Louisiana | 72-1020809 | |
(State of Incorporation) | (I.R.S. EIN Number) |
Title of each class | Name of each exchange on which registered | |
Common Stock, $.10 par value | New York Stock Exchange |
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MIDSOUTH BANCORP, INC. | ||
2015 Annual Report on Form 10-K | ||
TABLE OF CONTENTS | ||
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Insurance of Deposit Accounts. The Dodd-Frank Act changed the assessment base for federal deposit insurance from the amount of insured deposits to consolidated assets less tangible capital. The Dodd-Frank Act also made permanent the $250,000 limit for federal deposit insurance and increased the cash limit of Securities Investor Protection Corporation protection from $100,000 to $250,000. |
Restrict the preemption of state law by federal law and disallow subsidiaries and affiliates of national banks from availing themselves of such preemption. |
Impose comprehensive regulation of the over-the-counter derivatives market, subject to significant rulemaking processes, which would include certain provisions that would effectively prohibit insured depository institutions from conducting certain derivatives businesses in the institution itself. |
Require depository institutions with total consolidated assets of more than $10 billion to conduct regular stress tests and require large, publicly traded bank holding companies and financial holding companies to create a risk committee responsible for the oversight of enterprise risk management. |
Require loan originators to retain 5% of any loan sold or securitized, unless it is a “qualified residential mortgage,” subject to certain exceptions. |
revise minimum capital requirements and adjust prompt corrective action thresholds; |
revise the components of regulatory capital and create a new capital measure called “Common Equity Tier 1,” which must constitute at least 4.5% of risk-weighted assets; |
apply most deductions/adjustments to regulatory capital measures to Common Equity Tier 1 and not to other components of capital, potentially requiring higher levels of Common Equity Tier 1 in order to meet minimum ratio requirements; |
retain the existing risk-based capital treatment for 1-4 family residential mortgage exposures; |
remove references to credit ratings consistent with the Dodd-Frank Act and establish due diligence requirements for securitization exposures. |
Federal Truth-In-Lending Act, governing disclosures of credit terms to consumer borrowers; |
Home Mortgage Disclosure Act, |
Equal Credit Opportunity Act, prohibiting discrimination on the basis of race, creed, or other prohibited factors in extending credit; |
Fair Credit Reporting Act, |
rules and regulations of the various federal agencies charged with the responsibility of implementing these federal laws. |
the Right to Financial Privacy Act, which imposes a duty to maintain confidentiality of consumer financial records and prescribes procedures for complying with administrative subpoenas of financial records; |
the Electronic Funds Transfer Act and Regulation E issued by the Federal Reserve to implement that act, which govern automatic deposits to and withdrawals from deposit accounts and customers’ rights and liabilities arising from the use of automated teller machines and other electronic banking services; and |
the Truth in Savings Act, which requires disclosure of yields and costs of deposits and deposit accounts. |
industry historical losses as reported by the FDIC; |
historical experience with our loans; |
evaluation of economic conditions; |
potential exposure to unknown or contingent liabilities of the target company; |
expansion into new markets that may have different characteristics than our current markets and may otherwise present management challenges; |
exposure to potential asset quality issues of the target company; |
difficulty and expense of integrating the operations and personnel of the target company; |
potential disruption to our business; |
potential diversion of management’s time and attention; |
permit directors to be removed by stockholders only for cause and only upon an 80% vote; |
require 80% of the voting power for stockholders to amend the by-laws, call a special meeting, or amend the articles of incorporation, in each case if the proposed action was not approved by the Board; |
authorize a class of preferred stock that may be issued in series with terms, including voting rights, established by the Board without stockholder approval; |
authorize approximately 30 million shares of common stock and 5 million shares of preferred stock that may be issued by the Board without shareholder approval; |
classify our Board with staggered three year terms, preventing a change in a majority of the Board at any annual meeting; |
require advance notice of proposed nominations for election to the Board and business to be conducted at a shareholder meeting; and |
require 80% of the voting power for stockholders to approve business combinations not approved by the Board. |
Period Ending | ||||||||||||||||||||||||
Index | 12/31/09 | 12/31/10 | 12/31/11 | 12/31/12 | 12/31/13 | 12/31/14 | ||||||||||||||||||
MidSouth Bancorp, Inc. | 100.00 | 112.64 | 97.44 | 124.90 | 139.13 | 137.70 | ||||||||||||||||||
Russell 3000 | 100.00 | 116.93 | 118.13 | 137.52 | 183.66 | 206.72 | ||||||||||||||||||
SNL Bank $1B-$5B | 100.00 | 113.35 | 103.38 | 127.47 | 185.36 | 193.81 |
Period Ending | ||||||||||||||||||
Index | 12/31/2010 | 12/31/2011 | 12/31/2012 | 12/31/2013 | 12/31/2014 | 12/31/2015 | ||||||||||||
MidSouth Bancorp, Inc. | 100.00 | 86.50 | 110.88 | 123.52 | 122.24 | 65.86 | ||||||||||||
Russell 3000 | 100.00 | 101.03 | 117.61 | 157.07 | 176.79 | 177.64 | ||||||||||||
SNL Bank $1B-$5B | 100.00 | 91.20 | 112.45 | 163.52 | 170.98 | 191.39 |
At and For the Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
(dollars in thousands, except per share data) | ||||||||||||||||||||
Interest income | $ | 83,487 | $ | 83,203 | $ | 61,022 | $ | 51,007 | $ | 48,124 | ||||||||||
Interest expense | (5,807 | ) | (6,539 | ) | (5,840 | ) | (5,802 | ) | (7,395 | ) | ||||||||||
Net interest income | 77,680 | 76,664 | 55,182 | 45,205 | 40,729 | |||||||||||||||
Provision for loan losses | (5,625 | ) | (3,050 | ) | (2,050 | ) | (3,925 | ) | (5,020 | ) | ||||||||||
Noninterest income | 24,422 | 19,319 | 14,944 | 13,061 | 14,857 | |||||||||||||||
Noninterest expenses | (70,009 | ) | (72,606 | ) | (54,655 | ) | (49,304 | ) | (43,818 | ) | ||||||||||
Earnings before income taxes | 26,468 | 20,327 | 13,421 | 5,037 | 6,748 | |||||||||||||||
Income tax expense | (7,358 | ) | (6,151 | ) | (3,779 | ) | (564 | ) | (968 | ) | ||||||||||
Net earnings | $ | 19,110 | $ | 14,176 | $ | 9,642 | $ | 4,473 | $ | 5,780 | ||||||||||
Preferred dividend requirement | (698 | ) | (1,332 | ) | (1,547 | ) | (1,802 | ) | (1,198 | ) | ||||||||||
Net earnings available to common stockholders | $ | 18,412 | $ | 12,844 | $ | 8,095 | $ | 2,671 | $ | 4,582 | ||||||||||
Basic earnings per common share | $ | 1.63 | $ | 1.14 | $ | 0.77 | $ | 0.27 | $ | 0.47 | ||||||||||
Diluted earnings per common share | $ | 1.58 | $ | 1.12 | $ | 0.77 | $ | 0.27 | $ | 0.47 | ||||||||||
Dividends per common share | $ | 0.35 | $ | 0.31 | $ | 0.28 | $ | 0.28 | $ | 0.28 | ||||||||||
Total loans | $ | 1,284,431 | $ | 1,137,554 | $ | 1,046,940 | $ | 746,305 | $ | 580,812 | ||||||||||
Total assets | 1,936,740 | 1,851,160 | 1,851,728 | 1,396,756 | 1,002,339 | |||||||||||||||
Total deposits | 1,585,234 | 1,518,803 | 1,551,904 | 1,164,806 | 800,772 | |||||||||||||||
Long-term obligations | 48,444 | 57,087 | 58,512 | 15,465 | 15,465 | |||||||||||||||
Selected ratios: | ||||||||||||||||||||
Loans to assets | 66.32 | % | 61.45 | % | 56.54 | % | 53.43 | % | 58.00 | % | ||||||||||
Loans to deposits | 81.02 | % | 74.90 | % | 67.46 | % | 64.07 | % | 72.53 | % | ||||||||||
Deposits to assets | 81.85 | % | 82.05 | % | 83.81 | % | 83.39 | % | 79.89 | % | ||||||||||
Return on average assets | 0.97 | % | 0.69 | % | 0.58 | % | 0.24 | % | 0.47 | % | ||||||||||
Return on average common equity | 11.43 | % | 8.64 | % | 6.05 | % | 2.22 | % | 3.92 | % |
At and For the Year Ended December 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
(dollars in thousands, except per share data) | ||||||||||||||||||||
Interest income | $ | 81,897 | $ | 83,487 | $ | 83,203 | $ | 61,022 | $ | 51,007 | ||||||||||
Interest expense | (5,581 | ) | (5,807 | ) | (6,539 | ) | (5,840 | ) | (5,802 | ) | ||||||||||
Net interest income | 76,316 | 77,680 | 76,664 | 55,182 | 45,205 | |||||||||||||||
Provision for loan losses | (13,900 | ) | (5,625 | ) | (3,050 | ) | (2,050 | ) | (3,925 | ) | ||||||||||
Noninterest income | 20,321 | 24,422 | 19,319 | 14,944 | 13,061 | |||||||||||||||
Noninterest expenses | (67,137 | ) | (70,009 | ) | (72,606 | ) | (54,655 | ) | (49,304 | ) | ||||||||||
Earnings before income taxes | 15,600 | 26,468 | 20,327 | 13,421 | 5,037 | |||||||||||||||
Income tax expense | (4,583 | ) | (7,358 | ) | (6,151 | ) | (3,779 | ) | (564 | ) | ||||||||||
Net earnings | $ | 11,017 | $ | 19,110 | $ | 14,176 | $ | 9,642 | $ | 4,473 | ||||||||||
Preferred dividend requirement | (687 | ) | (698 | ) | (1,332 | ) | (1,547 | ) | (1,802 | ) | ||||||||||
Net earnings available to common stockholders | $ | 10,330 | $ | 18,412 | $ | 12,844 | $ | 8,095 | $ | 2,671 | ||||||||||
Basic earnings per common share | $ | 0.91 | $ | 1.63 | $ | 1.14 | $ | 0.77 | $ | 0.27 | ||||||||||
Diluted earnings per common share | $ | 0.90 | $ | 1.58 | $ | 1.12 | $ | 0.77 | $ | 0.27 | ||||||||||
Dividends per common share | $ | 0.36 | $ | 0.35 | $ | 0.31 | $ | 0.28 | $ | 0.28 | ||||||||||
Total loans | $ | 1,263,645 | $ | 1,284,431 | $ | 1,137,554 | $ | 1,046,940 | $ | 746,305 | ||||||||||
Total assets | 1,927,733 | 1,936,740 | 1,851,160 | 1,851,728 | 1,396,756 | |||||||||||||||
Total deposits | 1,550,850 | 1,585,234 | 1,518,803 | 1,551,904 | 1,164,806 | |||||||||||||||
Long-term obligations | 48,018 | 48,444 | 57,087 | 58,512 | 15,465 | |||||||||||||||
Selected ratios: | ||||||||||||||||||||
Loans to assets | 65.55 | % | 66.32 | % | 61.45 | % | 56.54 | % | 53.43 | % | ||||||||||
Loans to deposits | 81.48 | % | 81.02 | % | 74.90 | % | 67.46 | % | 64.07 | % | ||||||||||
Deposits to assets | 80.45 | % | 81.85 | % | 82.05 | % | 83.81 | % | 83.39 | % | ||||||||||
Return on average assets | 0.53 | % | 0.97 | % | 0.69 | % | 0.58 | % | 0.24 | % | ||||||||||
Return on average common equity | 6.00 | % | 11.43 | % | 8.64 | % | 6.05 | % | 2.22 | % |
Table 1 | ||||||||||||
Summary of Return on Equity and Assets | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Return on average assets | 0.97 | % | 0.69 | % | 0.58 | % | ||||||
Return on average common equity | 11.43 | % | 8.64 | % | 6.05 | % | ||||||
Dividend payout ratio on common stock | 22.15 | % | 27.68 | % | 36.36 | % | ||||||
Average equity to average assets | 10.71 | % | 10.27 | % | 11.88 | % | ||||||
Table 1 Summary of Return on Equity and Assets | |||||||||
2015 | 2014 | 2013 | |||||||
Return on average assets | 0.53 | % | 0.97 | % | 0.69 | % | |||
Return on average common equity | 6.00 | % | 11.43 | % | 8.64 | % | |||
Dividend payout ratio on common stock | 40.00 | % | 22.15 | % | 27.68 | % | |||
Average equity to average assets | 10.91 | % | 10.71 | % | 10.27 | % |
Table 2 | ||||||||||||||||||||||||||||||||||||
Consolidated Average Balances, Interest, and Rates (in thousands) | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Average Volume | Interest | Average Yield/ Rate | Average Volume | Interest | Average Yield/ Rate | Average Volume | Interest | Average Yield/ Rate | ||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||
Investment securities1 | ||||||||||||||||||||||||||||||||||||
Taxable | $ | 366,786 | $ | 8,100 | 2.21 | % | $ | 422,264 | $ | 8,609 | 2.04 | % | $ | 373,277 | $ | 8,083 | 2.17 | % | ||||||||||||||||||
Tax exempt2 | 87,449 | 4,028 | 4.61 | % | 102,873 | 4,932 | 4.79 | % | 80,590 | 4,120 | 5.11 | % | ||||||||||||||||||||||||
Total investment securities | 454,235 | 12,128 | 2.67 | % | 525,137 | 13,541 | 2.58 | % | 453,867 | 12,203 | 2.69 | % | ||||||||||||||||||||||||
Federal funds sold | 3,032 | 6 | 0.20 | % | 3,563 | 7 | 0.19 | % | 3,482 | 7 | 0.20 | % | ||||||||||||||||||||||||
Time and interest bearing deposits in other banks | 27,649 | 70 | 0.25 | % | 29,422 | 79 | 0.26 | % | 34,087 | 92 | 0.27 | % | ||||||||||||||||||||||||
Other investments | 11,590 | 347 | 2.99 | % | 10,403 | 308 | 2.96 | % | 5,758 | 184 | 3.20 | % | ||||||||||||||||||||||||
Loans | ||||||||||||||||||||||||||||||||||||
Commercial and real estate | 1,111,702 | 65,498 | 5.89 | % | 1,008,940 | 64,748 | 6.42 | % | 661,759 | 42,217 | 6.36 | % | ||||||||||||||||||||||||
Installment | 100,960 | 6,829 | 6.76 | % | 88,648 | 6,268 | 7.07 | % | 104,259 | 7,559 | 7.23 | % | ||||||||||||||||||||||||
Total loans3 | 1,212,662 | 72,327 | 5.96 | % | 1,097,588 | 71,016 | 6.47 | % | 766,018 | 49,776 | 6.48 | % | ||||||||||||||||||||||||
Total earning assets | 1,709,168 | 84,878 | 4.97 | % | 1,666,113 | 84,951 | 5.10 | % | 1,263,212 | 62,262 | 4.92 | % | ||||||||||||||||||||||||
Allowance for loan losses | (8,850 | ) | (7,928 | ) | (7,182 | ) | ||||||||||||||||||||||||||||||
Nonearning assets | 191,761 | 197,980 | 140,085 | |||||||||||||||||||||||||||||||||
Total assets | $ | 1,892,079 | $ | 1,856,165 | $ | 1,396,115 | ||||||||||||||||||||||||||||||
Liabilities and stockholders’ equity | ||||||||||||||||||||||||||||||||||||
NOW, money market, and savings | $ | 921,631 | $ | 2,147 | 0.23 | % | $ | 874,890 | $ | 2,362 | 0.27 | % | $ | 605,869 | $ | 1,816 | 0.30 | % | ||||||||||||||||||
Time deposits | 228,856 | 1,368 | 0.60 | % | 260,650 | 1,599 | 0.61 | % | 273,932 | 2,284 | 0.83 | % | ||||||||||||||||||||||||
Total interest-bearing deposits | 1,150,487 | 3,515 | 0.31 | % | 1,135,540 | 3,961 | 0.35 | % | 879,801 | 4,100 | 0.46 | % | ||||||||||||||||||||||||
Securities sold under agreements to repurchase | 62,844 | 795 | 1.27 | % | 56,233 | 772 | 1.37 | % | 50,776 | 756 | 1.48 | % | ||||||||||||||||||||||||
Federal funds purchased | 228 | 2 | 0.87 | % | 643 | 4 | 0.61 | % | 21 | - | - | |||||||||||||||||||||||||
Short-term FHLB advances | 26,946 | 43 | 0.16 | % | 12,608 | 20 | 0.16 | % | - | - | - | |||||||||||||||||||||||||
Other borrowings | - | - | - | 616 | 18 | 3.05 | % | 11 | - | - | ||||||||||||||||||||||||||
Notes payable | 26,936 | 378 | 1.38 | % | 28,448 | 418 | 1.46 | % | - | - | - | |||||||||||||||||||||||||
Junior subordinated debentures | 26,774 | 1,074 | 3.96 | % | 29,384 | 1,346 | 4.52 | % | 15,503 | 984 | 6.24 | % | ||||||||||||||||||||||||
Total interest-bearing liabilities | 1,294,215 | 5,807 | 0.45 | % | 1,263,472 | 6,539 | 0.52 | % | 946,112 | 5,840 | 0.62 | % | ||||||||||||||||||||||||
Demand deposits | 386,664 | 393,831 | 274,369 | |||||||||||||||||||||||||||||||||
Other liabilities | 8,569 | 8,238 | 9,721 | |||||||||||||||||||||||||||||||||
Stockholders’ equity | 202,631 | 190,624 | 165,913 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,892,079 | $ | 1,856,165 | $ | 1,396,115 | ||||||||||||||||||||||||||||||
Net interest income and net interest spread4 | $ | 79,071 | 4.52 | % | $ | 78,412 | 4.58 | % | $ | 56,422 | 4.30 | % | ||||||||||||||||||||||||
Net yield on interest-earning assets | 4.63 | % | 4.71 | % | 4.45 | % |
Table 2 Consolidated Average Balances, Interest, and Rates (in thousands) | |||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||||||||||||||
Average Volume | Interest | Average Yield/ Rate | Average Volume | Interest | Average Yield/ Rate | Average Volume | Interest | Average Yield/ Rate | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Investment securities1 | |||||||||||||||||||||||||||||||||
Taxable | $ | 340,428 | $ | 7,559 | 2.22 | % | $ | 366,786 | $ | 8,100 | 2.21 | % | $ | 422,264 | $ | 8,609 | 2.04 | % | |||||||||||||||
Tax exempt2 | 74,836 | 3,342 | 4.47 | % | 87,449 | 4,028 | 4.61 | % | 102,873 | 4,932 | 4.79 | % | |||||||||||||||||||||
Total investment securities | 415,264 | 10,901 | 2.63 | % | 454,235 | 12,128 | 2.67 | % | 525,137 | 13,541 | 2.58 | % | |||||||||||||||||||||
Federal funds sold | 3,578 | 8 | 0.22 | % | 3,032 | 6 | 0.20 | % | 3,563 | 7 | 0.19 | % | |||||||||||||||||||||
Time and interest bearing deposits in other banks | 62,659 | 164 | 0.26 | % | 27,649 | 70 | 0.25 | % | 29,422 | 79 | 0.26 | % | |||||||||||||||||||||
Other investments | 10,471 | 345 | 3.29 | % | 11,590 | 347 | 2.99 | % | 10,403 | 308 | 2.96 | % | |||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||
Commercial and real estate | 1,185,788 | 64,470 | 5.44 | % | 1,111,702 | 65,498 | 5.89 | % | 1,008,940 | 64,748 | 6.42 | % | |||||||||||||||||||||
Installment | 106,064 | 7,163 | 6.75 | % | 100,960 | 6,829 | 6.76 | % | 88,648 | 6,268 | 7.07 | % | |||||||||||||||||||||
Total loans3 | 1,291,852 | 71,633 | 5.54 | % | 1,212,662 | 72,327 | 5.96 | % | 1,097,588 | 71,016 | 6.47 | % | |||||||||||||||||||||
Total earning assets | 1,783,824 | 83,051 | 4.66 | % | 1,709,168 | 84,878 | 4.97 | % | 1,666,113 | 84,951 | 5.10 | % | |||||||||||||||||||||
Allowance for loan losses | (15,127 | ) | (8,850 | ) | (7,928 | ) | |||||||||||||||||||||||||||
Nonearning assets | 188,520 | 191,761 | 197,980 | ||||||||||||||||||||||||||||||
Total assets | $ | 1,957,217 | $ | 1,892,079 | $ | 1,856,165 | |||||||||||||||||||||||||||
Liabilities and stockholders’ equity | |||||||||||||||||||||||||||||||||
NOW, money market, and savings | $ | 943,615 | $ | 2,214 | 0.23 | % | $ | 921,631 | $ | 2,147 | 0.23 | % | $ | 874,890 | $ | 2,362 | 0.27 | % | |||||||||||||||
Time deposits | 226,188 | 1,373 | 0.61 | % | 228,856 | 1,368 | 0.60 | % | 260,650 | 1,599 | 0.61 | % | |||||||||||||||||||||
Total interest-bearing deposits | 1,169,803 | 3,587 | 0.31 | % | 1,150,487 | 3,515 | 0.31 | % | 1,135,540 | 3,961 | 0.35 | % | |||||||||||||||||||||
Securities sold under agreements to repurchase | 84,622 | 961 | 1.14 | % | 62,844 | 795 | 1.27 | % | 56,233 | 772 | 1.37 | % | |||||||||||||||||||||
Federal funds purchased | 1 | — | — | % | 228 | 2 | 0.87 | % | 643 | 4 | 0.61 | % | |||||||||||||||||||||
Short-term FHLB advances | 27,959 | 56 | 0.20 | % | 26,946 | 43 | 0.16 | % | 12,608 | 20 | 0.16 | % | |||||||||||||||||||||
Other borrowings | — | — | — | — | — | — | % | 616 | 18 | 3.05 | % | ||||||||||||||||||||||
Notes payable | 26,059 | 364 | 1.38 | % | 26,936 | 378 | 1.38 | % | 28,448 | 418 | 1.46 | % | |||||||||||||||||||||
Junior subordinated debentures | 22,167 | 613 | 2.73 | % | 26,774 | 1,074 | 3.96 | % | 29,384 | 1,346 | 4.52 | % | |||||||||||||||||||||
Total interest-bearing liabilities | 1,330,611 | 5,581 | 0.42 | % | 1,294,215 | 5,807 | 0.45 | % | 1,263,472 | 6,539 | 0.52 | % | |||||||||||||||||||||
Demand deposits | 405,571 | 386,664 | 393,831 | ||||||||||||||||||||||||||||||
Other liabilities | 7,576 | 8,569 | 8,238 | ||||||||||||||||||||||||||||||
Stockholders’ equity | 213,459 | 202,631 | 190,624 | ||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,957,217 | $ | 1,892,079 | $ | 1,856,165 | |||||||||||||||||||||||||||
Net interest income and net interest spread | $ | 77,470 | 4.24 | % | $ | 79,071 | 4.52 | % | $ | 78,412 | 4.58 | % | |||||||||||||||||||||
Net yield on interest-earning assets | 4.34 | % | 4.63 | % | 4.71 | % |
Table 3 Changes in Taxable-Equivalent Net Interest Income (in thousands) | ||||||||||||||||||||||||
2015 Compared to 2014 | 2014 Compared to 2013 | |||||||||||||||||||||||
Total Increase | Change Attributable to | Total Increase | Change Attributable to | |||||||||||||||||||||
(Decrease) | Volume | Rates | (Decrease) | Volume | Rates | |||||||||||||||||||
Taxable-equivalent interest earned on: | ||||||||||||||||||||||||
Investment securities | ||||||||||||||||||||||||
Taxable | $ | (541 | ) | $ | (585 | ) | $ | 44 | $ | (509 | ) | $ | (1,188 | ) | $ | 679 | ||||||||
Tax-exempt | (686 | ) | (566 | ) | (120 | ) | (904 | ) | (716 | ) | (188 | ) | ||||||||||||
Federal funds sold | 2 | 2 | — | (1 | ) | (1 | ) | — | ||||||||||||||||
Time and interest-bearing deposits in other banks | 94 | 93 | 1 | (9 | ) | (4 | ) | (5 | ) | |||||||||||||||
Other investments | (2 | ) | (35 | ) | 33 | 39 | 36 | 3 | ||||||||||||||||
Loans, including fees | (694 | ) | 4,564 | (5,258 | ) | 1,311 | 7,114 | (5,803 | ) | |||||||||||||||
Total | (1,827 | ) | 3,473 | (5,300 | ) | (73 | ) | 5,241 | (5,314 | ) | ||||||||||||||
Interest paid on: | ||||||||||||||||||||||||
Interest-bearing deposits | 72 | 59 | 13 | (446 | ) | 51 | (497 | ) | ||||||||||||||||
Securities sold under agreements to repurchase | 166 | 253 | (87 | ) | 23 | 87 | (64 | ) | ||||||||||||||||
Federal funds purchased | (2 | ) | (2 | ) | — | (2 | ) | (4 | ) | 2 | ||||||||||||||
Short-term FHLB advances | 13 | 2 | 11 | 23 | 23 | — | ||||||||||||||||||
Other borrowings | — | — | — | (18 | ) | (18 | ) | — | ||||||||||||||||
Notes payable | (14 | ) | (9 | ) | (5 | ) | (40 | ) | (20 | ) | (20 | ) | ||||||||||||
Junior subordinated debentures | (461 | ) | (159 | ) | (302 | ) | (272 | ) | (107 | ) | (165 | ) | ||||||||||||
Total | (226 | ) | 144 | (370 | ) | (732 | ) | 12 | (744 | ) | ||||||||||||||
Taxable-equivalent net interest income | $ | (1,601 | ) | $ | 3,329 | $ | (4,930 | ) | $ | 659 | $ | 5,229 | $ | (4,570 | ) |
Table 3 | ||||||||||||||||||||||||
Changes in Taxable-Equivalent Net Interest Income (in thousands) | ||||||||||||||||||||||||
2014 Compared to 2013 | 2013 Compared to 2012 | |||||||||||||||||||||||
Total Increase | Change Attributable to | Total Increase | Change Attributable to | |||||||||||||||||||||
(Decrease) | Volume | Rates | (Decrease) | Volume | Rates | |||||||||||||||||||
Taxable-equivalent interest earned on: | ||||||||||||||||||||||||
Investment securities | ||||||||||||||||||||||||
Taxable | $ | (509 | ) | $ | (1,188 | ) | $ | 679 | $ | 526 | $ | 1,018 | $ | (492 | ) | |||||||||
Tax-exempt | (904 | ) | (716 | ) | (188 | ) | 812 | 1,081 | (269 | ) | ||||||||||||||
Federal funds sold | (1 | ) | (1 | ) | - | - | - | - | ||||||||||||||||
Time and interest-bearing deposits in other banks | (9 | ) | (4 | ) | (5 | ) | (13 | ) | (11 | ) | (2 | ) | ||||||||||||
Other investments | 39 | 36 | 3 | 124 | 139 | (15 | ) | |||||||||||||||||
Loans, including fees | 1,311 | 7,114 | (5,803 | ) | 21,240 | 21,453 | (213 | ) | ||||||||||||||||
Total | (73 | ) | 5,241 | (5,314 | ) | 22,689 | 23,680 | (991 | ) | |||||||||||||||
Interest paid on: | ||||||||||||||||||||||||
Interest-bearing deposits | (446 | ) | 51 | (497 | ) | (139 | ) | 1,029 | (1,168 | ) | ||||||||||||||
Securities sold under agreements to repurchase | 23 | 87 | (64 | ) | 16 | 78 | (62 | ) | ||||||||||||||||
Federal funds purchased | (2 | ) | (4 | ) | 2 | 4 | 4 | - | ||||||||||||||||
Short-term FHLB advances | 23 | 23 | - | 20 | 20 | - | ||||||||||||||||||
Other borrowings | (18 | ) | (18 | ) | - | 18 | 18 | - | ||||||||||||||||
Notes payable | (40 | ) | (20 | ) | (20 | ) | 417 | 417 | - | |||||||||||||||
Junior subordinated debentures | (272 | ) | (107 | ) | (165 | ) | 362 | 701 | (339 | ) | ||||||||||||||
Total | (732 | ) | 12 | (744 | ) | 698 | 2,267 | (1,569 | ) | |||||||||||||||
Taxable-equivalent net interest income | $ | 659 | $ | 5,229 | $ | (4,570 | ) | $ | 21,991 | $ | 21,413 | $ | 578 |
Table 4 Composition of Investment Securities December 31 (in thousands) | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Available-for-sale securities | ||||||||||||||||||||
U. S. Government sponsored enterprises | $ | 10,227 | $ | 11,265 | $ | 13,424 | $ | 94,999 | $ | 117,698 | ||||||||||
Obligations of state and political subdivisions | 44,605 | 59,978 | 87,421 | 96,149 | 108,852 | |||||||||||||||
GSE mortgage-backed securities | 109,103 | 145,965 | 178,819 | 109,487 | 11,472 | |||||||||||||||
Collateralized mortgage obligations: residential | 60,839 | 70,887 | 101,986 | 41,468 | 22,688 | |||||||||||||||
Collateralized mortgage obligations: commercial | 24,545 | 27,346 | 29,761 | 25,138 | 3,099 | |||||||||||||||
Other asset-backed securities | 24,343 | 25,489 | 12,742 | - | - | |||||||||||||||
Collateralized debt obligation | 1,218 | 735 | 464 | - | - | |||||||||||||||
Mutual funds | 2,104 | - | - | - | - | |||||||||||||||
Total available-for-sale securities | $ | 276,984 | $ | 341,665 | $ | 424,617 | $ | 367,241 | $ | 263,809 | ||||||||||
Held-to-maturity securities | ||||||||||||||||||||
Obligations of state and political subdivisions | $ | 45,914 | $ | 47,377 | $ | 42,900 | $ | 340 | $ | 1,588 | ||||||||||
GSE mortgage-backed securities | 67,268 | 78,272 | 89,383 | 82,497 | - | |||||||||||||||
Collateralized mortgage obligations: residential | 12,709 | 14,189 | 5,009 | - | - | |||||||||||||||
Collateralized mortgage obligations: commercial | 15,310 | 15,685 | 16,232 | 17,635 | - | |||||||||||||||
Total held-to-maturity securities | $ | 141,201 | $ | 155,523 | $ | 153,524 | $ | 100,472 | $ | 1,588 | ||||||||||
Total investment securities | $ | 418,185 | $ | 497,188 | $ | 578,141 | $ | 467,713 | $ | 265,397 |
Table 4 Carrying Value of Investment Securities December 31, (in thousands) | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
Available-for-sale securities | ||||||||||||||||||||
U. S. Government sponsored enterprises | $ | — | $ | 10,227 | $ | 11,265 | $ | 13,424 | $ | 94,999 | ||||||||||
Obligations of state and political subdivisions | 31,493 | 44,605 | 59,978 | 87,421 | 96,149 | |||||||||||||||
GSE mortgage-backed securities | 87,038 | 109,103 | 145,965 | 178,819 | 109,487 | |||||||||||||||
Collateralized mortgage obligations: residential | 192,088 | 60,839 | 70,887 | 101,986 | 41,468 | |||||||||||||||
Collateralized mortgage obligations: commercial | 5,448 | 24,545 | 27,346 | 29,761 | 25,138 | |||||||||||||||
Other asset-backed securities | — | 24,343 | 25,489 | 12,742 | — | |||||||||||||||
Collateralized debt obligation | — | 1,218 | 735 | 464 | — | |||||||||||||||
Mutual funds | 2,092 | 2,104 | — | — | — | |||||||||||||||
Total available-for-sale securities | $ | 318,159 | $ | 276,984 | $ | 341,665 | $ | 424,617 | $ | 367,241 | ||||||||||
Held-to-maturity securities | ||||||||||||||||||||
Obligations of state and political subdivisions | $ | 43,737 | $ | 45,914 | $ | 47,377 | $ | 42,900 | $ | 340 | ||||||||||
GSE mortgage-backed securities | 55,696 | 67,268 | 78,272 | 89,383 | 82,497 | |||||||||||||||
Collateralized mortgage obligations: residential | 10,803 | 12,709 | 14,189 | 5,009 | — | |||||||||||||||
Collateralized mortgage obligations: commercial | 6,556 | 15,310 | 15,685 | 16,232 | 17,635 | |||||||||||||||
Total held-to-maturity securities | $ | 116,792 | $ | 141,201 | $ | 155,523 | $ | 153,524 | $ | 100,472 | ||||||||||
Total investment securities | $ | 434,951 | $ | 418,185 | $ | 497,188 | $ | 578,141 | $ | 467,713 |
Table 5 Investment Securities Portfolio Maturities and Average Taxable-Equivalent Yields For the Year Ended December 31, 2014 (dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Within 1 Year | After 1 but Within 5 Years | After 5 but Within 10 Years | After 10 Years | |||||||||||||||||||||||||||||||||
Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | Total | ||||||||||||||||||||||||||||
Securities available-for-sale: | ||||||||||||||||||||||||||||||||||||
U.S. Government sponsored enterprises | $ | - | - | $ | 10,227 | 0.78 | % | $ | - | - | $ | - | - | $ | 10,227 | |||||||||||||||||||||
Obligations of state and political subdivisions1 | 8,312 | 5.36 | % | 20,713 | 5.75 | % | 13,658 | 5.32 | % | 1,922 | 5.82 | % | 44,605 | |||||||||||||||||||||||
GSE mortgage-backs and CMOs: residential | 168 | 4.54 | % | 149,176 | 2.90 | % | 20,515 | 2.72 | % | 83 | 2.10 | % | 169,942 | |||||||||||||||||||||||
GSE mortgage-backs and CMOs: commercial | - | - | 24,545 | 2.64 | % | - | - | - | - | 24,545 | ||||||||||||||||||||||||||
Other asset-backed securities | - | - | 23,796 | 1.11 | % | 547 | 1.21 | % | - | - | 24,343 | |||||||||||||||||||||||||
Collateralized debt obligation | - | - | - | - | - | - | 1,218 | 4.88 | % | 1,218 | ||||||||||||||||||||||||||
Mutual funds | 2,104 | 1.15 | % | - | - | - | - | - | 2,104 | |||||||||||||||||||||||||||
Total fair value | $ | 10,584 | $ | 228,457 | $ | 34,720 | $ | 3,223 | $ | 276,984 | ||||||||||||||||||||||||||
Within 1 Year | After 1 but Within 5 Years | After 5 but Within 10 Years | After 10 Years | |||||||||||||||||||||||||||||||||
Held-to-Maturity: | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | Total | |||||||||||||||||||||||||||
Obligations of state and political subdivisions1 | $ | 105 | 4.26 | % | $ | 3,097 | 2.83 | % | $ | 11,308 | 3.23 | % | $ | 31,404 | 3.34 | % | $ | 45,914 | ||||||||||||||||||
GSE mortgage-backs and CMOs: residential | - | - | 79,977 | 2.43 | % | - | - | - | - | 79,977 | ||||||||||||||||||||||||||
GSE mortgage-backs and CMOs: commercial | - | - | 15,310 | 2.36 | % | - | - | - | - | 15,310 | ||||||||||||||||||||||||||
Total cost | $ | 105 | $ | 98,384 | $ | 11,308 | $ | 31,404 | $ | 141,201 |
Table 5 Investment Securities Portfolio Maturities and Average Taxable-Equivalent Yields For the Year Ended December 31, 2015 (dollars in thousands) | ||||||||||||||||||||||||||||||||
Within 1 Year | After 1 but Within 5 Years | After 5 but Within 10 Years | After 10 Years | |||||||||||||||||||||||||||||
Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | Total | ||||||||||||||||||||||||
Securities available-for-sale: | ||||||||||||||||||||||||||||||||
Obligations of state and political subdivisions1 | $ | 5,702 | 5.57 | % | $ | 20,002 | 5.85 | % | $ | 4,118 | 5.18 | % | $ | 1,671 | 3.64 | % | $ | 31,493 | ||||||||||||||
GSE mortgage-backs and CMOs: residential | 468 | 3.75 | % | 226,551 | 2.72 | % | 52,107 | 2.55 | % | — | — | % | 279,126 | |||||||||||||||||||
GSE mortgage-backs and CMOs: commercial | — | — | 5,448 | 2.04 | % | — | — | — | — | 5,448 | ||||||||||||||||||||||
Mutual funds | 2,092 | 1.10 | % | — | — | — | — | — | 2,092 | |||||||||||||||||||||||
Total fair value | $ | 8,262 | $ | 252,001 | $ | 56,225 | $ | 1,671 | $ | 318,159 | ||||||||||||||||||||||
Within 1 Year | After 1 but Within 5 Years | After 5 but Within 10 Years | After 10 Years | |||||||||||||||||||||||||||||
Held-to-Maturity: | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | Total | |||||||||||||||||||||||
Obligations of state and political subdivisions1 | $ | 472 | 2.49 | % | $ | 3,406 | 2.95 | % | $ | 10,575 | 3.01 | % | $ | 29,284 | 3.36 | % | $ | 43,737 | ||||||||||||||
GSE mortgage-backs and CMOs: residential | — | — | 66,499 | 2.43 | % | — | — | — | — | 66,499 | ||||||||||||||||||||||
GSE mortgage-backs and CMOs: commercial | — | — | 6,556 | 2.22 | % | — | — | — | — | 6,556 | ||||||||||||||||||||||
Total cost | $ | 472 | $ | 76,461 | $ | 10,575 | $ | 29,284 | $ | 116,792 |
Table 6 Composition of Loans | ||||||||||||||||||||
December 31 (in thousands) | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Commercial, financial, and agricultural | $ | 467,147 | $ | 403,976 | $ | 315,655 | $ | 223,283 | $ | 177,598 | ||||||||||
Real estate – construction | 68,577 | 82,691 | 75,334 | 52,712 | 54,164 | |||||||||||||||
Real estate – commercial | 467,172 | 397,135 | 414,384 | 280,798 | 208,764 | |||||||||||||||
Real estate – residential | 154,602 | 146,841 | 142,858 | 113,582 | 72,460 | |||||||||||||||
Installment loans to individuals | 119,328 | 97,459 | 90,561 | 69,980 | 62,272 | |||||||||||||||
Lease financing receivable | 4,857 | 5,542 | 5,769 | 4,276 | 4,748 | |||||||||||||||
Other | 2,748 | 3,910 | 2,379 | 1,674 | 806 | |||||||||||||||
Total loans | $ | 1,284,431 | $ | 1,137,554 | $ | 1,046,940 | $ | 746,305 | $ | 580,812 |
Table 6 Composition of Loans December 31, (in thousands) | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
Commercial, financial, and agricultural | $ | 454,028 | $ | 467,147 | $ | 403,976 | $ | 315,655 | $ | 223,283 | ||||||||||
Real estate – construction | 74,952 | 68,577 | 82,691 | 75,334 | 52,712 | |||||||||||||||
Real estate – commercial | 471,141 | 467,172 | 397,135 | 414,384 | 280,798 | |||||||||||||||
Real estate – residential | 149,064 | 154,602 | 146,841 | 142,858 | 113,582 | |||||||||||||||
Installment loans to individuals | 111,009 | 119,328 | 97,459 | 90,561 | 69,980 | |||||||||||||||
Lease financing receivable | 1,968 | 4,857 | 5,542 | 5,769 | 4,276 | |||||||||||||||
Other | 1,483 | 2,748 | 3,910 | 2,379 | 1,674 | |||||||||||||||
Total loans | $ | 1,263,645 | $ | 1,284,431 | $ | 1,137,554 | $ | 1,046,940 | $ | 746,305 |
Table 7 Loan Maturities and Sensitivity to Interest Rates For the Year Ended December 31, 2015 (in thousands) | ||||||||||||||||||||||||||||
Fixed and Variable Rate Loans at Stated Maturities | Amounts Over One Year With | |||||||||||||||||||||||||||
1 Year or Less | 1 Year – 5 Years | Over 5 years | Total | Predetermined Rates | Floating Rates | Total | ||||||||||||||||||||||
Commercial, financial, and agricultural | $ | 176,812 | $ | 170,774 | $ | 106,442 | $ | 454,028 | $ | 145,989 | $ | 131,227 | $ | 277,216 | ||||||||||||||
Real estate – construction | 35,574 | 18,542 | 20,836 | 74,952 | 16,755 | 22,623 | 39,378 | |||||||||||||||||||||
Real estate – commercial | 66,581 | 93,256 | 311,304 | 471,141 | 77,987 | 326,573 | 404,560 | |||||||||||||||||||||
Real estate – residential | 10,984 | 31,876 | 106,204 | 149,064 | 76,202 | 61,878 | 138,080 | |||||||||||||||||||||
Installment loans to individuals | 28,603 | 72,621 | 9,785 | 111,009 | 69,594 | 12,812 | 82,406 | |||||||||||||||||||||
Lease financing receivable | 49 | 1,919 | — | 1,968 | 1,919 | — | 1,919 | |||||||||||||||||||||
Other | 1,385 | 2 | 96 | 1,483 | — | 98 | 98 | |||||||||||||||||||||
Total | $ | 319,988 | $ | 388,990 | $ | 554,667 | $ | 1,263,645 | $ | 388,446 | $ | 555,211 | $ | 943,657 |
Table 7 | ||||||||||||||||||||||||||||
Loan Maturities and Sensitivity to Interest Rates For the Year Ended December 31, 2014 (in thousands) | ||||||||||||||||||||||||||||
Fixed and Variable Rate Loans at Stated Maturities | Amounts Over One Year With | |||||||||||||||||||||||||||
1 Year or Less | 1 Year – 5 Years | Over 5 years | Total | Predetermined Rates | Floating Rates | Total | ||||||||||||||||||||||
Commercial, financial, and agricultural | $ | 206,389 | $ | 167,187 | $ | 93,571 | $ | 467,147 | $ | 146,301 | $ | 114,457 | $ | 260,758 | ||||||||||||||
Real estate – construction | 29,978 | 12,937 | 25,662 | 68,577 | 10,280 | 28,319 | 38,599 | |||||||||||||||||||||
Real estate – commercial | 40,295 | 133,730 | 293,147 | 467,172 | 115,062 | 311,815 | 426,877 | |||||||||||||||||||||
Real estate – residential | 12,928 | 33,302 | 108,372 | 154,602 | 82,920 | 58,754 | 141,674 | |||||||||||||||||||||
Installment loans to individuals | 24,550 | 68,391 | 26,387 | 119,328 | 85,127 | 9,651 | 94,778 | |||||||||||||||||||||
Lease financing receivable | 541 | 4,263 | 53 | 4,857 | 4,316 | - | 4,316 | |||||||||||||||||||||
Other | 1,024 | 902 | 822 | 2,748 | 902 | 822 | 1,724 | |||||||||||||||||||||
Total | $ | 315,705 | $ | 420,712 | $ | 548,014 | $ | 1,284,431 | $ | 444,908 | $ | 523,818 | $ | 968,726 |
Table 8 Asset Quality Information December 31 (dollars in thousands) | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Loans on nonaccrual | $ | 10,701 | $ | 5,099 | $ | 8,276 | $ | 6,229 | $ | 19,603 | ||||||||||
Loans past due 90 days or > and still accruing | 187 | 178 | 1,986 | 231 | 66 | |||||||||||||||
Total nonperforming loans | 10,888 | 5,277 | 10,262 | 6,460 | 19,669 | |||||||||||||||
Other real estate owned | 4,234 | 6,687 | 7,496 | 7,369 | 1,206 | |||||||||||||||
Other assets repossessed | - | 20 | 151 | 326 | 36 | |||||||||||||||
Total nonperforming assets | $ | 15,122 | $ | 11,984 | $ | 17,909 | $ | 14,155 | $ | 20,911 | ||||||||||
Troubled debt restructurings | $ | 410 | $ | 412 | $ | 4,137 | $ | 456 | $ | 653 | ||||||||||
Nonperforming loans to total loans + ORE + other foreclosed assets | 1.17 | % | 1.05 | % | 1.70 | % | 1.88 | % | 3.59 | % | ||||||||||
Nonperforming assets to total assets | 0.78 | % | 0.65 | % | 0.97 | % | 1.01 | % | 2.09 | % | ||||||||||
ALLL to nonperforming loans | 103.10 | % | 166.36 | % | 71.82 | % | 112.63 | % | 44.81 | % | ||||||||||
ALLL to total loans | 0.87 | % | 0.77 | % | 0.70 | % | 0.97 | % | 1.52 | % |
Table 8 Asset Quality Information December 31, (dollars in thousands) | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
Loans on nonaccrual | $ | 50,051 | $ | 10,701 | $ | 5,099 | $ | 8,276 | $ | 6,229 | ||||||||||
Loans past due 90 days or > and still accruing | 147 | 187 | 178 | 1,986 | 231 | |||||||||||||||
Total nonperforming loans | 50,198 | 10,888 | 5,277 | 10,262 | 6,460 | |||||||||||||||
Other real estate owned | 4,187 | 4,234 | 6,687 | 7,496 | 7,369 | |||||||||||||||
Other assets repossessed | 38 | — | 20 | 151 | 326 | |||||||||||||||
Total nonperforming assets | $ | 54,423 | $ | 15,122 | $ | 11,984 | $ | 17,909 | $ | 14,155 | ||||||||||
Troubled debt restructurings, accruing (1) | $ | 164 | $ | 176 | $ | 179 | $ | 3,905 | $ | 456 | ||||||||||
Nonperforming loans to total loans + ORE + other foreclosed assets | 4.29 | % | 1.17 | % | 1.05 | % | 1.70 | % | 1.88 | % | ||||||||||
Nonperforming assets to total assets | 2.82 | % | 0.78 | % | 0.65 | % | 0.97 | % | 1.01 | % | ||||||||||
ALLL to nonperforming loans | 37.87 | % | 103.10 | % | 166.36 | % | 71.82 | % | 112.63 | % | ||||||||||
ALLL to total loans | 1.50 | % | 0.87 | % | 0.77 | % | 0.70 | % | 0.97 | % |
Table 9 | ||||||||||||||||||||||||||||||||||||||||
Summary of Loan Loss Experience (dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Table 9 Summary of Loan Loss Experience For the Year Ended December 31, (dollars in thousands) | Table 9 Summary of Loan Loss Experience For the Year Ended December 31, (dollars in thousands) | |||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 8,779 | $ | 7,370 | $ | 7,276 | $ | 8,813 | $ | 7,995 | $ | 11,226 | $ | 8,779 | $ | 7,370 | $ | 7,276 | $ | 8,813 | ||||||||||||||||||||
Charge-offs: | ||||||||||||||||||||||||||||||||||||||||
Commercial, financial, and agricultural | 2,843 | 935 | 1,054 | 1,109 | 1,333 | 4,936 | 2,843 | 935 | 1,054 | 1,109 | ||||||||||||||||||||||||||||||
Real estate – construction | 1 | - | - | 2,444 | 1,478 | 105 | 1 | — | — | 2,444 | ||||||||||||||||||||||||||||||
Real estate – commercial | 93 | 18 | 550 | 1,246 | 130 | 183 | 93 | 18 | 550 | 1,246 | ||||||||||||||||||||||||||||||
Real estate – residential | 273 | 129 | 126 | 283 | 146 | 87 | 273 | 129 | 126 | 283 | ||||||||||||||||||||||||||||||
Installment loans to individuals | 706 | 824 | 526 | 671 | 1,368 | 1,263 | 706 | 824 | 526 | 671 | ||||||||||||||||||||||||||||||
Lease financing receivable | - | - | - | 19 | 1 | — | — | — | — | 19 | ||||||||||||||||||||||||||||||
Other | - | - | - | - | - | — | — | — | — | — | ||||||||||||||||||||||||||||||
Total charge-offs | 3,916 | 1,906 | 2,256 | 5,772 | 4,456 | 6,574 | 3,916 | 1,906 | 2,256 | 5,772 | ||||||||||||||||||||||||||||||
Recoveries: | ||||||||||||||||||||||||||||||||||||||||
Commercial, financial, and agricultural | 164 | 80 | 181 | 152 | 50 | 235 | 164 | 80 | 181 | 152 | ||||||||||||||||||||||||||||||
Real estate – construction | - | 8 | 18 | 14 | 1 | 3 | — | 8 | 18 | 14 | ||||||||||||||||||||||||||||||
Real estate – commercial | 407 | 29 | 1 | 1 | 1 | 26 | 407 | 29 | 1 | 1 | ||||||||||||||||||||||||||||||
Real estate – residential | 47 | 39 | 2 | 4 | 60 | 12 | 47 | 39 | 2 | 4 | ||||||||||||||||||||||||||||||
Installment loans to individuals | 120 | 109 | 98 | 138 | 141 | 183 | 120 | 109 | 98 | 138 | ||||||||||||||||||||||||||||||
Lease financing receivable | - | - | - | 1 | 1 | — | — | — | — | 1 | ||||||||||||||||||||||||||||||
Other | - | - | - | - | - | — | — | — | — | — | ||||||||||||||||||||||||||||||
Total recoveries | 738 | 265 | 300 | 310 | 254 | 459 | 738 | 265 | 300 | 310 | ||||||||||||||||||||||||||||||
Net charge-offs | 3,178 | 1,641 | 1,956 | 5,462 | 4,202 | 6,115 | 3,178 | 1,641 | 1,956 | 5,462 | ||||||||||||||||||||||||||||||
Additions to allowance charged to operating expenses | 5,625 | 3,050 | 2,050 | 3,925 | 5,020 | 13,900 | 5,625 | 3,050 | 2,050 | 3,925 | ||||||||||||||||||||||||||||||
Balance at end of year | $ | 11,226 | $ | 8,779 | $ | 7,370 | $ | 7,276 | $ | 8,813 | $ | 19,011 | $ | 11,226 | $ | 8,779 | $ | 7,370 | $ | 7,276 | ||||||||||||||||||||
Net charge-offs to average loans | 0.26 | % | 0.15 | % | 0.26 | % | 0.87 | % | 0.72 | % | 0.47 | % | 0.26 | % | 0.15 | % | 0.26 | % | 0.87 | % | ||||||||||||||||||||
Year-end allowance to year-end loans | 0.87 | % | 0.77 | % | 0.70 | % | 0.97 | % | 1.52 | % | 1.50 | % | 0.87 | % | 0.77 | % | 0.70 | % | 0.97 | % |
Table 10 Allocation of Loan Loss by Category December 31, (dollars in thousands) | |||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Amount | % of loans to total loans | Amount | % of loans to total loans | Amount | % of loans to total loans | Amount | % of loans to total loans | Amount | % of loans to total loans | ||||||||||||||||||||||||||
Commercial, financial, and agricultural | $ | 11,268 | 35.9 | $ | 5,729 | 36.4 | $ | 3,906 | 35.5 | $ | 1,535 | 30.1 | $ | 1,734 | 29.9 | ||||||||||||||||||||
Real estate - construction | 819 | 5.9 | 954 | 5.3 | 1,046 | 7.3 | 2,147 | 7.2 | 1,661 | 7.1 | |||||||||||||||||||||||||
Real estate - commercial | 4,614 | 37.3 | 2,402 | 36.4 | 1,389 | 34.9 | 2,166 | 39.6 | 2,215 | 37.6 | |||||||||||||||||||||||||
Real estate - residential | 816 | 11.8 | 810 | 12.0 | 1,141 | 12.9 | 936 | 13.6 | 936 | 15.2 | |||||||||||||||||||||||||
Installment loans to individuals | 1,468 | 8.8 | 1,311 | 9.3 | 1,273 | 8.6 | 543 | 8.7 | 710 | 9.4 | |||||||||||||||||||||||||
Lease financing receivable | 14 | 0.2 | 16 | 0.4 | 21 | 0.5 | 41 | 0.6 | 19 | 0.6 | |||||||||||||||||||||||||
Other | 12 | 0.1 | 4 | 0.2 | 3 | 0.3 | 2 | 0.2 | 1 | 0.2 | |||||||||||||||||||||||||
$ | 19,011 | 100.0 | $ | 11,226 | 100.0 | $ | 8,779 | 100.0 | $ | 7,370 | 100.0 | $ | 7,276 | 100.0 |
Table 10 Allocation of Loan Loss by Category (dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||||||||||||||||||
Amount | % of loans to total loans | Amount | % of loans to total loans | Amount | % of loans to total loans | Amount | % of loans to total loans | Amount | % of loans to total loans | |||||||||||||||||||||||||||||||
Commercial, financial, and agricultural | $ | 5,729 | 37.0 | $ | 3,906 | 35.0 | $ | 1,535 | 30.0 | $ | 1,734 | 30.0 | $ | 1,664 | 31.0 | |||||||||||||||||||||||||
Real estate - construction | 954 | 5.0 | 1,046 | 7.0 | 2,147 | 7.0 | 1,661 | 7.0 | 2,963 | 9.0 | ||||||||||||||||||||||||||||||
Real estate - commercial | 2,402 | 36.0 | 1,389 | 35.0 | 2,166 | 40.0 | 2,215 | 38.0 | 2,565 | 36.0 | ||||||||||||||||||||||||||||||
Real estate - residential | 810 | 12.0 | 1,141 | 13.0 | 936 | 14.0 | 936 | 15.0 | 862 | 12.0 | ||||||||||||||||||||||||||||||
Installment loans to individuals | 1,311 | 9.0 | 1,273 | 9.0 | 543 | 9.0 | 710 | 9.0 | 730 | 11.0 | ||||||||||||||||||||||||||||||
Lease financing receivable | 16 | 1.0 | 21 | 1.0 | 41 | - | 19 | 1.0 | 29 | 1.0 | ||||||||||||||||||||||||||||||
Other | 4 | - | 3 | - | 2 | - | 1 | - | - | - | ||||||||||||||||||||||||||||||
$ | 11,226 | 100.0 | $ | 8,779 | 100.0 | $ | 7,370 | 100.0 | $ | 7,276 | 100.0 | $ | 8,813 | 100.0 |
Table 11 Summary of Average Deposits (in thousands) | |||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||
Average Amount | Average Yield | Average Amount | Average Yield | Average Amount | Average Yield | ||||||||||||||||
Noninterest-bearing demand deposits | $ | 405,571 | — | $ | 386,664 | — | $ | 393,831 | — | ||||||||||||
Interest-bearing deposits: | |||||||||||||||||||||
Savings, NOW, and money market | 943,615 | 0.23 | % | 921,631 | 0.23 | % | 874,890 | 0.27 | % | ||||||||||||
Time deposits | 226,188 | 0.61 | % | 228,856 | 0.60 | % | 260,650 | 0.61 | % | ||||||||||||
Total | $ | 1,575,374 | 0.23 | % | $ | 1,537,151 | 0.23 | % | $ | 1,529,371 | 0.26 | % |
Table 12 Maturity Schedule Time Deposits of $250,000 or More December 31, (in thousands) | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
3 months or less | $ | 10,765 | $ | 11,795 | $ | 14,088 | ||||||
Over 3 months through 6 months | 8,689 | 9,098 | 7,112 | |||||||||
Over 6 months through 12 months | 10,932 | 59,642 | 16,935 | |||||||||
Over 12 months | 7,059 | 4,534 | 9,551 | |||||||||
Total | $ | 37,445 | $ | 85,069 | $ | 47,686 |
Table 11 | ||||||||||||||||||||||||
Summary of Average Deposits (in thousands) | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Average Amount | Average Yield | Average Amount | Average Yield | Average Amount | Average Yield | |||||||||||||||||||
Noninterest-bearing demand deposits | $ | 386,664 | - | $ | 393,831 | - | $ | 274,369 | - | |||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||||
Savings, NOW, and money market | 921,631 | 0.23 | % | 874,890 | 0.27 | % | 605,869 | 0.30 | % | |||||||||||||||
Time deposits | 228,856 | 0.60 | % | 260,650 | 0.61 | % | 273,932 | 0.83 | % | |||||||||||||||
Total | $ | 1,537,151 | 0.23 | % | $ | 1,529,371 | 0.26 | % | $ | 1,154,170 | 0.36 | % |
Table 12 Maturity Schedule Time Deposits of $250,000 or More (in thousands) | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
3 months or less | $ | 11,795 | $ | 14,088 | $ | 14,848 | ||||||
Over 3 months through 6 months | 9,098 | 7,112 | 10,012 | |||||||||
Over 6 months through 12 months | 59,642 | 16,935 | 24,684 | |||||||||
Over 12 months | 4,534 | 9,551 | 10,127 | |||||||||
Total | $ | 85,069 | $ | 47,686 | $ | 59,671 |
Table 13 | ||||||||||
Junior Subordinated Debentures (dollars in thousands) | ||||||||||
Date Issued | Maturity Date | Interest Rate | Callable After | Amount | ||||||
July 31, 2001 | July 9, 2031 | 3 month LIBOR plus 3.30% | July 31, 2006 | $ | 5,671 | |||||
September 20, 2004 | September 20, 2034 | 3 month LIBOR plus 2.50% | September 20, 2009 | 8,248 | ||||||
October 12, 2006 | October 12, 2036 | 3 month LIBOR plus 1.85% | June 26, 2011 | 5,155 | ||||||
June 21, 2007 | June 21, 2037 | 3 month LIBOR plus 1.70% | June 15, 2012 | 3,093 | ||||||
$ | 22,167 |
Table 13 Junior Subordinated Debentures (dollars in thousands) | ||||||||||
Date Issued | Maturity Date | Interest Rate | Callable After | Amount | ||||||
July 31, 2001 | July 9, 2031 | 3 month LIBOR plus 3.30% | July 31, 2006 | $ | 5,671 | |||||
September 20, 2004 | September 20, 2034 | 3 month LIBOR plus 2.50% | September 20, 2009 | 8,248 | ||||||
October 12, 2006 | October 12, 2036 | 3 month LIBOR plus 1.85% | June 26, 2011 | 5,155 | ||||||
June 21, 2007 | June 21, 2037 | 3 month LIBOR plus 1.70% | June 15, 2012 | 3,093 | ||||||
$ | 22,167 |
Net Interest Income at Risk in Year 1 | ||||
Changes in Interest Rates | Estimated Increase in NII at December 31, | |||
Shock Up 300 basis points | (2.27)% | |||
Shock Up 200 basis points | (1.96)% | |||
(0.63)% | ||||
Alternate Down 100 basis points |
Table 14 | ||||||||||||||||||||
Contractual Obligations (in thousands) | ||||||||||||||||||||
Payment due by period | ||||||||||||||||||||
1 year | > 1-3 | > 3-5 | More than | |||||||||||||||||
Total | or less | years | years | 5 years | ||||||||||||||||
Time deposits | $ | 251,454 | $ | 212,032 | $ | 32,149 | $ | 7,271 | $ | 2 | ||||||||||
Short-term FHLB advances | 25,000 | 25,000 | - | - | - | |||||||||||||||
Long-term debt obligations | 48,444 | 426 | 15,830 | 10,021 | 22,167 | |||||||||||||||
Retail Repurchase Agreements | 49,598 | 49,598 | - | - | - | |||||||||||||||
Reverse Repurchase Agreements | 12,500 | - | 12,500 | - | - | |||||||||||||||
Operating lease obligations | 17,081 | 2,080 | 3,263 | 3,166 | 8,572 | |||||||||||||||
Total | $ | 404,077 | $ | 289,136 | $ | 63,742 | $ | 20,458 | $ | 30,741 |
Table 14 Contractual Obligations December 31, 2015 (in thousands) | ||||||||||||||||||||
Payment due by period | ||||||||||||||||||||
1 year | > 1-3 | > 3-5 | More than | |||||||||||||||||
Total | or less | years | years | 5 years | ||||||||||||||||
Time deposits | $ | 169,794 | $ | 127,255 | $ | 31,724 | $ | 10,813 | $ | 2 | ||||||||||
Short-term FHLB advances | 25,000 | 25,000 | — | — | — | |||||||||||||||
Long-term debt obligations | 48,018 | 427 | 15,403 | 10,021 | 22,167 | |||||||||||||||
Retail Repurchase Agreements | 73,457 | 73,457 | — | — | — | |||||||||||||||
Reverse Repurchase Agreements | 12,500 | — | 12,500 | — | — | |||||||||||||||
Operating lease obligations | 15,627 | 1,910 | 3,278 | 3,248 | 7,191 | |||||||||||||||
Total | $ | 344,396 | $ | 228,049 | $ | 62,905 | $ | 24,082 | $ | 29,360 |
Consolidated Balance Sheets | ||||||||
December 31, 2014 and 2013 | ||||||||
(dollars in thousands, except share data) | ||||||||
2014 | 2013 | |||||||
Assets | ||||||||
Cash and due from banks, including required reserves of $10,019 and $9,542, respectively | $ | 45,142 | $ | 43,488 | ||||
Interest-bearing deposits in banks | 39,031 | 13,993 | ||||||
Federal funds sold | 2,699 | 2,250 | ||||||
Securities available-for-sale, at fair value (cost of $272,588 at December 31, 2014 and $341,828 at December 31, 2013) | 276,984 | 341,665 | ||||||
Securities held-to-maturity (estimated fair value of $141,593 at December 31, 2014 and $151,168 at December 31, 2013) | 141,201 | 155,523 | ||||||
Other investments | 9,990 | 11,526 | ||||||
Loans | 1,284,431 | 1,137,554 | ||||||
Allowance for loan losses | (11,226 | ) | (8,779 | ) | ||||
Loans, net | 1,273,205 | 1,128,775 | ||||||
Bank premises and equipment, net | 69,958 | 72,343 | ||||||
Accrued interest receivable | 6,635 | 6,692 | ||||||
Goodwill | 42,171 | 42,171 | ||||||
Intangibles | 6,834 | 7,941 | ||||||
Cash surrender value of life insurance | 13,659 | 13,450 | ||||||
Other real estate | 4,234 | 6,687 | ||||||
Other assets | 4,997 | 4,656 | ||||||
Total assets | $ | 1,936,740 | $ | 1,851,160 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Liabilities: | ||||||||
Deposits: | ||||||||
Noninterest-bearing | $ | 390,863 | $ | 383,257 | ||||
Interest-bearing | 1,194,371 | 1,135,546 | ||||||
Total deposits | 1,585,234 | 1,518,803 | ||||||
Securities sold under agreements to repurchase | 62,098 | 53,916 | ||||||
Short-term Federal Home Loan Bank advances | 25,000 | 25,000 | ||||||
Notes payable | 26,277 | 27,703 | ||||||
Junior subordinated debentures | 22,167 | 29,384 | ||||||
Other liabilities | 6,952 | 5,605 | ||||||
Total liabilities | 1,727,728 | 1,660,411 | ||||||
Commitments and contingencies | ||||||||
Stockholders’ equity: | ||||||||
Series B Preferred stock, no par value; 5,000,000 shares authorized, 32,000 shares issued and outstanding at December 31, 2014 and 2013 | 32,000 | 32,000 | ||||||
Series C Preferred stock, no par value; 100,000 shares authorized, 93,680 shares issued and outstanding at December 31, 2014 and 99,971 shares issued and outstanding at December 31, 2013 | 9,368 | 9,997 | ||||||
Common stock, $0.10 par value; 30,000,000 shares authorized, 11,491,703 and 11,407,196 issued and 11,340,736 and 11,256,712 outstanding at December 31, 2014 and December 31, 2013, respectively | 1,149 | 1,141 | ||||||
Additional paid-in capital | 112,744 | 111,017 | ||||||
Unearned ESOP shares | (250 | ) | - | |||||
Accumulated other comprehensive income (loss) | 2,857 | (106 | ) | |||||
Treasury stock- 150,967 and 150,484 shares at December 31, 2014 and 2013, respectively, at cost | (3,295 | ) | (3,286 | ) | ||||
Retained earnings | 54,439 | 39,986 | ||||||
Total stockholders’ equity | 209,012 | 190,749 | ||||||
Total liabilities and stockholders’ equity | $ | 1,936,740 | $ | 1,851,160 |
Consolidated Balance Sheets | ||||||||
December 31, 2015 and 2014 | ||||||||
(dollars in thousands, except share data) | ||||||||
2015 | 2014 | |||||||
Assets | ||||||||
Cash and due from banks, including required reserves of $8,522 and $10,019, respectively | $ | 37,170 | $ | 45,142 | ||||
Interest-bearing deposits in banks | 48,331 | 39,031 | ||||||
Federal funds sold | 3,700 | 2,699 | ||||||
Securities available-for-sale, at fair value (cost of $317,375 and $272,588 at December 31, 2015 and 2014, respectively) | 318,159 | 276,984 | ||||||
Securities held-to-maturity (estimated fair value of $117,698 and $141,593 at December 31, 2015 and 2014, respectively) | 116,792 | 141,201 | ||||||
Other investments | 11,188 | 9,990 | ||||||
Loans | 1,263,645 | 1,284,431 | ||||||
Allowance for loan losses | (19,011 | ) | (11,226 | ) | ||||
Loans, net | 1,244,634 | 1,273,205 | ||||||
Bank premises and equipment, net | 69,105 | 69,958 | ||||||
Accrued interest receivable | 6,594 | 6,635 | ||||||
Goodwill | 42,171 | 42,171 | ||||||
Intangibles | 5,728 | 6,834 | ||||||
Cash surrender value of life insurance | 13,622 | 13,659 | ||||||
Other real estate | 4,187 | 4,234 | ||||||
Other assets | 6,352 | 4,997 | ||||||
Total assets | $ | 1,927,733 | $ | 1,936,740 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Liabilities: | ||||||||
Deposits: | ||||||||
Noninterest-bearing | $ | 374,261 | $ | 390,863 | ||||
Interest-bearing | 1,176,589 | 1,194,371 | ||||||
Total deposits | 1,550,850 | 1,585,234 | ||||||
Securities sold under agreements to repurchase | 85,957 | 62,098 | ||||||
Short-term Federal Home Loan Bank advances | 25,000 | 25,000 | ||||||
Long-term Federal Home Loan Bank advances | 25,851 | 26,277 | ||||||
Junior subordinated debentures | 22,167 | 22,167 | ||||||
Other liabilities | 4,771 | 6,952 | ||||||
Total liabilities | 1,714,596 | 1,727,728 | ||||||
Commitments and contingencies | ||||||||
Stockholders’ equity: | ||||||||
Series B Preferred stock, no par value; 5,000,000 shares authorized, 32,000 shares issued and outstanding at December 31, 2015 and 2014 | 32,000 | 32,000 | ||||||
Series C Preferred stock, no par value; 100,000 shares authorized, 91,200 and 93,680 shares issued and outstanding at December 31, 2015 and 2014, respectively | 9,120 | 9,368 | ||||||
Common stock, $0.10 par value; 30,000,000 shares authorized, 11,362,150 shares issued and outstanding at December 31, 2015 and 11,491,703 and 11,340,736 shares issued and outstanding at December 31, 2014, respectively | 1,136 | 1,149 | ||||||
Additional paid-in capital | 110,771 | 112,744 | ||||||
Unearned ESOP shares | (1,093 | ) | (250 | ) | ||||
Accumulated other comprehensive income | 509 | 2,857 | ||||||
Treasury stock- 150,967 shares at December 31, 2014 | — | (3,295 | ) | |||||
Retained earnings | 60,694 | 54,439 | ||||||
Total stockholders’ equity | 213,137 | 209,012 | ||||||
Total liabilities and stockholders’ equity | $ | 1,927,733 | $ | 1,936,740 |
Consolidated Statements of Earnings | ||||||||||||
Years Ended December 31, 2015, 2014 and 2013 | ||||||||||||
(in thousands, except per share data) | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Interest income: | ||||||||||||
Loans, including fees | $ | 71,633 | $ | 72,327 | $ | 71,016 | ||||||
Investment securities: | ||||||||||||
Taxable | 7,559 | 8,100 | 8,609 | |||||||||
Nontaxable | 2,188 | 2,637 | 3,184 | |||||||||
Other interest income | 517 | 423 | 394 | |||||||||
Total interest income | 81,897 | 83,487 | 83,203 | |||||||||
Interest expense: | ||||||||||||
Deposits | 3,587 | 3,515 | 3,961 | |||||||||
Short-term borrowings | 1,017 | 840 | 816 | |||||||||
Long-term borrowings | 364 | 378 | 416 | |||||||||
Junior subordinated debentures | 613 | 1,074 | 1,346 | |||||||||
Total interest expense | 5,581 | 5,807 | 6,539 | |||||||||
Net interest income | 76,316 | 77,680 | 76,664 | |||||||||
Provision for loan losses | 13,900 | 5,625 | 3,050 | |||||||||
Net interest income after provision for loan losses | 62,416 | 72,055 | 73,614 | |||||||||
Noninterest income: | ||||||||||||
Service charges on deposit accounts | 8,636 | 9,780 | 9,225 | |||||||||
ATM and debit card income | 7,350 | 7,209 | 6,400 | |||||||||
Gain on securities, net | 1,243 | 128 | 234 | |||||||||
Executive officer life insurance proceeds | — | 3,000 | — | |||||||||
Other charges and fees | 3,092 | 2,843 | 2,963 | |||||||||
Total noninterest income | 20,321 | 22,960 | 18,822 | |||||||||
Noninterest expenses: | ||||||||||||
Salaries and employee benefits | 32,036 | 33,847 | 34,182 | |||||||||
Occupancy expense | 15,052 | 15,064 | 15,112 | |||||||||
ATM and debit card expense | 2,951 | 2,889 | 2,399 | |||||||||
Other | 17,098 | 16,747 | 20,416 | |||||||||
Total noninterest expense | 67,137 | 68,547 | 72,109 | |||||||||
Income before income taxes | 15,600 | 26,468 | 20,327 | |||||||||
Income tax expense | 4,583 | 7,358 | 6,151 | |||||||||
Net earnings | 11,017 | 19,110 | 14,176 | |||||||||
Dividends on preferred stock | 687 | 698 | 1,332 | |||||||||
Net earnings available to common stockholders | $ | 10,330 | $ | 18,412 | $ | 12,844 | ||||||
Earnings per common share: | ||||||||||||
Basic | $ | 0.91 | $ | 1.63 | $ | 1.14 | ||||||
Diluted | $ | 0.90 | $ | 1.58 | $ | 1.12 |
Consolidated Statements of Earnings | ||||||||||||
Years Ended December 31, 2014, 2013 and 2012 | ||||||||||||
(in thousands, except per share data) | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Interest income: | ||||||||||||
Loans, including fees | $ | 72,327 | $ | 71,016 | $ | 49,776 | ||||||
Investment securities: | ||||||||||||
Taxable | 8,100 | 8,609 | 8,083 | |||||||||
Nontaxable | 2,637 | 3,184 | 2,880 | |||||||||
Other interest income | 423 | 394 | 283 | |||||||||
Total interest income | 83,487 | 83,203 | 61,022 | |||||||||
Interest expense: | ||||||||||||
Deposits | 3,515 | 3,961 | 4,100 | |||||||||
Short-term borrowings | 840 | 816 | 756 | |||||||||
Long-term borrowings | 378 | 416 | - | |||||||||
Junior subordinated debentures | 1,074 | 1,346 | 984 | |||||||||
Total interest expense | 5,807 | 6,539 | 5,840 | |||||||||
Net interest income | 77,680 | 76,664 | 55,182 | |||||||||
Provision for loan losses | 5,625 | 3,050 | 2,050 | |||||||||
Net interest income after provision for loan losses | 72,055 | 73,614 | 53,132 | |||||||||
Noninterest income: | ||||||||||||
Service charges on deposit accounts | 9,780 | 9,225 | 7,430 | |||||||||
ATM and debit card income | 7,209 | 6,400 | 4,605 | |||||||||
Gain on securities, net | 128 | 234 | 204 | |||||||||
Executive officer life insurance proceeds | 3,000 | - | - | |||||||||
Other charges and fees | 4,305 | 3,460 | 2,705 | |||||||||
Total noninterest income | 24,422 | 19,319 | 14,944 | |||||||||
Noninterest expenses: | ||||||||||||
Salaries and employee benefits | 33,847 | 34,182 | 24,713 | |||||||||
Occupancy expense | 15,064 | 15,112 | 11,320 | |||||||||
ATM and debit card expense | 2,889 | 2,399 | 1,559 | |||||||||
Other | 18,209 | 20,913 | 17,063 | |||||||||
Total noninterest expense | 70,009 | 72,606 | 54,655 | |||||||||
Income before income taxes | 26,468 | 20,327 | 13,421 | |||||||||
Income tax expense | 7,358 | 6,151 | 3,779 | |||||||||
Net earnings | 19,110 | 14,176 | 9,642 | |||||||||
Dividends on preferred stock | 698 | 1,332 | 1,547 | |||||||||
Net earnings available to common stockholders | $ | 18,412 | $ | 12,844 | $ | 8,095 | ||||||
Earnings per common share: | ||||||||||||
Basic | $ | 1.63 | $ | 1.14 | $ | 0.77 | ||||||
Diluted | $ | 1.58 | $ | 1.12 | $ | 0.77 |
Consolidated Statements of Comprehensive Income | ||||||||||||
Years Ended December 31, 2015, 2014 and 2013 | ||||||||||||
(in thousands) | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Net earnings | $ | 11,017 | $ | 19,110 | $ | 14,176 | ||||||
Other comprehensive (loss) income, net of tax: | ||||||||||||
Unrealized (losses) gains on securities available-for-sale: | ||||||||||||
Unrealized holding (losses) gains arising during the year | (2,369 | ) | 4,687 | (12,481 | ) | |||||||
Less: reclassification adjustment for net gains on sales of securities available-for-sale | (1,243 | ) | (128 | ) | (234 | ) | ||||||
Total other comprehensive (loss) income, before tax | (3,612 | ) | 4,559 | (12,715 | ) | |||||||
Income tax effect related to items of other comprehensive income | 1,264 | (1,596 | ) | 4,450 | ||||||||
Total other comprehensive (loss) income, net of tax | (2,348 | ) | 2,963 | (8,265 | ) | |||||||
Total comprehensive income | $ | 8,669 | $ | 22,073 | $ | 5,911 |
Consolidated Statements of Comprehensive Income | ||||||||||||
Years Ended December 31, 2014, 2013 and 2012 | ||||||||||||
(in thousands) | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net earnings | $ | 19,110 | $ | 14,176 | $ | 9,642 | ||||||
Other comprehensive income (loss), net of tax: | ||||||||||||
Unrealized gains (losses) on securities available-for-sale: | ||||||||||||
Unrealized holding gains (losses) arising during the year | 4,687 | (12,481 | ) | 831 | ||||||||
Less: reclassification adjustment for net gains on sales of securities available-for-sale | (128 | ) | (234 | ) | (204 | ) | ||||||
Total other comprehensive income (loss), before tax | 4,559 | (12,715 | ) | 627 | ||||||||
Income tax effect related to items of other comprehensive income | (1,596 | ) | 4,450 | (220 | ) | |||||||
Total other comprehensive income (loss), net of tax | 2,963 | (8,265 | ) | 407 | ||||||||
Total comprehensive income | $ | 22,073 | $ | 5,911 | $ | 10,049 |
Consolidated Statements of Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||
Years Ended December 31, 2015, 2014 and 2013 | ||||||||||||||||||||||||||||||||||||||
(in thousands, except share and per share data) | ||||||||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Surplus | Unearned ESOP Shares | Accumulated Other Comprehensive Income | Treasury Stock | Retained Earnings | Total | |||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||
Balance December 31, 2012 | 131,971 | $ | 41,997 | 11,386,611 | $ | 1,139 | $ | 110,603 | $ | — | $ | 8,159 | $ | (3,286 | ) | $ | 30,629 | $ | 189,241 | |||||||||||||||||||
Net earnings | — | — | — | — | — | — | — | — | 14,176 | 14,176 | ||||||||||||||||||||||||||||
Dividends on Series B preferred stock | — | — | — | — | — | — | — | — | (931 | ) | (931 | ) | ||||||||||||||||||||||||||
Dividends on Series C preferred stock | — | — | — | — | — | — | — | — | (400 | ) | (400 | ) | ||||||||||||||||||||||||||
Dividends on common stock - $0.31 per share | — | — | — | — | — | — | — | — | (3,488 | ) | (3,488 | ) | ||||||||||||||||||||||||||
Exercise of stock options | — | — | 6,155 | 1 | 68 | — | — | — | — | 69 | ||||||||||||||||||||||||||||
Tax benefit resulting from exercise of stock options, net adjustment | — | — | — | — | 4 | — | — | — | — | 4 | ||||||||||||||||||||||||||||
Vested restricted stock | — | — | 14,430 | 1 | (1 | ) | — | — | — | — | — | |||||||||||||||||||||||||||
Tax benefit resulting from issuance of restricted stock | — | — | — | — | 14 | — | — | — | — | 14 | ||||||||||||||||||||||||||||
Stock option and restricted stock compensation expense | — | — | — | — | 329 | — | — | — | — | 329 | ||||||||||||||||||||||||||||
Change in accumulated other comprehensive income | — | — | — | — | — | — | (8,265 | ) | — | — | (8,265 | ) | ||||||||||||||||||||||||||
Balance December 31, 2013 | 131,971 | 41,997 | 11,407,196 | 1,141 | 111,017 | — | (106 | ) | (3,286 | ) | 39,986 | 190,749 | ||||||||||||||||||||||||||
Net earnings | — | — | — | — | — | — | — | — | 19,110 | 19,110 | ||||||||||||||||||||||||||||
Dividends on Series B preferred stock | — | — | — | — | — | — | — | — | (320 | ) | (320 | ) | ||||||||||||||||||||||||||
Dividends on Series C preferred stock | — | — | — | — | — | — | — | — | (378 | ) | (378 | ) | ||||||||||||||||||||||||||
Dividends on common stock - $0.35 per share | — | — | — | — | — | — | — | — | (3,959 | ) | (3,959 | ) | ||||||||||||||||||||||||||
Conversion of Series C preferred stock to common stock | (6,291 | ) | (629 | ) | 34,947 | 3 | 626 | — | ||||||||||||||||||||||||||||||
Treasury stock acquired at cost | — | — | — | — | — | — | — | (9 | ) | — | (9 | ) | ||||||||||||||||||||||||||
Exercise of stock options | — | — | 49,560 | 5 | 638 | — | — | — | — | 643 | ||||||||||||||||||||||||||||
Tax benefit resulting from exercise of stock options, net adjustment | — | — | — | — | 21 | — | — | — | — | 21 | ||||||||||||||||||||||||||||
Increase in ESOP obligation, net of repayments | — | — | — | — | — | (250 | ) | — | — | — | (250 | ) | ||||||||||||||||||||||||||
Stock option expense | — | — | — | — | 442 | — | — | — | — | 442 | ||||||||||||||||||||||||||||
Change in accumulated other comprehensive income | — | — | — | — | — | — | 2,963 | — | — | 2,963 | ||||||||||||||||||||||||||||
Balance December 31, 2014 | 125,680 | 41,368 | 11,491,703 | 1,149 | 112,744 | (250 | ) | 2,857 | (3,295 | ) | 54,439 | 209,012 | ||||||||||||||||||||||||||
Net earnings | — | — | — | — | — | — | — | — | 11,017 | 11,017 | ||||||||||||||||||||||||||||
Dividends on Series B preferred stock | — | — | — | — | — | — | — | — | (320 | ) | (320 | ) | ||||||||||||||||||||||||||
Dividends on Series C preferred stock | — | — | — | — | — | — | — | — | (367 | ) | (367 | ) | ||||||||||||||||||||||||||
Dividends on common stock - $0.36 per share | — | — | — | — | — | — | — | — | (4,075 | ) | (4,075 | ) | ||||||||||||||||||||||||||
Conversion of Series C preferred stock to common stock | (2,480 | ) | (248 | ) | 13,759 | 1 | 247 | — | — | — | — | — | ||||||||||||||||||||||||||
Reclassification of treasury stock per the LCBA | — | — | (150,967 | ) | (15 | ) | (3,280 | ) | — | — | 3,295 | — | — | |||||||||||||||||||||||||
Exercise of stock options | — | — | 7,655 | 1 | 98 | — | — | — | — | 99 | ||||||||||||||||||||||||||||
Tax benefit resulting from distribution from Directors Deferred Compensation Plan | — | — | — | — | 420 | — | — | — | — | 420 | ||||||||||||||||||||||||||||
Tax benefit for dividends paid to the ESOP | — | — | — | — | 187 | — | — | — | — | 187 | ||||||||||||||||||||||||||||
Increase in ESOP obligation, net of repayments | — | — | — | — | — | (843 | ) | — | — | — | (843 | ) | ||||||||||||||||||||||||||
Stock option and restricted stock compensation expense | — | — | — | — | 355 | — | — | — | — | 355 | ||||||||||||||||||||||||||||
Change in accumulated other comprehensive income | — | — | — | — | — | — | (2,348 | ) | — | — | (2,348 | ) | ||||||||||||||||||||||||||
Balance December 31, 2015 | 123,200 | $ | 41,120 | 11,362,150 | $ | 1,136 | $ | 110,771 | $ | (1,093 | ) | $ | 509 | $ | — | $ | 60,694 | $ | 213,137 |
Consolidated Statements of Cash Flows | ||||||||||||
Years Ended December 31, 2015, 2014 and 2013 | ||||||||||||
(in thousands) | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Cash flows from operating activities: | ||||||||||||
Net earnings | $ | 11,017 | $ | 19,110 | $ | 14,176 | ||||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||||||||||
Depreciation | 6,168 | 6,062 | 5,568 | |||||||||
Accretion of purchase accounting adjustments | (1,235 | ) | (2,540 | ) | (5,869 | ) | ||||||
Provision for loan losses | 13,900 | 5,625 | 3,050 | |||||||||
Deferred tax (benefit) expense | (1,785 | ) | (1,489 | ) | 2,828 | |||||||
Amortization of premiums on securities, net | 2,815 | 3,047 | 4,473 | |||||||||
(Accretion) amortization of other investments | (1 | ) | 3 | 13 | ||||||||
Net loss (gain) on sale of other real estate | 1 | (1,061 | ) | 190 | ||||||||
Net write down of other real estate owned | 111 | 91 | 457 | |||||||||
Net (gain) loss on sale/disposal of premises and equipment | (24 | ) | 182 | 96 | ||||||||
Income recognized from death benefit on bank owned life insurance | (160 | ) | — | — | ||||||||
Stock compensation expense | 336 | 442 | 308 | |||||||||
Restricted stock expense | 19 | — | 21 | |||||||||
Gain on sale and liquidation of securities available-for-sale | (1,243 | ) | (128 | ) | (234 | ) | ||||||
Change in accrued interest receivable | 41 | 57 | (1 | ) | ||||||||
Change in accrued interest payable | (114 | ) | (234 | ) | (201 | ) | ||||||
Change in other assets and liabilities, net | (661 | ) | 591 | 1,009 | ||||||||
Net cash provided by operating activities | 29,185 | 29,758 | 25,884 | |||||||||
Cash flows from investing activities: | ||||||||||||
Net change in time deposits in other banks | — | — | 881 | |||||||||
Proceeds from maturities and calls of securities available-for-sale | 70,934 | 48,464 | 72,728 | |||||||||
Proceeds from maturities and calls of securities held-to-maturity | 23,288 | 14,344 | 22,946 | |||||||||
Proceeds from sale of securities available-for-sale | 40,277 | 22,153 | 55,879 | |||||||||
Purchases of securities available-for-sale | (156,449 | ) | (1,250 | ) | (68,043 | ) | ||||||
Purchases of securities held-to-maturity | — | (1,104 | ) | (26,382 | ) | |||||||
Proceeds from redemption of other investments | 2,180 | 150 | 1,600 | |||||||||
Purchases of other investments | (3,377 | ) | (580 | ) | (3,220 | ) | ||||||
Redemption of Capital Securities related to MidSouth Statutory Trust I | — | 217 | — | |||||||||
Proceeds from bank owned life insurance death benefit | 498 | — | — | |||||||||
Net change in loans | 14,480 | (147,642 | ) | (82,340 | ) | |||||||
Purchases of premises and equipment | (5,374 | ) | (5,588 | ) | (14,264 | ) | ||||||
Proceeds from sale of premises and equipment | 83 | 1,729 | 69 | |||||||||
Proceeds from sale of other real estate owned | 1,514 | 3,794 | 1,215 | |||||||||
Purchase of other real estate owned | (351 | ) | — | — | ||||||||
Net cash used in investing activities | (12,297 | ) | (65,313 | ) | (38,931 | ) | ||||||
Cash flows from financing activities: | ||||||||||||
Change in deposits | (34,285 | ) | 66,679 | (32,455 | ) | |||||||
Change in securities sold under agreements to repurchase | 23,859 | 8,182 | 12,469 | |||||||||
Borrowings on Federal Home Loan Bank advances | 150,000 | 120,000 | 25,000 | |||||||||
Repayments of Federal Home Loan Bank advances | (150,064 | ) | (120,061 | ) | (57 | ) | ||||||
Repayments of notes payable | — | (1,000 | ) | (1,000 | ) | |||||||
Redemption of MidSouth Statutory Trust I | — | (7,217 | ) | — | ||||||||
Proceeds from exercise of stock options | 99 | 643 | 69 | |||||||||
Tax benefit from exercise of stock options | — | 21 | 4 | |||||||||
Tax benefit from vested restricted stock | — | — | 14 | |||||||||
Tax benefit resulting from distribution from Directors Deferred Compensation Plan | 420 | — | — | |||||||||
Tax benefit for dividends paid to ESOP | 187 | — | — | |||||||||
Purchase of treasury stock | — | (9 | ) | — | ||||||||
Payment of dividends on preferred stock | (689 | ) | (704 | ) | (1,519 | ) | ||||||
Payment of dividends on common stock | (4,086 | ) | (3,838 | ) | (3,320 | ) | ||||||
Net cash (used in) provided by financing activities | (14,559 | ) | 62,696 | (795 | ) | |||||||
Net increase (decrease) in cash and cash equivalents | 2,329 | 27,141 | (13,842 | ) | ||||||||
Cash and cash equivalents, beginning of year | 86,872 | 59,731 | 73,573 | |||||||||
Cash and cash equivalents, end of year | $ | 89,201 | $ | 86,872 | $ | 59,731 |
Consolidated Statements of Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, 2014, 2013 and 2012 | ||||||||||||||||||||||||||||||||||||||||
(in thousands, except share and per share data) | ||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Surplus | Unearned ESOP Shares | Accumulated Other Comprehensive Income | Treasury Stock | Retained Earnings | Total | |||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||
Balance December 31, 2011 | 32,000 | $ | 32,000 | 10,615,983 | $ | 1,062 | $ | 98,842 | $ | - | $ | 7,752 | $ | (3,286 | ) | $ | 25,467 | $ | 161,837 | |||||||||||||||||||||
Net earnings | - | - | - | - | - | - | - | - | 9,642 | 9,642 | ||||||||||||||||||||||||||||||
Issuance of common stock for acquisitions | - | - | 756,511 | 76 | 11,454 | - | - | - | - | 11,530 | ||||||||||||||||||||||||||||||
Issuance of Series C preferred stock for acquisitions | 99,971 | 9,997 | - | - | - | - | - | - | - | 9,997 | ||||||||||||||||||||||||||||||
Dividends on Series B preferred stock | - | - | - | - | - | - | - | - | (1,547 | ) | (1,547 | ) | ||||||||||||||||||||||||||||
Dividends on common stock - $0.28 per share | - | - | - | - | - | - | - | - | (2,933 | ) | (2,933 | ) | ||||||||||||||||||||||||||||
Exercise of stock options | - | - | 14,117 | 1 | 99 | - | - | - | - | 100 | ||||||||||||||||||||||||||||||
Tax benefit resulting from exercise of stock options, net adjustment | - | - | - | - | 1 | - | - | - | - | 1 | ||||||||||||||||||||||||||||||
Stock option and restricted stock compensation expense | - | - | - | - | 207 | - | - | - | - | 207 | ||||||||||||||||||||||||||||||
Change in accumulated other comprehensive income | - | - | - | - | - | - | 407 | - | - | 407 | ||||||||||||||||||||||||||||||
Balance December 31, 2012 | 131,971 | 41,997 | 11,386,611 | 1,139 | 110,603 | - | 8,159 | (3,286 | ) | 30,629 | 189,241 | |||||||||||||||||||||||||||||
Net earnings | - | - | - | - | - | - | - | - | 14,176 | 14,176 | ||||||||||||||||||||||||||||||
Dividends on Series B preferred stock | - | - | - | - | - | - | - | - | (931 | ) | (931 | ) | ||||||||||||||||||||||||||||
Dividends on Series C preferred stock | - | - | - | - | - | - | - | - | (400 | ) | (400 | ) | ||||||||||||||||||||||||||||
Dividends on common stock - $0.31 per share | - | - | - | - | - | - | - | - | (3,488 | ) | (3,488 | ) | ||||||||||||||||||||||||||||
Exercise of stock options | - | - | 6,155 | 1 | 68 | - | - | - | - | 69 | ||||||||||||||||||||||||||||||
Tax benefit resulting from exercise of stock options, net adjustment | - | - | - | - | 4 | - | - | - | - | 4 | ||||||||||||||||||||||||||||||
Vested restricted stock | - | - | 14,430 | 1 | (1 | ) | - | - | - | - | - | |||||||||||||||||||||||||||||
Tax benefit resulting from issuance of restricted stock | - | - | - | - | 14 | - | - | - | - | 14 | ||||||||||||||||||||||||||||||
Stock option and restricted stock compensation expense | - | - | - | - | 329 | - | - | - | - | 329 | ||||||||||||||||||||||||||||||
Change in accumulated other comprehensive income | - | - | - | - | - | - | (8,265 | ) | - | - | (8,265 | ) | ||||||||||||||||||||||||||||
Balance December 31, 2013 | 131,971 | 41,997 | 11,407,196 | 1,141 | 111,017 | - | (106 | ) | (3,286 | ) | 39,986 | 190,749 | ||||||||||||||||||||||||||||
Net earnings | - | - | - | - | - | - | - | - | 19,110 | 19,110 | ||||||||||||||||||||||||||||||
Dividends on Series B preferred stock | - | - | - | - | - | - | - | - | (320 | ) | (320 | ) | ||||||||||||||||||||||||||||
Dividends on Series C preferred stock | - | - | - | - | - | - | - | - | (378 | ) | (378 | ) | ||||||||||||||||||||||||||||
Dividends on common stock - $0.35 per share | - | - | - | - | - | - | - | - | (3,959 | ) | (3,959 | ) | ||||||||||||||||||||||||||||
Conversion of Series C preferred stock to common stock | (6,291 | ) | (629 | ) | 34,947 | 3 | 626 | - | - | - | ||||||||||||||||||||||||||||||
Treasury stock acquired at cost | - | - | - | - | - | - | - | (9 | ) | - | (9 | ) | ||||||||||||||||||||||||||||
Exercise of stock options | - | - | 49,560 | 5 | 638 | - | - | - | - | 643 | ||||||||||||||||||||||||||||||
Tax benefit resulting from exercise of stock options, net adjustment | - | - | - | - | 21 | - | - | - | - | 21 | ||||||||||||||||||||||||||||||
Increase in ESOP obligation, net of repayments | - | - | - | - | - | (250 | ) | - | - | - | (250 | ) | ||||||||||||||||||||||||||||
Stock option expense | - | - | - | - | 442 | - | - | - | - | 442 | ||||||||||||||||||||||||||||||
Change in accumulated other comprehensive income | - | - | - | - | - | - | 2,963 | - | - | 2,963 | ||||||||||||||||||||||||||||||
Balance December 31, 2014 | 125,680 | $ | 41,368 | 11,491,703 | $ | 1,149 | $ | 112,744 | $ | (250 | ) | $ | 2,857 | $ | (3,295 | ) | $ | 54,439 | $ | 209,012 |
Consolidated Statements of Cash Flows | ||||||||||||
Years Ended December 31, 2014, 2013 and 2012 | ||||||||||||
(in thousands) | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Cash flows from operating activities: | ||||||||||||
Net earnings | $ | 19,110 | $ | 14,176 | $ | 9,642 | ||||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||||||||||
Depreciation | 6,062 | 5,568 | 3,799 | |||||||||
Accretion of purchase accounting adjustments | (2,540 | ) | (5,869 | ) | (2,067 | ) | ||||||
Provision for loan losses | 5,625 | 3,050 | 2,050 | |||||||||
Deferred tax (benefit) expense | (1,489 | ) | 2,828 | 1,651 | ||||||||
Amortization of premiums on securities, net | 3,047 | 4,473 | 1,878 | |||||||||
Amortization of other investments | 3 | 13 | 15 | |||||||||
Net (gain) loss on sale of other real estate | (1,061 | ) | 190 | 163 | ||||||||
Net write down of other real estate owned | 91 | 457 | 582 | |||||||||
Net loss on sale/disposal of premises and equipment | 182 | 96 | 6 | |||||||||
Stock compensation expense | 442 | 308 | 150 | |||||||||
Restricted stock expense | - | 21 | 57 | |||||||||
Gain on sale and liquidation of securities available-for-sale | (128 | ) | (234 | ) | (204 | ) | ||||||
Change in accrued interest receivable | 57 | (1 | ) | 745 | ||||||||
Change in accrued interest payable | (234 | ) | (201 | ) | (181 | ) | ||||||
Change in other assets and liabilities, net | 591 | 1,009 | (339 | ) | ||||||||
Net cash provided by operating activities | 29,758 | 25,884 | 17,947 | |||||||||
Cash flows from investing activities, net of effect of purchase acquisitions in 2012: | ||||||||||||
Net change in time deposits in other banks | - | 881 | 1 | |||||||||
Proceeds from maturities and calls of securities available-for-sale | 48,464 | 72,728 | 146,019 | |||||||||
Proceeds from maturities and calls of securities held-to-maturity | 14,344 | 22,946 | 24,340 | |||||||||
Proceeds from sale of securities available-for-sale | 22,153 | 55,879 | 6,558 | |||||||||
Purchases of securities available-for-sale | (1,250 | ) | (68,043 | ) | (100,384 | ) | ||||||
Purchases of securities held-to-maturity | (1,104 | ) | (26,382 | ) | (38,160 | ) | ||||||
Proceeds from redemption of other investments | 150 | 1,600 | 500 | |||||||||
Purchases of other investments | (580 | ) | (3,220 | ) | (189 | ) | ||||||
Redemption of Capital Securities related to MidSouth Statutory Trust I | 217 | - | - | |||||||||
Net change in loans | (147,642 | ) | (82,340 | ) | (41,335 | ) | ||||||
Purchases of premises and equipment | (5,588 | ) | (14,264 | ) | (10,245 | ) | ||||||
Proceeds from sale of premises and equipment | 1,729 | 69 | - | |||||||||
Net cash associated with Peoples State Bank acquisition | - | - | 7,044 | |||||||||
Proceeds from sale of other real estate owned | 3,794 | 1,215 | 555 | |||||||||
Net cash used in investing activities | (65,313 | ) | (38,931 | ) | (5,296 | ) | ||||||
Cash flows from financing activities, net of effect of purchase acquisitions in 2012: | ||||||||||||
Change in deposits | 66,679 | (32,455 | ) | (12,432 | ) | |||||||
Change in securities sold under agreements to repurchase | 8,182 | 12,469 | (5,539 | ) | ||||||||
Borrowings on Federal Home Loan Bank advances | 120,000 | 25,000 | - | |||||||||
Repayments of Federal Home Loan Bank advances | (120,061 | ) | (57 | ) | - | |||||||
Repayments of notes payable | (1,000 | ) | (1,000 | ) | - | |||||||
Redemption of MidSouth Statutory Trust I | (7,217 | ) | - | - | ||||||||
Proceeds from exercise of stock options | 643 | 69 | 100 | |||||||||
Tax benefit from exercise of stock options | 21 | 4 | 1 | |||||||||
Tax benefit from vested restricted stock | - | 14 | - | |||||||||
Purchase of treasury stock | (9 | ) | - | - | ||||||||
Payment of dividends on preferred stock | (704 | ) | (1,519 | ) | (1,579 | ) | ||||||
Payment of dividends on common stock | (3,838 | ) | (3,320 | ) | (2,932 | ) | ||||||
Net cash provided by (used in) financing activities | 62,696 | (795 | ) | (22,381 | ) | |||||||
Net increase (decrease) in cash and cash equivalents | 27,141 | (13,842 | ) | (9,730 | ) | |||||||
Cash and cash equivalents, beginning of year | 59,731 | 73,573 | 83,303 | |||||||||
Cash and cash equivalents, end of year | $ | 86,872 | $ | 59,731 | $ | 73,573 |
Consolidated Statements of Cash Flows (continued) | ||||||||||||||||||||||||
Years Ended December 31, 2014, 2013 and 2012 | ||||||||||||||||||||||||
Years Ended December 31, 2015, 2014 and 2013 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
2014 | 2013 | 2012 | 2015 | 2014 | 2013 | |||||||||||||||||||
Supplemental cash flow information: | ||||||||||||||||||||||||
Interest paid | $ | 6,041 | $ | 6,534 | $ | 5,978 | $ | 5,695 | $ | 6,041 | $ | 6,534 | ||||||||||||
Income taxes paid | 8,065 | 3,500 | 2,785 | 6,641 | 8,065 | 3,500 | ||||||||||||||||||
Noncash investing and financing activities: | ||||||||||||||||||||||||
Common stock issued in acquisition | - | - | 11,530 | |||||||||||||||||||||
Change in accrued common stock dividends | 121 | 167 | 1 | (10 | ) | 121 | 167 | |||||||||||||||||
Change in accrued preferred stock dividends | (6 | ) | (188 | ) | (32 | ) | (3 | ) | (6 | ) | (188 | ) | ||||||||||||
Net change in loan to ESOP | (250 | ) | - | - | (843 | ) | (250 | ) | — | |||||||||||||||
Change in unrealized gains/losses on securities available-for-sale, net of tax | 2,963 | (8,265 | ) | 407 | (2,348 | ) | 2,963 | (8,265 | ) | |||||||||||||||
Transfer of loans to other real estate | 447 | 1,053 | 879 | 1,228 | 447 | 1,053 | ||||||||||||||||||
Financed portion of sales of other real estate | 84 | - | 290 | — | 84 | — |
Buildings and improvements | 10 - 40 years |
Furniture, fixtures, and equipment | 3 - 10 years |
Automobiles | 3 - 5 years |
December 31, 2014 | ||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
Available-for-sale: | ||||||||||||||||
U.S. Government sponsored enterprises | $ | 10,339 | $ | - | $ | 112 | $ | 10,227 | ||||||||
Obligations of state and political subdivisions | 43,079 | 1,555 | 29 | 44,605 | ||||||||||||
GSE mortgage-backed securities | 106,208 | 3,183 | 288 | 109,103 | ||||||||||||
Collateralized mortgage obligations: residential | 62,093 | 266 | 1,520 | 60,839 | ||||||||||||
Collateralized mortgage obligations: commercial | 24,462 | 190 | 107 | 24,545 | ||||||||||||
Other asset-backed securities | 24,041 | 321 | 19 | 24,343 | ||||||||||||
Collateralized debt obligation | 266 | 952 | - | 1,218 | ||||||||||||
Mutual funds | 2,100 | 4 | - | 2,104 | ||||||||||||
$ | 272,588 | $ | 6,471 | $ | 2,075 | $ | 276,984 |
December 31, 2015 | ||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
Available-for-sale: | ||||||||||||||||
Obligations of state and political subdivisions | $ | 30,750 | $ | 770 | $ | 27 | $ | 31,493 | ||||||||
GSE mortgage-backed securities | 84,946 | 2,321 | 229 | 87,038 | ||||||||||||
Collateralized mortgage obligations: residential | 194,067 | 297 | 2,276 | 192,088 | ||||||||||||
Collateralized mortgage obligations: commercial | 5,512 | 1 | 65 | 5,448 | ||||||||||||
Mutual funds | 2,100 | — | 8 | 2,092 | ||||||||||||
$ | 317,375 | $ | 3,389 | $ | 2,605 | $ | 318,159 |
December 31, 2013 | ||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
Available-for-sale: | ||||||||||||||||
U.S. Government sponsored enterprises | $ | 11,455 | $ | 1 | $ | 191 | $ | 11,265 | ||||||||
Obligations of state and political subdivisions | 57,925 | 2,296 | 243 | 59,978 | ||||||||||||
GSE mortgage-backed securities | 146,129 | 2,029 | 2,193 | 145,965 | ||||||||||||
Collateralized mortgage obligations: residential | 73,569 | 212 | 2,894 | 70,887 | ||||||||||||
Collateralized mortgage obligations: commercial | 27,082 | 416 | 152 | 27,346 | ||||||||||||
Other asset-backed securities | 25,204 | 351 | 66 | 25,489 | �� | |||||||||||
Collateralized debt obligation | 464 | 271 | - | 735 | ||||||||||||
$ | 341,828 | $ | 5,576 | $ | 5,739 | $ | 341,665 |
December 31, 2014 | ||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
Available-for-sale: | ||||||||||||||||
U.S. Government sponsored enterprises | $ | 10,339 | $ | — | $ | 112 | $ | 10,227 | ||||||||
Obligations of state and political subdivisions | 43,079 | 1,555 | 29 | 44,605 | ||||||||||||
GSE mortgage-backed securities | 106,208 | 3,183 | 288 | 109,103 | ||||||||||||
Collateralized mortgage obligations: residential | 62,093 | 266 | 1,520 | 60,839 | ||||||||||||
Collateralized mortgage obligations: commercial | 24,462 | 190 | 107 | 24,545 | ||||||||||||
Other asset-backed securities | 24,041 | 321 | 19 | 24,343 | ||||||||||||
Collateralized debt obligation | 266 | 952 | — | 1,218 | ||||||||||||
Mutual funds | 2,100 | 4 | — | 2,104 | ||||||||||||
$ | 272,588 | $ | 6,471 | $ | 2,075 | $ | 276,984 |
December 31, 2014 | ||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
Held-to-maturity: | ||||||||||||||||
Obligations of state and political subdivisions | $ | 45,914 | $ | 267 | $ | 192 | $ | 45,989 | ||||||||
GSE mortgage-backed securities | 67,268 | 1,080 | 164 | 68,184 | ||||||||||||
Collateralized mortgage obligations: residential | 12,709 | - | 479 | 12,230 | ||||||||||||
Collateralized mortgage obligations: commercial | 15,310 | 53 | 173 | 15,190 | ||||||||||||
$ | 141,201 | $ | 1,400 | $ | 1,008 | $ | 141,593 |
December 31, 2015 | ||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
Held-to-maturity: | ||||||||||||||||
Obligations of state and political subdivisions | $ | 43,737 | $ | 697 | $ | 6 | $ | 44,428 | ||||||||
GSE mortgage-backed securities | 55,696 | 705 | 131 | 56,270 | ||||||||||||
Collateralized mortgage obligations: residential | 10,803 | — | 361 | 10,442 | ||||||||||||
Collateralized mortgage obligations: commercial | 6,556 | 2 | — | 6,558 | ||||||||||||
$ | 116,792 | $ | 1,404 | $ | 498 | $ | 117,698 |
December 31, 2013 | ||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
Held-to-maturity: | ||||||||||||||||
Obligations of state and political subdivisions | $ | 47,377 | $ | 38 | $ | 2,586 | $ | 44,829 | ||||||||
GSE mortgage-backed securities | 78,272 | 148 | 1,079 | 77,341 | ||||||||||||
Collateralized mortgage obligations: residential | 14,189 | - | 979 | 13,210 | ||||||||||||
Collateralized mortgage obligations: commercial | 15,685 | 103 | - | 15,788 | ||||||||||||
$ | 155,523 | $ | 289 | $ | 4,644 | $ | 151,168 |
December 31, 2014 | ||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
Held-to-maturity: | ||||||||||||||||
Obligations of state and political subdivisions | $ | 45,914 | $ | 267 | $ | 192 | $ | 45,989 | ||||||||
GSE mortgage-backed securities | 67,268 | 1,080 | 164 | 68,184 | ||||||||||||
Collateralized mortgage obligations: residential | 12,709 | — | 479 | 12,230 | ||||||||||||
Collateralized mortgage obligations: commercial | 15,310 | 53 | 173 | 15,190 | ||||||||||||
$ | 141,201 | $ | 1,400 | $ | 1,008 | $ | 141,593 |
Amortized Cost | Fair Value | |||||||
Available-for-sale: | ||||||||
Due in one year or less | $ | 8,218 | $ | 8,312 | ||||
Due after one year through five years | 30,199 | 30,939 | ||||||
Due after five years through ten years | 13,122 | 13,658 | ||||||
Due after ten years | 1,879 | 1,923 | ||||||
Mortgage-backed securities and collateralized mortgage obligations: | ||||||||
Residential | 168,301 | 169,942 | ||||||
Commercial | 24,462 | 24,545 | ||||||
Other asset-backed securities | 24,041 | 24,343 | ||||||
Collateralized debt obligation | 266 | 1,218 | ||||||
Mutual funds | 2,100 | 2,104 | ||||||
$ | 272,588 | $ | 276,984 |
Amortized Cost | Fair Value | |||||||
Available-for-sale: | ||||||||
Due in one year or less | $ | 5,670 | $ | 5,702 | ||||
Due after one year through five years | 19,456 | 20,002 | ||||||
Due after five years through ten years | 3,929 | 4,118 | ||||||
Due after ten years | 1,695 | 1,671 | ||||||
Mortgage-backed securities and collateralized mortgage obligations: | ||||||||
Residential | 279,013 | 279,126 | ||||||
Commercial | 5,512 | 5,448 | ||||||
Mutual funds | 2,100 | 2,092 | ||||||
$ | 317,375 | $ | 318,159 |
Amortized Cost | Fair Value | |||||||
Held-to-maturity: | ||||||||
Due in one year or less | $ | 105 | $ | 105 | ||||
Due after one year through five years | 3,097 | 3,110 | ||||||
Due after five years through ten years | 11,308 | 11,291 | ||||||
Due after ten years | 31,404 | 31,483 | ||||||
Mortgage-backed securities and collateralized mortgage obligations: | ||||||||
Residential | 79,977 | 80,414 | ||||||
Commercial | 15,310 | 15,190 | ||||||
$ | 141,201 | $ | 141,593 |
Amortized Cost | Fair Value | |||||||
Held-to-maturity: | ||||||||
Due in one year or less | $ | 472 | $ | 473 | ||||
Due after one year through five years | 3,406 | 3,431 | ||||||
Due after five years through ten years | 10,575 | 10,756 | ||||||
Due after ten years | 29,284 | 29,768 | ||||||
Mortgage-backed securities and collateralized mortgage obligations: | ||||||||
Residential | 66,499 | 66,712 | ||||||
Commercial | 6,556 | 6,558 | ||||||
$ | 116,792 | $ | 117,698 |
December 31, 2014 | ||||||||||||||||||||||||
Securities with losses under 12 months | Securities with losses over 12 months | Total | ||||||||||||||||||||||
Fair Value | Gross Unrealized Loss | Fair Value | Gross Unrealized Loss | Fair Value | Gross Unrealized Loss | |||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||
U.S. Government sponsored enterprises | $ | 4,973 | $ | 32 | $ | 5,254 | $ | 80 | $ | 10,227 | $ | 112 | ||||||||||||
Obligations of state and political subdivisions | 2,029 | 29 | - | - | 2,029 | 29 | ||||||||||||||||||
GSE mortgage-backed securities | 6,668 | 25 | 21,538 | 263 | 28,206 | 288 | ||||||||||||||||||
Collateralized mortgage obligations: residential | 9,366 | 53 | 37,997 | 1,467 | 47,363 | 1,520 | ||||||||||||||||||
Collateralized mortgage obligations: commercial | - | - | 3,747 | 107 | 3,747 | 107 | ||||||||||||||||||
Other asset-backed securities | 6,401 | 19 | - | - | 6,401 | 19 | ||||||||||||||||||
$ | 29,437 | $ | 158 | $ | 68,536 | $ | 1,917 | $ | 97,973 | $ | 2,075 |
December 31, 2015 | ||||||||||||||||||||||||
Securities with losses under 12 months | Securities with losses over 12 months | Total | ||||||||||||||||||||||
Fair Value | Gross Unrealized Loss | Fair Value | Gross Unrealized Loss | Fair Value | Gross Unrealized Loss | |||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||
Obligations of state and political subdivisions | $ | 1,192 | $ | 27 | $ | — | $ | — | $ | 1,192 | $ | 27 | ||||||||||||
GSE mortgage-backed securities | 21,607 | 229 | — | — | 21,607 | 229 | ||||||||||||||||||
Collateralized mortgage obligations: residential | 140,999 | 1,207 | 30,029 | 1,069 | 171,028 | 2,276 | ||||||||||||||||||
Collateralized mortgage obligations: commercial | — | — | 2,946 | 65 | 2,946 | 65 | ||||||||||||||||||
Mutual funds | 2,092 | 8 | — | — | 2,092 | 8 | ||||||||||||||||||
$ | 165,890 | $ | 1,471 | $ | 32,975 | $ | 1,134 | $ | 198,865 | $ | 2,605 |
December 31, 2013 | ||||||||||||||||||||||||
Securities with losses under 12 months | Securities with losses over 12 months | Total | ||||||||||||||||||||||
Fair Value | Gross Unrealized Loss | Fair Value | Gross Unrealized Loss | Fair Value | Gross Unrealized Loss | |||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||
U.S. Government sponsored enterprises | $ | 10,463 | $ | 191 | $ | - | $ | - | $ | 10,463 | $ | 191 | ||||||||||||
Obligations of state and political subdivisions | 4,256 | 243 | - | - | 4,256 | 243 | ||||||||||||||||||
GSE mortgage-backed securities | 68,028 | 2,193 | - | - | 68,028 | 2,193 | ||||||||||||||||||
Collateralized mortgage obligations: residential | 56,975 | 2,563 | 4,371 | 331 | 61,346 | 2,894 | ||||||||||||||||||
Collateralized mortgage obligations: commercial | 4,282 | 152 | - | - | 4,282 | 152 | ||||||||||||||||||
Other asset-backed securities | 13,099 | 66 | - | - | 13,099 | 66 | ||||||||||||||||||
$ | 157,103 | $ | 5,408 | $ | 4,371 | $ | 331 | $ | 161,474 | $ | 5,739 |
December 31, 2014 | ||||||||||||||||||||||||
Securities with losses under 12 months | Securities with losses over 12 months | Total | ||||||||||||||||||||||
Fair Value | Gross Unrealized Loss | Fair Value | Gross Unrealized Loss | Fair Value | Gross Unrealized Loss | |||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||
U.S. Government sponsored enterprises | $ | 4,973 | $ | 32 | $ | 5,254 | $ | 80 | $ | 10,227 | $ | 112 | ||||||||||||
Obligations of state and political subdivisions | 2,029 | 29 | — | — | 2,029 | 29 | ||||||||||||||||||
GSE mortgage-backed securities | 6,668 | 25 | 21,538 | 263 | 28,206 | 288 | ||||||||||||||||||
Collateralized mortgage obligations: residential | 9,366 | 53 | 37,997 | 1,467 | 47,363 | 1,520 | ||||||||||||||||||
Collateralized mortgage obligations: commercial | — | — | 3,747 | 107 | 3,747 | 107 | ||||||||||||||||||
Other asset-backed securities | 6,401 | 19 | — | — | 6,401 | 19 | ||||||||||||||||||
$ | 29,437 | $ | 158 | $ | 68,536 | $ | 1,917 | $ | 97,973 | $ | 2,075 |
December 31, 2015 | ||||||||||||||||||||||||
Securities with losses under 12 months | Securities with losses over 12 months | Total | ||||||||||||||||||||||
Fair Value | Gross Unrealized Loss | Fair Value | Gross Unrealized Loss | Fair Value | Gross Unrealized Loss | |||||||||||||||||||
Held-to-maturity: | ||||||||||||||||||||||||
Obligations of state and political subdivisions | $ | 541 | $ | 1 | $ | 505 | $ | 5 | $ | 1,046 | $ | 6 | ||||||||||||
GSE mortgage-backed securities | — | — | 7,021 | 131 | 7,021 | 131 | ||||||||||||||||||
Collateralized mortgage obligations: residential | — | — | 10,442 | 361 | 10,442 | 361 | ||||||||||||||||||
$ | 541 | $ | 1 | $ | 17,968 | $ | 497 | $ | 18,509 | $ | 498 |
December 31, 2014 | ||||||||||||||||||||||||
Securities with losses under 12 months | Securities with losses over 12 months | Total | ||||||||||||||||||||||
Fair Value | Gross Unrealized Loss | Fair Value | Gross Unrealized Loss | Fair Value | Gross Unrealized Loss | |||||||||||||||||||
Held-to-maturity: | ||||||||||||||||||||||||
Obligations of state and political subdivisions | $ | 11,761 | $ | 35 | $ | 13,263 | $ | 157 | $ | 25,024 | $ | 192 | ||||||||||||
GSE mortgage-backed securities | - | - | 8,142 | 164 | 8,142 | 164 | ||||||||||||||||||
Collateralized mortgage obligations: residential | - | - | 12,230 | 479 | 12,230 | 479 | ||||||||||||||||||
Collateralized mortgage obligations: commercial | 7,599 | 173 | - | - | 7,599 | 173 | ||||||||||||||||||
$ | 19,360 | $ | 208 | $ | 33,635 | $ | 800 | $ | 52,995 | $ | 1,008 |
December 31, 2014 | ||||||||||||||||||||||||
Securities with losses under 12 months | Securities with losses over 12 months | Total | ||||||||||||||||||||||
Fair Value | Gross Unrealized Loss | Fair Value | Gross Unrealized Loss | Fair Value | Gross Unrealized Loss | |||||||||||||||||||
Held-to-maturity: | ||||||||||||||||||||||||
Obligations of state and political subdivisions | $ | 11,761 | $ | 35 | $ | 13,263 | $ | 157 | $ | 25,024 | $ | 192 | ||||||||||||
GSE mortgage-backed securities | — | — | 8,142 | 164 | 8,142 | 164 | ||||||||||||||||||
Collateralized mortgage obligations: residential | — | — | 12,230 | 479 | 12,230 | 479 | ||||||||||||||||||
Collateralized mortgage obligations: commercial | 7,599 | 173 | — | — | 7,599 | 173 | ||||||||||||||||||
$ | 19,360 | $ | 208 | $ | 33,635 | $ | 800 | $ | 52,995 | $ | 1,008 |
December 31, 2013 | ||||||||||||||||||||||||
Securities with losses under 12 months | Securities with losses over 12 months | Total | ||||||||||||||||||||||
Fair Value | Gross Unrealized Loss | Fair Value | Gross Unrealized Loss | Fair Value | Gross Unrealized Loss | |||||||||||||||||||
Held-to-maturity: | ||||||||||||||||||||||||
Obligations of state and political subdivisions | $ | 42,246 | $ | 2,569 | $ | 685 | $ | 17 | $ | 42,931 | $ | 2,586 | ||||||||||||
GSE mortgage-backed securities | 31,042 | 1,079 | - | - | 31,042 | 1,079 | ||||||||||||||||||
Collateralized mortgage obligations: residential | 13,210 | 979 | - | - | 13,210 | 979 | ||||||||||||||||||
$ | 86,498 | $ | 4,627 | $ | 685 | $ | 17 | $ | 87,183 | $ | 4,644 |
December 31, | ||||||||
2014 | 2013 | |||||||
Commercial, financial and agricultural | $ | 467,147 | $ | 403,976 | ||||
Real estate – construction | 68,577 | 82,691 | ||||||
Real estate – commercial | 467,172 | 397,135 | ||||||
Real estate – residential | 154,602 | 146,841 | ||||||
Installment loans to individuals | 119,328 | 97,459 | ||||||
Lease financing receivable | 4,857 | 5,542 | ||||||
Other | 2,748 | 3,910 | ||||||
1,284,431 | 1,137,554 | |||||||
Less allowance for loan losses | (11,226 | ) | (8,779 | ) | ||||
$ | 1,273,205 | $ | 1,128,775 |
December 31, | ||||||||
2015 | 2014 | |||||||
Commercial, financial and agricultural | $ | 454,028 | $ | 467,147 | ||||
Real estate – construction | 74,952 | 68,577 | ||||||
Real estate – commercial | 471,141 | 467,172 | ||||||
Real estate – residential | 149,064 | 154,602 | ||||||
Installment loans to individuals | 111,009 | 119,328 | ||||||
Lease financing receivable | 1,968 | 4,857 | ||||||
Other | 1,483 | 2,748 | ||||||
1,263,645 | 1,284,431 | |||||||
Less allowance for loan losses | (19,011 | ) | (11,226 | ) | ||||
$ | 1,244,634 | $ | 1,273,205 |
December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Balance, beginning of year | $ | 8,779 | $ | 7,370 | $ | 7,276 | ||||||
Provision for loan losses | 5,625 | 3,050 | 2,050 | |||||||||
Recoveries | 738 | 265 | 300 | |||||||||
Loans charged-off | (3,916 | ) | (1,906 | ) | (2,256 | ) | ||||||
Balance, end of year | $ | 11,226 | $ | 8,779 | $ | 7,370 |
December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Balance, beginning of year | $ | 11,226 | $ | 8,779 | $ | 7,370 | ||||||
Provision for loan losses | 13,900 | 5,625 | 3,050 | |||||||||
Recoveries | 459 | 738 | 265 | |||||||||
Loans charged-off | (6,574 | ) | (3,916 | ) | (1,906 | ) | ||||||
Balance, end of year | $ | 19,011 | $ | 11,226 | $ | 8,779 |
December 31, 2014 | ||||||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||
Coml, fin, and agric | Construction | Commercial | Residential | Installment loans to individuals | Lease financing receivable | Other | Total | |||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Beginning balance | $ | 3,906 | $ | 1,046 | $ | 1,389 | $ | 1,141 | $ | 1,273 | $ | 21 | $ | 3 | $ | 8,779 | ||||||||||||||||
Charge-offs | (2,843 | ) | (1 | ) | (93 | ) | (273 | ) | (706 | ) | - | - | (3,916 | ) | ||||||||||||||||||
Recoveries | 164 | - | 407 | 47 | 120 | - | - | 738 | ||||||||||||||||||||||||
Provision | 4,502 | (91 | ) | 699 | (105 | ) | 624 | (5 | ) | 1 | 5,625 | |||||||||||||||||||||
Ending balance | $ | 5,729 | $ | 954 | $ | 2,402 | $ | 810 | $ | 1,311 | $ | 16 | $ | 4 | $ | 11,226 | ||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 1,010 | $ | - | $ | 907 | $ | 68 | $ | 179 | $ | - | $ | - | $ | 2,164 | ||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 4,719 | $ | 954 | $ | 1,495 | $ | 742 | $ | 1,132 | $ | 16 | $ | 4 | $ | 9,062 | ||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||
Ending balance | $ | 467,147 | $ | 68,577 | $ | 467,172 | $ | 154,602 | $ | 119,328 | $ | 4,857 | $ | 2,748 | $ | 1,284,431 | ||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 2,656 | $ | 54 | $ | 6,388 | $ | 1,072 | $ | 377 | $ | - | $ | - | $ | 10,547 | ||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 464,491 | $ | 68,523 | $ | 460,118 | $ | 153,436 | $ | 118,951 | $ | 4,857 | $ | 2,748 | $ | 1,273,124 | ||||||||||||||||
Ending balance: loans acquired with deteriorated credit quality | $ | - | $ | - | $ | 666 | $ | 94 | $ | - | $ | - | $ | - | $ | 760 |
December 31, 2015 | ||||||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||
Coml, fin, and agric | Construction | Commercial | Residential | Installment loans to individuals | Lease financing receivable | Other | Total | |||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Beginning balance | $ | 5,729 | $ | 954 | $ | 2,402 | $ | 810 | $ | 1,311 | $ | 16 | $ | 4 | $ | 11,226 | ||||||||||||||||
Charge-offs | (4,936 | ) | (105 | ) | (183 | ) | (87 | ) | (1,263 | ) | — | — | (6,574 | ) | ||||||||||||||||||
Recoveries | 235 | 3 | 26 | 12 | 183 | — | — | 459 | ||||||||||||||||||||||||
Provision | 10,240 | (33 | ) | 2,369 | 81 | 1,237 | (2 | ) | 8 | 13,900 | ||||||||||||||||||||||
Ending balance | $ | 11,268 | $ | 819 | $ | 4,614 | $ | 816 | $ | 1,468 | $ | 14 | $ | 12 | $ | 19,011 | ||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 961 | $ | — | $ | 1,585 | $ | 160 | $ | 221 | $ | — | $ | — | $ | 2,927 | ||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 10,307 | $ | 819 | $ | 3,029 | $ | 656 | $ | 1,247 | $ | 14 | $ | 12 | $ | 16,084 | ||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||
Ending balance | $ | 454,028 | $ | 74,952 | $ | 471,141 | $ | 149,064 | $ | 111,009 | $ | 1,968 | $ | 1,483 | $ | 1,263,645 | ||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 27,718 | $ | 37 | $ | 19,890 | $ | 1,903 | $ | 404 | $ | — | $ | — | $ | 49,952 | ||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 426,310 | $ | 74,915 | $ | 450,631 | $ | 147,080 | $ | 110,605 | $ | 1,968 | $ | 1,483 | $ | 1,212,992 | ||||||||||||||||
Ending balance: loans acquired with deteriorated credit quality | $ | — | $ | — | $ | 620 | $ | 81 | $ | — | $ | — | $ | — | $ | 701 |
December 31, 2013 | ||||||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||
Coml, fin, and agric | Construction | Commercial | Residential | Installment loans to individuals | Lease financing receivable | Other | Total | |||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Beginning balance | $ | 1,535 | $ | 2,147 | $ | 2,166 | $ | 936 | $ | 543 | $ | 41 | $ | 2 | $ | 7,370 | ||||||||||||||||
Charge-offs | (935 | ) | - | (18 | ) | (129 | ) | (824 | ) | - | - | (1,906 | ) | |||||||||||||||||||
Recoveries | 80 | 8 | 29 | 39 | 109 | - | - | 265 | ||||||||||||||||||||||||
Provision | 3,226 | (1,109 | ) | (788 | ) | 295 | 1,445 | (20 | ) | 1 | 3,050 | |||||||||||||||||||||
Ending balance | $ | 3,906 | $ | 1,046 | $ | 1,389 | $ | 1,141 | $ | 1,273 | $ | 21 | $ | 3 | $ | 8,779 | ||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 168 | $ | 3 | $ | 54 | $ | 60 | $ | 120 | $ | - | $ | - | $ | 405 | ||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 3,738 | $ | 1,043 | $ | 1,335 | $ | 1,081 | $ | 1,153 | $ | 21 | $ | 3 | $ | 8,374 | ||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||
Ending balance | $ | 403,976 | $ | 82,691 | $ | 397,135 | $ | 146,841 | $ | 97,459 | $ | 5,542 | $ | 3,910 | $ | 1,137,554 | ||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 1,241 | $ | 100 | $ | 2,213 | $ | 900 | $ | 271 | $ | - | $ | - | $ | 4,725 | ||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 402,735 | $ | 82,591 | $ | 394,218 | $ | 145,773 | $ | 97,188 | $ | 5,542 | $ | 3,910 | $ | 1,131,957 | ||||||||||||||||
Ending balance: loans acquired with deteriorated credit quality | $ | - | $ | - | $ | 704 | $ | 168 | $ | - | $ | - | $ | - | $ | 872 |
December 31, 2014 | ||||||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||
Coml, fin, and agric | Construction | Commercial | Residential | Installment loans to individuals | Lease financing receivable | Other | Total | |||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Beginning balance | $ | 3,906 | $ | 1,046 | $ | 1,389 | $ | 1,141 | $ | 1,273 | $ | 21 | $ | 3 | $ | 8,779 | ||||||||||||||||
Charge-offs | (2,843 | ) | (1 | ) | (93 | ) | (273 | ) | (706 | ) | — | — | (3,916 | ) | ||||||||||||||||||
Recoveries | 164 | — | 407 | 47 | 120 | — | — | 738 | ||||||||||||||||||||||||
Provision | 4,502 | (91 | ) | 699 | (105 | ) | 624 | (5 | ) | 1 | 5,625 | |||||||||||||||||||||
Ending balance | $ | 5,729 | $ | 954 | $ | 2,402 | $ | 810 | $ | 1,311 | $ | 16 | $ | 4 | $ | 11,226 | ||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 1,010 | $ | — | $ | 907 | $ | 68 | $ | 179 | $ | — | $ | — | $ | 2,164 | ||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 4,719 | $ | 954 | $ | 1,495 | $ | 742 | $ | 1,132 | $ | 16 | $ | 4 | $ | 9,062 | ||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||
Ending balance | $ | 467,147 | $ | 68,577 | $ | 467,172 | $ | 154,602 | $ | 119,328 | $ | 4,857 | $ | 2,748 | $ | 1,284,431 | ||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 2,656 | $ | 54 | $ | 6,388 | $ | 1,072 | $ | 377 | $ | — | $ | — | $ | 10,547 | ||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 464,491 | $ | 68,523 | $ | 460,118 | $ | 153,436 | $ | 118,951 | $ | 4,857 | $ | 2,748 | $ | 1,273,124 | ||||||||||||||||
Ending balance: loans acquired with deteriorated credit quality | $ | — | $ | — | $ | 666 | $ | 94 | $ | — | $ | — | $ | — | $ | 760 |
December 31, 2014 | ||||||||||||||||||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | Greater than 90 Days Past Due | Total Past Due | Current | Total Loans | Recorded Investment > 90 days and Accruing | ||||||||||||||||||||||
Commercial, financial, and agricultural | $ | 2,179 | $ | 654 | $ | 2,556 | $ | 5,389 | $ | 461,758 | $ | 467,147 | $ | 26 | ||||||||||||||
Commercial real estate - construction | 15 | - | 105 | 120 | 43,390 | 43,510 | 97 | |||||||||||||||||||||
Commercial real estate - other | 4,989 | 270 | 2,464 | 7,723 | 459,449 | 467,172 | - | |||||||||||||||||||||
Residential - construction | 431 | - | - | 431 | 24,636 | 25,067 | - | |||||||||||||||||||||
Residential - prime | 1,843 | 523 | 704 | 3,070 | 151,532 | 154,602 | - | |||||||||||||||||||||
Consumer - credit card | 5 | 19 | 18 | 42 | 5,970 | 6,012 | 18 | |||||||||||||||||||||
Consumer - other | 671 | 392 | 107 | 1,170 | 112,146 | 113,316 | 46 | |||||||||||||||||||||
Lease financing receivable | - | - | - | - | 4,857 | 4,857 | - | |||||||||||||||||||||
Other loans | 134 | - | - | 134 | 2,614 | 2,748 | - | |||||||||||||||||||||
$ | 10,267 | $ | 1,858 | $ | 5,954 | $ | 18,079 | $ | 1,266,352 | $ | 1,284,431 | $ | 187 |
December 31, 2015 | ||||||||||||||||||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | Greater than 90 Days Past Due | Total Past Due | Current | Total Loans | Recorded Investment > 90 days and Accruing | ||||||||||||||||||||||
Commercial, financial, and agricultural | $ | 1,362 | $ | 2,317 | $ | 25,696 | $ | 29,375 | $ | 424,653 | $ | 454,028 | $ | 59 | ||||||||||||||
Commercial real estate - construction | 1,047 | — | 12 | 1,059 | 55,839 | 56,898 | — | |||||||||||||||||||||
Commercial real estate - other | 1,164 | 514 | 19,512 | 21,190 | 449,951 | 471,141 | — | |||||||||||||||||||||
Residential - construction | — | — | — | — | 18,054 | 18,054 | — | |||||||||||||||||||||
Residential - prime | 1,703 | 367 | 1,563 | 3,633 | 145,431 | 149,064 | 19 | |||||||||||||||||||||
Consumer - credit card | 38 | 25 | 22 | 85 | 5,970 | 6,055 | 22 | |||||||||||||||||||||
Consumer - other | 984 | 219 | 387 | 1,590 | 103,364 | 104,954 | 47 | |||||||||||||||||||||
Lease financing receivable | — | — | — | — | 1,968 | 1,968 | — | |||||||||||||||||||||
Other loans | 101 | 4 | — | 105 | 1,378 | 1,483 | — | |||||||||||||||||||||
$ | 6,399 | $ | 3,446 | $ | 47,192 | $ | 57,037 | $ | 1,206,608 | $ | 1,263,645 | $ | 147 |
December 31, 2013 | ||||||||||||||||||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | Greater than 90 Days Past Due | Total Past Due | Current | Total Loans | Recorded Investment > 90 days and Accruing | ||||||||||||||||||||||
Commercial, financial, and agricultural | $ | 4,350 | $ | 208 | $ | 1,256 | $ | 5,814 | $ | 398,162 | $ | 403,976 | $ | 26 | ||||||||||||||
Commercial real estate - construction | 36 | - | 63 | 99 | 64,794 | 64,893 | - | |||||||||||||||||||||
Commercial real estate - other | 1,230 | 1,447 | 2,395 | 5,072 | 392,063 | 397,135 | 141 | |||||||||||||||||||||
Residential - construction | 149 | - | - | 149 | 17,649 | 17,798 | - | |||||||||||||||||||||
Residential - prime | 2,984 | 870 | 307 | 4,161 | 142,680 | 146,841 | - | |||||||||||||||||||||
Consumer - credit card | 36 | - | 7 | 43 | 6,163 | 6,206 | 7 | |||||||||||||||||||||
Consumer - other | 767 | 102 | 269 | 1,138 | 90,115 | 91,253 | 4 | |||||||||||||||||||||
Lease financing receivable | - | - | - | - | 5,542 | 5,542 | - | |||||||||||||||||||||
Other loans | 125 | - | - | 125 | 3,785 | 3,910 | - | |||||||||||||||||||||
$ | 9,677 | $ | 2,627 | $ | 4,297 | $ | 16,601 | $ | 1,120,953 | $ | 1,137,554 | $ | 178 |
December 31, 2014 | ||||||||||||||||||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | Greater than 90 Days Past Due | Total Past Due | Current | Total Loans | Recorded Investment > 90 days and Accruing | ||||||||||||||||||||||
Commercial, financial, and agricultural | $ | 2,179 | $ | 654 | $ | 2,556 | $ | 5,389 | $ | 461,758 | $ | 467,147 | $ | 26 | ||||||||||||||
Commercial real estate - construction | 15 | — | 105 | 120 | 43,390 | 43,510 | 97 | |||||||||||||||||||||
Commercial real estate - other | 4,989 | 270 | 2,464 | 7,723 | 459,449 | 467,172 | — | |||||||||||||||||||||
Residential - construction | 431 | — | — | 431 | 24,636 | 25,067 | — | |||||||||||||||||||||
Residential - prime | 1,843 | 523 | 704 | 3,070 | 151,532 | 154,602 | — | |||||||||||||||||||||
Consumer - credit card | 5 | 19 | 18 | 42 | 5,970 | 6,012 | 18 | |||||||||||||||||||||
Consumer - other | 671 | 392 | 107 | 1,170 | 112,146 | 113,316 | 46 | |||||||||||||||||||||
Lease financing receivable | — | — | — | — | 4,857 | 4,857 | — | |||||||||||||||||||||
Other loans | 134 | — | — | 134 | 2,614 | 2,748 | — | |||||||||||||||||||||
$ | 10,267 | $ | 1,858 | $ | 5,954 | $ | 18,079 | $ | 1,266,352 | $ | 1,284,431 | $ | 187 |
December 31, | ||||||||
2014 | 2013 | |||||||
Commercial, financial and agricultural | $ | 2,642 | $ | 1,272 | ||||
Commercial real estate – construction | 54 | 100 | ||||||
Commercial real estate – other | 6,429 | 2,290 | ||||||
Residential - construction | - | - | ||||||
Residential - prime | 1,194 | 1,153 | ||||||
Consumer – credit card | - | - | ||||||
Consumer - other | 382 | 284 | ||||||
Lease financing receivable | - | - | ||||||
Other | - | - | ||||||
$ | 10,701 | $ | 5,099 |
December 31, | ||||||||
2015 | 2014 | |||||||
Commercial, financial and agricultural | $ | 27,705 | $ | 2,642 | ||||
Commercial real estate – construction | 37 | 54 | ||||||
Commercial real estate – other | 19,907 | 6,429 | ||||||
Residential - construction | — | — | ||||||
Residential - prime | 1,998 | 1,194 | ||||||
Consumer – credit card | — | — | ||||||
Consumer - other | 404 | 382 | ||||||
Lease financing receivable | — | — | ||||||
Other | — | — | ||||||
$ | 50,051 | $ | 10,701 |
December 31, 2014 | ||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | ||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||
Commercial, financial, and agricultural | $ | 438 | $ | 521 | $ | - | $ | 554 | $ | - | ||||||||||
Commercial real estate – construction | 54 | 54 | - | 58 | - | |||||||||||||||
Commercial real estate – other | 1,921 | 1,921 | - | 1,885 | 17 | |||||||||||||||
Residential – prime | 543 | 543 | - | 534 | 15 | |||||||||||||||
Consumer – other | 78 | 78 | - | 72 | - | |||||||||||||||
Subtotal: | 3,034 | 3,117 | - | 3,103 | 32 | |||||||||||||||
With an allowance recorded: | ||||||||||||||||||||
Commercial, financial, and agricultural | 2,218 | 2,333 | 1,010 | 1,394 | 35 | |||||||||||||||
Commercial real estate – construction | - | - | - | 19 | - | |||||||||||||||
Commercial real estate – other | 4,467 | 4,467 | 907 | 2,416 | 220 | |||||||||||||||
Residential – prime | 529 | 548 | 68 | 452 | 3 | |||||||||||||||
Consumer – other | 299 | 313 | 179 | 252 | 4 | |||||||||||||||
Subtotal: | 7,513 | 7,661 | 2,164 | 4,533 | 262 | |||||||||||||||
Totals: | ||||||||||||||||||||
Commercial | 9,098 | 9,296 | 1,917 | 6,326 | 272 | |||||||||||||||
Residential | 1,072 | 1,091 | 68 | 986 | 18 | |||||||||||||||
Consumer | 377 | 391 | 179 | 324 | 4 | |||||||||||||||
Grand total: | $ | 10,547 | $ | 10,778 | $ | 2,164 | $ | 7,636 | $ | 294 |
December 31, 2015 | ||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | ||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||
Commercial, financial, and agricultural | $ | 22,529 | $ | 22,793 | $ | — | $ | 11,484 | $ | 745 | ||||||||||
Commercial real estate – construction | 37 | 37 | — | 45 | — | |||||||||||||||
Commercial real estate – other | 5,886 | 5,886 | — | 3,903 | 97 | |||||||||||||||
Residential – prime | 1,365 | 1,385 | — | 954 | 17 | |||||||||||||||
Consumer – other | 34 | 34 | — | 56 | — | |||||||||||||||
Subtotal: | 29,851 | 30,135 | — | 16,442 | 859 | |||||||||||||||
With an allowance recorded: | ||||||||||||||||||||
Commercial, financial, and agricultural | 5,189 | 6,373 | 961 | 3,704 | 138 | |||||||||||||||
Commercial real estate – other | 14,004 | 14,004 | 1,585 | 9,236 | 161 | |||||||||||||||
Residential – prime | 538 | 538 | 160 | 533 | 7 | |||||||||||||||
Consumer – other | 370 | 384 | 221 | 334 | 8 | |||||||||||||||
Subtotal: | 20,101 | 21,299 | 2,927 | 13,807 | 314 | |||||||||||||||
Totals: | ||||||||||||||||||||
Commercial | 47,645 | 49,093 | 2,546 | 28,372 | 1,141 | |||||||||||||||
Residential | 1,903 | 1,923 | 160 | 1,487 | 24 | |||||||||||||||
Consumer | 404 | 418 | 221 | 390 | 8 | |||||||||||||||
Grand total: | $ | 49,952 | $ | 51,434 | $ | 2,927 | $ | 30,249 | $ | 1,173 |
December 31, 2013 | ||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | ||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||
Commercial, financial, and agricultural | $ | 671 | $ | 1,107 | $ | - | $ | 617 | $ | 3 | ||||||||||
Commercial real estate – construction | 61 | 61 | - | 416 | - | |||||||||||||||
Commercial real estate – other | 1,850 | 2,324 | - | 2,190 | 8 | |||||||||||||||
Residential – prime | 525 | 525 | - | 1,050 | 14 | |||||||||||||||
Consumer – other | 66 | 66 | - | 90 | 1 | |||||||||||||||
Subtotal: | 3,173 | 4,083 | - | 4,363 | 26 | |||||||||||||||
With an allowance recorded: | ||||||||||||||||||||
Commercial, financial, and agricultural | 570 | 570 | 168 | 821 | 3 | |||||||||||||||
Commercial real estate – construction | 39 | 39 | 3 | 102 | 1 | |||||||||||||||
Commercial real estate – other | 363 | 363 | 54 | 372 | 11 | |||||||||||||||
Residential – prime | 375 | 395 | 60 | 214 | 4 | |||||||||||||||
Consumer – other | 205 | 205 | 120 | 211 | 2 | |||||||||||||||
Subtotal: | 1,552 | 1,572 | 405 | 1,720 | 21 | |||||||||||||||
Totals: | ||||||||||||||||||||
Commercial | 3,554 | 4,464 | 225 | 4,518 | 26 | |||||||||||||||
Residential | 900 | 920 | 60 | 1,264 | 18 | |||||||||||||||
Consumer | 271 | 271 | 120 | 301 | 3 | |||||||||||||||
Grand total: | $ | 4,725 | $ | 5,655 | $ | 405 | $ | 6,083 | $ | 47 |
December 31, 2014 | ||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | ||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||
Commercial, financial, and agricultural | $ | 438 | $ | 521 | $ | — | $ | 554 | $ | — | ||||||||||
Commercial real estate – construction | 54 | 54 | — | 58 | — | |||||||||||||||
Commercial real estate – other | 1,921 | 1,921 | — | 1,885 | 17 | |||||||||||||||
Residential – prime | 543 | 543 | — | 534 | 15 | |||||||||||||||
Consumer – other | 78 | 78 | — | 72 | — | |||||||||||||||
Subtotal: | 3,034 | 3,117 | — | 3,103 | 32 | |||||||||||||||
With an allowance recorded: | ||||||||||||||||||||
Commercial, financial, and agricultural | 2,218 | 2,333 | 1,010 | 1,394 | 35 | |||||||||||||||
Commercial real estate – construction | — | — | — | 19 | — | |||||||||||||||
Commercial real estate – other | 4,467 | 4,467 | 907 | 2,416 | 220 | |||||||||||||||
Residential – prime | 529 | 548 | 68 | 452 | 3 | |||||||||||||||
Consumer – other | 299 | 313 | 179 | 252 | 4 | |||||||||||||||
Subtotal: | 7,513 | 7,661 | 2,164 | 4,533 | 262 | |||||||||||||||
Totals: | ||||||||||||||||||||
Commercial | 9,098 | 9,296 | 1,917 | 6,326 | 272 | |||||||||||||||
Residential | 1,072 | 1,091 | 68 | 986 | 18 | |||||||||||||||
Consumer | 377 | 391 | 179 | 324 | 4 | |||||||||||||||
Grand total: | $ | 10,547 | $ | 10,778 | $ | 2,164 | $ | 7,636 | $ | 294 |
December 31, 2014 | December 31, 2015 | ||||||||||||||||||||||||||||||||||
Commercial Credit Exposure | |||||||||||||||||||||||||||||||||||
Credit Risk Profile by Creditworthiness Category | |||||||||||||||||||||||||||||||||||
Commercial, financial, and agricultural | Commercial real estate –construction | Commercial real estate – other | Percentage of Total | Commercial, financial, and agricultural | Commercial real estate –construction | Commercial real estate – other | Percentage of Total | ||||||||||||||||||||||||||||
Pass | $ | 456,221 | $ | 43,320 | $ | 440,281 | 96.11 | % | $ | 383,897 | $ | 56,740 | $ | 412,141 | 86.84 | % | |||||||||||||||||||
Special mention | 4,861 | 132 | 7,120 | 1.24 | % | 32,506 | 34 | 28,217 | 6.18 | % | |||||||||||||||||||||||||
Substandard | 5,541 | 58 | 19,771 | 2.60 | % | 37,353 | 124 | 30,783 | 6.95 | % | |||||||||||||||||||||||||
Doubtful | 524 | - | - | 0.05 | % | 272 | — | — | 0.03 | % | |||||||||||||||||||||||||
$ | 467,147 | $ | 43,510 | $ | 467,172 | 100.00 | % | $ | 454,028 | $ | 56,898 | $ | 471,141 | 100.00 | % |
Consumer Credit Exposure | ||||||||||||||||
Credit Risk Profile by Creditworthiness Category | ||||||||||||||||
Residential – construction | Residential – prime | Residential – subprime | Percentage of Total | |||||||||||||
Pass | $ | 25,067 | $ | 150,664 | $ | - | 97.81 | % | ||||||||
Special mention | - | 1,184 | - | 0.66 | % | |||||||||||
Substandard | - | 2,754 | - | 1.53 | % | |||||||||||
$ | 25,067 | $ | 154,602 | $ | - | 100.00 | % |
Consumer and Commercial Credit Exposure | ||||||||||||||||||||
Credit Risk Profile Based on Payment Activity | ||||||||||||||||||||
Consumer - credit card | Consumer –other | Lease financing receivable | Other | Percentage of Total | ||||||||||||||||
Performing | $ | 5,995 | $ | 112,893 | $ | 4,857 | $ | 2,748 | 99.65 | % | ||||||||||
Nonperforming | 17 | 423 | - | - | 0.35 | % | ||||||||||||||
$ | 6,012 | $ | 113,316 | $ | 4,857 | $ | 2,748 | 100.00 | % |
Consumer Credit Exposure | |||||||||||||||
Credit Risk Profile by Creditworthiness Category | |||||||||||||||
Residential – construction | Residential – prime | Residential – subprime | Percentage of Total | ||||||||||||
Pass | $ | 18,054 | $ | 144,704 | $ | — | 97.39 | % | |||||||
Special mention | — | 1,225 | — | 0.73 | % | ||||||||||
Substandard | — | 3,135 | — | 1.88 | % | ||||||||||
$ | 18,054 | $ | 149,064 | $ | — | 100.00 | % |
Consumer and Commercial Credit Exposure | |||||||||||||||||||
Credit Risk Profile Based on Payment Activity | |||||||||||||||||||
Consumer - credit card | Consumer –other | Lease financing receivable | Other | Percentage of Total | |||||||||||||||
Performing | $ | 6,033 | $ | 104,503 | $ | 1,968 | $ | 1,483 | 99.59 | % | |||||||||
Nonperforming | 22 | 451 | — | — | 0.41 | % | |||||||||||||
$ | 6,055 | $ | 104,954 | $ | 1,968 | $ | 1,483 | 100.00 | % |
December 31, 2013 | December 31, 2014 | ||||||||||||||||||||||||||||||||||
Commercial Credit Exposure | |||||||||||||||||||||||||||||||||||
Credit Risk Profile by Creditworthiness Category | |||||||||||||||||||||||||||||||||||
Commercial, financial, and agricultural | Commercial real estate –construction | Commercial real estate – other | Percentage of Total | Commercial, financial, and agricultural | Commercial real estate –construction | Commercial real estate – other | Percentage of Total | ||||||||||||||||||||||||||||
Pass | $ | 397,513 | $ | 63,577 | $ | 371,618 | 96.15 | % | $ | 456,221 | $ | 43,320 | $ | 440,281 | 96.11 | % | |||||||||||||||||||
Special mention | 2,962 | 49 | 8,781 | 1.36 | % | 4,861 | 132 | 7,120 | 1.24 | % | |||||||||||||||||||||||||
Substandard | 3,272 | 1,267 | 16,736 | 2.46 | % | 5,541 | 58 | 19,771 | 2.60 | % | |||||||||||||||||||||||||
Doubtful | 229 | - | - | 0.03 | % | 524 | — | — | 0.05 | % | |||||||||||||||||||||||||
$ | 403,976 | $ | 64,893 | $ | 397,135 | 100.00 | % | $ | 467,147 | $ | 43,510 | $ | 467,172 | 100.00 | % |
Consumer Credit Exposure | ||||||||||||||||
Credit Risk Profile by Creditworthiness Category | ||||||||||||||||
Residential – construction | Residential – prime | Residential – subprime | Percentage of Total | |||||||||||||
Pass | $ | 17,798 | $ | 143,790 | $ | - | 98.15 | % | ||||||||
Special mention | - | 548 | - | 0.33 | % | |||||||||||
Substandard | - | 2,503 | - | 1.52 | % | |||||||||||
$ | 17,798 | $ | 146,841 | $ | - | 100.00 | % |
Consumer Credit Exposure | |||||||||||||||
Credit Risk Profile by Creditworthiness Category | |||||||||||||||
Residential – construction | Residential – prime | Residential – subprime | Percentage of Total | ||||||||||||
Pass | $ | 25,067 | $ | 150,664 | $ | — | 97.81 | % | |||||||
Special mention | — | 1,184 | — | 0.66 | % | ||||||||||
Substandard | — | 2,754 | — | 1.53 | % | ||||||||||
$ | 25,067 | $ | 154,602 | $ | — | 100.00 | % |
Consumer and Commercial Credit Exposure | ||||||||||||||||||||
Credit Risk Profile Based on Payment Activity | ||||||||||||||||||||
Consumer - credit card | Consumer –other | Lease financing receivable | Other | Percentage of Total | ||||||||||||||||
Performing | $ | 6,196 | $ | 90,978 | $ | 5,542 | $ | 3,910 | 99.73 | % | ||||||||||
Nonperforming | 10 | 275 | - | - | 0.27 | % | ||||||||||||||
$ | 6,206 | $ | 91,253 | $ | 5,542 | $ | 3,910 | 100.00 | % |
Consumer and Commercial Credit Exposure | |||||||||||||||||||
Credit Risk Profile Based on Payment Activity | |||||||||||||||||||
Consumer - credit card | Consumer –other | Lease financing receivable | Other | Percentage of Total | |||||||||||||||
Performing | $ | 5,995 | $ | 112,893 | $ | 4,857 | $ | 2,748 | 99.65 | % | |||||||||
Nonperforming | 17 | 423 | — | — | 0.35 | % | |||||||||||||
$ | 6,012 | $ | 113,316 | $ | 4,857 | $ | 2,748 | 100.00 | % |
December 31, 2014 | ||||||||||||||||
Current | Past Due Greater Than 30 Days | Nonaccrual TDRs | Total TDRs | |||||||||||||
Commercial, financial and agricultural | $ | 21 | $ | - | $ | 234 | $ | 255 | ||||||||
Real estate - commercial | 155 | - | - | 155 | ||||||||||||
$ | 176 | $ | - | $ | 234 | $ | 410 |
December 31, 2015 | ||||||||||||||||
Current | Past Due Greater Than 30 Days | Nonaccrual TDRs | Total TDRs | |||||||||||||
Commercial, financial and agricultural | $ | 16 | $ | — | $ | 20,865 | $ | 20,881 | ||||||||
Real estate - commercial | — | 148 | — | 148 | ||||||||||||
$ | 16 | $ | 148 | $ | 20,865 | $ | 21,029 |
December 31, 2014 | ||||||||||||||||
Current | Past Due Greater Than 30 Days | Nonaccrual TDRs | Total TDRs | |||||||||||||
Commercial, financial and agricultural | $ | 21 | $ | — | $ | 234 | $ | 255 | ||||||||
Real estate - commercial | 155 | — | — | 155 | ||||||||||||
$ | 176 | $ | — | $ | 234 | $ | 410 |
December 31, 2013 | ||||||||||||||||
Current | Past Due Greater Than 30 Days | Nonaccrual TDRs | Total TDRs | |||||||||||||
Commercial, financial and agricultural | $ | - | $ | 23 | $ | 233 | $ | 256 | ||||||||
Real estate - commercial | 156 | - | - | 156 | ||||||||||||
$ | 156 | $ | 23 | $ | 233 | $ | 412 |
Balance, beginning of year | $ | 3,114 | ||
New loans | 407 | |||
Repayments and adjustments | (544 | ) | ||
Balance, end of year | $ | 2,977 |
Balance, beginning of year | $ | 2,977 | |
New loans | — | ||
Repayments and adjustments | (1,137 | ) | |
Balance, end of year | $ | 1,840 |
December 31, | ||||||||
2014 | 2013 | |||||||
Land | $ | 16,078 | $ | 16,771 | ||||
Buildings and improvements | 50,731 | 46,091 | ||||||
Furniture, fixtures, and equipment | 27,121 | 26,244 | ||||||
Automobiles | 1,512 | 1,299 | ||||||
Leasehold improvements | 10,178 | 10,146 | ||||||
Construction-in-process | 2,088 | 4,489 | ||||||
107,708 | 105,040 | |||||||
Less accumulated depreciation and amortization | (37,750 | ) | (32,697 | ) | ||||
$ | 69,958 | $ | 72,343 |
December 31, | ||||||||
2015 | 2014 | |||||||
Land | $ | 16,253 | $ | 16,078 | ||||
Buildings and improvements | 54,126 | 50,731 | ||||||
Furniture, fixtures, and equipment | 28,165 | 27,121 | ||||||
Automobiles | 1,787 | 1,512 | ||||||
Leasehold improvements | 10,725 | 10,178 | ||||||
Construction-in-process | 1,418 | 2,088 | ||||||
112,474 | 107,708 | |||||||
Less accumulated depreciation and amortization | (43,369 | ) | (37,750 | ) | ||||
$ | 69,105 | $ | 69,958 |
2014 | 2013 | |||||||
Beginning balance | $ | 42,171 | $ | 42,781 | ||||
Adjustment to goodwill | - | (610 | ) | |||||
Ending balance | $ | 42,171 | $ | 42,171 |
2014 | 2013 | |||||||
Gross carrying amount | $ | 11,674 | $ | 11,674 | ||||
Less accumulated amortization | (4,840 | ) | (3,733 | ) | ||||
Net carrying amount | $ | 6,834 | $ | 7,941 |
2015 | 2014 | |||||||
Gross carrying amount | $ | 11,674 | $ | 11,674 | ||||
Less accumulated amortization | (5,946 | ) | (4,840 | ) | ||||
Net carrying amount | $ | 5,728 | $ | 6,834 |
2015 | $ | 1,106 | ||
2016 | 1,106 | |||
2017 | 1,106 | |||
2018 | 1,106 | |||
2019 | 1,107 | |||
Thereafter | 1,303 | |||
$ | 6,834 |
2016 | $ | 1,106 | |
2017 | 1,106 | ||
2018 | 1,106 | ||
2019 | 1,107 | ||
2020 | 726 | ||
Thereafter | 577 | ||
$ | 5,728 |
December 31, | ||||||||
2014 | 2013 | |||||||
Noninterest-bearing | $ | 390,863 | $ | 383,257 | ||||
Savings and money market | 473,290 | 465,748 | ||||||
NOW accounts | 469,627 | 429,279 | ||||||
Time deposits less than $250 | 166,385 | 192,833 | ||||||
Time deposits $250 or more | 85,069 | 47,686 | ||||||
$ | 1,585,234 | $ | 1,518,803 |
December 31, | ||||||||
2015 | 2014 | |||||||
Noninterest-bearing | $ | 374,261 | $ | 390,863 | ||||
Savings and money market | 531,449 | 473,290 | ||||||
NOW accounts | 475,346 | 469,627 | ||||||
Time deposits less than $250 | 132,349 | 166,385 | ||||||
Time deposits $250 or more | 37,445 | 85,069 | ||||||
$ | 1,550,850 | $ | 1,585,234 |
2015 | $ | 212,032 | ||
2016 | 23,182 | |||
2017 | 8,967 | |||
2018 | 4,239 | |||
2019 | 3,032 | |||
Thereafter | 2 | |||
$ | 251,454 |
2016 | $ | 127,255 | |
2017 | 24,363 | ||
2018 | 7,361 | ||
2019 | 3,129 | ||
2020 | 7,684 | ||
Thereafter | 2 | ||
$ | 169,794 |
December 31, | ||||||||
2014 | 2013 | |||||||
Long-term Federal Home Loan Bank advances | $ | 26,277 | $ | 26,703 | ||||
Notes payable – First National Bankers Bank | - | 1,000 | ||||||
$ | 26,277 | $ | 27,703 |
Amount | Weighted Average Rate | |||||||
2015 | $ | 426 | 5.057 | % | ||||
2016 | 427 | 5.057 | % | |||||
2017 | 15,403 | 3.412 | % | |||||
2019 | 10,021 | 1.985 | % | |||||
Total FHLB advances | $ | 26,277 |
Amount | Weighted Average Rate | ||||||
2016 | $ | 427 | 5.057 | % | |||
2017 | 15,403 | 3.412 | % | ||||
2019 | 10,021 | 1.985 | % | ||||
Total FHLB advances | $ | 25,851 |
December 31, | |||||||||||||||
Date Issued | Maturity Date | Interest Rate | Callable After | 2014 | 2013 | ||||||||||
February 22, 2001 | February 22, 2031 | 10.20% | February 22, 2011 | $ | - | $ | 7,217 | ||||||||
July 31, 2001 | July 9, 2031 | 3 month LIBOR plus 3.30% | July 31, 2006 | 5,671 | 5,671 | ||||||||||
September 20, 2004 | September 20, 2034 | 3 month LIBOR plus 2.50% | September 20, 2009 | 8,248 | 8,248 | ||||||||||
October 12, 2006 | October 12, 2036 | 3 month LIBOR plus 1.85% | June 26, 2011 | 5,155 | 5,155 | ||||||||||
June 21, 2007 | June 21, 2037 | 3 month LIBOR plus 1.70% | June 15, 2012 | 3,093 | 3,093 | ||||||||||
$ | 22,167 | $ | 29,384 |
December 31, | ||||||||||||||
Date Issued | Maturity Date | Interest Rate | Callable After | 2015 | 2014 | |||||||||
July 31, 2001 | July 9, 2031 | 3 month LIBOR plus 3.30% | July 31, 2006 | $ | 5,671 | $ | 5,671 | |||||||
September 20, 2004 | September 20, 2034 | 3 month LIBOR plus 2.50% | September 20, 2009 | 8,248 | 8,248 | |||||||||
October 12, 2006 | October 12, 2036 | 3 month LIBOR plus 1.85% | June 26, 2011 | 5,155 | 5,155 | |||||||||
June 21, 2007 | June 21, 2037 | 3 month LIBOR plus 1.70% | June 15, 2012 | 3,093 | 3,093 | |||||||||
$ | 22,167 | $ | 22,167 |
2015 | $ | 2,080 | ||
2016 | 1,713 | |||
2017 | 1,550 | |||
2018 | 1,580 | |||
2019 | 1,586 | |||
Thereafter | 8,572 | |||
$ | 17,081 |
2016 | $ | 1,910 | |
2017 | 1,660 | ||
2018 | 1,618 | ||
2019 | 1,624 | ||
2020 | 1,624 | ||
Thereafter | 7,191 | ||
$ | 15,627 |
2014 | 2013 | |||||||
Deferred tax assets: | ||||||||
Allowance for loan losses | $ | 5,593 | $ | 5,359 | ||||
Alternative minimum tax credit | 388 | - | ||||||
Unrealized loss on securities | - | 57 | ||||||
Other | 1,914 | 2,193 | ||||||
Total deferred tax assets | 7,895 | 7,609 | ||||||
Deferred tax liabilities: | ||||||||
Premises and equipment | 4,336 | 5,153 | ||||||
FHLB stock dividends | 65 | 59 | ||||||
Unrealized gains on securities | 1,538 | - | ||||||
Other | 2,833 | 3,168 | ||||||
Total deferred tax liabilities | 8,772 | 8,380 | ||||||
Net deferred tax liability | $ | 877 | $ | 771 |
2015 | 2014 | |||||||
Deferred tax assets: | ||||||||
Allowance for loan losses | $ | 7,750 | $ | 5,593 | ||||
Alternative minimum tax credit | — | 388 | ||||||
Other | 1,118 | 1,914 | ||||||
Total deferred tax assets | 8,868 | 7,895 | ||||||
Deferred tax liabilities: | ||||||||
Premises and equipment | 3,634 | 4,336 | ||||||
Goodwill | 1,446 | 1,035 | ||||||
FHLB stock dividends | 70 | 65 | ||||||
Unrealized gains on securities | 274 | 1,538 | ||||||
Other | 1,272 | 1,798 | ||||||
Total deferred tax liabilities | 6,696 | 8,772 | ||||||
Net deferred tax asset (liability) | $ | 2,172 | $ | (877 | ) |
2014 | 2013 | 2012 | ||||||||||
Current | $ | 8,847 | $ | 3,323 | $ | 2,128 | ||||||
Deferred (benefit) expense | (1,489 | ) | 2,828 | 1,651 | ||||||||
Total income tax expense | $ | 7,358 | $ | 6,151 | $ | 3,779 |
2015 | 2014 | 2013 | ||||||||||
Current | $ | 6,368 | $ | 8,847 | $ | 3,323 | ||||||
Deferred (benefit) expense | (1,785 | ) | (1,489 | ) | 2,828 | |||||||
Total income tax expense | $ | 4,583 | $ | 7,358 | $ | 6,151 |
December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Taxes calculated at statutory rate | $ | 9,264 | $ | 7,114 | $ | 4,697 | ||||||
Increase (decrease) resulting from: | ||||||||||||
Tax-exempt interest, net | (923 | ) | (1,095 | ) | (988 | ) | ||||||
Executive officer life insurance proceeds | (1,050 | ) | - | - | ||||||||
Other | 67 | 132 | 70 | |||||||||
$ | 7,358 | $ | 6,151 | $ | 3,779 |
December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Taxes calculated at statutory rate | $ | 5,460 | $ | 9,264 | $ | 7,114 | ||||||
Increase (decrease) resulting from: | ||||||||||||
Tax-exempt interest, net | (766 | ) | (923 | ) | (1,095 | ) | ||||||
Executive officer life insurance proceeds | — | (1,050 | ) | — | ||||||||
Other | (111 | ) | 67 | 132 | ||||||||
$ | 4,583 | $ | 7,358 | $ | 6,151 |
2014 | 2013 | |||||||
Allocated shares | 554,741 | 537,373 | ||||||
Shares released for allocation | 1,892 | - | ||||||
Unreleased shares | 14,108 | - | ||||||
Total ESOP shares | 570,741 | 537,373 | ||||||
Fair value of unreleased shares at December 31 | $ | 245,000 | $ | - |
2015 | 2014 | |||||||
Allocated shares | 570,905 | 554,741 | ||||||
Shares released for allocation | 10,130 | 1,892 | ||||||
Unreleased shares | 80,504 | 14,108 | ||||||
Total ESOP shares | 661,539 | 570,741 | ||||||
Fair value of unreleased shares at December 31 | $ | 731,000 | $ | 245,000 |
Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | |||||||||||||
Outstanding at December 31, 2011 | 35,100 | $ | 14.07 | |||||||||||||
Granted | 294,803 | 12.97 | ||||||||||||||
Exercised | (14,117 | ) | 7.15 | |||||||||||||
Forfeited or expired | (7,941 | ) | 12.97 | |||||||||||||
Outstanding at December 31, 2012 | 307,845 | $ | 13.36 | |||||||||||||
Granted | 131,280 | 15.82 | ||||||||||||||
Exercised | (6,155 | ) | 11.10 | |||||||||||||
Forfeited or expired | (328 | ) | 20.88 | |||||||||||||
Outstanding at December 31, 2013 | 432,642 | $ | 14.13 | |||||||||||||
Granted | 17,500 | 18.99 | ||||||||||||||
Exercised | (49,560 | ) | 12.97 | |||||||||||||
Forfeited or expired | (42,509 | ) | 16.24 | |||||||||||||
Outstanding at December 31, 2014 | 358,073 | $ | 14.28 | 7.81 | $ | 1,094,000 | ||||||||||
Exercisable at December 31, 2012 | 20,983 | $ | 18.72 | |||||||||||||
Exercisable at December 31, 2013 | 70,457 | 14.81 | ||||||||||||||
Exercisable at December 31, 2014 | 109,691 | 13.98 | 7.33 | $ | 368,000 |
Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||||
Outstanding at December 31, 2012 | 307,845 | $ | 13.36 | ||||||||||
Granted | 131,280 | 15.82 | |||||||||||
Exercised | (6,155 | ) | 11.10 | ||||||||||
Forfeited or expired | (328 | ) | 20.88 | ||||||||||
Outstanding at December 31, 2013 | 432,642 | $ | 14.13 | ||||||||||
Granted | 17,500 | 18.99 | |||||||||||
Exercised | (49,560 | ) | 12.97 | ||||||||||
Forfeited or expired | (42,509 | ) | 16.24 | ||||||||||
Outstanding at December 31, 2014 | 358,073 | $ | 14.28 | ||||||||||
Granted | 5,000 | 13.17 | |||||||||||
Exercised | (7,655 | ) | 12.97 | ||||||||||
Forfeited or expired | (16,042 | ) | 17.73 | ||||||||||
Outstanding at December 31, 2015 | 339,376 | $ | 14.13 | 6.98 | $ | — | |||||||
Exercisable at December 31, 2013 | 70,457 | $ | 14.81 | ||||||||||
Exercisable at December 31, 2014 | 109,691 | 13.98 | |||||||||||
Exercisable at December 31, 2015 | 162,679 | 13.81 | 6.79 | $ | — |
Number of Options | Weighted Average Grant Date Fair Value | |||||||
Unvested options outstanding, beginning of year | 362,185 | $ | 4.84 | |||||
Granted | 17,500 | 5.77 | ||||||
Vested | (100,755 | ) | 4.67 | |||||
Forfeited | (30,548 | ) | 5.19 | |||||
Unvested options outstanding, end of year | 248,382 | $ | 4.93 |
Number of Options | Weighted Average Grant Date Fair Value | ||||||
Unvested options outstanding, beginning of year | 248,382 | $ | 4.93 | ||||
Granted | 5,000 | 3.17 | |||||
Vested | (72,685 | ) | 4.87 | ||||
Forfeited | (4,000 | ) | 5.59 | ||||
Unvested options outstanding, end of year | 176,697 | $ | 4.89 |
2014 | 2013 | |||||||
Risk free rate of interest | 1.7 | % | 1.3 | % | ||||
Expected volatility | 39.2 | % | 47.4 | % | ||||
Dividend yield | 1.9 | % | 2.1 | % | ||||
Average expected life (in years) | 5 | 5 | ||||||
Weighted-average grant-date fair value | $ | 5.77 | $ | 5.59 |
2015 | 2014 | |||||||
Risk free rate of interest | 1.5 | % | 1.7 | % | ||||
Expected volatility | 37.4 | % | 39.2 | % | ||||
Dividend yield | 2.8 | % | 1.9 | % | ||||
Average expected life (in years) | 5 | 5 | ||||||
Weighted-average grant-date fair value | $ | 3.17 | $ | 5.77 |
2015 | |||
Balance at beginning of year | — | ||
Granted | 11,250 | ||
Forfeited | — | ||
Vested | — | ||
Balance at end of year | 11,250 |
December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Before Tax Amount | Tax Effect | Net of Tax Amount | Before Tax Amount | Tax Effect | Net of Tax Amount | Before Tax Amount | Tax Effect | Net of Tax Amount | ||||||||||||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||||||||||||
Securities available-for-sale: | ||||||||||||||||||||||||||||||||||||
Change in unrealized gain/loss during period | $ | 4,687 | $ | (1,641 | ) | $ | 3,046 | $ | (12,481 | ) | $ | 4,368 | $ | (8,113 | ) | $ | 831 | $ | (291 | ) | $ | 540 | ||||||||||||||
Reclassification adjustment for gains included in net income | (128 | ) | 45 | (83 | ) | (234 | ) | 82 | (152 | ) | (204 | ) | 71 | (133 | ) | |||||||||||||||||||||
Total other comprehensive income (loss) | $ | 4,559 | $ | (1,596 | ) | $ | 2,963 | $ | (12,715 | ) | $ | 4,450 | $ | (8,265 | ) | $ | 627 | $ | (220 | ) | $ | 407 |
December 31, | ||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||||||||||||||||||
Before Tax Amount | Tax Effect | Net of Tax Amount | Before Tax Amount | Tax Effect | Net of Tax Amount | Before Tax Amount | Tax Effect | Net of Tax Amount | ||||||||||||||||||||||||||||
Other comprehensive (loss) income: | ||||||||||||||||||||||||||||||||||||
Securities available-for-sale: | ||||||||||||||||||||||||||||||||||||
Change in unrealized gain/loss during period | $ | (2,369 | ) | $ | 829 | $ | (1,540 | ) | $ | 4,687 | $ | (1,641 | ) | $ | 3,046 | $ | (12,481 | ) | $ | 4,368 | $ | (8,113 | ) | |||||||||||||
Reclassification adjustment for net gains included in net income | (1,243 | ) | 435 | (808 | ) | (128 | ) | 45 | (83 | ) | (234 | ) | 82 | (152 | ) | |||||||||||||||||||||
Total other comprehensive (loss) income | $ | (3,612 | ) | $ | 1,264 | $ | (2,348 | ) | $ | 4,559 | $ | (1,596 | ) | $ | 2,963 | $ | (12,715 | ) | $ | 4,450 | $ | (8,265 | ) |
December 31, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Details about Accumulated Other Comprehensive Income Components | Reclassifications Out of Accumulated Other Comprehensive Income | Statement of Earnings Line Item | Reclassifications Out of Accumulated Other Comprehensive Income | Statement of Earnings Line Item | Reclassifications Out of Accumulated Other Comprehensive Income | Statement of Earnings Line Item | |||||||||
Unrealized gains and losses on securities available-for-sale: | |||||||||||||||
$ | (128 | ) | Gain on securities, net | $ | (234 | ) | Gain on securities, net | $ | (204 | ) | Gain on securities, net | ||||
45 | Income tax expense | 82 | Income tax expense | 71 | Income tax expense | ||||||||||
$ | (83 | ) | Net of tax | $ | (152 | ) | Net of tax | $ | (133 | ) | Net of tax |
December 31, | ||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||
Details about Accumulated Other Comprehensive Income Components | Reclassifications Out of Accumulated Other Comprehensive Income | Statement of Earnings Line Item | Reclassifications Out of Accumulated Other Comprehensive Income | Statement of Earnings Line Item | Reclassifications Out of Accumulated Other Comprehensive Income | Statement of Earnings Line Item | ||||||||||||
Unrealized gains and losses on securities available-for-sale: | ||||||||||||||||||
$ | (1,243 | ) | Gain on securities, net | $ | (128 | ) | Gain on securities, net | $ | (234 | ) | Gain on securities, net | |||||||
435 | Income tax expense | 45 | Income tax expense | 82 | Income tax expense | |||||||||||||
$ | (808 | ) | Net of tax | $ | (83 | ) | Net of tax | $ | (152 | ) | Net of tax |
December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net earnings available to common stockholders | $ | 18,412 | $ | 12,844 | $ | 8,095 | ||||||
Dividends on Series C preferred stock | 378 | 400 | - | |||||||||
Adjusted net earnings available to common stockholders | $ | 18,790 | $ | 13,244 | $ | 8,095 | ||||||
Weighted average number of common shares outstanding used in computation of basic earnings per common share | 11,282 | 11,247 | 10,482 | |||||||||
Effect of dilutive securities: | ||||||||||||
Stock options | 77 | 50 | 24 | |||||||||
Restricted stock | - | - | 12 | |||||||||
Preferred stock | 542 | 564 | 6 | |||||||||
Weighted average number of common shares outstanding plus effect of dilutive securities used in computation of diluted earnings per common share | 11,901 | 11,861 | 10,524 |
December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Net earnings available to common stockholders | $ | 10,330 | $ | 18,412 | $ | 12,844 | ||||||
Dividends on Series C preferred stock | 367 | 378 | 400 | |||||||||
Adjusted net earnings available to common stockholders | $ | 10,697 | $ | 18,790 | $ | 13,244 | ||||||
Weighted average number of common shares outstanding used in computation of basic earnings per common share | 11,309 | 11,282 | 11,247 | |||||||||
Effect of dilutive securities: | ||||||||||||
Stock options | 5 | 77 | 50 | |||||||||
Preferred stock | 507 | 542 | 564 | |||||||||
Weighted average number of common shares outstanding plus effect of dilutive securities used in computation of diluted earnings per common share | 11,821 | 11,901 | 11,861 |
Contract or Notional Amount | ||||||||
2014 | 2013 | |||||||
Financial instruments whose contract amounts represent credit risk: (in thousands) | ||||||||
Commitments to extend credit | $ | 269,672 | $ | 264,346 | ||||
Letters of credit | 6,524 | 9,505 |
Contract or Notional Amount | ||||||||
2015 | 2014 | |||||||
Financial instruments whose contract amounts represent credit risk: (in thousands) | ||||||||
Commitments to extend credit | $ | 306,587 | $ | 269,672 | ||||
Letters of credit | 10,084 | 6,524 |
Actual | Required for Minimum Capital Adequacy Purposes | To be Well Capitalized Under Prompt Corrective Action Provisions | ||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
As of December 31, 2014: | ||||||||||||||||||||||||
Total capital to risk-weighted assets: | ||||||||||||||||||||||||
Company | $ | 190,060 | 13.73 | % | $ | 110,758 | 8.00 | % | N/A | N/A | ||||||||||||||
Bank | $ | 179,225 | 12.94 | % | $ | 110,842 | 8.00 | % | $ | 138,552 | 10.00 | % | ||||||||||||
Tier I capital to risk-weighted assets: | ||||||||||||||||||||||||
Company | $ | 178,649 | 12.90 | % | $ | 55,379 | 4.00 | % | N/A | N/A | ||||||||||||||
Bank | $ | 167,814 | 12.11 | % | $ | 55,421 | 4.00 | % | $ | 83,131 | 6.00 | % | ||||||||||||
Tier I capital to average assets: | ||||||||||||||||||||||||
Company | $ | 178,649 | 9.52 | % | $ | 75,029 | 4.00 | % | N/A | N/A | ||||||||||||||
Bank | $ | 167,814 | 8.95 | % | $ | 74,994 | 4.00 | % | $ | 112,492 | 5.00 | % |
Actual | Required for Minimum Capital Adequacy Purposes | To be Well Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
As of December 31, 2015: | |||||||||||||||||||||
Common equity Tier I capital to risk-weighted assets: | |||||||||||||||||||||
Company | $ | 128,470 | 8.91 | % | $ | 64,907 | 4.50 | % | N/A | N/A | |||||||||||
Bank | $ | 177,057 | 12.27 | % | $ | 64,947 | 4.50 | % | $ | 93,812 | 6.50 | % | |||||||||
Total capital to risk-weighted assets: | |||||||||||||||||||||
Company | $ | 209,132 | 14.50 | % | $ | 115,390 | 8.00 | % | N/A | N/A | |||||||||||
Bank | $ | 195,111 | 13.52 | % | $ | 115,461 | 8.00 | % | $ | 144,326 | 10.00 | % | |||||||||
Tier I capital to risk-weighted assets: | |||||||||||||||||||||
Company | $ | 191,089 | 13.25 | % | $ | 86,543 | 6.00 | % | N/A | N/A | |||||||||||
Bank | $ | 177,057 | 12.27 | % | $ | 86,595 | 6.00 | % | $ | 115,461 | 8.00 | % | |||||||||
Tier I capital to average assets: | |||||||||||||||||||||
Company | $ | 191,089 | 10.10 | % | $ | 75,689 | 4.00 | % | N/A | N/A | |||||||||||
Bank | $ | 177,057 | 9.36 | % | $ | 75,683 | 4.00 | % | $ | 94,603 | 5.00 | % |
Actual | Required for Minimum Capital Adequacy Purposes | To be Well Capitalized Under Prompt Corrective Action Provisions | ||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
As of December 31, 2013: | ||||||||||||||||||||||||
Total capital to risk-weighted assets: | ||||||||||||||||||||||||
Company | $ | 178,343 | 14.19 | % | $ | 100,536 | 8.00 | % | N/A | N/A | ||||||||||||||
Bank | $ | 170,262 | 13.56 | % | $ | 100,466 | 8.00 | % | $ | 125,582 | 10.00 | % | ||||||||||||
Tier I capital to risk-weighted assets: | ||||||||||||||||||||||||
Company | $ | 169,242 | 13.47 | % | $ | 50,268 | 4.00 | % | N/A | N/A | ||||||||||||||
Bank | $ | 161,283 | 12.84 | % | $ | 50,233 | 4.00 | % | $ | 75,349 | 6.00 | % | ||||||||||||
Tier I capital to average assets: | ||||||||||||||||||||||||
Company | $ | 169,242 | 9.35 | % | $ | 72,405 | 4.00 | % | N/A | N/A | ||||||||||||||
Bank | $ | 161,283 | 8.91 | % | $ | 72,384 | 4.00 | % | $ | 108,576 | 5.00 | % |
Actual | Required for Minimum Capital Adequacy Purposes | To be Well Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
As of December 31, 2014: | |||||||||||||||||||||
Total capital to risk-weighted assets: | |||||||||||||||||||||
Company | $ | 190,060 | 13.73 | % | $ | 110,758 | 8.00 | % | N/A | N/A | |||||||||||
Bank | $ | 179,225 | 12.94 | % | $ | 110,842 | 8.00 | % | $ | 138,552 | 10.00 | % | |||||||||
Tier I capital to risk-weighted assets: | |||||||||||||||||||||
Company | $ | 178,649 | 12.90 | % | $ | 55,379 | 4.00 | % | N/A | N/A | |||||||||||
Bank | $ | 167,814 | 12.11 | % | $ | 55,421 | 4.00 | % | $ | 83,131 | 6.00 | % | |||||||||
Tier I capital to average assets: | |||||||||||||||||||||
Company | $ | 178,649 | 9.52 | % | $ | 75,029 | 4.00 | % | N/A | N/A | |||||||||||
Bank | $ | 167,814 | 8.95 | % | $ | 74,994 | 4.00 | % | $ | 112,492 | 5.00 | % |
Assets / Liabilities Measured at Fair Value | Fair Value Measurements at December 31, 2014 | |||||||||||||||
Description | at December 31, 2014 | Level 1 | Level 2 | Level 3 | ||||||||||||
Available-for-sale securities: | ||||||||||||||||
U.S. Government sponsored enterprises | $ | 10,227 | $ | - | $ | 10,227 | $ | - | ||||||||
Obligations of state and political subdivisions | 44,605 | - | 44,605 | - | ||||||||||||
GSE mortgage-backed securities | 109,103 | - | 109,103 | - | ||||||||||||
Collateralized mortgage obligations: residential | 60,839 | - | 60,839 | - | ||||||||||||
Collateralized mortgage obligations: commercial | 24,545 | - | 24,545 | - | ||||||||||||
Other asset-backed securities | 24,343 | - | 24,343 | - | ||||||||||||
Collateralized debt obligation | 1,218 | - | 1,218 | - | ||||||||||||
Mutual funds | 2,104 | 2,104 | - | - |
Assets / Liabilities Measured at Fair Value at December 31, 2015 | Fair Value Measurements at December 31, 2015 | |||||||||||||||
Description | Level 1 | Level 2 | Level 3 | |||||||||||||
Available-for-sale securities: | ||||||||||||||||
Obligations of state and political subdivisions | $ | 31,493 | $ | — | $ | 31,493 | $ | — | ||||||||
GSE mortgage-backed securities | 87,038 | — | 87,038 | — | ||||||||||||
Collateralized mortgage obligations: residential | 192,088 | — | 192,088 | — | ||||||||||||
Collateralized mortgage obligations: commercial | 5,448 | — | 5,448 | — | ||||||||||||
Mutual funds | 2,092 | 2,092 | — | — |
Assets / Liabilities Measured at Fair Value | Fair Value Measurements at December 31, 2013 | |||||||||||||||
Description | at December 31, 2013 | Level 1 | Level 2 | Level 3 | ||||||||||||
Available-for-sale securities: | ||||||||||||||||
U.S. Government sponsored enterprises | $ | 11,265 | $ | - | $ | 11,265 | $ | - | ||||||||
Obligations of state and political subdivisions | 59,978 | - | 59,978 | - | ||||||||||||
GSE mortgage-backed securities | 145,965 | - | 145,965 | - | ||||||||||||
Collateralized mortgage obligations: residential | 70,887 | - | 70,887 | - | ||||||||||||
Collateralized mortgage obligations: commercial | 27,346 | - | 27,346 | - | ||||||||||||
Other asset-backed securities | 25,489 | - | 25,489 | - | ||||||||||||
Collateralized debt obligation | 735 | - | 735 | - |
Assets / Liabilities Measured at Fair Value at December 31, 2014 | Fair Value Measurements at December 31, 2014 | |||||||||||||||
Description | Level 1 | Level 2 | Level 3 | |||||||||||||
Available-for-sale securities: | ||||||||||||||||
U.S. Government sponsored enterprises | $ | 10,227 | $ | — | $ | 10,227 | $ | — | ||||||||
Obligations of state and political subdivisions | 44,605 | — | 44,605 | — | ||||||||||||
GSE mortgage-backed securities | 109,103 | — | 109,103 | — | ||||||||||||
Collateralized mortgage obligations: residential | 60,839 | — | 60,839 | — | ||||||||||||
Collateralized mortgage obligations: commercial | 24,545 | — | 24,545 | — | ||||||||||||
Other asset-backed securities | 24,343 | — | 24,343 | — | ||||||||||||
Collateralized debt obligation | 1,218 | — | 1,218 | — | ||||||||||||
Mutual funds | 2,104 | 2,104 |
Assets / Liabilities Measured at Fair Value | Fair Value Measurements at December 31, 2014 | |||||||||||||||
Description | at December 31, 2014 | Level 1 | Level 2 | Level 3 | ||||||||||||
Impaired loans | $ | 5,051 | $ | - | $ | 5,051 | $ | - | ||||||||
Other real estate | 4,234 | - | 4,234 | - |
Assets / Liabilities Measured at Fair Value at December 31, 2015 | Fair Value Measurements at December 31, 2015 | |||||||||||||||
Description | Level 1 | Level 2 | Level 3 | |||||||||||||
Impaired loans | $ | 17,487 | $ | — | $ | 17,487 | $ | — | ||||||||
Other real estate | 4,187 | — | 4,187 | — |
Assets / Liabilities Measured at Fair Value | Fair Value Measurements at December 31, 2013 | |||||||||||||||
Description | at December 31, 2013 | Level 1 | Level 2 | Level 3 | ||||||||||||
Impaired loans | $ | 1,973 | $ | - | $ | 1,973 | $ | - | ||||||||
Other real estate | 6,687 | - | 6,687 | - |
Assets / Liabilities Measured at Fair Value at December 31, 2014 | Fair Value Measurements at December 31, 2014 | |||||||||||||||
Description | Level 1 | Level 2 | Level 3 | |||||||||||||
Impaired loans | $ | 5,051 | $ | — | $ | 5,051 | $ | — | ||||||||
Other real estate | 4,234 | — | 4,234 | — |
Fair Value Measurements at December 31, 2014 Using: | Fair Value Measurements at December 31, 2015 Using: | |||||||||||||||||||||||||||||||
Carrying Value | Level 1 | Level 2 | Level 3 | Carrying Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 86,872 | $ | 86,872 | $ | - | $ | - | $ | 89,201 | $ | 89,201 | $ | — | $ | — | ||||||||||||||||
Securities available-for-sale | 276,984 | 2,104 | 274,880 | - | 318,159 | 2,092 | 316,067 | — | ||||||||||||||||||||||||
Securities held-to-maturity | 141,201 | - | 141,593 | - | 116,792 | — | 117,698 | — | ||||||||||||||||||||||||
Other investments | 9,990 | 9,990 | - | - | 11,188 | 11,188 | — | — | ||||||||||||||||||||||||
Loans, net | 1,273,205 | - | 5,051 | 1,277,882 | 1,244,634 | — | 17,487 | 1,232,497 | ||||||||||||||||||||||||
Cash surrender value of life insurance policies | 13,659 | - | 13,659 | - | 13,622 | — | 13,622 | — | ||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||
Non-interest-bearing deposits | 390,863 | - | 390,863 | - | 374,261 | — | 374,261 | — | ||||||||||||||||||||||||
Interest-bearing deposits | 1,194,371 | - | 943,255 | 251,291 | 1,176,589 | — | 1,007,137 | 168,633 | ||||||||||||||||||||||||
Securities sold under agreements to repurchase | 62,098 | 62,098 | - | - | 85,957 | 85,957 | — | — | ||||||||||||||||||||||||
Short-term Federal Home Loan Bank advances | 25,000 | - | 25,000 | - | 25,000 | — | 25,000 | — | ||||||||||||||||||||||||
Notes payable | 26,277 | - | - | 27,193 | ||||||||||||||||||||||||||||
Long-term Federal Home Loan Bank advances | 25,851 | — | — | 26,508 | ||||||||||||||||||||||||||||
Junior subordinated debentures | 22,167 | - | 22,167 | - | 22,167 | — | 22,167 | — |
Fair Value Measurements at December 31, 2013 Using: | ||||||||||||||||
Carrying Value | Level 1 | Level 2 | Level 3 | |||||||||||||
Financial assets: | ||||||||||||||||
Cash and cash equivalents | $ | 59,731 | $ | 59,731 | $ | - | $ | - | ||||||||
Securities available-for-sale | 341,665 | - | 341,665 | - | ||||||||||||
Securities held-to-maturity | 155,523 | - | 151,168 | - | ||||||||||||
Other investments | 11,526 | 11,526 | - | - | ||||||||||||
Loans, net | 1,128,775 | - | 1,973 | 1,137,767 | ||||||||||||
Cash surrender value of life insurance policies | 13,450 | - | 13,450 | - | ||||||||||||
Financial liabilities: | ||||||||||||||||
Non-interest-bearing deposits | 383,257 | - | 383,257 | - | ||||||||||||
Interest-bearing deposits | 1,135,546 | - | 895,346 | 241,359 | ||||||||||||
Securities sold under agreements to repurchase | 53,916 | 53,916 | - | - | ||||||||||||
Short-term Federal Home Loan Bank advances | 25,000 | - | 25,000 | - | ||||||||||||
Notes payable | 27,703 | - | - | 28,813 | ||||||||||||
Junior subordinated debentures | 29,384 | - | 22,167 | 7,776 |
Fair Value Measurements at December 31, 2014 Using: | ||||||||||||||||
Carrying Value | Level 1 | Level 2 | Level 3 | |||||||||||||
Financial assets: | ||||||||||||||||
Cash and cash equivalents | $ | 86,872 | $ | 86,872 | $ | — | $ | — | ||||||||
Securities available-for-sale | 276,984 | 2,104 | 274,880 | — | ||||||||||||
Securities held-to-maturity | 141,201 | — | 141,593 | — | ||||||||||||
Other investments | 9,990 | 9,990 | — | — | ||||||||||||
Loans, net | 1,273,205 | — | 5,051 | 1,277,882 | ||||||||||||
Cash surrender value of life insurance policies | 13,659 | — | 13,659 | — | ||||||||||||
Financial liabilities: | ||||||||||||||||
Non-interest-bearing deposits | 390,863 | — | 390,863 | — | ||||||||||||
Interest-bearing deposits | 1,194,371 | — | 943,255 | 251,291 | ||||||||||||
Securities sold under agreements to repurchase | 62,098 | 62,098 | — | — | ||||||||||||
Short-term Federal Home Loan Bank advances | 25,000 | — | 25,000 | — | ||||||||||||
Long-term Federal Home Loan Bank advances | 26,277 | — | — | 27,193 | ||||||||||||
Junior subordinated debentures | 22,167 | — | 22,167 | — |
2014 | 2013 | 2012 | ||||||||||
Professional fees | $ | 1,802 | $ | 1,709 | $ | 2,022 | ||||||
FDIC fees | 1,050 | 1,136 | 930 | |||||||||
Marketing expenses | 1,658 | 2,340 | 1,648 | |||||||||
Corporate development expense | 1,420 | 1,507 | 1,022 | |||||||||
Data processing | 1,940 | 1,955 | 1,689 | |||||||||
Printing and supplies | 1,114 | 1,494 | 1,105 | |||||||||
Expenses on other real estate owned and other assets repossessed | 691 | 1,201 | 1,767 | |||||||||
Amortization of intangibles | 1,106 | 1,106 | 762 |
2015 | 2014 | 2013 | ||||||||||
Professional fees | $ | 1,560 | $ | 1,802 | $ | 1,709 | ||||||
FDIC fees | 1,513 | 1,050 | 1,136 | |||||||||
Marketing expenses | 1,564 | 1,658 | 2,340 | |||||||||
Corporate development expense | 1,531 | 1,420 | 1,507 | |||||||||
Data processing | 1,888 | 1,940 | 1,955 | |||||||||
Printing and supplies | 923 | 1,114 | 1,494 | |||||||||
Amortization of intangibles | 1,106 | 1,106 | 1,106 |
Balance Sheets | ||||||||
December 31, 2014 and 2013 | ||||||||
(in thousands) | ||||||||
2014 | 2013 | |||||||
Assets | ||||||||
Cash and interest-bearing deposits in banks | $ | 9,452 | $ | 7,879 | ||||
Securities available-for-sale | 1,218 | 735 | ||||||
Other assets | 4,486 | 2,642 | ||||||
Investment in and advances to subsidiaries | 219,216 | 211,494 | ||||||
Total assets | $ | 234,372 | $ | 222,750 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Liabilities: | ||||||||
Dividends payable | $ | 1,208 | $ | 1,093 | ||||
Notes payable | - | 1,000 | ||||||
Junior subordinated debentures | 22,167 | 29,384 | ||||||
ESOP obligation | 250 | - | ||||||
Other | 1,735 | 524 | ||||||
Total liabilities | 25,360 | 32,001 | ||||||
Stockholders’ equity | 209,012 | 190,749 | ||||||
Total liabilities and stockholders’ equity | $ | 234,372 | $ | 222,750 |
Balance Sheets | ||||||||
December 31, 2015 and 2014 | ||||||||
(in thousands) | ||||||||
2015 | 2014 | |||||||
Assets | ||||||||
Cash and interest-bearing deposits in banks | $ | 14,795 | $ | 9,452 | ||||
Securities available-for-sale | — | 1,218 | ||||||
Other assets | 2,117 | 4,486 | ||||||
Investment in and advances to subsidiaries | 220,753 | 219,216 | ||||||
Total assets | $ | 237,665 | $ | 234,372 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Liabilities: | ||||||||
Dividends payable | $ | 1,195 | $ | 1,208 | ||||
Junior subordinated debentures | 22,167 | 22,167 | ||||||
ESOP obligation | 1,093 | 250 | ||||||
Other | 73 | 1,735 | ||||||
Total liabilities | 24,528 | 25,360 | ||||||
Stockholders’ equity | 213,137 | 209,012 | ||||||
Total liabilities and stockholders’ equity | $ | 237,665 | $ | 234,372 |
Statements of Earnings | ||||||||||||
For the Years Ended December 31, 2014, 2013, and 2012 | ||||||||||||
(in thousands) | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenue: | ||||||||||||
Dividends from Bank and nonbank subsidiaries | $ | 15,500 | $ | 11,000 | $ | - | ||||||
Rental and other income | 87 | 125 | 102 | |||||||||
15,587 | 11,125 | 102 | ||||||||||
Expenses: | ||||||||||||
Interest on short- and long-term debt | 1,087 | 1,415 | 984 | |||||||||
Professional fees | 217 | 345 | 804 | |||||||||
Other expenses | 844 | 547 | 1,126 | |||||||||
2,148 | 2,307 | 2,914 | ||||||||||
Income (loss) before equity in undistributed earnings of subsidiaries and income taxes | 13,439 | 8,818 | (2,812 | ) | ||||||||
Equity in undistributed earnings of subsidiaries | 4,955 | 4,600 | 11,477 | |||||||||
Income tax benefit | 716 | 758 | 977 | |||||||||
Net earnings | $ | 19,110 | $ | 14,176 | $ | 9,642 |
Statements of Earnings | ||||||||||||
For the Years Ended December 31, 2015, 2014, and 2013 | ||||||||||||
(in thousands) | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Revenue: | ||||||||||||
Dividends from Bank and nonbank subsidiaries | $ | 9,000 | $ | 15,500 | $ | 11,000 | ||||||
Gain on sale of securities | 1,125 | — | — | |||||||||
Rental and other income | 57 | 87 | 125 | |||||||||
10,182 | 15,587 | 11,125 | ||||||||||
Expenses: | ||||||||||||
Interest on short- and long-term debt | 613 | 1,087 | 1,415 | |||||||||
Professional fees | 253 | 217 | 345 | |||||||||
Other expenses | 733 | 844 | 547 | |||||||||
1,599 | 2,148 | 2,307 | ||||||||||
Income before equity in undistributed earnings of subsidiaries and income taxes | 8,583 | 13,439 | 8,818 | |||||||||
Equity in undistributed earnings of subsidiaries | 2,317 | 4,955 | 4,600 | |||||||||
Income tax benefit | 117 | 716 | 758 | |||||||||
Net earnings | $ | 11,017 | $ | 19,110 | $ | 14,176 |
Statements of Cash Flows | ||||||||||||
For the Years Ended December 31, 2014, 2013, and 2012 | ||||||||||||
(in thousands) | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Cash flows from operating activities: | ||||||||||||
Net earnings | $ | 19,110 | $ | 14,176 | $ | 9,642 | ||||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||||||||||
Undistributed earnings of subsidiaries | (4,955 | ) | (4,600 | ) | (11,477 | ) | ||||||
Other, net | (872 | ) | (668 | ) | (2,306 | ) | ||||||
Net cash provided by (used in) operating activities | 13,283 | 8,908 | (4,141 | ) | ||||||||
Cash flows from investing activities: | ||||||||||||
Purchase of securities available-for-sale | - | (464 | ) | - | ||||||||
Proceeds from prepayments of securities available-for-sale | 198 | - | - | |||||||||
Outlays for business acquisition, net of cash acquired | - | - | (14,360 | ) | ||||||||
Other, net | 217 | 223 | - | |||||||||
Net cash provided by (used in) investing activities | 415 | (241 | ) | (14,360 | ) | |||||||
Cash flows from financing activities: | ||||||||||||
Proceeds from exercise of stock options | 643 | 69 | 100 | |||||||||
Payment of preferred dividends | (704 | ) | (1,519 | ) | (1,579 | ) | ||||||
Payment of common dividends | (3,838 | ) | (3,320 | ) | (2,932 | ) | ||||||
Purchase of treasury stock | (9 | ) | - | - | ||||||||
Repayment of long-term debt | (8,217 | ) | (1,000 | ) | - | |||||||
Net cash used in financing activities | (12,125 | ) | (5,770 | ) | (4,411 | ) | ||||||
Net change in cash and cash equivalents | 1,573 | 2,897 | (22,912 | ) | ||||||||
Cash and cash equivalents at beginning of year | 7,879 | 4,982 | 27,894 | |||||||||
Cash and cash equivalents at end of year | $ | 9,452 | $ | 7,879 | $ | 4,982 |
Statements of Cash Flows | ||||||||||||
For the Years Ended December 31, 2015, 2014, and 2013 | ||||||||||||
(in thousands) | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Cash flows from operating activities: | ||||||||||||
Net earnings | $ | 11,017 | $ | 19,110 | $ | 14,176 | ||||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||||||||||
Undistributed earnings of subsidiaries | (2,317 | ) | (4,955 | ) | (4,600 | ) | ||||||
Gain on sale of securities available-for-sale | (1,125 | ) | — | — | ||||||||
Other, net | 528 | (872 | ) | (668 | ) | |||||||
Net cash provided by operating activities | 8,103 | 13,283 | 8,908 | |||||||||
Cash flows from investing activities: | ||||||||||||
Purchase of securities available-for-sale | — | — | (464 | ) | ||||||||
Proceeds from prepayments of securities available-for-sale | — | 198 | — | |||||||||
Proceeds from sale of securities available-for-sale | 1,392 | — | — | |||||||||
Other, net | (83 | ) | 217 | 223 | ||||||||
Net cash provided by (used in) investing activities | 1,309 | 415 | (241 | ) | ||||||||
Cash flows from financing activities: | ||||||||||||
Proceeds from exercise of stock options | 99 | 643 | 69 | |||||||||
Payment of preferred dividends | (689 | ) | (704 | ) | (1,519 | ) | ||||||
Payment of common dividends | (4,086 | ) | (3,838 | ) | (3,320 | ) | ||||||
Purchase of treasury stock | — | (9 | ) | — | ||||||||
Repayment of long-term debt | — | (8,217 | ) | (1,000 | ) | |||||||
Other, net | 607 | — | — | |||||||||
Net cash used in financing activities | (4,069 | ) | (12,125 | ) | (5,770 | ) | ||||||
Net change in cash and cash equivalents | 5,343 | 1,573 | 2,897 | |||||||||
Cash and cash equivalents at beginning of year | 9,452 | 7,879 | 4,982 | |||||||||
Cash and cash equivalents at end of year | $ | 14,795 | $ | 9,452 | $ | 7,879 |
Selected Quarterly Financial Data (unaudited) | ||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||
2014 | ||||||||||||||||
IV | III | II | I | |||||||||||||
Interest income | $ | 21,477 | $ | 21,016 | $ | 20,595 | $ | 20,399 | ||||||||
Interest expense | 1,317 | 1,504 | 1,482 | 1,504 | ||||||||||||
Net interest income | 20,160 | 19,512 | 19,113 | 18,895 | ||||||||||||
Provision for loan losses | 2,700 | 1,175 | 1,200 | 550 | ||||||||||||
Net interest income after provision for loan losses | 17,460 | 18,337 | 17,913 | 18,345 | ||||||||||||
Gain on sale of investments, net | - | - | 128 | - | ||||||||||||
Other noninterest income | 5,050 | 6,194 | 5,133 | 7,917 | ||||||||||||
Noninterest expense | 17,327 | 17,857 | 17,123 | 17,702 | ||||||||||||
Earnings before income taxes | 5,183 | 6,674 | 6,051 | 8,560 | ||||||||||||
Income tax expense | 1,519 | 2,202 | 1,935 | 1,702 | ||||||||||||
Net earnings | 3,664 | 4,472 | 4,116 | 6,858 | ||||||||||||
Dividends on preferred stock | 174 | 174 | 170 | 180 | ||||||||||||
Net earnings available to common stockholders | $ | 3,490 | $ | 4,298 | $ | 3,946 | $ | 6,678 | ||||||||
Earnings per common share - basic | $ | 0.31 | $ | 0.38 | $ | 0.35 | $ | 0.59 | ||||||||
Earnings per common share - diluted | $ | 0.30 | $ | 0.37 | $ | 0.34 | $ | 0.57 | ||||||||
Market price of common stock | ||||||||||||||||
High | $ | 19.45 | $ | 20.34 | $ | 19.90 | $ | 18.56 | ||||||||
Low | $ | 16.11 | $ | 18.18 | $ | 16.52 | $ | 15.41 | ||||||||
Close | $ | 17.34 | $ | 18.60 | $ | 19.69 | $ | 16.58 | ||||||||
Average shares outstanding - basic | 11,314,690 | 11,313,879 | 11,288,045 | 11,258,374 | ||||||||||||
Average shares outstanding - diluted | 11,933,387 | 11,954,811 | 11,922,525 | 11,878,660 | ||||||||||||
Selected Quarterly Financial Data (unaudited) | ||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||
2015 | ||||||||||||||||
IV | III | II | I | |||||||||||||
Interest income | $ | 19,886 | $ | 20,532 | $ | 20,798 | $ | 20,681 | ||||||||
Interest expense | 1,349 | 1,391 | 1,417 | 1,424 | ||||||||||||
Net interest income | 18,537 | 19,141 | 19,381 | 19,257 | ||||||||||||
Provision for loan losses | 3,000 | 3,800 | 1,100 | 6,000 | ||||||||||||
Net interest income after provision for loan losses | 15,537 | 15,341 | 18,281 | 13,257 | ||||||||||||
Gain on sale of investments, net | — | — | 1,128 | 115 | ||||||||||||
Other noninterest income | 4,575 | 4,768 | 5,009 | 4,726 | ||||||||||||
Noninterest expense | 17,508 | 16,492 | 16,976 | 16,161 | ||||||||||||
Earnings before income taxes | 2,604 | 3,617 | 7,442 | 1,937 | ||||||||||||
Income tax expense | 766 | 1,028 | 2,343 | 446 | ||||||||||||
Net earnings | 1,838 | 2,589 | 5,099 | 1,491 | ||||||||||||
Dividends on preferred stock | 170 | 172 | 172 | 173 | ||||||||||||
Net earnings available to common stockholders | $ | 1,668 | $ | 2,417 | $ | 4,927 | $ | 1,318 | ||||||||
Earnings per common share - basic | $ | 0.15 | $ | 0.21 | $ | 0.43 | $ | 0.12 | ||||||||
Earnings per common share - diluted | $ | 0.15 | $ | 0.21 | $ | 0.42 | $ | 0.12 | ||||||||
Market price of common stock | ||||||||||||||||
High | $ | 12.03 | $ | 15.49 | $ | 15.78 | $ | 17.36 | ||||||||
Low | $ | 8.66 | $ | 11.45 | $ | 12.94 | $ | 13.67 | ||||||||
Close | $ | 9.08 | $ | 11.70 | $ | 15.26 | $ | 14.75 | ||||||||
Average shares outstanding - basic | 11,281,286 | 11,311,841 | 11,323,506 | 11,317,667 | ||||||||||||
Average shares outstanding - diluted | 11,281,286 | 11,830,540 | 11,849,683 | 11,351,239 |
2013 | ||||||||||||||||
IV | III | II | I | |||||||||||||
Interest income | $ | 21,014 | $ | 20,704 | $ | 21,356 | $ | 20,129 | ||||||||
Interest expense | 1,575 | 1,633 | 1,614 | 1,717 | ||||||||||||
Net interest income | 19,439 | 19,071 | 19,742 | 18,412 | ||||||||||||
Provision for loan losses | 800 | 450 | 1,250 | 550 | ||||||||||||
Net interest income after provision for loan losses | 18,639 | 18,621 | 18,492 | 17,862 | ||||||||||||
Gain on sale of investments, net | 5 | 25 | - | 204 | ||||||||||||
Other noninterest income | 4,891 | 4,963 | 5,004 | 4,227 | ||||||||||||
Noninterest expense | 18,427 | 18,481 | 18,267 | 17,431 | ||||||||||||
Earnings before income taxes | 5,108 | 5,128 | 5,229 | 4,862 | ||||||||||||
Income tax expense | 1,563 | 1,588 | 1,566 | 1,434 | ||||||||||||
Net earnings | 3,545 | 3,540 | 3,663 | 3,428 | ||||||||||||
Dividends on preferred stock | 180 | 468 | 392 | 292 | ||||||||||||
Net earnings available to common stockholders | $ | 3,365 | $ | 3,072 | $ | 3,271 | $ | 3,136 | ||||||||
Earnings per common share - basic | $ | 0.30 | $ | 0.27 | $ | 0.29 | $ | 0.28 | ||||||||
Earnings per common share - diluted | $ | 0.29 | $ | 0.27 | $ | 0.29 | $ | 0.27 | ||||||||
Market price of common stock | ||||||||||||||||
High | $ | 18.17 | $ | 17.26 | $ | 16.43 | $ | 17.44 | ||||||||
Low | $ | 14.75 | $ | 14.85 | $ | 14.01 | $ | 14.46 | ||||||||
Close | $ | 17.86 | $ | 15.43 | $ | 15.38 | $ | 16.02 | ||||||||
Average shares outstanding - basic | 11,255,670 | 11,253,216 | 11,238,945 | 11,237,916 | ||||||||||||
Average shares outstanding - diluted | 11,886,433 | 11,868,851 | 11,838,701 | 11,866,126 |
2014 | ||||||||||||||||
IV | III | II | I | |||||||||||||
Interest income | $ | 21,477 | $ | 21,016 | $ | 20,595 | $ | 20,399 | ||||||||
Interest expense | 1,317 | 1,504 | 1,482 | 1,504 | ||||||||||||
Net interest income | 20,160 | 19,512 | 19,113 | 18,895 | ||||||||||||
Provision for loan losses | 2,700 | 1,175 | 1,200 | 550 | ||||||||||||
Net interest income after provision for loan losses | 17,460 | 18,337 | 17,913 | 18,345 | ||||||||||||
Gain on sale of investments, net | — | — | 128 | — | ||||||||||||
Other noninterest income | 5,050 | 6,194 | 5,133 | 7,917 | ||||||||||||
Noninterest expense | 17,327 | 17,857 | 17,123 | 17,702 | ||||||||||||
Earnings before income taxes | 5,183 | 6,674 | 6,051 | 8,560 | ||||||||||||
Income tax expense | 1,519 | 2,202 | 1,935 | 1,702 | ||||||||||||
Net earnings | 3,664 | 4,472 | 4,116 | 6,858 | ||||||||||||
Dividends on preferred stock | 174 | 174 | 170 | 180 | ||||||||||||
Net earnings available to common stockholders | $ | 3,490 | $ | 4,298 | $ | 3,946 | $ | 6,678 | ||||||||
Earnings per common share - basic | $ | 0.31 | $ | 0.38 | $ | 0.35 | $ | 0.59 | ||||||||
Earnings per common share - diluted | $ | 0.30 | $ | 0.37 | $ | 0.34 | $ | 0.57 | ||||||||
Market price of common stock | ||||||||||||||||
High | $ | 19.45 | $ | 20.34 | $ | 19.90 | $ | 18.56 | ||||||||
Low | $ | 16.11 | $ | 18.18 | $ | 16.52 | $ | 15.41 | ||||||||
Close | $ | 17.34 | $ | 18.60 | $ | 19.69 | $ | 16.58 | ||||||||
Average shares outstanding - basic | 11,314,690 | 11,313,879 | 11,288,045 | 11,258,374 | ||||||||||||
Average shares outstanding - diluted | 11,933,387 | 11,954,811 | 11,922,525 | 11,878,660 |
Plan Category | Number of securities to be issued upon exercise of outstanding options, warrants, and rights (a) | Weighted-average exercise price of outstanding options, warrants, and rights (b) | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) (c) | |||||||||
Equity compensation plans approved by security holders | 358,073 | $ | 14.28 | 105,476 | ||||||||
Equity compensation plans not approved by security holders | - | - | - | |||||||||
Total | 358,073 | $ | 14.28 | 105,476 |
Plan Category | Number of securities to be issued upon exercise of outstanding options, warrants, and rights (a) | Weighted-average exercise price of outstanding options, warrants, and rights (b) | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) (c) | |||||||
Equity compensation plans approved by security holders | 350,626 | $ | 14.13 | 99,226 | ||||||
Equity compensation plans not approved by security holders | — | — | — | |||||||
Total | 350,626 | $ | 14.13 | 99,226 |
Consolidated Balance Sheets – December 31, | |
Consolidated Statements of Earnings – Years ended December 31, 2015, 2014, | |
Consolidated Statements of Changes in Stockholders’ Equity – Years ended December 31, 2015, 2014, | |
Consolidated Statements of Cash Flows – Years ended December 31, 2015, 2014, | |
Notes to Consolidated Financial Statements | |
Report of Independent Registered Public Accounting Firm | |
Selected Quarterly Financial Data |
Exhibit No. | Description | |
3.1 | Amended and Restated Articles of Incorporation of MidSouth Bancorp, Inc. (restated solely for purposes of Item 601(b)(3) of Regulation S-K) (filed as Exhibit 3.1 to the Company's annual report on Form 10-K for the Year Ended December 31, 2012, and incorporated herein by reference) | |
3.2 | Amended and Restated By-laws of MidSouth Bancorp, Inc. effective as of September 26, 2012 (restated solely for purposes of Item 601(b)(3) of Regulation S-K) (filed as Exhibit 3.3 to MidSouth’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2012 and incorporated herein by reference). | |
4.1 | Specimen Common Stock Certificate. (filed as Exhibit 4.1 to MidSouth’s Registration Statement (No. 333-163361) on Form S-1 filed November 25, 2009 and incorporated herein by reference). | |
4.2 | Warrant to Purchase Shares of Common Stock of MidSouth Bancorp, Inc. (filed as Exhibit 3.2 to Form 8-K filed January 14, 2009 and incorporated herein by reference). | |
10.1 | MidSouth National Bank Lease Agreement with Southwest Bank Building Limited Partnership (filed as Exhibit 10.7 to the Company's annual report on Form 10-K for the Year Ended December 31, 1992, and incorporated herein by reference). | |
10.2 | First Amendment to Lease between MBL Life Assurance Corporation, successor in interest to Southwest Bank Building Limited Partnership in Commendam, and MidSouth National Bank (filed as Exhibit 10.1 to the Company's annual report on Form 10-KSB for the year ended December 31, 1994, and incorporated herein by reference). | |
10.3+ | Amended and Restated Deferred Compensation Plan and Trust effective dated December 17, 2008 (filed as Exhibit 10.3 to MidSouth’s Annual Report on Form 10-K for the year ended December 31, 2008 and incorporated herein by reference). | |
10.4+ | MidSouth Bancorp, Inc. 2007 Omnibus Incentive Compensation Plan, as amended and restated effective May 23, 2012 (filed as Exhibit 10.1 to Form 8-K filed May 25, 2012 and incorporated herein by reference). | |
10.5+ | Form of Incentive Stock Option Agreement under the 2007 Omnibus Incentive Compensation Plan (filed as Exhibit 10.2 to Form 8-K filed May 25, 2012 and incorporated herein by reference). | |
10.6+ | Form of Restricted Stock Award Agreement (filed as Exhibit 10.1 to the Form | |
10.7 | Small Business Lending Fund Securities Purchase Agreement, dated August 25, 2011, between MidSouth Bancorp, Inc. and the Secretary of the Treasury (filed as Exhibit 10.1 to the Form 8-K filed on August 29, 2011 and incorporated herein by reference). | |
10.8+ | MidSouth Bancorp, Inc. | |
10.9+ | Executive Indexed Salary Continuation Agreement between MidSouth Bancorp, Inc. and C.R. |
21 | Subsidiaries of the Registrant* | |
Consent of Porter Keadle Moore, LLC* | ||
Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended * | ||
Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended * | ||
Certification by the Company’s Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002* | ||
Certification by the Company’s Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002* | ||
101 | The following financial information from the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, |
+ | Management contract or compensatory plan or arrangement |
* | Included herewith |
MIDSOUTH BANCORP, INC. | |||
Registrant | |||
By: | /s/ C. R. Cloutier | ||
C. R. Cloutier | |||
President and Chief Executive Officer | |||
Date: | March |
Signatures | Title | Date |
/s/ C.R. Cloutier | Principal Executive Officer, | March |
C.R. Cloutier | President, and Director | |
/s/ James R. McLemore | Principal Financial Officer and | March |
James R. McLemore | Senior Executive Vice President | |
/s/ Teri S. Stelly | Principal Accounting Officer and | March |
Teri S. Stelly | Controller | |
/s/ William M. Simmons | Director | March |
William M. Simmons | ||
/s/ Will Charbonnet, Sr. | Director | March |
Will Charbonnet, Sr. | ||
/s/ Clayton Paul Hillard | Director | March |
Clayton Paul Hillard | ||
/s/ James R. Davis, Jr. | Director | March |
James R. Davis, Jr. | ||
/s/ Timothy J. Lemoine | Director | March |
Timothy J. Lemoine | ||
/s/ Joseph V. Tortorice, Jr. | Director | March |
Joseph V. Tortorice, Jr. | ||
/s/ Milton B. Kidd, III | Director | March |
Milton B. Kidd, III | ||
/s/ R. Glenn Pumpelly | Director | March |
R. Glenn Pumpelly | ||
/s/ Leonard Q. Abington | Director | March |
Leonard Q. Abington | ||
/s/ Jake Delhomme | Director | March 15, 2016 |
Jake Delhomme |