333-185041 | ||||
333-185043 | ||||
Illinois | 333-185044 | 20-4718752 | ||
(State or other jurisdiction of incorporation) | (Commission File No.) | (IRS Employer Identification No.) |
2801 Black Road, Joliet, IL | 60435 | |||
(Address of Principal Executive Offices) | (Zip Code) |
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 230.425) |
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
(d) | Exhibits. |
Exhibit No. | Description | |
99.1 | Press Release dated February 19, 2014 |
FIRST COMMUNITY FINANCIAL PARTNERS, INC. | |
Date: February 19, 2014 | /s/ Roy C. Thygesen |
Roy C. Thygesen | |
Chief Executive Officer | |
(Principal Executive Officer) | |
Exhibit No. | Description | |
99.1 | Press Release dated February 19, 2014 |
• | Net income available to common shareholders increased $20.5 million to $20.6 million for the year ended December 31, 2013 compared to $104,000 for the year ended December 31, 2012. |
• | Book value per common share increased $1.10 to $5.24 at December 31, 2013, compared to $4.14 at December 31, 2012. |
• | First Community repurchased $16.8 million of its outstanding $22.0 million Fixed Rate Cumulative Perpetual Preferred Stock, Series B (the “Series B Preferred Stock”), during 2013. The 16,824 preferred shares, with a liquidation preference of $1,000 per share, were repurchased at a cost of $11.9 million resulting in a gain attributable to common shareholders of $4.9 million. |
• | Loan growth before loan sales and chargeoffs was $41.0 million during 2013 which included $15.3 million of loan growth in commercial and residential 1-4 family loans. Loan commitments increased $25.7 million during 2013. |
• | Nonperforming loans decreased $4.7 million to $23.2 million or 3.56% of total loans at December 31, 2013, compared with $27.9 million or 4.39% of total loans at December 31, 2012. Current year asset sales, charge-offs and a continued focus on asset quality contributed to the improvement in 2013. |
• | Total criticized and classified loans decreased $41.5 million to $57.0 million at December 31, 2013. |
• | Noninterest expense continued to improve as a result of the 2013 merger of First Community’s four bank subsidiaries and overall improved operating performance. Noninterest expense for the year was $20.2 million which was a $1.6 million improvement over $21.8 million in the prior year. |
• | Income before income taxes and provision for loan losses increased from $2.3 million for the third quarter of 2014 to $2.8 million for the fourth quarter of 2014. |
• | Net interest income increased $0.1 million to $7.2 million for the fourth quarter of 2014 from the third quarter of 2014. |
• | Noninterest income increased $0.2 million to $0.4 million for the fourth quarter of 2014 from the third quarter of 2014. |
• | Noninterest expense decreased $0.2 million to $4.9 million for the fourth quarter of 2014 from the third quarter of 2014. |
• | Loan growth before loan sales and charge-offs was $7.8 million during the fourth quarter of 2013. Loan commitments increased $5.8 million during the fourth quarter of 2013. |
• | Total criticized and classified loans decreased $11.4 million to $57.0 million during the fourth quarter of 2013. |
First Community Financial Partners, Inc. and Subsidiaries | |||||||||
Consolidated Balance Sheets | |||||||||
December 31, 2013 | September 30, 2013 | December 31, 2012 | |||||||
Assets | (dollars in thousands)(unaudited) | ||||||||
Cash and due from banks | $ | 10,815 | $ | 14,142 | $ | 14,933 | |||
Interest-bearing deposits in banks | 29,292 | 7,559 | 132,152 | ||||||
Securities available for sale | 141,316 | 143,144 | 108,961 | ||||||
Nonmarketable equity securities | 967 | 967 | 967 | ||||||
Loans held for sale | 2,619 | 2,118 | — | ||||||
Loans, net of allowance for loan losses of $15,820 in December 2013; $20,203 in September 2013; $22,878 in December in 2012 | 636,311 | 638,837 | 614,236 | ||||||
Premises and equipment, net | 16,380 | 16,586 | 16,990 | ||||||
Foreclosed assets | 4,416 | 4,205 | 3,419 | ||||||
Cash surrender value of life insurance | 4,513 | 4,476 | 4,366 | ||||||
Deferred tax asset | 16,781 | 16,603 | 1,566 | ||||||
Accrued interest receivable and other assets | 4,166 | 3,772 | 5,010 | ||||||
Total assets | $ | 867,576 | $ | 852,409 | $ | 902,600 | |||
Liabilities and Shareholders' Equity | |||||||||
Liabilities | |||||||||
Deposits | |||||||||
Noninterest-bearing | $ | 111,955 | $ | 114,687 | $ | 114,116 | |||
Interest-bearing | 613,446 | 583,643 | 666,546 | ||||||
Total deposits | 725,401 | 698,330 | 780,662 | ||||||
Other borrowed funds | 25,563 | 38,659 | 25,695 | ||||||
Subordinated debt | 19,305 | 19,298 | 4,060 | ||||||
Accrued interest payable and other liabilities | 5,720 | 3,462 | 4,252 | ||||||
Total liabilities | 775,989 | 759,749 | 814,669 | ||||||
First Community Financial Partners, Inc. shareholders' equity | |||||||||
Preferred stock, Series A, non-cumulative convertible, $1.00 par value; 5,000 shares authorized; no shares issued and outstanding at December 31, 2013, September 30, 2013 and December 31, 2012 | — | — | — | ||||||
Preferred stock, Series B, 5% cumulative perpetual, $1.00 par value; 22,000 shares authorized; 5,176 shares issued and outstanding at December 31, 2013 and September 30, 2013 and 22,000 shares issued and outstanding at December 31, 2012 | 5,176 | 5,176 | 22,000 | ||||||
Preferred stock, Series C, 9% cumulative perpetual, $1.00 par value; 1,100 shares authorized; 1,100 shares issued and outstanding at December 31, 2013, September 30, 2013 and December 31, 2012 | 892 | 837 | 672 | ||||||
Common stock, $1.00 par value; 60,000,000 shares authorized; 16,333,582 shares issued and outstanding at December 31, 2013, 16,221,413 shares issued and outstanding at September 30, 2013 and 12,175,401 shares issued and outstanding at December 31, 2012 | 16,334 | 16,221 | 12,175 | ||||||
Additional paid-in capital | 81,241 | 81,292 | 70,113 | ||||||
Accumulated deficit | (12,381 | ) | (11,469 | ) | (33,019 | ) | |||
Accumulated other comprehensive income | 325 | 603 | 1,198 | ||||||
Total First Community Financial Partners, Inc. shareholders' equity | 91,587 | 92,660 | 73,139 | ||||||
Non-controlling interest | — | — | 14,792 | ||||||
Total shareholders' equity | 91,587 | 92,660 | 87,931 | ||||||
Total liabilities and shareholders' equity | $ | 867,576 | $ | 852,409 | $ | 902,600 |
First Community Financial Partners, Inc. and Subsidiaries | |||||||||||||||
Consolidated Statements of Operations | |||||||||||||||
For the three months ended | For the years ended | ||||||||||||||
December 31, 2013 | September 30, 2013 | December 31, 2012 | December 31, 2013 | December 31, 2012 | |||||||||||
Interest income: | (dollars in thousands)(unaudited) | ||||||||||||||
Loans, including fees | $ | 8,137 | $ | 8,041 | $ | 8,658 | $ | 32,664 | $ | 36,626 | |||||
Securities | 650 | 536 | 428 | 2,056 | 1,648 | ||||||||||
Federal funds sold and other | 13 | 32 | 67 | 178 | 248 | ||||||||||
Total interest income | 8,800 | 8,609 | 9,153 | 34,898 | 38,522 | ||||||||||
Interest expense: | |||||||||||||||
Deposits | 1,149 | 1,179 | 1,655 | 4,936 | 7,894 | ||||||||||
Federal funds purchased, other borrowed funds and subordinated debt | 452 | 335 | 103 | 1,270 | 405 | ||||||||||
Total interest expense | 1,601 | 1,514 | 1,758 | 6,206 | 8,299 | ||||||||||
Net interest income | 7,199 | 7,095 | 7,395 | 28,692 | 30,223 | ||||||||||
Provision for loan losses | 4,086 | 1,216 | 1,511 | 8,002 | 7,062 | ||||||||||
Net interest income after provision for loan losses | 3,113 | 5,879 | 5,884 | 20,690 | 23,161 | ||||||||||
Noninterest income: | |||||||||||||||
Service charges on deposit accounts | 126 | 133 | 128 | 436 | 455 | ||||||||||
Gain on sale of loans | 88 | — | — | 353 | 339 | ||||||||||
Gain on sale of securities | 4 | — | — | 4 | 17 | ||||||||||
Mortgage fee income | 91 | 63 | 63 | 368 | 288 | ||||||||||
Other | 115 | 110 | 140 | 478 | 551 | ||||||||||
424 | 306 | 331 | 1,639 | 1,650 | |||||||||||
Noninterest expenses: | |||||||||||||||
Salaries and employee benefits | 2,769 | 2,709 | 2,259 | 10,666 | 9,805 | ||||||||||
Occupancy and equipment expense | 578 | 560 | 609 | 2,229 | 2,421 | ||||||||||
Data processing | 115 | 219 | 277 | 860 | 1,179 | ||||||||||
Professional fees | 280 | 521 | 1,189 | 1,424 | 2,975 | ||||||||||
Advertising and business development | 231 | 61 | 75 | 654 | 405 | ||||||||||
Loan workout | 70 | 66 | 35 | 180 | (43 | ) | |||||||||
Foreclosed assets, net of rental income | 52 | 57 | 53 | 250 | 380 | ||||||||||
Loss on sale of foreclosed assets, net | (28 | ) | — | 216 | 168 | 936 | |||||||||
Other expense | 786 | 886 | 644 | 3,816 | 3,779 | ||||||||||
4,853 | 5,079 | 5,357 | 20,247 | 21,837 | |||||||||||
(Loss) income before income taxes and non-controlling interest | (1,316 | ) | 1,106 | 858 | 2,082 | 2,974 | |||||||||
Income tax (benefit) expense | (572 | ) | (14,102 | ) | (172 | ) | (14,640 | ) | 341 | ||||||
Income (loss) before non-controlling interest | (744 | ) | 15,208 | 1,030 | 16,722 | 2,633 | |||||||||
Net income attributable to non-controlling interest | — | — | 185 | 54 | 1,110 | ||||||||||
Net (loss) income applicable to First Community Financial Partners, Inc. | (744 | ) | 15,208 | 845 | 16,668 | 1,523 | |||||||||
Dividends, accretion and discount on preferred shares | (177 | ) | (236 | ) | (355 | ) | (963 | ) | (1,419 | ) | |||||
Redemption of preferred shares | — | 1,988 | — | 4,933 | — | ||||||||||
Net (loss) income applicable to common shareholders | $ | (921 | ) | $ | 16,960 | $ | 490 | $ | 20,638 | $ | 104 |
2013 | 2012 | ||||||||||||||
Fourth Quarter | Third Quarter | Second Quarter | First Quarter | Fourth Quarter | |||||||||||
Selected Operating Data | (dollars in thousands, except per share data)(unaudited) | ||||||||||||||
Interest income | $ | 8,800 | $ | 8,609 | $ | 8,595 | $ | 8,890 | $ | 9,153 | |||||
Interest expense | 1,601 | 1,514 | 1,575 | 1,519 | 1,758 | ||||||||||
Net interest income | 7,199 | 7,095 | 7,020 | 7,371 | 7,395 | ||||||||||
Provision for loan losses | 4,086 | 1,216 | 1,468 | 1,232 | 1,511 | ||||||||||
Net interest income after provision for loan losses | 3,113 | 5,879 | 5,552 | 6,139 | 5,884 | ||||||||||
Noninterest income | 424 | 306 | 317 | 592 | 335 | ||||||||||
Noninterest expense | 4,853 | 5,079 | 5,066 | 5,249 | 5,361 | ||||||||||
Income (loss) before income taxes | (1,316 | ) | 1,106 | 803 | 1,482 | 858 | |||||||||
Income tax (benefit) expense | (572 | ) | (14,102 | ) | — | 34 | (172 | ) | |||||||
Income (loss) before non-controlling interest | (744 | ) | 15,208 | 803 | 1,448 | 1,030 | |||||||||
Net income attributable to non-controlling interests | — | — | — | 54 | 185 | ||||||||||
Net income (loss) applicable to First Community Financial Partners, Inc. | (744 | ) | 15,208 | 803 | 1,394 | 845 | |||||||||
Dividends and accretion on preferred shares | (177 | ) | (236 | ) | (236 | ) | (314 | ) | (355 | ) | |||||
Redemption of preferred shares | — | 1,988 | — | 2,945 | $ | — | |||||||||
Net income (loss) applicable to common shareholders | $ | (921 | ) | $ | 16,960 | $ | 567 | $ | 4,025 | $ | 490 | ||||
Per Share Data | |||||||||||||||
Basic earnings (loss) per common share | $ | (0.06 | ) | $ | 1.05 | $ | 0.04 | $ | 0.31 | $ | 0.04 | ||||
Diluted earnings per common share | $ | (0.06 | ) | $ | 1.03 | $ | 0.03 | $ | 0.31 | $ | 0.04 | ||||
Book value per common share | $ | 5.24 | $ | 5.34 | $ | 4.29 | $ | 4.30 | $ | 4.14 | |||||
Weighted average common shares - basic | 16,231,167 | 16,198,676 | 16,155,938 | 13,019,954 | 12,065,771 | ||||||||||
Weighted average common shares - diluted | 16,231,167 | 16,403,793 | 16,299,591 | 13,120,382 | 12,222,148 | ||||||||||
Common shares outstanding-end of period | 16,333,582 | 16,221,413 | 16,175,938 | 16,175,938 | 12,175,401 | ||||||||||
Performance Ratios | |||||||||||||||
Return on average assets | (0.42 | )% | 8.05 | % | 0.27 | % | 1.81 | % | 0.22 | % | |||||
Return on average common equity | (3.40 | )% | 71.68 | % | 2.72 | % | 4.93 | % | 2.25 | % | |||||
Net interest margin | 3.52 | % | 3.47 | % | 3.39 | % | 3.44 | % | 3.48 | % | |||||
Interest rate spread | 3.32 | % | 3.26 | % | 3.19 | % | 3.26 | % | 3.28 | % | |||||
Efficiency ratio (1) | 63.66 | % | 68.63 | % | 67.52 | % | 65.68 | % | 69.35 | % | |||||
Average interest-earning assets to average interest-bearing liabilities | 125.67 | % | 128.05 | % | 126.06 | % | 126.13 | % | 124.85 | % | |||||
Average loans to average deposits | 92.97 | % | 92.29 | % | 88.94 | % | 83.30 | % | 85.15 | % |
Footnotes: |
(1) We calculate our efficiency ratio by dividing noninterest expense by the sum of net interest income and noninterest income. |
Year-to-Date | ||||||
December 31, | ||||||
2013 | 2012 | |||||
Selected Operating Data | (dollars in thousands, except per share data)(unaudited) | |||||
Interest income | $ | 34,898 | $ | 38,522 | ||
Interest expense | 6,206 | 8,299 | ||||
Net interest income | 28,692 | 30,223 | ||||
Provision for loan losses | 8,002 | 7,062 | ||||
Net interest income after provision for loan losses | 20,690 | 23,161 | ||||
Noninterest income | 1,639 | 1,650 | ||||
Noninterest expense | 20,247 | 21,837 | ||||
Income before income taxes | 2,082 | 2,974 | ||||
Income tax (benefit) expense | (14,640 | ) | 341 | |||
Income before non-controlling interest | 16,722 | 2,633 | ||||
Net income attributable to non-controlling interests | 54 | 1,110 | ||||
Net income applicable to First Community Financial Partners, Inc. | 16,668 | 1,523 | ||||
Dividends and accretion on preferred shares | (963 | ) | (1,419 | ) | ||
Redemption of preferred shares | 4,933 | — | ||||
Net income applicable to common shareholders | $ | 20,638 | $ | 104 | ||
Per Share Data | ||||||
Basic earnings per common share | $ | 1.31 | $ | 0.01 | ||
Diluted earnings per common share | $ | 1.29 | $ | 0.01 | ||
Book value per common share | $ | 5.24 | $ | 4.14 | ||
Weighted average common shares - basic | 15,772,940 | 12,047,894 | ||||
Weighted average common shares - diluted | 15,973,852 | 12,187,925 | ||||
Common shares outstanding-end of period | 16,333,582 | 12,175,401 | ||||
Performance Ratios | ||||||
Return on average assets | 2.34 | % | 0.01 | % | ||
Return on average common equity | 26.20 | % | 0.14 | % | ||
Net interest margin | 3.52 | % | 3.55 | % | ||
Interest rate spread | 3.32 | % | 3.31 | % | ||
Efficiency ratio (1) | 66.80 | % | 68.46 | % | ||
Average interest-earning assets to average interest-bearing liabilities | 122.27 | % | 124.57 | % | ||
Average loans to average deposits | 86.87 | % | 87.23 | % |
Footnotes: |
(1) We calculate our efficiency ratio by dividing noninterest expense by the sum of net interest income and noninterest income. |
December 31, 2013 | September 30, 2013 | June 30, 2013 | March 30, 2013 | December 31, 2012 | |||||||||||
Select Balance Sheet Data | (dollars in thousands)(unaudited) | ||||||||||||||
Total assets | $ | 867,576 | $ | 852,409 | $ | 837,108 | $ | 867,520 | $ | 902,600 | |||||
Total securities (1) | 142,283 | 144,111 | 116,270 | 105,270 | 109,928 | ||||||||||
Loans | 652,131 | 659,040 | 648,081 | 643,354 | 637,114 | ||||||||||
Allowance for loan losses | (15,820 | ) | (20,203 | ) | (20,634 | ) | (21,931 | ) | (22,878 | ) | |||||
Net loans | 636,311 | 638,837 | 627,447 | 621,423 | 614,236 | ||||||||||
Total deposits | 725,401 | 698,330 | 708,412 | 747,846 | 780,662 | ||||||||||
Subordinated debt | 19,305 | 19,298 | 13,791 | 13,783 | 4,060 | ||||||||||
Other borrowed funds | 25,563 | 38,659 | 28,536 | 19,769 | 25,695 | ||||||||||
Shareholders’ equity (3) | 91,587 | 92,660 | 82,756 | 82,759 | 87,931 | ||||||||||
Asset Quality Ratios | |||||||||||||||
Non-performing loans (2) | 23,194 | 20,303 | 26,429 | 31,218 | 27,941 | ||||||||||
Non-performing assets (4) | 27,610 | 24,517 | 29,014 | 34,637 | 31,360 | ||||||||||
Non-performing loans(2) to total loans | 3.56 | % | 3.08 | % | 4.08 | % | 4.85 | % | 4.39 | % | |||||
Non-performing assets(4) to total assets | 3.18 | % | 2.88 | % | 3.47 | % | 3.99 | % | 3.10 | % | |||||
Allowance for loan losses to non-performing loans | 68.21 | % | 99.46 | % | 78.07 | % | 70.25 | % | 81.88 | % | |||||
Allowance for loan losses to total loans | 2.43 | % | 3.07 | % | 3.18 | % | 3.41 | % | 3.59 | % | |||||
Capital Ratios | |||||||||||||||
Average equity to average total assets | 12.30 | % | 9.91 | % | 9.77 | % | 9.84 | % | 9.90 | % | |||||
Tier 1 leverage | 8.87 | % | 9.22 | % | 9.41 | % | 9.15 | % | 9.87 | % | |||||
Tier 1 risk-based capital | 9.77 | % | 10.48 | % | 11.53 | % | 12.02 | % | 12.60 | % | |||||
Total risk-based capital | 13.55 | % | 14.41 | % | 14.80 | % | 15.33 | % | 14.46 | % |
Footnotes: |
(1) Includes available for sale securities recorded at fair value and Federal Home Loan Bank stock at cost. |
(2) Non-performing loans include loans on nonaccrual status and those past due more than 90 days and still accruing interest. |
(3) Includes shareholders’ equity attributable to outstanding shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series B, and Fixed Rate Cumulative Perpetual Preferred Stock, Series C. |
(4) Non-performing assets consist of non-performing loans and other real estate owned. |
December 31, 2013 | Percent of Gross Loans | September 30, 2013 | Percent of Gross Loans | December 31, 2012 | Percent of Gross Loans | ||||||||||
(dollars in thousands)(unaudited) | |||||||||||||||
Construction and Land Development | $ | 20,745 | 3.18 | % | $ | 21,694 | 3.29 | % | $ | 30,494 | 4.78 | % | |||
Farmland and Agricultural Production | 8,505 | 1.30 | % | 8,656 | 1.31 | % | 7,211 | 1.13 | % | ||||||
Residential 1-4 Family | 86,770 | 13.30 | % | 80,208 | 12.16 | % | 77,567 | 12.17 | % | ||||||
Commercial Real Estate | 366,689 | 56.20 | % | 383,320 | 58.14 | % | 366,901 | 57.57 | % | ||||||
Commercial | 159,427 | 24.44 | % | 155,116 | 23.53 | % | 140,895 | 22.10 | % | ||||||
Consumer and other | 10,315 | 1.58 | % | 10,362 | 1.57 | % | 14,361 | 2.25 | % | ||||||
652,451 | 100.00 | % | 659,356 | 100.00 | % | 637,429 | 100.00 | % | |||||||
Net deferred loan (fees) costs | (320 | ) | (316 | ) | (315 | ) | |||||||||
Allowance for loan losses | (15,820 | ) | (20,203 | ) | (22,878 | ) | |||||||||
$ | 636,311 | $ | 638,837 | $ | 614,236 | ||||||||||
Loans Held for Sale | $ | 2,619 | $ | 2,118 | $ | — |
Commercial Real Estate | December 31, 2013 | Percent of Total | September 30, 2013 | Percent of Total | December 31, 2012 | Percent of Total | |||||||||
(dollars in thousands)(unaudited) | |||||||||||||||
Multifamily | $ | 21,939 | 5.98 | % | $ | 23,002 | 6.00 | % | $ | 17,632 | 4.81 | % | |||
Retail | 94,254 | 25.70 | % | 106,955 | 27.90 | % | 102,646 | 27.98 | % | ||||||
Office | 36,095 | 9.84 | % | 42,886 | 11.19 | % | 49,911 | 13.60 | % | ||||||
Industrial and Warehouse | 64,176 | 17.50 | % | 55,029 | 14.35 | % | 50,562 | 13.78 | % | ||||||
Health Care | 34,771 | 9.48 | % | 36,248 | 9.46 | % | 22,215 | 6.05 | % | ||||||
Other | 115,454 | 31.50 | % | 119,200 | 31.10 | % | 123,935 | 33.78 | % | ||||||
Total Commercial Real Estate Loans | $ | 366,689 | 100.00 | % | $ | 383,320 | 100.00 | % | $ | 366,901 | 100.00 | % |
At or for the Three Months Ended | |||||||||
December 31, 2013 | September 30, 2013 | December 30, 2012 | |||||||
Nonperforming Assets: | (dollars in thousands) (unaudited) | ||||||||
Loans past due 90 days or more still accruing interest | $ | 351 | $ | 50 | $ | — | |||
Nonaccrual Loans: | |||||||||
Construction and Land Development | 4,436 | 582 | 3,397 | ||||||
Farmland and Agricultural Production | — | — | — | ||||||
Residential 1-4 Family | 681 | 2,189 | 2,313 | ||||||
Commercial Real Estate | |||||||||
Multifamily | 597 | — | — | ||||||
Retail | 7,358 | — | 2,000 | ||||||
Office | 436 | 3,247 | 4,309 | ||||||
Industrial and Warehouse | — | — | 2,621 | ||||||
Health Care | — | — | — | ||||||
Other | 4,464 | 6,177 | 9,342 | ||||||
Commercial | 4,841 | 8,028 | 3,197 | ||||||
Consumer and other | 30 | 30 | 762 | ||||||
Total nonperforming loans | $ | 23,194 | $ | 20,303 | $ | 27,941 | |||
Foreclosed assets | 4,416 | 4,205 | $ | 3,419 | |||||
Total non-performing assets | $ | 27,610 | $ | 24,508 | $ | 31,360 | |||
Other Credit Quality Information: | |||||||||
Criticized and classified loans, excluding consumer | |||||||||
Special mention | $ | 31,444 | $ | 34,741 | $ | 59,746 | |||
Substandard | 17,181 | 23,221 | 28,277 | ||||||
Doubtful | 8,368 | 10,420 | 10,469 | ||||||
Total criticized and classified loans | $ | 56,993 | $ | 68,382 | $ | 98,492 | |||
Loans past due 30-89 days | $ | 1,821 | $ | 5,162 | $ | 3,827 | |||
Performing restructured loans | 3,167 | 9,259 | 12,817 | ||||||
Recorded balance of impaired loans | 28,629 | 29,513 | 40,193 | ||||||
Allowance for loan losses related to impaired loans | 2,420 | 1,268 | 1,287 | ||||||
Allowance for Loan Losses Summary: | |||||||||
Allowance at beginning of period | $ | 20,203 | $ | 20,634 | $ | 25,491 | |||
Charge-offs | 9,351 | 2,316 | 4,857 | ||||||
Recoveries | 882 | 669 | 733 | ||||||
Net charge-offs | 8,469 | 1,647 | 4,124 | ||||||
Provision for loan losses | 4,086 | 1,216 | 1,511 | ||||||
Allowance at end of period | $ | 15,820 | $ | 20,203 | $ | 22,878 | |||
Key Credit Ratios: | |||||||||
Non-performing loans to total loans | 3.56 | % | 3.08 | % | 4.39 | % | |||
Nonperforming assets to total loans plus foreclosed assets | 4.20 | % | 3.69 | % | 4.89 | % | |||
Nonperforming assets to total assets | 3.18 | % | 2.88 | % | 3.10 | % | |||
Annualized net charge-offs to average total loans | 5.14 | % | 1.01 | % | 2.50 | % | |||
Allowance to total loans at end of period | 2.43 | % | 3.07 | % | 3.59 | % | |||
Allowance to non-performing loans | 68.21 | % | 99.46 | % | 81.88 | % | |||
30-89 days past due to total loans | 0.28 | % | 0.78 | % | 0.60 | % |
As of December 31, 2013 | ||||||||||||||||||||||||
Current | 30-59 Days Past Due | 60-89 Days Past Due | 90+ Days Past Due and Still Accruing | Total Accruing Loans | Nonaccrual Loans | Total Loans | Allowance for Loan Loss Allocation | |||||||||||||||||
(dollars in thousands)(unaudited) | ||||||||||||||||||||||||
Construction and Land Development | $ | 16,309 | $ | — | $ | — | — | $ | 16,309 | $ | 4,436 | $ | 20,745 | $ | 2,711 | |||||||||
Farmland and Agricultural Production | 8,505 | — | — | — | 8,505 | — | 8,505 | 427 | ||||||||||||||||
Residential 1-4 Family | 85,965 | 67 | 57 | — | 86,089 | 681 | 86,770 | 1,440 | ||||||||||||||||
Commercial Real Estate | 351,798 | 1,685 | — | 351 | 353,834 | 12,855 | 366,689 | 7,909 | ||||||||||||||||
Commercial | 154,586 | — | — | — | 154,586 | 4,841 | 159,427 | 3,183 | ||||||||||||||||
Consumer and other | 10,273 | 11 | 1 | — | 10,285 | 30 | 10,315 | 150 | ||||||||||||||||
Total | $ | 627,436 | $ | 1,763 | $ | 58 | $ | 351 | $ | 629,608 | $ | 22,843 | $ | 652,451 | $ | 15,820 |
December 31, 2013 | Percent of Deposits | September 30, 2013 | Percent of Deposits | December 31, 2012 | Percent of Deposits | ||||||||||
(dollars in thousands) (unaudited) | |||||||||||||||
Non-interest bearing accounts | $ | 111,955 | 15.43 | % | 114,687 | 16.42 | % | $ | 114,116 | 14.62 | % | ||||
NOW and money market accounts | 240,537 | 33.16 | % | 207,631 | 29.73 | % | 244,441 | 31.31 | % | ||||||
Savings | 24,399 | 3.36 | % | 24,195 | 3.46 | % | 25,411 | 3.26 | % | ||||||
Time deposit certificates, $100,000 or more | 223,436 | 30.80 | % | 226,507 | 32.45 | % | 254,268 | 32.57 | % | ||||||
Other time deposit certificates | 125,074 | 17.24 | % | 125,310 | 17.94 | % | 142,426 | 18.24 | % | ||||||
Total Deposits | $ | 725,401 | 99.99 | % | $ | 698,330 | 100.00 | % | $ | 780,662 | 100.00 | % |