Maryland
|
000-50345
|
20-0154352
|
(State or other jurisdiction
|
(Commission File Number)
|
(I.R.S. Employer Identification No.)
|
of incorporation)
|
1525 Pointer Ridge Place
|
|
20716 | |
(Address of principal executive offices) (Zip Code) |
N/A |
____
|
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: April 18, 2014
|
By: /s/Mark A. Semanie
|
Mark A. Semanie, Executive Vice President, Chief Operating Officer and
Acting Chief Financial Officer
|
EXHIBIT 99.1
|
|
PRESS RELEASE
|
OLD LINE BANCSHARES, INC.
|
FOR IMMEDIATE RELEASE
|
CONTACT: MARK SEMANIE
|
April 18, 2014
|
ACTING CHIEF FINANCIAL OFFICER
|
(301) 430-2508
|
·
|
Net income of $1.8 million was recorded for the three month period ending March 31, 2014 compared to net income of $1.3 million representing an increase of $549,300 or 42.70% from the period ending March 31, 2013.
|
·
|
Total assets at March 31, 2014 increased by $25.7 million from December 31, 2013.
|
·
|
The first quarter Return of Average Assets (ROAA) and Return on Average Equity (ROAE) were 0.64% and 5.95%, respectively, compared to ROAA and ROAE of 0.61% and 7.26%, respectively, for the first quarter of 2013.
|
·
|
Net loans increased $1.8 million during the three months ended March 31, 2014, to $851.1 million, compared to $849.3 million at December 31, 2013.
|
·
|
Total deposits grew by $33.8 million, or 3.47%, since December 31, 2013.
|
·
|
The net interest margin was 4.29% compared to 4.36% for the same period in 2013 and 4.64% for the quarter ended December 31, 2013.
|
·
|
We ended the 1st quarter of 2014 with a book value of $11.99 per common share and a tangible book value of $10.79 per common share compared to $11.71 and $10.50, respectively, at December 31 2013.
|
·
|
Non-performing assets decreased to 1.12% of total assets at March 31, 2014 compared to 1.27% at December 31, 2014.
|
·
|
We maintained liquidity and by all regulatory measures remained “well capitalized”.
|
Old Line Bancshares, Inc. & Subsidiaries
|
||||||||||||||||||||
Consolidated Balance Sheets
|
||||||||||||||||||||
|
March 31,
2014
|
December 31,
2013 (1)
|
September 30,
2013
|
June 30,
2013
|
March 31,
2013
|
|||||||||||||||
(Unaudited)
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
||||||||||||||||
Cash and due from banks
|
$ | 54,197,169 | $ | 28,316,351 | $ | 49,957,119 | $ | 50,689,336 | $ | 37,651,112 | ||||||||||
Interest bearing accounts
|
30,383 | 30,375 | 30,364 | 30,352 | 30,291 | |||||||||||||||
Federal funds sold
|
178,806 | 711,574 | 1,005,491 | 3,017,257 | 331,153 | |||||||||||||||
Total cash and cash equivalents
|
54,406,358 | 29,058,300 | 50,992,974 | 53,736,945 | 38,012,556 | |||||||||||||||
Investment securities available for sale
|
172,094,347 | 172,169,776 | 181,527,632 | 184,190,791 | 154,081,188 | |||||||||||||||
Loans held for sale
|
1,646,330 | 2,014,711 | 22,584,750 | 4,764,595 | - | |||||||||||||||
Loans held for invesment, less allowance for loan losses
|
849,429,721 | 847,248,590 | 805,890,567 | 787,172,298 | 611,850,594 | |||||||||||||||
Equity securities at cost
|
4,304,197 | 5,669,807 | 5,850,652 | 3,709,490 | 3,174,220 | |||||||||||||||
Premises and equipment
|
34,661,659 | 35,215,868 | 35,520,366 | 35,313,769 | 24,912,937 | |||||||||||||||
Accrued interest receivable
|
3,131,042 | 3,432,924 | 3,256,311 | 3,623,274 | 2,511,753 | |||||||||||||||
Deferred income taxes
|
20,639,961 | 21,868,076 | 21,451,728 | 23,111,238 | 8,015,351 | |||||||||||||||
Bank owned life insurance
|
30,787,554 | 30,577,187 | 30,357,357 | 30,135,483 | 16,977,347 | |||||||||||||||
Other real estate owned
|
4,593,154 | 4,311,342 | 5,909,260 | 5,396,654 | 2,726,910 | |||||||||||||||
Goodwill
|
7,793,665 | 7,793,665 | 7,793,665 | 6,847,424 | 633,790 | |||||||||||||||
Core deposit intangible
|
5,058,951 | 5,287,501 | 5,518,619 | 5,749,737 | 3,513,889 | |||||||||||||||
Other assets
|
4,390,527 | 2,575,377 | 3,059,574 | 3,332,944 | 2,575,612 | |||||||||||||||
Total assets
|
$ | 1,192,937,466 | $ | 1,167,223,124 | $ | 1,179,713,455 | $ | 1,147,084,642 | $ | 868,986,147 | ||||||||||
Deposits
|
||||||||||||||||||||
Non-interest bearing
|
$ | 234,512,077 | $ | 228,733,624 | $ | 223,503,418 | $ | 213,570,493 | $ | 188,172,189 | ||||||||||
Interest bearing
|
773,640,266 | 745,625,862 | 761,869,410 | 781,968,601 | 560,330,114 | |||||||||||||||
Total deposits
|
1,008,152,343 | 974,359,486 | 985,372,828 | 995,539,094 | 748,502,303 | |||||||||||||||
Short term borrowings
|
38,193,867 | 49,530,125 | 56,204,082 | 28,818,101 | 31,510,107 | |||||||||||||||
Long term borrowings
|
6,071,856 | 6,093,074 | 6,118,744 | 6,142,962 | 6,166,788 | |||||||||||||||
Accrued interest payable
|
241,981 | 264,807 | 250,164 | 259,847 | 279,907 | |||||||||||||||
Accrued pension
|
4,996,120 | 4,921,241 | 4,844,855 | 4,768,470 | 4,690,584 | |||||||||||||||
Other liabilities
|
5,733,491 | 5,505,073 | 3,791,019 | 3,825,204 | 2,749,707 | |||||||||||||||
Total liabilities
|
1,063,389,658 | 1,040,673,806 | 1,056,581,692 | 1,039,353,678 | 793,899,396 | |||||||||||||||
Stockholders' equity
|
||||||||||||||||||||
Common stock
|
107,854 | 107,772 | 107,612 | 98,202 | 68,538 | |||||||||||||||
Additional paid-in capital
|
104,748,891 | 104,622,171 | 104,408,960 | 92,145,572 | 53,875,593 | |||||||||||||||
Retained earnings
|
26,283,617 | 24,879,275 | 20,882,086 | 19,066,586 | 19,543,682 | |||||||||||||||
Accumulated other comprehensive income (loss)
|
(1,871,087 | ) | (3,359,823 | ) | (2,628,710 | ) | (3,946,354 | ) | 1,220,486 | |||||||||||
Total Old Line Bancshares, Inc.
stockholders' equity
|
129,269,275 | 126,249,395 | 122,769,948 | 107,364,006 | 74,708,299 | |||||||||||||||
Non-controlling interest
|
278,533 | 299,923 | 361,815 | 366,958 | 378,452 | |||||||||||||||
Total stockholders' equity
|
129,547,808 | 126,549,318 | 123,131,763 | 107,730,964 | 75,086,751 | |||||||||||||||
Total liabilities and
stockholders' equity
|
$ | 1,192,937,466 | $ | 1,167,223,124 | $ | 1,179,713,455 | $ | 1,147,084,642 | $ | 868,986,147 | ||||||||||
Shares of basic common stock outstanding
|
10,785,370 | 10,777,112 | 10,761,112 | 9,820,217 | 6,853,814 | |||||||||||||||
(1) Financial information as of December 31, 2013 has been derived from audited financial statements.
|
||||||||||||||||||||
Old Line Bancshares, Inc. & Subsidiaries
|
||||||||||||||||||||
Consolidated Statements of Income
|
||||||||||||||||||||
|
Three Months
Ended
March 31,
|
Three Months
Ended
December 31,
|
Three Months
Ended
September 30,
|
Three Months
Ended
June 30,
|
Three Months
Ended
March 31,
|
|||||||||||||||
2014
|
2013 (1)
|
2013
|
2013
|
2013
|
||||||||||||||||
(Unaudited)
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
||||||||||||||||
Interest income
|
||||||||||||||||||||
Loans, including fees
|
$ | 10,333,973 | $ | 11,519,191 | $ | 11,527,459 | $ | 9,327,905 | $ | 7,831,823 | ||||||||||
Investment securities and other
|
1,037,897 | 1,060,493 | 1,031,015 | 979,699 | 985,253 | |||||||||||||||
Total interest income
|
11,371,870 | 12,579,684 | 12,558,474 | 10,307,604 | 8,817,076 | |||||||||||||||
Interest expense
|
||||||||||||||||||||
Deposits
|
894,303 | 923,039 | 970,911 | 964,955 | 857,139 | |||||||||||||||
Borrowed funds
|
118,276 | 122,522 | 111,728 | 139,472 | 112,487 | |||||||||||||||
Total interest expense
|
1,012,579 | 1,045,561 | 1,082,639 | 1,104,427 | 969,626 | |||||||||||||||
Net interest income
|
10,359,291 | 11,534,123 | 11,475,835 | 9,203,177 | 7,847,450 | |||||||||||||||
Provision for loan losses
|
269,769 | 514,190 | 590,000 | 200,000 | 200,000 | |||||||||||||||
Net interest income after
provision for loan losses
|
10,089,522 | 11,019,933 | 10,885,835 | 9,003,177 | 7,647,450 | |||||||||||||||
Non-interest income
|
||||||||||||||||||||
Service charges on
deposit accounts
|
451,596 | 472,945 | 466,571 | 367,674 | 300,741 | |||||||||||||||
Gain on sales or calls
of investment securities
|
- | - | - | 9,659 | 631,429 | |||||||||||||||
Gain on sale of stock
|
96,993 | - | - | - | - | |||||||||||||||
Earnings on bank owned
life insurance
|
243,607 | 252,265 | 253,894 | 200,641 | 133,228 | |||||||||||||||
Losses on disposal of assets
|
- | - | - | (19,078 | ) | (85,561 | ) | |||||||||||||
Gain on sale of loans
|
106,720 | 3,601,972 | 236,167 | 51,890 | - | |||||||||||||||
Other fees and commissions
|
493,209 | 852,470 | 594,324 | 301,268 | 247,683 | |||||||||||||||
Total non-interest income
|
1,392,125 | 5,179,652 | 1,550,956 | 912,054 | 1,227,520 | |||||||||||||||
Non-interest expense
|
||||||||||||||||||||
Salaries & employee benefits
|
4,873,634 | 4,668,944 | 4,684,407 | 4,031,892 | 3,232,677 | |||||||||||||||
Occupancy & Equipment
|
1,586,777 | 1,513,265 | 1,556,221 | 1,214,947 | 1,068,867 | |||||||||||||||
Data processing
|
307,160 | 393,863 | 459,973 | 329,878 | 239,057 | |||||||||||||||
Merger and integration
|
29,167 | 349,028 | 143,082 | 2,786,350 | 240,485 | |||||||||||||||
Core deposit amortization
|
228,550 | 231,119 | 231,118 | 198,875 | 177,582 | |||||||||||||||
(Gains)losses on sales
other real estate owned
|
(203,068 | ) | (210,665 | ) | 11,072 | (145,795 | ) | 200,454 | ||||||||||||
OREO expense
|
83,066 | 210,122 | 159,234 | 154,908 | 314,165 | |||||||||||||||
Other operating
|
2,071,256 | 2,284,281 | 2,017,902 | 1,723,373 | 1,606,608 | |||||||||||||||
Total non-interest expense
|
8,976,542 | 9,439,957 | 9,263,009 | 10,294,428 | 7,079,895 | |||||||||||||||
Income (loss) before income taxes
|
2,505,105 | 6,759,628 | 3,173,782 | (379,197 | ) | 1,795,075 | ||||||||||||||
Income tax (benefit) expense
|
690,737 | 2,393,268 | 970,510 | (283,417 | ) | 521,722 | ||||||||||||||
Net income (loss)
|
1,814,368 | 4,366,360 | 2,203,272 | (95,780 | ) | 1,273,353 | ||||||||||||||
Less: Net (loss)
attributable to the
noncontrolling interest
|
(21,389 | ) | (61,892 | ) | (5,142 | ) | (11,495 | ) | (13,095 | ) | ||||||||||
Net income (loss) available to
common stockholders
|
$ | 1,835,757 | $ | 4,428,252 | $ | 2,208,414 | $ | (84,285 | ) | $ | 1,286,448 | |||||||||
Earnings (loss) per basic share
|
$ | 0.17 | $ | 0.41 | $ | 0.22 | $ | (0.01 | ) | $ | 0.19 | |||||||||
Earnings (loss) per diluted share
|
$ | 0.17 | $ | 0.41 | $ | 0.22 | $ | (0.01 | ) | $ | 0.19 | |||||||||
Dividend per common share
|
$ | 0.04 | $ | 0.04 | $ | 0.04 | $ | 0.04 | $ | 0.04 | ||||||||||
Average number of basic shares
|
10,780,141 | 10,768,104 | 10,004,138 | 8,505,016 | 6,848,505 | |||||||||||||||
Average number of dilutive shares
|
10,891,654 | 10,891,654 | 10,117,380 | 8,609,164 | 6,950,749 | |||||||||||||||
(1) Financial information as of December 31, 2013 has been derived from audited financial statements.
|
Old Line Bancshares, Inc. & Subsidiaries
|
||||||||||||||||||||||||||||||||||||||||
Average Balances, Interest and Yields
|
||||||||||||||||||||||||||||||||||||||||
3/31/2014
|
12/31/2013
|
9/30/2013
|
6/30/2013
|
3/31/2013
|
||||||||||||||||||||||||||||||||||||
Average
Balance
|
Yield
|
Average
Balance
|
Yield
|
Average
Balance
|
Yield
|
Average
Balance
|
Yield
|
Average
Balance
|
Yield
|
|||||||||||||||||||||||||||||||
Assets:
|
||||||||||||||||||||||||||||||||||||||||
Int. Bearing Deposits
|
$ | 1,352,504 | 0.12 | % | $ | 2,903,193 | 0.11 | % | $ | 2,997,163 | 0.09 | % | $ | 6,978,382 | 0.11 | % | $ | 1,870,920 | 0.15 | % | ||||||||||||||||||||
Investment Securities
|
174,564,325 | 3.06 | % | 188,455,728 | 2.82 | % | 193,421,563 | 2.70 | % | 180,559,860 | 2.81 | % | 168,672,425 | 3.06 | % | |||||||||||||||||||||||||
Loans
|
851,079,999 | 5.00 | % | 837,359,182 | 5.54 | % | 817,877,455 | 5.67 | % | 721,222,893 | 5.28 | % | 605,701,991 | 5.35 | % | |||||||||||||||||||||||||
Allowance for Loan Losses
|
(5,001,250 | ) | (4,609,398 | ) | (4,353,910 | ) | (4,164,025 | ) | (4,058,816 | ) | ||||||||||||||||||||||||||||||
Total Loans
Net of allowance
|
846,078,749 | 5.03 | % | 832,749,784 | 5.57 | % | 813,523,545 | 5.71 | % | 717,058,868 | 5.31 | % | 601,643,175 | 5.39 | % | |||||||||||||||||||||||||
Total interest-earning assets
|
1,021,995,578 | 4.69 | % | 1,024,108,705 | 5.05 | % | 1,009,942,271 | 5.11 | % | 904,597,110 | 4.77 | % | 772,186,520 | 4.87 | % | |||||||||||||||||||||||||
Noninterest bearing cash
|
36,258,104 | 38,364,347 | 40,562,522 | 45,762,911 | 25,465,996 | |||||||||||||||||||||||||||||||||||
Other Assets
|
110,237,569 | 111,316,325 | 113,104,275 | 85,200,150 | 62,206,398 | |||||||||||||||||||||||||||||||||||
Total Assets
|
$ | 1,168,491,251 | $ | 1,173,789,377 | $ | 1,163,609,068 | $ | 1,035,560,171 | $ | 859,858,914 | ||||||||||||||||||||||||||||||
Liabilities and Stockholders' Equity
|
||||||||||||||||||||||||||||||||||||||||
Interest-bearing Deposits
|
$ | 751,439,481 | 0.48 | % | $ | 754,128,604 | 0.49 | % | $ | 770,907,260 | 0.50 | % | $ | 686,544,106 | 0.56 | % | $ | 552,649,682 | 0.63 | % | ||||||||||||||||||||
Borrowed Funds
|
51,661,794 | 0.93 | % | 53,222,290 | 0.91 | % | 41,022,029 | 1.08 | % | 41,494,215 | 1.35 | % | 40,335,859 | 1.13 | % | |||||||||||||||||||||||||
Total interest-bearing
liabilities
|
803,101,275 | 0.51 | % | 807,350,894 | 0.51 | % | 811,929,289 | 0.53 | % | 728,038,321 | 0.61 | % | 592,985,541 | 0.66 | % | |||||||||||||||||||||||||
Noninterest bearing deposits
|
229,229,562 | 228,810,018 | 226,431,720 | 205,050,472 | 187,697,564 | |||||||||||||||||||||||||||||||||||
1,032,330,837 | 1,036,160,912 | 1,038,361,009 | 933,088,793 | 780,683,105 | ||||||||||||||||||||||||||||||||||||
Other Liabilities
|
10,813,815 | 8,360,917 | 7,569,553 | 6,624,502 | 6,909,547 | |||||||||||||||||||||||||||||||||||
Noncontrolling Interest
|
285,355 | 300,800 | 363,349 | 369,671 | 387,467 | |||||||||||||||||||||||||||||||||||
Stockholder's Equity
|
125,061,244 | 128,966,748 | 117,315,157 | 95,477,205 | 71,878,795 | |||||||||||||||||||||||||||||||||||
Total Liabilities and
Stockholder's Equity
|
$ | 1,168,491,251 | $ | 1,173,789,377 | $ | 1,163,609,068 | $ | 1,035,560,171 | $ | 859,858,914 | ||||||||||||||||||||||||||||||
Net interest spread
|
4.18 | % | 4.54 | % | 4.58 | % | 4.16 | % | 4.21 | % | ||||||||||||||||||||||||||||||
Net interest income and
Net interest margin(1)
|
$ | 10,809,169 | 4.29 | % | $ | 11,986,354 | 4.64 | % | $ | 11,933,938 | 4.69 | % | $ | 9,657,000 | 4.28 | % | $ | 8,299,213 | 4.36 | % |
(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.”
|
(2)
|
Available for sale investment securities are presented at amortized cost.
|
3/31/2014
|
12/31/2013
|
9/30/2013
|
6/30/2013
|
3/31/2013
|
||||||||||||||||||||||||||||||||||||
|
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
|
% Impact on
Net Interest
Margin
|
Fair Value
Accretion
Dollars
|
% Impact on
Net Interest
Margin
|
||||||||||||||||||||||||||||||
Commercial loans (1)
|
$ | 7,468 | 0.00 | % | $ | 102 | 0.00 | % | $ | 14,763 | 0.01 | % | $ | 38,933 | 0.02 | % | $ | 209,144 | 0.11 | % | ||||||||||||||||||||
Mortgage loans (1)
|
287,526 | 0.11 | 1,322,480 | 0.51 | 1,221,653 | 0.48 | 173,261 | 0.07 | (4,500 | ) | (0.00 | ) | ||||||||||||||||||||||||||||
Consumer loans
|
4,635 | 0.00 | 7,821 | 0.00 | 6,032 | 0.00 | 2,876 | 0.00 | 2,371 | 0.00 | ||||||||||||||||||||||||||||||
Interest bearing deposits
|
129,327 | 0.05 | 164,527 | 0.06 | 178,556 | 0.07 | 85,046 | 0.05 | 33,461 | 0.02 | ||||||||||||||||||||||||||||||
Total Fair Value Accretion
|
$ | 428,956 | 0.16 | % | $ | 1,494,930 | 0.57 | % | $ | 1,421,004 | 0.56 | % | $ | 300,116 | 0.14 | % | $ | 240,476 | 0.13 | % | ||||||||||||||||||||
3/31/2014
|
12/31/2013
|
9/30/2013
|
6/30/2013
|
3/31/2013
|
||||||||||||||||||||||||||||||||||||
Net Interest
Income
|
Yield
|
Net Interest
Income
|
Yield
|
Net Interest
Income
|
Yield
|
Net Interest
Income
|
Yield
|
Net Interest
Income
|
Yield
|
|||||||||||||||||||||||||||||||
GAAP net interest income
|
$ | 10,359,291 | 4.11 | % | $ | 11,534,123 | 4.46 | % | $ | 11,475,835 | 4.51 | % | $ | 9,203,177 | 4.08 | % | $ | 7,847,450 | 4.12 | % | ||||||||||||||||||||
Tax equivalent adjustment
|
||||||||||||||||||||||||||||||||||||||||
Federal funds sold
|
- | - | - | - | - | - | 1 | 0.00 | 2 | 0.00 | ||||||||||||||||||||||||||||||
Investment securities
|
281,377 | 0.11 | 282,137 | 0.11 | 286,755 | 0.11 | 285,049 | 0.13 | 287,612 | 0.15 | ||||||||||||||||||||||||||||||
Loans
|
168,501 | 0.07 | 170,094 | 0.07 | 171,348 | 0.07 | 168,773 | 0.07 | 164,149 | 0.09 | ||||||||||||||||||||||||||||||
Total tax equivalent adjustment
|
449,878 | 0.18 | 452,231 | 0.18 | 458,103 | 0.18 | 453,823 | 0.20 | 451,763 | 0.24 | ||||||||||||||||||||||||||||||
Tax equivalent interest yield
|
$ | 10,809,169 | 4.29 | % | $ | 11,986,354 | 4.64 | % | $ | 11,933,938 | 4.69 | % | $ | 9,657,000 | 4.28 | % | $ | 8,299,213 | 4.36 | % | ||||||||||||||||||||
Old Line Bancshares, Inc. & Subsidiaries
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Selected Loan Information
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(Dollars in thousands)
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March 31,
2014
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December 31,
2013
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September 30,
2013
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June 30,
2013
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March 31,
2013
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Acquired Loans(1)
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Non-accrual(2)
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$ | 861 | $ | 663 | $ | - | $ | - | $ | 4,064 | ||||||||||
Accruing 30-89 days past due
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2,977 | 3,198 | 2,985 | 6,965 | 802 | |||||||||||||||
Accruing 90 or more days past due(4)
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477 | - | 2,434 | 15,251 | - | |||||||||||||||
Legacy Loans(3)
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Non-accrual
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$ | 7,202 | $ | 8,156 | $ | 1,870 | $ | 1,889 | $ | 1,388 | ||||||||||
Accruing 30-89 days past due
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1,601 | 1,574 | 2,292 | 2,607 | 2,077 | |||||||||||||||
Accruing 90 or more days past due
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218 | 2 | 1,951 | - | - | |||||||||||||||
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Allowance for loan losses as % of held for investment loans
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0.57 | % | 0.58 | % | 0.55 | % | 0.54 | % | 0.66 | % | ||||||||||
Allowance for loan losses as % of legacy loans
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0.76 | % | 0.78 | % | 0.77 | % | 0.83 | % | 0.84 | % | ||||||||||
Total non-performing loans as a % of held for investment loans
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1.56 | % | 1.73 | % | 0.77 | % | 2.18 | % | 0.89 | % | ||||||||||
Total non-performing assets as a % of total assets
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1.12 | % | 1.27 | % | 1.03 | % | 1.96 | % | 0.94 | % |
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(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. Until the December 31, 2013 quarter, we recognized interest income on these loans through the accretion of the difference between the carrying value of these loans and their expected cash flows. In the fourth quarter of 2013, we are no longer recording interest on these loans that were not purchased as credit impaired.
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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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(4)
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Previously reported non-accrual loans have been reclassified due to the accretion of income and are reported on a past due basis.
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