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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Paragon Commercial Corp. (delisted) | NASDAQ:PBNC | 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% | 53.83 | 53.85 | 60.39 | 0 | 01:00:00 |
ý
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Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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¨
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Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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North Carolina
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56-2278662
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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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3535 Glenwood Avenue
Raleigh, North Carolina
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27612
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(Address of principal executive offices)
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(Zip Code)
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Large Accelerated Filer
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¨
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Accelerated Filer
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¨
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||||||||
Non-accelerated Filer
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ý
(Do not check if smaller reporting company)
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Smaller Reporting Company
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¨
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Page No. | |||
Part I.
|
FINANCIAL INFORMATION
|
||
Item 1.
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Financial Statements
|
||
Consolidated Balance Sheets (Unaudited) as of June 30, 2016 and December 31, 2015
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1
|
||
Consolidated Statements of Income (Unaudited) for the Three and Six Months Ended June 30, 2016 and 2015
|
2
|
||
Consolidated Statements of Comprehensive Income (Unaudited) for the Three and Six Months Ended June 30, 2016 and 2015
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3
|
||
Consolidated Statement of Changes in Stockholders' Equity (Unaudited) for the Six Months Ended June 30, 2016 and 2015
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4
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||
Consolidated Statements of Cash Flows (Unaudited) for the Six Months Ended June 30, 2016 and 2015
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5
|
||
Notes to Consolidated Financial Statements (Unaudited)
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6
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||
Item 2.
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Management’s Discussion and Analysis of Financial Condition and Results of Operations
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33
|
|
Item 3.
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Quantitative and Qualitative Disclosures about Market Risk
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58
|
|
Item 4.
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Controls and Procedures
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60
|
|
PART 2.
|
OTHER INFORMATION
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||
Item 1.
|
Legal Proceedings
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60
|
|
Item 1A.
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Risk Factors
|
60
|
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
60
|
|
Item 3.
|
Defaults Upon Senior Securities
|
61
|
|
Item 4.
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Mine Safety Disclosures
|
61
|
|
Item 5.
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Other Information
|
61
|
|
Item 6.
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Exhibits
|
61
|
|
SIGNATURES
|
62
|
(In thousands, except share data)
|
2016
|
2015
|
||||||
Assets
|
||||||||
Cash and due from banks:
|
||||||||
Interest-earning
|
$ | 73,448 | $ | 30,993 | ||||
Noninterest-earning
|
26,667 | 24,537 | ||||||
Investment securities - available-for-sale, at fair value
|
186,323 | 168,896 | ||||||
Federal Home Loan Bank stock, at cost
|
8,613 | 8,061 | ||||||
Loans - net of unearned income and deferred fees
|
1,105,344 | 1,016,156 | ||||||
Allowance for loan losses
|
(7,986 | ) | (7,641 | ) | ||||
Net loans
|
1,097,358 | 1,008,515 | ||||||
Accrued interest receivable
|
4,092 | 3,795 | ||||||
Bank premises and equipment, net
|
16,124 | 16,433 | ||||||
Bank owned life insurance
|
28,723 | 28,274 | ||||||
Other real estate owned
|
5,183 | 5,453 | ||||||
Deferred tax assets
|
3,264 | 4,118 | ||||||
Other assets
|
4,538 | 6,836 | ||||||
Total assets
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$ | 1,454,333 | $ | 1,305,911 | ||||
Liabilities and stockholders' equity
|
||||||||
Deposits:
|
||||||||
Noninterest-bearing demand
|
$ | 179,070 | $ | 158,974 | ||||
Interest-bearing checking and money market
|
654,954 | 504,092 | ||||||
Time deposits
|
266,177 | 319,781 | ||||||
Total deposits
|
1,100,201 | 982,847 | ||||||
Repurchase agreements and federal funds purchased
|
22,690 | 30,580 | ||||||
Federal Home Loan Bank advances
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175,000 | 165,000 | ||||||
Other borrowings
|
- | 4,800 | ||||||
Subordinated debentures
|
18,558 | 18,558 | ||||||
Other liabilities
|
6,175 | 6,468 | ||||||
Total liabilities
|
1,322,624 | 1,208,253 | ||||||
Stockholders' equity:
|
||||||||
Common stock, $0.008 par value; 20,000,000 shares
|
43 | 37 | ||||||
authorized; 5,449,866 and 4,581,334 issued and
|
||||||||
outstanding as of June 30, 2016 and December 31, 2015
|
||||||||
Additional paid-in-capital
|
79,845 | 53,147 | ||||||
Accumulated other comprehensive loss
|
148 | (886 | ) | |||||
Retained earnings
|
51,673 | 45,360 | ||||||
Total stockholders' equity
|
131,709 | 97,658 | ||||||
Total liabilities and stockholders' equity
|
$ | 1,454,333 | $ | 1,305,911 |
Three months
|
Six months
|
|||||||||||||||
ended June 30,
|
ended June 30,
|
|||||||||||||||
(In thousands, except per share data)
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
Interest income
|
||||||||||||||||
Loans and fees on loans
|
$ | 11,840 | $ | 10,899 | $ | 23,030 | $ | 20,966 | ||||||||
Investment securities and FHLB stock
|
1,369 | 1,072 | 2,588 | 2,299 | ||||||||||||
Federal funds and other
|
63 | 40 | 121 | 66 | ||||||||||||
Total Interest income
|
13,272 | 12,011 | 25,739 | 23,331 | ||||||||||||
Interest expense
|
||||||||||||||||
Interest-bearing checking and money market
|
836 | 645 | 1,693 | 1,260 | ||||||||||||
Time deposits
|
556 | 846 | 1,123 | 1,810 | ||||||||||||
Borrowings and repurchase agreements
|
579 | 307 | 1,071 | 596 | ||||||||||||
Total interest expense
|
1,971 | 1,798 | 3,887 | 3,666 | ||||||||||||
Net interest income
|
11,301 | 10,213 | 21,852 | 19,665 | ||||||||||||
Provision for loan losses
|
- | 179 | - | 750 | ||||||||||||
Net interest income after provision for loan losses
|
11,301 | 10,034 | 21,852 | 18,915 | ||||||||||||
Non-interest income
|
||||||||||||||||
Increase in cash surrender value of bank owned life insurance
|
226 | 206 | 449 | 407 | ||||||||||||
Net gain on sale of securities
|
- | - | 85 | 423 | ||||||||||||
Service charges and fees
|
56 | 54 | 114 | 105 | ||||||||||||
Mortgage origination fees and gains on sale of loans
|
33 | 75 | 65 | 112 | ||||||||||||
Net loss on sale or impairment of foreclosed assets
|
(45 | ) | (126 | ) | (257 | ) | (463 | ) | ||||||||
Other fees and income
|
111 | 115 | 191 | 224 | ||||||||||||
Total non-interest income
|
381 | 324 | 647 | 808 | ||||||||||||
Non-interest expense
|
||||||||||||||||
Salaries and employee benefits
|
3,742 | 3,117 | 7,609 | 6,336 | ||||||||||||
Furniture, equipment and software costs
|
502 | 451 | 994 | 901 | ||||||||||||
Occupancy
|
342 | 488 | 686 | 837 | ||||||||||||
Data processing
|
279 | 299 | 575 | 579 | ||||||||||||
Director related fees and expenses
|
219 | 211 | 471 | 417 | ||||||||||||
Professional fees
|
182 | 318 | 419 | 455 | ||||||||||||
FDIC and other supervisory assessments
|
217 | 252 | 412 | 479 | ||||||||||||
Advertising and public relations
|
234 | 176 | 422 | 546 | ||||||||||||
Unreimbursed loan costs and foreclosure related expenses
|
142 | 298 | 211 | 469 | ||||||||||||
Other
|
629 | 790 | 1,289 | 1,261 | ||||||||||||
Total non-interest expense
|
6,488 | 6,400 | 13,088 | 12,280 | ||||||||||||
Income before income taxes
|
5,194 | 3,958 | 9,411 | 7,443 | ||||||||||||
Income tax expense
|
1,719 | 1,308 | 3,098 | 2,485 | ||||||||||||
Net income
|
$ | 3,475 | $ | 2,650 | $ | 6,313 | $ | 4,958 | ||||||||
Net income per common share
|
||||||||||||||||
Basic
|
$ | 0.76 | $ | 0.59 | $ | 1.38 | $ | 1.10 | ||||||||
Diluted
|
$ | 0.75 | $ | 0.59 | $ | 1.37 | $ | 1.10 |
Three months
|
Six months
|
|||||||||||||||
ended June 30,
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ended June 30,
|
|||||||||||||||
(In thousands)
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
Net income
|
$ | 3,475 | $ | 2,650 | $ | 6,313 | $ | 4,958 | ||||||||
Other comprehensive income (loss) items:
|
||||||||||||||||
Securities available for sale:
|
||||||||||||||||
Unrealized gains (losses)
|
2,920 | (2,606 | ) | 3,914 | (1,242 | ) | ||||||||||
Reclassification of gains recognized in net income
|
- | - | (85 | ) | (423 | ) | ||||||||||
Other comprehensive income (loss)
|
2,920 | (2,606 | ) | 3,829 | (1,665 | ) | ||||||||||
Deferred tax expense (benefit)
|
1,116 | (998 | ) | 1,462 | (637 | ) | ||||||||||
Other comprehensive income (loss), net of tax
|
1,804 | (1,608 | ) | 2,367 | (1,028 | ) | ||||||||||
Cash flow hedges:
|
||||||||||||||||
Unrealized losses
|
(575 | ) | (79 | ) | (2,136 | ) | (1,270 | ) | ||||||||
Other comprehensive loss
|
(575 | ) | (79 | ) | (2,136 | ) | (1,270 | ) | ||||||||
Deferred tax benefit
|
(217 | ) | (30 | ) | (803 | ) | (486 | ) | ||||||||
Other comprehensive loss, net of tax
|
(358 | ) | (49 | ) | (1,333 | ) | (784 | ) | ||||||||
Total other comprehensive income (loss), net of tax
|
1,446 | (1,657 | ) | 1,034 | (1,812 | ) | ||||||||||
Comprehensive income
|
$ | 4,921 | $ | 993 | $ | 7,347 | $ | 3,146 |
Accumulated
|
||||||||||||||||||||||||
Additional
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Other
|
Total
|
||||||||||||||||||||||
Common Stock
|
Paid-in
|
Comprehensive
|
Retained
|
Stockholders'
|
||||||||||||||||||||
(In thousands, except share data)
|
Shares
|
Amount
|
Capital
|
Income (Loss)
|
Earnings
|
Equity
|
||||||||||||||||||
Balance at December 31, 2015
|
4,581,334 | $ | 37 | $ | 53,147 | $ | (886 | ) | $ | 45,360 | $ | 97,658 | ||||||||||||
Net income
|
- | - | - | - | 6,313 | 6,313 | ||||||||||||||||||
Unrealized gain on securities, net of
|
||||||||||||||||||||||||
tax expense of $1,464
|
- | - | - | 2,367 | - | 2,367 | ||||||||||||||||||
Unrealized loss on cash flow hedges,
|
||||||||||||||||||||||||
net of tax benefit of $803
|
- | - | - | (1,333 | ) | - | (1,333 | ) | ||||||||||||||||
Restricted stock expense recognized
|
- | - | 205 | - | - | 205 | ||||||||||||||||||
Issuance of stock for public offering
|
845,588 | 6 | 26,388 | 26,394 | ||||||||||||||||||||
Issuance of restricted stock awards
|
19,145 | - | - | - | - | - | ||||||||||||||||||
Issuance of stock for employee stock
|
||||||||||||||||||||||||
purchase plan
|
3,799 | - | 105 | - | - | 105 | ||||||||||||||||||
Balance at June 30, 2016
|
5,449,866 | $ | 43 | $ | 79,845 | $ | 148 | $ | 51,673 | $ | 131,709 | |||||||||||||
Accumulated
|
||||||||||||||||||||||||
Additional
|
Other
|
Total
|
||||||||||||||||||||||
Common Stock
|
Paid-in
|
Comprehensive
|
Retained
|
Stockholders'
|
||||||||||||||||||||
(In thousands, except share data)
|
Shares
|
Amount
|
Capital
|
Income (Loss)
|
Earnings
|
Equity
|
||||||||||||||||||
Balance at December 31, 2014
|
4,530,000 | $ | 36 | $ | 52,358 | $ | 1,142 | $ | 34,126 | $ | 87,662 | |||||||||||||
Net income
|
- | - | - | - | 4,958 | 4,958 | ||||||||||||||||||
Unrealized gain on securities, net of
|
||||||||||||||||||||||||
tax expense of $637
|
- | - | - | (1,028 | ) | - | (1,028 | ) | ||||||||||||||||
Unrealized loss on cash flow hedges,
|
||||||||||||||||||||||||
net of tax benefit of $486
|
- | - | - | (784 | ) | - | (784 | ) | ||||||||||||||||
Issuance of shares for employee
|
||||||||||||||||||||||||
stock purchase plan
|
- | - | - | - | - | - | ||||||||||||||||||
Issuance of restricted stock awards
|
14,156 | - | - | - | - | - | ||||||||||||||||||
Restricted stock expense recognized
|
- | - | 172 | - | - | 172 | ||||||||||||||||||
Issuance of stock for employee stock
|
||||||||||||||||||||||||
purchase plan
|
8,985 | - | 164 | - | - | 164 | ||||||||||||||||||
Balance at June 30, 2015
|
4,553,141 | $ | 36 | $ | 52,694 | $ | (670 | ) | $ | 39,084 | $ | 91,144 |
(In thousands)
|
2016
|
2015
|
||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$ | 6,313 | $ | 4,958 | ||||
Adjustments to reconcile net income to net cash provided by
|
||||||||
operating activities:
|
||||||||
Depreciation and amortization
|
711 | 688 | ||||||
Provision for loan losses
|
- | 750 | ||||||
Net loss on sale or impairment of foreclosed assets
|
257 | 463 | ||||||
Increase in cash surrender value of life insurance
|
(449 | ) | (406 | ) | ||||
Accretion of premiums/discounts on securities, net
|
567 | 414 | ||||||
Net gain on sale of securities
|
(85 | ) | (423 | ) | ||||
Loss on sale of property and equipment
|
- | 1 | ||||||
Deferred tax expense
|
196 | 522 | ||||||
Restricted stock expense
|
205 | 172 | ||||||
Changes in assets and liabilities:
|
||||||||
Accrued interest receivable and other assets
|
(135 | ) | (238 | ) | ||||
Accrued interest payable and other liabilities
|
(293 | ) | 640 | |||||
Net cash provided by operating activities
|
7,287 | 7,541 | ||||||
Cash flows from investing activities:
|
||||||||
Net decrease in Federal Home Loan Bank stock
|
(552 | ) | (1,693 | ) | ||||
Purchase of securities available for sale
|
(39,434 | ) | (23,081 | ) | ||||
Proceeds from maturities and paydowns of securities available for sale
|
9,639 | 8,272 | ||||||
Proceeds from sales of securities available for sale
|
15,714 | 28,779 | ||||||
Net increase in loans
|
(88,843 | ) | (126,390 | ) | ||||
Proceeds from sale of foreclosed real estate
|
13 | 4,221 | ||||||
Additions to bank premises and equipment
|
(402 | ) | (229 | ) | ||||
Other investing activites, net
|
- | (72 | ) | |||||
Net cash used in investing activities
|
(103,865 | ) | (110,193 | ) | ||||
Cash flows from financing activities:
|
||||||||
Net increase in demand and money market deposit accounts
|
170,958 | 157,705 | ||||||
Net decrease in time deposits
|
(53,604 | ) | (16,510 | ) | ||||
Net decrease in repurchase agreements
|
(7,890 | ) | (936 | ) | ||||
Net increase in FHLB and other borrowings
|
5,200 | 3,783 | ||||||
Net proceeds from sale of common stock
|
26,394 | - | ||||||
Issuance of common stock for employee stock purchase plan
|
105 | 164 | ||||||
Net cash provided by financing activities
|
141,163 | 144,206 | ||||||
Net change in cash and cash equivalents
|
44,585 | 41,554 | ||||||
Cash and cash equivalents at beginning of year
|
55,530 | 36,395 | ||||||
Cash and cash equivalents at end of year
|
$ | 100,115 | $ | 77,949 |
Three months
|
Six months
|
|||||||||||||||
ended June 30,
|
ended June 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Anti-dilutive stock options
|
80,500 | 91,000 | 80,500 | 91,000 | ||||||||||||
Unvested restricted shares
|
45,338 | 45,986 | 45,338 | 45,986 |
June 30,
|
December 31,
|
|||||||
2016
|
2015
|
|||||||
(In thousands)
|
||||||||
Unrealized gains on securities available-for-sale
|
$ | 5,207 | $ | 1,378 | ||||
Deferred tax expense
|
(1,992 | ) | (530 | ) | ||||
Other comprehensive income, net of tax
|
3,215 | 848 | ||||||
Unrealized losses on cash flow hedges
|
(4,915 | ) | (2,779 | ) | ||||
Deferred tax benefit
|
1,848 | 1,045 | ||||||
Other comprehensive loss, net of tax
|
(3,067 | ) | (1,734 | ) | ||||
Total other comprehensive income (loss)
|
$ | 148 | $ | (886 | ) |
Unpaid
|
||||||||||||
Unrealized
|
Unrealized
|
|||||||||||
Gains and
|
Gains and
|
|||||||||||
Losses on
|
Losses on
|
|||||||||||
Available-for
|
Cash Flow
|
|||||||||||
(in thousands
)
|
Sale Securities
|
Hedges
|
Total
|
|||||||||
Balance as of December 31, 2015
|
$ | 848 | $ | (1,734 | ) | $ | (886 | ) | ||||
Other comprehensive income (loss) before reclassification
|
2,452 | (1,333 | ) | 1,119 | ||||||||
Amounts reclassified from accumulated other
|
||||||||||||
comprehensive income
|
(85 | ) | - | (85 | ) | |||||||
Net current-period other comprehensive income (loss)
|
2,367 | (1,333 | ) | 1,034 | ||||||||
Balance as of June 30, 2016
|
$ | 3,215 | $ | (3,067 | ) | $ | 148 | |||||
Balance as of December 31, 2014
|
$ | 1,645 | $ | (503 | ) | $ | 1,142 | |||||
Other comprehensive loss before reclassification
|
(605 | ) | (784 | ) | (1,389 | ) | ||||||
Amounts reclassified from accumulated other
|
||||||||||||
comprehensive income
|
(423 | ) | - | (423 | ) | |||||||
Net current-period other comprehensive loss
|
(1,028 | ) | (784 | ) | (1,812 | ) | ||||||
Balance as of June 30, 2015
|
$ | 617 | $ | (1,287 | ) | $ | (670 | ) |
Gross
|
Gross
|
Estimated
|
||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
(In thousands)
|
Cost
|
Gains
|
Losses
|
Value
|
||||||||||||
June 30, 2016
|
||||||||||||||||
Available-for-sale:
|
||||||||||||||||
U.S. Agency obligations
|
$ | 18,454 | $ | 567 | $ | - | $ | 19,021 | ||||||||
Collateralized mortgage obligations
|
49,277 | 910 | - | 50,187 | ||||||||||||
Mortgage-backed securities
|
49,290 | 869 | - | 50,159 | ||||||||||||
Municipal bonds
|
61,419 | 2,948 | - | 64,367 | ||||||||||||
Other
|
2,676 | 9 | 96 | 2,589 | ||||||||||||
$ | 181,116 | $ | 5,303 | $ | 96 | $ | 186,323 | |||||||||
December 31, 2015
|
||||||||||||||||
Available-for-sale:
|
||||||||||||||||
U.S. Agency obligations
|
$ | 19,778 | $ | 196 | $ | 73 | $ | 19,901 | ||||||||
Collateralized mortgage obligations
|
60,826 | 321 | 206 | 60,941 | ||||||||||||
Mortgage-backed securities
|
31,074 | 326 | 90 | 31,310 | ||||||||||||
Municipal bonds
|
53,163 | 1,346 | 75 | 54,434 | ||||||||||||
Other
|
2,677 | 10 | 377 | 2,310 | ||||||||||||
$ | 167,518 | $ | 2,199 | $ | 821 | $ | 168,896 |
After One
|
After Five
|
No Stated
|
||||||||||||||||||||||
Within
|
Within
|
Within
|
After
|
Maturity
|
||||||||||||||||||||
(In thousands)
|
1 Year
|
Five Years
|
Ten Years
|
Ten Years
|
Date
|
Total
|
||||||||||||||||||
U.S. Agency obligations
|
$ | - | $ | - | $ | - | $ | 19,021 | $ | - | $ | 19,021 | ||||||||||||
Collateralized mortgage obligations
|
- | - | - | 50,187 | - | 50,187 | ||||||||||||||||||
Mortgage-backed securities
|
- | - | 14,229 | 35,930 | - | 50,159 | ||||||||||||||||||
Municipal bonds
|
- | 1,829 | 5,801 | 56,737 | - | 64,367 | ||||||||||||||||||
Other
|
- | - | - | 500 | 2,089 | 2,589 | ||||||||||||||||||
$ | - | $ | 1,829 | $ | 20,030 | $ | 162,375 | $ | 2,089 | $ | 186,323 |
Less Than 12 Months
|
12 Months or Greater
|
Total
|
||||||||||||||||||||||
(In thousands)
|
Unrealized
|
Unrealized
|
Unrealized
|
|||||||||||||||||||||
June 30, 2016
|
Fair Value
|
Losses
|
Fair Value
|
Losses
|
Fair Value
|
Losses
|
||||||||||||||||||
Securities available-for-sale:
|
||||||||||||||||||||||||
U.S. Agency obligations
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Collateralized mortgage obligations
|
- | - | - | - | - | - | ||||||||||||||||||
Mortgage-backed securities
|
- | - | - | - | - | - | ||||||||||||||||||
Municipal bonds
|
- | - | - | - | - | - | ||||||||||||||||||
Other
|
- | - | 894 | 96 | 894 | 96 | ||||||||||||||||||
Total temporarily impaired
|
||||||||||||||||||||||||
securities
|
$ | - | $ | - | $ | 894 | $ | 96 | $ | 894 | $ | 96 | ||||||||||||
Less Than 12 Months
|
12 Months or Greater
|
Total
|
||||||||||||||||||||||
(In thousands)
|
Unrealized
|
Unrealized
|
Unrealized
|
|||||||||||||||||||||
December 31, 2015
|
Fair Value
|
Losses
|
Fair Value
|
Losses
|
Fair Value
|
Losses
|
||||||||||||||||||
Securities available-for-sale:
|
||||||||||||||||||||||||
U.S. Agency obligations
|
$ | 3,007 | $ | - | $ | 3,178 | $ | 73 | $ | 6,185 | $ | 73 | ||||||||||||
Collateralized mortgage obligations
|
26,086 | 159 | 2,983 | 47 | 29,069 | 206 | ||||||||||||||||||
Mortgage-backed securities
|
18,575 | 90 | - | - | 18,575 | 90 | ||||||||||||||||||
Municipal bonds
|
3,896 | 6 | 7,990 | 69 | 11,886 | 75 | ||||||||||||||||||
Other
|
1,774 | 377 | - | - | 1,774 | 377 | ||||||||||||||||||
Total temporarily impaired
|
||||||||||||||||||||||||
securities
|
$ | 53,338 | $ | 632 | $ | 14,151 | $ | 189 | $ | 67,489 | $ | 821 |
June 30,
|
December 31,
|
||||
Available-for-sale:
|
2016
|
2015
|
|||
U.S. Agency obligations
|
-
|
3
|
|||
Collateralized mortgage obligations
|
-
|
7
|
|||
Mortgage-backed securities
|
-
|
6
|
|||
Municipal bonds
|
-
|
22
|
|||
Other
|
1
|
1
|
|||
1
|
39
|
Three months
|
Six months
|
|||||||||||||||
ended June 30,
|
ended June 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Gross gains on sales of securities available for sale
|
$ | - | $ | - | $ | 136 | $ | 427 | ||||||||
Gross losses on sales of securities available for sale
|
- | - | (51 | ) | (4 | ) | ||||||||||
Total securities gains
|
$ | - | $ | - | $ | 85 | $ | 423 |
June 30,
|
December 31,
|
|||||||
(In thousands)
|
2016
|
2015
|
||||||
Construction and land development
|
$ | 63,819 | $ | 64,702 | ||||
Commercial real estate:
|
||||||||
Non-farm, non-residential
|
341,477 | 307,722 | ||||||
Owner occupied
|
158,612 | 147,017 | ||||||
Multifamily, nonresidential and junior liens
|
93,945 | 79,170 | ||||||
Total commercial real estate
|
594,034 | 533,909 | ||||||
Consumer real estate:
|
||||||||
Home equity lines
|
85,883 | 78,943 | ||||||
Secured by 1-4 family residential, secured by first deeds of trust
|
186,054 | 167,053 | ||||||
Secured by 1-4 family residential, secured by second deeds of trust
|
3,656 | 3,711 | ||||||
Total consumer real estate
|
275,593 | 249,707 | ||||||
Commercial and industrial loans (except those secured by real estate)
|
157,640 | 153,669 | ||||||
Consumer and other
|
13,672 | 13,539 | ||||||
Total loans
|
1,104,758 | 1,015,526 | ||||||
Deferred loan (fees) costs
|
586 | 630 | ||||||
Allowance for loan losses
|
(7,986 | ) | (7,641 | ) | ||||
Net loans
|
$ | 1,097,358 | $ | 1,008,515 |
Commercial
|
||||||||||||||||||||||||
& Industrial
|
||||||||||||||||||||||||
Construction
|
Consumer
|
Loans Not
|
||||||||||||||||||||||
and Land
|
Commercial
|
Real
|
Secured By
|
Consumer
|
Total
|
|||||||||||||||||||
(In thousands)
|
Development
|
Real Estate
|
Estate
|
Real Estate
|
& Other
|
Loans
|
||||||||||||||||||
Three months ended June 30, 2016
|
||||||||||||||||||||||||
Beginning balance
|
$ | 523 | $ | 3,072 | $ | 1,972 | $ | 1,790 | $ | 574 | $ | 7,931 | ||||||||||||
Provision for loan losses
|
(125 | ) | 187 | (88 | ) | 492 | (466 | ) | - | |||||||||||||||
Loans charged off
|
- | - | - | - | (1 | ) | (1 | ) | ||||||||||||||||
Recoveries
|
8 | 19 | 3 | 25 | 1 | 56 | ||||||||||||||||||
Net (chargeoffs) recoveries
|
8 | 19 | 3 | 25 | - | 55 | ||||||||||||||||||
Ending balance
|
$ | 406 | $ | 3,278 | $ | 1,887 | $ | 2,307 | $ | 108 | $ | 7,986 | ||||||||||||
Six months ended June 30, 2016
|
||||||||||||||||||||||||
Beginning balance
|
$ | 509 | $ | 3,156 | $ | 2,046 | $ | 1,786 | $ | 144 | $ | 7,641 | ||||||||||||
Provision for loan losses
|
(340 | ) | 66 | (165 | ) | 485 | (46 | ) | - | |||||||||||||||
Loans charged off
|
- | - | - | - | (1 | ) | (1 | ) | ||||||||||||||||
Recoveries
|
237 | 56 | 6 | 36 | 11 | 346 | ||||||||||||||||||
Net (chargeoffs) recoveries
|
237 | 56 | 6 | 36 | 10 | 345 | ||||||||||||||||||
Ending balance
|
$ | 406 | $ | 3,278 | $ | 1,887 | $ | 2,307 | $ | 108 | $ | 7,986 | ||||||||||||
Three months ended June 30, 2015
|
||||||||||||||||||||||||
Beginning balance
|
$ | 696 | $ | 2,003 | $ | 2,191 | $ | 2,602 | $ | 60 | $ | 7,552 | ||||||||||||
Provision for loan losses
|
93 | 257 | 46 | (214 | ) | (3 | ) | 179 | ||||||||||||||||
Loans charged off
|
- | (276 | ) | - | - | - | (276 | ) | ||||||||||||||||
Recoveries
|
12 | 102 | - | - | - | 114 | ||||||||||||||||||
Net (chargeoffs) recoveries
|
12 | (174 | ) | - | - | - | (162 | ) | ||||||||||||||||
Ending balance
|
$ | 801 | $ | 2,086 | $ | 2,237 | $ | 2,388 | $ | 57 | $ | 7,569 | ||||||||||||
Six months ended June 30, 2015
|
||||||||||||||||||||||||
Beginning balance
|
$ | 960 | $ | 2,510 | $ | 1,594 | $ | 1,662 | $ | 143 | $ | 6,869 | ||||||||||||
Provision for loan losses
|
(212 | ) | (321 | ) | 643 | 726 | (86 | ) | 750 | |||||||||||||||
Loans charged off
|
- | (276 | ) | - | - | - | (276 | ) | ||||||||||||||||
Recoveries
|
53 | 173 | - | - | - | 226 | ||||||||||||||||||
Net (chargeoffs) recoveries
|
53 | (103 | ) | - | - | - | (50 | ) | ||||||||||||||||
Ending balance
|
$ | 801 | $ | 2,086 | $ | 2,237 | $ | 2,388 | $ | 57 | $ | 7,569 |
Commercial
|
||||||||||||||||||||||||
& Industrial
|
||||||||||||||||||||||||
Construction
|
Consumer
|
Loans Not
|
||||||||||||||||||||||
and Land
|
Commercial
|
Real
|
Secured By
|
Consumer
|
Total
|
|||||||||||||||||||
(in thousands)
|
Development
|
Real Estate
|
Estate
|
Real Estate
|
& Other
|
Loans
|
||||||||||||||||||
June 30, 2016
|
||||||||||||||||||||||||
Allowance for Loan Losses:
|
||||||||||||||||||||||||
Individually evaluated for impairment
|
$ | 3 | $ | 10 | $ | 110 | $ | 1,120 | $ | - | $ | 1,243 | ||||||||||||
Collectively evaluated for impairment
|
403 | 3,268 | 1,777 | 1,187 | 108 | 6,743 | ||||||||||||||||||
Total ending allowance
|
$ | 406 | $ | 3,278 | $ | 1,887 | $ | 2,307 | $ | 108 | $ | 7,986 | ||||||||||||
Loans:
|
||||||||||||||||||||||||
Individually evaluated for impairment
|
$ | 132 | $ | 881 | $ | 403 | $ | 2,989 | $ | - | $ | 4,405 | ||||||||||||
Collectively evaluated for impairment
|
63,687 | 593,153 | 275,190 | 154,651 | 13,672 | 1,100,353 | ||||||||||||||||||
Total ending loans
|
$ | 63,819 | $ | 594,034 | $ | 275,593 | $ | 157,640 | $ | 13,672 | $ | 1,104,758 | ||||||||||||
(in thousands)
|
||||||||||||||||||||||||
December 31, 2015
|
||||||||||||||||||||||||
Allowance for Loan Losses:
|
||||||||||||||||||||||||
Individually evaluated for impairment
|
$ | 4 | $ | 72 | $ | 115 | $ | 297 | $ | 21 | $ | 509 | ||||||||||||
Collectively evaluated for impairment
|
505 | 3,084 | 1,931 | 1,489 | 123 | 7,132 | ||||||||||||||||||
Total ending allowance
|
$ | 509 | $ | 3,156 | $ | 2,046 | $ | 1,786 | $ | 144 | $ | 7,641 | ||||||||||||
Loans:
|
||||||||||||||||||||||||
Individually evaluated for impairment
|
$ | 238 | $ | 2,619 | $ | 411 | $ | 602 | $ | 21 | $ | 3,891 | ||||||||||||
Collectively evaluated for impairment
|
64,464 | 531,290 | 249,296 | 153,067 | 13,518 | 1,011,635 | ||||||||||||||||||
Total ending loans
|
$ | 64,702 | $ | 533,909 | $ | 249,707 | $ | 153,669 | $ | 13,539 | $ | 1,015,526 |
•
|
If unsecured, the loan must be charged off in full.
|
•
|
If secured, the outstanding principal balance of the loan should be charged down to the net realizable value of the collateral.
|
•
|
No regularly scheduled payment has been made within four months unless fully secured and in the process of collection.
|
•
|
The collateral value is insufficient to cover the outstanding indebtedness and it is unlikely the borrower will have the ability to pay the debt in a timely manner.
|
•
|
The loan is unsecured, the borrower files for bankruptcy protection and there is no other (guarantor, etc.) support from an entity outside of the bankruptcy proceedings.
|
June 30,
|
December 31,
|
|||||||
(In thousands)
|
2016
|
2015
|
||||||
Performing TDRs:
|
||||||||
Commercial real estate
|
$ | 546 | $ | 2,220 | ||||
Consumer real estate
|
341 | 346 | ||||||
Commercial and industrial loans
|
638 | 47 | ||||||
Total performing TDRs
|
1,525 | 2,613 | ||||||
Nonperforming TDRs:
|
||||||||
Construction and land development
|
132 | 104 | ||||||
Consumer real estate
|
62 | 65 | ||||||
Commercial and industrial loans
|
517 | - | ||||||
Consumer and other
|
- | 21 | ||||||
Total nonperformingTDRs
|
711 | 190 | ||||||
Total TDRs
|
$ | 2,236 | $ | 2,803 |
Unpaid
Contractual
|
||||||||||||
(in thousands
)
|
Recorded
|
Principal
|
Allocated
|
|||||||||
June 30, 2016
|
Investment
|
Balance
|
Allowance
|
|||||||||
Loans without a specific valuation allowance:
|
||||||||||||
Construction and land development
|
$ | 129 | $ | 166 | $ | - | ||||||
Commercial real estate
|
547 | 543 | - | |||||||||
Commercial and industrial loans
|
640 | 640 | ||||||||||
Loans with a specific valuation allowance:
|
||||||||||||
Construction and land development
|
3 | 29 | 3 | |||||||||
Commercial real estate
|
334 | 331 | 10 | |||||||||
Consumer real estate
|
403 | 430 | 110 | |||||||||
Commercial and industrial loans
|
2,349 | 2,374 | 1,120 | |||||||||
Total
|
$ | 4,405 | $ | 4,513 | $ | 1,243 |
Three months ended June 30,
|
||||||||||||||||
2016
|
2015
|
|||||||||||||||
Average
|
Interest
|
Average
|
Interest
|
|||||||||||||
Balance
|
Income
|
Balance
|
Income
|
|||||||||||||
Construction and land development
|
$ | 133 | $ | - | $ | 305 | $ | 1 | ||||||||
Commercial real estate
|
1,113 | 13 | 5,737 | 40 | ||||||||||||
Consumer real estate
|
404 | 4 | 826 | 7 | ||||||||||||
Commercial and industrial loans
|
2,671 | 17 | 634 | 11 | ||||||||||||
Consumer and other
|
13 | - | 24 | - | ||||||||||||
Total securities gains
|
$ | 4,334 | $ | 34 | $ | 7,526 | $ | 59 | ||||||||
Six months ended June 30,
|
||||||||||||||||
2016 | 2015 | |||||||||||||||
Average
|
Interest
|
Average
|
Interest
|
|||||||||||||
Balance
|
Income
|
Balance
|
Income
|
|||||||||||||
Construction and land development
|
$ | 182 | $ | - | $ | 322 | $ | 1 | ||||||||
Commercial real estate
|
1,633 | 37 | 6,694 | 92 | ||||||||||||
Consumer real estate
|
406 | 9 | 735 | 13 | ||||||||||||
Commercial and industrial loans
|
1,618 | 47 | 667 | 22 | ||||||||||||
Consumer and other
|
17 | - | 24 | - | ||||||||||||
Total securities gains
|
$ | 3,856 | $ | 93 | $ | 8,442 | $ | 128 |
Nonaccrual
|
||||||||
June 30,
|
December 31,
|
|||||||
(in thousands)
|
2016
|
2015
|
||||||
Construction and land development
|
$ | 132 | $ | 238 | ||||
Consumer real estate
|
62 | 65 | ||||||
Commercial and industrial loans
|
1,026 | 189 | ||||||
Consumer and other
|
- | 21 | ||||||
Total
|
$ | 1,220 | $ | 513 |
Greater
|
||||||||||||||||||||||||||||
30 - 59 | 60 - 89 |
than 90
|
||||||||||||||||||||||||||
Days
|
Days
|
Days
|
Total
|
|||||||||||||||||||||||||
(in thousands)
|
Past
|
Past
|
Past
|
Non-
|
Past
|
Total
|
||||||||||||||||||||||
June 30, 2016
|
Due
|
Due
|
Due
|
Accrual
|
Due
|
Current
|
Loans
|
|||||||||||||||||||||
Construction and land development
|
$ | - | $ | - | $ | - | $ | 132 | $ | 132 | $ | 63,687 | $ | 63,819 | ||||||||||||||
Commercial real estate
|
- | - | - | - | - | 594,034 | 594,034 | |||||||||||||||||||||
Consumer real estate
|
- | - | - | 62 | 62 | 275,531 | 275,593 | |||||||||||||||||||||
Commercial and industrial loans
|
346 | - | - | 1,026 | 1,372 | 156,268 | 157,640 | |||||||||||||||||||||
Consumer and other
|
- | - | - | - | - | 13,672 | 13,672 | |||||||||||||||||||||
Total
|
$ | 346 | $ | - | $ | - | $ | 1,220 | $ | 1,566 | $ | 1,103,192 | $ | 1,104,758 | ||||||||||||||
Greater
|
||||||||||||||||||||||||||||
30 - 59 | 60 - 89 |
than 90
|
||||||||||||||||||||||||||
Days
|
Days
|
Days
|
Total
|
|||||||||||||||||||||||||
(in thousands)
|
Past
|
Past
|
Past
|
Non-
|
Past
|
Total
|
||||||||||||||||||||||
December 31, 2015
|
Due
|
Due
|
Due
|
Accrual
|
Due
|
Current
|
Loans
|
|||||||||||||||||||||
Construction and land development
|
$ | - | $ | - | $ | - | $ | 238 | $ | 238 | $ | 64,464 | $ | 64,702 | ||||||||||||||
Commercial real estate
|
- | - | - | - | - | 533,909 | 533,909 | |||||||||||||||||||||
Consumer real estate
|
- | - | - | 65 | 65 | 249,642 | 249,707 | |||||||||||||||||||||
Commercial and industrial loans
|
- | - | - | 189 | 189 | 153,480 | 153,669 | |||||||||||||||||||||
Consumer and other
|
- | - | - | 21 | 21 | 13,518 | 13,539 | |||||||||||||||||||||
Total
|
$ | - | $ | - | $ | - | $ | 513 | $ | 513 | $ | 1,015,013 | $ | 1,015,526 |
·
|
·
|
Risk Grade 6 - Special Mention or Critical -
Loans in this category have potential weaknesses which may, if not checked or corrected, weaken the asset or inadequately protect the Company’s credit position at some future date. These may also include loans of marginal quality and liquidity that if not corrected may jeopardize the liquidation of the debt and the Company’s credit position. These loans require close supervision and must be monitored to ensure there is not a pattern of deterioration in the credit that may lead to further downgrade. These characteristics include but are not limited to:
|
o
|
Repayment performance has not been demonstrated to prudent standards;
|
o
|
Repayment performance is inconsistent and highly sensitive to business and operating cycle swings;
|
o
|
Fatal documentation errors and;
|
·
|
Risk Grade 8 – Doubtful -
Loans classified doubtful have all the weaknesses inherent in loans classified substandard, plus the added characteristic that the weaknesses make collection or liquidation in full on the basis of currently existing facts, conditions, and values highly questionable and improbable. However, these loans are not yet rated as loss because certain events may occur which would salvage the debt. Among these events are:
|
o
|
Injection of capital;
|
o
|
Alternative financing;
|
o
|
Liquidation of assets or the pledging of additional collateral.
|
·
|
Risk Grade 9 – Loss
- Loans classified Loss are considered uncollectable and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value but rather that it is not practical or desirable to defer writing off the worthless loan even though partial recovery may be affected in the future. Probable loss portions of doubtful assets should be charged against the allowance for loan losses. Loans may reside in this classification for administrative purposes for a period not to exceed the earlier of thirty days or calendar quarter-end. There were no loans rated as loss as of June 30, 2016 or December 31, 2015.
|
Risk Grade
|
||||||||||||||||||||||||||||||||
(in thousands)
|
1 | 2 | 3 | 4 | 5 | 6 | 7 |
Total
|
||||||||||||||||||||||||
June 30, 2016
|
||||||||||||||||||||||||||||||||
Construction and land development
|
$ | - | $ | 200 | $ | 758 | $ | 14,284 | $ | 48,229 | $ | 216 | $ | - | $ | 63,687 | ||||||||||||||||
Commercial real estate
|
- | 579 | 206,150 | 277,137 | 105,483 | 3,804 | - | 593,153 | ||||||||||||||||||||||||
Consumer real estate
|
52 | 18,865 | 122,583 | 95,458 | 36,936 | 1,296 | - | 275,190 | ||||||||||||||||||||||||
Commercial and industrial loans
|
2,150 | 2,145 | 26,253 | 96,721 | 26,737 | 645 | - | 154,651 | ||||||||||||||||||||||||
Consumer and other
|
1,159 | 499 | 885 | 7,816 | 3,137 | 176 | - | 13,672 | ||||||||||||||||||||||||
Total
|
$ | 3,361 | $ | 22,288 | $ | 356,629 | $ | 491,416 | $ | 220,522 | $ | 6,137 | $ | - | $ | 1,100,353 | ||||||||||||||||
Risk Grade
|
||||||||||||||||||||||||||||||||
(in thousands)
|
1 | 2 | 3 | 4 | 5 | 6 | 7 |
Total
|
||||||||||||||||||||||||
December 31, 2015
|
||||||||||||||||||||||||||||||||
Construction and land development
|
$ | 26 | $ | 200 | $ | 2,545 | $ | 14,318 | $ | 47,133 | $ | 242 | $ | - | $ | 64,464 | ||||||||||||||||
Commercial real estate
|
- | 619 | 195,935 | 243,771 | 87,492 | 3,473 | - | 531,290 | ||||||||||||||||||||||||
Consumer real estate
|
53 | 10,933 | 111,123 | 92,127 | 34,346 | 714 | - | 249,296 | ||||||||||||||||||||||||
Commercial and industrial loans
|
2,168 | 1,909 | 24,675 | 96,900 | 26,802 | 612 | - | 153,066 | ||||||||||||||||||||||||
Consumer and other
|
980 | 1,069 | 960 | 8,392 | 1,936 | 182 | - | 13,519 | ||||||||||||||||||||||||
Total
|
$ | 3,227 | $ | 14,730 | $ | 335,238 | $ | 455,508 | $ | 197,709 | $ | 5,223 | $ | - | $ | 1,011,635 |
June 30,
|
December 31,
|
|||||||
(In thousands)
|
2016
|
2015
|
||||||
Financial instruments whose contract amounts
|
||||||||
represent credit risk:
|
||||||||
Undisbursed lines of credit
|
$ | 190,741 | $ | 163,572 | ||||
Standby letters of credit
|
4,203 | 3,188 | ||||||
Total
|
$ | 194,944 | $ | 166,760 |
June 30, 2016
|
December 31, 2015
|
|||||||||||||||
Notational
|
Fair
|
Notational
|
Fair
|
|||||||||||||
(In thousands)
|
Amount
|
Value
|
Amount
|
Value
|
||||||||||||
Included in other assets:
|
||||||||||||||||
Cap 1 - maturing August 2019
|
$ | 35,000 | $ | 487 | $ | 35,000 | $ | 1,334 | ||||||||
Cap 2 - maturing September 2019
|
35,000 | 500 | 35,000 | 1,360 | ||||||||||||
Cap 3 - maturing October 2019
|
30,000 | 447 | 30,000 | 1,216 | ||||||||||||
$ | 100,000 | $ | 1,434 | $ | 100,000 | $ | 3,910 |
(In thousands)
|
||||
2016 (remaining quarters)
|
$ | 572 | ||
2017
|
1,779 | |||
2018
|
2,247 | |||
2019
|
1,751 | |||
$ | 6,349 |
(In thousands)
|
||||
2016 (remaining quarters)
|
$ | 37 | ||
2017
|
74 | |||
2018
|
75 | |||
Thereafter
|
147 | |||
$ | 333 |
Fair Value Measurements Using
|
||||||||||||||||
Quoted Prices
|
Significant
|
|||||||||||||||
in Active
|
Other
|
Significant
|
||||||||||||||
Markets for
|
Observable
|
Unobservable
|
||||||||||||||
(In thousands)
|
Total
|
Identical Assets
|
Inputs
|
Inputs
|
||||||||||||
Description
|
Fair Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||||
June 30, 2016
|
||||||||||||||||
Securities available-for-sale:
|
||||||||||||||||
U.S. Agency obligations
|
$ | 19,021 | $ | - | $ | 19,021 | $ | - | ||||||||
Collateralized mortgage obligations
|
50,187 | - | 50,187 | - | ||||||||||||
Mortgage-backed securities
|
50,159 | - | 50,159 | - | ||||||||||||
Municipal bonds
|
64,367 | - | 64,367 | |||||||||||||
Other
|
2,589 | 2,089 | - | 500 | ||||||||||||
186,323 | 2,089 | 183,734 | 500 | |||||||||||||
Interest rate caps
|
1,434 | - | 1,434 | - | ||||||||||||
Total assets at fair value
|
$ | 187,757 | $ | 2,089 | $ | 185,168 | $ | 500 | ||||||||
December 31, 2015
|
||||||||||||||||
Securities available-for-sale:
|
||||||||||||||||
U.S. Agency obligations
|
$ | 19,901 | $ | - | $ | 19,901 | $ | - | ||||||||
Collateralized mortgage obligations
|
60,941 | - | 60,941 | - | ||||||||||||
Mortgage-backed securities
|
31,310 | - | 31,310 | - | ||||||||||||
Municipal bonds
|
54,434 | - | 54,434 | |||||||||||||
Other
|
2,310 | 1,810 | - | 500 | ||||||||||||
168,896 | 1,810 | 166,586 | 500 | |||||||||||||
Interest rate caps
|
3,910 | - | 3,910 | - | ||||||||||||
Total assets at fair value
|
$ | 172,806 | $ | 1,810 | $ | 170,496 | $ | 500 |
Level 3
|
||||
Investment
|
||||
(In thousands)
|
Securities
|
|||
Balance at December 31, 2015
|
$ | 500 | ||
Purchases
|
- | |||
Balance at June 30, 2016
|
$ | 500 |
Fair Value Measurements Using
|
||||||||||||||||
Quoted Prices
|
Significant
|
|||||||||||||||
in Active
|
Other
|
Significant
|
||||||||||||||
Markets for
|
Observable
|
Unobservable
|
||||||||||||||
(In thousands)
|
Total
|
Identical Assets
|
Inputs
|
Inputs
|
||||||||||||
June 30, 2016
|
Fair Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||||
Impaired loans
|
$ | 3,162 | $ | - | $ | - | $ | 3,162 | ||||||||
Other real estate owned
|
5,183 | - | - | 5,183 | ||||||||||||
Total
|
$ | 8,345 | $ | - | $ | - | $ | 8,345 | ||||||||
Fair Value Measurements Using
|
||||||||||||||||
Quoted Prices
|
Significant
|
|||||||||||||||
in Active
|
Other
|
Significant
|
||||||||||||||
Markets for
|
Observable
|
Unobservable
|
||||||||||||||
(In thousands)
|
Total
|
Identical Assets
|
Inputs
|
Inputs
|
||||||||||||
December 31, 2015
|
Fair Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||||
Impaired loans
|
$ | 3,382 | $ | - | $ | - | $ | 3,382 | ||||||||
Other real estate owned
|
5,453 | - | - | 5,453 | ||||||||||||
Total
|
$ | 8,835 | $ | - | $ | - | $ | 8,835 |
June 30, 2016 and December 31, 2015
|
|||
Valuation
|
Significant
|
Significant
|
|
Technique
|
Observable Inputs
|
unobservable Inputs
|
|
Impaired loans
|
Appraisal value
|
Appraisals and/or sales of
|
Appraisals discounted 5% to 10% for
|
comparable properties
|
sales commissions and other holding costs
|
||
Other real estate owned
|
Appraisal value/
|
Appraisals and/or sales of
|
Appraisals discounted 5% to 10% for
|
Comparison sale/
|
comparable properties
|
sales commissions and other holding costs
|
|
Other estimates
|
June 30, 2016
|
||||||||||||||||||||
Carrying
|
Fair Value
|
|||||||||||||||||||
(In thousands)
|
Amount
|
Total
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||||
Financial assets:
|
||||||||||||||||||||
Cash and due from banks
|
$ | 100,115 | $ | 100,115 | $ | 100,115 | $ | - | $ | - | ||||||||||
Investment securities available-for-
|
||||||||||||||||||||
sale
|
186,323 | 186,323 | 2,089 | 183,734 | 500 | |||||||||||||||
Loans, net
|
1,097,358 | 1,101,914 | - | 1,098,752 | 3,162 | |||||||||||||||
Accrued interest receivable
|
4,092 | 4,092 | 4,092 | - | - | |||||||||||||||
Federal Home Loan Bank stock
|
8,613 | 8,613 | - | - | 8,613 | |||||||||||||||
Bank-owned life insurance
|
28,723 | 28,723 | - | 28,723 | - | |||||||||||||||
Interest rate caps
|
1,434 | 1,434 | - | 1,434 | - | |||||||||||||||
Financial liabilities:
|
||||||||||||||||||||
Non-maturing deposits
|
834,024 | 834,024 | - | 834,024 | - | |||||||||||||||
Time deposits
|
266,177 | 266,530 | - | 266,530 | - | |||||||||||||||
Accrued interest payable
|
336 | 336 | 336 | - | - | |||||||||||||||
Repurchase agreements and
|
||||||||||||||||||||
federal funds purchased
|
22,690 | 22,690 | - | 22,690 | - | |||||||||||||||
FHLB Advances and other borrowings
|
175,000 | 175,014 | - | 175,014 | - | |||||||||||||||
Subordinated debt
|
18,558 | 14,397 | - | 14,397 | - | |||||||||||||||
December 31, 2015
|
||||||||||||||||||||
Carrying
|
Fair Value
|
|||||||||||||||||||
(In thousands)
|
Amount
|
Total
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||||
Financial assets:
|
||||||||||||||||||||
Cash and due from banks
|
$ | 55,530 | $ | 55,530 | $ | 55,530 | $ | - | $ | - | ||||||||||
Investment securities available-for-
|
||||||||||||||||||||
sale
|
168,896 | 168,896 | 1,810 | 166,586 | 500 | |||||||||||||||
Loans, net
|
1,008,515 | 1,013,415 | - | 1,010,033 | 3,382 | |||||||||||||||
Accrued interest receivable
|
3,795 | 3,795 | 3,795 | - | - | |||||||||||||||
Federal Home Loan Bank stock
|
8,061 | 8,061 | - | - | 8,061 | |||||||||||||||
Bank-owned life insurance
|
28,274 | 28,274 | - | 28,274 | - | |||||||||||||||
Interest rate caps
|
3,910 | 3,910 | - | 3,910 | - | |||||||||||||||
Financial liabilities:
|
||||||||||||||||||||
Non-maturing deposits
|
663,066 | 663,066 | - | 663,066 | - | |||||||||||||||
Time deposits
|
319,781 | 320,246 | - | 320,246 | - | |||||||||||||||
Accrued interest payable
|
356 | 356 | 356 | - | - | |||||||||||||||
Repurchase agreements and
|
||||||||||||||||||||
federal funds purchased
|
30,580 | 30,580 | - | 30,580 | - | |||||||||||||||
FHLB Advances and other borrowings
|
169,800 | 169,800 | - | 169,800 | - | |||||||||||||||
Subordinated debt
|
18,558 | 15,591 | - | 15,591 | - |
|
•
|
“Efficiency ratio” is defined as total non-interest expense divided by adjusted operating revenue. Adjusted operating revenue is equal to net interest income (taxable equivalent) plus non-interest income, adjusted to exclude the impacts of gains and losses on the sale of securities and gains and losses on the sale or write-down of foreclosed real estate. We believe the efficiency ratio is important as an indicator of productivity because it shows the amount of revenue generated by our core operations for each dollar spent. While the efficiency ratio is a measure of productivity, its value reflects the attributes of the business model we employ.
|
Three-Month Periods
|
Six-Month Periods
|
|||||||||||||||
Ended June 30,
|
Ended June 30,
|
|||||||||||||||
(Dollars in thousands)
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
Efficiency Ratio
|
||||||||||||||||
Non-interest expense
|
$ | 6,488 | $ | 6,400 | $ | 13,088 | $ | 12,280 | ||||||||
Net interest taxable equivalent income
|
$ | 11,301 | $ | 10,213 | $ | 21,852 | $ | 19,665 | ||||||||
Non-interest income
|
381 | 324 | 647 | 808 | ||||||||||||
Less gain on investment securities
|
- | - | (85 | ) | (423 | ) | ||||||||||
Plus loss on sale or writedown of foreclosed real estate
|
45 | 126 | 257 | 463 | ||||||||||||
Adjusted operating revenue
|
$ | 11,727 | $ | 10,663 | $ | 22,671 | $ | 20,513 | ||||||||
Efficiency ratio
|
55.33 | % | 60.02 | % | 57.73 | % | 59.86 | % |
·
|
The Company completed its initial public offering which raised gross proceeds of $28.7 million and enhanced capital. The shares of the Company’s common stock began trading on the Nasdaq Capital Market as of June 16, 2016.
|
·
|
Net income available to common stockholders totaled $3.5 million, or $0.75 per diluted common share, in the second quarter (“Q2”) of 2016, which was a significant improvement from $2.7 million, or $0.59 per diluted share, in Q2 2015.
|
·
|
Return on average assets equaled 1.00% in Q2 2016 compared to 0.83% in Q2 2015 while return on average equity equaled 13.41% in Q2 2016 compared to 11.70% for the same period in 2015.
|
·
|
The efficiency ratio, which represents operating expenses to total operating revenues, improved to 55.33% in Q2 2016 from 60.02% in Q2 2015.
|
·
|
The Company had net recoveries of charged-off loans of $55,000 in Q2 2016, compared to net charge-offs of $162,000 in Q2 2015.
|
·
|
Annualized net loan growth was 23% in Q2 2016, resulting from net loan originations during the quarter of $60.4 million.
|
For the Three Months Ended June 30,
|
||||||||||||||||||||||||
2016
|
2015
|
|||||||||||||||||||||||
Average
|
Average
|
Average
|
Average
|
|||||||||||||||||||||
(Dollars in thousands)
|
Amount
|
Interest
|
Rate
|
Amount
|
Interest
|
Rate
|
||||||||||||||||||
Loans, net of allowance (1)
|
$ | 1,071,325 | $ | 11,840 | 4.44 | % | $ | 973,610 | $ | 10,899 | 4.49 | % | ||||||||||||
Investment securities (2)
|
193,231 | 1,628 | 3.39 | % | 158,097 | 1,247 | 3.16 | % | ||||||||||||||||
Other interest-earning assets
|
45,954 | 63 | 0.55 | % | 64,908 | 40 | 0.25 | % | ||||||||||||||||
Total interest-earning assets
|
1,310,510 | 13,531 | 4.15 | % | 1,196,615 | 12,186 | 4.08 | % | ||||||||||||||||
Other assets
|
83,212 | 83,272 | ||||||||||||||||||||||
Total assets
|
$ | 1,393,722 | $ | 1,279,887 | ||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
Interest-bearing checking accounts
|
$ | 170,209 | 170 | 0.40 | % | $ | 127,269 | 148 | 0.47 | % | ||||||||||||||
Money markets
|
402,851 | 666 | 0.66 | % | 293,748 | 497 | 0.68 | % | ||||||||||||||||
Time deposits less than $100,000
|
11,635 | 30 | 1.05 | % | 29,755 | 123 | 1.65 | % | ||||||||||||||||
Time deposits greater than or
|
||||||||||||||||||||||||
equal to $100,000
|
242,444 | 526 | 0.87 | % | 338,046 | 723 | 0.86 | % | ||||||||||||||||
Borrowings
|
254,540 | 579 | 0.91 | % | 247,849 | 307 | 0.50 | % | ||||||||||||||||
Total interest-bearing liabilities
|
1,081,679 | 1,971 | 0.73 | % | 1,036,667 | 1,798 | 0.70 | % | ||||||||||||||||
Noninterest-bearing deposits
|
191,994 | 148,882 | ||||||||||||||||||||||
Other liabilities
|
16,367 | 3,731 | ||||||||||||||||||||||
Stockholders' equity
|
103,682 | 90,607 | ||||||||||||||||||||||
Total liabilities and stockholders'
|
||||||||||||||||||||||||
equity
|
$ | 1,393,722 | $ | 1,279,887 | ||||||||||||||||||||
Net interest income/interest rate
|
||||||||||||||||||||||||
spread (taxable-equivalent basis) (3)
|
$ | 11,560 | 3.42 | % | $ | 10,388 | 3.39 | % | ||||||||||||||||
Net interest margin (taxable-
|
||||||||||||||||||||||||
equivalent basis) (4)
|
3.55 | % | 3.48 | % | ||||||||||||||||||||
Ratio of interest-bearing assets to
|
||||||||||||||||||||||||
interest-bearing liabilities
|
121.16 | % | 115.43 | % | ||||||||||||||||||||
Reported net interest income
|
||||||||||||||||||||||||
Net interest income (taxable-equivalent
|
||||||||||||||||||||||||
basis)
|
$ | 11,560 | $ | 10,388 | ||||||||||||||||||||
Less:
|
||||||||||||||||||||||||
Taxable-equivalent adjustment
|
259 | 175 | ||||||||||||||||||||||
Net interest income
|
$ | 11,301 | $ | 10,213 |
Three Months Ended
|
|||||||||||||
June 30, 2016 vs. 2015
|
|||||||||||||
Increase (Decrease) Due to
|
|||||||||||||
(Dollars in thousands)
|
Volume
|
Rate
|
Total
|
||||||||||
Interest income
|
|||||||||||||
Loans, net of allowance
|
$ | 1,091 | $ | (150 | ) | $ | 941 | ||||||
Investment securities
|
276 | 105 | 381 | ||||||||||
Other interest-earnings assets
|
(12 | ) | 35 | 23 | |||||||||
Total interest income (taxable-
|
|||||||||||||
equivalent basis)
|
1,355 | (10 | ) | 1,345 | |||||||||
Interest expense
|
|||||||||||||
Deposits:
|
|||||||||||||
Interest-bearing checking accounts
|
50 | (28 | ) | 22 | |||||||||
Money markets
|
184 | 15 | 169 | ||||||||||
Time deposits less than $100,000
|
(75 | ) | (17 | ) | (92 | ) | |||||||
Time deposits greater than or
|
|||||||||||||
equal to $100,000
|
(204 | ) | 6 | (198 | ) | ||||||||
Borrowings
|
8 | 264 | 272 | ||||||||||
Total interest expense
|
(37 | ) | 210 | 173 | |||||||||
Net interest income increase/
|
|||||||||||||
(decrease)(taxable equivalent basis)
|
$ | 1,392 | $ | (220 | ) | 1,172 | |||||||
Less:
|
|||||||||||||
Taxable-equivalent adjustment
|
84 | ||||||||||||
Net interest income increase/
|
|||||||||||||
(decrease)
|
$ | 1,088 |
For the Six Months Ended June 30,
|
||||||||||||||||||||||||
2016
|
2015
|
|||||||||||||||||||||||
Average
|
Average
|
Average
|
Average
|
|||||||||||||||||||||
(Dollars in thousands)
|
Amount
|
Interest
|
Rate
|
Amount
|
Interest
|
Rate
|
||||||||||||||||||
Loans, net of allowance (1)
|
$ | 1,045,361 | $ | 23,030 | 4.43 | % | $ | 938,064 | $ | 20,966 | 4.48 | % | ||||||||||||
Investment securities (2)
|
185,556 | 3,082 | 3.34 | % | 161,495 | 2,650 | 3.29 | % | ||||||||||||||||
Other interest-earnings assets
|
41,958 | 121 | 0.58 | % | 55,526 | 66 | 0.24 | % | ||||||||||||||||
Total interest-earning assets
|
1,272,875 | 26,233 | 4.14 | % | 1,155,085 | 23,682 | 4.11 | % | ||||||||||||||||
Other assets
|
85,685 | 86,078 | ||||||||||||||||||||||
Total assets
|
$ | 1,358,560 | $ | 1,241,163 | ||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
Interest-bearing checking accounts
|
$ | 155,299 | 348 | 0.45 | % | $ | 120,416 | 289 | 0.48 | % | ||||||||||||||
Money markets
|
402,641 | 1,345 | 0.67 | % | 285,428 | 971 | 0.68 | % | ||||||||||||||||
Time deposits less than $100,000
|
11,639 | 60 | 1.03 | % | 31,123 | 123 | 0.79 | % | ||||||||||||||||
Time deposits greater than or
|
||||||||||||||||||||||||
equal to $100,000
|
261,536 | 1,063 | 0.82 | % | 332,505 | 1,687 | 1.02 | % | ||||||||||||||||
Borrowings
|
236,674 | 1,071 | 0.91 | % | 238,917 | 596 | 0.50 | % | ||||||||||||||||
Total interest-bearing liabilities
|
1,067,789 | 3,887 | 0.73 | % | 1,008,388 | 3,666 | 0.73 | % | ||||||||||||||||
Noninterest-bearing deposits
|
175,562 | 139,055 | ||||||||||||||||||||||
Other liabilities
|
13,823 | 3,931 | ||||||||||||||||||||||
Stockholders' equity
|
101,386 | 89,789 | ||||||||||||||||||||||
Total liabilities and stockholders'
|
||||||||||||||||||||||||
equity
|
$ | 1,358,560 | $ | 1,241,163 | ||||||||||||||||||||
Net interest income/interest rate
|
||||||||||||||||||||||||
spread (taxable-equivalent basis) (3)
|
$ | 22,346 | 3.41 | % | $ | 20,016 | 3.38 | % | ||||||||||||||||
Net interest margin (taxable-
|
||||||||||||||||||||||||
equivalent basis) (4)
|
3.53 | % | 3.48 | % | ||||||||||||||||||||
Ratio of interest-bearing assets to
|
||||||||||||||||||||||||
interest-bearing liabilities
|
119.21 | % | 114.55 | % | ||||||||||||||||||||
Reported net interest income
|
||||||||||||||||||||||||
Net interest income (taxable-equivalent
|
||||||||||||||||||||||||
basis)
|
$ | 22,346 | $ | 20,016 | ||||||||||||||||||||
Less:
|
||||||||||||||||||||||||
Taxable-equivalent adjustment
|
494 | 351 | ||||||||||||||||||||||
Net interest income
|
$ | 21,852 | $ | 19,665 |
Six Months Ended
|
||||||||||||
June 30, 2016 vs. 2015
|
||||||||||||
Increase (Decrease) Due to
|
||||||||||||
(Dollars in thousands)
|
Volume
|
Rate
|
Total
|
|||||||||
Interest income
|
||||||||||||
Loans, net of allowance
|
$ | 2,392 | $ | (328 | ) | $ | 2,064 | |||||
Investment securities
|
394 | 38 | 432 | |||||||||
Other interest-earning assets
|
(16 | ) | 71 | 55 | ||||||||
Total interest income (taxable-
|
||||||||||||
equivalent basis)
|
2,770 | (219 | ) | 2,551 | ||||||||
Interest expense
|
||||||||||||
Deposits:
|
||||||||||||
Interest-bearing checking accounts
|
83 | (24 | ) | 59 | ||||||||
Money markets
|
398 | (24 | ) | 374 | ||||||||
Time deposits less than $100,000
|
(77 | ) | 14 | (63 | ) | |||||||
Time deposits greater than or
|
||||||||||||
equal to $100,000
|
(359 | ) | (265 | ) | (624 | ) | ||||||
Borrowings
|
(6 | ) | 481 | 475 | ||||||||
Total interest expense
|
39 | 182 | 221 | |||||||||
Net interest income increase/
|
||||||||||||
(decrease)(taxable equivalent basis)
|
$ | 2,731 | $ | (401 | ) | 2,330 | ||||||
Less:
|
||||||||||||
Taxable-equivalent adjustment
|
143 | |||||||||||
Net interest income increase/
|
||||||||||||
(decrease)
|
$ | 2,187 |
(In thousands)
|
||||
Three months ended June 30, 2016
|
||||
Beginning balance
|
$ | 7,931 | ||
Provision for loan losses
|
- | |||
Loans charged off
|
(1 | ) | ||
Recoveries
|
56 | |||
Net recoveries
|
55 | |||
Ending balance
|
$ | 7,986 | ||
Three months ended June 30, 2015
|
||||
Beginning balance
|
$ | 7,552 | ||
Provision for loan losses
|
179 | |||
Loans charged off
|
(276 | ) | ||
Recoveries
|
114 | |||
Net chargeoffs
|
(162 | ) | ||
Ending balance
|
$ | 7,569 |
(In thousands)
|
||||
Six months ended June 30, 2016
|
||||
Beginning balance
|
$ | 7,641 | ||
Provision for loan losses
|
- | |||
Loans charged off
|
(1 | ) | ||
Recoveries
|
346 | |||
Net recoveries
|
345 | |||
Ending balance
|
$ | 7,986 | ||
Six months ended June 30, 2015
|
||||
Beginning balance
|
$ | 6,869 | ||
Provision for loan losses
|
750 | |||
Loans charged off
|
(276 | ) | ||
Recoveries
|
226 | |||
Net chargeoffs
|
(50 | ) | ||
Ending balance
|
$ | 7,569 |
Three months
|
Six months
|
|||||||||||||||
ended June 30,
|
ended June 30,
|
|||||||||||||||
(In thousands, except per share data)
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
Non-interest income
|
||||||||||||||||
Increase in cash surrender value of bank owned
|
||||||||||||||||
life insurance
|
$ | 226 | $ | 206 | $ | 449 | $ | 407 | ||||||||
Net gain on sale of securities
|
- | - | 85 | 423 | ||||||||||||
Service charges and fees
|
56 | 54 | 114 | 105 | ||||||||||||
Mortgage origination fees and gains on sale of loans
|
33 | 75 | 65 | 112 | ||||||||||||
Net loss on sale or impairment of foreclosed assets
|
(45 | ) | (126 | ) | (257 | ) | (463 | ) | ||||||||
Other fees and income
|
111 | 115 | 191 | 224 | ||||||||||||
Total non-interest income
|
$ | 381 | $ | 324 | $ | 647 | $ | 808 |
Three months
|
Six months
|
|||||||||||||||
ended June 30,
|
ended June 30,
|
|||||||||||||||
(In thousands, except per share data)
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
Non-interest expense
|
||||||||||||||||
Salaries and employee benefits
|
$ | 3,742 | $ | 3,117 | $ | 7,609 | $ | 6,336 | ||||||||
Furniture, equipment and software costs
|
502 | 451 | 994 | 901 | ||||||||||||
Occupancy
|
342 | 488 | 686 | 837 | ||||||||||||
Data processing
|
279 | 299 | 575 | 579 | ||||||||||||
Director related fees and expenses
|
219 | 211 | 471 | 417 | ||||||||||||
Professional fees
|
182 | 318 | 419 | 455 | ||||||||||||
FDIC and other supervisory assessments
|
217 | 252 | 412 | 479 | ||||||||||||
Advertising and public relations
|
234 | 176 | 422 | 421 | ||||||||||||
Unreimbursed loan costs and foreclosure related expenses
|
142 | 298 | 211 | 469 | ||||||||||||
Other
|
629 | 790 | 1,289 | 1,386 | ||||||||||||
Total non-interest expense | $ | 6,488 | $ | 6,400 | $ | 13,088 | $ | 12,280 |
·
|
Personnel expenses increased $625,000 to $3.7 million due primarily to the addition of more personnel to handle the rapid growth of the Company.
|
·
|
Occupancy decreased $146,000 from the same period in 2015. The 2015 figure included a one-time adjustment for accrual of future commitments of lease payments for leased space in the Charlotte office which was no longer being used.
|
·
|
Professional fees decreased $136,000 to $182,000 from $318,000 in the second quarter of 2015 due largely to costs associated with recruiting new employees in 2015 that were not incurred in the second quarter of 2016.
|
·
|
Unreimbursed loan costs and foreclosure related expenses decreased $156,000 primarily due to a decrease in expenses on foreclosed properties associated with fewer foreclosed properties being held.
|
·
|
Personnel expenses increased $1.3 million to $7.6 million due primarily to the addition of more personnel to handle the rapid growth of the Company and due to annual salary increases.
|
·
|
Occupancy decreased $151,000 from the same six month period in 2015. The 2015 figure included a one-time adjustment for accrual of future commitments of lease payments for leased space in the Charlotte office which was no longer being used.
|
·
|
Unreimbursed loan costs and foreclosure related expenses decreased $258,000 primarily due to a decrease in expenses on foreclosed properties associated with fewer foreclosed properties being held.
|
June 30, 2016
|
December 31, 2015
|
|||||||||||||||
Amortized
|
Fair
|
Amortized
|
Fair
|
|||||||||||||
(In thousands)
|
Cost
|
Value
|
Cost
|
Value
|
||||||||||||
Available-for-sale:
|
||||||||||||||||
U.S. Agency obligations
|
$ | 18,454 | $ | 19,021 | $ | 19,778 | $ | 19,901 | ||||||||
Collateralized mortgage obligations
|
49,277 | 50,187 | 60,826 | 60,941 | ||||||||||||
Mortgage-backed securities
|
49,290 | 50,159 | 31,074 | 31,310 | ||||||||||||
Municipal bonds
|
61,419 | 64,367 | 53,163 | 54,434 | ||||||||||||
Other
|
2,676 | 2,589 | 2,677 | 2,310 | ||||||||||||
$ | 181,116 | $ | 186,323 | $ | 167,518 | $ | 168,896 |
June 30, 2016
|
December 31, 2015
|
|||||||||||||||||||||||
Weighted
|
Weighted
|
|||||||||||||||||||||||
Average Tax
|
Average Tax
|
|||||||||||||||||||||||
Amortized
|
Fair
|
Equivalent
|
Amortized
|
Fair
|
Equivalent
|
|||||||||||||||||||
(Dollars in thousands)
|
Cost
|
Value
|
Yield (1)
|
Cost
|
Value
|
Yield (1)
|
||||||||||||||||||
U.S. government agency obligations
|
||||||||||||||||||||||||
Due within one year
|
$ | - | $ | - | - | $ | - | $ | - | - | ||||||||||||||
Due after one but within five years
|
- | - | - | - | - | - | ||||||||||||||||||
Due after five but within ten years
|
- | - | - | - | - | - | ||||||||||||||||||
Due after ten years
|
18,454 | 19,021 | 2.60 | % | 19,778 | 19,901 | 2.59 | % | ||||||||||||||||
18,454 | 19,021 | 2.60 | % | 19,778 | 19,901 | 2.59 | % | |||||||||||||||||
Collateralized mortgage obligations
|
||||||||||||||||||||||||
Due within one year
|
- | - | - | - | - | - | ||||||||||||||||||
Due after one but within five years
|
- | - | - | - | - | - | ||||||||||||||||||
Due after five but within ten years
|
- | - | - | - | - | - | ||||||||||||||||||
Due after ten years
|
49,277 | 50,187 | 2.12 | % | 60,826 | 60,941 | 2.34 | % | ||||||||||||||||
49,277 | 50,187 | 2.12 | % | 60,826 | 60,941 | 2.34 | % | |||||||||||||||||
Mortgage-backed securities
|
||||||||||||||||||||||||
Due within one year
|
- | - | - | - | - | - | ||||||||||||||||||
Due after one but within five years
|
- | - | - | - | - | - | ||||||||||||||||||
Due after five but within ten years
|
13,656 | 14,229 | 2.76 | % | 13,361 | 13,591 | 2.74 | % | ||||||||||||||||
Due after ten years
|
35,634 | 35,930 | 2.38 | % | 17,713 | 17,719 | 2.61 | % | ||||||||||||||||
49,290 | 50,159 | 2.49 | % | 31,074 | 31,310 | 2.67 | % | |||||||||||||||||
Municipal bonds
|
||||||||||||||||||||||||
Due within one year
|
- | - | - | - | - | - | ||||||||||||||||||
Due after one but within five years
|
1,737 | 1,829 | 3.23 | % | 1,740 | 1,786 | 3.23 | % | ||||||||||||||||
Due after five but within ten years
|
5,535 | 5,801 | 3.16 | % | 4,325 | 4,412 | 3.06 | % | ||||||||||||||||
Due after ten years
|
54,147 | 56,737 | 3.93 | % | 47,098 | 48,236 | 3.99 | % | ||||||||||||||||
61,419 | 64,367 | 3.84 | % | 53,163 | 54,434 | 3.89 | % | |||||||||||||||||
Other investments
|
||||||||||||||||||||||||
Due within one year
|
- | - | - | - | - | - | ||||||||||||||||||
Due after one but within five years
|
- | - | - | - | - | - | ||||||||||||||||||
Due after five but within ten years
|
500 | 500 | 6.50 | % | 500 | 500 | 6.50 | % | ||||||||||||||||
Due after ten years (2)
|
2,176 | 2,089 | 0.00 | % | 2,177 | 1,810 | 0.00 | % | ||||||||||||||||
2,676 | 2,589 | 1.21 | % | 2,677 | 2,310 | 1.21 | % | |||||||||||||||||
Total securities available for sale
|
||||||||||||||||||||||||
Due within one year
|
- | - | - | - | - | - | ||||||||||||||||||
Due after one but within five years
|
1,737 | 1,829 | 3.23 | % | 1,740 | 1,786 | 3.23 | % | ||||||||||||||||
Due after five but within ten years
|
19,691 | 20,530 | 2.97 | % | 18,186 | 18,503 | 2.82 | % | ||||||||||||||||
Due after ten years (2)
|
159,688 | 163,964 | 2.82 | % | 147,592 | 148,607 | 2.91 | % | ||||||||||||||||
$ | 181,116 | $ | 186,323 | 2.84 | % | $ | 167,518 | $ | 168,896 | 2.90 | % |
(1)
|
The marginal tax rate used to calculate tax equivalent yield was 30.0%.
|
(2)
|
Includes investments with no stated maturity date
|
At June 30,
|
At December 31,
|
|||||||||||||||
2016
|
2015
|
|||||||||||||||
% of
|
% of
|
|||||||||||||||
Total
|
Total
|
|||||||||||||||
(Dollars in thousands)
|
Amount
|
Loans
|
Amount
|
Loans
|
||||||||||||
Construction and land development
|
$ | 63,819 | 5.8 | % | $ | 64,702 | 6.4 | % | ||||||||
Commercial real estate:
|
||||||||||||||||
Non-farm, non-residential
|
341,477 | 30.9 | % | 307,722 | 30.3 | % | ||||||||||
Owner occupied
|
158,612 | 14.3 | % | 147,017 | 14.5 | % | ||||||||||
Multifamily, nonresidential and junior liens
|
93,945 | 8.5 | % | 79,170 | 7.8 | % | ||||||||||
Total commercial real estate
|
594,034 | 53.7 | % | 533,909 | 52.5 | % | ||||||||||
Consumer real estate:
|
||||||||||||||||
Home equity lines
|
85,883 | 7.8 | % | 78,943 | 7.8 | % | ||||||||||
Secured by 1-4 family residential, secured by
|
||||||||||||||||
first deeds of trust
|
186,054 | 16.8 | % | 167,053 | 16.4 | % | ||||||||||
Secured by 1-4 family residential, secured by
|
||||||||||||||||
second deeds of trust
|
3,656 | 0.3 | % | 3,711 | 0.4 | % | ||||||||||
Total consumer real estate
|
275,593 | 24.9 | % | 249,707 | 24.6 | % | ||||||||||
Commercial and industrial loans (except those
|
||||||||||||||||
secured by real estate)
|
157,640 | 14.3 | % | 153,669 | 15.1 | % | ||||||||||
Consumer and other
|
13,672 | 1.2 | % | 13,539 | 1.3 | % | ||||||||||
Less:
|
||||||||||||||||
Deferred loan origination (fees) costs
|
586 | 0.1 | % | 630 | 0.1 | % | ||||||||||
Total loans
|
1,105,344 | 100 | % | 1,016,156 | 100 | % | ||||||||||
Allowance for loan losses
|
(7,986 | ) | (7,641 | ) | ||||||||||||
Total net loans
|
1,097,358 | 1,008,515 |
At June 30, 2016
|
||||||||||||||||
Due after one
|
||||||||||||||||
Due within
|
year but within
|
Due after
|
||||||||||||||
(In thousands)
|
one year
|
five years
|
five years
|
Total
|
||||||||||||
Fixed rate loans (1):
|
||||||||||||||||
Construction and land development
|
$ | 12,565 | $ | 18,484 | $ | 70 | $ | 31,119 | ||||||||
Commercial real estate
|
3,181 | 112,127 | 34,670 | 149,978 | ||||||||||||
Commercial real estate owner occupied
|
14,315 | 216,084 | 29,029 | 259,428 | ||||||||||||
Multifamily, nonresidential and junior liens
|
1,262 | 45,998 | 13,594 | 60,854 | ||||||||||||
Home equity lines
|
452 | 451 | - | 903 | ||||||||||||
Secured by 1-4 family residential, secured by first
|
||||||||||||||||
deeds of trust
|
11,074 | 81,063 | 87,530 | 179,667 | ||||||||||||
Secured by 1-4 family residential, secured by
|
||||||||||||||||
second deeds of trust
|
542 | 2,150 | - | 2,692 | ||||||||||||
Commercial and industrial loans (except those
|
||||||||||||||||
secured by real estate)
|
3,967 | 71,456 | 7,382 | 82,805 | ||||||||||||
Consumer and other
|
2,571 | 2,966 | 90 | 5,627 | ||||||||||||
Total at fixed rates
|
49,929 | 550,779 | 172,365 | 773,073 | ||||||||||||
Variable rate loans (1):
|
||||||||||||||||
Construction and land development
|
18,028 | 14,538 | - | 32,566 | ||||||||||||
Commercial real estate
|
1,480 | 4,764 | 3,392 | 9,636 | ||||||||||||
Commercial real estate owner occupied
|
5,968 | 55,505 | 19,618 | 81,091 | ||||||||||||
Multifamily, nonresidential and junior liens
|
3,649 | 26,742 | 2,700 | 33,091 | ||||||||||||
Home equity lines
|
3,597 | 11,386 | 69,998 | 84,981 | ||||||||||||
Secured by 1-4 family residential, secured by first
|
- | |||||||||||||||
deeds of trust
|
1,752 | 4,405 | 169 | 6,326 | ||||||||||||
Secured by 1-4 family residential, secured by
|
- | |||||||||||||||
second deeds of trust
|
547 | 417 | - | 964 | ||||||||||||
Commercial and industrial loans (except those
|
- | |||||||||||||||
secured by real estate)
|
56,570 | 16,988 | 252 | 73,810 | ||||||||||||
Consumer and other
|
1,072 | 6,853 | 75 | 8,000 | ||||||||||||
Total at variable rates
|
92,663 | 141,598 | 96,204 | 330,465 | ||||||||||||
Subtotal
|
142,592 | 692,377 | 268,569 | 1,103,538 | ||||||||||||
Non-accrual loans (2)
|
922 | 298 | - | 1,220 | ||||||||||||
Gross Loans
|
$ | 143,514 | $ | 692,675 | $ | 268,569 | 1,104,758 | |||||||||
Deferred origination costs
|
586 | |||||||||||||||
Total loans
|
$ | 1,105,344 |
(1)
|
Loan maturities are presented based on the final contractual maturity of each loan and do not reflect contractual principal payments prior to maturity on amortizing loans.
|
(2)
|
Includes nonaccrual restructured loans.
|
30+ |
Non-
|
Total
|
||||||||||||||||||
Days
|
Accrual
|
Past
|
Total
|
|||||||||||||||||
(in thousands)
|
Past Due
|
Loans
|
Due
|
Current
|
Loans
|
|||||||||||||||
At June 30, 2016
|
||||||||||||||||||||
Construction and land development
|
$ | - | $ | 132 | $ | 132 | $ | 63,687 | $ | 63,819 | ||||||||||
Non-farm, non-residential
|
- | - | - | 341,477 | 341,477 | |||||||||||||||
Owner occupied
|
- | - | - | 158,612 | 158,612 | |||||||||||||||
Multifamily, nonresidential and junior liens
|
- | 62 | 62 | 93,883 | 93,945 | |||||||||||||||
Home equity lines
|
- | - | - | 85,883 | 85,883 | |||||||||||||||
Secured by 1-4 family residential, secured
|
||||||||||||||||||||
by first deeds of trust
|
- | - | - | 186,054 | 186,054 | |||||||||||||||
Secured by 1-4 family residential,
|
||||||||||||||||||||
secured by second deeds of trust
|
- | - | - | 3,656 | 3,656 | |||||||||||||||
Commercial and industrial loans (except
|
||||||||||||||||||||
those secured by real estate)
|
346 | 1,026 | 1,372 | 156,268 | 157,640 | |||||||||||||||
Consumer and other
|
- | - | - | 13,672 | 13,672 | |||||||||||||||
$ | 346 | $ | 1,220 | $ | 1,566 | $ | 1,103,192 | $ | 1,104,758 | |||||||||||
At December 31, 2015
|
||||||||||||||||||||
Construction and land development
|
$ | - | $ | 238 | $ | 238 | $ | 64,464 | $ | 64,702 | ||||||||||
Non-farm, non-residential
|
- | - | - | 453,407 | 307,722 | |||||||||||||||
Owner occupied
|
- | - | - | 1,332 | 147,017 | |||||||||||||||
Multifamily, nonresidential and junior liens
|
- | - | - | 79,170 | 79,170 | |||||||||||||||
Home equity lines
|
- | - | - | 78,943 | 78,943 | |||||||||||||||
Secured by 1-4 family residential, secured
|
||||||||||||||||||||
by first deeds of trust
|
- | - | - | 167,053 | 167,053 | |||||||||||||||
Secured by 1-4 family residential,
|
||||||||||||||||||||
secured by second deeds of trust
|
- | 65 | 65 | 3,646 | 3,711 | |||||||||||||||
Commercial and industrial loans (except
|
||||||||||||||||||||
those secured by real estate)
|
- | 189 | 189 | 153,480 | 153,669 | |||||||||||||||
Consumer and other
|
- | 21 | 21 | 13,518 | 13,539 | |||||||||||||||
$ | - | $ | 513 | $ | 513 | $ | 1,015,013 | $ | 1,015,526 |
At June 30,
|
At December 31,
|
|||||||
(Dollars in thousands)
|
2016
|
2015
|
||||||
Non-accrual loans
|
$ | 509 | $ | 323 | ||||
Restructured loans (1)
|
711 | 190 | ||||||
Total nonperforming loans
|
1,220 | 513 | ||||||
Foreclosed real estate
|
5,183 | 5,453 | ||||||
Total nonperforming assets
|
$ | 6,403 | $ | 5,966 | ||||
Accruing loans past due 90 days or more
|
$ | - | $ | - | ||||
Allowance for loan losses
|
7,986 | 7,641 | ||||||
Nonperforming loans to period end loans
|
0.11 | % | 0.05 | % | ||||
Allowance for loan losses to period end
|
||||||||
loans
|
0.72 | % | 0.75 | % | ||||
Allowance for loan losses to
|
||||||||
nonperforming loans
|
654.59 | % | 1489.47 | % | ||||
Allowance for loan losses to
|
||||||||
nonperforming assets
|
124.72 | % | 128.08 | % | ||||
Nonperforming assets to total assets
|
0.44 | % | 0.46 | % |
(1)
|
Restructured loans are also on nonaccrual status.
|
At June 30,
|
At December 31,
|
|||||||||||||||
2016
|
2015
|
|||||||||||||||
% of
|
% of
|
|||||||||||||||
Total
|
Total
|
|||||||||||||||
(Dollars in thousands)
|
Amount
|
Loans
|
Amount
|
Loans
|
||||||||||||
Construction and land development
|
$ | 406 | 5.8 | % | $ | 509 | 6.4 | % | ||||||||
Commercial real estate
|
3,278 | 53.8 | % | 3,156 | 52.6 | % | ||||||||||
Consumer real estate
|
1,887 | 24.9 | % | 2,046 | 24.6 | % | ||||||||||
Commercial and industrial loans (except those
|
||||||||||||||||
secured by real estate)
|
2,307 | 14.3 | % | 1,786 | 15.1 | % | ||||||||||
Consumer and other
|
108 | 1.3 | % | 144 | 1.3 | % | ||||||||||
Total
|
$ | 7,986 | 100.0 | % | $ | 7,641 | 100.0 | % |
Three months ended June 30,
|
Six months ended June 30,
|
|||||||||
(in thousands)
|
2016
|
2015
|
2016
|
2015
|
||||||
Allowance for loan losses at beginning of the period
|
$ 7,931
|
$ 7,552
|
$ 7,641
|
$ 6,869
|
||||||
Provision for loan losses
|
-
|
179
|
-
|
750
|
||||||
Loans charged off:
|
||||||||||
Construction and land development
|
-
|
-
|
-
|
-
|
||||||
Commercial real estate
|
-
|
(276)
|
-
|
(276)
|
||||||
Consumer real estate
|
-
|
-
|
-
|
-
|
||||||
Commercial and industrial loans (except those
|
||||||||||
secured by real estate)
|
-
|
-
|
-
|
-
|
||||||
Consumer and other
|
(1)
|
-
|
(1)
|
-
|
||||||
Total charge-offs
|
(1)
|
(276)
|
(1)
|
(276)
|
||||||
Recoveries of loans previously charged off:
|
||||||||||
Construction and land development
|
8
|
12
|
237
|
53
|
||||||
Commercial real estate
|
19
|
102
|
56
|
173
|
||||||
Consumer real estate
|
3
|
-
|
6
|
-
|
||||||
Commercial and industrial loans (except those
|
||||||||||
secured by real estate)
|
25
|
-
|
36
|
-
|
||||||
Consumer and other
|
1
|
-
|
11
|
-
|
||||||
Total recoveries
|
56
|
114
|
346
|
226
|
||||||
Net recoveries (charge-offs)
|
55
|
(162)
|
345
|
(50)
|
||||||
Allowance for loan losses at end of the period
|
$ 7,986
|
$ 7,569
|
$ 7,986
|
$ 7,569
|
||||||
Ratio of net charge-offs during the period
|
||||||||||
to average loans outstanding during
|
||||||||||
the period
|
0.01%
|
-0.02%
|
0.03%
|
0.00%
|
As of
|
||||||||
June 30,
|
December 31,
|
|||||||
Composition of Deposit Portfolio
|
2016
|
2015
|
||||||
Non-interest bearing
|
16.3 | % | 16.2 | % | ||||
Interest-bearing checking accounts
|
12.4 | % | 21.5 | % | ||||
Money markets
|
47.1 | % | 29.8 | % | ||||
Time deposits
|
24.2 | % | 32.5 | % | ||||
Total
|
100.0 | % | 100.0 | % |
For the Three Month Period Ended June 30,
|
||||||||||||||||||||||||
2016
|
2015
|
|||||||||||||||||||||||
Average
|
% of
|
Average
|
Average
|
% of
|
Average
|
|||||||||||||||||||
(Dollars in thousands)
|
Amount
|
Total
|
Rate
|
Amount
|
Total
|
Rate
|
||||||||||||||||||
Interest-bearing checking accounts
|
$ | 170,209 | 16.7 | % | 0.40 | % | $ | 127,269 | 13.6 | % | 0.47 | % | ||||||||||||
Money markets
|
402,851 | 39.5 | % | 0.66 | % | 293,748 | 31.3 | % | 0.68 | % | ||||||||||||||
Time deposits
|
254,079 | 24.9 | % | 0.88 | % | 367,801 | 39.2 | % | 0.92 | % | ||||||||||||||
Total interest-bearing deposits
|
827,139 | 81.2 | % | 0.67 | % | 788,818 | 84.1 | % | 0.70 | % | ||||||||||||||
Noninterest-bearing deposits
|
191,994 | 18.8 | % | - | 148,882 | 15.9 | % | - | ||||||||||||||||
Total deposits
|
$ | 1,019,133 | 100.0 | % | 0.55 | % | $ | 937,700 | 100.0 | % | 0.64 | % | ||||||||||||
For the Six Month Period Ended June 30,
|
||||||||||||||||||||||||
2016 | 2015 | |||||||||||||||||||||||
Average
|
% of
|
Average
|
Average
|
% of
|
Average
|
|||||||||||||||||||
(Dollars in thousands)
|
Amount
|
Total
|
Rate
|
Amount
|
Total
|
Rate
|
||||||||||||||||||
Interest-bearing checking accounts
|
$ | 155,299 | 15.2 | % | 0.45 | % | $ | 120,416 | 12.8 | % | 0.48 | % | ||||||||||||
Money markets
|
402,641 | 39.5 | % | 0.67 | % | 285,428 | 30.4 | % | 0.68 | % | ||||||||||||||
Time deposits
|
273,175 | 26.8 | % | 0.83 | % | 332,505 | 35.5 | % | 1.00 | % | ||||||||||||||
Total interest-bearing deposits
|
831,115 | 81.6 | % | 0.68 | % | 738,349 | 78.7 | % | 0.73 | % | ||||||||||||||
Noninterest-bearing deposits
|
175,562 | 17.2 | % | - | 139,055 | 14.8 | % | - | ||||||||||||||||
Total deposits
|
$ | 1,006,677 | 98.8 | % | 0.56 | % | $ | 877,404 | 93.6 | % | 0.68 | % |
June 30, 2016
|
||||||||||||||||||||
1 Year
|
Over 1 to
|
Over 3 to
|
More Than
|
|||||||||||||||||
(In thousands)
|
or Less
|
3 Years
|
5 Years
|
5 Years
|
Total
|
|||||||||||||||
Time deposits
|
$ | 169,328 | $ | 92,942 | $ | 3,907 | $ | - | $ | 266,177 | ||||||||||
Short term borrowings
|
175 | - | - | - | 175 | |||||||||||||||
Subordinated debentures
|
- | - | - | 18,558 | 18,558 | |||||||||||||||
Operating leases
|
675 | 1,388 | 416 | 4,076 | 6,555 | |||||||||||||||
Total contractual obligations
|
$ | 170,178 | $ | 94,330 | $ | 4,323 | $ | 22,634 | $ | 291,465 |
Minimum Requirements To Be:
|
||||||||||||||||||||||||
"Adequately Capitalized"
|
"Well Capitalized" (2)
|
|||||||||||||||||||||||
for Capital Adequacy
|
Under Prompt Corrective
|
|||||||||||||||||||||||
Actual
|
Purposes
|
Actions Provisions
|
||||||||||||||||||||||
(Dollars in thousands)
|
Amount
|
Ratio (1)
|
Amount
|
Ratio (1)
|
Amount
|
Ratio (1)
|
||||||||||||||||||
June 30, 2016
|
||||||||||||||||||||||||
The Company
|
||||||||||||||||||||||||
Common equity Tier 1
|
$ | 131,480 | 10.96 | % | $ | 61,480 | 5.125 | % | N/A | N/A | ||||||||||||||
Total risk-based capital ratio
|
157,466 | 13.13 | % | 103,467 | 8.625 | % | N/A | N/A | ||||||||||||||||
Tier 1 risk-based capital ratio
|
149,480 | 12.46 | % | 79,474 | 6.625 | % | N/A | N/A | ||||||||||||||||
Tier 1 leverage ratio
|
149,480 | 10.65 | % | 64,892 | 4.625 | % | N/A | N/A | ||||||||||||||||
Tangible equity to tangible assets ratio
|
131,480 | 9.03 | % | N/A | N/A | N/A | N/A | |||||||||||||||||
Tangible equity to risk-weighted assets ratio
|
131,480 | 10.96 | % | N/A | N/A | N/A | N/A | |||||||||||||||||
The Bank
|
||||||||||||||||||||||||
Common equity Tier 1
|
$ | 146,628 | 12.23 | % | 61,452 | 5.125 | % | $ | 85,433 | 7.125 | % | |||||||||||||
Total risk-based capital ratio
|
154,614 | 12.89 | % | 103,419 | 8.625 | % | 127,401 | 10.625 | % | |||||||||||||||
Tier 1 risk-based capital ratio
|
146,628 | 12.23 | % | 79,438 | 6.625 | % | 103,419 | 8.625 | % | |||||||||||||||
Tier 1 leverage ratio
|
146,628 | 10.61 | % | 63,944 | 4.625 | % | 77,769 | 5.625 | % | |||||||||||||||
December 31, 2015
|
||||||||||||||||||||||||
The Company
|
||||||||||||||||||||||||
Common equity Tier 1
|
97,853 | 8.92 | % | 49,384 | 4.50 | % | N/A | N/A | ||||||||||||||||
Total risk-based capital ratio
|
$ | 123,028 | 11.21 | % | $ | 87,794 | 8.00 | % | N/A | N/A | ||||||||||||||
Tier 1 risk-based capital ratio
|
115,387 | 10.51 | % | 65,845 | 6.00 | % | N/A | N/A | ||||||||||||||||
Tier 1 leverage ratio
|
115,387 | 8.66 | % | 53,274 | 4.00 | % | N/A | N/A | ||||||||||||||||
The Bank
|
||||||||||||||||||||||||
Common equity Tier 1
|
119,454 | 10.90 | % | 50,425 | 4.50 | % | 71,253 | 6.50 | % | |||||||||||||||
Total risk-based capital ratio
|
$ | 127,095 | 11.59 | % | 87,696 | 8.00 | % | $ | 109,621 | 10.00 | % | |||||||||||||
Tier 1 risk-based capital ratio
|
119,454 | 10.90 | % | 65,772 | 6.00 | % | 87,696 | 8.00 | % | |||||||||||||||
Tier 1 leverage ratio
|
119,454 | 9.15 | % | 52,193 | 4.00 | % | 65,241 | 5.00 | % |
1)
|
Total capital ratio is defined as Tier 1 capital plus Tier 2 capital divided by total risk-weighted assets. The Tier 1 Capital ratio is defined as Tier 1 capital divided by total risk-weighted assets. Common equity Tier 1 is defined as Tier 1 capital excluding qualifying trust preferred securities divided by total risk weighted assets. The leverage ratio is defined as Tier 1 capital divided by the most recent quarter’s average total assets.
|
2)
|
Prompt corrective action provisions are not applicable at the bank holding company level.
|
Hypothetical
shift in interest
|
% change in projected
net interest income
|
|||||||||||||
rates (in bps)
|
May 31, 2016
|
February 29, 2016
|
November 30, 2015
|
|||||||||||
200 | -3.22 | % | -4.24 | % | -2.39 | % | ||||||||
(100 | ) | 0.13 | % | 0.33 | % | 0.75 | % |
Exhibit
No.
|
Description
|
31.1
|
Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
31.2
|
Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
32.1
|
Certification of Principal Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
32.2
|
Certification of Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
101
|
Interactive data files pursuant to Rule 405 of Regulation S-T: (i) Consolidated Balance Sheets (Unaudited) as of June 30, 2016 and December 31, 2015; (ii) Consolidated Statements of Income (Unaudited) for the Three and Six Months Ended June 30, 2016 and 2015; (iii) Consolidated Statements of Comprehensive Income (Unaudited) for the Three and Six Months Ended June 30, 2016 and 2015; (iv) Consolidated Statements of Stockholders’ Equity (Unaudited) for the Six Months Ended June 30, 2016 and 2015; (v) Consolidated Statements of Cash Flows (Unaudited) for the Six Months Ended June 30, 2016 and 2015; and (vi) Notes to Consolidated Financial Statements (Unaudited)
|
PARAGON COMMERCIAL CORPORATION | |||
Date: August 10, 2016
|
By:
|
/s/ Steven E. Crouse | |
Steven E. Crouse | |||
Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) | |||
Exhibit
No.
|
Description
|
31.1
|
Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
31.2
|
Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
32.1
|
Certification of Principal Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
32.2
|
Certification of Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
101
|
Interactive data files pursuant to Rule 405 of Regulation S-T: (i) Consolidated Balance Sheets (Unaudited) as of June 30, 2016 and December 31, 2015; (ii) Consolidated Statements of Income (Unaudited) for the Three and Six Months Ended June 30, 2016 and 2015; (iii) Consolidated Statements of Comprehensive Income (Unaudited) for the Three and Six Months Ended June 30, 2016 and 2015; (iv) Consolidated Statements of Stockholders’ Equity (Unaudited) for the Six Months Ended June 30, 2016 and 2015; (v) Consolidated Statements of Cash Flows (Unaudited) for the Six Months Ended June 30, 2016 and 2015; and (vi) Notes to Consolidated Financial Statements (Unaudited)
|
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