1.
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We note your response to Comment 12 to our letter dated May 13, 2011. Please tell us and revise future filings to disclose how old an appraisal for an impaired collateral dependent loan has to be before you obtain an updated appraisal. Please be specific (i.e. six months or nine months, etc.).
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2.
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Please revise future filings to include disclosures required by ASC Subtopic 310-30-50-2. Please provide the information at March 31, 2011 in your response.
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3.
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Please revise future filings to present the roll forward of the allowance for loan losses by loan segment as required by ASC Subtopic 310-10-50-11(B)c. Please provide the roll forward at March 31, 2011 in your response.
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the Company is responsible for the adequacy and accuracy of the disclosure in the filing;
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staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and
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the Company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.
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Citizens South Banking Corporation
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March 31, 2011
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Accretable Yield:
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Three Months
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Ended March 31,
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Accretable
Yield
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Carrying
Amount
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(in thousands)
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Balance - December 31, 2010
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$ | (18,707 | ) | $ | 147,576 | |||
Reductions from payments and foreclosures, net
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- | (10,107 | ) | |||||
Accretion
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289 | 289 | ||||||
Balance - March 31, 2011
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$ | (18,418 | ) | $ | 137,758 |
Citizens South Banking Corporation
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March 31, 2011
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Allowance for loan losses by loan segment:
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(Dollars in thousands)
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One-to-four
family
residential
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Multifamily
residential
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Construction
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Land and
development
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Other
commercial
real estate
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Consumer
real estate
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Commercial
business
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Other
consumer
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Total
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Balance - December 31, 2010
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$ | 500 | $ | 200 | $ | 1,000 | $ | 3,500 | $ | 2,224 | $ | 1,500 | $ | 2,500 | $ | 500 | $ | 11,924 | ||||||||||||||||||
Loan charge-offs
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(825 | ) | - | (36 | ) | (1,953 | ) | (16 | ) | (56 | ) | (153 | ) | (13 | ) | (3,052 | ) | |||||||||||||||||||
Loan recoveries
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3 | - | 50 | - | - | 7 | 3 | 71 | 134 | |||||||||||||||||||||||||||
Provision for loan losses
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825 | - | - | 2,000 | 25 | 25 | 125 | - | 3,000 | |||||||||||||||||||||||||||
Balance - March 31, 2011
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$ | 503 | $ | 200 | $ | 1,014 | $ | 3,547 | $ | 2,233 | $ | 1,476 | $ | 2,475 | $ | 558 | $ | 12,006 |