ASHEVILLE, N.C.,
May 1, 2012 /PRNewswire/ -- ASB
Bancorp, Inc. (the "Company") (NASDAQ GM: ASBB), the holding
company for Asheville Savings Bank, S.S.B. (the "Bank"), announced
today its operating results for the three-month period ended
March 31, 2012. The Company reported
net income of $284,000 for the three
months ended March 31, 2012 compared
to $585,000 for the three months
ended March 31, 2011. On a basic and
diluted per share basis, the Company earned $0.06 per share in the first quarter of 2012,
while it had no shares outstanding during the first quarter of
2011.
(Logo: http://photos.prnewswire.com/prnh/20111031/CL96775LOGO
)
"While we have not yet experienced a return to more normalized
earnings, we are pleased with the modest profit for the first
quarter," said Suzanne S. DeFerie,
President and Chief Executive Officer. "Given the continued
volatility in our local real estate market, we remain diligent in
the balance sheet valuations of our impaired real estate collateral
and our foreclosed property portfolio. In addition, while
commercial loan demand remains somewhat soft, we resumed our
indirect automobile lending activities in the first quarter, which
are expected to contribute to our net interest margin as portfolio
balances rise."
Balance Sheet Review
Assets. Total assets increased $6.0 million, or 0.8%, to $796.9 million at March
31, 2012 from $790.9 million
at December 31, 2011. Cash and cash
equivalents increased $7.8 million,
or 10.7%, to $80.1 million at
March 31, 2012 from $72.3 million at December
31, 2011. Investment securities increased $15.7 million, or 6.3%, during the first three
months of 2012 to $264.8 million at
March 31, 2012 from $249.1 million at December
31, 2011, primarily due to the reinvestment of proceeds from
loan repayments and prepayments that were not replaced by new loan
originations. Loans receivable, net of deferred fees, decreased
$16.6 million, or 3.8%, to
$416.3 million at March 31, 2012 from $432.9
million at December 31, 2011
as loan repayments, prepayments, and foreclosures exceeded new loan
originations.
Liabilities. Total deposits increased $2.0 million, or 0.3%, to $610.2 million at March
31, 2012 from $608.2 million
at December 31, 2011. During the
three months ended March 31, 2012,
the Company continued its focus on core deposits, from which it
excludes certificates of deposit. Core deposits increased
$9.7 million, or 2.8%, to
$359.4 million at March 31, 2012 from $349.7
million at December 31, 2011.
Over the same period, certificates of deposit decreased
$7.6 million, or 2.9%, to
$250.9 million at March 31, 2012 compared to $258.5 million at December
31, 2011. Accounts payable and other liabilities increased
$4.0 million, or 63.5%, to
$10.3 million at March 31, 2012 from $6.3
million at December 31, 2011
primarily due to a $3.4 million
increase in amounts due for the purchase of investment securities
in the process of settlement.
Asset Quality
Provision for Loan Losses. The provision for loan
losses was $598,000 for the three
months ended March 31, 2012 compared
to $657,000 for the three months
ended March 31, 2011. The decrease in
the provision was due to the combination of significantly fewer
charge-offs in the loan portfolio, a decline in impaired loans, and
lower loan balances. The allowance for loan losses totaled
$10.6 million, or 2.54% of total
loans, at March 31, 2012 compared to
$10.6 million, or 2.45% of total
loans, at December 31, 2011. We
charged off $716,000 in loans during
for the first three months of 2012 compared to $804,000 in loans charged off during the first
three months of 2011.
Nonperforming assets. Nonperforming assets totaled
$27.2 million, or 3.41% of total
assets, at March 31, 2012, compared
to $28.7 million, or 3.63% of total
assets, at December 31, 2011.
Nonperforming assets included $18.1
million in nonperforming loans and $9.1 million in foreclosed real estate at
March 31, 2012, compared to
$20.6 million and $8.1 million, respectively, at December 31, 2011.
Nonperforming loans decreased $2.5
million, or 12.1%, to $18.1
million at March 31, 2012 from
$20.6 million at December 31, 2011. The decrease in
nonperforming loans from December 31,
2011 to March 31, 2012 was
primarily attributable to loans totaling $2.2 million moving to foreclosed real estate and
loan payoffs, which were partially offset by the addition of new
loans that stopped performing during the period. At March 31, 2012, nonperforming loans included five
commercial land development loans that totaled $12.5 million, one commercial mortgage of
$833,000, four commercial and
industrial loans that totaled $2.6
million, 13 residential mortgages that totaled $1.7 million, and six home equity loans that
totaled $473,000. As of March 31, 2012, the nonperforming loans had
specific reserves of $1.3
million.
Foreclosed real estate at March 31,
2012 included 19 properties with a total carrying value of
$9.1 million compared to 18
properties with a total carrying value of $8.1 million as of December 31, 2011. During the three months ended
March 31, 2012, there were six new
properties totaling $2.2 million
added to foreclosed real estate, while five properties totaling
$1.1 million were sold.
Income Statement Analysis
Net Interest Income. Net interest income
decreased by $491,000, or 9.8%, to
$4.6 million for the three months
ended March 31, 2012 as compared to
$5.1 million for the three months
ended March 31, 2011. Total interest
and dividend income decreased by $876,000, or 12.2%, to $6.5 million for the three months ended
March 31, 2012 as compared to
$7.4 million for the three months
ended March 31, 2011, primarily as a
result of an 80 basis point decrease in yields on interest-earning
assets and a $65.7 million decrease
in average loans that partially offset a $120.7 million increase in the average balances
of investments and other interest-earning assets. The decline in
total interest and dividend income was partially offset by a
$385,000, or 16.7%, decrease in
interest expense to $1.9 million for
the three months ended March 31, 2012
compared to $2.3 million for the
three months ended March 31, 2011.
The decrease in interest expense resulted from a 22 basis point
reduction in the average rate paid on interest-bearing liabilities
and a decline of $18.8 million in the
average balances of interest-bearing liabilities during the three
month periods.
Noninterest Income. Noninterest income
increased $348,000 to $2.0 million for the three months ended
March 31, 2012 from $1.6 million for the three months ended
March 31, 2011. Factors that
contributed to the increase in noninterest income during the 2012
three-month period were an increase of $502,000 in gains from the sale of investment
securities, which was partially offset by a decrease of
$99,000 in fees from deposits and
other services and a decrease of $40,000 in mortgage banking income. The
decrease in deposit and other service charge income was primarily
the result of lower deposit overdraft fees.
Noninterest Expense. Noninterest expenses
increased $371,000 for the three
months ended March 31, 2012 as
compared to the three months ended March 31,
2011. The primary factors affecting the increase were
increases of $338,000 in salaries and
benefits, $67,000 in other
noninterest expenses, $23,000 in
advertising, $19,000 in professional
services, $12,000 in data processing
fees, and $9,000 in foreclosed
property expenses, which were partially offset by decreases of
$87,000 in FDIC insurance premiums
and $10,000 in occupancy expenses.
The increase in salaries and benefits was primarily due to a
$234,000 increase in compensation
expenses and $94,000 in expenses
related to the Bank's employee stock ownership plan for the three
months ended March 31, 2012 as
compared to the three months ended March 31,
2011. The increase in other noninterest expenses was
primarily attributable to increased expenses related to holding
company and public company compliance and reporting.
The Bank is a North Carolina
chartered stock savings bank with a community focus offering
traditional financial services through 13 full-service banking
centers located in Buncombe,
Madison, McDowell, Henderson, and Transylvania counties in Western North Carolina.
This news release, as well as other written communications made
from time to time by the Company and its subsidiaries and oral
communications made from time to time by authorized officers of the
Company, may contain statements relating to the future results of
the Company (including certain projections and business trends)
that are considered "forward-looking statements" as defined in the
Private Securities Litigation Reform Act of 1995 (the PSLRA). Such
forward-looking statements may be identified by the use of such
words as "believe," "expect," "anticipate," "should," "planned,"
"estimated," "intend" and "potential." For these statements, the
Company claims the protection of the safe harbor for
forward-looking statements contained in the PSLRA.
The Company cautions you that a number of important factors
could cause actual results to differ materially from those
currently anticipated in any forward-looking statement. Such
factors include, but are not limited to: prevailing economic and
geopolitical conditions; changes in interest rates, loan demand,
real estate values and competition; changes in accounting
principles, policies, and guidelines; changes in any applicable
law, rule, regulation or practice with respect to tax or legal
issues; and other economic, competitive, governmental, regulatory
and technological factors affecting the Company's operations,
pricing, products and services and other factors that may be
described in the Company's Annual Reports on Form 10-K and
Quarterly Reports on Form 10-Q as filed with the Securities and
Exchange Commission. The forward-looking statements are made as of
the date of this release, and, except as may be required by
applicable law or regulation, the Company assumes no obligation to
update the forward-looking statements or to update the reasons why
actual results could differ from those projected in the
forward-looking statements.
Contact:
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Suzanne S. DeFerie
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Chief Executive Officer
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(828) 254-7411
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Selected Financial Condition Data
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March
31,
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December
31,
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(dollars in thousands)
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2012
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2011*
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%
change
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Total
assets
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$
796,901
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$
790,868
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0.8%
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Cash and
cash equivalents
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|
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80,087
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72,327
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10.7%
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Investment
securities
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|
|
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264,782
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249,081
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6.3%
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Loans
receivable, net of deferred fees
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416,307
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432,883
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-3.8%
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Allowance
for loan losses
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(10,562)
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(10,627)
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0.6%
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Deposits
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610,242
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608,236
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0.3%
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FHLB
advances
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60,000
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60,000
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0.0%
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Accounts
payable and other liabilities
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10,315
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6,303
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63.7%
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Total
equity
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115,360
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115,571
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-0.2%
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* Derived
from audited consolidated financial statements.
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Selected Operating Data
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(dollars in thousands,
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Three Months
Ended
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except
shares outstanding
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March
31,
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and per
share data)
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2012
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2011*
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%
change
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Interest
and
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dividend
income
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$
6,539
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$
7,415
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-11.8%
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Interest
expense
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1,919
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2,304
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-16.7%
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Net
interest income
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4,620
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5,111
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-9.6%
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Provision
for loan losses
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598
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657
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-9.0%
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Net
interest income
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after
provision for
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loan
losses
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4,022
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4,454
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-9.7%
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Noninterest income
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1,995
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1,647
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21.1%
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Noninterest expense
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5,603
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5,232
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7.1%
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Income
before
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income tax
provision
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414
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869
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-52.4%
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Income
tax
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provision
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130
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284
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-54.2%
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Net
income
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$
284
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$
585
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-51.5%
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Net income
per
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common
share:
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Basic
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$
0.06
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n/a
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n/a
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Diluted
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$
0.06
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n/a
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n/a
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Average
shares outstanding:
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Basic
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5,149,039
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n/a
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n/a
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Diluted
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5,149,039
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n/a
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n/a
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*
Certain amounts for prior periods were reclassified to conform to
the March 31, 2012 presentation.
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Selected Average Balances and
Yields/Costs
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For the
Three Months Ended March 31,
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2012
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2011
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Average
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Yield/
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Average
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Yield/
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(dollars in thousands)
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Balance
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Cost
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Balance
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Cost
|
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Interest-earning deposits with banks
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$
67,892
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0.32%
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$
18,478
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0.24%
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Loans
receivable
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431,202
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4.76%
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496,951
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5.08%
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Investment
securities
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62,722
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2.31%
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61,361
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2.70%
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Mortgage-backed and similar securities
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193,453
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2.17%
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123,437
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2.57%
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Other
interest-earning assets
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3,873
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1.77%
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3,970
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0.82%
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Interest-bearing deposits
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550,690
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0.96%
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568,578
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1.22%
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Overnight
and short-term borrowings
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779
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0.52%
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1,737
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0.47%
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Federal
Home Loan Bank advances
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60,000
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4.03%
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60,000
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4.03%
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Interest
rate spread
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2.22%
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|
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2.80%
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Net
interest margin
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2.47%
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2.96%
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Selected Asset Quality Data
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Three Months
Ended
|
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Allowance for Loan Losses
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|
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March
31,
|
|
(dollars in thousands)
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|
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2012
|
|
2011
|
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|
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|
|
|
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|
|
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|
|
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Allowance
for loan losses, beginning of period
|
|
|
|
|
|
|
|
|
|
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$
10,627
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$
12,676
|
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Provision
for loan losses
|
|
|
|
|
|
|
|
|
|
|
|
598
|
|
657
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|
|
|
|
|
|
|
|
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|
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Charge-offs
|
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(716)
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(804)
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Recoveries
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|
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53
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|
103
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Net
charge-offs
|
|
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|
|
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(663)
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(701)
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|
|
|
|
|
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|
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Allowance
for loan losses, end of period
|
|
|
|
|
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|
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|
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$
10,562
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$
12,632
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Allowance
for loan losses as a percent of:
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Total
loans
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2.54%
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2.61%
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Total
nonperforming loans
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58.47%
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89.02%
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|
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|
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|
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|
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|
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|
|
|
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|
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Nonperforming Assets
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
|
|
(dollars in thousands)
|
|
|
|
|
|
|
|
|
|
2012
|
|
2011
|
|
% change
|
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Nonperforming Loans:
|
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Nonaccruing Loans (1)
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|
|
|
|
|
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
construction and land development
|
|
|
|
|
|
|
|
$
12,469
|
|
$
14,695
|
|
-15.1%
|
|
Commercial
mortgage
|
|
|
|
|
|
|
|
|
|
833
|
|
833
|
|
0.0%
|
|
Commercial
and industrial
|
|
|
|
|
|
|
|
|
|
2,583
|
|
2,595
|
|
-0.5%
|
|
Total
commercial
|
|
|
|
|
|
|
|
|
|
15,885
|
|
18,123
|
|
-12.3%
|
|
Non-commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-commercial construction and land development
|
|
|
|
|
|
|
|
-
|
|
110
|
|
-100.0%
|
|
Residential
mortgage
|
|
|
|
|
|
|
|
|
|
1,687
|
|
1,922
|
|
-12.2%
|
|
Revolving
mortgage
|
|
|
|
|
|
|
|
|
|
473
|
|
440
|
|
7.5%
|
|
Consumer
|
|
|
|
|
|
|
|
|
|
18
|
|
27
|
|
-33.3%
|
|
Total
non-commercial
|
|
|
|
|
|
|
|
|
|
2,178
|
|
2,499
|
|
-12.8%
|
|
Total
nonaccruing loans (1)
|
|
|
|
|
|
|
|
|
|
18,063
|
|
20,622
|
|
-12.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
loans past due 90 or more days
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and still accruing
|
|
|
|
|
|
|
|
|
|
-
|
|
-
|
|
0.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
nonperforming loans
|
|
|
|
|
|
|
|
|
|
18,063
|
|
20,622
|
|
-12.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreclosed
real estate
|
|
|
|
|
|
|
|
|
|
9,135
|
|
8,125
|
|
12.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
nonperforming assets
|
|
|
|
|
|
|
|
|
|
27,198
|
|
28,747
|
|
-5.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing
troubled debt restructurings (2)
|
|
|
|
|
|
|
|
|
|
2,018
|
|
1,142
|
|
76.7%
|
|
Performing
troubled debt restructurings and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
total
nonperforming assets
|
|
|
|
|
|
|
|
|
|
$
29,216
|
|
$
29,889
|
|
-2.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans as a percent of total
loans
|
|
|
|
|
|
|
|
4.34%
|
|
4.76%
|
|
|
|
Nonperforming assets as a percent of total
assets
|
|
|
|
|
|
|
|
3.41%
|
|
3.63%
|
|
|
|
Performing
troubled debt restructurings and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
total
nonperforming assets to total assets
|
|
|
|
|
|
|
|
|
|
3.67%
|
|
3.78%
|
|
|
|
(1)
Nonaccruing loans include nonaccruing troubled debt
restructurings.
|
(2)
Performing troubled debt restructurings exclude nonaccruing
troubled debt restructurings.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreclosed Real Estate by Loan Type
|
|
|
|
|
|
|
|
March 31,
2012
|
|
December 31,
2011
|
|
(dollars in thousands)
|
|
|
|
|
|
|
|
Number
|
|
Amount
|
|
Number
|
|
Amount
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By
foreclosed loan type:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
mortgage
|
|
|
|
|
|
|
|
2
|
|
$
2,729
|
|
3
|
|
$
3,045
|
|
Commercial
construction and land development
|
|
|
|
|
|
|
|
8
|
|
4,749
|
|
5
|
|
3,259
|
|
Residential mortgage
|
|
|
|
|
|
|
|
6
|
|
1,156
|
|
7
|
|
1,373
|
|
Residential construction and land
development
|
|
|
|
|
|
|
|
3
|
|
501
|
|
3
|
|
448
|
|
Total
|
|
|
|
|
|
|
|
19
|
|
$
9,135
|
|
18
|
|
$
8,125
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreclosed Real Estate
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
(dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
balance
|
|
|
|
|
|
|
|
|
|
|
|
$
8,125
|
|
|
|
Transfers
from loans
|
|
|
|
|
|
|
|
|
|
|
|
2,171
|
|
|
|
Loss
provisions
|
|
|
|
|
|
|
|
|
|
|
|
(33)
|
|
|
|
Loss on
sale of foreclosed properties
|
|
|
|
|
|
|
|
|
|
|
|
(37)
|
|
|
|
Net
proceeds from sales of foreclosed properties
|
|
|
|
|
|
|
|
|
|
|
|
(1,091)
|
|
|
|
Ending
balance
|
|
|
|
|
|
|
|
|
|
|
|
$
9,135
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Performance Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average assets (1)
|
|
|
|
|
|
|
|
|
|
|
|
0.14%
|
|
0.32%
|
|
Return on
average equity (1)
|
|
|
|
|
|
|
|
|
|
|
|
0.98%
|
|
3.73%
|
|
Interest
rate spread (1)(2)
|
|
|
|
|
|
|
|
|
|
|
|
2.22%
|
|
2.80%
|
|
Net
interest margin (1)(3)
|
|
|
|
|
|
|
|
|
|
|
|
2.47%
|
|
2.96%
|
|
Noninterest expense to average assets (1)
|
|
|
|
|
|
|
|
|
|
|
|
2.84%
|
|
2.85%
|
|
Efficiency
ratio (4)
|
|
|
|
|
|
|
|
|
|
|
|
84.23%
|
|
77.19%
|
|
(1) Ratios
are annualized.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
Represents the difference between the weighted average yield on
average interest-earning assets and the
|
weighted average cost
on average interest-bearing liabilities. Tax exempt income is
reported on a tax
|
equivalent basis
using a federal marginal tax rate of 34%.
|
(3)
Represents net interest income as a percent of average
interest-earning assets. Tax exempt income is
|
reported on a tax
equivalent basis using a federal marginal tax rate of
34%.
|
(4)
Represents noninterest expenses divided by the sum of net interest
income, on a tax equivalent basis
|
using a federal
marginal tax rate of 34%, and noninterest income.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Month
Periods Ended
|
|
(dollars in thousands, except
shares
|
|
March
31,
|
|
December
31,
|
|
September
30,
|
|
June
30,
|
|
March
31,
|
|
outstanding and per share data)
|
|
|
2012
|
|
2011*
|
|
2011*
|
|
2011*
|
|
2011*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
Statement Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
and dividend income
|
|
|
$
6,539
|
|
$
6,783
|
|
$
7,112
|
|
$
7,540
|
|
$
7,415
|
|
Interest
expense
|
|
|
1,919
|
|
2,013
|
|
2,120
|
|
2,205
|
|
2,304
|
|
Net
interest income
|
|
|
4,620
|
|
4,770
|
|
4,992
|
|
5,335
|
|
5,111
|
|
Provision
for loan losses
|
|
|
598
|
|
1,974
|
|
730
|
|
424
|
|
657
|
|
Net
interest income after
|
|
|
|
|
|
|
|
|
|
|
|
|
provision for
loan losses
|
|
|
4,022
|
|
2,796
|
|
4,262
|
|
4,911
|
|
4,454
|
|
Noninterest income
|
|
|
1,995
|
|
2,314
|
|
1,982
|
|
1,890
|
|
1,647
|
|
Noninterest expense
|
|
|
5,603
|
|
6,297
|
|
5,322
|
|
5,630
|
|
5,232
|
|
Income
(loss) before income
|
|
|
|
|
|
|
|
|
|
|
|
|
tax
provision
|
|
|
414
|
|
(1,187)
|
|
922
|
|
1,171
|
|
869
|
|
Income tax
provision (benefit)
|
|
|
130
|
|
(476)
|
|
351
|
|
429
|
|
284
|
|
Net income
(loss)
|
|
|
$
284
|
|
$
(711)
|
|
$
571
|
|
$
742
|
|
$
585
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share
Data:
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss) per share – Basic
|
|
$
0.06
|
|
$
(0.14)
|
|
n/a
|
|
n/a
|
|
n/a
|
|
Net income
(loss) per share – Diluted
|
|
$
0.06
|
|
$
(0.14)
|
|
n/a
|
|
n/a
|
|
n/a
|
|
Book value
per share
|
|
|
$
20.66
|
|
$
20.69
|
|
n/a
|
|
n/a
|
|
n/a
|
|
Weighted
average shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
5,149,039
|
|
5,141,462
|
|
n/a
|
|
n/a
|
|
n/a
|
|
Diluted
|
|
|
|
|
|
5,149,039
|
|
5,141,462
|
|
n/a
|
|
n/a
|
|
n/a
|
|
Ending
shares outstanding
|
|
5,584,551
|
|
5,584,551
|
|
n/a
|
|
n/a
|
|
n/a
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
Of
|
|
As
Of
|
|
As
Of
|
|
As
Of
|
|
As
Of
|
|
|
|
|
|
|
|
March
31,
|
|
December 31,
|
|
September 30,
|
|
June
30,
|
|
March 31,
|
|
(dollars in thousands)
|
|
|
2012
|
|
2011**
|
|
2011
|
|
2011
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending
Balance Sheet Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
796,901
|
|
$
790,868
|
|
$
798,748
|
|
$
755,143
|
|
$
750,709
|
|
Cash and
cash equivalents
|
|
80,087
|
|
72,327
|
|
75,402
|
|
25,825
|
|
26,436
|
|
Investment
securities
|
|
264,782
|
|
249,081
|
|
235,285
|
|
225,802
|
|
204,316
|
|
Loans
receivable, net of deferred fees
|
|
416,307
|
|
432,883
|
|
450,263
|
|
467,599
|
|
484,729
|
|
Allowance
for loan losses
|
|
(10,562)
|
|
(10,627)
|
|
(10,873)
|
|
(12,353)
|
|
(12,632)
|
|
Deposits
|
|
|
|
|
|
610,242
|
|
608,236
|
|
615,555
|
|
616,463
|
|
616,586
|
|
Escrowed
stock order funds
|
|
|
-
|
|
-
|
|
49,063
|
|
-
|
|
-
|
|
FHLB
advances
|
|
|
|
|
|
60,000
|
|
60,000
|
|
60,000
|
|
60,000
|
|
60,000
|
|
Total
equity
|
|
|
|
|
|
115,360
|
|
115,571
|
|
67,681
|
|
65,547
|
|
63,295
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset
Quality:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans
|
|
$
18,063
|
|
$
20,622
|
|
$
11,565
|
|
$
11,070
|
|
$
14,190
|
|
Nonperforming assets
|
|
27,198
|
|
28,747
|
|
22,262
|
|
20,588
|
|
24,696
|
|
Nonperforming loans to total loans
|
|
4.34%
|
|
4.76%
|
|
2.57%
|
|
2.37%
|
|
2.93%
|
|
Nonperforming assets to total assets
|
|
3.41%
|
|
3.63%
|
|
2.79%
|
|
2.73%
|
|
3.29%
|
|
Allowance
for loan losses
|
|
$
10,562
|
|
$
10,627
|
|
$
10,873
|
|
$
12,353
|
|
$
12,632
|
|
Allowance
for loan losses to total loans
|
|
2.54%
|
|
2.45%
|
|
2.41%
|
|
2.64%
|
|
2.61%
|
|
Allowance
for loan losses to
|
|
|
|
|
|
|
|
|
|
|
|
nonperforming
loans
|
|
58.47%
|
|
51.53%
|
|
94.02%
|
|
111.59%
|
|
89.02%
|
|
*
Certain amounts for prior periods were reclassified to conform to
the March 31, 2012 presentation.
|
** Ending
balance sheet data as of December 31, 2011 were derived from
audited consolidated financial statements.
|
SOURCE ASB Bancorp, Inc.