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Share Name | Share Symbol | Market | Type |
---|---|---|---|
SmartFinancial Inc | NASDAQ:SMBK | 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% | 22.98 | 22.52 | 23.28 | 0 | 01:00:00 |
x
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QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Tennessee
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62-1173944
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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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5401 Kingston Pike, Suite 600 Knoxville, Tennessee
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37919
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(Address of principal executive offices)
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(Zip Code)
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865-453-2650
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(Registrant’s telephone number, including area code)
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(Former name, former address and former fiscal
|
|
|
year, if changes since last report)
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Large accelerated filer
¨
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Accelerated filer
¨
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Non-accelerated filer
¨
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Smaller reporting company
x
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Unaudited
June 30, 2016 |
|
December 31,
2015 |
||||
ASSETS
|
|
|
|
|
|
|
||
Cash and due from banks
|
|
$
|
32,453,867
|
|
|
$
|
40,358,647
|
|
Interest-bearing deposits at other financial institutions
|
|
39,283,250
|
|
|
33,405,986
|
|
||
Federal funds sold
|
|
—
|
|
|
6,200,000
|
|
||
Total cash and cash equivalents
|
|
71,737,117
|
|
|
79,964,633
|
|
||
|
|
|
|
|
||||
Securities available for sale
|
|
142,874,504
|
|
|
166,413,218
|
|
||
Restricted investments, at cost
|
|
4,451,250
|
|
|
4,451,050
|
|
||
Loans, net of allowance for loan losses of $4,719,792 at June 30, 2016 and $4,354,513 at December 31, 2015
|
|
768,676,292
|
|
|
723,360,786
|
|
||
Bank premises and equipment, net
|
|
25,844,020
|
|
|
25,037,510
|
|
||
Foreclosed assets
|
|
4,935,768
|
|
|
5,357,950
|
|
||
Goodwill and core deposit intangible, net
|
|
6,754,402
|
|
|
6,941,107
|
|
||
Other assets
|
|
9,524,159
|
|
|
12,436,625
|
|
||
Total assets
|
|
$
|
1,034,797,512
|
|
|
$
|
1,023,962,879
|
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
||
Deposits:
|
|
|
|
|
|
|
||
Noninterest-bearing demand deposits
|
|
$
|
145,863,797
|
|
|
$
|
131,418,580
|
|
Interest-bearing demand deposits
|
|
153,165,963
|
|
|
149,423,954
|
|
||
Money market and savings deposits
|
|
258,280,729
|
|
|
236,900,945
|
|
||
Time deposits
|
|
331,438,457
|
|
|
340,739,072
|
|
||
Total deposits
|
|
888,748,946
|
|
|
858,482,551
|
|
||
|
|
|
|
|
||||
Securities sold under agreement to repurchase
|
|
26,882,748
|
|
|
28,068,215
|
|
||
Federal Home Loan Bank advances and other borrowings
|
|
10,091,202
|
|
|
34,187,462
|
|
||
Accrued expenses and other liabilities
|
|
6,010,680
|
|
|
3,047,792
|
|
||
Total liabilities
|
|
931,733,576
|
|
|
923,786,020
|
|
||
|
|
|
|
|
||||
Stockholders' equity:
|
|
|
|
|
|
|
||
Preferred stock - $1 par value; 2,000,000 shares authorized; 12,000 issued and outstanding in 2016 and 2015
|
|
12,000
|
|
|
12,000
|
|
||
Common stock - $1 par value; 40,000,000 shares authorized; 5,824,295 and 5,806,477 shares issued and outstanding in 2016 and 2015, respectively
|
|
5,824,295
|
|
|
5,806,477
|
|
||
Additional paid-in capital
|
|
82,799,911
|
|
|
82,616,015
|
|
||
Retained earnings
|
|
14,152,981
|
|
|
12,094,488
|
|
||
Accumulated other comprehensive income (loss)
|
|
274,749
|
|
|
(352,121
|
)
|
||
Total stockholders' equity
|
|
103,063,936
|
|
|
100,176,859
|
|
||
|
|
|
|
|
||||
Total liabilities and stockholders' equity
|
|
$
|
1,034,797,512
|
|
|
$
|
1,023,962,879
|
|
|
|
Unaudited
Three Months Ended June 30, |
|
Unaudited
Six Months Ended June 30, |
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
INTEREST INCOME
|
|
|
|
|
|
|
|
|
|
|
||||||
Loans, including fees
|
|
$
|
9,954,218
|
|
|
$
|
4,677,088
|
|
|
$
|
19,328,675
|
|
|
$
|
9,195,636
|
|
Securities and interest-bearing deposits at other financial institutions
|
|
665,402
|
|
|
363,349
|
|
|
1,381,982
|
|
|
781,252
|
|
||||
Federal funds sold and other earning assets
|
|
50,171
|
|
|
27,768
|
|
|
113,481
|
|
|
55,928
|
|
||||
Total interest income
|
|
10,669,791
|
|
|
5,068,205
|
|
|
20,824,138
|
|
|
10,032,816
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
INTEREST EXPENSE
|
|
|
|
|
|
|
|
|
|
|
||||||
Deposits
|
|
1,012,684
|
|
|
498,014
|
|
|
1,973,951
|
|
|
1,000,669
|
|
||||
Securities sold under agreements to repurchase
|
|
15,279
|
|
|
2,727
|
|
|
31,739
|
|
|
5,678
|
|
||||
Federal Home Loan Bank advances and other borrowings
|
|
29,263
|
|
|
2,819
|
|
|
74,549
|
|
|
3,513
|
|
||||
Total interest expense
|
|
1,057,226
|
|
|
503,560
|
|
|
2,080,239
|
|
|
1,009,860
|
|
||||
Net interest income before provision for loan losses
|
|
9,612,565
|
|
|
4,564,645
|
|
|
18,743,899
|
|
|
9,022,956
|
|
||||
Provision for loan losses
|
|
218,420
|
|
|
39,986
|
|
|
355,976
|
|
|
323,928
|
|
||||
Net interest income after provision for loan losses
|
|
9,394,145
|
|
|
4,524,659
|
|
|
18,387,923
|
|
|
8,699,028
|
|
||||
NONINTEREST INCOME
|
|
|
|
|
|
|
|
|
|
|
||||||
Customer service fees
|
|
258,877
|
|
|
148,913
|
|
|
554,680
|
|
|
279,315
|
|
||||
Gain on sale of securities
|
|
98,100
|
|
|
52,255
|
|
|
181,363
|
|
|
52,255
|
|
||||
Gain on sale of loans and other assets
|
|
197,479
|
|
|
31,175
|
|
|
419,405
|
|
|
3,317
|
|
||||
Gain (loss) on sale of foreclosed assets
|
|
(3,734
|
)
|
|
(362,845
|
)
|
|
54,243
|
|
|
112,351
|
|
||||
Other noninterest income
|
|
410,155
|
|
|
236,905
|
|
|
822,018
|
|
|
467,028
|
|
||||
Total noninterest income
|
|
960,877
|
|
|
106,403
|
|
|
2,031,709
|
|
|
914,266
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
NONINTEREST EXPENSES
|
|
|
|
|
|
|
|
|
|
|
||||||
Salaries and employee benefits
|
|
4,486,148
|
|
|
2,236,105
|
|
|
8,981,156
|
|
|
4,536,719
|
|
||||
Net occupancy and equipment expense
|
|
1,136,648
|
|
|
574,985
|
|
|
2,155,075
|
|
|
1,118,886
|
|
||||
Depository insurance
|
|
150,943
|
|
|
98,323
|
|
|
286,747
|
|
|
194,960
|
|
||||
Foreclosed assets
|
|
63,773
|
|
|
47,873
|
|
|
120,431
|
|
|
89,221
|
|
||||
Advertising
|
|
184,065
|
|
|
110,803
|
|
|
357,510
|
|
|
221,465
|
|
||||
Data processing
|
|
554,612
|
|
|
194,064
|
|
|
895,992
|
|
|
403,777
|
|
||||
Professional services
|
|
551,432
|
|
|
333,768
|
|
|
1,006,605
|
|
|
685,866
|
|
||||
Amortization of intangible assets
|
|
93,353
|
|
|
40,775
|
|
|
186,706
|
|
|
81,550
|
|
||||
Service contracts
|
|
315,611
|
|
|
151,925
|
|
|
601,239
|
|
|
310,995
|
|
||||
Other operating expenses
|
|
935,740
|
|
|
551,765
|
|
|
1,832,765
|
|
|
977,469
|
|
||||
Total noninterest expenses
|
|
8,472,325
|
|
|
4,340,386
|
|
|
16,424,226
|
|
|
8,620,908
|
|
||||
Income before income tax expense
|
|
1,882,697
|
|
|
290,676
|
|
|
3,995,406
|
|
|
992,386
|
|
||||
Income tax expense
|
|
691,067
|
|
|
224,574
|
|
|
1,454,913
|
|
|
587,892
|
|
||||
Net income
|
|
1,191,630
|
|
|
66,102
|
|
|
2,540,493
|
|
|
404,494
|
|
||||
Preferred stock dividends
|
|
270,000
|
|
|
30,000
|
|
|
482,000
|
|
|
60,000
|
|
||||
Net income available to common stockholders
|
|
$
|
921,630
|
|
|
$
|
36,102
|
|
|
$
|
2,058,493
|
|
|
$
|
344,494
|
|
|
|
|
|
|
|
|
|
|
||||||||
EARNINGS PER COMMON SHARE
|
|
|
|
|
|
|
|
|
|
|
||||||
Basic
|
|
$
|
0.16
|
|
|
$
|
0.01
|
|
|
$
|
0.35
|
|
|
$
|
0.12
|
|
Diluted
|
|
0.15
|
|
|
0.01
|
|
|
0.34
|
|
|
0.10
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding
|
|
|
|
|
|
|
|
|
|
|
||||||
Basic
|
|
5,820,342
|
|
|
2,965,783
|
|
|
5,813,915
|
|
|
2,965,783
|
|
||||
Diluted
|
|
6,131,820
|
|
|
3,293,279
|
|
|
6,118,530
|
|
|
3,293,299
|
|
||||
Dividends per share
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
Unaudited
Three Months Ended June 30, |
||||||
|
|
2016
|
|
2015
|
||||
Net income
|
|
$
|
1,191,630
|
|
|
$
|
66,102
|
|
|
|
|
|
|
||||
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
||
Unrealized holding gains (losses) arising during the period, net of tax expense (benefit) of $76,857 and $(369,404) in 2016 and 2015, respectively
|
|
124,607
|
|
|
(594,955
|
)
|
||
|
|
|
|
|
||||
Reclassification adjustment for gains included in net income, net of tax expense of $37,278 and $19,857 in 2016 and 2015, respectively
|
|
(60,822
|
)
|
|
(32,398
|
)
|
||
|
|
|
|
|
||||
Total other comprehensive income (loss)
|
|
63,785
|
|
|
(627,353
|
)
|
||
|
|
|
|
|
||||
Comprehensive income (loss)
|
|
$
|
1,255,415
|
|
|
$
|
(561,251
|
)
|
|
|
|
|
|
||||
|
|
|
|
|
||||
|
|
Unaudited
Six Months Ended June 30, |
||||||
|
|
2016
|
|
2015
|
||||
Net income
|
|
$
|
2,540,493
|
|
|
$
|
404,494
|
|
|
|
|
|
|
||||
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
||
Unrealized holding gains (losses) arising during the period, net of tax expense (benefit) of $458,148 and $(55,715) in 2016 and 2015, respectively
|
|
739,315
|
|
|
(89,397
|
)
|
||
|
|
|
|
|
||||
Reclassification adjustment for gains included in net income, net of tax expense of $68,918 and $19,857 in 2016 and 2015, respectively
|
|
(112,445
|
)
|
|
(32,398
|
)
|
||
|
|
|
|
|
||||
Total other comprehensive income (loss)
|
|
626,870
|
|
|
(121,795
|
)
|
||
|
|
|
|
|
||||
Comprehensive income
|
|
$
|
3,167,363
|
|
|
$
|
282,699
|
|
|
|
Preferred
Shares |
|
Common
Shares |
|
Preferred
Stock |
|
Common
Stock |
|
Additional
Paid-in Capital |
|
Retained
Earnings |
|
Accumulated
Other Comprehensive Income (Loss) |
|
Total
Stockholders' Equity |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
BALANCE, December 31, 2015
|
|
12,000
|
|
|
5,806,477
|
|
|
$
|
12,000
|
|
|
$
|
5,806,477
|
|
|
$
|
82,616,015
|
|
|
$
|
12,094,488
|
|
|
$
|
(352,121
|
)
|
|
$
|
100,176,859
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,540,493
|
|
|
—
|
|
|
2,540,493
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Other comprehensive income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
626,870
|
|
|
626,870
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Exercise of stock options
|
|
—
|
|
|
17,818
|
|
|
—
|
|
|
17,818
|
|
|
117,261
|
|
|
—
|
|
|
—
|
|
|
135,079
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Cash dividend on preferred stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(482,000
|
)
|
|
—
|
|
|
(482,000
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Stock compensation expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
66,635
|
|
|
—
|
|
|
—
|
|
|
66,635
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
BALANCE, June 30, 2016
|
|
12,000
|
|
|
5,824,295
|
|
|
$
|
12,000
|
|
|
$
|
5,824,295
|
|
|
$
|
82,799,911
|
|
|
$
|
14,152,981
|
|
|
$
|
274,749
|
|
|
$
|
103,063,936
|
|
|
|
Unaudited
Six Months Ended June 30, |
||||||
|
|
2016
|
|
2015
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
|
|
||
Net income
|
|
$
|
2,540,493
|
|
|
$
|
404,494
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
|
|
|
|
|
||
Depreciation and amortization
|
|
1,063,117
|
|
|
1,056,518
|
|
||
Provision for loan losses
|
|
355,976
|
|
|
323,928
|
|
||
Stock compensation expense
|
|
66,635
|
|
|
7,314
|
|
||
Gains from sale of securities
|
|
(181,363
|
)
|
|
(52,255
|
)
|
||
Net gains from sale of loans and other assets
|
|
(419,405
|
)
|
|
(3,317
|
)
|
||
Net gains from sale of foreclosed assets
|
|
(54,243
|
)
|
|
(112,351
|
)
|
||
Changes in other assets and liabilities:
|
|
|
|
|
|
|
||
Accrued interest receivable
|
|
280,727
|
|
|
15,046
|
|
||
Accrued interest payable
|
|
4,315
|
|
|
7,333
|
|
||
Other assets and liabilities
|
|
5,330,459
|
|
|
(1,681,576
|
)
|
||
Net cash provided by (used in) operating activities
|
|
8,986,711
|
|
|
(34,866
|
)
|
||
|
|
|
|
|
||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
||
Proceeds from security sales, maturities, and paydowns
|
|
29,349,635
|
|
|
17,342,290
|
|
||
Purchase of securities
|
|
(5,000,000
|
)
|
|
(3,000,000
|
)
|
||
Purchase of restricted investments
|
|
(200
|
)
|
|
(38,000
|
)
|
||
Loan originations and principal collections, net
|
|
(45,399,008
|
)
|
|
(27,610,151
|
)
|
||
Purchase of bank premises and equipment
|
|
(1,454,765
|
)
|
|
(882,771
|
)
|
||
Proceeds from sale of foreclosed assets
|
|
652,364
|
|
|
2,449,806
|
|
||
Net cash used in investing activities
|
|
(21,851,974
|
)
|
|
(11,738,826
|
)
|
||
|
|
|
|
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
|
||
Net increase in deposits
|
|
30,266,395
|
|
|
27,938,120
|
|
||
Net decrease in securities sold under agreements to repurchase
|
|
(1,185,467
|
)
|
|
(7,030,537
|
)
|
||
Issuance of common stock
|
|
135,079
|
|
|
—
|
|
||
Payment of dividends on preferred stock
|
|
(482,000
|
)
|
|
(60,000
|
)
|
||
Proceeds from Federal Home Loan Bank advances and other borrowings
|
|
100,000
|
|
|
—
|
|
||
Repayment of Federal Home Loan Bank advances and other borrowings
|
|
(24,196,260
|
)
|
|
(12,000,000
|
)
|
||
Net cash provided by financing activities
|
|
4,637,747
|
|
|
8,847,583
|
|
||
NET DECREASE IN CASH AND CASH EQUIVALENTS
|
|
(8,227,516
|
)
|
|
(2,926,109
|
)
|
||
CASH AND CASH EQUIVALENTS, beginning of year
|
|
79,964,633
|
|
|
46,736,414
|
|
||
CASH AND CASH EQUIVALENTS, end of period
|
|
$
|
71,737,117
|
|
|
$
|
43,810,305
|
|
|
|
|
|
|
||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
|
|
|
|
|
|
|
||
Cash paid during the period for interest
|
|
$
|
2,075,924
|
|
|
$
|
1,017,193
|
|
Cash paid during the period for taxes
|
|
726,528
|
|
|
1,614,979
|
|
||
|
|
|
|
|
||||
NONCASH INVESTING AND FINANCING ACTIVITIES
|
|
|
|
|
|
|
||
Change in unrealized losses on securities available for sale
|
|
$
|
(1,016,100
|
)
|
|
$
|
(197,367
|
)
|
Acquisition of real estate through foreclosure
|
|
1,296,077
|
|
|
17,960
|
|
||
Financed sales of foreclosed assets
|
|
1,120,138
|
|
|
—
|
|
Calculation of Purchase Price
|
|
||
Shares of CSBQ common stock outstanding as of August 31, 2015
|
6,643,341
|
|
|
Market price of CSBQ common stock on August 31, 2015
|
$
|
3.85
|
|
Estimated fair value of CSBQ common stock (in thousands)
|
25,577
|
|
|
Estimated fair value of CSBQ stock options (in thousands)
|
2,858
|
|
|
Total consideration (in thousands)
|
$
|
28,435
|
|
Allocation of Purchase Price (in thousands)
|
|
||
Total consideration above
|
$
|
28,435
|
|
Fair value of assets acquired and liabilities assumed:
|
|
|
|
Cash and cash equivalents
|
33,502
|
|
|
Investment securities available for sale
|
74,254
|
|
|
Loans
|
314,827
|
|
|
Premises and equipment
|
9,019
|
|
|
Bank owned life insurance
|
1,278
|
|
|
Core deposit intangible
|
2,750
|
|
|
Other real estate owned
|
5,672
|
|
|
Prepaid and other assets
|
4,301
|
|
|
Deposits
|
(349,462
|
)
|
|
Securities sold under agreements to repurchase
|
(17,622
|
)
|
|
FHLB advances and other borrowings
|
(42,307
|
)
|
|
Payables and other liabilities
|
(11,943
|
)
|
|
Total fair value of net assets acquired
|
24,269
|
|
|
Goodwill
|
$
|
4,166
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net income available to common shareholders
|
|
$
|
921,630
|
|
|
$
|
36,102
|
|
|
$
|
2,058,493
|
|
|
$
|
344,494
|
|
Weighted average common shares outstanding
|
|
5,820,342
|
|
|
2,965,783
|
|
|
5,813,915
|
|
|
2,965,783
|
|
||||
Effect of dilutive stock options
|
|
311,478
|
|
|
327,496
|
|
|
304,615
|
|
|
327,516
|
|
||||
Diluted shares
|
|
6,131,820
|
|
|
3,293,279
|
|
|
6,118,530
|
|
|
3,293,299
|
|
||||
Basic earnings per common share
|
|
$
|
0.16
|
|
|
$
|
0.01
|
|
|
$
|
0.35
|
|
|
$
|
0.12
|
|
Diluted earnings per common share
|
|
$
|
0.15
|
|
|
$
|
0.01
|
|
|
$
|
0.34
|
|
|
$
|
0.10
|
|
|
|
June 30, 2016
|
||||||||||||||
|
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
||||||||
U.S. Government-sponsored enterprises (GSEs)
|
|
$
|
12,708
|
|
|
$
|
35
|
|
|
$
|
—
|
|
|
$
|
12,743
|
|
Municipal securities
|
|
5,176
|
|
|
142
|
|
|
—
|
|
|
5,318
|
|
||||
Mortgage-backed securities
|
|
124,545
|
|
|
818
|
|
|
(549
|
)
|
|
124,814
|
|
||||
|
|
$
|
142,429
|
|
|
$
|
995
|
|
|
$
|
(549
|
)
|
|
$
|
142,875
|
|
|
|
December 31, 2015
|
||||||||||||||
|
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
||||||||
U.S. Government-sponsored enterprises (GSEs)
|
|
$
|
22,745
|
|
|
$
|
48
|
|
|
$
|
(50
|
)
|
|
$
|
22,743
|
|
Municipal securities
|
|
7,614
|
|
|
52
|
|
|
(17
|
)
|
|
7,649
|
|
||||
Mortgage-backed securities
|
|
136,625
|
|
|
375
|
|
|
(979
|
)
|
|
136,021
|
|
||||
|
|
$
|
166,984
|
|
|
$
|
475
|
|
|
$
|
(1,046
|
)
|
|
$
|
166,413
|
|
|
|
Amortized
Cost
|
|
Fair
Value
|
||||
Due in one year or less
|
|
$
|
—
|
|
|
$
|
—
|
|
Due from one year to five years
|
|
7,886
|
|
|
7,924
|
|
||
Due from five years to ten years
|
|
7,514
|
|
|
7,569
|
|
||
Due after ten years
|
|
2,484
|
|
|
2,568
|
|
||
|
|
17,884
|
|
|
18,061
|
|
||
Mortgage-backed securities
|
|
124,545
|
|
|
124,814
|
|
||
|
|
$
|
142,429
|
|
|
$
|
142,875
|
|
|
|
As of June 30, 2016
|
||||||||||||||||
|
|
Less than 12 Months
|
|
12 Months or Greater
|
|
Total
|
||||||||||||
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
||||||
Mortgage-backed securities
|
|
38,714
|
|
|
(333
|
)
|
|
12,894
|
|
|
(216
|
)
|
|
51,608
|
|
|
(549
|
)
|
|
|
As of December 31, 2015
|
||||||||||||||||||||||
|
|
Less than 12 Months
|
|
12 Months or Greater
|
|
Total
|
||||||||||||||||||
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
||||||||||||
U.S. Government- sponsored enterprises (GSEs)
|
|
$
|
8,464
|
|
|
$
|
(50
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8,464
|
|
|
$
|
(50
|
)
|
Municipal securities
|
|
2,456
|
|
|
(17
|
)
|
|
—
|
|
|
—
|
|
|
2,456
|
|
|
(17
|
)
|
||||||
Mortgage-backed securities
|
|
72,641
|
|
|
(470
|
)
|
|
16,325
|
|
|
(509
|
)
|
|
88,966
|
|
|
(979
|
)
|
||||||
|
|
$
|
83,561
|
|
|
$
|
(537
|
)
|
|
$
|
16,325
|
|
|
$
|
(509
|
)
|
|
$
|
99,886
|
|
|
$
|
(1,046
|
)
|
|
|
June 30, 2016
|
|
December 31, 2015
|
||||||||||||||||||||
|
|
PCI Loans
|
|
All Other
Loans
|
|
Total
|
|
PCI
Loans
|
|
All Other
Loans
|
|
Total
|
||||||||||||
Commercial real estate
|
|
$
|
16,881
|
|
|
$
|
371,509
|
|
|
$
|
388,390
|
|
|
$
|
20,050
|
|
|
$
|
349,727
|
|
|
$
|
369,777
|
|
Consumer real estate
|
|
10,165
|
|
|
163,875
|
|
|
174,040
|
|
|
12,764
|
|
|
148,930
|
|
|
161,694
|
|
||||||
Construction and land development
|
|
1,998
|
|
|
114,183
|
|
|
116,181
|
|
|
2,695
|
|
|
102,783
|
|
|
105,478
|
|
||||||
Commercial and industrial
|
|
1,841
|
|
|
85,559
|
|
|
87,400
|
|
|
2,768
|
|
|
82,183
|
|
|
84,951
|
|
||||||
Consumer and other
|
|
—
|
|
|
7,384
|
|
|
7,384
|
|
|
—
|
|
|
5,815
|
|
|
5,815
|
|
||||||
Total loans
|
|
30,885
|
|
|
742,510
|
|
|
773,395
|
|
|
38,277
|
|
|
689,438
|
|
|
727,715
|
|
||||||
Less: Allowance for loan losses
|
|
—
|
|
|
(4,719
|
)
|
|
(4,719
|
)
|
|
—
|
|
|
(4,354
|
)
|
|
(4,354
|
)
|
||||||
Loans, net
|
|
$
|
30,885
|
|
|
$
|
737,791
|
|
|
$
|
768,676
|
|
|
$
|
38,277
|
|
|
$
|
685,084
|
|
|
$
|
723,361
|
|
|
|
June 30, 2016
|
||||||||||||||||||||||
|
|
Commercial
Real Estate
|
|
Consumer
Real Estate
|
|
Construction
and Land
Development
|
|
Commercial
and
Industrial
|
|
Consumer
and Other
|
|
Total
|
||||||||||||
Performing loans
|
|
$
|
369,579
|
|
|
$
|
161,295
|
|
|
$
|
113,114
|
|
|
$
|
85,062
|
|
|
$
|
7,384
|
|
|
$
|
736,434
|
|
Impaired loans
|
|
1,930
|
|
|
2,580
|
|
|
1,069
|
|
|
497
|
|
|
—
|
|
|
6,076
|
|
||||||
|
|
371,509
|
|
|
163,875
|
|
|
114,183
|
|
|
85,559
|
|
|
7,384
|
|
|
742,510
|
|
||||||
PCI loans
|
|
16,881
|
|
|
10,165
|
|
|
1,998
|
|
|
1,841
|
|
|
—
|
|
|
30,885
|
|
||||||
Total
|
|
$
|
388,390
|
|
|
$
|
174,040
|
|
|
$
|
116,181
|
|
|
$
|
87,400
|
|
|
$
|
7,384
|
|
|
$
|
773,395
|
|
|
|
December 31, 2015
|
||||||||||||||||||||||
|
|
Commercial
Real Estate
|
|
Consumer
Real Estate
|
|
Construction
and Land
Development
|
|
Commercial
and
Industrial
|
|
Consumer
and Other
|
|
Total
|
||||||||||||
Performing loans
|
|
$
|
347,775
|
|
|
$
|
145,289
|
|
|
$
|
101,751
|
|
|
$
|
81,715
|
|
|
$
|
5,815
|
|
|
$
|
682,345
|
|
Impaired loans
|
|
1,952
|
|
|
3,641
|
|
|
1,032
|
|
|
468
|
|
|
—
|
|
|
7,093
|
|
||||||
|
|
349,727
|
|
|
148,930
|
|
|
102,783
|
|
|
82,183
|
|
|
5,815
|
|
|
689,438
|
|
||||||
PCI loans
|
|
20,050
|
|
|
12,764
|
|
|
2,695
|
|
|
2,768
|
|
|
—
|
|
|
38,277
|
|
||||||
Total loans
|
|
$
|
369,777
|
|
|
$
|
161,694
|
|
|
$
|
105,478
|
|
|
$
|
84,951
|
|
|
$
|
5,815
|
|
|
$
|
727,715
|
|
|
|
June 30, 2016
|
||||||||||||||||||||||
|
|
Commercial
Real Estate
|
|
Consumer
Real Estate
|
|
Construction
and Land
Development
|
|
Commercial
and
Industrial
|
|
Consumer
and
Other
|
|
Total
|
||||||||||||
Performing loans
|
|
$
|
2,071
|
|
|
$
|
1,082
|
|
|
$
|
733
|
|
|
$
|
535
|
|
|
$
|
38
|
|
|
$
|
4,459
|
|
Impaired loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
260
|
|
|
—
|
|
|
260
|
|
||||||
Total
|
|
$
|
2,071
|
|
|
$
|
1,082
|
|
|
$
|
733
|
|
|
$
|
795
|
|
|
$
|
38
|
|
|
$
|
4,719
|
|
|
|
December 31, 2015
|
||||||||||||||||||||||
|
|
Commercial
Real Estate
|
|
Consumer
Real Estate
|
|
Construction
and Land
Development
|
|
Commercial
and
Industrial
|
|
Consumer
and
Other
|
|
Total
|
||||||||||||
Performing loans
|
|
$
|
1,906
|
|
|
$
|
1,015
|
|
|
$
|
627
|
|
|
$
|
519
|
|
|
$
|
29
|
|
|
$
|
4,096
|
|
Impaired loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
258
|
|
|
—
|
|
|
258
|
|
||||||
Total
|
|
$
|
1,906
|
|
|
$
|
1,015
|
|
|
$
|
627
|
|
|
$
|
777
|
|
|
$
|
29
|
|
|
$
|
4,354
|
|
|
|
June 30, 2016
|
||||||||||||||||||||||
|
|
Commercial
Real Estate
|
|
Consumer
Real
Estate
|
|
Construction
and Land
Development
|
|
Commercial
and
Industrial
|
|
Consumer
and Other
|
|
Total
|
||||||||||||
Beginning balance
|
|
$
|
1,906
|
|
|
$
|
1,015
|
|
|
$
|
627
|
|
|
$
|
777
|
|
|
$
|
29
|
|
|
$
|
4,354
|
|
Loans charged off
|
|
—
|
|
|
(67
|
)
|
|
—
|
|
|
—
|
|
|
(70
|
)
|
|
(137
|
)
|
||||||
Recoveries of loans charged off
|
|
24
|
|
|
37
|
|
|
17
|
|
|
40
|
|
|
28
|
|
|
146
|
|
||||||
Provision (reallocation) charged to operating expense
|
|
141
|
|
|
97
|
|
|
89
|
|
|
(22
|
)
|
|
51
|
|
|
356
|
|
||||||
Ending balance
|
|
$
|
2,071
|
|
|
$
|
1,082
|
|
|
$
|
733
|
|
|
$
|
795
|
|
|
$
|
38
|
|
|
$
|
4,719
|
|
|
|
December 31, 2015
|
||||||||||||||||||||||
|
|
Commercial
Real Estate
|
|
Consumer
Real
Estate
|
|
Construction
and Land
Development
|
|
Commercial
and
Industrial
|
|
Consumer
and Other
|
|
Total
|
||||||||||||
Beginning balance
|
|
$
|
1,734
|
|
|
$
|
906
|
|
|
$
|
690
|
|
|
$
|
524
|
|
|
$
|
26
|
|
|
$
|
3,880
|
|
Loans charged off
|
|
(95
|
)
|
|
(247
|
)
|
|
(50
|
)
|
|
—
|
|
|
(114
|
)
|
|
(506
|
)
|
||||||
Recoveries of charge-offs
|
|
—
|
|
|
—
|
|
|
26
|
|
|
19
|
|
|
12
|
|
|
57
|
|
||||||
Provision (reallocation) charged to operating expense
|
|
267
|
|
|
356
|
|
|
(39
|
)
|
|
234
|
|
|
105
|
|
|
923
|
|
||||||
Ending balance
|
|
$
|
1,906
|
|
|
$
|
1,015
|
|
|
$
|
627
|
|
|
$
|
777
|
|
|
$
|
29
|
|
|
$
|
4,354
|
|
|
|
June 30, 2016
|
||||||||||||||||||||||
|
|
Commercial
Real Estate
|
|
Consumer
Real Estate
|
|
Construction
and Land
Development
|
|
Commercial
and
Industrial
|
|
Consumer
and Other
|
|
Total
|
||||||||||||
Pass
|
|
$
|
371,117
|
|
|
$
|
162,559
|
|
|
$
|
113,015
|
|
|
$
|
85,059
|
|
|
$
|
7,158
|
|
|
$
|
738,908
|
|
Watch
|
|
160
|
|
|
554
|
|
|
91
|
|
|
—
|
|
|
—
|
|
|
805
|
|
||||||
Special mention
|
|
107
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
226
|
|
|
333
|
|
||||||
Substandard
|
|
125
|
|
|
762
|
|
|
1,077
|
|
|
500
|
|
|
—
|
|
|
2,464
|
|
||||||
Doubtful
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total
|
|
$
|
371,509
|
|
|
$
|
163,875
|
|
|
$
|
114,183
|
|
|
$
|
85,559
|
|
|
$
|
7,384
|
|
|
$
|
742,510
|
|
|
|
June 30, 2016
|
||||||||||||||||||||||
|
|
Commercial
Real Estate
|
|
Consumer
Real Estate
|
|
Construction
and Land
Development
|
|
Commercial
and
Industrial
|
|
Consumer
and Other
|
|
Total
|
||||||||||||
Pass
|
|
$
|
13,451
|
|
|
$
|
7,748
|
|
|
$
|
1,113
|
|
|
$
|
1,717
|
|
|
$
|
—
|
|
|
$
|
24,029
|
|
Watch
|
|
765
|
|
|
1,700
|
|
|
668
|
|
|
37
|
|
|
—
|
|
|
3,170
|
|
||||||
Special mention
|
|
1,587
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|
—
|
|
|
1,600
|
|
||||||
Substandard
|
|
1,078
|
|
|
717
|
|
|
217
|
|
|
46
|
|
|
—
|
|
|
2,058
|
|
||||||
Doubtful
|
|
—
|
|
|
—
|
|
|
—
|
|
|
28
|
|
|
—
|
|
|
28
|
|
||||||
Total
|
|
$
|
16,881
|
|
|
$
|
10,165
|
|
|
$
|
1,998
|
|
|
$
|
1,841
|
|
|
$
|
—
|
|
|
$
|
30,885
|
|
Total loans
|
|
$
|
388,390
|
|
|
$
|
174,040
|
|
|
$
|
116,181
|
|
|
$
|
87,400
|
|
|
$
|
7,384
|
|
|
$
|
773,395
|
|
|
|
December 31, 2015
|
||||||||||||||||||||||
|
|
Commercial
Real Estate
|
|
Consumer
Real Estate
|
|
Construction
and Land
Development
|
|
Commercial
and
Industrial
|
|
Consumer
and Other
|
|
Total
|
||||||||||||
Pass
|
|
$
|
349,030
|
|
|
$
|
146,645
|
|
|
$
|
101,751
|
|
|
$
|
81,683
|
|
|
$
|
5,815
|
|
|
$
|
684,924
|
|
Watch
|
|
184
|
|
|
327
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
511
|
|
||||||
Special mention
|
|
387
|
|
|
—
|
|
|
—
|
|
|
32
|
|
|
—
|
|
|
419
|
|
||||||
Substandard
|
|
126
|
|
|
1,958
|
|
|
1,032
|
|
|
468
|
|
|
—
|
|
|
3,584
|
|
||||||
Doubtful
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total
|
|
$
|
349,727
|
|
|
$
|
148,930
|
|
|
$
|
102,783
|
|
|
$
|
82,183
|
|
|
$
|
5,815
|
|
|
$
|
689,438
|
|
|
|
December 31, 2015
|
||||||||||||||||||||||
|
|
Commercial
Real Estate
|
|
Consumer
Real Estate
|
|
Construction
and Land
Development
|
|
Commercial
and
Industrial
|
|
Consumer
and Other
|
|
Total
|
||||||||||||
Pass
|
|
$
|
17,127
|
|
|
$
|
11,635
|
|
|
$
|
1,947
|
|
|
$
|
2,458
|
|
|
$
|
—
|
|
|
$
|
33,167
|
|
Watch
|
|
—
|
|
|
260
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
260
|
|
||||||
Special mention
|
|
1,975
|
|
|
—
|
|
|
526
|
|
|
221
|
|
|
—
|
|
|
2,722
|
|
||||||
Substandard
|
|
948
|
|
|
869
|
|
|
222
|
|
|
89
|
|
|
—
|
|
|
2,128
|
|
||||||
Doubtful
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total
|
|
$
|
20,050
|
|
|
$
|
12,764
|
|
|
$
|
2,695
|
|
|
$
|
2,768
|
|
|
$
|
—
|
|
|
$
|
38,277
|
|
Total loans
|
|
$
|
369,777
|
|
|
$
|
161,694
|
|
|
$
|
105,478
|
|
|
$
|
84,951
|
|
|
$
|
5,815
|
|
|
$
|
727,715
|
|
|
|
June 30, 2016
|
||||||||||||||||||||||||||
|
|
30-89 Days
Past Due and
Accruing
|
|
Past Due 90
Days or More
and Accruing
|
|
Nonaccrual
|
|
Total
Past Due
and NonAccrual
|
|
PCI Loans
|
|
Current
Loans
|
|
Total
Loans
|
||||||||||||||
Commercial real estate
|
|
$
|
1,855
|
|
|
$
|
—
|
|
|
$
|
232
|
|
|
$
|
2,087
|
|
|
$
|
16,881
|
|
|
$
|
369,422
|
|
|
$
|
388,390
|
|
Consumer real estate
|
|
237
|
|
|
101
|
|
|
333
|
|
|
671
|
|
|
10,165
|
|
|
163,204
|
|
|
174,040
|
|
|||||||
Construction and land development
|
|
—
|
|
|
17
|
|
|
1,070
|
|
|
1,087
|
|
|
1,998
|
|
|
113,096
|
|
|
116,181
|
|
|||||||
Commercial and industrial
|
|
101
|
|
|
—
|
|
|
452
|
|
|
553
|
|
|
1,841
|
|
|
85,006
|
|
|
87,400
|
|
|||||||
Consumer and other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,384
|
|
|
7,384
|
|
|||||||
Total
|
|
$
|
2,193
|
|
|
$
|
118
|
|
|
$
|
2,087
|
|
|
$
|
4,398
|
|
|
$
|
30,885
|
|
|
$
|
738,112
|
|
|
$
|
773,395
|
|
|
|
December 31, 2015
|
||||||||||||||||||||||||||
|
|
30-89 Days
Past Due and
Accruing
|
|
Past Due 90
Days or More
and Accruing
|
|
Nonaccrual
|
|
Total
Past Due
and NonAccrual
|
|
PCI
Loans
|
|
Current
Loans
|
|
Total
Loans
|
||||||||||||||
Commercial real estate
|
|
$
|
471
|
|
|
$
|
258
|
|
|
$
|
—
|
|
|
$
|
729
|
|
|
$
|
20,050
|
|
|
$
|
348,998
|
|
|
$
|
369,777
|
|
Consumer real estate
|
|
581
|
|
|
232
|
|
|
1,351
|
|
|
2,164
|
|
|
12,764
|
|
|
146,766
|
|
|
161,694
|
|
|||||||
Construction and land development
|
|
137
|
|
|
—
|
|
|
483
|
|
|
620
|
|
|
2,695
|
|
|
102,163
|
|
|
105,478
|
|
|||||||
Commercial and industrial
|
|
207
|
|
|
12
|
|
|
418
|
|
|
637
|
|
|
2,768
|
|
|
81,546
|
|
|
84,951
|
|
|||||||
Consumer and other
|
|
12
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
5,803
|
|
|
5,815
|
|
|||||||
Total
|
|
$
|
1,408
|
|
|
$
|
502
|
|
|
$
|
2,252
|
|
|
$
|
4,162
|
|
|
$
|
38,277
|
|
|
$
|
685,276
|
|
|
$
|
727,715
|
|
|
|
|
|
|
|
|
|
For the six months
|
||||||||||||
|
|
At June 30, 2016
|
|
June 30, 2016
|
||||||||||||||||
|
|
Recorded
Investment
|
|
Unpaid
Principal
Balance
|
|
Related
Allowance
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
||||||||||
Impaired loans without a valuation allowance:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial real estate
|
|
$
|
1,930
|
|
|
$
|
1,930
|
|
|
$
|
—
|
|
|
$
|
1,944
|
|
|
$
|
82
|
|
Consumer real estate
|
|
2,580
|
|
|
3,135
|
|
|
—
|
|
|
3,302
|
|
|
62
|
|
|||||
Construction and land development
|
|
1,069
|
|
|
1,069
|
|
|
—
|
|
|
1,057
|
|
|
3
|
|
|||||
Commercial and industrial
|
|
48
|
|
|
—
|
|
|
—
|
|
|
48
|
|
|
1
|
|
|||||
Consumer and other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
|
5,627
|
|
|
6,134
|
|
|
—
|
|
|
6,351
|
|
|
148
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Impaired loans with a valuation allowance:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial real estate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Consumer real estate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Construction and land development
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Commercial and industrial
|
|
449
|
|
|
569
|
|
|
260
|
|
|
417
|
|
|
63
|
|
|||||
Consumer and other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
|
449
|
|
|
569
|
|
|
260
|
|
|
417
|
|
|
63
|
|
|||||
Total impaired loans
|
|
$
|
6,076
|
|
|
$
|
6,703
|
|
|
$
|
260
|
|
|
$
|
6,768
|
|
|
$
|
211
|
|
|
|
|
|
|
|
|
|
For the year ended
|
||||||||||||
|
|
At December 31, 2015
|
|
December 31, 2015
|
||||||||||||||||
|
|
Recorded
Investment
|
|
Unpaid
Principal
Balance
|
|
Related
Allowance
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
||||||||||
Impaired loans without a valuation allowance:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial real estate
|
|
$
|
1,952
|
|
|
$
|
1,952
|
|
|
$
|
—
|
|
|
$
|
1,898
|
|
|
$
|
73
|
|
Consumer real estate
|
|
3,641
|
|
|
4,341
|
|
|
—
|
|
|
4,003
|
|
|
81
|
|
|||||
Construction and land development
|
|
1,033
|
|
|
1,033
|
|
|
—
|
|
|
1,044
|
|
|
26
|
|
|||||
Commercial and industrial
|
|
49
|
|
|
49
|
|
|
—
|
|
|
54
|
|
|
3
|
|
|||||
Consumer and other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
|
6,675
|
|
|
7,375
|
|
|
—
|
|
|
6,999
|
|
|
183
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Impaired loans with a valuation allowance:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial real estate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Consumer real estate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Construction and land development
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Commercial and industrial
|
|
418
|
|
|
418
|
|
|
258
|
|
|
448
|
|
|
—
|
|
|||||
Consumer and other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
|
418
|
|
|
418
|
|
|
258
|
|
|
448
|
|
|
—
|
|
|||||
Total impaired loans
|
|
$
|
7,093
|
|
|
$
|
7,793
|
|
|
$
|
258
|
|
|
$
|
7,447
|
|
|
$
|
183
|
|
|
|
|
|
Pre-Modification
Outstanding
Recorded
|
|
Post-Modification
Outstanding
Recorded
|
||||
June 30, 2016
|
|
Number of Contracts
|
|
Investment
|
|
Investment
|
||||
Construction and land development
|
|
1
|
|
$
|
483
|
|
|
$
|
483
|
|
Commercial and industrial
|
|
1
|
|
385
|
|
|
385
|
|
|
June 30, 2016
|
||
Commercial real estate
|
$
|
19,831
|
|
Consumer real estate
|
14,062
|
|
|
Construction and land development
|
2,853
|
|
|
Commercial and industrial
|
2,882
|
|
|
Consumer and other
|
—
|
|
|
Total loans
|
$
|
39,628
|
|
Less remaining purchase discount
|
(8,743
|
)
|
|
|
30,885
|
|
|
Less: Allowance for loan losses
|
—
|
|
|
|
|
|
|
Carrying amount, net of allowance
|
$
|
30,885
|
|
|
|
Three Months Ended
June 30, 2016 |
|
Three Months Ended
June 30, 2015 |
|
Six Months Ended
June 30, 2016 |
|
Six Months Ended
June 30, 2015 |
||||||||
Accretable yield, beginning of period
|
|
$
|
9,606
|
|
|
$
|
7,704
|
|
|
$
|
10,216
|
|
|
$
|
7,983
|
|
Additions
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Accretion income
|
|
(586
|
)
|
|
(331
|
)
|
|
(1,215
|
)
|
|
(724
|
)
|
||||
Reclassification to accretable (nonaccretable)
|
|
1,378
|
|
|
(22
|
)
|
|
1,337
|
|
|
55
|
|
||||
Other changes, net
|
|
(189
|
)
|
|
(172
|
)
|
|
(129
|
)
|
|
(135
|
)
|
||||
Accretable yield
|
|
$
|
10,209
|
|
|
$
|
7,179
|
|
|
$
|
10,209
|
|
|
$
|
7,179
|
|
Commitments to extend credit
|
$
|
134.9
|
million
|
Standby letters of credit
|
$
|
3.1
|
million
|
|
|
Balance as of
June 30, 2016 |
|
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Other
Unobservable
Inputs
(Level 3)
|
||||||||
Debt securities available-for-sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. Government-sponsored enterprises (GSEs)
|
|
$
|
12,743
|
|
|
$
|
—
|
|
|
$
|
12,743
|
|
|
$
|
—
|
|
Mortgage-backed securities
|
|
124,814
|
|
|
—
|
|
|
124,814
|
|
|
—
|
|
||||
Municipal securities
|
|
5,318
|
|
|
—
|
|
|
5,318
|
|
|
—
|
|
||||
Total securities available-for-sale
|
|
$
|
142,875
|
|
|
$
|
—
|
|
|
$
|
142,875
|
|
|
$
|
—
|
|
|
|
Balance as of
December 31, 2015 |
|
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Other
Unobservable
Inputs
(Level 3)
|
||||||||
Debt securities available-for-sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. Government-sponsored enterprises (GSEs)
|
|
$
|
22,743
|
|
|
$
|
—
|
|
|
$
|
22,743
|
|
|
$
|
—
|
|
Mortgage-backed securities:
|
|
136,021
|
|
|
—
|
|
|
136,021
|
|
|
—
|
|
||||
Municipal securities
|
|
7,649
|
|
|
—
|
|
|
7,649
|
|
|
—
|
|
||||
Total securities available-for-sale
|
|
$
|
166,413
|
|
|
$
|
—
|
|
|
$
|
166,413
|
|
|
$
|
—
|
|
|
|
Balance as of
June 30, 2016 |
|
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Other
Unobservable
Inputs
(Level 3)
|
||||||||
Impaired loans
|
|
$
|
189
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
189
|
|
Foreclosed assets
|
|
4,936
|
|
|
—
|
|
|
—
|
|
|
4,936
|
|
|
|
Balance as of
December 31, 2015 |
|
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Other
Unobservable
Inputs
(Level 3)
|
||||||||
Impaired loans
|
|
$
|
160
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
160
|
|
Foreclosed assets
|
|
5,358
|
|
|
—
|
|
|
—
|
|
|
5,358
|
|
|
|
Balance as of
June 30, 2016 |
|
Valuation
Technique
|
|
Significant Other
Unobservable Input
|
|
Weighted
Average of
Input
|
|||
Impaired loans
|
|
$
|
189
|
|
|
Appraisal
|
|
Appraisal Discounts
|
|
15.0
|
%
|
Foreclosed assets
|
|
4,936
|
|
|
Appraisal
|
|
Appraisal Discounts
|
|
24.4
|
%
|
|
|
June 30, 2016
|
|
December 31, 2015
|
||||||||||||
|
|
Carrying
Amount
|
|
Estimated
Fair Value
|
|
Carrying
Amount
|
|
Estimated
Fair Value
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
71,737
|
|
|
$
|
71,737
|
|
|
$
|
79,965
|
|
|
$
|
79,965
|
|
Securities available for sale
|
|
142,875
|
|
|
142,875
|
|
|
166,413
|
|
|
166,413
|
|
||||
Restricted investments
|
|
4,451
|
|
|
4,451
|
|
|
4,451
|
|
|
4,451
|
|
||||
Loans, net
|
|
768,676
|
|
|
781,411
|
|
|
723,361
|
|
|
721,338
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Noninterest-bearing demand deposits
|
|
145,864
|
|
|
145,864
|
|
|
131,419
|
|
|
131,419
|
|
||||
Interest-bearing demand deposits
|
|
153,166
|
|
|
153,166
|
|
|
149,424
|
|
|
149,424
|
|
||||
Money Market and Savings deposits
|
|
258,281
|
|
|
258,281
|
|
|
236,901
|
|
|
236,901
|
|
||||
Time deposits
|
|
331,438
|
|
|
333,350
|
|
|
340,739
|
|
|
342,873
|
|
||||
Securities sold under agreements to repurchase
|
|
26,883
|
|
|
26,883
|
|
|
28,068
|
|
|
28,068
|
|
||||
Federal Home Loan Bank advances and other borrowings
|
|
10,091
|
|
|
10,096
|
|
|
34,187
|
|
|
34,169
|
|
•
|
Net income available to common shareholders totaled
$0.9 million
or
$0.16
per share during the
second
quarter of
2016
.
|
•
|
Annualized return on average assets for the
three and six
months ended
June 30, 2016
equaled
0.48 percent
and
0.51 percent
, respectively, compared to
0.05 percent
and
0.16 percent
in the same periods for
2015
|
•
|
Annualized return on average equity for
three and six
months ended
June 30, 2016
equaled
4.64 percent
and
4.99 percent
, respectively, compared to
0.47 percent
and
1.44 percent
in the same periods for
2015
|
•
|
Annualized net loan growth was approximately
17.5 percent
in the
second
quarter of
2016
, with the growth coming primarily from increases in commercial and consumer real estate loans.
|
•
|
Gain on sale of assets were
$197 thousand
as results from the mortgage unit accelerated while sales on SBA loans decreased during the quarter.
|
•
|
Maintained outstanding asset quality with just
0.69 percent
of nonperforming assets to total assets.
|
(1)
|
Loans include nonaccrual loans. Loan fees included in loan income was
$714 thousand
and
$163 thousand
for the quarters ended
June 2016
and
2015
, respectively. Yields related to loans s exempt from income taxes are stated on a taxable-equivalent basis assuming a federal income tax rate of 34.0 percent. The taxable-equivalent adjustment was
$6 thousand
for the period ended
June 30, 2016
and
zero
for the period ended
June 30, 2015
.
|
(2)
|
Yields related to investment securities exempt from income taxes are stated on a taxable-equivalent basis assuming a federal income tax rate of 34.0 percent. The taxable-equivalent adjustment was
$13 thousand
for the period ended
June 30, 2016
and
$1 thousand
for the period ended
June 30, 2015
.
|
(3)
|
Net interest spread represents the difference between the average yield on interest-earning assets and the average cost of interest-bearing liabilities.
|
(4)
|
Net interest margin represents net interest income divided by average interest-earning assets.
|
(1)
|
Loans include and nonaccrual loans. Loan fees included in loan income was
$1.3 million
and
$338 thousand
for the
six
months ended
June 2016
and
2015
, respectively. Yields related to loans s exempt from income taxes are stated on a taxable-equivalent basis assuming a federal income tax rate of 34.0 percent. The taxable-equivalent adjustment was
$11 thousand
for the
six
months ended
June 30, 2016
and
zero
for the
six
months ended
June 30, 2015
.
|
(2)
|
Yields related to investment securities exempt from income taxes are stated on a taxable-equivalent basis assuming a federal income tax rate of 34.0 percent. The taxable-equivalent adjustment was
$26 thousand
for the
six
months ended
June 30, 2016
and
$2 thousand
for the
six
months ended
June 30, 2015
.
|
(3)
|
Net interest spread represents the difference between the average yield on interest-earning assets and the average cost of interest-bearing liabilities.
|
(4)
|
Net interest margin represents net interest income divided by average interest-earning assets.
|
|
Three Months Ended June 30,
|
||||||||
|
|
2016
|
|
Compared to
|
2015
|
||||
|
Increase (decrease) due to
|
||||||||
|
|
Rate
|
|
Volume
|
|
Net
|
|||
Interest-earning assets:
|
|
|
|
|
|
|
|||
Loans (1)
|
|
760
|
|
|
4,523
|
|
|
5,283
|
|
Investment securities and interest-bearing due from banks (2)
|
|
(7
|
)
|
|
321
|
|
|
314
|
|
Federal funds and other
|
|
(10
|
)
|
|
32
|
|
|
22
|
|
Total interest-earning assets
|
|
743
|
|
|
4,876
|
|
|
5,619
|
|
|
|
|
|
|
|
|
|||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|||
Interest-bearing demand deposits
|
|
15
|
|
|
15
|
|
|
30
|
|
Money market and savings deposits
|
|
70
|
|
|
117
|
|
|
187
|
|
Time deposits
|
|
(29
|
)
|
|
327
|
|
|
298
|
|
Total interest-bearing deposits
|
|
56
|
|
|
459
|
|
|
515
|
|
Securities sold under agreement to repurchase
|
|
5
|
|
|
7
|
|
|
12
|
|
Federal Home Loan Bank advances and other borrowings
|
|
5
|
|
|
21
|
|
|
26
|
|
Total interest-bearing liabilities
|
|
66
|
|
|
487
|
|
|
553
|
|
Net interest income
|
|
677
|
|
|
4,389
|
|
|
5,066
|
|
(1)
|
Loans include nonaccrual loans.Yields related to loans s exempt from income taxes are stated on a taxable-equivalent basis assuming a federal income tax rate of 34.0 percent. The taxable-equivalent adjustment was
$6 thousand
for the period ended
June 30, 2016
and
zero
for the period ended
June 30, 2015
.
|
(2)
|
Yields related to investment securities exempt from income taxes are stated on a taxable-equivalent basis assuming a federal income tax rate of 34.0 percent. The taxable-equivalent adjustment was
$13 thousand
for the period ended
June 30, 2016
and
$1 thousand
for the period ended
June 30, 2015
.
|
|
Six Months Ended June 30,
|
|||||||||||
|
|
2016
|
Compared to
|
2015
|
||||||||
|
Increase (decrease) due to
|
|||||||||||
|
|
Rate
|
|
|
Days (1)
|
|
|
Volume
|
|
|
Net
|
|
Interest-earning assets:
|
|
|
|
|
|
|
|
|
||||
Loans (2)
|
|
1,070
|
|
|
51
|
|
|
9,022
|
|
|
10,143
|
|
Investment securities and interest-bearing due from banks (3)
|
|
(26
|
)
|
|
4
|
|
|
647
|
|
|
625
|
|
Federal funds and other
|
|
(22
|
)
|
|
—
|
|
|
80
|
|
|
58
|
|
Total interest-earning assets
|
|
1,022
|
|
|
55
|
|
|
9,749
|
|
|
10,826
|
|
|
|
|
|
|
|
|
|
|
||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
||||
Interest-bearing demand deposits
|
|
29
|
|
|
—
|
|
|
31
|
|
|
60
|
|
Money market and savings deposits
|
|
121
|
|
|
1
|
|
|
228
|
|
|
350
|
|
Time deposits
|
|
(91
|
)
|
|
4
|
|
|
650
|
|
|
563
|
|
Total interest-bearing deposits
|
|
159
|
|
|
5
|
|
|
809
|
|
|
973
|
|
Securities sold under agreement to repurchase
|
|
9
|
|
|
—
|
|
|
17
|
|
|
26
|
|
Federal Home Loan Bank advances and other borrowings
|
|
8
|
|
|
—
|
|
|
63
|
|
|
71
|
|
Total interest-bearing liabilities
|
|
176
|
|
|
6
|
|
|
888
|
|
|
1,070
|
|
Net interest income
|
|
846
|
|
|
49
|
|
|
8,861
|
|
|
9,756
|
|
(1)
|
In the
six
months ended
June 30, 2016
there were 182 days compared to 181 days in the
six
months ended
June 30, 2015
.
|
(2)
|
Loans include loans held for sale and nonaccrual loans. Yields related to loans s exempt from income taxes are stated on a taxable-equivalent basis assuming a federal income tax rate of 34.0 percent. The taxable-equivalent adjustment was
$11 thousand
for the
six
months ended
June 30, 2016
and
zero
for the
six
months ended
June 30, 2015
.
|
(3)
|
Yields related to investment securities exempt from income taxes are stated on a taxable-equivalent basis assuming a federal income tax rate of 34.0 percent. The taxable-equivalent adjustment was
$26 thousand
for the
six
months ended
June 30, 2016
and
$2 thousand
for the
six
months ended
June 30, 2015
.
|
|
|
Three months ended June 30,
|
||||||
(Dollars in thousands)
|
|
2016
|
|
2015
|
||||
Service charges and fees on deposit accounts
|
|
$
|
259
|
|
|
$
|
149
|
|
Gain (loss) on sale of securities
|
|
98
|
|
|
52
|
|
||
Gain (loss) on sale of loans and other assets
|
|
198
|
|
|
31
|
|
||
Gain (loss) on sale of foreclosed assets
|
|
(4
|
)
|
|
(363
|
)
|
||
Other noninterest income
|
|
410
|
|
|
237
|
|
||
Total noninterest income
|
|
$
|
961
|
|
|
$
|
106
|
|
|
|
Six months ended June 30,
|
||||||
(Dollars in thousands)
|
|
2016
|
|
2015
|
||||
Service charges and fees on deposit accounts
|
|
$
|
555
|
|
|
$
|
279
|
|
Gain (loss) on sale of securities
|
|
181
|
|
|
52
|
|
||
Gain (loss) on sale of loans and other assets
|
|
419
|
|
|
3
|
|
||
Gain (loss) on sale of foreclosed assets
|
|
54
|
|
|
112
|
|
||
Other noninterest income
|
|
822
|
|
|
467
|
|
||
Total noninterest income
|
|
$
|
2,032
|
|
|
$
|
914
|
|
|
|
Three months ended June 30,
|
||||||
(Dollars in thousands)
|
|
2016
|
|
2015
|
||||
Salaries and employee benefits
|
|
$
|
4,486
|
|
|
$
|
2,236
|
|
Occupancy expense
|
|
1,137
|
|
|
575
|
|
||
Data Processing
|
|
151
|
|
|
98
|
|
||
Professional expenses
|
|
64
|
|
|
48
|
|
||
Foreclosed asset expense
|
|
184
|
|
|
110
|
|
||
Advertising
|
|
554
|
|
|
194
|
|
||
Amortization of intangible assets
|
|
551
|
|
|
334
|
|
||
Depository insurance
|
|
93
|
|
|
41
|
|
||
Service contracts
|
|
316
|
|
|
152
|
|
||
Other noninterest expense
|
|
936
|
|
|
552
|
|
||
Total noninterest expense
|
|
$
|
8,472
|
|
|
$
|
4,340
|
|
|
|
Six months ended June 30,
|
||||||
(Dollars in thousands)
|
|
2016
|
|
2015
|
||||
Salaries and employee benefits
|
|
$
|
8,981
|
|
|
$
|
4,537
|
|
Occupancy expense
|
|
2,155
|
|
|
1,119
|
|
||
Data Processing
|
|
287
|
|
|
195
|
|
||
Professional expenses
|
|
120
|
|
|
89
|
|
||
Foreclosed asset expense
|
|
357
|
|
|
221
|
|
||
Advertising
|
|
896
|
|
|
404
|
|
||
Amortization of intangible assets
|
|
1,007
|
|
|
686
|
|
||
Depository insurance
|
|
187
|
|
|
82
|
|
||
Service contracts
|
|
601
|
|
|
311
|
|
||
Other noninterest expense
|
|
1,833
|
|
|
977
|
|
||
Total noninterest expense
|
|
$
|
16,424
|
|
|
$
|
8,621
|
|
|
|
June 30, 2016
|
|||||||||||||||||
|
|
Organic
Loans |
|
Purchased
Non-Credit Impaired Loans |
|
Purchased
Credit Impaired Loans |
|
Total Amount
|
|
% of
Gross Total |
|||||||||
Commercial real estate-mortgage
|
|
$
|
257,123
|
|
|
$
|
114,386
|
|
|
$
|
16,881
|
|
|
$
|
388,390
|
|
|
50.2
|
%
|
Consumer real estate-mortgage
|
|
112,401
|
|
|
51,474
|
|
|
10,165
|
|
|
174,040
|
|
|
22.5
|
%
|
||||
Construction and land development
|
|
99,170
|
|
|
15,013
|
|
|
1,998
|
|
|
116,181
|
|
|
15.0
|
%
|
||||
Commercial and industrial
|
|
61,157
|
|
|
24,402
|
|
|
1,841
|
|
|
87,400
|
|
|
11.3
|
%
|
||||
Consumer and other
|
|
5,431
|
|
|
1,953
|
|
|
—
|
|
|
7,384
|
|
|
1.0
|
%
|
||||
Total gross loans receivable, net of deferred fees
|
|
535,282
|
|
|
207,228
|
|
|
30,885
|
|
|
773,395
|
|
|
100.0
|
%
|
||||
Allowance for loan and lease losses
|
|
(4,719
|
)
|
|
—
|
|
|
—
|
|
|
(4,719
|
)
|
|
|
|
||||
Total loans, net
|
|
$
|
530,563
|
|
|
$
|
207,228
|
|
|
$
|
30,885
|
|
|
$
|
768,676
|
|
|
|
|
|
|
December 31, 2015
|
|||||||||||||||||
|
|
Organic
Loans |
|
Purchased
Non-Credit Impaired Loans |
|
Purchased
Credit Impaired Loans |
|
Total Amount
|
|
% of
Gross Total |
|||||||||
Commercial real estate-mortgage
|
|
$
|
229,203
|
|
|
$
|
120,524
|
|
|
$
|
20,050
|
|
|
$
|
369,777
|
|
|
50.8
|
%
|
Consumer real estate-mortgage
|
|
95,233
|
|
|
53,697
|
|
|
12,764
|
|
|
161,694
|
|
|
22.2
|
%
|
||||
Construction and land development
|
|
73,028
|
|
|
29,755
|
|
|
2,695
|
|
|
105,478
|
|
|
14.5
|
%
|
||||
Commercial and industrial
|
|
53,761
|
|
|
28,422.00
|
|
|
2,768
|
|
|
84,951
|
|
|
11.7
|
%
|
||||
Consumer and other
|
|
4,692
|
|
|
1,123.00
|
|
|
—
|
|
|
5,815
|
|
|
0.8
|
%
|
||||
Total gross loans receivable, net of deferred fees
|
|
455,917
|
|
|
233,521
|
|
|
38,277
|
|
|
727,715
|
|
|
100.0
|
%
|
||||
Allowance for loan and lease losses
|
|
(4,354
|
)
|
|
—
|
|
|
—
|
|
|
(4,354
|
)
|
|
|
|
||||
Total loans, net
|
|
$
|
451,563
|
|
|
$
|
233,521
|
|
|
$
|
38,277
|
|
|
$
|
723,361
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rate Structure for Loans
|
||||||||||||||
|
|
|
|
Maturing Over One Year
|
||||||||||||||||||||
|
|
One Year
or Less
|
|
One through
Five Years
|
|
Over Five
Years
|
|
Total
|
|
Fixed
Rate
|
|
Floating
Rate
|
||||||||||||
Commercial real estate-mortgage
|
|
$
|
38,327
|
|
|
$
|
229,419
|
|
|
$
|
120,644
|
|
|
$
|
388,390
|
|
|
$
|
242,562
|
|
|
$
|
107,501
|
|
Consumer real estate-mortgage
|
|
19,927
|
|
|
95,937
|
|
|
58,176
|
|
|
174,040
|
|
|
95,465
|
|
|
58,648
|
|
||||||
Construction and land development
|
|
52,779
|
|
|
42,035
|
|
|
21,367
|
|
|
116,181
|
|
|
27,215
|
|
|
36,187
|
|
||||||
Commercial and industrial
|
|
29,373
|
|
|
44,569
|
|
|
13,458
|
|
|
87,400
|
|
|
43,015
|
|
|
15,012
|
|
||||||
Consumer and other
|
|
4,838
|
|
|
2,476
|
|
|
70
|
|
|
7,384
|
|
|
2,047
|
|
|
499
|
|
||||||
Total Loans
|
|
$
|
145,244
|
|
|
$
|
414,436
|
|
|
$
|
213,715
|
|
|
$
|
773,395
|
|
|
$
|
410,304
|
|
|
$
|
217,847
|
|
(Dollars in thousands)
|
|
June 30, 2016
|
|
December 31, 2015
|
||||
Nonaccrual loans
|
|
$
|
2,087
|
|
|
$
|
2,252
|
|
Accruing loans past due 90 days or more (1)
|
|
118
|
|
|
502
|
|
||
Total nonperforming loans
|
|
2,205
|
|
|
2,754
|
|
||
Foreclosed assets
|
|
4,936
|
|
|
5,358
|
|
||
Total nonperforming assets
|
|
$
|
7,141
|
|
|
$
|
8,112
|
|
|
|
|
|
|
||||
Restructured loans not included above
|
|
$
|
3,591
|
|
|
$
|
3,693
|
|
|
|
June 30, 2016
|
|
December 31, 2015
|
||||||||||
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
||||||
Commercial real estate-mortgage
|
|
$
|
2,071
|
|
|
43.9
|
%
|
|
$
|
1,906
|
|
|
43.8
|
%
|
Consumer real estate-mortgage
|
|
1,082
|
|
|
22.9
|
%
|
|
1,015
|
|
|
23.3
|
%
|
||
Construction and land development
|
|
733
|
|
|
15.5
|
%
|
|
627
|
|
|
14.4
|
%
|
||
Commercial and industrial
|
|
795
|
|
|
16.9
|
%
|
|
777
|
|
|
17.8
|
%
|
||
Consumer and other
|
|
38
|
|
|
0.8
|
%
|
|
29
|
|
|
0.7
|
%
|
||
Total allowance for loan losses
|
|
$
|
4,719
|
|
|
100.0
|
%
|
|
$
|
4,354
|
|
|
100.0
|
%
|
|
|
June 30, 2016
|
|
December 31, 2015
|
||||
Balance at beginning of period
|
|
$
|
4,354
|
|
|
$
|
3,880
|
|
Provision for loan losses
|
|
356
|
|
|
923
|
|
||
Charged-off loans:
|
|
|
|
|
|
|
||
Commercial real estate-mortgage
|
|
—
|
|
|
(95
|
)
|
||
Consumer real estate-mortgage
|
|
(67
|
)
|
|
(247
|
)
|
||
Construction and land development
|
|
—
|
|
|
(50
|
)
|
||
Commercial and industrial
|
|
—
|
|
|
—
|
|
||
Consumer and other
|
|
(70
|
)
|
|
(114
|
)
|
||
Total charged-off loans
|
|
(137
|
)
|
|
(506
|
)
|
||
Recoveries of previously charged-off loans:
|
|
|
|
|
|
|
||
Commercial real estate-mortgage
|
|
24
|
|
|
—
|
|
||
Consumer real estate-mortgage
|
|
37
|
|
|
—
|
|
||
Construction and land development
|
|
17
|
|
|
26
|
|
||
Commercial and industrial
|
|
40
|
|
|
19
|
|
||
Consumer and other
|
|
28
|
|
|
12
|
|
||
Total recoveries of previously charged-off loans
|
|
146
|
|
|
57
|
|
||
Net charge-offs
|
|
9
|
|
|
(449
|
)
|
||
Balance at end of period
|
|
$
|
4,719
|
|
|
$
|
4,354
|
|
|
|
|
|
|
||||
Ratio of allowance for loan losses to total loans outstanding at end of period
|
|
0.61
|
%
|
|
0.60
|
%
|
||
Ratio of net charge-offs to average loans outstanding for the period
|
|
—
|
%
|
|
(0.09
|
)%
|
Book Value of Investment Securities
|
|
|
|
|
||||
(in thousands)
|
|
June 30, 2016
|
|
December 31, 2015
|
||||
U.S. Government agencies
|
|
$
|
12,708
|
|
|
$
|
22,745
|
|
State and political subdivisions
|
|
5,176
|
|
|
7,614
|
|
||
Mortgage-backed securities
|
|
124,545
|
|
|
136,625
|
|
||
Total securities
|
|
$
|
142,429
|
|
|
$
|
166,984
|
|
Contractual Maturity of Investment Securities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
June 30, 2016
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Maturity By Years
|
||||||||||||||||||
|
|
1 or Less
|
|
1 to 5
|
|
5 to 10
|
|
Over 10
|
|
Total
|
||||||||||
Available for Sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
U.S. Government agencies
|
|
$
|
—
|
|
|
$
|
7,263
|
|
|
$
|
5,445
|
|
|
$
|
—
|
|
|
$
|
12,708
|
|
State and political subdivisions
|
|
220
|
|
|
404
|
|
|
903
|
|
|
3,649
|
|
|
5,176
|
|
|||||
Mortgage-backed securities
|
|
—
|
|
|
3,071
|
|
|
30,433
|
|
|
91,041
|
|
|
124,545
|
|
|||||
Total securities available for sale
|
|
$
|
220
|
|
|
$
|
10,738
|
|
|
$
|
36,781
|
|
|
$
|
94,690
|
|
|
$
|
142,429
|
|
Weighted average yield
(1)
|
|
1.38
|
%
|
|
1.63
|
%
|
|
1.70
|
%
|
|
1.73
|
%
|
|
1.72
|
%
|
Remaining maturity:
(Dollars in thousands)
|
June 30,
2016 |
||
Three months or less
|
$
|
71,460
|
|
Three to six months
|
29,309
|
|
|
Six to twelve months
|
55,327
|
|
|
More than twelve months
|
89,241
|
|
|
Total
|
$
|
245,337
|
|
31.1
|
Certification pursuant to Rule 13a-14(a)/15d-14(a)
|
31.2
|
Certification pursuant to Rule 13a-14(a)/15d-14(a)
|
32.1
|
Certification pursuant to 18 USC Section 1350 – Sarbanes-Oxley Act of 2002
|
32.2
|
Certification pursuant to 18 USC Section 1350 – Sarbanes-Oxley Act of 2002
|
101
|
Interactive Data Files
|
|
|
SmartFinancial, Inc.
|
|
|
|
|
|
Date:
|
August 12, 2016
|
|
/s/ William Y. Carroll, Jr.
|
|
|
|
William Y. Carroll, Jr.
|
|
|
|
President and Chief Executive Officer
|
|
|
|
(principal executive officer)
|
|
|
|
|
Date:
|
August 12, 2016
|
|
/s/ Christopher Bryan Johnson
|
|
|
|
Christopher Bryan Johnson
|
|
|
|
Executive Vice President and Chief Financial Officer
|
|
|
|
(principal financial officer and accounting officer)
|
1 Year SmartFinancial Chart |
1 Month SmartFinancial Chart |
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