SOURCE: Teche Holding Company

Teche Holding Company

April 23, 2012 08:00 ET

Teche Reported 13.9% Higher EPS in Second Quarter 2012 Compared to Second Quarter 2011; Solid Earnings Trend Continues

Teche Reported 13.9% Higher EPS in Second Quarter 2012 Compared to Second Quarter 2011; Solid Earnings Trend Continues

NEW IBERIA, LA--(Marketwire - Apr 23, 2012) - (NYSE Amex: TSH) -- Patrick Little, President and CEO of Teche Holding Company, holding company for Teche Federal Bank, today reported on earnings for the Company for the quarter ended March 31, 2012, the second quarter of fiscal year 2012.

Earnings for the quarter ended March 31, 2012 amounted to $1.7 million or $0.82 per diluted share, compared to $1.5 million or $0.72 per diluted share for the same quarter in fiscal 2011, an increase of $0.10 per diluted share, or 13.9%.

"Earnings for the six month period ended March 31, 2012 amounted to $3.5 million, or $1.67 per diluted share, compared to $3.3 million or $1.59 per diluted share, for the same period in fiscal 2011, an increase of $0.08 per diluted share, or 5.0%. "We have posted record earnings for the past three fiscal years," said Little. "At the halfway point this year, we are ahead of last year."

As a result of our outstanding results over the past three years, we were recently named to Keefe, Bruyette and Wood's (KBW) prestigious 2012 "Bank Honor Roll" for a second consecutive year and Bank Director Magazine's "Nifty 50" rankings.

The Company reported the following points of interest:

  • Average earning assets increased 2.1% or $15.9 million to $754.0 million as compared to the linked quarter and 8.7% or $60.2 million as compared to the same quarter a year ago.
  • Total loans increased 1.4% or $8.8 million to $641.5 million at March 31, 2012 as compared to the linked quarter and 9.1% or $53.3 million as compared to a year ago.
  • Net charge offs for the quarter amounted to 0.08% of average loans.
  • SmartGrowth Deposits increased 7.7% over the linked quarter and 7.8% compared to a year ago. SmartGrowth Deposits amounted to 75.0% of total deposits, compared to 73.3% at December 31, 2011 and 71.8% a year ago.
  • Checking Account Balances increased 12.2% compared to the linked quarter and 15.5% compared to March 31, 2011.
  • The average rate paid on all deposits was 0.72% for the quarter compared to 0.76% for the linked quarter and 0.94% a year ago.
  • Quarterly operating revenue remained stable at $11.6 million, as compared to the previous four quarters.
  • Tangible book value per share increased to $37.91, an increase of 1.2% or $0.44 for the linked quarter and 6.9% or $2.44 year-over-year.

Capital
Over the past twelve months, stockholders' equity increased 5.9% to a record $82.2 million while assets increased 6.1% to a record $829.7 million. The tangible equity ratio at March 31, 2012 has increased to 9.50% compared to 9.49% a year ago. Tangible book value per common share has increased to a record $37.91, an increase of 6.9% compared to a year ago. Risk based capital increased to 14.12% compared to 13.94% a year ago; and the equity to asset ratio decreased to 9.90% from 9.92% a year ago.

Over the past twelve month period, total assets increased 6.1% or $47.6 million to $829.7 million.

"While we are extremely pleased that we have been able to post record earnings for three consecutive years, we also have been mindful of the possibility that interest rates could rise in the future," said Little. "To help prepare for that, we currently maintain an asset sensitive position, primarily due to our SmartGrowth Deposits, our Consumer & Commercial Loan portfolios, our long-term advances and the long-term nature of our time deposits."

QUARTERLY COMPARISON Mar '12 Dec '11 Sep '11 Jun '11 Mar '11
Stockholders' Equity (in millions) $ 82.2 $ 81.1 $ 80.0 $ 78.6 $ 77.6
Ratio of Equity to Assets 9.90 % 9.97 % 10.08 % 9.96 % 9.92 %
Tangible Equity Ratio 9.50 % 9.56 % 9.67 % 9.54 % 9.49 %
Total Risk-Based Capital Ratio 14.12 % 14.09 % 14.30 % 14.26 % 13.94 %
Book Value per Common Share $ 39.68 $ 39.24 $ 38.79 $ 37.87 $ 37.23
Tangible Book Value Per Common Share $ 37.91 $ 37.47 $ 37.02 $ 36.11 $ 35.47
Total Assets (in millions) $ 829.7 $ 813.5 $ 793.2 $ 789.0 $ 782.2

Asset Quality
The following tables set forth asset quality ratios and allowance for loan loss activity for each of the past five quarters:

Net Charge offs, ALLL, NPAs
QUARTERLY COMPARISON
Mar' 12 Dec '11 Sep '11 Jun '11 Mar '11
Net Charge-offs/Average Loans 0.08 % 0.05 % 0.09 % 0.57 % 0.09 %
ALLL*/NPLs 74.02 % 71.25 % 76.63 % 69.94 % 68.32 %
ALLL*/NPAs 71.40 % 65.30 % 67.67 % 56.45 % 60.29 %
ALLL*/Loans 1.32 % 1.33 % 1.37 % 1.39 % 1.78 %
NPAs/Assets 1.43 % 1.53 % 1.55 % 1.82 % 2.22 %

*ALLL figures include specific reserves

The following table sets forth the allowance for loan loss activity for each of the past five quarters.

Allowance for Loan Loss Provision & Charge-offs
QUARTERLY COMPARISON (in 000's)
Mar '12 Dec '11 Sep '11 Jun '11 Mar '11
Beginning ALLL $ 8,392 $ 8,331 $ 8,123 $ 10,452 $ 9,953
Provision for Loan Losses 550 350 750 1,000 1,000
Net Charge-offs 492 289 542 3,329 501
Ending ALLL $ 8,450 $ 8,392 $ 8,331 $ 8,123 $ 10,452
Ending ALLL (net of specific reserves) $ 8,246 $ 8,142 $ 7,783 $ 8,075 $ 7,455

The allowance for loan losses was 1.32% of total loans, or $8.5 million, at March 31, 2012 compared to 1.33% of total loans, or $8.4 million at December 31, 2011 and 1.78% of total loans, or $10.5 million at March 31, 2011.

Net charge-offs for the quarter were $0.5 million, or 0.08% of average loans, compared to $0.5 million or 0.09% of average loans for the same period a year ago. For the twelve months ended March 31, 2012, net charge offs were $4.7 million or 0.76% of average loans, compared to $1.8 million or 0.29% of loans for the twelve months ended March 31, 2011. The increase in our net charge-offs for twelve month period over the prior period, was due to the charge off of specific reserves on impaired loans which we previously held in reserve as was accepted practice under our previous regulator.

Non-performing assets decreased to $11.8 million, or 1.43% of total assets at March 31, 2012, compared to $12.4 million, or 1.53% of total assets at December 31, 2011 and $17.3 million, or 2.22% of total assets a year ago, primarily due to sales of real estate owned during the quarter.

Net Interest Income
QUARTERLY COMPARISON (In 000's)
Mar '12 Dec '11 Sep '11 Jun '11 Mar '11
Interest Income $ 9,807 $ 9,766 $ 9,861 $ 9,758 $ 9,736
Interest Expense 2,111 2,080 2,078 2,185 2,363
Net Interest Income $ 7,696 $ 7,686 $ 7,783 $ 7,573 $ 7,373

Interest income increased slightly compared to the linked quarter primarily due to growth in loan balances offset somewhat by reduced yields on loans. Interest expense increased slightly compared to the linked quarter.

Net Interest Margin and Spread
QUARTERLY COMPARISON
Mar '12 Dec '11 Sep '11 Jun '11 Mar '11
Yield on Earning Assets 5.20 % 5.30 % 5.48 % 5.46 % 5.61 %
Cost of Interest Bearing Liabilities 1.31 % 1.31 % 1.36 % 1.43 % 1.57 %
Spread 3.90 % 3.99 % 4.13 % 4.03 % 4.04 %
Net Interest Margin 4.08 % 4.17 % 4.33 % 4.24 % 4.25 %

Net interest margin amounted to 4.08% for the three-month period ended March 31, 2012 compared to 4.25% for the three-months ended March 31, 2011. The decrease was primarily due to lower rates on interest earning assets offset somewhat by lower rates on interest bearing liabilities.

Spread amounted to 3.90% for the three month period ended March 31, 2012, compared to 4.04% for the same period in the previous year. Compared to the same quarter last year, average yield on earnings assets decreased 41 basis points from 5.61% to 5.20%, while the average cost of funds decreased 26 basis points from 1.57% to 1.31%.

Operating Revenue
Operating revenue for the quarter, consisting of net interest income (before provisions for loan losses) plus non-interest income, amounted to $11.6 million, which was $0.4 million higher than the same quarter in 2011.

The table below reflects the Company's operating revenues in millions over the past five quarters:

Operating Revenue
QUARTERLY COMPARISON (in millions)
Mar '12 Dec '11 Sep '11 Jun '11 Mar '11
Net Interest Income $ 7.7 $ 7.7 $ 7.8 $ 7.6 $ 7.4
Non Interest Income 3.9 3.8 3.8 3.9 3.8
Operating Revenue $ 11.6 $ 11.5 $ 11.6 $ 11.5 $ 11.2

Non-Interest Income
Non-interest income remained stable at $3.9 million compared to $3.8 million in the linked quarter and $3.8 million for the same quarter in 2011. Non-interest income amounted to 1.89% of average assets for the quarter, compared to 1.88% for the linked quarter and 2.03% a year ago.

Non-Interest Income & Expense
QUARTERLY COMPARISON (in thousands)
Mar '12 Dec '11 Sep '11 Jun '11 Mar '11
Interchange fee Income $ 843 $ 778 $ 830 $ 881 $ 820
Other Non-Interest Income $ 3,038 $ 2,990 $ 2,994 $ 3,009 $ 3,030
Total Non-Interest Income $ 3,881 $ 3,768 $ 3,824 $ 3890 $ 3,850
Total Non-Interest Income/Avg. Assets 1.89 % 1.88 % 1.94 % 1.99 % 2.03 %
Non-Interest Expense $ 8,445 $ 8,447 $ 7,855 $ 7,777 $ 7,918
Non-Interest Expense/Avg. Assets 4.11 % 4.21 % 3.99 % 3.99 % 4.17 %

Non-Interest Expense
For the quarter, non-interest expense was $8.4 million or 4.11% of average assets, compared to the linked quarter of $8.4 million or 4.21% of average assets with the decrease primarily due to a growth in assets. Compared to the same quarter in fiscal 2011, non-interest expense increased by $0.5 million from $7.9 million to $8.4 million, an increase of 6.7% primarily due to increases in compensation, marketing, data processing and expenses related to adjustments in values of foreclosed assets.

Net Income and Dividends
On February 23, 2012, the board of directors declared a $0.365 per share quarterly dividend, its sixty-seventh consecutive. Based on the closing price of the Company's common stock of $37.42 on that date, the annualized dividend yield was 3.9%. Since 2003, the Company has increased dividends for nine consecutive years.

QUARTERLY COMPARISON (In 000's) Mar '12 Dec '11 Sep '11 Jun '11 Mar '11
Dividends Declared Per Share $ 0.365 $ 0.36 $ 0.36 $ 0.36 $ 0.36
Basic Earnings Per Common Share $ 0.83 $ 0.86 $ 1.02 $ 0.86 $ 0.73
Diluted Earnings Per Common Share $ 0.82 $ 0.85 $ 1.01 $ 0.85 $ 0.72

Loans

QUARTERLY COMPARISON (In 000,000's) Mar '12 Dec '11 Sep '11 Jun '11 Mar '11
SmartGrowth Loans
Consumer $ 106.6 $ 107.4 $ 108.8 $ 109.5 $ 109.1
Commercial 208.6 213.6 209.5 201.3 207.5
Home Equity 46.5 47.3 48.8 51.3 51.0
SmartMortgages 102.2 98.2 92.9 88.0 88.8
Total SmartGrowth Loans $ 463.9 $ 466.5 $ 460.0 $ 450.1 $ 456.4
Mortgage Loans (owner occupied conforming) 177.6 166.1 148.6 133.3 131.7
Total Loans $ 641.5 $ 632.6 $ 608.6 $ 583.4 $ 588.2

Linked Quarter Comparison. Gross loans receivable increased to $641.5 million at March 31, 2012, from $632.6 million at December 31, 2011, an increase of $8.9 million, or 1.4% due primarily to increases in 15-year one-to-four family mortgage loans and adjustable rate mortgage loans offset somewhat by reductions in consumer, commercial, and home equity loans. SmartGrowth Loans, consisting of commercial loans, home equity loans, SmartMortgage loans and consumer loans, were $463.9 million, or 72.3% of total loans at March 31, 2012, compared to $466.5 million, or 73.7% at December 31, 2011, a three month decrease of $2.6 million, or 0.6%.

Commercial loan balances at March 31, 2012 amounted to $208.6 million, compared to $213.6 million at December 31, 2011, a three month decrease of $5.0 million or 2.4%. Consumer loan balances at March 31, 2012 amounted to $106.6 million, compared to $107.4 million at December 31, 2011, a linked quarter decrease of $0.8 million, or 0.7%.

One Year Comparison. Gross loans receivable increased to $641.5 million at March 31, 2012 from $588.2 million at March 31, 2011 a twelve month increase of $53.3 million, or 9.1%. SmartGrowth Loans increased to $463.9 million at March 31, 2012, from $456.5 million at March 31, 2011, a twelve month increase of $7.4 million, or 1.6%.

Commercial loan balances at March 31, 2012 amounted to $208.6 million, compared to $207.5 million at March 31, 2011 a twelve month increase of $1.1 million, or 0.5%. Consumer loan balances at March 31, 2012 amounted to $106.6 million, compared to $109.1 million at March 31, 2011 a twelve month decrease of $2.5 million, or 2.3%.

Deposits

QUARTERLY COMPARISON (In 000,000's) Mar '12 Dec '11 Sep '11 Jun '11 Mar '11
SmartGrowth Deposits
Checking $ 223.3 $ 199.0 $ 190.8 $ 209.1 $ 193.3
Money Market 54.8 52.0 55.0 55.3 56.6
Savings 194.9 188.3 190.7 191.6 188.8
Total SmartGrowth Deposits $ 473.0 $ 439.3 $ 436.5 $ 456.0 $ 438.7
Time Deposits 157.5 160.0 162.1 169.4 172.2
Total Deposits $ 630.5 $ 599.3 $ 598.6 $ 625.3 $ 610.9

Linked Quarter Comparison. Total deposits increased to $630.5 million at March 31, 2012, from $599.3 million at December 31, 2011, a linked quarter increase of $31.2 million or 5.2%. The Company's SmartGrowth Deposit Accounts, consisting of checking accounts, money market accounts, and savings accounts increased $33.7 million to $473.0 million or 7.7% at March 31, 2012, from $439.3 million at December 31, 2011.

Checking account balances at March 31, 2012 increased $24.3 million, or 12.2%, to $223.3 million from $199.0 million at December 31, 2011.

One Year Comparison. Total deposits increased to $630.5 million at March 31, 2012, from $610.9 million at March 31, 2011, a twelve month increase of $19.6 million, or 3.2%. Total SmartGrowth Deposits increased $34.3 million, or 7.8% from $438.7 million at March 31, 2011 to $473.0 million at March 31, 2012.

SmartGrowth Deposits amounted to 75.0% of total deposits as of March 31, 2012 compared to 71.8% at March 31, 2011.

Checking account balances have increased 15.5%, or $30.0 million, in the past twelve months from $193.3 million at March 31, 2011 to $223.3 million at March 31, 2012. Checking account balances at March 31, 2012 accounted for 35.4% of total deposits compared to 31.6% of total deposits at March 31, 2011.

Teche Holding Company is the parent company of Teche Federal Bank, which operates nineteen offices in South Louisiana and serves over 60,000 customers. Teche Federal Bank is the fourth largest publicly owned bank based in Louisiana with over $829 million in assets. Deposits at Teche Federal Bank are insured up to the legal maximum amount by the Federal Deposit Insurance Corporation (FDIC). Teche Holding Company's common stock is traded under the symbol "TSH" on the NYSE AMEX.

Statements contained in this news release, which are not historical facts, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by Teche Holding Company with the Securities and Exchange Commission from time to time. The Company does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company.


TECHE HOLDING COMPANY
(Dollars in thousands, except per share data)
New Iberia, LA
Statements of Income
(UNAUDITED)
THREE MONTHS ENDED
Condensed Statements of Income Mar. 2012 Dec. 2011 Sep. 2011 Jun. 2011 Mar. 2011
Interest Income $ 9,807 $ 9,766 $ 9,861 $ 9,758 $ 9,736
Interest Expense 2,111 2,080 2,078 2,185 2,363
Net Interest Income 7,696 7,686 7,783 7,573 7,373
Provision for Loan Losses 550 350 750 1,000 1,000
Net Interest Income after
Provision for Loan Losses 7,146 7,336 7,033 6,573 6,373
Non Interest Income 3,881 3,768 3,824 3,890 3,850
Non Interest Expense 8,445 8,447 7,855 7,777 7,918
Income Before Income Taxes 2,582 2,657 3,002 2,686 2,305
Income Taxes 874 885 900 896 792
Net Income $ 1,708 $ 1,772 $ 2,102 $ 1,790 $ 1,513
Selected Financial Data
Dividends Declared Per Share $ 0.365 $ 0.36 $ 0.36 $ 0.36 $ 0.36
Basic Earnings Per Common Share $ 0.83 $ 0.86 $ 1.02 $ 0.86 $ 0.73
Diluted Earnings Per Common Share $ 0.82 $ 0.85 $ 1.01 $ 0.85 $ 0.72
Annualized Return on Avg. Assets 0.83 % 0.88 % 1.07 % 0.92 % 0.80 %
Annualized Return on Avg. Equity 8.22 % 8.86 % 10.40 % 8.96 % 7.74 %
Annualized Return on Avg.
Tangible Equity (1) 8.61 % 9.30 % 10.90 % 9.40 % 8.13 %
Yield on Interest Earning Assets 5.20 % 5.30 % 5.48 % 5.46 % 5.61 %
Cost of Interest Bearing Liabilities 1.31 % 1.31 % 1.36 % 1.43 % 1.57 %
Spread 3.90 % 3.99 % 4.13 % 4.03 % 4.04 %
Net Interest Margin 4.08 % 4.17 % 4.33 % 4.24 % 4.25 %
Non-Interest Income/Avg. Assets 1.89 % 1.88 % 1.94 % 1.99 % 2.03 %
Non-Interest Expense/Avg. Assets 4.11 % 4.21 % 3.99 % 3.99 % 4.17 %
Quarterly Net Charge-offs/Avg. Loans 0.08 % 0.05 % 0.09 % 0.57 % 0.09 %
Weighted avg. shares Outstanding
Basic 2,067 2,059 2,064 2,073 2,072
Diluted 2,088 2,078 2,085 2,097 2,098
AVERAGE BALANCE SHEET DATA
Total Assets $ 821,582 $ 803,024 $ 787,782 $ 780,213 $ 759,993
Earning assets $ 753,980 $ 738,111 $ 719,384 $ 714,528 $ 693,747
Loans $ 636,356 $ 621,073 $ 591,736 $ 586,420 $ 589,879
Interest-bearing deposits $ 522,420 $ 513,104 $ 520,489 $ 529,664 $ 514,771
Total deposits $ 608,777 $ 594,376 $ 607,949 $ 613,778 $ 590,664
Total stockholders' equity $ 83,095 $ 79,993 $ 80,857 $ 79,942 $ 78,197
(1) Eliminates the effect of goodwill and the core deposit intangible assets and the related amortization expense on a tax effected basis. The amount was calculated using the following information.
Average Stockholders' Equity $ 83,095 $ 79,993 $ 80,857 $ 79,942 $ 78,197
Less average goodwill and other intangible assets, net of related income taxes 3,665 3,667 3,671 3,671 3,667
Average Tangible Equity $ 79,430 $ 76,326 $ 77,186 $ 76,271 $ 74,530
Net Income 1,708 1,772 2,102 1,790 1,513
Plus Amortization of core deposit intangibles, net of related income taxes 2 2 2 3 2
Net Income, as adjusted $ 1,710 $ 1,774 $ 2,104 $ 1,793 $ 1,515
TECHE HOLDING COMPANY
(Dollars in thousands, except per share data)
New Iberia, LA
Statements of Income
(UNAUDITED)
FISCAL YEAR TO DATE (SIX MONTHS) ENDED
Mar. Mar.
2012 2011 $Change %Change
Interest Income $ 19,573 $ 19,739 $ (166 ) -0.8 %
Interest Expense 4,191 4,905 (714 ) -14.6 %
Net Interest Income 15,382 14,834 548 3.7 %
Provision for Loan Losses 900 2,150 (1,250 ) -58.1 %
Net Interest Income after
Provision for Loan Losses 14,482 12,684 1,798 14.2 %
Non Interest Income 7,649 7,831 (181 ) -2.3 %
Non Interest Expense 16,892 15,500 1,392 9.0 %
Income Before Income Taxes 5,239 5,015 225 4.5 %
Income Taxes 1,759 1,678 82 4.9 %
Net Income $ 3,480 $ 3,337 $ 143 4.3 %
Selected Financial Data
Dividends Declared Per Share $ 0.725 $ 0.72 $ 0.005 0.7 %
Basic Earnings Per Common Share 1.69 1.61 0.08 5.0 %
Diluted Earnings Per Common Share 1.67 1.59 0.08 5.0 %
Annualized Return on Avg. Assets 0.86 % 0.88 % -0.02 % -2.2 %
Annualized Return on Avg. Equity 8.54 % 8.55 % -0.01 % -0.1 %
Annualized Return on Avg.
Tangible Equity (1) 8.94 % 8.99 % -0.05 % -0.6 %
Yield on Interest Earning Assets 5.25 % 5.68 % -0.43 % -7.6 %
Cost of Interest Bearing Liabilities 1.31 % 1.63 % -0.32 % -19.6 %
Spread 3.94 % 4.05 % -0.11 % -2.7 %
Net Interest Margin 4.12 % 4.27 % 0.15 % -3.5 %
Non-Interest Income/Avg. Assets 1.88 % 2.06 % -0.18 % -8.7 %
Non-Interest Expense/Avg. Assets 4.16 % 4.08 % 0.08 % 2.0 %
Quarterly Net Charge-offs/Avg. Loans 0.12 % 0.16 % -0.04 % -25.0 %
Weighted avg. shares Outstanding
Basic 2,063 2,070 (7 ) -0.3 %
Diluted 2,083 2,093 (10 ) -0.5 %
AVERAGE BALANCE SHEET DATA
Total Assets $ 812,252 $ 759,920 $ 52,332 6.9 %
Earning assets $ 745,806 $ 695,040 $ 50,766 7.3 %
Loans $ 628,673 $ 592,745 $ 35,928 ) 6.1 %
Interest-bearing deposits $ 517,731 $ 510,787 $ 6,944 1.4 %
Total deposits $ 601,532 $ 585,225 $ 16,307 2.8 %
Total stockholders' equity $ 81,536 $ 78,053 $ 3,483 4.5 %
(1) Eliminates the effect of goodwill and the core deposit intangible assets and the related amortization expense on a tax effected basis. The amount was calculated using the following information.
Average Stockholders' Equity $ 81,536 $ 78,053 $ 3,483 4.5 %
Less average goodwill and other intangible assets, net of related income taxes 3,665 3,677 (12 ) -0.3 %
Average Tangible Equity 77,871 74,376 3,495 4.7 %
Net Income 3,480 3,337 143 4.3 %
Plus Amortization of core deposit intangibles, net of related income taxes 6 6 0 0.0 %
Net Income, as adjusted $ 3,486 $ 3,343 $ 143 4.3 %

TECHE HOLDING COMPANY
(Dollars in thousands, except per share data)
New Iberia, LA
Balance Sheet
(UNAUDITED)
(Dollars in Thousands Except Share Data)
Mar.
2012
Dec.
2011
Sep.
2011
Jun.
2011
Mar.
2011
SmartGrowth Loans
Consumer $ 106,596 $ 107,399 $ 108,849 $ 109,476 $ 109,092
Commercial 208,579 213,659 209,460 201,324 207,509
Home Equity 46,486 47,261 48,799 51,293 51,045
SmartMortgage Loans 102,228 98,221 92,910 88,019 88,799
Total SmartGrowth Loans 463,889 466,540 460,018 450,112 456,445
Mortgage Loans (owner occupied conforming) 177,566 166,088 148,584 133,264 131,708
641,455 632,628 608,602 583,376 588,153
Allowance for Loan Losses (8,450 ) (8,392 ) (8,331 ) (8,123 ) (10,452 )
Loans Receivable, Net 633,005 624,236 600,271 575,253 577,701
Cash and Securities 136,841 130,126 134,902 154,061 144,465
Goodwill and Other Intangibles 3,664 3,667 3,670 3,673 3,678
Foreclosed Real Estate 397 1,012 1,405 2,694 2,039
Other 55,799 54,504 52,955 53,323 54,269
TOTAL ASSETS $ 829,706 $ 813,545 $ 793,203 $ 789,004 $ 782,152
SmartGrowth Deposits
Checking $ 223,228 $ 199,021 $ 190,822 $ 209,080 $ 193,244
Money Market 54,817 52,019 54,970 55,280 56,618
Savings 194,919 188,303 190,727 191,586 188,819
Total Smart Growth Deposits 472,964 439,343 436,519 455,946 438,681
Time Deposits 157,547 159,968 162,063 169,377 172,211
Total Deposits 630,511 599,311 598,582 625,323 610,892
FHLB Advances 110,344 127,621 108,184 79,533 83,585
Other Liabilities 6,682 5,501 6,450 5,567 10,097
Stockholders' Equity 82,169 81,112 79,987 78,581 77,578
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 829,706 $ 813,545 $ 793,203 $ 789,004 $ 782,152
Ratio of Equity to Assets 9.90 % 9.97 % 10.08 % 9.96 % 9.92 %
Tangible Equity Ratio 9.50 % 9.56 % 9.67 % 9.54 % 9.49 %
Total Risk-Based Capital Ratio 14.12 % 14.09 % 14.30 % 14.26 % 13.94 %
Book Value per Common Share $ 39.68 $ 39.24 $ 38.79 $ 37.87 $ 37.23
Tangible Book Value Per Common Share (1) $ 37.91 $ 37.47 $ 37.02 $ 36.11 $ 35.47
Shares Outstanding (in thousands) 2,071 2,067 2,062 2,075 2,084
Non-performing Assets/Total Assets 1.43 % 1.53 % 1.55 % 1.82 % 2.22 %
ALLL/Loans 1.32 % 1.33 % 1.37 % 1.39 % 1.78 %
ALLL/NPLs 74.02 % 73.72 % 76.63 % 69.94 % 68.32 %
(1) Eliminates the effect of goodwill and the core deposit intangible assets and the related amortization expense on a tax affected basis. The amount was calculated using the following information.
Stockholders' Equity $ 82,169 $ 81,112 $ 79,987 $ 78,581 $ 77,578
Less goodwill and other Intangible assets, net of related income taxes (3,654 ) (3,657 ) (3,659 ) (3,661 ) (3,664 )
Tangible Stockholders' Equity $ 78,515 $ 77,455 $ 76,328 $ 74,920 $ 73,914
Total Assets $ 829,706 $ 813,545 $ 793,203 $ 789,004 $ 782,152
Less goodwill and other Intangible assets, net of related income taxes (3,654 ) (3,657 ) (3,659 ) (3,661 ) (3,664 )
Total Tangible Assets $ 826,052 $ 809,888 $ 789,544 $ 785,343 $ 778,488
Quarter-End Loan Data
March 31, 2012
Total
Loans
Dollars
Net Charge-
Offs
Dollars
Net Charge-
Offs
Percentage
90 Days +
Non Accrual
Dollars
90 Days +
Non Accrual
Percentage
Real Estate Loans
Construction $ 15,986 $ -- 0.00 % $ 656 4.1 %
Permanent, Secured by:
1-4 Dwelling Units:
Revolving, Open-End Loans (HELOC) $ 20,748 $ -- 0.00 % $ 96 0.5 %
All Other
Secured by First Liens $ 360,057 $ 81 0.02 % $ 4,105 1.1 %
Secured by Junior Liens 8,147 -- 0.00 % -- 0.0 %
Multifamily (5+ Dwelling Units) 21,767 99 0.45 % 733 3.4 %
Nonresidential Property (Except Land) 97,679 -- 0.00 % 730 0.7 %
Land 33,138 250 0.75 % 4,409 13.3 %
Consumer 18,760 -- 0.00 % 147 0.8 %
Commercial 14,378 250 1.74 % 4,262 29.6 %
Subtotal - Real Estate Loans $ 557,522 $ 430 0.08 % $ 10,729 1.9 %
Non-Real Estate Loans:
Commercial Loans $ 26,773 $ -- 0.00 % $ 165 0.6 %
Consumer Loans:
Loans on Deposits 3,575 -- 0.00 % 104 2.9 %
Auto Loans 1,786 -- 0.00 % 34 1.9 %
Mobile Home Loans 36,864 50 0.14 % 289 0.8 %
Other 14,935 12 0.08 % 95 0.6 %
Subtotal - Non Real Estate Loans $ 83,933 $ 62 0.07 % $ 687 0.8 %
Gross Loans $ 641,455 $ 492 0.08 % $ 11,416 1.8 %
Non-accruals $ 11,199
90 + Days Past Due 217
OREO & Foreclosed 419
Nonperforming Assets (Net) $ 11,835
Performing TDRs --
Quarter-End Loan Data
December 31, 2011
Total
Loans
Dollars
Net Charge-
Offs
Dollars
Net Charge-
Offs
Percentage
90 Days +
Non Accrual
Dollars
90 Days +
Non Accrual
Percentage
Real Estate Loans
Construction $ 18,657 $ -- 0.00 % $ 763 4.1 %
Permanent, Secured by:
1-4 Dwelling Units:
Revolving, Open-End Loans (HELOC) 20,309 20 0.10 % 75 0.4 %
All Other
Secured by First Liens $ 347,058 $ 167 0.05 % $ 3,505 1.0 %
Secured by Junior Liens 8,492 -- 0.00 % -- 0.0 %
Multifamily (5+ Dwelling Units) 23,460 45 0.19 % 843 3.6 %
Nonresidential Property (Except Land) 95,233 -- 0.00 % 337 0.4 %
Land 34,641 -- 0.00 % 4,759 13.7 %
Consumer 19,478 -- 0.00 % 130 0.7 %
Commercial 15,163 -- 0.00 % 4,629 30.5 %
Subtotal - Real Estate Loans $ 547,850 $ 232 0.04 % $ 10,282 1.9 %
Non-Real Estate Loans:
Commercial Loans $ 27,217 $ -- 0.00 % $ -- 0.0 %
Consumer Loans:
Loans on Deposits 3,667 -- 0.00 % 39 1.1 %
Auto Loans 1,898 -- 0.00 % 22 1.2 %
Mobile Home Loans 37,494 55 0.15 % 534 1.4 %
Other 14,502 2 0.01 % 113 0.8 %
Subtotal - Non Real Estate Loans $ 84,778 $ 57 0.07 % $ 708 0.8 %
Gross Loans $ 632,628 $ 289 0.05 % $ 10,990 1.7 %
Non-accruals $ 10,835
90 + Days Past Due 549
OREO & Foreclosed 1,073
Nonperforming Assets (Net) $ 12,457
Performing TDRs --
Quarter-End Loan Data
September 30, 2011
Total
Loans
Dollars
Net Charge-
Offs
Dollars
Net Charge-
Offs
Percentage
90 Days +
Non Accrual
Dollars
90 Days +
Non Accrual
Percentage


Real Estate Loans
Construction $ 20,046 $ -- 0.00 % $ 1,021 5.1 %
Permanent, Secured by:
1-4 Dwelling Units:
Revolving, Open-End Loans (HELOC) 20,287 -- 0.00 % 104 0.51 %
All Other
Secured by First Liens 326,027 25 0.01 % 2,931 0.90 %
Secured by Junior Liens 9,032 60 0.66 % 5 0.05 %
Multifamily (5+ Dwelling Units) 23,747 -- 0.00 % 863 3.63 %
Nonresidential Property (Except Land) 87,797 105 0.12 % 412 0.47 %
Land 35,774 306 0.86 % 4,963 13.87 %
Consumer 20,023 7 0.03 % 130 0.65 %
Commercial 15,751 299 1.90 % 4.833 30.7 %
Subtotal - Real Estate Loans $ 522,710 $ 496 0.09 % $ 10,299 1.97 %
Non-Real Estate Loans:
Commercial Loans $ 27,403 (1 ) 0.00 % $ -- 0.00 %
Consumer Loans:
Loans on Deposits 3,737 7 0.19 % 69 1.85 %
Auto Loans 2,105 -- 0.00 % 23 1.07 %
Mobile Home Loans 38,285 31 0.08 % 379 0.99 %
Other 14,362 9 0.06 % 101 0.70 %
Subtotal - Non Real Estate Loans $ 85,892 $ 46 0.05 % $ 572 0.67 %
Gross Loans $ 608,602 $ 542 0.09 % $ 10,871 1.79 %
Non-accruals $ 10,079
90 + Days Past Due 793
OREO & Foreclosed 1,438
Nonperforming Assets (Net) $ 12,310
Performing TDRs $ 1,075
Loans: Linked Quarter Comparison
Average Loan Balances & Yields


03/31/
2012

Balance


03/31/
2012

Yield




12/31/
2011

Balance


12/31/
2011

Yield




Change
Balance




Change
Yield


Real Estate Loans
1-4 Family $ 396,005 5.19 % $ 384,094 5.21 % $ 11,911 -0.02 %
Commercial 137,203 5.54 % 132,074 5.64 % 5,129 -0.10 %
533,208 5.28 % 516,168 5.32 % 17,040 -0.04 %
Non-Real Estate Loans
Commercial $ 26,721 5.77 % $ 27,258 6.06 % $ (537 ) -0.29 %
Consumer 76,427 9.16 % 77,647 9.33 % (1,220 ) -0.17 %
103,148 8.28 % 104,905 8.48 % (1,757 ) -0.20 %
Total All Loans $ 636,356 5.76 % $ 621,073 5.85 % $ 15,283 -0.09 %
Prior Year Comparison
Average Loan Balances & Yields

03/31/
2012

Balance

03/31/
2012

Yield


03/31/
2011

Balance

03/31/
2011

Yield


Change
Balance


Change
Yield

Real Estate Loans
1-4 Family $ 396,005 5.19 % $ 352,801 5.78 % $ 43,204 -0.59 %
Commercial 137,203 5.54 % 133,005 5.48 % 4,198 0.06 %
533,208 5.28 % 485,806 5.70 % 47,402 -0.42 %
Non-Real Estate Loans
Commercial $ 26,721 5.77 % $ 24,876 5.78 % $ 1,845 -0.01 %
Consumer 76,427 9.16 % 79,197 9.23 % (2,770 ) -0.07 %
103,148 8.28 % 104,073 8.40 % (925 ) -0.12 %
Total All Loans $ 636,356 5.76 % $ 589,879 6.17 % $ 46,477 -0.41 %
Loans: Linked Quarter Comparison
Average Loan Balances & Yields


12/31/
2011

Balance


12/31/
2011

Yield




09/30/
2011

Balance


09/30/
2011

Yield





Change
Balance





Change
Yield


Real Estate Loans
1-4 Family $ 384,094 5.21 % $ 360,569 5.59 % $ 23,525 -0.38 %
Commercial 132,074 5.64 % 126,299 5.69 % 5,775 -0.05 %
516,168 5.32 % 486,868 5.62 % 29,300 -0.30 %
Non-Real Estate Loans
Commercial $ 27,258 6.06 % $ 26,223 5.99 % $ 1,035 0.07 %
Consumer 77,647 9.33 % 78,645 9.67 % (998 ) -0.34 %
104,905 8.48 % 104,868 8.75 % 37 -0.27 %
Total All Loans $ 621,073 5.85 % $ 591,736 6.17 % $ 29,337 -0.32 %
Prior Year Comparison
Average Loan Balances & Yields

12/31/
2011

Balance

12/31/
2011

Yield


12/31/
2010

Balance

12/31/
2010

Yield


Change
Balance


Change
Yield

Real Estate Loans
1-4 Family $ 384,094 5.21 % $ 351,121 5.81 % $ 32,973 -0.60 %
Commercial 132,074 5.64 % 134,698 5.76 % (2,624 ) -0.12 %
516,168 5.32 % 485,819 5.80 % 30,349 -0.48 %
Non-Real Estate Loans
Commercial $ 27,258 6.06 % $ 28,889 6.21 % (1,631 ) -0.15 %
Consumer 77,647 9.33 % 80,839 9.29 % (3,192 ) 0.04 %
104,905 8.48 % 109,728 8.48 % (4,823 ) 0.00 %
Total All Loans $ 621,073 5.85 % $ 595,547 6.29 % $ 25,526 -0.44 %
Loans: Linked Quarter Comparison
Average Loan Balances & Yields


09/30/
2011

Balance


09/30/
2011

Yield




06/30/
2011

Balance


06/30/
2011

Yield





Change
Balance





Change
Yield


Real Estate Loans
1-4 Family $ 360,569 5.59 % $ 352,181 5.70 % $ 8,388 -0.11 %
Commercial 126,299 5.69 % 130,800 5.58 % (4,501 ) 0.11 %
Total Real Estate Loans $ 486,868 5.62 % $ 482,981 5.67 % 3.887 -0.05 %
Non-Real Estate Loans
Commercial $ 26,223 5.99 % $ 24,813 5.97 % $ 1,410 0.02 %
Consumer 78,645 9.67 % 78,626 9.51 % 19 0.16 %
Total Non-Real Estate Loans 104,868 8.75 % 103,439 8.66 % 1,429 0.09 %
Total All Loans $ 591,736 6.17 % $ 586,420 6.20 % $ 5,316 -0.03 %
Loans: Prior Year Comparison
Average Loan Balances & Yields


09/30/
2011

Balance


09/30/
2011

Yield




09/30/
2010

Balance


09/30/
2010

Yield





Change
Balance





Change
Yield


Real Estate Loans
1-4 Family $ 353,573 5.73 % $ 349,621 5.98 % $ 3,952 -0.25 %
Commercial 131,192 5.63 % 138,950 5.82 % (7,758 ) -0.19 %
484,765 5.70 % 488,571 5.94 % (3,806 ) -0.24 %
Non-Real Estate Loans
Commercial $ 26,211 5.99 % $ 29,996 6.37 % $ (3,785 ) -0.38 %
Consumer 79,378 9.42 % 80,567 9.30 % (1,189 ) 0.12 %
105,589 8.57 % 110,563 8.50 % (4,974 ) 0.07 %
Total All Loans $ 590,354 6.21 % $ 599,134 6.41 % $ (8,780 ) -0.20 %
Interest-bearing Liabilities: Linked Quarter Comparison
Average balances
03/31
/2012

$Balance

03/31
/2012

Avg. Yield


12/31
/2011

$Balance

12/31
/2011

Avg. Yield


Change
$Balance


Change
Avg. Yield


%Balance
Change

NOW Accounts $ 119,544 0.19 % $ 111,078 0.18 % $ 8,466 0.01 % 7.6 %
Non-interest bearing Deposits 86,358 0.00 % 81,272 0.00 % 5,086 0.00 % 6.3 %
Checking Total $ 205,902 0.11 % $ 192,350 0.11 % $ 13,552 0.00 % 7.0 %
Savings Accounts $ 190,365 0.32 % $ 186,897 0.31 % $ 3,468 0.01 % 1.9 %
Money Market Accounts 53,727 0.25 % 54,473 0.23 % (746 ) 0.02 % -1.4 %
Total Smart Growth Deposits $ 449,994 0.22 % $ 433,720 0.21 % $ 16,274 0.01 % 3.8 %
Time Deposits $ 158,784 2.16 % $ 160,656 2.24 % $ (1,872 ) -0.08 % -1.2 %
Total Deposits $ 608,778 0.72 % $ 594,376 0.76 % $ 14,402 -0.04 % 2.4 %
FHLB Advances $ 123,665 3.28 % $ 120,740 3.15 % $ 2,925 0.13 % 2.4 %
Total Interest-bearing liabilities $ 646,085 1.31 % $ 633,844 1.31 % $ 12,241 0.00 % 1.9 %
Non-interest bearing Deposits $ 86,358 0.00 % $ 81,272 0.00 % $ 5,086 0.00 % 6.3 %
Interest-bearing Liabilities: Prior Year Comparison
Average balances

03/31
/2012

$Balance

03/31
/2012

Avg. Yield


03/31
/2011

$Balance

03/31
/2011

Avg. Yield


Change
$Balance


Change
Avg. Yield


%Balance
Change

NOW Accounts $ 119,544 0.19 % $ 110,357 0.17 % $ 9,187 0.02 % 8.3 %
Non-interest bearing Deposits 86,358 0.00 % 75,893 0.00 % 10,465 0.00 % 13.8 %
Checking Total $ 205,902 0.11 % $ 186,250 0.10 % $ 19,652 0.01 % 10.6 %
Savings Accounts $ 190,365 0.32 % $ 176,515 0.55 % $ 13,850 -0.23 % 7.8 %
Money Market Accounts 53,727 0.25 % 56,670 0.35 % (2,943 ) -0.10 % -5.2 %
Total Smart Growth Deposits $ 449,994 0.22 % $ 419,435 0.32 % $ 30,559 -0.10 % 7.3 %
Time Deposits $ 158,784 2.16 % $ 171,229 2.47 % $ (12,445 ) -0.31 % -7.3 %
Total Deposits $ 608,778 0.72 % $ 590,664 0.94 % $ 18,114 -0.22 % 3.1 %
FHLB Advances $ 123,665 3.28 % $ 85,550 4.53 % $ 38,115 -1.25 % 44.6 %
Total Interest-bearing liabilities $ 646,085 1.31 % $ 600,321 1.57 % $ 45,764 -0.26 % 7.6 %
Non-interest bearing Deposits $ 86,358 0.00 % $ 75,893 0.00 % $ 10,465 0.00 % 13.8 %
Interest-bearing Liabilities: Linked Quarter Comparison
Average balances

12/31
/2011

$Balance

12/31
/2011

Avg. Yield


9/30
/2011

$Balance

9/30
/2011

Avg. Yield


Change
$Balance


Change
Avg. Yield


%Balance
Change

NOW Accounts $ 111,078 0.18 % $ 108,579 0.14 % $ 2,499 0.04 % 2.3 %
Non-interest bearing Deposits 81,272 0.00 % 87,454 0.00 % $ (6,182 ) 0.00 % -7.1 %
Checking Total $ 192,350 0.11 % $ 196,033 0.08 % $ (3,683 ) 0.03 % -1.9 %
Savings Accounts $ 186,897 0.31 % $ 191,840 0.33 % $ (4,943 ) -0.02 % -2.6 %
Money Market Accounts 54,473 0.23 % 54,787 0.30 % (314 ) -0.07 % -0.6 %
Total Smart Growth Deposits $ 433,720 0.21 % $ 442,660 0.22 % $ (8,940 ) -0.01 % -2.0 %
Time Deposits $ 160,656 2.24 % $ 165,284 2.25 % $ (4,628 ) -0.01 % -2.8 %
Total Deposits $ 594,376 0.76 % $ 607,944 0.77 % $ (13,568 ) -0.01 % -2.2 %
FHLB Advances $ 120,740 3.15 % $ 92,514 3.93 % $ 28,226 -0.78 % 30.5 %
Total Interest-bearing liabilities $ 633,844 1.31 % $ 613,004 1.36 % $ 20,840 -0.05 % 3.4 %
Non-interest bearing Deposits $ 81,272 0.00 % $ 87,454 0.00 % $ (6,182 ) 0.00 % -7.1 %
Interest-bearing Liabilities: Prior Year Comparison
Average balances

12/31
/2011

$Balance

12/31
/2011

Avg. Yield


12/31
/2010

$Balance

12/31
/2010

Avg. Yield


Change
$Balance


Change
Avg. Yield


%Balance
Change

NOW Accounts $ 111,078 0.18 % $ 105,225 0.18 % $ 5,853 0.00 % 5.6 %
Non-interest bearing Deposits 81,272 0.00 % 73,015 0.00 % 8,257 0.00 % 11.3 %
Checking Total $ 192,350 0.11 % $ 178,240 0.11 % $ 14,110 0.00 % 7.9 %
Savings Accounts $ 186,897 0.31 % $ 167,291 0.60 % $ 19,606 -0.29 % 11.7 %
Money Market Accounts 54,473 0.23 % 58,559 0.35 % (4,086 ) -0.12 % -7.0 %
Total Smart Growth Deposits $ 433,720 0.21 % $ 404,090 0.35 % $ 29,630 -0.14 % 7.3 %
Time Deposits $ 160,656 2.24 % $ 175,947 2.53 % $ (15,291 ) -0.29 % -8.7 %
Total Deposits $ 594,376 0.76 % $ 580,037 1.01 % $ 14,339 -0.25 % 2.5 %
FHLB Advances $ 120,740 3.15 % $ 95,251 4.53 % $ 25,489 -1.38 % 26.8 %
Total Interest-bearing liabilities $ 633,844 1.31 % $ 602,273 1.69 % $ 31,571 -0.38 % 5.2 %
Non-interest bearing Deposits $ 81,272 0.00 % $ 73,015 0.00 % $ 8,257 0.00 % 11.3 %
Interest-bearing Liabilities: Linked Quarter Comparison
Average balances

09/30
/2011

$Balance

09/30
/2011

Avg. Yield


06/30
/2011

$Balance

06/30
/2011

Avg. Yield


Change
$Balance


Change
Avg. Yield


%Balance
Change

NOW Accounts $ 108,579 0.14 % $ 112,611 0.18 % $ (4,032 ) -0.04 % -3.6 %
Non-interest bearing Deposits 87,454 0.00 % 84,114 0.00 % 3,340 0.00 % 4.0 %
Checking Total $ 196,033 0.08 % $ 196,725 0.10 % $ (692 ) -0.02 % -0.4 %
Savings Accounts $ 191,840 0.33 % $ 190,379 0.38 % $ 1,461 -0.05 % 0.8 %
Money Market Accounts 54,787 0.30 % 55,619 0.27 % (832 ) 0.03 % -1.5 %
Total Smart Growth Deposits $ 442,660 0.22 % $ 442,723 0.24 % $ (63 ) -0.02 % 0.0 %
Time Deposits $ 165,284 2.25 % $ 171,055 2.33 % $ (5,771 ) -0.08 % -3.4 %
Total Deposits $ 607,944 0.77 % $ 613,778 0.82 % $ (5,834 ) -0.05 % -1.0 %
FHLB Advances $ 92,514 3.93 % $ 79,879 4.61 % $ 12,635 -0.68 % 15.8 %
Total Interest-bearing liabilities $ 613,004 1.36 % $ 609,543 1.43 % $ 3,461 -0.07 % 0.6 %
Non-interest bearing Deposits $ 87,454 0.00 % $ 84,114 0.00 % $ 3,340 0.00 % 4.0 %
Interest-bearing Liabilities: Average Quarter Balances
Average balances

09/30
/2011

$Balance

09/30
/2011

Avg. Yield


09/30
/2010

$Balance

09/30
/2010

Avg. Yield


Change
$Balance


Change
Avg. Yield


%Balance
Change

NOW Accounts $ 108,579 0.14 % $ 103,467 0.26 % $ 5,112 -0.12 % 4.9 %
Non-interest bearing Deposits 87,454 0.00 % 66,808 0.00 % 20,646 0.00 % 30.9 %
Checking Total $ 196,033 0.08 % $ 170,275 0.16 % $ 25,758 -0.08 % 15.1 %
Savings Accounts $ 191,840 0.33 % $ 163,157 0.69 % $ 28,683 -0.36 % 17.6 %
Money Market Accounts 54,787 0.30 % 61,305 0.40 % $ (6,518 ) -0.10 % -10.6 %
Total Smart Growth Deposits $ 442,660 0.22 % $ 394,737 0.41 % $ 47,923 -0.19 % 12.1 %
Time Deposits $ 165,284 2.25 % $ 181,517 2.60 % $ (16,233 ) -0.35 % -8.9 %
Total Deposits $ 607,944 0.77 % $ 576,254 1.10 % $ 31,690 -0.33 % 5.5 %
FHLB Advances $ 92,514 3.93 % $ 100,831 4.52 % $ (8,317 ) -0.59 % -8.2 %
Total Interest-bearing liabilities $ 613,004 1.36 % $ 610,277 1.79 % $ 2,727 -0.43 % 0.4 %
Non-interest bearing Deposits $ 87,454 0.00 % $ 66,808 0.00 % $ 20,646 0.00 % 30.9 %
Quarter-End Loan Quality Details
March 31, 2012
(In Thousands)
Total
Loans
Classified % Total Special
Mention
% Total Pass % Total
Commercial Loans
Commercial Land $ 14,378 $ 4,262 29.6 % $ 39 0.3 % $ 10,077 70.1 %
Commercial Construction 7,729 656 8.5 % 376 4.9 % 6,697 86.6 %
Commercial Real Estate 119,446 2,111 1.8 % 3,488 2.9 % 113,847 95.3 %
Commercial Non Real Estate 26,773 208 0.8 % 127 0.5 % 26,438 98.7 %
Total Commercial $ 168,326 $ 7,237 4.3 % $ 4,030 2.4 % $ 157,059 93.3 %
Residential Loans
Residential Construction $ 8,538 -- 0.0 % -- 0.0 % $ 8,538 100.0 %
Residential 390,540 4,346 1.1 % 333 0.1 % 385,861 98.8 %
Total Residential $ 399,078 $ 4,346 1.1 % $ 333 0.1 % $ 394,399 98.8 %
Consumer Loans
Mobile Homes $ 36,864 $ 288 0.8 % -- 0.0 % $ 36,576 99.2 %
Consumer Other 39,057 $ 249 0.6 % -- 0.0 % 38,808 99.4 %
Total Consumer $ 75,921 $ 537 0.7 % -- 0.0 % $ 75,384 99.3 %
Total All Loans $ 643,325 $ 12,120 1.9 % $ 4,363 0.7 % $ 626,842 97.4 %
Quarter-End Loan Quality Details
December 31, 2011
(In Thousands)
Total
Loans
Classified % Total Special
Mention
% Total Pass % Total
Commercial Loans
Commercial Land $ 15,163 $ 4,629 30.5 % $ 64 0.4 % $ 10,470 69.1 %
Commercial Construction 9,068 763 8.4 % 379 4.2 % 7,926 87.4 %
Commercial Real Estate 118,693 1,177 1.0 % 4,237 3.6 % 113,279 95.4 %
Commercial Non Real Estate 27,217 51 0.2 % 127 0.5 % 27,039 99.3 %
Total Commercial $ 170,141 $ 6,620 3.9 % $ 4,807 2.8 % $ 158,714 93.3 %
Residential Loans
Residential Construction $ 9,589 $ -- 0.00 % $ -- 0.0 % 9,589 100.0 %
Residential 377,655 3,889 1.00 % 181 0.0 % 373,585 99.0 %
Total Residential $ 387,244 $ 3,889 1.00 % $ 181 0.0 % $