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Share Name | Share Symbol | Market | Type |
---|---|---|---|
AB and T Financial Corp (CE) | USOTC:ABTO | OTCMarkets | 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% | 0.69 | 0.00 | 01:00:00 |
North Carolina
|
26-2588442
|
(State or other jurisdiction
|
(I.R.S. Employer
|
of incorporation or organization)
|
Identification No.)
|
PART I – FINANCIAL INFORMATION
|
Page No.
|
Item 1. Financial Statements (Unaudited)
|
|
Consolidated Balance Sheets – March 31, 2011 and December 31, 2010
|
4
|
Consolidated Statements of Operations – Three months ended March 31, 2011 and 2010
|
5
|
Consolidated Statements of Changes in Shareholders’ Equity and Comprehensive Income (Loss) -
|
|
Three months ended March 31, 2011 and 2010
|
6
|
Consolidated Statements of Cash Flows – Three months ended March 31, 2011 and 2010
|
7
|
Notes to Consolidated Financial Statements
|
8-18
|
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
19-24
|
Item 4. Controls and Procedures
|
24
|
PART II – OTHER INFORMATION
|
|
Item 6. Exhibits
|
25
|
March 31,
2011
|
December 31,
2010
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
Assets
|
||||||||
Cash and cash equivalents
|
||||||||
Cash and due from banks
|
$ | 1,893,175 | $ | 3,924,571 | ||||
Federal funds sold
|
13,343,102 | 4,150,670 | ||||||
Time deposits with other banks
|
792,404 | 789,721 | ||||||
Total cash and cash equivalents
|
16,028,681 | 8,864,962 | ||||||
Securities available for sale at fair value
|
17,508,303 | 17,756,616 | ||||||
Nonmarketable equity securities
|
1,267,280 | 1,267,280 | ||||||
Total investments
|
18,775,583 | 19,023,896 | ||||||
Loans receivable
|
172,339,726 | 148,289,512 | ||||||
Less allowance for loan losses
|
(4,327,159 | ) | (5,225,914 | ) | ||||
Loans, net
|
168,012,567 | 143,063,598 | ||||||
Premises, furniture and equipment, net
|
3,826,561 | 3,861,622 | ||||||
Accrued interest receivable
|
810,554 | 676,898 | ||||||
Deferred tax asset
|
2,020,521 | 2,059,926 | ||||||
Other real estate owned
|
6,055,891 | 6,402,263 | ||||||
Other assets
|
521,282 | 535,664 | ||||||
Total assets
|
$ | 216,051,640 | $ | 184,448,829 | ||||
Liabilities
|
||||||||
Deposits
|
||||||||
Noninterest-bearing transaction accounts
|
$ | 11,448,576 | $ | 7,225,888 | ||||
Interest-bearing transaction accounts
|
8,234,833 | 6,773,623 | ||||||
Savings and money market
|
47,364,362 | 41,551,912 | ||||||
Time deposits $100,000 and over
|
6,676,882 | 7,742,179 | ||||||
Other time deposits
|
112,619,256 | 85,690,137 | ||||||
Total deposits
|
186,343,909 | 148,983,739 | ||||||
Borrowed funds
|
219,546 | 360,143 | ||||||
FHLB advances
|
8,000,000 | 13,500,000 | ||||||
Accrued interest payable
|
75,708 | 66,787 | ||||||
Other liabilities
|
55,590 | 223,258 | ||||||
Total liabilities
|
$ | 194,694,753 | $ | 163,133,927 | ||||
Shareholders’ equity
|
||||||||
Preferred stock, no par value, 1,000,000 shares authorized,
issued and outstanding –
3,500
|
3,416,298 | 3,410,220 | ||||||
Common stock, $1.00 par value; 11,000,000 shares authorized,
2,678,205
issued
|
2,678,205 | 2,678,205 | ||||||
Treasury stock, at cost - 10,000 shares
|
(55,600 | ) | (55,600 | ) | ||||
Warrants
|
136,850 | 136,850 | ||||||
Capital surplus
|
21,790,082 | 21,787,729 | ||||||
Retained deficit
|
(6,530,134 | ) | (6,540,739 | ) | ||||
Accumulated other comprehensive loss
|
(78,814 | ) | (61,763 | ) | ||||
Total shareholders’ equity
|
21,356,887 | 21,354,902 | ||||||
Total liabilities and shareholders’ equity
|
$ | 216,051,640 | $ | 184,488,829 |
For the three months ended
March 31
|
||||||||
2011
|
2010
|
|||||||
Interest income:
|
||||||||
Loans, including fees
|
$ | 1,806,883 | $ | 1,689,925 | ||||
Investment securities, taxable
|
84,865 | 63,302 | ||||||
FHLB, interest and dividends
|
2,480 | 931 | ||||||
Federal funds sold
|
6,452 | 10,941 | ||||||
Time deposits with other banks
|
3,098 | 3,683 | ||||||
Total
|
1,903,778 | 1,768,782 | ||||||
Interest expense:
|
||||||||
Time deposits $100,000 and over
|
115,581 | 41,971 | ||||||
Other deposits
|
305,471 | 446,634 | ||||||
Other interest expense
|
61,960 | 76,407 | ||||||
Total
|
483,012 | 565,012 | ||||||
Net interest income
|
1,420,766 | 1,203,770 | ||||||
(Recovery) provision for loan losses
|
(877,138 | ) | 36,528 | |||||
Net interest income after provision (recovery)
|
||||||||
for loan losses
|
2,297,904 | 1,167,242 | ||||||
Other operating income:
|
||||||||
Service charges on deposit accounts
|
81,595 | 89,425 | ||||||
Rental income
|
6,273 | 750 | ||||||
Other service charges, commissions and fees
|
14,796 | 10,449 | ||||||
Total
|
102,664 | 100,624 | ||||||
Other operating expenses:
|
||||||||
Salaries and employee benefits
|
661,664 | 557,418 | ||||||
Occupancy expense
|
52,983 | 46,539 | ||||||
Furniture and equipment expense
|
13,452 | 42,718 | ||||||
Discount on purchased loans
|
1,002,136 | - | ||||||
Loss on sale of other real estate
|
- | 448 | ||||||
Gain on sale of other real estate
|
3,158 | - | ||||||
Other operating expenses
|
645,965 | 486,522 | ||||||
Total
|
2,379,358 | 1,133,645 | ||||||
Income before income taxes
|
27,526 | 134,221 | ||||||
Income tax expense
|
10,844 | 51,982 | ||||||
Net income
|
$ | 16,682 | $ | 82,239 | ||||
Accretion of preferred stock to redemption value
|
6,078 | 6,078 | ||||||
Preferred stock dividends
|
43,750 | 43,750 | ||||||
Net (loss) income available to
|
||||||||
common shareholders
|
$ | (33,146 | ) | $ | 32,411 | |||
(Loss) income per common share
|
||||||||
Basic (loss) income per common share
|
$ | (0.01 | ) | $ | 0.01 | |||
Diluted (loss) income per common share
|
$ | (0.01 | ) | $ | 0.01 |
Common Stock
|
Preferred Stock
|
Accumu-
lated
Other
Compre-
hensive
|
Retained
|
|||||||||||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Treasury Stock
|
Warrants
|
Capital
Surplus
|
Income
(Loss)
|
Earnings
(Deficit)
|
Total
|
|||||||||||||||||||||||||||||||
Balance,
December 31, 2009
|
2,678,205 | $ | 2,678 | 3,500 | $ | 3,386 | $ | (56 | ) | $ | 137 | $ | 21,734 | $ | 80 | $ | (3,067 | ) | $ | 24,893 | ||||||||||||||||||||
Net income
|
82 | 82 | ||||||||||||||||||||||||||||||||||||||
Other comprehensive
loss, net of tax
|
(1 | ) | (1 | ) | ||||||||||||||||||||||||||||||||||||
Comprehensive income
|
81 | |||||||||||||||||||||||||||||||||||||||
Accretion of
preferred stock to
redemption value
|
6 | (6 | ) | - | ||||||||||||||||||||||||||||||||||||
Dividends, preferred
|
(44 | ) | (44 | ) | ||||||||||||||||||||||||||||||||||||
Stock-based employee compensation expense
|
67 | 67 | ||||||||||||||||||||||||||||||||||||||
Balance
|
||||||||||||||||||||||||||||||||||||||||
March 31, 2010
|
2,678,205 | $ | 2,678 | 3,500 | $ | 3,392 | $ | (56 | ) | $ | 137 | $ | 21,757 | $ | 79 | $ | (2,991 | ) | $ | 24,996 | ||||||||||||||||||||
Balance,
December 31, 2010
|
2,678,205 | $ | 2,678 | 3,500 | $ | 3,410 | $ | (56 | ) | $ | 137 | $ | 21,787 | $ | (62 | ) | $ | (6,540 | ) | $ | 21,355 | |||||||||||||||||||
Net income
|
16 | 16 | ||||||||||||||||||||||||||||||||||||||
Other comprehensive
loss, net of tax
|
(17 | ) | (17 | ) | ||||||||||||||||||||||||||||||||||||
Comprehensive (loss)
|
(1 | ) | ||||||||||||||||||||||||||||||||||||||
Accretion of
preferred stock to
redemption value
|
6 | (6 | ) | - | ||||||||||||||||||||||||||||||||||||
Dividends, preferred
|
(43 | ) | (43 | ) | ||||||||||||||||||||||||||||||||||||
Stock-based employee compensation expense
|
46 | 46 | ||||||||||||||||||||||||||||||||||||||
Balance
|
||||||||||||||||||||||||||||||||||||||||
March 31, 2011
|
2,678,205 | $ | 2,678 | 3,500 | $ | 3,416 | $ | (56 | ) | $ | 137 | $ | 21,790 | $ | (79 | ) | $ | (6,530 | ) | $ | 21,356 |
|
For the three months ended
March 31,
|
|||||||
2011
|
2010
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$ | 16,682 | $ | 82,239 | ||||
Adjustments to reconcile net income to net
cash provided by operating activities
|
||||||||
(Recovery) provision for loan losses
|
(877,138 | ) | 36,528 | |||||
(Gain) loss on sale of other real estate
|
(3,158 | ) | 448 | |||||
Depreciation and amortization expense
|
44,175 | 41,923 | ||||||
Discount accretion and premium amortization
|
57,048 | 1,471 | ||||||
Deferred income tax benefit
|
- | (1,079 | ) | |||||
(Increase) decrease in interest receivable
|
(133,656 | ) | 13,270 | |||||
Increase in interest payable
|
8,921 | 15,210 | ||||||
Decrease in other assets
|
64,665 | 78,292 | ||||||
(Decrease) increase in other liabilities
|
(167,668 | ) | 64,681 | |||||
Discount on purchased loans
|
1,002,136 | - | ||||||
Stock based compensation expense
|
46,104 | 66,496 | ||||||
Net cash provided by operating activities
|
58,111 | 399,479 | ||||||
Cash flows from investing activities:
|
||||||||
Purchase of securities available for sale
|
(1,103,487 | ) | (7,536,998 | ) | ||||
Redemption of certificates of deposit from other banks
|
- | 259,009 | ||||||
Calls and maturities of securities available for sale
|
751,880 | 42,933 | ||||||
Net decrease (increase) in loans receivable
|
(29,132,425 | ) | 1,269,635 | |||||
Proceeds from sale of loans
|
4,058,458 | - | ||||||
Proceeds from sale of available for sale securities
|
514,943 | - | ||||||
Proceeds from sale of other real estate
|
725,353 | 55,306 | ||||||
Capitalized other real estate expenses
|
(375,823 | ) | - | |||||
Purchases of premises, furniture, and equipment
|
(9,114 | ) | (27,161 | ) | ||||
Net cash used in investing activities
|
(24,574,593 | ) | (5,936,276 | ) | ||||
Cash flows from financing activities:
|
||||||||
Net increase (decrease) in demand deposits, interest-
bearing transaction accounts and savings accounts
|
11,496,348 | 5,241,203 | ||||||
Net increase (decrease) in certificates of deposit and other time deposits
|
25,863,822 | (8,740,996 | ) | |||||
Net decrease in borrowed funds and FHLB advances
|
(5,640,597 | ) | - | |||||
Dividends paid
|
(43,750 | ) | (43,750 | ) | ||||
Net cash provided (used) by financing activities
|
31,675,823 | (3,543,543 | ) | |||||
Net increase (decrease) in cash and cash equivalents
|
$ | 7,163,719 | $ | (9,081,340 | ) | |||
Cash and cash equivalents, beginning of period
|
$ | 8,864,962 | $ | 22,728,132 | ||||
Cash and cash equivalents, end of period
|
$ | 16,028,681 | $ | 13,387,783 | ||||
Transfer of loans to real estate acquired in settlement of loans
|
$ | - | $ | 1,140,667 | ||||
Interest paid
|
$ | 474,091 | $ | 549,802 | ||||
Taxes paid
|
$ | - | $ | - |
Three months ended
March 31,
|
||||||||
2011
|
2010
|
|||||||
Unrealized losses on securities available for sale
|
$ | (27,929 | ) | $ | (2,772 | ) | ||
Reclassification of (gains) losses recognized in net income
|
- | - | ||||||
Income tax benefit
|
10,878 | 1,078 | ||||||
Other comprehensive loss
|
$ | (17,051 | ) | $ | (1,694 | ) |
Income
(Numerator)
|
Shares
(Denominator)
|
Per Share
Amount
|
||||||||||
Basic loss per share
|
||||||||||||
Loss available to common shareholders
|
$ | (33,146 | ) | 2,668,205 | $ | (0.01 | ) | |||||
Effect of dilutive securities
|
||||||||||||
Stock options
|
- | - | ||||||||||
Dilutive loss per share
|
||||||||||||
Loss available to common shareholders
plus assumed conversions
|
$ | (33,146 | ) | 2,668,205 | $ | (0.01 | ) |
Income
(Numerator)
|
Shares
(Denominator)
|
Per Share
Amount
|
||||||||||
Basic income per share
|
||||||||||||
Income available to common shareholders
|
$ | 32,411 | 2,668,205 | $ | 0.01 | |||||||
Effect of dilutive securities
|
||||||||||||
Stock options
|
- | - | ||||||||||
Dilutive income per share
|
||||||||||||
Income available to common shareholders
plus assumed conversions
|
$ | 32,411 | 2,668,205 | $ | 0.01 |
Level 1
|
Quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market, as well as U.S. Treasuries, other securities that are highly liquid and are actively traded in over-the-counter markets and money market funds.
|
Level 2
|
Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded instruments, mortgage-backed securities, municipal bonds, corporate debt securities, and derivative contracts whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category generally includes certain derivative contracts and impaired loans.
|
Level 3
|
Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. For example, this category generally includes certain private equity investments, retained residual interests in securitizations, residential mortgage servicing rights, and highly-structured or long-term derivative contracts.
|
Quoted market price in active markets
(Level 1)
|
Significant other observable inputs
(Level 2)
|
Significant unobservable inputs
(Level 3)
|
||||||||||
Available for sale investments:
|
||||||||||||
Mortgage-backed securities
|
$ | - | $ | 17,508,303 | $ | - | ||||||
Total
|
$ | - | $ | 17,508,303 | $ | - |
Quoted market price in active markets
(Level 1)
|
Significant other observable inputs
(Level 2)
|
Significant unobservable inputs
(Level 3)
|
||||||||||
Available for sale investments:
|
||||||||||||
Mortgage-backed securities
|
$ | - | $ | 17,756,616 | $ | - | ||||||
Total
|
$ | - | $ | 17,756,616 | $ | - |
Quoted market price in active markets
(Level 1)
|
Significant other observable inputs
(Level 2)
|
Significant unobservable inputs
(Level 3)
|
||||||||||
Impaired loans
|
$ | - | $ | 10,962,826 | $ | - | ||||||
Other real estate owned
|
- | 6,055,891 | - | |||||||||
Total
|
$ | - | $ | 17,018,717 | $ | - |
Quoted market price in active markets
(Level 1)
|
Significant other observable inputs
(Level 2)
|
Significant unobservable inputs
(Level 3)
|
||||||||||
Impaired loans
|
$ | - | $ | 14,338,761 | $ | - | ||||||
Other real estate owned
|
- | 6,402,263 | - | |||||||||
Total
|
$ | - | $ | 20,741,024 | $ | - |
March 31, 2011
|
December 31, 2010
|
|||||||||||||||
Carrying
|
Estimated
|
Carrying
|
Estimated
|
|||||||||||||
Dollars in thousands
|
Amount
|
Fair Value
|
Amount
|
Fair Value
|
||||||||||||
Financial Assets:
|
||||||||||||||||
Loans receivable, net
|
$ | 168,013 | $ | 152,403 | $ | 143,064 | $ | 143,375 | ||||||||
Financial Liabilities:
|
||||||||||||||||
Total deposits
|
$ | 186,344 | $ | 184,768 | $ | 148,984 | $ | 145,952 | ||||||||
FHLB advances
|
$ | 8,000 | $ | 7,711 | $ | 13,500 | $ | 14,007 |
Gross Unrealized
|
||||||||||||||||
Amortized
Cost
|
Gains
|
Losses
|
Estimated
Fair Value
|
|||||||||||||
March 31, 2011
|
||||||||||||||||
Mortgage-backed securities
|
$ | 17,637,400 | $ | 48,275 | $ | 177,372 | $ | 17,508,303 | ||||||||
Total
|
$ | 17,637,400 | $ | 48,275 | $ | 177,372 | $ | 17,508,303 | ||||||||
December 31, 2010
|
||||||||||||||||
Mortgage-backed securities
|
$ | 17,857,784 | $ | 40,753 | $ | 141,921 | $ | 17,756,616 | ||||||||
Total
|
$ | 17,857,784 | $ | 40,753 | $ | 141,921 | $ | 17,756,616 |
Securities
Available-for-Sale
|
||||||||
Amortized
Cost
|
Estimated
Fair Value
|
|||||||
Due in one year or less
|
$ | 533,629 | $ | 535,249 | ||||
Due after one year but within five years
|
9,358,283 | 9,303,386 | ||||||
Due after five years but within ten years
|
3,926,278 | 3,869,610 | ||||||
Due after ten years
|
3,819,210 | 3,800,058 | ||||||
$ | 17,637,400 | $ | 17,508,303 |
Less than
twelve months
|
Twelve months
or more
|
Total
|
||||||||||||||||||||||
Fair Value
|
Unrealized losses
|
Fair Value
|
Unrealized losses
|
Fair Value
|
Unrealized losses
|
|||||||||||||||||||
March 31, 2011
|
||||||||||||||||||||||||
Mortgage-backed securities
|
$ | 9,872,669 | $ | 172,024 | $ | 536,123 | $ | 5,348 | $ | 10,408,792 | $ | 177,372 | ||||||||||||
Total
|
$ | 9,872,669 | $ | 172,024 | $ | 536,123 | $ | 5,348 | $ | 10,408,792 | $ | 177,372 |
Less than
twelve months
|
Twelve months
or more
|
Total
|
||||||||||||||||||||||
Fair Value
|
Unrealized losses
|
Fair Value
|
Unrealized losses
|
Fair Value
|
Unrealized losses
|
|||||||||||||||||||
December 31, 2010
|
||||||||||||||||||||||||
Mortgage-backed securities
|
$ | 12,247,383 | $ | 141,921 | $ | - | $ | - | $ | 12,247,383 | $ | 141,921 | ||||||||||||
Total
|
$ | 12,247,383 | $ | 141,921 | $ | - | $ | - | $ | 12,334,441 | $ | 141,921 |
2011
|
2010
|
|||||||
Real estate – construction
|
$ | 19,981,887 | $ | 23,068,291 | ||||
Real estate – commercial
|
63,109,304 | 61,412,742 | ||||||
Real estate – residential
|
42,318,905 | 43,561,911 | ||||||
Commercial and industrial
|
20,152,125 | 19,350,893 | ||||||
Consumer and other
|
26,777,505 | 895,675 | ||||||
Total gross loans
|
$ | 172,339,726 | $ | 148,289,512 |
2011
|
2010
|
|||||||
Total loans considered impaired at period end
|
$ | 10,962,826 | $ | 14,338,761 | ||||
Loans considered impaired for
which there is a related allowance for loan loss:
|
||||||||
Outstanding loan balance
|
8,804,703 | 11,489,267 | ||||||
Related allowance established
|
1,846,822 | 2,783,404 | ||||||
Loans considered impaired for which
no related allowance for loan loss was established
|
2,158,123 | 2,849,495 | ||||||
Average annual investment in impaired loans
|
12,650,795 | 14,370,750 | ||||||
Interest income recognized on impaired loans
During the period of impairment
Cash basis
|
$ | 219,029 | $ | 219,029 |
Real Estate
|
||||||||||||||||||||
Construction
|
Commercial
|
Residential
|
Commercial & Industrial
|
Consumer
|
||||||||||||||||
Allowance for loan and lease losses:
|
||||||||||||||||||||
Ending balance attributable to loans:
|
||||||||||||||||||||
Individually evaluated for impairment
|
$ | 4,702 | $ | 637,723 | $ | 769,113 | $ | 435,284 | $ | - | ||||||||||
Loans:
|
||||||||||||||||||||
Loans individually evaluated for impairment
|
$ | 1,730,637 | $ | 3,540,487 | $ | 4,122,767 | $ | 1,376,589 | $ | - | ||||||||||
Loans collectively evaluated for impairment
|
$ | 18,251,250 | $ | 59,568,817 | $ | 37,427,025 | $ | 18,775,536 | $ | 26,777,505 |
Real Estate
|
||||||||||||||||||||
Construction
|
Commercial
|
Residential
|
Commercial & Industrial
|
Consumer
|
||||||||||||||||
Allowance for loan and lease losses:
|
||||||||||||||||||||
Ending balance attributable to loans:
|
||||||||||||||||||||
Individually evaluated for impairment
|
$ | 823,975 | $ | 637,723 | $ | 878,725 | $ | 442,981 | $ | - | ||||||||||
Loans:
|
||||||||||||||||||||
Loans individually evaluated for impairment
|
$ | 5,048,519 | $ | 3,540,487 | $ | 4,331,447 | $ | 1,418,308 | $ | - | ||||||||||
Loans collectively evaluated for impairment
|
$ | 18,019,772 | $ | 57,872,255 | $ | 39,230,464 | $ | 17,932,585 | $ | 895,675 |
Unpaid
Principal
Balance
|
Recorded
Investment
|
Allowance
Allocated
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
||||||||||||||||
With no related allowance recorded:
|
||||||||||||||||||||
Commercial and industrial
|
$ | 49,555 | $ | 49,555 | $ | - | $ | 49,555 | $ | - | ||||||||||
Real estate:
|
||||||||||||||||||||
Construction
|
1,804,173 | 1,804,173 | - | 2,149,485 | - | |||||||||||||||
Mortgage – residential
|
- | - | - | - | ||||||||||||||||
Mortgage – commercial
|
304,395 | 304,395 | - | 304,395 | ||||||||||||||||
With an allowance recorded:
|
||||||||||||||||||||
Commercial, and industrial
|
1,327,034 | 1,327,034 | 435,284 | 1,347,894 | 12,446 | |||||||||||||||
Real estate:
|
||||||||||||||||||||
Construction
|
22,637 | 22,637 | 4,702 | 1,288,180 | 16,327 | |||||||||||||||
Mortgage – residential
|
4,218,940 | 4,218,940 | 769,113 | 4,275,194 | 147,806 | |||||||||||||||
Mortgage – commercial
|
4,740,813 | 3,236,092 | 637,723 | 3,236,092 | 42,450 | |||||||||||||||
Total
|
$ | 12,467,547 | $ | 10,962,826 | $ | 1,846,822 | $ | 12,650,795 | $ | 219,029 |
Real Estate
|
||||||||||||||||||||||||||||
Construction
|
Commercial
|
Residential
|
Commercial and
Industrial
|
Consumer
|
Unallocated
|
Total
|
||||||||||||||||||||||
Balance, beginning of year
|
$ | 1,133,180 | $ | 1,532,386 | $ | 1,690,850 | $ | 636,627 | $ | 6,676 | $ | 226,195 | $ | 5,225,914 | ||||||||||||||
Provision (recovery) charged to operations
|
(480,910 | ) | (7,894 | ) | (373,696 | ) | 59,569 | 25,468 | (99,675 | ) | (877,138 | ) | ||||||||||||||||
Recoveries
|
- | - | - | 1,166 | 22,008 | - | 23,174 | |||||||||||||||||||||
Charge-offs
|
- | - | (10,639 | ) | - | (34,152 | ) | - | (44,791 | ) | ||||||||||||||||||
Balance, end of year
|
$ | 652,270 | $ | 1,524,492 | $ | 1,306,515 | $ | 697,362 | $ | 20,000 | $ | 126,520 | $ | 4,327,159 |
March 31,
2010
|
||||
Balance, January 1
|
$ | 2,408,990 | ||
Provision for loan losses for the period
|
36,528 | |||
Net loans (charged-off) recovered during the period
|
75,494 | |||
Balance, March 31,
|
$ | 2,521,012 | ||
Gross loans outstanding, March 31,
|
$ | 137,640,105 | ||
Allowance for loan losses to loans outstanding
|
1.83 | % |
Nonaccrual
|
Accruing loans delinquent for 90 days or more
|
|||||||
Commercial and industrial
|
$ | 1,414,108 | $ | 148,070 | ||||
Real estate:
|
||||||||
Construction
|
1,271,721 | 263,899 | ||||||
Mortgage – residential
|
3,929,434 | 22,787 | ||||||
Mortgage – commercial
|
4,217,049 | 2,191,617 | ||||||
Consumer
|
4,017 | - | ||||||
Total
|
$ | 10,836,329 | $ | 2,626,373 |
Nonaccrual
|
Accruing loans delinquent for 90 days or more
|
|||||||
Commercial and industrial
|
$ | 1,207,596 | $ | 433,325 | ||||
Real estate:
|
||||||||
Construction
|
1,285,564 | 24,575 | ||||||
Mortgage – residential
|
4,223,726 | 1,056,621 | ||||||
Mortgage – commercial
|
3,540,488 | 349,867 | ||||||
Consumer
|
- | 4,963 | ||||||
Total
|
$ | 10,257,374 | $ | 1,869,351 |
30 – 89 Days Past Due
|
Greater than 90 Days Past Due
|
Nonaccrual Loans
|
Total Past Due
|
Loans Not Past Due
|
Total
|
|||||||||||||||||||
Commercial and industrial
|
$ | 427,555 | $ | 148,070 | $ | 1,414,108 | $ | 1,989,733 | $ | 17,992,154 | $ | 19,981,887 | ||||||||||||
Real estate:
|
||||||||||||||||||||||||
Construction
|
743,159 | 263,899 | 1,271,721 | 2,278,779 | 60,830,525 | 63,109,304 | ||||||||||||||||||
Mortgage - residential
|
912,882 | 22,787 | 3,929,434 | 4,865,103 | 37,435,802 | 42,318,905 | ||||||||||||||||||
Mortgage - commercial
|
928,477 | 2,191,617 | 4,217,049 | 7,337,143 | 12,814,982 | 20,152,125 | ||||||||||||||||||
Consumer
|
1,928 | - | 4,017 | 5,945 | 26,771,560 | 26,777,505 | ||||||||||||||||||
Total
|
$ | 3,014,001 | $ | 2,626,373 | $ | 10,836,329 | $ | 16,546,246 | $ | 155,845,023 | $ | 172,339,726 |
30 – 89 Days Past Due
|
Greater than 90 Days Past Due
|
Nonaccrual Loans
|
Total Past Due
|
Loans Not Past Due
|
Total
|
|||||||||||||||||||
Commercial and industrial
|
$ | 148,926 | $ | 433,325 | $ | 1,207,596 | $ | 1,789,847 | $ | 14,561,046 | $ | 19,350,893 | ||||||||||||
Real estate:
|
||||||||||||||||||||||||
Construction
|
2,469,828 | 24,575 | 1,285,564 | 3,779,967 | 19,288,324 | 23,068,291 | ||||||||||||||||||
Mortgage - residential
|
837,087 | 1,056,621 | 4,223,726 | 6,117,434 | 37,444,477 | 43,561,911 | ||||||||||||||||||
Mortgage - commercial
|
642,994 | 349,867 | 3,540,488 | 4,533,349 | 56,879,393 | 61,412,742 | ||||||||||||||||||
Consumer
|
22,326 | 4,963 | - | 27,289 | 868,386 | 895,675 | ||||||||||||||||||
Total
|
$ | 4,121,161 | $ | 1,869,351 | $ | 10,257,374 | $ | 16,247,886 | $ | 132,041,626 | $ | 148,289,512 |
Pass
|
Special
Mention
|
Substandard
|
Doubtful
|
Loss
|
Total
|
|||||||||||||||||||
Commercial and industrial
|
$ | 17,823,143 | $ | 322,459 | $ | 846,655 | $ | 1,159,868 | $ | - | $ | 20,152,125 | ||||||||||||
Real estate:
|
||||||||||||||||||||||||
Construction
|
12,901,692 | 2,211,949 | 4,868,246 | - | 19,981,887 | |||||||||||||||||||
Mortgage - residential
|
31,591,876 | 4,294,280 | 5,145,552 | 1,287,197 | 42,318,905 | |||||||||||||||||||
Mortgage - commercial
|
47,140,466 | 5,738,187 | 8,432,916 | 1,797,735 | 63,109,304 | |||||||||||||||||||
Consumer
|
26,586,141 | 29,384 | 161,980 | - | - | 26,777,505 | ||||||||||||||||||
Total
|
$ | 136,043,318 | $ | 12,596,259 | $ | 19,455,349 | $ | 4,244,800 | $ | - | $ | 172,339,726 |
Pass
|
Special
Mention
|
Substandard
|
Doubtful
|
Loss
|
Total
|
|||||||||||||||||||
Commercial and industrial
|
$ | 17,317,162 | $ | 624,237 | $ | 524,303 | $ | 885,191 | $ | - | $ | 19,350,893 | ||||||||||||
Real estate:
|
||||||||||||||||||||||||
Construction
|
16,578,691 | 2,395,478 | 3,618,125 | 475,997 | - | 23,068,291 | ||||||||||||||||||
Mortgage - residential
|
33,862,736 | 2,269,002 | 6,269,672 | 1,160,501 | - | 43,561,911 | ||||||||||||||||||
Mortgage - commercial
|
49,470,261 | 3,367,398 | 8,575,083 | - | - | 61,412,742 | ||||||||||||||||||
Consumer
|
871,691 | 15,138 | 8,846 | - | - | 895,675 | ||||||||||||||||||
Total
|
$ | 118,100,541 | $ | 8,671,253 | $ | 18,996,029 | $ | 2,521,689 | $ | - | $ | 148,289,512 |
·
|
the creation of a Financial Stability Oversight Council to identify emerging systemic risks posed by financial firms, activities and practices, and to improve cooperation between federal agencies;
|
·
|
the creation of a Bureau of Consumer Financial Protection authorized to promulgate and enforce consumer protection regulations relating to financial products, which would affect both banks and non-bank financial companies;
|
·
|
the establishment of strengthened capital and prudential standards for banks and bank holding companies;
|
·
|
enhanced regulation of financial markets, including derivatives and securitization markets;
|
·
|
the elimination of certain trading activities by banks;
|
·
|
a permanent increase of the previously implemented temporary increase of FDIC deposit insurance to $250,000 per account, an extension of unlimited deposit insurance on qualifying noninterest-bearing transaction accounts, and an increase in the minimum deposit insurance fund reserve requirement from 1.15% to 1.35%, with assessments to be based on assets as opposed to deposits;
|
·
|
amendments to the Truth in Lending Act aimed at improving consumer protections with respect to mortgage originations, including originator compensation, minimum repayment standards, and prepayment considerations; and
|
·
|
new disclosure and other requirements relating to executive compensation and corporate governance.
|
March 31,
2011
|
December 31,
2010
|
|||||||
Real estate – construction
|
$ | 19,981,887 | $ | 23,068,291 | ||||
Real estate – commercial
|
63,109,304 | 61,412,742 | ||||||
Real estate – residential
|
43,318,905 | 43,561,911 | ||||||
Commercial and industrial
|
20,152,125 | 19,350,893 | ||||||
Consumer and other
|
26,777,505 | 895,675 | ||||||
Total gross loans
|
$ | 172,339,726 | $ | 148,289,512 |
March 31, 2011
|
March 31, 2010
|
|||||||
Balance, January 1
|
$ | 5,225,914 | $ | 2,408,990 | ||||
Provision(recovery) for loan losses for the period
|
(877,138 | ) | 36,528 | |||||
Net loans (charged-off) recovered during the period
|
(21,617 | ) | 75,494 | |||||
Balance, March 31,
|
4,327,159 | 2,521,012 | ||||||
Gross loans outstanding, March 31,
|
$ | 172,339,726 | $ | 137,640,105 | ||||
Allowance for loan losses to loans outstanding
|
2.51 | % | 1.83 | % |
March 31,
2011
|
December 31,
2010
|
|||||||
Noninterest-bearing transaction accounts
|
$ | 11,448,576 | $ | 7,225,888 | ||||
Interest-bearing transaction accounts
|
8,234,833 | 6,773,623 | ||||||
Savings and money market
|
47,364,362 | 41,551,912 | ||||||
Time deposits $100,000 and over
|
112,619,256 | 85,690,137 | ||||||
Other time deposits
|
6,676,882 | 7,742,179 | ||||||
Total deposits
|
$ | 186,343,909 | $ | 148,983,739 |
Description
|
Interest Rate
|
Amount
|
||||||
Convertible rate advances maturing:
|
||||||||
September 20, 2012
|
3.86 | % | $ | 8,000,000 | ||||
$ | 8,000,000 |
2012
|
$ | 8,000,000 |
Shareholders’ equity
|
$ | 21,356,887 | ||
Plus – unrealized (gain) loss on available-for-sale securities
|
79,000 | |||
Less – disallowed deferred tax assets
|
(1,392,000 | ) | ||
Tier 1 capital
|
$ | 20,043,887 | ||
Plus – allowance for loan losses
(1)
|
2,215,000 | |||
Total capital
|
$ | 22,258,887 | ||
Risk-weighted assets
|
$ | 175,065,000 | ||
Risk-based capital ratios:
|
||||
Tier 1 capital (to risk-weighted assets)
|
11.45 | % | ||
Total capital (to risk-weighted assets)
|
12.72 | % | ||
Leverage ratio
|
10.37 | % |
(1)
|
Limited to 1.25% of risk-weighted assets
|
Within
One
Month
|
After One
Through
Three
Months
|
After Three
Through
Twelve
Months
|
Greater
Than
One Year
|
Total
|
||||||||||||||||
Unused commitments to extend credit
|
$ | 1,451 | $ | 762,634 | $ | 5,915,370 | $ | 7,065,208 | $ | 13,744,663 | ||||||||||
Standby letters of credit
|
- | - | 164,000 | - | 164,000 | |||||||||||||||
Totals
|
$ | 1,451 | $ | 792,634 | $ | 6,079,370 | $ | 7,065,208 | $ | 13,908,663 |
(a)
|
Based on their evaluation of the Company’s disclosure controls and procedures (as defined in 17 C.F.R. Sections 240.13a-15(e) and 240.15d-15(e)) as of March 31, 2011, our chief executive officer and chief financial officer concluded that such controls and procedures were effective.
|
(b)
|
There was no change in the Company’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting subsequent to the date of its evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
|
Exhibit
Number
|
Description of Exhibit
|
31.1
|
Certification of Principal Executive Officer pursuant to Rule 13a-14(a)
|
31.2
|
Certification of Principal Financial Officer pursuant to Rule 13a-14(a)
|
32
|
Certification of Principal Executive Officer and Principal Financial Officer pursuant to 18 USC 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
31.1
|
Certification of Principal Executive Officer pursuant to Rule 13a-14(a)
|
31.2
|
Certification of Principal Financial Officer pursuant to Rule 13a-14(a)
|
32
|
Certification of Principal Executive Officer and Principal Financial Officer pursuant to 18 USC 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
1 Year AB and T Financial (CE) Chart |
1 Month AB and T Financial (CE) Chart |
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