Maryland
|
000-50345
|
20-0154352
|
(State or other jurisdiction
|
(Commission File Number)
|
(I.R.S. Employer Identification No.)
|
of Incorporation)
|
||
1525 Pointer Ridge Place
|
||
Bowie, Maryland
|
20716
|
|
(Address of principal executive offices)
|
(Zip Code)
|
N/A |
(Former name or former address, if changed since last report.) |
____
|
Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
____
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CRF 240.14a-12)
|
____
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
____
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e- 4(c))
|
OLD LINE BANCSHARES, INC.
|
|
Date: July 31, 2013
|
By: /s/Mark A. Semanie
|
Mark A. Semanie, Executive Vice President, Chief Operating Officer and
|
|
Acting Chief Financial Officer
|
PRESS RELEASE
|
OLD LINE BANCSHARES, INC.
|
FOR IMMEDIATE RELEASE
|
CONTACT: MARK SEMANIE
|
July 30, 2013
|
ACTING CHIEF FINANCIAL OFFICER
|
(301) 430-2500
|
·
|
The merger with WSB became effective May 10, 2013 causing total assets to grow to $1.1 billion at June 30, 2013 compared to $861.9 million at December 31, 2012
|
·
|
Net loss of $84,285, or $0.01 per basic share was recorded for the three month period ending June 30, 2013, compared to net income of $2.0 million or $.30 per basic share for the second quarter of 2012, representing a decrease of $2.1 million compared to the second quarter of 2012.
|
·
|
Net income was $1.2 million or $0.16 per basic share for the six months ended June 30, 2013 compared to $3.8 million, or $0.55 per basic share for the same period in 2012.
|
·
|
Net loans increased by $196.8 million, or 33.1%, since December 31, 2012.
|
·
|
Total deposits grew by $260.1 million, or 35.4%, since December 31, 2012.
|
·
|
The second quarter Return on Average Assets (ROAA) and Return on Average Equity (ROAE) were (0.03%) and (0.35%), respectively, compared to ROAA and ROAE of 0.99% and 12.27%, respectively, for the second quarter of 2012.
|
·
|
For the six months ended June 30, 2013, ROAA and ROAE were 0.26% and 2.89%, respectively, as compared to ROAA and ROAE of 0.93% and 11.59%, respectively, for the six months ended June 30, 2012.
|
·
|
The net interest margin for the second quarter of 2013 was 4.28% compared to 4.84% for the same period in 2012.
|
·
|
Non-performing assets increased to 1.92% of total assets at June 30, 2013 compared to 1.31% at June 30, 2012 and 1.12% at December 31, 2012.
|
|
June 30,
2013
|
March 31,
2013
|
December 31,
2012 (1)
|
September 30,
2012
|
June 30,
2012
|
March 31,
2012
|
||||||||||||||||||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
||||||||||||||||||||
Cash and due from banks
|
$ | 50,689,336 | $ | 37,651,112 | $ | 28,332,456 | $ | 43,813,588 | $ | 37,533,354 | $ | 24,018,472 | ||||||||||||
Interest bearing accounts
|
30,352 | 30,291 | 130,192 | 26,137 | 122,824 | 1,020,231 | ||||||||||||||||||
Federal funds sold
|
3,017,257 | 331,153 | 228,113 | 908,495 | 508,150 | 1,094,891 | ||||||||||||||||||
Total cash and cash equivalents
|
53,736,945 | 38,012,556 | 28,690,761 | 44,748,220 | 38,164,328 | 26,133,594 | ||||||||||||||||||
Investment securities available for sale
|
184,190,791 | 154,081,188 | 171,541,222 | 180,363,532 | 168,502,783 | 163,204,721 | ||||||||||||||||||
Loans, less allowance for loan losses
|
791,936,893 | 611,850,594 | 595,144,928 | 573,147,401 | 573,146,131 | 552,843,016 | ||||||||||||||||||
Equity securities at cost
|
3,709,490 | 3,174,220 | 3,615,444 | 3,828,237 | 3,765,079 | 3,894,766 | ||||||||||||||||||
Premises and equipment
|
35,313,769 | 24,912,937 | 25,133,013 | 23,883,734 | 23,763,775 | 23,651,682 | ||||||||||||||||||
Accrued interest receivable
|
3,623,274 | 2,511,753 | 2,639,483 | 2,606,790 | 2,592,123 | 2,562,773 | ||||||||||||||||||
Prepaid income taxes
|
621,176 | - | - | - | - | 27,964 | ||||||||||||||||||
Deferred income taxes
|
23,111,238 | 8,015,351 | 7,139,545 | 6,791,483 | 7,346,728 | 7,307,974 | ||||||||||||||||||
Bank owned life insurance
|
30,135,483 | 16,977,347 | 16,869,307 | 16,757,707 | 16,644,925 | 16,530,205 | ||||||||||||||||||
Prepaid pension
|
- | - | - | 1,030,551 | 1,030,551 | 1,030,551 | ||||||||||||||||||
Other real estate owned
|
5,396,654 | 2,726,910 | 3,719,449 | 3,231,449 | 3,490,730 | 3,919,461 | ||||||||||||||||||
Goodwill
|
6,847,424 | 633,790 | 633,790 | 633,790 | 633,790 | 633,790 | ||||||||||||||||||
Core deposit intangible
|
5,749,737 | 3,513,889 | 3,691,471 | 3,869,054 | 4,046,636 | 4,224,218 | ||||||||||||||||||
Other assets
|
2,711,768 | 2,575,612 | 3,038,064 | 2,990,530 | 3,036,820 | 3,727,066 | ||||||||||||||||||
Total assets
|
$ | 1,147,084,642 | $ | 868,986,147 | $ | 861,856,477 | $ | 863,882,478 | $ | 846,164,399 | $ | 809,691,781 | ||||||||||||
Deposits
|
||||||||||||||||||||||||
Non-interest bearing
|
$ | 213,570,493 | $ | 188,172,189 | $ | 188,895,263 | $ | 185,347,907 | $ | 186,639,878 | $ | 169,180,497 | ||||||||||||
Interest bearing
|
781,968,601 | 560,330,114 | 546,562,555 | 545,730,571 | 532,956,475 | 517,467,161 | ||||||||||||||||||
Total deposits
|
995,539,094 | 748,502,303 | 735,457,818 | 731,078,478 | 719,596,353 | 686,647,658 | ||||||||||||||||||
Short term borrowings
|
28,818,101 | 31,510,107 | 37,905,467 | 44,544,608 | 41,955,385 | 40,505,782 | ||||||||||||||||||
Long term borrowings
|
6,142,962 | 6,166,788 | 6,192,350 | 6,216,463 | 6,239,129 | 6,261,429 | ||||||||||||||||||
Accrued interest payable
|
259,847 | 279,907 | 311,735 | 341,494 | 359,367 | 370,712 | ||||||||||||||||||
Accrued pension
|
4,768,470 | 4,690,584 | 4,615,699 | 4,570,725 | 4,480,261 | 4,411,462 | ||||||||||||||||||
Other liabilities
|
3,825,204 | 2,749,707 | 2,120,247 | 2,757,115 | 1,853,766 | 1,582,906 | ||||||||||||||||||
Total liabilities
|
1,039,353,678 | 793,899,396 | 786,603,316 | 789,508,883 | 774,484,261 | 739,779,949 | ||||||||||||||||||
Stockholders' equity
|
||||||||||||||||||||||||
Common stock
|
98,202 | 68,538 | 68,454 | 68,308 | 68,285 | 68,285 | ||||||||||||||||||
Additional paid-in capital
|
92,145,572 | 53,875,593 | 53,792,015 | 53,647,456 | 53,574,827 | 53,519,196 | ||||||||||||||||||
Retained earnings
|
19,066,586 | 19,543,682 | 18,531,387 | 17,087,831 | 15,332,768 | 13,576,596 | ||||||||||||||||||
Accumulated other comprehensive loss
|
(3,946,354 | ) | 1,220,486 | 2,469,758 | 3,171,006 | 2,284,600 | 2,311,030 | |||||||||||||||||
Total Old Line Bancshares, Inc.
stockholders' equity
|
107,364,006 | 74,708,299 | 74,861,614 | 73,974,601 | 71,260,480 | 69,475,107 | ||||||||||||||||||
Non-controlling interest
|
366,958 | 378,452 | 391,547 | 398,994 | 419,658 | 436,725 | ||||||||||||||||||
Total stockholders' equity
|
107,730,964 | 75,086,751 | 75,253,161 | 74,373,595 | 71,680,138 | 69,911,832 | ||||||||||||||||||
Total liabilities and
stockholders' equity
|
$ | 1,147,084,642 | $ | 868,986,147 | $ | 861,856,477 | $ | 863,882,478 | $ | 846,164,399 | $ | 809,691,781 | ||||||||||||
Shares of basic common stock outstanding
|
9,820,217 | 6,853,814 | 6,845,432 | 6,830,832 | 6,828,452 | 6,828,452 | ||||||||||||||||||
(1) Financial information as of December 31, 2012 has been derived from audited financial statements.
|
|
Three Months
Ended
June 30,
|
Three Months
Ended
March 31,
|
Three Months
Ended
December 31,
|
Three Months
Ended
September 30,
|
Three Months
Ended
June 30,
|
Six Months
Ended
June 30,
|
Six Months
Ended
June 30,
|
Three Months
Ended
March 31,
|
||||||||||||||||||||||||
2013
|
2013
|
2012 (1)
|
2012
|
2012
|
2013
|
2012
|
2012
|
|||||||||||||||||||||||||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
||||||||||||||||||||||||||
Interest revenue
|
||||||||||||||||||||||||||||||||
Loans, including fees
|
$ | 9,327,905 | $ | 7,831,823 | $ | 8,521,466 | $ | 8,702,142 | $ | 8,632,296 | $ | 17,159,728 | $ | 16,585,131 | $ | 7,952,835 | ||||||||||||||||
Investment securities and other
|
979,699 | 985,253 | 1,034,100 | 1,098,431 | 1,131,401 | 1,964,952 | 2,280,852 | 1,149,451 | ||||||||||||||||||||||||
Total interest revenue
|
10,307,604 | 8,817,076 | 9,555,566 | 9,800,573 | 9,763,697 | 19,124,680 | 18,865,983 | 9,102,286 | ||||||||||||||||||||||||
Interest expense
|
||||||||||||||||||||||||||||||||
Deposits
|
964,955 | 857,139 | 963,334 | 1,057,075 | 1,087,200 | 1,822,094 | 2,214,698 | 1,127,498 | ||||||||||||||||||||||||
Borrowed funds
|
139,472 | 112,487 | 190,310 | 206,721 | 213,111 | 251,959 | 425,487 | 212,376 | ||||||||||||||||||||||||
Total interest expense
|
1,104,427 | 969,626 | 1,153,644 | 1,263,796 | 1,300,311 | 2,074,053 | 2,640,185 | 1,339,874 | ||||||||||||||||||||||||
Net interest income
|
9,203,177 | 7,847,450 | 8,401,922 | 8,536,777 | 8,463,386 | 17,050,627 | 16,225,798 | 7,762,412 | ||||||||||||||||||||||||
Provision for loan losses
|
200,000 | 200,000 | 400,000 | 375,000 | 375,000 | 400,000 | 750,000 | 375,000 | ||||||||||||||||||||||||
Net interest income after
provision for loan losses
|
9,003,177 | 7,647,450 | 8,001,922 | 8,161,777 | 8,088,386 | 16,650,627 | 15,475,798 | 7,387,412 | ||||||||||||||||||||||||
Non-interest revenue
|
||||||||||||||||||||||||||||||||
Service charges on
deposit accounts
|
367,674 | 300,741 | 318,250 | 315,468 | 328,142 | 668,415 | 647,469 | 319,327 | ||||||||||||||||||||||||
Gain on sales or calls
of investment securities
|
9,659 | 631,429 | 307,242 | 289,511 | 282,858 | 641,088 | 560,028 | 277,170 | ||||||||||||||||||||||||
Earnings on bank owned
life insurance
|
200,641 | 133,228 | 136,171 | 137,082 | 138,496 | 333,869 | 275,201 | 136,705 | ||||||||||||||||||||||||
Gains (losses) on sales
other real estate owned
|
145,795 | (200,454 | ) | - | (48,509 | ) | 191,201 | (201,224 | ) | 159,213 | (31,988 | ) | ||||||||||||||||||||
Losses on disposal of assets
|
(19,078 | ) | (85,561 | ) | - | - | - | (104,639 | ) | - | - | |||||||||||||||||||||
Gain on sale of loans
|
146,565 | - | - | - | - | 146,565 | - | |||||||||||||||||||||||||
Other fees and commissions
|
301,268 | 247,683 | 182,450 | 146,550 | 215,089 | 695,516 | 392,688 | 177,599 | ||||||||||||||||||||||||
Total non-interest revenue
|
1,152,524 | 1,027,066 | 944,113 | 840,102 | 1,155,786 | 2,179,590 | 2,034,599 | 878,813 | ||||||||||||||||||||||||
Non-interest expense
|
||||||||||||||||||||||||||||||||
Salaries & employee benefits
|
4,126,567 | 3,232,677 | 3,188,366 | 3,016,334 | 3,024,815 | 7,359,245 | 5,833,809 | 2,808,994 | ||||||||||||||||||||||||
Occupancy & Equipment
|
1,214,947 | 1,068,867 | 931,197 | 933,775 | 914,576 | 2,283,815 | 1,822,447 | 907,871 | ||||||||||||||||||||||||
Pension plan termination
|
- | - | 700,884 | - | - | - | - | |||||||||||||||||||||||||
Data processing
|
329,878 | 239,057 | 238,830 | 214,187 | 192,232 | 568,934 | 416,967 | 224,735 | ||||||||||||||||||||||||
Merger and integration
|
2,786,350 | 240,485 | 363,375 | 49,290 | 29,166 | 3,026,835 | 58,333 | 29,167 | ||||||||||||||||||||||||
Core deposit premium
|
198,875 | 177,582 | 177,582 | 177,582 | 177,582 | 376,457 | 372,257 | 194,675 | ||||||||||||||||||||||||
OREO expense
|
154,908 | 314,165 | 124,167 | 39,092 | 320,795 | 469,073 | 813,183 | |||||||||||||||||||||||||
Other operating
|
1,723,373 | 1,606,608 | 1,531,026 | 1,651,498 | 1,590,002 | 3,329,981 | 2,618,345 | 1,520,731 | ||||||||||||||||||||||||
Total non-interest expense
|
10,534,898 | 6,879,441 | 7,255,427 | 6,081,758 | 6,249,168 | 17,414,340 | 11,935,341 | 5,686,173 | ||||||||||||||||||||||||
Income (loss) before income taxes
|
(379,197 | ) | 1,795,075 | 1,690,608 | 2,920,121 | 2,995,004 | 1,415,877 | 5,575,056 | 2,580,052 | |||||||||||||||||||||||
Income tax (benefit) expense
|
(283,417 | ) | 521,722 | (18,808 | ) | 912,490 | 982,759 | 238,305 | 1,826,764 | 844,005 | ||||||||||||||||||||||
Net income (loss)
|
(95,780 | ) | 1,273,353 | 1,709,416 | 2,007,631 | 2,012,245 | 1,177,572 | 3,748,292 | 1,736,047 | |||||||||||||||||||||||
Less: Net income (loss)
attributable to the
noncontrolling interest
|
(11,495 | ) | (13,095 | ) | (7,447 | ) | (20,664 | ) | (17,067 | ) | (24,590 | ) | (37,014 | ) | (19,947 | ) | ||||||||||||||||
Net income (loss) available to
common stockholders
|
$ | (84,285 | ) | $ | 1,286,448 | $ | 1,716,863 | $ | 2,028,295 | $ | 2,029,312 | $ | 1,202,162 | $ | 3,785,306 | $ | 1,755,994 | |||||||||||||||
Earnings (loss) per basic share
|
$ | (0.01 | ) | $ | 0.19 | $ | 0.25 | $ | 0.30 | $ | 0.30 | $ | 0.16 | $ | 0.55 | $ | 0.26 | |||||||||||||||
Earnings (loss) per diluted share
|
$ | (0.01 | ) | $ | 0.19 | $ | 0.25 | $ | 0.29 | $ | 0.29 | $ | 0.16 | $ | 0.55 | $ | 0.26 | |||||||||||||||
Dividend per common share
|
$ | 0.04 | $ | 0.04 | $ | 0.04 | $ | 0.04 | $ | 0.04 | $ | 0.08 | $ | 0.08 | $ | 0.04 | ||||||||||||||||
Average number of basic shares
|
8,505,016 | 6,848,505 | 6,834,665 | 6,829,785 | 6,828,452 | 7,681,337 | 6,824,673 | 6,820,894 | ||||||||||||||||||||||||
Average number of dilutive shares
|
8,609,164 | 6,950,749 | 6,929,296 | 6,909,147 | 6,905,041 | 7,585,449 | 6,871,727 | 6,855,568 | ||||||||||||||||||||||||
(1) Financial information as of December 31, 2012 has been derived from audited financial statements.
|
6/30/2013
|
3/31/2013
|
12/31/2012
|
9/30/2012
|
6/30/2012
|
3/31/2012
|
|||||||||||||||||||||||||||||||||||||||||||
Average
Balance
|
Yield
|
Average
Balance
|
Yield
|
Average
Balance
|
Yield
|
Average
Balance
|
Yield
|
Average
Balance
|
Yield
|
Average
Balance
|
Yield
|
|||||||||||||||||||||||||||||||||||||
Assets:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Int. Bearing Deposits
|
$ | 6,978,382 | 0.11% | $ | 1,870,920 | 0.15% | $ | 10,506,932 | 0.20% | $ | 9,609,610 | 0.21% | $ | 8,718,890 | 0.21% | $ | 5,240,111 | 0.16% | ||||||||||||||||||||||||||||||
Investment Securities
|
180,559,860 | 2.81% | 168,672,425 | 3.06% | 177,162,367 | 2.88% | 171,086,288 | 3.11% | 165,770,050 | 3.28% | 163,199,617 | 3.26% | ||||||||||||||||||||||||||||||||||||
Loans
|
721,222,893 | 5.28% | 605,701,991 | 5.35% | 587,421,759 | 5.86% | 576,428,450 | 6.11% | 558,859,415 | 6.27% | 549,594,392 | 5.87% | ||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses
|
(4,164,025) | (4,058,816) | (4,186,009) | (4,266,214) | (3,966,131) | (3,825,189) | ||||||||||||||||||||||||||||||||||||||||||
Total Loans
Net of allowance
|
717,058,868 | 5.31% | 601,643,175 | 5.39% | 583,235,750 | 5.90% | 572,162,236 | 6.16% | 554,893,284 | 6.32% | 545,769,203 | 5.94% | ||||||||||||||||||||||||||||||||||||
Total interest-earning assets
|
904,597,110 | 4.77% | 772,186,520 | 4.87% | 770,905,049 | 5.15% | 752,858,134 | 5.39% | 729,382,224 | 5.56% | 714,208,931 | 5.26% | ||||||||||||||||||||||||||||||||||||
Noninterest bearing cash
|
45,762,911 | 25,465,996 | 30,544,104 | 50,174,932 | 34,172,441 | 27,694,416 | ||||||||||||||||||||||||||||||||||||||||||
Other Assets
|
85,200,150 | 62,206,398 | 61,756,948 | 61,911,524 | 62,310,069 | 62,002,664 | ||||||||||||||||||||||||||||||||||||||||||
Total Assets
|
$ | 1,035,560,171 | $ | 859,858,914 | $ | 863,206,101 | $ | 864,944,590 | $ | 825,864,734 | $ | 803,906,011 | ||||||||||||||||||||||||||||||||||||
Liabilities and Stockholders' Equity
|
||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing Deposits
|
$ | 686,544,106 | 0.56% | $ | 552,649,682 | 0.63% | $ | 551,598,937 | 0.69% | $ | 553,524,257 | 0.76% | $ | 524,538,999 | 0.83% | $ | 521,623,877 | 0.87% | ||||||||||||||||||||||||||||||
Borrowed Funds
|
41,494,215 | 1.35% | 40,335,859 | 1.13% | 35,952,280 | 2.10% | 49,608,300 | 1.66% | 46,432,730 | 1.85% | 45,823,568 | 1.86% | ||||||||||||||||||||||||||||||||||||
Total interest-bearing
liabilities
|
728,038,321 | 0.61% | 592,985,541 | 0.66% | 587,551,217 | 0.78% | 603,132,557 | 0.83% | 570,971,729 | 0.92% | 567,447,445 | 0.95% | ||||||||||||||||||||||||||||||||||||
Noninterest bearing deposits
|
205,050,472 | 187,697,564 | 197,676,047 | 186,319,471 | 181,789,188 | 164,540,014 | ||||||||||||||||||||||||||||||||||||||||||
933,088,793 | 780,683,105 | 785,227,264 | 789,452,028 | 752,760,917 | 731,987,459 | |||||||||||||||||||||||||||||||||||||||||||
Other Liabilities
|
6,624,502 | 6,909,547 | 7,600,642 | 6,898,432 | 6,172,023 | 6,631,135 | ||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest
|
369,671 | 387,467 | 392,942 | 406,102 | 423,568 | 443,876 | ||||||||||||||||||||||||||||||||||||||||||
Stockholder's Equity
|
95,477,205 | 71,878,795 | 69,985,253 | 68,188,028 | 66,508,226 | 64,843,541 | ||||||||||||||||||||||||||||||||||||||||||
Total Liabilities and
Stockholder's Equity
|
$ | 1,035,560,171 | $ | 859,858,914 | $ | 863,206,101 | $ | 864,944,590 | $ | 825,864,734 | $ | 803,906,011 | ||||||||||||||||||||||||||||||||||||
Net interest spread
|
4.16% | 4.21% | 4.37% | 4.56% | 4.64% | 4.31% | ||||||||||||||||||||||||||||||||||||||||||
Net interest income and
Net interest margin(1)
|
$ | 9,657,000 | 4.28% | $ | 8,299,213 | 4.36% | $ | 8,818,546 | 4.55% | $ | 8,932,729 | 4.72% | $ | 8,775,024 | 4.84% | $ | 8,003,071 | 4.51% |
(1)
|
Interest revenue is presented on a fully taxable equivalent (FTE) basis. The FTE basis adjusts for the tax favored status of these types of assets. Management believes providing this information on a FTE basis provides investors with a more accurate picture of our net interest spread and net interest income and we believe it to be the preferred industry measurement of these calculations. See “Reconciliation of Non-GAAP Measures.”
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(2)
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Available for sale investment securities are presented at amortized cost.
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6/30/2013
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3/31/2013
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12/31/2012
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9/30/2012
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6/30/2012
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3/31/2012
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Fair Value
Accretion
Dollars
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% Impact on
Net Interest
Margin
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Fair Value
Accretion
Dollars
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% Impact on
Net Interest
Margin
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Fair Value
Accretion
Dollars
|
% Impact on
Net Interest
Margin
|
Fair Value
Accretion
Dollars
|
% Impact on
Net Interest
Margin
|
Fair Value
Accretion
Dollars
|
% Impact on
Net Interest
Margin
|
Fair Value
Accretion
Dollars
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% Impact on
Net Interest
Margin
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Commercial loans (1)
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$ | 38,933 | 0.02 | % | $ | 209,144 | 0.11 | % | $ | 38,783 | 0.02 | % | $ | 64,142 | 0.03 | % | $ | 42,718 | 0.02 | % | $ | 41,752 | 0.02 | % | ||||||||||||||||||||||||
Mortgage loans (1)
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173,261 | 0.08 | (4,500 | ) | (0.00 | ) | 819,028 | 0.42 | 776,089 | 0.41 | 1,007,812 | 0.56 | 423,275 | 0.24 | ||||||||||||||||||||||||||||||||||
Consumer loans
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2,876 | 0.00 | 2,371 | 0.00 | 2,188 | 0.00 | 1,968 | 0.01 | 1,899 | 0.00 | 1,694 | 0.00 | ||||||||||||||||||||||||||||||||||||
Interest bearing deposits
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85,046 | 0.04 | 33,461 | 0.02 | 33,379 | 0.02 | 33,847 | 0.01 | 57,081 | 0.03 | 64,813 | 0.04 | ||||||||||||||||||||||||||||||||||||
Total Fair Value Accretion
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$ | 300,116 | 0.13 | % | $ | 240,476 | 0.13 | % | $ | 893,378 | 0.46 | % | $ | 876,046 | 0.46 | % | $ | 1,109,510 | 0.61 | % | $ | 531,534 | 0.30 | % |
6/30/2013
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3/31/2013
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12/31/2012
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9/30/2012
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6/30/2012
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3/30/2012
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Net Interest
Income
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Yield
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Net Interest
Income
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Yield
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Net Interest
Income
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Yield
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Net Interest
Income
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Yield
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Net Interest
Income
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Yield
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Net Interest
Income
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Yield
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GAAP net interest income
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$ | 9,203,177 | 4.08 | % | $ | 7,847,450 | 4.12 | % | $ | 8,401,922 | 4.34 | % | $ | 8,536,777 | 4.51 | % | $ | 8,463,386 | 4.67 | % | $ | 7,762,412 | 4.37 | % | ||||||||||||||||||||||||
Tax equivalent adjustment
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Federal funds sold
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1 | 0.00 | 2 | 0.00 | 1 | 0.00 | - | - | 1 | 0.00 | - | - | ||||||||||||||||||||||||||||||||||||
Investment securities
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285,049 | 0.13 | 287,612 | 0.15 | 258,483 | 0.13 | 241,934 | 0.13 | 224,794 | 0.12 | 174,470 | 0.10 | ||||||||||||||||||||||||||||||||||||
Loans
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168,773 | 0.07 | 164,149 | 0.09 | 158,140 | 0.08 | 154,018 | 0.08 | 86,843 | 0.05 | 66,189 | 0.04 | ||||||||||||||||||||||||||||||||||||
Total tax equivalent adjustment
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453,823 | 0.20 | 451,763 | 0.24 | 416,624 | 0.21 | 395,952 | 0.21 | 311,638 | 0.17 | 240,659 | 0.14 | ||||||||||||||||||||||||||||||||||||
Tax equivalent interest yield
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$ | 9,657,000 | 4.28 | % | $ | 8,299,213 | 4.36 | % | $ | 8,818,546 | 4.55 | % | $ | 8,932,729 | 4.72 | % | $ | 8,775,024 | 4.84 | % | $ | 8,003,071 | 4.51 | % | ||||||||||||||||||||||||
(Dollars in thousands)
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June 30,
2013
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March 31,
2013
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December 31,
2012
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September 30,
2012
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June 30,
2012
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March 31,
2012
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Acquired Loans(1)
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Non-accrual(2)
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$ | 23,684 | $ | 4,064 | $ | 4,092 | $ | 5,079 | $ | 4,842 | $ | 4,860 | ||||||||||||
Accruing 30-89 days past due
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4,434 | 802 | 602 | 24 | 726 | 2,652 | ||||||||||||||||||
Accruing 90 or more days past due
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8 | - | 6 | 82 | 940 | 6 | ||||||||||||||||||
Legacy Loans(3)
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Non-accrual
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$ | 1,889 | $ | 1,388 | $ | 1,818 | $ | 3,151 | $ | 1,787 | $ | 1,787 | ||||||||||||
Accruing 30-89 days past due
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2,607 | 2,077 | 1,799 | 2,348 | 2,799 | 1,278 | ||||||||||||||||||
Accruing 90 or more days past due
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- | - | - | 2 | - | - | ||||||||||||||||||
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Allowance for loan losses as % of gross loans
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0.53 | % | 0.66 | % | 0.66 | % | 0.78 | % | 0.71 | % | 0.68 | % | ||||||||||||
Allowance for loan losses as % of legacy loans
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0.81 | % | 0.84 | % | 0.85 | % | 1.03 | % | 0.96 | % | 0.96 | % | ||||||||||||
Total non-performing loans as a % of gross loans
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2.77 | % | 0.89 | % | 0.99 | % | 2.00 | % | 1.92 | % | 1.90 | % | ||||||||||||
Total non-performing assets as a % of total assets
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1.92 | % | 0.94 | % | 1.12 | % | 1.34 | % | 1.31 | % | 1.31 | % |
(1)
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Acquired loans represent all loans acquired on April 1, 2011 from MB&T and on May 10, 2013 from WSB. We originally recorded these loans at fair value upon acquisition.
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(2)
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These loans are loans that are considered non-accrual because they are not paying in conformance with the original contractual agreement. At acquisition, we recorded these loans at fair value. As provided for under ASC 310-30, we recognize interest income on these loans through the accretion of the difference between the carrying value of these loans and their expected cash flows.
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(3)
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Legacy loans represent total loans excluding loans acquired on April 1, 2011 and May 10, 2013.
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