0001093672-12-000006.txt : 20120327 0001093672-12-000006.hdr.sgml : 20120327 20120327090745 ACCESSION NUMBER: 0001093672-12-000006 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 18 CONFORMED PERIOD OF REPORT: 20111231 FILED AS OF DATE: 20120327 DATE AS OF CHANGE: 20120327 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PEOPLES BANCORP OF NORTH CAROLINA INC CENTRAL INDEX KEY: 0001093672 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 562132396 STATE OF INCORPORATION: NC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-27205 FILM NUMBER: 12715887 BUSINESS ADDRESS: STREET 1: 518 WEST C STREET CITY: NEWTON STATE: NC ZIP: 28658-4007 BUSINESS PHONE: 8284645620 MAIL ADDRESS: STREET 1: PO BOX 467 CITY: NEWTON STATE: NC ZIP: 28658-0467 10-K 1 form10kfilingfordec312011.htm 10-K FILING FOR DEC 31, 2011 form10kfilingfordec312011.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
     
FORM 10-K
 
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the fiscal year ended:    December 31, 2011
 
Peoples Bancorp of North Carolina, Inc.
(Exact Name of Registrant as Specified in Its Charter)
 
North Carolina
(State or Other Jurisdiction of Incorporation)
 
000-27205
56-2132396
(Commission File No.)
(IRS Employer Identification No.)
 
518 West C Street, Newton, North Carolina
28658
(Address of Principal Executive Offices)
(Zip Code)
 
(828) 464-5620
(Registrant’s Telephone Number, Including Area Code)
Securities Registered Pursuant to Section 12(b) of the Act:  None
Securities Registered Pursuant to Section 12(g) of the Act:
Common Stock, no par value
(title of class)
 
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
 
Yes
   o  
No
   x  
 
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
 
Yes
   o  
No
   x  
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
 
Yes
   x  
No
   o  
 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). 
 
Yes
   x  
No
   o  
 
Indicate by check mark if disclosure of delinquent filers in response to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.     x
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company.
Large Accelerated Filer
   o  
Accelerated Filer
   o  
Non-Accelerated Filer
   o  
Smaller Reporting Company
  x  
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
 
Yes
   o  
No
   x  
 
State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked prices of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter.  $27,616,687 based on the closing price of such common stock on June 30, 2011, which was $6.39 per share.
 
Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date.
5,544,160 shares of common stock, outstanding at February 29, 2012.
 
 
 
 
 
 
DOCUMENTS INCORPORATED BY REFERENCE

Portions of the Annual Report of Peoples Bancorp of North Carolina, Inc. for the year ended December 31, 2011 (the “Annual Report”), which will be included as Appendix A to the Proxy Statement for the 2012 Annual Meeting of Shareholders, are incorporated by reference into Part I and Part II and included as Exhibit 13 to the Form 10-K.

Portions of the Proxy Statement for the 2011 Annual Meeting of Shareholders of Peoples Bancorp of North Carolina, Inc. to be held on May 3, 2012 (the “Proxy Statement”), are incorporated by reference into Part III.
 


This report contains certain forward-looking statements with respect to the financial condition, results of operations and business of Peoples Bancorp of North Carolina, Inc. (the “Company”).  These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of management of the Company and on the information available to management at the time that these disclosures were prepared. These statements can be identified by the use of words like “expect,” “anticipate,” “estimate” and “believe,” variations of these words and other similar expressions.  Readers should not place undue reliance on forward-looking statements as a number of important factors could cause actual results to differ materially from those in the forward-looking statements.  Factors that could cause actual results to differ materially include, but are not limited to, (1) competition in the markets served by Peoples Bank (the “Bank”), (2) changes in the interest rate environment, (3) general national, regional or local economic conditions may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and the possible impairment of collectibility of loans, (4) legislative or regulatory changes, including changes in accounting standards, (5) significant changes in the federal and state legal and regulatory environment and tax laws, (6) the impact of changes in monetary and fiscal policies, laws, rules and regulations and (7) other risks and factors identified in the Company’s other filings with the Securities and Exchange Commission.  The Company undertakes no obligation to update any forward-looking statements.
 
 
2
 
 
 
PEOPLES BANCORP OF NORTH CAROLINA, INC.
FORM 10-K CROSS REFERENCE INDEX
     
   
Notice of 2012
   
Annual Meeting,
 
2011 Form
Proxy Statement
 
10-K
and Annual Report
 
Page
Page
PART I
    
Item 1 - Business
4 - 12
N/A
Item 1A - Risk Factors
12 - 21
N/A
Item 1B - Unresolved Staff Comments
21
N/A
Item 2 - Properties
22
N/A
Item 3 - Legal Proceedings
22
N/A
Item 4 - Mine Safety Disclosures
22
N/A
     
PART II
    
Item 5 - Market for Registrant's Common Equity, Related Stockholder
    
              Matters and Issuer Purchases of Equity Securities
23 - 25
N/A
Item 6 - Selected Financial Data
25
A-3
Item 7 - Management's Discussion and Analysis of Financial Condition and
    
              Results of Operations
25
A-4 - A-27
Item 7A - Quantitative and Qualitative Disclosures About Market Risk
25
A-26 - A-27
Item 8 - Financial Statements and Supplementary Data
26
A-28 - A-63
Item 9 - Changes in and Disagreements with Accountants on Accounting
    
              and Financial Disclosure
26
N/A
Item 9A - Controls and Procedures
26
N/A
Item 9B - Other Information
27
N/A
     
PART III
    
Item 10 - Directors and Executive Officers and Corporate Governance
28
A-64
Item 11 - Executive Compensation
28
17 - 28
Item 12 - Security Ownership of Certain Beneficial Owners and Management
    
                and Related Stockholder Matters
27 - 28
5 - 7
Item 13 - Certain Relationships and Related Transactions
    
                and Director Independence
28
27 - 29
Item 14 - Principal Accountant Fees and Services
28
29
     
PART IV
    
Item 15 - Exhibits and Financial Statement Schedules
29 - 32
N/A
     
Signatures
33
N/A
 
 
 
3
 
 
PART I

ITEM 1.        BUSINESS

General

Peoples Bancorp of North Carolina, Inc. (the “Company”), was formed in 1999 to serve as the holding company for Peoples Bank (the “Bank”).  The Company is a bank holding company registered with the Board of Governors of the Federal Reserve System (the “Federal Reserve”) under the Bank Holding Company Act of 1956, as amended (the “BHCA”).  The Company’s principal source of income is dividends declared and paid by the Bank on its capital stock.  The Company has no operations and conducts no business of its own other than owning the Bank and Community Bank Real Estate Solutions, LLC ("CBRES").  Accordingly, the discussion of the business which follows concerns the business conducted by the Bank, unless otherwise indicated.

The Bank, founded in 1912, is a state-chartered commercial bank serving the citizens and business interests of the Catawba Valley and surrounding communities through 22 banking offices located in Lincolnton, Newton, Denver, Catawba, Conover, Maiden, Claremont, Hiddenite, Hickory, Charlotte, Monroe, Cornelius, Mooresville and Raleigh, North Carolina.  The Bank also operates a loan production office in Denver, North Carolina.  At December 31, 2011, the Company had total assets of $1.1 billion, net loans of $653.9 million, deposits of $827.1 million, total securities of $327.1 million, and shareholders’ equity of $103.0 million.

The Bank operates four offices focused on the Latino population under the name Banco de la Gente (“Banco”).  These offices are operated as a division of the Bank.  Banco offers normal and customary banking services as are offered in the Bank’s other branches such as the taking of deposits and the making of loans and therefore is not considered a reportable segment of the Company.

The Bank has a diversified loan portfolio, with no foreign loans and few agricultural loans.  Real estate loans are predominately variable rate commercial property loans, which include residential development loans to commercial customers.  Commercial loans are spread throughout a variety of industries with no one particular industry or group of related industries accounting for a significant portion of the commercial loan portfolio.  The majority of the Bank’s deposit and loan customers are individuals and small to medium-sized businesses located in the Bank’s market area.  The Bank’s loan portfolio also includes Individual Taxpayer Identification Number (ITIN) mortgage loans generated thorough the Bank’s Banco offices.  Additional discussion of the Bank’s loan portfolio and sources of funds for loans can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” on pages A-4 through A-27 of the Annual Report, which is included in this Form 10-K as Exhibit 13.

The operations of the Bank and depository institutions in general are significantly influenced by general economic conditions and by related monetary and fiscal policies of depository institution regulatory agencies, including the Federal Reserve, the Federal Deposit Insurance Corporation (the “FDIC”) and the North Carolina Commissioner of Banks (the “Commissioner”).

At December 31, 2011, the Company employed 247 full-time employees and 45 part-time employees, which equated to 277 full-time equivalent employees.

Subsidiaries

The Bank is a subsidiary of the Company.  The Bank has two subsidiaries, Peoples Investment Services, Inc. and Real Estate Advisory Services, Inc.  Through a relationship with Raymond James Financial Services, Inc., Peoples Investment Services, Inc. provides the Bank’s customers access to investment counseling and non-deposit investment products such as stocks, bonds, mutual funds, tax deferred annuities, and related brokerage services.  Real Estate Advisory Services, Inc. provides real estate appraisal and real estate brokerage services.

In June 2006, the Company formed a wholly owned Delaware statutory trust, PEBK Capital Trust II (“PEBK Trust II”), which issued $20.0 million of guaranteed preferred beneficial interests in the Company’s junior subordinated deferrable interest debentures.  All of the common securities of PEBK Trust II are owned by the Company.  The proceeds from the issuance of the common securities and the trust preferred securities were used by PEBK Trust II to purchase $20.6 million of junior subordinated debentures of the Company, which pay a floating rate equal to three-month LIBOR plus 163 basis points.  The proceeds received by the Company from the sale of the junior subordinated debentures were used in December 2006 to repay the trust preferred securities issued in December 2001 by PEBK Capital Trust, a wholly owned Delaware statutory trust of the Company, and for general purposes.  The debentures represent the sole asset of PEBK Trust II.  PEBK Trust II is not included in the consolidated financial statements.
 
 
4
 
 
The trust preferred securities issued by PEBK Trust II accrue and pay quarterly at a floating rate of three-month LIBOR plus 163 basis points.  The Company has guaranteed distributions and other payments due on the trust preferred securities to the extent PEBK Trust II does not have funds with which to make the distributions and other payments.  The net combined effect of the trust preferred securities transaction is that the Company is obligated to make the distributions and other payments required on the trust preferred securities.

These trust preferred securities are mandatorily redeemable upon maturity of the debentures on June 28, 2036, or upon earlier redemption as provided in the indenture.  The Company had the right to redeem the debentures purchased by PEBK Trust II, in whole or in part, on or after June 28, 2011.  As specified in the indenture, if the debentures are redeemed prior to maturity, the redemption price will be the principal amount and any accrued but unpaid interest.

The Company established a new subsidiary, CBRES, in 2009. CBRES serves as a “clearing-house” for appraisal services for community banks.  Other banks are able to contract with CBRES to find and engage appropriate appraisal companies in the area where the property is located.  This type of service ensures that the appraisal process remains independent from the financing process within the bank.

Market Area

The Bank’s primary market consists of the communities in an approximately 50-mile radius around its headquarters office in Newton, North Carolina.  This area includes Catawba County, Alexander County, Lincoln County, Iredell County and portions of northeast Gaston County.  The Bank is located only 40 miles north of Charlotte, North Carolina and the Bank's primary market area is and will continue to be significantly affected by its close proximity to this major metropolitan area.  The Bank has two Banco offices in Mecklenburg County, one Banco office in Union County and one Banco office in Wake County specifically designed to serve the growing Latino market.

Employment in the Bank’s primary market area is diversified among manufacturing, retail and wholesale trade, technology, services and utilities.  Catawba County’s largest employers include Catawba County Schools, Frye Regional Medical Center, Catawba Valley Medical Center, Merchant Distributors, Inc (wholesale food distributor), Catawba County, CommScope, Inc. (manufacturer of fiber optic cable and accessories), Corning Cable Systems (manufacturer of fiber optic cable and accessories), Ethan Allen (furniture manufacturer), CV Industries (furniture manufacturer) and Hickory Public Schools.

Competition

The Bank has operated in the Catawba Valley region for 100 years and is the only financial institution headquartered in Newton.  Nevertheless, the Bank faces strong competition both in attracting deposits and making loans. Its most direct competition for deposits has historically come from other commercial banks, credit unions and brokerage firms located in its primary market area, including large financial institutions.  One national money center commercial bank is headquartered in Charlotte, North Carolina.  Based upon June 30, 2011 comparative data, the Bank had 23.18% of the deposits in Catawba County, placing it second in deposit size among a total of 13 banks with branch offices in Catawba County; 14.44% of the deposits in Lincoln County, placing it third in deposit size among a total of ten banks with branch offices in Lincoln County and 13.60% of the deposits in Alexander County, placing it fourth in deposit size among a total of seven banks with branch offices in Alexander County.

The Bank also faces additional significant competition for investors’ funds from short-term money market securities and other corporate and government securities.  The Bank’s deposit base has grown principally due to economic growth in the Bank’s market area coupled with the implementation of new and competitive deposit products. The ability of the Bank to attract and retain deposits depends on its ability to generally provide a rate of return, liquidity and risk comparable to that offered by competing investment opportunities.

The Bank experiences strong competition for loans from commercial banks and mortgage banking companies.  The Bank competes for loans primarily through the interest rates and loan fees it charges and the efficiency and quality of services it provides to borrowers.  Competition is increasing as a result of the continuing reduction of restrictions on the interstate operations of financial institutions.
 
 
5
 
 
Supervision and Regulation

Bank holding companies and commercial banks are extensively regulated under both federal and state law.  The following is a brief summary of all material statutes and rules and regulations that affect or will affect the Company, the Bank and any subsidiaries.  Supervision, regulation and examination of the Company and the Bank by the regulatory agencies are intended primarily for the protection of depositors rather than shareholders of the Company.  Statutes and regulations which contain wide-ranging proposals for altering the structures, regulations and competitive relationship of financial institutions are introduced regularly.  The Company cannot predict whether or in what form any proposed statute or regulation will be adopted or the extent to which the business of the Company and the Bank may be affected by such statute or regulation.

General.  There are a number of obligations and restrictions imposed on bank holding companies and their depository institution subsidiaries by law and regulatory policy that are designed to minimize potential loss to the depositors of such depository institutions and the FDIC insurance funds in the event the depository institution becomes in danger of default or in default.  For example, to avoid receivership of an insured depository institution subsidiary, a bank holding company is required to guarantee the compliance of any insured depository institution subsidiary that may become “undercapitalized” with the terms of the capital restoration plan filed by such subsidiary with its appropriate federal banking agency up to the lesser of (i) an amount equal to 5% of the bank’s total assets at the time the bank became undercapitalized or (ii) the amount which is necessary (or would have been necessary) to bring the bank into compliance with all acceptable capital standards as of the time the bank fails to comply with such capital restoration plan.  The Company, as a registered bank holding company, is subject to the regulation of the Federal Reserve.  Under a policy of the Federal Reserve with respect to bank holding company operations, a bank holding company is required to serve as a source of financial strength to its subsidiary depository institutions and to commit resources to support such institutions in circumstances where it might not do so absent such policy.  The Federal Reserve under the BHCA also has the authority to require a bank holding company to terminate any activity or to relinquish control of a nonbank subsidiary (other than a nonbank subsidiary of a bank) upon the Federal Reserve’s determination that such activity or control constitutes a serious risk to the financial soundness and stability of any bank subsidiary of the bank holding company.

In addition, insured depository institutions under common control are required to reimburse the FDIC for any loss suffered by its deposit insurance funds as a result of the default of a commonly controlled insured depository institution or for any assistance provided by the FDIC to a commonly controlled insured depository institution in danger of default.  The FDIC may decline to enforce the cross-guarantee provisions if it determines that a waiver is in the best interest of the deposit insurance funds.  The FDIC’s claim for damages is superior to claims of stockholders of the insured depository institution or its holding company but is subordinate to claims of depositors, secured creditors and holders of subordinated debt (other than affiliates) of the commonly controlled insured depository institutions.

As a result of the Company’s ownership of the Bank, the Company is also registered under the bank holding company laws of North Carolina.  Accordingly, the Company is also subject to regulation and supervision by the Commissioner.

Emergency Economic Stabilization Act of 2008.  The Emergency Economic Stabilization Act of 2008 (“EESA”) gave the U.S. Department of Treasury (“UST”) authority to take certain actions to restore liquidity and stability to the U.S. banking markets. Based upon its authority in the EESA, a number of programs to implement EESA have been announced.  The first program implemented by the UST is the Capital Purchase Program (“CPP”).  Pursuant to this program, the UST, on behalf of the U.S. government, is authorized to purchase preferred stock, along with warrants to purchase common stock, from certain financial institutions, including bank holding companies, savings and loan holding companies and banks or savings associations not controlled by a holding company.  The investment will have a dividend rate of 5% per year, until the fifth anniversary of the UST’s investment and a dividend of 9% thereafter. During the time the UST holds securities issued pursuant to this program, participating financial institutions will be required to comply with certain provisions regarding executive compensation and corporate governance.  Participation in this program also imposes certain restrictions upon an institution’s dividends to common shareholders and stock repurchase activities.  As described further herein, the Company elected to participate in the CPP and received $25.1 million pursuant to the program.
 
American Recovery and Reinvestment Act of 2009. The American Recovery and Reinvestment Act of 2009 (“ARRA”) includes a wide variety of programs intended to stimulate the economy and provide for extensive infrastructure, energy, health, and education needs.  In addition, ARRA imposes certain new executive compensation and corporate governance obligations on all current and future CPP recipients, including the Company, until the institution has redeemed the preferred stock, which CPP recipients are now permitted to do under ARRA without regard to the three year holding period and without the need to raise new capital, subject to approval of its primary federal regulator.
 
 
6
 
 
Additionally, ARRA amends Section 111 of EESA to require the UST to adopt additional standards with respect to executive compensation and corporate governance for CPP recipients, which are set forth in the TARP Standards for Compensation and Corporate Governance: Interim Final Rule (“Interim Final Rule”), adopted by the UST on June 15, 2009.  Among the executive compensation and corporate governance provisions included in ARRA and the Interim Final Rule are the following:
 
·  
an incentive compensation “clawback” provision to cover “senior executive officers” (defined in this instance and below to mean the “named executive officers” for whom compensation disclosure is provided in the Company’s proxy statement) and the next 20 most highly compensated employees;
 
·  
a prohibition on certain golden parachute payments to cover any payment related to a departure for any reason (with limited exceptions) made to any senior executive officer (as defined above) and the next five most highly compensated employees;
 
·  
a limitation on incentive compensation paid or accrued to the five most highly compensated employees of the financial institution, subject to limited exceptions for pre-existing arrangements set forth in written employment contracts executed on or prior to February 11, 2009, and certain awards of restricted stock which may not exceed one-third of annual compensation, are subject to a two-year holding period and cannot be transferred until the UST’s preferred stock is redeemed in full;
 
·  
a requirement that a company’s chief executive officer and chief financial officer provide in annual securities filings, a written certification of compliance with the executive compensation and corporate governance provisions of the Interim Final Rule;
 
·  
an obligation for the compensation committee of the board of directors to evaluate with a company’s chief risk officer certain compensation plans to ensure that such plans do not encourage unnecessary or excessive risks or the manipulation of reported earnings;
 
·  
a requirement that companies adopt a company-wide policy regarding excessive or luxury expenditures;
 
·  
a requirement that companies permit a separate, non-binding shareholder vote to approve the compensation of executives; and
 
·  
a provision that allows the UST to review compensation paid prior to enactment of ARRA to senior executive officers and the next 20 most highly-compensated employees to determine whether any payments were inconsistent with the executive compensation restrictions of EESA, CPP or otherwise contrary to the public interest.

Dodd-Frank Wall Street Reform and Consumer Protection Act.  On July 21, 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) was signed into law.  The Dodd-Frank Act was intended primarily to overhaul the financial regulatory framework following the global financial crisis and has impacted, and will continue to impact, all financial institutions including the Company and the Bank.  The Dodd-Frank Act contains provisions that have, among other things, established a Bureau of Consumer Financial Protection, established a systemic risk regulator, consolidated certain federal bank regulators and imposed increased corporate governance and executive compensation requirements.  The Dodd-Frank Act requires various federal agencies to adopt a broad range of new implementing rules and regulations and to prepare numerous studies and reports for the U.S. Congress.  The federal agencies are given significant discretion in drafting and implementing regulations. Although some of these regulations have been promulgated, many additional regulations are expected to be issued in 2012 and thereafter.  Consequently, many of the details and much of the impact of the Dodd-Frank Act may not be known for many months or years.
 
 
7
 
 
Capital Adequacy Guidelines for Holding Companies.  The Federal Reserve has adopted capital adequacy guidelines for bank holding companies and banks that are members of the Federal Reserve System and have consolidated assets of $150 million or more.  Bank holding companies subject to the Federal Reserve’s capital adequacy guidelines are required to comply with the Federal Reserve’s risk-based capital guidelines. Under these regulations, the minimum ratio of total capital to risk-weighted assets is 8%.  At least half of the total capital is required to be “Tier I capital,” principally consisting of common stockholders’ equity, noncumulative perpetual preferred stock, and a limited amount of cumulative perpetual preferred stock, less certain goodwill items.  The remainder (“Tier II capital”) may consist of a limited amount of subordinated debt, certain hybrid capital instruments and other debt securities, perpetual preferred stock, and a limited amount of the general loan loss allowance.  In addition to the risk-based capital guidelines, the Federal Reserve has adopted a minimum Tier I capital (leverage) ratio, under which a bank holding company must maintain a minimum level of Tier I capital to average total consolidated assets of at least 3% in the case of a bank holding company which has the highest regulatory examination rating and is not contemplating significant growth or expansion.  All other bank holding companies are expected to maintain a Tier I capital (leverage) ratio of at least 1% to 2% above the stated minimum.  The Company exceeded all applicable capital adequacy guidelines as of December 31, 2011.  At December 31, 2011, the Company’s Tier I risk-based capital and total risk-based capital were 16.10% and 17.38%, respectively.

Capital Requirements for the Bank.  The Bank, as a North Carolina commercial bank, is required to maintain a surplus account equal to 50% or more of its paid-in capital stock.  As a North Carolina chartered, FDIC-insured commercial bank which is not a member of the Federal Reserve System, the Bank is also subject to capital requirements imposed by the FDIC.  Under the FDIC's regulations, state nonmember banks that (a) receive the highest rating during the examination process and (b) are not anticipating or experiencing any significant growth, are required to maintain a minimum leverage ratio of 3% of total consolidated assets; all other banks are required to maintain a minimum ratio of 1% or 2% above the stated minimum, with a minimum leverage ratio of not less than 4%.  The Bank exceeded all applicable capital adequacy guidelines as of December 31, 2011.  At December 31, 2011, the Bank’s Tier I risk-based capital and total risk-based capital were 13.76% and 15.04%, respectively.

Dividend and Repurchase Limitations.  The Company must obtain Federal Reserve approval prior to repurchasing its Common Stock in excess of 10% of its net worth during any twelve-month period unless the Company (i) both before and after the redemption satisfies capital requirements for "well capitalized” state member banks; (ii) received a one or two rating in its last examination; and (iii) is not the subject of any unresolved supervisory issues.  Due to the Company’s participation in the CPP, UST approval is required for the Company to repurchase shares of outstanding common stock.

Although the payment of dividends and repurchase of stock by the Company are subject to certain requirements and limitations of North Carolina corporate law, except as set forth in this paragraph, neither the Commissioner nor the FDIC have promulgated any regulations specifically limiting the right of the Company to pay dividends and repurchase shares.  However, the ability of the Company to pay dividends or repurchase shares may be dependent upon the Company’s receipt of dividends from the Bank.

North Carolina commercial banks, such as the Bank, are subject to legal limitations on the amounts of dividends they are permitted to pay.  Dividends may be paid by the Bank from undivided profits, which are determined by deducting and charging certain items against actual profits, including any contributions to surplus required by North Carolina law.  Also, an insured depository institution, such as the Bank, is prohibited from making capital distributions, including the payment of dividends, if, after making such distribution, the institution would become "undercapitalized" (as such term is defined in the applicable law and regulations).

Under the terms of the CPP, the UST has a preferential right to the payment of cumulative dividends on its Series A preferred stock.  No dividends are permitted to be paid to common shareholders unless all accrued and unpaid dividends for all past dividend periods on the Series A preferred stock are fully paid. Any increase in dividends to common shareholders above the amount last declared prior to December 23, 2008 ($0.12 per share quarterly in the case of the Company) is subject to the consent of the UST for the first three years of the CPP preferred stock investment.

Deposit Insurance.  The Bank’s deposits are insured up to applicable limits by the Deposit Insurance Fund (“DIF”) of the FDIC. The Bank’s deposits, therefore, are subject to FDIC deposit insurance assessment.

On February 27, 2009, the FDIC adopted a final rule modifying the risk-based assessment system and setting initial base assessment rates beginning April 1, 2009, at 12 to 45 basis points; and due to extraordinary circumstances, extended the time within which the reserve ratio must be returned to 1.15 percent from five to seven years. The Bank’s base assessment averaged 12.94 basis points in 2009.  On May 22, 2009, the FDIC adopted a final rule imposing a 5 basis point special assessment on each insured depository institution’s assets minus Tier 1 capital as of June 30, 2009.  The Bank incurred an expense of $453,000 in 2009 as a result of the special assessment.
 
 
8
 
 
On November 12, 2009, the FDIC amended its regulations requiring certain insured institutions to prepay their estimated quarterly risk-based assessments for the fourth quarter of 2009, and for all of 2010, 2011, and 2012. The Bank’s prepaid assessment for these periods was $5.0 million and was paid on December 30, 2009, along with its regular quarterly risk-based deposit insurance assessment for the third quarter of 2009. The prepayment has been treated as a prepaid expense on the books of the Bank, and will be recognized as expense in the period for which the assessments are effective.

The Dodd-Frank Act permanently increases the maximum deposit insurance amount for banks, savings institutions and credit unions to $250,000 per depositor, and extends unlimited deposit insurance to non-interest bearing transaction accounts through December 31, 2012.  The Dodd-Frank Act also broadens the base for FDIC insurance assessments.  Assessments will now be based on the average consolidated total assets less tangible equity capital of a financial institution.  The Dodd-Frank Act requires the FDIC to increase the reserve ratio of the DIF from 1.15% to 1.35% of insured deposits by 2020 and eliminates the requirement that the FDIC pay dividends to insured depository institutions when the reserve ratio exceeds certain thresholds.  
 
FDIC Temporary Liquidity Guarantee Program.  On October 14, 2008, the FDIC announced its Temporary Liquidity Guarantee Program (“TLGP”), which is comprised of the Debt Guarantee Program (“DGP”) and the Transaction Account Guarantee Program (“TAGP”).
 
The TAGP provided unlimited deposit insurance coverage through December 31, 2009, for non-interest bearing transaction accounts and certain interest-bearing accounts (negotiable order of withdrawal (NOW) accounts with interest rates of 0.50% or less and lawyers trust accounts) at FDIC-insured depository institutions.  Depository institutions participating in the TAGP are assessed, on a quarterly basis, an annualized 10 basis points fee on the balance of each covered account in excess of the existing FDIC deposit insurance limit of $250,000 that was established on a temporary basis, through December 31, 2009.   The $250,000 deposit insurance coverage limit was scheduled to return to $100,000 on January 1, 2010, but was extended by congressional action until December 31, 2013.  The TLGP was extended to cover debt of FDIC-insured institutions issued through December 31, 2010, and the TAGP was extended through December 31, 2010. The Company has participated in the TAGP since its beginning, and elected to continue its participation during the extension period.
 
The DGP provides an FDIC guarantee of certain senior unsecured debt of FDIC-insured institutions and their holding companies.  The unsecured debt must be issued on or after October 14, 2008 and not later than October 31, 2009, and the guarantee is effective through the earlier of the maturity date or June 30, 2012.  The DGP coverage limit is generally 125% of the eligible entity’s eligible debt outstanding on September 30, 2008 and scheduled to mature on or before June 30, 2009 or, for certain insured institutions, 2% of their liabilities as of September 30, 2008.  The proceeds of debt guaranteed under the DGP may not be used to prepay debt that is not guaranteed by the FDIC.  Depending on the term of the debt maturity, the nonrefundable DGP fee ranges from 50 to 100 basis points (annualized) for covered debt outstanding until the earlier of maturity or June 30, 2012.   The Company is eligible to participate in the DGP although the it has not chosen to issue any debt under the program at this time.

Federal Home Loan Bank System.  The Federal Home Loan Bank (“FHLB”) system provides a central credit facility for member institutions. As a member of the FHLB of Atlanta, the Bank is required to own capital stock in the FHLB of Atlanta in an amount at least equal to 0.20% (or 20 basis points) of the Bank’s total assets at the end of each calendar year, plus 4.5% of its outstanding advances (borrowings) from the FHLB of Atlanta under the new activity-based stock ownership requirement.  On December 31, 2011, the Bank was in compliance with this requirement.

Community Reinvestment.  Under the Community Reinvestment Act (“CRA”), as implemented by regulations of the FDIC, an insured institution has a continuing and affirmative obligation consistent with its safe and sound operation to help meet the credit needs of its entire community, including low and moderate income neighborhoods. The CRA does not establish specific lending requirements or programs for financial institutions, nor does it limit an institution’s discretion to develop, consistent with the CRA, the types of products and services that it believes are best suited to its particular community. The CRA requires the federal banking regulators, in connection with their examinations of insured institutions, to assess the institutions’ records of meeting the credit needs of their communities, using the ratings of  “outstanding,” “satisfactory,” “needs to improve,” or “substantial noncompliance,” and to take that record into account in its evaluation of certain applications by those institutions. All institutions are required to make public disclosure of their CRA performance ratings. The Bank received a “satisfactory” rating in its last CRA examination, which was conducted during July 2010.
 
 
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Prompt Corrective Action. The FDIC has broad powers to take corrective action to resolve the problems of insured depository institutions.  The extent of these powers will depend upon whether the institution in question is "well capitalized," "adequately capitalized," "undercapitalized," "significantly undercapitalized," or "critically undercapitalized."  Under the regulations, an institution is considered: (A) "well capitalized" if it has (i) a total risk-based capital ratio of 10% or greater, (ii) a Tier I risk-based capital ratio of 6% or greater, (iii) a leverage ratio of 5% or greater and (iv) is not subject to any order or written directive to meet and maintain a specific capital level for any capital measure; (B) “adequately capitalized” if it has (i) a total risk-based capital ratio of 8% or greater, (ii) a Tier I risk-based capital ratio of 4% or greater and (iii) a leverage ratio of 4% or greater (or 3% or greater in the case of an institution with the highest examination rating); (C) "undercapitalized" if it has (i) a total risk-based capital ratio of less than 8%, (ii) a Tier I risk-based capital ratio of less than 4% or (iii) a leverage ratio of less than 4% (or 3% in the case of an institution with the highest examination rating); (D) “significantly undercapitalized” if it has (i) a total risk-based capital ratio of less than 6%, or (ii) a Tier I risk-based capital ratio of less than 3% or (iii) a leverage ratio of less than 3%; and (E) “critically undercapitalized” if the institution has a ratio of tangible equity to total assets equal to or less than 2%.  At December 31, 2011, the Bank has requisite capital levels to qualify as “well capitalized”.

Changes in Control.  The BHCA prohibits the Company from acquiring direct or indirect control of more than 5% of the outstanding voting stock or substantially all of the assets of any bank or savings bank or merging or consolidating with another bank holding company or savings bank holding company without prior approval of the Federal Reserve.  Similarly, Federal Reserve approval (or, in certain cases, non-disapproval) must be obtained prior to any person acquiring control of the Company.  Control is conclusively presumed to exist if, among other things, a person acquires more than 25% of any class of voting stock of the Company or controls in any manner the election of a majority of the directors of the Company.  Control is presumed to exist if a person acquires more than 10% of any class of voting stock and the stock is registered under Section 12 of the Securities Exchange Act of 1934, as amended from time to time (the "Exchange Act"), or the acquiror will be the largest shareholder after the acquisition.

Federal Securities Law.  The Company has registered its common stock with the Securities and Exchange Commission (“SEC”) pursuant to Section 12(g) of the Exchange Act.  As a result of such registration, the proxy and tender offer rules, insider trading reporting requirements, annual and periodic reporting and other requirements of the Exchange Act are applicable to the Company.

Transactions with Affiliates. Under current federal law, depository institutions are subject to the restrictions contained in Section 22(h) of the Federal Reserve Act with respect to loans to directors, executive officers and principal shareholders.  Under Section 22(h), loans to directors, executive officers and shareholders who own more than 10% of a depository institution (18% in the case of institutions located in an area with less than 30,000 in population), and certain affiliated entities of any of the foregoing, may not exceed, together with all other outstanding loans to such person and affiliated entities, the institution's loans-to-one-borrower limit (as discussed below).  Section 22(h) also prohibits loans above amounts prescribed by the appropriate federal banking agency to directors, executive officers and shareholders who own more than 10% of an institution, and their respective affiliates, unless such loans are approved in advance by a majority of the board of directors of the institution.  Any “interested” director may not participate in the voting.  The FDIC has prescribed the loan amount (which includes all other outstanding loans to such person), as to which such prior board of director approval is required, as being the greater of $25,000 or 5% of capital and surplus (up to $500,000).  Further, pursuant to Section 22(h), the Federal Reserve requires that loans to directors, executive officers, and principal shareholders be made on terms substantially the same as offered in comparable transactions with non-executive employees of the Bank.  The FDIC has imposed additional limits on the amount a bank can loan to an executive officer.  The Dodd-Frank Act also enhances requirements relating to transactions with affiliates.

Loans to One Borrower. The Bank is subject to the Commissioner’s loans to one borrower limits which are substantially the same as those applicable to national banks.  Under these limits, no loans and extensions of credit to any borrower outstanding at one time and not fully secured by readily marketable collateral shall exceed 15% of the unimpaired capital and unimpaired surplus of the Bank.  At December 31, 2011, this limit was $16.8 million.    This limit is increased by an additional 10% of the Bank’s unimpaired capital and unimpaired surplus, or $11.2 million as of December 31, 2011, for loans and extensions of credit that are fully secured by readily marketable collateral.

Gramm-Leach-Bliley Act.  The federal Gramm-Leach-Bliley Act (the “GLB Act”) dramatically changed various federal laws governing the banking, securities and insurance industries.  The GLB Act expanded opportunities for banks and bank holding companies to provide services and engage in other revenue-generating activities that previously were prohibited to them.  In doing so, it increased competition in the financial services industry, presenting greater opportunities for our larger competitors, which were more able to expand their service and products than smaller, community-oriented financial institutions, such as the Bank.
 
 
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USA Patriot Act of 2001.  The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (the “Patriot Act”) was enacted in response to the terrorist attacks that occurred in New York, Pennsylvania and Washington, D.C. on September 11, 2001.  The Patriot Act was intended to strengthen the ability of U.S. law enforcement and the intelligence community to work cohesively to combat terrorism on a variety of fronts.  The impact of the Patriot Act on financial institutions of all kinds has been significant and wide ranging.  The Patriot Act contains sweeping anti-money laundering and financial transparency laws and requires various regulations, including standards for verifying customer identification at account opening, and rules to promote cooperation among financial institutions, regulators, and law enforcement entities in identifying parties that may be involved in terrorism or money laundering.

Interstate Banking and Branching.  The BHCA was amended by the Interstate Banking Act.  The Interstate Banking Act provides that adequately capitalized and managed financial and bank holding companies are permitted to acquire banks in any state.

State law prohibiting interstate banking or discriminating against out-of-state banks are preempted.  States are not permitted to enact laws opting out of this provision; however, states are allowed to adopt a minimum age restriction requiring that target banks located within the state be in existence for a period of years, up to a maximum of five years, before a bank may be subject to the Interstate Banking Act.  The Interstate Banking Act, as amended by the Dodd-Frank Act, establishes deposit caps which prohibit acquisitions that result in the acquiring company controlling 30% or more of the deposits of insured banks and thrift institutions held in the state in which the target maintains a breach or 10% or more of the deposits nationwide.  States have the authority to waive the 30% deposit cap.  State-level deposit caps are not preempted as long as they do not discriminate against out-of-state companies, and the federal deposit caps apply only to initial entry acquisitions.

Under the Dodd-Frank Act, national banks and state banks are able to establish branches in any state if that state would permit the establishment of the branch by a state bank chartered in that state.  North Carolina law permits a state bank to establish a branch of the bank anywhere in the state.  Accordingly, under the Dodd-Frank Act, a bank with its headquarters outside the State of North Carolina may establish branches anywhere within North Carolina.

Sarbanes-Oxley Act of 2002.  The Sarbanes-Oxley Act of 2002 is federal legislation issued to address accounting, corporate governance and disclosure issues. The impact of the Sarbanes-Oxley Act has been wide-ranging as it applied to all public companies and imposed significant new requirements for public company governance and disclosure requirements.

In general, the Sarbanes-Oxley Act mandated important corporate governance and financial reporting requirements intended to enhance the accuracy and transparency of public companies’ reported financial results.  It established new responsibilities for corporate chief executive officers, chief financial officers and audit committees in the financial reporting process and created a new regulatory body to oversee auditors of public companies.  It backed these requirements with SEC enforcement tools, increased criminal penalties for federal mail, wire and securities fraud, and created new criminal penalties for document and record destruction in connection with federal investigations.  It also increased the opportunity for more private litigation by lengthening the statute of limitations for securities fraud claims and provided federal corporate whistleblower protection.

The economic and operational effects of this legislation on public companies, including us, have been significant in terms of the time, resources and costs associated with complying with the law.

Government Monetary Policies and Economic Controls.  Our earnings and growth, as well as the earnings and growth of the banking industry, are affected by the credit policies of monetary authorities, including the Federal Reserve. An important function of the Federal Reserve is to regulate the national supply of bank credit in order to combat recession and curb inflationary pressures. Among the instruments of monetary policy used by the Federal Reserve to implement these objectives are open market operations in U.S. government securities, changes in reserve requirements against member bank deposits, and changes in the Federal Reserve discount rate. These means are used in varying combinations to influence overall growth of bank loans, investments, and deposits, and may also affect interest rates charged on loans or paid for deposits. The monetary policies of the Federal Reserve authorities have had a significant effect on the operating results of commercial banks in the past and are expected to continue to have such an effect in the future.
 
In view of changing conditions in the national economy and in money markets, as well as the effect of credit policies by monetary and fiscal authorities, including the Federal Reserve, no prediction can be made as to possible future changes in interest rates, deposit levels, and loan demand, or their effect on our business and earnings or on the financial condition of our various customers.
 
 
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Limits on Rates Paid on Deposits and Brokered Deposits.  FDIC regulations limit the ability of insured depository institutions to accept, renew or roll-over deposits by offering rates of interest which are significantly higher than the prevailing rates of interest on deposits offered by other insured depository institutions having the same type of charter in such depository institution’s normal market area.  Under these regulations, “well capitalized” depository institutions may accept, renew or roll-over such deposits without restriction, “adequately capitalized” depository institutions may accept, renew or roll-over such deposits with a waiver from the FDIC (subject to certain restrictions on payments of rates) and “undercapitalized” depository institutions may not accept, renew, or roll-over such deposits. Definitions of “well capitalized,” “adequately capitalized” and “undercapitalized” are the same as the definitions adopted by the FDIC to implement the prompt corrective action provisions discussed above.
 
Other.  Additional regulations require annual examinations of all insured depository institutions by the appropriate federal banking agency, with some exceptions for small, well-capitalized institutions and state chartered institutions examined by state regulators.  Additional regulations also establish operational and managerial, asset quality, earnings and stock valuation standards for insured depository institutions, as well as compensation standards.

The Bank is subject to examination by the FDIC and the Commissioner.  In addition, the Bank is subject to various other state and federal laws and regulations, including state usury laws, laws relating to fiduciaries, consumer credit and equal credit, fair credit reporting laws and laws relating to branch banking.  The Bank, as an insured North Carolina commercial bank, is prohibited from engaging as a principal in activities that are not permitted for national banks, unless (i) the FDIC determines that the activity would pose no significant risk to the appropriate deposit insurance fund and (ii) the Bank is, and continues to be, in compliance with all applicable capital standards.

Under Chapter 53 of the North Carolina General Statutes, if the capital stock of a North Carolina commercial bank is impaired by losses or otherwise, the Commissioner is authorized to require payment of the deficiency by assessment upon the bank’s shareholders, pro rata, and to the extent necessary, if any such assessment is not paid by any shareholder, upon 30 days notice, to sell as much as is necessary of the stock of such shareholder to make good the deficiency.

Future Requirements. Statutes and regulations, which contain wide-ranging proposals for altering the structures, regulations and competitive relationships of financial institutions, are introduced regularly.  Neither the Company nor the Bank can predict whether or what form any proposed statute or regulation will be adopted or the extent to which the business of the Company or the Bank may be affected by such statute or regulation.

ITEM 1A.        RISK FACTORS

The following are potential risks that management considers material and that could affect the future operating results and financial condition of the Bank and the Company.  The risks are not listed in any particular order of importance, and there is the potential that there are other risks that have either not been identified or that management believed to be immaterial but which could in fact adversely affect the Bank’s operating results and financial condition.

 Risks Related to Recent Economic Conditions and Governmental Response:

Our business has been and may continue to be adversely affected by current conditions in the financial markets and economic conditions generally.
The global, U.S. and North Carolina economies are continuing to experience significantly reduced business activity and consumer spending as a result of, among other factors, disruptions in the capital and credit markets that first occurred during 2008. Since 2008, dramatic declines in the housing market, with falling home prices and increasing foreclosures and unemployment, have resulted in significant write-downs of asset values by financial institutions, including government-sponsored entities and major commercial and investment banks. A sustained weakness or weakening in business and economic conditions generally or specifically in the principal markets in which we do business could have one or more of the following adverse effects on our business: 

 
•
a decrease in the demand for loans or other products and services offered by us;
 
•
a decrease in the value of our loans or other assets secured by consumer or commercial real estate;
 
•
a decrease in deposit balances due to overall reductions in the accounts of customers;
 
•
an impairment of certain intangible assets or investment securities;
 
•
a decreased ability to raise additional capital on terms acceptable to us or at all; or
 
•
an increase in the number of borrowers who become delinquent, file for protection under bankruptcy laws or default on their loans or other obligations to us. An increase in the number of delinquencies, bankruptcies or defaults could result in a higher level of nonperforming assets, net charge-offs and provision for credit losses, which would reduce our earnings.
 
Until conditions improve, we expect our business, financial condition and results of operations to continue to be adversely affected.
 
 
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Financial reform legislation enacted by Congress and resulting regulations have increased, and are expected to continue to increase our costs of operations.
Congress enacted the Dodd-Frank Act in 2010. This law has significantly changed the structure of the bank regulatory system and affects the lending, deposit, investment, trading and operating activities of financial institutions and their holding companies. The Dodd-Frank Act requires various federal agencies to adopt a broad range of new implementing rules and regulations, and to prepare numerous studies and reports for Congress. The federal agencies are given significant discretion in drafting the implementing rules and regulations.  Although some of these regulations have been promulgated, many additional regulations are expected to be issued in 2012 and thereafter. Consequently, many of the details and much of the impact of the Dodd-Frank Act may not be known for many months or years.
 
Certain provisions of the Dodd-Frank Act are having an effect on us. For example, a provision eliminates the federal prohibitions on paying interest on demand deposits, thus allowing businesses to have interest bearing checking accounts. Although not currently quantifiable, this significant change to existing law could have an adverse effect on our interest expense.
 
The Dodd-Frank Act also broadens the base for FDIC insurance assessments. Assessments are now based on the average consolidated total assets less tangible equity capital of a financial institution. The Dodd-Frank Act also permanently increases the maximum amount of deposit insurance for banks, savings institutions and credit unions to $250,000 per depositor, retroactive to January 1, 2008, and non-interest bearing transaction accounts have unlimited deposit insurance through December 31, 2012.
 
The Dodd-Frank Act requires publicly traded companies to give stockholders a non-binding vote on executive compensation and so-called “golden parachute” payments, and authorizes the SEC to promulgate rules that would allow stockholders to nominate their own candidates using a company’s proxy materials. The legislation also directs the Federal Reserve to promulgate rules prohibiting excessive compensation paid to bank holding company executives, regardless of whether the company is publicly traded or not.
 
The Dodd-Frank Act created the Consumer Financial Protection Bureau with broad powers to supervise and enforce consumer protection laws. The Bureau has broad rule-making authority for a wide range of consumer protection laws that apply to all banks and savings institutions, including the authority to prohibit “unfair, deceptive or abusive” acts and practices. It also has examination and enforcement authority over all banks and savings institutions with more than $10 billion in assets. Banks and savings institutions with $10 billion or less in assets will be examined by their applicable bank regulators. The Dodd-Frank Act also weakens the federal preemption rules that have been applicable for national banks and federal savings associations, and gives state attorneys general the ability to enforce federal consumer protection laws.
 
It is difficult to quantify what specific impact the Dodd-Frank Act and related regulations have had on the Company to date and what impact yet to be written regulations will have on us in the future. However, it is expected that at a minimum they will increase our operating and compliance costs and could increase our interest expense.
 
Increases in FDIC insurance premiums may adversely affect our net income and profitability.
Since 2008, higher levels of bank failures have dramatically increased resolution costs of the FDIC and depleted the DIF. In addition, the FDIC has instituted two temporary programs to further insure customer deposits at FDIC insured banks: deposit accounts are now insured up to $250,000 per customer (up from $100,000), and noninterest-bearing transactional accounts are currently fully insured (unlimited coverage). These programs have placed additional stress on the DIF. In order to maintain a strong funding position and restore reserve ratios of the DIF, the FDIC has increased assessment rates of insured institutions. In addition, on November 12, 2009, the FDIC adopted a rule requiring banks to prepay three years’ worth of estimated deposit insurance premiums by December 31, 2009.  The Company is generally unable to control the amount of premiums that the Bank is required to pay for FDIC insurance. If there are additional bank or financial institution failures, or the cost of resolving prior failures exceeds expectations, the Bank may be required to pay higher FDIC premiums than those currently in force. Any future increases or required prepayments of FDIC insurance premiums may adversely impact the Company’s earnings and financial condition.
 
 
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The capital and credit markets have experienced unprecedented levels of volatility.
During the economic downturn, the capital and credit markets experienced extended volatility and disruption. In some cases, the markets produced downward pressure on financial institution stock prices and credit capacity for certain issuers without regard to those issuers’ underlying financial strength. If these levels of market disruption and volatility continue, worsen or abate and then arise at a later date, the Company’s ability to access capital could be materially impaired. The Company’s inability to access the capital markets could constrain the Bank’s ability to make new loans, to meet the Bank’s existing lending commitments and, ultimately jeopardize the Bank’s overall liquidity and capitalization.

Additional requirements under our regulatory framework, especially those imposed under ARRA, EESA or other legislation or regulations intended to strengthen the U.S. financial system, could adversely affect us.
           Recent government efforts to strengthen the U.S. financial system, including the implementation of ARRA, EESA, the TLGP and special assessments imposed by the FDIC, subject participants to additional regulatory fees and requirements, including corporate governance requirements, executive compensation restrictions, restrictions on declaring or paying dividends, restrictions on share repurchases, limits on executive compensation tax deductions and prohibitions against golden parachute payments. These requirements, and any other requirements that may be subsequently imposed, may have a material and adverse affect on our business, financial condition, and results of operations.

The limitations on incentive compensation contained in the ARRA and subsequent regulations may adversely affect our ability to retain our highest performing employees.
In the case of a company such as us that received CPP funds, the ARRA, and subsequent regulations issued by the UST, contain restrictions on bonus and other incentive compensation payable to the company’s senior executive officers. As a consequence, we may be unable to create a compensation structure that permits us to retain our highest performing employees and attract new employees of a high caliber. If this were to occur, our businesses and results of operations could be adversely affected.

The soundness of other financial institutions could adversely affect us.
Since 2008, the financial services industry as a whole, as well as the securities markets generally, have been materially and adversely affected by significant declines in the values of nearly all asset classes and by a serious lack of liquidity. Financial institutions in particular have been subject to increased volatility and an overall loss in investor confidence.
 
Our ability to engage in routine funding transactions could be adversely affected by the actions and commercial soundness of other financial institutions. Financial services companies are interrelated as a result of trading, clearing, counterparty, or other relationships. We have exposure to many different industries and counterparties, and we routinely execute transactions with counterparties in the financial services industry, including brokers and dealers, commercial banks, and other institutional clients.
 
From time to time, we may utilize derivative financial instruments, primarily to hedge our exposure to changes in interest rates, but also to hedge cash flow. By entering into these transactions and derivative instrument contracts, we expose ourselves to counterparty credit risk in the event of default of our counterparty or client. When the fair value of a derivative contract is in an asset position, the counterparty has a liability to us, which creates credit risk for us. We attempt to minimize this risk by selecting counterparties with investment grade credit ratings, limiting our exposure to any single counterparty and regularly monitoring our market position with each counterparty. Nonetheless, defaults by, or even rumors or questions about, one or more financial services companies, or the financial services industry generally, have led to market-wide liquidity problems and could lead to losses or defaults by us or by other institutions. In addition, our credit risk may be exacerbated when the collateral held by us cannot be realized or is liquidated at prices not sufficient to recover the full amount of the loan due us. There is no assurance that any such losses would not materially and adversely affect our businesses, financial condition or results of operations.
 
Market developments may adversely affect our industry, business and results of operations.
Significant declines in the housing market, with falling home prices and increasing foreclosures and unemployment, have resulted in significant write-downs of asset values by many financial institutions, including government-sponsored entities and major commercial and investment banks. These write-downs, initially of mortgage-backed securities but spreading to credit default swaps and other derivative securities, caused many financial institutions to seek additional capital, to merge with larger and stronger institutions and, in some cases, to fail. As a consequence, the Company has experienced significant challenges, its credit quality deteriorated and its net income and results of operations were adversely impacted. Reflecting concern about the stability of the financial markets generally and the strength of counterparties, many lenders and institutional investors have reduced, and in some cases, ceased to provide funding to borrowers including other financial institutions. Although to date the Company and the Bank remain “well capitalized,” we are part of the financial system and a systemic lack of available credit, a lack of confidence in the financial sector, increased volatility in the financial markets and/or reduced business activity could materially adversely affect our business, financial condition and results of operations.
 
 
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Risks Related to Our Business:

Loss of key personnel could adversely impact results.
The success of the Bank has been and will continue to be greatly influenced by the ability to retain the services of existing senior management.  The Bank has benefited from consistency within its senior management team, with its top five executives averaging over 18 years of service with the Bank.  The Company has entered into employment contracts with each of these top management officials.  Nevertheless, the unexpected loss of the services of any of the key management personnel, or the inability to recruit and retain qualified personnel in the future, could have an adverse impact on the business and financial results of the Bank.

A significant amount of the Bank’s business is concentrated in lending which is secured by property located in the Catawba Valley and surrounding areas.
In addition to the financial strength and cash flow characteristics of the borrower in each case, the Bank often secures its loans with real estate collateral. The real estate collateral in each case provides an alternate source of repayment in the event of default by the borrower and may deteriorate in value during the time the credit is extended. If the Bank is required to liquidate the collateral securing a loan during a period of reduced real estate values, as is currently the case, to satisfy the debt, the Bank’s earnings and capital could be adversely affected.

Additionally, with most of the Bank’s loans concentrated in the Catawba Valley and surrounding areas, a decline in local economic conditions could adversely affect the values of the Bank’s real estate collateral. Consequently, a decline in local economic conditions may have a greater effect on the Bank’s earnings and capital than on the earnings and capital of larger financial institutions whose real estate loan portfolios are geographically diverse.

Our allowance for loan losses may be insufficient and could therefore reduce earnings.
The risk of credit losses on loans varies with, among other things, general economic conditions, the creditworthiness of the borrower over the term of the loan and, in the case of a collateralized loan, the value and marketability of the collateral for the loan. Management maintains an allowance for loan losses based upon, among other things, historical experience, an evaluation of economic conditions and regular reviews of delinquencies and loan portfolio quality. Considering such factors, management makes various assumptions and judgments about the ultimate collectability of the loan portfolio and provides an allowance for loan losses based upon a percentage of the outstanding balances within assigned risk grades and for specific loans when their ultimate collectability is considered questionable. If management’s assumptions and judgments prove to be incorrect and the allowance for loan losses is inadequate to absorb future losses, or if the bank regulatory authorities require the Bank to increase the allowance for loan losses as a part of their examination process, the Bank’s earnings and capital could be significantly and adversely affected.  For further discussion related to our process for determining the appropriate level of the allowance for loan losses, see “Allowance for Loan Losses” within “Item 7. Management’s Discussion and Analysis of Financial Condition and Results and Operation” of this Annual Report, which is included in this Form 10-K as Exhibit 13.

Changes in interest rates affect profitability and assets.
Changes in prevailing interest rates may hurt the Bank’s business. The Bank derives its income primarily from the difference or “spread” between the interest earned on loans, securities and other interest-earning assets, and interest paid on deposits, borrowings and other interest-bearing liabilities. In general, the larger the spread, the more the Bank earns. When market rates of interest change, the interest the Bank receives on its assets and the interest the Bank pays on its liabilities will fluctuate. This can cause decreases in the “spread” and can adversely affect the Bank’s income. Changes in market interest rates could reduce the value of the Bank’s financial assets. Fixed-rate investments, mortgage-backed and related securities and mortgage loans generally decrease in value as interest rates rise. In addition, interest rates affect how much money the Bank lends. For example, when interest rates rise, the cost of borrowing increases and the loan originations tend to decrease. If the Bank is unsuccessful in managing the effects of changes in interest rates, the financial condition and results of operations could suffer.
 
 
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We measure interest rate risk under various rate scenarios using specific criteria and assumptions. A summary of this process, along with the results of our net interest income simulations is presented within “Item 7A. Quantitative and Qualitative Disclosures About Market Risk” of this Annual Report which is included in this Form 10-K as Exhibit 13.

The Company’s business may be adversely affected by conditions in the financial markets and economic conditions.
Since December 2007, business activity across a wide range of industries and regions  has been greatly reduced and local governments and many businesses are in serious difficulty due to the lack of consumer spending and the lack of liquidity in the credit markets. Unemployment has increased significantly since that time.

During these challenging economic conditions, the financial services industry and the securities markets generally were materially and adversely affected by significant declines in the values of nearly all asset classes and by a serious lack of liquidity. This was initially triggered by declines in home prices and the values of subprime mortgages, but spread to all mortgage and real estate asset classes, to leveraged bank loans and to nearly all asset classes, including equities. The global markets have been characterized by substantially increased volatility and short-selling and an overall loss of investor confidence, initially in financial institutions, but more recently in companies in a number of other industries and in the broader markets.

Market conditions have also led to the failure or merger of a number of prominent financial institutions. Financial institution failures or near-failures have resulted in further losses as a consequence of defaults on securities issued by them and defaults under contracts entered into with such entities as counterparties. Furthermore, declining asset values, defaults on mortgages and consumer loans, and the lack of market and investor confidence, as well as other factors, have all combined to increase credit default swap spreads, to cause rating agencies to lower credit ratings, and to otherwise increase the cost and decrease the availability of liquidity, despite very significant declines in Federal Reserve borrowing rates and other government actions. Some banks and other lenders have suffered significant losses and have become reluctant to lend, even on a secured basis, due to the increased risk of default and the impact of declining asset values on the value of collateral. The foregoing has significantly weakened the strength and liquidity of some financial institutions worldwide. In 2008, the U.S. Government, the Federal Reserve and other regulators took numerous steps to increase liquidity and to restore investor confidence, including investing approximately $200 billion in the equity of other banking organizations, but asset values have continued to decline and access to liquidity continues to be limited.

The Company’s financial performance generally, and in particular the ability of borrowers to pay interest on and repay principal of outstanding loans and the value of collateral securing those loans, is highly dependent on the business environment in the markets where the Company operates, in the State of North Carolina and in the United States as a whole. A favorable business environment is generally characterized by, among other factors, economic growth, efficient capital markets, low inflation, high business and investor confidence, and strong business earnings. Unfavorable or uncertain economic and market conditions can be caused by: declines in economic growth, business activity or investor or business confidence; limitations on the availability or increases in the cost of credit and capital; increases in inflation or interest rates; natural disasters; or a combination of these or other factors.

Overall, during 2009, 2010 and 2011, the business environment has been adverse for many households and businesses in the United States and worldwide. It is expected that the business environment in the State of North Carolina will continue to have an adverse impact on many households and businesses for the foreseeable future. Such conditions could adversely affect the credit quality of the Company’s loans, results of operations and financial condition.

The Bank faces strong competition from other banks and financial institutions which can hurt its business.
The financial services industry is highly competitive.  The Bank competes against commercial banks, savings banks, savings and loan associations, credit unions, mortgage banks, brokerage firms, investment advisory firms, insurance companies and other financial institutions. Many of these entities are larger organizations with significantly greater financial, management and other resources than the Bank has.  Moreover, one national money center commercial bank is headquartered in Charlotte, North Carolina, only 40 miles from the Bank’s primary market area.

While management believes it can and does successfully compete with other financial institutions in our market, we may face a competitive disadvantage as a result of our smaller size and lack of geographic diversification.
 
 
16
 
 
Changes in technology may impact the Bank’s business.
The Bank uses various technologies in its business and the banking industry is undergoing rapid technological changes.  The effective use of technology increases efficiency and enables financial institutions to reduce costs.  The Bank’s future success will depend in part on its ability to address the needs of its customers by using technology to provide products and services that will satisfy customer demands for convenience as well as create additional efficiencies in the Bank’s operations.  The Bank’s competitors may have substantially greater resources to invest in technological improvements.

We may be subject to examinations by taxing authorities which could adversely affect our results of operations.
 
In the normal course of business, we may be subject to examinations from federal and state taxing authorities regarding the amount of taxes due in connection with investments we have made and the businesses in which we are engaged. Recently, federal and state taxing authorities have become increasingly aggressive in challenging tax positions taken by financial institutions. The challenges made by taxing authorities may result in adjustments to the timing or amount of taxable income or deductions or the allocation of income among tax jurisdictions. If any such challenges are made and are not resolved in our favor, they could have an adverse effect on our financial condition and results of operations.

Changes in our accounting policies or in accounting standards could materially affect how we report our financial results and condition.
Our accounting policies are fundamental to understanding our financial results and condition. Some of these policies require use of estimates and assumptions that may affect the value of our assets or liabilities and financial results. Some of our accounting policies are critical because they require management to make difficult, subjective and complex judgments about matters that are inherently uncertain and because it is likely that materially different amounts would be reported under different conditions or using different assumptions.

From time to time the Financial Accounting Standards Board (FASB) and the SEC change the financial accounting and reporting standards or the interpretation of those standards that govern the preparation of our external financial statements. These changes are beyond our control, can be hard to predict and could materially impact how we report our results of operations and financial condition. We could be required to apply a new or revised standard retroactively, resulting in our restating prior period financial statements in material amounts.

Our internal controls may be ineffective.
Management regularly reviews and updates our internal controls, disclosure controls and procedures, and corporate governance policies and procedures. Any system of controls, however well designed and operated, is based in part on certain assumptions and can provide only reasonable, not absolute, assurances that the objectives of the system are met. Any failure or circumvention of our controls and procedures or failure to comply with regulations related to controls and procedures could have a material adverse effect on our business, results of operations, and financial condition.
 
Impairment of investment securities or deferred tax assets could require charges to earnings, which could result in a negative impact on our results of operations.
In assessing the impairment of investment securities, management considers the length of time and extent to which the fair value has been less than cost, the financial condition and near-term prospects of the issues, and the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value in the near term. In assessing the future ability of the Company to realize the deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The impact of each of these impairment matters could have a material adverse effect on our business, results of operations, and financial condition.

We rely on other companies to provide key components of our business infrastructure.
Third party vendors provide key components of our business infrastructure such as internet connections, network access and core application processing. While we have selected these third party vendors carefully, we do not control their actions. Any problems caused by these third parties, including as a result of their not providing us their services for any reason or their performing their services poorly, could adversely affect our ability to deliver products and services to our customers and otherwise to conduct our business. Replacing these third party vendors could also entail significant delay and expense.
 
 
17
 
 
Our information systems may experience an interruption or breach in security.
We rely heavily on communications and information systems to conduct our business. Any failure, interruption, or breach in security or operational integrity of these systems could result in failures or disruptions in our customer relationship management, general ledger, deposit, loan, and other systems. We have policies and procedures designed with the intention to prevent or limit the effect of the failure, interruption, or security breach of our information systems. The occurrence of any failures, interruptions, or security breaches of our information systems could damage our reputation, result in a loss of customer business, subject us to additional regulatory scrutiny, or expose us to civil litigation and possible financial liability, any of which could have a material adverse effect on our financial condition , results of operations and business.

Liquidity is essential to our businesses.
Our liquidity could be impaired by an inability to access the capital markets or unforeseen outflows of cash. This situation may arise due to circumstances that we may be unable to control, such as a general market disruption or an operational problem that affects third parties or us. Our credit ratings are important to our liquidity. A reduction in our credit ratings could adversely affect our liquidity and competitive position, increase our borrowing costs, limit our access to the capital markets or trigger unfavorable contractual obligations.

Negative publicity could damage our reputation
Reputation risk, or the risk to our earnings and capital from negative public opinion, is inherent in our business. Negative public opinion could adversely affect our ability to keep and attract customers and expose us to adverse legal and regulatory consequences. Negative public opinion could result from our actual or alleged conduct in any number of activities, including lending practices, corporate governance, regulatory compliance, mergers and acquisitions, and disclosure, sharing or inadequate protection of customer information, and from actions taken by government regulators and community organizations in response to that conduct.

Financial services companies depend on the accuracy and completeness of information about customers and counterparties.
In deciding whether to extend credit or enter into other transactions, we may rely on information furnished by or on behalf of customers and counterparties, including financial statements, credit reports, and other financial information. We may also rely on representations of those customers, counterparties, or other third parties, such as independent auditors, as to the accuracy and completeness of that information. Reliance on inaccurate or misleading financial statements, financial advisors and consultants, credit reports, or other financial information could cause us to enter into unfavorable transactions, which could have a material adverse effect on our financial condition and results of operations.

If our non-performing assets increase, our earnings will suffer.
At December 31, 2011, our non-performing assets (which consist of non-accruing loans, loans 90+ days delinquent, and foreclosed real estate assets) totaled $32.1 million or 3.01% of total assets, compared to $46.9 million or 4.40% of total assets at December 31, 2010 and $28.8 million or 2.74% of total assets at December 31, 2009.  Our non-performing assets adversely affect our net income in various ways.  We do not record interest income on non-accrual loans or real estate owned.  We must reserve for probable losses, which is established through a current period charge to the provision for loan losses as well as from time to time, as appropriate, the write down of the value of properties in our other real estate owned portfolio to reflect changing market values.  Additionally, there are legal fees associated with the resolution of problem assets as well as carrying costs such as taxes, insurance and maintenance related to our other real estate owned.  Further, the resolution of non-performing assets requires the active involvement of management, which can distract them from more profitable activity.  Finally, if our estimate for the recorded allowance for loan losses proves to be incorrect and our allowance is inadequate, we will have to increase the allowance accordingly.
 
 
18
 
 
Our loan portfolio includes loans with a higher risk of loss.
We originate commercial real estate loans, acquisition, development and construction (“AD&C”) loans, and residential mortgage loans primarily within our market area.  Commercial real estate, commercial, and AD&C loans tend to involve larger loan balances to a single borrower or groups of related borrowers and are most susceptible to a risk of loss during a downturn in the business cycle.  These loans also have historically had greater credit risk than other loans for the following reasons:

·  
Commercial Real Estate Loans.  Repayment is dependent on income being generated in amounts sufficient to cover operating expenses and debt service.  These loans also involve greater risk because they are generally not fully amortizing over a loan period, but rather have a balloon payment due at maturity.  A borrower’s ability to make a balloon payment typically will depend on being able to either refinance the loan or timely sell the underlying property.  As of December 31, 2011, commercial real estate loans, including multi-family loans, comprised approximately 33% of our total loan portfolio.

·  
Commercial Loans.  Repayment is generally dependent upon the successful operation of the borrower’s business.  In addition, the collateral securing the loans may depreciate over time, be difficult to appraise, be illiquid, or fluctuate in value based on the success of the business.  As of December 31, 2011, commercial loans comprised approximately 9% of our total loan portfolio.

·  
AD&C Loans. The risk of loss is largely dependent on our initial estimate of whether the property’s value at completion equals or exceeds the cost of property construction and the availability of take-out financing.  During the construction phase, a number of factors can result in delays or cost overruns.  If our estimate is inaccurate or if actual construction costs exceed estimates, the value of the property securing our loan may be insufficient to ensure full repayment when completed through a permanent loan, sale of the property, or by seizure of collateral.  As of December 31, 2011, AD&C loans comprised approximately 14% of our total loan portfolio.

·  
Consumer Loans. Consumer loans (such as personal lines of credit) are collateralized, if at all, with assets that may not provide an adequate source of payment of the loan due to depreciation, damage, or loss.  As of December 31, 2011, consumer loans comprised approximately 4% of our total loan portfolio.

Because we engage in lending secured by real estate and may be forced to foreclose on the collateral property and own the underlying real estate, we may be subject to the increased costs associated with the ownership of real property, which could result in reduced net income.
Since we originate loans secured by real estate, we may have to foreclose on the collateral property to protect our investment and may thereafter own and operate such property, in which case we are exposed to the risks inherent in the ownership of real estate.

The amount that we, as a mortgagee, may realize after a default is dependent upon factors outside of our control, including, but not limited to:
·  
general or local economic conditions;
·  
environmental cleanup liability;
·  
neighborhood values;
·  
interest rates;
·  
real estate tax rates;
·  
operating expenses of the mortgaged properties;
·  
supply of and demand for rental units or properties;
·  
ability to obtain and maintain adequate occupancy of the properties;
·  
zoning laws;
·  
governmental rules, regulations and fiscal policies; and
·  
acts of God.

Certain expenditures associated with the ownership of real estate, principally real estate taxes and maintenance costs, may adversely affect the income from the real estate.  Therefore, the cost of operating real property may exceed the rental income earned from such property, and we may have to advance funds in order to protect our investment or we may be required to dispose of the real property at a loss.
 
 
19
 
 
Risks Related to Our Common Stock:
 
The trading volume in our common stock is less than that of larger public companies which can cause price volatility.
 
The trading history of our common stock has been characterized by relatively low trading volume. The value of a shareholder’s investment may be subject to sudden decreases due to the volatility of the price of our common stock, which trades on the NASDAQ Global Market.
 
The market price of our common stock may be volatile and subject to fluctuations in response to numerous factors, including, but not limited to, the factors discussed in other risk factors and the following:

·  
actual or anticipated fluctuation in our operating results;
·  
changes in interest rates;
·  
changes in the legal or regulatory environment in which we operate;
·  
press releases, announcements or publicity relating to us or our competitors or relating to trends in our industry;
·  
changes in expectations as to our future financial performance, including financial estimates or recommendations by securities analysts and investors;
·  
future sales of our common stock;
·  
changes in economic conditions in our market, general conditions in the U.S. economy, financial markets or the banking industry; and
·  
other developments affecting our competitors or us.

These factors may adversely affect the trading price of our common stock, regardless of our actual operating performance, and could prevent a shareholder from selling common stock at or above the current market price.

We may not be able to pay dividends in the future in accordance with past practice.
We have in the past paid a quarterly dividend to shareholders.  However, we are dependent primarily upon the Bank for our earnings and funds to pay dividends on our common stock.  The payment of dividends also is subject to legal and regulatory restrictions. Any payment of dividends in the future will depend, in large part, on the Bank’s earnings, capital requirements, financial condition and other factors considered relevant by our Board of Directors.

Under the terms of the CPP, the UST has a preferential right to the payment of cumulative dividends on the CPP Series A preferred stock.  No dividends are permitted to be paid to common shareholders unless all accrued and unpaid dividends for all past dividend periods on the Series A preferred stock are fully paid.  Any increase in dividends to common shareholders above the amount last declared prior to December 23, 2008 ($0.12 per share quarterly in the case of the Company) is subject to the consent of the UST for the first three years of the CPP preferred stock investment.

Our stock price can be volatile.
 Stock price volatility may make it more difficult for you to resell your common stock when you want and at prices you find attractive.  Our stock price can fluctuate significantly in response to a variety of factors including, among other things:
·  
actual or anticipated variations in quarterly results of operations;
·  
recommendations by securities analysts;
·  
operating results and stock price performance of other companies that investors deem comparable to us;
·  
news reports relating to trends, concerns, and other issues in the financial services industry;
·  
perceptions in the marketplace regarding us and/or our competitors;
·  
new technology used or services offered by competitors;
·  
significant acquisitions or business combinations, strategic partnerships, joint ventures, or capital commitments by or involving us or our competitors; and
·  
changes in government regulations.

The Company’s trading volume has been low compared with larger national and regional banks.
The Company’s common stock is traded on the NASDAQ Global Market.  However, the trading volume of the Company’s common stock is relatively low when compared with more seasoned companies listed on the NASDAQ Capital Market, NASDAQ Global Select Market, or other consolidated reporting systems or stock exchanges.  Thus, the market in the Company’s common stock may be limited in scope relative to other larger companies.  In addition, the Company cannot say with any certainty that a more active and liquid trading market for its common stock will develop.

Our common stock is not FDIC insured.
 The Company’s common stock is not a savings or deposit account or other obligation of any bank and is not insured by the FDIC or any other governmental agency and is subject to investment risk, including the possible loss of principal.  Investment in our common stock is inherently risky for the reasons described in this “Risk Factors” section and elsewhere in this report and is subject to the same market forces that affect the price of common stock in any company.  As a result, holders of our common stock may lose some or all of their investment.
 
 
20
 
 
Our participation in the CPP imposes restrictions and obligations on us that limit our ability to increase dividends, repurchase shares of our common stock and access the equity capital markets.
 On December 23, 2008, we issued and sold (i) 25,054 shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series A preferred stock and (ii) a warrant to purchase 357,234 shares of our common stock to the UST as part of the CPP. Prior to December 23, 2013, unless we have redeemed all of the Series A preferred stock or the UST has transferred all of the Series A preferred stock to a third party, the Purchase Agreement pursuant to which such securities were sold, among other things, limits the payment of dividends on our common stock to a maximum quarterly dividend of $0.12 per share without prior regulatory approval, limits our ability to repurchase shares of our common stock (with certain exceptions, including the repurchase of our common stock to offset share dilution from equity-based compensation awards), and grants the holders of such securities certain registration rights which, in certain circumstances, impose lock-up periods during which we would be unable to issue equity securities.  In addition, unless we are able to redeem the Series A preferred stock during the first five years, the dividends on this capital will increase substantially at that point, from 5% to 9%.  Depending on market conditions at the time, this increase in dividends could significantly impact our liquidity.

We may reduce or eliminate dividends on our common stock.
Although we have historically paid a quarterly cash dividend to the holders of our common stock, holders of our common stock are not entitled to receive dividends.  Downturns in the domestic and global economies could cause our Board of Directors to consider, among other things, reducing or eliminating dividends paid on our common stock.  This could adversely affect the market price of our common stock.  Because of our agreements with the UST as part of the CPP under the TARP, prior to December 23, 2013, or the date on which the UST’s Series A preferred stock investment has been fully redeemed or transferred, if earlier, we may not pay quarterly dividends on our common stock greater than $0.12 per share without the UST’s consent.  In addition, we may not pay dividends on our common stock unless all accrued and unpaid dividends for all past dividend periods are fully paid on our outstanding preferred stock issued to the UST.  Furthermore, as a bank holding company, our ability to pay dividends is subject to the guidelines of the Federal Reserve regarding capital adequacy and dividends before declaring or paying any dividends.  Dividends also may be limited as a result of safety and soundness considerations.

Our articles of incorporation, as amended, amended and restated bylaws, and certain banking laws may have an anti-takeover effect.
Provisions of our articles of incorporation, as amended, amended and restated bylaws, and federal banking laws, including regulatory approval requirements, could make it more difficult for a third party to acquire us, even if doing so would be perceived to be beneficial to our shareholders.   The combination of these provisions may prohibit a non-negotiated merger or other business combination, which, in turn, could adversely affect the market price of our common stock.

ITEM 1B.        UNRESOLVED STAFF COMMENTS

Not applicable.
 
 
21
 
 
ITEM 2.         PROPERTIES

At December 31, 2011, the Company and the Bank conducted their business from the headquarters office in Newton, North Carolina, its Banco administrative office and its 22 other branch offices in Lincolnton, Hickory, Newton, Catawba, Conover, Claremont, Maiden, Denver, Triangle, Hiddenite, Charlotte, Monroe, Cornelius, Mooresville and Raleigh, North Carolina.  The Bank also operates a loan production office in Denver, North Carolina.  The following table sets forth certain information regarding the Bank’s properties at December 31, 2011.
 
Owned
Corporate Office
518 West C Street
Newton, North Carolina  28658
 
420 West A Street
Newton, North Carolina 28658
 
2619 North Main Avenue
Newton, North Carolina  28658
 
213 1st Street, West
Conover, North Carolina  28613
 
3261 East Main Street
Claremont, North Carolina  28610
 
6125 Highway 16 South
Denver, North Carolina  28037
 
5153 N.C. Highway 90E
Hiddenite, North Carolina  28636
 
200 Island Ford Road
Maiden, North Carolina  28650
 
3310 Springs Road NE
Hickory, North Carolina  28601
 
142 South Highway 16
Denver, North Carolina  28037
 
106 North Main Street
Catawba, North Carolina 28609
 
2050 Catawba Valley Boulevard
Hickory, North Carolina  28601
 
800 E. Arrowood Road
Charlotte, NC  28217
 
1074 River Highway
Mooresville, NC, 28117
 
 
Leased
1333 2nd Street NE
Hickory, North Carolina  28601
 
1910 East Main Street
Lincolnton, North Carolina  28092
 
760 Highway 27 West
Lincolnton, North Carolina 28092
 
102 Leonard Avenue
Newton, North Carolina 28658
 
6300 South Boulevard
Suite 100
Charlotte, North Carolina 28217
 
4451 Central Avenue
Suite A
Charlotte, North Carolina  28205
 
3752/3754 Highway 16 North
Denver, North Carolina  28037
 
501 West Roosevelt Boulevard
Monroe, NC  28110
 
9624-I Bailey Road
Cornelius, North Carolina  28031
 
4011 Capital Boulevard
Raleigh, NC  27604
 
125-E Trade Court
Mooresville, NC 28117
 
ITEM 3.         LEGAL PROCEEDINGS

In the opinion of management, the Company is not involved in any material pending legal proceedings other than routine proceedings occurring in the ordinary course of business.

ITEM 4.         MINE SAFETY DISCLOSURES

Not applicable.
 
 
22
 
 
PART II

ITEM 5.
MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

The Company’s common stock is listed on the NASDAQ Global Market, under the symbol “PEBK.”  Market makers for the Company’s shares include Scott and Stringfellow, Inc. and Sterne Agee & Leach.

Although the payment of dividends by the Company is subject to certain requirements and limitations of North Carolina corporate law, neither the Commissioner nor the FDIC have promulgated any regulations specifically limiting the right of the Company to pay dividends and repurchase shares.  However, the ability of the Company to pay dividends and repurchase shares may be dependent upon, among other things, the Company’s receipt of dividends from the Bank.  The Bank’s ability to pay dividends is limited.  North Carolina commercial banks, such as the Bank, are subject to legal limitations on the amounts of dividends they are permitted to pay.   Dividends may be paid by the Bank from undivided profits, which are determined by deducting and charging certain items against actual profits, including any contributions to surplus required by North Carolina law.   Also, an insured depository institution, such as the Bank, is prohibited from making capital distributions, including the payment of dividends, if, after making such distribution, the institution would become “undercapitalized” (as such term is defined in the applicable law and regulations).   Based on its current financial condition, the Bank does not expect that this provision will have any impact on the Bank’s ability to pay dividends.  Due to the Company’s participation in the CPP, the full dividend for the latest completed CPP dividend period must be declared and paid in full before dividends may be paid to common shareholders and UST approval is required for any increase in common dividends per share.  See Supervision and Regulation under Item 1 Business.

As of March 16, 2012, the Company had 723 shareholders of record, not including the number of persons or entities whose stock is held in nominee or street name through various brokerage firms or banks.   The market price for the Company’s common stock was $8.24 on March 16, 2012.

The following table presents certain market and dividend information for the last two fiscal years.  Over-the-counter quotations reflect inter-dealer prices, without retail mark-up, mark down or commission and may not necessarily represent actual transactions.

Market and Dividend Data
          
           
Cash Dividend
2011
  
Low Bid
  
High Bid
  
Per Share
 
First Quarter
 $ 5.20   7.27   0.02
               
 
Second Quarter
 $ 5.55   7.20   0.02
               
 
Third Quarter
 $ 4.22   6.68   0.02
               
 
Fourth Quarter
 $ 4.11   5.96   0.02
               
               
             
Cash Dividend
2010
  
Low Bid
  
High Bid
  
Per Share
 
First Quarter
 $ 4.51   6.26   0.02
               
 
Second Quarter
 $ 4.80   7.84   0.02
               
 
Third Quarter
 $ 4.48   5.50   0.02
               
 
Fourth Quarter
 $ 4.46   6.12   0.02
 
 
 
23
 
 
STOCK PERFORMANCE GRAPH

The following graph compares the Company’s cumulative shareholder return on its common stock with a NASDAQ index and with a southeastern bank index.  The graph was prepared by SNL Securities, L.C., Charlottesville, Virginia, using data as of December 31, 2011.


COMPARISON OF SIX-YEAR CUMULATIVE TOTAL RETURNS
Performance Report for
Peoples Bancorp of North Carolina, Inc.
                                                         
Stock Performance Graph
 
 
 
 
24
 
 
    The information required by Item 201(d) concerning securities authorized for issuance under equity compensation plans is set forth in Item 12 hereof.
 
ISSUER PURCHASES OF EQUITY SECURITIES
            
                   
 Period
  
Total
Number of
Shares
Purchased
  
Average
Price Paid
per Share
  
Total
Number of
Shares
Purchased as
Part of
Publicly
Announced
Plans or
Programs
  
Maximum Number
of Shares that May
Yet Be Purchased
Under the Plans or Programs
                   
January 1 - 31, 2011
   -       $ -     -     -  
                     
February 1 - 28, 2011
   2,080       6.33   -     -  
                     
March 1 - 31, 2011
   740       7.10   -     -  
                     
April 1 - 30, 2011
   -         -     -     -  
                     
May 1 - 31, 2011
   2,640       6.56   -     -  
                     
June 1 - 30, 2011
   -         -     -     -  
                     
July 1 - 31, 2011
   -         -     -     -  
                     
August 1 - 31, 2011
   3,435       4.90   -     -  
                     
September 1 - 30, 2011
   -         -     -     -  
                     
October 1 - 31, 2011
   -         -     -     -  
                     
November 1 - 30, 2011
   1,830       5.71   -     -  
                     
December 1 - 31, 2011
   1,040       5.63   -     -  
                     
 Total
   11,765  (1)   $ 5.89   -     -  
                     
(1) The Company purchased 11,765 shares on the open market in the year ended December 31, 2011 for its deferred compensation plan. All purchases were funded by participant contributions to the plan. The Purchase Agreement with UST permits the Company to purchase its common stock on the open market pursuant to benefit plans.
 
ITEM 6.         SELECTED FINANCIAL DATA

The information required by this Item is set forth in the table captioned "Selected Financial Data" on page A-3 of the Annual Report, which table is included in this Form 10-K as Exhibit (13).

ITEM 7.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The information required by this Item is set forth in the section captioned “Management’s Discussion and Analysis of Financial Condition and Results of Operations” on pages A-4 through A-27 of the Annual Report, which section is included in this Form 10-K as Exhibit (13).
 
ITEM 7A.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The information required by this Item is set forth in the section captioned “Quantitative and Qualitative Disclosures About Market Risk” on page A-26 of the Annual Report, which section is included in this Form 10-K as Exhibit (13).
 
 
25
 
 
ITEM 8.           FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
 
The consolidated financial statements of the Company and supplementary data set forth on pages A-28 through A-63 of the Annual Report, which is included in this Form 10-K as Exhibit (13).
 
ITEM 9.           CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

Not applicable.

ITEM 9A.         CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures
The Company’s management, under the supervision and with the participation of the Chief Executive Officer and the Chief Financial Officer of the Company, has concluded, based on their evaluation as of the end of the period covered by this Report, that the Company’s disclosure controls and procedures (as defined in Rule 13A-15(e) promulgated under the Exchange Act) are effective to ensure that information required to be disclosed by the Company in the reports filed or submitted by it under the  Exchange Act  is recorded, processed, summarized and reported within the time periods specified in the applicable rules and forms and include controls and procedures designed to ensure that information required to be disclosed by the Company in such reports is accumulated and communicated to the Company’s management including the Chief Executive Officer and the Chief Financial Officer of the Company as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Controls over Financial Reporting
There have been no changes in internal control over financial reporting during the quarter ended December 31, 2011 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Management’s Annual Report on Internal Controls over Financial Reporting
The Company’s management is responsible for establishing and maintaining adequate internal control over financial reporting.  Internal control over financial reporting is defined in Rule 13a-15(f) promulgated under the Securities Exchange Act of 1934.  The Company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America.  Internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the company, (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with accounting principles generally accepted in the United States of America, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the Company and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.  Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Management assessed the effectiveness of the Company's internal control over financial reporting as of December 31, 2011.  In making this assessment, management used the criteria established in "Internal Control – Integrated Framework" issued by the Committee of Sponsoring Organizations of the Treadway Commission.  Based on our assessment and those criteria, management believes that the Company maintained effective internal control over financial reporting as of December 31, 2011.

This annual report does not include an attestation report of the Company’s registered independent public accounting firm regarding internal control over financial reporting.  Management’s report was not subject to attestation by the Company’s registered independent public accounting firm pursuant to rules that permit the Company to provide only management’s report in this annual report.
 
 
26
 
 
ITEM 9B.        OTHER INFORMATION

None
 
PART III
 
ITEM 10.         DIRECTORS AND EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
 
The information required by this Item regarding directors and executive officers of the Company is set forth under the sections captioned “Nominees”, “Our Board of Directors and Its Committees”; “Executive Committee”, “Governance Committee”, “Audit and Risk Management Committee”, “Compensation Committee”, “Board Leadership and Structure and Risk Oversight” contained in the Proxy Statement, which sections are incorporated herein by reference.

The information required by this Item regarding compliance with Section 16(a) of the Securities Exchange Act of 1934 is set forth under the section captioned “Section 16(a) Beneficial Ownership Reporting Compliance” contained in the Proxy Statement, which section is incorporated herein by reference.

The information required by this Item regarding identification of members of the Company’s Audit Committee is set forth under the section captioned “Audit and Risk Management Committee” contained in the Proxy Statement, which section is incorporated herein by reference.

The Company has adopted a Code of Ethics that applies to the Company’s employees, including the principal executive officer and principal financial officer.  The Company has also adopted a written charter for the Audit Committee, which is reviewed annually, and amended as needed, by the Committee. These documents are available on the Bank’s website (www.peoplesbanknc.com) under “Investor Relations.”
 
ITEM 11.          EXECUTIVE COMPENSATION
 
The information required by this Item is set forth under the sections captioned “Management Compensation” contained in the Proxy Statement, which sections are incorporated herein by reference.

ITEM 12.           SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

For the information required by the Item see the section captioned “Security Ownership of Certain Beneficial Owners and Management” contained in the Proxy Statement, which is incorporated herein by reference.

The following table presents the number of shares of Company common stock to be issued upon the exercise of outstanding options, warrants and rights; the weighted-average price of the outstanding options, warrants and rights and the number of options, warrants and rights remaining that may be issued under the Company’s Omnibus Plan described under the section captioned “Omnibus Stock Option and Long Term Incentive Plan” contained in the Proxy Statement .
 
 
27
 

 
 
 
 
 
Plan Category
 
Number of securities to
be issued upon exercise
of outstanding option,
warrants and rights (1)
 
Weighted-average
exercise price of
outstanding options,
warrants and rights
(2)
Number of securities remaining
available for future issuance under
equity compensation plans
(excluding securities reflected in
column (a))  (3)
 
 (a)
(b)
(c)
Equity compensation plans
approved by security holders
 
79,017
 
$7.97
 
360,000
Equity compensation plans not
approved by security holders
 
-
 
-
 
-
Total
79,017
$7.97
360,000
       
(1) Includes 79,017 stock options issued under the 1999 Omnibus Stock Option and Long Term Incentive Plan (the "1999 Omnibus Plan"), which are fully vested as of December 31, 2011.  Of the outstanding stock options, options to purchase a total of 72,966 options were granted on December 17, 2002; 3,630 options were granted on May 6, 2004; and 2,421 options were granted on December 16, 2004.
       
(2) The exercise prices for the grants of stock options under the 1999 Omnibus Plan on December 17, 2002; May 6, 2004 and December 16, 2004 are: $7.77; $10.31; and $10.57, respectively.  All prices and shares have been adjusted for the 10% stock dividends paid March 16, 2005 and June 16, 2006 and the three-for-two stock split paid June 15, 2007.
       
(3) Reflects shares authorized under the February 19, 2009 Omnibus Stock Ownership and Long Term Incentive Plan (the "2009 Omnibus Plan").  No shares have been issued under the 2009 Omnibus Plan as of December 31, 2011.
 
ITEM 13.         CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE
 
See the section captioned “Indebtedness of and Transactions with Management and Directors” contained in the Proxy Statement, which section is incorporated herein by reference.

ITEM 14.          PRINCIPAL ACCOUNTANT FEES AND SERVICES

See the section captioned “Proposal 3 - Ratification of Selection of Independent Auditor” contained in the Proxy Statement, which section is incorporated herein by reference.
 
 
 
28
 
 
 
PART IV
       
ITEM 15.
EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
       
15(a)1.
  
Consolidated Financial Statements (contained in the Annual Report attached hereto as Exhibit (13)
   
and incorporated herein by reference)
       
   
(a)
Report of Independent Registered Public Accounting Firm
       
   
(b)
Consolidated Balance Sheets as of December 31, 2011 and 2010
       
   
(c)
Consolidated Statements of Earnings for the Years Ended December 31, 2011, 2010 and
     
2009
       
   
(d)
Consolidated Statements of Changes in Shareholders' Equity for the Years Ended
     
December 31, 2011, 2010 and 2009
       
   
(e)
Consolidated Statements of Comprehensive Income for the Years Ended December 31,
     
2011, 2010 and 2009
       
   
(f)
Consolidated Statements of Cash Flows for the Years Ended December 31, 2011, 2010
     
and 2009
       
   
(g)
Notes to Consolidated Financial Statements
       
15(a)2.
  
Consolidated Financial Statement Schedules
       
   
All schedules have been omitted, as the required information is either inapplicable or included in
   
the Notes to Consolidated Financial Statements.
 
15(a)3.
Exhibits
  
     
 
Exhibit (3)(1)
Articles of Amendment dated December 19, 2008, regarding the Series A
   
Preferred Stock, incorporated by reference to Exhibit (3)(1) to the Form 8-K filed
   
with the Securities and Exchange Commission on December 29, 2008
     
 
Exhibit (3)(2)
Articles of Amendment dated February 26, 2010, incorporated by reference to
   
Exhibit (3)(2) to the Form 10-K filed with the Securities and Exchange
   
Commission on March 25, 2010
     
 
Exhibit (3)(i)
Articles of Incorporation of the Registrant, incorporated by reference to
   
Exhibit (3)(i) to the Form 8-A filed with the Securities and Exchange
   
Commission on September 2, 1999
     
 
Exhibit (3)(ii)
Amended and Restated Bylaws of the Registrant incorporated by reference to
   
Exhibit (3)(ii) to the Form 10-K filed with the Securities and Exchange
   
Commission on March 25, 2010
     
 
Exhibit (4)
Specimen Stock Certificate, incorporated by reference to Exhibit (4) to the Form
   
8-A filed with the Securities and Exchange Commission on September 2, 1999
     
 
Exhibit (4)(1)
Form of Certificate for the Series A Preferred Stock, incorporated by reference to
   
Exhibit (4)(1) to the Form 8-K filed with the Securities and Exchange
   
Commission on December 29, 2008
 
 
 
29
 
 
 
 
Exhibit (4)(2)
Warrant dated December 23, 2008, for the purchase of shares of Common Stock,
   
incorporated by reference to Exhibit (4)(2) to the Form 8-K filed with the
   
Securities and Exchange Commission on December 29, 2008
     
 
Exhibit (10)(1)
Letter Agreement dated December 23, 2008 between the Registrant and the
   
United States Department of the Treasury, incorporated by reference to Exhibit
   
(10)(1) to the Form 8-K filed with the Securities and Exchange Commission on
   
December 29, 2008
     
 
Exhibit (10)(a)(i)
Employment Letter Agreement dated December 23, 2008 between the Registrant
   
and Tony W. Wolfe, incorporated by reference to Exhibit (10)(a)(i) to the Form 8-K
   
filed with the Securities and Exchange Commission on December 29, 2008
     
 
Exhibit (10)(a)(ii)
Amendment to Employment Agreement between Peoples Bank and Tony W.
   
Wolfe dated December 18, 2008, incorporated by reference to Exhibit (10)(a)(ii)
   
to the Form 8-K filed with the Securities and Exchange Commission on
   
December 29, 2008
     
 
Exhibit (10)(a)(iii)
Amended and Restated Executive Salary Continuation Agreement between
   
Peoples Bank and Tony W. Wolfe dated December 18, 2008, incorporated by
   
reference to Exhibit (10)(a)(iii) to the Form 8-K filed with the Securities and
   
Exchange Commission on December 29, 2008
     
 
Exhibit (10)(b)(i)
Employment Letter Agreement dated December 23, 2008 between the Registrant
   
and Joseph F. Beaman, Jr., incorporated by reference to Exhibit (10(b)(i) to the
   
Form 8-K filed with the Securities and Exchange Commission on December 29,
   
2008
     
 
Exhibit (10)(b)(ii)
Amendment to Employment Agreement between Peoples Bank and Joseph F.
   
Beaman, Jr. dated December 18, 2008, incorporated by reference to Exhibit
   
(10)(b)(ii) to the Form 8-K filed with the Securities and Exchange Commission
   
on December 29, 2008
     
 
Exhibit (10)(b)(iii)
Amended and Restated Executive Salary Continuation Agreement between
   
Peoples Bank and Joseph F. Beaman, Jr. dated December 18, 2008, incorporated
   
by reference to Exhibit (10)(b)(iii) to the Form 8-K filed with the Securities and
   
Exchange Commission on December 29, 2008
     
 
Exhibit (10)(c)(i)
Employment Letter Agreement dated December 23, 2008 between the Registrant
   
and William D. Cable, Sr., incorporated by reference to Exhibit (10(c)(i) to the
   
Form 8-K filed with the Securities and Exchange Commission on December 29,
   
2008
     
 
Exhibit (10)(c)(ii)
Amendment to Employment Agreement between Peoples Bank and William D.
   
Cable, Sr. dated December 18, 2008, incorporated by reference to Exhibit
   
(10)(c)(ii) to the Form 8-K filed with the Securities and Exchange Commission
   
on December 29, 2008
     
 
Exhibit (10)(c)(iii)
Amended and Restated Executive Salary Continuation Agreement between
   
Peoples Bank and William D. Cable, Sr. dated December 18, 2008, incorporated
   
by reference to Exhibit (10)(c)(iii) to the Form 8-K filed with the Securities and
   
Exchange Commission on December 29, 2008
     
 
Exhibit (10)(d)(i)
Employment Letter Agreement dated December 23, 2008 between the Registrant
   
and Lance A. Sellers, incorporated by reference to Exhibit (10(d)(i) to the Form
   
8-K filed with the Securities and Exchange Commission on December 29, 2008
 
 
 
30
 
 
 
 
Exhibit (10)(d)(ii)
Amendment to Employment Agreement between Peoples Bank and Lance A.
   
Sellers dated December 18, 2008, incorporated by reference to Exhibit (10)(d)(ii)
   
to the Form 8-K filed with the Securities and Exchange Commission on
   
December 29, 2008
     
 
Exhibit (10)(d)(iii)
Amended and Restated Executive Salary Continuation Agreement between
   
Peoples Bank and Lance A. Sellers dated December 18, 2008, incorporated by
   
reference to Exhibit (10)(d)(iii) to the Form 8-K filed with the Securities and
   
Exchange Commission on December 29, 2008
     
 
Exhibit (10)(e)
Peoples Bancorp of North Carolina, Inc. Omnibus Stock Ownership and Long
   
Term Incentive Plan incorporated by reference to Exhibit (10)(f) to the Form 10-K
   
filed with the Securities and Exchange Commission on March 30, 2000
     
 
Exhibit (10)(e)(i)
Amendment No. 1 to the Peoples Bancorp of North Carolina, Inc. Omnibus Stock
   
Ownership and Long Term Incentive Plan incorporated by reference to Exhibit
   
(10)(e)(i) to the Form 10-K filed with the Securities and Exchange Commission
   
on March 15, 2007
     
 
Exhibit (10)(f)(i)
Employment Letter Agreement dated December 23, 2008 between the Registrant
   
and A. Joseph Lampron, Jr., incorporated by reference to Exhibit (10(f)(i) to the
   
Form 8-K filed with the Securities and Exchange Commission on December 29,
   
2008
     
 
Exhibit (10)(f)(ii)
Amendment to Employment Agreement between Peoples Bank and A. Joseph
   
Lampron, Jr. dated March 18, 2010 incorporated by reference to Exhibit (10)(f)(ii)
   
to the Form 10-K filed with the Securities  and Exchange Commission on March
   
25, 2010
     
 
Exhibit (10)(f)(iii)
Amended and Restated Executive Salary Continuation Agreement between
   
Peoples Bank and A. Joseph Lampron, Jr. dated December 18, 2008, incorporated
   
by reference to Exhibit (10)(f)(iii) to the Form 8-K filed with the Securities and
   
Exchange Commission on December 29, 2008
     
 
Exhibit (10)(g)
Peoples Bank Directors' and Officers' Deferral Plan, incorporated by reference
   
to Exhibit (10)(h) to the Form 10-K filed with the Securities and Exchange
   
Commission on March 28, 2002
     
 
Exhibit (10)(h)
Rabbi Trust for the Peoples Bank Directors' and Officers' Deferral Plan,
   
incorporated by reference to Exhibit (10)(i) to the Form 10-K filed with the
   
Securities and Exchange Commission on March 28, 2002
     
 
Exhibit (10)(i)
Description of Service Recognition Program maintained by Peoples Bank,
   
incorporated by reference to Exhibit (10)(i) to the Form 10-K filed with the
   
Securities and Exchange Commission on March 27, 2003
     
 
Exhibit (10)(j)
Capital Securities Purchase Agreement dated as of June 26, 2006, by and among
   
the Registrant, PEBK Capital Trust II and Bear, Sterns Securities Corp.,
   
incorporated by reference to Exhibit (10)(j) to the Form 10-Q filed with the
   
Securities and Exchange Commission on November 13, 2006
     
 
Exhibit (10)(k)
Amended and Restated Trust Agreement of PEBK Capital Trust II, dated as of
   
June 28, 2006, incorporated by reference to Exhibit (10)(k) to the Form 10-Q filed
   
with the Securities and Exchange Commission on November 13, 2006
     
 
Exhibit (10)(l)
Guarantee Agreement of the Registrant dated as of June 28, 2006, incorporated
   
by reference to Exhibit (10)(l) to the Form 10-Q filed with the Securities and
   
Exchange Commission on November 13, 2006
 
 
 
31
 
 
 
 
Exhibit (10)(m)
Indenture, dated as of June 28, 2006, by and between the Registrant and LaSalle
   
Bank National Association, as Trustee, relating to Junior Subordinated Debt
   
Securities Due September 15, 2036, incorporated by reference to Exhibit (10)(m)
   
to the Form 10-Q filed with the Securities and Exchange Commission on
   
November 13, 2006
     
 
Exhibit (10)(n)
Form of Amended and Restated Director Supplemental Retirement Agreement
   
between Peoples Bank and Directors Robert C. Abernethy, James S. Abernethy,
   
Douglas S. Howard, John W. Lineberger, Jr., Gary E. Matthews, Dr. Billy L.
   
Price, Jr., Larry E. Robinson, W. Gregory Terry, Dan Ray Timmerman, Sr. and
   
Benjamin I. Zachary, incorporated by reference to Exhibit (10)(n) to the Form
   
8-K filed with the Securities and Exchange Commission on December 29, 2008
     
 
Exhibit (10)(o)
2009 Omnibus Stock Ownership and Long Term Incentive Plan incorporated
   
by reference to Exhibit (10)(o) to the Form 10-K filed with the Securities and
   
Exchange Commission on March 20, 2009
     
  Exhibit (11) Statement regarding computation of per share earnings 
     
  Exhibit (12) Statement regarding computation of ratios 
     
  Exhibit (13) 2011 Annual Report of Peoples Bancorp of North Carolina, Inc. 
     
 
Exhibit (14)
Code of Business Conduct and Ethics of Peoples Bancorp of North Carolina,
   
Inc., incorporated by reference to Exhibit (14) to the Form 10-K filed with the
   
Securities and Exchange Commission on March 25, 2005
     
  Exhibit (21) Subsidiaries of the Registrant 
     
  Exhibit (23) Consent of Porter Keadle Moore, LLC 
     
 
Exhibit (31)(a)
Certification of principal executive officer pursuant to section 302 of the
   
Sarbanes-Oxley Act of 2002
     
 
Exhibit (31)(b)
Certification of principal financial officer pursuant to section 302 of the
   
Sarbanes-Oxley Act of 2002
     
 
Exhibit (32)
Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section
   
906 of the Sarbanes-Oxley Act of 2002
 
 
Exhibit (99)(a)
Certification of the Principal Executive Officer Pursuant to Section 111 of the
   
Emergency Economic Stabilization Act of 2008
     
 
Exhibit (99)(b)
Certification of the Principal Financial Officer Pursuant to Section 111 of the
   
Emergency Economic Stabilization Act of 2008
 
 
Exhibit (101)
The following materials from the Company's 10-K Report for the annual
   
period ended December 31, 2011, formatted in XBRL: (i) the Condensed Consolidated
   
Balance Sheets, (ii) the Condensed Consolidated Statements of Income, (iii) the
   
Condensed Consolidated Statements of Changes in Shareholders' Equity, (iv) the
   
Condensed Consolidated Statements of Cash Flows, and (v) the Notes to the
   
Condensed Consolidated Financial Statements, tagged as blocks of text.*
     
   
*Furnished, not filed.
 
 
 
32
 
 
 
SIGNATURES
 
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
PEOPLES BANCORP OF NORTH CAROLINA, INC.
 
(Registrant)
     
 
By:
/s/ Tony W. Wolfe
 
Tony W. Wolfe
 
President and Chief Executive Officer
     
 
Date:  March 27, 2012
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated:
 
Signature
  
Title
  
Date
         
/s/ Tony W. Wolfe
  
President and Chief Executive Officer
  
March 27, 2012
Tony W. Wolfe
  
(Principal Executive Officer)
    
         
/s/ James S. Abernethy
  
Director
  
March 27, 2012
James S. Abernethy
        
         
/s/ Robert C. Abernethy
  
Chairman of the Board and Director
  
March 27, 2012
Robert C. Abernethy
        
         
/s/ Douglas S. Howard
  
Director
  
March 27, 2012
Douglas S. Howard
        
         
/s/ A. Joseph Lampron, Jr.
  
Executive Vice President and Chief
  
March 27, 2012
A. Joseph Lampron, Jr.
  
Financial Officer (Principal Financial
    
   
and Principal Accounting Officer)
    
         
/s/ John W. Lineberger, Jr.
  
Director
  
March 27, 2012
John W. Lineberger, Jr.
  
 
    
         
/s/ Gary E. Matthews
  
Director
  
March 27, 2012
Gary E. Matthews
        
         
/s/ Billy L. Price, Jr., M.D.
  
Director
  
March 27, 2012
Billy L. Price, Jr., M.D.
        
         
/s/ Larry E. Robinson
  
Director
  
March 27, 2012
Larry E. Robinson
        
         
/s/ William Gregory Terry
  
Director
  
March 27, 2012
William Gregory Terry
        
         
/s/ Dan Ray Timmerman, Sr.
  
Director
  
March 27, 2012
Dan Ray Timmerman, Sr.
        
         
/s/ Benjamin I. Zachary
  
Director
  
March 27, 2012
Benjamin I. Zachary
        
 
 
 
33
 
 
 EX-11 2 ex11.htm EXHIBIT (11) ex11.htm
EXHIBIT (11)

STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS

The computation of earnings per share is contained in Note 1 of the Notes to Consolidated Financial Statements and is incorporated herein by reference.
 EX-12 3 ex12.htm EXHIBIT (12) ex12.htm
EXHIBIT (12)

STATEMENT REGARDING COMPUTATION OF RATIOS

     The averages used in computing the performance ratios provided in Item 6 represent average daily balances.

 EX-13 4 ex13.htm EXHIBIT (13) ex13.htm
 
 
 
 
 
 
 
EXHIBIT (13)

The Annual Report to Security Holders is Appendix A to the Proxy Statement for the 2012 Annual Meeting of Shareholders and is incorporated herein by reference.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
APPENDIX A
 
 
ANNUAL REPORT
OF
PEOPLES BANCORP OF NORTH CAROLINA, INC.
 
 
 
 
 
 
 
 
PEOPLES BANCORP OF NORTH CAROLINA, INC.

General Description of Business
                Peoples Bancorp of North Carolina, Inc. (the “Company”), was formed in 1999 to serve as the holding company for Peoples Bank (the “Bank”).  The Company is a bank holding company registered with the Board of Governors of the Federal Reserve System (the “Federal Reserve”) under the Bank Holding Company Act of 1956, as amended (the “BHCA”).  The Company’s  principal source of  income is  dividends  declared and  paid by  the Bank on its capital stock, if any.  The Company has no operations and conducts no business of its own other than owning the Bank and Community Bank Real Estate Solutions, LLC ("CBRES").  Accordingly, the discussion of the business which follows concerns the business conducted by the Bank, unless otherwise indicated.
 
The Bank, founded in 1912, is a state-chartered commercial bank serving the citizens and business interests of the Catawba Valley and surrounding communities through 22 banking offices located in Lincolnton, Newton, Denver, Catawba, Conover, Maiden, Claremont, Hiddenite, Hickory, Charlotte, Monroe, Cornelius, Mooresville and Raleigh, North Carolina.  The Bank also operates a loan production office in Denver, North Carolina.  At December 31, 2011, the Company had total assets of $1.1 billion, net loans of $653.9 million, deposits of $827.1 million, total securities of $327.1 million, and shareholders’ equity of $103.0 million.

The Bank operates four offices focused on the Latino population under the name Banco de la Gente (“Banco”).  These offices are operated as a division of the Bank.  Banco offers normal and customary banking services as are offered in the Bank’s other branches such as the taking of deposits and the making of loans and therefore is not considered a reportable segment of the Company.

                The Bank has a diversified loan portfolio, with no foreign loans and few agricultural loans.  Real estate loans are predominately variable rate commercial property loans, which include residential development loans to commercial customers.  Commercial loans are spread throughout a variety of industries with no one particular industry or group of related industries accounting for a significant portion of the commercial loan portfolio.  The majority of the Bank’s deposit and loan customers are individuals and small to medium-sized businesses located in the Bank’s market area.  The Bank’s loan portfolio also includes Individual Taxpayer Identification Number (ITIN) mortgage loans generated thorough the Bank’s Banco offices.  Additional discussion of the Bank’s loan portfolio and sources of funds for loans can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” on pages A-4 through A-27 of the Annual Report, which is included in this Form 10-K as Exhibit 13.

The operations of the Bank and depository institutions in general are significantly influenced by general economic conditions and by related monetary and fiscal policies of depository institution regulatory agencies, including the Federal Reserve, the Federal Deposit Insurance Corporation (the “FDIC”) and the North Carolina Commissioner of Banks (the “Commissioner”).
 
 At December 31, 2011, the Company employed 247 full-time employees and 45 part-time employees, which equated to 277 full-time equivalent employees.
 
Subsidiaries
The Bank is a subsidiary of the Company.  The Bank has two subsidiaries, Peoples Investment Services, Inc. and Real Estate Advisory Services, Inc.  Through a relationship with Raymond James Financial Services, Inc., Peoples Investment Services, Inc. provides the Bank’s customers access to investment counseling and non-deposit investment products such as stocks, bonds, mutual funds, tax deferred annuities, and related brokerage services.  Real Estate Advisory Services, Inc. provides real estate appraisal and real estate brokerage services.
 
In June 2006, the Company formed a wholly owned Delaware statutory trust, PEBK Capital Trust II (“PEBK Trust II”), which issued $20.0 million of guaranteed preferred beneficial interests in the Company’s junior subordinated deferrable interest debentures.  All of the common securities of PEBK Trust II are owned by the Company.  The proceeds from the issuance of the common securities and the trust preferred securities were used by PEBK Trust II to purchase $20.6 million of junior subordinated debentures of the Company, which pay a floating rate equal to three-month LIBOR plus 163 basis points.  The proceeds received by the Company from the sale of the junior subordinated debentures were used in December 2006 to repay the trust preferred securities issued in December 2001 by PEBK Capital Trust, a wholly owned Delaware statutory trust of the Company, and for general purposes.  The debentures represent the sole asset of PEBK Trust II.  PEBK Trust II is not included in the consolidated financial statements.
 
The trust preferred securities issued by PEBK Trust II accrue and pay quarterly at a floating rate of three-month LIBOR plus 163 basis points.  The Company has guaranteed distributions and other payments due on the trust preferred securities to the extent PEBK Trust II does not have funds with which to make the distributions and other payments.  The net
 
 
A-1
 
 
combined effect of the trust preferred securities transaction is that the Company is obligated to make the distributions and other payments required on the trust preferred securities.
 
These trust preferred securities are mandatorily redeemable upon maturity of the debentures on June 28, 2036, or upon earlier redemption as provided in the indenture.  The Company had the right to redeem the debentures purchased by PEBK Trust II, in whole or in part, on or after June 28, 2011.  As specified in the indenture, if the debentures are redeemed prior to maturity, the redemption price will be the principal amount and any accrued but unpaid interest.
 
The Company established a new subsidiary, CBRES, in 2009. CBRES serves as a “clearing-house” for appraisal services for community banks.  Other banks are able to contract with CBRES to find and engage appropriate appraisal companies in the area where the property is located.  This type of service ensures that the appraisal process remains independent from the financing process within the bank.
 
This report contains certain forward-looking statements with respect to the financial condition, results of operations and business of the Company.  These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of management of the Company and on the information available to management at the time that these disclosures were prepared. These statements can be identified by the use of words like “expect,” “anticipate,” “estimate” and “believe,” variations of these words and other similar expressions.  Readers should not place undue reliance on forward-looking statements as a number of important factors could cause actual results to differ materially from those in the forward-looking statements.  Factors that could cause actual results to differ materially include, but are not limited to, (1) competition in the markets served by the Bank, (2) changes in the interest rate environment, (3) general national, regional or local economic conditions may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and the possible impairment of collectibility of loans, (4) legislative or regulatory changes, including changes in accounting standards, (5) significant changes in the federal and state legal and regulatory environment and tax laws, (6) the impact of changes in monetary and fiscal policies, laws, rules and regulations and (7) other risks and factors identified in the Company’s other filings with the Securities and Exchange Commission.  The Company undertakes no obligation to update any forward-looking statements.
 
 
 
 
A-2
 
 
 
SELECTED FINANCIAL DATA
Dollars in Thousands Except Per Share Amounts
             
   
2011
2010
2009
2008
2007
Summary of Operations
            
Interest income
$
       45,259
       47,680
       50,037
       56,322
       61,732
Interest expense
  
       10,946
       14,348
       17,187
       23,526
       27,585
Net interest earnings
  
       34,313
       33,332
       32,850
       32,796
       34,147
Provision for loan losses
  
       12,632
       16,438
       10,535
         4,794
         2,038
Net interest earnings after provision
            
for loan losses
  
       21,681
       16,894
       22,315
       28,002
       32,109
Non-interest income
  
       14,513
       13,884
       11,823
       10,495
         8,816
Non-interest expense
  
       29,572
       28,948
       29,883
       28,893
       25,993
Earnings before taxes
  
         6,622
         1,830
         4,255
         9,604
       14,932
Income taxes
  
         1,463
            (11)
         1,339
         3,213
         5,340
Net earnings
  
         5,159
         1,841
         2,916
         6,391
         9,592
Dividends and accretion of preferred stock
         1,393
         1,394
         1,246
              -   
              -   
Net earnings available to common
            
shareholders
$
         3,766
           447
         1,670
         6,391
         9,592
             
Selected Year-End Balances
            
Assets
$
  1,067,063
  1,067,652
  1,048,494
     968,762
     907,262
Available for sale securities
  
     321,388
     272,449
     195,115
     124,916
     120,968
Loans, net
  
     653,893
     710,667
     762,643
     770,163
     713,174
Mortgage loans held for sale
  
         5,146
         3,814
         2,840
              -   
              -   
Interest-earning assets
  
  1,004,131
  1,010,983
     988,017
     921,101
     853,878
Deposits
  
     827,111
     838,712
     809,343
     721,062
     693,639
Interest-bearing liabilities
  
     820,452
     850,233
     826,838
     758,334
     718,870
Shareholders' equity
$
     103,027
       96,858
       99,223
     101,128
       70,102
Shares outstanding*
  
  5,544,160
  5,541,413
  5,539,056
  5,539,056
  5,624,234
             
Selected Average Balances
            
Assets
$
  1,074,250
  1,078,136
  1,016,257
     929,799
     846,836
Available for sale securities
  
     295,413
     219,797
     161,135
     115,853
     120,296
Loans
  
     697,527
     757,532
     782,464
     747,203
     665,379
Interest-earning assets
  
  1,015,451
     999,054
     956,680
     876,425
     801,094
Deposits
  
     835,550
     840,343
     772,075
     720,918
     659,174
Interest-bearing liabilities
  
     836,382
     849,870
     796,260
     740,478
     665,727
Shareholders' equity
$
     102,568
     101,529
     101,162
       76,241
       70,586
Shares outstanding*
  
  5,542,548
  5,539,308
  5,539,056
  5,588,314
  5,700,860
             
Profitability Ratios
            
Return on average total assets
  
0.48%
0.17%
0.29%
0.69%
1.13%
Return on average shareholders' equity
5.03%
1.81%
2.88%
8.38%
13.59%
Dividend payout ratio**
  
11.78%
100.11%
86.22%
41.93%
24.30%
             
Liquidity and Capital Ratios (averages)
          
Loan to deposit
  
83.48%
90.15%
101.35%
103.65%
100.94%
Shareholders' equity to total assets
  
9.55%
9.42%
9.95%
8.20%
8.34%
             
Per share of Common Stock*
            
Basic net income
$
          0.68
          0.08
          0.30
          1.14
          1.68
Diluted net income
$
          0.68
          0.08
          0.30
          1.13
          1.65
Cash dividends
$
          0.08
          0.08
          0.26
          0.48
          0.41
Book value
$
         14.06
         12.96
         13.39
         13.73
         12.46
             
*Shares outstanding and per share computations have been retroactively restated to reflect a
 3-for-2 stock split which occurred in the second quarter of 2007.
    
             
**As a percentage of net earnings available to common shareholders.
    
 
 
 
A-3
 
 
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS

The following is a discussion of our financial position and results of operations and should be read in conjunction with the information set forth under Item 1A Risk Factors and the Company’s consolidated financial statements and notes thereto on pages A-28  through A-63.

Introduction
Management’s discussion and analysis of earnings and related data are presented to assist in understanding the consolidated financial condition and results of operations of the Company, for the years ended December 31, 2011, 2010 and 2009.  The Company is a registered bank holding company operating under the supervision of the Federal Reserve Board and the parent company of Peoples Bank (the “Bank”). The Bank is a North Carolina-chartered bank, with offices in Catawba, Lincoln, Alexander, Mecklenburg, Iredell, Union and Wake counties, operating under the banking laws of North Carolina and the rules and regulations of the Federal Deposit Insurance Corporation (the “FDIC”).

Overview
Our business consists principally of attracting deposits from the general public and investing these funds in commercial loans, real estate mortgage loans, real estate construction loans and consumer loans. Our profitability depends primarily on our net interest income, which is the difference between the income we receive on our loan and investment securities portfolios and our cost of funds, which consists of interest paid on deposits and borrowed funds. Net interest income also is affected by the relative amounts of our interest-earning assets and interest-bearing liabilities. When interest-earning assets approximate or exceed interest-bearing liabilities, a positive interest rate spread will generate net interest income. Our profitability is also affected by the level of other income and operating expenses. Other income consists primarily of miscellaneous fees related to our loans and deposits, mortgage banking income and commissions from sales of annuities and mutual funds. Operating expenses consist of compensation and benefits, occupancy related expenses, federal deposit and other insurance premiums, data processing, advertising and other expenses.

Our operations are influenced significantly by local economic conditions and by policies of financial institution regulatory authorities. The earnings on our assets are influenced by the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System (the “Federal Reserve”), inflation, interest rates, market and monetary fluctuations.  Lending activities are affected by the demand for commercial and other types of loans, which in turn is affected by the interest rates at which such financing may be offered.  Our cost of funds is influenced by interest rates on competing investments and by rates offered on similar investments by competing financial institutions in our market area, as well as general market interest rates. These factors can cause fluctuations in our net interest income and other income. In addition, local economic conditions can impact the credit risk of our loan portfolio, in that (1) local employers may be required to eliminate employment positions of individual borrowers, and (2) small businesses and commercial borrowers may experience a downturn in their operating performance and become unable to make timely payments on their loans. Management evaluates these factors in estimating the allowance for loan losses and changes in these economic factors could result in increases or decreases to the provision for loan losses.

The unfavorable economic conditions experienced from 2008 to 2010 eased up slightly in 2011 but continue to have a negative impact on our financial condition and results of operations.  Unfavorable economic indicators, such as high unemployment, falling real estate prices and higher than normal levels of loan defaults demonstrate the difficult business conditions that are affecting the general economy and therefore our operating results.  The unemployment rates in our primary market area have been higher than state and national averages throughout 2011.

Although we are unable to control the external factors that influence our business, by maintaining high levels of balance sheet liquidity, managing our interest rate exposures and by actively monitoring asset quality, we seek to minimize the potentially adverse risks of unforeseen and unfavorable economic trends.

Our business emphasis has been to operate as a well-capitalized, profitable and independent community-oriented financial institution dedicated to providing quality customer service. We are committed to meeting the financial needs of the communities in which we operate. We believe that we can be more effective in serving our customers than many of our non-local competitors because of our ability to quickly and effectively provide senior management responses to customer needs and inquiries. Our ability to provide these services is enhanced by the stability of our senior management team.
 
The Federal Reserve has maintained the Federal Funds Rate at 0.25% since December 31, 2007.  This has had a negative impact on 2009, 2010 and 2011 earnings and will continue to have a negative impact on the Bank’s net interest income in the future periods.  The negative impact from the Federal Funds Rate has been partially offset by the increase
 
 
A-4
 
 
in earnings realized on interest rate contracts, including interest rate swaps and interest rate floors, utilized by the Bank.  Additional information regarding the Bank’s interest rate contacts is provided below in the section entitled “Asset Liability and Interest Rate Risk Management.”

On December 23, 2008, the Company entered into a Securities Purchase Agreement (“Purchase Agreement”) with the United States Department of the Treasury (“UST”) pursuant to the Capital Purchase Program (“CPP”) under the Troubled Asset Relief Program (“TARP”).  Under  the Purchase Agreement, the Company agreed to issue and sell 25,054 shares of Series A preferred stock and a warrant to purchase 357,234 shares of the Company's common stock.  Proceeds from this issuance of Series A preferred shares were allocated between preferred stock and the warrant based on their relative fair values at the time of the sale.  Of the $25.1 million in proceeds, $24.4 million was allocated to the Series A preferred stock and $704,000 was allocated to the warrant.  The discount recorded on the Series A preferred stock that resulted from allocating a portion of the proceeds to the warrant is being accreted directly to retained earnings over a five-year period applying a level yield.  As of December 31, 2011, the Company has accreted a total of $408,000 of the discount related to the Series A preferred stock.  The Company paid dividends of $1.3 million on the Series A preferred stock during 2011, and cumulative undeclared dividends at December 31, 2011 were $157,000.

The Series A preferred stock qualifies as Tier 1 capital and will pay cumulative dividends at a rate of 5% per annum for the first five years and 9% per annum thereafter.  The Series A preferred stock may be redeemed at the stated amount of $1,000 per share plus any accrued and unpaid dividends.  Under the terms of the original Purchase Agreement, the Company could not redeem the Series A preferred shares until December 23, 2011 unless the total amount of the issuance, $25.1 million, was replaced with the same amount of other forms of capital that would qualify as Tier 1 capital.  However, with the enactment of the American Recovery and Reinvestment Act of 2009 (“ARRA”), the Company can now redeem the Series A preferred shares at any time, if approved by the Company’s primary regulator.  The Series A preferred stock is non-voting except for class voting rights on matters that would adversely affect the rights of the holders of the Series A preferred stock.

The exercise price of the warrant is $10.52 per common share and it is exercisable at anytime on or before December 18, 2018.

The Company is subject to the following restrictions while the Series A preferred stock is outstanding: 1) UST approval is required for the Company to repurchase shares of outstanding common stock; 2) the full dividend for the latest completed CPP dividend period must be declared and paid in full before dividends may be paid to common shareholders; 3) UST approval is required for any increase in common dividends per share above the last quarterly dividend of $0.12 per share paid prior to December 23, 2008; and 4) the Company may not take tax deductions for any senior executive officer whose compensation is above $500,000.  There were additional restrictions on executive compensation added in the ARRA for companies participating in the TARP, including participants in the CPP.

The Company uses the CPP capital infusion as additional Tier I capital to protect the Bank from potential losses that may be incurred during this current recessionary period.  The Company has utilized CPP funds to provide capital to support making loans to qualified borrowers in our market area.  The funds have been and will continue to be used to absorb losses incurred when modifying loans or making concessions to borrowers in order to keep borrowers out of foreclosure.  We are also working with our current builders and contractors to provide financing for potential buyers who may not be able to qualify for financing in the current mortgage market in order to help these customers sell existing single family homes.  It is the desire of the Company to repay the CPP funds without raising additional equity capital.  The Company anticipates being able to repay the CPP funds from future earnings and existing capital.  However, the funds will not be repaid until the Company achieves more consistent levels of earnings.

The Company continues to face challenges resulting from the impact of the current economy on the housing and real estate markets.  The Bank continues to monitor and evaluate all significant loans in its portfolio, and will continue to manage its credit risk exposure with the expectation that stabilization of the real estate market will not occur within the next 18 to 24 months.  The CPP funds have enhanced our capital position as the Company infused the Bank with $8.0 million additional regulatory capital. The Company has $15.0 million available that can be infused into the Bank as additional capital if needed to maintain its position as a well-capitalized bank.  We anticipate loan losses at a level higher than historical norms in the short run and have prepared for that expectation. We have quality individuals managing our past due loans and foreclosed properties to minimize our potential losses. As the economy recovers, we believe we are well positioned to take advantage of opportunities that present themselves.  We anticipate that the net interest margin will remain at or near the 3.55% net margin for 2012. The amount and timing of any future Federal Reserve rate adjustment remains uncertain, and may further impact the Bank if those adjustments are significant.
 
Management expects to look for branching opportunities in nearby markets in the future but there are no additional offices planned in 2012.
 
 
A-5
 

Summary of Significant Accounting Policies
The consolidated financial statements include the financial statements of the Company and its wholly owned subsidiaries, the Bank and Community Bank Real Estate Solutions, LLC, along with the Bank’s wholly owned subsidiaries, Peoples Investment Services, Inc. and Real Estate Advisory Services, Inc. (collectively called the “Company”).  All significant intercompany balances and transactions have been eliminated in consolidation.

The Company’s accounting policies are fundamental to understanding management’s discussion and analysis of results of operations and financial condition.  Many of the Company’s accounting policies require significant judgment regarding valuation of assets and liabilities and/or significant interpretation of specific accounting guidance.  The following is a summary of some of the more subjective and complex accounting policies of the Company.  A more complete description of the Company’s significant accounting policies can be found in Note 1 of the Notes to Consolidated Financial Statements in the Company’s 2011 Annual Report to Shareholders which is Appendix A to the Proxy Statement for the May 3, 2012 Annual Meeting of Shareholders.

Many of the Company’s assets and liabilities are recorded using various techniques that require significant judgment as to recoverability.  The collectability of loans is reflected through the Company’s estimate of the allowance for loan losses.  The Company performs periodic and systematic detailed reviews of its lending portfolio to assess overall collectability.  In addition, certain assets and liabilities are reflected at their estimated fair value in the consolidated financial statements.  Such amounts are based on either quoted market prices or estimated values derived from dealer quotes used by the Company, market comparisons or internally generated modeling techniques.  The Company’s internal models generally involve present value of cash flow techniques.  The various techniques are discussed in greater detail elsewhere in management’s discussion and analysis and the notes to consolidated financial statements.

There are other complex accounting standards that require the Company to employ significant judgment in interpreting and applying certain of the principles prescribed by those standards.  These judgments include, but are not limited to, the determination of whether a financial instrument or other contract meets the definition of a derivative in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

The disclosure requirements for derivatives and hedging activities have the intent to provide users of financial statements with an enhanced understanding of: (a) how and why an entity uses derivative instruments, (b) how derivative instruments and related hedged items are accounted for and (c) how derivative instruments and related hedged items affect an entity’s financial position, financial performance, and cash flows. The disclosure requirements include qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about the fair value of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative instruments.

The Company records all derivatives on the balance sheet at fair value.  The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge.  The Company may enter into derivative contracts that are intended to economically hedge certain of its risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting.

The Company has an overall interest rate risk management strategy that incorporates the use of derivative instruments to minimize significant unplanned fluctuations in earnings that are caused by interest rate volatility.  By using derivative instruments, the Company is exposed to credit and market risk.  If the counterparty fails to perform, credit risk is equal to the extent of the fair-value gain in the derivative.  The Company minimizes the credit risk in derivative instruments by entering into transactions with high-quality counterparties that are reviewed periodically by the Company.  The Company had an interest rate swap contract that expired in June 2011.  The Company did not have any interest rate derivatives outstanding as of December 31, 2011.
 
 
A-6
 
 
The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Balance Sheet as of December 31, 2011 and December 31, 2010.
 
(Dollars in thousands)
            
 
Asset Derivatives
  
Liability Derivatives
 
 
As of December 31, 2011
  
As of December 31,
2010
  
As of December
31, 2011
  
As of December 31,
2010
 
Balance
Sheet
Location
 
 
Fair Value
  
Balance
Sheet
Location
 
 
Fair Value
  
Balance
Sheet
Location
 
 
Fair Value
  
Balance
Sheet
Location
 
 
Fair Value
Interest rate
                      
derivative
                      
contracts
Other assets
 $            -
  
Other assets
 $        648    
 
N/A
 $           -
  
N/A
 $           -     
 
The Company’s objectives in using interest rate derivatives are to add stability to interest income and expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps and floors as part of its interest rate risk management strategy.  For hedges of the Company’s variable-rate loan assets, interest rate swaps designated as cash flow hedges involve the receipt of fixed-rate amounts from a counterparty in exchange for the Company making variable-rate payments over the life of the agreements without exchange of the underlying notional amount.  For hedges of the Company’s variable-rate loan assets, the interest rate floor designated as a cash flow hedge involves the receipt of variable-rate amounts from a counterparty if interest rates fall below the strike rate on the contract in exchange for an up front premium.

The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in Accumulated Other Comprehensive Income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During 2011 and 2010, such derivatives were used to hedge the variable cash inflows associated with existing pools of prime-based loan assets.  The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings.  The Company’s derivatives did not have any hedge ineffectiveness recognized in earnings during the years ended December 31, 2011 and 2010.

The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statement of Earnings for the years ended December 31, 2011 and 2010.

(Dollars in thousands)
        
                   
 
Amount of Gain
(Loss) Recognized in
Accumulated OCI on
Derivatives 
  
Location of Gain
(Loss) Reclassified
from Accumulated
OCI into Income
  
Amount of Gain
(Loss) Reclassified
from Accumulated
OCI into Income 
 
Years ended
December 31,
      
Years ended
December 31,
 
2011
  
2010
      
2011
  
2010
Interest rate derivative contracts
 $      (20)
  
 $      404
  
Interest income
  
 $      628
  
 $    1,518         
 
Relating to the post retirement benefit plan, the Company is required to recognize an obligation for either the present value of the entire promised death benefit or the annual “cost of insurance” required to keep the policy in force during the post-retirement years.  The Company reduced retained earnings by $467,000 in 2008 pursuant to the guidance of the pronouncement to record the portion of the death benefit earned by participants prior to adoption of the pronouncement.   In 2009, the Company increased retained earnings by $358,000 to reflect an adjustment of the cumulative effect due to amendments to the individual split-dollar plans implemented during 2009.

GAAP establishes a framework for measuring fair value and expands disclosures about fair value measurements.  There is a three-level fair value hierarchy for fair value measurements.  Level 1 inputs are quoted prices in active markets for identical assets or liabilities that a company has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability.   The table below presents the balance of securities available for sale and derivatives, which are measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2011 and 2010.
 
 
A-7
 
 

(Dollars in thousands)
              
 
December 31, 2011
 
Fair Value Measurements
  
Level 1
Valuation
  
Level 2
Valuation
  
Level 3
Valuation
Mortgage-backed securities
 $ 213,693   -   208,349   5,344
U.S. Government
                
sponsored enterprises
 $ 7,694   -   7,694   -
State and political subdivisions
 $ 97,097   -   97,097   -
Corporate bonds
 $ 543   -   543   -
Trust preferred securities
 $ 1,250   -   -   1,250
Equity securities
 $ 1,111   1,111   -   -
Mortgage loans held for sale
 $ 5,146   -   5,146   -
                 
 
(Dollars in thousands)
              
 
December 31, 2010
 
Fair Value Measurements
  
Level 1
Valuation
  
Level 2
Valuation
  
Level 3
Valuation
Mortgage-backed securities
 $ 139,361   -   139,361   -
U.S. Government
                
sponsored enterprises
 $ 42,640   -   42,640   -
State and political subdivisions
 $ 87,829   -   87,829   -
Trust preferred securities
 $ 1,250   -   -   1,250
Equity securities
 $ 1,369   1,369   -   -
Mortgage loans held for sale
 $ 3,814   -   3,814   -
Market value of derivatives (in other assets)
 $ 648   -   648   -
 
Fair values of investment securities available for sale are determined by obtaining quoted prices on nationally recognized securities exchanges when available.  If quoted prices are not available, fair value is determined using matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities.  Fair values of derivative instruments are determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities.

The following is an analysis of fair value measurements of investment securities available for sale using Level 3, significant unobservable inputs, for the year ended December 31, 2011:

(Dollars in thousands)
  
 
Investment Securities Available for Sale
 
Level 3 Valuation
Balance, beginning of period
 $ 1,250
Change in book value
   -
Change in gain/(loss) realized and unrealized
   -
Purchases/(sales)
   -
Transfers in and/or out of Level 3
   5,344
Balance, end of period
 $ 6,594
     
Change in unrealized gain/(loss) for assets still held in Level 3
 $ -
 
 
 
A-8
 
 
The Bank’s December 31, 2011 and 2010 fair value measurement for impaired loans and other real estate on a non-recurring basis is presented below:
 
(Dollars in thousands)
          
 
Fair Value
Measurements
December 31, 2011
Level 1
Valuation
Level 2
Valuation
Level 3
Valuation
Total Gains/(Losses) for
the Year Ended
December 31, 2011
Impaired loans
 $ 49,901 - 431 49,470 (11,864)
Other real estate
 $ 7,576 - - 7,576 (1,322)
             
(Dollars in thousands)
            
 
Fair Value
Measurements
December 31, 2010
Level 1
Valuation
Level 2
Valuation
Level 3
Valuation
Total Gains/(Losses) for
the Year Ended
December 31, 2010
Impaired loans
 $ 51,673 - 6,643 45,030 (10,591)
Other real estate
 $ 6,673 - - 6,673 (704)
 
At each reporting period, the Bank determines which loans are impaired.  Accordingly, the Bank’s impaired loans are reported at their estimated fair value on a non-recurring basis.  An allowance for each impaired loan, which is generally collateral-dependent, is calculated based on the fair value of its collateral.  The fair value of the collateral is based on appraisals performed by third-party valuation specialists.  Factors including the assumptions and techniques utilized by the appraiser are considered by management.  If the recorded investment in the impaired loan exceeds the measure of fair value of the collateral, a valuation allowance is recorded as a component of the allowance for loan losses.  Accruing impaired loans amounted to $30.6 million and $17.0 million at December 31, 2011 and 2010, respectively.  Interest income recognized on accruing impaired loans was $1.7 million  and $966,000 for the years ended December 31, 2011 and 2010, respectively.  No interest income is recognized on non-accrual impaired loans subsequent to their classification as impaired.

The following table presents the Bank’s impaired loans as of December 31, 2011 and 2010:

December 31, 2011
                
(Dollars in thousands)
                
 
Unpaid Contractual Principal
Balance
  
Recorded Investment
With No Allowance
  
Recorded Investment
With
Allowance
  
Recorded
Investment
in Impaired
Loans
  
Related
Allowance
  
Average Outstanding Impaired
Loans
Real Estate Loans
                      
     Construction and land development
 $ 28,721   14,484   6,098   20,582   3,264   17,848
     Single-family residential
   26,382   969   24,719   25,688   1,427   25,102
     Commercial
   7,717   3,845   3,139   6,984   77   4,518
     Multifamily and farmland
   209   -   209   209   1   214
          Total impaired real estate loans
   63,029   19,298   34,165   53,463   4,769   47,682
                         
Commercial loans (not secured by real estate)
   1,111   -   1,083   1,083   26   1,485
Consumer loans (not secured by real estate)
   157   -   152   152   2   140
     Total impaired loans
 $ 64,297   19,298   35,400   54,698   4,797   49,307
                         
                         
December 31, 2010
                
(Dollars in thousands)
                
 
Unpaid Contractual Principal
Balance
  
Recorded Investment
With No Allowance
  
Recorded Investment
With
Allowance
  
Recorded
Investment
in Impaired
Loans
  
Related
Allowance
  
Average Outstanding Impaired
Loans
Real estate loans
               -        
     Construction and land development
   31,551   19,422   3,698   23,120   3,177   18,870
     Single-family residential
   26,834   1,738   23,558   25,296   1,613   26,558
     Commercial
   6,911   4,424   1,819   6,243   218   4,992
     Multifamily and farmland
   223   -   223   223   4   254
          Total impaired real estate loans
   65,519   25,584   29,298   54,882   5,012   50,674
                         
Commercial loans (not secured by real estate)
   2,145   648   1,072   1,720   55   1,705
Consumer loans (not secured by real estate)
   152   -   142   142   4   79
     Total impaired loans
 $ 67,816   26,232   30,512   56,744   5,071   52,458
 
 
 
A-9
 
 
In April 2011, the Financial Accounting Standard Accounting Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-02, A Creditor’s Determination of Whether a Restructuring is a Troubled Debt Restructuring. ASU No. 2011-02 provides additional guidance for determining what constitutes a troubled debt restructuring.  ASU No. 2011-02 is effective for interim and annual periods ending after June 15, 2011.  The adoption of this guidance did not have a material impact on the Company’s results of operations, financial position or disclosures.

In May 2011, FASB issued ASU No. 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in GAAP and International Financial Reporting Standards (“IFRS”).  ASU No. 2011-04 is intended to result in convergence between GAAP and IFRS requirements for measurement of and disclosures about fair value. The amendments are not expected to have a significant impact on companies applying U.S. GAAP.  ASU No. 2011-04 is effective for interim and annual periods beginning after December 15, 2011.  The adoption of this guidance is not expected to have a material impact on the Company’s results of operations, financial position or disclosures.

In June 2011, FASB issued ASU No. 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income.  ASU No. 2011-05 will require companies to present the components of net income and other comprehensive income either as one continuous statement or as two consecutive statements.  It eliminates the option to present components of other comprehensive income as part of the statement of changes in shareholders’ equity.  ASU No. 2011-05 does not change the items which must be reported in other comprehensive income, how such items are measured or when they must be reclassified to net income. This standard is effective for interim and annual periods beginning after December 15, 2011.  Because ASU No. 2011-05 impacts presentation only, it will have no impact on the Company’s results of operations or financial position.

In December 2011, FASB issued ASU No. 2011-12, Comprehensive Income (Topic 220): Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05.  ASU No. 2011-12 defers the effective date of the requirement to present separate line items on the income statement for reclassification adjustments of items out of accumulated other comprehensive income into net income.  This deferral is temporary until the FASB reconsiders the operational concerns and needs of financial statement users.  The FASB has not yet established a timetable for its reconsideration.  Entities are still required to present reclassification adjustments within other comprehensive income either on the face of the statement that reports other comprehensive income or in the notes to the financial statements.  The requirement to present comprehensive income in either a single continuous statement or two consecutive condensed statements remains for both annual and interim reporting.  Because ASU No. 2011-12 impacts presentation only, it will have no impact on the Company’s results of operations or financial position.

Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not expected to have a material impact on the Company’s results of operations, financial position or disclosures.
 
        Management  of  the  Company  has  made a  number of  estimates and  assumptions  relating to  reporting of  assets and  liabilities  and the disclosure of contingent assets and liabilities to prepare the accompanying consolidated financial statements in conformity with GAAP.  Actual results could differ from those estimates.

The remainder of management’s discussion and analysis of the Company’s results of operations and financial position should be read in conjunction with the Consolidated Financial Statements and related Notes presented on pages A-28 through A-63.

Results of Operations
Summary.  The Company reported earnings of $5.2 million in 2011, or $0.93 basic and diluted net earnings per share, before adjustment for preferred stock dividends and accretion, as compared to $1.8 million, or $0.33 basic and diluted net earnings per share, for the same period one year ago.  After adjusting for dividends and accretion on preferred stock, net earnings available to common shareholders for the year ended December 31, 2011 were $3.8 million or $0.68 basic and diluted net earnings per common share as compared to $447,000, or $0.08 basic and diluted net earnings per common share, for the same period one year ago.  The increase in year-to-date earnings is primarily attributable to aggregate increases in net interest income and non-interest income and a decrease in the provision for loan losses, which were partially offset by an increase in non-interest expense.

Net earnings for 2010 represented a decrease of 37% as compared to 2009 net earnings of $2.9 million or $0.30 basic and diluted net earnings per common share.  The decrease in 2010 net earnings was primarily attributable to  an increase in provision for loan losses, which was partially offset by an increase in net interest income, an increase in non-interest income and a decrease in non-interest expense.
 
 
A-10
 
 
The return on average assets in 2011 was 0.48%, compared to 0.17% in 2010 and 0.29% in 2009. The return on average shareholders’ equity was 5.03% in 2011 compared to 1.81% in 2010 and 2.88% in 2009.
 
Net Interest Income.  Net interest income, the major component of the Company’s net income, is the amount by which interest and fees generated by interest-earning assets exceed the total cost of funds used to carry them.  Net interest income is affected by changes in the volume and mix of interest-earning assets and interest-bearing liabilities, as well as changes in the yields earned and rates paid.  Net interest margin is calculated by dividing tax-equivalent net interest income by average interest-earning assets, and represents the Company’s net yield on its interest-earning assets.

Net interest income for 2011 increased to $34.3 million compared to $33.3 million in 2010.  This increase is primarily attributable to a reduction in interest expense due to a decrease in the cost of funds for time deposits.  Net interest income increased slightly in 2010 from $32.9 million in 2009.

Table 1 sets forth for each category of interest-earning assets and interest-bearing liabilities, the average amounts outstanding, the interest incurred on such amounts and the average rate earned or incurred for the years ended December 31, 2011, 2010 and 2009. The table also sets forth the average rate earned on total interest-earning assets, the average rate paid on total interest-bearing liabilities, and the net yield on average total interest-earning assets for the same periods.  Yield information does not give effect to changes in fair value that are reflected as a component of shareholders’ equity.  Yields and interest income on tax-exempt investments have been adjusted to tax equivalent basis using an effective tax rate of 38.55% for securities that are both federal and state tax exempt and an effective tax rate of 6.90% for state tax exempt securities.  Non-accrual loans and the interest income that was recorded on these loans, if any, are included in the yield calculations for loans in all periods reported.

Table 1- Average Balance Table
                        
                                   
 
December 31, 2011
  
December 31, 2010
  
December 31, 2009
(Dollars in thousands)
Average
Balance
Interest
Yield /
Rate
Average Balance
Interest
Yield /
Rate
Average Balance
Interest
Yield /
Rate
Interest-earning assets:
                                  
Interest and fees on loans
 $ 697,527     36,407   5.22%   757,532   40,267   5.32%   782,464   43,211   5.52%
Investments - taxable
   166,870     4,588   2.75%   110,493   3,490   3.16%   81,642   3,477   4.26%
Investments - nontaxable*
   128,543     5,865   4.56%   109,304   5,096   4.66%   79,493   4,226   5.32%
Other
   22,511     100   0.44%   21,725   103   0.48%   13,081   54   0.41%
                                       
Total interest-earning assets
   1,015,451     46,960   4.62%   999,054   48,956   4.90%   956,680   50,968   5.33%
                                       
Cash and due from banks
   23,844             46,124           31,225        
Other assets
   50,829             49,765           41,866        
Allowance for loan losses
   (15,874 )           (16,807 )         (13,514 )      
                                       
Total assets
 $ 1,074,250             1,078,136           1,016,257        
                                       
                                       
Interest-bearing liabilities:
                                      
                                       
NOW, MMDA & savings deposits
 $ 344,860     2,263   0.66%   312,155   3,472   1.11%   242,751   2,965   1.22%
Time deposits
   357,094     5,035   1.41%   405,300   6,786   1.67%   412,127   9,687   2.35%
FHLB / FRB borrowings
   70,027     2,956   4.22%   71,989   3,285   4.56%   84,547   3,596   4.25%
Demand notes payable to U.S. Treasury
   885     -   0.00%   815   -   0.00%   805   -   0.00%
Trust preferred securities
   20,619     407   1.97%   20,619   411   1.99%   20,619   546   2.65%
Other
   42,897     285   0.66%   38,991   394   1.01%   35,411   393   1.11%
                                       
Total interest-bearing liabilities
   836,382     10,946   1.31%   849,870   14,348   1.69%   796,260   17,187   2.16%
                                       
Demand deposits
   133,596             122,887           117,197        
Other liabilities
   4,174             3,513           2,428        
Shareholders' equity
   102,568             101,529           101,162        
                                       
Total liabilities and shareholder's equity
 $ 1,076,720             1,077,799           1,017,047        
                                       
Net interest spread
       $ 36,014   3.31%       34,608   3.21%       33,781   3.17%
                                       
Net yield on interest-earning assets
             3.55%           3.46%           3.53%
                                       
Taxable equivalent adjustment
                                      
        Investment securities
       $ 1,700           1,276           931    
                                       
Net interest income
       $ 34,314           33,332           32,850    
                                       
*Includes U.S. government agency securities that are non-taxable for state income tax purposes of $39.0 million in 2011, $50.3 million in 2010 and $45.5 million in 2009. An effective tax rate of 6.90% was used to calculate the tax equivalent yield on these securities.
 
 
 
A-11
 
 
          Changes in interest income and interest expense can result from variances in both volume and rates.  Table 2 describes the impact on the Company’s tax equivalent net interest income resulting from changes in average balances and average rates for the periods indicated.  The changes in interest due to both volume and rate have been allocated to volume and rate changes in proportion to the relationship of the absolute dollar amounts of the changes in each.
 
Table 2 - Rate/Volume Variance Analysis-Tax Equivalent Basis
              
                                   
                                   
 
December 31, 2011
    
December 31, 2010
(Dollars in thousands)
Changes in
average volume
  
Changes in
average rates
  
Total Increase (Decrease)
  
Changes in
average volume
  
Changes in
average rates
  
Total Increase (Decrease)
Interest income:
                                  
Loans: Net of unearned income
 $ (3,161 )   (699 )   (3,860 )   (1,351 )   (1,593 )   (2,944 )
                                     
Investments - taxable
   1,665     (567 )   1,098     1,070     (1,057 )   13  
Investments - nontaxable
   887     (118 )   769     1,487     (617 )   870  
Other
   4     (7 )   (3 )   42     7     49  
Total interest income
   (605 )   (1,391 )   (1,996 )   1,248     (3,260 )   (2,012 )
                                     
Interest expense:
                                    
NOW, MMDA & savings deposits
   289     (1,498 )   (1,209 )   770     (263 )   507  
Time deposits
   (744 )   (1,007 )   (1,751 )   (137 )   (2,764 )   (2,901 )
FHLB / FRB Borrowings
   (86 )   (243 )   (329 )   (554 )   243     (311 )
Trust Preferred Securities
   -     (4 )   (4 )   -     (135 )   (135 )
Other
   33     (142 )   (109 )   38     (37 )   1  
Total interest expense
   (508 )   (2,894 )   (3,402 )   117     (2,956 )   (2,839 )
Net interest income
 $ (97 )   1,503     1,406     1,131     (304 )   827  
 
          Net interest income on a tax equivalent basis totaled $36.0 million in 2011 as compared to $34.6 million in 2010.  The interest rate spread, which represents the rate earned on interest-earning assets less the rate paid on interest-bearing liabilities, was 3.31% in 2011, an increase from the 2010 net interest spread of 3.21%.  The net yield on interest-earning assets in 2011 increased to 3.55% from the 2010 net yield on interest-earning assets of 3.46%.

Tax equivalent interest income decreased $2.0 million or 4% in 2011 primarily due to a reduction in loan balances.  The yield on interest-earning assets decreased to 4.62% in 2011 from 4.90% in 2010.  Average interest-earning assets increased $16.4 million primarily as the result of a $75.6 million increase in average investment securities, which was partially offset by a $60.0 million decrease in the average outstanding balance of loans.  All other interest-earning assets including federal funds sold were $22.5 million in 2011 and $21.7 million in 2010.

Interest expense decreased $3.4 million or 24% in 2011 due to a decrease in the average rate paid on interest-bearing liabilities.  The cost of funds decreased to 1.31% in 2011 from 1.69% in 2010.  This decrease in the cost of funds was primarily attributable to decreases in the average rate paid on interest-bearing checking and savings accounts and certificates of deposit.  The $13.5 million decrease in average interest-bearing liabilities in 2011 was primarily attributable to a $48.2 million decrease in certificates of deposit, which was partially offset by a $32.7 million increase in interest-bearing checking and savings accounts.

In 2010 net interest income on a tax equivalent basis increased to $34.6 million in 2010 from $33.8 million in 2009.  The interest rate spread was 3.21% in 2010, an increase from the 2009 net interest spread of 3.17%.  The net yield on interest-earning assets in 2010 decreased to 3.46% from the 2009 net yield on interest-earning assets of 3.53%.

Provision for Loan Losses.  Provisions for loan losses are charged to income in order to bring the total allowance for loan losses to a level deemed appropriate by management of the Company based on factors such as management’s judgment as to losses within the Bank’s loan portfolio, including the valuation of impaired loans, loan growth, net charge-offs, changes in the composition of the loan portfolio, delinquencies and management’s assessment of the quality of the loan portfolio and general economic climate.

The provision for loan losses was $12.6 million, $16.4 million, and $10.5 million for the years ended December 31, 2011, 2010 and 2009, respectively.  The decrease in the provision for loan losses is primarily attributable to a $18.3 million reduction in non-accrual loans from December 31, 2010 to December 31, 2011 and a $4.8 million decrease in net charge-offs during the year ended December 31, 2011 compared to the same period last year.  Please see the section below entitled “Allowance for Loan Losses” for a more complete discussion of the Bank’s policy for addressing potential loan losses.
 
 
A-12
 
 
Non-Interest Income.  Non-interest income for 2011 totaled $14.5 million, an increase of $600,000 or 5% from non-interest income of $13.9 million for 2010.  This increase is primarily attributable to a $1.2 million increase in gains on the sale of securities, which was partially offset by a $625,000 reduction in service charges and fees.
 
Non-interest income for 2010 increased $2.1 million or 17% from non-interest income of $11.8 million for 2009. The increase in non-interest income for 2010 is primarily due to an increase in gains on the sale of securities.

The Company periodically evaluates its investments for any impairment which would be deemed other-than-temporary.   As part of its evaluation in 2011, the Company determined that the fair value of one equity security was less than the original cost of the investment and that the decline in fair value was not temporary in nature.  As a result, the Company wrote down its investment by $144,000.  The remaining fair value of the investment at December 31, 2011 was approximately $264,000.  Similarly, as part of its evaluation in 2010, the Company wrote down two equity securities by $291,000.  The remaining fair value of the investments at December 31, 2010 was $409,000.  During the year ended 2009, the Company wrote down three  investments by $723,000.  The remaining fair value of the investments at December 31, 2009 was $11,000.
 
Net losses on other real estate and repossessed assets were $1.3 million, $704,000 and $501,000 for 2011, 2010 and 2009, respectively.  The increases in net losses on other real estate and repossessed assets during 2011, 2010 and 2009 were primarily attributable to increased write-downs on foreclosed property during the years ended December 31, 2011, 2010 and 2009.  Management determined that the market value of these assets had decreased significantly and charges were appropriate in 2011, 2010 and 2009.

Table 3 presents a summary of non-interest income for the years ended December 31, 2011, 2010 and 2009.

Table 3 - Non-Interest Income
            
             
(Dollars in thousands)
2011
2010
2009
Service charges
 $ 5,106   $ 5,626   5,573  
Other service charges and fees
   2,090     2,195   2,058  
Other than temporary impairment losses
   (144 )   (291 ) (723 )
Gain on sale of securities
   4,406     3,348   1,795  
Mortgage banking income
   757     532   827  
Insurance and brokerage commissions
   471     390   414  
Loss on foreclosed and repossessed assets
   (1,322 )   (704 ) (501 )
Miscellaneous
   3,149     2,788   2,380  
Total non-interest income
 $ 14,513   $ 13,884   11,823  
 
Non-Interest Expense.  Total non-interest expense amounted to $29.6 million for 2011, an increase of 2% from 2010.  Non-interest expense for 2010 decreased 3% to $28.9 million from non-interest expense of $29.9 million for 2009.

Salary and employee benefit expense was $14.8 million in 2011, compared to $14.1 million during 2010, an increase of $642,000 or 5%, following a $634,000 or 4% decrease in salary and employee benefit expense in 2010 from 2009.  The increase in salary and employee benefits in 2011 was primarily due to salary increases given in 2011 along with an increase in commissions on mortgage, real estate and investment sales.  The decrease in salary and employee benefits in 2010 was primarily attributable to a reduction in supplemental retirement plan expense.
 
 
A-13
 
 
Table 4 presents a summary of non-interest expense for the years ended December 31, 2011, 2010 and 2009.
 
Table 4 - Non-Interest Expense
          
           
(Dollars in thousands)
2011
2010
2009
Salaries and wages
 $ 12,003   $ 11,408   $ 11,530
Employee benefits
   2,763     2,716     3,228
     Total personnel expense
   14,766     14,124     14,758
Occupancy expense
   5,339     5,436     5,409
Office supplies
   403     391     426
FDIC deposit insurance
   1,061     1,434     1,766
Professional services
   428     467     358
Postage
   326     352     342
Telephone
   605     629     616
Director fees and expense
   223     263     350
Advertising
   662     714     860
Consulting fees
   316     288     198
Taxes and licenses
   289     320     248
Other operating expense
   5,154     4,530     4,552
Total non-interest expense
 $ 29,572   $ 28,948   $ 29,883
 
Income Taxes.  The Company reported income tax expense of $1.5 million for the year ended December 31, 2011 and an income tax benefit of $11,000 for the year ended December 31, 2010.  Total income tax expense was $1.3 million in 2009.   The Company’s effective tax rates were 22.09%, -0.60% and 31.47% in 2011, 2010 and 2009, respectively.  The 2011 and 2010 effective tax rates are lower than historical levels due to increases in tax exempt investment income, which had a greater impact on the effective tax rate at the reduced level of earnings before income taxes as experienced in 2011 and 2010.

Liquidity. The objectives of the Company’s liquidity policy are to provide for the availability of adequate funds to meet the needs of loan demand, deposit withdrawals, maturing liabilities and to satisfy regulatory requirements.  Both deposit and loan customer cash needs can fluctuate significantly depending upon business cycles, economic conditions and yields and returns available from alternative investment opportunities.  In addition, the Company’s liquidity is affected by off-balance sheet commitments to lend in the form of unfunded commitments to extend credit and standby letters of credit.  As of December 31, 2011, such unfunded commitments to extend credit were $131.6 million, while commitments in the form of standby letters of credit totaled $3.3 million.

The Company  uses  several  sources to meet its  liquidity  requirements.  The  primary  source is core deposits, which  includes demand deposits, savings accounts and non-brokered certificates of deposits of denominations less than $100,000.  The Company considers these to be a stable portion of the Company’s liability mix and the result of on-going consumer and commercial banking relationships.  As of December 31, 2011, the Company’s core deposits totaled $633.0 million, or 77% of total deposits.

The other sources of funding for the Company are through large denomination certificates of deposit, including brokered deposits, federal funds purchased, securities under agreement to repurchase and Federal Home Loan Bank (“FHLB”) borrowings.  The Bank is also able to borrow from the Federal Reserve Bank (“FRB”) on a short-term basis.  The Bank’s policies include the ability to access wholesale funding up to 40% of total assets.  The Bank’s wholesale funding includes FHLB borrowings, FRB borrowings, brokered deposits, internet certificates of deposit.  The Company’s ratio of wholesale funding to total assets was 11.11% as of December 31, 2011.

At December 31, 2011, the Bank had a significant amount of deposits in amounts greater than $100,000, including brokered deposits of $47.0 million, which have an average original term of 15 months.  Brokered deposits include certificates of deposit participated through the Certificate of Deposit Account Registry Service (CDARS) on behalf of local customers.  CDARS balances totaled $28.6 million as of December 31, 2011.  The balance and cost of brokered deposits are more susceptible to changes in the interest rate environment than other deposits.   Access to the brokered deposit market could be restricted if the Bank were to fall below the well capitalized level.  For additional information, please see the section below entitled “Deposits.”

The Bank has a line of credit with the FHLB equal to 20% of the Bank’s total assets, with an outstanding balance of $70.0 million at December 31, 2011.  At December 31, 2011, the carrying value of loans pledged as collateral totaled approximately $153.7 million.  As additional collateral, the Bank has pledged securities to the FHLB.  At
 
 
A-14
 
 
December 31, 2011, the market value of securities pledged to the FHLB totaled $13.2 million.  The remaining availability under the line of credit with the FHLB was $17.1 million at December 31, 2011.  The Bank had no borrowings from the FRB at December 31, 2011.  The FRB borrowings are collateralized by a blanket assignment on all qualifying loans that the Bank owns which are not pledged to the FHLB.  At December 31, 2011, the carrying value of loans pledged as collateral to the FRB totaled approximately $342.2 million.

The Bank also had the ability to borrow up to $47.5 million for the purchase of overnight federal funds from five correspondent financial institutions as of December 31, 2011.

The liquidity ratio for the Bank, which is defined as net cash, interest-bearing deposits with banks, federal funds sold and certain investment securities, as a percentage of net deposits and short-term liabilities was 32.19% at December 31, 2011, 25.87% at December 31, 2010 and 19.10% at December 31, 2009.  The minimum required liquidity ratio as defined in the Bank’s Asset/Liability and Interest Rate Risk Management Policy for on balance sheet liquidity is 10%.

As disclosed in the Company’s Consolidated Statements of Cash Flows included elsewhere herein, net cash provided by operating activities was approximately $22.4 million during 2011.  Net cash used in investing activities of $7.7 million consisted primarily of purchases of available for sale investments totaling $208.9 million, which were partially offset by maturities, calls and sales of available for sale investments, which totaled $165.0 million.  Net cash used by financing activities amounted to $9.4 million, primarily due to a $11.6 million net decrease in deposits, which was partially offset by an increase in securities sold under agreement to repurchase of $5.5 million.

Asset Liability and Interest Rate Risk Management.  The objective of the Company’s Asset Liability and Interest Rate Risk strategies is to identify and manage the sensitivity of net interest income to changing interest rates and to minimize the interest rate risk between interest-earning assets and interest-bearing liabilities at various maturities.  This is done in conjunction with the need to maintain adequate liquidity and the overall goal of maximizing net interest income. Table 5 presents an interest rate sensitivity analysis for the interest-earning assets and interest-bearing liabilities for the year ended December 31, 2011.

Table 5 - Interest Sensitivity Analysis
            
                       
(Dollars in thousands)
Immediate
1-3
months
4-12
months
Total
Within One
Year  
Over One
Year & Non-sensitive
Total
Interest-earning assets:
                      
Loans
 $ 359,316   3,347   17,096   379,759   290,738   670,497
Mortgage loans held for  sale
   5,146   -   -   5,146   -   5,146
Investment securities available for sale
   -   12,284   40,661   52,945   268,443   321,388
Interest-bearing deposit accounts
   769   -   -   769   -   769
Certificates of deposit
   -   -   -   -   -   -
Other interest-earning assets
   -   -   -   -   6,331   6,331
                         
Total interest-earning assets
   365,231   15,631   57,757   438,619   565,512   1,004,131
                         
Interest-bearing liabilities:
                        
NOW, savings, and money market deposits
   366,133   -   -   366,133   -   366,133
Time deposits
   11,332   61,507   180,306   253,145   70,955   324,100
Other short term borrowings
   -   -   -   -   -   -
FHLB borrowings
   -   -   -   -   70,000   70,000
Securities sold under
                        
agreement to repurchase
   39,600   -   -   39,600   -   39,600
Trust preferred securities
   -   20,619   -   20,619   -   20,619
                         
Total interest-bearing liabilities
   417,065   82,126   180,306   679,497   140,955   820,452
                         
Interest-sensitive gap
 $ (51,834 ) (66,495 ) (122,549 ) (240,878 ) 424,557   183,679
                         
Cumulative interest-sensitive gap
 $ (51,834 ) (118,329 ) (240,878 ) (240,878 ) 183,679    
                         
Interest-earning assets as a percentage of
                
interest-bearing liabilities   87.57%   19.03%   32.03%   64.55%   401.20%    
 
 
 
A-15
 
 
         The Company manages its exposure to fluctuations in interest rates through policies established by the Asset/Liability Committee (“ALCO”) of the Bank.  The ALCO meets quarterly and has the responsibility for approving asset/liability management policies, formulating and implementing strategies to improve balance sheet positioning and/or earnings and reviewing the interest rate sensitivity of the Company.  ALCO tries to minimize interest rate risk between interest-earning assets and interest-bearing liabilities by attempting to minimize wide fluctuations in net interest income due to interest rate movements.  The ability to control these fluctuations has a direct impact on the profitability of the Company. Management monitors this activity on a regular basis through analysis of its portfolios to determine the difference between rate sensitive assets and rate sensitive liabilities.

The Company’s rate  sensitive assets are those  earning interest at  variable rates and  those with contractual maturities within one year.  Rate sensitive assets therefore include both loans and available-for-sale securities.  Rate sensitive liabilities include interest-bearing checking accounts, money market deposit accounts, savings accounts, time deposits and borrowed funds.  Rate sensitive assets at December 31, 2011 totaled $1.0 billion, exceeding rate sensitive liabilities of $820.5 million by $183.7 million.

Included in the rate sensitive assets are $372.4 million in variable rate loans indexed to prime rate subject to immediate repricing upon changes by the Federal Open Market Committee (“FOMC”).  The Bank utilizes interest rate floors on certain variable rate loans to protect against further downward movements in the prime rate.  At December 31, 2011, the Bank had $280.8 million in loans with interest rate floors.  The floors were in effect on $279.9 million of these loans pursuant to the terms of the promissory notes on these loans.   The weighted average rate on these loans is 1.11% higher than the indexed rate on the promissory notes without interest rate floors.

The Company has an overall interest rate risk management strategy that incorporates the use of derivative instruments to minimize significant unplanned fluctuations in earnings that are caused by interest rate volatility.  By using derivative instruments, the Company is exposed to credit and market risk.  If the counterparty fails to perform, credit risk is equal to the extent of the fair-value gain in the derivative.  The Company minimizes the credit risk in derivative instruments by entering into transactions with high-quality counterparties that are reviewed periodically by the Company. The Company did not have any interest rate derivatives outstanding as of December 31, 2011.

An analysis of the Company’s financial condition and growth can be made by examining the changes and trends in interest-earning assets and interest-bearing liabilities.  A discussion of these changes and trends follows.

Analysis of Financial Condition
Investment Securities.  The composition of the investment securities portfolio reflects the Company’s investment strategy of maintaining an appropriate level of liquidity while providing a relatively stable source of income.  The investment portfolio also provides a balance to interest rate risk and credit risk in other categories of the balance sheet while providing a vehicle for the investment of available funds, furnishing liquidity, and supplying securities to pledge as required collateral for certain deposits.

All of the Company’s investment securities are held in the available for sale (“AFS”) category. At December 31, 2011, the market value of AFS securities totaled $321.4 million, compared to $272.4 million and $195.1 million at December 31, 2010 and 2009, respectively.  The increase in 2011 AFS securities reflects the investment of additional funds received from growth in deposits and a decrease in loans.  Table 6 presents the market value of the AFS securities held at December 31, 2011, 2010 and 2009.

Table 6 - Summary of Investment Portfolio
          
           
(Dollars in thousands)
2011
  
2010
  
2009
 
          
U.S. Government sponsored enterprises
 $ 7,694   $ 42,640   41,142
State and political subdivisions
   97,097     87,829   44,336
Mortgage-backed securities
   213,693     139,361   107,526
Corporate bonds
   543     -     -  
Trust preferred securities
   1,250     1,250   1,250
Equity securities
   1,111     1,369   861
Total securities
 $ 321,388   $ 272,449   195,115
 
The Company’s investment portfolio consists of U.S. Government sponsored enterprise securities, municipal securities, U.S. Government enterprise sponsored mortgage-backed securities, corporate bonds, trust preferred securities and equity securities.  AFS securities averaged $295.4 million in 2011, $219.8 million in 2010 and $161.1 million in 2009.  Table 7 presents the amortized cost of AFS securities held by the Company by maturity category at December 31, 2011.   Yield information does not give effect to changes in fair value that are reflected as a component of shareholders’
 
 
A-16
 
 
equity.  Yields are calculated on a tax equivalent basis.  Yields and interest income on tax-exempt investments have been adjusted to a tax equivalent basis using an effective tax rate 38.55% for securities that are both federal and state tax exempt and an effective tax rate of 6.90% for state tax exempt securities.

Table 7 - Maturity Distribution and Weighted Average Yield on Investments
                    
                                       
         
After One Year
  
After 5 Years
                
 
One Year or Less
  
Through 5 Years
  
Through 10 Years
  
After 10 Years
  
Totals
(Dollars in thousands)
Amount
  
Yield
  
Amount
  
Yield
  
Amount
  
Yield
  
Amount
  
Yield
  
Amount
  
Yield
Book value:
                                      
U.S. Government
                                      
sponsored enterprises
 $ -   -   3,706   4.03%   3,988   3.40%   -   -   7,694   3.71%
State and political subdivisions
   4,690   3.80%   14,531   3.25%   65,677   3.46%   12,198   3.88%   97,097   3.61%
Mortgage-backed securities
   48,254   2.59%   117,037   2.57%   25,197   2.86%   23,206   2.72%   213,693   2.63%
Corporate bonds
   -   -   543   1.90%   -   -   -   -   543   1.90%
Trust preferred securities
   -   -   -   -   1,000   4.36%   250   5.27%   1,250   4.91%
Equity securities
   -   -   -   -   -   -   1,112   0.00%   1,112   0.00%
Total securities
 $ 52,944   2.70%   135,817   2.68%   95,860   3.07%   36,765   2.95%   321,388   2.79%
 
           Loans.  The loan portfolio is the largest category of the Company’s earning assets and is comprised of commercial loans, real estate mortgage loans, real estate construction loans and consumer loans. The Bank grants loans and extensions of credit primarily within the Catawba Valley region of North Carolina, which encompasses Catawba, Alexander, Iredell and Lincoln counties and also in Mecklenburg, Union and Wake counties in North Carolina.

Although the Bank has a diversified loan portfolio, a substantial portion of the loan portfolio is collateralized by real estate, which is dependent upon the real estate market.  Real estate mortgage loans include both commercial and residential mortgage loans.  At December 31, 2011, the Bank had $117.4 million in residential mortgage loans, $92.1 million in home equity loans and $277.0 million in commercial mortgage loans, which include $219.2 million using commercial property as collateral and $57.8 million using residential property as collateral.   Residential mortgage loans include $62.9 million made to customers in the Bank’s traditional banking offices and $54.5 million in mortgage loans originated in the Bank’s Latino banking operations.  All residential mortgage loans are originated as fully amortizing loans, with no negative amortization.

At December 31, 2011, the Bank had $93.8 million in construction and land development loans.  Table 8 presents a breakout of these loans.

Table 8 - Construction and Land Development Loans
          
           
(Dollars in thousands)
Number of Loans
  
Balance Outstanding
  
Non-accrual Balance
Land acquisition and development - commercial purposes
 72   $ 20,932   $ 2,441
Land acquisition and development - residential purposes
 330     61,920     10,816
1 to 4 family residential construction
 26     7,971     -
Commercial construction
 8     2,989     -
Total acquisition, development and construction
 436   $ 93,812   $ 13,257
 
The mortgage loans originated in the traditional banking offices are generally 15 to 30 year fixed rate loans with attributes that  prevent the loans from being sellable in the secondary market.  These factors may include higher loan-to-value ratio, limited documentation on income, non-conforming appraisal or non-conforming property type;  these loans are generally made to existing Bank customers.  These loans have been originated throughout the Bank’s five county service area, with no geographic concentration.  At December 31, 2011, there were 23 mortgage loans originated in the traditional banking offices with an outstanding balance of $2.7 million that were 30 days or more past due and nine loans with an outstanding balance of $743,000 in non-accrual.

The mortgage loans originated in the Bank’s Latino operations from 2005 to 2009 were primarily adjustable rate mortgage loans that adjust annually after the end of the first five years of the loan.  The loans are tied to the one-year T-Bill index and, if they were to adjust at December 31, 2011, would have a reduction in the interest rate on the loan.  The underwriting on these loans includes both full income verification and no income verification, with loan-to-value ratios of up to 95% without private mortgage insurance.  A majority of these loans would be considered subprime loans, as they were underwritten using stated income rather than fully documented income verification.  No other loans in the Bank’s
 
 
A-17
 
 
portfolio would be considered subprime.  The majority of these loans have been originated within the Charlotte, North Carolina metro area (Mecklenburg County).  At this time, Charlotte has experienced a decline in values within the residential real estate market.  At December 31, 2011, there were 163 loans with an outstanding balance of $17.0 million 30 days or more past due and 37 loans with an outstanding balance of $3.3 million in non-accrual.  Total losses on this portfolio, since the first loans were originated in 2004, have amounted to approximately $2.1 million through December 31, 2011.
 
As a recipient of CPP funds, the Bank will continue to work with delinquent borrowers in an attempt to mitigate foreclosure.  The funds have been used to absorb losses incurred when modifying loans or making concessions to borrowers in order to keep borrowers out of foreclosure.

The composition of the Bank’s loan portfolio is presented in Table 9.
 
Table 9 - Loan Portfolio
                                      
                                       
 
2011
  
2010
  
2009
  
2008
  
2007
(Dollars in thousands)
Amount
  
% of Loans
  
Amount
  
% of Loans
  
Amount
  
% of Loans
  
Amount
  
% of Loans
  
Amount
  
% of Loans
Real estate loans
                                      
     Construction and land development
 $ 93,812   13.99%   124,048   17.08%   169,680   21.81%   216,188   27.67%   209,645   29.02%
     Single-family residential
   267,051   39.83%   287,307   39.57%   281,686   36.20%   256,686   32.86%   229,651   31.80%
     Commercial
   214,415   31.98%   213,487   29.40%   224,975   28.92%   211,835   27.12%   180,184   24.95%
     Multifamily and farmland
   4,793   0.71%   6,456   0.89%   6,302   0.81%   6,232   0.80%   7,873   1.09%
          Total real estate loans
   580,071   86.51%   631,298   86.94%   682,643   87.74%   690,941   88.45%   627,353   86.86%
                                         
Commercial loans (not secured by real estate)
   60,646   9.05%   60,994   8.40%   67,487   8.67%   76,842   9.82%   82,090   11.36%
Farm loans (not secured by real estate)
   -   0.00%   -   0.00%   -   0.00%   81   0.01%   100   0.01%
Consumer loans (not secured by real estate)
   10,490   1.56%   11,500   1.58%   12,943   1.66%   12,088   1.55%   11,531   1.60%
All other loans (not secured by real estate)
   19,290   2.88%   22,368   3.08%   14,983   1.93%   1,236   0.16%   1,203   0.17%
Total loans
   670,497   100.00%   726,160   100.00%   778,056   100.00%   781,188   100.00%   722,277   100.00%
                                         
Less: Allowance for loan losses
   16,604       15,493       15,413       11,025       9,103    
                                         
Net loans
 $ 653,893       710,667       762,643       770,163       713,174    
 
   As of December 31, 2011, gross  loans  outstanding  were  $670.5 million, a  decrease of $55.7 million  from  the  December 31, 2010 balance  of  $726.2 million.  This decrease was primarily due to a $51.2 million reduction in real estate loans.  Loans originated or renewed during the year ended December 31, 2011 were $84.4 million and were offset by paydowns, payoffs and charge-offs of existing loans.  Average loans represented 69% and 76% of total earning assets for the years ended December 31, 2011 and 2010, respectively.  The Bank had $5.1 million and $3.8 million in mortgage loans held for sale as of December 31, 2011 and 2010, respectively.

At December 31, 2011, troubled debt restructured (“TDR”) loans amounted to $44.1 million, including $15.1 million in performing TDR loans.  The terms of these loans have been renegotiated to provide a reduction in principal or interest as a result of the deteriorating financial position of the borrower.  At December 31, 2010, TDR loans amounted to $56.7 million, including $10.0 million in performing TDR loans.

Table 10 identifies the maturities of all loans as of December 31, 2011 and addresses the sensitivity of these loans to changes in interest rates.
 
Table 10 - Maturity and Repricing Data for Loans
              
               
(Dollars in thousands)
Within one
year or less
  
After one year through five
years
  
After five
years
  
Total loans
Real estate loans
              
    Construction and land development
 $ 80,943   10,312   2,557   93,812
    Single-family residential
   132,590   68,101   66,359   267,050
    Commercial
   129,381   66,933   18,101   214,415
    Multifamily and farmland
   2,593   1,815   385   4,793
          Total real estate loans
   345,507   147,161   87,402   580,070
                 
Commercial loans (not secured by real estate
   52,032   7,928   688   60,648
Consumer loans (not secured by real estate
   5,186   4,984   320   10,490
All other loans (not secured by real estate
   12,332   5,182   1,775   19,289
Total loans
 $ 415,057   165,255   90,185   670,497
                 
Total fixed rate loans
 $ 35,298   141,702   90,185   267,185
Total floating rate loans
   379,759   23,553   -   403,312
                 
Total loans
 $ 415,057   165,255   90,185   670,497
 
 
 
A-18
 
 
In the normal course of business, there are various commitments outstanding to extend credit that are not reflected in the financial statements. At December 31, 2011, outstanding loan commitments totaled $131.6 million.  Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the commitment contract.  Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee.  Since many of the commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements.  Additional information regarding commitments is provided below in the section entitled “Contractual Obligations” and in Note 10 to the Consolidated Financial Statements.

Allowance for Loan Losses.  The allowance for loan losses reflects management’s assessment and estimate of the risks associated with extending credit and its evaluation of the quality of the loan portfolio.  The Bank periodically analyzes the loan portfolio in an effort to review asset quality and to establish an allowance for loan losses that management believes will be adequate in light of anticipated risks and loan losses.  In assessing the adequacy of the allowance, size, quality and risk of loans in the portfolio are reviewed. Other factors considered are:

·  
the Bank’s loan loss experience;
·  
the amount of past due and non-performing loans;
·  
specific known risks;
·  
the status and amount of other past due and non-performing assets;
·  
underlying estimated values of collateral securing loans;
·  
current and anticipated economic conditions; and
·  
other factors which management believes affect the allowance for potential credit losses.

Management uses several measures to assess and monitor the credit risks in the loan portfolio, including a loan grading system that begins upon loan origination and continues until the loan is collected or collectibility becomes doubtful. Upon loan origination, the Bank’s originating loan officer evaluates the quality of the loan and assigns one of nine risk grades. The loan officer monitors the loan’s performance and credit quality and makes changes to the credit grade as conditions warrant. When originated or renewed, all loans over a certain dollar amount receive in-depth reviews and risk assessments by the Bank’s Credit Administration. Before making any changes in these risk grades, management considers assessments as determined by the third party credit review firm (as described below), regulatory examiners and the Bank’s Credit Administration. Any issues regarding the risk assessments are addressed by the Bank’s senior credit administrators and factored into management’s decision to originate or renew the loan. The Bank’s Board of Directors reviews, on a monthly basis, an analysis of the Bank’s reserves relative to the range of reserves estimated by the Bank’s Credit Administration.

As an additional measure, the Bank engages an independent third party to review the underwriting, documentation and risk grading analyses. This independent third party reviews and evaluates all loan relationships greater than $1.0 million.  The third party’s evaluation and report is shared with management and the Bank’s Board of Directors.

Management considers certain commercial loans with weak credit risk grades to be individually impaired and measures such impairment based upon available cash flows and the value of the collateral. Allowance or reserve levels are estimated for all other graded loans in the portfolio based on their assigned credit risk grade, type of loan and other matters related to credit risk.

Management uses the information developed from the procedures described above in evaluating and grading the loan portfolio. This continual grading process is used to monitor the credit quality of the loan portfolio and to assist management in estimating the allowance for loan losses.

The allowance for loan losses is comprised of three components: specific reserves, general reserves and unallocated reserves.  After a loan has been identified as impaired, management measures impairment.  When the measure of the impaired loan is less than the recorded investment in the loan, the amount of the impairment is recorded as a specific reserve. These specific reserves are determined on an individual loan basis based on management’s current evaluation of the Bank’s loss exposure for each credit, given the appraised value of any underlying collateral. Loans for which specific reserves are provided are excluded from the general allowance calculations as described below.

The general allowance reflects reserves established for collective loan impairment.  These reserves are based upon historical net charge-offs using the last two years’ experience.  This charge-off experience may be adjusted to reflect the effects of current conditions.  The Bank considers information derived from its loan risk ratings and external data related to industry and general economic trends.
 
 
A-19
 
 
The unallocated allowance is determined through management’s assessment of probable losses that are in the portfolio but are not adequately captured by the other two components of the allowance, including consideration of current economic and business conditions and regulatory requirements. The unallocated allowance also reflects management’s acknowledgement of the imprecision and subjectivity that underlie the modeling of credit risk.  Due to the subjectivity involved in determining the overall allowance, including the unallocated portion, this unallocated portion may fluctuate from period to period based on management’s evaluation of the factors affecting the assumptions used in calculating the allowance.

Management considers the allowance for loan losses adequate to cover the estimated losses inherent in the Bank’s loan portfolio as of the date of the financial statements. Management believes it has established the allowance in accordance with GAAP and in consideration of the current economic environment. Although management uses the best information available to make evaluations, significant future additions to the allowance may be necessary based on changes in economic and other conditions, thus adversely affecting the operating results of the Company.

There were no significant changes in the estimation methods or fundamental assumptions used in the evaluation of the allowance for loan losses for the year ended December 31, 2011 as compared to the year ended December 31, 2010. Such revisions, estimates and assumptions are made in any period in which the supporting factors indicate that loss levels may vary from the previous estimates.

Additionally, various regulatory agencies, as an integral part of their examination process, periodically review the Bank’s allowance for loan losses. Such agencies may require adjustments to the allowance based on their judgments of information available to them at the time of their examinations.  Management believes it has established the allowance for credit losses pursuant to GAAP, and has taken into account the views of its regulators and the current economic environment.

Net charge-offs for 2011 were $11.5 million.  The ratio of net charge-offs to average total loans was 1.65% in 2011, 2.16% in 2010 and 0.79% in 2009.  The Bank strives to proactively work with its customers to identify potential problems.  If found, the Bank works to quickly recognize identifiable losses and to establish a plan, with the borrower, if possible, to have the loans paid off.  This process increased the levels of charge-offs and provision for loan losses in 2010 and 2011.  Management expects the ratio of net charge-offs to average total loans to remain at a level above historical norms in 2012 due to the recessionary economic conditions and the continuing decline in real estate values and new home sales.   The allowance for loan losses was $16.6 million or 2.48% of total loans outstanding at December 31, 2011.  For December 31, 2010 and 2009, the allowance for loan losses amounted to $15.5 million or 2.13% of total loans outstanding and $15.4 million, or 1.98% of total loans outstanding, respectively.  The allowance for loan losses increased in 2011 even as the provision for loan losses decreased due to Management’s  concern that the  length and depth of the current economic downturn will continue to negatively impact borrowers.  Management believes the increase in the allowance for loan losses is appropriate given the current economic environment.

Table 11 presents the percentage of loans assigned to each risk grade along with the general reserve percentage applied to loans in each risk grade at December 31, 2011 and 2010.
 
Table 11 - Loan Risk Grade Analysis
    
 
Percentage of Loans
 
By Risk Grade
Risk Grade
2011            
2010            
Risk Grade 1 (Excellent Quality)
3.12%
3.36%
Risk Grade 2 (High Quality)
16.58%
16.60%
Risk Grade 3 (Good Quality)
49.30%
47.00%
Risk Grade 4 (Management Attention)
19.65%
21.36%
Risk Grade 5 (Watch)
4.76%
2.84%
Risk Grade 6 (Substandard)
6.21%
8.12%
Risk Grade 7 (Low Substandard)
0.00%
0.37%
Risk Grade 8 (Doubtful)
0.00%
0.07%
Risk Grade 9 (Loss)
0.00%
0.00%

 
 
A-20
 
 
Table 12 presents an analysis of the allowance for loan losses, including charge-off activity.
 
Table 12 - Analysis of Allowance for Loan Losses
            
                   
(Dollars in thousands)
2011
  
2010
  
2009
  
2008
  
2007
Allowance for loan losses at beginning
 $ 15,493   15,413   11,025   9,103   8,303
                     
Loans charged off:
                    
Commercial
   313   1,730   697   249   414
Real estate - mortgage
   4,197   4,194   3,384   1,506   471
Real estate - construction
   7,164   10,224   1,754   644   252
Consumer
   586   763   835   748   489
                     
Total loans charged off
   12,260   16,911   6,670   3,147   1,626
                     
Recoveries of losses previously charged off:
                    
Commercial
   121   62   111   87   86
Real estate - mortgage
   226   162   161   8   21
Real estate - construction
   241   89   36   30   102
Consumer
   151   240   215   150   179
                     
Total recoveries
   739   553   523   275   388
                     
Net loans charged off
   11,521   16,358   6,147   2,872   1,238
                     
Provision for loan losses
   12,632   16,438   10,535   4,794   2,038
                     
Allowance for loan losses at end of year
 $ 16,604   15,493   15,413   11,025   9,103
                     
Loans charged off net of recoveries, as
                    
a percent of average loans outstanding
   1.65%   2.16%   0.79%   0.38%   0.19%
                     
Allowance for loan losses as a percent
                    
of total loans outstanding at end of year
   2.48%   2.13%   1.98%   1.41%   1.26%
 
Non-performing Assets.  Non-performing assets totaled $32.1 million at December 31, 2011 or 3.01% of total assets, compared to $46.9 million at December 31, 2010, or 4.40% of total assets.  Non-accrual loans were $21.8 million at December 31, 2011 and $40.1 million at December 31, 2010.  As a percentage of total loans outstanding, non-accrual loans were 3.25% at December 31, 2011 compared to 5.52% at December 31, 2010.  Non-performing loans include $13.2 million in construction and land development loans, $10.7 million in commercial and residential mortgage loans and $554,000 in other loans at December 31, 2011, as compared to $23.1 million in construction and land development loans, $16.2 million in commercial and residential mortgage loans and $1.0 million in other loans as of December 31, 2010.  The Bank had loans 90 days past due and still accruing totaling $2.7 million and $210,000 as of December 31, 2011 and December 31, 2010, respectively.  Other real estate owned totaled $7.6 million as of December 31, 2011 as compared to $6.7 million at December 31, 2010. The Bank had no repossessed assets as of December 31, 2011 and December 31, 2010.

At December 31, 2011, the Bank had non-performing loans, defined as non-accrual and accruing loans past due more than 90 days, of $24.5 million or 3.65% of total loans.  Non-performing loans at December 31, 2010 were $40.3 million, or 5.55% of total loans.

Management continually monitors the loan portfolio to ensure that all loans potentially having a material adverse impact on future operating results, liquidity or capital resources have been classified as non-performing.  Should economic conditions deteriorate, the inability of distressed customers to service their existing debt could cause higher levels of non-performing loans.  Management anticipates continued weakness in the housing market, which combined with the current economic conditions could result in higher levels of non-performing loans in 2012.
 
 
A-21
 

It is the general policy of the Bank to stop accruing interest income when a loan is placed on non-accrual status and any interest previously accrued but not collected is reversed against current income.  Generally a loan is placed on non-accrual status when it is over 90 days past due and there is reasonable doubt that all principal will be collected.

A summary of non-performing assets at December 31 for each of the years presented is shown in Table 13.

Table 13 - Non-performing Assets
                  
                   
(Dollars in thousands)
2011
  
2010
  
2009
  
2008
  
2007
Non-accrual loans
 $ 21,785   40,062   22,789   11,815   7,987
Loans 90 days or more past due and still accruing
   2,709   210   1,977   514   -
Total non-performing loans
   24,494   40,272   24,766   12,329   7,987
All other real estate owned
   7,576   6,673   3,997   1,867   483
Total non-performing assets
 $ 32,070   46,945   28,763   14,196   8,470
                     
As a percent of total loans at year end
                    
Non-accrual loans
   3.25%   5.52%   2.93%   1.51%   1.11%
Loans 90 days or more past due and still accruing
   0.40%   0.03%   0.25%   0.07%   0.00%
Total non-performing assets
   4.78%   6.46%   3.70%   1.82%   1.17%
                     
Total non-performing assets
                    
as a percent of total assets at year end
   3.01%   4.40%   2.74%   1.47%   0.93%
                     
Total non-performing loans
                    
 as a percent of total loans at year-end
   3.65%   5.55%   3.18%   1.58%   1.11%
 
                Deposits.  The Company primarily uses deposits to fund its loan and investment portfolios. The Company offers a variety of deposit accounts to individuals and businesses. Deposit accounts include checking, savings, money market and time deposits. As of December 31, 2011, total deposits were $827.1 million, compared to $838.7 million at December 31, 2010.  Core deposits, which include demand deposits, savings accounts and non-brokered certificates of deposits of denominations less than $100,000, amounted to $633.0 million at December 31, 2011, compared to $592.7 million at December 31, 2010.

Time deposits in  amounts of $100,000 or  more  totaled $193.0 million and $241.4 million  at December 31, 2011 and 2010, respectively.  At December 31, 2011,  brokered  deposits amounted to $47.0 million as compared to $87.4 million at December 31, 2010.  CDARS balances included in brokered deposits amounted to $28.6 million and $53.0 million as of December 31, 2011 and 2010, respectively.  Brokered deposits are generally considered to be more susceptible to withdrawal as a result of interest rate changes and to be a less stable source of funds, as compared to deposits from the local market.  Brokered deposits outstanding as of December 31, 2011 have a weighted average rate of 0.99% with a weighted average original term of 15 months.

Table 14 is a summary of the maturity distribution of time deposits in amounts of $100,000 or more as of December 31, 2011.

Table 14 - Maturities of Time Deposits over $100,000
  
   
(Dollars in thousands)
2011
Three months or less
 $ 39,416
Over three months through six months
   40,266
Over six months through twelve months
   73,565
Over twelve months
   39,798
Total
 $ 193,045
 
Borrowed Funds. The Company has access to various short-term borrowings, including the purchase of federal funds and borrowing arrangements from the FHLB and other financial institutions.  At December 31, 2011 and 2010, FHLB borrowings totaled $70.0 million compared to $77.0 million at December 31, 2009. Average FHLB borrowings for 2011 were $70.0 million, compared to average balances of $72.0 million for 2010 and $77.3 million for 2009. The maximum amount of outstanding FHLB borrowings was $75.0 million in 2011, $77.0 million in 2010 and $87.9 million in 2009. The FHLB borrowings outstanding at December 31, 2011 had interest rates ranging from 2.23% to 4.45%.  At December 31, 2011, all of the Bank’s FHLB borrowings had maturities exceeding one year.  The FHLB has the option to
 
 
A-22
 
 
convert $15.0 million of the total advances to a floating rate and, if converted, the Bank may repay advances without a prepayment fee.  Additional information regarding FHLB borrowings is provided in Note 6 to the Consolidated Financial Statements.

The Bank had no borrowings from the FRB at December 31, 2011 and 2010.  FRB borrowings are collateralized by a blanket assignment on all qualifying loans that the Bank owns which are not pledged to the FHLB.  At December 31, 2011, the carrying value of loans pledged as collateral totaled approximately $342.2 million.

Demand  notes  payable to the U.S. Treasury,  which represent  treasury  tax and  loan  payments  received from  customers, amounted  to  $636,000 at  December 31, 2010.   The Company did not have any demand notes payable to the U.S. Treasury outstanding at December 31, 2011.

Securities sold under agreements to repurchase amounted to $39.6 million and $34.1 million as of December 31, 2011 and 2010, respectively.

Junior Subordinated Debentures (related to Trust Preferred Securities).  In June 2006, the Company formed a wholly owned Delaware statutory trust, PEBK Capital Trust II (“PEBK Trust II”), which issued $20.0 million of guaranteed preferred beneficial interests in the Company’s junior subordinated deferrable interest debentures.  All of the common securities of PEBK Trust II are owned by the Company.  The proceeds from the issuance of the common securities and the trust preferred securities were used by PEBK Trust II to purchase $20.6 million of junior subordinated debentures of the Company, which pay a floating rate equal to three-month LIBOR plus 163 basis points.  The proceeds received by the Company from the sale of the junior subordinated debentures were used to repay in December 2006 the trust preferred securities issued in December 2001 by PEBK Capital Trust, a wholly owned Delaware statutory trust of the Company, and for general purposes.  The debentures represent the sole asset of PEBK Trust II.  PEBK Trust II is not included in the Consolidated Financial Statements.

The trust preferred securities issued by PEBK Trust II accrue and pay quarterly at a floating rate of three-month LIBOR plus 163 basis points.  The Company has guaranteed distributions and other payments due on the trust preferred securities to the extent PEBK Trust II has funds with which to make the distributions and other payments.  The net combined effect of the trust preferred securities transaction is that the Company is obligated to make the distributions and other payments required on the trust preferred securities.

These trust preferred securities are mandatorily redeemable upon maturity of the debentures on June 28, 2036, or upon earlier redemption as provided in the indenture.  The Company had the right to redeem the debentures purchased by PEBK Trust II, in whole or in part, on or after June 28, 2011.  As specified in the indenture, if the debentures are redeemed prior to maturity, the redemption price will be the principal amount and any accrued but unpaid interest.

Contractual Obligations and Off-Balance Sheet Arrangements.  The Company’s contractual obligations and other commitments as of December 31, 2011 are summarized in Table 15 below.  The Company’s contractual obligations include the repayment of principal and interest related to FHLB advances and junior subordinated debentures, as well as certain payments under current lease agreements.  Other commitments include commitments to extend credit.  Because not all of these commitments to extend credit will be drawn upon, the actual cash requirements are likely to be significantly less than the amounts reported for other commitments below.

Table 15 - Contractual Obligations and Other Commitments
                
                   
(Dollars in thousands)
Within One
Year
One to
Three Years
Three to
Five Years
Five Years
or More
Total
Contractual Cash Obligations
                  
Long-term borrowings
 $ -   5,000   15,000   50,000   70,000
Junior subordinated debentures
   -   -   -   20,619   20,619
Operating lease obligations
   507   892   816   2,111   4,326
Total
 $ 507   5,892   15,816   72,730   94,945
                     
Other Commitments
                    
Commitments to extend credit
 $ 36,744   2,544   1,430   90,847   131,565
Standby letters of credit
                    
and financial guarantees written
   3,288   -   -   -   3,288
Total
 $ 40,032   2,544   1,430   90,847   134,853
 
 
 
A-23
 
 
The Company enters into derivative contracts to manage various financial risks.  A derivative is a financial instrument that derives its cash flows, and therefore its value, by reference to an underlying instrument, index or referenced interest rate.  Derivative contracts are carried at fair value on the consolidated balance sheet with the fair value representing the net present value of expected future cash receipts or payments based on market interest rates as of the balance sheet date.  Derivative contracts are written in amounts referred to as notional amounts, which only provide the basis for calculating payments between counterparties and are not a measure of financial risk.  Therefore, the derivative amounts recorded on the balance sheet do not represent the amounts that may ultimately be paid under these contracts.  Further discussions of derivative instruments are included above in the section entitled “Asset Liability and Interest Rate Risk Management” beginning on page A-15 and in Notes 1, 10, 11 and 16 to the Consolidated Financial Statements.

Capital Resources.  Shareholders’ equity at December 31, 2011 was $103.0 million compared to $96.9 million at December 31, 2010 and $99.2 million at December 31, 2009.  Unrealized gains and losses, net of taxes, at December 31, 2011, 2010 and 2009 amounted to gains of $3.1 million, $387,000 and $2.9 million, respectively.  Average shareholders’ equity as a percentage of total average assets is one measure used to determine capital strength.   Average shareholders’ equity as a percentage of total average assets was 9.55%, 9.42% and 9.95% for 2011, 2010 and 2009.   The return on average shareholders’ equity was 5.03% at December 31, 2011 as compared to 1.81% and 2.88% as of December 31, 2010 and December 31, 2009, respectively.  Total cash dividends paid on common stock amounted to $443,000 during 2011 and 2010.  Cash dividends totaling $1.4 million were paid on common stock during 2009.  The Company paid dividends totaling $1.3 million, $1.3 million and $1.1 million on preferred stock during 2011, 2010 and 2009, respectively.

In March 2008, the Company’s Board of Directors authorized the repurchase of up to 100,000 common shares of the Company’s outstanding common stock through its existing Stock Repurchase Plan effective through the end of March 2009.  The Company repurchased 65,500 shares, or $776,000, of its common stock under this plan as of December 31, 2008.  Because of the Company’s participation in the UST’s CPP, discussed below, the Company can no longer repurchase shares of its common stock under the Stock Repurchase Plan without UST approval.

The Board of Directors, at its discretion, can issue shares of preferred stock up to a maximum of 5,000,000 shares.  The Board is authorized to determine the number of shares, voting powers, designations, preferences, limitations and relative rights.

On December 23, 2008, the Company entered into a Purchase Agreement  with the UST pursuant to the CPP under TARP.  Under the Purchase Agreement, the Company agreed to issue and sell 25,054 shares of Series A preferred stock and a warrant to purchase 357,234 shares of the Company's common stock.  Proceeds from this issuance of preferred shares were allocated between preferred stock and the warrant based on their relative fair values at the time of the sale.  Of the $25.1 million in proceeds, $24.4 million was allocated to the Series A preferred stock and $704,000 was allocated to the common stock warrant.  The discount recorded on the Series A preferred stock that resulted from allocating a portion of the proceeds to the warrant is being accreted directly to retained earnings over a five-year period applying a level yield.  As of December 31, 2011, the Company has accreted a total of $408,000 of the discount related to the Series A preferred stock.  The Company paid dividends of $1.3 million on the Series A preferred stock during 2011 and cumulative undeclared dividends at December 31, 2011 were $157,000.

The Series A preferred stock qualifies as Tier 1 capital and will pay cumulative dividends at a rate of 5% per annum for the first five years and 9% per annum thereafter.  The Series A preferred stock may be redeemed at the stated amount of $1,000 per share plus any accrued and unpaid dividends.  Under the terms of the original Purchase Agreement, the Company could not redeem the preferred shares until December 23, 2011 unless the total amount of the issuance, $25.1 million, was replaced with the same amount of other forms of capital that would qualify as Tier 1 capital.  However, with the enactment of the ARRA, the Company can now redeem the preferred shares at any time, if approved by the Company’s primary regulator.  The Series A preferred stock is non-voting except for class voting rights on matters that would adversely affect the rights of the holders of the Series A preferred stock.

The exercise price of the warrant is $10.52 per common share and it is exercisable at anytime on or before December 18, 2018.

The Company is subject to the following restrictions while the Series A preferred stock is outstanding: 1) UST approval is required for the Company to repurchase shares of outstanding common stock; 2) the full dividend for the latest completed CPP dividend period must declared and paid in full before dividends may be paid to common shareholders; 3) UST approval is required for any increase in common dividends per share above the last quarterly dividend of $0.12 per share paid prior to December 23, 2008; and 4) the Company may not take tax deductions for any senior executive officer whose compensation is above $500,000.  There were additional restrictions on executive compensation added in the ARRA for companies participating in the TARP, including participants in the CPP.
 
 
A-24
 
 
Under regulatory capital guidelines, financial institutions are currently required to maintain a total risk-based capital ratio of 8.0% or greater, with a Tier 1 risk-based capital ratio of 4.0% or greater.  Tier 1 capital is generally defined as shareholders’ equity and trust preferred securities less all intangible assets and goodwill.  Tier 1 capital at December 31, 2011, 2010 and 2009 includes $20.0 million in trust preferred securities. The Company’s Tier 1 capital ratio was 16.01%, 14.24% and 13.74% at December 31, 2011, 2010 and 2009, respectively.  Total risk-based capital is defined as Tier 1 capital plus supplementary capital.  Supplementary capital, or Tier 2 capital, consists of the Company’s allowance for loan losses, not exceeding 1.25% of the Company’s risk-weighted assets. Total risk-based capital ratio is therefore defined as the ratio of total capital (Tier 1 capital and Tier 2 capital) to risk-weighted assets.  The Company’s total risk-based capital ratio was 17.38%, 15.51% and 15.00% at December 31, 2011, 2010 and 2009, respectively.  In addition to the Tier 1 and total risk-based capital requirements, financial institutions are also required to maintain a leverage ratio of Tier 1 capital to total average assets of 4.0% or greater.  The Company’s Tier 1 leverage capital ratio was 11.06%, 10.70% and 11.42% at December 31, 2011, 2010 and 2009, respectively.

The Bank’s Tier 1 risk-based capital ratio was 13.76%, 11.87% and 11.22% at December 31, 2011, 2010 and 2009, respectively.  The total risk-based capital ratio for the Bank was 15.04%, 13.15% and 12.48% at December 31, 2011, 2010 and 2009, respectively.   The Bank’s Tier 1 leverage capital ratio was 9.44%, 8.91% and 9.33% at December 31, 2011, 2010 and 2009 respectively.

A bank is considered to be "well capitalized" if it has a total risk-based capital ratio of 10.0 % or greater, a Tier 1 risk-based capital ratio of 6.0% or greater, and has a leverage ratio of 5.0% or greater.  Based upon these guidelines, the Bank was considered to be ”well capitalized” at December 31, 2011, 2010 and 2009.

The Company’s key equity ratios as of December 31, 2011, 2010 and 2009 are presented in Table 16.

Table 16 - Equity Ratios
          
           
 
2011
  
2010
  
2009
Return on average assets
 0.48%   0.17%   0.29%
Return on average equity
 5.03%   1.81%   2.88%
Dividend payout ratio *
 11.78%   100.11%   86.22%
Average equity to average assets
 9.55%   9.42%   9.95%
           
* As a percentage of net earnings available to common shareholders.
          
 
Quarterly Financial Data.  The Company’s consolidated quarterly operating results for the years ended December 31, 2011 and 2010 are presented in Table 17.

Table 17 - Quarterly Financial Data
                    
                                 
 
2011
  
2010
(Dollars in thousands, except per share amounts)
First
Second
Third
Fourth
First
Second
Third
Fourth
Total interest income
 $ 11,558   11,422   11,291   10,988   $ 11,930   11,879   11,995   11,876  
Total interest expense
   3,044   2,809   2,673   2,420     3,825   3,682   3,516   3,325  
Net interest income
   8,514   8,613   8,618   8,568     8,105   8,197   8,479   8,551  
                                     
Provision for loan losses
   2,950   3,368   3,378   2,936     2,382   3,179   4,656   6,221  
Other income
   3,602   2,736   3,722   4,453     2,610   3,130   3,857   4,287  
Other expense
   7,400   7,408   7,164   7,600     7,189   7,057   7,182   7,520  
Income (loss) before income taxes
   1,766   573   1,798   2,485     1,144   1,091   498   (903 )
                                     
Income taxes
   405   (56 ) 406   708     269   227   (42 ) (465 )
Net earnings (loss)
   1,361   629   1,392   1,777     875   864   540   (438 )
                                     
Dividends and accretion of preferred stock
   348   348   348   349     348   349   348   349  
Net earnings (loss) available
                                    
to common shareholders
 $ 1,013   281   1,044   1,428   $ 527   515   192   (787 )
                                     
Basic earnings (loss) per common share
 $ 0.18   0.05   0.19   0.26   $ 0.10   0.09   0.03   (0.14 )
Diluted earnings (loss) per common share
 $ 0.18   0.05   0.19   0.26   $ 0.10   0.09   0.03   (0.14 )
 
 
 
A-25
 
 
QUANTATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market risk reflects the risk of economic loss resulting from adverse changes in market prices and interest rates.  This risk of loss can be reflected in either diminished current market values or reduced potential net interest income in future periods.

The Company’s market risk arises primarily from interest rate risk inherent in its lending and deposit taking activities. The structure of the Company’s loan and deposit portfolios is such that a significant decline (increase) in interest rates may adversely (positively) impact net market values and interest income. Management seeks to manage the risk through the utilization of its investment securities and off-balance sheet derivative instruments. During the years ended December 31, 2011, 2010 and 2009, the Company used interest rate contracts to manage market risk as discussed above in the section entitled “Asset Liability and Interest Rate Risk Management.”

Table 18 presents in tabular form the contractual balances and the estimated fair value of the Company’s on-balance sheet financial instruments at their expected maturity dates for the period ended December 31, 2011. The expected maturity categories take into consideration historical prepayment experience as well as management’s expectations based on the interest rate environment at December 31, 2011.  For core deposits without contractual maturity (i.e. interest bearing checking, savings, and money market accounts), the table presents principal cash flows based on management’s judgment concerning their most likely runoff or repricing behaviors.

Table 18 - Market Risk Table
                          
                           
(Dollars in thousands)
Principal/Notional Amount Maturing in Year Ended December 31,
  
Loans Receivable
2012
2013
2014
2015 &
2016
Thereafter
Total
Fair Value
Fixed rate
 $ 69,244   35,092   42,376   53,602   68,855   269,169   263,915
Average interest rate
   5.66%   6.20%   5.69%   5.85%   6.15%        
Variable rate
 $ 103,864   60,908   54,712   61,827   125,163   406,474   406,474
Average interest rate
   4.75%   4.70%   4.71%   4.89%   4.63%        
                        675,643   670,389
Investment Securities
                            
Interest bearing cash
 $ 6,704   -   -   -   -   6,704   6,704
Average interest rate
   0.22%   -   -   -   -        
Federal funds sold
 $ -   -   -   -   -   -   -
Average interest rate
   -   -   -   -   -        
Securities available for sale
 $ 35,212   32,852   28,645   40,954   183,726   321,388   321,388
Average interest rate
   4.25%   5.20%   4.94%   4.87%   4.91%        
Nonmarketable equity securities
 $ -   -   -   -   5,712   5,712   5,712
Average interest rate
   -   -   -   -   0.88%        
                             
Debt Obligations
                            
Deposits
 $ 252,857   39,348   14,134   17,761   503,011   827,111   826,810
Average interest rate
   1.19%   1.69%   1.90%   1.93%   0.31%        
Advances from FHLB
 $ -   -   5,000   15,000   50,000   70,000   75,046
Average interest rate
   -   -   2.23%   3.88%   3.93%        
Securities sold under agreement to repurchase
 $ 39,600                   39,600   39,600
Average interest rate
   0.39%                        
Junior subordinated debentures
 $ -   -   -   -   20,619   20,619   20,619
Average interest rate
   -   -   -   -   2.02%        
 
 
 
A-26
 
 
Table 19 presents the simulated impact to net interest income under varying interest rate scenarios and the theoretical impact of rate changes over a twelve-month period referred to as “rate ramps.”  The table shows the estimated theoretical impact on the Company’s tax equivalent net interest income from hypothetical rate changes of plus and minus 1%, 2% and 3% as compared to the estimated theoretical impact of rates remaining unchanged.  The table also shows the simulated impact to market value of equity under varying interest rate scenarios and the theoretical impact of immediate and sustained rate changes referred to as “rate shocks” of plus and minus 1%, 2% and 3% as compared to the theoretical impact of rates remaining unchanged.  The prospective effects of the hypothetical interest rate changes are based upon various assumptions, including relative and estimated levels of key interest rates.  This type of modeling has limited usefulness because it does not allow for the strategies management would utilize in response to sudden and sustained rate changes.  Also, management does not believe that rate changes of the magnitude presented are likely in the forecast period presented.
 
Table 19 - Interest Rate Risk
  
     
(Dollars in thousands)
  
 
Estimated Resulting Theoretical Net
Interest Income
Hypothetical rate change (ramp over 12 months)
Amount
% Change
+3% $ 32,672 -4.43%
+2% $ 32,803 -4.04%
+1% $ 33,111 -3.14%
0% $ 34,185 0.00%
-1% $ 33,845 -0.99%
-2% $ 32,951 -3.61%
-3% $ 32,365 -5.32%
       
       
       
 
Estimated Resulting Theoretical
Market Value of Equity
Hypothetical rate change (immediate shock)
Amount
% Change
+3% $ 86,725 -14.89%
+2% $ 93,761 -7.98%
+1% $ 98,847 -2.99%
0% $ 101,896 0.00%
-1% $ 94,968 -6.80%
-2% $ 88,939 -12.72%
-3% $ 84,431 -17.14%
 
 
 
 
A-27
 
 
 
PEOPLES BANCORP OF NORTH CAROLINA, INC. AND SUBSIDIARIES
Consolidated Financial Statements
December 31, 2011, 2010 and 2009
     
     
INDEX
   
PAGE(S)
     
     
Report of Independent Registered Public Accounting Firm on the Consolidated Financial Statements
A-29
     
Financial Statements
  
 
Consolidated Balance Sheets at December 31, 2011 and 2010
A-30
     
 
Consolidated Statements of Earnings for the years ended December 31, 2011, 2010 and 2009
A-31
     
 
Consolidated Statements of Changes in Shareholders' Equity for the years ended December 31, 2011, 2010 and 2009
 A-32
     
 
Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2011, 2010 and 2009
 A-33
     
 
Consolidated Statements of Cash Flows for the years ended December 31, 2011, 2010 and 2009
A-34 - A-35
     
 
Notes to Consolidated Financial Statements
A-36 - A-63
 
 
 
A-28
 
 
 
 
Porter Keadle Moore
  
 
CPAs
  
Advisors
  
www.pkm.com
  

 
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM



To the Board of Directors and Shareholders
Peoples Bancorp of North Carolina, Inc.
Newton, North Carolina

We have audited the accompanying consolidated balance sheets of Peoples Bancorp of North Carolina, Inc. and subsidiaries as of December 31, 2011 and 2010, and the related consolidated statements of earnings, changes in shareholders’ equity, comprehensive income (loss) and cash flows for each of the three years in the period ended December 31, 2011. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.  Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting.  Accordingly, we express no such opinion.  An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Peoples Bancorp of North Carolina, Inc. and subsidiaries as of December 31, 2011 and 2010, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2011, in conformity with accounting principles generally accepted in the United States of America.
 


 
  /s/ Porter Keadle Moore, LLC  
 




Atlanta, Georgia
March 27, 2012
 
 
 
 
 
235 Peachtree Street NE
  
Suite 1800
  
Atlanta, Georgia 30303
  
Phone 404-588-4200
  
Fax 404-588-4222
  
 
 
 
A-29
 
 
 
PEOPLES BANCORP OF NORTH CAROLINA, INC. AND SUBSIDIARIES
         
Consolidated Balance Sheets
         
December 31, 2011 and 2010
         
(Dollars in thousands)
Assets
2011
  
2010
  
         
         
Cash and due from banks, including reserve requirements
 $ 22,532     22,521  
of $8,492 and $8,698
            
Interest bearing deposits
   6,704     1,456  
Cash and cash equivalents
   29,236     23,977  
             
Certificates of deposit
   -       735  
             
Investment securities available for sale
   321,388     272,449  
Other investments
   5,712     5,761  
Total securities
   327,100     278,210  
             
Mortgage loans held for sale
   5,146     3,814  
             
Loans
   670,497     726,160  
Less allowance for loan losses
   (16,604 )   (15,493 )
Net loans
   653,893     710,667  
             
Premises and equipment, net
   16,896     17,334  
Cash surrender value of life insurance
   12,835     7,539  
Other real estate
   7,576     6,673  
Accrued interest receivable and other assets
   14,381     18,703  
Total assets
 $ 1,067,063     1,067,652  
             
Liabilities and Shareholders' Equity
            
             
Deposits:
            
Non-interest bearing demand
 $ 136,878     114,792  
NOW, MMDA & savings
   366,133     332,511  
Time, $100,000 or more
   193,045     241,366  
Other time
   131,055     150,043  
Total deposits
   827,111     838,712  
             
Demand notes payable to U.S. Treasury
   -       1,600  
Securities sold under agreements to repurchase
   39,600     34,094  
FHLB borrowings
   70,000     70,000  
Junior subordinated debentures
   20,619     20,619  
Accrued interest payable and other liabilities
   6,706     5,769  
Total liabilities
   964,036     970,794  
             
Commitments
            
             
Shareholders' equity:
            
             
Series A preferred stock, $1,000 stated value; authorized
            
5,000,000 shares; issued and outstanding
            
25,054 shares in 2011 and 2010
   24,758     24,617  
Common stock, no par value; authorized
            
20,000,000 shares; issued and outstanding
            
5,544,160 shares in 2011 and 5,541,413 shares in 2010
   48,298     48,281  
Retained earnings
   26,895     23,573  
Accumulated other comprehensive income
   3,076     387  
Total shareholders' equity
   103,027     96,858  
             
Total liabilities and shareholders' equity
 $ 1,067,063     1,067,652  
             
See accompanying Notes to Consolidated Financial Statements.
            
 
 
 
A-30
 
 
 
PEOPLES BANCORP OF NORTH CAROLINA, INC. AND SUBSIDIARIES
             
Consolidated Statements of Earnings
             
For the Years Ended December 31, 2011, 2010 and 2009
             
(Dollars in thousands, except per share amounts)
             
 
2011
  
2010
  
2009
  
             
             
Interest income:
            
Interest and fees on loans
 $ 36,407     40,267     43,211  
Interest on investment securities:
                  
U.S. Government sponsored enterprises
   5,414     5,035     5,461  
States and political subdivisions
   3,180     2,173     1,242  
Other
   258     205     123  
Total interest income
   45,259     47,680     50,037  
                   
Interest expense:
                  
NOW, MMDA & savings deposits
   2,263     3,472     2,965  
Time deposits
   5,035     6,786     9,687  
FHLB borrowings
   2,956     3,285     3,577  
Junior subordinated debentures
   407     411     546  
Other
   285     394     412  
Total interest expense
   10,946     14,348     17,187  
                   
Net interest income
   34,313     33,332     32,850  
                   
Provision for loan losses
   12,632     16,438     10,535  
                   
Net interest income after provision for loan losses
   21,681     16,894     22,315  
                   
Non-interest income:
                  
Service charges
   5,106     5,626     5,573  
Other service charges and fees
   2,090     2,195     2,058  
Other than temporary impairment losses
   (144 )   (291 )   (723 )
Gain on sale of securities
   4,406     3,348     1,795  
Mortgage banking income
   757     532     827  
Insurance and brokerage commissions
   471     390     414  
Loss on sale and write-down of
                  
other real estate 
   (1,322 )   (704 )   (501 )
Miscellaneous
   3,149     2,788     2,380  
Total non-interest income
   14,513     13,884     11,823  
                   
Non-interest expense:
                  
Salaries and employee benefits
   14,766     14,124     14,758  
Occupancy
   5,339     5,436     5,409  
Other
   9,467     9,388     9,716  
Total non-interest expense
   29,572     28,948     29,883  
                   
Earnings before income taxes
   6,622     1,830     4,255  
                   
Income tax expense (benefit)
   1,463     (11 )   1,339  
                   
Net earnings
   5,159     1,841     2,916  
                   
Dividends and accretion of preferred stock
   1,393     1,394     1,246  
                   
Net earnings available to common shareholders
 $ 3,766     447     1,670  
                   
Basic net earnings per common share
 $ 0.68     0.08     0.30  
Diluted net earnings per common share
 $ 0.68     0.08     0.30  
Cash dividends declared per common share
 $ 0.08     0.08     0.26  
                   
                   
See accompanying Notes to Consolidated Financial Statements.
              
 
 
 
A-31
 
 
 
PEOPLES BANCORP OF NORTH CAROLINA, INC. AND SUBSIDIARIES
                               
Consolidated Statements of Changes in Shareholders' Equity
                               
For the Years Ended December 31, 2011, 2010 and 2009
                               
(Dollars in thousands)
                          Accumulated    
                          Other    
        Stock Shares      Stock Amount      Retained     Comprehensive    
   
Preferred
  
Common
  
Preferred
  
Common
  
Earnings
  
Income
Total
  
Balance, December 31, 2008
   25,054   5,539,056   $ 24,350   48,269   22,985   5,524   101,128  
                                 
Adjustment to the
                                
cumulative effect of
                                
adoption of EITF 06-4
   -   -     -   -   358   -   358  
Accretion of Series A
                                
preferred stock
   -   -     126   -   (126 ) -   -  
Cash dividends declared on
                                
Series A preferred stock
   -   -     -   -   (1,120 ) -   (1,120 )
Cash dividends declared on
                                
common stock
   -   -     -   -   (1,440 ) -   (1,440 )
Net earnings
   -   -     -   -   2,916   -   2,916  
Change in accumulated other
                                
comprehensive income,
                                
net of tax
   -   -     -   -   -   (2,619 ) (2,619 )
Balance, December 31, 2009
   25,054   5,539,056   $ 24,476   48,269   23,573   2,905   99,223  
                                 
Accretion of Series A
                                
preferred stock
   -   -     141   -   (141 ) -   -  
Cash dividends declared on
                                
Series A preferred stock
   -   -     -   -   (1,253 ) -   (1,253 )
Cash dividends declared on
                                
common stock
   -   -     -   -   (447 ) -   (447 )
Restricted stock payout
   -   2,357     -   12   -   -   12  
Net earnings
   -   -     -   -   1,841   -   1,841  
Change in accumulated other
                                
comprehensive income,
                                
net of tax
   -   -     -   -   -   (2,518 ) (2,518 )
Balance, December 31, 2010
   25,054   5,541,413   $ 24,617   48,281   23,573   387   96,858  
                                 
Accretion of Series A
                                
preferred stock
   -   -     141   -   (141 ) -   -  
Cash dividends declared on
                                
Series A preferred stock
   -   -     -   -   (1,253 ) -   (1,253 )
Cash dividends declared on
                                
common stock
   -   -     -   -   (443 ) -   (443 )
Restricted stock payout
   -   2,747     -   17   -   -   17  
Net earnings
   -   -     -   -   5,159   -   5,159  
Change in accumulated other
                                
comprehensive income,
                                
net of tax
   -   -     -   -   -   2,689   2,689  
Balance, December 31, 2011
   25,054   5,544,160   $ 24,758   48,298   26,895   3,076   103,027  
                                 
See accompanying Notes to Consolidated Financial Statements.
                  
 
 
 
A-32
 
 
 
PEOPLES BANCORP OF NORTH CAROLINA, INC. AND SUBSIDIARIES
             
Consolidated Statements of Comprehensive Income (Loss)
             
For the Years Ended December 31, 2011, 2010 and 2009
             
(Dollars in thousands)
             
 
2011
  
2010
  
2009
  
             
             
Net earnings
 $ 5,159     1,841     2,916  
                   
Other comprehensive income (loss):
                  
Unrealized holding gains on securities
                  
available for sale
   9,316     46     214  
Reclassification adjustment for other than temporary
                  
impairment losses included in net earnings
   144     291     723  
Reclassification adjustment for gains on sales
                 
and write-downs of securities available for sale
                  
        included in net earnings   (4,406 )    (3,348 )   (1,795 )
Unrealized holding losses on derivative
                  
financial instruments qualifying as cash flow
                  
hedges
   (648 )   (1,114 )   (2,726 )
Reclassification adjustment for gains on
                  
derivative financial instruments qualifying as
                  
cash flow hedges included in net earnings
   -       -       (1 )
                   
Total other comprehensive income (loss),
                  
before income taxes
   4,406     (4,125 )   (3,585 )
                   
Income tax expense (benefit) related to other
                  
comprehensive income (loss):
                  
                   
Unrealized holding gains on securities
                  
available for sale
   3,629     18     83  
Reclassification adjustment for gains on sales
                  
and write-downs of securities available for sale
                  
included in net earnings
   (1,660 )   (1,191 )   (417 )
Unrealized holding losses on derivative
                  
financial instruments qualifying as cash flow
                  
hedges
   (252 )   (434 )   (632 )
                   
Total income tax expense (benefit) related to
                  
other comprehensive income
   1,717     (1,607 )   (966 )
                   
Total other comprehensive income (loss),
                  
net of tax
   2,689     (2,518 )   (2,619 )
                   
Total comprehensive income (loss)
 $ 7,848     (677 )   297  
                   
See accompanying Notes to Consolidated Financial Statements.
              
 
 
 
A-33
 
 
 
PEOPLES BANCORP OF NORTH CAROLINA, INC. AND SUBSIDIARIES
             
Consolidated Statements of Cash Flows
             
For the Years Ended December 31, 2011, 2010 and 2009
             
(Dollars in thousands)
             
 
2011
  
2010
  
2009
  
             
             
Cash flows from operating activities:
            
Net earnings
 $ 5,159     1,841     2,916  
Adjustments to reconcile net earnings to
                  
net cash provided by operating activities:
                  
Depreciation, amortization and accretion
   6,226     4,971     2,931  
Provision for loan losses
   12,632     16,438     10,535  
Deferred income taxes
   (678 )   (523 )   (1,720 )
Gain on sale of investment securities
   (4,406 )   (3,348 )   (1,795 )
Write-down of investment securities
   144     291     723  
Gain on ineffective portion of derivative financial instruments
   -       -       (1 )
Loss/(Gain) on sale of other real estate and repossessions
   272     (191 )   24  
Write-down of other real estate 
   1,050     895     477  
Restricted stock expense
   7     10     4  
Change in:
                  
Mortgage loans held for sale
   (1,332 )   (974 )   (2,840 )
Cash surrender value of life insurance
   (296 )   (257 )   (263 )
Other assets
   2,644     (2,316 )   (6,581 )
Other liabilities
   930     961     300  
                   
Net cash provided by operating activities
   22,352     17,798     4,710  
                   
Cash flows from investing activities:
                  
Net change in certificates of deposit
   735     2,610     (3,345 )
Purchases of investment securities available for sale
   (208,863 )   (232,915 )   (141,770 )
Proceeds from calls, maturities and paydowns of investment securities
                  
available for sale
   54,041     86,935     40,629  
Proceeds from sales of investment securities available for sale
   110,978     65,774     30,743  
Purchases of other investments
   (215 )   -       (1,426 )
Proceeds from sale of other investments
   290     585     809  
Net change in loans
   38,561     28,703     (7,916 )
Purchases of premises and equipment
   (1,601 )   (1,441 )   (1,614 )
Purchases of bank owned life insurance
   (5,000 )   -       -    
Proceeds from sale of premises and equipment
   -       -       24  
Proceeds from sale of other real estate and repossessions
   3,355     5,725     3,435  
                   
Net cash used by investing activities
   (7,719 )   (44,024 )   (80,431 )
                   
Cash flows from financing activities:
                  
Net change in deposits
   (11,601 )   29,369     88,281  
Net change in demand notes payable to U.S. Treasury
   (1,600 )   964     (964 )
Net change in securities sold under agreement to repurchase
   5,506     (2,782 )   (625 )
Proceeds from FHLB borrowings
   40,000     -       24,100  
Repayments of FHLB borrowings
   (40,000 )   (7,000 )   (24,100 )
Proceeds from FRB borrowings
   1     -       45,000  
Repayments of FRB borrowings
   (1 )   -       (50,000 )
Restricted stock payout
   17     12     -    
Cash dividends paid on Series A preferred stock
   (1,253 )   (1,253 )   (1,120 )
Cash dividends paid on common stock
   (443 )   (447 )   (1,440 )
                   
Net cash (used) provided by financing activities
   (9,374 )   18,863     79,132  
                   
Net change in cash and cash equivalent
   5,259     (7,363 )   3,411  
                   
Cash and cash equivalents at beginning of period
   23,977     31,340     27,929  
                   
Cash and cash equivalents at end of period
 $ 29,236     23,977     31,340  
 
 
 
A-34
 
 
 
PEOPLES BANCORP OF NORTH CAROLINA, INC. AND SUBSIDIARIES
                 
Consolidated Statements of Cash Flows, continued
                 
For the Years ended December 31, 2011, 2010 and 2009
                 
(Dollars in thousands)
                 
                 
 
2011
    
2010
    
2009
  
                 
                 
Supplemental disclosures of cash flow information:
                
Cash paid during the year for:
                
Interest
 $ 10,900     14,419     17,541  
Income taxes
 $ 283     1,700     2,230  
                   
Noncash investing and financing activities:
                  
Change in unrealized gain on investment securities
                  
 available for sale, net
 $ (3,087 )   1,838     (524 )
Change in unrealized gain on derivative financial
                  
 instruments, net
 $ 398     680     (2,095 )
Transfer of loans to other real estate and repossessions
 $ 10,787     9,105     6,067  
Financed portion of sale of other real estate
 $ 5,208     2,270     1,166  
Accretion of Series A preferred stock
 $ 141     141     126  
Cumulative effect and resulting adjustment of
                  
adoption of EITF 06-4
 $ -       -       (358 )
                   
                   
See accompanying Notes to Consolidated Financial Statements.
                  
 
 
 
A-35
 
 
PEOPLES BANCORP OF NORTH CAROLINA, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(1)
    Summary of Significant Accounting Policies
 
 
    Organization
Peoples Bancorp of North Carolina, Inc. (“Bancorp”) received regulatory approval to operate as a bank holding company on July 22, 1999, and became effective August 31, 1999.  Bancorp is primarily regulated by the Board of Governors of the Federal Reserve System, and serves as the one-bank holding company for Peoples Bank (the “Bank”).

The Bank commenced business in 1912 upon receipt of its banking charter from the North Carolina State Banking Commission (the “SBC”). The Bank is primarily regulated by the SBC and the Federal Deposit Insurance Corporation (the “FDIC”) and undergoes periodic examinations by these regulatory agencies. The Bank, whose main office is in Newton, North Carolina, provides a full range of commercial and consumer banking services primarily in Catawba, Alexander, Lincoln, Mecklenburg, Iredell, Union and Wake counties in North Carolina.

Peoples Investment Services, Inc. is a wholly-owned subsidiary of the Bank and began operations in 1996 to provide investment and trust services through agreements with an outside party.

Real Estate Advisory Services, Inc. (“REAS”) is a wholly-owned subsidiary of the Bank and began operations in 1997 to provide real estate appraisal and property management services to individuals and commercial customers of the Bank.

Community Bank Real Estate Solutions, LLC is a wholly-owned subsidiary of Bancorp and began operations in 2009 as a “clearing house” for appraisal services for community banks.  Other banks are able to contract with Community Bank Real Estate Solutions, LLC to find and engage appropriate appraisal companies in the area where the property is located.

Principles of Consolidation
The consolidated financial statements include the financial statements of Bancorp and its wholly-owned subsidiaries, the Bank and Community Bank Real Estate Solutions, LLC, along with the Bank’s wholly-owned subsidiaries, Peoples Investment Services, Inc. and REAS (collectively called the “Company”).  All significant intercompany balances and transactions have been eliminated in consolidation.

Basis of Presentation
The accounting principles followed by the Company, and the methods of applying these principles, conform with accounting principles generally accepted in the United States of America (“GAAP”) and with general practices in the banking industry. In preparing the financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts in the financial statements. Actual results could differ significantly from these estimates. Material estimates common to the banking industry that are particularly susceptible to significant change in the near term include, but are not limited to, the determination of the allowance for loan losses and valuation of real estate acquired in connection with or in lieu of foreclosure on loans.

Cash and Cash Equivalents
Cash and due from banks and interest bearing deposits are considered cash and cash equivalents for cash flow reporting purposes.

Investment Securities
There are three classifications the Company is able to use to for its investment securities: trading, available for sale, or held to maturity. Trading securities are bought and held principally for sale in the near term. Held to maturity securities are those securities for which the Company has the ability and intent to hold until maturity. All other securities not included in trading or held to maturity are classified as available for sale. At December 31, 2011 and 2010, the Company classified all of its investment securities as available for sale.

Available for sale securities are recorded at fair value. Unrealized holding gains and losses, net of the related tax effect, are excluded from earnings and are reported as a separate component of shareholders’ equity until realized.

Management evaluates investment securities for other-than-temporary impairment on an annual basis.  A decline in the market value of any investment below cost that is deemed other-than-temporary is charged to earnings for
 
 
A-36
 
 
the decline in value deemed to be credit related and a new cost basis in the security is established .  The decline in value attributed to non-credit related factors is recognized in comprehensive income.

Premiums and discounts are amortized or accreted over the life of the related security as an adjustment to the yield.  Realized gains and losses for securities classified as available for sale are included in earnings and are derived using the specific identification method for determining the cost of securities sold.

Other Investments
Other investments include equity securities with no readily determinable fair value.  These investments are carried at cost.

Mortgage Loans Held for Sale
Mortgage loans held for sale are carried at lower of aggregate cost or market value.  The cost of mortgage loans held for sale approximates the market value.

Loans
Loans that management has the intent and ability to hold for the foreseeable future or until maturity are reported at the principal amount outstanding, net of the allowance for loan losses. Interest on loans is calculated by using the simple interest method on daily balances of the principal amount outstanding.   The recognition of certain loan origination fee income and certain loan origination costs is deferred when such loans are originated and amortized over the life of the loan.

Impaired loans are measured based on the present value of expected future cash flows, discounted at the loan’s effective interest rate, or at the loan’s observable market price, or the fair value of the collateral if the loan is collateral dependent. A loan is impaired when, based on current information and events, it is probable that all amounts due according to the contractual terms of the loan will not be collected.

Accrual of interest is discontinued on a loan when management believes, after considering economic conditions and collection efforts, that the borrower’s financial condition is such that collection of interest is doubtful. Interest previously accrued but not collected is reversed against current period earnings.

Allowance for Loan Losses
The allowance for loan losses reflects management’s assessment and estimate of the risks associated with extending credit and its evaluation of the quality of the loan portfolio.  The Bank periodically analyzes the loan portfolio in an effort to review asset quality and to establish an allowance for loan losses that management believes will be adequate in light of anticipated risks and loan losses.  In assessing the adequacy of the allowance, size, quality and risk of loans in the portfolio are reviewed. Other factors considered are:

·  
the Bank’s loan loss experience;
·  
the amount of past due and non-performing loans;
·  
specific known risks;
·  
the status and amount of other past due and non-performing assets;
·  
underlying estimated values of collateral securing loans;
·  
current and anticipated economic conditions; and
·  
other factors which management believes affect the allowance for potential credit losses.

The allowance for loan losses is comprised of three components: specific reserves, general reserves and unallocated reserves.  After a loan has been identified as impaired, management measures impairment.  When the measure of the impaired loan is less than the recorded investment in the loan, the amount of the impairment is recorded as a specific reserve. These specific reserves are determined on an individual loan basis based on management’s current evaluation of the Bank’s loss exposure for each credit, given the appraised value of any underlying collateral.  Loans for which specific reserves are provided are excluded from the general allowance calculations as described below.

The general allowance reflects reserves established under GAAP for collective loan impairment.  These reserves are based upon historical net charge-offs using the last two years’ experience.  This charge-off experience may be adjusted to reflect the effects of current conditions.  The Bank considers information derived from its loan risk ratings and external data related to industry and general economic trends in establishing reserves.
 
The unallocated allowance is determined through management’s assessment of probable losses that are in the portfolio but are not adequately captured by the other two components of the allowance, including consideration
 
 
A-37
 
 
of current economic and business conditions and regulatory requirements. The unallocated allowance also reflects management’s acknowledgement of the imprecision and subjectivity that underlie the modeling of credit risk.  Due to the subjectivity involved in determining the overall allowance, including the unallocated portion, this unallocated portion may fluctuate from period to period based on management’s evaluation of the factors affecting the assumptions used in calculating the allowance.
 
Management considers the allowance for loan losses adequate to cover the estimated losses inherent in the Bank’s loan portfolio as of the date of the financial statements. Management believes it has established the allowance in accordance with GAAP and in consideration of the current economic environment. Although management uses the best information available to make evaluations, significant future additions to the allowance may be necessary based on changes in economic and other conditions, thus adversely affecting the operating results of the Company.

There were no significant changes in the estimation methods or fundamental assumptions used in the evaluation of the allowance for loan losses for the year ended December 31, 2011 as compared to the year ended December 31, 2010.   Such revisions, estimates and assumptions are made in any period in which the supporting factors indicate that loss levels may vary from the previous estimates.

Additionally, various regulatory agencies, as an integral part of their examination process, periodically review the Bank’s allowances for loan losses. Such agencies may require adjustments to the allowances based on their judgments of information available to them at the time of their examinations.  Also, an independent loan review process further assists with evaluating credit quality and assessing potential performance issues.

Mortgage Banking Activities
Mortgage banking income represents net gains from the sale of mortgage loans and fees received from borrowers and loan investors related to the Bank's origination of single-family residential mortgage loans.

Mortgage servicing rights (“MSRs”) represent the unamortized cost of purchased and originated contractual rights to service mortgages for others in exchange for a servicing fee.  MSRs are amortized over the period of estimated net servicing income and are periodically adjusted for actual prepayments of the underlying mortgage loans.  The Company recognized no servicing assets during 2011, 2010 and 2009.

Mortgage loans serviced for others are not included in the accompanying balance sheets. The unpaid principal balances of mortgage loans serviced for others was approximately $4.0 million, $5.3 million and $6.6 million at December 31, 2011, 2010 and 2009, respectively.

The Bank originates certain fixed rate mortgage loans and commits these loans for sale.  The commitments to originate fixed rate mortgage loans and the commitments to sell these loans to a third party are both derivative contracts.  The fair value of these derivative contracts is immaterial and has no effect on the recorded amounts in the financial statements.

Premises and Equipment
Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed primarily using the straight-line method over the estimated useful lives of the assets. When assets are retired or otherwise disposed, the cost and related accumulated depreciation are removed from the accounts, and any gain or loss is reflected in earnings for the period. The cost of maintenance and repairs that do not improve or extend the useful life of the respective asset is charged to earnings as incurred, whereas significant renewals and improvements are capitalized. The range of estimated useful lives for premises and equipment are generally as follows:
 
Buildings and improvements   10 - 50 years
Furniture and equipment   3 - 10 years
 
Other Real Estate
Foreclosed assets include all assets received in full or partial satisfaction of a loan and include real and personal property.  Foreclosed assets are reported at fair value less estimated selling costs.  The balance of other real estate owned was $7.6 million and $6.7 million at December 31, 2011 and 2010, respectively.
 
Income Taxes
Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Additionally, the recognition of future tax benefits, such as net operating loss carryforwards, is required to the extent that the realization of such benefits is more likely than not.  Deferred tax assets and liabilities are measured
 
 
A-38
 
 
using enacted tax rates expected to apply to taxable income in the years in which the assets and liabilities are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income tax expense in the period that includes the enactment date.

In the event the future tax consequences of differences between the financial reporting bases and the tax bases of the Company’s assets and liabilities results in a deferred tax asset, an evaluation of the probability of being able to realize the future benefits indicated by such asset is required. A valuation allowance is provided for the portion of the deferred tax asset when it is more likely than not that some portion or all of the deferred tax asset will not be realized. In assessing the realizability of a deferred tax asset, management considers the scheduled reversals of deferred tax liabilities, projected future taxable income, and tax planning strategies.

The Company accounts for income taxes in accordance with income tax accounting guidance, Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 740, Income Taxes.  On January 1, 2007, the Company adopted the accounting guidance related to accounting for uncertainty in income taxes, which sets out a consistent framework to determine the appropriate level of tax reserves to maintain for uncertain tax positions.  This guidance prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return.  Benefits from tax positions should be recognized in the financial statements only when it is more-likely-than-not that the tax position will be sustained upon examination by the appropriate taxing authority that would have full knowledge of all relevant information.  A tax position that meets the more-likely-than-not recognition threshold is measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement.  Tax positions that previously failed to meet the more-likely-than-not recognition threshold should be recognized in the first subsequent financial reporting period in which that threshold is met.  Previously recognized tax positions that no longer meet the more-likely-than-not recognition threshold should be derecognized in the first subsequent financial reporting period in which that threshold is no longer met.  This guidance also provides disclosure guidelines for unrecognized tax benefits, interest and penalties.  The Company assessed the impact of this guidance and determined that it did not have a material impact on the Company’s financial position, results of operations or disclosures.

Derivative Financial Instruments and Hedging Activities
In the normal course of business, the Company enters into derivative contracts to manage interest rate risk by modifying the characteristics of the related balance sheet instruments in order to reduce the adverse effect of changes in interest rates. All derivative financial instruments are recorded at fair value in the financial statements.

On the date a derivative contract is entered into, the Company designates the derivative as a fair value hedge, a cash flow hedge, or a trading instrument. Changes in the fair value of instruments used as fair value hedges are accounted for in the earnings of the period simultaneous with accounting for the fair value change of the item being hedged. Changes in the fair value of the effective portion of cash flow hedges are accounted for in other comprehensive income rather than earnings. Changes in fair value of instruments that are not intended as a hedge are accounted for in the earnings of the period of the change.

If a derivative instrument designated as a fair value hedge is terminated or the hedge designation removed, the difference between a hedged item’s then carrying amount and its face amount is recognized into income over the original hedge period. Likewise, if a derivative instrument designated as a cash flow hedge is terminated or the hedge designation removed, related amounts accumulated in other accumulated comprehensive income are reclassified into earnings over the original hedge period during which the hedged item affects income.

The Company formally documents all hedging relationships, including an assessment that the derivative instruments are expected to be highly effective in offsetting the changes in fair values or cash flows of the hedged items.

Advertising Costs
Advertising costs are expensed as incurred.

Accumulated Other Comprehensive Income
At December 31, 2011, accumulated other comprehensive income consisted of net unrealized gains on securities available for sale of $3.1 million.  At December 31, 2010, accumulated other comprehensive income consisted of net unrealized losses on securities available for sale of $8,000 and net unrealized gains on derivatives of $395,000.
 
 
A-39
 
 
Stock-Based Compensation
The Company has an Omnibus Stock Ownership and Long Term Incentive Plan (the “1999 Plan”) whereby certain stock-based rights, such as stock options, restricted stock, performance units, stock appreciation rights, or book value shares, may be granted to eligible directors and employees.  The 1999 Plan expired on May 13, 2009.

Under the 1999 Plan, the Company granted incentive stock options to certain eligible employees in order that they may purchase Company stock at a price equal to the fair market value on the date of the grant.  The options granted in 1999 vested over a five-year period.  Options granted subsequent to 1999 vest over a three-year period.

 All options expire after ten years.  A summary of the stock option activity in the 1999 Plan is presented below:
 
Stock Option Activity
For the Years Ended December 31, 2011, 2010 and 2009
           
 
Shares
  
Weighted
Average Option
Price Per Share
  
Weighted Average
Remaining
Contractual Term (in
years)
Outstanding, December 31, 2008
 184,945   $ 8.24    
             
Granted during the period
 -     $ -      
Expired during the period
 (15,483 ) $ 9.02    
Exercised during the period
 -     $ -      
             
Outstanding, December 31, 2009
 169,462   $ 8.17    
             
Granted during the period
 -     $ -      
Expired during the period
 (19,391 ) $ 6.99    
Exercised during the period
 -     $ -      
             
Outstanding, December 31, 2010
 150,071   $ 8.32    
             
Granted during the period
 -     $ -      
Expired during the period
 (71,054 ) $ 8.71    
Exercised during the period
 -     $ -      
             
Outstanding, December 31, 2011
 79,017   $ 7.97  
                            1.09
             
Exercisable, December 31, 2011
 79,017   $ 7.97  
                            1.09
 
Options outstanding at December 31, 2011 are exercisable at option prices ranging from $7.76 to $10.57.  As of December 31, 2011, the exercise price on options outstanding is more than the current market value; therefore, options outstanding as of December 31, 2011 have no intrinsic value.  Such options have a weighted average remaining contractual life of approximately one year.  No options were granted or exercised during the years ended December 31, 2011, 2010 and 2009.

The Company recognized compensation expense for restricted stock awards of $7,000, $10,000 and $4,000 for the years ended December 31, 2011, 2010 and 2009, respectively.  As of December 31, 2011 and 2010, there was no unrecognized compensation cost related to nonvested restricted stock awards.

The Company granted 3,000 shares of restricted stock in 2007 at a grant date fair value of $17.40 per share. The Company granted 1,750 shares of restricted stock at a grant date fair value of $12.80 per share during the third quarter of 2008 and 2,000 shares of restricted stock at a fair value of $11.37 per share during the fourth quarter of 2008. The Company recognizes compensation expense on the restricted stock grants over the period of time the restrictions are in place (three years from the grant date for the grants to date).  The amount of expense recorded each period reflects the changes in the Company’s stock price during the period.  As of December 31, 2011, there was no unrecognized compensation cost related to restricted stock grants.  As of December 31, 2010, there was $4,000 of total unrecognized compensation cost related to restricted stock grants.

The Company has a new Omnibus Stock Ownership and Long Term Incentive Plan, which was approved by shareholders on May 7, 2009 (the “2009 Plan”) whereby certain stock-based rights, such as stock options, restricted stock, performance units, stock appreciation rights, or book value shares, may be granted to eligible
 
 
A-40
 
 
directors and employees.  A total of 360,000 shares are currently reserved for possible issuance under the 2009 Plan.   All rights must be granted or awarded by May 7, 2019, or ten years from the effective date of the 2009 Plan.  The Company has not granted any awards under the 2009 Plan.

Net Earnings Per Share
Net earnings per common share is based on the weighted average number of common shares outstanding during the period while the effects of potential common shares outstanding during the period are included in diluted earnings per common share. The average market price during the year is used to compute equivalent shares.

The reconciliations of the amounts used in the computation of both “basic earnings per common share” and “diluted earnings per common share” for the years ended December 31, 2011, 2010 and 2009 are as follows:

For the year ended December 31, 2011:
Net Earnings Available to Common Shareholders (Dollars in thousands)
  
Common
Shares
  
Per Share Amount
Basic earnings per common share
 $ 3,766   5,542,548   $ 0.68
Effect of dilutive securities:
              
Stock options
   -     1,301      
Diluted earnings per common share
 $ 3,766   5,543,849   $ 0.68
 
For the year ended December 31, 2010:
Net Earnings Available to Common Shareholders (Dollars in thousands)
  
Common
Shares
  
Per Share Amount
Basic earnings per common share
 $ 447   5,539,308   $ 0.08
Effect of dilutive securities:
              
Stock options
   -     4,107      
Diluted earnings per common share
 $ 447   5,543,415   $ 0.08
 
For the year ended December 31, 2009:
Net Earnings Available to Common Shareholders (Dollars in thousands)
  
Common
Shares
  
Per Share Amount
Basic earnings per common share
 $ 1,670   5,539,056   $ 0.30
Effect of dilutive securities:
              
Stock options
   -     3,681      
Diluted earnings per common share
 $ 1,670   5,542,737   $ 0.30
 
Recent Accounting Pronouncements
In April 2011, FASB issued Accounting Standards Update (“ASU”) No. 2011-02, A Creditor’s Determination of Whether a Restructuring is a Troubled Debt Restructuring. ASU No. 2011-02 provides additional guidance for determining what constitutes a troubled debt restructuring.  ASU No. 2011-02 is effective for interim and annual periods ending after June 15, 2011.  The adoption of this guidance did not have a material impact on the Company’s results of operations, financial position or disclosures.

In May 2011, FASB issued ASU No. 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (“IFRS”).  ASU No. 2011-04 is intended to result in convergence between U.S. GAAP and IFRS requirements for measurement of and disclosures about fair value. The amendments are not expected to have a significant impact on companies applying U.S. GAAP.  ASU No. 2011-04 is effective for interim and annual periods beginning after December 15, 2011.  The adoption of this guidance is not expected to have a material impact on the Company’s results of operations, financial position or disclosures.
 
 
A-41
 
 
In June 2011, FASB issued ASU No. 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income.  ASU No. 2011-05 will require companies to present the components of net income and other comprehensive income either as one continuous statement or as two consecutive statements.  It eliminates the option to present components of other comprehensive income as part of the statement of changes in shareholders’ equity.  ASU  No. 2011-05 does not change the items which must be reported in other comprehensive income, how such items are measured or when they must be reclassified to net income. This standard is effective for interim and annual periods beginning after December 15, 2011.  Because ASU No. 2011-05 impacts presentation only, it will have no impact on the Company’s results of operations or financial position.

In December 2011, FASB issued ASU No. 2011-12, Comprehensive Income (Topic 220): Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05.  ASU No. 2011-12 defers the effective date of the requirement to present separate line items on the income statement for reclassification adjustments of items out of accumulated other comprehensive income into net income.  This deferral is temporary until FASB reconsiders the operational concerns and needs of financial statement users.  FASB has not yet established a timetable for its reconsideration.  Entities are still required to present reclassification adjustments within other comprehensive income either on the face of the statement that reports other comprehensive income or in the notes to the financial statements.  The requirement to present comprehensive income in either a single continuous statement or two consecutive condensed statements remains for both annual and interim reporting.  Because ASU No. 2011-12 impacts presentation only, it will have no impact on the Company’s results of operations or financial position.

Other accounting standards that have been issued or proposed by FASB or other standards-setting bodies are not expected to have a material impact on the Company’s results of operations, financial position or disclosures.

(2)
    Investment Securities

Investment securities available for sale at December 31, 2011 and 2010 are as follows:
 
(Dollars in thousands)
    
 
December 31, 2011
 
Amortized
Cost
  
Gross
Unrealized
Gains
  
Gross
Unrealized
Losses
  
Estimated Fair
Value
Mortgage-backed securities
 $ 213,378   1,371   1,056   213,693
U.S. Government
                
sponsored enterprises
   7,429   265   -     7,694
State and political subdivisions
   92,996   4,157   56   97,097
Corporate bonds
   546   -     3   543
Trust preferred securities
   1,250   -     -     1,250
Equity securities
   748   363   -     1,111
                 
Total
 $ 316,347   6,156   1,115   321,388
 
(Dollars in thousands)
    
 
December 31, 2010
 
Amortized
Cost
  
Gross
Unrealized
Gains
  
Gross
Unrealized
Losses
  
Estimated Fair Value
Mortgage-backed securities
 $ 137,811   2,119   569   139,361
U.S. Government
                
sponsored enterprises
   42,933   393   686   42,640
State and political subdivisions
   89,486   793   2,450   87,829
Trust preferred securities
   1,250   -     -     1,250
Equity securities
   982   387   -     1,369
                 
Total
 $ 272,462   3,692   3,705   272,449
 
The current fair value and associated unrealized losses on investments in debt securities with unrealized losses at December 31, 2011 and 2010 are summarized in the tables below, with the length of time the individual securities have been in a continuous loss position.
 
 
A-42
 
 
 
(Dollars in thousands)
                      
 
December 31, 2011
 
Less than 12 Months
  
12 Months or More
  
Total
 
Fair Value
  
Unrealized
Losses
  
Fair Value
  
Unrealized
Losses
  
Fair Value
  
Unrealized
Losses
Mortgage-backed securities
 $ 95,122   991   4,125   65   99,247   1,056
State and political subdivisions
   4,444   56   -     -     4,444   56
Corporate bonds   542   3   -     -     542   3
Total
 $ 100,108   1,050   4,125   65   104,233   1,115
 
(Dollars in thousands)
                      
 
December 31, 2010
 
Less than 12 Months
  
12 Months or More
  
Total
 
Fair Value
  
Unrealized
Losses
  
Fair Value
  
Unrealized
Losses
  
Fair Value
  
Unrealized
Losses
Mortgage-backed securities
 $ 59,471   569   -     -     59,471   569
U.S. Government
                        
sponsored enterprises
   24,123   686   -     -     24,123   686
State and political subdivisions
   56,374   2,450   -     -     56,374   2,450
Total
 $ 139,968   3,705   -     -     139,968   3,705
 
At December 31, 2011, unrealized losses in the investment securities portfolio relating to debt securities totaled $1.1 million.  The unrealized losses on these debt securities arose due to changing interest rates and are considered to be temporary.  At December 31, 2011, six out of 147 securities issued by state and political subdivisions contained unrealized losses and 43 out of 105 securities issued by U.S. Government sponsored enterprises, including mortgage-backed securities, contained unrealized losses.  These unrealized losses are considered temporary because of acceptable investment grades on each security and the repayment sources of principal and interest are government backed.

The Company periodically evaluates its investments for any impairment which would be deemed other-than-temporary.   As part of its evaluation in 2011, the Company determined that the fair value of one equity security was less than the original cost of the investment and that the decline in fair value was not temporary in nature.  As a result, the Company wrote down its investment by $144,000.  The remaining fair value of the investment at December 31, 2011 was approximately $264,000.  Similarly, as part of its evaluation in 2010, the Company wrote down two equity securities by $291,000.  The remaining fair value of the investments at December 31, 2010 was $409,000.

The amortized cost and estimated fair value of investment securities available for sale at December 31, 2011, by contractual maturity, are shown below. Expected maturities of mortgage-backed securities will differ from contractual maturities because borrowers have the right to call or prepay obligations with or without call or prepayment penalties.

(Dollars in thousands)
      
 
Amortized
Cost
  
Estimated Fair
Value
Due within one year
 $ 4,649   4,690
Due from one to five years
   18,249   18,780
Due from five to ten years
   67,562   70,665
Due after ten years
   11,761   12,449
Mortgage-backed securities
   213,378   213,693
Equity securities
   748   1,111
Total
 $ 316,347   321,388
 
Proceeds from sales of securities available for sale during 2011 were $111.0 million and resulted in gross gains of $4.4 million and gross losses of $9,000.  During 2010 and 2009, the proceeds from sales of securities available for sale were $65.8 million and $30.7 million, respectively and resulted in gross gains of $3.3 million and $1.8 million, respectively.

Securities with a fair value of approximately $83.6 million and $75.5 million at December 31, 2011 and 2010, respectively, were pledged to secure public deposits, FHLB borrowings and for other purposes as required by law.
 
 
A-43
 
 
GAAP establishes a framework for measuring fair value and expands disclosures about fair value measurements. There is a three-level fair value hierarchy for fair value measurements.  Level 1 inputs are quoted prices in active markets for identical assets or liabilities that a company has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability.  The table below presents the balance of securities available for sale and derivatives, which are measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2011 and 2010.
 
(Dollars in thousands)
        
  December 31, 2011
 
Fair Value Measurements 
  
Level 1 Valuation
  
Level 2 Valuation
  
Level 3
Valuation
Mortgage-backed securities
 $ 213,693   -   208,349   5,344
U.S. Government
                
sponsored enterprises
 $ 7,694   -   7,694   -
State and political subdivisions
 $ 97,097   -   97,097   -
Corporate bonds
 $ 543   -   543   -
Trust preferred securities
 $ 1,250   -   -   1,250
Equity securities
 $ 1,111   1,111   -   -
Mortgage loans held for sale
 $ 5,146   -   5,146   -
 
(Dollars in thousands)
        
  December 31, 2010
 
Fair Value Measurements
  
Level 1
Valuation
  
Level 2
Valuation
  
Level 3
Valuation
Mortgage-backed securities
 $ 139,361   -   139,361   -
U.S. Government
                
sponsored enterprises
 $ 42,640   -   42,640   -
State and political subdivisions
 $ 87,829   -   87,829   -
Trust preferred securities
 $ 1,250   -   -   1,250
Equity securities
 $ 1,369   1,369   -   -
Mortgage loans held for sale
 $ 3,814   -   3,814   -
Market value of derivatives (in other assets)
 $ 648   -   648   -
 
Fair values of investment securities available for sale are determined by obtaining quoted prices on nationally recognized securities exchanges when available.  If quoted prices are not available, fair value is determined using matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities.  Fair values of derivative instruments are determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities.

The following is an analysis of fair value measurements of investment securities available for sale using Level 3, significant unobservable inputs, for the year ended December 31, 2011:
 
(Dollars in thousands)
  
 
Investment Securities Available for Sale
 
Level 3 Valuation
Balance, beginning of period
 $ 1,250
Change in book value
   -
Change in gain/(loss) realized and unrealized
   -
Purchases/(sales)
   -
Transfers in and/or out of Level 3
   5,344
Balance, end of period
 $ 6,594
     
Change in unrealized gain/(loss) for assets still held in Level 3
 $ -
 
 
 
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(3)
    Loans

Major classifications of loans at December 31, 2011 and 2010 are summarized as follows:
 
(Dollars in thousands)
      
 
December 31, 2011
  
December 31, 2010
Real estate loans
      
     Construction and land development
 $ 93,812   124,048
     Single-family residential
   267,051   287,307
     Commercial
   214,415   213,487
     Multifamily and farmland
   4,793   6,456
          Total real estate loans
   580,071   631,298
         
Commercial loans (not secured by real estate)
   60,646   60,994
Consumer loans (not secured by real estate)
   10,490   11,500
All other loans (not secured by real estate)
   19,290   22,368
         
     Total loans
   670,497   726,160
         
Less allowance for loan losses
   16,604   15,493
         
     Total net loans
 $ 653,893   710,667
 
The Bank grants loans and extensions of credit primarily within the Catawba Valley region of North Carolina, which encompasses Catawba, Alexander, Iredell and Lincoln counties and also in Mecklenburg, Union and Wake counties of North Carolina.  Although the Bank has a diversified loan portfolio, a substantial portion of the loan portfolio is collateralized by improved and unimproved real estate, the value of which is dependent upon the real estate market.  Risk characteristics of the major components of the Bank’s loan portfolio are discussed below:

·  
Construction and land development loans – The risk of loss is largely  dependent on the  initial estimate of whether the property’s value at completion equals
or  exceeds the cost of  property  construction and the  availability of take-out  financing.   During the  construction  phase, a  number of  factors can result in
delays or  cost overruns.   If the  estimate is   inaccurate or if actual  construction  costs exceed  estimates, the value of the property securing our loan may be
insufficient to ensure  full repayment  when  completed through a  permanent loan, sale of the property, or by  seizure of collateral.   As of December 31, 2011,
construction and land development loans comprised approximately 14% of the Bank’s total loan portfolio.

·  
Single-family  residential  loans –  Declining  home  sales volumes,  decreased  real   estate  values and  higher  than  normal  levels  of  unemployment  could
contribute to losses on these loans.  As of December 31, 2011, single-family residential loans comprised approximately 40% of the Bank’s total loan portfolio.

·  
Commercial  real  estate  loans – Repayment is  dependent on  income  being  generated in  amounts  sufficient to cover operating expenses and debt service.  
These loans  also involve  greater risk because  they are  generally not fully amortizing over a loan period, but rather have a balloon payment due at maturity.
A borrower’s ability to make a balloon  payment typically will depend on being able to either refinance the loan or timely sell the underlying property.  As of
December 31, 2011, commercial real estate loans comprised approximately 32% of the Bank’s total loan portfolio.

·  
Commercial loans – Repayment is  generally  dependent  upon the successful  operation of the borrower’s business.   In addition, the collateral securing the
loans may  depreciate  over time, be  difficult to appraise, be illiquid, or fluctuate  in value based  on the success of the  business.   As of December 31, 2011,
commercial loans comprised approximately 9% of the Bank’s total loan portfolio.
 
Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Loans are placed on non-accrual status when, in management’s opinion, the borrower may be unable to meet payment obligations as they become due, as well as when required by regulatory provisions. Loans may be placed on non-accrual status regardless of whether or not such loans are considered past due. When interest accrual is discontinued, all unpaid accrued interest is reversed. Interest income is subsequently recognized only to the extent cash payments are received in excess of principal due. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured.
 
 
A-45
 
 
The following tables present an age analysis of past due loans, by loan type, as of December 31, 2011 and 2010:
 
December 31, 2011
                    
(Dollars in thousands)
                    
 
Loans 30-89
Days Past
Due
  
Loans 90 or
More Days
Past Due
  
Total Past
Due
Loans
  
Total
Current
Loans
  
Total Loans
  
Accruing
Loans 90 or
More Days
Past Due
Real estate loans
                      
     Construction and land development
 $ 10,033   3,338   13,371   80,441   93,812   -  
     Single-family residential
   16,536   6,189   22,725   244,326   267,051   2,709
     Commercial
   1,002   958   1,960   212,455   214,415   -  
     Multifamily and farmland
   13   -     13   4,780   4,793   -  
          Total real estate loans
   27,584   10,485   38,069   542,002   580,071   2,709
                         
Commercial loans (not secured by real estate)
   576   9   585   60,061   60,646   -  
Consumer loans (not secured by real estate)
   116   36   152   10,338   10,490   -  
All other loans (not secured by real estate)
   -     -     -     19,290   19,290   -  
     Total loans
 $ 28,276   10,530   38,806   631,691   670,497   2,709
 
December 31, 2010
                    
(Dollars in thousands)
                    
 
Loans 30-89
Days Past
Due
  
Loans 90 or
More Days
Past Due
  
Total Past
Due
Loans
  
Total
Current
Loans
  
Total Loans
  
Accruing
Loans 90 or
More Days
Past Due
Real estate loans
                      
     Construction and land development
 $ 2,306   8,870   11,176   112,872   124,048   197
     Single-family residential
   19,377   5,936   25,313   261,994   287,307   -  
     Commercial
   382   1,482   1,864   211,623   213,487   -  
     Multifamily and farmland
   -     -     -     6,456   6,456   -  
          Total real estate loans
   22,065   16,288   38,353   592,945   631,298   197
                         
Commercial loans (not secured by real estate)
   1,098   720   1,818   59,176   60,994   13
Consumer loans (not secured by real estate)
   98   13   111   11,389   11,500   -  
All other loans (not secured by real estate)
   -     -     -     22,368   22,368   -  
     Total loans
 $ 23,261   17,021   40,282   685,878   726,160   210
 
The following tables present the Bank’s non-accrual loans as of December 31, 2011 and 2010:
 
(Dollars in thousands)
      
 
December 31, 2011
  
December 31, 2010
Real estate loans
      
     Construction and land development
 $ 13,257   22,916
     Single-family residential
   5,522   10,837
     Commercial
   2,451   5,351
     Multifamily and farmland
   -   -
          Total real estate loans
   21,230   39,104
         
Commercial loans (not secured by real estate)
   403   816
Consumer loans (not secured by real estate)
   152   142
All other loans (not secured by real estate)
   -   -
     Total
 $ 21,785   40,062
 
At each reporting period, the Bank determines which loans are impaired.  Accordingly, the Bank’s impaired loans are reported at their estimated fair value on a non-recurring basis.  An allowance for each impaired loan, which is generally collateral-dependent, is calculated based on the fair value of its collateral.  The fair value of the collateral is based on appraisals performed by REAS, a subsidiary of the Bank.  REAS is staffed by certified appraisers that also perform appraisals for other companies.   Factors including the assumptions and techniques utilized by the appraiser are considered by management.  If the recorded investment in the impaired loan exceeds the measure of fair value of the collateral, a valuation allowance is recorded as a component of the allowance for loan losses.   Accruing impaired loans amounted to $30.6 million and $17.0 million at December 31, 2011 and 2010, respectively.  Interest income recognized on accruing impaired loans was $1.7 million and $966,000 for the years ended December 31, 2011 and 2010, respectively.  No interest income is recognized on non-accrual impaired loans subsequent to their classification as impaired.
 
 
A-46
 
 
The following tables presents the Bank’s impaired loans as of December 31, 2011 and 2010:

December 31, 2011
                    
(Dollars in thousands)
                    
 
Unpaid Contractual Principal
Balance
  
Recorded Investment
With No Allowance
  
Recorded Investment
With
Allowance
  
Recorded Investment
in Impaired
Loans
  
Related
Allowance
  
Average Outstanding Impaired
Loans
Real Estate Loans
                      
     Construction and land development
 $ 28,721   14,484   6,098   20,582   3,264   17,848
     Single-family residential
   26,382   969   24,719   25,688   1,427   25,102
     Commercial
   7,717   3,845   3,139   6,984   77   4,518
          Total impaired real estate loans
   63,029   19,298   34,165   53,463   4,769   47,682
                         
Commercial loans (not secured by real estate)
   1,111   -      1,083   1,083   26   1,485
Consumer loans (not secured by real estate)
   157   -      152   152   2   140
     Total impaired loans
 $ 64,297   19,298   35,400   54,698   4,797   49,307
 
December 31, 2010
                    
(Dollars in thousands)
                    
 
Unpaid Contractual Principal
Balance
  
Recorded Investment
With No Allowance
  
Recorded Investment
With
Allowance
  
Recorded Investment
in Impaired
Loans
  
Related
Allowance
  
Average Outstanding Impaired
Loans
Real estate loans
                      
     Construction and land development
 $ 31,551   19,422   3,698   23,120   3,177   18,870
     Single-family residential
   26,834   1,738   23,558   25,296   1,613   26,558
     Commercial
   6,911   4,424   1,819   6,243   218   4,992
     Multifamily and farmland
   223   -     223   223   4   254
          Total impaired real estate loans
   65,519   25,584   29,298   54,882   5,012   50,674
                         
Commercial loans (not secured by real estate)
   2,145   648   1,072   1,720   55   1,705
Consumer loans (not secured by real estate)
   152   -     142   142   4   79
     Total impaired loans
 $ 67,816   26,232   30,512   56,744   5,071   52,458
 
The Bank’s December 31, 2011 and 2010 fair value measurement for impaired loans and other real estate is presented below.   Valuations supported by current certified appraisals are considered Level 2.  All other valuation methods are considered Level 3.
 
(Dollars in thousands)
                  
 
Fair Value Measurements December 31, 2011
  
Level 1
Valuation
  
Level 2
Valuation
  
Level 3
Valuation
  
Total Gains/(Losses) for
the Year Ended
December 31, 2011
Impaired loans
 $ 49,901   -   431   49,470   (11,864 )
Other real estate
 $ 7,576   -   -     7,576   (1,322 )
 
(Dollars in thousands)
                  
 
Fair Value Measurements December 31, 2010
  
Level 1
Valuation
  
Level 2
Valuation
  
Level 3
Valuation
  
Total Gains/(Losses) for
the Year Ended
December 31, 2010
Impaired loans
 $ 51,673   -   6,643   45,030   (10,591 )
Other real estate
 $ 6,673   -   -     6,673   (704 )
 
 
 
A-47
 
 
Changes in the allowance for loan losses for the year ended December 31, 2011 were as follows:
 
(Dollars in thousands)
                          
                                 
 
Real Estate Loans
                  
 
Construction
and Land Development
  
Single
Family Residential
  
Commercial
  
Multifamily
& Farmland
  
Commercial
  
Consumer and All
Other
  
Unallocated
  
Total
  
Allowance for loan losses:
                                
Beginning balance
 $ 5,774   6,097   1,409   17   1,174   430   592   15,493  
Charge-offs
   (7,164 ) (2,925 ) (1,271 ) -   (314 ) (586 ) -   (12,260 )
Recoveries
   241   201   24   -   121   152   -   739  
Provision
   8,331   1,984   1,569   (4 ) 48   259   445   12,632  
Ending balance
 $ 7,182   5,357   1,731   13   1,029   255   1,037   16,604  
                                   
Ending balance: individually
                                  
evaluated for impairment
 $ 1,250   1,289   -   -   -   -   -   2,539  
Ending balance: collectively
                                  
 evaluated for impairment
   5,932   4,068   1,731   13   1,029   255   1,037   14,065  
Ending balance
 $ 7,182   5,357   1,731   13   1,029   255   1,037   16,604  
                                   
Loans:                                  
Ending balance
$
 93,812    267,051    214,415    4,793    60,646    29,780    -      670,497  
                                   
Ending balance: individually                                  
     evaluated for impairment $  20,280    20,661    3,845    -      -      -      -      44,786  
Ending balance: collectively                                  
     evaluated for impairment $  73,532    246,390    210,570    4,793    60,646    29,780    -      625,711  
 
Changes in the allowance for loan losses for the years ended December 31, 2010 and 2009 were as follows:
 
(Dollars in thousands) 2010   2009  
         
Balance at beginning of year $ 15,413   11,025  
Amounts charged off   (16,911 ) (6,670 )
Recoveries on amounts previously charged off   553   523  
Provision for loan losses   16,438   10,535  
           
Balance at end of year $ 15,493   15,413  
 
The Bank utilizes an internal risk grading matrix to assign a risk grade to each of its loans.  Loans are graded on a scale of 1 to 9.  These risk grades are evaluated on an ongoing basis.   A description of the general characteristics of the nine risk grades is as follows:

·  
Risk Grade 1 – Excellent Quality: Loans are well above average quality and a minimal amount of credit risk exists.  CD or cash secured loans or properly margined actively traded stock or bond secured loans would fall in this grade.
·  
Risk Grade 2 – High Quality: Loans are of good quality with risk levels well within the Bank’s range of acceptability.  The company or individual is established with a history of successful performance though somewhat susceptible to economic changes.
·  
Risk Grade 3 – Good Quality: Loans of average quality with risk levels within the Bank’s range of acceptability but higher than normal. This may be a new company or an existing company in a transitional phase (e.g. expansion, acquisition, market change).
·  
Risk Grade 4 – Management Attention: These loans have very high risk and servicing needs but still are acceptable. Evidence of marginal performance or deteriorating trends are evident.  These are not problem credits presently, but may be in the future if the borrower is unable to change its present course.
·  
Risk Grade 5 – Watch: These loans are currently performing satisfactorily, but there are potential weaknesses that may, if not corrected, weaken the asset or inadequately protect the Bank’s position at some future date.  This frequently results from deviating from prudent lending practices, for instance over-advancing on collateral.
·  
Risk Grade 6 – Substandard: A Substandard loan is inadequately protected by the current sound net worth and paying capacity of the obligor or the collateral pledged (if there is any).  There is a well-defined weakness or weaknesses that jeopardize the liquidation of the debt.  There is a distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected.
 
 
 
A-48
 
 

·  
Risk Grade 7 – Low Substandard: These loans have the general characteristics of a Grade 6 Substandard loan, with heightened potential concerns.  The exact amount of loss is not yet known because neither the liquidation value of the collateral nor the borrower’s predicted repayment ability is known with confidence.
·  
Risk Grade 8 – Doubtful: Loans classified as Doubtful have all the weaknesses inherent in loans classified Substandard, plus the added characteristic that the weaknesses make collection or liquidation in full on the basis of currently existing facts, conditions, and values highly questionable and improbable.  Doubtful is a temporary grade where a loss is expected but is presently not quantified with any degree of accuracy. Once the loss position is determined, the amount is charged off.
·  
Risk Grade 9 – Loss: Loans classified as Loss are considered uncollectable and of such little value that their continuance as bankable assets is not warranted.  This classification does not mean that the asset has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off this worthless loan even though partial recovery may be effected in the future.  Loss is a temporary grade until the appropriate authority is obtained to charge the loan off.
 
The following tables present the credit risk profile of each loan type based on internally assigned risk grade as of December 31, 2011 and 2010.
 
December 31, 2011
                        
(Dollars in thousands)
                        
 
Real Estate Loans
                
 
Construction
and Land Development
  
Single
Family Residential
  
Commercial
  
Multifamily
& Farmland
  
Commercial
  
Consumer
  
All Other
  
Total
                               
1- Excellent Quality
 $ 197   25,474   -   -   715   1,344   -   27,730
2- High Quality
 $ 5,183   64,817   25,506   50   8,801   4,070   2,774   111,201
3- Good Quality
 $ 27,675   100,388   136,137   3,448   36,585   4,259   16,509   325,001
4- Management Attention
 $ 28,138   50,253   40,312   358   12,882   429   7   132,379
5- Watch
 $ 15,923   11,767   2,795   728   622   89   -   31,924
6- Substandard
 $ 16,696   14,352   9,665   209   1,041   154   -   42,117
7- Low Substandard
 $ -   -   -   -   -   -   -   -
8- Doubtful
 $ -   -   -   -   -   -   -   -
9- Loss
 $ -   -   -   -   -   145   -   145
      Total
 $ 93,812   267,051   214,415   4,793   60,646   10,490   19,290   670,497
 
December 31, 2010
                        
(Dollars in thousands)
                        
 
Real Estate Loans
                
 
Construction
and Land Development
  
Single
Family Residential
  
Commercial
  
Multifamily
& Farmland
  
Commercial
  
Consumer
  
All Other
  
Total
                               
1- Excellent Quality
 $ 19   27,698   102   -   630   1,006   -   29,455
2- High Quality
 $ 5,789   70,990   21,591   2,856   9,673   4,491   5,145   120,535
3- Good Quality
 $ 33,991   109,800   129,530   2,256   39,248   5,360   17,223   337,408
4- Management Attention
 $ 46,283   55,001   43,731   1,121   8,143   454       154,733
5- Watch
 $ 8,076   7,959   5,569   -   1,590   38       23,232
6- Substandard
 $ 29,502   15,022   12,605   223   1,678   145       59,175
7- Low Substandard
 $ -   756   359   -   -   -       1,115
8- Doubtful
 $ 388   81   -   -   17   -       486
9- Loss
 $ -   -   -   -   15   6   -   21
      Total
 $ 124,048   287,307   213,487   6,456   60,994   11,500   22,368   726,160
 
At December 31, 2011, troubled debt restructured (“TDR”) loans amounted to $44.1 million, including $15.1 million in performing TDR loans.  The terms of these loans have been renegotiated to provide a reduction in principal or interest as a result of the deteriorating financial position of the borrower.  At December 31, 2010, TDR loans amounted to $56.7 million, including $10.0 million in performing TDR loans.
 
 
A-49
 
 
The following tables present an analysis of TDR loans by loan type as of December 31, 2011 and 2010.
 
December 31, 2011          
(Dollars in thousands)
          
 
Number of Contracts
  
Pre-Modification Outstanding
 Recorded
Investment
  
Post-Modification Outstanding
Recorded
Investment
Real Estate Loans
          
     Construction and land development
 29   $ 19,762   12,840
     Single-family residential
 241     25,541   24,846
     Commercial
 15     7,200   5,013
     Multifamily and Farmland
 1     322   209
          Total real estate TDR loans
 286     52,825   42,908
             
Commercial loans (not secured by real estate)
 21     1,711   1,083
Consumer loans (not secured by real estate)
 8     124   142
All other loans (not secured by real estate)
 -       -     -  
     Total TDR loans
 315   $ 54,660   44,133
 
December 31, 2010          
(Dollars in thousands)
          
 
Number of Contracts
  
Pre-Modification Outstanding
 Recorded
Investment
  
Post-Modification Outstanding
Recorded
Investment
Real Estate Loans
          
     Construction and land development
 47   $ 27,901   23,121
     Single-family residential
 221     26,808   25,296
     Commercial
 17     8,155   6,243
     Multifamily and Farmland
 1     322   223
          Total real estate TDR loans
 286     63,186   54,883
             
Commercial loans (not secured by real estate)
 26     6,196   1,719
Consumer loans (not secured by real estate)
 12     148   142
All other loans (not secured by real estate)
 -       -     -  
     Total TDR loans
 324   $ 69,530   56,744
 
(4)
    Premises and Equipment

Major classifications of premises and equipment are summarized as follows:

(Dollars in thousands)
      
 
2011
  
2010
       
Land
 $ 3,581   3,581
Buildings and improvements
   14,771   14,759
Furniture and equipment
   16,874   15,575
         
Total premises and equipment
   35,226   33,915
         
Less accumulated depreciation
   18,330   16,581
         
Total net premises and equipment
 $ 16,896   17,334
 
Depreciation expense was approximately $2.0 million for the year ended December 31, 2011.  The Company recognized approximately $2.1 and $1.9 million in depreciation expense for the years ended December 31, 2010 and 2009, respectively.
 
 
A-50
 

 
(5)
    Time Deposits

At December 31, 2011, the scheduled maturities of time deposits are as follows:
 
(Dollars in thousands)
  
   
2012
 $ 253,146
2013
   39,067
2014
   14,126
2015
   8,732
2016 and thereafter
   9,029
     
Total
 $ 324,100
 
At December 31, 2011 and 2010, the Company had approximately $47.0 million and $87.4 million, respectively, in time deposits purchased through third party brokers, including certificates of deposit participated through the Certificate of Deposit Account Registry Service (“CDARS”) on behalf of local customers.  CDARS balances totaled $28.6 million and $53.0 million as of December 31, 2011 and 2010, respectively.  The weighted average rate of brokered deposits as of December 31, 2011 and 2010 was 0.99% and 1.20%, respectively.
 
(6)
    Federal Home Loan Bank and Federal Reserve Bank Borrowings

The Bank has borrowings from the Federal Home Loan Bank of Atlanta (“FHLB”) with monthly or quarterly interest payments at December 31, 2011.  The FHLB borrowings are collateralized by a blanket assignment on all residential first mortgage loans, home equity lines of credit and loans secured by multi-family real estate that the Bank owns.  At December 31, 2011, the carrying value of loans pledged as collateral totaled approximately $153.7 million.  As additional collateral, the Bank has pledged securities to the FHLB.  At December 31, 2011, the market value of securities pledged to the FHLB totaled $13.2 million.

Borrowings from the FHLB outstanding at December 31, 2011 consist of the following:

(Dollars in thousands)
          
           
Maturity Date
Call Date
  
Rate
Rate Type
Amount
           
June 24, 2015
 N/A   3.710%
Convertible
 $ 5,000
             
March 25, 2019
 N/A   4.260%
Convertible
   5,000
             
October 5, 2016
 N/A   4.450%
Convertible
   5,000
             
November 12, 2014
 N/A   2.230%
Fixed Rate Hybrid
   5,000
             
November 13, 2017
 N/A   4.260%
Fixed Rate Hybrid
   15,000
             
October 17, 2016
 N/A   3.893%
Adjustable Rate Hybrid
   5,000
             
October 17, 2018
 N/A   3.573%
Adjustable Rate Hybrid
   5,000
             
October 17, 2018
 N/A   3.813%
Adjustable Rate Hybrid
   15,000
             
October 17, 2018
 N/A   3.588%
Adjustable Rate Hybrid
   5,000
             
October 17, 2018
 N/A   3.643%
Adjustable Rate Hybrid
   5,000
             
          $ 70,000
 
The FHLB has the option to convert $15.0 million of the total advances to a floating rate and, if converted, the Bank may repay advances without a prepayment fee.  

The Bank is required to purchase and hold certain amounts of FHLB stock in order to obtain FHLB borrowings. No ready market exists for the FHLB stock, and it has no quoted market value. The stock is redeemable at $100 per share subject to certain limitations set by the FHLB. The Bank owned FHLB stock amounting to $4.9 million at December 31, 2011 and 2010.
 
 
A-51
 
 
As of December 31, 2011 and 2010, the Bank had no borrowings from the Federal Reserve Bank (“FRB”).  FRB borrowings are collateralized by a blanket assignment on all qualifying loans that the Bank owns which are not pledged to the FHLB.  At December 31, 2011, the carrying value of loans pledged as collateral totaled approximately $342.2 million.

(7)
    Junior Subordinated Debentures

In June 2006, the Company formed a second wholly-owned Delaware statutory trust, PEBK Capital Trust II (“PEBK Trust II”), which issued $20.0 million of guaranteed preferred beneficial interests in the Company’s junior subordinated deferrable interest debentures.  All of the common securities of PEBK Trust II are owned by the Company.  The proceeds from the issuance of the common securities and the trust preferred securities were used by PEBK Trust II to purchase $20.6 million of junior subordinated debentures of the Company, which pay a floating rate equal to three-month LIBOR plus 163 basis points.  The proceeds received by the Company from the sale of the junior subordinated debentures were used to repay in December 2006 the trust preferred securities issued in December 2001 by PEBK Capital Trust, a wholly owned Delaware statutory trust of the Company, and for general purposes.  The debentures represent the sole assets of PEBK Trust II.  PEBK Trust II is not included in the consolidated financial statements.

The trust preferred securities issued by PEBK Trust II accrue and pay interest quarterly at a floating rate of three-month LIBOR plus 163 basis points.  The Company has guaranteed distributions and other payments due on the trust preferred securities to the extent PEBK Trust II has funds with which to make the distributions and other payments.  The net combined effect of all the documents entered into in connection with the trust preferred securities is that the Company is liable to make the distributions and other payments required on the trust preferred securities.

These trust preferred securities are mandatorily redeemable upon maturity of the debentures on June 28, 2036, or upon earlier redemption as provided in the indenture.  The Company had the right to redeem the debentures purchased by PEBK Trust II, in whole or in part, on or after June 28, 2011.  As specified in the indenture, if the debentures are redeemed prior to maturity, the redemption price will be the principal amount plus any accrued but unpaid interest.

(8)
    Income Taxes

The provision for income taxes in summarized as follows:

(Dollars in thousands)
            
 
2011
  
2010
  
2009
  
Current
 $ 2,141     512     3,059  
Deferred
   (678 )   (523 )   (1,720 )
Total
 $ 1,463     (11 )   1,339  
 
The differences between the provision for income taxes and the amount computed by applying the statutory federal income tax rate to earnings before income taxes are as follows:

(Dollars in thousands)
            
 
2011
  
2010
  
2009
  
Pre-tax income at statutory rate (34%)
 $ 2,251     622     1,447  
Differences:
                  
Tax exempt interest income
   (1,052 )   (721 )   (429 )
Nondeductible interest and other expense
   62     58     38  
Cash surrender value of life insurance
   (101 )   (87 )   (89 )
State taxes, net of federal benefits
   233     (8 )   100  
Nondeductible capital losses
   49     99     234  
Other, net
   21     26     38  
Total
 $ 1,463     (11 )   1,339  
 
The following summarizes the tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities.  The net deferred tax asset is included as a component of other assets at December 31, 2011 and 2010.
 
 
A-52
 
 
 
(Dollars in thousands)
        
 
2011
  
2010
  
Deferred tax assets:
        
Allowance for loan losses
 $ 6,401   5,973  
Accrued retirement expense
   1,213   1,086  
Other real estate
   454   215  
Other
   204   335  
Total gross deferred tax assets
   8,272   7,609  
           
Deferred tax liabilities:
          
Deferred loan fees
   1,082   1,259  
Premises and equipment
   655   493  
Unrealized gain (loss) on available for sale securities
   1,964   (5 )
Unrealized gain on cash flow hedges
   -     252  
Total gross deferred tax liabilities
   3,701   1,999  
Net deferred tax asset
 $ 4,571   5,610  
 
(9)
    Related Party Transactions
 
The Company conducts transactions with its directors and executive officers, including companies in which they have beneficial interests, in the normal course of business. It is the policy of the Bank that loan transactions with directors and officers are made on substantially the same terms as those prevailing at the time made for comparable loans to other persons. The following is a summary of activity for related party loans for 2011:
 
(Dollars in thousands)
    
     
Beginning balance
 $ 6,048  
New loans
   7,008  
Repayments
   (6,933 ) 
       
Ending balance
 $ 6,123  
 
At December 31, 2011 and 2010, the Bank had deposit relationships with related parties of approximately $15.1 million and $15.4 million, respectively.

(10)
    Commitments and Contingencies

The Company leases various office spaces for banking and operational facilities and equipment under operating lease arrangements. Future minimum lease payments required for all operating leases having a remaining term in excess of one year at December 31, 2011 are as follows:
 
(Dollars in thousands)
  
   
Year ending December 31,
  
2012
 $ 507
2013
   453
2014
   439
2015
   409
2016
   407
Thereafter
   2,111
     
Total minimum obligation
 $ 4,326
 
Total rent expense was approximately $735,000, $815,000 and $922,000 for the years ended December 31, 2011, 2010 and 2009, respectively.

The Bank is party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers.  These financial instruments include commitments to extend credit, standby letters of credit and financial guarantees.  Those instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheet.  The contract amounts of those instruments reflect the extent of involvement the Bank has in particular classes of financial instruments.
 
 
A-53
 

The exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit and financial guarantees written is represented by the contractual amount of those instruments. The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments.

In most cases, the Bank requires collateral or other security to support financial instruments with credit risk.

(Dollars in thousands)
      
 
Contractual Amount
 
2011
  
2010
Financial instruments whose contract amount represent credit risk:
      
       
Commitments to extend credit
 $ 131,565   137,015
         
Standby letters of credit and financial guarantees written
 $ 3,288   3,590
 
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract.  Commitments generally have fixed expiration dates and because they may expire without being drawn upon, the total commitment amount of $134.9 million does not necessarily represent future cash requirements.

Standby letters of credit and financial guarantees written are conditional commitments issued by the Bank to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to businesses in the Bank’s delineated market area. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Bank holds real estate, equipment, automobiles and customer deposits as collateral supporting those commitments for which collateral is deemed necessary.

In the normal course of business, the Company is a party (both as plaintiff and defendant) to a number of lawsuits. In the opinion of management and counsel, none of these cases should have a material adverse effect on the financial position of the Company.

Bancorp and the Bank have employment agreements with certain key employees. The agreements, among other things, include salary, bonus, incentive stock option, and change in control provisions.

The Company has $47.5 million available for the purchase of overnight federal funds from five correspondent financial institutions.

(11)
    Derivative Financial Instruments and Hedging Transactions

Accounting Policy for Derivative Instruments and Hedging Activities
The disclosure requirements for derivatives and hedging activities have the intent to provide users of financial statements with an enhanced understanding of: (a) how and why an entity uses derivative instruments, (b) how derivative instruments and related hedged items are accounted for and (c) how derivative instruments and related hedged items affect an entity’s financial position, financial performance, and cash flows.  The disclosure requirements include qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about the fair value of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative instruments.

The Company records all derivatives on the balance sheet at fair value.  The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge.  The Company may enter into derivative contracts that are intended to economically hedge certain of its risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting.
 
 
A-54
 
 
Risk Management Objective of Using Derivatives
The Company has an overall interest rate risk management strategy that incorporates the use of derivative instruments to minimize significant unplanned fluctuations in earnings that are caused by interest rate volatility.  By using derivative instruments, the Company is exposed to credit and market risk.  If the counterparty fails to perform, credit risk is equal to the extent of the fair-value gain in the derivative.  The Company minimizes the credit risk in derivative instruments by entering into transactions with high-quality counterparties that are reviewed periodically by the Company.  The Company had an interest rate swap contract that expired in June 2011.  The Company did not have any interest rate derivatives outstanding as of December 31, 2011.

Fair Values of Derivative Instruments on the Balance Sheet
The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheet as of December 31, 2011 and 2010.

(Dollars in thousands)
              
 
Asset Derivatives
 
As of December 31, 2011
  
As of December 31, 2010
 
Balance Sheet
Location
  
Fair Value
  
Balance Sheet
Location
  
Fair Value
Interest rate derivative contracts
Other assets
   $ -       
Other assets
   $ 648     
 
Cash Flow Hedges of Interest Rate Risk
The Company’s objectives in using interest rate derivatives are to add stability to interest income and expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps and floors as part of its interest rate risk management strategy.  For hedges of the Company’s variable-rate loan assets, interest rate swaps designated as cash flow hedges involve the receipt of fixed-rate amounts from a counterparty in exchange for the Company making variable-rate payments over the life of the agreements without exchange of the underlying notional amount.  For hedges of the Company’s variable-rate loan assets, the interest rate floors designated as a cash flow hedge involves the receipt of variable-rate amounts from a counterparty if interest rates fall below the strike rate on the contract in exchange for an up front premium.  The Company had an interest rate swap contract that expired in June 2011.  The Company did not have any interest rate derivatives outstanding as of December 31, 2011.

The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in Accumulated Other Comprehensive Income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings.  During 2011, 2010 and 2009, such derivatives were used to hedge the variable cash inflows associated with existing pools of prime-based loan assets.  The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings.  The Company’s derivatives did not have any hedge ineffectiveness recognized in earnings during the years ended December 31, 2011 and 2010.  The Company recognized hedge ineffectiveness gains of $1,000 in earnings during the year ended December 31, 2009.

Effect of Derivative Instruments on the Statement of Earnings
The table below presents the effect of the Company’s derivative financial instruments on the Consolidated Statement of Earnings for the years ended December 31, 2011 and 2010.
 
(Dollars in thousands)
                          
   
Amount of Gain
  
Location of Gain
 
Amount of Gain
   
(Loss) Recognized in
  
(Loss) Reclassified
  
(Loss) Reclassified
    Accumulated OCI on    from Accumulated    from Accumulated 
   
Derivatives
  
OCI into Income
  
OCI into Income
   
Years ended
      
Years ended
   
December 31,
      
December 31,
   
2011
  
2010
      
2011
  
2010
Interest rate derivative contracts
 $
(20)
 
$
404
  
Interest income
  
$
628
  
$
1,518
 
(12)
    Employee and Director Benefit Programs

The Company has a profit sharing and 401(k) plan for the benefit of substantially all employees subject to certain minimum age and service requirements. Under the 401(k) plan, the Company matched employee contributions to a maximum of 2.50% of annual compensation for 2011 and 2010, and 5.00% of annual compensation for 2009.  The Company’s contribution pursuant to this formula was approximately $219,000, $208,000 and $482,000 for
 
 
A-55
 
 
the years 2011, 2010 and 2009, respectively.  Investments of the 401(k) plan are determined by the compensation committee consisting of selected outside directors and senior executive officers.  No investments in Company stock have been made by the 401(k) plan. The vesting schedule for the 401(k) plan begins at 20 percent after two years of employment and graduates 20 percent each year until reaching 100 percent after six years of employment.

In December 2001, the Company initiated a postretirement benefit plan to provide retirement benefits to key officers and its Board of Directors and to provide death benefits for their designated beneficiaries.  Under the postretirement benefit plan, the Company purchased life insurance contracts on the lives of the key officers and each director.  The increase in cash surrender value of the contracts constitutes the Company’s contribution to the postretirement benefit plan each year.  Postretirement benefit plan participants are to be paid annual benefits for a specified number of years commencing upon retirement. Expenses incurred for benefits relating to the postretirement benefit plan were approximately $355,000, $279,000 and $609,000 for the years 2011, 2010 and 2009, respectively.

The Company is currently paying medical benefits for certain retired employees. Postretirement medical benefits expense, including amortization of the transition obligation, as applicable, was approximately $23,000 for each of the years ended December 31, 2011, 2010 and 2009.

The following table sets forth the change in the accumulated benefit obligation for the Company’s two postretirement benefit plans described above:

(Dollars in thousands)
        
 
2011
  
2010
  
         
Benefit obligation at beginning of period
 $ 2,607   2,355  
Service cost
   303   244  
Interest cost
   64   53  
Benefits paid
   (51 ) (45 )
           
Benefit obligation at end of period
 $ 2,923   2,607  
 
The amounts recognized in the Company’s Consolidated Balance Sheet as of December 31, 2011 and 2010 are shown in the following two tables:

(Dollars in thousands)
        
 
2011
  
2010
  
         
Benefit obligation
 $ 2,923   2,607  
Fair value of plan assets
   -     -    
 
(Dollars in thousands)
        
 
2011
  
2010
  
         
Funded status
 $ (2,923 ) (2,607 )
Unrecognized prior service cost/benefit
   -     -    
Unrecognized net actuarial loss
   -     -    
           
Net amount recognized
 $ (2,923 ) (2,607 )
           
Unfunded accrued liability
 $ (2,923 ) (2,607 )
Intangible assets
   -     -    
           
Net amount recognized
 $ (2,923 ) (2,607 )
 
 
 
A-56
 
 
Net periodic benefit cost of the Company’s two post retirement benefit plans for the years ended December 31, 2011 and 2010 consisted of the following:

(Dollars in thousands)
      
 
2011
  
2010
       
Service cost
 $ 303   244
Interest cost
   64   53
         
Net periodic cost
 $ 367   297
         
Weighted average discount rate assumption used to
        
determine benefit obligation
   6.59%   6.65%
 
During the year ended December 31, 2011, the Company paid benefits under the two postretirement plans totaling $51,000.  Information about the expected benefit payments for the Company’s two postretirement benefit plans is as follows:
 
(Dollars in thousands)
    
     
Year ending December 31,
    
2012
 $ 86  
2013
 $ 201  
2014
 $ 224  
2015
 $ 255  
2016
 $ 256  
Thereafter
 $ 9,203  
 
Relating to the postretirement benefit plan, the Company is required to recognize an obligation for either the present value of the entire promised death benefit or the annual “cost of insurance” required to keep the policy in force during the postretirement years.  The Company made a $467,000 reduction to retained earnings in 2008 pursuant to the guidance of the pronouncement to record the portion of this benefit earned by participants prior to adoption of this pronouncement.   In 2009, the Company made a $358,000 addition to retained earnings to reflect an adjustment of the cumulative effect due to policy amendments to the individual split-dollar plans implemented during 2009.

Members of the Board of Directors are eligible to participate in the Company’s Omnibus Stock Ownership and Long Term Incentive Plan (the “Stock Benefits Plan”).  Each director was awarded 9,737 book value shares (adjusted for stock dividends and stock splits) under the Stock Benefits Plan.  The book value of the shares awarded ranged from $6.31 to $8.64.  All book value shares were fully vested on May 6, 2009 and were exercised in 2009.  The Company did not record any expenses associated with the Stock Benefits Plan in 2011 and 2010.  The Company recorded expenses of approximately $59,000 associated with the benefits of the Stock Benefits Plan in the year ended December 31, 2009.

A summary of book value shares activity under the Stock Benefits Plan for the years ended December 31, 2011, 2010 and 2009 is presented below.

 
2011
  
2010
  
2009
 
Shares
  
Weighted
 Average
Price of
Book Value
Shares
  
Shares
  
Weighted
 Average
Price of
Book Value
Shares
  
Shares
  
Weighted
 Average
Price of
Book Value
Shares
Outstanding, beginning of period
 -   $ -   -   $ -   97,377   $ 7.38
Exercised during the period
 -   $ -   -   $ -   (97,377 ) $ 7.38
                             
Outstanding, end of period
 -   $ -   -   $ -   -     $ -  
                             
Number of shares exercisable
 -   $ -   -   $ -   -     $ -  
 
 
 
A-57
 

(13)
    Regulatory Matters

The Company is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company must meet specific capital guidelines that involve quantitative measures of the assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors.

Quantitative measures established by regulation to ensure capital adequacy require the Company to maintain minimum amounts and ratios of capital in relation to both on- and off-balance sheet items at various risk weights. Total capital consists of two tiers of capital. Tier 1 Capital includes common shareholders’ equity and trust preferred securities less adjustments for intangible assets. Tier 2 Capital consists of the allowance for loan losses up to 1.25% of risk-weighted assets and other adjustments.  Management believes, as of December 31, 2011, that the Company and the Bank meet all capital adequacy requirements to which they are subject.

As of December 31, 2011, the most recent notification from the FDIC categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized the Bank must maintain minimum total risk-based, Tier 1 risk-based and Tier 1 leverage ratios as set forth in the table. There are no conditions or events since that notification that management believes have changed the Bank’s category.

The Company’s and the Bank’s actual capital amounts and ratios are presented below:

(Dollars in thousands)
                
 
Actual
  
For Capital
Adequacy Purposes
  
To Be Well
Capitalized Under
Prompt Corrective
Action Provisions
                       
 
Amount
  
Ratio
  
Amount
  
Ratio
  
Amount
  
Ratio
                       
As of December 31, 2011:
                      
                       
Total Capital (to Risk-Weighted Assets)
                      
Consolidated
 $ 129,495   17.38%   59,607   8.00%   N/A   N/A
Bank
 $ 111,807   15.04%   59,463   8.00%   74,329   10.00%
Tier 1 Capital (to Risk-Weighted Assets)
                        
Consolidated
 $ 119,950   16.10%   29,804   4.00%   N/A   N/A
Bank
 $ 102,264   13.76%   29,731   4.00%   44,597   6.00%
Tier 1 Capital (to Average Assets)
                        
Consolidated
 $ 119,950   11.06%   43,379   4.00%   N/A   N/A
Bank
 $ 102,264   9.44%   43,328   4.00%   54,160   5.00%
                         
As of December 31, 2010:
                        
                         
Total Capital (to Risk-Weighted Assets)
                        
Consolidated
 $ 126,912   15.51%   65,455   8.00%   N/A   N/A
Bank
 $ 107,294   13.15%   65,291   8.00%   81,614   10.00%
Tier 1 Capital (to Risk-Weighted Assets)
                        
Consolidated
 $ 116,470   14.24%   32,728   4.00%   N/A   N/A
Bank
 $ 96,853   11.87%   32,646   4.00%   48,968   6.00%
Tier 1 Capital (to Average Assets)
                        
Consolidated
 $ 116,470   10.70%   43,533   4.00%   N/A   N/A
Bank
 $ 96,853   8.91%   43,491   4.00%   54,363   5.00%
 
 
 
A-58
 
 
(14)
    Shareholders’ Equity

The Board of Directors, at its discretion, can issue shares of preferred stock up to a maximum of 5,000,000 shares. The Board of Directors is authorized to determine the number of shares, voting powers, designations, preferences, limitations and relative rights.

On December 23, 2008, the Company entered into a Securities Purchase Agreement (“Purchase Agreement”) with the United States Treasury (the “UST”) pursuant to the Capital Purchase Program ("CPP") under the Troubled Asset Relief Program ("TARP").  Under the Purchase Agreement, the Company agreed to issue and sell 25,054 shares of Series A preferred stock and a warrant to purchase 357,234 shares of the Company's common stock.  Proceeds from the issuance of Series A preferred shares were allocated between Series A preferred stock and the warrant based on their relative fair values at the time of the sale.  Of the $25.1 million in proceeds, $24.4 million was allocated to the Series A preferred stock and $704,000 was allocated to the common stock warrant.  The discount recorded on the Series A preferred stock that resulted from allocating a portion of the proceeds to the warrant is being accreted directly to retained earnings over a five-year period applying a level yield.  As of December 31, 2011, the Company has accreted a total of $408,000 of the discount related to the Series A preferred stock.  The Company paid dividends of $1.3 million on the Series A preferred stock during 2011 and cumulative undeclared dividends at December 31, 2011 were $157,000.

The Series A preferred stock qualifies as Tier 1 capital and will pay cumulative dividends at a rate of 5% per annum for the first five years and 9% per annum thereafter.  The Series A preferred stock may be redeemed at the stated amount of $1,000 per share plus any accrued and unpaid dividends.  Under the terms of the original Purchase Agreement, the Company could not redeem the Series A preferred shares until December 23, 2011 unless the total amount of the issuance, $25.1 million, was replaced with the same amount of other forms of capital that would qualify as Tier 1 capital.  However, with the enactment of the American Recovery and Reinvestment Act of 2009 (“ARRA”), the Company can now redeem the Series A preferred shares at any time, if approved by the Company’s primary regulator.  The Series A preferred stock is non-voting except for class voting rights on matters that would adversely affect the rights of the holders of the Series A preferred stock.

The exercise price of the warrant is $10.52 per common share and it is exercisable at anytime on or before December 18, 2018.

The Company is subject to the following restrictions while the Series A preferred stock is outstanding: 1) UST approval is required for the Company to repurchase shares of outstanding common stock; 2) the full dividend for the latest completed CPP dividend period must be declared and paid in full before dividends may be paid to common shareholders; 3) UST approval is required for any increase in common dividends per share above the last quarterly dividend of $0.12 per share paid prior to December 23, 2008; and 4) the Company may not take tax deductions for any senior executive officer whose compensation is above $500,000.  There were additional restrictions on executive compensation added in the ARRA for companies participating in the TARP, including participants in the CPP.

The Board of Directors of the Bank may declare a dividend of all of its retained earnings as it may deem appropriate, subject to the requirements of the General Statutes of North Carolina, without prior approval from the requisite regulatory authorities.  As of December 31, 2011, this amount was approximately $49.0 million.

(15)
    Other Operating Expense

Other operating expense for the years ended December 31, 2011, 2010 and 2009 included the following items that exceeded one percent of total revenues at some point during the following three-year period:
 
(Dollars in thousands)
          
 
2011
  
2010
  
2009
Advertising
 $ 660   714   860
FDIC insurance
 $ 1,061   1,434   1,766
Visa debit card expense
 $ 658   606   1,064
Telephone
 $ 605   629   616
Foreclosure/OREO Expense
 $ 904   569   326
 
 
 
A-59
 
 
(16)
    Fair Value of Financial Instruments

The Company is required to disclose fair value information about financial instruments, whether or not recognized on the face of the balance sheet, for which it is practicable to estimate that value. The assumptions used in the estimation of the fair value of the Company’s financial instruments are detailed below. Where quoted prices are not available, fair values are based on estimates using discounted cash flows and other valuation techniques. The use of discounted cash flows can be significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. The following disclosures should not be considered a surrogate of the liquidation value of the Company, but rather a good faith estimate of the increase or decrease in value of financial instruments held by the Company since purchase, origination, or issuance.

Cash and Cash Equivalents
For cash, due from banks and interest bearing deposits, the carrying amount is a reasonable estimate of fair value.

Certificates of Deposit
The carrying amount of certificates of deposits is a reasonable estimate of fair value.

Investment Securities Available for Sale
Fair values for investment securities are based on quoted market prices.

Other Investments
For other investments, the carrying value is a reasonable estimate of fair value.

Mortgage Loans Held for Sale
Mortgage loans held for sale are carried at lower of aggregate cost or market value.  The cost of mortgage loans held for sale approximates the market value.

Loans
The fair value of fixed rate loans is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings. For variable rate loans, the carrying amount is a reasonable estimate of fair value.

Cash Surrender Value of Life Insurance
For cash surrender value of life insurance, the carrying value is a reasonable estimate of fair value.

Derivative Instruments
For derivative instruments, fair value is estimated as the amount that the Company would receive or pay to terminate the contracts at the reporting date, taking into account the current unrealized gains or losses on open contracts.

Deposits and Demand Notes Payable
The fair value of demand deposits, interest-bearing demand deposits, savings, and demand notes payable to the UST is the amount payable on demand at the reporting date. The fair value of certificates of deposit is estimated by discounting the future cash flows using the rates currently offered for deposits of similar remaining maturities.

Securities Sold Under Agreements to Repurchase
For securities sold under agreements to repurchase, the carrying value is a reasonable estimate of fair value.

FHLB Borrowings
The fair value of FHLB borrowings is estimated based upon discounted future cash flows using a discount rate comparable to the current market rate for such borrowings.

Junior Subordinated Debentures
Because the Company’s junior subordinated debentures were issued at a floating rate, the carrying amount is a reasonable estimate of fair value.

Commitments to Extend Credit and Standby Letters of Credit
Commitments to extend credit and standby letters of credit are generally short-term and at variable interest rates. Therefore, both the carrying value and estimated fair value associated with these instruments are immaterial.
 
 
A-60
 
 
Limitations
Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on many judgments. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

Fair value estimates are based on existing on and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Significant assets and liabilities that are not considered financial instruments include the deferred income taxes and premises and equipment. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates.
 
The carrying amount and estimated fair value of the Company’s financial instruments at December 31, 2011 and 2010 are as follows:

 
December 31, 2011
  
December 31, 2010
 
Carrying
Amount
  
Estimated
Fair Value
  
Carrying
Amount
  
Estimated
Fair Value
 
(Dollars in thousands)
               
Assets:
              
Cash and cash equivalents
 $ 29,236   29,236   23,977   23,977
Certificates of deposit
 $ -   -   735   735
Investment securities available for sale
 $ 321,388   321,388   272,449   272,449
Other investments
 $ 5,712   5,712   5,761   5,761
Mortgage loans held for sale
 $ 5,146   5,146   3,814   3,814
Loans, net
 $ 653,893   648,640   710,667   710,880
Cash surrender value of life insurance
 $ 12,835   12,835   7,539   7,539
Derivative instruments
 $ -   -   648   648
                 
Liabilities:
                
Deposits and demand notes payable
 $ 827,111   826,810   840,312   839,379
Securities sold under agreements
                
to repurchase
 $ 39,600   39,600   34,094   34,094
FHLB borrowings
 $ 70,000   75,046   70,000   79,950
Junior subordinated debentures
 $ 20,619   20,619   20,619   20,619
 
 
 
A-61
 
 
 
(17)
    Peoples Bancorp of North Carolina, Inc. (Parent Company Only) Condensed Financial Statements
 
 
Balance Sheets
         
December 31, 2011 and 2010
(Dollars in thousands)
         
Assets
2011
  
2010
  
         
Cash
 $ 316     425  
Interest-bearing time deposit
   15,000     17,000  
Investment in subsidiaries
   106,469     98,164  
Investment securities available for sale
   1,520     1,659  
Other assets
   341     393  
             
Total assets
 $ 123,646     117,641  
             
Liabilities and Shareholders' Equity
            
             
Accrued expenses
 $ -       164  
Junior subordinated debentures
   20,619     20,619  
Shareholders' equity
   103,027     96,858  
             
Total liabilities and shareholders' equity
 $ 123,646     117,641  
 
 
 
Statements of Earnings
             
For the Years Ended December 31, 2011, 2010 and 2009
(Dollars in thousands)
             
Revenues:
2011
  
2010
  
2009
  
             
Interest and dividend income
 $ 226     311     454  
Loss on sale and impairment of securities
   (144 )   (291 )   (149 )
                   
Total revenues
   82     20     305  
                   
Expenses:
                  
                   
Interest
   407     411     546  
Other operating expenses
   190     191     230  
                   
Total expenses
   597     602     776  
                   
Loss before income tax benefit and equity in
                  
undistributed earnings of subsidiaries
   (515 )   (582 )   (471 )
                   
Income tax benefit
   56     24     84  
                   
Loss before equity in undistributed
                  
earnings of subsidiaries
   (459 )   (558 )   (387 )
                   
Equity in undistributed earnings of subsidiaries
   5,618     2,399     3,303  
                   
Net earnings
 $ 5,159     1,841     2,916  
 
 
 
A-62
 
 
 
Statements of Cash Flows
             
For the Years Ended December 31, 2011, 2010 and 2009
(Dollars in thousands)
             
 
2011
  
2010
  
2009
  
Cash flows from operating activities:
            
             
Net earnings
 $ 5,159     1,841     2,916  
Adjustments to reconcile net earnings to net
                  
cash (used) provided by operating activities:
                  
Book value shares accrual
   -       -       (720 )
Equity in undistributed earnings of subsidiaries
   (5,618 )   (2,399 )   (3,303 )
Deferred income tax benefit
   -       -       278  
Loss on sale of investment securities
   144     291     149  
Change in:
                  
Other assets
   112     (66 )   (319 )
Accrued income
   (11 )   -       17  
Accrued expense
   (216 )   147     252  
                   
Net cash (used) provided by operating activities
   (430 )   (186 )   (730 )
                   
Cash flows from investing activities:
                  
                   
Purchases of investment securities available for sale
   -       (36,000 )   (15,000 )
Proceeds from maturities of investment securities available for sale
   -       36,000     15,000  
Net change in interest-bearing time deposit
   2,000     2,000     (14,000 )
Payments for investments in subsidiaries
   -       -       (8,010 )
                   
Net cash provided (used) by investing activities
   2,000     2,000     (22,010 )
                   
Cash flows from financing activities:
                  
                   
Cash dividends paid on Series A preferred stock
   (1,253 )   (1,253 )   (1,120 )
Cash dividends paid on common stock
   (443 )   (448 )   (1,440 )
Restricted stock payout
   17     12     -    
                   
Net cash (used) provided by financing activities
   (1,679 )   (1,689 )   (2,560 )
                   
Net change in cash
   (109 )   125     (25,300 )
                   
Cash at beginning of year
   425     300     25,600  
                   
Cash at end of year
 $ 316     425     300  
                   
Noncash investing and financing activities:
                  
Change in unrealized gain on investment securities
                  
 available for sale, net
 $ (3 )   (172 )   3  
 
 
 
A-63
 
 
DIRECTORS AND OFFICERS OF THE COMPANY

DIRECTORS

Robert C. Abernethy – Chairman
Chairman of the Board, Peoples Bancorp of North Carolina, Inc. and Peoples Bank;
President, Secretary and Treasurer, Carolina Glove Company, Inc. (glove manufacturer)
Secretary and Assistant Treasurer, Midstate Contractors, Inc. (paving company)

James S. Abernethy
Vice President, Carolina Glove Company, Inc. (glove manufacturer)
President and Assistant Secretary, Midstate Contractors, Inc. (paving company)
Vice President, Secretary and Chairman of the Board of Directors, Alexander Railroad Company

Douglas S. Howard
Owner, Howard Ventures (asset management firm)
Secretary and Treasurer, Denver Equipment of Charlotte, Inc.

John W. Lineberger, Jr.
President, Lincoln Bonded Warehouse Company (commercial warehousing facility)

Gary E. Matthews
President and Director, Matthews Construction Company, Inc. (general contractor)

Billy L. Price, Jr. MD
Managing Partner and Practitioner of Internal Medicine, Catawba Valley Internal Medicine, PA

Larry E. Robinson
President and Chief Executive Officer, The Blue Ridge Distributing Co., Inc. (beer and wine distributor)
Partner and Chief Operating Officer, United Beverages of North Carolina, LLC (beer distributor)

William Gregory (Greg) Terry
Executive Vice President, Drum & Willis-Reynolds Funeral Homes and Crematory

Dan Ray Timmerman, Sr.
President and Chief Executive Officer, Timmerman Manufacturing, Inc. (wrought iron furniture, railings and gates manufacturer)

Benjamin I. Zachary
President, Treasurer, General Manager and Director, Alexander Railroad Company



OFFICERS

Tony W. Wolfe
President and Chief Executive Officer

A. Joseph Lampron, Jr.
Executive Vice President, Chief Financial Officer and Corporate Treasurer

Joseph F. Beaman, Jr.
Executive Vice President and Corporate Secretary

Lance A. Sellers
Executive Vice President and Assistant Corporate Secretary

William D. Cable, Sr.
Executive Vice President and Assistant Corporate Treasurer
 
 
 
A-64
 
EX-21 5 ex21.htm EXHIBIT (21) ex21.htm
EXHIBIT (21)

SUBSIDIARIES OF THE REGISTRANT

A list of subsidiaries is contained in Part I, Item 1 Business, Subsidiaries and is incorporated herein by reference.

 EX-23 6 ex23.htm EXHIBIT (23) ex23.htm
EXHIBIT (23)

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM



We have issued our report, dated March 27, 2012, accompanying the consolidated financial statements incorporated by reference in the Annual Report of Peoples Bancorp of North Carolina, Inc. on Form 10-K for the year ended December 31, 2011. We hereby consent to the incorporation by reference of said report in the Registration Statement of Peoples Bancorp of North Carolina, Inc. on Form S-3 (File No. 333-43426, effective August 10, 2000), and on Form S-8 (File No. 333-46860, effective September 28, 2000).



 
  /s/ PORTER KEADLE MOORE, LLC  
 


Atlanta, Georgia
March 27, 2012

 EX-31.A 7 ex31a.htm EXHIBIT (31)(A) ex31a.htm
EXHIBIT (31)(a)

CERTIFICATIONS


I, Tony W. Wolfe, certify that:

1.  
I have reviewed this annual report on Form 10-K of Peoples Bancorp of North Carolina, Inc.;

2.  
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.  
Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.  
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)  
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared;

b)  
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)  
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)  
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect the registrant’s internal control over financial reporting; and

5.  
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a)  
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;  and

b)  
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.



 

 
  March 27,  2012
  
 /s/ Tony W. Wolfe
  
  Date
  
Tony W. Wolfe
  
   
President and Chief Executive Officer
  
   
(Principal Executive Officer)
  
EX-31.B 8 ex31b.htm EXHIBIT (31)(B) ex31b.htm
EXHIBIT (31)(b)

CERTIFICATIONS


I, A. Joseph Lampron, Jr., certify that:

1.  
I have reviewed this annual report on Form 10-K of Peoples Bancorp of North Carolina, Inc.;

2.  
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.  
Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.  
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)  
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared;

b)  
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)  
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation ; and

d)  
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect the registrant’s internal control over financial reporting; and

5.  
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a)  
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;  and

b)  
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
 

 
 

  March 27,  2012
  
 /s/ A. Joseph Lampron, Jr.
  
  Date
  
A. Joseph Lampron, Jr.
  
   
Executive Vice President and Chief Financial Officer
  
   
(Principal Financial and Principal Accounting Officer)
  
 
 EX-32 9 ex32.htm EXHIBIT (32) ex32.htm
EXHIBIT (32)

CERTIFICATION PURSUANT TO
18 U.S.C. § 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Peoples Bancorp of North Carolina, Inc. (the “Company”) on Form 10-K for the period ending December 31, 2011, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best knowledge of the undersigned:


(1)           The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934; and

(2)           The information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the Company.
 

 
  March 27,  2012
  
 /s/ Tony W. Wolfe
  
  Date
  
Tony W. Wolfe
  
   
Chief Executive Officer
  
       
       
  March 27,  2012
  
 /s/ A. Joseph Lampron, Jr.
  
  Date
  
A. Joseph Lampron, Jr.
  
   
Chief Financial Officer
  


EX-99.A 10 ex99a.htm EXHIBIT (99)(A) ex99a.htm
EXHIBIT (99)(a)

CERTIFICATION PURSUANT TO
THE EMERGENCY ECONOMIC STABILIZATION ACT OF 2008, AS AMENDED
BY THE AMERICAN RECOVERY AND REINVESTMENT ACT OF 2009.
 
 
 
I, Tony W. Wolfe, President and Chief Executive Officer of Peoples Bancorp of North Carolina (the “Company”), certify, based on my knowledge, that:
 
(i) The compensation committee of the Company has discussed, reviewed, and evaluated with senior risk officers at least every six months during any part of the most recently completed fiscal year that was a TARP period, senior executive officer (“SEO”) compensation plans and employee compensation plans and the risks these plans pose to the Company;
 
(ii) The compensation committee of the Company has identified and limited during any part of the most recently completed fiscal year that was a TARP period any features of the SEO compensation plans that could lead SEOs to take unnecessary and excessive risks that could threaten the value of the Company and has identified any features of the employee compensation plans that pose risks to the Company and has limited those features to ensure that the Company is not unnecessarily exposed to risks;
 
(iii) The compensation committee has reviewed, at least every six months during any part of the most recently completed fiscal year that was a TARP period, the terms of each employee compensation plan and identified any features of the plan that could encourage the manipulation of reported earnings of the Company to enhance the compensation of an employee, and has limited any such features;
 
(iv) The compensation committee of the Company will certify to the reviews of the SEO compensation plans and employee compensation plans required under (i) and (iii) above;
 
(v) The compensation committee of the Company will provide a narrative description of how it limited during any part of the most recently completed fiscal year that was a TARP period the features in:
 
a.  
SEO compensation plans that could lead SEOs to take unnecessary and excessive risks that could threaten the value of the Company
b.  
Employee compensation plans that unnecessarily expose the Company to risks; and
c.  
Employee compensation plans that could encourage the manipulation of reported earnings of the Company to enhance the compensation of an employee;
 
(vi) The Company has required that bonus payments to SEOs or any of the next twenty most highly compensated employees, as defined in the regulations and guidance established under section 111 of EESA (bonus payments), be subject to a recovery or “clawback” provision during any part of the most recently completed fiscal year that was a TARP period if the bonus payments were based on materially inaccurate financial statements or any other materially inaccurate performance metric criteria;
 
(vii) The Company has prohibited any golden parachute payment, as defined in the regulations and guidance established under section 111 of EESA, to a SEO or any of the next five most highly compensated employees during any part of the most recently completed fiscal year that was a TARP period;
 
(viii) The Company has limited bonus payments to its applicable employees in accordance with section 111 of EESA and the regulations and guidance established thereunder during any part of the most recently completed fiscal year that was a TARP period;
 
(ix) The Company and its employees have complied with the excessive or luxury expenditures policy, as defined in the regulations and guidance established under section 111 of EESA, during any part of the most recently completed fiscal year that was a TARP period; and any expenses that, pursuant to the policy, required approval of the board of directors, a committee of the board of directors, an SEO, or an executive officer with a similar level of responsibility were properly approved;
 
(x) The Company will permit a non-binding shareholder resolution in compliance with any applicable federal securities rules and regulations on the disclosures provided under the federal securities laws related to SEO compensation paid or accrued during any part of the most recently completed fiscal year that was a TARP period;
 
(xi) The Company will disclose the amount, nature, and justification for the offering, during any part of the most recently completed fiscal year that was a TARP period, of any perquisites, as defined in the regulations and guidance established under section 111 of EESA, whose total value exceeds $25,000 for any employee who is subject to the bonus payment limitations identified in paragraph (viii);
 
(xii) The Company will disclose whether the Company, the board of directors of the Company, or the compensation committee of the Company has engaged during any part of the most recently completed fiscal year that was a TARP period a compensation consultant; and the services the compensation consultant or any affiliate of the compensation consultant provided during this period;
 
(xiii) The Company has prohibited the payment of any gross-ups, as defined in the regulations and guidance established under section 111 of EESA, to the SEOs and the next twenty most highly compensated employees during any part of the most recently completed fiscal year that was a TARP period;
 
(xiv) The Company has substantially complied with all other requirements related to employee compensation that are provided in the agreement between the Company and Treasury, including any amendments;
 
(xv) The Company has submitted to Treasury a complete and accurate list of the SEOs and the twenty next most highly compensated employees for the current fiscal year, with the non-SEOs ranked in descending order of level of annual compensation, and with the name, title, and employer of each SEO and most highly compensated employee identified; and
 
(xvi) I understand that a knowing and willful false or fraudulent statement made in connection with this certification may be punished by fine, imprisonment, or both. (See, for example, 18 USC 1001.)
 
 

  March 27,  2012
  
 /s/ Tony W. Wolfe
  
  Date
  
Tony W. Wolfe
  
   
President and Chief Executive Officer
  
   
(Principal Executive Officer)
  

 

 
 EX-99.B 11 ex99b.htm EXHIBIT (99)(B) ex99b.htm
EXHIBIT (99)(b)

CERTIFICATION PURSUANT TO
THE EMERGENCY ECONOMIC STABILIZATION ACT OF 2008, AS AMENDED
BY THE AMERICAN RECOVERY AND REINVESTMENT ACT OF 2009.

I, A. Joseph Lampron, Jr., Executive Vice President and Chief Financial Officer of Peoples Bancorp of North Carolina (the “Company”), certify, based on my knowledge, that:
 
(i) The compensation committee of the Company has discussed, reviewed, and evaluated with senior risk officers at least every six months during any part of the most recently completed fiscal year that was a TARP period, senior executive officer (“SEO”) compensation plans and employee compensation plans and the risks these plans pose to the Company;
 
(ii) The compensation committee of the Company has identified and limited during any part of the most recently completed fiscal year that was a TARP period any features of the SEO compensation plans that could lead SEOs to take unnecessary and excessive risks that could threaten the value of the Company and has identified any features of the employee compensation plans that pose risks to the Company and has limited those features to ensure that the Company is not unnecessarily exposed to risks;
 
(iii) The compensation committee has reviewed, at least every six months during any part of the most recently completed fiscal year that was a TARP period, the terms of each employee compensation plan and identified any features of the plan that could encourage the manipulation of reported earnings of the Company to enhance the compensation of an employee, and has limited any such features;
 
(iv) The compensation committee of the Company will certify to the reviews of the SEO compensation plans and employee compensation plans required under (i) and (iii) above;
 
(v) The compensation committee of the Company will provide a narrative description of how it limited during any part of the most recently completed fiscal year that was a TARP period the features in:
 
a.  
SEO compensation plans that could lead SEOs to take unnecessary and excessive risks that could threaten the value of the Company
b.  
Employee compensation plans that unnecessarily expose the Company to risks; and
c.  
Employee compensation plans that could encourage the manipulation of reported earnings of the Company to enhance the compensation of an employee;
 
(vi) The Company has required that bonus payments to SEOs or any of the next twenty most highly compensated employees, as defined in the regulations and guidance established under section 111 of EESA (bonus payments), be subject to a recovery or “clawback” provision during any part of the most recently completed fiscal year that was a TARP period if the bonus payments were based on materially inaccurate financial statements or any other materially inaccurate performance metric criteria;
 
(vii) The Company has prohibited any golden parachute payment, as defined in the regulations and guidance established under section 111 of EESA, to a SEO or any of the next five most highly compensated employees during any part of the most recently completed fiscal year that was a TARP period;
 
(viii) The Company has limited bonus payments to its applicable employees in accordance with section 111 of EESA and the regulations and guidance established thereunder during any part of the most recently completed fiscal year that was a TARP period;
 
(ix) The Company and its employees have complied with the excessive or luxury expenditures policy, as defined in the regulations and guidance established under section 111 of EESA, during any part of the most recently completed fiscal year that was a TARP period; and any expenses that, pursuant to the policy, required approval of the board of directors, a committee of the board of directors, an SEO, or an executive officer with a similar level of responsibility were properly approved;
 
(x) The Company will permit a non-binding shareholder resolution in compliance with any applicable federal securities rules and regulations on the disclosures provided under the federal securities laws related to SEO compensation paid or accrued during any part of the most recently completed fiscal year that was a TARP period;
 
(xi) The Company will disclose the amount, nature, and justification for the offering, during any part of the most recently completed fiscal year that was a TARP period, of any perquisites, as defined in the regulations and guidance established under section 111 of EESA, whose total value exceeds $25,000 for any employee who is subject to the bonus payment limitations identified in paragraph (viii);
 
(xii) The Company will disclose whether the Company, the board of directors of the Company, or the compensation committee of the Company has engaged during any part of the most recently completed fiscal year that was a TARP period a compensation consultant; and the services the compensation consultant or any affiliate of the compensation consultant provided during this period;
 
(xiii) The Company has prohibited the payment of any gross-ups, as defined in the regulations and guidance established under section 111 of EESA, to the SEOs and the next twenty most highly compensated employees during any part of the most recently completed fiscal year that was a TARP period;
 
(xiv) The Company has substantially complied with all other requirements related to employee compensation that are provided in the agreement between the Company and Treasury, including any amendments;
 
(xv) The Company has submitted to Treasury a complete and accurate list of the SEOs and the twenty next most highly compensated employees for the current fiscal year, with the non-SEOs ranked in descending order of level of annual compensation, and with the name, title, and employer of each SEO and most highly compensated employee identified; and
 
(xvi) I understand that a knowing and willful false or fraudulent statement made in connection with this certification may be punished by fine, imprisonment, or both. (See, for example, 18 USC 1001.)
 
 

  March 27,  2012
  
 /s/ A. Joseph Lampron, Jr.
  
  Date
  
A. Joseph Lampron, Jr.
  
   
Executive Vice President and Chief Financial Officer
  
   
(Principal Financial and Principal Accounting Officer)
  

 


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font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td></tr><tr bgcolor="white"><td align="left" valign="bottom" width="67%" style="padding-left: 0pt; margin-left: 9pt;"><div align="left" style="text-indent: 0pt; display: block; margin-left: 9pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Interest</font></div></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; 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font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="67%" style="padding-bottom: 2px; padding-left: 0pt; margin-left: 9pt;"><div align="left" style="text-indent: 0pt; display: block; margin-left: 18pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Total expenses</font></div></td><td valign="bottom" width="1%" style="border-bottom: black 2px solid; text-align: left;"><font style="display: inline; 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font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="67%"><div align="left" style="text-indent: 0pt; 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font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td></tr><tr bgcolor="white"><td align="left" valign="bottom" width="67%" style="padding-left: 0pt; margin-left: 9pt;"><div align="left" style="text-indent: 0pt; display: block; margin-left: 9pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">undistributed earnings of subsidiaries</font></div></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; 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font-size: 10pt;">&#160;</font></td><td valign="bottom" width="1%" style="border-bottom: black 2px solid; text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="border-bottom: black 2px solid; text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">84</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="border-bottom: black 2px solid; text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td></tr><tr bgcolor="#cceeff"><td valign="bottom" width="67%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160; </font></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td></tr><tr bgcolor="white"><td align="left" valign="bottom" width="67%"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Loss before equity in undistributed</font></div></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; 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font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="67%"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Cash flows from investing activities:</font></div></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; 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font-family: times new roman; font-size: 10pt;">&#160;</font></td></tr><tr bgcolor="white"><td valign="bottom" width="67%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160; </font></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="67%" style="padding-left: 0pt; margin-left: 9pt;"><div align="left" style="text-indent: 0pt; display: block; margin-left: 9pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Purchases of investment securities available for sale</font></div></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; 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font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">36,000</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">15,000</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="67%" style="padding-left: 0pt; 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font-size: 10pt;">)</font></td></tr><tr bgcolor="#cceeff"><td valign="bottom" width="67%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160; </font></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td></tr><tr bgcolor="white"><td align="left" valign="bottom" width="67%"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Cash flows from financing activities:</font></div></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td></tr><tr bgcolor="#cceeff"><td valign="bottom" width="67%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160; </font></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td></tr><tr bgcolor="white"><td align="left" valign="bottom" width="67%" style="padding-left: 0pt; margin-left: 9pt;"><div align="left" style="text-indent: 0pt; display: block; margin-left: 9pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Cash dividends paid on Series A preferred stock</font></div></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; 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padding-left: 0pt; margin-left: 9pt;"><div align="left" style="text-indent: 0pt; display: block; margin-left: 9pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Restricted stock payout</font></div></td><td valign="bottom" width="1%" style="border-bottom: black 2px solid; text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="border-bottom: black 2px solid; text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">17</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left; padding-bottom: 2px;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="1%" style="border-bottom: black 2px solid; text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="border-bottom: black 2px solid; 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font-size: 10pt;">&#160; </font></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td></tr><tr bgcolor="white"><td align="left" valign="bottom" width="67%" style="padding-bottom: 2px; padding-left: 0pt; margin-left: 9pt;"><div align="left" style="text-indent: 0pt; display: block; margin-left: 54pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Net cash (used) provided by financing activities</font></div></td><td valign="bottom" width="1%" style="border-bottom: black 2px solid; text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="border-bottom: black 2px solid; 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font-size: 10pt;">&#160;</font></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td></tr><tr bgcolor="white"><td align="left" valign="bottom" width="67%"><div align="left" style="text-indent: 0pt; 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font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(25,300</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td></tr><tr bgcolor="#cceeff"><td valign="bottom" width="67%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160; </font></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td></tr><tr bgcolor="white"><td align="left" valign="bottom" width="67%" style="padding-bottom: 2px;"><div align="left" style="text-indent: 0pt; 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font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="2%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td></tr><tr><td valign="bottom" width="40%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160; </font></td><td colspan="2" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="2%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="2%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="40%"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Total Capital (to Risk-Weighted Assets)</font></div></td><td colspan="2" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="2%"><font style="display: inline; font-family: times new roman; 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font-family: times new roman; font-size: 10pt;">59,463</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: center;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: center;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">8.00%</font></td><td valign="bottom" width="2%" style="text-align: center;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: center;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">74,329</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: center;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: center;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">10.00%</font></td></tr><tr bgcolor="white"><td align="left" valign="bottom" width="40%"><div align="left" style="text-indent: 0pt; 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font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="2%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="40%" style="padding-left: 0pt; 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font-family: times new roman; font-size: 10pt;">43,379</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: center;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: center;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">4.00%</font></td><td valign="bottom" width="2%" style="text-align: center;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: center;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">N/A</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: center;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: center;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">N/A</font></td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="40%" style="padding-left: 0pt; margin-left: 9pt;"><div align="left" style="text-indent: 0pt; display: block; margin-left: 9pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Bank</font></div></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td><td valign="bottom" width="8%" style="text-align: center;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">102,264</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: center;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: center;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">9.44%</font></td><td valign="bottom" width="2%" style="text-align: center;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: center;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">43,328</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: center;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: center;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">4.00%</font></td><td valign="bottom" width="2%" style="text-align: center;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: center;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">54,160</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: center;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: center;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">5.00%</font></td></tr><tr bgcolor="white"><td valign="bottom" width="40%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160; </font></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="2%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="2%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="40%"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">As of December 31, 2010:</font></div></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="2%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="2%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td></tr><tr bgcolor="white"><td valign="bottom" width="40%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160; </font></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="2%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="2%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="40%"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Total Capital (to Risk-Weighted Assets)</font></div></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="2%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="2%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td></tr><tr bgcolor="white"><td align="left" valign="bottom" width="40%" style="padding-left: 0pt; margin-left: 9pt;"><div align="left" style="text-indent: 0pt; display: block; margin-left: 9pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Consolidated</font></div></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td><td valign="bottom" width="8%" style="text-align: center;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">126,912</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: center;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: center;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">15.51%</font></td><td valign="bottom" width="2%" style="text-align: center;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: center;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">65,455</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: center;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: center;"><font style="display: inline; 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font-family: times new roman; font-size: 10pt;">$</font></td><td valign="bottom" width="8%" style="text-align: center;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">107,294</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: center;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: center;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">13.15%</font></td><td valign="bottom" width="2%" style="text-align: center;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: center;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">65,291</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: center;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: center;"><font style="display: inline; 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font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="2%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="2%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="40%" style="padding-left: 0pt; margin-left: 9pt;"><div align="left" style="text-indent: 0pt; display: block; margin-left: 9pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Consolidated</font></div></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; 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font-family: times new roman; font-size: 10pt;">(11</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left; padding-bottom: 4px;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td><td valign="bottom" width="1%" style="border-bottom: black 4px double; text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="7%" style="border-bottom: black 4px double; text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">1,339</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td></tr></table></div></div><div align="justify" style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;">&#160;</div><div align="justify" style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;">The differences between the provision for income taxes and the amount computed by applying the statutory federal income tax rate to earnings before income taxes are as follows:</font></div><div style="text-indent: 0pt; display: block;"><br /></div><div align="justify" style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><div align="right"><table cellpadding="0" cellspacing="0" width="95%" style="font-family: times new roman; font-size: 10pt;"><tr><td align="left" valign="bottom" width="68%"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(Dollars in thousands)</font></div></td><td colspan="2" valign="bottom" width="8%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td colspan="2" valign="bottom" width="8%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td colspan="2" valign="bottom" width="8%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td></tr><tr><td valign="bottom" width="68%" style="padding-bottom: 2px;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160; </font></td><td colspan="2" valign="bottom" width="8%" style="border-bottom: black 2px solid; padding-left: 0pt; margin-left: 9pt;"><div align="center" style="text-indent: 0pt; display: block; margin-left: 9pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2011</font></div></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left; padding-bottom: 2px;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td colspan="2" valign="bottom" width="8%" style="border-bottom: black 2px solid; padding-left: 0pt; margin-left: 9pt;"><div align="center" style="text-indent: 0pt; display: block; margin-left: 9pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2010</font></div></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left; padding-bottom: 2px;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td colspan="2" valign="bottom" width="8%" style="border-bottom: black 2px solid; padding-left: 0pt; margin-left: 9pt;"><div align="center" style="text-indent: 0pt; display: block; margin-left: 9pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2009</font></div></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="68%"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Pre-tax income at statutory rate (34%)</font></div></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td><td valign="bottom" width="7%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2,251</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="7%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">622</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="7%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">1,447</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td></tr><tr bgcolor="white"><td align="left" valign="bottom" width="68%"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Differences:</font></div></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="7%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="7%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="7%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="68%" style="padding-left: 0pt; margin-left: 9pt;"><div align="left" style="text-indent: 0pt; display: block; margin-left: 9pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Tax exempt interest income</font></div></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="7%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(1,052</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="7%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(721</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="7%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(429</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; 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font-family: times new roman; font-size: 10pt;">58</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="7%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">38</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="68%" style="padding-left: 0pt; margin-left: 9pt;"><div align="left" style="text-indent: 0pt; display: block; margin-left: 9pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Cash surrender value of life insurance</font></div></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; 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font-family: times new roman; font-size: 10pt;">(89</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td></tr><tr bgcolor="white"><td align="left" valign="bottom" width="68%" style="padding-left: 0pt; margin-left: 9pt;"><div align="left" style="text-indent: 0pt; display: block; margin-left: 9pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">State taxes, net of federal benefits</font></div></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="7%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">233</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; 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font-family: times new roman; font-size: 10pt;">&#160;</font></td></tr><tr><td valign="bottom" width="78%" style="padding-bottom: 2px;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160; </font></td><td colspan="2" valign="bottom" width="9%" style="border-bottom: black 2px solid; padding-left: 0pt; margin-left: 9pt;"><div align="center" style="text-indent: 0pt; display: block; margin-left: 9pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2011</font></div></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left; padding-bottom: 2px;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="border-bottom: black 2px solid; padding-left: 0pt; margin-left: 9pt;"><div align="center" style="text-indent: 0pt; display: block; margin-left: 9pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; 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font-family: times new roman; font-size: 10pt;">&#160;</font></td></tr><tr bgcolor="white"><td align="left" valign="bottom" width="78%" style="padding-left: 0pt; margin-left: 9pt;"><div align="left" style="text-indent: 0pt; display: block; margin-left: 9pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Allowance for loan losses</font></div></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">6,401</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">5,973</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; 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font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td></tr><tr bgcolor="white"><td align="left" valign="bottom" width="78%"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Deferred tax liabilities:</font></div></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="78%" style="padding-left: 0pt; margin-left: 9pt;"><div align="left" style="text-indent: 0pt; display: block; margin-left: 9pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Deferred loan fees</font></div></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">1,082</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; 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font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="border-bottom: black 2px solid; text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">-&#160;&#160; </font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left; padding-bottom: 2px;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="border-bottom: black 2px solid; text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">252</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="78%" style="padding-bottom: 2px; padding-left: 0pt; margin-left: 9pt;"><div align="left" style="text-indent: 0pt; display: block; margin-left: 18pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Total gross deferred tax liabilities</font></div></td><td valign="bottom" width="1%" style="border-bottom: black 2px solid; text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="border-bottom: black 2px solid; text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">3,701</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left; padding-bottom: 2px;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="border-bottom: black 2px solid; text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">1,999</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; 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display: block; margin-left: 36pt; margin-right: 0pt;"><div align="right"><table cellpadding="0" cellspacing="0" width="95%" style="font-family: times new roman; font-size: 10pt;"><tr><td align="left" valign="bottom" width="71%"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(Dollars in thousands)</font></div></td><td colspan="2" valign="bottom" width="8%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; 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font-family: times new roman; font-size: 10pt;">569</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="7%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">326</font></td></tr></table></div></div><div align="justify" style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;">&#160;</div></div> 7576000 6673000 443000 447000 1440000 1253000 1253000 1120000 40000000 7000000 24100000 5000000 5000000 25054 25054 25054 25054 1393000 1394000 1246000 1000 1000 40000000 0 24100000 54041000 86935000 40629000 110978000 65774000 30743000 290000 585000 809000 0 0 24000 3355000 5725000 3435000 16896000 17334000 12632000 16438000 10535000 208863000 232915000 141770000 5000000 0 0 215000 0 1426000 1601000 1441000 1614000 <div><div><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; 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font-size: 10pt;"><tr><td align="left" valign="bottom" width="68%"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(Dollars in thousands)</font></div></td><td colspan="2" valign="bottom" width="15%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="14%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td></tr><tr><td valign="bottom" width="68%" style="padding-bottom: 2px;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160; </font></td><td colspan="2" valign="bottom" width="15%" style="border-bottom: black 2px solid;"><div align="center" style="text-indent: 0pt; 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display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Real estate loans</font></div></td><td colspan="2" valign="bottom" width="15%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="14%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td></tr><tr bgcolor="white"><td align="left" valign="bottom" width="68%"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;Construction and land development</font></div></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; 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font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td></tr><tr><td valign="bottom" width="34%" style="padding-bottom: 2px;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160; </font></td><td colspan="2" valign="bottom" width="10%" style="border-bottom: black 2px solid;"><div align="center" style="text-indent: 0pt; 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font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td></tr><tr bgcolor="white"><td align="left" valign="bottom" width="34%"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; 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font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td></tr><tr><td align="left" colspan="3" valign="bottom" width="44%"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; 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font-family: times new roman; font-size: 10pt;">Beginning balance</font></div></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td><td valign="bottom" width="9%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">5,774</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="9%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">6,097</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="9%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">1,409</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="10%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">17</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="9%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">1,174</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">430</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="9%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">592</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="7%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">15,493</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="21%" style="padding-left: 0pt; margin-left: 9pt;"><div align="left" style="text-indent: 0pt; display: block; margin-left: 10pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Charge-offs</font></div></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="9%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(7,164</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td><td valign="bottom" width="9%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(2,925</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td><td valign="bottom" width="9%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(1,271</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td><td valign="bottom" width="10%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">-</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="9%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(314</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(586</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td><td valign="bottom" width="9%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">-</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="7%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(12,260</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td></tr><tr bgcolor="white"><td align="left" valign="bottom" width="21%" style="padding-left: 0pt; margin-left: 446pt;"><div align="left" style="text-indent: 0pt; display: block; margin-left: 10pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Recoveries</font></div></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="9%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">241</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="9%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">201</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="9%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">24</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="10%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">-</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="9%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">121</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">152</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="9%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">-</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="7%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">739</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="21%" style="padding-bottom: 2px; padding-left: 0pt; margin-left: 446pt;"><div align="left" style="text-indent: 0pt; display: block; margin-left: 10pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Provision</font></div></td><td valign="bottom" width="1%" style="border-bottom: black 2px solid; text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="9%" style="border-bottom: black 2px solid; text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">8,331</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="9%" style="border-bottom: black 2px solid; text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">1,984</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="9%" style="border-bottom: black 2px solid; text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">1,569</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="10%" style="border-bottom: black 2px solid; text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(4</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td><td valign="bottom" width="9%" style="border-bottom: black 2px solid; text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">48</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="border-bottom: black 2px solid; text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">259</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="9%" style="border-bottom: black 2px solid; text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">445</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="7%" style="border-bottom: black 2px solid; 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font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="9%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="9%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="10%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="9%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="9%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="7%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td></tr><tr bgcolor="white"><td align="left" valign="bottom" width="21%"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Ending balance: individually</font></div></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="9%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="9%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="9%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="10%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="9%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="9%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="7%" style="text-align: right;"><font style="display: inline; 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font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="9%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="10%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="9%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; 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font-family: times new roman; font-size: 10pt;">136,137</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="10%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">3,448</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="9%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">36,585</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="9%" style="text-align: right;"><font style="display: inline; font-family: times new roman; 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font-family: times new roman; font-size: 10pt;">358</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="9%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">12,882</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="9%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">429</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="9%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">7</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; 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font-family: times new roman; font-size: 10pt;">11,767</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="9%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2,795</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="10%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">728</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="9%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">622</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; 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font-family: times new roman; font-size: 10pt;">9,665</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="10%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">209</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="9%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">1,041</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="9%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">154</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; 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font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="9%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">-</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="9%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">-</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="9%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">-</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="7%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">-</font></td></tr><tr bgcolor="white"><td align="left" valign="bottom" width="20%"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">8- Doubtful</font></div></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td><td valign="bottom" width="9%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">-</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="9%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">-</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; 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font-family: times new roman; font-size: 10pt;">-</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="9%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">-</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="7%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">-</font></td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="20%" style="padding-bottom: 2px;"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">9- Loss</font></div></td><td valign="bottom" width="1%" style="border-bottom: black 2px solid; 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display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;">Peoples Bancorp of North Carolina, Inc. 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In preparing the financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts in the financial statements. Actual results could differ significantly from these estimates. Material estimates common to the banking industry that are particularly susceptible to significant change in the near term include, but are not limited to, the determination of the allowance for loan losses and valuation of real estate acquired in connection with or in lieu of foreclosure on loans.</font></div><div style="text-indent: 0pt; display: block;"><br /></div><div align="justify" style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;"><font style="display: inline; text-decoration: underline;">Cash and Cash Equivalents</font></font></div><div align="justify" style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;">Cash and due from banks and&#160;interest bearing deposits&#160;are considered cash and cash equivalents for cash flow reporting purposes. </font></div><div style="text-indent: 0pt; display: block;"><br /></div><div align="justify" style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;"><font style="display: inline; text-decoration: underline;">Investment Securities</font></font></div><div align="justify" style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;">There are three classifications the Company is able to use to for its investment securities: trading, available for sale, or held to maturity. Trading securities are bought and held principally for sale in the near term. Held to maturity securities are those securities for which the Company has the ability and intent to hold until maturity. All other securities not included in trading or held to maturity are classified as available for sale. At December 31, 2011 and 2010, the Company classified all of its investment securities as available for sale.</font></div><div style="text-indent: 0pt; display: block;"><br /></div><div align="justify" style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;">Available for sale securities are recorded at fair value. Unrealized holding gains and losses, net of the related tax effect, are excluded from earnings and are reported as a separate component of shareholders' equity until realized.</font></div><div style="text-indent: 0pt; display: block;"><br /></div><div align="justify" style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;">Management evaluates investment securities for other-than-temporary impairment on an annual basis.&#160;&#160;A decline in the market value of any investment below cost that is deemed other-than-temporary is charged to earnings for the decline in value deemed to be credit related and a new cost basis in the security is established .&#160;&#160;The decline in value attributed to non-credit related factors is recognized in comprehensive income.</font></div><div style="text-indent: 0pt; display: block;"><br /></div><div align="justify" style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;">Premiums and discounts are amortized or accreted over the life of the related security as an adjustment to the yield.&#160;&#160;Realized gains and losses for securities classified as available for sale are included in earnings and are derived using the specific identification method for determining the cost of securities sold.</font></div><div style="text-indent: 0pt; display: block;"><br /></div><div align="justify" style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;"><font style="display: inline; text-decoration: underline;">Other Investments</font></font></div><div align="justify" style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;">Other investments include equity securities with no readily determinable fair value.&#160;&#160;These investments are carried at cost.</font></div><div style="text-indent: 0pt; display: block;"><br /></div><div align="justify" style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;"><font style="display: inline; text-decoration: underline;">Mortgage Loans Held for Sale</font></font></div><div align="justify" style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;">Mortgage loans held for sale are carried at lower of aggregate cost or market value.&#160;&#160;The cost of mortgage loans held for sale approximates the market value.</font></div><div style="text-indent: 0pt; display: block;"><br /></div><div align="justify" style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;"><font style="display: inline; text-decoration: underline;">Loans</font></font></div><div align="justify" style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;">Loans that management has the intent and ability to hold for the foreseeable future or until maturity are reported at the principal amount outstanding, net of the allowance for loan losses. 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Management believes it has established the allowance in accordance with GAAP and in consideration of the current economic environment. Although management uses the best information available to make evaluations, significant future additions to the allowance may be necessary based on changes in economic and other conditions, thus adversely affecting the operating results of the Company.</font></div><div style="text-indent: 0pt; display: block;"><br /></div><div align="justify" style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;">There were no significant changes in the estimation methods or fundamental assumptions used in the evaluation of the allowance for loan losses for the year ended December&#160;31, 2011 as compared to the year ended December&#160;31, 2010.&#160;&#160;&#160;Such revisions, estimates and assumptions are made in any period in which the supporting factors indicate that loss levels may vary from the previous estimates.</font></div><div style="text-indent: 0pt; display: block;"><br /></div><div align="justify" style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;">Additionally, various regulatory agencies, as an integral part of their examination process, periodically review the Bank's allowances for loan losses. Such agencies may require adjustments to the allowances based on their judgments of information available to them at the time of their examinations.&#160;&#160;Also, an independent&#160;loan review process further assists with evaluating credit quality and assessing potential performance issues.</font></div><div style="text-indent: 0pt; display: block;"><br /></div><div align="justify" style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;"><font style="display: inline; text-decoration: underline;">Mortgage Banking Activities</font></font></div><div align="justify" style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;">Mortgage banking income represents net gains from the sale of mortgage loans and fees received from borrowers and loan investors related to the Bank's origination of single-family residential mortgage loans.</font></div><div style="text-indent: 0pt; display: block;"><br /></div><div align="justify" style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;">Mortgage servicing rights (&#8220;MSRs&#8221;) represent the unamortized cost of purchased and originated contractual rights to service mortgages for others in exchange for a servicing fee.&#160;&#160;MSRs are amortized over the period of estimated net servicing income and are periodically adjusted for actual prepayments of the underlying mortgage loans.&#160;&#160;The Company recognized no servicing assets during 2011, 2010 and 2009.</font></div><div style="text-indent: 0pt; display: block;"><br /></div><div align="justify" style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;">Mortgage loans serviced for others are not included in the accompanying balance sheets. The unpaid principal balances of mortgage loans serviced for others was approximately $4.0 million, $5.3 million and $6.6 million at December 31, 2011, 2010 and 2009, respectively.</font></div><div style="text-indent: 0pt; display: block;"><br /></div><div align="justify" style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;">The Bank originates certain fixed rate mortgage loans and commits these loans for sale.&#160;&#160;The commitments to originate fixed rate mortgage loans and the commitments to sell these loans to a third party are both derivative contracts.&#160;&#160;The fair value of these derivative contracts is immaterial and has no effect on the recorded amounts in the financial statements.</font></div><div style="text-indent: 0pt; display: block;"><br /></div><div align="justify" style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;"><font style="display: inline; text-decoration: underline;">Premises and Equipment</font></font></div><div align="justify" style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;">Premises and equipment are stated at cost less accumulated depreciation. 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Additionally, the recognition of future tax benefits, such as net operating loss carryforwards, is required to the extent that the realization of such benefits is more likely than not. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the assets and liabilities are expected to be recovered or settled. 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In assessing the realizability of a deferred tax asset, management considers the scheduled reversals of deferred tax liabilities, projected future taxable income, and tax planning strategies.</font></div><div style="text-indent: 0pt; display: block;"><br /></div><div align="justify" style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;"><font style="display: inline; font-family: Times New Roman;">The Company accounts for income taxes in accordance with income tax accounting guidance, Financial Accounting Standards Board (&#8220;FASB&#8221;) Accounting Standards Codification 740, Income Taxes.&#160;&#160;On January 1, 2007, the Company adopted the accounting guidance related to accounting for uncertainty in income taxes, which sets out a consistent framework to determine the appropriate level of tax reserves to maintain for uncertain tax positions.&#160;&#160;</font>This guidance prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return.&#160;&#160;Benefits from tax positions should be recognized in the financial statements only when it is more-likely-than-not that the tax position will be sustained upon examination by the appropriate taxing authority that would have full knowledge of all relevant information.&#160;&#160;A tax position that meets the more-likely-than-not recognition threshold is measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement.&#160;&#160;Tax positions that previously failed to meet the more-likely-than-not recognition threshold should be recognized in the first subsequent financial reporting period in which that threshold is met.&#160;&#160;Previously recognized tax positions that no longer meet the more-likely-than-not recognition threshold should be derecognized in the first subsequent financial reporting period in which that threshold is no longer met.&#160;&#160;This guidance also provides disclosure guidelines for unrecognized tax benefits, interest and penalties.&#160;&#160;<font style="display: inline; font-family: Times New Roman;">The Company assessed the impact of this guidance and determined that it </font>did not have a material impact on the Company's financial position, results of operations or disclosures.</font></div><div style="text-indent: 0pt; display: block;"><br /></div><div align="justify" style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;"><font style="display: inline; text-decoration: underline;">Derivative Financial Instruments and Hedging Activities</font></font></div><div align="justify" style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;">In the normal course of business, the Company enters into derivative contracts to manage interest rate risk by modifying the characteristics of the related balance sheet instruments in order to reduce the adverse effect of changes in interest rates. 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font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="78%" style="padding-bottom: 2px;"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Less accumulated depreciation</font></div></td><td valign="bottom" width="1%" style="border-bottom: black 2px solid; text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="8%" style="border-bottom: black 2px solid; text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">18,330</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left; padding-bottom: 2px;"><font style="display: inline; 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font-family: Times New Roman; font-size: 10pt; font-weight: bold;">(16)</font></div></td><td><div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;">&#160;&#160;&#160; Fair Value of Financial Instruments</font></div></td></tr></table></div><div style="text-indent: 0pt; display: block;"><br /></div><div align="justify" style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;">The Company is required to disclose fair value information about financial instruments, whether or not recognized on the face of the balance sheet, for which it is practicable to estimate that value. 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font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="9%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="9%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="9%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="9%" style="text-align: right;"><font style="display: inline; 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font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="10%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="10%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="2%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="12%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="50%" style="padding-left: 0pt; margin-left: 9pt;"><div align="left" style="text-indent: 0pt; 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display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Fair Value</font></div></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="10%" style="border-bottom: black 2px solid;"><div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Unrealized </font></div><div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Losses</font></div></td><td valign="bottom" width="2%" style="padding-bottom: 2px;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="10%" style="border-bottom: black 2px solid;"><div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Fair Value</font></div></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="10%" style="border-bottom: black 2px solid;"><div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Unrealized </font></div><div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Losses</font></div></td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="29%"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Mortgage-backed securities</font></div></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></td><td valign="bottom" width="9%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">95,122</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="11%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">991</font></td><td align="right" valign="bottom" width="2%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="9%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">4,125</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="10%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">65</font></td><td align="right" valign="bottom" width="2%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="10%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">99,247</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="10%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">1,056</font></td></tr><tr bgcolor="white"><td align="left" valign="bottom" width="29%" style="padding-bottom: 2px;"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">State and political subdivisions</font></div></td><td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="9%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">4,444</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="11%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">56</font></td><td align="right" valign="bottom" width="2%" style="padding-bottom: 2px;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="9%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">-&#160;&#160; </font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="10%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">-&#160;&#160; </font></td><td align="right" valign="bottom" width="2%" style="padding-bottom: 2px;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="10%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">4,444</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="10%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">56</font></td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="29%" style="padding-bottom: 2px;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Corporate bonds</font></td><td valign="bottom" width="1%" style="border-bottom: black 2px solid; text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="9%" style="border-bottom: black 2px solid; text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">542</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="11%" style="border-bottom: black 2px solid; text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">3</font></td><td align="right" valign="bottom" width="2%" style="padding-bottom: 2px;"><font style="display: inline; 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display: block; margin-left: 36pt; margin-right: 0pt;"><div align="left"><table cellpadding="0" cellspacing="0" width="95%" style="font-family: times new roman; font-size: 10pt;"><tr><td align="left" valign="bottom" width="29%"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(Dollars in thousands)</font></div></td><td colspan="2" valign="bottom" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="2%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="2%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td valign="bottom" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td></tr><tr><td valign="bottom" width="29%" style="padding-bottom: 2px;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160; </font></td><td colspan="12" valign="bottom" width="67%" style="border-bottom: black 2px solid;"><div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">December 31, 2010</font></div></td></tr><tr><td valign="bottom" width="29%" style="padding-bottom: 2px;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160; </font></td><td colspan="4" valign="bottom" width="22%" style="border-bottom: black 2px solid;"><div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Less than 12 Months</font></div></td><td valign="bottom" width="2%" style="padding-bottom: 2px;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td><td colspan="3" valign="bottom" width="20%" style="border-bottom: black 2px solid;"><div align="center" style="text-indent: 0pt; 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font-family: Times New Roman;">certificates of deposit participated through the Certificate of Deposit Account Registry Service (&#8220;CDARS&#8221;) on behalf of local customers.&#160;&#160;CDARS balances totaled $28.6 million and $53.0 million as of December 31, 2011 and 2010, respectively</font>.&#160;&#160;The weighted average rate of brokered deposits as of December 31, 2011 and 2010 was 0.99% and 1.20%, respectively.</font></div><div align="justify" style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;">&#160;</div></div> <div><div><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;"><tr valign="top"><td style="width: 27pt;"><div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;">(7)</font></div></td><td><div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;">&#160;&#160;&#160; Junior Subordinated Debentures</font></div></td></tr></table></div><div style="text-indent: 0pt; display: block;"><br /></div><div align="justify" style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;">In June 2006, the Company formed a second wholly-owned Delaware statutory trust, PEBK Capital Trust II (&#8220;PEBK Trust II&#8221;), which issued $20.0 million of guaranteed preferred beneficial interests in the Company's junior subordinated deferrable interest debentures.&#160;&#160;All of the common securities of PEBK Trust II are owned by the Company.&#160;&#160;The proceeds from the issuance of the common securities and the trust preferred securities were used by PEBK Trust II to purchase $20.6 million of junior subordinated debentures of the Company, which pay a floating rate equal to three-month LIBOR plus 163 basis points.&#160;&#160;The proceeds received by the Company from the sale of the junior subordinated debentures were used to repay in December 2006 the trust preferred securities issued in December 2001 by PEBK Capital Trust, a wholly owned Delaware statutory trust of the Company, and for general purposes.&#160;&#160;The debentures represent the sole assets of PEBK Trust II.&#160;&#160;PEBK Trust II is not included in the consolidated financial statements.</font></div><div style="text-indent: 0pt; display: block;"><br /></div><div align="justify" style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;">The trust preferred securities issued by PEBK Trust II accrue and pay interest quarterly at a floating rate of three-month LIBOR plus 163 basis points.&#160;&#160;The Company has guaranteed distributions and other payments due on the trust preferred securities to the extent PEBK Trust II has funds with which to make the distributions and other payments.&#160;&#160;The net combined effect of all the documents entered into in connection with the trust preferred securities is that the Company is liable to make the distributions and other payments required on the trust preferred securities.</font></div><div style="text-indent: 0pt; display: block;"><br /></div><div align="justify" style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;">These trust preferred securities are mandatorily redeemable upon maturity of the debentures on June 28, 2036, or upon earlier redemption as provided in the indenture.&#160;&#160;The Company had the right to redeem the debentures purchased by PEBK Trust II, in whole or in part, on or after June 28, 2011.&#160;&#160;As specified in the indenture, if the debentures are redeemed prior to maturity, the redemption price will be the principal amount plus any accrued but unpaid interest.</font></div><div style="text-indent: 0pt; display: block;"><br /></div></div> 1000 0 50000000 1000 0 45000000 0 2357 0 2747 0 0 358000 0 358000 0 0 0 12000 0 0 12000 0 17000 0 0 17000 0 -1322000 -704000 -501000 8492000 8698000 6706000 5769000 366133000 332511000 14381000 18703000 EX-101.SCH 14 pebk-20111231.xsd PEOPLES BANCORP OF NORTH CAROLINA, INC. 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Disclosure [Text Block] Other real estate Cash dividends paid on common stock Payments of Dividends, Common Stock Cash dividends paid on Series A preferred stock Payments of Dividends, Preferred Stock and Preference Stock Repayments of FHLB borrowings Repayments of Federal Home Loan Bank Borrowings Series A preferred stock, authorized (in shares) Series A preferred stock, issued (in shares) Series A preferred stock, outstanding (in shares) Dividends and accretion of preferred stock Series A preferred stock, stated value (in dollars per share) Proceeds from FHLB borrowings Proceeds from Federal Home Loan Bank Borrowings Proceeds from calls, maturities and paydowns of investment securities available for sale Proceeds from Maturities, Prepayments and Calls of Available-for-sale Securities Proceeds from sales of investment securities available for sale Proceeds from Sale of Available-for-sale Securities Proceeds from sale of other investments Proceeds from sale of premises and equipment 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Shareholders' equity: Shareholders' Equity [Abstract] Shareholders' Equity Stockholders' Equity Note Disclosure [Text Block] Junior subordinated debentures Subordinated Debt Supplemental disclosures of cash flow information: Time, $100,000 or more Total non-interest expense Noninterest Expense Non-interest expense: Common Stock [Member] Premises and Equipment Property, Plant and Equipment Disclosure [Text Block] Preferred Stock [Member] Total assets Assets Cash dividends declared per common share (in dollars per share) Statement [Table] Assets Assets Assets [Abstract] Statement [Line Items] Fair Value of Financial Instruments Fair Value Disclosures [Text Block] Increase (Decrease) in Stockholders' Equity [Roll Forward] Cash surrender value of life insurance Life Insurance, Corporate or Bank Owned, Change in Value Other liabilities Increase (Decrease) in Other Operating Liabilities Earnings before income taxes Income (Loss) from Continuing Operations before Equity Method Investments, 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Time Deposits Federal Home Loan Bank and Federal Reserve Bank Borrowings [Abstract] Junior Subordinated Debentures [Abstract] Junior Subordinated Debentures [Text Block] The entire disclosure of current and noncurrent portion of the carrying value of junior subordinated debentures. Junior Subordinated Debentures Employee and Director Benefit Programs [Abstract] Cash paid during the year for: [Abstract] Cash paid during the year for: Repayments of FRB borrowings The cash outflow for the payment of loan drawn from federal reserve bank. Repayments of FRB borrowings Proceeds from FRB borrowings The cash inflow from a borrowing made from Federal reserve bank. Shares from restricted stock payout The number of shares from restricted stock payout. 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Investment Securities
 12 Months Ended
Dec. 31, 2011
Investment Securities [Abstract]  
Investment Securities
(2)
    Investment Securities

Investment securities available for sale at December 31, 2011 and 2010 are as follows:
 
(Dollars in thousands)
  
 
December 31, 2011
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated Fair
Value
Mortgage-backed securities
$213,378 1,371 1,056 213,693
U.S. Government
        
sponsored enterprises
 7,429 265 -    7,694
State and political subdivisions
 92,996 4,157 56 97,097
Corporate bonds
 546 -    3 543
Trust preferred securities
 1,250 -    -   1,250
Equity securities
 748 363 -    1,111
          
Total
$316,347 6,156 1,115 321,388
 
 
(Dollars in thousands)
  
 
December 31, 2010
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated Fair Value
Mortgage-backed securities
$137,811 2,119 569 139,361
U.S. Government
        
sponsored enterprises
 42,933 393 686 42,640
State and political subdivisions
 89,486 793 2,450 87,829
Trust preferred securities
 1,250 -    -    1,250
Equity securities
 982 387 -    1,369
          
Total
$272,462 3,692 3,705 272,449
 
The current fair value and associated unrealized losses on investments in debt securities with unrealized losses at December 31, 2011 and 2010 are summarized in the tables below, with the length of time the individual securities have been in a continuous loss position.
 
 
(Dollars in thousands)
           
 
December 31, 2011
 
Less than 12 Months
 
12 Months or More
 
Total
 
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
Mortgage-backed securities
$95,122 991 4,125 65 99,247 1,056
State and political subdivisions
 4,444 56 -    -    4,444 56
Corporate bonds 542 3 -    -    542 3
Total
$100,108 1,050 4,125 65 104,233 1,115
 
 
(Dollars in thousands)
           
 
December 31, 2010
 
Less than 12 Months
 
12 Months or More
 
Total
 
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
Mortgage-backed securities
$59,471 569 -    -    59,471 569
U.S. Government
            
sponsored enterprises
 24,123 686 -    -    24,123 686
State and political subdivisions
 56,374 2,450 -    -    56,374 2,450
Total
$139,968 3,705 -    -    139,968 3,705
 
At December 31, 2011, unrealized losses in the investment securities portfolio relating to debt securities totaled $1.1 million.  The unrealized losses on these debt securities arose due to changing interest rates and are considered to be temporary.  At December 31, 2011, six out of 147 securities issued by state and political subdivisions contained unrealized losses and 43 out of 105 securities issued by U.S. Government sponsored enterprises, including mortgage-backed securities, contained unrealized losses.  These unrealized losses are considered temporary because of acceptable investment grades on each security and the repayment sources of principal and interest are government backed.

The Company periodically evaluates its investments for any impairment which would be deemed other-than-temporary.   As part of its evaluation in 2011, the Company determined that the fair value of one equity security was less than the original cost of the investment and that the decline in fair value was not temporary in nature.  As a result, the Company wrote down its investment by $144,000.  The remaining fair value of the investment at December 31, 2011 was approximately $264,000.  Similarly, as part of its evaluation in 2010, the Company wrote down two equity securities by $291,000.  The remaining fair value of the investments at December 31, 2010 was $409,000.

The amortized cost and estimated fair value of investment securities available for sale at December 31, 2011, by contractual maturity, are shown below. Expected maturities of mortgage-backed securities will differ from contractual maturities because borrowers have the right to call or prepay obligations with or without call or prepayment penalties.

(Dollars in thousands)
   
 
Amortized
Cost
 
Estimated Fair
Value
Due within one year
$4,649 4,690
Due from one to five years
 18,249 18,780
Due from five to ten years
 67,562 70,665
Due after ten years
 11,761 12,449
Mortgage-backed securities
 213,378 213,693
Equity securities
 748 1,111
Total
$316,347 321,388
 
Proceeds from sales of securities available for sale during 2011 were $111.0 million and resulted in gross gains of $4.4 million and gross losses of $9,000.  During 2010 and 2009, the proceeds from sales of securities available for sale were $65.8 million and $30.7 million, respectively and resulted in gross gains of $3.3 million and $1.8 million, respectively.

Securities with a fair value of approximately $83.6 million and $75.5 million at December 31, 2011 and 2010, respectively, were pledged to secure public deposits, FHLB borrowings and for other purposes as required by law.

GAAP establishes a framework for measuring fair value and expands disclosures about fair value measurements. There is a three-level fair value hierarchy for fair value measurements.  Level 1 inputs are quoted prices in active markets for identical assets or liabilities that a company has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability.  The table below presents the balance of securities available for sale and derivatives, which are measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2011 and 2010.
 
(Dollars in thousands)
    
 December 31, 2011
 
Fair Value Measurements 
 
Level 1 Valuation
 
Level 2 Valuation
 
Level 3
Valuation
Mortgage-backed securities
$213,693 - 208,349 5,344
U.S. Government
        
sponsored enterprises
$7,694 - 7,694 -
State and political subdivisions
$97,097 - 97,097 -
Corporate bonds
$543 - 543 -
Trust preferred securities
$1,250 - - 1,250
Equity securities
$1,111 1,111 - -
Mortgage loans held for sale
$5,146 - 5,146 -
 
 
(Dollars in thousands)
    
 December 31, 2010
 
Fair Value Measurements
 
Level 1
Valuation
 
Level 2
Valuation
 
Level 3
Valuation
Mortgage-backed securities
$139,361 - 139,361 -
U.S. Government
        
sponsored enterprises
$42,640 - 42,640 -
State and political subdivisions
$87,829 - 87,829 -
Trust preferred securities
$1,250 - - 1,250
Equity securities
$1,369 1,369 - -
Mortgage loans held for sale
$3,814 - 3,814 -
Market value of derivatives (in other assets)
$648 - 648 -
 
Fair values of investment securities available for sale are determined by obtaining quoted prices on nationally recognized securities exchanges when available.  If quoted prices are not available, fair value is determined using matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities' relationship to other benchmark quoted securities.  Fair values of derivative instruments are determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities.

The following is an analysis of fair value measurements of investment securities available for sale using Level 3, significant unobservable inputs, for the year ended December 31, 2011:

 
(Dollars in thousands)
 
 
Investment Securities Available for Sale
 
Level 3 Valuation
Balance, beginning of period
$1,250
Change in book value
 -
Change in gain/(loss) realized and unrealized
 -
Purchases/(sales)
 -
Transfers in and/or out of Level 3
 5,344
Balance, end of period
$6,594
    
Change in unrealized gain/(loss) for assets still held in Level 3
$-
 
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Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2011
Summary of Significant Accounting Policies [Abstract]  
Summary of Significant Accounting Policies
(1)
    Summary of Significant Accounting Policies
 
 
   Organization
Peoples Bancorp of North Carolina, Inc. (“Bancorp”) received regulatory approval to operate as a bank holding company on July 22, 1999, and became effective August 31, 1999.  Bancorp is primarily regulated by the Board of Governors of the Federal Reserve System, and serves as the one-bank holding company for Peoples Bank (the “Bank”).

The Bank commenced business in 1912 upon receipt of its banking charter from the North Carolina State Banking Commission (the “SBC”). The Bank is primarily regulated by the SBC and the Federal Deposit Insurance Corporation (the “FDIC”) and undergoes periodic examinations by these regulatory agencies. The Bank, whose main office is in Newton, North Carolina, provides a full range of commercial and consumer banking services primarily in Catawba, Alexander, Lincoln, Mecklenburg, Iredell, Union and Wake counties in North Carolina.

Peoples Investment Services, Inc. is a wholly-owned subsidiary of the Bank and began operations in 1996 to provide investment and trust services through agreements with an outside party.

Real Estate Advisory Services, Inc. (“REAS”) is a wholly-owned subsidiary of the Bank and began operations in 1997 to provide real estate appraisal and property management services to individuals and commercial customers of the Bank.

Community Bank Real Estate Solutions, LLC is a wholly-owned subsidiary of Bancorp and began operations in 2009 as a “clearing house” for appraisal services for community banks.  Other banks are able to contract with Community Bank Real Estate Solutions, LLC to find and engage appropriate appraisal companies in the area where the property is located.

Principles of Consolidation
The consolidated financial statements include the financial statements of Bancorp and its wholly-owned subsidiaries, the Bank and Community Bank Real Estate Solutions, LLC, along with the Bank's wholly-owned subsidiaries, Peoples Investment Services, Inc. and REAS (collectively called the “Company”).  All significant intercompany balances and transactions have been eliminated in consolidation.

Basis of Presentation
The accounting principles followed by the Company, and the methods of applying these principles, conform with accounting principles generally accepted in the United States of America (“GAAP”) and with general practices in the banking industry. In preparing the financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts in the financial statements. Actual results could differ significantly from these estimates. Material estimates common to the banking industry that are particularly susceptible to significant change in the near term include, but are not limited to, the determination of the allowance for loan losses and valuation of real estate acquired in connection with or in lieu of foreclosure on loans.

Cash and Cash Equivalents
Cash and due from banks and interest bearing deposits are considered cash and cash equivalents for cash flow reporting purposes.

Investment Securities
There are three classifications the Company is able to use to for its investment securities: trading, available for sale, or held to maturity. Trading securities are bought and held principally for sale in the near term. Held to maturity securities are those securities for which the Company has the ability and intent to hold until maturity. All other securities not included in trading or held to maturity are classified as available for sale. At December 31, 2011 and 2010, the Company classified all of its investment securities as available for sale.

Available for sale securities are recorded at fair value. Unrealized holding gains and losses, net of the related tax effect, are excluded from earnings and are reported as a separate component of shareholders' equity until realized.

Management evaluates investment securities for other-than-temporary impairment on an annual basis.  A decline in the market value of any investment below cost that is deemed other-than-temporary is charged to earnings for the decline in value deemed to be credit related and a new cost basis in the security is established .  The decline in value attributed to non-credit related factors is recognized in comprehensive income.

Premiums and discounts are amortized or accreted over the life of the related security as an adjustment to the yield.  Realized gains and losses for securities classified as available for sale are included in earnings and are derived using the specific identification method for determining the cost of securities sold.

Other Investments
Other investments include equity securities with no readily determinable fair value.  These investments are carried at cost.

Mortgage Loans Held for Sale
Mortgage loans held for sale are carried at lower of aggregate cost or market value.  The cost of mortgage loans held for sale approximates the market value.

Loans
Loans that management has the intent and ability to hold for the foreseeable future or until maturity are reported at the principal amount outstanding, net of the allowance for loan losses. Interest on loans is calculated by using the simple interest method on daily balances of the principal amount outstanding.   The recognition of certain loan origination fee income and certain loan origination costs is deferred when such loans are originated and amortized over the life of the loan.

Impaired loans are measured based on the present value of expected future cash flows, discounted at the loan's effective interest rate, or at the loan's observable market price, or the fair value of the collateral if the loan is collateral dependent. A loan is impaired when, based on current information and events, it is probable that all amounts due according to the contractual terms of the loan will not be collected.

Accrual of interest is discontinued on a loan when management believes, after considering economic conditions and collection efforts, that the borrower's financial condition is such that collection of interest is doubtful. Interest previously accrued but not collected is reversed against current period earnings.

Allowance for Loan Losses
The allowance for loan losses reflects management's assessment and estimate of the risks associated with extending credit and its evaluation of the quality of the loan portfolio.  The Bank periodically analyzes the loan portfolio in an effort to review asset quality and to establish an allowance for loan losses that management believes will be adequate in light of anticipated risks and loan losses.  In assessing the adequacy of the allowance, size, quality and risk of loans in the portfolio are reviewed. Other factors considered are:

·  
the Bank's loan loss experience;
·  
the amount of past due and non-performing loans;
·  
specific known risks;
·  
the status and amount of other past due and non-performing assets;
·  
underlying estimated values of collateral securing loans;
·  
current and anticipated economic conditions; and
·  
other factors which management believes affect the allowance for potential credit losses.

The allowance for loan losses is comprised of three components: specific reserves, general reserves and unallocated reserves.  After a loan has been identified as impaired, management measures impairment.  When the measure of the impaired loan is less than the recorded investment in the loan, the amount of the impairment is recorded as a specific reserve. These specific reserves are determined on an individual loan basis based on management's current evaluation of the Bank's loss exposure for each credit, given the appraised value of any underlying collateral.  Loans for which specific reserves are provided are excluded from the general allowance calculations as described below.

The general allowance reflects reserves established under GAAP for collective loan impairment.  These reserves are based upon historical net charge-offs using the last two years' experience.  This charge-off experience may be adjusted to reflect the effects of current conditions.  The Bank considers information derived from its loan risk ratings and external data related to industry and general economic trends in establishing reserves.
 
The unallocated allowance is determined through management's assessment of probable losses that are in the portfolio but are not adequately captured by the other two components of the allowance, including consideration of current economic and business conditions and regulatory requirements. The unallocated allowance also reflects management's acknowledgement of the imprecision and subjectivity that underlie the modeling of credit risk.  Due to the subjectivity involved in determining the overall allowance, including the unallocated portion, this unallocated portion may fluctuate from period to period based on management's evaluation of the factors affecting the assumptions used in calculating the allowance.
 
Management considers the allowance for loan losses adequate to cover the estimated losses inherent in the Bank's loan portfolio as of the date of the financial statements. Management believes it has established the allowance in accordance with GAAP and in consideration of the current economic environment. Although management uses the best information available to make evaluations, significant future additions to the allowance may be necessary based on changes in economic and other conditions, thus adversely affecting the operating results of the Company.

There were no significant changes in the estimation methods or fundamental assumptions used in the evaluation of the allowance for loan losses for the year ended December 31, 2011 as compared to the year ended December 31, 2010.   Such revisions, estimates and assumptions are made in any period in which the supporting factors indicate that loss levels may vary from the previous estimates.

Additionally, various regulatory agencies, as an integral part of their examination process, periodically review the Bank's allowances for loan losses. Such agencies may require adjustments to the allowances based on their judgments of information available to them at the time of their examinations.  Also, an independent loan review process further assists with evaluating credit quality and assessing potential performance issues.

Mortgage Banking Activities
Mortgage banking income represents net gains from the sale of mortgage loans and fees received from borrowers and loan investors related to the Bank's origination of single-family residential mortgage loans.

Mortgage servicing rights (“MSRs”) represent the unamortized cost of purchased and originated contractual rights to service mortgages for others in exchange for a servicing fee.  MSRs are amortized over the period of estimated net servicing income and are periodically adjusted for actual prepayments of the underlying mortgage loans.  The Company recognized no servicing assets during 2011, 2010 and 2009.

Mortgage loans serviced for others are not included in the accompanying balance sheets. The unpaid principal balances of mortgage loans serviced for others was approximately $4.0 million, $5.3 million and $6.6 million at December 31, 2011, 2010 and 2009, respectively.

The Bank originates certain fixed rate mortgage loans and commits these loans for sale.  The commitments to originate fixed rate mortgage loans and the commitments to sell these loans to a third party are both derivative contracts.  The fair value of these derivative contracts is immaterial and has no effect on the recorded amounts in the financial statements.

Premises and Equipment
Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed primarily using the straight-line method over the estimated useful lives of the assets. When assets are retired or otherwise disposed, the cost and related accumulated depreciation are removed from the accounts, and any gain or loss is reflected in earnings for the period. The cost of maintenance and repairs that do not improve or extend the useful life of the respective asset is charged to earnings as incurred, whereas significant renewals and improvements are capitalized. The range of estimated useful lives for premises and equipment are generally as follows:
 
Buildings and improvements 10 - 50 years
Furniture and equipment 3 - 10 years
 
Other Real Estate
Foreclosed assets include all assets received in full or partial satisfaction of a loan and include real and personal property.  Foreclosed assets are reported at fair value less estimated selling costs.  The balance of other real estate owned was $7.6 million and $6.7 million at December 31, 2011 and 2010, respectively.
 
Income Taxes
Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Additionally, the recognition of future tax benefits, such as net operating loss carryforwards, is required to the extent that the realization of such benefits is more likely than not. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the assets and liabilities are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income tax expense in the period that includes the enactment date.

In the event the future tax consequences of differences between the financial reporting bases and the tax bases of the Company's assets and liabilities results in a deferred tax asset, an evaluation of the probability of being able to realize the future benefits indicated by such asset is required. A valuation allowance is provided for the portion of the deferred tax asset when it is more likely than not that some portion or all of the deferred tax asset will not be realized. In assessing the realizability of a deferred tax asset, management considers the scheduled reversals of deferred tax liabilities, projected future taxable income, and tax planning strategies.

The Company accounts for income taxes in accordance with income tax accounting guidance, Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 740, Income Taxes.  On January 1, 2007, the Company adopted the accounting guidance related to accounting for uncertainty in income taxes, which sets out a consistent framework to determine the appropriate level of tax reserves to maintain for uncertain tax positions.  This guidance prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return.  Benefits from tax positions should be recognized in the financial statements only when it is more-likely-than-not that the tax position will be sustained upon examination by the appropriate taxing authority that would have full knowledge of all relevant information.  A tax position that meets the more-likely-than-not recognition threshold is measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement.  Tax positions that previously failed to meet the more-likely-than-not recognition threshold should be recognized in the first subsequent financial reporting period in which that threshold is met.  Previously recognized tax positions that no longer meet the more-likely-than-not recognition threshold should be derecognized in the first subsequent financial reporting period in which that threshold is no longer met.  This guidance also provides disclosure guidelines for unrecognized tax benefits, interest and penalties.  The Company assessed the impact of this guidance and determined that it did not have a material impact on the Company's financial position, results of operations or disclosures.

Derivative Financial Instruments and Hedging Activities
In the normal course of business, the Company enters into derivative contracts to manage interest rate risk by modifying the characteristics of the related balance sheet instruments in order to reduce the adverse effect of changes in interest rates. All derivative financial instruments are recorded at fair value in the financial statements.

On the date a derivative contract is entered into, the Company designates the derivative as a fair value hedge, a cash flow hedge, or a trading instrument. Changes in the fair value of instruments used as fair value hedges are accounted for in the earnings of the period simultaneous with accounting for the fair value change of the item being hedged. Changes in the fair value of the effective portion of cash flow hedges are accounted for in other comprehensive income rather than earnings. Changes in fair value of instruments that are not intended as a hedge are accounted for in the earnings of the period of the change.

If a derivative instrument designated as a fair value hedge is terminated or the hedge designation removed, the difference between a hedged item's then carrying amount and its face amount is recognized into income over the original hedge period. Likewise, if a derivative instrument designated as a cash flow hedge is terminated or the hedge designation removed, related amounts accumulated in other accumulated comprehensive income are reclassified into earnings over the original hedge period during which the hedged item affects income.

The Company formally documents all hedging relationships, including an assessment that the derivative instruments are expected to be highly effective in offsetting the changes in fair values or cash flows of the hedged items.

Advertising Costs
Advertising costs are expensed as incurred.

Accumulated Other Comprehensive Income
At December 31, 2011, accumulated other comprehensive income consisted of net unrealized gains on securities available for sale of $3.1 million.  At December 31, 2010, accumulated other comprehensive income consisted of net unrealized losses on securities available for sale of $8,000 and net unrealized gains on derivatives of $395,000.

Stock-Based Compensation
The Company has an Omnibus Stock Ownership and Long Term Incentive Plan (the “1999 Plan”) whereby certain stock-based rights, such as stock options, restricted stock, performance units, stock appreciation rights, or book value shares, may be granted to eligible directors and employees.  The 1999 Plan expired on May 13, 2009.

Under the 1999 Plan, the Company granted incentive stock options to certain eligible employees in order that they may purchase Company stock at a price equal to the fair market value on the date of the grant.  The options granted in 1999 vested over a five-year period.  Options granted subsequent to 1999 vest over a three-year period.

 All options expire after ten years.  A summary of the stock option activity in the 1999 Plan is presented below:
 
Stock Option Activity
For the Years Ended December 31, 2011, 2010 and 2009
       
 
Shares
 
Weighted
Average Option
Price Per Share
 
Weighted Average
Remaining
Contractual Term (in
years)
Outstanding, December 31, 2008
184,945 $8.24  
        
Granted during the period
-    $-     
Expired during the period
(15,483)$9.02  
Exercised during the period
-    $-     
        
Outstanding, December 31, 2009
169,462 $8.17  
        
Granted during the period
-    $-     
Expired during the period
(19,391)$6.99  
Exercised during the period
-    $-     
        
Outstanding, December 31, 2010
150,071 $8.32  
        
Granted during the period
-    $-     
Expired during the period
(71,054)$8.71  
Exercised during the period
-    $-     
        
Outstanding, December 31, 2011
79,017 $7.97 
                            1.09
        
Exercisable, December 31, 2011
79,017 $7.97 
                            1.09
 
Options outstanding at December 31, 2011 are exercisable at option prices ranging from $7.76 to $10.57.  As of December 31, 2011, the exercise price on options outstanding is more than the current market value; therefore, options outstanding as of December 31, 2011 have no intrinsic value.  Such options have a weighted average remaining contractual life of approximately one year.  No options were granted or exercised during the years ended December 31, 2011, 2010 and 2009.

The Company recognized compensation expense for restricted stock awards of $7,000, $10,000 and $4,000 for the years ended December 31, 2011, 2010 and 2009, respectively.  As of December 31, 2011 and 2010, there was no unrecognized compensation cost related to nonvested restricted stock awards.

The Company granted 3,000 shares of restricted stock in 2007 at a grant date fair value of $17.40 per share. The Company granted 1,750 shares of restricted stock at a grant date fair value of $12.80 per share during the third quarter of 2008 and 2,000 shares of restricted stock at a fair value of $11.37 per share during the fourth quarter of 2008. The Company recognizes compensation expense on the restricted stock grants over the period of time the restrictions are in place (three years from the grant date for the grants to date).  The amount of expense recorded each period reflects the changes in the Company's stock price during the period.  As of December 31, 2011, there was no unrecognized compensation cost related to restricted stock grants.  As of December 31, 2010, there was $4,000 of total unrecognized compensation cost related to restricted stock grants.

The Company has a new Omnibus Stock Ownership and Long Term Incentive Plan, which was approved by shareholders on May 7, 2009 (the “2009 Plan”) whereby certain stock-based rights, such as stock options, restricted stock, performance units, stock appreciation rights, or book value shares, may be granted to eligible directors and employees.  A total of 360,000 shares are currently reserved for possible issuance under the 2009 Plan.   All rights must be granted or awarded by May 7, 2019, or ten years from the effective date of the 2009 Plan.  The Company has not granted any awards under the 2009 Plan.

Net Earnings Per Share
Net earnings per common share is based on the weighted average number of common shares outstanding during the period while the effects of potential common shares outstanding during the period are included in diluted earnings per common share. The average market price during the year is used to compute equivalent shares.

The reconciliations of the amounts used in the computation of both “basic earnings per common share” and “diluted earnings per common share” for the years ended December 31, 2011, 2010 and 2009 are as follows:

For the year ended December 31, 2011:
Net Earnings Available to Common Shareholders (Dollars in thousands)
 
Common
Shares
 
Per Share Amount
Basic earnings per common share
$3,766 5,542,548 $0.68
Effect of dilutive securities:
       
Stock options
 -    1,301   
Diluted earnings per common share
$3,766 5,543,849 $0.68
 
 
For the year ended December 31, 2010:
Net Earnings Available to Common Shareholders (Dollars in thousands)
 
Common
Shares
 
Per Share Amount
Basic earnings per common share
$447 5,539,308 $0.08
Effect of dilutive securities:
       
Stock options
 -    4,107   
Diluted earnings per common share
$447 5,543,415 $0.08
 
 
For the year ended December 31, 2009:
Net Earnings Available to Common Shareholders (Dollars in thousands)
 
Common
Shares
 
Per Share Amount
Basic earnings per common share
$1,670 5,539,056 $0.30
Effect of dilutive securities:
       
Stock options
 -    3,681   
Diluted earnings per common share
$1,670 5,542,737 $0.30
 
Recent Accounting Pronouncements
In April 2011, FASB issued Accounting Standards Update (“ASU”) No. 2011-02, A Creditor's Determination of Whether a Restructuring is a Troubled Debt Restructuring. ASU No. 2011-02 provides additional guidance for determining what constitutes a troubled debt restructuring.  ASU No. 2011-02 is effective for interim and annual periods ending after June 15, 2011.  The adoption of this guidance did not have a material impact on the Company's results of operations, financial position or disclosures.

In May 2011, FASB issued ASU No. 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (“IFRS”).  ASU No. 2011-04 is intended to result in convergence between U.S. GAAP and IFRS requirements for measurement of and disclosures about fair value. The amendments are not expected to have a significant impact on companies applying U.S. GAAP.  ASU No. 2011-04 is effective for interim and annual periods beginning after December 15, 2011.  The adoption of this guidance is not expected to have a material impact on the Company's results of operations, financial position or disclosures.
 
In June 2011, FASB issued ASU No. 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income.  ASU No. 2011-05 will require companies to present the components of net income and other comprehensive income either as one continuous statement or as two consecutive statements.  It eliminates the option to present components of other comprehensive income as part of the statement of changes in shareholders' equity.  ASU  No. 2011-05 does not change the items which must be reported in other comprehensive income, how such items are measured or when they must be reclassified to net income. This standard is effective for interim and annual periods beginning after December 15, 2011.  Because ASU No. 2011-05 impacts presentation only, it will have no impact on the Company's results of operations or financial position.

In December 2011, FASB issued ASU No. 2011-12, Comprehensive Income (Topic 220): Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05.  ASU No. 2011-12 defers the effective date of the requirement to present separate line items on the income statement for reclassification adjustments of items out of accumulated other comprehensive income into net income.  This deferral is temporary until FASB reconsiders the operational concerns and needs of financial statement users.  FASB has not yet established a timetable for its reconsideration.  Entities are still required to present reclassification adjustments within other comprehensive income either on the face of the statement that reports other comprehensive income or in the notes to the financial statements.  The requirement to present comprehensive income in either a single continuous statement or two consecutive condensed statements remains for both annual and interim reporting.  Because ASU No. 2011-12 impacts presentation only, it will have no impact on the Company's results of operations or financial position.

Other accounting standards that have been issued or proposed by FASB or other standards-setting bodies are not expected to have a material impact on the Company's results of operations, financial position or disclosures.

XML 23 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Assets    
Cash and due from banks, including reserve requirements of $8,492 and $8,698 $ 22,532 $ 22,521
Interest bearing deposits 6,704 1,456
Cash and cash equivalents 29,236 23,977
Certificates of deposit 0 735
Investment securities available for sale 321,388 272,449
Other investments 5,712 5,761
Total securities 327,100 278,210
Mortgage loans held for sale 5,146 3,814
Loans 670,497 726,160
Less allowance for loan losses (16,604) (15,493)
Net loans 653,893 710,667
Premises and equipment, net 16,896 17,334
Cash surrender value of life insurance 12,835 7,539
Other real estate 7,576 6,673
Accrued interest receivable and other assets 14,381 18,703
Total assets 1,067,063 1,067,652
Deposits:    
Non-interest bearing demand 136,878 114,792
NOW, MMDA & savings 366,133 332,511
Time, $100,000 or more 193,045 241,366
Other time 131,055 150,043
Total deposits 827,111 838,712
Demand notes payable to U.S. Treasury 0 1,600
Securities sold under agreements to repurchase 39,600 34,094
FHLB borrowings 70,000 70,000
Junior subordinated debentures 20,619 20,619
Accrued interest payable and other liabilities 6,706 5,769
Total liabilities 964,036 970,794
Commitments      
Shareholders' equity:    
Series A preferred stock, $1,000 stated value; authorized 5,000,000 shares; issued and outstanding 25,054 shares in 2011 and 2010 24,758 24,617
Common stock, no par value; authorized 20,000,000 shares; issued and outstanding 5,544,160 shares in 2011 and 5,541,413 shares in 2010 48,298 48,281
Retained earnings 26,895 23,573
Accumulated other comprehensive income 3,076 387
Total shareholders' equity 103,027 96,858
Total liabilities and shareholders' equity $ 1,067,063 $ 1,067,652
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Consolidated Statements of Comprehensive Income (Loss) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Consolidated Statements of Comprehensive Income (Loss) [Abstract]      
Net earnings $ 5,159 $ 1,841 $ 2,916
Other comprehensive income (loss):      
Unrealized holding gains on securities available for sale 9,316 46 214
Reclassification adjustment for other than temporary impairment losses included in net earnings 144 291 723
Reclassification adjustment for gains on sales and write-downs of securities available for sale included in net earnings (4,406) (3,348) (1,795)
Unrealized holding losses on derivative financial instruments qualifying as cash flow hedges (648) (1,114) (2,726)
Reclassification adjustment for gains on derivative financial instruments qualifying as cash flow hedges included in net earnings 0 0 (1)
Total other comprehensive income (loss), before income taxes 4,406 (4,125) (3,585)
Income tax expense (benefit) related to other comprehensive income (loss):      
Unrealized holding gains on securities available for sale 3,629 18 83
Reclassification adjustment for losses on sales and write-downs of securities available for sale included in net earnings (1,660) (1,191) (417)
Unrealized holding losses on derivative financial instruments qualifying as cash flow hedges (252) (434) (632)
Total income tax expense (benefit) related to other comprehensive income 1,717 (1,607) (966)
Total other comprehensive income (loss), net of tax 2,689 (2,518) (2,619)
Total comprehensive income (loss) $ 7,848 $ (677) $ 297
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Other Operating Expense
 12 Months Ended
Dec. 31, 2011
Other Operating Expense [Abstract]  
Other Operating Expense
(15)
    Other Operating Expense

Other operating expense for the years ended December 31, 2011, 2010 and 2009 included the following items that exceeded one percent of total revenues at some point during the following three-year period:
 
(Dollars in thousands)
     
 
2011
 
2010
 
2009
Advertising
$660 714 860
FDIC insurance
$1,061 1,434 1,766
Visa debit card expense
$658 606 1,064
Telephone
$605 629 616
Foreclosure/OREO Expense
$904 569 326
 
XML 26 R24.htm IDEA: XBRL DOCUMENT v2.4.0.6
Peoples Bancorp of North Carolina, Inc. (Parent Company Only) Condensed Financial Statements
 12 Months Ended
Dec. 31, 2011
Peoples Bancorp of North Carolina, Inc. (Parent Company Only) Condensed Financial Statements [Abstract]  
Peoples Bancorp of North Carolina, Inc. (Parent Company Only) Condensed Financial Statements
(17)
    Peoples Bancorp of North Carolina, Inc. (Parent Company Only) Condensed Financial Statements
 
 
Balance Sheets
      
December 31, 2011 and 2010
(Dollars in thousands)
      
Assets
2011
 
2010
 
      
Cash
$316  425 
Interest-bearing time deposit
 15,000  17,000 
Investment in subsidiaries
 106,469  98,164 
Investment securities available for sale
 1,520  1,659 
Other assets
 341  393 
        
Total assets
$123,646  117,641 
        
Liabilities and Shareholders' Equity
      
        
Accrued expenses
$-     164 
Junior subordinated debentures
 20,619  20,619 
Shareholders' equity
 103,027  96,858 
        
Total liabilities and shareholders' equity
$123,646  117,641 
 
 
 
Statements of Earnings
        
For the Years Ended December 31, 2011, 2010 and 2009
(Dollars in thousands)
        
Revenues:
2011
 
2010
 
2009
 
        
Interest and dividend income
$226  311  454 
Loss on sale and impairment of securities
 (144) (291) (149)
           
Total revenues
 82  20  305 
           
Expenses:
         
           
Interest
 407  411  546 
Other operating expenses
 190  191  230 
           
Total expenses
 597  602  776 
           
Loss before income tax benefit and equity in
         
undistributed earnings of subsidiaries
 (515) (582) (471)
           
Income tax benefit
 56  24  84 
           
Loss before equity in undistributed
         
earnings of subsidiaries
 (459) (558) (387)
           
Equity in undistributed earnings of subsidiaries
 5,618  2,399  3,303 
           
Net earnings
$5,159  1,841  2,916 
 
 
 
Statements of Cash Flows
        
For the Years Ended December 31, 2011, 2010 and 2009
(Dollars in thousands)
        
 
2011
 
2010
 
2009
 
Cash flows from operating activities:
      
        
Net earnings
$5,159  1,841  2,916 
Adjustments to reconcile net earnings to net
         
cash (used) provided by operating activities:
         
Book value shares accrual
 -     -     (720)
Equity in undistributed earnings of subsidiaries
 (5,618) (2,399) (3,303)
Deferred income tax benefit
 -     -     278 
Loss on sale of investment securities
 144  291  149 
Change in:
         
Other assets
 112  (66) (319)
Accrued income
 (11) -     17 
Accrued expense
 (216) 147  252 
           
Net cash (used) provided by operating activities
 (430) (186) (730)
           
Cash flows from investing activities:
         
           
Purchases of investment securities available for sale
 -     (36,000) (15,000)
Proceeds from maturities of investment securities available for sale
 -     36,000  15,000 
Net change in interest-bearing time deposit
 2,000  2,000  (14,000)
Payments for investments in subsidiaries
 -     -     (8,010)
           
Net cash provided (used) by investing activities
 2,000  2,000  (22,010)
           
Cash flows from financing activities:
         
           
Cash dividends paid on Series A preferred stock
 (1,253) (1,253) (1,120)
Cash dividends paid on common stock
 (443) (448) (1,440)
Restricted stock payout
 17  12  -    
           
Net cash (used) provided by financing activities
 (1,679) (1,689) (2,560)
           
Net change in cash
 (109) 125  (25,300)
           
Cash at beginning of year
 425  300  25,600 
           
Cash at end of year
$316  425  300 
           
Noncash investing and financing activities:
         
Change in unrealized gain on investment securities
         
 available for sale, net
$(3) (172) 3 
 
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Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Cash flows from operating activities:      
Net earnings $ 5,159 $ 1,841 $ 2,916
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation, amortization and accretion 6,226 4,971 2,931
Provision for loan losses 12,632 16,438 10,535
Deferred income taxes (678) (523) (1,720)
Gain on sale of investment securities (4,406) (3,348) (1,795)
Write-down of investment securities 144 291 723
Gain on ineffective portion of derivative financial instruments 0 0 (1)
Loss/(Gain) on sale of other real estate and repossessions 272 (191) 24
Write-down of other real estate 1,050 895 477
Restricted stock expense 7 10 4
Change in:      
Mortgage loans held for sale (1,332) (974) (2,840)
Cash surrender value of life insurance (296) (257) (263)
Other assets 2,644 (2,316) (6,581)
Other liabilities 930 961 300
Net cash provided by operating activities 22,352 17,798 4,710
Cash flows from investing activities:      
Net change in certificates of deposit 735 2,610 (3,345)
Purchases of investment securities available for sale (208,863) (232,915) (141,770)
Proceeds from calls, maturities and paydowns of investment securities available for sale 54,041 86,935 40,629
Proceeds from sales of investment securities available for sale 110,978 65,774 30,743
Purchases of other investments (215) 0 (1,426)
Proceeds from sale of other investments 290 585 809
Net change in loans 38,561 28,703 (7,916)
Purchases of premises and equipment (1,601) (1,441) (1,614)
Purchases of bank owned life insurance (5,000) 0 0
Proceeds from sale of premises and equipment 0 0 24
Proceeds from sale of other real estate and repossessions 3,355 5,725 3,435
Net cash used by investing activities (7,719) (44,024) (80,431)
Cash flows from financing activities:      
Net change in deposits (11,601) 29,369 88,281
Net change in demand notes payable to U.S. Treasury (1,600) 964 (964)
Net change in securities sold under agreement to repurchase 5,506 (2,782) (625)
Proceeds from FHLB borrowings 40,000 0 24,100
Repayments of FHLB borrowings (40,000) (7,000) (24,100)
Proceeds from FRB borrowings 1 0 45,000
Repayments of FRB borrowings (1) 0 (50,000)
Restricted stock payout 17 12 0
Cash dividends paid on Series A preferred stock (1,253) (1,253) (1,120)
Cash dividends paid on common stock (443) (447) (1,440)
Net cash (used) provided by financing activities (9,374) 18,863 79,132
Net change in cash and cash equivalent 5,259 (7,363) 3,411
Cash and cash equivalents at beginning of period 23,977 31,340 27,929
Cash and cash equivalents at end of period 29,236 23,977 31,340
Cash paid during the year for:      
Interest 10,900 14,419 17,541
Income taxes 283 1,700 2,230
Noncash investing and financing activities:      
Change in unrealized gain on investment securities available for sale, net (3,087) 1,838 (524)
Change in unrealized gain on derivative financial instruments, net 398 680 (2,095)
Transfer of loans to other real estate and repossessions 10,787 9,105 6,067
Financed portion of sale of other real estate 5,208 2,270 1,166
Accretion of Series A preferred stock 141 141 126
Cumulative effect and resulting adjustment of adoption of EITF 06-4 $ 0 $ 0 $ (358)
XML 29 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Balance Sheets (Parenthetical) (USD $)
In Thousands, except Share data, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Assets    
Cash and due from banks, reserve requirements $ 8,492 $ 8,698
Shareholders' equity:    
Series A preferred stock, stated value (in dollars per share) $ 1,000 $ 1,000
Series A preferred stock, authorized (in shares) 5,000,000 5,000,000
Series A preferred stock, issued (in shares) 25,054 25,054
Series A preferred stock, outstanding (in shares) 25,054 25,054
Common stock, no par value (in dollars per share) $ 0 $ 0
Common stock, authorized (in shares) 20,000,000 20,000,000
Common stock, issued (in shares) 5,544,160 5,541,413
Common stock, outstanding (in shares) 5,544,160 5,541,413
XML 30 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2011
Commitments and Contingencies [Abstract]  
Commitments and Contingencies
(10)
    Commitments and Contingencies

The Company leases various office spaces for banking and operational facilities and equipment under operating lease arrangements. Future minimum lease payments required for all operating leases having a remaining term in excess of one year at December 31, 2011 are as follows:
 
(Dollars in thousands)
 
   
Year ending December 31,
 
2012
$507
2013
 453
2014
 439
2015
 409
2016
 407
Thereafter
 2,111
    
Total minimum obligation
$4,326
 
Total rent expense was approximately $735,000, $815,000 and $922,000 for the years ended December 31, 2011, 2010 and 2009, respectively.

The Bank is party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers.  These financial instruments include commitments to extend credit, standby letters of credit and financial guarantees.  Those instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheet.  The contract amounts of those instruments reflect the extent of involvement the Bank has in particular classes of financial instruments.

The exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit and financial guarantees written is represented by the contractual amount of those instruments. The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments.

In most cases, the Bank requires collateral or other security to support financial instruments with credit risk.

(Dollars in thousands)
   
 
Contractual Amount
 
2011
 
2010
Financial instruments whose contract amount represent credit risk:
   
     
Commitments to extend credit
$131,565 137,015
      
Standby letters of credit and financial guarantees written
$3,288 3,590
 
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract.  Commitments generally have fixed expiration dates and because they may expire without being drawn upon, the total commitment amount of $134.9 million does not necessarily represent future cash requirements.

Standby letters of credit and financial guarantees written are conditional commitments issued by the Bank to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to businesses in the Bank's delineated market area. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Bank holds real estate, equipment, automobiles and customer deposits as collateral supporting those commitments for which collateral is deemed necessary.

In the normal course of business, the Company is a party (both as plaintiff and defendant) to a number of lawsuits. In the opinion of management and counsel, none of these cases should have a material adverse effect on the financial position of the Company.

Bancorp and the Bank have employment agreements with certain key employees. The agreements, among other things, include salary, bonus, incentive stock option, and change in control provisions.

The Company has $47.5 million available for the purchase of overnight federal funds from five correspondent financial institutions.
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Document And Entity Information (USD $)
 12 Months Ended
Dec. 31, 2011
Feb. 29, 2012
Jun. 30, 2011
Entity Registrant Name PEOPLES BANCORP OF NORTH CAROLINA INC    
Entity Central Index Key 0001093672    
Current Fiscal Year End Date --12-31    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Filer Category Smaller Reporting Company    
Entity Public Float     $ 27,616,687
Entity Common Stock, Shares Outstanding   5,544,160  
Document Fiscal Year Focus 2011    
Document Fiscal Period Focus FY    
Document Type 10-K    
Amendment Flag false    
Document Period End Date Dec. 31, 2011    
XML 32 R18.htm IDEA: XBRL DOCUMENT v2.4.0.6
Derivative Financial Instruments and Hedging Transactions
 12 Months Ended
Dec. 31, 2011
Derivative Financial Instruments and Hedging Transactions [Abstract]  
Derivative Financial Instruments and Hedging Transactions
(11)
    Derivative Financial Instruments and Hedging Transactions

Accounting Policy for Derivative Instruments and Hedging Activities
The disclosure requirements for derivatives and hedging activities have the intent to provide users of financial statements with an enhanced understanding of: (a) how and why an entity uses derivative instruments, (b) how derivative instruments and related hedged items are accounted for and (c) how derivative instruments and related hedged items affect an entity's financial position, financial performance, and cash flows.  The disclosure requirements include qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about the fair value of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative instruments.

The Company records all derivatives on the balance sheet at fair value.  The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge.  The Company may enter into derivative contracts that are intended to economically hedge certain of its risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting.

Risk Management Objective of Using Derivatives
The Company has an overall interest rate risk management strategy that incorporates the use of derivative instruments to minimize significant unplanned fluctuations in earnings that are caused by interest rate volatility.  By using derivative instruments, the Company is exposed to credit and market risk.  If the counterparty fails to perform, credit risk is equal to the extent of the fair-value gain in the derivative.  The Company minimizes the credit risk in derivative instruments by entering into transactions with high-quality counterparties that are reviewed periodically by the Company.  The Company had an interest rate swap contract that expired in June 2011.  The Company did not have any interest rate derivatives outstanding as of December 31, 2011.

Fair Values of Derivative Instruments on the Balance Sheet
The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the Consolidated Balance Sheet as of December 31, 2011 and 2010.

(Dollars in thousands)
         
 
Asset Derivatives
 
As of December 31, 2011
 
As of December 31, 2010
 
Balance Sheet
Location
 
Fair Value
 
Balance Sheet
Location
 
Fair Value
Interest rate derivative contracts
Other assets
 $-       
Other assets
 $648     
 
Cash Flow Hedges of Interest Rate Risk
The Company's objectives in using interest rate derivatives are to add stability to interest income and expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps and floors as part of its interest rate risk management strategy.  For hedges of the Company's variable-rate loan assets, interest rate swaps designated as cash flow hedges involve the receipt of fixed-rate amounts from a counterparty in exchange for the Company making variable-rate payments over the life of the agreements without exchange of the underlying notional amount.  For hedges of the Company's variable-rate loan assets, the interest rate floors designated as a cash flow hedge involves the receipt of variable-rate amounts from a counterparty if interest rates fall below the strike rate on the contract in exchange for an up front premium.  The Company had an interest rate swap contract that expired in June 2011.  The Company did not have any interest rate derivatives outstanding as of December 31, 2011.

The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in Accumulated Other Comprehensive Income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings.  During 2011, 2010 and 2009, such derivatives were used to hedge the variable cash inflows associated with existing pools of prime-based loan assets.  The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings.  The Company's derivatives did not have any hedge ineffectiveness recognized in earnings during the years ended December 31, 2011 and 2010.  The Company recognized hedge ineffectiveness gains of $1,000 in earnings during the year ended December 31, 2009.

Effect of Derivative Instruments on the Statement of Earnings
The table below presents the effect of the Company's derivative financial instruments on the Consolidated Statement of Earnings for the years ended December 31, 2011 and 2010.
 
(Dollars in thousands)
                      
   
Amount of Gain
 
Location of Gain
 
Amount of Gain
   
(Loss) Recognized in
 
(Loss) Reclassified
 
(Loss) Reclassified
  Accumulated OCI on  from Accumulated  from Accumulated 
   
Derivatives
 
OCI into Income
 
OCI into Income
   
Years ended
    
Years ended
   
December 31,
    
December 31,
   
2011
 
2010
    
2011
 
2010
Interest rate derivative contracts
$
(20)
 
$
404
 
Interest income
 
$
628
 
$
1,518
 
XML 33 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Earnings (USD $)
In Thousands, except Per Share data, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Interest income:      
Interest and fees on loans $ 36,407 $ 40,267 $ 43,211
Interest on investment securities:      
U.S. Government sponsored enterprises 5,414 5,035 5,461
States and political subdivisions 3,180 2,173 1,242
Other 258 205 123
Total interest income 45,259 47,680 50,037
Interest expense:      
NOW, MMDA & savings deposits 2,263 3,472 2,965
Time deposits 5,035 6,786 9,687
FHLB borrowings 2,956 3,285 3,577
Junior subordinated debentures 407 411 546
Other 285 394 412
Total interest expense 10,946 14,348 17,187
Net interest income 34,313 33,332 32,850
Provision for loan losses 12,632 16,438 10,535
Net interest income after provision for loan losses 21,681 16,894 22,315
Non-interest income:      
Service charges 5,106 5,626 5,573
Other service charges and fees 2,090 2,195 2,058
Other than temporary impairment losses (144) (291) (723)
Gain on sale of securities 4,406 3,348 1,795
Mortgage banking income 757 532 827
Insurance and brokerage commissions 471 390 414
Loss on sale and write-down of other real estate (1,322) (704) (501)
Miscellaneous 3,149 2,788 2,380
Total non-interest income 14,513 13,884 11,823
Non-interest expense:      
Salaries and employee benefits 14,766 14,124 14,758
Occupancy 5,339 5,436 5,409
Other 9,467 9,388 9,716
Total non-interest expense 29,572 28,948 29,883
Earnings before income taxes 6,622 1,830 4,255
Income tax expense (benefit) 1,463 (11) 1,339
Net earnings 5,159 1,841 2,916
Dividends and accretion of preferred stock 1,393 1,394 1,246
Net earnings available to common shareholders $ 3,766 $ 447 $ 1,670
Basic net earnings per common share (in dollars per share) $ 0.68 $ 0.08 $ 0.30
Diluted net earnings per common share (in dollars per share) $ 0.68 $ 0.08 $ 0.30
Cash dividends declared per common share (in dollars per share) $ 0.08 $ 0.08 $ 0.26
XML 34 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
Time Deposits
 12 Months Ended
Dec. 31, 2011
Time Deposits [Abstract]  
Time Deposits
(5)
    Time Deposits

At December 31, 2011, the scheduled maturities of time deposits are as follows:
 
(Dollars in thousands)
 
   
2012
$253,146
2013
 39,067
2014
 14,126
2015
 8,732
2016 and thereafter
 9,029
    
Total
$324,100
 
At December 31, 2011 and 2010, the Company had approximately $47.0 million and $87.4 million, respectively, in time deposits purchased through third party brokers, including certificates of deposit participated through the Certificate of Deposit Account Registry Service (“CDARS”) on behalf of local customers.  CDARS balances totaled $28.6 million and $53.0 million as of December 31, 2011 and 2010, respectively.  The weighted average rate of brokered deposits as of December 31, 2011 and 2010 was 0.99% and 1.20%, respectively.
 
XML 35 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Premises and Equipment
 12 Months Ended
Dec. 31, 2011
Premises and Equipment [Abstract]  
Premises and Equipment
(4)
    Premises and Equipment

Major classifications of premises and equipment are summarized as follows:

(Dollars in thousands)
   
 
2011
 
2010
     
Land
$3,581 3,581
Buildings and improvements
 14,771 14,759
Furniture and equipment
 16,874 15,575
      
Total premises and equipment
 35,226 33,915
      
Less accumulated depreciation
 18,330 16,581
      
Total net premises and equipment
$16,896 17,334
 
Depreciation expense was approximately $2.0 million for the year ended December 31, 2011.  The Company recognized approximately $2.1 and $1.9 million in depreciation expense for the years ended December 31, 2010 and 2009, respectively.
XML 36 R23.htm IDEA: XBRL DOCUMENT v2.4.0.6
Fair Value of Financial Instruments
 12 Months Ended
Dec. 31, 2011
Fair Value of Financial Instruments [Abstract]  
Fair Value of Financial Instruments
(16)
    Fair Value of Financial Instruments

The Company is required to disclose fair value information about financial instruments, whether or not recognized on the face of the balance sheet, for which it is practicable to estimate that value. The assumptions used in the estimation of the fair value of the Company's financial instruments are detailed below. Where quoted prices are not available, fair values are based on estimates using discounted cash flows and other valuation techniques. The use of discounted cash flows can be significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. The following disclosures should not be considered a surrogate of the liquidation value of the Company, but rather a good faith estimate of the increase or decrease in value of financial instruments held by the Company since purchase, origination, or issuance.

Cash and Cash Equivalents
For cash, due from banks and interest bearing deposits, the carrying amount is a reasonable estimate of fair value.

Certificates of Deposit
The carrying amount of certificates of deposits is a reasonable estimate of fair value.

Investment Securities Available for Sale
Fair values for investment securities are based on quoted market prices.

Other Investments
For other investments, the carrying value is a reasonable estimate of fair value.

Mortgage Loans Held for Sale
Mortgage loans held for sale are carried at lower of aggregate cost or market value.  The cost of mortgage loans held for sale approximates the market value.

Loans
The fair value of fixed rate loans is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings. For variable rate loans, the carrying amount is a reasonable estimate of fair value.

Cash Surrender Value of Life Insurance
For cash surrender value of life insurance, the carrying value is a reasonable estimate of fair value.

Derivative Instruments
For derivative instruments, fair value is estimated as the amount that the Company would receive or pay to terminate the contracts at the reporting date, taking into account the current unrealized gains or losses on open contracts.

Deposits and Demand Notes Payable
The fair value of demand deposits, interest-bearing demand deposits, savings, and demand notes payable to the UST is the amount payable on demand at the reporting date. The fair value of certificates of deposit is estimated by discounting the future cash flows using the rates currently offered for deposits of similar remaining maturities.

Securities Sold Under Agreements to Repurchase
For securities sold under agreements to repurchase, the carrying value is a reasonable estimate of fair value.

FHLB Borrowings
The fair value of FHLB borrowings is estimated based upon discounted future cash flows using a discount rate comparable to the current market rate for such borrowings.

Junior Subordinated Debentures
Because the Company's junior subordinated debentures were issued at a floating rate, the carrying amount is a reasonable estimate of fair value.

Commitments to Extend Credit and Standby Letters of Credit
Commitments to extend credit and standby letters of credit are generally short-term and at variable interest rates. Therefore, both the carrying value and estimated fair value associated with these instruments are immaterial.
 
Limitations
Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company's entire holdings of a particular financial instrument. Because no market exists for a significant portion of the Company's financial instruments, fair value estimates are based on many judgments. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

Fair value estimates are based on existing on and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Significant assets and liabilities that are not considered financial instruments include the deferred income taxes and premises and equipment. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates.
 
The carrying amount and estimated fair value of the Company's financial instruments at December 31, 2011 and 2010 are as follows:

 
December 31, 2011
 
December 31, 2010
 
Carrying
Amount
 
Estimated
Fair Value
 
Carrying
Amount
 
Estimated
Fair Value
 
(Dollars in thousands)
         
Assets:
       
Cash and cash equivalents
$29,236 29,236 23,977 23,977
Certificates of deposit
$- - 735 735
Investment securities available for sale
$321,388 321,388 272,449 272,449
Other investments
$5,712 5,712 5,761 5,761
Mortgage loans held for sale
$5,146 5,146 3,814 3,814
Loans, net
$653,893 648,640 710,667 710,880
Cash surrender value of life insurance
$12,835 12,835 7,539 7,539
Derivative instruments
$- - 648 648
          
Liabilities:
        
Deposits and demand notes payable
$827,111 826,810 840,312 839,379
Securities sold under agreements
        
to repurchase
$39,600 39,600 34,094 34,094
FHLB borrowings
$70,000 75,046 70,000 79,950
Junior subordinated debentures
$20,619 20,619 20,619 20,619
XML 37 R19.htm IDEA: XBRL DOCUMENT v2.4.0.6
Employee and Director Benefit Programs
 12 Months Ended
Dec. 31, 2011
Employee and Director Benefit Programs [Abstract]  
Employee and Director Benefit Programs
(12)
    Employee and Director Benefit Programs

The Company has a profit sharing and 401(k) plan for the benefit of substantially all employees subject to certain minimum age and service requirements. Under the 401(k) plan, the Company matched employee contributions to a maximum of 2.50% of annual compensation for 2011 and 2010, and 5.00% of annual compensation for 2009.  The Company's contribution pursuant to this formula was approximately $219,000, $208,000 and $482,000 for the years 2011, 2010 and 2009, respectively.  Investments of the 401(k) plan are determined by the compensation committee consisting of selected outside directors and senior executive officers.  No investments in Company stock have been made by the 401(k) plan. The vesting schedule for the 401(k) plan begins at 20 percent after two years of employment and graduates 20 percent each year until reaching 100 percent after six years of employment.

In December 2001, the Company initiated a postretirement benefit plan to provide retirement benefits to key officers and its Board of Directors and to provide death benefits for their designated beneficiaries.  Under the postretirement benefit plan, the Company purchased life insurance contracts on the lives of the key officers and each director.  The increase in cash surrender value of the contracts constitutes the Company's contribution to the postretirement benefit plan each year.  Postretirement benefit plan participants are to be paid annual benefits for a specified number of years commencing upon retirement. Expenses incurred for benefits relating to the postretirement benefit plan were approximately $355,000, $279,000 and $609,000 for the years 2011, 2010 and 2009, respectively.

The Company is currently paying medical benefits for certain retired employees. Postretirement medical benefits expense, including amortization of the transition obligation, as applicable, was approximately $23,000 for each of the years ended December 31, 2011, 2010 and 2009.

The following table sets forth the change in the accumulated benefit obligation for the Company's two postretirement benefit plans described above:

(Dollars in thousands)
    
 
2011
 
2010
 
      
Benefit obligation at beginning of period
$2,607 2,355 
Service cost
 303 244 
Interest cost
 64 53 
Benefits paid
 (51)(45)
       
Benefit obligation at end of period
$2,923 2,607 
 
The amounts recognized in the Company's Consolidated Balance Sheet as of December 31, 2011 and 2010 are shown in the following two tables:

(Dollars in thousands)
    
 
2011
 
2010
 
      
Benefit obligation
$2,923 2,607 
Fair value of plan assets
 -    -    
 
 
(Dollars in thousands)
    
 
2011
 
2010
 
      
Funded status
$(2,923)(2,607)
Unrecognized prior service cost/benefit
 -    -    
Unrecognized net actuarial loss
 -    -    
       
Net amount recognized
$(2,923)(2,607)
       
Unfunded accrued liability
$(2,923)(2,607)
Intangible assets
 -    -    
       
Net amount recognized
$(2,923)(2,607)
 
Net periodic benefit cost of the Company's two post retirement benefit plans for the years ended December 31, 2011 and 2010 consisted of the following:

(Dollars in thousands)
   
 
2011
 
2010
     
Service cost
$303 244
Interest cost
 64 53
      
Net periodic cost
$367 297
      
Weighted average discount rate assumption used to
    
determine benefit obligation
 6.59% 6.65%
 
During the year ended December 31, 2011, the Company paid benefits under the two postretirement plans totaling $51,000.  Information about the expected benefit payments for the Company's two postretirement benefit plans is as follows:
 
(Dollars in thousands)
  
    
Year ending December 31,
  
2012
$86 
2013
$201 
2014
$224 
2015
$255 
2016
$256 
Thereafter
$9,203 
 
Relating to the postretirement benefit plan, the Company is required to recognize an obligation for either the present value of the entire promised death benefit or the annual “cost of insurance” required to keep the policy in force during the postretirement years.  The Company made a $467,000 reduction to retained earnings in 2008 pursuant to the guidance of the pronouncement to record the portion of this benefit earned by participants prior to adoption of this pronouncement.   In 2009, the Company made a $358,000 addition to retained earnings to reflect an adjustment of the cumulative effect due to policy amendments to the individual split-dollar plans implemented during 2009.

Members of the Board of Directors are eligible to participate in the Company's Omnibus Stock Ownership and Long Term Incentive Plan (the “Stock Benefits Plan”).  Each director was awarded 9,737 book value shares (adjusted for stock dividends and stock splits) under the Stock Benefits Plan.  The book value of the shares awarded ranged from $6.31 to $8.64.  All book value shares were fully vested on May 6, 2009 and were exercised in 2009.  The Company did not record any expenses associated with the Stock Benefits Plan in 2011 and 2010.  The Company recorded expenses of approximately $59,000 associated with the benefits of the Stock Benefits Plan in the year ended December 31, 2009.

A summary of book value shares activity under the Stock Benefits Plan for the years ended December 31, 2011, 2010 and 2009 is presented below.

 
2011
 
2010
 
2009
 
Shares
 
Weighted
 Average
Price of
Book Value
Shares
 
Shares
 
Weighted
 Average
Price of
Book Value
Shares
 
Shares
 
Weighted
 Average
Price of
Book Value
Shares
Outstanding, beginning of period
-  $-  -  $-  97,377 $7.38
Exercised during the period
-  $-  -  $-  (97,377)$7.38
                
Outstanding, end of period
-  $-  -  $-  -    $-  
                
Number of shares exercisable
-  $-  -  $-  -    $-  
 
XML 38 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
Income Taxes
 12 Months Ended
Dec. 31, 2011
Income Taxes [Abstract]  
Income Taxes
(8)
    Income Taxes

The provision for income taxes in summarized as follows:

(Dollars in thousands)
      
 
2011
 
2010
 
2009
 
Current
$2,141  512  3,059 
Deferred
 (678) (523) (1,720)
Total
$1,463  (11) 1,339 
 
The differences between the provision for income taxes and the amount computed by applying the statutory federal income tax rate to earnings before income taxes are as follows:

(Dollars in thousands)
      
 
2011
 
2010
 
2009
 
Pre-tax income at statutory rate (34%)
$2,251  622  1,447 
Differences:
         
Tax exempt interest income
 (1,052) (721) (429)
Nondeductible interest and other expense
 62  58  38 
Cash surrender value of life insurance
 (101) (87) (89)
State taxes, net of federal benefits
 233  (8) 100 
Nondeductible capital losses
 49  99  234 
Other, net
 21  26  38 
Total
$1,463  (11) 1,339 
 
The following summarizes the tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities.  The net deferred tax asset is included as a component of other assets at December 31, 2011 and 2010.
 
(Dollars in thousands)
    
 
2011
 
2010
 
Deferred tax assets:
    
Allowance for loan losses
$6,401 5,973 
Accrued retirement expense
 1,213 1,086 
Other real estate
 454 215 
Other
 204 335 
Total gross deferred tax assets
 8,272 7,609 
       
Deferred tax liabilities:
     
Deferred loan fees
 1,082 1,259 
Premises and equipment
 655 493 
Unrealized gain (loss) on available for sale securities
 1,964 (5)
Unrealized gain on cash flow hedges
 -    252 
Total gross deferred tax liabilities
 3,701 1,999 
Net deferred tax asset
$4,571 5,610 
 
XML 39 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
Federal Home Loan Bank and Federal Reserve Bank Borrowings
 12 Months Ended
Dec. 31, 2011
Federal Home Loan Bank and Federal Reserve Bank Borrowings [Abstract]  
Federal Home Loan Bank and Federal Reserve Bank Borrowings
(6)
    Federal Home Loan Bank and Federal Reserve Bank Borrowings

The Bank has borrowings from the Federal Home Loan Bank of Atlanta (“FHLB”) with monthly or quarterly interest payments at December 31, 2011.  The FHLB borrowings are collateralized by a blanket assignment on all residential first mortgage loans, home equity lines of credit and loans secured by multi-family real estate that the Bank owns.  At December 31, 2011, the carrying value of loans pledged as collateral totaled approximately $153.7 million.  As additional collateral, the Bank has pledged securities to the FHLB.  At December 31, 2011, the market value of securities pledged to the FHLB totaled $13.2 million.

Borrowings from the FHLB outstanding at December 31, 2011 consist of the following:

(Dollars in thousands)
      
        
Maturity Date
Call Date
 
Rate
Rate Type
Amount
        
June 24, 2015
N/A 3.710%
Convertible
$5,000
         
March 25, 2019
N/A 4.260%
Convertible
 5,000
         
October 5, 2016
N/A 4.450%
Convertible
 5,000
         
November 12, 2014
N/A 2.230%
Fixed Rate Hybrid
 5,000
         
November 13, 2017
N/A 4.260%
Fixed Rate Hybrid
 15,000
         
October 17, 2016
N/A 3.893%
Adjustable Rate Hybrid
 5,000
         
October 17, 2018
N/A 3.573%
Adjustable Rate Hybrid
 5,000
         
October 17, 2018
N/A 3.813%
Adjustable Rate Hybrid
 15,000
         
October 17, 2018
N/A 3.588%
Adjustable Rate Hybrid
 5,000
         
October 17, 2018
N/A 3.643%
Adjustable Rate Hybrid
 5,000
         
       $70,000
 
The FHLB has the option to convert $15.0 million of the total advances to a floating rate and, if converted, the Bank may repay advances without a prepayment fee.  

The Bank is required to purchase and hold certain amounts of FHLB stock in order to obtain FHLB borrowings. No ready market exists for the FHLB stock, and it has no quoted market value. The stock is redeemable at $100 per share subject to certain limitations set by the FHLB. The Bank owned FHLB stock amounting to $4.9 million at December 31, 2011 and 2010.

As of December 31, 2011 and 2010, the Bank had no borrowings from the Federal Reserve Bank (“FRB”).  FRB borrowings are collateralized by a blanket assignment on all qualifying loans that the Bank owns which are not pledged to the FHLB.  At December 31, 2011, the carrying value of loans pledged as collateral totaled approximately $342.2 million.
XML 40 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
Junior Subordinated Debentures
 12 Months Ended
Dec. 31, 2011
Junior Subordinated Debentures [Abstract]  
Junior Subordinated Debentures
(7)
    Junior Subordinated Debentures

In June 2006, the Company formed a second wholly-owned Delaware statutory trust, PEBK Capital Trust II (“PEBK Trust II”), which issued $20.0 million of guaranteed preferred beneficial interests in the Company's junior subordinated deferrable interest debentures.  All of the common securities of PEBK Trust II are owned by the Company.  The proceeds from the issuance of the common securities and the trust preferred securities were used by PEBK Trust II to purchase $20.6 million of junior subordinated debentures of the Company, which pay a floating rate equal to three-month LIBOR plus 163 basis points.  The proceeds received by the Company from the sale of the junior subordinated debentures were used to repay in December 2006 the trust preferred securities issued in December 2001 by PEBK Capital Trust, a wholly owned Delaware statutory trust of the Company, and for general purposes.  The debentures represent the sole assets of PEBK Trust II.  PEBK Trust II is not included in the consolidated financial statements.

The trust preferred securities issued by PEBK Trust II accrue and pay interest quarterly at a floating rate of three-month LIBOR plus 163 basis points.  The Company has guaranteed distributions and other payments due on the trust preferred securities to the extent PEBK Trust II has funds with which to make the distributions and other payments.  The net combined effect of all the documents entered into in connection with the trust preferred securities is that the Company is liable to make the distributions and other payments required on the trust preferred securities.

These trust preferred securities are mandatorily redeemable upon maturity of the debentures on June 28, 2036, or upon earlier redemption as provided in the indenture.  The Company had the right to redeem the debentures purchased by PEBK Trust II, in whole or in part, on or after June 28, 2011.  As specified in the indenture, if the debentures are redeemed prior to maturity, the redemption price will be the principal amount plus any accrued but unpaid interest.
XML 41 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6
Related Party Transactions
 12 Months Ended
Dec. 31, 2011
Related Party Transactions [Abstract]  
Related Party Transactions
(9)
    Related Party Transactions
 
The Company conducts transactions with its directors and executive officers, including companies in which they have beneficial interests, in the normal course of business. It is the policy of the Bank that loan transactions with directors and officers are made on substantially the same terms as those prevailing at the time made for comparable loans to other persons. The following is a summary of activity for related party loans for 2011:
 
(Dollars in thousands)
  
    
Beginning balance
$6,048 
New loans
 7,008 
Repayments
 (6,933) 
     
Ending balance
$6,123 
 
At December 31, 2011 and 2010, the Bank had deposit relationships with related parties of approximately $15.1 million and $15.4 million, respectively.
XML 42 R21.htm IDEA: XBRL DOCUMENT v2.4.0.6
Shareholders' Equity
 12 Months Ended
Dec. 31, 2011
Shareholders' Equity [Abstract]  
Shareholders' Equity
(14)
    Shareholders' Equity

The Board of Directors, at its discretion, can issue shares of preferred stock up to a maximum of 5,000,000 shares. The Board of Directors is authorized to determine the number of shares, voting powers, designations, preferences, limitations and relative rights.

On December 23, 2008, the Company entered into a Securities Purchase Agreement (“Purchase Agreement”) with the United States Treasury (the “UST”) pursuant to the Capital Purchase Program ("CPP") under the Troubled Asset Relief Program ("TARP").  Under the Purchase Agreement, the Company agreed to issue and sell 25,054 shares of Series A preferred stock and a warrant to purchase 357,234 shares of the Company's common stock.  Proceeds from the issuance of Series A preferred shares were allocated between Series A preferred stock and the warrant based on their relative fair values at the time of the sale.  Of the $25.1 million in proceeds, $24.4 million was allocated to the Series A preferred stock and $704,000 was allocated to the common stock warrant.  The discount recorded on the Series A preferred stock that resulted from allocating a portion of the proceeds to the warrant is being accreted directly to retained earnings over a five-year period applying a level yield.  As of December 31, 2011, the Company has accreted a total of $408,000 of the discount related to the Series A preferred stock.  The Company paid dividends of $1.3 million on the Series A preferred stock during 2011 and cumulative undeclared dividends at December 31, 2011 were $157,000.

The Series A preferred stock qualifies as Tier 1 capital and will pay cumulative dividends at a rate of 5% per annum for the first five years and 9% per annum thereafter.  The Series A preferred stock may be redeemed at the stated amount of $1,000 per share plus any accrued and unpaid dividends.  Under the terms of the original Purchase Agreement, the Company could not redeem the Series A preferred shares until December 23, 2011 unless the total amount of the issuance, $25.1 million, was replaced with the same amount of other forms of capital that would qualify as Tier 1 capital.  However, with the enactment of the American Recovery and Reinvestment Act of 2009 (“ARRA”), the Company can now redeem the Series A preferred shares at any time, if approved by the Company's primary regulator.  The Series A preferred stock is non-voting except for class voting rights on matters that would adversely affect the rights of the holders of the Series A preferred stock.

The exercise price of the warrant is $10.52 per common share and it is exercisable at anytime on or before December 18, 2018.

The Company is subject to the following restrictions while the Series A preferred stock is outstanding: 1) UST approval is required for the Company to repurchase shares of outstanding common stock; 2) the full dividend for the latest completed CPP dividend period must be declared and paid in full before dividends may be paid to common shareholders; 3) UST approval is required for any increase in common dividends per share above the last quarterly dividend of $0.12 per share paid prior to December 23, 2008; and 4) the Company may not take tax deductions for any senior executive officer whose compensation is above $500,000.  There were additional restrictions on executive compensation added in the ARRA for companies participating in the TARP, including participants in the CPP.

The Board of Directors of the Bank may declare a dividend of all of its retained earnings as it may deem appropriate, subject to the requirements of the General Statutes of North Carolina, without prior approval from the requisite regulatory authorities.  As of December 31, 2011, this amount was approximately $49.0 million.
XML 43 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Changes in Shareholders' Equity (USD $)
In Thousands, except Share data, unless otherwise specified
Preferred Stock [Member]
Common Stock [Member]
Retained Earnings [Member]
Accumulated Other Comprehensive Income [Member]
Total
Balance at Dec. 31, 2008 $ 24,350 $ 48,269 $ 22,985 $ 5,524 $ 101,128
Balance (in shares) at Dec. 31, 2008 25,054 5,539,056      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Adjustment to the cumulative effect of adoption of EITF 06-4 0 0 358 0 358
Accretion of Series A preferred stock 126 0 (126) 0 0
Cash dividends declared on Series A preferred stock 0 0 (1,120) 0 (1,120)
Cash dividends declared on common stock 0 0 (1,440) 0 (1,440)
Restricted stock payout         0
Net earnings 0 0 2,916 0 2,916
Change in accumulated other comprehensive income, net of tax 0 0 0 (2,619) (2,619)
Balance at Dec. 31, 2009 24,476 48,269 23,573 2,905 99,223
Balance (in shares) at Dec. 31, 2009 25,054 5,539,056      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Adjustment to the cumulative effect of adoption of EITF 06-4         0
Accretion of Series A preferred stock 141 0 (141) 0 0
Cash dividends declared on Series A preferred stock 0 0 (1,253) 0 (1,253)
Cash dividends declared on common stock 0 0 (447) 0 (447)
Restricted stock payout 0 12 0 0 12
Restricted stock payout (in shares) 0 2,357      
Net earnings 0 0 1,841 0 1,841
Change in accumulated other comprehensive income, net of tax 0 0 0 (2,518) (2,518)
Balance at Dec. 31, 2010 24,617 48,281 23,573 387 96,858
Balance (in shares) at Dec. 31, 2010 25,054 5,541,413      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Adjustment to the cumulative effect of adoption of EITF 06-4         0
Accretion of Series A preferred stock 141 0 (141) 0 0
Cash dividends declared on Series A preferred stock 0 0 (1,253) 0 (1,253)
Cash dividends declared on common stock 0 0 (443) 0 (443)
Restricted stock payout 0 17 0 0 17
Restricted stock payout (in shares) 0 2,747      
Net earnings 0 0 5,159 0 5,159
Change in accumulated other comprehensive income, net of tax 0 0 0 2,689 2,689
Balance at Dec. 31, 2011 $ 24,758 $ 48,298 $ 26,895 $ 3,076 $ 103,027
Balance (in shares) at Dec. 31, 2011 25,054 5,544,160      
XML 44 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
Loans
 12 Months Ended
Dec. 31, 2011
Loans [Abstract]  
Loans
(3)
    Loans

Major classifications of loans at December 31, 2011 and 2010 are summarized as follows:
 
(Dollars in thousands)
   
 
December 31, 2011
 
December 31, 2010
Real estate loans
   
     Construction and land development
$93,812 124,048
     Single-family residential
 267,051 287,307
     Commercial
 214,415 213,487
     Multifamily and farmland
 4,793 6,456
          Total real estate loans
 580,071 631,298
      
Commercial loans (not secured by real estate)
 60,646 60,994
Consumer loans (not secured by real estate)
 10,490 11,500
All other loans (not secured by real estate)
 19,290 22,368
      
     Total loans
 670,497 726,160
      
Less allowance for loan losses
 16,604 15,493
      
     Total net loans
$653,893 710,667
 
The Bank grants loans and extensions of credit primarily within the Catawba Valley region of North Carolina, which encompasses Catawba, Alexander, Iredell and Lincoln counties and also in Mecklenburg, Union and Wake counties of North Carolina.  Although the Bank has a diversified loan portfolio, a substantial portion of the loan portfolio is collateralized by improved and unimproved real estate, the value of which is dependent upon the real estate market.  Risk characteristics of the major components of the Bank's loan portfolio are discussed below:

·  
Construction and land development loans – The risk of loss is largely  dependent on the  initial estimate of whether the property's value at completion equals
or  exceeds the cost of  property  construction and the  availability of take-out  financing.   During the  construction  phase, a  number of  factors can result in
delays or  cost overruns.   If the  estimate is   inaccurate or if actual  construction  costs exceed  estimates, the value of the property securing our loan may be
insufficient to ensure  full repayment  when  completed through a  permanent loan, sale of the property, or by  seizure of collateral.   As of December 31, 2011,
construction and land development loans comprised approximately 14% of the Bank's total loan portfolio.

·  
Single-family  residential  loans –  Declining  home  sales volumes,  decreased  real   estate  values and  higher  than  normal  levels  of  unemployment  could
contribute to losses on these loans.  As of December 31, 2011, single-family residential loans comprised approximately 40% of the Bank's total loan portfolio.

·  
Commercial  real  estate  loans – Repayment is  dependent on  income  being  generated in  amounts  sufficient to cover operating expenses and debt service.  
These loans  also involve  greater risk because  they are  generally not fully amortizing over a loan period, but rather have a balloon payment due at maturity.
A borrower's ability to make a balloon  payment typically will depend on being able to either refinance the loan or timely sell the underlying property.  As of
December 31, 2011, commercial real estate loans comprised approximately 32% of the Bank's total loan portfolio.

·  
Commercial loans – Repayment is  generally  dependent  upon the successful  operation of the borrower's business.   In addition, the collateral securing the
loans may  depreciate  over time, be  difficult to appraise, be illiquid, or fluctuate  in value based  on the success of the  business.   As of December 31, 2011,
commercial loans comprised approximately 9% of the Bank's total loan portfolio.
 
Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Loans are placed on non-accrual status when, in management's opinion, the borrower may be unable to meet payment obligations as they become due, as well as when required by regulatory provisions. Loans may be placed on non-accrual status regardless of whether or not such loans are considered past due. When interest accrual is discontinued, all unpaid accrued interest is reversed. Interest income is subsequently recognized only to the extent cash payments are received in excess of principal due. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured.
 
The following tables present an age analysis of past due loans, by loan type, as of December 31, 2011 and 2010:
 
December 31, 2011
          
(Dollars in thousands)
          
 
Loans 30-89
Days Past
Due
 
Loans 90 or
More Days
Past Due
 
Total Past
Due
Loans
 
Total
Current
Loans
 
Total Loans
 
Accruing
Loans 90 or
More Days
Past Due
Real estate loans
           
     Construction and land development
$10,033 3,338 13,371 80,441 93,812 -  
     Single-family residential
 16,536 6,189 22,725 244,326 267,051 2,709
     Commercial
 1,002 958 1,960 212,455 214,415 -  
     Multifamily and farmland
 13 -    13 4,780 4,793 -  
          Total real estate loans
 27,584 10,485 38,069 542,002 580,071 2,709
              
Commercial loans (not secured by real estate)
 576 9 585 60,061 60,646 -  
Consumer loans (not secured by real estate)
 116 36 152 10,338 10,490 -  
All other loans (not secured by real estate)
 -    -    -    19,290 19,290 -  
     Total loans
$28,276 10,530 38,806 631,691 670,497 2,709
 
December 31, 2010
          
(Dollars in thousands)
          
 
Loans 30-89
Days Past
Due
 
Loans 90 or
More Days
Past Due
 
Total Past
Due
Loans
 
Total
Current
Loans
 
Total Loans
 
Accruing
Loans 90 or
More Days
Past Due
Real estate loans
           
     Construction and land development
$2,306 8,870 11,176 112,872 124,048 197
     Single-family residential
 19,377 5,936 25,313 261,994 287,307 -  
     Commercial
 382 1,482 1,864 211,623 213,487 -  
     Multifamily and farmland
 -    -    -    6,456 6,456 -  
          Total real estate loans
 22,065 16,288 38,353 592,945 631,298 197
              
Commercial loans (not secured by real estate)
 1,098 720 1,818 59,176 60,994 13
Consumer loans (not secured by real estate)
 98 13 111 11,389 11,500 -  
All other loans (not secured by real estate)
 -    -    -    22,368 22,368 -  
     Total loans
$23,261 17,021 40,282 685,878 726,160 210
 
The following tables present the Bank's non-accrual loans as of December 31, 2011 and 2010:
 
(Dollars in thousands)
   
 
December 31, 2011
 
December 31, 2010
Real estate loans
   
     Construction and land development
$13,257 22,916
     Single-family residential
 5,522 10,837
     Commercial
 2,451 5,351
     Multifamily and farmland
 - -
          Total real estate loans
 21,230 39,104
      
Commercial loans (not secured by real estate)
 403 816
Consumer loans (not secured by real estate)
 152 142
All other loans (not secured by real estate)
 - -
     Total
$21,785 40,062
 
At each reporting period, the Bank determines which loans are impaired.  Accordingly, the Bank's impaired loans are reported at their estimated fair value on a non-recurring basis.  An allowance for each impaired loan, which is generally collateral-dependent, is calculated based on the fair value of its collateral.  The fair value of the collateral is based on appraisals performed by REAS, a subsidiary of the Bank.  REAS is staffed by certified appraisers that also perform appraisals for other companies.   Factors including the assumptions and techniques utilized by the appraiser are considered by management.  If the recorded investment in the impaired loan exceeds the measure of fair value of the collateral, a valuation allowance is recorded as a component of the allowance for loan losses.   Accruing impaired loans amounted to $30.6 million and $17.0 million at December 31, 2011 and 2010, respectively.  Interest income recognized on accruing impaired loans was $1.7 million and $966,000 for the years ended December 31, 2011 and 2010, respectively.  No interest income is recognized on non-accrual impaired loans subsequent to their classification as impaired.
 
The following tables presents the Bank's impaired loans as of December 31, 2011 and 2010:

December 31, 2011
          
(Dollars in thousands)
          
 
Unpaid Contractual Principal
Balance
 
Recorded Investment
With No Allowance
 
Recorded Investment
With
Allowance
 
Recorded Investment
in Impaired
Loans
 
Related
Allowance
 
Average Outstanding Impaired
Loans
Real Estate Loans
           
     Construction and land development
$28,721 14,484 6,098 20,582 3,264 17,848
     Single-family residential
 26,382 969 24,719 25,688 1,427 25,102
     Commercial
 7,717 3,845 3,139 6,984 77  4,518
          Total impaired real estate loans
 63,029 19,298 34,165 53,463 4,769 47,682
              
Commercial loans (not secured by real estate)
 1,111 -     1,083  1,083 26  1,485
Consumer loans (not secured by real estate)
 157 -     152  152 2  140
     Total impaired loans
$64,297 19,298 35,400 54,698 4,797 49,307
 
December 31, 2010
          
(Dollars in thousands)
          
 
Unpaid Contractual Principal
Balance
 
Recorded Investment
With No Allowance
 
Recorded Investment
With
Allowance
 
Recorded Investment
in Impaired
Loans
 
Related
Allowance
 
Average Outstanding Impaired
Loans
Real estate loans
           
     Construction and land development
$31,551 19,422 3,698 23,120 3,177 18,870
     Single-family residential
 26,834 1,738 23,558 25,296 1,613 26,558
     Commercial
 6,911 4,424 1,819 6,243 218 4,992
     Multifamily and farmland
 223  -    223  223  4  254
          Total impaired real estate loans
 65,519 25,584 29,298 54,882 5,012 50,674
              
Commercial loans (not secured by real estate)
 2,145 648 1,072 1,720 55 1,705
Consumer loans (not secured by real estate)
 152 -    142  142 4  79
     Total impaired loans
$67,816 26,232 30,512 56,744 5,071 52,458
 
The Bank's December 31, 2011 and 2010 fair value measurement for impaired loans and other real estate is presented below.   Valuations supported by current certified appraisals are considered Level 2.  All other valuation methods are considered Level 3.
 
(Dollars in thousands)
         
 
Fair Value Measurements December 31, 2011
 
Level 1
Valuation
 
Level 2
Valuation
 
Level 3
Valuation
 
Total Gains/(Losses) for
the Year Ended
December 31, 2011
Impaired loans
$49,901 - 431 49,470 (11,864)
Other real estate
$7,576 - -    7,576 (1,322)
 
(Dollars in thousands)
         
 
Fair Value Measurements December 31, 2010
 
Level 1
Valuation
 
Level 2
Valuation
 
Level 3
Valuation
 
Total Gains/(Losses) for
the Year Ended
December 31, 2010
Impaired loans
$51,673 - 6,643 45,030 (10,591)
Other real estate
$6,673 - -    6,673 (704)
 
Changes in the allowance for loan losses for the year ended December 31, 2011 were as follows:
 
(Dollars in thousands)
             
                  
 
Real Estate Loans
         
 
Construction
and Land Development
 
Single
Family Residential
 
Commercial
 
Multifamily
& Farmland
 
Commercial
 
Consumer and All
Other
 
Unallocated
 
Total
 
Allowance for loan losses:
                
Beginning balance
$5,774 6,097 1,409 17 1,174 430 592 15,493 
Charge-offs
 (7,164)(2,925)(1,271)- (314)(586)- (12,260)
Recoveries
 241 201 24 - 121 152 - 739 
Provision
 8,331 1,984 1,569 (4)48 259 445 12,632 
Ending balance
$7,182 5,357 1,731 13 1,029 255 1,037 16,604 
                   
Ending balance: individually
                 
evaluated for impairment
$1,250 1,289 - - - - - 2,539 
Ending balance: collectively
                 
 evaluated for impairment
 5,932 4,068 1,731 13 1,029 255 1,037 14,065 
Ending balance
$7,182 5,357 1,731 13 1,029 255 1,037 16,604 
                  
Loans:                 
Ending balance
$
93,812  267,051  214,415  4,793  60,646  29,780  -     670,497 
                  
Ending balance: individually                 
     evaluated for impairment$ 20,280  20,661  3,845  -     -     -     -     44,786 
Ending balance: collectively                 
     evaluated for impairment$ 73,532  246,390  210,570  4,793  60,646  29,780  -     625,711 
 
Changes in the allowance for loan losses for the years ended December 31, 2010 and 2009 were as follows:
 
(Dollars in thousands)2010 2009 
     
Balance at beginning of year$15,413 11,025 
Amounts charged off (16,911)(6,670)
Recoveries on amounts previously charged off 553 523 
Provision for loan losses 16,438 10,535 
      
Balance at end of year$15,493 15,413 
 
The Bank utilizes an internal risk grading matrix to assign a risk grade to each of its loans.  Loans are graded on a scale of 1 to 9.  These risk grades are evaluated on an ongoing basis.   A description of the general characteristics of the nine risk grades is as follows:

·  
Risk Grade 1 – Excellent Quality: Loans are well above average quality and a minimal amount of credit risk exists.  CD or cash secured loans or properly margined actively traded stock or bond secured loans would fall in this grade.
·  
Risk Grade 2 – High Quality: Loans are of good quality with risk levels well within the Bank's range of acceptability.  The company or individual is established with a history of successful performance though somewhat susceptible to economic changes.
·  
Risk Grade 3 – Good Quality: Loans of average quality with risk levels within the Bank's range of acceptability but higher than normal. This may be a new company or an existing company in a transitional phase (e.g. expansion, acquisition, market change).
·  
Risk Grade 4 – Management Attention: These loans have very high risk and servicing needs but still are acceptable. Evidence of marginal performance or deteriorating trends are evident.  These are not problem credits presently, but may be in the future if the borrower is unable to change its present course.
·  
Risk Grade 5 – Watch: These loans are currently performing satisfactorily, but there are potential weaknesses that may, if not corrected, weaken the asset or inadequately protect the Bank's position at some future date.  This frequently results from deviating from prudent lending practices, for instance over-advancing on collateral.
·  
Risk Grade 6 – Substandard: A Substandard loan is inadequately protected by the current sound net worth and paying capacity of the obligor or the collateral pledged (if there is any).  There is a well-defined weakness or weaknesses that jeopardize the liquidation of the debt.  There is a distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected.
·  
Risk Grade 7 – Low Substandard: These loans have the general characteristics of a Grade 6 Substandard loan, with heightened potential concerns.  The exact amount of loss is not yet known because neither the liquidation value of the collateral nor the borrower's predicted repayment ability is known with confidence.
·  
Risk Grade 8 – Doubtful: Loans classified as Doubtful have all the weaknesses inherent in loans classified Substandard, plus the added characteristic that the weaknesses make collection or liquidation in full on the basis of currently existing facts, conditions, and values highly questionable and improbable.  Doubtful is a temporary grade where a loss is expected but is presently not quantified with any degree of accuracy. Once the loss position is determined, the amount is charged off.
·  
Risk Grade 9 – Loss: Loans classified as Loss are considered uncollectable and of such little value that their continuance as bankable assets is not warranted.  This classification does not mean that the asset has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off this worthless loan even though partial recovery may be effected in the future.  Loss is a temporary grade until the appropriate authority is obtained to charge the loan off.
 
The following tables present the credit risk profile of each loan type based on internally assigned risk grade as of December 31, 2011 and 2010.
 
December 31, 2011
            
(Dollars in thousands)
            
 
Real Estate Loans
        
 
Construction
and Land Development
 
Single
Family Residential
 
Commercial
 
Multifamily
& Farmland
 
Commercial
 
Consumer
 
All Other
 
Total
                 
1- Excellent Quality
$197 25,474 - - 715 1,344 - 27,730
2- High Quality
$5,183 64,817 25,506 50 8,801 4,070 2,774 111,201
3- Good Quality
$27,675 100,388 136,137 3,448 36,585 4,259 16,509 325,001
4- Management Attention
$28,138 50,253 40,312 358 12,882 429 7 132,379
5- Watch
$15,923 11,767 2,795 728 622 89 - 31,924
6- Substandard
$16,696 14,352 9,665 209 1,041 154 - 42,117
7- Low Substandard
$- - - - - - - -
8- Doubtful
$- - - - - - - -
9- Loss
$- - - - - 145 - 145
      Total
$93,812 267,051 214,415 4,793 60,646 10,490 19,290 670,497
 
December 31, 2010
            
(Dollars in thousands)
            
 
Real Estate Loans
        
 
Construction
and Land Development
 
Single
Family Residential
 
Commercial
 
Multifamily
& Farmland
 
Commercial
 
Consumer
 
All Other
 
Total
                 
1- Excellent Quality
$19 27,698 102 - 630 1,006 - 29,455
2- High Quality
$5,789 70,990 21,591 2,856 9,673 4,491 5,145 120,535
3- Good Quality
$33,991 109,800 129,530 2,256 39,248 5,360 17,223 337,408
4- Management Attention
$46,283 55,001 43,731 1,121 8,143 454   154,733
5- Watch
$8,076 7,959 5,569 - 1,590 38   23,232
6- Substandard
$29,502 15,022 12,605 223 1,678 145   59,175
7- Low Substandard
$- 756 359 - - -   1,115
8- Doubtful
$388 81 - - 17 -   486
9- Loss
$- - - - 15 6 - 21
      Total
$124,048 287,307 213,487 6,456 60,994 11,500 22,368 726,160
 
At December 31, 2011, troubled debt restructured (“TDR”) loans amounted to $44.1 million, including $15.1 million in performing TDR loans.  The terms of these loans have been renegotiated to provide a reduction in principal or interest as a result of the deteriorating financial position of the borrower.  At December 31, 2010, TDR loans amounted to $56.7 million, including $10.0 million in performing TDR loans.
 
The following tables present an analysis of TDR loans by loan type as of December 31, 2011 and 2010.
 
December 31, 2011     
(Dollars in thousands)
     
 
Number of Contracts
 
Pre-Modification Outstanding
 Recorded
Investment
 
Post-Modification Outstanding
Recorded
Investment
Real Estate Loans
     
     Construction and land development
29 $19,762 12,840
     Single-family residential
241  25,541 24,846
     Commercial
15  7,200 5,013
     Multifamily and Farmland
1  322 209
          Total real estate TDR loans
286  52,825 42,908
        
Commercial loans (not secured by real estate)
21  1,711 1,083
Consumer loans (not secured by real estate)
8  124 142
All other loans (not secured by real estate)
-     -    -  
     Total TDR loans
315 $54,660 44,133
 
December 31, 2010     
(Dollars in thousands)
     
 
Number of Contracts
 
Pre-Modification Outstanding
 Recorded
Investment
 
Post-Modification Outstanding
Recorded
Investment
Real Estate Loans
     
     Construction and land development
47 $27,901 23,121
     Single-family residential
221  26,808 25,296
     Commercial
17  8,155 6,243
     Multifamily and Farmland
1  322 223
          Total real estate TDR loans
286  63,186 54,883
        
Commercial loans (not secured by real estate)
26  6,196 1,719
Consumer loans (not secured by real estate)
12  148 142
All other loans (not secured by real estate)
-     -    -  
     Total TDR loans
324 $69,530 56,744
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Regulatory Matters
 12 Months Ended
Dec. 31, 2011
Regulatory Matters [Abstract]  
Regulatory Matters
(13)
    Regulatory Matters

The Company is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company's financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company must meet specific capital guidelines that involve quantitative measures of the assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors.

Quantitative measures established by regulation to ensure capital adequacy require the Company to maintain minimum amounts and ratios of capital in relation to both on- and off-balance sheet items at various risk weights. Total capital consists of two tiers of capital. Tier 1 Capital includes common shareholders' equity and trust preferred securities less adjustments for intangible assets. Tier 2 Capital consists of the allowance for loan losses up to 1.25% of risk-weighted assets and other adjustments.  Management believes, as of December 31, 2011, that the Company and the Bank meet all capital adequacy requirements to which they are subject.

As of December 31, 2011, the most recent notification from the FDIC categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized the Bank must maintain minimum total risk-based, Tier 1 risk-based and Tier 1 leverage ratios as set forth in the table. There are no conditions or events since that notification that management believes have changed the Bank's category.

The Company's and the Bank's actual capital amounts and ratios are presented below:

(Dollars in thousands)
        
 
Actual
 
For Capital
Adequacy Purposes
 
To Be Well
Capitalized Under
Prompt Corrective
Action Provisions
             
 
Amount
 
Ratio
 
Amount
 
Ratio
 
Amount
 
Ratio
             
As of December 31, 2011:
           
             
Total Capital (to Risk-Weighted Assets)
           
Consolidated
$129,495 17.38% 59,607 8.00% N/A N/A
Bank
$111,807 15.04% 59,463 8.00% 74,329 10.00%
Tier 1 Capital (to Risk-Weighted Assets)
            
Consolidated
$119,950 16.10% 29,804 4.00% N/A N/A
Bank
$102,264 13.76% 29,731 4.00% 44,597 6.00%
Tier 1 Capital (to Average Assets)
            
Consolidated
$119,950 11.06% 43,379 4.00% N/A N/A
Bank
$102,264 9.44% 43,328 4.00% 54,160 5.00%
              
As of December 31, 2010:
            
              
Total Capital (to Risk-Weighted Assets)
            
Consolidated
$126,912 15.51% 65,455 8.00% N/A N/A
Bank
$107,294 13.15% 65,291 8.00% 81,614 10.00%
Tier 1 Capital (to Risk-Weighted Assets)
            
Consolidated
$116,470 14.24% 32,728 4.00% N/A N/A
Bank
$96,853 11.87% 32,646 4.00% 48,968 6.00%
Tier 1 Capital (to Average Assets)
            
Consolidated
$116,470 10.70% 43,533 4.00% N/A N/A
Bank
$96,853 8.91% 43,491 4.00% 54,363 5.00%