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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Midsouth Bancorp | AMEX:MSL | AMEX | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
|
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
|
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
|
Louisiana
|
72 –1020809
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
Large accelerated filer ¨ | Accelerated filer x | Non-accelerated filer ¨ | Small reporting company ¨ |
Part I –
Financial Information
|
3
|
Item 1.
Financial Statements.
|
3
|
3
|
|
4
|
|
5
|
|
6
|
|
7
|
|
8
|
|
27
|
|
27
|
|
28
|
|
29
|
|
32
|
|
34
|
|
35
|
|
37
|
|
Item 4.
Controls and Procedures.
|
37
|
Part II – Other Information
|
38
|
Item 1.
Legal Proceedings.
|
38
|
Item 1A.
Risk Factors.
|
38
|
38
|
|
Item 3.
Defaults Upon Senior Securities.
|
38
|
Item 4.
Mine Safety Disclosures.
|
38
|
Item 5.
Other Information.
|
38
|
Item 6.
Exhibits.
|
38
|
MidSouth Bancorp, Inc. and Subsidiaries
|
(dollars in thousands, except share data)
|
March 31, 2013
(unaudited)
|
December 31, 2012*
(audited)
|
|||||||
Assets
|
||||||||
Cash and due from banks, including required reserves of $22,094 and $14,083, respectively
|
$ | 36,428 | $ | 46,297 | ||||
Interest-bearing deposits in banks
|
71,206 | 20,276 | ||||||
Federal funds sold
|
10,375 | 7,000 | ||||||
Time deposits held in banks
|
- | 881 | ||||||
Securities available-for-sale, at fair value (cost of $376,554 at March 31, 2013 and $412,065 at December 31, 2012)
|
387,786 | 424,617 | ||||||
Securities held-to-maturity (fair value of $170,177 at March 31, 2013 and $156,924 at December 31, 2012)
|
167,617 | 153,524 | ||||||
Other investments
|
10,017 | 8,310 | ||||||
Loans
|
1,037,859 | 1,046,940 | ||||||
Allowance for loan losses
|
(7,457 | ) | (7,370 | ) | ||||
Loans, net
|
1,030,402 | 1,039,570 | ||||||
Bank premises and equipment, net
|
66,797 | 63,461 | ||||||
Accrued interest receivable
|
6,847 | 6,691 | ||||||
Goodwill
|
42,676 | 42,781 | ||||||
Intangibles
|
8,771 | 9,047 | ||||||
Cash surrender value of life insurance
|
13,242 | 13,183 | ||||||
Other real estate
|
7,552 | 7,496 | ||||||
Other assets
|
7,340 | 8,594 | ||||||
Total assets
|
$ | 1,867,056 | $ | 1,851,728 | ||||
Liabilities and Shareholders’ Equity
|
||||||||
Liabilities:
|
||||||||
Deposits:
|
||||||||
Non-interest-bearing
|
$ | 390,774 | $ | 380,557 | ||||
Interest bearing
|
1,169,352 | 1,171,347 | ||||||
Total deposits
|
1,560,126 | 1,551,904 | ||||||
Securities sold under agreements to repurchase
|
48,557 | 41,447 | ||||||
Notes Payable
|
28,772 | 29,128 | ||||||
Junior subordinated debentures
|
29,384 | 29,384 | ||||||
Other liabilities
|
9,384 | 10,624 | ||||||
Total liabilities
|
1,676,223 | 1,662,487 | ||||||
Commitments and contingencies
|
||||||||
Shareholders’ equity:
|
||||||||
Series B Preferred stock, no par value; 5,000,000 shares authorized, 32,000 shares issued and outstanding at March 31, 2013 and December 31, 2012
|
32,000 | 32,000 | ||||||
Series C Preferred stock, no par value; 100,000 shares authorized, 99,971 shares issued and outstanding at March 31, 2013 and December 31, 2012
|
9,997 | 9,997 | ||||||
Common stock, $0.10 par value; 30,000,000 shares authorized, 11,389,263 and 11,386,611 issued and 11,238,786 and 11,236,134 outstanding at March 31, 2013 and December 31, 2012, respectively
|
1,139 | 1,139 | ||||||
Additional paid-in capital
|
110,703 | 110,603 | ||||||
Accumulated other comprehensive income
|
7,301 | 8,159 | ||||||
Treasury stock – 150,477 shares at March 31, 2013 and December 31, 2012, at cost
|
(3,286 | ) | (3,286 | ) | ||||
Retained earnings
|
32,979 | 30,629 | ||||||
Total shareholders’ equity
|
190,833 | 189,241 | ||||||
Total liabilities and shareholders’ equity
|
$ | 1,867,056 | $ | 1,851,728 |
MidSouth Bancorp, Inc. and Subsidiaries
|
(in thousands, except per share data)
|
Three Months Ended March 31,
|
||||||||
2013
|
2012
|
|||||||
Interest income:
|
||||||||
Loans, including fees
|
$ | 17,117 | $ | 12,403 | ||||
Securities and other investments:
|
||||||||
Taxable
|
2,059 | 2,069 | ||||||
Nontaxable
|
839 | 775 | ||||||
Federal funds sold
|
4 | 2 | ||||||
Time and interest bearing deposits in other banks
|
38 | 39 | ||||||
Other investments
|
72 | 45 | ||||||
Total interest income
|
20,129 | 15,333 | ||||||
Interest expense:
|
||||||||
Deposits
|
1,078 | 1,100 | ||||||
Securities sold under agreements to repurchase
|
179 | 181 | ||||||
Other borrowings and payable
|
124 | - | ||||||
Junior subordinated debentures
|
336 | 248 | ||||||
Total interest expense
|
1,717 | 1,529 | ||||||
Net interest income
|
18,412 | 13,804 | ||||||
Provision for loan losses
|
550 | 675 | ||||||
Net interest income after provision for loan losses
|
17,862 | 13,129 | ||||||
Non-interest income:
|
||||||||
Service charges on deposits
|
2,171 | 1,824 | ||||||
Gain on securities, net
(includes $204,000 accumulated other comprehensive income reclassifications for net
gains on sales of AFS securities)
|
204 | - | ||||||
ATM and debit card income
|
1,356 | 1,126 | ||||||
Other charges and fees
|
700 | 578 | ||||||
Total non-interest income
|
4,431 | 3,528 | ||||||
Non-interest expenses:
|
||||||||
Salaries and employee benefits
|
8,392 | 6,086 | ||||||
Occupancy expense
|
3,597 | 2,548 | ||||||
FDIC insurance
|
345 | 368 | ||||||
Other
|
5,097 | 3,666 | ||||||
Total non-interest expenses
|
17,431 | 12,668 | ||||||
Income before income taxes
|
4,862 | 3,989 | ||||||
Income tax expense
(includes $71,000 of income tax expense for reclassification adjustment for net gains on sales of AFS
securities)
|
1,434 | 1,103 | ||||||
Net earnings
|
3,428 | 2,886 | ||||||
Dividends on preferred stock
|
292 | 400 | ||||||
Net earnings available to common shareholders
|
$ | 3,136 | $ | 2,486 | ||||
Earnings per share:
|
||||||||
Basic
|
$ | 0.28 | $ | 0.24 | ||||
Diluted
|
$ | 0.27 | $ | 0.24 | ||||
Cash dividends declared per common share
|
$ | 0.07 | $ | 0.07 |
MidSouth Bancorp, Inc. and Subsidiaries
|
(in thousands)
|
Three Months Ended
March 31,
|
||||||||
2013
|
2012
|
|||||||
Net earnings
|
$ | 3,428 | $ | 2,886 | ||||
Other comprehensive income, net of tax:
|
||||||||
Unrealized losses on securities available-for-sale:
|
||||||||
Unrealized holding losses arising during the period, net of income tax benefit of $390 for the three months ended March 31, 2013 and net of income tax benefit of $138 for the three months ended March 31, 2012
|
(725 | ) | (268 | ) | ||||
Reclassification adjustment for gains on sales of securities available-for-sale, net of income tax expense of $71 for the three months ended March 31, 2013
|
(133 | ) | - | |||||
Total other comprehensive loss
|
(858 | ) | (268 | ) | ||||
Total comprehensive income
|
$ | 2,570 | $ | 2,618 |
MidSouth Bancorp, Inc. and Subsidiaries
|
For the Three Months Ended March 31, 2013
(in thousands, except share and per share data)
|
Preferred
Stock
|
Common
Stock
|
Additional
Paid-in
|
Accumulated
Other
Comprehensive
|
Treasury
|
Retained
|
|||||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Income
|
Stock
|
Earnings
|
Total
|
||||||||||||||||||||||||||||
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
|
- | - | - | - | - | - | - | 3,428 | 3,428 | |||||||||||||||||||||||||||
Dividends on Series B and Series C Preferred Stock
|
- | - | - | - | - | - | - | (292 | ) | (292 | ) | |||||||||||||||||||||||||
Dividends on common stock, $0.07 per share
|
- | - | - | - | - | - | - | (786 | ) | (786 | ) | |||||||||||||||||||||||||
Exercise of stock options, including tax benefit
|
- | - | 2,652 | - | 30 | - | - | - | 30 | |||||||||||||||||||||||||||
Stock option and restricted stock compensation expense
|
- | - | - | - | 70 | - | - | - | 70 | |||||||||||||||||||||||||||
Change in accumulated other comprehensive income
|
- | - | - | - | - | (858 | ) | - | - | (858 | ) | |||||||||||||||||||||||||
Balance – March 31, 2013
|
131,971 | $ | 41,997 | 11,389,263 | $ | 1,139 | $ | 110,703 | $ | 7,301 | $ | (3,286 | ) | $ | 32,979 | $ | 190,833 |
MidSouth Bancorp, Inc. and Subsidiaries
|
(in thousands)
|
For the Three Months Ended March 31,
|
||||||||
2013
|
2012
|
|||||||
Cash flows from operating activities:
|
||||||||
Net earnings
|
$ | 3,428 | $ | 2,886 | ||||
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
||||||||
Depreciation
|
1,321 | 885 | ||||||
Amortization (accretion) of purchase accounting adjustments
|
(1,914 | ) | (690 | ) | ||||
Provision for loan losses
|
550 | 675 | ||||||
Provision for deferred tax expense
|
599 | 229 | ||||||
Amortization of premiums on securities, net
|
1,299 | 358 | ||||||
Amortization of other investments
|
5 | 4 | ||||||
Stock option expense
|
62 | - | ||||||
Restricted stock expense
|
8 | 12 | ||||||
Net gain on sale of investment securities
|
(204 | ) | - | |||||
Net loss on sale of other real estate owned
|
8 | 94 | ||||||
Net write down of other real estate owned
|
47 | (8 | ) | |||||
Net loss on sale of premises and equipment
|
6 | - | ||||||
Change in accrued interest receivable
|
(156 | ) | (134 | ) | ||||
Change in accrued interest payable
|
(286 | ) | (250 | ) | ||||
Change in other assets & other liabilities, net
|
1,284 | 335 | ||||||
Net cash provided by operating activities
|
6,057 | 4,396 | ||||||
Cash flows from investing activities:
|
||||||||
Net decrease in time deposits in other banks
|
881 | - | ||||||
Proceeds from maturities and calls of securities available-for-sale
|
23,664 | 20,529 | ||||||
Proceeds from maturities and calls of securities held-to-maturity
|
7,620 | 3,465 | ||||||
Proceeds from sale of securities available-for-sale
|
41,839 | - | ||||||
Purchases of securities available-for-sale
|
(35,866 | ) | (19,871 | ) | ||||
Purchases of securities held-to-maturity
|
(22,194 | ) | - | |||||
Proceeds from redemptions of other investments
|
- | - | ||||||
Purchases of other investments
|
(1,712 | ) | (1 | ) | ||||
Net change in loans
|
15,075 | (1,767 | ) | |||||
Purchases of premises and equipment
|
(4,664 | ) | (417 | ) | ||||
Proceeds from sale of premises and equipment
|
1 | - | ||||||
Proceeds from sale of other real estate owned
|
306 | 110 | ||||||
Net cash provided by investing activities
|
24,950 | 2,048 | ||||||
Cash flows from financing activities:
|
||||||||
Change in deposits
|
8,453 | 12,734 | ||||||
Change in securities sold under agreements to repurchase
|
7,110 | 2,977 | ||||||
Federal Home Loan Bank advances
|
- | 100 | ||||||
Repayments of Federal Home Loan Bank advances
|
(14 | ) | (100 | ) | ||||
Repayments of notes payable
|
(250 | ) | - | |||||
Proceeds and tax benefit from exercise of stock options,
|
30 | - | ||||||
Payment of dividends on preferred stock
|
(368 | ) | (400 | ) | ||||
Payment of dividends on common stock
|
(1,532 | ) | (732 | ) | ||||
Net cash provided by financing activities
|
13,429 | 14,579 | ||||||
Net increase in cash and cash equivalents
|
44,436 | 21,023 | ||||||
Cash and cash equivalents, beginning of period
|
73,573 | 83,303 | ||||||
Cash and cash equivalents, end of period
|
$ | 118,009 | $ | 104,326 | ||||
Supplemental information- Noncash items
|
||||||||
Transfer of loans to other real estate
|
$ | 417 | $ | 97 | ||||
Accrued preferred stock dividends
|
292 | 400 |
1.
|
Basis of Presentation
|
2.
|
Investment Securities
|
March 31, 2013
|
||||||||||||||||
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair Value
|
|||||||||||||
Available-for-sale:
|
||||||||||||||||
U.S. Government sponsored enterprises
|
$ | 13,195 | $ | 8 | $ | 17 | $ | 13,186 | ||||||||
Obligations of state and political subdivisions
|
73,186 | 3,997 | 4 | 77,179 | ||||||||||||
GSE mortgage-backed securities
|
162,299 | 5,137 | 116 | 167,320 | ||||||||||||
Other asset-backed securities
|
12,174 | 454 | - | 12,628 | ||||||||||||
Collateralized mortgage obligations: residential
|
86,784 | 629 | 160 | 87,253 | ||||||||||||
Collateralized mortgage obligations: commercial
|
28,452 | 1,241 | - | 29,693 | ||||||||||||
Collateralized debt obligation
|
464 | 63 | - | 527 | ||||||||||||
$ | 376,554 | $ | 11,529 | $ | 297 | $ | 387,786 |
December 31, 2012
|
||||||||||||||||
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair Value
|
|||||||||||||
Available-for-sale:
|
||||||||||||||||
U.S. Government sponsored enterprises
|
$ | 13,422 | $ | 2 | $ | - | $ | 13,424 | ||||||||
Obligations of state and political subdivisions
|
83,093 | 4,328 | - | 87,421 | ||||||||||||
GSE mortgage-backed securities
|
172,932 | 5,887 | - | 178,819 | ||||||||||||
Collateralized mortgage obligations: residential
|
101,381 | 652 | 47 | 101,986 | ||||||||||||
Collateralized mortgage obligations: commercial
|
28,528 | 1,233 | - | 29,761 | ||||||||||||
Other asset-backed securities
|
12,245 | 497 | - | 12,742 | ||||||||||||
Collateralized debt obligation
|
464 | - | - | 464 | ||||||||||||
$ | 412,065 | $ | 12,599 | $ | 47 | $ | 424,617 |
March 31, 2013
|
||||||||||||||||
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair Value
|
|||||||||||||
Held-to-maturity:
|
||||||||||||||||
Obligations of state and political subdivisions
|
$ | 44,443 | $ | 201 | $ | 481 | $ | 44,163 | ||||||||
GSE mortgage-backed securities
|
91,968 | 2,315 | 29 | 94,254 | ||||||||||||
Collateralized mortgage obligations: residential
|
15,026 | - | 90 | 14,936 | ||||||||||||
Collateralized mortgage obligations: commercial
|
16,180 | 644 | - | 16,824 | ||||||||||||
$ | 167,617 | $ | 3,160 | $ | 600 | $ | 170,177 |
December 31, 2012
|
||||||||||||||||
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair Value
|
|||||||||||||
Held-to-maturity:
|
||||||||||||||||
Obligations of state and political subdivisions
|
$ | 42,900 | $ | 7 | $ | 7 | $ | 42,900 | ||||||||
GSE mortgage-backed securities
|
89,383 | 2,819 | - | 92,202 | ||||||||||||
Collateralized mortgage obligations: residential
|
5,009 | - | - | 5,009 | ||||||||||||
Collateralized mortgage obligations: commercial
|
16,232 | 581 | - | 16,813 | ||||||||||||
$ | 153,524 | $ | 3,407 | $ | 7 | $ | 156,924 |
Amortized
Cost
|
Fair
Value
|
|||||||
Available-for-sale:
|
||||||||
Due in one year or less
|
$ | 13,977 | $ | 14,152 | ||||
Due after one year through five years
|
44,507 | 46,369 | ||||||
Due after five years through ten years
|
22,706 | 24,462 | ||||||
Due after ten years
|
5,191 | 5,382 | ||||||
Other asset-backed securities
|
12,174 | 12,628 | ||||||
Mortgage-backed securities and collateralized mortgage obligations:
|
||||||||
Residential
|
249,083 | 254,573 | ||||||
Commercial
|
28,452 | 29,693 | ||||||
Collateralized debt obligation
|
464 | 527 | ||||||
$ | 376,554 | $ | 387,786 |
Amortized
Cost
|
Fair
Value
|
|||||||
Held-to-maturity:
|
||||||||
Due in one year or less
|
$ | 306 | $ | 307 | ||||
Due after one year through five years
|
1,152 | 1,154 | ||||||
Due after five years through ten years
|
6,218 | 6,329 | ||||||
Due after ten years
|
36,767 | 36,373 | ||||||
Mortgage-backed securities and collateralized mortgage obligations:
|
||||||||
Residential
|
106,994 | 109,190 | ||||||
Commercial
|
16,180 | 16,824 | ||||||
$ | 167,617 | $ | 170,177 |
March 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
|
$ | 5,512 | $ | 17 | $ | - | $ | - | $ | 5,512 | $ | 17 | ||||||||||||
Obligations of state and - political subdivisions
|
491 | 4 | - | - | 491 | 4 | ||||||||||||||||||
GSE mortgage-backed securities
|
34,310 | 116 | - | - | 34,310 | 116 | ||||||||||||||||||
Collateralized mortgage obligations: residential
|
19,920 | 159 | 82 | 1 | 20,002 | 160 | ||||||||||||||||||
$ | 60,233 | $ | 296 | $ | 82 | $ | 1 | $ | 60,315 | $ | 297 |
December 31, 2012
|
||||||||||||||||||||||||
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:
|
||||||||||||||||||||||||
Collateralized mortgage obligations: residential
|
$ | 10,085 | $ | 45 | $ | 96 | $ | 2 | $ | 10,181 | $ | 47 |
March 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
|
$ | 29,289 | $ | 481 | $ | - | $ | - | $ | 29,289 | $ | 481 | ||||||||||||
GSE mortgage-backed securities
|
9,996 | 29 | - | - | 9,996 | 29 | ||||||||||||||||||
Collateralized mortgage obligations: residential
|
14,936 | 90 | 14,936 | 90 | ||||||||||||||||||||
$ | 54,221 | $ | 600 | $ | - | $ | - | $ | 54,221 | $ | 600 |
December 31, 2012
|
||||||||||||||||||||||||
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
|
$ | 1,128 | $ | 7 | $ | - | $ | - | $ | 1,128 | $ | 7 |
3.
|
Other Investments
|
March 31, 2013
|
December 31, 2012
|
|||||||
FRB-Atlanta
|
$ | 3,789 | $ | 2,258 | ||||
FHLB-Dallas
|
1,863 | 1,862 | ||||||
Other bank stocks
|
2,063 | 2,063 | ||||||
Other stocks
|
187 | 7 | ||||||
CRA investment
|
2,115 | 2,120 | ||||||
$ | 10,017 | $ | 8,310 |
4.
|
Credit Quality of Loans and Allowance for Loan Losses
|
As of March 31, 2013
|
||||||||||||||||
( in thousands)
|
Collectively
Evaluated for
Impairment
|
Individually
Evaluated for
Impairment
|
Loans Acquired
with Deteriorated
Credit Quality
|
Total
|
||||||||||||
Allowance for loan losses:
|
||||||||||||||||
Commercial, financial, agriculture
|
$ | 1,115 | $ | 467 | $ | - | $ | 1,582 | ||||||||
Real estate – construction
|
2,212 | 51 | - | 2,263 | ||||||||||||
Commercial real estate
|
2,252 | 21 | - | 2,273 | ||||||||||||
Residential real estate
|
827 | 42 | - | 869 | ||||||||||||
Consumer
|
319 | 106 | - | 425 | ||||||||||||
Financial leases
|
42 | - | - | 42 | ||||||||||||
Other
|
3 | - | - | 3 | ||||||||||||
Total allowance for loan losses
|
$ | 6,770 | $ | 687 | $ | - | $ | 7,457 |
As of March 31, 2013
|
||||||||||||||||
( in thousands)
|
Collectively
Evaluated for
Impairment
|
Individually
Evaluated for
Impairment
|
Loans Acquired
with Deteriorated
Credit Quality
|
Total
|
||||||||||||
Loans:
|
||||||||||||||||
Commercial, financial, agriculture
|
$ | 313,677 | $ | 1,648 | $ | 72 | $ | 315,397 | ||||||||
Real estate – construction
|
81,673 | 835 | - | 82,508 | ||||||||||||
Commercial real estate
|
399,117 | 2,688 | 3,900 | 405,705 | ||||||||||||
Residential real estate
|
136,797 | 1,205 | 282 | 138,284 | ||||||||||||
Consumer
|
88,643 | 255 | - | 88,898 | ||||||||||||
Financial leases
|
4,962 | - | - | 4,962 | ||||||||||||
Other
|
2,105 | - | - | 2,105 | ||||||||||||
Total loans
|
$ | 1,026,974 | $ | 6,631 | $ | 4,254 | $ | 1,037,859 |
As of December 31, 2012
|
||||||||||||||||
( in thousands)
|
Collectively
Evaluated for
Impairment
|
Individually
Evaluated for
Impairment
|
Loans Acquired
with Deteriorated
Credit Quality
|
Total
|
||||||||||||
Allowance for loan losses:
|
||||||||||||||||
Commercial, financial, agriculture
|
$ | 1,144 | $ | 391 | $ | - | $ | 1,535 | ||||||||
Real estate – construction
|
2,090 | 57 | - | 2,147 | ||||||||||||
Commercial real estate
|
2,131 | 35 | - | 2,166 | ||||||||||||
Residential real estate
|
906 | 30 | - | 936 | ||||||||||||
Consumer
|
429 | 114 | - | 543 | ||||||||||||
Financial leases
|
41 | - | - | 41 | ||||||||||||
Other
|
2 | - | - | 2 | ||||||||||||
Total allowance for loan losses
|
$ | 6,743 | $ | 627 | $ | - | $ | 7,370 |
As of December 31, 2012
|
||||||||||||||||
( in thousands)
|
Collectively
Evaluated for
Impairment
|
Individually
Evaluated for
Impairment
|
Loans Acquired
with Deteriorated
Credit Quality
|
Total
|
||||||||||||
Loans:
|
||||||||||||||||
Commercial, financial, agriculture
|
$ | 313,937 | $ | 1,636 | $ | 82 | $ | 315,655 | ||||||||
Real estate – construction
|
74,398 | 936 | - | 75,334 | ||||||||||||
Commercial real estate
|
407,489 | 2,911 | 3,984 | 414,384 | ||||||||||||
Residential real estate
|
140,776 | 1,627 | 455 | 142,858 | ||||||||||||
Consumer
|
90,231 | 330 | - | 90,561 | ||||||||||||
Financial leases
|
5,769 | - | - | 5,769 | ||||||||||||
Other
|
2,379 | - | - | 2,379 | ||||||||||||
Total loans
|
$ | 1,034,979 | $ | 7,440 | $ | 4,521 | $ | 1,046,940 |
Modifications by Class of Loans
(in thousands)
|
Number of
Contracts
|
Pre-Modification
Outstanding
Recorded Investment
|
Post-Modification
Outstanding
Recorded Investment
|
||||||||||
Troubled debt restructurings as of March 31, 2013:
|
||||||||||||
Commercial, financial, and agricultural
|
4 | $ | 412 | $ | 370 | |||||||
Real Estate - commercial
|
3 | 4,983 | 4,662 | |||||||||
$ | 5,395 | $ | 5,032 |
Number of
Contracts
|
Pre-Modification
Outstanding
Recorded Investment
|
Post-Modification
Outstanding
Recorded Investment
|
||||||||||
Troubled debt restructurings as of December 31, 2012:
|
||||||||||||
Commercial, financial, and agricultural
|
3 | $ | 370 | $ | 353 | |||||||
Real Estate – commercial
|
3 | 4,983 | 4,709 | |||||||||
$ | 5,353 | $ | 5,062 |
Trouble Debt Restructurings that Subsequently Defaulted
(in thousands)
|
March 31, 2013
|
March 31, 2012
|
|||||||||||||||
Number of
Contracts
|
Recorded
Investment
|
Number of
Contracts
|
Recorded
Investment
|
|||||||||||||
Commercial, financial, and agricultural
|
4 | $ | 259 | 3 | $ | 251 |
Allowance for Loan Losses and Recorded Investment in Loans
|
||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2012 (in thousands)
|
||||||||||||||||||||||||||||||||
Real Estate
|
||||||||||||||||||||||||||||||||
Coml, Fin,
and Agric
|
Construction
|
Commercial
|
Residential
|
Consumer
|
Finance
Leases Coml
|
Other
|
Total
|
|||||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||||||
Beginning balance
|
$ | 1,734 | $ | 1,661 | $ | 2,215 | $ | 936 | $ | 710 | $ | 19 | $ | 1 | $ | 7,276 | ||||||||||||||||
Charge-offs
|
(1,054 | ) | - | (550 | ) | (126 | ) | (526 | ) | - | - | (2,256 | ) | |||||||||||||||||||
Recoveries
|
181 | 18 | 1 | 2 | 98 | - | - | 300 | ||||||||||||||||||||||||
Provision
|
674 | 468 | 500 | 124 | 261 | 22 | 1 | 2,050 | ||||||||||||||||||||||||
Ending balance
|
$ | 1,535 | $ | 2,147 | $ | 2,166 | $ | 936 | $ | 543 | $ | 41 | $ | 2 | $ | 7,370 | ||||||||||||||||
Ending balance: individually evaluated for impairment
|
$ | 391 | $ | 57 | $ | 35 | $ | 30 | $ | 114 | $ | - | $ | - | $ | 627 | ||||||||||||||||
Loans:
|
||||||||||||||||||||||||||||||||
Ending balance
|
$ | 315,655 | $ | 75,334 | $ | 414,384 | $ | 142,858 | $ | 90,561 | $ | 5,769 | $ | 2,379 | $ | 1,046,940 | ||||||||||||||||
Ending balance: individually evaluated for impairment
|
$ | 1,636 | $ | 936 | $ | 2,911 | $ | 1,627 | $ | 330 | $ | - | $ | - | $ | 7,440 |
Credit Quality Indicators by Class of Loans |
As of March 31, 2013 (in thousands)
|
Commercial Credit Exposure
|
Credit Risk Profile by Creditworthiness Category
|
Commercial,
Financial, and
Agricultural
|
Commercial
Real Estate
Construction
|
Commercial
Real Estate
Other
|
Commercial
Total
|
% of Total
Commercial
|
||||||||||||||||
Pass
|
$ | 308,294 | $ | 62,579 | $ | 380,402 | $ | 751,275 | 95.55 | % | ||||||||||
Special mention
|
2,897 | 663 | 13,729 | 17,289 | 2.20 | % | ||||||||||||||
Substandard
|
3,887 | 1,888 | 6,816 | 12,591 | 1.60 | % | ||||||||||||||
Doubtful
|
319 | 3 | 4,758 | 5,080 | 0.65 | % | ||||||||||||||
$ | 315,397 | $ | 65,133 | $ | 405,705 | $ | 786,235 | 100.00 | % |
Residential
Construction
|
Residential
Prime
|
Residential
Subprime
|
Residential
Total
|
% of Total
Residential
|
||||||||||||||||
Pass
|
$ | 17,139 | $ | 133,525 | $ | - | $ | 150,664 | 96.79 | % | ||||||||||
Special mention
|
- | 1,398 | - | 1,398 | 0.90 | % | ||||||||||||||
Substandard
|
236 | 3,361 | - | 3,597 | 2.31 | % | ||||||||||||||
$ | 17,375 | $ | 138,284 | $ | - | $ | 155,659 | 100.00 | % |
Consumer
Credit
Card
|
Consumer
Other
|
Finance
Leases
Commercial
|
Other
Loans
|
Total
|
% of Total
|
|||||||||||||||||||
Performing
|
$ | 5,892 | $ | 82,722 | $ | 4,962 | $ | 2,105 | $ | 95,681 | 99.70 | % | ||||||||||||
Nonperforming
|
29 | 255 | - | - | 284 | 0.30 | % | |||||||||||||||||
$ | 5,921 | $ | 82,977 | $ | 4,962 | $ | 2,105 | $ | 95,965 | 100.00 | % |
Credit Quality Indicators by Class of Loans
|
As of December 31, 2012 (in thousands)
|
Commercial,
Financial, and
Agricultural
|
Commercial
Real Estate
Construction
|
Commercial
Real Estate
Other
|
Commercial
Total
|
% of Total
Commercial
|
||||||||||||||||
Pass
|
$ | 304,219 | $ | 54,737 | $ | 396,077 | $ | 755,033 | 95.76 | % | ||||||||||
Special Mention
|
5,748 | 684 | 6,224 | 12,656 | 1.61 | % | ||||||||||||||
Substandard
|
4,503 | 2,925 | 7,514 | 14,942 | 1.90 | % | ||||||||||||||
Doubtful
|
1,185 | 4 | 4,569 | 5,758 | 0.73 | % | ||||||||||||||
$ | 315,655 | $ | 58,350 | $ | 414,384 | $ | 788,389 | 100.00 | % |
Residential
Construction
|
Residential
Prime
|
Residential
Subprime
|
Residential
Total
|
% of
Total Residential
|
||||||||||||||||
Pass
|
$ | 16,785 | $ | 137,681 | $ | - | $ | 154,466 | 96.64 | % | ||||||||||
Special mention
|
- | 1,612 | - | 1,612 | 1.01 | % | ||||||||||||||
Substandard
|
199 | 3,565 | - | 3,764 | 2.35 | % | ||||||||||||||
$ | 16,984 | $ | 142,858 | $ | - | $ | 159,842 | 100.00 | % |
Consumer
Credit
Card
|
Consumer
Other
|
Finance
Leases
Commercial
|
Other
Loans
|
Total
|
% of Total
|
|||||||||||||||||||
Performing
|
$ | 6,792 | $ | 83,347 | $ | 5,769 | $ | 2,379 | $ | 98,287 | 99.57 | % | ||||||||||||
Nonperforming
|
15 | 407 | - | - | 422 | 0.43 | % | |||||||||||||||||
$ | 6,807 | $ | 83,754 | $ | 5,769 | $ | 2,379 | $ | 98,709 | 100.00 | % |
Age Analysis of Past Due Loans by Class of Loans
(in thousands)
|
30-59
Days
Past Due
(1)
|
60-89
Days Past
Due
(1)
|
Greater
than 90
Days Past
Due
(1)
|
Total
Past Due
|
Current
|
Total Loans
|
Recorded
Investment >
90 days and
Accruing
|
||||||||||||||||||||||
As of March 31, 2013
|
||||||||||||||||||||||||||||
Commercial, financial, and agricultural
|
$ | 1,011 | $ | 51 | $ | 1,669 | $ | 2,731 | $ | 312,666 | $ | 315,397 | $ | 141 | ||||||||||||||
Commercial real estate – construction
|
229 | 537 | 188 | 954 | 64,179 | 65,133 | - | |||||||||||||||||||||
Commercial real estate – other
|
1,663 | 176 | 2,449 | 4,288 | 401,417 | 405,705 | ||||||||||||||||||||||
Consumer - credit card
|
37 | 3 | - | 40 | 5,881 | 5,921 | - | |||||||||||||||||||||
Consumer - other
|
361 | 97 | 142 | 600 | 82,377 | 82,977 | 22 | |||||||||||||||||||||
Residential – construction
|
- | - | - | - | 17,375 | 17,375 | - | |||||||||||||||||||||
Residential – prime
|
2,000 | 124 | 1,251 | 3,375 | 134,909 | 138,284 | - | |||||||||||||||||||||
Residential – subprime
|
- | - | - | - | - | - | - | |||||||||||||||||||||
Other loans
|
78 | 7 | - | 85 | 2,020 | 2,105 | - | |||||||||||||||||||||
Finance leases commercial
|
4 | - | - | 4 | 4,958 | 4,962 | - | |||||||||||||||||||||
$ | 5,383 | $ | 995 | $ | 5,699 | $ | 12,077 | $ | 1,025,782 | $ | 1,037,859 | $ | 163 |
30-59
Days
Past
Due
(1)
|
60-89
Days Past
Due
(1)
|
Greater
than 90 Days
Past Due
(1)
|
Total
Past Due
|
Current
|
Total
Loans
|
Recorded
Investment >
90 days and
Accruing
|
||||||||||||||||||||||
As of December 31, 2012
|
||||||||||||||||||||||||||||
Commercial, financial, and agricultural
|
$ | 2,220 | $ | 321 | $ | 2,580 | $ | 5,121 | $ | 310,534 | $ | 315,655 | $ | 1,019 | ||||||||||||||
Commercial real estate - construction
|
66 | 96 | 101 | 263 | 58,087 | 58,350 | - | |||||||||||||||||||||
Commercial real estate - other
|
4,131 | 2,108 | 3,577 | 9,816 | 404,568 | 414,384 | 952 | |||||||||||||||||||||
Consumer - credit card
|
24 | 2 | 15 | 41 | 6,766 | 6,807 | 15 | |||||||||||||||||||||
Consumer - other
|
421 | 134 | 186 | 741 | 83,013 | 83,754 | - | |||||||||||||||||||||
Residential - construction
|
- | - | - | - | 16,984 | 16,984 | - | |||||||||||||||||||||
Residential - prime
|
1,140 | 317 | 1,408 | 2,865 | 139,993 | 142,858 | - | |||||||||||||||||||||
Residential - subprime
|
- | - | - | - | - | - | - | |||||||||||||||||||||
Other loans
|
87 | - | - | 87 | 2,292 | 2,379 | - | |||||||||||||||||||||
Finance leases commercial
|
- | - | - | - | 5,769 | 5,769 | - | |||||||||||||||||||||
$ | 8,089 | $ | 2,978 | $ | 7,867 | $ | 18,934 | $ | 1,028,006 | $ | 1,046,940 | $ | 1,986 |
|
(1)
|
Past due amounts may include loans on nonaccrual status.
|
Impaired Loans by Class of Loans
(in thousands)
|
Recorded
Investment
|
Unpaid
Principal
Balance
|
Related
Allowance
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
||||||||||||||||
As of March 31, 2013
|
||||||||||||||||||||
With no related allowance recorded:
|
||||||||||||||||||||
Commercial, financial, and agricultural
|
$ | 590 | $ | 701 | $ | - | $ | 577 | $ | - | ||||||||||
Commercial real estate – construction
|
676 | 676 | - | 723 | - | |||||||||||||||
Commercial real estate – other
|
2,485 | 3,015 | - | 2,508 | 6 | |||||||||||||||
Consumer – other
|
51 | 59 | - | 82 | - | |||||||||||||||
Residential – prime
|
909 | 909 | - | 1,242 | 2 | |||||||||||||||
Subtotal:
|
$ | 4,711 | $ | 5,360 | $ | - | $ | 5,132 | $ | 8 | ||||||||||
With an allowance recorded:
|
||||||||||||||||||||
Commercial, financial, and agricultural
|
1,058 | 1,058 | 467 | 1,065 | 1 | |||||||||||||||
Commercial real estate – construction
|
159 | 159 | 51 | 162 | - | |||||||||||||||
Commercial real estate – other
|
203 | 203 | 21 | 292 | - | |||||||||||||||
Consumer – other
|
204 | 204 | 106 | 210 | - | |||||||||||||||
Residential – prime
|
296 | 296 | 42 | 174 | - | |||||||||||||||
Subtotal:
|
$ | 1,920 | $ | 1,920 | $ | 687 | $ | 1,903 | $ | 1 | ||||||||||
Totals:
|
||||||||||||||||||||
Commercial
|
5,171 | 5,812 | 539 | 5,327 | 7 | |||||||||||||||
Consumer
|
255 | 263 | 106 | 292 | - | |||||||||||||||
Residential
|
1,205 | 1,205 | 42 | 1,416 | 2 | |||||||||||||||
Grand total:
|
$ | 6,631 | $ | 7,280 | $ | 687 | $ | 7,035 | $ | 9 | ||||||||||
Recorded
Investment
|
Unpaid
Principal
Balance
|
Related
Allowance
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
||||||||||||||||
As of December 31, 2012
|
||||||||||||||||||||
With no related allowance recorded:
|
||||||||||||||||||||
Commercial, financial, and agricultural
|
$ | 564 | $ | 675 | $ | - | $ | 861 | $ | 5 | ||||||||||
Commercial real estate – construction
|
771 | 770 | - | 834 | 1 | |||||||||||||||
Commercial real estate – other
|
2,530 | 3,059 | - | 1,780 | 38 | |||||||||||||||
Consumer – other
|
114 | 122 | - | 81 | 1 | |||||||||||||||
Residential – prime
|
1,575 | 1,575 | - | 1,213 | 26 | |||||||||||||||
Finance leases commercial
|
- | - | - | - | - | |||||||||||||||
Other loans
|
- | - | - | - | - | |||||||||||||||
Subtotal:
|
$ | 5,554 | $ | 6,201 | $ | - | $ | 4,769 | $ | 71 | ||||||||||
With an allowance recorded:
|
||||||||||||||||||||
Commercial, financial, and agricultural
|
1,072 | 1,072 | 391 | 1,128 | 21 | |||||||||||||||
Commercial real estate – construction
|
165 | 165 | 57 | 85 | 7 | |||||||||||||||
Commercial real estate – other
|
381 | 381 | 35 | 811 | 3 | |||||||||||||||
Consumer – other
|
216 | 216 | 114 | 228 | 6 | |||||||||||||||
Residential – prime
|
52 | 52 | 30 | 172 | 4 | |||||||||||||||
Subtotal:
|
$ | 1,886 | $ | 1,886 | $ | 627 | $ | 2,424 | $ | 41 | ||||||||||
Totals:
|
||||||||||||||||||||
Commercial
|
5,483 | 6,122 | 483 | 5,499 | 75 | |||||||||||||||
Consumer
|
330 | 338 | 114 | 309 | 7 | |||||||||||||||
Residential
|
1,627 | 1,627 | 30 | 1,385 | 30 | |||||||||||||||
Other
|
- | - | - | - | - | |||||||||||||||
Grand total:
|
$ | 7,440 | $ | 8,087 | $ | 627 | $ | 7,193 | $ | 112 |
Loans on Nonaccrual Status
(in thousands)
|
March 31, 2013
|
December 31, 2012
|
|||||||
Commercial, financial, and agricultural
|
$ | 1,856 | $ | 2,015 | ||||
Commercial real estate – construction
|
838 | 941 | ||||||
Commercial real estate - other
|
2,783 | 3,017 | ||||||
Consumer - credit card
|
- | - | ||||||
Consumer - other
|
292 | 409 | ||||||
Residential - construction
|
- | - | ||||||
Residential - prime
|
1,757 | 2,505 | ||||||
Residential - subprime
|
- | - | ||||||
Other loans
|
- | - | ||||||
Finance leases commercial
|
- | - | ||||||
$ | 7,526 | $ | 8,887 |
5.
|
Earnings Per Common Share
|
March 31
,
|
||||||||
2013
|
2012
|
|||||||
Net earnings available to common shareholders
|
$ | 3,136 | $ | 2,486 | ||||
Dividends on Series C convertible preferred stock
|
100 | - | ||||||
Net earnings available to common shareholders -diluted
|
$ | 3,236 | $ | 2,486 | ||||
Weighted average number of common shares outstanding used in computation of basic earnings per common share
|
11,238 | 10,465 | ||||||
Effect of dilutive securities:
|
||||||||
Stock options
|
50 | 8 | ||||||
Restricted stock
|
13 | 7 | ||||||
Convertible preferred stock and warrants
|
565 | - | ||||||
Weighted average number of common shares outstanding plus effect of dilutive securities used in computation of diluted earnings per common share
|
11,866 | 10,480 |
6.
|
Declaration of Dividends
|
7.
|
Goodwill and Intangibles
|
Balance, December 31, 2012
|
$ | 42,781 | ||
Adjustment to goodwill
|
(105 | ) | ||
Balance, March 31, 2013
|
$ | 42,676 |
March 31, 2013
|
December 31, 2012
|
|||||||
Gross carrying amount
|
$ | 9,047 | $ | 11,674 | ||||
Less accumulated amortization
|
(276 | ) | (2,627 | ) | ||||
Net carrying amount
|
$ | 8,771 | $ | 9,047 |
8.
|
Fair Value Measurement
|
Assets / Liabilities Measured
at Fair Value
|
Fair Value Measurements
at March 31, 2013 using:
|
|||||||||||||||
Description
|
at March 31, 2013
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||
Available-for-sale securities:
|
||||||||||||||||
U.S. Government sponsored enterprises
|
$ | 13,186 | $ | - | $ | 13,186 | $ | - | ||||||||
Obligations of state and political subdivisions
|
77,179 | - | 77,179 | - | ||||||||||||
GSE mortgage-backed securities
|
167,320 | - | 167,320 | - | ||||||||||||
Other asset-backed securities
|
12,628 | - | 12,628 | - | ||||||||||||
Collateralized mortgage obligations: residential
|
87,253 | 87,253 | ||||||||||||||
Collateralized mortgage obligations: commercial
|
29,693 | - | 29,693 | - | ||||||||||||
Collateralized debt obligations
|
527 | - | 527 | - | ||||||||||||
$ | 387,786 | $ | - | $ | 387,786 | $ | - |
Assets / Liabilities Measured
at Fair Value
|
Fair Value Measurements
at December 31, 2012 using:
|
|||||||||||||||
Description
|
at December 31, 2012
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||
Available-for-sale securities:
|
||||||||||||||||
U.S. Government sponsored enterprises
|
$ | 13,424 | $ | - | $ | 13,424 | $ | - | ||||||||
Obligations of state and political subdivisions
|
87,421 | - | 87,421 | - | ||||||||||||
GSE mortgage-backed securities
|
178,819 | - | 178,819 | - | ||||||||||||
Collateralized mortgage
|
||||||||||||||||
obligations: residential
|
101,986 | - | 101,986 | - | ||||||||||||
Collateralized mortgage obligations: commercial
|
29,761 | 29,761 | ||||||||||||||
Other asset-backed securities
|
12,742 | - | 12,742 | - | ||||||||||||
Collateralized debt obligations
|
464 | - | 464 | - | ||||||||||||
$ | 424,617 | $ | - | $ | 424,617 | $ | - |
Fair Value Measurements Using
|
||||||||||||||||
(dollars in thousands)
|
March 31,
2013
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||
Assets
|
||||||||||||||||
Acquired loans with deteriorated credit quality
|
$ | 4,254 | $ | - | $ | - | $ | 4,254 | ||||||||
Other real estate
|
7,552 | - | 7,552 | - | ||||||||||||
Impaired loans, excluding acquired loans
|
1,943 | - | 1,943 | - | ||||||||||||
Total
|
$ | 13,749 | $ | - | $ | 9,495 | $ | 4,254 |
Fair Value Measurements Using
|
||||||||||||||||
(dollars in thousands)
|
December 31,
2012
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||
Assets
|
||||||||||||||||
Acquired loans with deteriorated credit quality
|
$ | 4,521 | $ | - | $ | - | $ | 4,521 | ||||||||
Other real estate
|
7,496 | - | 7,496 | - | ||||||||||||
Impaired loans, excluding acquired loans
|
2,245 | 2,245 | - | |||||||||||||
Total
|
$ | 14,262 | $ | - | $ | 9,741 | $ | 4,521 |
Fair Value Measurements
at March 31, 2013 Using:
|
||||||||||||||||
Carrying
Value
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||
Financial assets:
|
||||||||||||||||
Cash and cash equivalents
|
$ | 118,009 | $ | 118,009 | $ | - | $ | - | ||||||||
Securities available-for-sale
|
387,786 | - | 387,786 | - | ||||||||||||
Securities held-to-maturity
|
167,617 | - | 170,177 | - | ||||||||||||
Other investments
|
10,017 | 10,017 | - | - | ||||||||||||
Loans, net
|
1,030,402 | - | - | 1,036,325 | ||||||||||||
Cash surrender value of life insurance policies
|
13,242 | - | 13,242 | - | ||||||||||||
Financial liabilities:
|
||||||||||||||||
Non-interest-bearing deposits
|
390,774 | - | 390,774 | - | ||||||||||||
Interest-bearing deposits
|
1,169,352 | - | 899,237 | 271,799 | ||||||||||||
Securities sold under agreements to repurchase
|
48,557 | 48,557 | - | - | ||||||||||||
Notes payable
|
28,772 | 28,772 | ||||||||||||||
Junior subordinated debentures
|
29,384 | - | 22,167 | 7,588 |
Fair Value Measurements
at December 31, 2012 Using:
|
||||||||||||||||
Financial assets:
|
Carrying
Value
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||
Cash and cash equivalents
|
$ | 73,573 | $ | 73,573 | $ | - | $ | - | ||||||||
Time deposits held in banks
|
881 | - | - | 883 | ||||||||||||
Securities available-for-sale
|
424,617 | - | 424,617 | - | ||||||||||||
Securities held-to-maturity
|
153,524 | - | 156,924 | - | ||||||||||||
Other investments
|
8,310 | 8,310 | - | - | ||||||||||||
Loans, net
|
1,039,570 | - | - | 1,046,495 | ||||||||||||
Cash surrender value of life insurance policies
|
13,183 | - | 13,183 | - | ||||||||||||
Financial liabilities:
|
||||||||||||||||
Non-interest-bearing deposits
|
380,577 | - | 380,557 | - | ||||||||||||
Interest-bearing deposits
|
1,171,347 | - | 859,183 | 314,783 | ||||||||||||
Securities sold under agreements to repurchase
|
41,447 | 41,447 | - | - | ||||||||||||
Notes payable
|
29,128 | - | - | 29,128 | ||||||||||||
Junior subordinated debentures
|
29,384 | - | 22,167 | 7,776 |
·
|
changes in interest rates and market prices that could affect the net interest margin, asset valuation, and expense levels;
|
·
|
changes in local economic and business conditions, including, without limitation, changes related to the oil and gas industries, that could adversely affect customers and their ability to repay borrowings under agreed upon terms, adversely affect the value of the underlying collateral related to their borrowings, and reduce demand for loans;
|
·
|
increased competition for deposits and loans which could affect compositions, rates and terms;
|
·
|
changes in the levels of prepayments received on loans and investment securities that adversely affect the yield and value of the earning assets;
|
·
|
a deviation in actual experience from the underlying assumptions used to determine and establish our allowance for loan losses (“ALL”), which could result in greater than expected loan losses;
|
·
|
changes in the availability of funds resulting from reduced liquidity or increased costs;
|
·
|
the timing, ability to complete and the impact of proposed and/or future acquisitions, the success or failure of integrating acquired operations, and the ability to capitalize on growth opportunities upon entering new markets;
|
·
|
the ability to acquire, operate, and maintain effective and efficient operating systems;
|
·
|
increased asset levels and changes in the composition of assets that would impact capital levels and regulatory capital ratios;
|
·
|
loss of critical personnel and the challenge of hiring qualified personnel at reasonable compensation levels;
|
·
|
legislative and regulatory changes, including the changes in the regulatory capital framework proposed by the Federal Reserve Board under its Basel III regulatory capital reforms, the impact of regulations under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”), including the implementation of the Consumer Financial Protection Bureau, and other changes in banking, securities and tax laws and regulations and their application by our regulators, changes in the scope and cost of Federal Deposit Insurance Corporation (“FDIC”) insurance and other coverage;
|
·
|
regulations and restrictions resulting from our participation in government sponsored programs such as the U.S. Treasury’s Small Business Lending Fund, including potential retroactive changes in such programs;
|
·
|
changes in accounting principles, policies, and guidelines applicable to financial holding companies and banking;
|
·
|
acts of war, terrorism, cyber intrusion, weather, or other catastrophic events beyond our control; and
|
·
|
the ability to manage the risks involved in the foregoing.
|
Table 1
|
||||||||||||||||||||||||
Consolidated Average Balances, Interest and Rates
(in thousands)
|
||||||||||||||||||||||||
Three Months Ended March 31,
|
||||||||||||||||||||||||
2013
|
2012
|
|||||||||||||||||||||||
Average
Volume
|
Interest
|
Average
Yield/Rate
|
Average
Volume
|
Interest
|
Average
Yield/Rate
|
|||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Investment securities
1
|
||||||||||||||||||||||||
Taxable
|
$ | 426,017 | $ | 2,059 | 1.93 | % | $ | 365,302 | $ | 2,069 | 2.27 | % | ||||||||||||
Tax exempt
2
|
106,982 | 1,188 | 4.44 | % | 85,964 | 1,093 | 5.09 | % | ||||||||||||||||
Total investment securities
|
532,999 | 3,247 | 2.44 | % | 451,266 | 3,162 | 2.80 | % | ||||||||||||||||
Federal funds sold
|
8,021 | 4 | 0.20 | % | 4,108 | 2 | 0.19 | % | ||||||||||||||||
Time and interest bearing deposits in other banks
|
57,829 | 38 | 0.26 | % | 60,045 | 39 | 0.26 | % | ||||||||||||||||
Other investments
|
9,317 | 72 | 3.09 | % | 5,636 | 45 | 3.19 | % | ||||||||||||||||
Total loans
3
|
1,043,780 | 17,117 | 6.65 | % | 742,595 | 12,402 | 6.72 | % | ||||||||||||||||
Total earning assets
|
1,651,946 | 20,478 | 5.03 | % | 1,263,650 | 15,650 | 4.98 | % | ||||||||||||||||
Allowance for loan losses
|
(7,151 | ) | (7,171 | ) | ||||||||||||||||||||
Nonearning assets
|
205,964 | 139,485 | ||||||||||||||||||||||
Total assets
|
$ | 1,850,759 | $ | 1,395,964 | ||||||||||||||||||||
Liabilities and shareholders’ equity
|
||||||||||||||||||||||||
Total interest bearing deposits
|
1,133,087 | 1,078 | 0.39 | % | 899,646 | 1,100 | 0.49 | % | ||||||||||||||||
Securities sold under repurchase agreements
|
45,644 | 179 | 1.59 | % | 45,867 | 181 | 1.59 | % | ||||||||||||||||
Federal funds purchased
|
- | - | - | 4 | - | - | ||||||||||||||||||
Other borrowings/payables
|
30,912 | 124 | 1.60 | % | 2 | - | - | |||||||||||||||||
Junior subordinated debentures
|
29,384 | 336 | 4.59 | % | 15,465 | 248 | 6.34 | % | ||||||||||||||||
Total interest bearing liabilities
|
1,239,027 | 1,717 | 0.56 | % | 960,984 | 1,529 | 0.64 | % | ||||||||||||||||
Demand deposits
|
409,639 | 262,110 | ||||||||||||||||||||||
Other liabilities
|
11,529 | 9,393 | ||||||||||||||||||||||
Shareholders’ equity
|
190,564 | 163,477 | ||||||||||||||||||||||
Total liabilities and shareholders’ equity
|
$ | 1,850,759 | $ | 1,395,964 | ||||||||||||||||||||
Net interest income and net interest spread
|
$ | 18,761 | 4.47 | % | $ | 14,121 | 4.34 | % | ||||||||||||||||
Net yield on interest earning assets
|
4.61 | % | 4.49 | % |
Table 2
Changes in Taxable-Equivalent Net Interest Income
(in thousands)
|
||||||||||||
Three Months Ended
March 31, 2013 compared to March 31, 2012
|
||||||||||||
Total
Increase
|
Change
Attributable To
|
|||||||||||
(Decrease)
|
Volume
|
Rates
|
||||||||||
Taxable-equivalent earned on:
|
||||||||||||
Investment securities
|
||||||||||||
Taxable
|
$ | (10 | ) | $ | 317 | $ | (327 | ) | ||||
Tax exempt
|
95 | 245 | (150 | ) | ||||||||
Federal funds sold
|
2 | 2 | - | |||||||||
Time and interest bearing deposits in other banks
|
(1 | ) | (1 | ) | - | |||||||
Other investments
|
27 | 28 | (1 | ) | ||||||||
Loans, including fees
|
4,714 | 4,941 | (227 | ) | ||||||||
Total
|
4,827 | 5,532 | (705 | ) | ||||||||
Interest paid on:
|
||||||||||||
Interest bearing deposits
|
(22 | ) | 250 | (272 | ) | |||||||
Securities sold under repurchase agreements
|
(2 | ) | (1 | ) | (1 | ) | ||||||
Other borrowings/payable
|
124 | 124 | - | |||||||||
Junior subordinated debentures
|
88 | 174 | (86 | ) | ||||||||
Total
|
188 | 547 | (359 | ) | ||||||||
Taxable-equivalent net interest income
|
$ | 4,639 | $ | 4,985 | $ | (346 | ) |
Table 3
Composition of Loans
(in thousands)
|
||||||||
March 31, 2013
|
December 31, 2012
|
|||||||
Commercial, financial, and agricultural
|
$ | 315,397 | $ | 315,655 | ||||
Lease financing receivable
|
4,962 | 5,769 | ||||||
Real estate – construction
|
82,508 | 75,334 | ||||||
Real estate – commercial
|
405,705 | 414,384 | ||||||
Real estate – residential
|
138,284 | 142,858 | ||||||
Installment loans to individuals
|
88,898 | 90,561 | ||||||
Other
|
2,105 | 2,379 | ||||||
$ | 1,037,859 | $ | 1,046,940 | |||||
Less allowance for loan losses
|
(7,457 | ) | (7,370 | ) | ||||
Net loans
|
$ | 1,030,402 | $ | 1,039,570 |
Table 4
Nonperforming Assets and Loans Past Due 90 Days or More and Still Accruing
(in thousands)
|
||||||||||||
March 31,
2013
|
December 31,
2012
|
March 31,
2012
|
||||||||||
Nonaccrual loans
|
$ | 7,526 | $ | 8,887 | $ | 7,655 | ||||||
Loans past due 90 days and over and still accruing
|
163 | 1,986 | 418 | |||||||||
Total nonperforming loans
|
7,689 | 10,873 | 8,073 | |||||||||
Other real estate
|
7,552 | 7,496 | 7,120 | |||||||||
Other foreclosed assets
|
16 | 151 | 321 | |||||||||
Total nonperforming assets
|
$ | 15,257 | $ | 18,520 | $ | 15,514 | ||||||
Troubled debt restructurings
|
$ | 5,032 | $ | 5,062 | $ | 421 | ||||||
Nonperforming assets to total assets
|
0.82 | % | 1.00 | % | 1.10 | % | ||||||
Nonperforming assets to total loans + ORE + other foreclosed assets
|
1.46 | % | 1.76 | % | 2.05 | % | ||||||
ALL to nonperforming loans
|
96.98 | % | 67.78 | % | 87.67 | % | ||||||
ALL to total loans
|
0.72 | % | 0.70 | % | 0.95 | % | ||||||
QTD charge-offs
|
$ | 523 | $ | 557 | $ | 939 | ||||||
QTD recoveries
|
60 | 53 | 66 | |||||||||
QTD net charge-offs
|
$ | 463 | $ | 504 | $ | 873 | ||||||
Annualized net charge-offs to total loans
|
0.18 | % | 0.19 | % | 0.47 | % |
MidSouth Bancorp, Inc.
(Registrant)
|
|
Date: May 10, 2013
|
|
/s/ C. R. Cloutier
|
|
C. R. Cloutier, President /CEO
|
|
(Principal Executive Officer)
|
|
/s/ James R. McLemore
|
|
James R. McLemore, CFO
|
|
(Principal Financial Officer)
|
|
/s/ Teri S. Stelly
|
|
Teri S. Stelly, Controller
(Principal Accounting Officer)
|
1 Year Midsouth Bancorp Chart |
1 Month Midsouth Bancorp Chart |
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