
March 31, 2015 | | |
December 31, 2014 | |
(Dollars in thousands) | |
Number | | |
Amount | | |
Number | | |
Amount | |
| |
| | |
| | |
| | |
| |
Commercial construction and land development | |
| 8 | | |
$ | 8,617 | | |
| 8 | | |
$ | 8,706 | |
Residential mortgage | |
| 2 | | |
| 766 | | |
| 2 | | |
| 108 | |
Total | |
| 10 | | |
$ | 9,383 | | |
| 10 | | |
$ | 8,814 | |
Foreclosed Real Estate | |
Three Months Ended | |
(Dollars in thousands) | |
March 31, 2015 | |
| |
| |
Beginning balance | |
$ | 8,814 | |
Transfers from loans | |
| 745 | |
Gain on sale of foreclosed properties | |
| 2 | |
Net proceeds from sales of foreclosed properties | |
| (178 | ) |
Ending balance | |
$ | 9,383 | |
Selected Average Balances and Performance Ratios
| |
Three Months Ended | |
| |
March 31, | |
(Dollars in thousands) | |
2015 | | |
2014 | |
| |
| | |
| |
Selected Average Balances | |
| | |
| |
Average total loans | |
$ | 535,130 | | |
$ | 454,621 | |
Average total interest-earning assets | |
| 725,098 | | |
| 694,497 | |
Average total assets | |
| 760,842 | | |
| 738,341 | |
Average total interest-bearing deposits | |
| 506,065 | | |
| 499,043 | |
Average total deposits | |
| 600,612 | | |
| 576,066 | |
Average total interest-bearing liabilities | |
| 557,019 | | |
| 549,929 | |
Average total shareholders’ equity | |
| 95,808 | | |
| 102,636 | |
| |
| | | |
| | |
Selected Performance Ratios | |
| | | |
| | |
Return on average assets (1) | |
| 0.33 | % | |
| 0.22 | % |
Return on average equity (1) | |
| 2.63 | % | |
| 1.60 | % |
Interest rate spread (1) (2) | |
| 2.86 | % | |
| 2.77 | % |
Net interest margin (1) (3) | |
| 3.01 | % | |
| 2.90 | % |
Noninterest expense to average assets (1) | |
| 3.08 | % | |
| 3.22 | % |
Efficiency ratio (4) | |
| 82.55 | % | |
| 91.15 | % |
| (1) | Ratios are annualized. |
| (2) | Represents the difference between the weighted average
yield on average interest-earning assets and the weighted average cost of average interest-bearing liabilities. Yields on tax-exempt
securities have been included on a tax-equivalent basis using a 34% federal marginal tax rate. |
| (3) | Represents net interest income as a percent of average
interest-earning assets. Yields on tax-exempt securities have been included on a tax-equivalent basis using a 34% federal marginal
tax rate. |
| (4) | Represents noninterest expenses divided by the sum of
net interest income, on a tax-equivalent basis using a 34% federal marginal tax rate, and noninterest income. |
Quarterly Earnings Data
| |
Three Month Periods Ended | |
(Dollars in thousands, | |
March 31, | | |
December 31, | | |
September 30, | | |
June 30, | | |
March 31, | |
except per share data) | |
2015 | | |
2014 | | |
2014 | | |
2014 | | |
2014 | |
| |
| | |
| | |
| | |
| | |
| |
Income Statement Data: | |
| | | |
| | | |
| | | |
| | | |
| | |
Interest and dividend income | |
$ | 6,154 | | |
$ | 6,117 | | |
$ | 5,873 | | |
$ | 5,771 | | |
$ | 5,741 | |
Interest expense | |
| 861 | | |
| 877 | | |
| 886 | | |
| 886 | | |
| 887 | |
Net interest income | |
| 5,293 | | |
| 5,240 | | |
| 4,987 | | |
| 4,885 | | |
| 4,854 | |
Provision for (recovery of) loan losses | |
| 194 | | |
| 220 | | |
| 240 | | |
| (1,390 | ) | |
| (68 | ) |
Net interest income after provision for (recovery of) loan losses | |
| 5,099 | | |
| 5,020 | | |
| 4,747 | | |
| 6,275 | | |
| 4,922 | |
Noninterest income | |
| 1,610 | | |
| 1,681 | | |
| 1,642 | | |
| 1,554 | | |
| 1,456 | |
Noninterest expenses | |
| 5,772 | | |
| 5,714 | | |
| 5,624 | | |
| 6,350 | | |
| 5,860 | |
Income before income tax provision | |
| 937 | | |
| 987 | | |
| 765 | | |
| 1,479 | | |
| 518 | |
Income tax provision | |
| 315 | | |
| 345 | | |
| 263 | | |
| 538 | | |
| 114 | |
Net income | |
$ | 622 | | |
$ | 642 | | |
$ | 502 | | |
$ | 941 | | |
$ | 404 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Data Per Common Share: | |
| | | |
| | | |
| | | |
| | | |
| | |
Net income per share – Basic | |
$ | 0.16 | | |
$ | 0.17 | | |
$ | 0.13 | | |
$ | 0.22 | | |
$ | 0.09 | |
Net income per share – Diluted | |
$ | 0.16 | | |
$ | 0.16 | | |
$ | 0.12 | | |
$ | 0.21 | | |
$ | 0.09 | |
Book value per share | |
$ | 21.93 | | |
$ | 21.56 | | |
$ | 21.53 | | |
$ | 21.06 | | |
$ | 20.53 | |
Weighted average shares outstanding: | |
| | | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 3,899,419 | | |
| 3,867,296 | | |
| 3,940,229 | | |
| 4,342,618 | | |
| 4,461,521 | |
Diluted | |
| 3,975,886 | | |
| 3,952,660 | | |
| 4,018,945 | | |
| 4,384,154 | | |
| 4,493,617 | |
Ending shares outstanding | |
| 4,378,411 | | |
| 4,378,411 | | |
| 4,378,411 | | |
| 4,831,311 | | |
| 4,964,611 | |
Quarterly Financial Condition Data
| |
As Of | | |
As Of | | |
As Of | | |
As Of | | |
As Of | |
| |
March 31, | | |
December 31, | | |
September 30, | | |
June 30, | | |
March 31, | |
(Dollars in thousands) | |
2015 | | |
2014 (1) | | |
2014 | | |
2014 | | |
2014 | |
| |
| | |
| | |
| | |
| | |
| |
Ending Balance Sheet Data: | |
| | | |
| | | |
| | | |
| | | |
| | |
Total assets | |
$ | 774,420 | | |
$ | 760,050 | | |
$ | 749,033 | | |
$ | 754,496 | | |
$ | 748,089 | |
Cash and cash equivalents | |
| 60,061 | | |
| 56,858 | | |
| 78,412 | | |
| 93,825 | | |
| 98,554 | |
Investment securities | |
| 133,118 | | |
| 145,461 | | |
| 149,530 | | |
| 153,921 | | |
| 156,036 | |
Loans receivable, net of deferred fees | |
| 541,706 | | |
| 521,820 | | |
| 487,904 | | |
| 472,012 | | |
| 455,434 | |
Allowance for loan losses | |
| (6,042 | ) | |
| (5,949 | ) | |
| (5,852 | ) | |
| (5,770 | ) | |
| (7,189 | ) |
Deposits | |
| 612,287 | | |
| 603,379 | | |
| 594,798 | | |
| 592,683 | | |
| 585,752 | |
Core deposits (2) | |
| 458,465 | | |
| 449,286 | | |
| 433,983 | | |
| 432,201 | | |
| 423,567 | |
FHLB advances | |
| 50,000 | | |
| 50,000 | | |
| 50,000 | | |
| 50,000 | | |
| 50,000 | |
Total equity | |
| 96,008 | | |
| 94,397 | | |
| 94,285 | | |
| 101,727 | | |
| 101,947 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Regulatory Capital Ratios (3): | |
| | | |
| | | |
| | | |
| | | |
| | |
Common equity tier 1 capital | |
| 18.42 | % | |
| n/a | | |
| n/a | | |
| n/a | | |
| n/a | |
Tier 1 leverage capital | |
| 13.16 | % | |
| 13.17 | % | |
| 13.17 | % | |
| 14.16 | % | |
| 14.38 | % |
Tier 1 risk-based capital | |
| 18.42 | % | |
| 19.83 | % | |
| 21.17 | % | |
| 23.69 | % | |
| 24.29 | % |
Total risk-based capital | |
| 19.53 | % | |
| 21.01 | % | |
| 22.42 | % | |
| 24.94 | % | |
| 25.54 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Asset Quality: | |
| | | |
| | | |
| | | |
| | | |
| | |
Nonperforming loans | |
$ | 3,059 | | |
$ | 2,688 | | |
$ | 3,424 | | |
$ | 2,034 | | |
$ | 1,905 | |
Nonperforming assets | |
| 12,442 | | |
| 11,502 | | |
| 12,593 | | |
| 12,409 | | |
| 15,516 | |
Nonperforming loans to total loans | |
| 0.56 | % | |
| 0.52 | % | |
| 0.70 | % | |
| 0.43 | % | |
| 0.42 | % |
Nonperforming assets to total assets | |
| 1.61 | % | |
| 1.51 | % | |
| 1.68 | % | |
| 1.64 | % | |
| 2.07 | % |
Allowance for loan losses | |
$ | 6,042 | | |
$ | 5,949 | | |
$ | 5,852 | | |
$ | 5,770 | | |
$ | 7,189 | |
Allowance for loan losses to total loans | |
| 1.12 | % | |
| 1.14 | % | |
| 1.20 | % | |
| 1.22 | % | |
| 1.58 | % |
Allowance for loan losses to nonperforming loans | |
| 197.52 | % | |
| 221.32 | % | |
| 170.91 | % | |
| 283.68 | % | |
| 377.38 | % |
(1) Ending balance sheet data as of December 31, 2014 was derived
from audited consolidated financial statements.
(2) Core deposits are defined as total deposits excluding certificates
of deposit.
(3) Current quarter capital ratios are based on BASEL III and prior
quarters are based on BASEL I.
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