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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Asb Bancorp, Inc. | NASDAQ:ASBB | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 45.10 | 45.05 | 57.75 | 0 | 01:00:00 |
☒ |
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
|
North Carolina
|
45-2463413
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification Number)
|
|
11 Church Street, Asheville, North Carolina
|
28801
|
|
(Address of principle executive offices)
|
(Zip code)
|
Large accelerated filer
|
☐
|
Accelerated filer
|
☒
|
Non-accelerated filer
|
☐
|
Smaller reporting company
|
☐
|
(Do not check if a smaller reporting company)
|
Emerging growth company
|
☐ |
Begins On
Page
|
||
Part I.
|
Financial Information
|
|
Item 1.
|
Financial Statements
|
|
1
|
||
2
|
||
3
|
||
4
|
||
5
|
||
7
|
||
Item 2.
|
43
|
|
Item 3.
|
62
|
|
Item 4.
|
64
|
|
Part II.
|
Other Information
|
|
Item 1.
|
64
|
|
Item 1A.
|
64
|
|
Item 2.
|
65
|
|
Item 3.
|
65
|
|
Item 4.
|
65
|
|
Item 5.
|
65
|
|
Item 6.
|
66
|
|
67
|
(Dollars in thousands, except par values)
|
March 31,
2017
|
December 31,
2016*
|
|
|||||
Assets
|
||||||||
Cash and due from banks
|
$
|
10,742
|
$
|
10,862
|
||||
Interest-earning deposits with banks
|
49,709
|
35,862
|
||||||
Total cash and cash equivalents
|
60,451
|
46,724
|
||||||
Securities available for sale (amortized cost of $99,662 at March 31, 2017 and $102,482 at December 31, 2016)
|
97,463
|
99,909
|
||||||
Securities held to maturity (estimated fair value of $3,838 at March 31, 2017 and $3,875 at December 31, 2016)
|
3,643
|
3,672
|
||||||
Investment in Federal Home Loan Bank stock, at cost
|
1,565
|
2,829
|
||||||
Loans held for sale
|
4,238
|
7,145
|
||||||
Loans receivable (net of deferred loan fees of $172 at March 31, 2017 and $241 at December 31, 2016)
|
605,826
|
603,582
|
||||||
Allowance for loan losses
|
(6,573
|
)
|
(6,544
|
)
|
||||
Loans receivable, net
|
599,253
|
597,038
|
||||||
Premises and equipment, net
|
10,997
|
11,122
|
||||||
Foreclosed real estate
|
5,055
|
5,069
|
||||||
Deferred income tax assets, net
|
3,520
|
3,863
|
||||||
Bank owned life insurance
|
10,271
|
10,185
|
||||||
Other assets
|
7,043
|
8,267
|
||||||
Total assets
|
$
|
803,499
|
$
|
795,823
|
||||
Liabilities
|
||||||||
Noninterest-bearing deposits
|
$
|
133,201
|
$
|
123,999
|
||||
Interest-bearing deposits
|
548,868
|
523,624
|
||||||
Total deposits
|
682,069
|
647,623
|
||||||
Overnight and short-term borrowings
|
708
|
392
|
||||||
Federal Home Loan Bank advances
|
20,000
|
50,000
|
||||||
Accounts payable and other liabilities
|
6,982
|
6,671
|
||||||
Total liabilities
|
709,759
|
704,686
|
||||||
Shareholders’ Equity
|
||||||||
Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued
|
-
|
-
|
||||||
Common stock, $0.01 par value; 60,000,000 shares authorized; 3,788,025 shares issued at March 31, 2017 and December 31, 2016
|
38
|
38
|
||||||
Additional paid-in capital
|
19,976
|
20,170
|
||||||
Retained earnings
|
79,140
|
77,306
|
||||||
Accumulated other comprehensive loss, net of tax
|
(1,626
|
)
|
(1,865
|
)
|
||||
Unearned Employee Stock Ownership Plan (ESOP) shares
|
(2,747
|
)
|
(2,824
|
)
|
||||
Unearned equity incentive plan shares
|
(661
|
)
|
(1,310
|
)
|
||||
Stock-based deferral plan shares
|
(380
|
)
|
(378
|
)
|
||||
Total shareholders’ equity
|
93,740
|
91,137
|
||||||
Total liabilities and shareholders’ equity
|
$
|
803,499
|
$
|
795,823
|
Three Months Ended
March 31,
|
||||||||
(Dollars in thousands, except per share data)
|
2017
|
2016
|
||||||
Interest and dividend income
|
||||||||
Loans, including fees
|
$
|
6,294
|
$
|
6,023
|
||||
Securities
|
520
|
588
|
||||||
Other earning assets
|
109
|
66
|
||||||
Total interest and dividend income
|
6,923
|
6,677
|
||||||
Interest expense
|
||||||||
Deposits
|
390
|
354
|
||||||
Federal Home Loan Bank advances
|
426
|
490
|
||||||
Total interest expense
|
816
|
844
|
||||||
Net interest income
|
6,107
|
5,833
|
||||||
Provision for loan losses
|
57
|
399
|
||||||
Net interest income after provision for loan losses
|
6,050
|
5,434
|
||||||
Noninterest income
|
||||||||
Mortgage banking income
|
445
|
313
|
||||||
Deposit and other service charge income
|
734
|
663
|
||||||
Income from debit card services
|
429
|
435
|
||||||
Gain on sale of investment securities, net
|
27
|
456
|
||||||
Other noninterest income
|
311
|
182
|
||||||
Total noninterest income
|
1,946
|
2,049
|
||||||
Noninterest expenses
|
||||||||
Salaries and employee benefits
|
3,231
|
3,313
|
||||||
Occupancy expense, net
|
430
|
434
|
||||||
Foreclosed property expenses
|
38
|
43
|
||||||
Data processing fees
|
617
|
667
|
||||||
Federal deposit insurance premiums
|
63
|
113
|
||||||
Advertising
|
101
|
102
|
||||||
Professional and outside services
|
220
|
320
|
||||||
Other noninterest expenses
|
888
|
769
|
||||||
Total noninterest expenses
|
5,588
|
5,761
|
||||||
Income before income tax provision
|
2,408
|
1,722
|
||||||
Income tax provision
|
574
|
601
|
||||||
Net income
|
$
|
1,834
|
$
|
1,121
|
||||
Net income per common share – Basic
|
$
|
0.53
|
$
|
0.31
|
||||
Net income per common share – Diluted
|
$
|
0.50
|
$
|
0.30
|
Three Months Ended
March 31,
|
||||||||
(Dollars in thousands)
|
2017
|
2016
|
||||||
Comprehensive Income
|
||||||||
Net income
|
$
|
1,834
|
$
|
1,121
|
||||
Other comprehensive income
|
||||||||
Unrealized holding gains on securities available for sale:
|
||||||||
Reclassification of securities gains recognized in net income
|
(27
|
)
|
(456
|
)
|
||||
Deferred income tax benefit
|
10
|
167
|
||||||
Gains arising during the period
|
401
|
1,507
|
||||||
Deferred income tax expense
|
(145
|
)
|
(552
|
)
|
||||
Unrealized holding gains adjustment, net of tax
|
239
|
666
|
||||||
Defined Benefit Pension Plans:
|
||||||||
Net periodic pension cost
|
(60
|
)
|
(174
|
)
|
||||
Net pension gain
|
60
|
174
|
||||||
Total other comprehensive income
|
239
|
666
|
||||||
Comprehensive income
|
$
|
2,073
|
$
|
1,787
|
(Dollars in thousands)
|
Three Months Ended
March 31, 2017
|
|||
Common stock
|
||||
December 31, 2016
|
$
|
38
|
||
March 31, 2017
|
$
|
38
|
||
Additional paid-in capital
|
||||
December 31, 2016
|
$
|
20,170
|
||
ESOP shares allocated
|
191
|
|||
Stock-based compensation expense
|
264
|
|||
Vesting of restricted stock
|
(649
|
)
|
||
March 31, 2017
|
$
|
19,976
|
||
Retained earnings
|
||||
December 31, 2016
|
$
|
77,306
|
||
Net income
|
1,834
|
|||
March 31, 2017
|
$
|
79,140
|
||
Accumulated other comprehensive income (loss), net of tax
|
||||
December 31, 2016
|
$
|
(1,865
|
)
|
|
Other comprehensive income
|
239
|
|||
March 31, 2017
|
$
|
(1,626
|
)
|
|
Unearned ESOP shares
|
||||
December 31, 2016
|
$
|
(2,824
|
)
|
|
ESOP shares allocated
|
77
|
|||
March 31, 2017
|
$
|
(2,747
|
)
|
|
Unearned equity incentive plan shares
|
||||
December 31, 2016
|
$
|
(1,310
|
)
|
|
Vesting of restricted stock
|
649
|
|||
March 31, 2017
|
$
|
(661
|
)
|
|
Stock-based deferral plan shares
|
||||
December 31, 2016
|
$
|
(378
|
)
|
|
Stock-based deferral plan shares purchased
|
(2
|
)
|
||
March 31, 2017
|
$
|
(380
|
)
|
|
Total shareholders’ equity
|
||||
December 31, 2016
|
$
|
91,137
|
||
Net income
|
1,834
|
|||
Other comprehensive income
|
239
|
|||
ESOP shares allocated
|
268
|
|||
Stock-based compensation expense
|
264
|
|||
Stock-based deferral plan shares purchased
|
(2
|
)
|
||
March 31, 2017
|
$
|
93,740
|
Three Months Ended
March 31,
|
||||||||
(Dollars in thousands)
|
2017
|
2016
|
||||||
Operating Activities
|
||||||||
Net income
|
$
|
1,834
|
$
|
1,121
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Provision for loan losses
|
57
|
399
|
||||||
Depreciation
|
193
|
194
|
||||||
Gain on sale of foreclosed real estate
|
(16
|
)
|
-
|
|||||
Increase in cash surrender value of bank owned life insurance
|
(86
|
)
|
-
|
|||||
Deferred income tax expense (benefit)
|
208
|
(7
|
)
|
|||||
Net amortization of premiums on securities
|
475
|
585
|
||||||
Gain on sale of investment securities
|
(27
|
)
|
(456
|
)
|
||||
Net amortization of deferred fees on loans
|
40
|
15
|
||||||
Mortgage loans originated for sale
|
(13,660
|
)
|
(10,084
|
)
|
||||
Proceeds from sale of mortgage loans
|
17,012
|
13,062
|
||||||
Gain on sale of mortgage loans
|
(445
|
)
|
(313
|
)
|
||||
ESOP compensation expense
|
268
|
192
|
||||||
Stock-based compensation expense
|
264
|
267
|
||||||
Excess tax benefits from equity awards
|
(228
|
)
|
(136
|
)
|
||||
Decrease in income tax receivable
|
593
|
209
|
||||||
Decrease in interest receivable
|
107
|
179
|
||||||
Net change in other assets and liabilities
|
1,063
|
487
|
||||||
Net cash provided by operating activities
|
7,652
|
5,714
|
||||||
Investing Activities
|
||||||||
Purchases of securities available for sale
|
(1,175
|
)
|
(1,106
|
)
|
||||
Proceeds from sales of securities available for sale
|
1,194
|
18,248
|
||||||
Principal repayments on mortgage-backed and asset-backed securities
|
2,382
|
2,770
|
||||||
Redemption (purchase) of FHLB stock
|
1,264
|
(107
|
)
|
|||||
Net increase in loans receivable
|
(2,312
|
)
|
(19,726
|
)
|
||||
Net proceeds from sales of foreclosed real estate
|
30
|
49
|
||||||
Purchases of premises and equipment
|
(68
|
)
|
(171
|
)
|
||||
Net cash provided by (used in) investing activities
|
1,315
|
(43
|
)
|
ASB BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) (Unaudited)
|
Three Months Ended
March 31,
|
||||||||
(Dollars in thousands)
|
2017
|
2016
|
||||||
Financing Activities
|
||||||||
Net increase (decrease) in deposits
|
$
|
34,446
|
$
|
(2,489
|
)
|
|||
Net repayments of Federal Home Loan Bank advances
|
(30,000
|
)
|
-
|
|||||
Net proceeds from overnight and short-term borrowings
|
316
|
372
|
||||||
Stock-based deferral plan shares purchased
|
(2
|
)
|
-
|
|||||
Excess tax benefits from equity awards
|
-
|
136
|
||||||
Net cash provided by (used in) financing activities
|
4,760
|
(1,981
|
)
|
|||||
Net increase in cash and cash equivalents
|
13,727
|
3,690
|
||||||
Cash and cash equivalents at beginning of period
|
46,724
|
33,401
|
||||||
Cash and cash equivalents at end of period
|
$
|
60,451
|
$
|
37,091
|
||||
SUPPLEMENTAL DISCLOSURES:
|
||||||||
Cash paid for:
|
||||||||
Interest on deposits, advances and other borrowings
|
$
|
865
|
$
|
841
|
||||
Income taxes
|
-
|
77
|
||||||
Non-cash investing and financing transactions:
|
||||||||
Increase in unrealized gains and losses on securities available for sale
|
401
|
1,507
|
||||||
Decrease in deferred income taxes resulting from other comprehensive income
|
(135 | ) | (385 | ) |
ASB BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
|
ASB BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
|
ASB BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
|
ASB BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
|
ASB BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
|
ASB BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
|
Three Months Ended March 31, 2017
|
||||||||||||||||||||
(Dollars in thousands)
|
Beginning
Balance
|
OCI Before
Reclassification
|
Amount
Reclassified
|
Net
OCI
|
Ending
Balance
|
|||||||||||||||
Three Months Ended March 31, 2017
|
||||||||||||||||||||
Unrealized loss on securities
|
$
|
(1,647
|
)
|
$
|
256
|
$
|
(17
|
)
|
$
|
239
|
$
|
(1,408
|
)
|
|||||||
Benefit plan liability
|
(218
|
)
|
38
|
(38
|
)
|
-
|
(218
|
)
|
||||||||||||
Accumulated other comprehensive income (loss), net of tax
|
$
|
(1,865
|
)
|
$
|
294
|
$
|
(55
|
)
|
$
|
239
|
$
|
(1,626
|
)
|
|||||||
Three Months Ended March 31, 2016
|
||||||||||||||||||||
Unrealized gain on securities
|
$
|
265
|
$
|
955
|
$
|
(289
|
)
|
$
|
666
|
$
|
931
|
|||||||||
Benefit plan liability
|
(5,326
|
)
|
110
|
(110
|
)
|
-
|
(5,326
|
)
|
||||||||||||
Accumulated other comprehensive income (loss), net of tax
|
$
|
(5,061
|
)
|
$
|
1,065
|
$
|
(399
|
)
|
$
|
666
|
$
|
(4,395
|
)
|
ASB BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
|
Details About Accumulated Other
Comprehensive Income Components
|
Amount Reclassified
From Accumulated Other
|
Affected Line Item In The Statement
Where Net Income Is Presented
|
|||||||
(Dollars in thousands)
|
Three
Months
|
Three
Months
|
|||||||
Reclassification of securities gains recognized in net income
|
$
|
(27
|
)
|
$
|
(456
|
)
|
Gain on sale of investment securities
|
||
Deferred income tax expense
|
10
|
167
|
Income tax provision
|
||||||
Total reclassifications for the period
|
$
|
(17
|
)
|
$
|
(289
|
)
|
Net of tax
|
||
Net periodic pension cost
|
$
|
(60
|
)
|
$
|
(174
|
)
|
Salaries and employee benefits
|
||
Deferred income tax benefit
|
22
|
64
|
Income tax provision
|
||||||
Total reclassifications for the period
|
$
|
(38
|
)
|
$
|
(110
|
)
|
Net of tax
|
ASB BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
|
ASB BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
|
Three Months Ended
March 31,
|
||||||||
(Dollars in thousands, except per share data)
|
2017
|
2016
|
||||||
Numerator:
|
||||||||
Net income
|
$
|
1,834
|
$
|
1,121
|
||||
Denominator:
|
||||||||
Weighted average common shares outstanding
|
3,788,025
|
3,985,475
|
||||||
Less: Weighted average unvested restricted shares
|
(57,016
|
)
|
(97,144
|
)
|
||||
Less: Weighted average unallocated ESOP shares
|
(278,609
|
)
|
(309,964
|
)
|
||||
Weighted average common shares used to compute net income per common share – Basic
|
3,452,400
|
3,578,367
|
||||||
Add: Effect of dilutive securities
|
244,794
|
141,760
|
||||||
Weighted average common shares used to compute net income per common share – Diluted
|
3,697,194
|
3,720,127
|
||||||
Net income per common share – Basic
|
$
|
0.53
|
$
|
0.31
|
||||
Net income per common share – Diluted
|
$
|
0.50
|
$
|
0.30
|
ASB BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
|
ASB BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
|
ASB BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
|
Type And Maturity Group
(Dollars in thousands)
|
Amortized
Cost
|
Unrealized
Gains
|
Unrealized
Losses
|
Fair
Value
|
||||||||||||
March 31, 2017
|
||||||||||||||||
U.S. Government Sponsored Enterprise (GSE) and agency securities due -
|
||||||||||||||||
Within 1 year
|
$
|
1,007
|
$
|
-
|
$
|
-
|
$
|
1,007
|
||||||||
After 1 year but within 5 years
|
1,079
|
-
|
(6
|
)
|
1,073
|
|||||||||||
Asset-backed securities issued by the Small Business Administration (SBA)
|
4,046
|
21
|
(8
|
)
|
4,059
|
|||||||||||
Residential mortgage-backed securities issued by GSEs (1)
|
38,347
|
94
|
(615
|
)
|
37,826
|
|||||||||||
State and local government securities due -
|
||||||||||||||||
After 10 years
|
54,402
|
104
|
(1,775
|
)
|
52,731
|
|||||||||||
Mutual funds
|
781
|
-
|
(14
|
)
|
767
|
|||||||||||
Total
|
$
|
99,662
|
$
|
219
|
$
|
(2,418
|
)
|
$
|
97,463
|
|||||||
December 31, 2016
|
||||||||||||||||
U.S. Government Sponsored Enterprise (GSE) and agency securities due -
|
||||||||||||||||
Within 1 year
|
$
|
1,011
|
$
|
-
|
$
|
-
|
$
|
1,011
|
||||||||
After 1 year but within 5 years
|
1,085
|
-
|
(7
|
)
|
1,078
|
|||||||||||
Asset-backed securities issued by the Small Business Administration (SBA)
|
4,407
|
17
|
(11
|
)
|
4,413
|
|||||||||||
Residential mortgage-backed securities issued by GSEs (1)
|
40,619
|
88
|
(733
|
)
|
39,974
|
|||||||||||
State and local government securities due -
|
||||||||||||||||
After 10 years
|
54,583
|
54
|
(1,967
|
)
|
52,670
|
|||||||||||
Mutual funds
|
777
|
-
|
(14
|
)
|
763
|
|||||||||||
Total
|
$
|
102,482
|
$
|
159
|
$
|
(2,732
|
)
|
$
|
99,909
|
(1) |
Residential mortgage-backed securities were issued by United States government sponsored enterprises including the Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, or Government National Mortgage Association. The Company held no private label residential mortgage-backed securities at March 31, 2017 and December 31, 2016 or during the three- and twelve-month periods, respectively, then ended.
|
ASB BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
|
Type And Maturity Group
(Dollars in thousands)
|
Amortized
Cost
|
Unrealized
Gains
|
Unrealized
Losses
|
Fair
Value
|
||||||||||||
March 31, 2017
|
||||||||||||||||
U.S. GSE and agency securities due -
|
||||||||||||||||
After 1 year but within 5 years
|
$
|
1,005
|
$
|
10
|
$
|
-
|
$
|
1,015
|
||||||||
Residential mortgage-backed securities issued by GSEs (1)
|
197
|
16
|
-
|
213
|
||||||||||||
State and local government securities due -
|
||||||||||||||||
After 1 year but within 5 years
|
972
|
73
|
-
|
1,045
|
||||||||||||
After 5 years but within 10 years
|
1,469
|
96
|
-
|
1,565
|
||||||||||||
Total
|
$
|
3,643
|
$
|
195
|
$
|
-
|
$
|
3,838
|
||||||||
December 31, 2016
|
||||||||||||||||
U.S. GSE and agency securities due -
|
||||||||||||||||
Within 1 year
|
$
|
1,009
|
$
|
18
|
$
|
-
|
$
|
1,027
|
||||||||
Residential mortgage-backed securities issued by GSEs (1)
|
223
|
17
|
-
|
240
|
||||||||||||
State and local government securities due -
|
||||||||||||||||
After 5 years but within 10 years
|
2,440
|
168
|
-
|
2,608
|
||||||||||||
Total
|
$
|
3,672
|
$
|
203
|
$
|
-
|
$
|
3,875
|
(1)
|
Residential mortgage-backed securities were issued by United States government sponsored enterprises including the Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, or Government National Mortgage Association. The Company held no private label residential mortgage-backed securities at March 31, 2017 and December 31, 2016 or during the three- and twelve-month periods, respectively, then ended.
|
ASB BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
|
March 31, 2017
|
||||||||||||||||||||||||
Less Than 12 Months
|
12 Months Or More
|
Total
|
||||||||||||||||||||||
(Dollars in thousands)
|
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
||||||||||||||||||
Securities Available For Sale
|
||||||||||||||||||||||||
US GSE and agency
|
$
|
1,073
|
$
|
(6
|
)
|
$
|
-
|
$
|
-
|
$
|
1,073
|
$
|
(6
|
)
|
||||||||||
Asset-backed SBA
|
716
|
(1
|
)
|
1,011
|
(7
|
)
|
1,727
|
(8
|
)
|
|||||||||||||||
Residential mortgage-backed GSE (1)
|
14,880
|
(470
|
)
|
16,081
|
(145
|
)
|
30,961
|
(615
|
)
|
|||||||||||||||
State and local government
|
37,626
|
(1,775
|
)
|
-
|
-
|
37,626
|
(1,775
|
)
|
||||||||||||||||
Mutual funds
|
767
|
(14
|
)
|
-
|
-
|
767
|
(14
|
)
|
||||||||||||||||
Total temporarily impaired securities
|
$
|
55,062
|
$
|
(2,266
|
)
|
$
|
17,092
|
$
|
(152
|
)
|
$
|
72,154
|
$
|
(2,418
|
)
|
(1) |
Residential mortgage-backed securities were issued by United States government sponsored enterprises including the Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, or Government National Mortgage Association. The Company held no private label residential mortgage-backed securities at March 31, 2017 or during the three-month period then ended.
|
ASB BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
|
December 31, 2016
|
||||||||||||||||||||||||
Less Than 12 Months
|
12 Months Or More
|
Total
|
||||||||||||||||||||||
(Dollars in thousands)
|
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
||||||||||||||||||
Securities Available For Sale
|
||||||||||||||||||||||||
US GSE and agency
|
$
|
2,088
|
$
|
(7
|
)
|
$
|
-
|
$
|
-
|
$
|
2,088
|
$
|
(7
|
)
|
||||||||||
Asset-backed SBA
|
1,647
|
(3
|
)
|
1,049
|
(8
|
)
|
2,696
|
(11
|
)
|
|||||||||||||||
Residential mortgage-backed GSE (1)
|
15,274
|
(549
|
)
|
18,352
|
(184
|
)
|
33,626
|
(733
|
)
|
|||||||||||||||
State and local government
|
46,333
|
(1,967
|
)
|
-
|
-
|
46,333
|
(1,967
|
)
|
||||||||||||||||
Mutual funds
|
776
|
(14
|
)
|
-
|
-
|
776
|
(14
|
)
|
||||||||||||||||
Total temporarily impaired securities
|
$
|
66,118
|
$
|
(2,540
|
)
|
$
|
19,401
|
$
|
(192
|
)
|
$
|
85,519
|
$
|
(2,732
|
)
|
(1) |
Residential mortgage-backed securities were issued by United States government sponsored enterprises including the Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, or Government National Mortgage Association. The Company held no private label residential mortgage-backed securities at December 31, 2016 or during the twelve-month period then ended.
|
(Dollars in thousands)
|
March 31,
2017
|
December 31,
2016
|
||||||
Pledged to Federal Reserve Discount Window
|
$
|
7,555
|
$
|
8,264
|
||||
Pledged to repurchase agreements for commercial customers
|
1,073
|
840
|
Three Months Ended
March 31,
|
||||||||
(Dollars in thousands)
|
2017
|
2016
|
||||||
Interest income from taxable securities
|
$
|
132
|
$
|
220
|
||||
Interest income from tax-exempt securities
|
388
|
368
|
||||||
Total interest income from securities
|
$
|
520
|
$
|
588
|
ASB BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
|
Three Months Ended
March 31,
|
||||||||
(Dollars in thousands)
|
2017
|
2016
|
||||||
Proceeds from sales of securities
|
$
|
1,194
|
$
|
18,248
|
||||
Gross realized gains from sales of securities
|
27
|
470
|
||||||
Gross realized losses from sales of securities
|
-
|
(14
|
)
|
(Dollars in thousands)
|
March 31,
2017
|
December 31,
2016
|
||||||
Commercial:
|
||||||||
Commercial construction and land development
|
$
|
22,865
|
$
|
27,813
|
||||
Commercial mortgage
|
245,997
|
241,125
|
||||||
Commercial and industrial
|
24,831
|
23,819
|
||||||
Total commercial
|
293,693
|
292,757
|
||||||
Non-commercial:
|
||||||||
Non-commercial construction and land development
|
23,494
|
20,801
|
||||||
Residential mortgage
|
203,655
|
200,590
|
||||||
Revolving mortgage
|
65,071
|
66,870
|
||||||
Consumer
|
20,085
|
22,805
|
||||||
Total non-commercial
|
312,305
|
311,066
|
||||||
Total loans receivable
|
605,998
|
603,823
|
||||||
Less: Deferred loan fees
|
(172
|
)
|
(241
|
)
|
||||
Total loans receivable net of deferred loan fees
|
605,826
|
603,582
|
||||||
Less: Allowance for loan losses
|
(6,573
|
)
|
(6,544
|
)
|
||||
Loans receivable, net
|
$
|
599,253
|
$
|
597,038
|
ASB BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
|
(Dollars in thousands)
|
Pass
|
Special
Mention
|
Substandard
|
Doubtful
|
Loss
|
Total
Loans
|
||||||||||||||||||
March 31, 2017
|
||||||||||||||||||||||||
Commercial:
|
||||||||||||||||||||||||
Commercial construction and land development
|
$
|
22,732
|
$
|
133
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
22,865
|
||||||||||||
Commercial mortgage
|
234,593
|
10,811
|
593
|
-
|
-
|
245,997
|
||||||||||||||||||
Commercial and industrial
|
23,914
|
711
|
206
|
-
|
-
|
24,831
|
||||||||||||||||||
Total commercial
|
281,239
|
11,655
|
799
|
-
|
-
|
293,693
|
||||||||||||||||||
Non-commercial:
|
||||||||||||||||||||||||
Non-commercial construction and land development
|
23,494
|
-
|
-
|
-
|
-
|
23,494
|
||||||||||||||||||
Residential mortgage
|
197,298
|
5,771
|
586
|
-
|
-
|
203,655
|
||||||||||||||||||
Revolving mortgage
|
61,687
|
2,935
|
449
|
-
|
-
|
65,071
|
||||||||||||||||||
Consumer
|
19,438
|
585
|
62
|
-
|
-
|
20,085
|
||||||||||||||||||
Total non-commercial
|
301,917
|
9,291
|
1,097
|
-
|
-
|
312,305
|
||||||||||||||||||
Total loans receivable
|
$
|
583,156
|
$
|
20,946
|
$
|
1,896
|
$
|
-
|
$
|
-
|
$
|
605,998
|
||||||||||||
December 31, 2016
|
||||||||||||||||||||||||
Commercial:
|
||||||||||||||||||||||||
Commercial construction and land development
|
$
|
27,677
|
$
|
136
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
27,813
|
||||||||||||
Commercial mortgage
|
229,571
|
10,954
|
600
|
-
|
-
|
241,125
|
||||||||||||||||||
Commercial and industrial
|
22,872
|
735
|
212
|
-
|
-
|
23,819
|
||||||||||||||||||
Total commercial
|
280,120
|
11,825
|
812
|
-
|
-
|
292,757
|
||||||||||||||||||
Non-commercial:
|
||||||||||||||||||||||||
Non-commercial construction and land development
|
20,801
|
-
|
-
|
-
|
-
|
20,801
|
||||||||||||||||||
Residential mortgage
|
193,235
|
6,200
|
1,155
|
-
|
-
|
200,590
|
||||||||||||||||||
Revolving mortgage
|
63,479
|
2,829
|
562
|
-
|
-
|
66,870
|
||||||||||||||||||
Consumer
|
22,360
|
393
|
52
|
-
|
-
|
22,805
|
||||||||||||||||||
Total non-commercial
|
299,875
|
9,422
|
1,769
|
-
|
-
|
311,066
|
||||||||||||||||||
Total loans receivable
|
$
|
579,995
|
$
|
21,247
|
$
|
2,581
|
$
|
-
|
$
|
-
|
$
|
603,823
|
ASB BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
|
Past Due
|
||||||||||||||||||||
(Dollars in thousands)
|
31-89 Days
|
90 Days
Or More
|
Total
|
Current
|
Total
Loans
|
|||||||||||||||
March 31, 2017
|
||||||||||||||||||||
Commercial:
|
||||||||||||||||||||
Commercial construction and land development
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
22,865
|
$
|
22,865
|
||||||||||
Commercial mortgage
|
-
|
-
|
-
|
245,997
|
245,997
|
|||||||||||||||
Commercial and industrial
|
213
|
57
|
270
|
24,561
|
24,831
|
|||||||||||||||
Total commercial
|
213
|
57
|
270
|
293,423
|
293,693
|
|||||||||||||||
Non-commercial:
|
||||||||||||||||||||
Non-commercial construction and land development
|
-
|
-
|
-
|
23,494
|
23,494
|
|||||||||||||||
Residential mortgage
|
165
|
184
|
349
|
203,306
|
203,655
|
|||||||||||||||
Revolving mortgage
|
14
|
213
|
227
|
64,844
|
65,071
|
|||||||||||||||
Consumer
|
201
|
32
|
233
|
19,852
|
20,085
|
|||||||||||||||
Total non-commercial
|
380
|
429
|
809
|
311,496
|
312,305
|
|||||||||||||||
Total loans receivable
|
$
|
593
|
$
|
486
|
$
|
1,079
|
$
|
604,919
|
$
|
605,998
|
||||||||||
December 31, 2016
|
||||||||||||||||||||
Commercial:
|
||||||||||||||||||||
Commercial construction and land development
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
27,813
|
$
|
27,813
|
||||||||||
Commercial mortgage
|
-
|
-
|
-
|
241,125
|
241,125
|
|||||||||||||||
Commercial and industrial
|
-
|
63
|
63
|
23,756
|
23,819
|
|||||||||||||||
Total commercial
|
-
|
63
|
63
|
292,694
|
292,757
|
|||||||||||||||
Non-commercial:
|
||||||||||||||||||||
Non-commercial construction and land development
|
-
|
-
|
-
|
20,801
|
20,801
|
|||||||||||||||
Residential mortgage
|
293
|
626
|
919
|
199,671
|
200,590
|
|||||||||||||||
Revolving mortgage
|
156
|
240
|
396
|
66,474
|
66,870
|
|||||||||||||||
Consumer
|
250
|
-
|
250
|
22,555
|
22,805
|
|||||||||||||||
Total non-commercial
|
699
|
866
|
1,565
|
309,501
|
311,066
|
|||||||||||||||
Total loans receivable
|
$
|
699
|
$
|
929
|
$
|
1,628
|
$
|
602,195
|
$
|
603,823
|
ASB BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
|
March 31, 2017
|
December 31, 2016
|
|||||||||||||||
(Dollars in thousands)
|
Nonaccruing
|
Past Due
90 Days
Or More
And Still
Accruing
|
Nonaccruing
|
Past Due
90 Days
Or More
And Still
Accruing
|
||||||||||||
Commercial:
|
||||||||||||||||
Commercial and industrial
|
$
|
57
|
$
|
-
|
$
|
63
|
$
|
-
|
||||||||
Total commercial
|
57
|
-
|
63
|
-
|
||||||||||||
Non-commercial:
|
||||||||||||||||
Residential mortgage
|
184
|
-
|
626
|
-
|
||||||||||||
Revolving mortgage
|
295
|
-
|
323
|
-
|
||||||||||||
Consumer
|
32
|
-
|
-
|
-
|
||||||||||||
Total non-commercial
|
511
|
-
|
949
|
-
|
||||||||||||
Total loans receivable
|
$
|
568
|
$
|
-
|
$
|
1,012
|
$
|
-
|
(Dollars in thousands)
|
March 31,
2017
|
December 31,
2016
|
||||||
Director and executive officer loans, beginning of period
|
$
|
3,356
|
$
|
3,530
|
||||
New loans
|
85
|
191
|
||||||
Repayments of loans
|
(202
|
)
|
(365
|
)
|
||||
Director and executive officer loans, end of period
|
$
|
3,239
|
$
|
3,356
|
ASB BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
|
(Dollars in thousands)
|
Commercial
|
Non-
Commercial
|
Total
|
|||||||||
Three Months Ended March 31, 2017
|
||||||||||||
Balance at beginning of period
|
$
|
3,968
|
$
|
2,576
|
$
|
6,544
|
||||||
Provision for loan losses
|
8
|
49
|
57
|
|||||||||
Charge-offs
|
-
|
(53
|
)
|
(53
|
)
|
|||||||
Recoveries
|
13
|
12
|
25
|
|||||||||
Balance at end of period
|
$
|
3,989
|
$
|
2,584
|
$
|
6,573
|
(Dollars in thousands)
|
Commercial
|
Non-
Commercial
|
Total
|
|||||||||
Three Months Ended March 31, 2016
|
||||||||||||
Balance at beginning of period
|
$
|
3,710
|
$
|
2,579
|
$
|
6,289
|
||||||
Provision for (recovery of) loan losses
|
464
|
(65
|
)
|
399
|
||||||||
Charge-offs
|
-
|
(8
|
)
|
(8
|
)
|
|||||||
Recoveries
|
5
|
37
|
42
|
|||||||||
Balance at end of period
|
$
|
4,179
|
$
|
2,543
|
$
|
6,722
|
ASB BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
|
Allowance For Loan Losses
|
Total Loans Receivable
|
|||||||||||||||||||||||
(Dollars in thousands)
|
Loans
Individually
Evaluated
For
Impairment
|
Loans
Collectively
Evaluated
|
Total
|
Loans
Individually
Evaluated
For
Impairment
|
Loans
Collectively
Evaluated
|
Total
|
||||||||||||||||||
March 31, 2017
|
||||||||||||||||||||||||
Commercial:
|
||||||||||||||||||||||||
Commercial construction and land development
|
$
|
-
|
$
|
247
|
$
|
247
|
$
|
-
|
$
|
22,865
|
$
|
22,865
|
||||||||||||
Commercial mortgage
|
3
|
3,405
|
3,408
|
2,869
|
243,128
|
245,997
|
||||||||||||||||||
Commercial and industrial
|
5
|
329
|
334
|
205
|
24,626
|
24,831
|
||||||||||||||||||
Total commercial
|
8
|
3,981
|
3,989
|
3,074
|
290,619
|
293,693
|
||||||||||||||||||
Non-commercial:
|
||||||||||||||||||||||||
Non-commercial construction and land development
|
-
|
200
|
200
|
-
|
23,494
|
23,494
|
||||||||||||||||||
Residential mortgage
|
18
|
1,334
|
1,352
|
1,630
|
202,025
|
203,655
|
||||||||||||||||||
Revolving mortgage
|
82
|
744
|
826
|
340
|
64,731
|
65,071
|
||||||||||||||||||
Consumer
|
-
|
206
|
206
|
-
|
20,085
|
20,085
|
||||||||||||||||||
Total non-commercial
|
100
|
2,484
|
2,584
|
1,970
|
310,335
|
312,305
|
||||||||||||||||||
Total loans receivable
|
$
|
108
|
$
|
6,465
|
$
|
6,573
|
$
|
5,044
|
$
|
600,954
|
$
|
605,998
|
||||||||||||
December 31, 2016
|
||||||||||||||||||||||||
Commercial:
|
||||||||||||||||||||||||
Commercial construction and land development
|
$
|
-
|
$
|
295
|
$
|
295
|
$
|
-
|
$
|
27,813
|
$
|
27,813
|
||||||||||||
Commercial mortgage
|
8
|
3,338
|
3,346
|
2,894
|
238,231
|
241,125
|
||||||||||||||||||
Commercial and industrial
|
6
|
321
|
327
|
212
|
23,607
|
23,819
|
||||||||||||||||||
Total commercial
|
14
|
3,954
|
3,968
|
3,106
|
289,651
|
292,757
|
||||||||||||||||||
Non-commercial:
|
||||||||||||||||||||||||
Non-commercial construction and land development
|
-
|
177
|
177
|
-
|
20,801
|
20,801
|
||||||||||||||||||
Residential mortgage
|
22
|
1,309
|
1,331
|
2,172
|
198,418
|
200,590
|
||||||||||||||||||
Revolving mortgage
|
83
|
767
|
850
|
241
|
66,629
|
66,870
|
||||||||||||||||||
Consumer
|
-
|
218
|
218
|
-
|
22,805
|
22,805
|
||||||||||||||||||
Total non-commercial
|
105
|
2,471
|
2,576
|
2,413
|
308,653
|
311,066
|
||||||||||||||||||
Total loans receivable
|
$
|
119
|
$
|
6,425
|
$
|
6,544
|
$
|
5,519
|
$
|
598,304
|
$
|
603,823
|
ASB BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
|
Recorded Investment
|
||||||||||||||||||||
(Dollars in thousands)
|
Unpaid
Principal
Balance
|
With A
Recorded
Allowance
|
With No
Recorded
Allowance
|
Total
|
Related
Recorded
Allowance
|
|||||||||||||||
March 31, 2017
|
||||||||||||||||||||
Commercial:
|
||||||||||||||||||||
Commercial mortgage
|
$
|
2,869
|
$
|
2,869
|
$
|
-
|
$
|
2,869
|
$
|
3
|
||||||||||
Commercial and industrial
|
292
|
148
|
57
|
205
|
5
|
|||||||||||||||
Total commercial
|
3,161
|
3,017
|
57
|
3,074
|
8
|
|||||||||||||||
Non-commercial:
|
||||||||||||||||||||
Residential mortgage
|
1,642
|
772
|
858
|
1,630
|
18
|
|||||||||||||||
Revolving mortgage
|
354
|
82
|
258
|
340
|
82
|
|||||||||||||||
Total non-commercial
|
1,996
|
854
|
1,116
|
1,970
|
100
|
|||||||||||||||
Total impaired loans
|
$
|
5,157
|
$
|
3,871
|
$
|
1,173
|
$
|
5,044
|
$
|
108
|
||||||||||
December 31, 2016
|
||||||||||||||||||||
Commercial:
|
||||||||||||||||||||
Commercial mortgage
|
$
|
2,894
|
$
|
2,894
|
$
|
-
|
$
|
2,894
|
$
|
8
|
||||||||||
Commercial and industrial
|
697
|
149
|
63
|
212
|
6
|
|||||||||||||||
Total commercial
|
3,591
|
3,043
|
63
|
3,106
|
14
|
|||||||||||||||
Non-commercial:
|
||||||||||||||||||||
Residential mortgage
|
2,089
|
583
|
1,589
|
2,172
|
22
|
|||||||||||||||
Revolving mortgage
|
255
|
83
|
158
|
241
|
83
|
|||||||||||||||
Total non-commercial
|
2,344
|
666
|
1,747
|
2,413
|
105
|
|||||||||||||||
Total impaired loans
|
$
|
5,935
|
$
|
3,709
|
$
|
1,810
|
$
|
5,519
|
$
|
119
|
ASB BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
|
Three Months Ended
March 31, 2017
|
Three Months Ended
March 31, 2016
|
|||||||||||||||
(Dollars in thousands)
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
||||||||||||
Commercial:
|
||||||||||||||||
Commercial construction and land development
|
$
|
-
|
$
|
-
|
$
|
126
|
$
|
-
|
||||||||
Commercial mortgage
|
2,878
|
31
|
3,648
|
32
|
||||||||||||
Commercial and industrial
|
207
|
2
|
244
|
-
|
||||||||||||
Total commercial
|
3,085
|
33
|
4,018
|
32
|
||||||||||||
Non-commercial:
|
||||||||||||||||
Residential mortgage
|
1,926
|
13
|
2,886
|
14
|
||||||||||||
Revolving mortgage
|
302
|
-
|
93
|
-
|
||||||||||||
Total non-commercial
|
2,228
|
13
|
2,979
|
14
|
||||||||||||
Total loans receivable
|
$
|
5,313
|
$
|
46
|
$
|
6,997
|
$
|
46
|
(Dollars in thousands)
|
March 31,
2017
|
December 31,
2016
|
||||||
Nonperforming restructured loans
|
$
|
12
|
$
|
13
|
||||
Performing restructured loans
|
4,461
|
4,543
|
||||||
Total
|
$
|
4,473
|
$
|
4,556
|
ASB BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
|
Three Months Ended
March 31,
|
||||||||
(Dollars in thousands)
|
2017
|
2016
|
||||||
Non-Qualified Defined Benefit Plan
|
||||||||
Components of Net Periodic Benefit Costs:
|
||||||||
Interest cost
|
$
|
6
|
$
|
14
|
||||
Amortization of net loss
|
60
|
12
|
||||||
Net periodic pension cost
|
$
|
66
|
$
|
26
|
Three Months Ended
March 31,
|
||||||||
(Dollars in thousands)
|
2017
|
2016
|
||||||
Qualified Defined Benefit Plan
|
||||||||
Components of Net Periodic Benefit Costs:
|
||||||||
Interest cost
|
$
|
-
|
$
|
235
|
||||
Expected return on plan assets
|
-
|
(200
|
)
|
|||||
Amortization of net loss
|
-
|
162
|
||||||
Net periodic pension cost
|
$
|
-
|
$
|
197
|
ASB BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
|
March 31,
2017
|
||||
Allocated ESOP shares, December 31, 2016
|
141,710
|
|||
ESOP shares committed to be released during the period
|
7,739
|
|||
ESOP shares withdrawn during the period
|
(18
|
)
|
||
Unallocated ESOP shares
|
274,740
|
|||
Total ESOP shares
|
424,171
|
|||
Fair value of unallocated ESOP shares
(dollars in thousands)
|
$
|
9,341
|
ASB BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
|
Three Months Ended
March 31,
|
||||||||
(Dollars in thousands)
|
2017
|
2016
|
||||||
ESOP expense
|
$
|
268
|
$
|
192
|
Restricted
Stock
Awards
|
Weighted
Average
Grant Date
Fair Value
|
|||||||
Unvested restricted shares at December 31, 2015
|
121,610
|
$
|
15.75
|
|||||
Vested and released to participants
|
(40,297
|
)
|
15.74
|
|||||
Unvested restricted shares at December 31, 2016
|
81,313
|
$
|
15.75
|
|||||
Vested and released to participants
|
(40,296
|
)
|
15.74
|
|||||
Unvested restricted shares at March 31, 2017
|
41,017
|
$
|
15.78
|
ASB BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
|
Stock
Options
Available For
Granting
|
Stock
Options
Outstanding
|
Weighted
Average
Exercise
Price
|
Remaining
Contractual
Life
(In Years)
|
Aggregate
Intrinsic
Value
(In Thousands)
|
||||||||||||||||
Outstanding at December 31, 2015
|
60,355
|
450,500
|
$
|
16.03
|
7.24
|
$
|
4,473
|
|||||||||||||
Exercised
|
-
|
(6,600
|
)
|
15.71
|
||||||||||||||||
Outstanding at December 31, 2016
|
60,355
|
443,900
|
$
|
16.04
|
6.24
|
$
|
6,089
|
|||||||||||||
Outstanding at March 31, 2017
|
60,355
|
443,900
|
$
|
16.04
|
6.00
|
$
|
7,975
|
|||||||||||||
Options exercisable at March 31, 2017
|
337,800
|
$
|
15.90
|
5.94
|
$
|
6,115
|
ASB BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
|
(Dollars in thousands)
|
March 31,
2017
|
December 31,
2016
|
||||||
Financial instruments whose contract amounts represent credit risk:
|
||||||||
Commitments to extend or originate credit
|
$
|
191,157
|
$
|
190,213
|
||||
Commitments under standby letters of credit
|
274
|
604
|
||||||
Total
|
$
|
191,431
|
$
|
190,817
|
ASB BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
|
ASB BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
|
ASB BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
|
ASB BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
|
Fair Value Measurement Using
|
Total
|
|||||||||||||||||||
(Dollars in thousands)
|
Level 1
|
Level 2
|
Level 3
|
Estimated
Fair Value
|
Carrying
Amount In
Balance
Sheet
|
|||||||||||||||
March 31, 2017
|
||||||||||||||||||||
Financial assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
60,451
|
$
|
-
|
$
|
-
|
$
|
60,451
|
$
|
60,451
|
||||||||||
Securities available for sale
|
767
|
96,696
|
-
|
97,463
|
97,463
|
|||||||||||||||
Securities held to maturity
|
-
|
3,838
|
-
|
3,838
|
3,643
|
|||||||||||||||
Investments in FHLB stock
|
-
|
-
|
1,565
|
1,565
|
1,565
|
|||||||||||||||
Loans held for sale
|
-
|
4,349
|
-
|
4,349
|
4,238
|
|||||||||||||||
Loans receivable, net
|
-
|
-
|
597,906
|
597,906
|
599,253
|
|||||||||||||||
Accrued interest receivable
|
-
|
-
|
2,221
|
2,221
|
2,221
|
|||||||||||||||
Deferred compensation assets
|
1,406
|
-
|
-
|
1,406
|
1,406
|
|||||||||||||||
Financial liabilities:
|
||||||||||||||||||||
Demand deposits
|
-
|
-
|
541,379
|
541,379
|
541,379
|
|||||||||||||||
Time deposits
|
-
|
-
|
139,410
|
139,410
|
140,690
|
|||||||||||||||
Repurchase agreements
|
-
|
-
|
707
|
707
|
708
|
|||||||||||||||
Federal Home Loan Bank Advances
|
-
|
-
|
20,394
|
20,394
|
20,000
|
|||||||||||||||
Deferred compensation liabilities
|
1,409
|
-
|
-
|
1,409
|
1,409
|
|||||||||||||||
Accrued interest payable
|
-
|
-
|
71
|
71
|
71
|
|||||||||||||||
Financial instruments whose contract amounts represent credit risk:
|
||||||||||||||||||||
Commitments to extend or originate credit
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Commitments under standby letters of credit
|
-
|
-
|
-
|
-
|
-
|
ASB BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
|
Fair Value Measurement Using
|
Total
|
|||||||||||||||||||
(Dollars in thousands)
|
Level 1
|
Level 2
|
Level 3
|
Estimated
Fair Value
|
Carrying
Amount In
Balance
Sheet
|
|||||||||||||||
December 31, 2016
|
||||||||||||||||||||
Financial assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
46,724
|
$
|
-
|
$
|
-
|
$
|
46,724
|
$
|
46,724
|
||||||||||
Securities available for sale
|
763
|
99,146
|
-
|
99,909
|
99,909
|
|||||||||||||||
Securities held to maturity
|
-
|
3,875
|
-
|
3,875
|
3,672
|
|||||||||||||||
Investments in FHLB stock
|
-
|
-
|
2,829
|
2,829
|
2,829
|
|||||||||||||||
Loans held for sale
|
-
|
7,299
|
-
|
7,299
|
7,145
|
|||||||||||||||
Loans receivable, net
|
-
|
-
|
595,305
|
595,305
|
597,038
|
|||||||||||||||
Accrued interest receivable
|
-
|
-
|
2,328
|
2,328
|
2,328
|
|||||||||||||||
Deferred compensation assets
|
1,426
|
-
|
-
|
1,426
|
1,426
|
|||||||||||||||
Financial liabilities:
|
||||||||||||||||||||
Demand deposits
|
-
|
-
|
516,125
|
516,125
|
516,125
|
|||||||||||||||
Time deposits
|
-
|
-
|
130,397
|
130,397
|
131,498
|
|||||||||||||||
Repurchase agreements
|
-
|
-
|
392
|
392
|
392
|
|||||||||||||||
Federal Home Loan Bank Advances
|
-
|
-
|
50,717
|
50,717
|
50,000
|
|||||||||||||||
Deferred compensation liabilities
|
1,430
|
-
|
-
|
1,430
|
1,430
|
|||||||||||||||
Accrued interest payable
|
-
|
-
|
120
|
120
|
120
|
|||||||||||||||
Financial instruments whose contract amounts represent credit risk:
|
||||||||||||||||||||
Commitments to extend or originate credit
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Commitments under standby letters of credit
|
-
|
-
|
-
|
-
|
-
|
ASB BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
|
(Dollars in thousands)
|
Fair Value Measurement Using
|
Total
|
||||||||||||||||||
Description
|
Level 1
|
Level 2
|
Level 3
|
Carrying
Amount In
Balance
Sheets
|
Assets/
Liabilities
Measured At
Fair Value
|
|||||||||||||||
March 31, 2017
|
||||||||||||||||||||
Securities available for sale:
|
||||||||||||||||||||
U.S. GSE and agency securities
|
$
|
-
|
$
|
2,080
|
$
|
-
|
$
|
2,080
|
$
|
2,080
|
||||||||||
Asset-backed SBA securities
|
-
|
4,059
|
-
|
4,059
|
4,059
|
|||||||||||||||
Residential mortgage-backed securities issued by GSEs
|
-
|
37,826
|
-
|
37,826
|
37,826
|
|||||||||||||||
State and local government securities
|
-
|
52,731
|
-
|
52,731
|
52,731
|
|||||||||||||||
Mutual funds
|
767
|
-
|
-
|
767
|
767
|
|||||||||||||||
Total
|
$
|
767
|
$
|
96,696
|
$
|
-
|
$
|
97,463
|
$
|
97,463
|
||||||||||
December 31, 2016
|
||||||||||||||||||||
Securities available for sale:
|
||||||||||||||||||||
U.S. GSE and agency securities
|
$
|
-
|
$
|
2,089
|
$
|
-
|
$
|
2,089
|
$
|
2,089
|
||||||||||
Asset-backed SBA securities
|
-
|
4,413
|
-
|
4,413
|
4,413
|
|||||||||||||||
Residential mortgage-backed securities issued by GSEs
|
-
|
39,974
|
-
|
39,974
|
39,974
|
|||||||||||||||
State and local government securities
|
-
|
52,670
|
-
|
52,670
|
52,670
|
|||||||||||||||
Mutual funds
|
763
|
-
|
-
|
763
|
763
|
|||||||||||||||
Total
|
$
|
763
|
$
|
99,146
|
$
|
-
|
$
|
99,909
|
$
|
99,909
|
ASB BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
|
(Dollars in thousands)
|
Fair Value Measurement Using
|
Total
|
||||||||||||||||||
Description
|
Level 1
|
Level 2
|
Level 3
|
Carrying
Amount In
Balance
Sheets (1)
|
Assets/
Liabilities
Measured At
Fair Value (1)
|
|||||||||||||||
March 31, 2017
|
||||||||||||||||||||
Impaired loans
|
$
|
-
|
$
|
-
|
$
|
404
|
$
|
404
|
$
|
404
|
||||||||||
Foreclosed properties
|
-
|
-
|
1,792
|
1,792
|
1,792
|
|||||||||||||||
December 31, 2016
|
||||||||||||||||||||
Impaired loans
|
$
|
-
|
$
|
-
|
$
|
595
|
$
|
595
|
$
|
595
|
||||||||||
Foreclosed properties
|
-
|
-
|
1,806
|
1,806
|
1,806
|
(1)
|
Properties recorded at cost and not market are excluded.
|
(Dollars in thousands)
|
Fair
Value (1)
|
Valuation Technique
|
Unobservable Input
|
Discount
Range
(Weighted
Average)
|
||||||
March 31, 2017
|
||||||||||
Impaired loans
|
$
|
404
|
Discounted appraisals (2)
|
Collateral discounts (3)
|
0%-26% (19%)
|
|||||
Foreclosed properties
|
1,792
|
Discounted appraisals (2)
|
Collateral discounts (3)
|
0%-22% (6%)
|
||||||
December 31, 2016
|
||||||||||
Impaired loans
|
$
|
595
|
Discounted appraisals (2)
|
Collateral discounts (3)
|
0%-36% (23%)
|
|||||
Foreclosed properties
|
1,806
|
Discounted appraisals (2)
|
Collateral discounts (3)
|
0%-22% (6%)
|
(1) |
Properties recorded at cost and not market are excluded.
|
(2) |
Fair value is generally based on appraisals of the underlying collateral.
|
(3) |
Appraisals of collateral may be adjusted by management for customized discounting criteria, estimated sales costs, and proprietary qualitative adjustments.
|
ASB BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
|
• |
statements of our goals, growth and performance targets, intentions and expectations;
|
• |
statements regarding our business plans, prospects, growth and operating strategies;
|
• |
statements regarding the quality of our loan and investment portfolios; and
|
• |
estimates of our risks and future costs and benefits.
|
• |
general economic conditions, either nationally or in our primary market area, that are worse than expected;
|
• |
our ability to successfully consummate our previously announced merger with First Bancorp, including the ability to obtain required governmental approvals of the merger on the proposed terms and schedule or that the terms of the proposed merger may need to be unfavorably modified to satisfy such approvals or other closing conditions;
|
• |
the diversion of management time from core banking functions due to merger-related issues;
|
• |
potential difficulty in maintaining relationships with customers, associates or business partners as a result of our previously announced merger with First Bancorp;
|
• |
a decline in real estate values;
|
• |
changes in the interest rate environment that reduce our interest margins or reduce the fair value of financial instruments;
|
• |
increased competitive pressures among financial services companies;
|
• |
changes in consumer spending, borrowing and savings habits;
|
• |
legislative, regulatory or supervisory changes that adversely affect our business;
|
• |
adverse changes in the securities markets;
|
• |
increased cybersecurity risk, including potential business disruptions or financial losses;
|
• |
changes in technology;
|
• |
our ability to attract and retain key personnel;
|
• |
changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board or the Public Company Accounting Oversight Board; and
|
• |
the risks outlined in the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2016.
|
(Dollars in thousands)
|
March 31,
2017
|
December 31,
2016
|
$ Change
|
% Change
|
||||||||||||
Interest-earning assets:
|
||||||||||||||||
Interest-earning deposits with banks and overnight and short-term investments
|
$
|
49,709
|
$
|
35,862
|
$
|
13,847
|
38.6
|
%
|
||||||||
Investment securities
|
101,106
|
103,581
|
(2,475
|
)
|
-2.4
|
%
|
||||||||||
Investments held at cost
|
1,565
|
2,829
|
(1,264
|
)
|
-44.7
|
%
|
||||||||||
Loans held for sale
|
4,238
|
7,145
|
(2,907
|
)
|
-40.7
|
%
|
||||||||||
Loans receivable, net of deferred fees
|
605,826
|
603,582
|
2,244
|
0.4
|
%
|
|||||||||||
Total interest-earning assets
|
762,444
|
752,999
|
9,445
|
1.3
|
%
|
|||||||||||
Noninterest-earning assets:
|
||||||||||||||||
Cash and due from banks
|
10,742
|
10,862
|
(120
|
)
|
-1.1
|
%
|
||||||||||
Allowance for loan losses
|
(6,573
|
)
|
(6,544
|
)
|
(29
|
)
|
-0.4
|
%
|
||||||||
Premises and equipment, net of accumulated depreciation
|
10,997
|
11,122
|
(125
|
)
|
-1.1
|
%
|
||||||||||
Foreclosed real estate
|
5,055
|
5,069
|
(14
|
)
|
-0.3
|
%
|
||||||||||
Deferred income tax assets, net of deferred income tax liabilities
|
3,520
|
3,863
|
(343
|
)
|
-8.9
|
%
|
||||||||||
Bank owned life insurance
|
10,271
|
10,185
|
86
|
0.8
|
%
|
|||||||||||
Other assets
|
7,043
|
8,267
|
(1,224
|
)
|
-14.8
|
%
|
||||||||||
Total noninterest-earning assets
|
41,055
|
42,824
|
(1,769
|
)
|
-4.1
|
%
|
||||||||||
Total assets
|
$
|
803,499
|
$
|
795,823
|
$
|
7,676
|
1.0
|
%
|
||||||||
Interest-bearing liabilities:
|
||||||||||||||||
Interest-bearing deposits
|
$
|
548,868
|
$
|
523,624
|
$
|
25,244
|
4.8
|
%
|
||||||||
Overnight and short-term borrowings
|
708
|
392
|
316
|
80.6
|
%
|
|||||||||||
Federal Home Loan Bank advances
|
20,000
|
50,000
|
(30,000
|
)
|
-60.0
|
%
|
||||||||||
Total interest-bearing liabilities
|
569,576
|
574,016
|
(4,440
|
)
|
-0.8
|
%
|
||||||||||
Noninterest-bearing liabilities:
|
||||||||||||||||
Noninterest-bearing deposits
|
133,201
|
123,999
|
9,202
|
7.4
|
%
|
|||||||||||
Accounts payable and other liabilities
|
6,982
|
6,671
|
311
|
4.7
|
%
|
|||||||||||
Total noninterest-bearing liabilities
|
140,183
|
130,670
|
9,513
|
7.3
|
%
|
|||||||||||
Total liabilities
|
709,759
|
704,686
|
5,073
|
0.7
|
%
|
|||||||||||
Total equity
|
93,740
|
91,137
|
2,603
|
2.9
|
%
|
|||||||||||
Total liabilities and equity
|
$
|
803,499
|
$
|
795,823
|
$
|
7,676
|
1.0
|
%
|
||||||||
Cash and cash equivalents
|
$
|
60,451
|
$
|
46,724
|
$
|
13,727
|
29.4
|
%
|
||||||||
Total core deposits (excludes certificate accounts)
|
541,379
|
516,125
|
25,254
|
4.9
|
%
|
|||||||||||
Total certificates of deposit
|
140,690
|
131,498
|
9,192
|
7.0
|
%
|
|||||||||||
Total deposits
|
682,069
|
647,623
|
34,446
|
5.3
|
%
|
|||||||||||
Total funding liabilities
|
702,777
|
698,015
|
4,762
|
0.7
|
%
|
Three Months Ended
March 31,
|
||||||||
(Dollars in thousands)
|
2017
|
2016
|
||||||
Loans originated:
|
||||||||
Commercial:
|
||||||||
Commercial mortgage
|
$
|
17,486
|
$
|
26,549
|
||||
Construction and land development
|
-
|
4,778
|
||||||
Commercial and industrial
|
12,690
|
3,686
|
||||||
Non-commercial:
|
||||||||
Residential mortgage
|
17,878
|
15,638
|
||||||
Construction and land development
|
11,600
|
10,046
|
||||||
Revolving mortgage
|
4,565
|
6,141
|
||||||
Consumer
|
149
|
85
|
||||||
Total loans originated
|
$
|
64,368
|
$
|
66,923
|
||||
Loan principal payments, prepayments and payoffs
|
$
|
48,146
|
$
|
30,212
|
||||
Residential mortgage loans sold
|
$
|
17,012
|
$
|
13,062
|
Three Months Ended
March 31,
|
||||||||||||||||
(Dollars in thousands)
|
2017
|
2016
|
$ Change
|
% Change
|
||||||||||||
Interest and dividend income
|
$
|
6,923
|
$
|
6,677
|
$
|
246
|
3.7
|
%
|
||||||||
Interest expense
|
816
|
844
|
(28
|
)
|
-3.3
|
%
|
||||||||||
Net interest income
|
6,107
|
5,833
|
274
|
4.7
|
%
|
|||||||||||
Provision for loan losses
|
57
|
399
|
(342
|
)
|
-85.7
|
%
|
||||||||||
Net interest income after provision for loan losses
|
6,050
|
5,434
|
616
|
11.3
|
%
|
|||||||||||
Noninterest income
|
1,946
|
2,049
|
(103
|
)
|
-5.0
|
%
|
||||||||||
Noninterest expenses
|
5,588
|
5,761
|
(173
|
)
|
-3.0
|
%
|
||||||||||
Income before income tax provision
|
2,408
|
1,722
|
686
|
39.8
|
%
|
|||||||||||
Income tax provision
|
574
|
601
|
(27
|
)
|
-4.5
|
%
|
||||||||||
Net income
|
1,834
|
1,121
|
713
|
63.6
|
%
|
For The Three Months Ended March 31,
|
||||||||||||||||||||||||
2017
|
2016
|
|||||||||||||||||||||||
(Dollars in thousands)
|
Average
Balance
|
Interest
And
Dividends
|
Yield/
Cost
|
Average
Balance (1)
|
Interest
And
Dividends
|
Yield/
Cost
|
||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Interest-earning deposits with banks
|
$
|
42,502
|
$
|
79
|
0.75
|
%
|
$
|
24,283
|
$
|
32
|
0.53
|
%
|
||||||||||||
Loans receivable
|
611,614
|
6,294
|
4.17
|
%
|
593,341
|
6,023
|
4.08
|
%
|
||||||||||||||||
Investment securities
|
58,903
|
408
|
3.72
|
%
|
58,214
|
388
|
3.54
|
%
|
||||||||||||||||
Mortgage-backed and similar securities
|
43,535
|
112
|
1.04
|
%
|
67,539
|
200
|
1.19
|
%
|
||||||||||||||||
Other interest-earning assets
|
2,594
|
30
|
4.69
|
%
|
2,886
|
34
|
4.74
|
%
|
||||||||||||||||
Total interest-earning assets
|
759,148
|
6,923
|
3.77
|
%
|
746,263
|
6,677
|
3.67
|
%
|
||||||||||||||||
Allowance for loan losses
|
(6,583
|
)
|
(6,408
|
)
|
||||||||||||||||||||
Noninterest-earning assets
|
47,389
|
36,768
|
||||||||||||||||||||||
Total assets
|
$
|
799,954
|
$
|
776,623
|
||||||||||||||||||||
Liabilities and equity
|
||||||||||||||||||||||||
NOW accounts
|
$
|
162,550
|
50
|
0.12
|
%
|
$
|
156,491
|
52
|
0.13
|
%
|
||||||||||||||
Money market accounts
|
171,757
|
80
|
0.19
|
%
|
170,888
|
73
|
0.17
|
%
|
||||||||||||||||
Savings accounts
|
60,685
|
14
|
0.09
|
%
|
49,603
|
12
|
0.10
|
%
|
||||||||||||||||
Certificates of deposit
|
135,764
|
246
|
0.73
|
%
|
132,056
|
217
|
0.66
|
%
|
||||||||||||||||
Total interest-bearing deposits
|
530,756
|
390
|
0.30
|
%
|
509,038
|
354
|
0.28
|
%
|
||||||||||||||||
Overnight and short-term borrowings
|
666
|
-
|
0.00
|
%
|
719
|
-
|
0.00
|
%
|
||||||||||||||||
Federal Home Loan Bank advances
|
44,444
|
426
|
3.89
|
%
|
50,000
|
490
|
3.94
|
%
|
||||||||||||||||
Total interest-bearing liabilities
|
575,866
|
816
|
0.57
|
%
|
559,757
|
844
|
0.61
|
%
|
||||||||||||||||
Noninterest-bearing deposits
|
124,963
|
113,592
|
||||||||||||||||||||||
Other noninterest-bearing liabilities
|
6,304
|
11,860
|
||||||||||||||||||||||
Total liabilities
|
707,133
|
685,209
|
||||||||||||||||||||||
Total equity
|
92,821
|
91,414
|
||||||||||||||||||||||
Total liabilities and equity
|
$
|
799,954
|
$
|
776,623
|
||||||||||||||||||||
Net interest income
|
$
|
6,107
|
$
|
5,833
|
||||||||||||||||||||
Interest rate spread
|
3.20
|
%
|
3.06
|
%
|
||||||||||||||||||||
Net interest margin
|
3.33
|
%
|
3.21
|
%
|
||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities
|
131.83
|
%
|
133.32
|
%
|
(1) |
Certain amounts for prior periods were reclassified to conform to the March 31, 2017 presentation. The reclassifications had no effect on net income or equity as previously reported.
|
Three Months Ended March 31, 2017
Compared To The
Three Months Ended March 31, 2016
|
||||||||||||
Increase (Decrease)
Due To:
|
||||||||||||
(Dollars in thousands)
|
Volume
|
Rate
|
Net
|
|||||||||
Interest income:
|
||||||||||||
Interest-earning deposits with banks
|
$
|
30
|
$
|
17
|
$
|
47
|
||||||
Loans receivable
|
187
|
84
|
271
|
|||||||||
Investment securities
|
5
|
15
|
20
|
|||||||||
Mortgage-backed and similar securities
|
(64
|
)
|
(24
|
)
|
(88
|
)
|
||||||
Other interest-earning assets
|
(3
|
)
|
(1
|
)
|
(4
|
)
|
||||||
Total interest-earning assets
|
155
|
91
|
246
|
|||||||||
Interest expense:
|
||||||||||||
NOW accounts
|
2
|
(4
|
)
|
(2
|
)
|
|||||||
Money market accounts
|
-
|
7
|
7
|
|||||||||
Savings accounts
|
3
|
(1
|
)
|
2
|
||||||||
Certificates of deposit
|
6
|
23
|
29
|
|||||||||
Total interest-bearing deposits
|
11
|
25
|
36
|
|||||||||
Federal Home Loan Bank advances
|
(53
|
)
|
(11
|
)
|
(64
|
)
|
||||||
Total interest-bearing liabilities
|
(42
|
)
|
14
|
(28
|
)
|
|||||||
Net increase in interest income
|
$
|
197
|
$
|
77
|
$
|
274
|
(Dollars in thousands)
|
March 31,
2017
|
December 31,
2016
|
$ Change
|
% Change
|
||||||||||||
Nonperforming loans:
|
||||||||||||||||
Nonaccruing loans (1)
|
||||||||||||||||
Commercial:
|
||||||||||||||||
Commercial and industrial
|
$
|
57
|
$
|
63
|
$
|
(6
|
)
|
-9.5
|
%
|
|||||||
Total commercial
|
57
|
63
|
(6
|
)
|
-9.5
|
%
|
||||||||||
Non-commercial:
|
||||||||||||||||
Residential mortgage
|
184
|
626
|
(442
|
)
|
-70.6
|
%
|
||||||||||
Revolving mortgage
|
295
|
323
|
(28
|
)
|
-8.7
|
%
|
||||||||||
Consumer
|
32
|
-
|
32
|
n/a
|
||||||||||||
Total non-commercial
|
511
|
949
|
(438
|
)
|
-46.2
|
%
|
||||||||||
Total nonaccruing loans (1)
|
568
|
1,012
|
(444
|
)
|
-43.9
|
%
|
||||||||||
Total loans past due 90 or more days and still accruing
|
-
|
-
|
-
|
0.0
|
%
|
|||||||||||
Total nonperforming loans
|
568
|
1,012
|
(444
|
)
|
-43.9
|
%
|
||||||||||
Foreclosed real estate
|
5,055
|
5,069
|
(14
|
)
|
-0.3
|
%
|
||||||||||
Repossessed assets
|
184
|
190
|
(6
|
)
|
-3.2
|
%
|
||||||||||
Total nonperforming assets
|
5,807
|
6,271
|
(464
|
)
|
-7.4
|
%
|
||||||||||
Performing troubled debt restructurings (2)
|
4,461
|
4,543
|
(82
|
)
|
-1.8
|
%
|
||||||||||
Performing troubled debt restructurings and total nonperforming assets
|
$
|
10,268
|
$
|
10,814
|
(546
|
)
|
-5.0
|
%
|
||||||||
Allowance for loan losses
|
$
|
6,573
|
$
|
6,544
|
||||||||||||
Total loans
|
$
|
605,826
|
$
|
603,582
|
||||||||||||
Allowance as a percentage of total loans
|
1.08
|
%
|
1.08
|
%
|
||||||||||||
Allowance as a percentage of nonperforming loans
|
1,157.22
|
%
|
646.64
|
%
|
||||||||||||
Total nonperforming loans to total loans
|
0.09
|
%
|
0.17
|
%
|
||||||||||||
Total nonperforming loans to total assets
|
0.07
|
%
|
0.13
|
%
|
||||||||||||
Total nonperforming assets to total assets
|
0.72
|
%
|
0.79
|
%
|
||||||||||||
Performing troubled debt restructurings and total nonperforming assets to total assets
|
1.28
|
%
|
1.36
|
%
|
(1) |
Nonaccruing loans include nonaccruing troubled debt restructurings.
|
(2) |
Performing troubled debt restructurings exclude nonaccruing troubled debt restructurings.
|
○ |
Five loans to multiple unrelated borrowers on one-to-four family residential properties with an aggregate balance of $479,000 as of March 31, 2017.
|
○ |
One loan for the purchase of an existing mobile home park to be used for future development secured by nonowner-occupied commercial real estate located in coastal South Carolina. The loan was modified in the fourth quarter of 2014, which extended the terms of the loan and required scheduled principal payments. The future performance of the loan is dependent upon the guarantor group’s willingness and ability to service the debt. Such willingness and ability was demonstrated by the fact that, as of March 31, 2017, the loan was a performing TDR with a balance of $2.9 million that matures in May of 2017. As of March 31, 2017, the loan was considered impaired and had a specific reserve of $3,000.
|
○ |
Ten loans to multiple unrelated borrowers on one-to-four family residential properties with an aggregate balance of $1.4 million as of March 31, 2017.
|
March 31, 2017
|
December 31, 2016
|
|||||||||||||||
(Dollars in thousands)
|
Number
|
Amount
|
Number
|
Amount
|
||||||||||||
By foreclosed loan type:
|
||||||||||||||||
Commercial construction and land development
|
5
|
$
|
4,102
|
8
|
$
|
4,116
|
||||||||||
Residential mortgage
|
2
|
953
|
2
|
953
|
||||||||||||
Total
|
7
|
$
|
5,055
|
10
|
$
|
5,069
|
(Dollars in thousands)
|
March 31,
2017
|
December 31,
2016
|
$ Change
|
% Change
|
||||||||||||
Adversely classified loans:
|
||||||||||||||||
Substandard
|
$
|
1,896
|
$
|
2,581
|
$
|
(685
|
)
|
-26.5
|
%
|
|||||||
Doubtful
|
-
|
-
|
-
|
0.0
|
%
|
|||||||||||
Total adversely classified loans
|
1,896
|
2,581
|
(685
|
)
|
-26.5
|
%
|
||||||||||
Special mention loans
|
20,946
|
21,247
|
(301
|
)
|
-1.4
|
%
|
||||||||||
Total classified and special mention loans
|
22,842
|
23,828
|
(986
|
)
|
-4.1
|
%
|
||||||||||
Total other classified and special mention assets
|
-
|
-
|
-
|
0.0
|
%
|
|||||||||||
Total classified and special mention assets
|
$
|
22,842
|
$
|
23,828
|
$
|
(986
|
)
|
-4.1
|
%
|
○ |
Two loans to one borrower on two commercial properties located in western North Carolina. As of March 31, 2017, the loans were performing with a total balance of $593,000.
|
○ |
Six loans to multiple unrelated borrowers for one-to-four family residential properties with an aggregate balance of $557,000 as of March 31, 2017.
|
Payments Due By Period
|
||||||||||||||||||||
(Dollars in thousands)
|
Total
|
Less Than
One Year
|
One To
Three Years
|
Three To
Five Years
|
More Than
Five Years
|
|||||||||||||||
At March 31, 2017
|
||||||||||||||||||||
Long-term debt obligations
|
$
|
20,000
|
$
|
10,000
|
$
|
10,000
|
$
|
-
|
$
|
-
|
||||||||||
Operating lease obligations
|
1,521
|
239
|
478
|
478
|
326
|
|||||||||||||||
Total
|
$
|
21,521
|
$
|
10,239
|
$
|
10,478
|
$
|
478
|
$
|
326
|
||||||||||
At December 31, 2016
|
||||||||||||||||||||
Long-term debt obligations
|
$
|
50,000
|
$
|
40,000
|
$
|
10,000
|
$
|
-
|
$
|
-
|
||||||||||
Operating lease obligations
|
1,623
|
281
|
478
|
478
|
386
|
|||||||||||||||
Total
|
$
|
51,623
|
$
|
40,281
|
$
|
10,478
|
$
|
478
|
$
|
386
|
•
|
a new common equity Tier 1 risk-based capital ratio of 4.5%;
|
•
|
a Tier 1 risk-based capital ratio of 6% (increased from the former 4% requirement);
|
•
|
a total risk-based capital ratio of 8% (unchanged from former requirement); and
|
•
|
a leverage ratio of 4% (also unchanged from the former requirement).
|
Regulatory Requirements Applicable To Banks
|
||||||||||||||||||||||||
Actual
|
Minimum For Capital
Adequacy Purposes
|
Minimum To Be
Well Capitalized
|
||||||||||||||||||||||
(Dollars in thousands)
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
||||||||||||||||||
ASB Bancorp, Inc.
|
||||||||||||||||||||||||
March 31, 2017
|
||||||||||||||||||||||||
Common equity tier I capital
|
$
|
95,360
|
15.97
|
%
|
$
|
26,873
|
4.50
|
%
|
$
|
38,816
|
6.50
|
%
|
||||||||||||
Tier I leverage capital
|
95,360
|
11.89
|
%
|
32,071
|
4.00
|
%
|
40,089
|
5.00
|
%
|
|||||||||||||||
Tier I risk-based capital
|
95,360
|
15.97
|
%
|
35,830
|
6.00
|
%
|
47,774
|
8.00
|
%
|
|||||||||||||||
Total risk-based capital
|
101,933
|
17.07
|
%
|
47,774
|
8.00
|
%
|
59,717
|
10.00
|
%
|
|||||||||||||||
December 31, 2016
|
||||||||||||||||||||||||
Common equity tier I capital
|
$
|
92,996
|
15.54
|
%
|
$
|
26,934
|
4.50
|
%
|
$
|
38,905
|
6.50
|
%
|
||||||||||||
Tier I leverage capital
|
92,996
|
11.58
|
%
|
32,111
|
4.00
|
%
|
40,139
|
5.00
|
%
|
|||||||||||||||
Tier I risk-based capital
|
92,996
|
15.54
|
%
|
35,913
|
6.00
|
%
|
47,884
|
8.00
|
%
|
|||||||||||||||
Total risk-based capital
|
99,540
|
16.63
|
%
|
47,884
|
8.00
|
%
|
59,854
|
10.00
|
%
|
|||||||||||||||
Asheville Savings Bank, S.S.B.
|
||||||||||||||||||||||||
March 31, 2017
|
||||||||||||||||||||||||
Common equity tier I capital
|
$
|
89,831
|
15.05
|
%
|
$
|
26,861
|
4.50
|
%
|
$
|
38,800
|
6.50
|
%
|
||||||||||||
Tier I leverage capital
|
89,831
|
11.23
|
%
|
32,002
|
4.00
|
%
|
40,002
|
5.00
|
%
|
|||||||||||||||
Tier I risk-based capital
|
89,831
|
15.05
|
%
|
35,815
|
6.00
|
%
|
47,754
|
8.00
|
%
|
|||||||||||||||
Total risk-based capital
|
96,404
|
16.15
|
%
|
47,754
|
8.00
|
%
|
59,692
|
10.00
|
%
|
|||||||||||||||
NC Savings Bank capital
|
96,404
|
12.02
|
%
|
40,108
|
5.00
|
%
|
n/a
|
n/a
|
||||||||||||||||
December 31, 2016
|
||||||||||||||||||||||||
Common equity tier I capital
|
$
|
87,670
|
14.65
|
%
|
$
|
26,924
|
4.50
|
%
|
$
|
38,890
|
6.50
|
%
|
||||||||||||
Tier I leverage capital
|
87,670
|
10.94
|
%
|
32,067
|
4.00
|
%
|
40,084
|
5.00
|
%
|
|||||||||||||||
Tier I risk-based capital
|
87,670
|
14.65
|
%
|
35,899
|
6.00
|
%
|
47,865
|
8.00
|
%
|
|||||||||||||||
Total risk-based capital
|
94,214
|
15.75
|
%
|
47,865
|
8.00
|
%
|
59,832
|
10.00
|
%
|
|||||||||||||||
NC Savings Bank capital
|
94,214
|
11.86
|
%
|
39,731
|
5.00
|
%
|
n/a
|
n/a
|
As Of March 31, 2017
|
Over The Next Twelve Months
Ending March 31, 2018
|
|||||||||||||||||||||||
Present Value Of Equity
|
Projected Net Interest Income
|
|||||||||||||||||||||||
(Dollars in thousands)
|
Market
Value
|
$ Change
|
% Change
|
Net Interest
Income
|
$ Change
|
% Change
|
||||||||||||||||||
Change in Rates (in Basis Points “BP”):
|
||||||||||||||||||||||||
300 BP
|
$
|
104,048
|
$
|
(30,740
|
)
|
-22.81
|
%
|
$
|
24,857
|
$
|
(1,467
|
)
|
-5.57
|
%
|
||||||||||
200
|
116,539
|
(18,249
|
)
|
-13.54
|
%
|
25,572
|
(752
|
)
|
-2.86
|
%
|
||||||||||||||
100
|
126,503
|
(8,285
|
)
|
-6.15
|
%
|
26,057
|
(267
|
)
|
-1.01
|
%
|
||||||||||||||
0
|
134,788
|
-
|
0.00
|
%
|
26,324
|
-
|
0.00
|
%
|
||||||||||||||||
(100)
|
131,188
|
(3,600
|
)
|
-2.67
|
%
|
23,960
|
(2,364
|
)
|
-8.98
|
%
|
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
|
443,900
|
$
|
16.04
|
60,355
|
||||||||
Equity compensation plans not approved by security holders
|
–
|
n/a
|
–
|
|||||||||
Total
|
443,900
|
$
|
16.04
|
60,355
|
2.1
|
Agreement and Plan of Merger and Reorganization, dated May 1, 2017, by and between First Bancorp and ASB Bancorp, Inc. (1)
|
|
3.1
|
Articles of Incorporation of ASB Bancorp, Inc. (2)
|
|
3.2
|
Bylaws of ASB Bancorp, Inc. (2)
|
|
3.3
|
Amendment of the Bylaws of ASB Bancorp, Inc., adopted September 15, 2014 (3)
|
|
4.1
|
Form of Common Stock Certificate of ASB Bancorp, Inc. (2)
|
|
Rule 13a-14(a) Certification of Chief Executive Officer
|
||
Rule 13a-14(a) Certification of Chief Financial Officer
|
||
Section 1350 Certifications
|
||
101.0
|
The following materials from the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2017, formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Income, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statement of Changes in Shareholders’ Equity, (v) the Consolidated Statements of Cash Flows and (vi) the Notes to Consolidated Financial Statements.
|
(1) |
Incorporated herein by reference to the exhibits to ASB Bancorp, Inc.’s Current Report on Form 8-K filed with the Securities and Exchange Commission on May 1, 2017.
|
(2) |
Incorporated herein by reference to the exhibits to ASB Bancorp, Inc.’s Registration Statement on Form S-1 (File No. 333-174527), filed with the Securities and Exchange Commission on May 26, 2011.
|
(3) |
Incorporated herein by reference to the exhibits to ASB Bancorp, Inc.’s Current Report on Form 8-K filed with the Securities and Exchange Commission on September 19, 2014.
|
ASB BANCORP, INC.
|
||
Registrant
|
||
May 9, 2017
|
By:
|
/s/ SUZANNE S. DEFERIE
|
Suzanne S. DeFerie
|
||
President and Chief Executive Officer
|
||
(Principal Executive Officer)
|
||
May 9, 2017
|
By:
|
/s/ KIRBY A. TYNDALL
|
Kirby A. Tyndall
|
||
Executive Vice President and Chief Financial Officer
|
||
(Principal Financial and Accounting Officer)
|
1 Year Asb Bancorp, Inc. Chart |
1 Month Asb Bancorp, Inc. Chart |
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