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Share Name | Share Symbol | Market | Type |
---|---|---|---|
1ST Century Bancshares, | NASDAQ:FCTY | 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% | 11.22 | 10.98 | 12.02 | 0 | 01:00:00 |
Delaware
|
26-1169687
|
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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Large accelerated filer
o
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Accelerated filer
o
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Non-accelerated filer
o
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Smaller reporting company
x
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(Do not check if a smaller reporting company)
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42
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March 31, 2013
(unaudited)
|
December 31, 2012
|
|||||||
ASSETS
|
||||||||
Cash and due from banks
|
$ | 8,422 | $ | 6,967 | ||||
Interest earning deposits at other financial institutions
|
19,086 | 43,588 | ||||||
Total cash and cash equivalents
|
27,508 | 50,555 | ||||||
Investment securities — Available for Sale (“AFS”), at estimated fair value
|
168,034 | 181,225 | ||||||
Loans, net of allowance for loan losses of $6,619 and $6,015 at March 31, 2013 and December 31, 2012, respectively
|
291,144 | 260,656 | ||||||
Premises and equipment, net
|
917 | 1,020 | ||||||
Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”) stock
|
3,778 | 3,778 | ||||||
Accrued interest and other assets
|
2,034 | 1,939 | ||||||
Total Assets
|
$ | 493,415 | $ | 499,173 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Non-interest bearing demand deposits
|
$ | 195,540 | $ | 196,026 | ||||
Interest bearing deposits:
|
||||||||
Interest bearing checking (“NOW”)
|
22,930 | 23,233 | ||||||
Money market deposits and savings
|
151,196 | 152,094 | ||||||
Certificates of deposit less than $100
|
1,227 | 1,341 | ||||||
Certificates of deposit of $100 or greater
|
43,636 | 43,987 | ||||||
Total deposits
|
414,529 | 416,681 | ||||||
Other borrowings
|
25,000 | 29,475 | ||||||
Accrued interest and other liabilities
|
3,246 | 3,844 | ||||||
Total Liabilities
|
442,775 | 450,000 | ||||||
Commitments and contingencies (Note 9)
|
||||||||
Stockholders’ Equity:
|
||||||||
Preferred stock, $0.01 par value — 10,000,000 shares authorized, none issued and outstanding at March 31, 2013 and December 31, 2012, respectively
|
— | — | ||||||
Common stock, $0.01 par value — 50,000,000 shares authorized, 10,961,560 and 10,965,560 issued at March 31, 2013 and December 31, 2012, respectively
|
110 | 110 | ||||||
Additional paid-in capital
|
65,226 | 65,038 | ||||||
Accumulated deficit
|
(9,457 | ) | (10,899 | ) | ||||
Accumulated other comprehensive income
|
2,273 | 2,436 | ||||||
Treasury stock at cost — 1,828,537 and 1,828,432 shares at March 31, 2013 and December 31, 2012, respectively
|
(7,512 | ) | (7,512 | ) | ||||
Total Stockholders’ Equity
|
50,640 | 49,173 | ||||||
Total Liabilities and Stockholders’ Equity
|
$ | 493,415 | $ | 499,173 |
Three Months Ended March 31,
|
||||||||
2013
|
2012
|
|||||||
Interest and fee income on:
|
||||||||
Loans
|
$ | 3,258 | $ | 2,734 | ||||
Investments
|
779 | 754 | ||||||
Other
|
51 | 53 | ||||||
Total interest and fee income
|
4,088 | 3,541 | ||||||
Interest expense on:
|
||||||||
Deposits
|
130 | 168 | ||||||
Borrowings
|
74 | 74 | ||||||
Total interest expense
|
204 | 242 | ||||||
Net interest income
|
3,884 | 3,299 | ||||||
Provision for (reduction of) loan losses
|
(500 | ) | — | |||||
Net interest income after provision for (reduction of) loan losses
|
4,384 | 3,299 | ||||||
Non-interest income
|
359 | 347 | ||||||
Non-interest expenses:
|
||||||||
Compensation and benefits
|
1,982 | 1,707 | ||||||
Occupancy
|
357 | 298 | ||||||
Professional fees
|
125 | 189 | ||||||
Technology
|
179 | 150 | ||||||
Marketing
|
63 | 53 | ||||||
FDIC assessments
|
88 | 71 | ||||||
Other operating expenses
|
469 | 570 | ||||||
Total non-interest expenses
|
3,263 | 3,038 | ||||||
Income before income taxes
|
1,480 | 608 | ||||||
Income tax provision
|
38 | 16 | ||||||
Net income
|
1,442 | 592 | ||||||
Other Comprehensive Income:
|
||||||||
Net change in unrealized (losses) gains on AFS investments, net of tax
|
(163 | ) | 93 | |||||
Comprehensive Income
|
$ | 1,279 | $ | 685 | ||||
Basic earnings per share
|
$ | 0.17 | $ | 0.07 | ||||
Diluted earnings per share
|
$ | 0.16 | $ | 0.07 |
Common Stock
|
|
Accumulated Other
|
Treasury Stock
|
Total
|
||||||||||||||||||||||||||||
Issued
Shares
|
Amount
|
Paid-in
Capital
|
Accumulated
Deficit
|
Comprehensive
Income
|
Number of
Shares
|
Amount
|
Stockholders’
Equity
|
|||||||||||||||||||||||||
Balance at December 31, 2011
|
10,841,033 | $ | 108 | $ | 64,488 | $ | (13,841 | ) | $ | 1,567 | (1,769,248 | ) | $ | (7,271 | ) | $ | 45,051 | |||||||||||||||
Compensation expense associated with restricted stock awards, net of estimated forfeitures
|
— | — | 136 | — | — | — | — | 136 | ||||||||||||||||||||||||
Common stock repurchased
|
— | — | — | — | — | (43,847 | ) | (166 | ) | (166 | ) | |||||||||||||||||||||
Net income
|
— | — | — | 592 | — | — | — | 592 | ||||||||||||||||||||||||
Other comprehensive income
|
— | — | — | — | 93 | — | — | 93 | ||||||||||||||||||||||||
Balance at March 31, 2012
|
10,841,033 | $ | 108 | $ | 64,624 | $ | (13,249 | ) | $ | 1,660 | (1,813,095 | ) | $ | (7,437 | ) | $ | 45,706 | |||||||||||||||
Balance at December 31, 2012
|
10,965,560 | $ | 110 | $ | 65,038 | $ | (10,899 | ) | $ | 2,436 | (1,828,432 | ) | $ | (7,512 | ) | $ | 49,173 | |||||||||||||||
Forfeiture of restricted stock
|
(4,000 | ) | — | (11 | ) | — | — | — | — | (11 | ) | |||||||||||||||||||||
Compensation expense associated with restricted stock awards, net of estimated forfeitures
|
— | — | 199 | — | — | — | — | 199 | ||||||||||||||||||||||||
Common stock repurchased
|
— | — | — | — | — | (105 | ) | — | — | |||||||||||||||||||||||
Net income
|
— | — | — | 1,442 | — | — | — | 1,442 | ||||||||||||||||||||||||
Other comprehensive income
|
— | — | — | — | (163 | ) | — | — | (163 | ) | ||||||||||||||||||||||
Balance at March 31, 2013
|
10,961,560 | $ | 110 | $ | 65,226 | $ | (9,457 | ) | $ | 2,273 | (1,828,537 | ) | $ | (7,512 | ) | $ | 50,640 |
Three Months Ended March 31,
|
||||||||
2013
|
2012
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$ | 1,442 | $ | 592 | ||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization of premises and equipment
|
130 | 107 | ||||||
Amortization of premiums on investment securities, net
|
514 | 299 | ||||||
Provision for (reduction of) loan losses
|
(500 | ) | — | |||||
Amortization (accretion) of deferred loan fees, net of costs
|
12 | (10 | ) | |||||
Non-cash stock compensation, net of forfeitures
|
188 | 136 | ||||||
(Increase) decrease in accrued interest and other assets
|
(95 | ) | 78 | |||||
Decrease in accrued interest and other liabilities
|
(485 | ) | (336 | ) | ||||
Net cash provided by operating activities
|
1,206 | 866 | ||||||
Cash flows from investing activities:
|
||||||||
Activities in AFS investment securities:
|
||||||||
Purchases
|
— | (8,303 | ) | |||||
Maturities and principal reductions
|
12,401 | 8,018 | ||||||
(Increase) decrease in loans, net
|
(30,000 | ) | 3,009 | |||||
Purchase of premises and equipment
|
(27 | ) | (13 | ) | ||||
Redemption of FRB stock and FHLB stock
|
— | 81 | ||||||
Net cash (used in) provided by investing activities
|
(17,626 | ) | 2,792 | |||||
Cash flows from financing activities:
|
||||||||
Net (decrease) increase in deposits
|
(2,152 | ) | 27,739 | |||||
Repayment of other borrowings
|
(4,475 | ) | — | |||||
Purchase of treasury stock
|
— | (166 | ) | |||||
Net cash (used in) provided by financing activities
|
(6,627 | ) | 27,573 | |||||
(Decrease) increase in cash and cash equivalents
|
(23,047 | ) | 31,231 | |||||
Cash and cash equivalents, beginning of period
|
50,555 | 41,926 | ||||||
Cash and cash equivalents, end of period
|
$ | 27,508 | $ | 73,157 | ||||
Supplemental cash flow information:
|
||||||||
Cash paid during the period for:
|
||||||||
Interest
|
$ | 182 | $ | 233 | ||||
Income taxes
|
$ | 52 | $ | 70 |
Three Months Ended March 31,
|
||||||||
(dollars in thousands)
|
2013
|
2012
|
||||||
Net income
|
$ | 1,442 | $ | 592 | ||||
Average number of common shares outstanding
|
8,573,508 | 8,505,031 | ||||||
Effect of dilution of restricted stock
|
328,659 | 216,273 | ||||||
Effect of dilution of stock options
|
18,774 | — | ||||||
Average number of common shares outstanding used to calculate diluted earnings per common share
|
8,920,941 | 8,721,304 |
Level 1
|
Valuation is based upon quoted prices for identical instruments traded in active markets. Level 1 instruments include securities traded on active exchange markets, such as the New York Stock Exchange, as well as U.S. Treasury securities that are traded by dealers or brokers in active over-the-counter markets.
|
Level 2
|
Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. Level 2 instruments include securities traded in less active dealer or broker markets.
|
Level 3
|
Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques.
|
(in thousands)
|
Amortized
Cost
|
Gross
Unrealized
|
Gross
Unrealized
|
Fair
Value
|
||||||||||||
At March 31, 2013:
|
||||||||||||||||
Investments — Available for Sale
|
||||||||||||||||
U.S. Gov’t Treasuries
|
$ | 2,123 | $ | 93 | $ | — | $ | 2,216 | ||||||||
Corporate Notes
|
33,983 | 763 | — | 34,746 | ||||||||||||
Residential Mortgage-Backed Securities
|
128,065 | 3,028 | (21 | ) | 131,072 | |||||||||||
Total
|
$ | 164,171 | $ | 3,884 | $ | (21 | ) | $ | 168,034 | |||||||
At December 31, 2012:
|
||||||||||||||||
Investments — Available for Sale
|
||||||||||||||||
U.S. Gov’t Treasuries
|
$ | 2,136 | $ | 71 | $ | — | $ | 2,207 | ||||||||
Corporate Notes
|
34,534 | 741 | — | 35,275 | ||||||||||||
Residential Mortgage-Backed Securities
|
140,416 | 3,345 | (18 | ) | 143,743 | |||||||||||
Total
|
$ | 177,086 | $ | 4,157 | $ | (18 | ) | $ | 181,225 |
Available for Sale
|
1 Year or Less
|
Weighted Average Yield
|
After 1 Through 5 Years
|
Weighted Average Yield
|
After 5 Through 10 Years
|
Weighted Average Yield
|
After 10 Years
|
Weighted Average Yield
|
Total
|
Weighted Average Yield
|
||||||||||||||||||||||||||||||
U.S. Government Treasuries
|
$ | — | — | % | $ | 2,216 | 0.13 | % | $ | — | — | % | $ | — | — | % | $ | 2,216 | 0.13 | % | ||||||||||||||||||||
Corporate Notes
|
14,149 | 2.41 | 20,597 | 2.06 | — | — | — | — | 34,746 | 2.21 | ||||||||||||||||||||||||||||||
Residential Mortgage-Backed Securities
|
23 | 4.58 | 888 | 4.67 | 75,449 | 1.83 | 54,712 | 1.86 | 131,072 | 1.86 | ||||||||||||||||||||||||||||||
Total
|
$ | 14,172 | 2.42 | % | $ | 23,701 | 1.98 | % | $ | 75,449 | 1.83 | % | $ | 54,712 | 1.86 | % | $ | 168,034 | 1.95 | % |
Less than Twelve Months
|
Twelve Months or More
|
|||||||||||||||
(in thousands)
|
Gross
Unrealized
Losses
|
Fair Value
|
Gross
Unrealized
Losses
|
Fair Value
|
||||||||||||
At March 31, 2013:
|
||||||||||||||||
Investments-Available for Sale
|
||||||||||||||||
Residential Mortgage-Backed Securities | $ | (21 | ) | $ | 10,846 | $ | — | $ | — | |||||||
At December 31, 2012:
|
||||||||||||||||
Investments-Available for Sale
|
||||||||||||||||
Residential Mortgage-Backed Securities | $ | (18 | ) | $ | 7,584 | $ | — | $ | — |
March 31, 2013
|
December 31, 2012
|
|||||||||||||||
(dollars in thousands)
|
Amount
Outstanding
|
Percent
of Total
|
Amount
Outstanding
|
Percent
of Total
|
||||||||||||
Commercial (1)
|
$ | 59,772 | 20.1 | % | $ | 58,769 | 22.0 | % | ||||||||
Commercial real estate
|
125,939 | 42.3 | % | 110,031 | 41.3 | % | ||||||||||
Residential
|
62,192 | 20.9 | % | 53,162 | 19.9 | % | ||||||||||
Land and construction
|
29,209 | 9.8 | % | 19,080 | 7.2 | % | ||||||||||
Consumer and other (2)
|
20,700 | 6.9 | % | 25,584 | 9.6 | % | ||||||||||
Loans, gross
|
297,812 | 100.0 | % | 266,626 | 100.0 | % | ||||||||||
Net (unearned fee income) deferred costs
|
(49 | ) | 45 | |||||||||||||
Less — allowance for loan losses
|
(6,619 | ) | (6,015 | ) | ||||||||||||
Loans, net
|
$ | 291,144 | $ | 260,656 |
|
(1)
|
Unsecured commercial loan balances were $9.7 million and $10.0 million at March 31, 2013 and December 31, 2012, respectively.
|
|
(2)
|
Unsecured consumer and other loan balances were $1.8 million and $901,000 at March 31, 2013 and December 31, 2012, respectively.
|
(in thousands)
|
Commercial
|
Commercial Real Estate
|
Residential
|
Land and
Construction
|
Consumer
and Other
|
Total
|
||||||||||||||||||
Three Months Ended March 31, 2013:
|
||||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||
Beginning balance
|
$ | 2,277 | $ | 2,450 | $ | 508 | $ | 411 | $ | 369 | $ | 6,015 | ||||||||||||
Provision for (reduction of) loan losses
|
(1,700 | ) | 750 | 190 | 330 | (70 | ) | (500 | ) | |||||||||||||||
Charge-offs
|
— | — | — | — | — | — | ||||||||||||||||||
Recoveries
|
1,054 | — | — | — | 50 | 1,104 | ||||||||||||||||||
Ending balance
|
$ | 1,631 | $ | 3,200 | $ | 698 | $ | 741 | $ | 349 | $ | 6,619 | ||||||||||||
As of March 31, 2013:
|
||||||||||||||||||||||||
Ending balance: individually evaluated for impairment
|
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Ending balance: collectively evaluated for impairment
|
1,631 | 3,200 | 698 | 741 | 349 | 6,619 | ||||||||||||||||||
Total
|
$ | 1,631 | $ | 3,200 | $ | 698 | $ | 741 | $ | 349 | $ | 6,619 | ||||||||||||
Loans:
|
||||||||||||||||||||||||
Ending balance: individually evaluated for impairment
|
$ | 843 | $ | — | $ | — | $ | — | $ | 345 | $ | 1,188 | ||||||||||||
Ending balance: collectively evaluated for impairment
|
58,929 | 125,939 | 62,192 | 29,209 | 20,355 | 296,624 | ||||||||||||||||||
Total
|
$ | 59,772 | $ | 125,939 | $ | 62,192 | $ | 29,209 | $ | 20,700 | $ | 297,812 | ||||||||||||
Three Months Ended March 31, 2012:
|
||||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||
Beginning balance
|
$ | 2,584 | $ | 1,252 | $ | 583 | $ | 516 | $ | 349 | $ | 5,284 | ||||||||||||
Provision for loan losses
|
(300 | ) | 350 | (35 | ) | — | (15 | ) | — | |||||||||||||||
Charge-offs
|
(3 | ) | — | — | (5 | ) | — | (8 | ) | |||||||||||||||
Recoveries
|
9 | 3 | — | — | — | 12 | ||||||||||||||||||
Ending balance
|
$ | 2,290 | $ | 1,605 | $ | 548 | $ | 511 | $ | 334 | $ | 5,288 | ||||||||||||
As of March 31, 2012:
|
||||||||||||||||||||||||
Ending balance: individually evaluated for impairment
|
$ | 700 | $ | — | $ | — | $ | — | $ | — | $ | 700 | ||||||||||||
Ending balance: collectively evaluated for impairment
|
1,590 | 1,605 | 548 | 511 | 334 | 4,588 | ||||||||||||||||||
Total
|
$ | 2,290 | $ | 1,605 | $ | 548 | $ | 511 | $ | 334 | $ | 5,288 | ||||||||||||
Loans:
|
||||||||||||||||||||||||
Ending balance: individually evaluated for impairment
|
$ | 2,229 | $ | 3,724 | $ | — | $ | 1,325 | $ | 345 | $ | 7,623 | ||||||||||||
Ending balance: collectively evaluated for impairment
|
62,503 | 68,812 | 52,796 | 18,402 | 19,787 | 222,300 | ||||||||||||||||||
Total
|
$ | 64,732 | $ | 72,536 | $ | 52,796 | $ | 19,727 | $ | 20,132 | $ | 229,923 |
(in thousands)
|
Commercial
|
Commercial
Real Estate
|
Residential
|
Land and Construction
|
Consumer
and Other
|
Total
|
||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||
Ending balance: individually evaluated for impairment
|
$ | 500 | $ | — | $ | — | $ | — | $ | — | $ | 500 | ||||||||||||
Ending balance: collectively evaluated for impairment
|
1,777 | 2,450 | 508 | 411 | 369 | 5,515 | ||||||||||||||||||
Total
|
$ | 2,277 | $ | 2,450 | $ | 508 | $ | 411 | $ | 369 | $ | 6,015 | ||||||||||||
Loans:
|
||||||||||||||||||||||||
Ending balance: individually evaluated for impairment
|
$ | 1,799 | $ | — | $ | — | $ | — | $ | 345 | $ | 2,144 | ||||||||||||
Ending balance: collectively evaluated for impairment
|
56,970 | 110,031 | 53,162 | 19,080 | 25,239 | 264,482 | ||||||||||||||||||
Total
|
$ | 58,769 | $ | 110,031 | $ | 53,162 | $ | 19,080 | $ | 25,584 | $ | 266,626 |
(in thousands)
|
30-59
Days Past
Due
|
60-89
Days Past
Due
|
> 90 Days
Past Due
|
Total
Past Due
|
Current
|
Total
|
||||||||||||||||||
As of March 31, 2013: | ||||||||||||||||||||||||
Commercial
|
$ | 198 | $ | — | $ | 572 | $ | 770 | $ | 59,002 | $ | 59,772 | ||||||||||||
Commercial real estate
|
— | — | — | — | 125,939 | 125,939 | ||||||||||||||||||
Residential
|
— | — | — | — | 62,192 | 62,192 | ||||||||||||||||||
Land and construction
|
— | — | — | — | 29,209 | 29,209 | ||||||||||||||||||
Consumer and other
|
— | 50 | 345 | 395 | 20,305 | 20,700 | ||||||||||||||||||
Totals
|
$ | 198 | $ | 50 | $ | 917 | $ | 1,165 | $ | 296,647 | $ | 297,812 | ||||||||||||
As of December 31, 2012:
|
||||||||||||||||||||||||
Commercial
|
$ | 599 | $ | 577 | $ | 812 | $ | 1,988 | $ | 56,781 | $ | 58,769 | ||||||||||||
Commercial real estate
|
4,828 | — | 2,300 | 7,128 | 102,903 | 110,031 | ||||||||||||||||||
Residential
|
— | — | — | — | 53,162 | 53,162 | ||||||||||||||||||
Land and construction
|
— | — | — | — | 19,080 | 19,080 | ||||||||||||||||||
Consumer and other
|
— | — | 345 | 345 | 25,239 | 25,584 | ||||||||||||||||||
Totals
|
$ | 5,427 | $ | 577 | $ | 3,457 | $ | 9,461 | $ | 257,165 | $ | 266,626 |
(dollars in thousands)
|
March 31, 2013
|
December 31, 2012
|
||||||
Non-accrual loans:
|
||||||||
Commercial
|
$ | 572 | $ | 1,509 | ||||
Consumer and other
|
345 | 345 | ||||||
Total non-accrual loans
|
917 | 1,854 | ||||||
OREO
|
90 | 90 | ||||||
Total non-performing assets
|
$ | 1,007 | $ | 1,944 | ||||
Non-performing assets to gross loans and OREO
|
0.34 | % | 0.73 | % | ||||
Non-performing assets to total assets
|
0.20 | % | 0.39 | % |
(in thousands)
|
Commercial
|
Commercial
Real Estate
|
Residential
|
Land and
Construction
|
Consumer
and Other
|
|||||||||||||||
As of March 31, 2013: | ||||||||||||||||||||
Grade:
|
||||||||||||||||||||
Pass
|
$ | 52,010 | $ | 125,316 | $ | 62,192 | $ | 29,209 | $ | 20,305 | ||||||||||
Special Mention
|
6,471 | — | — | — | — | |||||||||||||||
Substandard
|
1,291 | 623 | — | — | 395 | |||||||||||||||
Total
|
$ | 59,772 | $ | 125,939 | $ | 62,192 | $ | 29,209 | $ | 20,700 | ||||||||||
As of December 31, 2012: | ||||||||||||||||||||
Grade:
|
||||||||||||||||||||
Pass
|
$ | 49,717 | $ | 109,397 | $ | 53,162 | $ | 19,080 | $ | 25,190 | ||||||||||
Special Mention
|
6,609 | — | — | — | — | |||||||||||||||
Substandard
|
2,443 | 634 | — | — | 394 | |||||||||||||||
Total
|
$ | 58,769 | $ | 110,031 | $ | 53,162 | $ | 19,080 | $ | 25,584 |
(in thousands)
|
Recorded
Investment
|
Unpaid
Principal
Balance
|
Related
Allowance
|
Average
Recorded
Investment
|
||||||||||||
As of and for the three months ended March 31, 2013: | ||||||||||||||||
With no related allowance recorded:
|
||||||||||||||||
Commercial
|
$ | 844 | $ | 1,120 | $ | — | $ | 931 | ||||||||
Commercial real estate
|
— | — | — | — | ||||||||||||
Residential
|
— | — | — | — | ||||||||||||
Land and construction
|
— | — | — | — | ||||||||||||
Consumer and other
|
345 | 345 | — | 345 | ||||||||||||
With an allowance recorded:
|
||||||||||||||||
Commercial
|
$ | — | $ | — | $ | — | $ | 271 | ||||||||
Commercial real estate
|
— | — | — | — | ||||||||||||
Residential
|
— | — | — | — | ||||||||||||
Land and construction
|
— | — | — | — | ||||||||||||
Consumer and other
|
— | — | — | — | ||||||||||||
Totals:
|
||||||||||||||||
Commercial
|
$ | 844 | $ | 1,120 | $ | — | $ | 1,202 | ||||||||
Commercial real estate
|
$ | — | $ | — | $ | — | $ | — | ||||||||
Residential
|
$ | — | $ | — | $ | — | $ | — | ||||||||
Land and construction
|
$ | — | $ | — | $ | — | $ | — | ||||||||
Consumer and other
|
$ | 345 | $ | 345 | $ | — | $ | 345 | ||||||||
As of and for the year ended December 31, 2012:
|
||||||||||||||||
With no related allowance recorded:
|
||||||||||||||||
Commercial
|
$ | 988 | $ | 1,303 | $ | — | $ | 1,098 | ||||||||
Commercial real estate
|
— | — | — | 3,113 | ||||||||||||
Residential
|
— | — | — | — | ||||||||||||
Land and construction
|
— | — | — | 1,155 | ||||||||||||
Consumer and other
|
345 | 345 | — | 345 | ||||||||||||
With an allowance recorded:
|
||||||||||||||||
Commercial
|
$ | 811 | $ | 1,990 | $ | 500 | $ | 1,084 | ||||||||
Commercial real estate
|
— | — | — | — | ||||||||||||
Residential
|
— | — | — | — | ||||||||||||
Land and construction
|
— | — | — | — | ||||||||||||
Consumer and other
|
— | — | — | — | ||||||||||||
Totals:
|
||||||||||||||||
Commercial
|
$ | 1,799 | $ | 3,293 | $ | 500 | $ | 2,182 | ||||||||
Commercial real estate
|
$ | — | $ | — | $ | — | $ | 3,113 | ||||||||
Residential
|
$ | — | $ | — | $ | — | $ | — | ||||||||
Land and construction
|
$ | — | $ | — | $ | — | $ | 1,155 | ||||||||
Consumer and other
|
$ | 345 | $ | 345 | $ | — | $ | 345 |
For the Three Months Ended March 31, 2012
|
||||||||||||
(dollars in thousands)
|
Number
of
Loans
|
Pre
Modification Outstanding
Recorded
Investment
|
Post
Modification Outstanding
Recorded
Investment
|
|||||||||
Troubled Debt Restructurings:
|
||||||||||||
Commercial
|
3 | $ | 1,103 | $ | 1,103 |
March 31, 2013
|
December 31, 2012
|
|||||||||||||||
(in thousands)
|
Notional
Amount
|
Estimated
Fair Value
|
Notional
Amount
|
Estimated
Fair Value
|
||||||||||||
Non-hedging interest rate derivatives: | ||||||||||||||||
Commercial loan interest rate swaps
|
$ | 2,757 | $ | 87 | $ | 2,800 | $ | 107 | ||||||||
Commercial loan interest rate swaps
|
$ | (2,757 | ) | $ | (87 | ) | $ | (2,800 | ) | $ | (107 | ) |
|
Weighted-Average
|
|||||||
|
Interest
Rate
Paid
|
Interest
Rate
Received
|
||||||
Non-hedging interest rate swaps
|
|
3.40
|
%
|
4.85
|
%
|
|||
Non-hedging interest rate swaps
|
|
4.85
|
%
|
3.40
|
%
|
(in thousands)
|
Three Months Ended
March 31, 2013
|
||||
Non-hedging interest rate derivatives:
|
|||||
Other non-interest income
|
$ | (20 | ) | ||
Other non-interest expense
|
$ | (20 | ) |
Three Months Ended
March 31,
|
||||||||
(in thousands)
|
2013
|
2012
|
||||||
Net income
|
$ | 1,442 | $ | 592 | ||||
Other comprehensive income:
|
||||||||
(Decrease) increase in net unrealized gains on investment securities available for sale, net of tax benefit (expense) of $113 and ($66) for the three months ended March 31, 2013 and 2012, respectively
|
(163 | ) | 93 | |||||
Comprehensive income
|
$ | 1,279 | $ | 685 |
(in thousands)
|
March 31, 2013
|
December 31, 2012
|
||||||
Leasehold improvements
|
$ | 973 | $ | 973 | ||||
Furniture & equipment
|
2,205 | 2,191 | ||||||
Software
|
674 | 661 | ||||||
Total
|
3,852 | 3,825 | ||||||
Accumulated depreciation
|
(2,935 | ) | (2,805 | ) | ||||
Premises and equipment, net
|
$ | 917 | $ | 1,020 |
March 31, 2013
|
December 31, 2012
|
|||||||||||||||
(dollars in thousands)
|
Amount
|
% of Total
|
Amount
|
% of Total
|
||||||||||||
Non-interest bearing demand deposits
|
$ | 195,540 | 47.2 | % | $ | 196,026 | 47.0 | % | ||||||||
Interest bearing checking
|
22,930 | 5.5 | % | 23,233 | 5.6 | % | ||||||||||
Money market deposits and savings
|
151,196 | 36.5 | % | 152,094 | 36.5 | % | ||||||||||
Certificates of deposit
|
44,863 | 10.8 | % | 45,328 | 10.9 | % | ||||||||||
Total
|
$ | 414,529 | 100.0 | % | $ | 416,681 | 100.0 | % |
(in thousands)
|
Six months
and less
|
Greater than six
months through
one year
|
Greater than
one year
|
|||||||||||
0.00% | to | 0.99% | $ | 40,304 | $ | 1,499 | $ | — | ||||||
1.00%
|
to | 1.99% | 3,000 | 20 | 40 | |||||||||
Total
|
$ | 43,304 | $ | 1,519 | $ | 40 |
Maturity Date
|
Interest Rate
|
March 31, 2013
|
December 31, 2012
|
|||||||||
May 23, 2013
|
0.63% | $ | 2,500 | $ | 2,500 | |||||||
May 23, 2014
|
1.14% | 2,500 | 2,500 | |||||||||
December 29, 2014
|
0.83% | 5,000 | 5,000 | |||||||||
December 30, 2014
|
0.74% | 2,500 | 2,500 | |||||||||
May 26, 2015
|
1.65% | 2,500 | 2,500 | |||||||||
May 23, 2016
|
2.07% | 2,500 | 2,500 | |||||||||
December 29, 2016
|
1.38% | 5,000 | 5,000 | |||||||||
December 30, 2016
|
1.25% | 2,500 | 2,500 | |||||||||
Total
|
$ | 25,000 | $ | 25,000 |
Years ending December 31,
|
||||
2013 (April – December)
|
$
|
529
|
||
2014
|
644
|
|||
2015
|
655
|
|||
2016
|
675
|
|||
2017
|
696
|
|||
Thereafter
|
5,057
|
|||
Total
|
$
|
8,256
|
Years ending December 31,
|
||||
2013 (April – December)
|
$
|
438
|
||
2014
|
323
|
|||
2015
|
150
|
|||
2016
|
52
|
|||
2017
|
10
|
|||
Total
|
$
|
973
|
Fair Value Measurements Using
|
||||||||||||||||
(in thousands)
|
Fair Value
|
Quoted Prices in Active Markets for Identical Assets (Level 1)
|
Other Observable Inputs (Level 2)
|
Significant Unobservable Inputs (Level 3)
|
||||||||||||
At March 31, 2013:
|
||||||||||||||||
Investments-Available for Sale
|
||||||||||||||||
U.S. Gov’t treasuries
|
$ | 2,216 | $ | 2,216 | $ | — | $ | — | ||||||||
Corporate Notes
|
34,746 | — | 34,746 | — | ||||||||||||
Residential Mortgage-Backed Securities
|
131,072 | — | 131,072 | — | ||||||||||||
Derivative Assets -
Interest Rate Swaps
|
87 | — | 87 | — | ||||||||||||
Derivative Liabilities -
Interest Rate Swaps
|
87 | — | 87 | — | ||||||||||||
At December 31, 2012:
|
||||||||||||||||
Investments-Available for Sale
|
||||||||||||||||
U.S. Gov’t treasuries
|
$ | 2,207 | $ | 2,207 | $ | — | $ | — | ||||||||
Corporate Notes
|
35,275 | — | 35,275 | — | ||||||||||||
Residential Mortgage-Backed Securities
|
143,743 | — | 143,743 | — | ||||||||||||
Derivative Assets –
Interest Rate Swaps
|
107 | — | 107 | — | ||||||||||||
Derivative Liabilities –
Interest Rate Swaps
|
107 | — | 107 | — |
Fair Value Measurements Using
|
||||||||||||||||
(in thousands) |
Fair Value
|
Quoted Prices in Active Markets for Identical Assets (Level 1)
|
Other Observable Inputs (Level 2)
|
Significant Unobservable Inputs (Level 3)
|
||||||||||||
At March 31, 2013: | ||||||||||||||||
Impaired loans
|
||||||||||||||||
Commercial
|
$ | 844 | $ | — | $ | — | $ | 844 | ||||||||
OREO
|
||||||||||||||||
Land and construction
|
90 | — | — | 90 | ||||||||||||
Total
|
$ | 934 | $ | — | $ | — | $ | 934 | ||||||||
At December 31, 2012:
|
||||||||||||||||
Impaired loans
|
||||||||||||||||
Commercial
|
$ | 889 | $ | — | $ | — | $ | 889 | ||||||||
OREO
|
||||||||||||||||
Land and construction
|
90 | — | — | 90 | ||||||||||||
Total
|
$ | 979 | $ | — | $ | — | $ | 979 |
Three Months Ended March 31,
|
||||||||
(in thousands)
|
2013
|
2012
|
||||||
Loan arrangement fees
|
$ | 236 | $ | 278 | ||||
Service charges and other operating income
|
123 | 69 | ||||||
Total non-interest income
|
$ | 359 | $ | 347 |
Three Months Ended March 31,
|
||||||||||||||||
2013
|
2012
|
|||||||||||||||
Restricted Shares
|
Number
of
Shares
|
Weighted Avg Fair Value at
Grant Date
|
Number
of
Shares
|
Weighted Avg
Fair Value at
Grant Date
|
||||||||||||
Beginning balance
|
563,516 | $ | 4.23 | 536,733 | $ | 4.03 | ||||||||||
Vested
|
(6,290 | ) | 3.58 | (8,790 | ) | 4.11 | ||||||||||
Forfeited and surrendered
|
(4,000 | ) | 4.04 | — | — | |||||||||||
Ending balance
|
553,226 | $ | 4.23 | 527,943 | $ | 4.05 |
Shares Reserved
|
Less Shares Previously
Exercised/Vested
|
Less Shares
Outstanding
|
Total Shares
Available for
Future Issuance
|
|||||||||||||
2004 Founder Stock Option Plan
|
150,000 | 8,000 | 133,700 | 8,300 | ||||||||||||
Director and Employee Stock Option Plan
|
1,434,000 | 216,924 | 1,045,673 | 171,403 | ||||||||||||
|
||||||||||||||||
Equity Incentive Plan
|
1,200,000 | 503,797 | 553,226 | 142,977 |
Company
|
Bank
|
For Capital
Adequacy Purposes
|
For the Bank to be
Well Capitalized Under
Prompt Corrective
Measures
|
|||||||||||||||||||||||||||||
(dollars in thousands)
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
||||||||||||||||||||||||
March 31, 2013:
|
||||||||||||||||||||||||||||||||
Total Risk-Based Capital Ratio
|
$ | 52,882 | 14.73 | % | $ | 51,716 | 14.41 | % | $ | 28,721 | 8.00 | % | $ | 35,900 | 10.00 | % | ||||||||||||||||
Tier 1 Risk-Based Capital Ratio
|
$ | 48,366 | 13.47 | % | $ | 47,200 | 13.15 | % | $ | 14,360 | 4.00 | % | $ | 21,540 | 6.00 | % | ||||||||||||||||
Tier 1 Leverage Ratio
|
$ | 48,366 | 10.02 | % | $ | 47,200 | 9.77 | % | $ | 19,314 | 4.00 | % | $ | 24,144 | 5.00 | % | ||||||||||||||||
December 31, 2012:
|
||||||||||||||||||||||||||||||||
Total Risk-Based Capital Ratio
|
$ | 50,823 | 15.65 | % | $ | 49,635 | 15.29 | % | $ | 25,977 | 8.00 | % | $ | 32,470 | 10.00 | % | ||||||||||||||||
Tier 1 Risk-Based Capital Ratio
|
$ | 46,738 | 14.39 | % | $ | 45,549 | 14.03 | % | $ | 12,988 | 4.00 | % | $ | 19,482 | 6.00 | % | ||||||||||||||||
Tier 1 Leverage Ratio
|
$ | 46,738 | 9.47 | % | $ | 45,549 | 9.22 | % | $ | 19,748 | 4.00 | % | $ | 24,696 | 5.00 | % |
Three months ended March 31,
|
||||||||
2013
|
2012
|
|||||||
Annualized return on average assets
|
1.20 | % | 0.56 | % | ||||
Annualized return on average stockholders’ equity
|
11.77 | % | 5.24 | % | ||||
Average stockholders’ equity to average assets
|
10.20 | % | 10.76 | % | ||||
Net interest margin
|
3.30 | % | 3.20 | % |
Three Months Ended March 31,
|
||||||||||||||||||||||||
2013
|
2012
|
|||||||||||||||||||||||
(dollars in thousands)
|
Average
Balance
|
Interest
Inc/Exp
|
Yield
|
Average
Balance
|
Interest
Inc/Exp
|
Yield
|
||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Interest earning deposits at other financial institutions
|
$ | 26,165 | $ | 16 | 0.25 | % | $ | 52,722 | $ | 32 | 0.24 | % | ||||||||||||
U.S. Gov’t Treasuries
|
2,207 | (12 | ) | (2.16 | )% | 2,154 | — | — | % | |||||||||||||||
Corporate notes
|
34,989 | 189 | 2.16 | % | 8,717 | 37 | 1.68 | % | ||||||||||||||||
Residential mortgage-backed securities
|
137,922 | 602 | 1.75 | % | 118,289 | 717 | 2.42 | % | ||||||||||||||||
Federal Reserve Bank stock
|
1,363 | 21 | 6.00 | % | 1,265 | 19 | 6.00 | % | ||||||||||||||||
Federal Home Loan Bank stock
|
2,415 | 14 | 2.34 | % | 1,683 | 2 | 0.50 | % | ||||||||||||||||
Loans (1) (2)
|
272,880 | 3,258 | 4.84 | % | 229,598 | 2,734 | 4.79 | % | ||||||||||||||||
Earning assets
|
477,941 | 4,088 | 3.46 | % | 414,428 | 3,541 | 3.43 | % | ||||||||||||||||
Other assets
|
8,812 | 8,150 | ||||||||||||||||||||||
Total assets
|
$ | 486,753 | $ | 422,578 | ||||||||||||||||||||
Liabilities & Equity
|
||||||||||||||||||||||||
Interest checking (NOW)
|
$ | 23,510 | 9 | 0.16 | % | $ | 20,074 | 9 | 0.19 | % | ||||||||||||||
Money market deposits and savings
|
153,991 | 90 | 0.24 | % | 152,888 | 127 | 0.33 | % | ||||||||||||||||
CDs
|
44,990 | 31 | 0.28 | % | 46,293 | 32 | 0.27 | % | ||||||||||||||||
Borrowings
|
25,051 | 74 | 1.21 | % | 25,001 | 74 | 1.20 | % | ||||||||||||||||
Total interest bearing deposits and borrowings
|
247,542 | 204 | 0.33 | % | 244,256 | 242 | 0.40 | % | ||||||||||||||||
Demand deposits
|
185,881 | 129,736 | ||||||||||||||||||||||
Other liabilities
|
3,665 | 3,127 | ||||||||||||||||||||||
Total liabilities
|
437,088 | 377,119 | ||||||||||||||||||||||
Equity
|
49,665 | 45,459 | ||||||||||||||||||||||
Total liabilities & equity
|
$ | 486,753 | $ | 422,578 | ||||||||||||||||||||
Net interest income / spread
|
$ | 3,884 | 3.13 | % | $ | 3,299 | 3.03 | % | ||||||||||||||||
Net interest margin
|
3.30 | % | 3.20 | % |
|
(1)
|
Before allowance for loan losses and net deferred loan fees and costs. Included in net interest income was net loan origination (cost amortization) and fee accretion of ($12,000) and $10,000 for the three months ended March 31, 2013 and 2012, respectively.
|
|
(2)
|
Includes average non-accrual loans of $1.2 million and $7.8 million for the three months ended March 31, 2013 and 2012, respectively.
|
Three Months Ended March 31, 2013 Compared to 2012
Increase (Decrease) Due to Changes in:
|
||||||||||||
(in thousands)
|
Volume
|
Rate
|
Total
|
|||||||||
Interest income:
|
||||||||||||
Interest earning deposits at other financial institutions
|
$ | (17 | ) | $ | 1 | $ | (16 | ) | ||||
U.S. Gov’t Treasuries
|
— | (12 | ) | (12 | ) | |||||||
Corporate notes
|
139 | 13 | 152 | |||||||||
Residential mortgage-backed securities
|
105 | (220 | ) | (115 | ) | |||||||
Federal Reserve Bank stock
|
2 | — | 2 | |||||||||
Federal Home Loan Bank stock
|
1 | 11 | 12 | |||||||||
Loans
|
494 | 30 | 524 | |||||||||
Total increase (decrease) in interest income
|
724 | (177 | ) | 547 | ||||||||
Interest expense:
|
||||||||||||
Interest checking (NOW)
|
2 | (2 | ) | — | ||||||||
Money market deposits and savings
|
1 | (38 | ) | (37 | ) | |||||||
CDs
|
(1 | ) | — | (1 | ) | |||||||
Borrowings
|
— | — | — | |||||||||
Total increase (decrease) in interest expense
|
2 | (40 | ) | (38 | ) | |||||||
Net increase (decrease) in net interest income
|
$ | 722 | $ | (137 | ) | $ | 585 |
(dollars in thousands)
|
March 31, 2013
|
December 31, 2012
|
||||||
Non-accrual loans:
|
||||||||
Commercial
|
$ | 572 | $ | 1,509 | ||||
Consumer and other
|
345 | 345 | ||||||
Total non-accrual loans
|
917 | 1,854 | ||||||
Other real estate owned (“OREO”)
|
90 | 90 | ||||||
Total non-performing assets
|
$ | 1,007 | $ | 1,944 | ||||
Non-performing assets to gross loans and OREO
|
0.34 | % | 0.73 | % | ||||
Non-performing assets to total assets
|
0.20 | % | 0.39 | % |
|
•
|
the risk characteristics of various classifications of loans;
|
|
•
|
general portfolio trends relative to asset and portfolio size;
|
|
•
|
asset categories;
|
|
•
|
potential credit concentrations;
|
|
•
|
delinquency trends within the loan portfolio;
|
|
•
|
changes in the volume and severity of past due and other classified loans;
|
|
•
|
historical loss experience and risks associated with changes in economic, social and business conditions; and
|
|
•
|
the underwriting standards in effect when the loan was made.
|
(in thousands) |
Commercial
|
Commercial
Real Estate
|
Residential
|
Land and
Construction
|
Consumer
and Other
|
Total
|
||||||||||||||||||
Three Months Ended March 31, 2013: | ||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||
Beginning balance
|
$ | 2,277 | $ | 2,450 | $ | 508 | $ | 411 | $ | 369 | $ | 6,015 | ||||||||||||
Provision for (reduction of) loan losses
|
(1,700 | ) | 750 | 190 | 330 | (70 | ) | (500 | ) | |||||||||||||||
Charge-offs
|
— | — | — | — | — | — | ||||||||||||||||||
Recoveries
|
1,054 | — | — | — | 50 | 1,104 | ||||||||||||||||||
Ending balance
|
$ | 1,631 | $ | 3,200 | $ | 698 | $ | 741 | $ | 349 | $ | 6,619 | ||||||||||||
Three Months Ended March 31, 2012: | ||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||
Beginning balance
|
$ | 2,584 | $ | 1,252 | $ | 583 | $ | 516 | $ | 349 | $ | 5,284 | ||||||||||||
Provision for loan losses
|
(300 | ) | 350 | (35 | ) | — | (15 | ) | — | |||||||||||||||
Charge-offs
|
(3 | ) | — | — | (5 | ) | — | (8 | ) | |||||||||||||||
Recoveries
|
9 | 3 | — | — | — | 12 | ||||||||||||||||||
Ending balance
|
$ | 2,290 | $ | 1,605 | $ | 548 | $ | 511 | $ | 334 | $ | 5,288 |
March 31, 2013
|
December 31, 2012
|
|||||||||||||||
(dollars in thousands)
|
Amount
|
Percent of
Total
|
Amount
|
Percent of
Total
|
||||||||||||
Non-interest bearing demand deposits
|
$ | 195,540 | 47.2 | % | $ | 196,026 | 47.0 | % | ||||||||
Interest bearing checking
|
22,930 | 5.5 | % | 23,233 | 5.6 | % | ||||||||||
Money market deposits and savings
|
151,196 | 36.5 | % | 152,094 | 36.5 | % | ||||||||||
Certificates of deposit
|
44,863 | 10.8 | % | 45,328 | 10.9 | % | ||||||||||
Total
|
$ | 414,529 | 100.0 | % | $ | 416,681 | 100.0 | % |
(in thousands) | ||||
Due within 3 months or less
|
$ | 21,308 | ||
Due after 3 months and within 6 months
|
21,172 | |||
Due after 6 months and within 12 months
|
1,156 | |||
Due after 12 months
|
— | |||
Total
|
$ | 43,636 |
Maturity Date
|
Interest Rate
|
March 31, 2013
|
December 31, 2012
|
|||||||||
May 23, 2013
|
0.63% | $ | 2,500 | $ | 2,500 | |||||||
May 23, 2014
|
1.14% | 2,500 | 2,500 | |||||||||
December 29, 2014
|
0.83% | 5,000 | 5,000 | |||||||||
December 30, 2014
|
0.74% | 2,500 | 2,500 | |||||||||
May 26, 2015
|
1.65% | 2,500 | 2,500 | |||||||||
May 23, 2016
|
2.07% | 2,500 | 2,500 | |||||||||
December 29, 2016
|
1.38% | 5,000 | 5,000 | |||||||||
December 30, 2016
|
1.25% | 2,500 | 2,500 | |||||||||
Total
|
$ | 25,000 | $ | 25,000 |
Company
|
Bank
|
For Capital Adequacy
Purposes
|
For the Bank to be Well
Capitalized Under Prompt
Corrective Measures
|
|||||||||||||||||||||||||||||
(dollars in thousands) |
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
||||||||||||||||||||||||
March 31, 2013: | ||||||||||||||||||||||||||||||||
Total Risk-Based Capital Ratio
|
$ | 52,882 | 14.73 | % | $ | 51,716 | 14.41 | % | $ | 28,721 | 8.00 | % | $ | 35,900 | 10.00 | % | ||||||||||||||||
Tier 1 Risk-Based Capital Ratio
|
$ | 48,366 | 13.47 | % | $ | 47,200 | 13.15 | % | $ | 14,360 | 4.00 | % | $ | 21,540 | 6.00 | % | ||||||||||||||||
Tier 1 Leverage Ratio
|
$ | 48,366 | 10.02 | % | $ | 47,200 | 9.77 | % | $ | 19,314 | 4.00 | % | $ | 24,144 | 5.00 | % | ||||||||||||||||
December 31, 2012:
|
||||||||||||||||||||||||||||||||
Total Risk-Based Capital Ratio
|
$ | 50,823 | 15.65 | % | $ | 49,635 | 15.29 | % | $ | 25,977 | 8.00 | % | $ | 32,470 | 10.00 | % | ||||||||||||||||
Tier 1 Risk-Based Capital Ratio
|
$ | 46,738 | 14.39 | % | $ | 45,549 | 14.03 | % | $ | 12,988 | 4.00 | % | 419,482 | 6.00 | % | |||||||||||||||||
Tier 1 Leverage Ratio
|
$ | 46,738 | 9.47 | % | $ | 45,549 | 9.22 | % | $ | 19,748 | 4.00 | % | $ | 24,696 | 5.00 | % |
(in thousands)
|
March 31, 2013
|
December 31, 2012
|
||||||
Commitments to extend credit
|
$ | 79,186 | $ | 74,230 | ||||
Commitments to extend credit to directors and officers (undisbursed amount)
|
$ | 448 | $ | 561 | ||||
Standby/commercial letters of credit
|
$ | 2,067 | $ | 1,900 | ||||
Guarantees on revolving credit card limits
|
$ | 207 | $ | 217 | ||||
Outstanding credit card balances
|
$ | 47 | $ | 67 |
Period
|
Total Number of Shares
Purchased
|
Average Price Paid Per Share
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)
|
Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans of Program (1)
|
||||||||||||
January 1-31, 2013
|
105 | $ | 4.57 | 105 | $ | 29 | ||||||||||
February 1-28, 2013
|
— | — | — | 29 | ||||||||||||
March 1-31, 2013
|
— | — | — | 29 | ||||||||||||
Total
|
105 | $ | 4.57 | 105 | $ | 29 |
|
31.1
|
Principal Executive Officer Certification required under Section 302 of the Sarbanes—Oxley Act of 2002.
|
|
31.2
|
Principal Financial Officer Certification required under Section 302 of the Sarbanes—Oxley Act of 2002.
|
|
32
|
Principal Executive Officer and
Principal Financial Officer Certification required under Section 906 of the Sarbanes—Oxley Act of 2002.
|
|
101.INS
|
XBRL Instance Document.
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document.
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document.
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
1
ST
CENTURY BANCSHARES, INC.
|
||
By:
|
/s/ Alan I. Rothenberg.
|
|
Alan I. Rothenberg
|
||
Chairman and Chief Executive Officer
|
||
By:
|
/s/ Bradley S. Satenberg.
|
|
Bradley S. Satenberg
|
||
Executive Vice President and Chief Financial Officer
|
1 Year 1ST Century Bancshares, Chart |
1 Month 1ST Century Bancshares, Chart |
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