|
x
|
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
|
¨
|
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
Delaware
|
54-2069979
|
(State or other jurisdiction of
|
(I.R.S. Employer
|
incorporation or organization)
|
Identification Number)
|
519 South New Hope Road, Gastonia, NC
|
28054
|
(Address of principal executive offices)
|
(Zip code)
|
Note 12 - Commitments (Detail) - Commitments to Extend Credit (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Loan commitments | ||
Loan Commitments | $ 10,218 | $ 24,484 |
Unused lines of credit | ||
Unused Lines of Credit | 109,485 | 110,471 |
Undisbursed Construction Loan Proceeds | 795 | 1,200 |
Residential Mortgage Loans [Member]
|
||
Loan commitments | ||
Loan Commitments | 10,218 | 24,484 |
Residential Construction Loans [Member]
|
||
Unused lines of credit | ||
Unused Lines of Credit | 8,260 | 7,390 |
Commercial Real Estate Loans [Member]
|
||
Unused lines of credit | ||
Unused Lines of Credit | 15,738 | 18,593 |
Commercial Business Loans [Member]
|
||
Unused lines of credit | ||
Unused Lines of Credit | 10,962 | 9,558 |
Construction Loans [Member]
|
||
Unused lines of credit | ||
Unused Lines of Credit | $ 74,525 | $ 74,930 |
Note 8 - Allowance for Loan Losses (Detail) (USD $)
|
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
Loans and Leases Receivable, Net Reported Amount, Covered | $ 128,900,000 | $ 128,900,000 | ||
Percentage of Loan Losses Covered by FDIC | 80.00% | 80.00% | ||
Provision for Loan Losses Expensed | 2,555,000 | 1,700,000 | 8,855,000 | 4,700,000 |
Excluded from Company's Adequacy Evaluation [Member]
|
||||
Loans and Leases Receivable, Net Reported Amount, Covered | 128,900,000 | 128,900,000 | ||
Acquired Loans [Member]
|
||||
Provision for Loan Losses Expensed | $ 505,000 |
Note 13 - Fair Value Measurements (Detail)
|
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2012
|
Dec. 31, 2011
|
|
Impaired Loans [Member] | Minimum [Member]
|
||
Fair Value Inputs, Discount Rate | 0.00% | 0.00% |
Impaired Loans [Member] | Maximum [Member]
|
||
Fair Value Inputs, Discount Rate | 30.00% | 30.00% |
Minimum [Member] | Other Real Estate Owned [Member]
|
||
Fair Value Inputs, Discount Rate | 0.00% | 0.00% |
Maximum [Member] | Other Real Estate Owned [Member]
|
||
Fair Value Inputs, Discount Rate | 30.00% | 30.00% |
Note 7 - Credit Quality of Loans (Detail) - Impaired Loans (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Recorded Investment | $ 28,500 | $ 30,042 |
Unpaid Principal Balance | 35,247 | 35,821 |
Net Principal Balance | 27,565 | 29,372 |
One-to-Four Family Residential [Member]
|
||
Recorded Investment | 4,696 | 2,781 |
Unpaid Principal Balance | 5,143 | 2,739 |
Net Principal Balance | 4,488 | 2,739 |
Commercial Land Loans [Member]
|
||
Recorded Investment | 3,355 | 3,062 |
Unpaid Principal Balance | 4,343 | 4,523 |
Net Principal Balance | 3,194 | 2,826 |
Residential Development [Member]
|
||
Recorded Investment | 3,679 | 8,428 |
Unpaid Principal Balance | 5,427 | 10,173 |
Net Principal Balance | 3,472 | 8,262 |
Commercial Real Estate - Office [Member]
|
||
Recorded Investment | 7,449 | 6,322 |
Unpaid Principal Balance | 8,584 | 7,573 |
Net Principal Balance | 7,375 | 6,305 |
Commercial Real Estate - Residential Rental [Member]
|
||
Recorded Investment | 2,288 | 4,076 |
Unpaid Principal Balance | 2,933 | 4,808 |
Net Principal Balance | 2,244 | 4,029 |
Owner Occupied Commercial Real Estate [Member]
|
||
Recorded Investment | 2,721 | |
Unpaid Principal Balance | 3,301 | |
Net Principal Balance | 2,614 | |
Other Commercial Real Estate Loans [Member]
|
||
Recorded Investment | 2,188 | 2,426 |
Unpaid Principal Balance | 2,585 | 2,945 |
Net Principal Balance | 2,168 | 2,323 |
Consumer Real Estate Loans [Member]
|
||
Recorded Investment | 1,158 | 2,689 |
Unpaid Principal Balance | 1,968 | 2,801 |
Net Principal Balance | 1,047 | 2,630 |
Commercial Business Loans [Member]
|
||
Recorded Investment | 948 | 169 |
Unpaid Principal Balance | 945 | 169 |
Net Principal Balance | 945 | 169 |
Other Consumer Loans [Member]
|
||
Recorded Investment | 18 | 89 |
Unpaid Principal Balance | 18 | 90 |
Net Principal Balance | $ 18 | $ 89 |
Note 2 - Merger with Park Sterling Corporation (Detail) (USD $)
In Millions, except Share data, unless otherwise specified |
3 Months Ended |
---|---|
Jun. 30, 2012
|
|
Merger, Approximate Total Value (in Dollars) | $ 77.8 |
Merger, Value Of Preferred Stock Exchanged, Small Business Lending Fund (in Dollars) | $ 20.5 |
Merger, Shareholder Proceeds, Cash Per Share (in Dollars per share) | $ 7.00 |
Merger, Shareholder Proceeds, Shares Of Surviving Entity (in Shares) | 1.4799 |
Merger, Consideration Limitation Percentage, Cash | 30.00% |
Merger, Consideration Limitation Percentage, Shares Of Surviving Entity | 70.00% |
Note 13 - Fair Value Measurements (Detail) - The Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | |
---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
Beginning balance, January 1 | $ 1,566 | $ 3,023 |
Ending balance, June 30 | 1,825 | 2,261 |
Total gains included in: | ||
Other comprehensive income | 47 | 45 |
Purchases | 212 | |
Sales | (1,065) | |
Transfers in | $ 258 |
Note 6 - Loans (Tables)
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] |
|
Note 8 - Allowance for Loan Losses (Detail) - Activity in the Allowance for Loan Losses (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Dec. 31, 2011
|
Jun. 30, 2012
One-to-Four Family Residential [Member]
|
Jun. 30, 2011
One-to-Four Family Residential [Member]
|
Jun. 30, 2012
One-to-Four Family Residential [Member]
|
Jun. 30, 2011
One-to-Four Family Residential [Member]
|
Dec. 31, 2011
One-to-Four Family Residential [Member]
|
Jun. 30, 2012
Multifamily Residential Loans [Member]
|
Jun. 30, 2012
Multifamily Residential Loans [Member]
|
Dec. 31, 2011
Multifamily Residential Loans [Member]
|
Jun. 30, 2011
Multifamily Residential Loans [Member]
|
Mar. 31, 2011
Multifamily Residential Loans [Member]
|
Dec. 31, 2010
Multifamily Residential Loans [Member]
|
Jun. 30, 2012
Construction Loans [Member]
|
Jun. 30, 2011
Construction Loans [Member]
|
Jun. 30, 2012
Construction Loans [Member]
|
Jun. 30, 2011
Construction Loans [Member]
|
Dec. 31, 2011
Construction Loans [Member]
|
Jun. 30, 2012
Commercial Land Loans [Member]
|
Jun. 30, 2011
Commercial Land Loans [Member]
|
Jun. 30, 2012
Commercial Land Loans [Member]
|
Jun. 30, 2011
Commercial Land Loans [Member]
|
Dec. 31, 2011
Commercial Land Loans [Member]
|
Jun. 30, 2012
Residential Development [Member]
|
Jun. 30, 2011
Residential Development [Member]
|
Jun. 30, 2012
Residential Development [Member]
|
Jun. 30, 2011
Residential Development [Member]
|
Dec. 31, 2011
Residential Development [Member]
|
Jun. 30, 2012
Other Commercial Real Estate Loans [Member]
|
Jun. 30, 2011
Other Commercial Real Estate Loans [Member]
|
Jun. 30, 2012
Other Commercial Real Estate Loans [Member]
|
Jun. 30, 2011
Other Commercial Real Estate Loans [Member]
|
Jun. 30, 2012
Consumer Real Estate Loans [Member]
|
Jun. 30, 2011
Consumer Real Estate Loans [Member]
|
Jun. 30, 2012
Consumer Real Estate Loans [Member]
|
Jun. 30, 2011
Consumer Real Estate Loans [Member]
|
Dec. 31, 2011
Consumer Real Estate Loans [Member]
|
Jun. 30, 2012
Commercial Business Loans [Member]
|
Jun. 30, 2011
Commercial Business Loans [Member]
|
Jun. 30, 2012
Commercial Business Loans [Member]
|
Jun. 30, 2011
Commercial Business Loans [Member]
|
Dec. 31, 2011
Commercial Business Loans [Member]
|
Jun. 30, 2012
Other Consumer Loans [Member]
|
Jun. 30, 2011
Other Consumer Loans [Member]
|
Jun. 30, 2012
Other Consumer Loans [Member]
|
Jun. 30, 2011
Other Consumer Loans [Member]
|
Dec. 31, 2011
Other Consumer Loans [Member]
|
|
Allowance for loan losses | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance - Beginning of period | $ 11,583 | $ 12,006 | $ 11,713 | $ 11,924 | $ 534 | $ 528 | $ 500 | $ 500 | $ 150 | $ 150 | $ 200 | $ 200 | $ 200 | $ 650 | $ 1,014 | $ 800 | $ 1,000 | $ 2,344 | $ 2,014 | $ 2,334 | $ 2,163 | $ 2,064 | $ 1,996 | $ 1,999 | $ 2,000 | $ 1,927 | $ 1,645 | $ 1,830 | $ 1,561 | $ 1,372 | $ 1,551 | $ 1,600 | $ 1,500 | $ 2,002 | $ 2,500 | $ 2,000 | $ 2,500 | $ 540 | $ 558 | $ 500 | $ 500 | |||||||||
Balance - End of period | 11,735 | 12,742 | 11,735 | 12,742 | 544 | 520 | 544 | 520 | 150 | 150 | 200 | 200 | 200 | 652 | 1,190 | 652 | 1,190 | 2,463 | 2,223 | 2,463 | 2,223 | 2,014 | 2,038 | 2,014 | 2,038 | 1,974 | 1,919 | 1,974 | 1,919 | 1,320 | 1,568 | 1,320 | 1,568 | 2,036 | 2,525 | 2,036 | 2,525 | 582 | 559 | 582 | 559 | |||||||||
Allowance for loans collectively evaluated for impairment | 11,735 | 12,742 | 11,735 | 12,742 | 544 | 520 | 544 | 520 | 150 | 150 | 200 | 652 | 1,190 | 652 | 1,190 | 2,463 | 2,223 | 2,463 | 2,223 | 2,014 | 2,038 | 2,014 | 2,038 | 1,974 | 1,919 | 1,974 | 1,919 | 1,320 | 1,568 | 1,320 | 1,568 | 2,036 | 2,525 | 2,036 | 2,525 | 582 | 559 | 582 | 559 | |||||||||||
Total | 11,735 | 12,742 | 11,735 | 12,742 | 544 | 520 | 544 | 520 | 150 | 150 | 200 | 200 | 200 | 652 | 1,190 | 652 | 1,190 | 2,463 | 2,223 | 2,463 | 2,223 | 2,014 | 2,038 | 2,014 | 2,038 | 1,974 | 1,919 | 1,974 | 1,919 | 1,320 | 1,568 | 1,320 | 1,568 | 2,036 | 2,525 | 2,036 | 2,525 | 582 | 559 | 582 | 559 | |||||||||
Charge-offs | (2,893) | (1,325) | (9,496) | (4,361) | (518) | (312) | (1,417) | (1,137) | (5) | (41) | (101) | (291) | (191) | (2,244) | (313) | (386) | (2,805) | (386) | (938) | (256) | (2,319) | (256) | (774) | (35) | (2,504) | (91) | (227) | (35) | (227) | (188) | (22) | (5) | (33) | (18) | ||||||||||||||||
Recoveries | 490 | 361 | 663 | 479 | 35 | 4 | 68 | 7 | 4 | 4 | 2 | 181 | 231 | 119 | 0 | 119 | 32 | 128 | 89 | 128 | 235 | 30 | 314 | 14 | 59 | 2 | 61 | 9 | 1 | 10 | 3 | 13 | 3 | 6 | 5 | 77 | ||||||||||||||
Provision | 2,555 | 1,700 | 8,855 | 4,700 | 450 | 300 | 1,350 | 1,150 | (150) | 500 | 100 | 1,250 | 150 | 300 | 2,650 | 1,350 | 500 | 500 | 1,900 | 600 | 650 | 50 | 2,150 | 150 | 250 | 50 | 250 | 200 | 50 | 100 | ||||||||||||||||||||
Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | 27,565 | 29,372 | 27,565 | 29,372 | 4,488 | 2,739 | 4,488 | 2,739 | 3,194 | 2,826 | 3,194 | 2,826 | 3,472 | 8,262 | 3,472 | 8,262 | 14,401 | 12,657 | 14,401 | 12,657 | 1,047 | 2,630 | 1,047 | 2,630 | 945 | 169 | 945 | 169 | 18 | 89 | 18 | 89 | ||||||||||||||||||
Loans collectively evaluated for impairment | 559,933 | 544,728 | 559,933 | 544,728 | 109,833 | 114,120 | 109,833 | 114,120 | 17,074 | 17,074 | 16,759 | 27,114 | 19,602 | 27,114 | 19,602 | 19,691 | 25,296 | 19,691 | 25,296 | 6,596 | 8,182 | 6,596 | 8,182 | 233,874 | 213,326 | 233,874 | 213,326 | 98,115 | 100,891 | 98,115 | 100,891 | 42,690 | 40,992 | 42,690 | 40,992 | 4,946 | 5,560 | 4,946 | 5,560 | |||||||||||
Total non-covered loans | $ 587,498 | $ 574,100 | $ 587,498 | $ 574,100 | $ 574,100 | $ 114,321 | $ 116,859 | $ 114,321 | $ 116,859 | $ 116,859 | $ 17,074 | $ 17,074 | $ 16,759 | $ 16,759 | $ 27,114 | $ 19,602 | $ 27,114 | $ 19,602 | $ 19,602 | $ 22,885 | $ 28,122 | $ 22,885 | $ 28,122 | $ 28,122 | $ 10,068 | $ 16,444 | $ 10,068 | $ 16,444 | $ 16,444 | $ 248,275 | $ 225,983 | $ 248,275 | $ 225,983 | $ 99,162 | $ 103,521 | $ 99,162 | $ 103,521 | $ 103,521 | $ 43,635 | $ 41,161 | $ 43,635 | $ 41,161 | $ 41,161 | $ 4,964 | $ 5,649 | $ 4,964 | $ 5,649 | $ 5,649 |
Note 7 - Credit Quality of Loans (Detail) (USD $)
|
3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Mar. 31, 2012
|
Dec. 31, 2011
|
Mar. 31, 2011
|
Dec. 31, 2010
|
|
Loans and Leases Receivable, Allowance | $ 11,735,000 | $ 12,742,000 | $ 11,583,000 | $ 11,713,000 | $ 12,006,000 | $ 11,924,000 | |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 1,100,000 | ||||||
Gains (Losses) on Sales of Other Real Estate | (335,000) | (53,000) | (326,000) | ||||
Percentage of Loan Losses Covered by FDIC | 80.00% | ||||||
Troubled Debt Restructurings [Member]
|
|||||||
Loans and Leases Receivable, Allowance | $ 1,300,000 |
Note 10 - Deposits (Detail) - Deposit Balances and Average Rates (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2012
|
Dec. 31, 2011
|
|
Noninterest-bearing demand (in Dollars) | $ 95,512 | $ 88,077 |
Noninterest-bearing demand | 0.00% | 0.00% |
Interest-bearing demand (in Dollars) | 199,867 | 199,390 |
Interest-bearing demand | 0.20% | 0.41% |
Money market deposit (in Dollars) | 153,775 | 155,228 |
Money market deposit | 0.29% | 0.52% |
Savings accounts (in Dollars) | 23,945 | 20,542 |
Savings accounts | 0.16% | 0.17% |
Time deposits (in Dollars) | 379,665 | 412,819 |
Time deposits | 0.97% | 1.26% |
Total deposits (in Dollars) | $ 852,764 | $ 876,056 |
Total deposits | 0.55% | 0.81% |
Note 7 - Credit Quality of Loans (Detail) - Risk Category of Loans (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Real estate: | ||
Total loans | $ 716,372 | $ 733,788 |
Pass [Member] | One-to-Four Family Residential [Member]
|
||
Real estate: | ||
Total loans | 138,184 | 149,013 |
Pass [Member] | Multifamily Residential Loans [Member]
|
||
Real estate: | ||
Total loans | 18,901 | 19,685 |
Pass [Member] | Construction Loans [Member]
|
||
Real estate: | ||
Total loans | 27,147 | 20,857 |
Pass [Member] | Commercial Land Loans [Member]
|
||
Real estate: | ||
Total loans | 25,296 | 30,202 |
Pass [Member] | Residential Development [Member]
|
||
Real estate: | ||
Total loans | 11,904 | 15,806 |
Pass [Member] | Owner Occupied Commercial Real Estate [Member]
|
||
Real estate: | ||
Total loans | 126,414 | |
Pass [Member] | Other Commercial Real Estate, Excluding Owner Occupied [Member]
|
||
Real estate: | ||
Total loans | 153,500 | |
Pass [Member] | Consumer Land Loans [Member]
|
||
Real estate: | ||
Total loans | 15,479 | 17,356 |
Pass [Member] | Home Equity Lines of Credit [Member]
|
||
Real estate: | ||
Total loans | 89,853 | 92,752 |
Pass [Member] | Total Real Estate Loans [Member]
|
||
Real estate: | ||
Total loans | 606,678 | 615,641 |
Pass [Member] | Commercial Business Loans [Member]
|
||
Real estate: | ||
Total loans | 47,138 | 48,477 |
Pass [Member] | Other Consumer Loans [Member]
|
||
Real estate: | ||
Total loans | 7,416 | 9,147 |
Pass [Member] | Other Commercial Real Estate Loans [Member]
|
||
Real estate: | ||
Total loans | 269,970 | |
Pass [Member]
|
||
Real estate: | ||
Total loans | 661,232 | 673,265 |
Special Mention [Member] | One-to-Four Family Residential [Member]
|
||
Real estate: | ||
Total loans | 483 | 562 |
Special Mention [Member] | Multifamily Residential Loans [Member]
|
||
Real estate: | ||
Total loans | 1,055 | |
Special Mention [Member] | Commercial Land Loans [Member]
|
||
Real estate: | ||
Total loans | 720 | 8,600 |
Special Mention [Member] | Residential Development [Member]
|
||
Real estate: | ||
Total loans | 1,037 | |
Special Mention [Member] | Owner Occupied Commercial Real Estate [Member]
|
||
Real estate: | ||
Total loans | 4,988 | |
Special Mention [Member] | Other Commercial Real Estate, Excluding Owner Occupied [Member]
|
||
Real estate: | ||
Total loans | 15,846 | |
Special Mention [Member] | Consumer Land Loans [Member]
|
||
Real estate: | ||
Total loans | 200 | 458 |
Special Mention [Member] | Home Equity Lines of Credit [Member]
|
||
Real estate: | ||
Total loans | 1,294 | 790 |
Special Mention [Member] | Total Real Estate Loans [Member]
|
||
Real estate: | ||
Total loans | 24,586 | 31,372 |
Special Mention [Member] | Commercial Business Loans [Member]
|
||
Real estate: | ||
Total loans | 244 | 254 |
Special Mention [Member] | Other Consumer Loans [Member]
|
||
Real estate: | ||
Total loans | 168 | 170 |
Special Mention [Member] | Other Commercial Real Estate Loans [Member]
|
||
Real estate: | ||
Total loans | 19,925 | |
Special Mention [Member]
|
||
Real estate: | ||
Total loans | 24,998 | 31,796 |
Substandard [Member] | One-to-Four Family Residential [Member]
|
||
Real estate: | ||
Total loans | 4,680 | 1,925 |
Substandard [Member] | Commercial Land Loans [Member]
|
||
Real estate: | ||
Total loans | 5,651 | 2,990 |
Substandard [Member] | Residential Development [Member]
|
||
Real estate: | ||
Total loans | 4,190 | 7,696 |
Substandard [Member] | Owner Occupied Commercial Real Estate [Member]
|
||
Real estate: | ||
Total loans | 2,905 | |
Substandard [Member] | Other Commercial Real Estate, Excluding Owner Occupied [Member]
|
||
Real estate: | ||
Total loans | 9,838 | |
Substandard [Member] | Consumer Land Loans [Member]
|
||
Real estate: | ||
Total loans | 516 | 1,560 |
Substandard [Member] | Home Equity Lines of Credit [Member]
|
||
Real estate: | ||
Total loans | 1,277 | 1,753 |
Substandard [Member] | Total Real Estate Loans [Member]
|
||
Real estate: | ||
Total loans | 29,057 | 28,324 |
Substandard [Member] | Commercial Business Loans [Member]
|
||
Real estate: | ||
Total loans | 1,048 | 296 |
Substandard [Member] | Other Consumer Loans [Member]
|
||
Real estate: | ||
Total loans | 37 | 107 |
Substandard [Member] | Other Commercial Real Estate Loans [Member]
|
||
Real estate: | ||
Total loans | 12,400 | |
Substandard [Member]
|
||
Real estate: | ||
Total loans | 30,142 | 28,727 |
One-to-Four Family Residential [Member]
|
||
Real estate: | ||
Total loans | 143,347 | 151,500 |
Multifamily Residential Loans [Member]
|
||
Real estate: | ||
Total loans | 19,956 | 19,685 |
Construction Loans [Member]
|
||
Real estate: | ||
Total loans | 27,147 | 20,857 |
Commercial Land Loans [Member]
|
||
Real estate: | ||
Total loans | 31,667 | 41,792 |
Residential Development [Member]
|
||
Real estate: | ||
Total loans | 16,094 | 24,539 |
Owner Occupied Commercial Real Estate [Member]
|
||
Real estate: | ||
Total loans | 134,307 | 116,017 |
Other Commercial Real Estate, Excluding Owner Occupied [Member]
|
||
Real estate: | ||
Total loans | 179,184 | |
Consumer Land Loans [Member]
|
||
Real estate: | ||
Total loans | 16,195 | 19,374 |
Home Equity Lines of Credit [Member]
|
||
Real estate: | ||
Total loans | 92,424 | 95,295 |
Total Real Estate Loans [Member]
|
||
Real estate: | ||
Total loans | 660,321 | 675,337 |
Commercial Business Loans [Member]
|
||
Real estate: | ||
Total loans | 48,430 | 49,027 |
Other Consumer Loans [Member]
|
||
Real estate: | ||
Total loans | 7,621 | 9,424 |
Other Commercial Real Estate Loans [Member]
|
||
Real estate: | ||
Total loans | $ 313,491 | $ 302,295 |
Note 2 - Merger with Park Sterling Corporation
|
6 Months Ended |
---|---|
Jun. 30, 2012
|
|
Mergers, Acquisitions and Dispositions Disclosures [Text Block] |
Note
2 – Merger with Park Sterling Corporation
On
May 14, 2012, the Company announced the signing of a
definitive merger agreement with Park Sterling Corporation
(“Park Sterling”) under which Park Sterling will
acquire Citizens South for a total value of approximately
$77.8 million, excluding the exchange of $20.5 million in
preferred stock issued to the United States Department of the
Treasury in connection with Citizen South’s
participation in the Small Business Lending Fund. The
merger agreement has been unanimously approved by the board
of directors of each company. Closing of the transaction,
which is expected to occur in the fourth quarter of 2012, is
subject to customary conditions, including approval by
Citizens South’s shareholders, approval by Park
Sterling’s shareholders and receipt of regulatory
approval. Under the terms of the merger agreement, Citizens
South shareholders will have the right to receive either
$7.00 in cash or 1.4799 Park Sterling shares for each
Citizens South share they hold, subject to the limitation
that the total consideration will consist of 30.0% in cash
and 70.0% in Park Sterling shares. Those Citizens South
shares exchanged for stock will convert to Park Sterling
shares in what is intended to be a tax-free exchange. Cash
will also be paid in lieu of fractional shares. The
transaction value at the time of the proposed merger may
change due to potential fluctuations in the price of Park
Sterling stock.
|