![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Oak Ridge Financial Services Inc (PK) | USOTC:BKOR | 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% | 16.90 | 16.78 | 17.00 | 0.00 | 13:20:02 |
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
North Carolina
|
20-8550086
|
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
Large accelerated filer
|
¨
|
|
Accelerated filer
|
¨
|
||
Non-accelerated filer
|
¨
|
|
Smaller reporting company
|
x
|
Class
|
Number of Shares
|
|
Common Stock, no par value
|
1,810,946
|
|
•
|
Revenues are lower than expected;
|
|
•
|
Credit quality deterioration which could cause an increase in the provision for credit losses;
|
|
•
|
Competitive pressure among depository institutions increases significantly;
|
|
•
|
Changes in consumer spending, borrowings and savings habits;
|
|
•
|
Technological changes and security and operations risks associated with the use of technology;
|
|
•
|
The cost of additional capital is more than expected;
|
|
•
|
A change in the interest rate environment reduces interest margins;
|
|
•
|
Asset/liability repricing risks, ineffective hedging and liquidity risks;
|
|
•
|
Counterparty risk;
|
|
•
|
General economic conditions, particularly those affecting real estate values, either nationally or in the market area in which we do or anticipate doing business, are less favorable than expected;
|
|
•
|
The effects of the Federal Deposit Insurance Corporation deposit insurance premiums and assessments;
|
|
•
|
The effects of and changes in monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board;
|
|
•
|
Volatility in the credit or equity markets and its effect on the general economy;
|
|
•
|
Demand for the products or services of the Company and the Bank of Oak Ridge, as well as their ability to attract and retain qualified people;
|
|
•
|
The costs and effects of legal, accounting and regulatory developments and compliance; and
|
|
•
|
Regulatory approvals for acquisitions cannot be obtained on the terms expected or on the anticipated schedule.
|
Part 1: Financial Information
|
|
|||
Item 1. Financial Statements | ||||
Consolidated Balance Sheets at March 31, 2013 (unaudited) and December 31, 2012 (audited)
|
|
4
|
|
|
Consolidated Statements of Operations for the three months ended March 31, 2013 and 2012 (unaudited)
|
|
5
|
|
|
Consolidated Statements of Comprehensive Income for the three months ended March 31, 2013 and 2012 (unaudited)
|
|
6
|
|
|
Consolidated Statements of Changes in Stockholders’ Equity for the three months ended March 31, 2013 and 2012 (unaudited)
|
|
7
|
|
|
Consolidated Statements of Cash Flows for the three months ended March 31, 2013 and 2012 (unaudited)
|
|
8
|
|
|
Notes to Unaudited Consolidated Financial Statements
|
|
10
|
|
|
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
|
34
|
|
|
Item 3. Quantitative and Qualitative Disclosures About Market Risk
|
|
43
|
|
|
Item 4. Controls and Procedures
|
|
43
|
|
|
Part II. Other Information
|
|
|||
Item 6. Exhibits
|
|
44
|
|
|
Signature Page
|
|
46
|
|
2013
|
2012
|
|||||||
Assets
|
||||||||
Cash and due from banks
|
$
|
2,860
|
$
|
5,134
|
||||
Interest-bearing deposits with banks
|
23,305
|
11,909
|
||||||
Total cash and cash equivalents
|
26,165
|
17,043
|
||||||
Securities available-for-sale
|
44,045
|
43,937
|
||||||
Securities held-to-maturity (fair values of $3,999 in 2013 and $4,183 in 2012)
|
3,719
|
3,928
|
||||||
Federal Home Loan Bank Stock, at cost
|
411
|
528
|
||||||
Loans held for sale
|
228
|
1,787
|
||||||
Loans, net of allowance for loan losses of $5,367 in 2013 and $5,500 in 2012
|
253,948
|
254,347
|
||||||
Property and equipment, net
|
9,289
|
9,371
|
||||||
Foreclosed assets
|
1,627
|
2,116
|
||||||
Accrued interest receivable
|
1,245
|
1,514
|
||||||
Bank owned life insurance
|
5,112
|
5,078
|
||||||
Other assets
|
2,836
|
3,202
|
||||||
Total assets
|
$
|
348,625
|
$
|
342,851
|
||||
Liabilities and Stockholders’ Equity
|
||||||||
Liabilities
|
||||||||
Deposits:
|
||||||||
Noninterest-bearing
|
$
|
42,757
|
$
|
41,538
|
||||
Interest-bearing
|
269,301
|
264,639
|
||||||
Total deposits
|
312,058
|
306,177
|
||||||
Junior subordinated notes related to trust preferred securities
|
8,248
|
8,248
|
||||||
Accrued interest payable
|
92
|
94
|
||||||
Other liabilities
|
2,416
|
2,342
|
||||||
Total liabilities
|
322,814
|
316,861
|
||||||
Commitments and contingencies (Note 9)
|
||||||||
Stockholders’ equity
|
||||||||
Preferred stock, Series A, 7,700 shares authorized and outstanding; no par value, $1,000 per share liquidation preference
|
7,448
|
7,366
|
||||||
Common stock, no par value; 50,000,000 shares authorized; 1,810,946 issued and outstanding in 2013 and 2012
|
17,202
|
15,956
|
||||||
Warrant
|
—
|
1,361
|
||||||
Retained earnings (deficit)
|
(171
|
)
|
(208
|
)
|
||||
Accumulated other comprehensive income
|
1,332
|
1,515
|
||||||
Total stockholders’ equity
|
25,811
|
25,990
|
||||||
Total liabilities and stockholders’ equity
|
$ |
348,625
|
$ | 342,851 |
2013
|
2012
|
|||||||
Interest and dividend income
|
||||||||
Loans and fees on loans
|
$
|
3,177
|
$
|
3,434
|
||||
Interest on deposits in banks
|
7
|
13
|
||||||
Federal Home Loan Bank stock dividends
|
3
|
3
|
||||||
Taxable investment securities
|
454
|
706
|
||||||
Total interest and dividend income
|
3,641
|
4,156
|
||||||
Interest expense
|
||||||||
Deposits
|
416
|
674
|
||||||
Short-term and long-term debt
|
40
|
46
|
||||||
Total interest expense
|
456
|
720
|
||||||
Net interest income
|
3,185
|
3,436
|
||||||
Provision for loan losses
|
366
|
564
|
||||||
Net interest income after provision for loan losses
|
2,819
|
2,872
|
||||||
Noninterest income
|
||||||||
Service charges on deposit accounts
|
169
|
103
|
||||||
Gain on sale of securities
|
54
|
—
|
||||||
Gain on sale of mortgage loans
|
145
|
113
|
||||||
Investment and insurance commissions
|
52
|
262
|
||||||
Fee income from accounts receivable financing
|
179
|
164
|
||||||
Debit card interchange income
|
201
|
182
|
||||||
Income earned on bank owned life insurance
|
34
|
35
|
||||||
Other service charges and fees
|
35
|
66
|
||||||
Total noninterest income
|
869
|
925
|
||||||
Noninterest expense
|
||||||||
Salaries
|
1,524
|
1,688
|
||||||
Employee benefits
|
162
|
215
|
||||||
Occupancy expense
|
202
|
214
|
||||||
Equipment expense
|
241
|
210
|
||||||
Data and item processing
|
239
|
280
|
||||||
Professional and advertising
|
343
|
175
|
||||||
Stationary and supplies
|
67
|
77
|
||||||
Net cost of foreclosed assets
|
101
|
194
|
||||||
Telecommunications expense
|
85
|
69
|
||||||
FDIC assessment
|
74
|
77
|
||||||
Accounts receivable financing expense
|
49
|
49
|
||||||
Other expense
|
318
|
363
|
||||||
Total noninterest expense
|
3,405
|
3,611
|
||||||
Income before income taxes
|
283
|
186
|
||||||
Income tax expense
|
68
|
33
|
||||||
Net income
|
$
|
215
|
$
|
153
|
||||
Preferred stock dividends
|
(96
|
)
|
(96
|
)
|
||||
Accretion of discount
|
(81
|
)
|
(73
|
)
|
||||
Income (loss) available to common stockholders
|
$
|
38
|
$
|
(16
|
)
|
|||
Basic loss per common share
|
$
|
0.02
|
$
|
(0.01
|
)
|
|||
Diluted loss per common share
|
$
|
0.02
|
$
|
(0.01
|
)
|
|||
Basic weighted average shares outstanding
|
1,810,946
|
1,808,445
|
||||||
Diluted weighted average shares outstanding
|
1,810,946
|
1,808,445
|
2013
|
2012
|
|||||||
Net income
|
$
|
215
|
153
|
|||||
Other comprehensive loss:
|
||||||||
Unrealized holding losses on securities available-for-sale
|
(561
|
)
|
(11
|
)
|
||||
Tax effect
|
345
|
4
|
||||||
Unrealized holding gains on securities available-for-sale, net of tax amount
|
(216
|
)
|
(7
|
)
|
||||
Reclassification adjustment for realized gains
|
54
|
—
|
||||||
Tax effect
|
(21
|
)
|
—
|
|||||
Reclassification adjustment for realized gains, net of tax
|
33
|
—
|
||||||
Other comprehensive loss net of tax
|
(183
|
)
|
(7
|
)
|
||||
Comprehensive income
|
$
|
32
|
146
|
Common Stock
|
Accumulated
|
|||||||||||||||||||||||||||
Preferred
stock,
Series A
|
Number
|
Amount
|
Common
stock
warrant
|
Retained
earnings
(deficit)
|
other
comprehensive
income
|
Total
|
||||||||||||||||||||||
Balance December 31, 2011
|
$
|
7,075
|
1,808,445
|
$
|
15,925
|
$
|
1,361
|
$
|
2,418
|
$
|
1,169
|
$
|
27,948
|
|||||||||||||||
Net income
|
153
|
153
|
||||||||||||||||||||||||||
Other comprehensive income
|
(7)
|
(7)
|
||||||||||||||||||||||||||
Preferred stock dividends
|
(96
|
)
|
(96
|
)
|
||||||||||||||||||||||||
Stock option expense
|
10
|
10
|
||||||||||||||||||||||||||
Preferred stock accretion
|
73
|
(73
|
)
|
—
|
||||||||||||||||||||||||
Balance March 31, 2012
|
$
|
7,148
|
1,808,445
|
$
|
15,935
|
$
|
1,361
|
$
|
2,402
|
$
|
1,162
|
$
|
28,008
|
Common Stock
|
Accumulated | |||||||||||||||||||||||||||
Preferred
stock,
Series A
|
Number
|
Amount
|
Common
stock
warrant
|
Retained
earnings
(deficit)
|
other
comprehensive
income
|
Total
|
||||||||||||||||||||||
Balance December 31, 2012
|
$
|
7,366
|
1,808,445
|
$
|
15,956
|
$
|
1,361
|
$
|
(208)
|
$
|
1,515
|
$
|
25,990
|
|||||||||||||||
Net income
|
215
|
215
|
||||||||||||||||||||||||||
Other comprehensive income
|
(183)
|
(183)
|
||||||||||||||||||||||||||
Preferred stock dividends
|
(96
|
)
|
(96
|
)
|
||||||||||||||||||||||||
Stock option and restricted
stock expense
|
2,501
|
8
|
8
|
|||||||||||||||||||||||||
Repurchase of warrant
|
1,238
|
(1,361)
|
(123)
|
|||||||||||||||||||||||||
Preferred stock accretion
|
82
|
(82
|
)
|
—
|
||||||||||||||||||||||||
Balance March 31, 2013
|
$ |
7,448
|
1,810,946
|
$
|
17,202
|
$
|
—
|
$
|
(171)
|
$
|
1,332
|
$ |
25,811
|
2013
|
2012
|
|||||||
Cash flows from operating activities
|
||||||||
Net income
|
$
|
215
|
$
|
153
|
||||
Adjustments to reconcile net income to net cash provided by operations:
|
||||||||
Depreciation
|
223
|
221
|
||||||
Provision for loan losses
|
366
|
564
|
||||||
Gain on sale of securities
|
(54
|
)
|
—
|
|||||
Gain on sale of mortgage loans
|
(145
|
)
|
(113
|
)
|
||||
Income earned on bank owned life insurance
|
(34
|
)
|
(35
|
)
|
||||
Losses on sale of and writedowns on foreclosed assets
|
61
|
120
|
||||||
Deferred income tax (benefit) expense
|
171
|
(150
|
)
|
|||||
Originations of mortgage loans held-for-sale
|
(3,419
|
)
|
(6,499
|
)
|
||||
Proceeds from sale of mortgage loans
|
5,123
|
6,267
|
||||||
Net amortization of discounts and premiums on securities
|
65
|
63
|
||||||
Changes in assets and liabilities:
|
||||||||
Income taxes payable
|
212
|
106
|
||||||
Accrued income
|
269
|
228
|
||||||
Other assets
|
99
|
1
|
||||||
Accrued interest payable
|
(2
|
)
|
(2
|
)
|
||||
Other liabilities
|
74
|
264
|
||||||
Net cash provided by operating activities
|
3,224
|
1,188
|
||||||
Cash flows from investing activities
|
||||||||
Activity in available-for-sale securities:
|
||||||||
Purchases
|
(3,965
|
)
|
—
|
|||||
Sales
|
1,595
|
—
|
||||||
Maturities and repayments
|
1,938
|
2,705
|
||||||
Activity in held-to-maturity securities:
|
||||||||
Maturities and repayments
|
222
|
396
|
||||||
Redemptions of Federal Home Loan Bank stock
|
117
|
—
|
||||||
Net decrease (increase) in loans
|
106
|
(2,808
|
)
|
|||||
Purchases of property and equipment
|
(141
|
)
|
(120
|
)
|
||||
Proceeds from sale of foreclosed assets
|
364
|
569
|
||||||
Net cash provided by investing activities
|
236
|
742
|
||||||
Cash flows from financing activities
|
||||||||
Net increase in deposits
|
5,881
|
7,504
|
||||||
Repurchase of warrant
|
(123
|
)
|
—
|
|||||
Dividends paid on preferred stock
|
(96
|
)
|
(96
|
)
|
||||
Net cash provided by (used in) financing activities
|
5,662
|
7,408
|
||||||
Net increase in cash and cash equivalents
|
9,122
|
9,338
|
||||||
Cash and cash equivalents, beginning
|
17,043
|
21,443
|
||||||
Cash and cash equivalents, ending
|
$
|
26,165
|
$
|
30,781
|
2013
|
2012
|
|||||||
Supplemental disclosure of cash flow information
|
||||||||
Cash paid for:
|
||||||||
Interest
|
$
|
458
|
$
|
722
|
||||
Taxes
|
$
|
—
|
$
|
—
|
||||
Non-cash investing and financing activities
|
||||||||
Foreclosed assets acquired in settlement of loans
|
$
|
—
|
$
|
613
|
(A)
|
Consolidation
|
(B)
|
Basis of Financial Statement Presentation
|
(C)
|
Business
|
(D)
|
Critical Accounting Policies
|
(E)
|
Net Income Per Common Share
|
(F)
|
Reclassifications
|
(G)
|
Recent Accounting Pronouncements
|
(H)
|
Subsequent Events
|
March 31, 2013
|
||||||||||||||||
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair
Value
|
|||||||||||||
Available-for-sale
|
||||||||||||||||
Government-sponsored enterprise securities
|
$
|
1,018
|
$
|
51
|
$
|
-
|
$
|
1,069
|
||||||||
FNMA or GNMA mortgage-backed securities
|
5,689
|
258
|
(28
|
)
|
5,919
|
|||||||||||
Private label mortgage-backed securities
|
8,333
|
276
|
(35
|
)
|
8,574
|
|||||||||||
Municipal securities
|
16,799
|
1,025
|
(116
|
)
|
17,708
|
|||||||||||
SBA debentures
|
9,539
|
736
|
-
|
10,275
|
||||||||||||
Other domestic debt securities
|
500
|
-
|
-
|
500
|
||||||||||||
Total securities available-for-sale
|
$
|
41,878
|
$
|
2,346
|
$
|
(179
|
)
|
$
|
44,045
|
|||||||
Held-to-maturity
|
||||||||||||||||
Private label mortgage-backed securities
|
$ |
3,719
|
$ |
280
|
$ |
-
|
$ |
3,999
|
||||||||
Total securities held-to-maturity
|
$
|
3,719
|
$
|
280
|
$
|
-
|
$
|
3,999
|
December 31, 2012
|
||||||||||||||||
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair
Value
|
|||||||||||||
Available-for-sale
|
||||||||||||||||
Government-sponsored enterprise securities
|
$
|
1,021
|
$
|
58
|
$
|
-
|
$
|
1,079
|
||||||||
FNMA or GNMA mortgage-backed securities
|
8,323
|
347
|
(42
|
)
|
8,628
|
|||||||||||
Private label mortgage-backed securities
|
8,868
|
295
|
(88
|
)
|
9,075
|
|||||||||||
Municipal securities
|
12,868
|
1,158
|
(6
|
)
|
14,020
|
|||||||||||
SBA debentures
|
9,891
|
744
|
-
|
10,635
|
||||||||||||
Other domestic debt securities
|
500
|
-
|
-
|
500
|
||||||||||||
Total securities available-for-sale
|
$
|
41,471
|
$
|
2,602
|
$
|
(136
|
)
|
$
|
43,937
|
|||||||
Held-to-maturity
|
||||||||||||||||
Private label mortgage-backed securities
|
$ |
3,928
|
$ |
255
|
$ |
-
|
$ |
4,183
|
||||||||
Total securities held-to-maturity
|
$
|
3,928
|
$
|
255
|
$
|
-
|
$
|
4,183
|
Less Than 12 Months
|
12 Months or Greater
|
Total
|
||||||||||||||||||||||
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
|||||||||||||||||||
March 31, 2013
|
||||||||||||||||||||||||
Available-for-sale
|
||||||||||||||||||||||||
FNMA mortgage-backed securities
|
$
|
2,560
|
$
|
(28
|
)
|
$
|
-
|
$
|
-
|
$
|
2,560
|
$
|
(28
|
)
|
||||||||||
Private label mortgage-backed securities
|
-
|
-
|
4,016
|
(35
|
)
|
4,016
|
(35
|
)
|
||||||||||||||||
Municipal Securities
|
3,710
|
(116
|
)
|
-
|
-
|
3,710
|
(116
|
)
|
||||||||||||||||
Total temporarily impaired securities
|
$
|
6,270
|
$
|
(144
|
)
|
$
|
4,016
|
$
|
(31
|
)
|
$
|
10,286
|
$
|
(179
|
)
|
Less Than 12 Months
|
12 Months or Greater
|
Total
|
||||||||||||||||||||||
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
|||||||||||||||||||
December 31, 2012
|
||||||||||||||||||||||||
Available-for-sale
|
||||||||||||||||||||||||
FNMA mortgage-backed securities
|
$
|
3,290
|
$
|
(42
|
)
|
$
|
-
|
$
|
-
|
$
|
3,290
|
$
|
(42
|
)
|
||||||||||
Private label mortgage-backed securities
|
-
|
-
|
5,900
|
(88
|
)
|
5,900
|
(88
|
)
|
||||||||||||||||
Municipal Securities
|
371
|
(6
|
)
|
-
|
-
|
371
|
(6
|
)
|
||||||||||||||||
Total temporarily impaired securities
|
$
|
3,661
|
$
|
(48
|
)
|
$
|
5,900
|
$
|
(88
|
)
|
$
|
9,561
|
$
|
(136
|
)
|
Available-for-Sale
|
Held-to-Maturity
|
|||||||||||||||
Amortized
Cost
|
Fair
Value
|
Amortized
Cost
|
Fair
Value
|
|||||||||||||
Due after one year through five years
|
$
|
1,300
|
$
|
1,367
|
$
|
-
|
$
|
-
|
||||||||
Due after five years through ten years
|
13,614
|
14,498
|
-
|
-
|
||||||||||||
Due after ten years
|
26,964
|
28,180
|
3,719
|
3,999
|
||||||||||||
$
|
41,878
|
$
|
44,045
|
$
|
3,719
|
$
|
3,999
|
December 31,
|
||||||||
March 31,
2013
|
December 31,
2012
|
|||||||
Commercial
|
$
|
33,542
|
$
|
37,517
|
||||
Real estate:
|
||||||||
Real estate construction and development
|
34,755
|
38,004
|
||||||
Residential, one-to-four families
|
89,639
|
89,621
|
||||||
Residential, 5 or more families
|
5,209
|
2,085
|
||||||
Other commercial real estate
|
92,021
|
88,167
|
||||||
Agricultural
|
2,276
|
2,450
|
||||||
Consumer
|
1,915
|
2,025
|
||||||
259,357
|
259,869
|
|||||||
Deferred loan origination fees, net of costs
|
(42
|
)
|
(22
|
)
|
||||
Allowance for loan losses
|
(5,367
|
)
|
(5,500
|
)
|
||||
$
|
253,948
|
$
|
254,347
|
Pass
(Grades 1-4)
|
Special
Mention
(Grade 5)
|
Substandard
and lower
(Grades 6-8)
|
Total
|
|||||||||||||
Commercial
|
$
|
30,561
|
$
|
791
|
$
|
2,190
|
$
|
33,542
|
||||||||
Real estate construction and development
|
27,869
|
3,482
|
3,404
|
34,755
|
||||||||||||
Residential, one-to-four families
|
83,523
|
5,023
|
1,093
|
89,639
|
||||||||||||
Residential, 5 or more families
|
1,505
|
3,704
|
—
|
5,209
|
||||||||||||
Other commercial real estate
|
75,999
|
9,689
|
6,333
|
92,021
|
||||||||||||
Agricultural
|
2,276
|
—
|
—
|
2,276
|
||||||||||||
Consumer
|
1,915
|
—
|
—
|
1,915
|
||||||||||||
Total
|
$
|
223,648
|
$
|
22,689
|
$
|
13,020
|
$
|
259,357
|
Pass
(Grades 1-4)
|
Special
Mention
(Grade 5)
|
Substandard
and lower
(Grades 6-8)
|
Total
|
|||||||||||||
Commercial
|
$
|
34,190
|
$
|
680
|
$
|
2,647
|
$
|
37,517
|
||||||||
Real estate construction and development
|
30,036
|
3,774
|
4,194
|
38,004
|
||||||||||||
Residential, one-to-four families
|
87,036
|
1,465
|
1,120
|
89,621
|
||||||||||||
Residential, 5 or more families
|
1,768
|
317
|
—
|
2,085
|
||||||||||||
Other commercial real estate
|
69,148
|
12,802
|
6,217
|
88,167
|
||||||||||||
Agricultural
|
2,450
|
—
|
—
|
2,450
|
||||||||||||
Consumer
|
2,022
|
3
|
—
|
2,025
|
||||||||||||
Total
|
$
|
226,650
|
$
|
19,041
|
$
|
14,178
|
$
|
259,869
|
30-89
Days
Past Due
|
Greater than
90 Days Past
Due
(Nonaccrual)
|
Total
Past Due
|
Current
|
Total
loans
|
Past due
90 days
or more
and still
accruing
|
|||||||||||||||||||
Commercial
|
$
|
1,768
|
$
|
375
|
$
|
2,143
|
$
|
31,399
|
$
|
33,542
|
$
|
—
|
||||||||||||
Real estate construction and development
|
126
|
2,863
|
2,989
|
31,766
|
34,755
|
—
|
||||||||||||||||||
Residential, one-to-four families
|
796
|
1,113
|
1,909
|
87,731
|
89,639
|
183
|
||||||||||||||||||
Residential, 5 or more families
|
—
|
—
|
—
|
5,209
|
5,209
|
—
|
||||||||||||||||||
Other commercial real estate
|
3,976
|
6,333
|
10,309
|
81,712
|
92,021
|
—
|
||||||||||||||||||
Agricultural
|
—
|
—
|
—
|
2,276
|
2,276
|
—
|
||||||||||||||||||
Consumer
|
4
|
—
|
4
|
1,910
|
1,915
|
—
|
||||||||||||||||||
Total
|
$
|
6,670
|
$
|
10,684
|
$
|
17,354
|
$
|
242,003
|
$
|
259,357
|
$
|
183
|
30-89
Days
Past Due
|
Greater than
90 Days Past
Due
(Nonaccrual)
|
Total
Past Due
|
Current
|
Total
loans
|
Past due
90 days
or more
and still
accruing
|
|||||||||||||||||||
Commercial
|
$
|
1,578
|
$
|
820
|
$
|
2,398
|
$
|
35,119
|
$
|
37,517
|
$
|
—
|
||||||||||||
Real estate construction and development
|
331
|
3,001
|
3,332
|
34,672
|
38,004
|
—
|
||||||||||||||||||
Residential, one-to-four families
|
585
|
1,071
|
1,656
|
87,965
|
89,621
|
216
|
||||||||||||||||||
Residential, 5 or more families
|
—
|
—
|
—
|
2,085
|
2,085
|
—
|
||||||||||||||||||
Other commercial real estate
|
852
|
6,214
|
7,066
|
81,101
|
88,167
|
—
|
||||||||||||||||||
Agricultural
|
—
|
—
|
—
|
2,450
|
2,450
|
—
|
||||||||||||||||||
Consumer
|
14
|
—
|
14
|
2,011
|
2,025
|
—
|
||||||||||||||||||
Total
|
$
|
3,360
|
$
|
11,106
|
$
|
14,466
|
$
|
245,403
|
$
|
259,869
|
$
|
216
|
Recorded
Investment
|
Unpaid
Principal
Balance
|
Related
Allowance
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
||||||||||||||||
With no related allowance recorded:
|
||||||||||||||||||||
Commercial
|
$
|
1,987
|
$
|
4,047
|
$
|
—
|
$
|
3,079
|
$
|
23
|
||||||||||
Real estate construction and development
|
3,091
|
3,274
|
—
|
3,277
|
47
|
|||||||||||||||
Residential, one-to-four families
|
649
|
848
|
—
|
754
|
3
|
|||||||||||||||
Other commercial real estate
|
5,939
|
6,460
|
—
|
6,214
|
29
|
|||||||||||||||
Total impaired loans with no related allowance recorded
|
$
|
11,666
|
$
|
14,629
|
$
|
—
|
$
|
13,324
|
$
|
102
|
||||||||||
With an allowance recorded:
|
||||||||||||||||||||
Real estate construction and development
|
$
|
151
|
$
|
243
|
$
|
14
|
$
|
197
|
$
|
—
|
||||||||||
Commercial
|
79
|
79
|
30
|
79
|
—
|
|||||||||||||||
Other commercial real estate
|
731
|
1,217
|
16
|
981
|
—
|
|||||||||||||||
Total impaired loans with allowance recorded
|
$
|
961
|
$
|
1,539
|
$
|
60
|
$
|
1,257
|
$
|
—
|
||||||||||
Total
|
||||||||||||||||||||
Commercial
|
$
|
2,066
|
$
|
4,126
|
$
|
30
|
$
|
3,158
|
$
|
23
|
||||||||||
Real estate construction and development
|
3,242
|
3,517
|
14
|
3,474
|
47
|
|||||||||||||||
Residential, one-to-four families
|
649
|
848
|
—
|
754
|
3
|
|||||||||||||||
Other commercial real estate
|
6,670
|
7,677
|
16
|
7,195
|
29
|
|||||||||||||||
Total impaired loans
|
$
|
12,627
|
$
|
16,168
|
$
|
60
|
$
|
14,581
|
$
|
102
|
Recorded
Investment
|
Unpaid
Principal
Balance
|
Related
Allowance
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
||||||||||||||||
With no related allowance recorded:
|
||||||||||||||||||||
Commercial
|
$
|
2,745
|
$
|
2,943
|
$
|
—
|
$
|
2,409
|
$
|
92
|
||||||||||
Real estate construction and development
|
4,047
|
4,243
|
—
|
4,485
|
175
|
|||||||||||||||
Residential, one-to-four families
|
672
|
871
|
—
|
1,220
|
14
|
|||||||||||||||
Other commercial real estate
|
5,565
|
6,637
|
—
|
10,114
|
163
|
|||||||||||||||
Total impaired loans with no related allowance recorded
|
$
|
13,029
|
$
|
14,694
|
$
|
—
|
$
|
18,228
|
$
|
444
|
||||||||||
With an allowance recorded:
|
||||||||||||||||||||
Commercial
|
$
|
437
|
$
|
1,437
|
$
|
243
|
$
|
952
|
$
|
40
|
||||||||||
Other commercial real estate
|
334
|
820
|
334
|
1,125
|
—
|
|||||||||||||||
Total impaired loans with allowance recorded
|
$
|
771
|
$
|
2,257
|
$
|
577
|
$
|
2,077
|
$
|
40
|
||||||||||
Total
|
||||||||||||||||||||
Commercial
|
$
|
1,878
|
$
|
4,380
|
$
|
243
|
$
|
3,361
|
$
|
132
|
||||||||||
Real estate construction and development
|
4,047
|
4,243
|
—
|
4,485
|
175
|
|||||||||||||||
Residential, one-to-four families
|
672
|
871
|
—
|
1,220
|
14
|
|||||||||||||||
Other commercial real estate
|
7,203
|
7,457
|
334
|
11,239
|
163
|
|||||||||||||||
Total impaired loans
|
$
|
13,800
|
$
|
16,951
|
$
|
577
|
$
|
20,305
|
$
|
484
|
Allowance for Loan Losses
|
Commercial
|
Real estate Construction
and
Development
|
Residential,
one-to-four
families
|
Residential,
5
or more
families
|
Other commercial
real estate
|
Agricultural
|
Consumer
|
Total
|
||||||||||||||||||||||||
Allowance for credit losses:
|
||||||||||||||||||||||||||||||||
Beginning balance
|
$
|
1,351
|
$
|
1,361
|
$
|
1,246
|
$
|
86
|
$
|
1,431
|
$
|
3
|
$
|
22
|
$
|
5,500
|
||||||||||||||||
Charge-offs
|
(208
|
)
|
(180
|
)
|
(15
|
)
|
—
|
(100
|
)
|
—
|
(1
|
)
|
(504
|
)
|
||||||||||||||||||
Recoveries
|
—
|
—
|
1
|
—
|
2
|
—
|
2
|
5
|
||||||||||||||||||||||||
Provision
|
216
|
107
|
143
|
82
|
(181
|
)
|
—
|
(1
|
)
|
366
|
||||||||||||||||||||||
Ending balance
|
$
|
1,359
|
$
|
1,288
|
$
|
1,375
|
$
|
168
|
$
|
1,152
|
$
|
3
|
$
|
22
|
$
|
5,367
|
Allowance for Loan Losses
|
Commercial
|
Real estate Construction
and
Development
|
Residential,
one-to-four
families
|
Residential,
5
or more
families
|
Other
commercial
real estate
|
Agricultural
|
Consumer
|
Total
|
||||||||||||||||||||||||
Allowance for credit losses:
|
||||||||||||||||||||||||||||||||
Beginning balance
|
$
|
200
|
$
|
2,072
|
$
|
875
|
$
|
380
|
$
|
892
|
$
|
4
|
$
|
23
|
$
|
4,446
|
||||||||||||||||
Charge-offs
|
—
|
(273)
|
(259
|
)
|
—
|
(56
|
)
|
—
|
(4
|
)
|
(592
|
)
|
||||||||||||||||||||
Recoveries
|
—
|
—
|
—
|
—
|
—
|
—
|
1
|
1
|
||||||||||||||||||||||||
Provision
|
(22
|
)
|
4
|
566
|
16
|
(1)
|
—
|
1
|
564
|
|||||||||||||||||||||||
Ending balance
|
$
|
178
|
$
|
1,803
|
$
|
1,182
|
$
|
396
|
$
|
835
|
$
|
4
|
$
|
21
|
$
|
4,419
|
Allowance for Loan Losses
|
Recorded Investment in Loans
|
|||||||||||||||||||||||
Individually
evaluated
for
impairment
|
Collectively
evaluated
for
impairment
|
Total
|
Individually
evaluated for
impairment
|
Collectively
evaluated
for
impairment
|
Total
|
|||||||||||||||||||
Commercial
|
$
|
30
|
$
|
1,329
|
$
|
1,359
|
$
|
2,066
|
$
|
31,476
|
$
|
33,542
|
||||||||||||
Real estate construction and development
|
14
|
1,274
|
1,288
|
3,242
|
31,513
|
34,755
|
||||||||||||||||||
Residential, one-to-four families
|
—
|
1,375
|
1,375
|
649
|
88,990
|
89,639
|
||||||||||||||||||
Residential, 5 or more families
|
—
|
168
|
168
|
—
|
5,209
|
5,209
|
||||||||||||||||||
Other commercial real estate
|
16
|
1,136
|
1,152
|
6,670
|
85,351
|
92,021
|
||||||||||||||||||
Agricultural
|
—
|
3
|
3
|
—
|
2,276
|
2,276
|
||||||||||||||||||
Consumer
|
—
|
22
|
22
|
—
|
1,915
|
1,915
|
||||||||||||||||||
Total
|
$
|
60
|
$
|
5,307
|
$
|
5,307
|
$
|
12,627
|
$
|
246,730
|
$
|
259,357
|
Allowance for Loan Losses
|
Recorded Investment in Loans
|
|||||||||||||||||||||||
Individually
evaluated
for
impairment
|
Collectively
evaluated
for
impairment
|
Total
|
Individually
evaluated for
impairment
|
Collectively
evaluated
for
impairment
|
Total
|
|||||||||||||||||||
Commercial
|
$
|
243
|
$
|
1,108
|
$
|
1,351
|
$
|
1,878
|
$
|
35,639
|
$
|
37,517
|
||||||||||||
Real estate construction and development
|
—
|
1,361
|
1,361
|
4,047
|
33,957
|
38,004
|
||||||||||||||||||
Residential, one-to-four families
|
—
|
1,246
|
1,246
|
672
|
88,949
|
89,621
|
||||||||||||||||||
Residential, 5 or more families
|
—
|
86
|
86
|
—
|
2,085
|
2,085
|
||||||||||||||||||
Other commercial real estate
|
334
|
1,097
|
1,431
|
7,203
|
80,964
|
88,167
|
||||||||||||||||||
Agricultural
|
—
|
3
|
3
|
—
|
2,450
|
2,450
|
||||||||||||||||||
Consumer
|
—
|
22
|
22
|
—
|
2,025
|
2,025
|
||||||||||||||||||
Total
|
$
|
577
|
$
|
4,923
|
$
|
5,500
|
$
|
13,800
|
$
|
246,069
|
$
|
259,869
|
Three months ended March 31, 2013 (dollars in thousands)
|
|||||||
Extended payment terms:
|
Number
of
loans
|
Pre-Modification
Outstanding Recorded
Investment
|
Post-Modification
Outstanding Recorded
Investment
|
Adjustment to Reserves as a
Result of the Restructuring
|
|||
Residential, one-to-four families
|
3
|
262
|
264
|
—
|
Three months ended March 31, 2012 (dollars in thousands)
|
|||||||
Extended payment terms:
|
Number
of
loans
|
Pre-Modification
Outstanding Recorded
Investment
|
Post-Modification
Outstanding Recorded
Investment
|
Adjustment to Reserves as a
Result of the Restructuring
|
|||
Other commercial real estate
|
2
|
368
|
368
|
—
|
2013
|
2012
|
|||||||||||||||
Number
|
Weighted
Average
Option
Price
|
Number
|
Weighted
Average
Option
Price
|
|||||||||||||
Options outstanding, beginning of year
|
232,190
|
$
|
9.68
|
232,190
|
$
|
9.68
|
||||||||||
Granted
|
—
|
—
|
—
|
—
|
||||||||||||
Expired
|
—
|
—
|
—
|
—
|
||||||||||||
Forfeited
|
(13,276)
|
10.61
|
—
|
—
|
||||||||||||
Options outstanding, end of year
|
218,914
|
$
|
9.68
|
232,190
|
$
|
9.68
|
Range of Exercise Prices
|
Number
Exercisable
and Outstanding
|
Weighted
Average
Remaining
Contractual Life
(Years)
|
Weighted
Average
Exercise
Price
|
Aggregate
Intrinsic
Value
|
||||||||||||||||
$ | 4.50 | 23,500 | 7.42 | $ | 4.82 | $ | — | |||||||||||||
$ | 10.00 | - | $10.39 | 116,481 | 1.42 | 10.00 | — | |||||||||||||
$ | 10.40 | - | $11.20 | 78,933 | 1.10 | 10.65 | — | |||||||||||||
218,914 | 1.95 | 9.68 | $ | — |
Range of Exercise Prices
|
Number
Exercisable
and Outstanding
|
Weighted
Average
Remaining
Contractual Life
(Years)
|
Weighted
Average
Exercise
Price
|
Aggregate
Intrinsic
Value
|
||||||||||||||||
$ | 4.50 | 18,700 | 7.42 | $ | 4.82 | $ | — | |||||||||||||
$ | 10.00 | - | $10.39 | 116,481 | 1.42 | 10.00 | — | |||||||||||||
$ | 10.40 | - | $11.20 | 78,933 | 1.10 | 10.65 | — | |||||||||||||
214,114 | 1.82 | 9.79 | $ | — |
Stock Options
|
||||
(Dollars in
thousands)
|
||||
2013
|
$
|
3
|
||
2014
|
5
|
|||
2015
|
3
|
|||
2016
|
—
|
|||
2017
|
—
|
|||
Total
|
$
|
11
|
March 31, 2013
|
December 31, 2012
|
|||||||||||||||
Carrying
Amount
|
Fair
Value
|
Carrying
Amount
|
Fair
Value
|
|||||||||||||
Financial assets
|
||||||||||||||||
Cash and cash equivalents
|
$
|
26,165
|
$
|
26,165
|
$
|
17,043
|
$
|
17,043
|
||||||||
Securities, available-for-sale
|
44,045
|
44,045
|
43,937
|
43,937
|
||||||||||||
Securities, held-to-maturity
|
3,719
|
3,999
|
3,928
|
4,183
|
||||||||||||
FHLB Stock
|
411
|
411
|
528
|
528
|
||||||||||||
Loans held for sale
|
228
|
228
|
1,787
|
1,787
|
||||||||||||
Loans, net of allowance for loan losses
|
253,948
|
254,658
|
254,347
|
255,058
|
||||||||||||
Bank owned life insurance
|
5,112
|
5,112
|
5,078
|
5,078
|
||||||||||||
Financial liabilities
|
||||||||||||||||
Deposits
|
312,058
|
319,883
|
306,177
|
313,855
|
||||||||||||
Junior subordinated notes related to trust preferred securities
|
8,248
|
8,248
|
8,248
|
8,248
|
Level 1
|
Valuation is based upon quoted prices for identical instruments traded in active markets.
|
Level 2
|
Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market.
|
Level 3
|
Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques.
|
March 31, 2013
|
||||||||||||||||||||
Carrying
amount
|
Estimated
fair value
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||||||
Financial assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
26,165
|
$
|
26,165
|
$
|
26,165
|
$
|
—
|
$
|
—
|
||||||||||
Securities, available-for-sale
|
44,045
|
44,045
|
—
|
43,545
|
500
|
|||||||||||||||
Securities, held-to-maturity
|
3,719
|
3,999
|
—
|
3,999
|
—
|
|||||||||||||||
Federal Home Loan Bank stock
|
411
|
411
|
411
|
—
|
—
|
|||||||||||||||
Loans held for sale
|
228
|
228
|
228
|
—
|
—
|
|||||||||||||||
Loans, net of allowance for loan losses
|
253,948
|
254,658
|
—
|
—
|
254,658
|
|||||||||||||||
Bank owned life insurance
|
5,112
|
5,112
|
—
|
—
|
5,112
|
|||||||||||||||
Financial liabilities:
|
||||||||||||||||||||
Deposits
|
312,058
|
319,883
|
—
|
319,883
|
—
|
|||||||||||||||
Junior subordinated notes related to trust preferred securities
|
8,248
|
8,248
|
—
|
—
|
8,248
|
December 31, 2012
|
||||||||||||||||||||
Carrying
amount
|
Estimated
fair value
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||||||
Financial assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
17,043
|
$
|
17,043
|
$
|
17,043
|
$
|
—
|
$
|
—
|
||||||||||
Securities, available-for-sale
|
43,937
|
$
|
43,937
|
$
|
—
|
$
|
43,437
|
$
|
500
|
|||||||||||
Securities, held-to-maturity
|
3,928
|
4,183
|
—
|
4,183
|
—
|
|||||||||||||||
Federal Home Loan Bank stock
|
528
|
528
|
528
|
—
|
—
|
|||||||||||||||
Loans held for sale
|
1,787
|
1,787
|
1,787
|
—
|
—
|
|||||||||||||||
Loans, net of allowance for loan losses
|
254,347
|
255,058
|
—
|
—
|
255,058
|
|||||||||||||||
Bank owned life insurance
|
5,078
|
5,078
|
—
|
—
|
5,078
|
|||||||||||||||
Financial liabilities:
|
||||||||||||||||||||
Deposits
|
306,177
|
313,855
|
—
|
313,855
|
—
|
|||||||||||||||
Junior subordinated notes related to trust preferred securities
|
8,248
|
8,248
|
—
|
—
|
8,248
|
March 31, 2013 (Dollars in thousands)
|
Total
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||
Government-sponsored enterprise securities
|
$
|
1,069
|
$
|
—
|
$
|
1,069
|
$
|
—
|
||||||||
FNMA or GNMA mortgage-backed securities
|
5,919
|
—
|
5,919
|
—
|
||||||||||||
Private label mortgage-backed securities
|
8,574
|
—
|
8,574
|
—
|
||||||||||||
Municipal securities
|
17,708
|
—
|
17,708
|
—
|
||||||||||||
SBA debentures
|
10,275
|
—
|
10,275
|
—
|
||||||||||||
Other domestic debt securities
|
500
|
—
|
—
|
500
|
||||||||||||
Investment securities available-for-sale
|
$
|
44,045
|
$
|
—
|
$
|
43,545
|
$
|
500
|
||||||||
Total assets at fair value
|
$
|
44,045
|
$
|
—
|
$
|
43,545
|
$
|
500
|
||||||||
Total liabilities at fair value | $ | $ | $ | $ |
December 31, 2012 (Dollars in thousands)
|
Total
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||
Government-sponsored enterprise securities
|
$
|
1,079
|
$
|
—
|
$
|
1,079
|
$
|
—
|
||||||||
FNMA or GNMA mortgage-backed securities
|
8,628
|
—
|
8,628
|
—
|
||||||||||||
Private label mortgage-backed securities
|
9,075
|
—
|
9,075
|
—
|
||||||||||||
Municipal securities
|
14,020
|
—
|
14,020
|
—
|
||||||||||||
SBA debentures
|
10,635
|
—
|
10,635
|
—
|
||||||||||||
Other domestic debt securities
|
500
|
—
|
—
|
500
|
||||||||||||
Investment securities available-for-sale
|
$
|
43,937
|
$
|
—
|
$
|
43,437
|
$
|
500
|
||||||||
Total assets at fair value
|
$
|
43,937
|
$
|
—
|
$
|
43,437
|
$
|
500
|
||||||||
Total liabilites at fair value | $ | $ | $ | $ |
March 31, 2013 (Dollars in thousands)
|
Total
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||
Commercial loans
|
$
|
151
|
$
|
—
|
$
|
—
|
$
|
151
|
||||||||
Real estate construction and development loans
|
79
|
—
|
—
|
79
|
||||||||||||
Other commercial real estate loans
|
731
|
—
|
—
|
731
|
||||||||||||
Impaired loans
|
961
|
—
|
—
|
961
|
||||||||||||
Foreclosed assets
|
1,627
|
—
|
—
|
1,627
|
||||||||||||
Total assets at fair value
|
$
|
2,588
|
$
|
—
|
$
|
—
|
$
|
2,588
|
||||||||
Total liabilities at fair value
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
December 31, 2012 (Dollars in thousands)
|
Total
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||
Commercial loans
|
$
|
437
|
$
|
—
|
$
|
—
|
$
|
437
|
||||||||
Other commercial real estate loans
|
334
|
—
|
—
|
334
|
||||||||||||
Impaired commercial and commercial real estate loans
|
771
|
—
|
—
|
771
|
||||||||||||
Foreclosed assets
|
2,116
|
—
|
—
|
2,116
|
||||||||||||
Total assets at fair value
|
$
|
2,887
|
$
|
—
|
$
|
—
|
$
|
2,887
|
||||||||
Total liabilities at fair value
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
Fair Value at
March 31,
2013
|
Valuation
Technique
|
Significant
Unobservable
Inputs
|
Significant
Unobservable
Input
Value
|
||||||||
Impaired Loans
|
$
|
961
|
Appraised Value
|
Appraisals and/or sales of comparable properties
|
n/a
|
||||||
Foreclosed assets
|
$
|
1,627
|
Appraised Value/Comparable Sales/Other Estimates from Independent Sources
|
Appraisals and/or sales of comparable properties/Independent quotes/bids
|
n/a
|
(Dollars in thousands)
|
Available-for
Sale Securities
|
|||
Balance, January 1, 2013
|
$
|
500
|
||
Total gains or losses (realized/unrealized):
|
||||
Included in earnings
|
—
|
|||
Included in other comprehensive income
|
—
|
|||
Purchases, issuances, and settlements
|
—
|
|||
Transfers in to/out of Level 3
|
—
|
|||
Balance, March 31, 2013
|
$
|
500
|
(Dollars in thousands)
|
Available-for
Sale Securities
|
|||
Balance, January 1, 2012
|
$
|
500
|
||
Total gains or losses (realized/unrealized):
|
||||
Included in earnings
|
—
|
|||
Included in other comprehensive income
|
—
|
|||
Purchases, issuances, and settlements
|
—
|
|||
Transfers in to/out of Level 3
|
—
|
|||
Balance, March 31, 2012
|
$
|
500
|
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
For the
Three
Months
Ended
|
Changes from the
Prior Year
|
||||||||||
|
March 31,
2013
|
Amount
|
%
|
|||||||||
Total interest income
|
|
$
|
3,641
|
|
$
|
(515
|
)
|
(12.4
|
)
|
|||
Total interest expense
|
|
456
|
|
(264
|
)
|
(36.7
|
)
|
|||||
|
||||||||||||
Net interest income
|
|
3,185
|
|
(251
|
)
|
(7.3
|
)
|
|||||
Provision for loan losses
|
|
366
|
|
(198
|
)
|
(35.1
|
)
|
|||||
|
||||||||||||
Net interest income after provision for loan losses
|
|
2,819
|
|
(53
|
)
|
(1.8
|
)
|
|||||
Noninterest income
|
|
869
|
|
(56)
|
(5.5)
|
|||||||
Noninterest expense
|
|
3,405
|
|
(206)
|
(5.6)
|
|||||||
|
||||||||||||
Income before income taxes
|
|
283
|
|
97
|
|
52.2
|
|
|||||
Income tax expense
|
|
68
|
35
|
106.1
|
||||||||
|
||||||||||||
Net income
|
|
215
|
|
62
|
|
40.5
|
|
|||||
Preferred stock dividend and accretion of discount
|
|
177
|
8
|
4.7
|
|
|||||||
|
||||||||||||
Net income available to common shareholders
|
|
$
|
38
|
$
|
54
|
|
337.5
|
|
For the
Three
Months
Ended
|
|
Changes from the
Prior Year
|
|||||||||
|
March 31,
2013
|
|
Amount
|
%
|
||||||||
Service charges on deposit accounts
|
|
$
|
169
|
|
|
$
|
66
|
64.1
|
||||
Gain on sale of securities
|
|
54
|
|
|
54
|
nm
|
||||||
Gain on sale of mortgage loans
|
|
145
|
|
|
32
|
28.3
|
||||||
Investment and insurance commissions
|
|
52
|
|
|
(210)
|
|
(80.2)
|
|
||||
Fee income from accounts receivable financing
|
|
179
|
|
|
15
|
9.1
|
||||||
Debit card interchange income
|
|
201
|
|
|
19
|
|
10.4
|
|
||||
Income earned on bank owned life insurance
|
|
34
|
|
|
(1)
|
(2.9)
|
||||||
Other service charges and fees
|
|
35
|
|
|
(26)
|
(42.6)
|
||||||
|
|
|||||||||||
Total noninterest income
|
|
$
|
869
|
|
|
$
|
(51)
|
(5.5)
|
|
For the Three
Months
Ended
|
Changes from the
Prior Year
|
||||||||||
|
March 31,
2013
|
Amount
|
%
|
|||||||||
Salaries
|
|
$
|
1,524
|
|
$
|
(164)
|
|
(9.7)
|
|
|||
Employee benefits
|
|
162
|
|
(55)
|
|
(25.3)
|
||||||
Occupancy expense
|
|
202
|
|
(12)
|
|
(5.6)
|
|
|||||
Equipment expense
|
|
241
|
|
31
|
|
14.8
|
|
|||||
Data and items processing
|
|
239
|
|
(37)
|
|
(13.4)
|
|
|||||
Professional and advertising
|
|
343
|
|
168
|
|
96.0
|
||||||
Stationary and supplies
|
|
67
|
|
(10
|
)
|
(13.0
|
)
|
|||||
Net cost of foreclosed assets
|
|
101
|
|
(93
|
)
|
(47.9
|
)
|
|||||
Telecommunications expense
|
|
85
|
|
16
|
23.2
|
|||||||
FDIC assessment
|
|
74
|
|
(3
|
)
|
(3.9
|
)
|
|||||
Accounts receivable financing expense
|
|
49
|
|
—
|
—
|
|||||||
Other expense
|
|
318
|
|
(42)
|
(11.7)
|
|||||||
|
||||||||||||
Total noninterest expense
|
|
$
|
3,405
|
|
$
|
(201)
|
(5.6)
|
|
At March 31,
|
|||||||
|
2013
|
2012
|
||||||
Allowance for loan losses at beginning of period
|
|
$
|
5,500
|
|
$
|
4,446
|
|
|
Loans charged off:
|
|
|||||||
Real estate – Construction & Development
|
|
(180
|
)
|
(273
|
)
|
|||
Residential 1-4 Families
|
|
(15
|
)
|
(259
|
)
|
|||
Residential 5 or More Families
|
—
|
|
—
|
|
||||
Other Commercial Real Estate
|
(100
|
)
|
(56
|
)
|
||||
Commercial
|
|
(208
|
)
|
—
|
||||
Consumer
|
|
(1
|
)
|
(4
|
)
|
|||
|
||||||||
Total charge-offs
|
|
(504
|
)
|
(592
|
)
|
|||
|
||||||||
Recoveries:
|
|
|||||||
Real estate – Construction & Development
|
|
—
|
|
—
|
|
|||
Residential 1-4 Families
|
|
1
|
|
—
|
|
|||
Residential 5 or More Families …
|
—
|
|
—
|
|
||||
Other Commercial Real Estate ….
|
2
|
|
—
|
|
||||
Commercial
|
|
—
|
|
—
|
|
|||
Consumer
|
|
1
|
|
1
|
|
|||
|
||||||||
Total recoveries
|
|
5
|
|
1
|
|
|||
|
||||||||
Net charge-offs
|
|
(499
|
)
|
(591
|
)
|
|||
Provision for loan losses
|
|
366
|
|
564
|
|
|||
|
||||||||
Allowance for loan losses at end of period
|
|
$
|
5,367
|
|
$
|
4,419
|
|
|
|
||||||||
Total loans outstanding at end of period
|
|
$
|
259,315
|
|
$
|
256,900
|
|
|
|
||||||||
Average loans outstanding
|
|
$
|
258,505
|
|
$
|
254,091
|
|
|
|
||||||||
Ratios:
|
|
|||||||
Ratio of annualized net loan charge-offs to average loans outstanding
|
|
0.78
|
%
|
0.93
|
%
|
|||
Ratio of allowance for loan losses to loans outstanding at period-end
|
|
2.07
|
%
|
1.72
|
%
|
As of March 31, 2013 (dollars in thousands):
|
||||||||||||
Number
of Loans
|
Loan
Balances
Outstanding
|
Allocated
Reserves
|
||||||||||
(Dollars in thousand)
|
||||||||||||
Non-accrual loans
|
34
|
$
|
9,311
|
$
|
29
|
|||||||
Restructured loans
|
—
|
—
|
—
|
|||||||||
Total nonperforming loans
|
34
|
$
|
9,311
|
$
|
29
|
|||||||
Other impaired loans with allocated reserves
|
1
|
79
|
30
|
|||||||||
Impaired loans without allocated reserves
|
12
|
3,237
|
—
|
|||||||||
Total impaired loans
|
47
|
$
|
12,627
|
$
|
59
|
|
At March 31, 2013
|
|||||||||||
|
Actual
Ratio
|
Minimum
Requirement
|
Well-Capitalized
Requirement
|
|||||||||
Total risk-based capital ratio
|
|
13.6
|
%
|
8.0
|
%
|
10.0
|
%
|
|||||
Tier 1 risk-based capital ratio
|
|
12.3
|
%
|
4.0
|
%
|
6.0
|
%
|
|||||
Leverage ratio
|
|
9.0
|
%
|
4.0
|
%
|
5.0
|
%
|
ITEM 6.
|
EXHIBITS
|
15(a)
|
Exhibits
|
15(a)
|
Exhibits
|
Exhibit (10)(xv)
|
Oak Ridge Financial Services, Inc. Long-Term Stock Incentive Plan, incorporated herein by reference to Exhibit (10)(xiii) to the Form 10-QSB filed with the SEC on May 15, 2007.
|
Exhibit (10)(xvi)
|
Bank of Oak Ridge 2012 Semi-Annual Incentive Plan, incorporated herein by reference to Exhibit 10 (xvi) filed with the SEC on March 26, 2012.
|
Exhibit (10)(xvii)
|
Letter Agreement, dated January 30, 2009, between the Company and the United States Department of the Treasury, with respect to the issuance and sale of the Fixed Rate Cumulative Perpetual Preferred Stock, Series A and the Warrant, incorporated herein by reference to Exhibit 10.1 of the Current Report on Form 8-K filed with the SEC on February 2, 2009.
|
Exhibit (10)(xviii)
|
Form of Employment Agreement Amendment, dated January 30, 2009 among the Company, the Bank and the senior executive officers, incorporated herein by reference to Exhibit 10.2 of the Current Report on Form 8-K filed with the SEC on February 2, 2009.
|
Exhibit (10)(xix)
|
Bank of Oak Ridge Employee Stock Ownership Plan and Trust effective January 1, 2010, incorporated herein by reference to Exhibit 99.1 of the Current Report in Form 8-k filed with the SEC on September 24, 2010.
|
Exhibit (14)
|
Code of Ethics for Senior Officers Policy incorporated herein by reference to Exhibit 14 to the Form 8-K filed with the SEC on March 28, 2008.
|
Exhibit (31)(i)
|
Certification of Ronald O. Black.
|
Exhibit (31)(ii)
|
Certification of Thomas W. Wayne.
|
Exhibit (32)
|
Certificate of Periodic Financial Report Pursuant to 18 U.S.C. Section 1350.
|
Exhibit (101)
|
The following materials from the Company’s 10-Q Report for the quarterly period ended March 31, 2013, formatted in eXtensible Business Reporting Language (XBRL): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statement of Changes in Shareholders' Equity, (v) Consolidated Statements of Cash Flows and (vi) Notes to unaudited Consolidated Financial Statements.*
|
Oak Ridge Financial Services, Inc.
|
||||||
(Registrant)
|
||||||
Date: May 15, 2013
|
/s/ Ronald O. Black
|
|||||
Ronald O. Black
|
||||||
President and Chief Executive Officer
|
||||||
(Duly Authorized Representative)
|
||||||
Date: May 15, 2013
|
/s/ Thomas W. Wayne
|
|||||
Thomas W. Wayne
|
||||||
Chief Financial Officer
|
||||||
(Duly Authorized Representative)
|
1 Year Oak Ridge Financial Serv... (PK) Chart |
1 Month Oak Ridge Financial Serv... (PK) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions