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þ
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o
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TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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California
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77-0559736
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(State or other jurisdiction
of incorporation)
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(I.R.S. Employer
Identification No.)
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Large accelerated filer o
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Accelerated filer o
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Non-accelerated filer o
(Do not check if a smaller reporting company)
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Smaller reporting company þ
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PART I – FINANCIAL INFORMATION
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Item 1. Financial Statements (Unaudited)
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Condensed Consolidated Balance Sheets at March 31, 2013, December 31, 2012, and March 31, 2012
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Condensed Consolidated Statements of Operations for the Three-Month Periods Ended March 31, 2013 and 2012
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Consolidated Statements of Comprehensive Income (Loss) for the Three-Month Periods Ended March 31, 2013 and 2012
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Condensed Consolidated Statements of Changes of Shareholders’ Equity for the Three-Month Period Ended March 31, 2013
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Condensed Consolidated Statements of Cash Flows for the Three-Month Periods Ended March 31, 2013 and 2012
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Notes to Consolidated Financial Statements
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
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Item 3. Quantitative and Qualitative Disclosures About Market Risk
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Item 4. Controls and Procedures
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PART II – OTHER INFORMATION
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Item 1. Legal Proceedings
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Item 1A. Risk Factors
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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
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Item 3. Defaults Upon Senior Securities
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Item 4. Mine Safety Disclosures
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Item 5. Other Information
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Item 6. Exhibits
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March 31, 2013
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December 31, 2012
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March 31, 2012
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||||||||||
Assets
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||||||||||||
Cash and due from banks
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$ | 10,063 | $ | 25,635 | $ | 67,093 | ||||||
Total cash and cash equivalents
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10,063 | 25,635 | 67,093 | |||||||||
Certificates of deposit in other banks
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3,210 | 3,706 | 3,492 | |||||||||
Investment securities available for sale
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142,918 | 127,822 | 128,622 | |||||||||
Loans held for sale
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1,426 | 1,548 | 5,874 | |||||||||
Loans, net of unearned income
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244,064 | 243,741 | 220,096 | |||||||||
Less allowance for loan and lease losses
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(4,237 | ) | (4,242 | ) | (3,562 | ) | ||||||
Net loans
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239,827 | 239,499 | 216,534 | |||||||||
Federal Home Loan Bank stock and other investments
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6,868 | 6,822 | 3,801 | |||||||||
Premises and equipment
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15,950 | 16,131 | 16,293 | |||||||||
Other real estate owned
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818 | 818 | 2,224 | |||||||||
Company owned life insurance
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8,069 | 8,015 | 7,844 | |||||||||
Core deposit intangible asset, net of accumulated amortization
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2,664 | 2,765 | 3,068 | |||||||||
Accrued interest and other assets
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1,850 | 2,446 | 2,929 | |||||||||
Total Assets
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$ | 433,663 | $ | 435,207 | $ | 457,774 | ||||||
Liabilities and Shareholders' Equity
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||||||||||||
Deposits:
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||||||||||||
Noninterest-bearing demand
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$ | 123,956 | $ | 130,694 | $ | 113,388 | ||||||
Money market, NOW and savings
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161,861 | 154,074 | 156,911 | |||||||||
Time certificates of deposit
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100,530 | 102,500 | 134,981 | |||||||||
Total deposits
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386,347 | 387,268 | 405,280 | |||||||||
Junior subordinated debt securities
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5,632 | 5,604 | 5,519 | |||||||||
Accrued interest and other liabilities
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1,850 | 2,063 | 4,709 | |||||||||
Warrant liability | - | - | 200 | |||||||||
Total liabilities
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393,829 | 394,935 | 415,708 | |||||||||
Mezzanine financing:
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||||||||||||
Redeemable Bancorp-issued preferred stock, Series A, B and C; liquidation value of $1,000 at March 31, 2013 and December 31, 2012, and $1,205 at March 31, 2012
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1,000 | 1,000 | 1,205 | |||||||||
Redeemable subsidiary-issued preferred stock; liquidation value of $1,250 at March 31, 2013, $2,000 at December 31, 2012, and $7,000 at March 31, 2012
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1,250 | 2,000 | 7,000 | |||||||||
Shareholders' equity:
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||||||||||||
Common stock - 50,000,000 shares authorized; issued and outstanding: 8,155,066 at March 31, 2013 and December 31, 2012, and 7,755,066 at March 31, 2012
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42,825 | 42,825 | 40,825 | |||||||||
Additional paid-in capital
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8,812 | 8,768 | 8,497 | |||||||||
Accumulated deficit
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(15,236 | ) | (16,122 | ) | (17,444 | ) | ||||||
Accumulated other comprehensive income
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1,183 | 1,801 | 1,983 | |||||||||
Total shareholders' equity
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37,584 | 37,272 | 33,861 | |||||||||
Total Liabilities and Shareholders' Equity
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$ | 433,663 | $ | 435,207 | $ | 457,774 |
For theThree Months Ended March 31,
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||||||||
2013
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2012
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|||||||
Interest Income
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||||||||
Interest and fees on loans
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$ | 4,083 | $ | 4,299 | ||||
Interest on investment securities
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573 | 632 | ||||||
Other interest income
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12 | 44 | ||||||
Total interest income
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4,668 | 4,975 | ||||||
Interest Expense
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||||||||
Interest on money market, NOW and savings deposits
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67 | 72 | ||||||
Interest on time certificates of deposit
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99 | 256 | ||||||
Other interest expense
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77 | 82 | ||||||
Total interest expense
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243 | 410 | ||||||
Net interest income
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4,425 | 4,565 | ||||||
Provision for loan and lease losses
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100 | 225 | ||||||
Net interest income after provision for loan and lease losses
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4,325 | 4,340 | ||||||
Non-interest income
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||||||||
Service charges on deposit accounts
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261 | 207 | ||||||
Gain on sale of SBA-guaranteed loans
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- | 8 | ||||||
Net gains (losses) on disposition of other loans held for sale
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414 | 12 | ||||||
Loan servicing fees, net of amortization
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43 | 38 | ||||||
Gain on sale or call of available-for-sale securities
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153 | 1 | ||||||
Loss or writedown of fixed assets and other real estate owned
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- | (358 | ) | |||||
Change in fair value of warrant liability
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- | 30 | ||||||
Increase in cash surrender value of life insurance
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54 | 59 | ||||||
Other income and fees
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102 | 41 | ||||||
Total non-interest income
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1,027 | 38 | ||||||
Non-interest expense
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||||||||
Salaries and employee benefits
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2,395 | 2,483 | ||||||
Occupancy expenses
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423 | 455 | ||||||
Furniture and equipment
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220 | 179 | ||||||
Data processing
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390 | 792 | ||||||
Professional fees
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157 | 409 | ||||||
Marketing and business development
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72 | 125 | ||||||
Office supplies and expenses
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152 | 210 | ||||||
Insurance and regulatory assessments
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138 | 153 | ||||||
Loan and lease expenses
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92 | 64 | ||||||
Other real estate expenses
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7 | 46 | ||||||
Provision for unfunded loan commitments
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25 | - | ||||||
Amortization of core deposit intangible asset
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101 | 101 | ||||||
Other expenses
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226 | 192 | ||||||
Total non-interest expense
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4,398 | 5,209 | ||||||
Income (loss) before income taxes
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954 | (831 | ) | |||||
Income tax expense
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19 | - | ||||||
Net income (loss)
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$ | 935 | $ | (831 | ) | |||
Less earnings and dividends attributable to preferred stock
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60 | 175 | ||||||
Net income (loss) attributable to common stock
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$ | 875 | $ | (1,006 | ) | |||
Per Common Share Data:
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||||||||
Net income (loss) - basic
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$ | 0.11 | $ | (0.13 | ) | |||
Net income (loss) - diluted
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$ | 0.11 | $ | (0.13 | ) | |||
Average common shares outstanding - basic
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8,155,066 | 7,755,066 | ||||||
Average common shares outstanding - diluted
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8,155,066 | 7,755,066 |
For the Three Months Ended March 31,
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||||||||
2013
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2012
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|||||||
Net income (loss)
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$ | 935 | $ | (831 | ) | |||
Other comprehensive income (loss):
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||||||||
Unrealized gains (losses) arising during the period on available-for-sale securities, net of taxes of $-0-
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(465 | ) | 289 | |||||
Less reclassification adjustment for securities gains included in net income, net of taxes of $-0-
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(153 | ) | (1 | ) | ||||
Other comprehensive income (loss)
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(618 | ) | 288 | |||||
Comprehensive income (loss)
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$ | 317 | $ | (543 | ) |
Common Stock
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Additional
Paid-In |
Accumulated
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Accumulated
Other |
|||||||||||||||||||||
Shares
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Amount
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Capital
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Deficit
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Income (Loss)
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Total
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|||||||||||||||||||
Balance at January 1, 2013
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8,155,066 | $ | 42,825 | $ | 8,768 | $ | (16,122 | ) | $ | 1,801 | $ | 37,272 | ||||||||||||
Dividends declared on subsidiary-issued preferred stock
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(49 | ) | (49 | ) | ||||||||||||||||||||
Stock-based compensation
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44 | 44 | ||||||||||||||||||||||
Net income
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935 | 935 | ||||||||||||||||||||||
Other comprehensive loss
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- | - | - | - | (618 | ) | (618 | ) | ||||||||||||||||
Balance at March 31, 2013
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8,155,066 | $ | 42,825 | $ | 8,812 | $ | (15,236 | ) | $ | 1,183 | $ | 37,584 |
For the Three Months Ended
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||||||||
March 31, 2013
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March 31, 2012
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|||||||
Operating Activities
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||||||||
Net income (loss)
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$ | 935 | $ | (831 | ) | |||
Adjustments to reconcile net income (loss) income to net cash provided by (used in) operating activities:
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||||||||
Depreciation
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239 | 222 | ||||||
Accretion of discount on securities and loans, net
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358 | 334 | ||||||
Amortization of core deposit intangible asset
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101 | 101 | ||||||
Accretion of discount on assets acquired in merger
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(997 | ) | (753 | ) | ||||
Amortization of discount on liabilities assumed in merger
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28 | 28 | ||||||
Provision for loan and lease losses
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100 | 225 | ||||||
Provision for losses on unfunded loan commitments
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25 | - | ||||||
Stock-based compensation
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44 | 37 | ||||||
Gain on sale or call of available-for-sale securities
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(153 | ) | (1 | ) | ||||
Gain on sale of loans
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- | (8 | ) | |||||
Gains on disposition of loans held for sale
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(414 | ) | (12 | ) | ||||
Change in the fair value of warrant liability
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- | (30 | ) | |||||
Net losses and writedowns of fixed assets or other real estate owned
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- | 358 | ||||||
Increase in company-owned life insurance
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(54 | ) | (59 | ) | ||||
Reinvested earnings from FHLB stock and other investments
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(46 | ) | - | |||||
Net increase in accrued taxes receivable
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19 | - | ||||||
Other, net
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371 | (459 | ) | |||||
Proceeds from loan sales
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- | 183 | ||||||
Loans originated for sale
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- | (154 | ) | |||||
Net cash provided by (used in) operating activities
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556 | (819 | ) | |||||
Investing Activities
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||||||||
Net (increase) decrease in deposits in other banks
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496 | 100 | ||||||
Purchase of available-for-sale securities
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(55,200 | ) | (7,717 | ) | ||||
Proceeds from maturities, calls and paydowns of available-for-sale securities
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13,545 | 9,122 | ||||||
Proceeds from sales of available-for-sale securities
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25,725 | 223 | ||||||
Net increase in loans held for investment
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579 | 4,897 | ||||||
Net decrease in loans held for sale
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536 | 2,429 | ||||||
Net (increase) decrease in Federal Home Loan Bank and other stock
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- | 125 | ||||||
Purchases of premises and equipment
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(57 | ) | (232 | ) | ||||
Proceeds from sale of other real estate owned
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- | 2,638 | ||||||
Net cash (used in) provided by investing activities
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(14,376 | ) | 11,585 | |||||
Financing Activities
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||||||||
Net increase in demand deposits and savings accounts
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1,049 | 8,922 | ||||||
Net (decrease) increase in time deposits
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(1,970 | ) | (14,216 | ) | ||||
Net Increase (decrease) in other borrowings
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(750 | ) | - | |||||
Payment of dividends on preferred stock
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(81 | ) | - | |||||
Net cash used in financing activities
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(1,752 | ) | (5,294 | ) | ||||
Net (decrease) increase in cash and cash equivalents
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(15,572 | ) | 5,472 | |||||
Cash and cash equivalents at beginning of period
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25,635 | 61,621 | ||||||
Cash and cash equivalents at end of period
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$ | 10,063 | $ | 67,093 | ||||
Non-cash changes:
|
||||||||
Change in unrealized gains on available-for-sale securities
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$ | (618 | ) | $ | 288 | |||
Loans reclassified to held for sale
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- | 4,583 | ||||||
Adjustments to net contribution from shareholder recognized in additional paid-in capital for Santa Lucia merger
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- | 1,130 | ||||||
Cancellation of warrants accounted for as liabilities
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- | (4,955 | ) | |||||
Supplemental disclosures of cash flow information:
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||||||||
Interest paid
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244 | 536 | ||||||
Taxes paid
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- | - |
April 1 through December 31, 2013
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$ | 74 | ||
2014
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62 | |||
2015
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62 | |||
2016
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51 | |||
2017
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10 | |||
Total unrecognized compensation cost
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$ | 259 |
Shares
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Weighted-Average Exercise Price
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Weighted-Average Remaining Contractual Term (years)
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Aggregate Intrinsic Value of In-the-Money Options
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|||||||||||||
Outstanding at beginning of period
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456,900 | $ | 6.12 | |||||||||||||
Options granted
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- | |||||||||||||||
Options exercised
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- | |||||||||||||||
Options expired unexercised
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- | |||||||||||||||
Options forfeited
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(4,000 | ) | 5.00 | |||||||||||||
Outstanding at end of period
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452,900 | $ | 6.13 | 8.4 | $ | - | ||||||||||
Options exercisable at end of period
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219,900 | $ | 7.33 | 7.5 | $ | - | ||||||||||
Options Vested or Expected to Vest
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452,900 | $ | 6.13 | 8.4 | $ | - |
(in thousands)
|
Amortized
Cost |
Gross
Unrealized |
Gross
Unrealized |
Estimated
Fair |
||||||||||||
March 31, 2013:
|
||||||||||||||||
U.S. Government agencies
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$ | 21,643 | $ | 567 | $ | (61 | ) | $ | 22,149 | |||||||
Residential mortgage-backed securities
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79,686 | 851 | (309 | ) | 80,228 | |||||||||||
Municipal securities
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19,377 | 138 | (66 | ) | 19,449 | |||||||||||
Corporate debt securities
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4,254 | 18 | - | 4,272 | ||||||||||||
Asset-backed securities
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16,775 | 82 | (37 | ) | 16,820 | |||||||||||
$ | 141,735 | $ | 1,656 | $ | (473 | ) | $ | 142,918 | ||||||||
December 31, 2012:
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||||||||||||||||
U.S. Government agencies
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$ | 30,007 | $ | 589 | $ | (7 | ) | $ | 30,589 | |||||||
Residential mortgage-backed securities
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60,550 | 1,159 | (49 | ) | 61,660 | |||||||||||
Municipal securities
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19,247 | 132 | (106 | ) | 19,273 | |||||||||||
Corporate debt securities
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3,015 | 2 | (21 | ) | 2,996 | |||||||||||
Asset-backed securities
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13,202 | 112 | (10 | ) | 13,304 | |||||||||||
$ | 126,021 | $ | 1,994 | $ | (193 | ) | $ | 127,822 | ||||||||
March 31, 2012:
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||||||||||||||||
U.S. Government agencies
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$ | 26,650 | $ | 360 | $ | (12 | ) | $ | 26,998 | |||||||
Residential mortgage-backed securities
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85,474 | 1,404 | - | 86,878 | ||||||||||||
Municipal securities
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4,596 | 219 | (2 | ) | 4,813 | |||||||||||
Corporate debt securities
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3,048 | 3 | (12 | ) | 3,039 | |||||||||||
Asset-backed securities
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6,871 | 32 | (9 | ) | 6,894 | |||||||||||
$ | 126,639 | $ | 2,018 | $ | (35 | ) | $ | 128,622 |
(in thousands)
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Available-for-Sale Securities
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|||||||
Amortized
Cost |
Fair
Value |
|||||||
Within one year
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$ | 2,363 | $ | 2,365 | ||||
Due in one year to five years
|
9,648 | 9,677 | ||||||
Due in five years to ten years
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33,948 | 34,186 | ||||||
Due in greater than ten years
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95,776 | 96,690 | ||||||
$ | 141,735 | $ | 142,918 |
(in thousands)
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Less than 12 Months
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12 Months or Longer
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Total
|
|||||||||||||||||||||
Fair
Value |
Unrealized
Losses |
Fair
Value |
Unrealized
Losses |
Fair
Value |
Unrealized
Losses |
|||||||||||||||||||
March 31, 2013:
|
||||||||||||||||||||||||
U.S. Government agencies
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$ | 6,062 | $ | 61 | $ | - | $ | - | $ | 6,062 | $ | 61 | ||||||||||||
Residential mortgage-backed securities
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39,444 | 309 | - | - | 39,444 | 309 | ||||||||||||||||||
Municipal securities
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12,584 | 66 | - | - | 12,584 | 66 | ||||||||||||||||||
Asset-backed securities
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3,022 | 37 | - | - | 3,022 | 37 | ||||||||||||||||||
$ | 61,112 | $ | 473 | $ | - | $ | - | $ | 61,112 | $ | 473 | |||||||||||||
December 31, 2012:
|
||||||||||||||||||||||||
U.S. Government agencies
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$ | 3,005 | $ | 7 | $ | - | $ | - | $ | 3,005 | $ | 7 | ||||||||||||
Residential mortgage-backed securities
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7,605 | 49 | - | - | 7,605 | 49 | ||||||||||||||||||
Municipal securities
|
12,168 | 106 | - | - | 12,168 | 106 | ||||||||||||||||||
Corporate debt securities
|
1,979 | 21 | - | - | 1,979 | 21 | ||||||||||||||||||
Asset-backed securities
|
3,174 | 10 | - | - | 3,174 | 10 | ||||||||||||||||||
$ | 27,931 | $ | 193 | $ | - | $ | - | $ | 27,931 | $ | 193 | |||||||||||||
March 31, 2012:
|
||||||||||||||||||||||||
U.S. Government agencies
|
$ | 2,988 | $ | 12 | $ | - | $ | - | $ | 2,988 | $ | 12 | ||||||||||||
Residential mortgage-backed securities
|
- | - | - | - | - | - | ||||||||||||||||||
Municipal securities
|
240 | 2 | - | - | 240 | 2 | ||||||||||||||||||
Corporate debt securities
|
988 | 12 | - | - | 988 | 12 | ||||||||||||||||||
Asset-backed securities
|
3,221 | 9 | - | - | 3,221 | 9 | ||||||||||||||||||
$ | 7,437 | $ | 35 | $ | - | $ | - | $ | 7,437 | $ | 35 |
March 31, 2013
|
December 31, 2012
|
March 31, 2012
|
||||||||||||||||||||||
Type of Loan
|
Amount
|
Percentage
|
Amount
|
Percentage
|
Amount
|
Percentage
|
||||||||||||||||||
Construction and land development
|
$ | 12,711 | 5.2 | % | $ | 11,995 | 4.9 | % | $ | 18,087 | 8.0 | % | ||||||||||||
Commercial real estate - owner-occupied
|
67,824 | 27.6 | % | 72,036 | 29.4 | % | 70,894 | 31.4 | % | |||||||||||||||
Commercial real estate - non-owner-occupied
|
68,992 | 28.1 | % | 69,145 | 28.2 | % | 60,302 | 26.7 | % | |||||||||||||||
Residential real estate
|
30,795 | 12.4 | % | 31,501 | 12.8 | % | 33,012 | 14.6 | % | |||||||||||||||
All other real estate loans
|
12,686 | 5.2 | % | 8,299 | 3.4 | % | 2,014 | 0.9 | % | |||||||||||||||
Commercial and industrial loans
|
29,955 | 12.2 | % | 33,580 | 13.7 | % | 26,019 | 11.5 | % | |||||||||||||||
Agricultural loans
|
16,089 | 6.6 | % | 14,252 | 5.8 | % | 9,524 | 4.2 | % | |||||||||||||||
Municipal loans
|
2,342 | 1.0 | % | 2,347 | 1.0 | % | 2,388 | 1.1 | % | |||||||||||||||
Leases, net of unearned income
|
976 | 0.4 | % | 1,057 | 0.4 | % | 1,835 | 0.8 | % | |||||||||||||||
Consumer loans
|
3,120 | 1.3 | % | 1,077 | 0.4 | % | 1,895 | 0.8 | % | |||||||||||||||
Total loans
|
$ | 245,490 | 100.0 | % | $ | 245,289 | 100.0 | % | $ | 225,970 | 100.0 | % |
March 31, 2013
|
December 31, 2012
|
March 31, 2012
|
||||||||||||||||||||||
Type of Loan
|
Amount
|
% of Total Loans
|
Amount
|
% of Total Loans
|
Amount
|
% of Total Loans
|
||||||||||||||||||
Commercial and industrial
|
$ | 239 | 0.1 | % | $ | 346 | 0.1 | % | $ | 721 | 0.3 | % | ||||||||||||
Real estate
|
1,187 | 0.5 | % | 1,202 | 0.5 | % | 1,974 | 0.9 | % | |||||||||||||||
Total loans held for sale
|
$ | 1,426 | 0.6 | % | $ | 1,548 | 0.6 | % | $ | 5,874 | 2.6 | % |
(in thousands)
|
Three Months Ended March 31,
|
|||||||
2013
|
2012
|
|||||||
Balance at beginning of period
|
$ | 4,242 | $ | 3,326 | ||||
Provision for loan and lease losses charged to expense
|
100 | 225 | ||||||
Loans charged off
|
(123 | ) | (1 | ) | ||||
Recoveries on loans previously charged off
|
18 | 12 | ||||||
Balance at end of period
|
$ | 4,237 | $ | 3,562 |
Threee Months Ended March 31, 2013
|
||||||||||||||||||||
Loan Portfolio Segment
|
Balance at Beginning of Period
|
Provision for Loan Losses Charged (Credited) to Expense
|
Less Loans Charged Off
|
Plus Recoveries on Loans Previously Charged Off
|
Balance at End of Period
|
|||||||||||||||
Construction and land development
|
$ | 321 | $ | 51 | $ | - | $ | - | $ | 372 | ||||||||||
Commercial real estate - owner-occupied
|
463 | (106 | ) | - | - | 357 | ||||||||||||||
Commercial real estate - non-owner-occupied
|
730 | (131 | ) | - | - | 599 | ||||||||||||||
Residential real estate
|
906 | 197 | (117 | ) | 3 | 989 | ||||||||||||||
All other real estate loans
|
35 | 30 | - | - | 65 | |||||||||||||||
Commercial and industrial loans
|
1,735 | (80 | ) | - | 15 | 1,670 | ||||||||||||||
Consumer and all other loans and lease financing
|
51 | 30 | (6 | ) | - | 75 | ||||||||||||||
Unallocated
|
1 | 109 | - | - | 110 | |||||||||||||||
Totals
|
$ | 4,242 | $ | 100 | $ | (123 | ) | $ | 18 | $ | 4,237 |
Three Months Ended March 31, 2012
|
||||||||||||||||||||
Loan Portfolio Segment
|
Balance at Beginning of Year
|
Provision for Loan Losses Charged (Credited) to Expense
|
Less Loans Charged Off
|
Plus Recoveries on Loans Previously Charged Off
|
Balance at End of Period
|
|||||||||||||||
Construction and land development
|
$ | 157 | $ | (8 | ) | $ | - | $ | - | $ | 149 | |||||||||
Commercial real estate - owner-occupied
|
253 | 3 | - | - | 256 | |||||||||||||||
Commercial real estate - non-owner-occupied
|
675 | (136 | ) | - | - | 539 | ||||||||||||||
Residential real estate
|
640 | 71 | - | - | 711 | |||||||||||||||
All other real estate loans
|
4 | - | - | - | 4 | |||||||||||||||
Commercial and industrial loans
|
1,363 | 190 | (1 | ) | 10 | 1,562 | ||||||||||||||
Consumer and all other loans and lease financing
|
124 | 59 | - | 2 | 185 | |||||||||||||||
Unallocated
|
110 | 46 | - | - | 156 | |||||||||||||||
Totals
|
$ | 3,326 | $ | 225 | $ | (1 | ) | $ | 12 | $ | 3,562 |
Special
|
Mention – A special mention loan has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or in the Company’s credit position at some future date. Special Mention loans are not adversely classified and do not expose the Company to sufficient risk to warrant adverse classification.
|
Loans by Asset Quality Rating (excluding loans held for sale*)
|
Asset Quality Ratings
|
|||||||||||||||||||
(in thousands)
|
Special
|
Total
|
||||||||||||||||||
Pass
|
Mention
|
Substandard
|
Doubtful
|
Loans
|
||||||||||||||||
As of March 31, 2013:
|
||||||||||||||||||||
Construction and land development
|
$ | 11,960 | $ | - | $ | 751 | $ | - | $ | 12,711 | ||||||||||
Commercial real estate - owner-occupied
|
60,643 | - | 5,699 | - | 66,342 | |||||||||||||||
Commercial real estate - non-owner-occupied
|
68,501 | - | 1,139 | - | 69,640 | |||||||||||||||
Residential real estate
|
28,197 | 84 | 1,709 | 186 | 30,176 | |||||||||||||||
All other real estate
|
12,661 | - | 25 | - | 12,686 | |||||||||||||||
Commercial and industrial
|
44,284 | 154 | 4,012 | - | 48,450 | |||||||||||||||
Consumer and all other loans and lease financing
|
4,059 | - | - | - | 4,059 | |||||||||||||||
Total loans, net of unearned income
|
$ | 230,305 | $ | 238 | $ | 13,335 | $ | 186 | $ | 244,064 | ||||||||||
As of December 31, 2012:
|
||||||||||||||||||||
Construction and land development
|
$ | 11,440 | $ | - | $ | 555 | $ | - | $ | 11,995 | ||||||||||
Commercial real estate - owner-occupied
|
65,132 | - | 5,896 | - | 71,028 | |||||||||||||||
Commercial real estate - non-owner-occupied
|
66,799 | 1,396 | 1,166 | - | 69,361 | |||||||||||||||
Residential real estate
|
28,588 | - | 2,268 | 185 | 31,041 | |||||||||||||||
All other real estate
|
8,319 | - | 29 | - | 8,348 | |||||||||||||||
Commercial and industrial
|
44,921 | 161 | 4,272 | - | 49,354 | |||||||||||||||
Consumer and all other loans and lease financing
|
2,614 | - | - | - | 2,614 | |||||||||||||||
Total loans, net of unearned income
|
$ | 227,813 | $ | 1,557 | $ | 14,186 | $ | 185 | $ | 243,741 | ||||||||||
As of March 31, 2012:
|
||||||||||||||||||||
Construction and land development
|
$ | 13,923 | $ | 148 | $ | 1,034 | $ | - | $ | 15,105 | ||||||||||
Commercial real estate - owner-occupied
|
64,194 | - | 5,781 | - | 69,975 | |||||||||||||||
Commercial real estate - non-owner-occupied
|
49,454 | 5,129 | 5,890 | - | 60,473 | |||||||||||||||
Residential real estate
|
26,788 | 484 | 4,606 | 189 | 32,067 | |||||||||||||||
All other real estate
|
1,889 | - | - | - | 1,889 | |||||||||||||||
Commercial and industrial
|
32,263 | 234 | 4,375 | 85 | 36,957 | |||||||||||||||
Consumer and all other loans and lease financing
|
3,630 | - | - | - | 3,630 | |||||||||||||||
Total loans, net of unearned income
|
$ | 192,141 | $ | 5,995 | $ | 21,686 | $ | 274 | $ | 220,096 |
(in thousands)
|
Commercial Real Estate
|
Consumer and All
|
||||||||||||||||||||||||||||||
Construction
and Land Development |
Owner-
Occupied
|
Non-Owner-
Occupied |
Residential Real Estate
|
All Other Real Estate
|
Commercial and Industrial
|
Other Loans and
Leases
|
Total Loans
|
|||||||||||||||||||||||||
As of March 31, 2013:
|
||||||||||||||||||||||||||||||||
Recorded Balance of Loans Past Due:
|
||||||||||||||||||||||||||||||||
30-59 Days
|
$ | - | $ | - | $ | - | $ | 377 | $ | - | $ | 262 | $ | - | $ | 639 | ||||||||||||||||
60-89 Days
|
- | 894 | - | 76 | - | 6 | 9 | 985 | ||||||||||||||||||||||||
90+ Days
|
- | 758 | - | 158 | - | 866 | - | 1,782 | ||||||||||||||||||||||||
Total Past Due
|
- | 1,652 | - | 611 | - | 1,134 | 9 | 3,406 | ||||||||||||||||||||||||
Loans in Current Payment Status
|
12,711 | 64,690 | 69,640 | 29,565 | 12,686 | 47,316 | 4,050 | 240,658 | ||||||||||||||||||||||||
Total Loans
|
$ | 12,711 | $ | 66,342 | $ | 69,640 | $ | 30,176 | $ | 12,686 | $ | 48,450 | $ | 4,059 | $ | 244,064 | ||||||||||||||||
Loans 90+ Days Past Due and Accruing1
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||
Accruing Troubled Debt Restructurings
|
- | 11 | - | 706 | - | - | - | 717 | ||||||||||||||||||||||||
Loans in Non-accrual Status
|
751 | 3,626 | 827 | 912 | 25 | 2,851 | - | 8,992 | ||||||||||||||||||||||||
As of December 31, 2012:
|
||||||||||||||||||||||||||||||||
Recorded Balance of Loans Past Due:
|
||||||||||||||||||||||||||||||||
30-59 Days
|
$ | - | $ | 55 | $ | - | $ | 325 | $ | - | $ | 620 | $ | 69 | $ | 1,069 | ||||||||||||||||
60-89 Days
|
- | 916 | - | - | - | 44 | - | 960 | ||||||||||||||||||||||||
90+ Days
|
- | 820 | - | 343 | - | 227 | - | 1,390 | ||||||||||||||||||||||||
Total Past Due
|
- | 1,791 | - | 668 | - | 891 | 69 | 3,419 | ||||||||||||||||||||||||
Loans in Current Payment Status
|
11,995 | 69,237 | 69,361 | 30,373 | 8,348 | 48,463 | 2,545 | 240,322 | ||||||||||||||||||||||||
Total Loans
|
$ | 11,995 | $ | 71,028 | $ | 69,361 | $ | 31,041 | $ | 8,348 | $ | 49,354 | $ | 2,614 | $ | 243,741 | ||||||||||||||||
Loans 90+ Days Past Due and Accruing1
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||
Accruing Troubled Debt Restructurings
|
- | 13 | - | 709 | - | - | - | 722 | ||||||||||||||||||||||||
Loans in Non-accrual Status
|
555 | 3,779 | 845 | 842 | 29 | 3,018 | - | 9,068 | ||||||||||||||||||||||||
As of March 31, 2012:
|
||||||||||||||||||||||||||||||||
Recorded Balance of Loans Past Due:
|
||||||||||||||||||||||||||||||||
30-59 Days
|
$ | 133 | $ | 977 | $ | - | $ | - | $ | - | $ | 240 | $ | 8 | $ | 1,358 | ||||||||||||||||
60-89 Days
|
- | - | - | - | - | 112 | - | 112 | ||||||||||||||||||||||||
90+ Days
|
- | 594 | - | 459 | - | 205 | - | 1,258 | ||||||||||||||||||||||||
Total Past Due
|
133 | 1,571 | - | 459 | - | 557 | 8 | 2,728 | ||||||||||||||||||||||||
Loans in Current Payment Status
|
14,972 | 68,404 | 60,473 | 31,608 | 1,889 | 36,400 | 3,622 | 217,368 | ||||||||||||||||||||||||
Total Loans
|
$ | 15,105 | $ | 69,975 | $ | 60,473 | $ | 32,067 | $ | 1,889 | $ | 36,957 | $ | 3,630 | $ | 220,096 | ||||||||||||||||
Loans 90+ Days Past Due and Accruing1
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||
Accruing Troubled Debt Restructurings
|
200 | - | - | - | - | - | - | 200 | ||||||||||||||||||||||||
Loans in Non-accrual Status
|
279 | 1,756 | 108 | 1,640 | - | 1,692 | - | 5,475 |
(in thousands)
|
Construction
|
Commercial Real Estate
|
Consumer
and All
Other
|
|||||||||||||||||||||||||||||||||
and
Land Development |
Owner-
Occupied
|
Non-Owner-Occupied
|
Residential Real Estate
|
All Other Real Estate
|
Commercial and Industrial
|
Loans and Leases
|
Unallocated
|
Total Loans
|
||||||||||||||||||||||||||||
Loans Held for Investment as of March 31, 2013:
|
||||||||||||||||||||||||||||||||||||
Recorded Investment:
|
||||||||||||||||||||||||||||||||||||
Impaired Loans With an Allowance Recorded
|
$ | 294 | $ | 553 | $ | 733 | $ | 892 | $ | 26 | $ | 601 | $ | - | $ | 3,099 | ||||||||||||||||||||
Impaired Loans With No Allowance Recorded
|
- | 894 | - | - | - | 217 | - | 1,111 | ||||||||||||||||||||||||||||
Total Loans Individually Evaluated For Impairment
|
294 | 1,447 | 733 | 892 | 26 | 818 | - | 4,210 | ||||||||||||||||||||||||||||
Loans Collectively Evaluated For Impairment
|
10,390 | 49,348 | 57,294 | 24,749 | 12,660 | 46,592 | 3,881 | 204,914 | ||||||||||||||||||||||||||||
Loans Acquired With Deteriorated Credit Quality
|
2,027 | 15,547 | 11,613 | 4,535 | - | 1,040 | 178 | 34,940 | ||||||||||||||||||||||||||||
Total Loans Held for Investment
|
$ | 12,711 | $ | 66,342 | $ | 69,640 | $ | 30,176 | $ | 12,686 | $ | 48,450 | $ | 4,059 | $ | 244,064 | ||||||||||||||||||||
Unpaid Principal Balance:
|
||||||||||||||||||||||||||||||||||||
Impaired Loans With An Allowance Recorded
|
$ | 294 | $ | 553 | $ | 733 | $ | 892 | $ | 26 | $ | 1,347 | $ | - | $ | 3,845 | ||||||||||||||||||||
Impaired Loans With No Allowance Recorded
|
- | 894 | - | - | - | 217 | - | 1,111 | ||||||||||||||||||||||||||||
Total Loans Individually Evaluated For Impairment
|
294 | 1,447 | 733 | 892 | 26 | 1,564 | - | 4,956 | ||||||||||||||||||||||||||||
Loans Collectively Evaluated For Impairment
|
10,390 | 49,348 | 57,294 | 24,749 | 12,660 | 46,592 | 3,881 | 204,914 | ||||||||||||||||||||||||||||
Loans Acquired With Deteriorated Credit Quality
|
5,435 | 17,315 | 13,114 | 6,438 | - | 2,369 | 182 | 44,853 | ||||||||||||||||||||||||||||
Total Loans Held for Investment
|
$ | 16,119 | $ | 68,110 | $ | 71,141 | $ | 32,079 | $ | 12,686 | $ | 50,525 | $ | 4,063 | $ | 254,723 | ||||||||||||||||||||
Related Allowance for Loan and Lease Losses:
|
||||||||||||||||||||||||||||||||||||
Impaired Loans With An Allowance Recorded
|
$ | 93 | $ | 24 | $ | 54 | $ | 396 | $ | 2 | $ | 721 | $ | - | $ | 1,290 | ||||||||||||||||||||
Impaired Loans With No Allowance Recorded
|
- | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Total Loans Individually Evaluated For Impairment
|
93 | 24 | 54 | 396 | 2 | 721 | - | 1,290 | ||||||||||||||||||||||||||||
Loans Collectively Evaluated For Impairment
|
279 | 333 | 545 | 593 | 63 | 948 | 75 | $ | 111 | 2,947 | ||||||||||||||||||||||||||
Loans Acquired With Deteriorated Credit Quality
|
- | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Total Loans Held for Investment
|
$ | 372 | $ | 357 | $ | 599 | $ | 989 | $ | 65 | $ | 1,669 | $ | 75 | $ | 111 | $ | 4,237 | ||||||||||||||||||
For the Three Months Ended March 31, 2013:
|
||||||||||||||||||||||||||||||||||||
Average Recorded Investment in Impaired Loans:
|
||||||||||||||||||||||||||||||||||||
Impaired Loans With An Allowance Recorded
|
$ | 299 | $ | 561 | $ | 742 | $ | 893 | $ | 27 | $ | 614 | $ | - | $ | 3,136 | ||||||||||||||||||||
Impaired Loans With No Allowance Recorded
|
- | 905 | - | - | - | 229 | - | 1,134 | ||||||||||||||||||||||||||||
Total Loans Individually Evaluated For Impairment
|
$ | 299 | $ | 1,466 | $ | 742 | $ | 893 | $ | 27 | $ | 843 | $ | - | $ | 4,270 | ||||||||||||||||||||
Interest Income Recognized on Impaired Loans:
|
||||||||||||||||||||||||||||||||||||
Impaired Loans With An Allowance Recorded
|
$ | - | $ | - | $ | - | $ | 10 | $ | - | $ | - | $ | - | $ | 10 | ||||||||||||||||||||
Impaired Loans With No Allowance Recorded
|
- | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Total Loans Individually Evaluated For Impairment
|
$ | - | $ | - | $ | - | $ | 10 | $ | - | $ | - | $ | - | $ | 10 |
(in thousands)
|
Construction |
Commercial Real Estate
|
Consumer and All Other | |||||||||||||||||||||||||||||||||
and
Land Development
|
Owner-Occupied
|
Non-Owner-Occupied
|
Residential Real Estate
|
All Other Real Estate
|
Commercial and Industrial
|
Loans and Leases
|
Unallocated
|
Total Loans
|
||||||||||||||||||||||||||||
Loans Held for Investment as of December 31, 2012:
|
||||||||||||||||||||||||||||||||||||
Recorded Investment:
|
||||||||||||||||||||||||||||||||||||
Impaired Loans With an Allowance Recorded
|
$ | 385 | $ | 686 | $ | 749 | $ | 894 | $ | 29 | $ | 1,354 | $ | - | $ | 4,097 | ||||||||||||||||||||
Impaired Loans With No Allowance Recorded
|
170 | 1,599 | - | - | - | 1,298 | - | 3,067 | ||||||||||||||||||||||||||||
Total Loans Individually Evaluated For Impairment
|
555 | 2,285 | 749 | 894 | 29 | 2,652 | - | 7,164 | ||||||||||||||||||||||||||||
Loans Collectively Evaluated For Impairment
|
8,985 | 51,837 | 57,058 | 25,613 | 8,319 | 45,735 | 2,435 | 199,982 | ||||||||||||||||||||||||||||
Loans Acquired With Deteriorated Credit Quality
|
2,455 | 16,906 | 11,554 | 4,534 | - | 967 | 179 | 36,595 | ||||||||||||||||||||||||||||
Total Loans Held for Investment
|
$ | 11,995 | $ | 71,028 | $ | 69,361 | $ | 31,041 | $ | 8,348 | $ | 49,354 | $ | 2,614 | $ | 243,741 | ||||||||||||||||||||
Unpaid Principal Balance:
|
||||||||||||||||||||||||||||||||||||
Impaired Loans With An Allowance Recorded
|
$ | 404 | $ | 731 | $ | 763 | $ | 899 | $ | 30 | $ | 2,040 | $ | - | $ | 4,867 | ||||||||||||||||||||
Impaired Loans With No Allowance Recorded
|
177 | 1,745 | - | - | - | 1,427 | - | 3,349 | ||||||||||||||||||||||||||||
Total Loans Individually Evaluated For Impairment
|
581 | 2,476 | 763 | 899 | 30 | 3,467 | - | 8,216 | ||||||||||||||||||||||||||||
Loans Collectively Evaluated For Impairment
|
8,985 | 51,837 | 57,058 | 25,613 | 8,319 | 45,735 | 2,435 | 199,982 | ||||||||||||||||||||||||||||
Loans Acquired With Deteriorated Credit Quality
|
6,264 | 18,575 | 13,184 | 6,468 | - | 2,489 | 183 | 47,163 | ||||||||||||||||||||||||||||
Total Loans Held for Investment
|
$ | 15,830 | $ | 72,888 | $ | 71,005 | $ | 32,980 | $ | 8,349 | $ | 51,691 | $ | 2,618 | $ | 255,361 | ||||||||||||||||||||
Related Allowance for Loan and Lease Losses:
|
||||||||||||||||||||||||||||||||||||
Impaired Loans With An Allowance Recorded
|
$ | 103 | $ | 53 | $ | 66 | $ | 324 | $ | 2 | $ | 683 | $ | - | $ | 1,231 | ||||||||||||||||||||
Impaired Loans With No Allowance Recorded
|
- | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Total Loans Individually Evaluated For Impairment
|
103 | 53 | 66 | 324 | 2 | 683 | - | 1,231 | ||||||||||||||||||||||||||||
Loans Collectively Evaluated For Impairment
|
218 | 410 | 664 | 582 | 33 | 1,052 | 51 | $ | 1 | 3,011 | ||||||||||||||||||||||||||
Loans Acquired With Deteriorated Credit Quality
|
- | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Total Loans Held for Investment
|
$ | 321 | $ | 463 | $ | 730 | $ | 906 | $ | 35 | $ | 1,735 | $ | 51 | $ | 1 | $ | 4,242 | ||||||||||||||||||
For the Year Ended December 31, 2012:
|
||||||||||||||||||||||||||||||||||||
Average Recorded Investment in Impaired Loans:
|
||||||||||||||||||||||||||||||||||||
Impaired Loans With An Allowance Recorded
|
$ | 198 | $ | 655 | $ | 303 | $ | 291 | $ | 6 | $ | 791 | $ | - | $ | 2,244 | ||||||||||||||||||||
Impaired Loans With No Allowance Recorded
|
533 | 1,378 | 109 | 782 | - | 1,425 | - | 4,227 | ||||||||||||||||||||||||||||
Total Loans Individually Evaluated For Impairment
|
$ | 731 | $ | 2,033 | $ | 412 | $ | 1,073 | $ | 6 | $ | 2,216 | $ | - | $ | 6,471 | ||||||||||||||||||||
Interest Income Recognized on Impaired Loans:
|
||||||||||||||||||||||||||||||||||||
Impaired Loans With An Allowance Recorded
|
$ | - | $ | - | $ | - | $ | 10 | $ | - | $ | - | $ | - | $ | 10 | ||||||||||||||||||||
Impaired Loans With No Allowance Recorded
|
- | - | 1 | - | - | - | - | 1 | ||||||||||||||||||||||||||||
Total Loans Individually Evaluated For Impairment
|
$ | - | $ | - | $ | 1 | $ | 10 | $ | - | $ | - | $ | - | $ | 11 |
(in thousands)
|
Construction |
Commercial Real Estate
|
Residential | Commercial | Consumer and All Other | |||||||||||||||||||||||||||||||
and
Land Development
|
Owner-Occupied
|
Non-Owner-Occupied
|
Real Estate
|
All Other Real Estate
|
and Industrial
|
Loans and Leases
|
Unallocated
|
Total Loans
|
||||||||||||||||||||||||||||
Loans Held for Investment as of March 31, 2012:
|
||||||||||||||||||||||||||||||||||||
Recorded Investment:
|
||||||||||||||||||||||||||||||||||||
Impaired Loans With an Allowance Recorded
|
$ | - | $ | - | $ | - | $ | 189 | $ | - | $ | 450 | $ | - | $ | 639 | ||||||||||||||||||||
Impaired Loans With No Allowance Recorded
|
- | 1,571 | - | - | - | 396 | - | 1,967 | ||||||||||||||||||||||||||||
Total Loans Individually Evaluated For Impairment
|
- | 1,571 | - | 189 | - | 846 | - | 2,606 | ||||||||||||||||||||||||||||
Loans Collectively Evaluated For Impairment
|
12,224 | 51,429 | 48,512 | 26,516 | 1,889 | 33,153 | 3,444 | 177,167 | ||||||||||||||||||||||||||||
Loans Acquired With Deteriorated Credit Quality
|
2,881 | 16,975 | 11,961 | 5,362 | - | 2,958 | 186 | 40,323 | ||||||||||||||||||||||||||||
Total Loans Held for Investment
|
$ | 15,105 | $ | 69,975 | $ | 60,473 | $ | 32,067 | $ | 1,889 | $ | 36,957 | $ | 3,630 | $ | 220,096 | ||||||||||||||||||||
Unpaid Principal Balance:
|
- | |||||||||||||||||||||||||||||||||||
Impaired Loans With An Allowance Recorded
|
$ | - | $ | - | $ | - | $ | 190 | $ | - | $ | 483 | $ | - | $ | 673 | ||||||||||||||||||||
Impaired Loans With No Allowance Recorded
|
- | 1,615 | - | - | - | 351 | - | 1,966 | ||||||||||||||||||||||||||||
Total Loans Individually Evaluated For Impairment
|
- | 1,615 | - | 190 | - | 834 | - | 2,639 | ||||||||||||||||||||||||||||
Loans Collectively Evaluated For Impairment
|
12,224 | 51,429 | 48,512 | 26,516 | 1,889 | 33,153 | 3,444 | 177,167 | ||||||||||||||||||||||||||||
Loans Acquired With Deteriorated Credit Quality
|
6,630 | 18,799 | 13,792 | 7,400 | - | 5,089 | 190 | 51,900 | ||||||||||||||||||||||||||||
Total Loans Held for Investment
|
$ | 18,854 | $ | 71,843 | $ | 62,304 | $ | 34,106 | $ | 1,889 | $ | 39,076 | $ | 3,634 | $ | 231,706 | ||||||||||||||||||||
Related Allowance for Loan and Lease Losses:
|
||||||||||||||||||||||||||||||||||||
Impaired Loans With An Allowance Recorded
|
$ | - | $ | - | $ | - | $ | 128 | $ | - | $ | 264 | $ | - | $ | 392 | ||||||||||||||||||||
Impaired Loans With No Allowance Recorded
|
- | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Total Loans Individually Evaluated For Impairment
|
- | - | - | 128 | - | 264 | - | 392 | ||||||||||||||||||||||||||||
Loans Collectively Evaluated For Impairment
|
149 | 192 | 539 | 583 | 4 | 1,132 | 185 | $ | 156 | 2,940 | ||||||||||||||||||||||||||
Loans Acquired With Deteriorated Credit Quality
|
- | 64 | - | - | - | 166 | - | 230 | ||||||||||||||||||||||||||||
Total Loans Held for Investment
|
$ | 149 | $ | 256 | $ | 539 | $ | 711 | $ | 4 | $ | 1,562 | $ | 185 | $ | 156 | $ | 3,562 | ||||||||||||||||||
For the Three Months Ended March 31, 2012:
|
||||||||||||||||||||||||||||||||||||
Average Recorded Investment in Impaired Loans:
|
||||||||||||||||||||||||||||||||||||
Impaired Loans With An Allowance Recorded
|
$ | - | $ | - | $ | - | $ | 94 | $ | - | $ | 464 | $ | - | $ | 558 | ||||||||||||||||||||
Impaired Loans With No Allowance Recorded
|
- | 1,606 | - | - | - | 383 | - | 1,989 | ||||||||||||||||||||||||||||
Total Loans Individually Evaluated For Impairment
|
$ | - | $ | 1,606 | $ | - | $ | 94 | $ | - | $ | 847 | $ | - | $ | 2,547 | ||||||||||||||||||||
Interest Income Recognized on Impaired Loans:
|
||||||||||||||||||||||||||||||||||||
Impaired Loans With An Allowance Recorded
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
Impaired Loans With No Allowance Recorded
|
- | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Total Loans Individually Evaluated For Impairment
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - |
For the Three Months Ended March 31,
|
||||||||
(in thousands)
|
2013
|
2012
|
||||||
Balance at beginning of year
|
$ | 1,734 | $ | 3,289 | ||||
Measurement period adustments to Santa Lucia Bank fair values
|
- | (428 | ) | |||||
Accretion to interest income
|
(708 | ) | (260 | ) | ||||
Loans reclassified to held for sale
|
- | (355 | ) | |||||
Transfers from non-accretable discount to accretable
|
1,812 | - | ||||||
Balance at end of period
|
$ | 2,838 | $ | 2,246 |
Shares
|
Weighted
Average |
|||||||
Outstanding December 31, 2011
|
7,290,521 | $ | 4.90 | |||||
Warrants cancelled in 2012
|
(6,541,849 | ) | 4.89 | |||||
Warrants issued in 2012
|
6,659,780 | 5.00 | ||||||
Warrants exercised in 2012
|
(400,000 | ) | 5.00 | |||||
Outstanding December 31, 2012
|
7,008,452 | 5.00 | ||||||
Warrants granted 1st Quarter 2013
|
- | |||||||
Warrants exercised 1st Quarter 2013
|
- | |||||||
Outstanding March 31, 2013
|
7,008,452 | $ | 5.00 |
(in thousands, except per share data)
|
For the Three Months Ended March 31,
|
|||||||
2013
|
2012
|
|||||||
Net income (loss)
|
$ | 935 | $ | (831 | ) | |||
Less earnings and dividends applicable to preferred stock:
|
||||||||
Convertible preferred (Series A & C)
|
11 | - | ||||||
Non-convertible subsidiary-issued preferred stock
|
49 | 175 | ||||||
Net income allocated to all classes of preferred stock
|
60 | 175 | ||||||
Net income (loss) attributable to common stock
|
$ | 875 | $ | (1,006 | ) | |||
Average common shares outstanding
|
8,155,066 | 7,755,066 | ||||||
Dilutive effect of outstanding stock-based awards and other potential common shares
|
- | - | ||||||
Average common shares used for diluted EPS
|
8,155,066 | 7,755,066 | ||||||
Basic earnings (loss) per common share
|
$ | 0.11 | $ | (0.13 | ) | |||
Diluted earnings (loss) per common share
|
$ | 0.11 | $ | (0.13 | ) |
|
·
|
Level 1—Quoted prices in active markets for identical assets or liabilities
|
|
·
|
Level 2—Estimates based on significant other observable inputs that market participants would use in pricing the asset or liability
|
|
·
|
Level 3—Estimates based on significant unobservable inputs that reflect the entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Valuation techniques include management’s judgment, which may be a significant factor.
|
Fair Value Measurements Using
|
||||||||||||||||
(in thousands) |
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
March 31, 2013
|
||||||||||||||||
Available for sale securities:
|
||||||||||||||||
U.S. Government agencies
|
$ | - | $ | 22,149 | $ | - | $ | 22,149 | ||||||||
Residential mortgage-backed securities
|
- | 80,228 | - | 80,228 | ||||||||||||
Municipal securities
|
- | 19,449 | - | 19,449 | ||||||||||||
Corporate debt securities
|
- | 4,272 | - | 4,272 | ||||||||||||
Asset-backed securities
|
- | 16,820 | - | 16,820 | ||||||||||||
Total available-for-sale securities
|
- | 142,918 | - | 142,918 | ||||||||||||
Loans held for sale
|
- | - | 1,426 | 1,426 | ||||||||||||
Total net assets measured at fair value on a recurring basis
|
$ | - | $ | 142,918 | $ | 1,426 | $ | 144,344 | ||||||||
December 31, 2012
|
||||||||||||||||
Available for sale securities:
|
||||||||||||||||
U.S. Government agencies
|
$ | - | $ | 30,589 | $ | - | $ | 30,589 | ||||||||
Residential mortgage-backed securities
|
- | 61,660 | - | 61,660 | ||||||||||||
Municipal securities
|
- | 19,273 | - | 19,273 | ||||||||||||
Corporate debt securities
|
- | 2,996 | - | 2,996 | ||||||||||||
Asset-backed securities
|
- | 13,304 | - | 13,304 | ||||||||||||
Total available-for-sale securities
|
- | 127,822 | - | 127,822 | ||||||||||||
Loans held for sale
|
- | - | 1,548 | 1,548 | ||||||||||||
Total net assets measured at fair value on a recurring basis
|
$ | - | $ | 127,822 | $ | 1,548 | $ | 129,370 | ||||||||
March 31, 2012
|
||||||||||||||||
Available for sale securities:
|
||||||||||||||||
U.S. Government agencies
|
$ | - | $ | 26,998 | $ | - | $ | 26,998 | ||||||||
Residential mortgage-backed securities
|
- | 86,878 | - | 86,878 | ||||||||||||
Municipal securities
|
- | 4,813 | - | 4,813 | ||||||||||||
Corporate debt securities
|
- | 3,039 | - | 3,039 | ||||||||||||
Asset-backed securities
|
- | 6,894 | - | 6,894 | ||||||||||||
Total available-for-sale securities
|
- | 128,622 | - | 128,622 | ||||||||||||
Loans held for sale
|
- | - | 5,874 | 5,874 | ||||||||||||
Warrant liability
|
- | - | (200 | ) | (200 | ) | ||||||||||
Total net assets measured at fair value on a recurring basis
|
$ | - | $ | 128,622 | $ | 5,674 | $ | 134,296 |
(in thousands)
|
Fair Value Measurements Using
|
Current Period
Gains |
||||||||||||||||||
March 31, 2013
|
Level 1
|
Level 2
|
Level 3
|
Total
|
(Losses)
|
|||||||||||||||
Financial assets measured at fair value on a non-recurring basis:
|
||||||||||||||||||||
Impaired loans, net of specific reserves--
|
||||||||||||||||||||
Commercial and industrial
|
$ | - | $ | - | $ | 97 | $ | 97 | $ | (83 | ) | |||||||||
Residential real estate
|
- | - | 496 | 496 | 4 | |||||||||||||||
Commercial real estate - owner-occupied
|
- | - | 1,423 | 1,423 | 19 | |||||||||||||||
Commercial real estate - non-owner-occupied
|
- | - | 679 | 679 | 12 | |||||||||||||||
All other real estate
|
- | - | 24 | 24 | 1 | |||||||||||||||
Construction and land development
|
- | - | 201 | 201 | 2 | |||||||||||||||
Total impaired loans, net of charge-offs and specific reserves
|
$ | - | $ | - | $ | 2,920 | $ | 2,920 | $ | (45 | ) | |||||||||
Non-financial assets measured at fair value on a non-recurring basis:
|
||||||||||||||||||||
Other real estate owned
|
$ | - | $ | - | $ | 818 | $ | 818 | $ | - |
Fair Value Measurements Using
|
Full Year
Gains
|
|||||||||||||||||||
December 31, 2012
|
Level 1
|
Level 2
|
Level 3
|
Total
|
(Losses)
|
|||||||||||||||
Financial assets measured at fair value on a non-recurring basis:
|
||||||||||||||||||||
Impaired loans, net of specific reserves--
|
||||||||||||||||||||
Commercial and industrial
|
$ | - | $ | - | $ | 1,969 | $ | 1,969 | $ | 7 | ||||||||||
Residential real estate
|
- | - | 570 | 570 | (324 | ) | ||||||||||||||
Commercial real estate - owner-occupied
|
- | - | 2,232 | 2,232 | (20 | ) | ||||||||||||||
Commercial real estate - non-owner-occupied
|
- | - | 683 | 683 | (66 | ) | ||||||||||||||
All other real estate
|
- | - | 27 | 27 | (2 | ) | ||||||||||||||
Construction and land development
|
- | - | 452 | 452 | (96 | ) | ||||||||||||||
Total impaired loans, net of charge-offs and specific reserves
|
$ | - | $ | - | $ | 5,933 | $ | 5,933 | $ | (501 | ) | |||||||||
Non-financial assets measured at fair value on a non-recurring basis:
|
||||||||||||||||||||
Other real estate owned
|
$ | - | $ | - | $ | 818 | $ | 818 | $ | (463 | ) |
Fair Value Measurements Using
|
Current
Period
Gains |
|||||||||||||||||||
March 31, 2012
|
Level 1
|
Level 2
|
Level 3
|
Total
|
(Losses)
|
|||||||||||||||
Financial assets measured at fair value on a non-recurring basis:
|
||||||||||||||||||||
Impaired loans, net of specific reserves--
|
||||||||||||||||||||
Commercial and industrial
|
$ | - | $ | - | $ | 582 | $ | 582 | $ | - | ||||||||||
Residential real estate
|
- | - | 61 | 61 | - | |||||||||||||||
Commercial real estate - owner-occupied
|
- | - | 1,571 | 1,571 | - | |||||||||||||||
Commercial real estate - non-owner-occupied
|
- | - | - | - | (128 | ) | ||||||||||||||
All other real estate
|
- | - | - | - | - | |||||||||||||||
Construction and land development
|
- | - | - | - | (190 | ) | ||||||||||||||
Total impaired loans, net of charge-offs and specific reserves
|
$ | - | $ | - | $ | 2,214 | $ | 2,214 | $ | (318 | ) | |||||||||
Non-financial assets measured at fair value on a non-recurring basis:
|
||||||||||||||||||||
Other real estate owned
|
$ | - | $ | - | $ | 2,224 | $ | 2,224 | $ | (358 | ) |
(in thousands)
|
Level 3 Securities Available for Sale, Loans Held for Sale and Warrant Liability
|
|||||||
Three Months Ended March 31
|
||||||||
2013
|
2012
|
|||||||
Balance at beginning of year
|
$ | 1,548 | $ | (1,464 | ) | |||
Net (decrease) increase in SBA loans held for sale
|
(66 | ) | 61 | |||||
Loans held for sale transfered into Level 3
|
- | 4,282 | ||||||
Settlements - principal reductions in loans held for sale
|
(197 | ) | (21 | ) | ||||
Loan participations sold to related party
|
- | (2,168 | ) | |||||
Reduction in loans held for sale valuation reserve
|
141 | - | ||||||
Cancellation of warrants accounted for as liabilities
|
- | 4,955 | ||||||
Changes in fair value of warrant liability
|
- | 30 | ||||||
Balance at end of period
|
$ | 1,426 | $ | 5,675 |
(in thousands)
|
March 31, 2013
|
December 31, 2012
|
March 31, 2012
|
|||||||||||||||||||||
Carrying Value
|
Fair Value
|
Carrying Value
|
Fair Value
|
Carrying Value
|
Fair Value
|
|||||||||||||||||||
Financial Assets:
|
||||||||||||||||||||||||
Cash and due from banks
|
$ | 10,063 | $ | 10,063 | $ | 25,635 | $ | 25,635 | $ | 67,093 | $ | 67,093 | ||||||||||||
Interest-bearing deposits in other banks
|
3,210 | 3,210 | 3,706 | 3,706 | 3,492 | 3,492 | ||||||||||||||||||
Investment securities
|
142,918 | 142,918 | 127,822 | 127,822 | 128,622 | 128,622 | ||||||||||||||||||
Loans held for sale
|
1,426 | 1,426 | 1,548 | 1,548 | 5,874 | 5,874 | ||||||||||||||||||
Loans, net of allowance for loan and lease losses
|
239,827 | 240,666 | 239,499 | 244,979 | 216,534 | 215,233 | ||||||||||||||||||
Federal Home Loan Bank and other stocks
|
6,868 | 6,868 | 6,822 | 6,822 | 3,801 | 3,801 | ||||||||||||||||||
Accrued interest receivable
|
1,238 | 1,238 | 1,361 | 1,361 | 1,216 | 1,216 | ||||||||||||||||||
Financial Liabilities:
|
||||||||||||||||||||||||
Deposits
|
386,347 | 386,619 | 387,268 | 387,589 | 405,280 | 405,582 | ||||||||||||||||||
Junior subordinated debt securities
|
5,632 | 4,611 | 5,604 | 4,607 | 5,519 | 4,612 | ||||||||||||||||||
Accrued interest payable
|
115 | 115 | 111 | 111 | 205 | 205 | ||||||||||||||||||
Warrant liability
|
- | - | - | - | 199 | 199 |
For the Three Months Ended
|
||||||||||||||||||||||||
March 31, 2013
|
March 31, 2012
|
|||||||||||||||||||||||
Average
Balance |
Interest
|
Average
Rate |
Average
Balance |
Interest
|
Average
Rate |
|||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Loans, net of unearned income*
|
$ | 244,184 | $ | 4,083 | 6.78 | % * | $ | 234,570 | $ | 4,299 | 7.37 | % * | ||||||||||||
Investment securities*
|
130,999 | 573 | 1.77 | % * | 126,551 | 632 | 2.01 | % * | ||||||||||||||||
Other interest income
|
17,072 | 12 | 0.28 | % | 62,580 | 44 | 0.28 | % | ||||||||||||||||
Total interest-earning assets / interest income
|
392,255 | 4,668 | 4.83 | % | 423,701 | 4,975 | 4.72 | % | ||||||||||||||||
Non-interest-earning assets:
|
||||||||||||||||||||||||
Allowance for loan losses
|
(4,328 | ) | (3,415 | ) | ||||||||||||||||||||
Cash and due from banks
|
3,166 | 2,155 | ||||||||||||||||||||||
Premises and equipment
|
16,087 | 15,787 | ||||||||||||||||||||||
Other assets
|
16,545 | 18,605 | ||||||||||||||||||||||
Total assets
|
$ | 423,725 | $ | 456,833 | ||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Interest-bearing deposits:
|
||||||||||||||||||||||||
Interest-bearing demand accounts
|
$ | 32,497 | $ | 12 | 0.15 | % | $ | 27,177 | $ | 11 | 0.16 | % | ||||||||||||
Savings and Money Market deposit accounts
|
123,838 | 55 | 0.18 | % | 129,545 | 61 | 0.19 | % | ||||||||||||||||
Certificates of deposit
|
96,367 | 99 | 0.42 | % | 141,666 | 256 | 0.73 | % | ||||||||||||||||
Total interest-bearing deposits
|
252,702 | 166 | 0.27 | % | 298,388 | 328 | 0.44 | % | ||||||||||||||||
Federal Home Loan Bank advances
|
578 | - | 0.19 | % | - | - | - | |||||||||||||||||
Junior subordinated debt securities
|
5,615 | 77 | 5.53 | % | 5,503 | 82 | 6.02 | % | ||||||||||||||||
Total borrowed funds
|
6,193 | 77 | 5.03 | % | 5,503 | 82 | 6.02 | % | ||||||||||||||||
Total interest-bearing liabilities / interest expense
|
258,895 | 243 | 0.38 | % | 303,891 | 410 | 0.54 | % | ||||||||||||||||
Non-interest-bearing liabilities:
|
||||||||||||||||||||||||
Non-interest-bearing deposits
|
122,867 | 107,889 | ||||||||||||||||||||||
Other liabilities
|
4,586 | 7,294 | ||||||||||||||||||||||
Total liabilities
|
386,348 | 419,074 | ||||||||||||||||||||||
Shareholders' equity
|
37,377 | 37,759 | ||||||||||||||||||||||
Total liabilities and shareholders' equity
|
$ | 423,725 | $ | 456,833 | ||||||||||||||||||||
Net interest-rate spread
|
4.45 | % | 4.18 | % | ||||||||||||||||||||
Impact of non-interest-bearing sources and other changes in balance sheet composition
|
0.12 | % | 0.15 | % | ||||||||||||||||||||
Net interest income / margin on earning assets
|
$ | 4,425 | 4.57 | % ** | $ | 4,565 | 4.33 | % ** |
(In thousands)
|
Three Months Ended March 31, 2013
Compared to 2012 |
|||||||||||
Increase (Decrease)
in interest income and expense |
||||||||||||
Volume
|
Rate
|
Total
|
||||||||||
Interest-earning assets:
|
||||||||||||
Loans, net of unearned income
|
$ | 172 | $ | (388 | ) | $ | (216 | ) | ||||
Investment securities
|
22 | (81 | ) | (59 | ) | |||||||
Other interest income
|
(31 | ) | (1 | ) | (32 | ) | ||||||
Total increase (decrease) in interest income
|
163 | (470 | ) | (307 | ) | |||||||
Interest-bearing liabilities:
|
||||||||||||
Transaction accounts
|
2 | (1 | ) | 1 | ||||||||
Savings deposits
|
(3 | ) | (3 | ) | (6 | ) | ||||||
Certificates of deposit
|
(67 | ) | (90 | ) | (157 | ) | ||||||
Total interest-bearing deposits
|
(68 | ) | (94 | ) | (162 | ) | ||||||
Junior subordinated debt securities
|
2 | (7 | ) | (5 | ) | |||||||
Total borrowed funds
|
2 | (7 | ) | (5 | ) | |||||||
Total decrease in interest expense
|
(66 | ) | (101 | ) | (167 | ) | ||||||
Increase (decrease) in net interest income
|
$ | 229 | $ | (369 | ) | $ | (140 | ) |
(In thousands)
|
For the Three Months Ended March 31,
|
|||||||||||||||
$ Amount
|
Change
|
|||||||||||||||
2013
|
2012
|
$
|
%
|
|||||||||||||
Service charges on deposit accounts
|
$ | 261 | $ | 207 | $ | 54 | 26 | % | ||||||||
Gain on sale of SBA-guaranteed loans
|
- | 8 | (8 | ) | -100 | % | ||||||||||
Net gains on disposition of other loans held for sale
|
414 | 12 | 402 | 3350 | % | |||||||||||
Loan servicing fees, net of amortization
|
43 | 38 | 5 | 13 | % | |||||||||||
Gain on sale or call of available-for-sale securities
|
153 | 1 | 152 | 15200 | % | |||||||||||
Net losses or writedowns of fixed assets or other real estate
|
- | (358 | ) | 358 |
nm
|
|||||||||||
Change in fair value of warrant liability
|
- | 30 | (30 | ) | -100 | % | ||||||||||
Increase in cash surrender value of life insurance
|
54 | 59 | (5 | ) | -8 | % | ||||||||||
Other income and fees
|
102 | 41 | 61 | 149 | % | |||||||||||
Total non-interest income
|
$ | 1,027 | $ | 38 | $ | 989 | 2603 | % |
(In thousands)
|
For the Three Months Ended March 31,
|
|||||||||||||||
$ Amount
|
Change
|
|||||||||||||||
2013
|
2012
|
$
|
%
|
|||||||||||||
Salaries and employee benefits
|
$ | 2,395 | $ | 2,483 | $ | (88 | ) | -4 | % | |||||||
Occupancy expenses
|
423 | 455 | (32 | ) | -7 | % | ||||||||||
Furniture and equipment
|
220 | 179 | 41 | 23 | % | |||||||||||
Data processing
|
390 | 792 | (402 | ) | -51 | % | ||||||||||
Professional fees
|
157 | 409 | (252 | ) | -62 | % | ||||||||||
Marketing and business development
|
72 | 125 | (53 | ) | -42 | % | ||||||||||
Office supplies and expenses
|
152 | 210 | (58 | ) | -28 | % | ||||||||||
Insurance and regulatory assessments
|
138 | 153 | (15 | ) | -10 | % | ||||||||||
Loan and lease expenses
|
92 | 64 | 28 | 44 | % | |||||||||||
Other real estate expenses
|
7 | 46 | (39 | ) | -85 | % | ||||||||||
Provision for unfunded loan commitments
|
25 | - | 25 |
nm
|
||||||||||||
Amortization of core deposit intangible asset
|
101 | 101 | - | 0 | % | |||||||||||
Other
|
226 | 192 | 34 | 18 | % | |||||||||||
Total non-interest expense
|
$ | 4,398 | $ | 5,209 | $ | (811 | ) | -16 | % |
Balance Sheet Growth
|
||||||||||||||||||||||||||||||||||||||||
(dollars in thousands)
|
Increase(Decrease) From Previous Quarter End
|
|||||||||||||||||||||||||||||||||||||||
March 31, 2013
|
December 31, 2012
|
September 31, 2012
|
June 30, 2012
|
March 31, 2012
|
||||||||||||||||||||||||||||||||||||
$ | % | $ | % | $ | % | $ | % | $ | % | |||||||||||||||||||||||||||||||
Total Assets
|
$ | (1,544 | ) | -0.4 | % | $ | (8,110 | ) | -1.8 | % | $ | (15,659 | ) | -3.4 | % | $ | 1,202 | 0.3 | % | $ | (5,538 | ) | -1.2 | % | ||||||||||||||||
Earning Assets
|
(570 | ) | -0.1 | % | (3,873 | ) | -1.0 | % | (20,495 | ) | -4.8 | % | 1,300 | 0.3 | % | (2,210 | ) | -0.5 | % | |||||||||||||||||||||
Loans
|
201 | 0.1 | % | 8,263 | 3.5 | % | 13,395 | 6.0 | % | (2,278 | ) | -1.0 | % | (7,699 | ) | -3.3 | % | |||||||||||||||||||||||
Deposits
|
(921 | ) | -0.2 | % | (2,140 | ) | -0.5 | % | (19,237 | ) | -4.7 | % | 3,365 | 0.8 | % | (5,294 | ) | -1.3 | % | |||||||||||||||||||||
Borrowings
|
- | - | (3,800 | ) | -100.0 | % | 3,800 | - | - | - | - | - | ||||||||||||||||||||||||||||
Shareholders' Equity
|
312 | 0.8 | % | 1,411 | 3.9 | % | 963 | 2.8 | % | 1,038 | 3.1 | % | 4,273 | 14.4 | % |
March 31, 2013
|
December 31, 2012
|
March 31, 2012
|
||||||||||||||||||||||
Type of Loan
|
Amount
|
Percentage
|
Amount
|
Percentage
|
Amount
|
Percentage
|
||||||||||||||||||
Construction and land development
|
$ | 12,711 | 5.2 | % | $ | 11,995 | 4.9 | % | $ | 18,087 | 8.0 | % | ||||||||||||
Commercial real estate - owner-occupied
|
67,824 | 27.6 | % | 72,036 | 29.4 | % | 70,894 | 31.4 | % | |||||||||||||||
Commercial real estate - non-owner-occupied
|
68,992 | 28.1 | % | 69,145 | 28.2 | % | 60,302 | 26.7 | % | |||||||||||||||
Residential real estate
|
30,795 | 12.4 | % | 31,501 | 12.8 | % | 33,012 | 14.6 | % | |||||||||||||||
All other real estate loans
|
12,686 | 5.2 | % | 8,299 | 3.4 | % | 2,014 | 0.9 | % | |||||||||||||||
Commercial and industrial loans
|
29,955 | 12.2 | % | 33,580 | 13.7 | % | 26,019 | 11.5 | % | |||||||||||||||
Agricultural loans
|
16,089 | 6.6 | % | 14,252 | 5.8 | % | 9,524 | 4.2 | % | |||||||||||||||
Municipal loans
|
2,342 | 1.0 | % | 2,347 | 1.0 | % | 2,388 | 1.1 | % | |||||||||||||||
Leases, net of unearned income
|
976 | 0.4 | % | 1,057 | 0.4 | % | 1,835 | 0.8 | % | |||||||||||||||
Consumer loans
|
3,120 | 1.3 | % | 1,077 | 0.4 | % | 1,895 | 0.8 | % | |||||||||||||||
Total loans
|
$ | 245,490 | 100.0 | % | $ | 245,289 | 100.0 | % | $ | 225,970 | 100.0 | % |
(in thousands)
|
March 31
|
December 31
|
March 31
|
|||||||||
2013
|
2012
|
2012
|
||||||||||
Loans in nonaccrual status:
|
||||||||||||
Nonaccrual loans held for investment
|
$ | 8,992 | $ | 9,068 | $ | 5,475 | ||||||
Nonaccrual loans held for sale**
|
1,093 | 1,142 | 2,774 | |||||||||
Loans past due 90 days or more and accruing
|
88 | - | - | |||||||||
Restructured loans in accruing status
|
717 | 722 | 200 | |||||||||
Total nonperforming loans
|
10,890 | 10,932 | 8,449 | |||||||||
Foreclosed real estate
|
493 | 493 | 1,824 | |||||||||
Total nonperforming assets
|
$ | 11,383 | $ | 11,425 | $ | 10,273 | ||||||
Real estate held by parent company
|
325 | 325 | 400 | |||||||||
Total nonperforming loans and other real estate owned
|
$ | 11,708 | $ | 11,750 | $ | 10,673 | ||||||
Allowance for loan and lease losses allocated to impaired loans
|
$ | 1,290 | $ | 1,231 | $ | 392 | ||||||
Allowance for loan and lease losses allocated to loans held for sale**
|
- | - | - | |||||||||
Allowance for loan and lease losses allocated to all other loans
|
2,947 | 3,011 | 3,170 | |||||||||
Total allowance for loan and lease losses
|
$ | 4,237 | $ | 4,242 | $ | 3,562 | ||||||
Asset quality ratios:
|
||||||||||||
Non-performing assets to total assets
|
2.62 | % | 2.63 | % | 2.24 | % | ||||||
Excluding loans held for sale**
|
2.38 | % | 2.37 | % | 1.66 | % | ||||||
Non-performing loans to total loans
|
4.44 | % | 4.46 | % | 3.74 | % | ||||||
Excluding loans held for sale**
|
4.01 | % | 4.02 | % | 2.58 | % | ||||||
Allowance for loan and lease losses to total loans
|
1.73 | % | 1.73 | % | 1.58 | % | ||||||
Excluding loans held for sale**
|
1.74 | % | 1.74 | % | 1.62 | % | ||||||
Allowance for loan and lease losses to total non-performing loans
|
39 | % | 39 | % | 42 | % | ||||||
Excluding non-performing loans held for sale**
|
43 | % | 43 | % | 63 | % |
Allowance for Loan and Lease Losses
|
||||||||
(dollars in thousands)
|
Three Months Ended
|
|||||||
March 31,
|
||||||||
2013
|
2012
|
|||||||
Balance at beginning of period
|
$ | 4,242 | $ | 3,326 | ||||
Provision for loan losses
|
100 | 225 | ||||||
Loans charged off
|
(123 | ) | (1 | ) | ||||
Recoveries of previous charge-offs
|
18 | 12 | ||||||
Net (charge-offs) recoveries
|
(105 | ) | 11 | |||||
Balance at end of period
|
$ | 4,237 | $ | 3,562 | ||||
Allowance for loan losses as a percentage of:
|
||||||||
Period end loans, including loan held for sale
|
1.73 | % | 1.58 | % | ||||
Period end loans, excluding loans held for sale*
|
1.74 | % | 1.62 | % | ||||
Total non-performing loans, including loans held for sale
|
39 | % | 42 | % | ||||
Non-performing loans, excluding loans held for sale*
|
43 | % | 63 | % | ||||
As a percentage of average loans (annualized):
|
||||||||
Net charge-offs (recoveries)
|
0.17 | % | -0.02 | % | ||||
Provision for loan losses
|
0.17 | % | 0.39 | % | ||||
Total loans, including loans held for sale
|
$ | 245,490 | $ | 225,970 | ||||
Loans excluding loans held for sale
|
244,064 | 220,096 | ||||||
* Loans held for sale consists of all loans held at Mission Asset Management, Inc. and SBA-guaranteed loans held for sale at Mission Community Bank. Loans held for sale are carried at fair value.
|
Mission Community Bank
|
||||||||||||||||
Capital Ratios
|
||||||||||||||||
(dollars in thousands)
|
Amount of Capital Required To Be
|
|||||||||||||||
|
Actual
|
Well-Capitalized
|
||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||
As of March 31, 2013:
|
||||||||||||||||
Total Capital (to Risk-Weighted Assets)
|
$ | 41,456 | 13.61 | % | $ | 30,465 | 10.0 | % | ||||||||
Tier 1 Capital (to Risk-Weighted Assets)
|
$ | 37,637 | 12.35 | % | $ | 18,279 | 6.0 | % | ||||||||
Tier 1 Capital (to Average Assets)
|
$ | 37,637 | 8.99 | % | $ | 20,925 | 5.0 | % | ||||||||
As of December 31, 2012:
|
||||||||||||||||
Total Capital (to Risk-Weighted Assets)
|
$ | 40,544 | 13.65 | % | $ | 29,703 | 10.0 | % | ||||||||
Tier 1 Capital (to Risk-Weighted Assets)
|
$ | 36,820 | 12.40 | % | $ | 17,822 | 6.0 | % | ||||||||
Tier 1 Capital (to Average Assets)
|
$ | 36,820 | 8.61 | % | $ | 21,391 | 5.0 | % | ||||||||
As of March 31, 2012:
|
||||||||||||||||
Total Capital (to Risk-Weighted Assets)
|
$ | 37,720 | 14.03 | % | $ | 26,887 | 10.0 | % | ||||||||
Tier 1 Capital (to Risk-Weighted Assets)
|
$ | 34,387 | 12.79 | % | $ | 16,132 | 6.0 | % | ||||||||
Tier 1 Capital (to Average Assets)
|
$ | 34,387 | 7.72 | % | $ | 22,284 | 5.0 | % |
Mission Community Bancorp
|
||||||||||||||||||||||||
Regulatory Capital Ratios
|
March 31, 2013
|
December 31, 2012
|
March 31, 2012
|
|||||||||||||||||||||
(Dollars in thousands)
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
||||||||||||||||||
Total Capital (to Risk-Weighted Assets)
|
$ | 44,206 | 14.39 | % | $ | 43,802 | 14.62 | % | $ | 43,506 | 15.90 | % | ||||||||||||
Tier 1 Capital (to Risk-Weighted Assets)
|
$ | 40,367 | 13.14 | % | $ | 40,057 | 13.37 | % | $ | 40,086 | 14.65 | % | ||||||||||||
Tier 1 Capital (to Average Assets)
|
$ | 40,367 | 9.59 | % | $ | 40,057 | 9.30 | % | $ | 40,086 | 8.83 | % |
Loan Commitments
|
||||||||||||
(in thousands)
|
March 31,
|
December 31,
|
March 31,
|
|||||||||
2013
|
2012
|
2012
|
||||||||||
Commitments to Extend Credit
|
$ | 48,377 | $ | 41,155 | $ | 38,193 | ||||||
Standby Letters of Credit
|
2,305 | 2,365 | 1,836 | |||||||||
$ | 50,682 | $ | 43,520 | $ | 40,029 |
Item 1.
|
Legal Proceedings
|
Item 1A.
|
Risk Factors
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
Item 3.
|
Defaults Upon Senior Securities
|
Item 4.
|
Mine Safety Disclosures
|
Item 5.
|
Other Information
|
Item 6.
|
Exhibits
|
2.1
|
Plan of Reorganization and Agreement of Merger dated as of October 4, 2000 (A)
|
3.1
|
Restated Articles of Incorporation (B)
|
3.2
|
Certificate of Amendment to Articles of Incorporation (C)
|
3.3
|
Certificate of Amendment to Articles of Incorporation (D)
|
3.4
|
Amended and Restated Bylaws (E)
|
4.1
|
Certificate of Determination for Series A Non-Voting Preferred Stock (F)
|
4.2
|
Certificate of Determination for Series B Non-Voting Preferred Stock (F)
|
4.3
|
Certificate of Determination for Series C Non-Voting Preferred Stock (G)
|
4.4
|
Indenture dated as of October 14, 2003 by and between Registrant and Wells Fargo Bank, National Association, as trustee (H)
|
4.5
|
Declaration of Trust of Mission Community Capital Trust I dated October 10, 2003 (H)
|
4.6
|
Amended and Restated Declaration of Trust of Mission Community Capital Trust I dated October 14, 2003 by and among the Registrant, Wells Fargo Delaware Trust Company, as Trustee, and Anita M. Robinson and William C. Demmin, as Administrators (H)
|
4.7
|
Guarantee Agreement dated October 14, 2003 between Registrant, as Guarantor, and Wells Fargo Bank, National Association, as Guarantee Trustee (H)
|
4.8
|
Certificate of Determination for Series D Preferred Stock (H)
|
4.9
|
Form of Common Stock Purchase Warrant (I)
|
4.10
|
Form of Warrant Agreement for warrants issued pursuant to subscription rights (J)
|
4.11
|
Amendment No. 1 to public warrants issued pursuant to subscription rights offering (K)
|
4.12
|
Form of Warrant Issued to Replace Warrants Issued in 2010 Private Placement (L)
|
4.13
|
Form of Warrant Issued to Replace Warrants Issued in 2011 Private Placement (L)
|
4.14
|
Additional Form of Warrant Issued to Replace Warrants Issued in 2011 Private Placement (M)
|
4.15
|
Amended and Restated Declaration of Trust, dated as of April 28, 2006, of Santa Lucia Bancorp (CA) Capital Trust (N)
|
4.16
|
Indenture dated as of April 28, 2006, between Wells Fargo Bank, National Association, as Trustee, and Santa Lucia Bancorp (N)
|
4.17
|
First Supplemental Indenture dated as of October 21, 2011 between Wells Fargo Bank, National Association, as trustee, and Mission Community Bancorp (N)
|
10.1
|
Purchase and Sale Agreement and Lease dated January, 1997, as amended (F)
|
10.2
|
Lease Agreement – Paso Robles (F)
|
10.3
|
Lease Agreement – Arroyo Grande (F)
|
10.4
|
1998 Stock Option Plan, as amended (F)
|
10.5
|
Lease Agreement – 569 Higuera, San Luis Obispo (G)
|
10.6
|
Lease Agreement – 3480 S. Higuera, San Luis Obispo (O)
|
10.7
|
Employment Agreement dated June 3, 2007 between Brooks Wise and Mission Community Bank (P)
|
10.8
|
Financial Advisory Services Agreement dated January 4, 2007 between the Company and Seapower Carpenter Capital, Inc. (Q)
|
10.9
|
Build-to-Suit Lease Agreement between Walter Bros. Construction Co., Inc. and Mission Community Bank for property at South Higuera Street and Prado Road in San Luis Obispo, California (R)
|
10.10
|
Lease Agreement – 1670 South Broadway, Santa Maria (S)
|
10.11
|
Mission Community Bancorp 2008 Stock Incentive Plan (T)
|
10.12
|
Amendment No. 1 to Employment Agreement dated December 29, 2008 by and among Mission Community Bancorp, Mission Community Bank, and Brooks W. Wise (U)
|
10.13
|
Amended and Restated Salary Protection Agreement dated December 29, 2008 by and between Mission Community Bank and Ronald B. Pigeon (U)
|
10.14
|
Letter Agreement dated January 9, 2009 between Mission Community Bancorp and the United States Department of Treasury, which include the Securities Purchase Agreement—Standard Term attached thereto, with respect to the issuance and sale of the Series D. Preferred Stock (V)
|
10.15
|
Side Letter Agreement dated January 9, 2009 amendment the Stock Purchase Agreement between Mission Community Bancorp and the Department of the Treasury (V)
|
10.16
|
Side Letter Agreement dated January 9, 2009 between Mission Community Bancorp and The Department of the Treasury regarding maintenance of two open seats on the Board of Directors (V)
|
10.17
|
Side Letter Agreement dated January 9, 2009 between Mission Community Bancorp and The Department of the Treasury regarding CDFI status (V)
|
10.18
|
Securities Purchase Agreement dated December 22, 2009 between the Company and Carpenter Fund Manager GP, LLC (“Securities Purchase Agreement”) (W)
|
10.19
|
Amendment No. 1 to Securities Purchase Agreement dated March 17, 2010 (X)
|
10.20
|
Amendment No. 2 to Employment Agreement of Brooks Wise dated March 22, 2010 (Y)
|
10.21
|
Amendment No. 2 to Securities Purchase Agreement dated March 17, 2010 (Z)
|
10.22
|
Employment Agreement dated July 1, 2010 between James W. Lokey and Mission Community Bancorp (AA)
|
10.23
|
Employment Agreement dated December 18, 2012 between Mission Community Bancorp, Mission Community Bank and Robert J. Stevens (BB)
|
10.24
|
Employment Agreement dated December 18, 2012 between Mission Community Bancorp, Mission Community Bank and Thomas J. Tolda (BB)
|
10.25
|
Employment Agreement dated December 18, 2012 between Mission Community Bancorp, Mission Community Bank and Tom L. Dobyns (BB)
|
10.28
|
Agreement and Plan of Merger dated as of June 24, 2011 by and among Carpenter Fund Manager GP, LLC; Mission Community Bancorp; Mission Community Bank; Santa Lucia Bancorp and Santa Lucia Bank (CC)
|
10.29
|
2011 Equity Incentive Plan (DD)
|
14
|
Code of Ethics (EE)
|
31.1
|
Certification of CEO pursuant to Section 302 of Sarbanes Oxley Act
|
31.2
|
Certification of CFO pursuant to Section 302 of Sarbanes Oxley Act
|
32.1
|
Certification of CEO pursuant to Section 906 of Sarbanes Oxley Act
|
32.2
|
Certification of CFO pursuant to Section 906 of Sarbanes Oxley Act
|
101
|
Interactive Data Files
|
(A)
|
Included in the Company’s Form 8-K filed on December 18, 2000, and incorporated by reference herein.
|
(B)
|
Included in the Company’s Form 10-QSB filed on August 14, 2006, and incorporated by reference herein.
|
(C)
|
Included in the Company’s Pre-Effective Amendment No. 1 to the Form SB-2 Registration Statement filed on July 24, 2007, and incorporated by reference herein.
|
(D)
|
Included in the Company’s Form 8-K filed on August 2, 2010, and incorporated by reference herein.
|
(E)
|
Included in the Company's Form 8-K filed on March 29, 2012, and incorporated herein by reference.
|
(F)
|
Included in the Company’s Form 10-KSB filed on April 2, 2001, and incorporated by reference herein.
|
(G)
|
Included in the Company’s Form 10-QSB filed November 12, 2002, and incorporated by reference herein.
|
(H)
|
Included in the Company’s Form 8-K filed on October 21, 2003, incorporated by reference herein.
|
(I)
|
Included in the Company’s Form S-1 Registration Statement filed on August 31, 2010, and incorporated by reference herein.
|
(J)
|
Included in Amendment No. 1 to the Company's Form S-1 Registration Statement filed on October 1, 2010, and incorporated by reference herein.
|
(K)
|
Included in the Company's Form 8-K filed on September 7, 2012 and incorporated herein by reference.
|
(L)
|
Included in the Company’s Form 8-K filed on March 26, 2012, and incorporated by reference herein.
|
(M)
|
Included in the Company’s Form 8-K filed on October 3, 2012, and incorporated herein by reference .
|
(N)
|
Included in the Company's Form 8-K filed on October 27, 2012, and incorporated by reference herein.
|
(O)
|
Included in the Company’s Form 10-QSB filed on August 10, 2004, and incorporated by reference herein.
|
(P)
|
Included in the Company’s Form 8-K filed on June 13, 2007, and incorporated by reference herein.
|
(Q)
|
Included in the Company’s Form SB-2 Registration Statement filed on June 13, 2007, and incorporated by reference herein.
|
(R)
|
Included in the Company’s Form 8-K filed on October 23, 2007, and incorporated by reference herein.
|
(S)
|
Included in the Company’s Form 10-KSB filed on March 28, 2008, and incorporated by reference herein.
|
(T)
|
Included in the Company’s Form 10-Q filed on May 15, 2008, and incorporated by reference herein.
|
(U)
|
Included in the Company’s Form 8-K filed on December 30, 2008, and incorporated by reference herein.
|
(V)
|
Included in the Company’s Form 8-K filed January 14, 2009, and incorporated by reference herein.
|
(W)
|
Included in the Company’s Form 8-K filed on December 24, 2009, and incorporated by reference herein.
|
(X)
|
Included in the Company’s From 8-K filed on March 22, 2010, and incorporated by reference herein.
|
(Y)
|
Included in the Company’s Form 8-K filed on March 26, 2010, and incorporated by reference herein.
|
(Z)
|
Included in the Company’s Form 8-K filed on June 1, 2010, and incorporated by reference herein.
|
(AA)
|
Included in the Company’s Form 8-K filed on August 2, 2010, and incorporated by reference herein.
|
(BB)
|
Included in the Company's Form 8-K filed on December 21, 2012, and incorporated herein by reference.
|
(CC)
|
Included in Form 8-K filed on June 27, 2011, and incorporated by reference herein.
|
(DD)
|
Included in the Company’s Form 8-K filed on September 30, 2011 and incorporated by reference herein.
|
(EE)
|
Included in the Company's Form 10-K filed on March 31, 2011, and incorporated herein by reference
|
By:
|
/s/ James W. Lokey | |
JAMES W. LOKEY
|
||
Chairman and Chief Executive Officer
|
||
Dated: May 3, 2013
|
By:
|
/s/ Thomas J. Tolda | |
THOMAS J. TOLDA
|
||
Executive Vice President and Chief Financial Officer
|
||
Dated: May 3, 2013
|
(1)
|
I have reviewed this Form 10-Q of Mission Community Bancorp;
|
(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 report, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report;
|
(4)
|
The issuer’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 issuer 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 issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this 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 issuer’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 issuer’s internal control over financial reporting that occurred during the issuer’s most recent fiscal quarter (the issuer’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the issuer’s internal control over financial reporting; and
|
(5)
|
The issuer’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer’s auditors and the audit committee of the issuer’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 issuer’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 issuer’s internal control over financial reporting.
|
(1)
|
I have reviewed this Form 10-Q of Mission Community Bancorp;
|
(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 report, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report;
|
(4)
|
The issuer’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 issuer 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 issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this 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 issuer’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 issuer’s internal control over financial reporting that occurred during the issuer’s most recent fiscal quarter (the issuer’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the issuer’s internal control over financial reporting; and
|
(5)
|
The issuer’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer’s auditors and the audit committee of the issuer’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 issuer’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 issuer’s internal control over financial reporting.
|
|
1. This Form 10-Q for the period ended March 31, 2013, 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 this Form 10-Q for the period ended March 31, 2013, fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
By:
|
/s/ James W. Lokey | ||
James W. Lokey
Chairman and Chief Executive Officer
|
|
1.
|
This Form 10-Q for the period ended March 31, 2013, 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 this Form 10-Q for the period ended March 31, 2013, fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
By:
|
/s/ Thomas J. Tolda | ||
Thomas J. Tolda
Executive Vice President
and Chief Financial Officer
|
Note 5 - Credit Quality and the Allowance for Loan and Lease Losses (Detail) - Company’s Loan Portfolio Allocated by Management's Internal Risk Ratings (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2013
|
Dec. 31, 2012
|
Mar. 31, 2012
|
---|---|---|---|
Financing Receivable | $ 244,064 | $ 243,741 | $ 220,096 |
Pass [Member] | Construction and Land Development Loans [Member]
|
|||
Financing Receivable | 11,960 | 11,440 | 13,923 |
Pass [Member] | Commercial Real Estate Owner Occupied [Member]
|
|||
Financing Receivable | 60,643 | 65,132 | 64,194 |
Pass [Member] | Commercial Real Estate Non Owner Occupied [Member]
|
|||
Financing Receivable | 68,501 | 66,799 | 49,454 |
Pass [Member] | Residential Real Estate Loans [Member]
|
|||
Financing Receivable | 28,197 | 28,588 | 26,788 |
Pass [Member] | All Other Real Estate Loans [Member]
|
|||
Financing Receivable | 12,661 | 8,319 | 1,889 |
Pass [Member] | Commercial and Industrial Loans [Member]
|
|||
Financing Receivable | 44,284 | 44,921 | 32,263 |
Pass [Member] | Consumer and All Other Loans and Lease Financing [Member]
|
|||
Financing Receivable | 4,059 | 2,614 | 3,630 |
Pass [Member]
|
|||
Financing Receivable | 230,305 | 227,813 | 192,141 |
Special Mention [Member] | Construction and Land Development Loans [Member]
|
|||
Financing Receivable | 148 | ||
Special Mention [Member] | Commercial Real Estate Non Owner Occupied [Member]
|
|||
Financing Receivable | 1,396 | 5,129 | |
Special Mention [Member] | Residential Real Estate Loans [Member]
|
|||
Financing Receivable | 84 | 484 | |
Special Mention [Member] | Commercial and Industrial Loans [Member]
|
|||
Financing Receivable | 154 | 161 | 234 |
Special Mention [Member]
|
|||
Financing Receivable | 238 | 1,557 | 5,995 |
Substandard [Member] | Construction and Land Development Loans [Member]
|
|||
Financing Receivable | 751 | 555 | 1,034 |
Substandard [Member] | Commercial Real Estate Owner Occupied [Member]
|
|||
Financing Receivable | 5,699 | 5,896 | 5,781 |
Substandard [Member] | Commercial Real Estate Non Owner Occupied [Member]
|
|||
Financing Receivable | 1,139 | 1,166 | 5,890 |
Substandard [Member] | Residential Real Estate Loans [Member]
|
|||
Financing Receivable | 1,709 | 2,268 | 4,606 |
Substandard [Member] | All Other Real Estate Loans [Member]
|
|||
Financing Receivable | 25 | 29 | |
Substandard [Member] | Commercial and Industrial Loans [Member]
|
|||
Financing Receivable | 4,012 | 4,272 | 4,375 |
Substandard [Member]
|
|||
Financing Receivable | 13,335 | 14,186 | 21,686 |
Doubtful [Member] | Residential Real Estate Loans [Member]
|
|||
Financing Receivable | 186 | 185 | 189 |
Doubtful [Member] | Commercial and Industrial Loans [Member]
|
|||
Financing Receivable | 85 | ||
Doubtful [Member]
|
|||
Financing Receivable | 186 | 185 | 274 |
Construction and Land Development Loans [Member]
|
|||
Financing Receivable | 12,711 | 11,995 | 15,105 |
Commercial Real Estate Owner Occupied [Member]
|
|||
Financing Receivable | 66,342 | 71,028 | 69,975 |
Commercial Real Estate Non Owner Occupied [Member]
|
|||
Financing Receivable | 69,640 | 69,361 | 60,473 |
Residential Real Estate Loans [Member]
|
|||
Financing Receivable | 30,176 | 31,041 | 32,067 |
All Other Real Estate Loans [Member]
|
|||
Financing Receivable | 12,686 | 8,348 | 1,889 |
Commercial and Industrial Loans [Member]
|
|||
Financing Receivable | 48,450 | 49,354 | 36,957 |
Consumer and All Other Loans and Lease Financing [Member]
|
|||
Financing Receivable | $ 4,059 | $ 2,614 | $ 3,630 |
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