ASHEVILLE, N.C., Feb. 1,
2016 /PRNewswire/ -- ASB Bancorp, Inc. (the "Company") (NASDAQ
GM: ASBB), the holding company for Asheville Savings Bank, S.S.B.
(the "Bank"), announced today its unaudited preliminary operating
results for the three months and year ended December 31, 2015. The Company reported net
income of $946,000, or $0.24 per diluted common share, for the quarter
ended December 31, 2015 compared to
$642,000, or $0.16 per diluted common share, for the same
quarter of 2014. For the three months ended December 31, 2015, net income and diluted
earnings per share grew by 47.4% and 50.0%, respectively. Net
income totaled $3.6 million, or
$0.89 per diluted common share, for
the year ended December 31, 2015
compared to $2.5 million, or
$0.59 per diluted common share, for
the year ended December 31, 2014. For
the full year, net income and diluted earnings per share grew by
43.6% and 50.8%, respectively.
![ASB Bancorp Logo. ASB Bancorp Logo.](http://photos.prnewswire.com/prnvar/20111031/CL96775LOGO)
Suzanne S. DeFerie, President and
Chief Executive Officer, commented: "Results for 2015 were solid as
we met most key performance targets that we had set out earlier in
the year. We demonstrated good growth in core deposits,
commercial deposit relationships and total loans; net interest
margin expanded; and we saw a significant improvement in asset
quality, all while maintaining a strong capital position. As
a result, net income increased by 43.6% for the full year.
"Improving our efficiency ratio remains a key priority and we
have identified and begun implementing several initiatives designed
to increase noninterest income and reduce operating expenses.
Combined with expected continued growth in core deposits and loans
and further expansion of net interest margin, we expect these
initiatives to contribute to strong net income growth in 2016 and
improved returns for our shareholders."
Fourth Quarter
Highlights
- Net income for the fourth quarter of 2015 was $946,000, or $0.24
per diluted common share, compared to $642,000, or $0.16
per diluted common share, for the fourth quarter of 2014. For the
years ended December 31, 2015 and
2014, net income improved 43.6% to $3.6
million, or $0.89 per diluted
common share, in 2015 compared to $2.5
million, or $0.59 per diluted
common share, in 2014.
- Net interest income increased 8.1% to $5.7 million for the three months ended
December 31, 2015 from $5.2 million for the three months ended
December 31, 2014. The net interest
margin improved to 3.04% for the fourth quarter of 2015 compared to
2.94% for the fourth quarter of 2014.
- Interest income from loans increased 7.6% in the fourth quarter
of 2015 compared to the fourth quarter of 2014, primarily
reflecting a $66.6 million increase
in average loan balances when comparing the two quarters.
- Interest expense decreased 1.1% in the fourth quarter of 2015
compared to the fourth quarter of 2014.
- The Company recorded a recovery of loan losses in the amount of
$89,000 in the fourth quarter of 2015
compared to a provision for loan losses of $220,000 in the fourth quarter of 2014. The
allowance for loan losses declined to 1.09% of total loans at
December 31, 2015 from 1.14% of total
loans at December 31, 2014, although
the allowance coverage of nonperforming loans was 246.82% at
December 31, 2015 compared to 221.32%
at December 31, 2014.
- Loan balances increased $7.0
million, or 1.2%, in the fourth quarter of 2015 and
$54.3 million, or 10.4%, for the year
ended December 31, 2015 as new loan
originations exceeded loan repayments, prepayments and
foreclosures.
- Nonperforming assets, including foreclosed properties,
decreased to 1.05% of total assets at December 31, 2015 from 1.51% at December 31, 2014 and 1.46% at September 30, 2015, due primarily to the sale of
a large foreclosed property with a recorded amount of $3.1 million.
- Noninterest income increased 9.9% to $1.8 million for the fourth quarter of 2015 from
$1.7 million for the fourth quarter
of 2014, primarily due to an increase in mortgage banking income
and gains realized from the sale of investment
securities.
- Noninterest expenses increased 3.6% to $5.9 million for the fourth quarter of 2015 from
$5.7 million for the fourth quarter
of 2014, primarily due to increases in compensation and employee
benefits, which included increases of $170,000 for employee incentives and $80,000 in pension plan expenses for 2015.
- Delinquent and nonperforming loans were 0.49% and 0.44%,
respectively, of total loans at December 31,
2015, compared to 0.60% and 0.52%, respectively, at
December 31, 2014.
- Core deposits, which exclude certificates of deposit, increased
$46.3 million, or 10.3%, since
December 31, 2014 and $6.1 million, or 1.2%, since September 30, 2015. Noninterest-bearing
deposits increased $16.3 million, or
16.7%, and commercial non-maturity deposits increased $25.4 million, or 20.9%, since December 31, 2014.
- Book value per common share increased to $22.50 from $22.41
at September 30, 2015 and $21.56
at December 31, 2014.
- Capital remains strong with consolidated regulatory capital
ratios of 16.66% common equity Tier 1 capital, 11.87% Tier 1
leverage capital, 16.66% Tier 1 risk-based capital and 17.77% total
risk-based capital as of December 31,
2015.
- During November 2015, the Company
repurchased 421,770 shares of its common stock from one of its
larger institutional shareholders in a previously announced
privately negotiated transaction at a purchase price of
$26.50 per share. During 2015, a
total of 438,936 shares of common stock were repurchased through
open market and privately negotiated transactions at an average
purchase price of $26.37 per
share.
Income Statement Analysis
Net Interest Income. Net interest income
increased $426,000, or 8.1%, to
$5.7 million for the
fourth quarter of 2015 compared to $5.2 million for the fourth quarter of 2014. The
net interest margin increased 10 basis points to 3.04%
for the quarter ended December 31,
2015 compared to 2.94% for the quarter ended
December 31, 2014. Total interest and
dividend income increased $416,000,
or 6.8%, to $6.5 million
for the fourth quarter of 2015 compared to $6.1 million for the fourth quarter of 2014,
primarily resulting from a $66.6 million increase in average loan balances
and a 33 basis point increase in the average yield on
investment securities, which were partially offset by a 21
basis point reduction in the average yield on loans
and a $7.1 million decrease in
the average balance of investment securities. Interest expense
decreased $10,000, or
1.1%, to $867,000 for the fourth
quarter of 2015 from $877,000 for the
fourth quarter of 2014, primarily due to a
$17.1 million decrease in the average
balances of certificates of deposit. When comparing
the these same three-month periods, average noninterest-bearing
deposits grew $23.2 million,
or 24.1%, which contributed to minimizing deposit
interest expense while deposit funding grew.
Net interest income increased $2.0
million, or 9.9%, for the year ended December 31, 2015 as compared to the
year ended December 31, 2014,
primarily due to an increase in interest income on loans and a
decrease in interest expense on deposits, which were
partially offset by a decrease in interest and dividend income
on securities. Total interest and dividend income
increased $1.9 million, or 8.2%,
during the year ended December
31, 2015. Loan interest income increased $2.2 million, or 10.9%, during the year
ended December 31, 2015,
primarily due to an increase in average outstanding loans of
$80.4 million, or 16.9%,
which was partially offset by a 22 basis point decrease in
the yield earned on loans during 2015. Interest income
from securities decreased by $234,000, attributable to an $18.6 million decrease in the average
balance of investment securities, partially offset by a 14
basis point increase in the yield earned on the
investment portfolio. Total interest expense decreased
$51,000, or 1.4%, during the year
ended December 31, 2015. The lower interest expense
was primarily attributable to lower average balances of
certificates of deposit, which were partially offset
by higher average balances of NOW, money market and savings
accounts. The Company continued its focus on core deposit
growth, from which it excludes certificates of
deposit. The average rate paid on total interest-bearing
liabilities decreased 2 basis points during 2015.
Average noninterest-bearing deposits grew $23.0 million, or 26.4%, when comparing the same
periods, which contributed to the reduction in deposit
interest expense while deposit funding grew.
Noninterest Income. Noninterest income
increased $166,000, or 9.9%, to
$1.8 million for the three
months ended December 31,
2015 compared to $1.7 million
for the three months ended December 31,
2014. Factors that contributed to the increase
in noninterest income during the 2015 period included increases
of $170,000 in net gains
from the sale of investment securities, $159,000 in mortgage banking income,
$42,000 in deposit and other
service charge income and $22,000 in
debit card income, which were partially offset by a
decrease of $130,000 in income from
an investment in a Small Business Investment Company,
an increase of $65,000 in losses on
sale of foreclosed properties and $33,000 in lower loan fee
income.
During the year ended December 31,
2015, total noninterest income increased $1.2 million, or 18.6%, to
$7.5 million from $6.3 million for the year ended December 31, 2014. The increase in noninterest
income during 2015 was primarily attributable to
$845,000 in higher mortgage banking
income, $364,000 in higher
net gains from the sale of investment securities,
$141,000 in debit card income and
$110,000 in deposit and
other service charge income that were partially offset by
decreases of $114,000 in loan fee
income, $109,000 in
income from an investment in a Small Business Investment Company
and $90,000 in losses on
sale of foreclosed properties. The increase in mortgage
banking income was attributable to higher volumes of
residential mortgage loans originated and sold. The increase in
gains from sales of investment securities was
primarily due to more sales of investment securities that were
needed to fund loan growth. The increase in deposit
fees was primarily the result of higher retail checking account
fees, and the increase in income from debit card
services was driven by volume.
Noninterest Expenses. Noninterest expenses
increased $207,000, or 3.6%, to
$5.9 million for the
three months ended December 31, 2015 from $5.7 million for the three months ended
December 31, 2014. The
increase in the fourth quarter of 2015 was primarily
attributable to increases of $274,000
in compensation and employee benefits and $138,000 in data processing fees, which were
partially offset by decreases of $85,000 in professional and outside services,
$37,000 in occupancy expenses and
lower expenses in most other categories. The increase
in compensation and employee benefits was affected by strong
quarterly loan production in our mortgage banking
business and included increases of $170,000 for employee incentives and
$80,000 for pension plan expenses in
2015.
Noninterest expenses remained at $23.5 million for the years ended December 31, 2015 and 2014.
Increases of $469,000 in
compensation and employee benefits and $90,000 in data processing fees were
offset by lower expenses in most other categories. The
increase in compensation and employee benefits
included increases of $490,000
for employee incentives and $263,000
for pension plan expenses in 2015, which were
partially offset by a decrease of $402,000 in equity incentive plan expenses
primarily due to additional expense of $380,000 in 2014 for accelerated vesting related
to the disability of a participant. Decreases of
noninterest expenses in 2015 included $259,000 in foreclosed property expenses,
$141,000 in professional
and outside services, $119,000 in
occupancy expenses and $77,000 in
advertising. The decrease in foreclosed property
expenses included a reduction of $141,000 in valuation write-downs of
foreclosed properties.
Balance Sheet Review
Assets. Total assets increased $22.8 million, or 3.0%, to $782.9 million at December
31, 2015 from $760.0
million at December 31, 2014.
Investment securities decreased $4.1
million, or 2.8%, to $141.4 million at
December 31, 2015 from $145.5 million at December
31, 2014, primarily due to the sale of
investment securities to fund loan growth. Loans receivable,
net of deferred fees, increased $54.3
million, or 10.4%, to $576.1 million at December
31, 2015 from $521.8 million
at December 31, 2014 as new
loan originations exceeded loan repayments,
prepayments, and foreclosures.
Liabilities. Total liabilities increased
$27.6 million to $693.2 million at December
31, 2015 from $665.6
million at December 31, 2014.
Total deposits increased $27.5
million, or 4.6%, to $630.9
million at December 31,
2015 from $603.4 million at
December 31, 2014. Core deposits,
which exclude certificates of deposit, increased
$46.3 million, or 10.3%, to
$495.6 million at December 31, 2015 from $449.3 million at December 31, 2014 as a result of the Company's
continued focus on increasing core deposits to fund
loan growth.
Commercial checking and money market accounts increased
$25.4 million, or 20.9%, to
$147.0 million at
December 31, 2015 from
$121.6 million at December 31, 2014, reflecting expanded sources of
lower cost funding. The Company's initiatives to
obtain new commercial deposit relationships in conjunction
with making new commercial loans significantly
contributed to this increase and reflects its commitment to
establishing diversified relationships with business
clients.
Certificates of deposit decreased $18.8 million, or 12.2%, to $135.3 million at December
31, 2015 from $154.1
million at December 31, 2014.
Noninterest-bearing deposits increased $16.2
million, or 16.7%, to $113.7 million at December
31, 2015 from $97.5 million at
December 31, 2014. Accounts
payable and other liabilities increased $336,000, or 2.9%, to $12.0 million at December
31, 2015 from $11.6
million at December 31,
2014. The increase in accounts payable and other liabilities
was primarily attributable to accrued employee
incentives.
Asset Quality
Provision for Loan Losses. The Company
recorded a recovery of loan losses in the amount of $89,000 for the fourth quarter
of 2015 compared to a provision for loan losses of $220,000 for the fourth quarter of
2014. The decrease in the provision for loan losses for the
fourth quarter of 2015 was due to improvement in loan
delinquencies and the credit quality of the loan portfolio in
addition to a large recovery received during the
quarter. The Company charged off $41,000 in loans during the fourth quarter of
2015 compared to $182,000 during the same quarter of
2014.
The Company recorded a provision for loan losses in the
amount of $361,000 for the year ended
December 31, 2015 compared to a recovery of loan
losses of $998,000 for the year ended
December 31, 2014. Net
charge-offs were $21,000 for
the year ended December 31, 2015
compared to $360,000 for the year
ended December 31, 2014.
The increase in the provision for loan losses was primarily due to
loan growth in 2015 and to a reduction in loan loss
reserves in 2014 due to a modification of our loan loss methodology
for unimpaired commercial construction and land
development, unimpaired residential construction and land
development, and unimpaired commercial and industrial loans,
which resulted in a nonrecurring reduction of
approximately $1.3 million in
the reserves for loans not considered impaired. The allowance for
loan losses totaled $6.3
million, or 1.09% of total loans, at December 31, 2015 compared to $5.9 million, or 1.14% of total
loans, at December 31,
2014.
Nonperforming Assets. Nonperforming assets
decreased $3.3 million, or 28.8%, to
$8.2 million, or
1.05% of total assets, at December 31, 2015, compared to $11.5 million, or 1.51% of total assets, at
December 31, 2014. Nonperforming assets included
$2.5 million in nonperforming loans
and $5.6 million in foreclosed
real estate at December 31,
2015, compared to $2.7 million
and $8.8 million, respectively, at
December 31, 2014.
Nonperforming loans decreased $140,000, or 5.2%, to $2.5
million at December 31, 2015
from $2.7 million at
December 31, 2014. Real property
securing nonperforming loans in the amount of $820,000 was moved into foreclosed
real estate, while performing troubled debt restructurings
decreased $252,000, or 5.2%,
when comparing the same periods. Total performing troubled
debt restructurings and nonperforming assets decreased
$3.6 million, or 21.8%, to
$12.7 million, or 1.63% of total
assets, at December 31, 2015,
compared to $16.3 million, or
2.15% of total assets, at December 31,
2014.
Nonperforming loans at December 31,
2015 included two commercial mortgage loans that totaled
$818,000, four
commercial and industrial loans that totaled $227,000, four residential mortgage loans that
totaled $1.3 million, and four home equity loans that
totaled $194,000. As of December 31, 2015, the nonperforming
loans had specific reserves of $110,000. Foreclosed real estate at December 31, 2015 included six
properties with a total carrying value of $5.6 million compared to ten properties with a
total carrying value of $8.8
million at December 31, 2014.
During 2015, there were three new properties in the amount
of $820,000 added to
foreclosed real estate, while seven properties totaling
$3.3 million were sold, including
a large parcel with a recorded amount of $3.1 million. In addition, during 2015, the Bank
sold three of its 15 units in a mixed-use condominium
complex for net proceeds of $508,000
along with two residential lots in a mixed-use lot
subdivision and one parcel of land that was a portion of a
residential property for net proceeds of $150,000. Loss provisions on foreclosed real
estate of $9,000 were recorded during
2015 and there were no capital additions during the
period.
The Bank's largest foreclosed property resulted from a
loan relationship that had an original purpose of
constructing a mixed-use retail, commercial office, and
residential condominium project located in Western
North Carolina. As a result
of this foreclosure, the Bank acquired 44 of the 48 condominium
units in the building. Following an additional
write-down of approximately $630,000
on the loans secured by this collateral in the fourth
quarter of 2012, the Bank recorded this foreclosed property in the
amount of $9.8 million. During 2013, the Bank recorded
additional write-downs totaling $1.6
million, which resulted in an adjusted recorded
amount of $8.2 million at
December 31, 2013. During the year
ended December 31, 2014, the Bank recorded an
additional write-down of $133,000 on
the property and sold 28 residential condominium units
and one office unit. During 2015, the Bank sold one retail unit and
two office units. At December 31, 2015, the adjusted recorded amount
was $4.0 million for the remaining
seven retail units and five office units.
Share Repurchases
On March 31, 2015, the
Company's Board of Directors approved an additional 5% stock
repurchase plan. During the fourth quarter of 2015,
3,021 shares of common stock were repurchased at an average
purchase price of $26.00
per share. As previously disclosed, on November 19, 2015, the Company entered into
a privately negotiated stock repurchase agreement with
FVP Master Fund, L.P. Pursuant to the agreement, the
Company purchased 421,770 shares of its common stock,
$0.01 par value, for an aggregate
purchase price of $11,176,905, or $26.50 per share.
Profile
The Bank is a North
Carolina chartered stock savings bank offering traditional
financial services through 13 full-service banking
centers located in Buncombe,
Madison, McDowell, Henderson and Transylvania counties in
Western North Carolina and a loan
production office in Mecklenburg
County. Originally chartered in 1936 and
headquartered in Asheville, North
Carolina, the Bank is locally managed with a focus
on fostering strong relationships with its customers, its
employees and the communities it serves. The Bank was
recognized as the 2015 #1 Best Bank Overall, #1 Best Bank for Small
Business Services and #1 Best Bank for Mortgages by
the readers of the Mountain Xpress newspaper 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, performance and growth targets
and business trends) that are considered "forward-looking
statements" as defined in the Private Securities
Litigation Reform Act of 1995, Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of
1934. Such forward-looking statements may be identified by the use
of such words as "believe," "expect," "anticipate,"
"should," "planned," "estimated," "intend" and "potential,"
and are subject to the protections of the safe harbors
created by such acts.
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
described in the Company's filings with the Securities and
Exchange Commission, including its Annual Reports on
Form 10-K and Quarterly Reports on Form 10-Q. 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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(Unaudited)
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December
31,
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(Dollars in
thousands)
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2015
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2014 (1)
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% Change
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Total
assets
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$ 782,853
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$ 760,040
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3.0%
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Cash and cash
equivalents
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|
|
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33,401
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56,858
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-41.3%
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Investment
securities
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141,364
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145,461
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-2.8%
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Loans receivable, net
of deferred fees
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576,087
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521,820
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10.4%
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Allowance for loan
losses
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(6,289)
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(5,949)
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-5.7%
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Deposits
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630,904
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603,379
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4.6%
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Core deposits
(2)
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495,628
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449,286
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10.3%
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FHLB
advances
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50,000
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50,000
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0.0%
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Accounts payable and
other liabilities
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11,940
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11,604
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2.9%
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Total
equity
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89,682
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94,397
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-5.0%
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____________________
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(1) Derived
from audited consolidated financial statements.
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(2) Core
deposits are defined as total deposits excluding certificates of
deposit.
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Selected Operating
Data
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(Unaudited)
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Three Months
Ended
|
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Year
Ended
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(Dollars in
thousands,
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December
31,
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December
31,
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except per share
data)
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2015
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2014
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% Change
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2015
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2014
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% Change
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Interest
and
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dividend
income
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$ 6,533
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$ 6,117
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6.8%
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$ 25,435
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$ 23,502
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8.2%
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Interest
expense
|
|
867
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|
877
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-1.1%
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3,485
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3,536
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-1.4%
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Net interest
income
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5,666
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5,240
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8.1%
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|
21,950
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19,966
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9.9%
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Provision
for
|
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|
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(recovery of)
loan losses
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(89)
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220
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-140.5%
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|
361
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|
(998)
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136.2%
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Net interest
income
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after
provision for
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(recovery of)
loan losses
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5,755
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5,020
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14.6%
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21,589
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20,964
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3.0%
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Noninterest
income
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1,847
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1,681
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9.9%
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7,509
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6,333
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18.6%
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Noninterest
expenses
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5,921
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5,714
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3.6%
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23,540
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23,548
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0.0%
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Income
before
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income tax
provision
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1,681
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|
987
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70.3%
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|
5,558
|
|
3,749
|
|
48.3%
|
Income tax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
provision
|
|
|
|
735
|
|
345
|
|
113.0%
|
|
1,983
|
|
1,260
|
|
57.4%
|
Net income
|
|
|
|
$ 946
|
|
$ 642
|
|
47.4%
|
|
$ 3,575
|
|
$ 2,489
|
|
43.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
per
|
|
|
|
|
|
|
|
|
|
|
|
|
common
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
$ 0.25
|
|
$ 0.17
|
|
47.1%
|
|
$ 0.92
|
|
$ 0.60
|
|
53.3%
|
Diluted
|
|
|
|
$ 0.24
|
|
$ 0.16
|
|
50.0%
|
|
$ 0.89
|
|
$ 0.59
|
|
50.8%
|
Average shares
outstanding:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
3,769,438
|
|
3,867,296
|
|
-2.5%
|
|
3,884,691
|
|
4,150,706
|
|
-6.4%
|
Diluted
|
|
|
|
3,931,470
|
|
3,952,660
|
|
-0.5%
|
|
4,004,385
|
|
4,197,689
|
|
-4.6%
|
Ending shares
outstanding
|
3,985,475
|
|
4,378,411
|
|
-9.0%
|
|
3,985,475
|
|
4,378,411
|
|
-9.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Average
Balances and Yields/Costs
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
Average
|
|
Yield/
|
|
Average
|
|
Yield/
|
(Dollars in
thousands)
|
|
|
|
|
|
Balance
|
|
Cost
|
|
Balance
|
|
Cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
receivable
|
|
|
|
|
|
$575,148
|
|
4.01%
|
|
$508,554
|
|
4.22%
|
Investment
securities, including tax-exempt (1)
|
|
140,057
|
|
2.27%
|
|
147,178
|
|
1.94%
|
Other
interest-earning assets
|
|
|
|
2,807
|
|
4.52%
|
|
2,902
|
|
4.78%
|
Total
interest-earning assets (1)
|
|
|
|
757,853
|
|
3.50%
|
|
719,099
|
|
3.42%
|
Interest-bearing
deposits
|
|
|
|
|
|
515,051
|
|
0.29%
|
|
503,063
|
|
0.30%
|
Federal Home Loan
Bank advances
|
|
|
|
50,000
|
|
3.93%
|
|
50,000
|
|
3.93%
|
Total
interest-bearing liabilities
|
|
|
|
565,191
|
|
0.61%
|
|
553,258
|
|
0.63%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate spread
(1)
|
|
|
|
|
|
|
|
2.89%
|
|
|
|
2.79%
|
Net interest margin
(1)
|
|
|
|
|
|
|
|
3.04%
|
|
|
|
2.94%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December
31,
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
Average
|
|
Yield/
|
|
Average
|
|
Yield/
|
(Dollars in
thousands)
|
|
|
|
|
|
Balance
|
|
Cost
|
|
Balance
|
|
Cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
receivable
|
|
|
|
|
|
$557,221
|
|
4.08%
|
|
$476,782
|
|
4.30%
|
Investment
securities, including tax-exempt (1)
|
|
137,424
|
|
2.10%
|
|
156,062
|
|
1.96%
|
Other
interest-earning assets
|
|
|
|
2,827
|
|
4.49%
|
|
2,953
|
|
4.23%
|
Total
interest-earning assets (1)
|
|
|
|
746,531
|
|
3.47%
|
|
708,733
|
|
3.37%
|
Interest-bearing
deposits
|
|
|
|
|
|
511,755
|
|
0.30%
|
|
501,504
|
|
0.31%
|
Federal Home Loan
Bank advances
|
|
|
|
50,000
|
|
3.93%
|
|
50,000
|
|
3.93%
|
Total
interest-bearing liabilities
|
|
|
|
562,228
|
|
0.62%
|
|
551,995
|
|
0.64%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate spread
(1)
|
|
|
|
|
|
|
|
2.85%
|
|
|
|
2.73%
|
Net interest margin
(1)
|
|
|
|
|
|
|
|
3.00%
|
|
|
|
2.87%
|
____________________
|
(1) Yields on
tax-exempt securities have been included on a tax-equivalent basis
using a 34% federal marginal tax rate.
|
Selected Asset
Quality Data
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
Allowance for Loan
Losses
|
|
|
|
December
31,
|
|
December
31,
|
(Dollars in
thousands)
|
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses, beginning of period
|
|
$ 6,297
|
|
$ 5,852
|
|
$ 5,949
|
|
$ 7,307
|
Provision for
(recovery of) loan losses
|
|
|
|
(89)
|
|
220
|
|
361
|
|
(998)
|
Charge-offs
|
|
|
|
|
|
|
(41)
|
|
(182)
|
|
(476)
|
|
(504)
|
Recoveries
|
|
|
|
|
|
|
|
122
|
|
59
|
|
455
|
|
144
|
Net (charge-offs)
recoveries
|
|
|
|
81
|
|
(123)
|
|
(21)
|
|
(360)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses, end of period
|
|
|
$ 6,289
|
|
$ 5,949
|
|
$ 6,289
|
|
$ 5,949
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses as a percent of:
|
|
|
|
|
|
|
|
|
Total
loans
|
|
|
|
|
|
|
1.09%
|
|
1.14%
|
|
1.09%
|
|
1.14%
|
Total
nonperforming loans
|
|
|
|
246.82%
|
|
221.32%
|
|
246.82%
|
|
221.32%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
December
31,
|
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
% Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccruing loans
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
mortgage
|
|
|
|
|
|
|
|
$ 818
|
|
$ 881
|
|
-7.2%
|
Commercial and
industrial
|
|
|
|
|
|
227
|
|
221
|
|
2.7%
|
Total
commercial
|
|
|
|
|
|
|
|
1,045
|
|
1,102
|
|
-5.2%
|
Non-commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
mortgage
|
|
|
|
|
|
|
|
1,309
|
|
1,354
|
|
-3.3%
|
Revolving
mortgage
|
|
|
|
|
|
|
|
194
|
|
230
|
|
-15.7%
|
Consumer
|
|
|
|
|
|
|
|
|
|
-
|
|
2
|
|
-100.0%
|
Total
non-commercial
|
|
|
|
|
|
|
|
1,503
|
|
1,586
|
|
-5.2%
|
Total nonaccruing
loans (1)
|
|
|
|
|
|
2,548
|
|
2,688
|
|
-5.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans past due
90 or more days
|
|
|
|
|
|
|
|
|
|
|
and still accruing
|
|
|
|
|
|
|
|
-
|
|
-
|
|
0.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total nonperforming
loans
|
|
|
|
|
|
|
2,548
|
|
2,688
|
|
-5.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreclosed real
estate
|
|
|
|
|
|
|
|
5,646
|
|
8,814
|
|
-35.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total nonperforming
assets
|
|
|
|
|
|
8,194
|
|
11,502
|
|
-28.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing troubled
debt restructurings (2)
|
|
|
|
4,552
|
|
4,804
|
|
-5.2%
|
Performing troubled
debt restructurings and
|
|
|
|
|
|
|
|
|
total
nonperforming assets
|
|
|
|
|
|
$ 12,746
|
|
$ 16,306
|
|
-21.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans
as a percent of total loans
|
|
|
|
0.44%
|
|
0.52%
|
|
|
Nonperforming assets
as a percent of total assets
|
|
|
|
1.05%
|
|
1.51%
|
|
|
Performing troubled
debt restructurings and
|
|
|
|
|
|
|
|
|
total
nonperforming assets to total assets
|
|
|
|
1.63%
|
|
2.15%
|
|
|
____________________
|
|
|
|
(1) Nonaccruing
loans include nonaccruing troubled debt restructurings.
|
|
|
|
(2) Performing
troubled debt restructurings exclude nonaccruing troubled debt
restructurings.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreclosed Real
Estate by Loan Type
|
|
|
December
31,
|
(Unaudited)
|
|
|
|
|
|
|
2015
|
|
2014
|
(Dollars in
thousands)
|
|
|
|
|
|
Number
|
|
Amount
|
|
Number
|
|
Amount
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
construction and land development
|
|
5
|
|
$ 4,941
|
|
8
|
|
$ 8,706
|
Residential
mortgage
|
|
|
|
|
|
1
|
|
705
|
|
2
|
|
108
|
Total
|
|
|
|
|
|
|
|
6
|
|
$ 5,646
|
|
10
|
|
$ 8,814
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreclosed Real
Estate
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
Year Ended December
31,
|
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
balance
|
|
|
|
|
|
|
|
$ 8,814
|
|
$ 14,233
|
|
|
Transfers from
loans
|
|
|
|
|
|
|
|
820
|
|
281
|
|
|
Capitalized
cost
|
|
|
|
|
|
|
|
-
|
|
242
|
|
|
Valuation adjustments
of foreclosed real estate
|
|
|
|
(9)
|
|
(150)
|
|
|
Net gain (loss) on
sale of foreclosed properties
|
|
|
|
(33)
|
|
57
|
|
|
Net proceeds from
sales of foreclosed properties
|
|
|
|
(3,946)
|
|
(5,849)
|
|
|
Ending
balance
|
|
|
|
|
|
|
|
$ 5,646
|
|
$ 8,814
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Average
Balances and Performance Ratios
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands)
|
|
|
|
|
|
Three Months
Ended
|
Year
Ended
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Average
Balances
|
|
|
|
|
|
|
|
|
|
|
Average total
loans
|
|
|
|
|
|
$ 575,148
|
|
$ 508,554
|
|
$ 557,221
|
|
$ 476,782
|
Average total
interest-earning assets
|
|
|
|
757,853
|
|
719,099
|
|
746,531
|
|
708,733
|
Average total
assets
|
|
|
|
|
|
792,582
|
|
754,922
|
|
781,974
|
|
747,491
|
Average total
interest-bearing deposits
|
|
|
|
515,051
|
|
503,063
|
|
511,755
|
|
501,504
|
Average total
deposits
|
|
|
|
|
|
634,389
|
|
599,211
|
|
621,741
|
|
588,511
|
Average total
interest-bearing liabilities
|
|
|
|
565,191
|
|
553,258
|
|
562,228
|
|
551,995
|
Average total
shareholders' equity
|
|
|
|
94,699
|
|
95,643
|
|
96,308
|
|
98,981
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected
Performance Ratios
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets (1)
|
|
|
|
0.47%
|
|
0.34%
|
|
0.46%
|
|
0.33%
|
Return on average
equity (1)
|
|
|
|
3.96%
|
|
2.66%
|
|
3.71%
|
|
2.51%
|
Interest rate spread
(1)(2)
|
|
|
|
|
2.89%
|
|
2.79%
|
|
2.85%
|
|
2.73%
|
Net interest margin
(1)(3)
|
|
|
|
|
3.04%
|
|
2.94%
|
|
3.00%
|
|
2.87%
|
Noninterest expense
to average assets (1)
|
|
2.96%
|
|
3.00%
|
|
3.01%
|
|
3.15%
|
Efficiency ratio
(4)
|
|
|
|
|
|
77.32%
|
|
81.52%
|
|
78.64%
|
|
88.17%
|
___________________
|
|
|
|
|
|
|
|
|
|
(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. Yields on tax-exempt
securities have been
|
included on a
tax-equivalent basis using a 34% federal marginal tax
rate.
|
|
|
|
|
(3) Represents
net interest income as a percent of average interest-earning
assets. Yields on tax-exempt
|
securities have
been included on a tax-equivalent basis using a 34% federal
marginal tax rate.
|
|
|
(4) Represents
noninterest expenses divided by the sum of net interest income, on
a tax-equivalent basis
|
using a 34%
federal marginal tax rate, and noninterest income.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly Earnings
Data
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Month
Periods Ended
|
(Dollars in
thousands,
|
|
|
|
December
31,
|
|
September
30,
|
|
June
30,
|
|
March
31,
|
|
December
31,
|
except per share
data)
|
|
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Statement
Data:
|
|
|
|
|
|
|
|
|
|
|
Interest and dividend
income
|
|
$ 6,533
|
|
$ 6,459
|
|
$ 6,289
|
|
$ 6,154
|
|
$ 6,117
|
Interest
expense
|
|
|
|
867
|
|
877
|
|
880
|
|
861
|
|
877
|
Net interest
income
|
|
|
|
5,666
|
|
5,582
|
|
5,409
|
|
5,293
|
|
5,240
|
Provision for
(recovery of) loan losses
|
|
(89)
|
|
191
|
|
65
|
|
194
|
|
220
|
Net interest income
after provision for
|
|
|
|
|
|
|
|
|
|
|
(recovery of)
loan losses
|
|
|
|
5,755
|
|
5,391
|
|
5,344
|
|
5,099
|
|
5,020
|
Noninterest
income
|
|
|
|
1,847
|
|
2,084
|
|
1,968
|
|
1,610
|
|
1,681
|
Noninterest
expenses
|
|
|
|
5,921
|
|
5,837
|
|
6,010
|
|
5,772
|
|
5,714
|
Income before
income
|
|
|
|
|
|
|
|
|
|
|
|
|
tax
provision
|
|
|
|
1,681
|
|
1,638
|
|
1,302
|
|
937
|
|
987
|
Income tax
provision
|
|
|
|
735
|
|
496
|
|
437
|
|
315
|
|
345
|
Net income
|
|
|
|
|
|
$ 946
|
|
$ 1,142
|
|
$ 865
|
|
$ 622
|
|
$ 642
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Data Per Common
Share:
|
|
|
|
|
|
|
|
|
|
|
Net income per share
– Basic
|
|
$ 0.25
|
|
$ 0.29
|
|
$ 0.22
|
|
$ 0.16
|
|
$ 0.17
|
Net income per share
– Diluted
|
|
$ 0.24
|
|
$ 0.28
|
|
$ 0.21
|
|
$ 0.16
|
|
$ 0.16
|
Book value per
share
|
|
|
|
$ 22.50
|
|
$ 22.41
|
|
$ 21.96
|
|
$ 21.93
|
|
$ 21.56
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
3,769,438
|
|
3,947,445
|
|
3,923,199
|
|
3,899,419
|
|
3,867,296
|
Diluted
|
|
|
|
|
|
3,931,470
|
|
4,079,029
|
|
4,013,332
|
|
3,975,886
|
|
3,952,660
|
Ending shares
outstanding
|
|
|
3,985,475
|
|
4,405,266
|
|
4,378,411
|
|
4,378,411
|
|
4,378,411
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly
Financial Condition Data
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
Of
|
|
As
Of
|
|
As
Of
|
|
As
Of
|
|
As
Of
|
|
|
|
|
|
|
December
31,
|
|
September
30,
|
|
June
30,
|
|
March
31,
|
|
December
31,
|
(Dollars in
thousands)
|
|
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
2014 (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending Balance
Sheet Data:
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
|
|
|
|
$ 782,853
|
|
$ 797,856
|
|
$ 783,299
|
|
$ 774,420
|
|
$ 760,040
|
Cash and cash
equivalents
|
|
|
33,401
|
|
55,765
|
|
52,990
|
|
60,061
|
|
56,858
|
Investment
securities
|
|
|
|
141,364
|
|
138,459
|
|
138,712
|
|
133,118
|
|
145,461
|
Loans receivable, net
of deferred fees
|
|
576,087
|
|
569,085
|
|
552,999
|
|
541,706
|
|
521,820
|
Allowance for loan
losses
|
|
|
|
(6,289)
|
|
(6,297)
|
|
(6,124)
|
|
(6,042)
|
|
(5,949)
|
Deposits
|
|
|
|
|
|
630,904
|
|
635,083
|
|
623,963
|
|
612,287
|
|
603,379
|
Core deposits
(2)
|
|
|
|
495,628
|
|
489,519
|
|
473,674
|
|
458,465
|
|
449,286
|
FHLB
advances
|
|
|
|
50,000
|
|
50,000
|
|
50,000
|
|
50,000
|
|
50,000
|
Total
equity
|
|
|
|
|
|
89,682
|
|
98,736
|
|
96,163
|
|
96,008
|
|
94,397
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regulatory Capital
Ratios (3):
|
|
|
|
|
|
|
|
|
|
|
Common equity tier I
capital
|
|
16.66%
|
|
18.33%
|
|
18.40%
|
|
18.42%
|
|
n/a
|
Tier 1 leverage
capital
|
|
|
|
11.87%
|
|
13.09%
|
|
13.02%
|
|
13.16%
|
|
13.17%
|
Tier 1 risk-based
capital
|
|
|
|
16.66%
|
|
18.33%
|
|
18.40%
|
|
18.42%
|
|
19.83%
|
Total risk-based
capital
|
|
|
|
17.77%
|
|
19.44%
|
|
19.49%
|
|
19.53%
|
|
21.01%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset
Quality:
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming
loans
|
|
|
|
$ 2,548
|
|
$ 2,815
|
|
$ 2,912
|
|
$ 3,059
|
|
$ 2,688
|
Nonperforming
assets
|
|
|
|
8,194
|
|
11,686
|
|
12,293
|
|
12,442
|
|
11,502
|
Nonperforming loans
to total loans
|
|
0.44%
|
|
0.49%
|
|
0.53%
|
|
0.56%
|
|
0.52%
|
Nonperforming assets
to total assets
|
|
1.05%
|
|
1.46%
|
|
1.57%
|
|
1.61%
|
|
1.51%
|
Allowance for loan
losses
|
|
|
|
$ 6,289
|
|
$ 6,297
|
|
$ 6,124
|
|
$ 6,042
|
|
$ 5,949
|
Allowance for loan
losses to total loans
|
|
1.09%
|
|
1.11%
|
|
1.11%
|
|
1.12%
|
|
1.14%
|
Allowance for loan
losses to
|
|
|
|
|
|
|
|
|
|
|
nonperforming
loans
|
|
|
|
|
|
246.82%
|
|
223.69%
|
|
210.30%
|
|
197.52%
|
|
221.32%
|
____________________
|
(1) Ending
balance sheet data as of December 31, 2014 was derived from audited
consolidated financial statements.
|
(2) Core
deposits are defined as total deposits excluding certificates of
deposit.
|
|
|
|
|
(3) Regulatory
capital ratios are based on BASEL III capital standards for 2015
quarters and BASEL I capital
|
standards for
2014 quarters.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparison of
Actual Performance to Key Performance Indicator (KPI)
Targets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key
|
|
2013
|
|
2014
|
|
2015
|
|
2015
|
|
2016
|
|
2017
|
|
2018
|
Performance
|
|
Full-
Year
|
|
Full
-Year
|
|
Full
-Year
|
|
Full-Year
|
|
Full-Year
|
|
Full-Year
|
|
Full-Year
|
Indicator
|
|
Actual
|
|
Actual
|
|
Actual
|
|
Target
|
|
Target
|
|
Target
|
|
Target
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
growth
|
|
68.7%
|
|
71.2%
|
|
43.6%
|
|
40%-50%
|
|
60%-70%
|
|
25%-35%
|
|
15%-25%
|
Return on
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
average
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
equity
|
|
1.37%
|
|
2.51%
|
|
3.71%
|
|
3.7%-4.2%
|
|
5.8%-6.5%
|
|
7.2%-8.0%
|
|
8.1%-9.0%
|
Return on
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
average
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
assets
|
|
0.19%
|
|
0.33%
|
|
0.46%
|
|
0.4%-0.5%
|
|
0.6%-0.8%
|
|
0.8%-1.0%
|
|
1.0%-1.1%
|
Efficiency
(1)
|
93.16%
|
|
88.17%
|
|
78.64%
|
|
72%-82%
|
|
63%-73%
|
|
58%-68%
|
|
54%-64%
|
Net
interest
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
margin
(2)
|
|
2.72%
|
|
2.87%
|
|
3.00%
|
|
2.9%-3.1%
|
|
3.1%-3.3%
|
|
3.4%-3.5%
|
|
3.5%-3.6%
|
Loan
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
growth
|
|
15.9%
|
|
16.2%
|
|
10.4%
|
|
9%-13%
|
|
8%-12%
|
|
5%-9%
|
|
2%-7%
|
Asset
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
growth
|
|
-2.2%
|
|
3.7%
|
|
3.0%
|
|
5%-9%
|
|
4%-8%
|
|
0%-4%
|
|
3%-7%
|
Deposit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
growth
|
|
-1.0%
|
|
5.3%
|
|
4.6%
|
|
6%-10%
|
|
4%-8%
|
|
4%-8%
|
|
4%-8%
|
Core
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
deposit
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
growth
|
|
4.3%
|
|
10.7%
|
|
10.3%
|
|
10%-14%
|
|
5%-9%
|
|
5%-9%
|
|
5%-9%
|
____________________
|
|
|
|
(1) Represents
noninterest expenses divided by the sum of net interest income, on
a tax-equivalent basis
|
|
|
|
using a 34%
federal marginal tax rate, and noninterest
income.
|
|
|
|
|
|
|
(2) Represents
net interest income as a percent of average interest-earning
assets. Yields on tax-exempt
|
securities have
been included on a tax-equivalent basis using a 34% federal
marginal tax rate.
|
|
|
(3) Core
deposits are defined as total deposits excluding certificates of
deposit.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Logo -
http://photos.prnewswire.com/prnh/20111031/CL96775LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/asb-bancorp-inc-reports-financial-results-for-the-fourth-quarter-and-year-ended-december-31-2015-300212509.html
SOURCE ASB Bancorp, Inc.