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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Britton & Koontz Capital Corp. (MM) | NASDAQ:BKBK | 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% | 6.95 | 0 | 01:00:00 |
x
|
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
o
|
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
0-22606
|
Commission File Number
|
BRITTON & KOONTZ CAPITAL CORPORATION
|
(Exact name of Registrant as Specified in Its Charter)
|
Mississippi
|
64-0665423
|
|
(State or Other Jurisdiction of
Incorporation or Organization)
|
(I.R.S. Employer Identification Number)
|
500 Main Street, Natchez, Mississippi 39120
|
(Address of Principal Executive Offices) (Zip Code)
|
601-445-5576
|
(Registrant’s Telephone Number, Including Area Code)
|
Large accelerated filer
|
o
|
Accelerated filer
|
o
|
Non-accelerated filer
(Do not check if a smaller reporting company)
|
o
|
Smaller reporting company
|
x
|
B
RITTON & KOONTZ CAPITAL CORPORATION
|
AND SUBSIDIARIES
|
|
P
ART I. FINANCIAL INFORMATION
|
September 30,
|
December 31,
|
|||||||
ASSETS:
|
2011
|
2010
|
||||||
Cash and due from banks:
|
||||||||
Non-interest bearing
|
$ | 9,192,222 | $ | 4,827,021 | ||||
Interest bearing
|
46,848,929 | 991,832 | ||||||
Total cash and due from banks
|
56,041,151 | 5,818,853 | ||||||
Federal funds sold
|
- | 112,497 | ||||||
Investment Securities:
|
||||||||
Available-for-sale (amortized cost, in 2011 and 2010,
|
||||||||
of $75,621,368 and $94,250,976, respectively)
|
77,848,317 | 97,308,410 | ||||||
Held-to-maturity (fair value, in 2011 and 2010,
|
||||||||
of $31,136,027 and $40,609,763, respectively)
|
29,505,533 | 39,760,756 | ||||||
Equity securities
|
1,636,500 | 1,835,200 | ||||||
Loans, less allowance for loan losses of $6,085,035
|
||||||||
in 2011 and $2,420,143 in 2010
|
185,945,261 | 208,144,673 | ||||||
Loans held for sale
|
4,387,626 | 6,074,014 | ||||||
Bank premises and equipment, net
|
7,257,769 | 7,599,077 | ||||||
Other real estate
|
3,469,542 | 3,303,189 | ||||||
Accrued interest receivable
|
1,379,771 | 1,781,242 | ||||||
Cash surrender value of life insurance
|
1,174,380 | 1,145,016 | ||||||
Core Deposits, net
|
262,098 | 342,810 | ||||||
Other assets
|
2,394,407 | 2,193,946 | ||||||
TOTAL ASSETS
|
$ | 371,302,355 | $ | 375,419,683 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
September 30,
|
December 31,
|
|||||||
LIABILITIES:
|
2011 | 2010 | ||||||
Deposits
|
||||||||
Non-interest bearing
|
$ | 54,499,352 | $ | 45,634,123 | ||||
Interest bearing
|
212,699,605 | 212,908,407 | ||||||
Total deposits
|
267,198,957 | 258,542,530 | ||||||
Federal Home Loan Bank advances
|
9,000,000 | 17,457,000 | ||||||
Securities sold under repurchase agreements
|
49,822,408 | 51,365,895 | ||||||
Accrued interest payable
|
569,241 | 657,984 | ||||||
Advances from borrowers for taxes and insurance
|
194,784 | 245,943 | ||||||
Accrued taxes and other liabilities
|
977,192 | 2,063,358 | ||||||
Junior subordinated debentures
|
5,155,000 | 5,155,000 | ||||||
Total liabilities
|
332,917,582 | 335,487,710 | ||||||
STOCKHOLDERS' EQUITY:
|
||||||||
Common stock - $2.50 par value per share;
|
||||||||
12,000,000 shares authorized; 2,152,966 and 2,149,966 issued
|
||||||||
and 2,138,466 and 2,135,466 outstanding, as of September 30, 2011
|
||||||||
and December 31, 2010, respectively
|
5,382,415 | 5,374,915 | ||||||
Additional paid-in capital
|
7,417,850 | 7,379,891 | ||||||
Retained earnings
|
24,445,586 | 25,517,531 | ||||||
Accumulated other comprehensive income
|
1,396,297 | 1,917,011 | ||||||
Less: Treasury stock, 14,500 shares, at cost
|
(257,375 | ) | (257,375 | ) | ||||
Total stockholders' equity
|
38,384,773 | 39,931,973 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$ | 371,302,355 | $ | 375,419,683 |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
Interest and fees on loans
|
$ | 2,736,723 | $ | 3,176,359 | $ | 8,721,817 | $ | 9,682,731 | ||||||||
Interest on investment securities:
|
||||||||||||||||
Taxable interest income
|
708,120 | 1,032,036 | 2,381,931 | 3,310,843 | ||||||||||||
Exempt from federal taxes
|
333,642 | 415,617 | 1,082,044 | 1,252,109 | ||||||||||||
Interest on federal funds sold
|
3 | 30 | 94 | 105 | ||||||||||||
Total interest income
|
3,778,488 | 4,624,042 | 12,185,886 | 14,245,788 | ||||||||||||
INTEREST EXPENSE:
|
||||||||||||||||
Interest on deposits
|
443,207 | 835,244 | 1,761,141 | 2,510,116 | ||||||||||||
Interest on Federal Home Loan Bank advances
|
69,040 | 71,722 | 207,592 | 222,498 | ||||||||||||
Interest on trust preferred securities
|
40,863 | 46,937 | 127,680 | 133,053 | ||||||||||||
Interest on securities sold under repurchase agreements
|
449,108 | 481,694 | 1,342,387 | 1,526,451 | ||||||||||||
Total interest expense
|
1,002,218 | 1,435,597 | 3,438,800 | 4,392,118 | ||||||||||||
NET INTEREST INCOME
|
2,776,270 | 3,188,445 | 8,747,086 | 9,853,670 | ||||||||||||
Provision for loan losses
|
3,380,000 | 150,000 | 4,692,000 | 1,449,996 | ||||||||||||
NET INTEREST INCOME/(LOSS) AFTER
|
||||||||||||||||
PROVISION FOR LOAN LOSSES
|
(603,730 | ) | 3,038,445 | 4,055,086 | 8,403,674 | |||||||||||
OTHER INCOME:
|
||||||||||||||||
Service charges on deposit accounts
|
366,012 | 369,310 | 1,079,636 | 1,096,953 | ||||||||||||
Income from fiduciary activities
|
1,055 | 705 | 3,089 | 2,196 | ||||||||||||
Gain/(loss) on sale of ORE
|
- | 139,194 | - | 605,543 | ||||||||||||
Gain/(loss) on sale of mortgage loans
|
116,576 | 132,537 | 370,181 | 204,468 | ||||||||||||
Gain/(loss) on sale/matured securities
|
1,309,435 | - | 2,632,012 | 447,530 | ||||||||||||
Other
|
283,511 | 343,372 | 956,005 | 922,079 | ||||||||||||
Total other income
|
2,076,589 | 985,118 | 5,040,923 | 3,278,770 | ||||||||||||
OTHER EXPENSES:
|
||||||||||||||||
Salaries
|
1,211,084 | 1,502,032 | 4,308,461 | 4,542,221 | ||||||||||||
Employee benefits
|
217,787 | 227,558 | 647,186 | 678,819 | ||||||||||||
Director fees
|
37,359 | 37,784 | 111,877 | 116,021 | ||||||||||||
Net occupancy expense
|
284,122 | 288,817 | 825,651 | 817,605 | ||||||||||||
Equipment expenses
|
277,337 | 295,945 | 821,038 | 926,294 | ||||||||||||
FDIC assessment
|
58,810 | 111,512 | 283,032 | 330,972 | ||||||||||||
Advertising
|
38,250 | 46,970 | 118,449 | 131,403 | ||||||||||||
Stationery and supplies
|
29,046 | 44,578 | 95,592 | 124,421 | ||||||||||||
Audit expense
|
65,500 | 63,500 | 196,500 | 190,411 | ||||||||||||
Other real estate expense, net
|
64,438 | 35,483 | 450,859 | 513,721 | ||||||||||||
Amortization of deposit premium
|
26,904 | 26,904 | 80,712 | 80,712 | ||||||||||||
Other
|
434,430 | 490,113 | 1,563,162 | 1,920,566 | ||||||||||||
Total other expenses
|
2,745,067 | 3,171,196 | 9,502,519 | 10,373,166 | ||||||||||||
INCOME/(LOSS) BEFORE INCOME TAX EXPENSE
|
(1,272,208 | ) | 852,367 | (406,510 | ) | 1,309,278 | ||||||||||
Income tax expense/(benefit)
|
(551,401 | ) | 171,520 | (490,236 | ) | 61,288 | ||||||||||
NET INCOME/(LOSS)
|
$ | (720,807 | ) | $ | 680,847 | $ | 83,726 | $ | 1,247,990 | |||||||
EARNINGS PER SHARE DATA:
|
||||||||||||||||
Basic earnings per share
|
$ | (0.34 | ) | $ | 0.32 | $ | 0.04 | $ | 0.58 | |||||||
Basic weighted shares outstanding
|
2,141,944 | 2,135,466 | 2,140,418 | 2,133,950 | ||||||||||||
Diluted earnings per share
|
$ | (0.34 | ) | $ | 0.32 | $ | 0.04 | $ | 0.58 | |||||||
Diluted weighted shares outstanding
|
2,141,944 | 2,135,800 | 2,140,730 | 2,134,685 | ||||||||||||
Cash dividends per share
|
$ | 0.18 | $ | 0.18 | $ | 0.54 | $ | 0.54 |
Accumulated
|
||||||||||||||||||||||||||||
Common Stock
|
Additional
|
Other
|
Total
|
|||||||||||||||||||||||||
Paid-in
|
Retained
|
Comprehensive
|
Treasury
|
Stockholders'
|
||||||||||||||||||||||||
Shares
|
Amount
|
Capital
|
Earnings
|
Income
|
Stock
|
Equity
|
||||||||||||||||||||||
Balance at December 31, 2009
|
2,126,466 | $ | 5,352,415 | $ | 7,396,211 | $ | 25,082,298 | $ | 2,267,340 | $ | (257,375 | ) | $ | 39,840,889 | ||||||||||||||
Comprehensive Income:
|
||||||||||||||||||||||||||||
Net income
|
1,247,990 | 1,247,990 | ||||||||||||||||||||||||||
Other comprehensive
|
||||||||||||||||||||||||||||
income (net of tax):
|
||||||||||||||||||||||||||||
Net change in unrealized gain/(loss)
|
||||||||||||||||||||||||||||
on securities available for sale, net
|
||||||||||||||||||||||||||||
of taxes for $231,452
|
389,062 | 389,062 | ||||||||||||||||||||||||||
Total Comprehensive income
|
1,637,052 | |||||||||||||||||||||||||||
Cash Dividend paid $0.54 per share
|
(1,153,152 | ) | (1,153,152 | ) | ||||||||||||||||||||||||
Common stock issued
|
9,000 | 22,500 | 84,600 | 107,100 | ||||||||||||||||||||||||
Unearned compensation
|
(62,377 | ) | (62,377 | ) | ||||||||||||||||||||||||
Fair Value unexercised stock options
|
4,929 | 4,929 | ||||||||||||||||||||||||||
Balance at September 30, 2010
|
2,135,466 | $ | 5,374,915 | $ | 7,485,740 | $ | 25,114,759 | $ | 2,656,402 | $ | (257,375 | ) | $ | 40,374,442 | ||||||||||||||
Balance at December 31, 2010
|
2,135,466 | $ | 5,374,915 | $ | 7,379,891 | $ | 25,517,531 | $ | 1,917,011 | $ | (257,375 | ) | $ | 39,931,973 | ||||||||||||||
Comprehensive Income:
|
||||||||||||||||||||||||||||
Net income
|
83,726 | 83,726 | ||||||||||||||||||||||||||
Other comprehensive
|
||||||||||||||||||||||||||||
income (net of tax):
|
||||||||||||||||||||||||||||
Net change in unrealized gain/(loss)
|
||||||||||||||||||||||||||||
on securities available for sale, net
|
||||||||||||||||||||||||||||
of taxes of $(309,771)
|
(520,714 | ) | (520,714 | ) | ||||||||||||||||||||||||
Total Comprehensive income
|
(436,988 | ) | ||||||||||||||||||||||||||
Cash Dividend paid $0.54 per share
|
(1,155,671 | ) | (1,155,671 | ) | ||||||||||||||||||||||||
Common stock issued
|
7,000 | 17,500 | 84,000 | 101,500 | ||||||||||||||||||||||||
Common stock forfeiture
|
(4,000 | ) | (10,000 | ) | (38,950 | ) | (48,950 | ) | ||||||||||||||||||||
Unearned compensation
|
(8,777 | ) | (8,777 | ) | ||||||||||||||||||||||||
Fair Value unexercised stock options
|
1,686 | 1,686 | ||||||||||||||||||||||||||
Balance at September 30, 2011
|
2,138,466 | $ | 5,382,415 | $ | 7,417,850 | $ | 24,445,586 | $ | 1,396,297 | $ | (257,375 | ) | $ | 38,384,773 |
2011
|
2010
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||
Net income
|
$ | 83,726 | $ | 1,247,990 | ||||
Adjustments to reconcile net income to net cash
|
||||||||
provided by (used in) operating activities:
|
||||||||
Deferred income taxes/(benefit)
|
(1,765,690 | ) | 4,592 | |||||
Provision for loan losses
|
4,692,000 | 1,449,996 | ||||||
Provision for depreciation
|
456,706 | 568,365 | ||||||
Stock dividends received
|
(2,200 | ) | (6,100 | ) | ||||
(Gain)/loss on sale of other real estate
|
35,235 | (605,543 | ) | |||||
(Gain)/loss on sale of mortgage loans
|
(370,181 | ) | (204,468 | ) | ||||
(Gain)/loss on sale of investment securities
|
(2,632,012 | ) | (447,530 | ) | ||||
Net amortization (accretion) of securities
|
376,421 | 81,206 | ||||||
Amortization of deposit premium
|
80,712 | 80,712 | ||||||
Writedown of other real estate
|
367,575 | 780,168 | ||||||
Unearned compensation
|
(8,777 | ) | (62,377 | ) | ||||
Net change in:
|
||||||||
Loans held for sale
|
1,686,387 | (2,808,369 | ) | |||||
Accrued interest receivable
|
401,470 | 135,260 | ||||||
Cash surrender value
|
(29,364 | ) | (35,560 | ) | ||||
Other assets
|
1,884,451 | 684,022 | ||||||
Accrued interest payable
|
(88,743 | ) | (133,886 | ) | ||||
Accrued taxes and other liabilities
|
(1,086,168 | ) | 152,146 | |||||
Net cash provided by (used in) operating activities
|
4,081,548 | 880,624 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||
(Increase)/decrease in federal funds sold
|
112,497 | 58,799 | ||||||
Proceeds from sales, maturities and paydowns of securities:
|
||||||||
Available-for-sale
|
62,866,675 | 31,381,602 | ||||||
Held-to-maturity
|
10,307,496 | 3,592,971 | ||||||
Redemption of FHLB stock
|
375,700 | 1,568,600 | ||||||
Purchase of FHLB stock
|
(174,800 | ) | (245,100 | ) | ||||
Purchase of securities:
|
||||||||
Available-for-sale
|
(42,033,749 | ) | (26,940,681 | ) | ||||
(Increase)/decrease in loans
|
16,538,474 | 4,642,873 | ||||||
Proceeds from sale and transfers of other real estate
|
760,509 | 1,167,829 | ||||||
Purchase of premises and equipment
|
(115,398 | ) | (317,171 | ) | ||||
Net cash provided by (used in) investing activities
|
48,637,404 | 14,909,722 | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||
Net Increase /(decrease) in customer deposits
|
6,680,693 | 5,555,724 | ||||||
Net Increase /(decrease) in brokered deposits
|
1,975,733 | 253,879 | ||||||
Net Increase /(decrease) in securities sold under
|
||||||||
repurchase agreements
|
(1,543,487 | ) | (2,708,338 | ) | ||||
Net Increase /(decrease) in FHLB advances
|
(8,457,000 | ) | (22,350,754 | ) | ||||
Net Increase /(decrease) in advances from borrowers
|
||||||||
for taxes and insurance
|
(51,159 | ) | (33,517 | ) | ||||
Cash dividends paid
|
(1,155,671 | ) | (1,153,152 | ) | ||||
Common stock issued
|
52,551 | 107,100 | ||||||
Fair value of unexercised stock options
|
1,686 | 4,929 | ||||||
Net cash provided by (used in) financing activities
|
(2,496,654 | ) | (20,324,129 | ) | ||||
NET INCREASE/(DECREASE) IN CASH AND DUE FROM BANKS
|
50,222,298 | (4,533,783 | ) | |||||
CASH AND DUE FROM BANKS AT BEGINNING OF PERIOD
|
5,818,853 | 10,303,641 | ||||||
CASH AND DUE FROM BANKS AT END OF PERIOD
|
$ | 56,041,151 | $ | 5,769,858 | ||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW
|
||||||||
INFORMATION:
|
||||||||
Cash paid during the period for interest
|
$ | 3,527,543 | $ | 4,526,004 | ||||
Cash paid/(refunds) during the period for income taxes
|
$ | 989,329 | $ | (125,320 | ) | |||
SCHEDULE OF NONCASH INVESTING AND
|
||||||||
FINANCING ACTIVITIES:
|
||||||||
Change in unrealized gains (losses)
|
||||||||
on securities available for sale
|
$ | (830,485 | ) | $ | 620,514 | |||
Change in the deferred tax effect in unrealized
|
||||||||
gains (losses) on securities available for sale
|
$ | (309,771 | ) | $ | 231,452 | |||
B
RITTON & KOONTZ CAPITAL CORPORATION AND SUBSIDIARIES
|
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2011
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair
Value
|
|||||||||||||
Obligations of State and Political Subdivisions
|
$ | 7,789,263 | $ | 596,777 | $ | - | $ | 8,386,040 | ||||||||
Mortgage-Backed Securities
|
55,832,106 | 1,594,526 | (92,195 | ) | 57,334,437 | |||||||||||
Obligations of Other U.S. Government Sponsored Agencies
|
12,000,000 | 127,840 | - | 12,127,840 | ||||||||||||
Total
|
$ | 75,621,369 | $ | 2,319,143 | $ | (92,195 | ) | $ | 77,848,317 |
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair
Value
|
|||||||||||||
Obligations of State and Political Subdivisions
|
$ | 7,366,392 | $ | 95,289 | $ | (289,191 | ) | $ | 7,172,490 | |||||||
Mortgage-Backed Securities
|
62,346,074 | 3,421,198 | (60,622 | ) | 65,706,650 | |||||||||||
Obligations of Other U.S. Government Sponsored Agencies
|
24,538,510 | 42,797 | (152,037 | ) | 24,429,270 | |||||||||||
Total
|
$ | 94,250,976 | $ | 3,559,284 | $ | (501,850 | ) | $ | 97,308,410 |
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair
Value
|
|||||||||||||
Obligations of State and Political Subdivisions
|
$ | 24,080,403 | $ | 1,261,258 | $ | (55,137 | ) | $ | 25,286,524 | |||||||
Mortgage-Backed Securities
|
5,425,130 | 424,373 | - | 5,849,503 | ||||||||||||
Total
|
$ | 29,505,533 | $ | 1,685,631 | $ | (55,137 | ) | $ | 31,136,027 |
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair
Value
|
|||||||||||||
Obligations of State and Political Subdivisions
|
$ | 31,747,346 | $ | 558,246 | $ | (200,170 | ) | $ | 32,105,422 | |||||||
Mortgage-Backed Securities
|
8,013,410 | 490,931 | - | 8,504,341 | ||||||||||||
Total
|
$ | 39,760,756 | $ | 1,049,177 | $ | (200,170 | ) | $ | 40,609,763 |
Less than 12 Months
|
12 Months or More
|
Total
|
||||||||||||||||||||||
Fair
Value
|
Unrealized
Loss
|
Fair
Value
|
Unrealized
Loss
|
Fair
Value
|
Unrealized
Loss
|
|||||||||||||||||||
Held-to-Maturity:
|
||||||||||||||||||||||||
Obligations of State and Political Subdivisions (2)
|
$ | 453,696 | $ | (36,304 | ) | $ | 572,058 | $ | (18,833 | ) | $ | 1,025,754 | $ | (55,137 | ) | |||||||||
Total
|
$ | 453,696 | $ | (36,304 | ) | $ | 572,058 | $ | (18,833 | ) | $ | 1,025,754 | $ | (55,137 | ) | |||||||||
Available for Sale:
|
||||||||||||||||||||||||
Mortgage Backed Securities (2)
|
$ | 8,371,642 | $ | (92,195 | ) | $ | - | $ | - | $ | 8,371,642 | $ | (92,195 | ) | ||||||||||
Total
|
$ | 8,371,642 | $ | (92,195 | ) | $ | - | $ | - | $ | 8,371,642 | $ | (92,195 | ) |
Less than 12 Months
|
12 Months or More
|
Total
|
||||||||||||||||||||||
Fair
Value
|
Unrealized
Loss
|
Fair
Value
|
Unrealized
Loss
|
Fair
Value
|
Unrealized
Loss
|
|||||||||||||||||||
Held-to-Maturity:
|
||||||||||||||||||||||||
Obligations of State and Political Subdivisions (21)
|
$ | 8,828,777 | $ | (168,632 | ) | $ | 468,462 | $ | (31,538 | ) | $ | 9,297,239 | $ | (200,170 | ) | |||||||||
Total
|
$ | 8,828,777 | $ | (168,632 | ) | $ | 468,462 | $ | (31,538 | ) | $ | 9,297,239 | $ | (200,170 | ) | |||||||||
Available for Sale:
|
||||||||||||||||||||||||
Obligations of State and Political Subdivisions (12)
|
$ | 1,038,994 | $ | (19,365 | ) | $ | 2,637,651 | $ | (269,826 | ) | $ | 3,676,645 | $ | (289,191 | ) | |||||||||
Obligations of Other U.S. Government Sponsored Agencies (7)
|
17,857,740 | (152,037 | ) | - | - | 17,857,740 | (152,037 | ) | ||||||||||||||||
Mortgage Backed Securities(4)
|
9,440,517 | (60,622 | ) | - | - | 9,440,517 | (60,622 | ) | ||||||||||||||||
Total
|
$ | 28,337,251 | $ | (232,024 | ) | $ | 2,637,651 | $ | (269,826 | ) | $ | 30,974,902 | $ | (501,850 | ) |
Commercial
|
Commercial Real Estate
|
Consumer
|
Residential
|
Unallocated
|
Total
|
|||||||||||||||||||
Allowance for credit losses:
|
||||||||||||||||||||||||
Beginning balance
|
$ | 376,946 | $ | 1,470,692 | $ | 26,590 | $ | 505,515 | $ | 40,400 | $ | 2,420,143 | ||||||||||||
Charge-offs
|
(510,347 | ) | (955,243 | ) | (20,226 | ) | (129,757 | ) | - | (1,615,574 | ) | |||||||||||||
Recoveries
|
129,610 | 375,450 | 3,992 | 79,414 | - | 588,466 | ||||||||||||||||||
Provision
|
530,318 | 1,935,085 | 17,755 | 2,215,806 | (6,965 | ) | 4,692,000 | |||||||||||||||||
Ending balance
|
$ | 526,527 | $ | 2,825,984 | $ | 28,111 | $ | 2,670,978 | $ | 33,435 | $ | 6,085,035 | ||||||||||||
Ending balance: individually
|
||||||||||||||||||||||||
evaluated for impairment
|
$ | 172,221 | $ | 1,807,303 | $ | - | $ | 2,244,833 | $ | - | $ | 4,224,357 | ||||||||||||
Ending Balance: collectively
|
||||||||||||||||||||||||
evaluated for impairment
|
$ | 354,306 | $ | 1,018,681 | $ | 28,111 | $ | 426,145 | $ | 33,435 | $ | 1,860,678 | ||||||||||||
Ending Balance: loans acquired with
|
||||||||||||||||||||||||
deteriorated credit quality
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Financing receivables:
|
||||||||||||||||||||||||
Ending balance
|
$ | 22,254,000 | $ | 96,345,000 | $ | 3,925,000 | $ | 73,893,000 | $ | - | $ | 196,417,000 | ||||||||||||
Ending balance: individually
|
||||||||||||||||||||||||
evaluated for impairment
|
$ | 267,221 | $ | 7,298,563 | $ | - | $ | 4,786,647 | $ | - | $ | 12,352,431 | ||||||||||||
Ending balance: collectively
|
||||||||||||||||||||||||
evaluated for impairment
|
$ | 21,986,779 | $ | 89,046,437 | $ | 3,925,000 | $ | 69,106,353 | $ | - | $ | 184,064,569 | ||||||||||||
Ending balance: loans acquired with
|
||||||||||||||||||||||||
deteriorated credit quality
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - |
Commercial
|
Commercial Real Estate
|
Consumer
|
Residential
|
Unallocated
|
Total
|
|||||||||||||||||||
Allowance for credit losses:
|
||||||||||||||||||||||||
Beginning balance
|
$ | 631,065 | $ | 2,476,025 | $ | 161,172 | $ | 300,750 | $ | 309,726 | $ | 3,878,738 | ||||||||||||
Charge-offs
|
(523,284 | ) | (2,496,345 | ) | (24,381 | ) | (165,350 | ) | - | (3,209,360 | ) | |||||||||||||
Recoveries
|
48,477 | 6,336 | 4,427 | 16,521 | - | 75,761 | ||||||||||||||||||
Provision
|
220,688 | 1,484,676 | (114,628 | ) | 353,594 | (269,326 | ) | 1,675,004 | ||||||||||||||||
Ending balance
|
$ | 376,946 | $ | 1,470,692 | $ | 26,590 | $ | 505,515 | $ | 40,400 | $ | 2,420,143 | ||||||||||||
Ending balance: individually
|
||||||||||||||||||||||||
evaluated for impairment
|
$ | 131,663 | $ | 784,382 | $ | - | $ | 139,819 | $ | - | $ | 1,055,864 | ||||||||||||
Ending balance: collectively
|
||||||||||||||||||||||||
evaluated for impairment
|
$ | 245,283 | $ | 686,310 | $ | 26,590 | $ | 365,696 | $ | 40,400 | $ | 1,364,279 | ||||||||||||
Ending balance: loans acquired with
|
||||||||||||||||||||||||
deteriorated credit quality
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Financing receivables:
|
||||||||||||||||||||||||
Ending balance
|
$ | 24,661,000 | $ | 108,856,000 | $ | 4,451,000 | $ | 78,671,000 | $ | - | $ | 216,639,000 | ||||||||||||
Ending balance: individually
|
||||||||||||||||||||||||
evaluated for impairment
|
$ | 364,163 | $ | 6,862,175 | $ | 24,028 | $ | 259,406 | $ | - | $ | 7,509,772 | ||||||||||||
Ending balance: collectively
|
||||||||||||||||||||||||
evaluated for impairment
|
$ | 24,296,837 | $ | 101,993,825 | $ | 4,426,972 | $ | 78,411,594 | $ | - | $ | 209,129,228 | ||||||||||||
Ending balance: loans acquired with
|
||||||||||||||||||||||||
deteriorated credit quality
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - |
Performing
|
Non-Performing
|
Total
|
||||||||||
Commercial
|
$ | 21,977,429 | $ | 276,571 | $ | 22,254,000 | ||||||
Consumer
|
3,905,526 | 19,474 | 3,925,000 | |||||||||
Real Estate:
|
||||||||||||
Construction and Development:
|
||||||||||||
1-4 family residential
|
12,492,000 | - | 12,492,000 | |||||||||
Other construction loans
|
13,650,255 | 1,131,745 | 14,782,000 | |||||||||
Commercial Real Estate:
|
||||||||||||
Owner occupied
|
37,113,194 | 2,875,806 | 39,989,000 | |||||||||
Non-owner occupied
|
38,063,129 | 3,510,871 | 41,574,000 | |||||||||
Residential:
|
||||||||||||
1-4 family residential
|
48,173,863 | 709,137 | 48,883,000 | |||||||||
Multi-family
|
8,360,777 | 4,157,223 | 12,518,000 | |||||||||
Total
|
$ | 183,736,173 | $ | 12,680,827 | $ | 196,417,000 |
Performing
|
Non-Performing
|
Total
|
||||||||||
Commercial
|
$ | 24,296,837 | $ | 364,163 | $ | 24,661,000 | ||||||
Consumer
|
4,426,783 | 24,217 | 4,451,000 | |||||||||
Real Estate:
|
||||||||||||
Construction and Development:
|
||||||||||||
1-4 family residential
|
10,641,000 | - | 10,641,000 | |||||||||
Other construction loans
|
17,521,218 | 911,782 | 18,433,000 | |||||||||
Commercial Real Estate:
|
||||||||||||
Owner occupied
|
37,311,142 | 2,777,858 | 40,089,000 | |||||||||
Non-owner occupied
|
46,759,883 | 3,574,117 | 50,334,000 | |||||||||
Residential:
|
||||||||||||
1-4 family residential
|
54,622,211 | 341,789 | 54,964,000 | |||||||||
Multi-family
|
13,066,000 | - | 13,066,000 | |||||||||
Total
|
$ | 208,645,074 | $ | 7,993,926 | $ | 216,639,000 |
30-89 Days Past Due
|
Greater Than 90 Days Past Due
|
Total Past Due
|
Current Loans
|
Total Financing Recievable
|
Recorded Investment > 90 Days and Accruing
|
|||||||||||||||||||
Commercial
|
$ | 8,705 | $ | 9,350 | $ | 18,055 | $ | 22,235,945 | $ | 22,254,000 | $ | - | ||||||||||||
Consumer
|
28,885 | - | 28,885 | 3,896,115 | 3,925,000 | - | ||||||||||||||||||
Real Estate:
|
||||||||||||||||||||||||
Construction & Development:
|
||||||||||||||||||||||||
1-4 Family Residential
|
459,956 | - | 459,956 | 12,032,044 | 12,492,000 | - | ||||||||||||||||||
Other Construction Loan
|
- | 1,131,745 | 1,131,745 | 13,650,255 | 14,782,000 | 219,963 | ||||||||||||||||||
Commercial Real Estate:
|
||||||||||||||||||||||||
Owner Occupied
|
1,658,229 | - | 1,658,229 | 38,330,771 | 39,989,000 | - | ||||||||||||||||||
Non-Owner Occupied
|
73,854 | 1,378,640 | 1,452,494 | 40,121,506 | 41,574,000 | - | ||||||||||||||||||
Residential:
|
||||||||||||||||||||||||
1-4 Family Residential
|
621,357 | 199,561 | 820,918 | 48,062,082 | 48,883,000 | - | ||||||||||||||||||
Multi-family
|
4,157,222 | - | 4,157,222 | 8,360,778 | 12,518,000 | - | ||||||||||||||||||
Total
|
$ | 7,008,208 | $ | 2,719,296 | $ | 9,727,504 | $ | 186,689,496 | $ | 196,417,000 | $ | 219,963 |
30-89 Days Past Due
|
Greater Than 90 Days Past Due
|
Total Past Due
|
Current Loans
|
Total Financing Recievable
|
Recorded Investment > 90 Days and Accruing
|
|||||||||||||||||||
Commercial
|
$ | 67,563 | $ | 188,594 | $ | 256,157 | $ | 24,404,843 | $ | 24,661,000 | $ | - | ||||||||||||
Consumer
|
52,579 | 24,217 | 76,796 | 4,374,204 | 4,451,000 | 189 | ||||||||||||||||||
Real Estate:
|
||||||||||||||||||||||||
Construction & Development:
|
||||||||||||||||||||||||
1-4 Family Residential
|
833,395 | - | 833,395 | 9,807,605 | 10,641,000 | - | ||||||||||||||||||
Other Construction Loan
|
190,430 | 911,782 | 1,102,212 | 17,330,788 | 18,433,000 | 483,965 | ||||||||||||||||||
Commercial Real Estate:
|
||||||||||||||||||||||||
Owner Occupied
|
1,548,589 | 3,574,117 | 5,122,706 | 34,966,294 | 40,089,000 | - | ||||||||||||||||||
Non-Owner Occupied
|
- | - | - | 50,334,000 | 50,334,000 | - | ||||||||||||||||||
Residential:
|
||||||||||||||||||||||||
1-4 Family Residential
|
700,210 | 140,467 | 840,677 | 54,123,323 | 54,964,000 | - | ||||||||||||||||||
Multi-family
|
- | - | - | 13,066,000 | 13,066,000 | - | ||||||||||||||||||
Total
|
$ | 3,392,766 | $ | 4,839,177 | $ | 8,231,943 | $ | 208,407,057 | $ | 216,639,000 | $ | 484,154 |
9/30/2011
|
12/31/2010
|
|||||||
Commercial
|
$ | 179,490 | $ | 364,163 | ||||
Consumer
|
19,474 | 24,028 | ||||||
Real Estate:
|
||||||||
Construction and Development:
|
||||||||
1-4 Family Residential
|
- | - | ||||||
Other Construction Loans
|
911,782 | 427,817 | ||||||
Commercial Real Estate
|
||||||||
Owner Occupied
|
2,260,518 | 2,777,858 | ||||||
Non-owner Occupied
|
3,510,871 | 3,574,117 | ||||||
Residential
|
||||||||
1-4 Family Residential
|
709,137 | 341,789 | ||||||
Multi-family
|
4,157,223 | - | ||||||
Total
|
$ | 11,748,495 | $ | 7,509,772 |
Recorded Investment
|
Unpaid Principal Balance
|
Related Allowance
|
Average Recorded Investment
|
Interest Income Recognized
|
||||||||||||||||
With No Related Allowance Recorded:
|
||||||||||||||||||||
Commercial
|
$ | 10,300 | $ | 9,910 | $ | - | $ | 10,124 | $ | - | ||||||||||
Consumer
|
22,212 | 22,325 | - | 24,383 | - | |||||||||||||||
Real Estate:
|
||||||||||||||||||||
Construction and Development:
|
||||||||||||||||||||
1-4 Family Residential
|
- | - | - | - | - | |||||||||||||||
Other Construction Loans
|
345,238 | 556,817 | - | 338,749 | - | |||||||||||||||
Commercial Real Estate:
|
||||||||||||||||||||
Owner Occupied
|
622,787 | 615,393 | - | 621,397 | 2,013 | |||||||||||||||
Non-Owner Occupied
|
- | - | - | - | - | |||||||||||||||
Residential:
|
||||||||||||||||||||
1-4 Family Residential
|
628,918 | 680,153 | - | 662,011 | - | |||||||||||||||
Multifamily
|
- | - | - | - | - | |||||||||||||||
With Related Allowance Recorded:
|
||||||||||||||||||||
Commercial
|
288,587 | 269,867 | 172,221 | 289,733 | 3,364 | |||||||||||||||
Consumer
|
- | - | - | - | - | |||||||||||||||
Real Estate:
|
||||||||||||||||||||
Construction and Development:
|
||||||||||||||||||||
1-4 Family Residential
|
- | - | - | - | - | |||||||||||||||
Other Construction Loans
|
695,180 | 937,965 | 158,665 | 681,680 | - | |||||||||||||||
Commercial Real Estate:
|
||||||||||||||||||||
Owner Occupied
|
2,515,691 | 2,295,679 | 955,518 | 2,529,183 | 34,923 | |||||||||||||||
Non-Owner Occupied
|
3,712,335 | 3,813,694 | 693,120 | 3,762,825 | - | |||||||||||||||
Residential:
|
||||||||||||||||||||
1-4 Family Residential
|
152,333 | 144,055 | 54,110 | 157,921 | - | |||||||||||||||
Multifamily
|
4,258,968 | 4,178,379 | 2,190,723 | 4,258,968 | - | |||||||||||||||
Total
|
||||||||||||||||||||
Commercial
|
298,887 | 279,777 | 172,221 | 299,857 | 3,364 | |||||||||||||||
Consumer
|
22,212 | 22,325 | - | 24,383 | - | |||||||||||||||
Real Estate:
|
||||||||||||||||||||
Construction and Development:
|
||||||||||||||||||||
1-4 Family Residential
|
- | - | - | - | - | |||||||||||||||
Other Construction Loans
|
1,040,418 | 1,494,782 | 158,665 | 1,020,429 | - | |||||||||||||||
Commercial Real Estate:
|
||||||||||||||||||||
Owner Occupied
|
3,138,478 | 2,911,072 | 955,518 | 3,150,580 | 36,936 | |||||||||||||||
Non-Owner Occupied
|
3,712,335 | 3,813,694 | 693,120 | 3,762,825 | - | |||||||||||||||
Residential:
|
||||||||||||||||||||
1-4 Family Residential
|
781,251 | 824,208 | 54,110 | 819,932 | - | |||||||||||||||
Multifamily
|
4,258,968 | 4,178,379 | 2,190,723 | 4,258,968 | - | |||||||||||||||
$ | 13,252,549 | $ | 13,524,237 | $ | 4,224,357 | $ | 13,336,974 | $ | 40,300 |
Recorded Investment
|
Unpaid Principal Balance
|
Related Allowance
|
Average Recorded Investment
|
Interest Income Recognized
|
||||||||||||||||
With No Related Allowance Recorded:
|
||||||||||||||||||||
Commercial
|
$ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
Consumer
|
26,370 | - | - | 26,498 | - | |||||||||||||||
Real Estate:
|
||||||||||||||||||||
Construction and Development:
|
||||||||||||||||||||
1-4 Family Residential
|
- | - | - | - | - | |||||||||||||||
Other Construction Loans
|
330,703 | 556,817 | - | 590,120 | - | |||||||||||||||
Commercial Real Estate:
|
||||||||||||||||||||
Owner Occupied
|
1,398,337 | 1,273,530 | - | 1,302,045 | 21,113 | |||||||||||||||
Non-Owner Occupied
|
- | - | - | - | - | |||||||||||||||
Residential:
|
||||||||||||||||||||
1-4 Family Residential
|
202,904 | 128,219 | - | 213,837 | 7,533 | |||||||||||||||
Multifamily
|
- | - | - | - | - | |||||||||||||||
With Related Allowance Recorded:
|
||||||||||||||||||||
Commercial
|
387,464 | 364,163 | 131,663 | 373,183 | 2,898 | |||||||||||||||
Consumer
|
- | - | - | - | - | |||||||||||||||
Real Estate:
|
||||||||||||||||||||
Construction and Development:
|
||||||||||||||||||||
1-4 Family Residential
|
- | - | - | - | - | |||||||||||||||
Other Construction Loans
|
170,968 | 454,000 | 45,500 | 171,396 | - | |||||||||||||||
Commercial Real Estate:
|
||||||||||||||||||||
Owner Occupied
|
1,612,482 | 1,731,769 | 179,765 | 1,569,355 | 17,482 | |||||||||||||||
Non-Owner Occupied
|
3,707,323 | 3,574,117 | 559,117 | 3,707,323 | - | |||||||||||||||
Residential:
|
||||||||||||||||||||
1-4 Family Residential
|
203,813 | 192,467 | 139,819 | 222,159 | 2,504 | |||||||||||||||
Multifamily
|
- | - | - | - | - | |||||||||||||||
Total
|
||||||||||||||||||||
Commercial
|
387,464 | 364,163 | 131,663 | 373,183 | 2,898 | |||||||||||||||
Consumer
|
26,370 | - | - | 26,498 | - | |||||||||||||||
Real Estate:
|
||||||||||||||||||||
Construction and Development:
|
||||||||||||||||||||
1-4 Family Residential
|
- | - | - | - | - | |||||||||||||||
Other Construction Loans
|
501,671 | 1,010,817 | 45,500 | 761,516 | - | |||||||||||||||
Commercial Real Estate:
|
||||||||||||||||||||
Owner Occupied
|
3,010,819 | 3,005,299 | 179,765 | 2,871,400 | 38,595 | |||||||||||||||
Non-Owner Occupied
|
3,707,323 | 3,574,117 | 559,117 | 3,707,323 | - | |||||||||||||||
Residential:
|
||||||||||||||||||||
1-4 Family Residential
|
406,717 | 320,686 | 139,819 | 435,996 | 10,037 | |||||||||||||||
Multifamily
|
- | - | - | - | - | |||||||||||||||
$ | 8,040,364 | $ | 8,275,082 | $ | 1,055,864 | $ | 8,175,916 | $ | 51,530 |
Number of Contracts
|
Pre-Modification Outstanding Recorded Investment
|
Post-Modification Outstanding Recorded Investment
|
||||||||||
Trouble Debt Restructurings
|
||||||||||||
Commercial
|
2 | $ | 289,713 | $ | 288,587 | |||||||
Consumer
|
- | - | - | |||||||||
Real Estate:
|
||||||||||||
Construction & Development:
|
||||||||||||
1-4 Family Residential
|
- | - | - | |||||||||
Other Construction Loan
|
- | - | - | |||||||||
Commercial Real Estate:
|
||||||||||||
Owner Occupied
|
4 | 3,148,204 | 3,138,478 | |||||||||
Non-Owner Occupied
|
1 | 2,323,335 | 2,191,521 | |||||||||
Residential:
|
||||||||||||
1-4 Family Residential
|
- | - | - | |||||||||
Multi-family
|
1 | 4,183,839 | 4,237,822 | |||||||||
Total
|
8 | $ | 9,945,091 | $ | 9,856,408 | |||||||
Number of Contracts
|
Recorded Investment
|
|||||||||||
Trouble Debt Restructurings
|
||||||||||||
That Subsequently Defaulted
|
||||||||||||
Commercial
|
- | $ | - | |||||||||
Consumer
|
- | - | ||||||||||
Real Estate:
|
||||||||||||
Construction & Development:
|
||||||||||||
1-4 Family Residential
|
- | - | ||||||||||
Other Construction Loan
|
- | - | ||||||||||
Commercial Real Estate:
|
||||||||||||
Owner Occupied
|
- | - | ||||||||||
Non-Owner Occupied
|
- | - | ||||||||||
Residential:
|
||||||||||||
1-4 Family Residential
|
- | - | ||||||||||
Multi-family
|
- | - | ||||||||||
Total
|
- | $ | - |
For the three months ended
September 30,
|
||||||||
2011
|
2010
|
|||||||
Basic weighted average shares outstanding
|
2,141,944 | 2,135,466 | ||||||
Dilutive effect of granted options
|
- | 334 | ||||||
Diluted weighted average shares outstanding
|
2,141,944 | 2,135,800 | ||||||
Net income/(loss)
|
$ | (720,807 | ) | $ | 680,847 | |||
Net income per share-basic
|
$ | ( 0.34 | ) | $ | 0.32 | |||
Net income per share-diluted
|
$ | ( 0.34 | ) | $ | 0.32 |
For the nine months ended
September 30,
|
||||||||
2011
|
2010
|
|||||||
Basic weighted average shares outstanding
|
2,140,418 | 2,133,950 | ||||||
Dilutive effect of granted options
|
312 | 735 | ||||||
Diluted weighted average shares outstanding
|
2,140,730 | 2,134,685 | ||||||
Net income
|
$ | 83,726 | $ | 1,247,990 | ||||
Net income per share-basic
|
$ | 0.04 | $ | 0.58 | ||||
Net income per share-diluted
|
$ | 0.04 | $ | 0.58 |
·
|
Level 1 - Includes the most reliable sources, and includes quoted prices in active markets for identical assets or liabilities.
|
·
|
Level 2 - Includes observable inputs. Observable inputs include inputs other than quoted prices that are observable for the asset or liability (for example, interest rates and yield curves at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates) as well as inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs).
|
·
|
Level 3 - Includes unobservable inputs and should be used only when observable inputs are unavailable.
|
September 30, 2011
|
December 31, 2010
|
|||||||||||||||
Carrying
|
Fair
|
Carrying
|
Fair
|
|||||||||||||
Amount
|
Value
|
Amount
|
Value
|
|||||||||||||
(dollars in Thousands)
|
||||||||||||||||
Financial Assets:
|
||||||||||||||||
Cash and due from banks
|
$ | 56,041 | $ | 56,041 | $ | 5,819 | $ | 5,819 | ||||||||
Federal funds sold
|
- | - | 112 | 112 | ||||||||||||
Investment securities:
|
||||||||||||||||
Held-to-maturity
|
29,506 | 31,136 | 39,761 | 40,610 | ||||||||||||
Available-for-sale
|
77,848 | 77,848 | 97,308 | 97,308 | ||||||||||||
Equity securities
|
1,637 | 1,637 | 1,835 | 1,835 | ||||||||||||
Cash surrender value of life insurance
|
1,174 | 1,174 | 1,145 | 1,145 | ||||||||||||
Loans, net
|
190,333 | 195,139 | 214,219 | 218,739 | ||||||||||||
Financial Liabilities:
|
||||||||||||||||
Deposits
|
267,199 | 267,815 | 258,543 | 259,192 | ||||||||||||
Short-term borrowings
|
2,000 | 2,000 | 8,457 | 8,456 | ||||||||||||
Long-term borrowings
|
7,000 | 7,485 | 9,000 | 9,368 | ||||||||||||
Securities sold under
|
||||||||||||||||
repurchase agreements:
|
||||||||||||||||
Retail
|
9,822 | 9,821 | 11,366 | 11,364 | ||||||||||||
Structured
|
40,000 | 43,338 | 40,000 | 43,506 | ||||||||||||
Junior subordinated debentures
|
5,155 | 5,155 | 5,155 | 5,155 |
Description
|
Fair Value
|
Quoted Prices in Active Markets for Identical Assets (Level 1)
|
Significant Other Observable Inputs (Level 2)
|
Significant Unobservable Inputs (Level 3)
|
||||||||||||
September 30, 2011:
|
||||||||||||||||
Mortgage Backed Securities
|
$ | 57,334,437 | $ | 0.00 | $ | 57,334,437 | $ | 0.00 | ||||||||
Obligation of State and Political Subdivision
|
8,386,040 | 0.00 | 8,386,040 | 0.00 | ||||||||||||
Obligations of Other U.S. Government Sponsored Agencies
|
12,127,840 | 0.00 | 12,127,840 | 0.00 | ||||||||||||
Total
|
$ | 77,848,317 | $ | 0.00 | $ | 77,848,317 | $ | 0.00 | ||||||||
December 31, 2010:
|
||||||||||||||||
Mortgage Backed Securities
|
$ | 65,706,650 | $ | 0.00 | $ | 65,706,650 | $ | 0.00 | ||||||||
Obligation of State and Political Subdivision
|
7,172,490 | 0.00 | 7,172,490 | 0.00 | ||||||||||||
Obligations of Other U.S. Government Sponsored Agencies
|
24,429,270 | 0.00 | 24,429,270 | 0.00 | ||||||||||||
Total
|
$ | 97,308,410 | $ | 0.00 | $ | 97,308,410 | $ | 0.00 |
Description
|
Fair Value
|
Quoted Prices in Active Markets for Identical Assets (Level 1)
|
Significant Other Observable Inputs (Level 2)
|
Significant Unobservable Inputs (Level 3)
|
||||||||||||
September 30, 2011:
|
||||||||||||||||
Assets:
|
||||||||||||||||
Impaired Loans
|
$ | 8,236,612 | $ | 0.00 | $ | 8,236,612 | $ | 0.00 | ||||||||
Repossessed Assets
|
3,469,542 | 0.00 | 3,469,542 | 0.00 | ||||||||||||
Total
|
$ | 11,706,154 | $ | 0.00 | $ | 11,706,154 | $ | 0.00 | ||||||||
December 31, 2010:
|
||||||||||||||||
Assets:
|
||||||||||||||||
Impaired Loans
|
$ | 6,453,908 | $ | 0.00 | $ | 6,453,908 | $ | 0.00 | ||||||||
Repossessed Assets
|
3,303,189 | 0.00 | 3,303,189 | 0.00 | ||||||||||||
Total
|
$ | 9,757,097 | $ | 0.00 | $ | 9,757,097 | $ | 0.00 | ||||||||
09/30/11
|
12/31/10
|
|||||||
Commercial, financial & agricultural
|
$ | 22,254,000 | $ | 24,661,000 | ||||
Real estate-construction
|
27,274,000 | 29,074,000 | ||||||
Real estate-residential
|
61,401,000 | 68,030,000 | ||||||
Real estate-other
|
81,563,000 | 90,423,000 | ||||||
Installment
|
3,812,000 | 4,204,000 | ||||||
Other
|
113,000 | 247,000 | ||||||
Total loans
|
$ | 196,417,000 | $ | 216,639,000 |
09/30/11
|
12/31/10
|
|||||||
(dollars in thousands)
|
||||||||
Non-accrual loans by type:
|
||||||||
Real estate
|
$ | 11,550 | $ | 7,122 | ||||
Installment
|
19 | 24 | ||||||
Commercial and all other loans
|
180 | 364 | ||||||
Total non-accrual loans
|
11,749 | 7,510 | ||||||
Loans past due 90 days or more
|
220 | 484 | ||||||
Troubled debt restructuring, still accruing
|
712 | - | ||||||
Total nonperforming loans
|
12,681 | 7,994 | ||||||
Other real estate owned (net)
|
3,469 | 3,303 | ||||||
Total nonperforming assets
|
$ | 16,150 | $ | 11,297 | ||||
Nonperforming loans to total loans, net of LHFS
|
6.60 | % | 3.80 | % | ||||
Nonperforming loans to total assets
|
3.42 | % | 2.13 | % | ||||
Nonperforming assets to total loans, net of LHFS
|
8.41 | % | 5.37 | % | ||||
Nonperforming assets to total assets
|
4.35 | % | 3.01 | % |
09/30/11
|
09/30/10
|
|||||||
(dollars in thousands)
|
||||||||
Balance at beginning of period
|
$ | 2,420 | $ | 3,878 | ||||
Charge-offs:
|
||||||||
Real Estate
|
(1085 | ) | (2,166 | ) | ||||
Commercial
|
(510 | ) | (481 | ) | ||||
Installment and other
|
(20 | ) | (19 | ) | ||||
Recoveries:
|
||||||||
Real Estate
|
455 | 19 | ||||||
Commercial
|
129 | 30 | ||||||
Installment and other
|
4 | 3 | ||||||
Net (charge-offs)/recoveries
|
(1,027 | ) | (2,614 | ) | ||||
Provision charged to operations
|
4,692 | 1,450 | ||||||
Balance at end of period
|
$ | 6,085 | $ | 2,714 | ||||
Allowance for loan losses as a percent of loans, net of LHFS
|
3.17 | % | 1.27 | % | ||||
Net charge-offs as a percent of average loans
1
|
.51 | % | 1.18 | % | ||||
Net charge-offs as a percent of average loans
2
|
.76 | % | 1.23 | % |
09/30/11
|
12/31/10
|
|||||||
Non-Interest Bearing
|
$ | 54,499,352 | $ | 45,634,123 | ||||
NOW Accounts
|
74,109,560 | 66,650,551 | ||||||
Money Market Deposit Accounts
|
35,418,391 | 36,140,259 | ||||||
Savings Accounts
|
19,998,340 | 19,098,255 | ||||||
Certificates of Deposit
|
83,173,314 | 91,019,342 | ||||||
Total Deposits
|
$ | 267,198,957 | $ | 258,542,530 |
Exhibit
|
Description of Exhibit
|
|
3.1
|
*
|
Amended and Restated Articles of Incorporation of Britton & Koontz Capital Corporation, incorporated by reference to Exhibit 3.01 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission (“Commission”) on February 20, 2009.
|
3.2
|
*
|
By-Laws of Britton & Koontz Capital Corporation, as amended, incorporated by reference to Exhibit 3.2 to Company’s Current Report on Form 8-K filed with the Commission on October 22, 2008.
|
4.1
|
*
|
Shareholder Rights Agreement dated June 1, 1996 between Britton & Koontz Capital Corporation and Britton & Koontz First National Bank, as Rights Agent, incorporated by reference to Exhibit 4.3 to Company’s Registration Statement on Form S-8, Registration No. 333-20631, filed with the Commission on January 29, 1997, as amended by Amendment No. 1 to Rights Agreement dated as of August 15, 2006, incorporated by reference to Exhibit 4.2 to Company’s Current Report on Form 8-K filed with the Commission on August 17, 2006.
|
31.1
|
Certifications of the Chief Executive Officer, as required pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
31.2
|
Certifications of the Chief Financial Officer, as required pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
32.1
|
Certifications of the Chief Executive Officer, as required pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
32.2
|
Certifications of the Chief Financial Officer, as required pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
101.INS
|
XBRL Instance Document
|
|
101.SCH
|
XBRL Schema Document
|
|
101.CAL
|
XBRL Calculation Linkbase Document
|
|
101.LAB
|
XBRL Label Linkbase Document
|
|
101.PRE
|
XBRL Presentation Linkbase Document
|
|
101.DEF
|
XBRL Definition Linkbase Document
|
|
*
|
As indicated in the column entitled “Description of Exhibits” this exhibit is incorporated by reference to another filing or document.
|
E
XHIBIT INDEX
|
Exhibit
|
Description of Exhibit
|
31.1
|
Certifications of the Chief Executive Officer, as required pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
31.2
|
Certifications of the Chief Financial Officer, as required pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
32.1
|
Certifications of the Chief Executive Officer, as required pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
32.2
|
Certifications of the Chief Financial Officer, as required pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
101.INS
|
XBRL Instance Document
|
101.SCH
|
XBRL Schema Document
|
101.CAL
|
XBRL Calculation Linkbase Document
|
101.LAB
|
XBRL Label Linkbase Document
|
101.PRE
|
XBRL Presentation Linkbase Document
|
101.DEF
|
XBRL Definition Linkbase Document
|
1 Year Britton & Koontz Capital Corp. (MM) Chart |
1 Month Britton & Koontz Capital Corp. (MM) Chart |
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