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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Tri City Bankshares Corp (PK) | USOTC:TRCY | 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% | 10.60 | 10.60 | 10.67 | 0.00 | 13:47:26 |
Wisconsin
(State or other jurisdiction of
incorporation or organization)
|
39-1158740
(IRS Employer Identification No.)
|
6400 S. 27th Street, Oak Creek, WI
(Address of principal executive offices)
|
|
53154
(Zip Code)
|
|
(414) 761-1610
(Registrant’s telephone number, including area code)
|
PART I - FINANCIAL INFORMATION
|
||
ITEM 1 -
|
FINANCIAL STATEMENTS
|
4
|
ITEM 2 -
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
27
|
ITEM 3 -
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
38
|
ITEM 4 -
|
CONTROLS AND PROCEDURES
|
38
|
PART II - OTHER INFORMATION
|
||
ITEM 1 -
|
LEGAL PROCEEDINGS
|
39
|
ITEM 1A -
|
RISK FACTORS
|
39
|
ITEM 2 -
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
40
|
ITEM 3 -
|
DEFAULTS UPON SENIOR SECURITIES
|
40
|
ITEM 4 -
|
MINE SAFETY DISCLOSURES
|
40
|
ITEM 5 -
|
OTHER INFORMATION
|
40
|
ITEM 6 -
|
EXHIBITS
|
40
|
Signatures
|
41
|
|
Exhibit Index
|
42
|
March 31,
2012
(Unaudited)
|
December 31,
2011
|
|||||||
ASSETS
|
||||||||
Cash and due from banks
|
$
|
28,707,458
|
$
|
52,942,095
|
||||
Federal funds sold
|
43,524,051
|
55,121,113
|
||||||
Cash and cash equivalents
|
72,231,509
|
108,063,208
|
||||||
Held to maturity securities, fair value of $398,868,076 and $363,252,684 as of
March 31, 2012 and December 31 2011, respectively
|
397,358,546
|
360,566,062
|
||||||
Loans, less allowance for loan losses of $11,849,317 and $11,012,088 as of
March 31, 2012 and December 31, 2011, respectively
|
686,375,316
|
696,785,798
|
||||||
Premises and equipment – net
|
18,889,594
|
19,146,870
|
||||||
Cash surrender value of life insurance
|
12,610,554
|
12,491,722
|
||||||
Mortgage servicing rights – net
|
1,587,287
|
1,598,802
|
||||||
Core deposit intangible
|
927,582
|
1,005,135
|
||||||
Other real estate owned
|
6,897,855
|
7,350,678
|
||||||
Accrued interest receivable and other assets
|
8,247,827
|
8,134,624
|
||||||
Total Assets
|
$
|
1,205,126,070
|
$
|
1,215,142,899
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
LIABILITIES
|
||||||||
Deposits
|
||||||||
Demand
|
$
|
167,459,471
|
$
|
176,767,314
|
||||
Savings and NOW
|
679,921,022
|
714,052,479
|
||||||
Other time
|
186,800,432
|
179,660,109
|
||||||
Total Deposits
|
1,034,180,925
|
1,070,479,902
|
||||||
Payable for investments purchased
|
43,416,476
|
17,165,797
|
||||||
Other liabilities
|
2,978,371
|
5,516,471
|
||||||
Total Liabilities
|
1,080,575,772
|
1,093,162,170
|
||||||
COMMITMENTS AND CONTINGENCIES
|
||||||||
STOCKHOLDERS’ EQUITY
|
||||||||
Cumulative preferred stock, $1 par value, 200,000 shares authorized, no shares issued
|
-
|
-
|
||||||
Common stock, $1 par value, 15,000,000 shares authorized, 8,904,915 shares issued
and outstanding of March 31, 2012 and December 31, 2011
|
8,904,915
|
8,904,915
|
||||||
Additional paid-in capital
|
26,543,470
|
26,543,470
|
||||||
Retained earnings
|
89,101,913
|
86,532,344
|
||||||
Total Stockholders’ Equity
|
124,550,298
|
121,980,729
|
||||||
Total Liabilities and Stockholders’ Equity
|
$
|
1,205,126,070
|
$
|
1,215,142,899
|
2012
|
2011
|
|||||||
INTEREST INCOME
|
||||||||
Loans
|
$
|
10,816,918
|
$
|
11,686,922
|
||||
Investment Securities:
|
||||||||
Taxable
|
1,339,562
|
812,433
|
||||||
Tax exempt
|
353,070
|
331,874
|
||||||
Federal funds sold
|
10,736
|
12,000
|
||||||
Total Interest Income
|
12,520,286
|
12,843,229
|
||||||
INTEREST EXPENSE
|
||||||||
Deposits
|
909,769
|
1,327,599
|
||||||
Other borrowings
|
-
|
123
|
||||||
Total Interest Expense
|
909,769
|
1,327,722
|
||||||
Net interest income before provision for loan losses
|
11,610,517
|
11,515,507
|
||||||
Provision for loan losses
|
1,500,000
|
1,400,000
|
||||||
Net interest income after provision for loan losses
|
10,110,517
|
10,115,507
|
||||||
NONINTEREST INCOME
|
||||||||
Service charges on deposits
|
2,441,708
|
2,379,090
|
||||||
Loan servicing income
|
46,096
|
88,079
|
||||||
Net gain on sale of loans
|
429,714
|
235,263
|
||||||
Increase in cash surrender value of life insurance
|
118,832
|
114,533
|
||||||
Non-accretable loan discount
|
543,078
|
381,626
|
||||||
Other income
|
557,538
|
177,383
|
||||||
Total Noninterest Income
|
4,136,966
|
3,375,974
|
||||||
NONINTEREST EXPENSE
|
||||||||
Salaries and employee benefits
|
5,692,120
|
5,645,626
|
||||||
Net occupancy costs
|
1,015,002
|
1,117,398
|
||||||
Furniture and equipment expenses
|
393,298
|
401,252
|
||||||
Computer services
|
983,266
|
892,410
|
||||||
Advertising and promotional
|
240,000
|
255,055
|
||||||
FDIC and other regulatory assessments
|
314,685
|
393,954
|
||||||
Office supplies
|
221,771
|
189,322
|
||||||
Core deposit intangible amortization
|
77,553
|
104,555
|
||||||
Other
|
1,233,878
|
1,331,937
|
||||||
Total Noninterest Expense
|
10,171,573
|
10,331,509
|
||||||
Income before income taxes
|
4,075,910
|
3,159,972
|
||||||
Less: Applicable income taxes
|
1,506,345
|
874,286
|
||||||
Net Income
|
$
|
2,569,565
|
$
|
2,285,686
|
||||
Basic and fully diluted earnings per share
|
$
|
0.29
|
$
|
0.26
|
||||
Dividends per share
|
$
|
-
|
$
|
-
|
||||
Weighted average shares outstanding
|
8,904,915
|
8,904,915
|
2012
|
2011
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||
Net Income
|
$
|
2,569,565
|
$
|
2,285,686
|
||||
Adjustments to reconcile net income to net cash flows provided by operating activities:
|
||||||||
Depreciation
|
502,190
|
539,853
|
||||||
Amortization of servicing rights, premiums and discounts –net
|
(836,424
|
)
|
(1,087,914
|
)
|
||||
Net gain on sale of loans
|
(429,714
|
)
|
(235,263
|
)
|
||||
Amortization of core deposit intangible
|
77,553
|
104,555
|
||||||
Provision for loan losses
|
1,500,000
|
1,400,000
|
||||||
Proceeds from sales of loans held for sale
|
19,447,019
|
10,982,248
|
||||||
Originations of loans held for sale
|
(19,155,123
|
)
|
(10,815,291
|
)
|
||||
Increase in cash surrender value of life insurance
|
(118,832
|
)
|
(114,533
|
)
|
||||
Gain on disposal of fixed assets
|
-
|
|
(500 |
)
|
||||
Gain on sale of other real estate owned
|
(228,347
|
)
|
(187,469
|
)
|
||||
Net change in:
|
||||||||
Accrued interest receivable and other assets
|
(113,203
|
)
|
(133,132
|
)
|
||||
Payable for investments purchased
|
26,250,679
|
-
|
||||||
Accrued interest payable and other liabilities
|
(669,307
|
)
|
(644,950
|
)
|
||||
Net Cash Flows Provided by Operating Activities
|
28,796,056
|
2,093,290
|
||||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||
Activity in held to maturity securities:
|
||||||||
Maturities, prepayments and calls
|
160,417,493
|
11,366,542
|
||||||
Purchases
|
(198,121,630
|
)
|
(90,783,506
|
)
|
||||
Net decrease in loans
|
9,765,763
|
10,174,531
|
||||||
Purchases of premises and equipment –net
|
(244,914
|
) |
(301,530
|
)
|
||||
Proceeds from sale of other real estate owned
|
1,723,300
|
1,878,450
|
||||||
Net Cash Flows Used In Investing Activities
|
(26,459,988
|
)
|
(67,665,513
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||
Net decrease in deposits
|
(36,298,977
|
)
|
(16,402,148
|
)
|
||||
Net change in other borrowings
|
-
|
(3,211,217
|
)
|
|||||
Dividends paid
|
(1,868,790
|
)
|
-
|
|||||
Net Cash Flows Used in Financing Activities
|
(38,167,767
|
)
|
(19,613,365
|
)
|
||||
Net Change in Cash and Cash Equivalents
|
(35,831,699
|
)
|
(85,185,588
|
)
|
||||
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD
|
108,063,208
|
128,070,730
|
||||||
CASH AND CASH EQUIVALENTS - END OF PERIOD
|
$
|
72,231,509
|
$
|
42,885,142
|
||||
Non Cash Transactions:
|
||||||||
Loans receivable transferred to other real estate owned
|
$
|
1,042,130
|
$
|
1,852,112
|
||||
Mortgage servicing rights resulting from sale of loans
|
$
|
137,818
|
$
|
68,306
|
||||
Supplemental Cash Flow Disclosures:
|
||||||||
Cash paid for interest
|
$
|
936,165
|
$
|
1,373,713
|
||||
Cash paid for income taxes
|
$
|
2,200,000
|
$
|
1,355,000
|
|
·
|
Level 1 — Fair value is based upon quoted prices (unadjusted) for identical assets or liabilities in active markets in which the Corporation can participate.
|
|
·
|
Level 2 — Fair value is based upon quoted prices for similar (i.e., not identical) assets and liabilities in active markets, and other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
|
|
·
|
Level 3 — Fair value is based upon financial models using primarily unobservable inputs.
|
|
Balance at
03/31/12
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||
Loans held for investment
|
$
|
17,347,317
|
$
|
-
|
$
|
-
|
$
|
17,347,317
|
||||||||
Other real estate owned
|
6,897,855
|
-
|
-
|
6,897,855
|
||||||||||||
Totals
|
$
|
24,245,172
|
$
|
-
|
$
|
-
|
$
|
24,245,172
|
|
Balance at
12/31/11
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||
Loans held for investment
|
$
|
17,902,323
|
$
|
-
|
$
|
-
|
$
|
17,902,323
|
||||||||
Other real estate owned
|
7,350,678
|
-
|
-
|
7,350,678
|
||||||||||||
Totals
|
$
|
25,253,001
|
$
|
-
|
$
|
-
|
$
|
25,253,001
|
March 31, 2012
|
December 31, 2011
|
|||||||||||||||
Carrying Amount
|
Estimated Fair
Value
|
Carrying Amount
|
Estimated Fair
Value
|
|||||||||||||
FINANCIAL ASSETS
|
||||||||||||||||
Cash and due from banks
|
$
|
28,707,458
|
$
|
28,707,458
|
$
|
52,942,095
|
$
|
52,942,095
|
||||||||
Federal funds sold
|
43,524,051
|
43,524,051
|
55,121,113
|
55,121,113
|
||||||||||||
Held to maturity securities
|
397,358,546
|
398,868,076
|
360,566,062
|
363,252,684
|
||||||||||||
Federal reserve stock
|
322,100
|
322,100
|
322,100
|
322,100
|
||||||||||||
Loans held for investment, net
|
686,375,316
|
693,975,823
|
696,785,798
|
701,196,384
|
||||||||||||
Cash surrender value of life insurance
|
12,610,554
|
12,610,554
|
12,491,722
|
12,491,722
|
||||||||||||
Mortgage servicing rights
|
1,587,287
|
1,810,083
|
1,598,802
|
1,884,447
|
||||||||||||
Accrued interest receivable
|
4,626,856
|
4,626,856
|
4,650,828
|
4,650,828
|
||||||||||||
FINANCIAL LIABILITIES
|
||||||||||||||||
Deposits
|
$
|
1,034,180,925
|
$
|
1,032,820,574
|
$
|
1,070,479,902
|
$
|
1,069,056,674
|
||||||||
Accrued interest payable
|
224,847
|
224,847
|
251,243
|
251,243
|
March 31, 2012
|
||||||||||||||||
Amortized
Cost
|
Unrealized
Gains
|
Unrealized
Losses
|
Fair Value
|
|||||||||||||
Obligations of:
|
||||||||||||||||
States and political subdivisions
|
$
|
64,592,582
|
$
|
1,652,783
|
$
|
(29,318
|
)
|
$
|
66,216,047
|
|||||||
U.S. government-sponsored entities
|
157,604,942
|
288,352
|
(721,680
|
)
|
157,171,614
|
|||||||||||
Collateralized mortgage obligations
|
45,812,350
|
313,827
|
(329,705
|
)
|
45,796,472
|
|||||||||||
Mortgage-backed securities
|
129,298,672
|
399,402
|
(64,131
|
)
|
129,633,943
|
|||||||||||
Other
|
50,000
|
-
|
-
|
50,000
|
||||||||||||
Totals
|
$
|
397,358,546
|
$
|
2,654,364
|
$
|
(1,144,834
|
)
|
$
|
398,868,076
|
December 31, 2011
|
||||||||||||||||
Amortized
Cost
|
Unrealized
Gains
|
Unrealized
Losses
|
Fair Value
|
|||||||||||||
Obligations of:
|
||||||||||||||||
States and political subdivisions
|
$
|
63,145,630
|
$
|
1,897,676
|
$
|
(3,892
|
)
|
$
|
65,039,414
|
|||||||
U.S. government-sponsored entities
|
261,601,680
|
810,407
|
(5,000
|
)
|
262,407,087
|
|||||||||||
Collateralized mortgage obligations
|
17,069,071
|
25,702
|
(81,226
|
)
|
17,013,547
|
|||||||||||
Mortgage-backed securities
|
18,699,681
|
52,067
|
(9,112
|
)
|
18,742,636
|
|||||||||||
Other
|
50,000
|
-
|
-
|
50,000
|
||||||||||||
Totals
|
$
|
360,566,062
|
$
|
2,785,852
|
$
|
(99,230
|
)
|
$
|
363,252,684
|
Amortized
Cost
|
Fair Value
|
|||||||
Due in one year or less
|
$
|
13,008,204
|
$
|
13,188,897
|
||||
Due after one year less than 5 years
|
158,965,561
|
160,444,541
|
||||||
Due after 5 years less than 10 years
|
158,700,784
|
158,773,252
|
||||||
Due in more than 10 years
|
66,683,997
|
66,461,386
|
||||||
Totals
|
$
|
397,358,546
|
$
|
398,868,076
|
March 31, 2012
|
||||||||||||||||||||||||
Continuous unrealized
losses existing for less
than 12 months
|
Continuous unrealized
losses existing for
12 months or more
|
Total
|
||||||||||||||||||||||
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
|||||||||||||||||||
Obligations of:
|
||||||||||||||||||||||||
States and political subdivisions
|
$
|
3,455,275
|
$
|
29,318
|
$
|
-
|
$
|
-
|
$
|
3,455,275
|
$
|
29,318
|
||||||||||||
U.S. government-sponsored entities
|
81,678,320
|
721,680
|
-
|
-
|
81,678,320
|
721,680
|
||||||||||||||||||
Collateralized mortgage obligations
|
19,582,960
|
329,705
|
-
|
-
|
19,582,960
|
329,705
|
||||||||||||||||||
Mortgage-backed securities
|
21,994,434
|
64,131
|
-
|
-
|
21,994,434
|
64,131
|
||||||||||||||||||
Totals
|
$
|
126,710,989
|
$
|
1,144,834
|
$
|
-
|
$
|
-
|
$
|
126,710,989
|
$
|
1,144,834
|
December 31, 2011
|
||||||||||||||||||||||||
Continuous unrealized
losses existing for less
than 12 months
|
Continuous unrealized
losses existing for
12 months or more
|
Total
|
||||||||||||||||||||||
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
|||||||||||||||||||
Obligations of:
|
||||||||||||||||||||||||
States and political subdivisions
|
$
|
979,394
|
$
|
3,892
|
$
|
-
|
$
|
-
|
$
|
979,394
|
$
|
3,892
|
||||||||||||
U.S. government-sponsored entities
|
9,995,000
|
5,000
|
-
|
-
|
9,995,000
|
5,000
|
||||||||||||||||||
Collateralized mortgage obligations
|
11,163,181
|
81,226
|
-
|
-
|
11,163,181
|
81,226
|
||||||||||||||||||
Mortgage-backed securities
|
5,403,167
|
9,112
|
-
|
-
|
5,403,167
|
9,112
|
||||||||||||||||||
Totals
|
$
|
27,540,742
|
$
|
99,230
|
$
|
-
|
$
|
-
|
$
|
27,540,742
|
$
|
99,230
|
March 31, 2012
|
December 31, 2011
|
|||||||
Commercial
|
$ | 18,747,827 | $ | 19,956,000 | ||||
Real Estate
|
||||||||
Construction
|
44,774,394 | 46,600,467 | ||||||
Commercial
|
297,951,623 | 298,042,808 | ||||||
Residential
|
286,022,104 | 288,609,383 | ||||||
Multifamily
|
36,604,964 | 39,798,866 | ||||||
Installment and Consumer
|
14,123,721 | 14,790,362 | ||||||
$ | 698,224,633 | $ | 707,797,886 | |||||
Less: Allowance for loan losses
|
(11,849,317 | ) | (11,012,088 | ) | ||||
Net Loans
|
$ | 686,375,316 | $ | 696,785,798 |
As of March 31, 2012
|
||||||||||||||||||||||||
Current
|
Days Past Due
|
Total
|
||||||||||||||||||||||
Loans
|
30-59
|
60-89
|
Over 90
|
Total
|
Loans
|
|||||||||||||||||||
Commercial
|
$
|
18,454,195
|
$
|
41,704
|
$
|
79,240
|
$
|
172,688
|
$
|
293,632
|
$
|
18,747,827
|
||||||||||||
Real estate
|
||||||||||||||||||||||||
Construction
|
42,705,667
|
75,000
|
871,531
|
1,122,196
|
2,068,727
|
44,774,394
|
||||||||||||||||||
Commercial
|
287,389,736
|
2,623,885
|
954,547
|
6,983,455
|
10,561,887
|
297,951,623
|
||||||||||||||||||
Residential
|
260,174,667
|
6,352,577
|
2,282,495
|
17,212,365
|
25,847,437
|
286,022,104
|
||||||||||||||||||
Multifamily
|
34,848,872
|
-
|
-
|
1,756,092
|
1,756,092
|
36,604,964
|
||||||||||||||||||
Installment and other
|
13,338,469
|
340,856
|
35,840
|
408,556
|
785,252
|
14,123,721
|
||||||||||||||||||
Total Loans
|
656,911,606
|
9,434,022
|
4,223,653
|
27,655,352
|
41,313,027
|
698,224,633
|
||||||||||||||||||
Purchase Credit-
Impaired Loans
|
(25,475,813
|
)
|
(1,039,156
|
)
|
(238,480
|
)
|
(5,420,696
|
)
|
(6,698,332
|
)
|
(32,174,145
|
)
|
||||||||||||
Total loans, excluding
Purchase Credit-
Impaired Loans
|
$
|
631,435,793
|
$
|
8,394,866
|
$
|
3,985,173
|
$
|
22,234,656
|
$
|
34,614,695
|
$
|
666,050,488
|
As of December 31, 2011
|
||||||||||||||||||||||||
Current
|
Days Past Due
|
Total
|
||||||||||||||||||||||
Loans
|
30-59
|
60-89
|
Over 90
|
Total
|
Loans
|
|||||||||||||||||||
Commercial
|
$
|
19,443,774
|
$
|
58,506
|
$
|
152,148
|
$
|
301,572
|
$
|
512,226
|
$
|
19,956,000
|
||||||||||||
Real estate
|
||||||||||||||||||||||||
Construction
|
44,707,804
|
189,794
|
119,174
|
1,583,695
|
1,892,663
|
46,600,467
|
||||||||||||||||||
Commercial
|
287,520,615
|
3,033,167
|
1,358,887
|
6,130,139
|
10,522,193
|
298,042,808
|
||||||||||||||||||
Residential
|
268,286,798
|
3,360,425
|
2,702,845
|
14,259,315
|
20,322,585
|
288,609,383
|
||||||||||||||||||
Multifamily
|
37,933,674
|
415,821
|
-
|
1,449,371
|
1,865,192
|
39,798,866
|
||||||||||||||||||
Installment and other
|
14,017,731
|
283,519
|
14,331
|
474,781
|
772,631
|
14,790,362
|
||||||||||||||||||
Total Loans
|
671,910,396
|
7,341,232
|
4,347,385
|
24,198,873
|
35,887,490
|
707,797,886
|
||||||||||||||||||
Purchase Credit-
Impaired Loans
|
(31,085,630
|
)
|
(146,855
|
)
|
(885,441
|
)
|
(5,037,404
|
)
|
(6,069,700
|
)
|
(37,155,330
|
)
|
||||||||||||
Total loans, excluding
Purchase Credit-
Impaired Loans
|
$
|
640,824,766
|
$
|
7,194,377
|
$
|
3,461,944
|
$
|
19,161,469
|
$
|
29,817,790
|
$
|
670,642,556
|
As of March 31, 2012
|
||||||||
Nonaccrual
|
Past due 90
days or more
and accruing
|
|||||||
Commercial
|
$
|
265,552
|
$
|
10,508
|
||||
Real estate
|
||||||||
Construction
|
2,129,656
|
109,960
|
||||||
Commercial
|
8,051,411
|
744,131
|
||||||
Residential
|
18,400,878
|
1,214,749
|
||||||
Multifamily
|
1,880,337
|
-
|
||||||
Installment and other
|
131,496
|
322,927
|
||||||
Total Loans
|
30,859,330
|
2,402,275
|
||||||
Purchase Credit-Impaired Loans:
|
||||||||
Commercial
|
(1,923
|
)
|
-
|
|||||
Real Estate
|
||||||||
Construction
|
-
|
-
|
||||||
Commercial
|
(1,399,647
|
)
|
-
|
|||||
Residential
|
(4,458,315
|
)
|
(12,736
|
)
|
||||
Multifamily
|
(603,395
|
)
|
-
|
|||||
Installment & Other
|
-
|
-
|
||||||
Total Purchase Credit-Impaired Loans
|
(6,463,280
|
)
|
(12,736
|
)
|
||||
Total loans, excluding Purchase Credit-Impaired Loans
|
$
|
24,396,050
|
$
|
2,389,539
|
As of December 31, 2011
|
||||||||
Nonaccrual
|
Past due 90
days or more and accruing
|
|||||||
Commercial
|
$
|
393,391
|
$
|
47,156
|
||||
Real estate
|
||||||||
Construction
|
1,101,343
|
732,911
|
||||||
Commercial
|
7,455,567
|
426,242
|
||||||
Residential
|
15,931,722
|
757,514
|
||||||
Multifamily
|
1,990,563
|
-
|
||||||
Installment and other
|
62,742
|
412,039
|
||||||
26,935,328
|
2,375,862
|
|||||||
Purchase Credit-Impaired Loans:
|
||||||||
Commercial
|
(2,919
|
)
|
(12,749
|
)
|
||||
Real Estate
|
||||||||
Construction
|
-
|
-
|
||||||
Commercial
|
(1,602,816
|
)
|
-
|
|||||
Residential
|
(4,671,780
|
)
|
(12,914
|
)
|
||||
Multifamily
|
(603,395
|
)
|
-
|
|||||
Installment & Other
|
-
|
-
|
||||||
Total Purchase Credit-Impaired Loans
|
(6,880,910
|
)
|
(25,663
|
)
|
||||
Total loans, excluding Purchase Credit-Impaired Loans
|
$
|
20,054,418
|
$
|
2,350,199
|
As of March 31, 2012
|
||||||||||||||||||||
Special
|
||||||||||||||||||||
Pass
|
Mention
|
Substandard
|
Doubtful
|
Total
|
||||||||||||||||
Commercial
|
$
|
17,109,371
|
$
|
867,331
|
$
|
738,371
|
$
|
32,754
|
$
|
18,747,827
|
||||||||||
Real estate
|
||||||||||||||||||||
Construction
|
41,649,913
|
-
|
2,960,943
|
163,538
|
44,774,394
|
|||||||||||||||
Commercial
|
265,460,413
|
11,677,487
|
20,758,951
|
54,772
|
297,951,623
|
|||||||||||||||
Multifamily
|
32,365,706
|
2,358,921
|
1,763,889
|
116,448
|
36,604,964
|
|||||||||||||||
Total
|
$
|
356,585,403
|
$
|
14,903,739
|
$
|
26,222,154
|
$
|
367,512
|
$
|
398,078,808
|
||||||||||
Current
|
$
|
354,215,774
|
$
|
14,000,389
|
$
|
15,018,769
|
$
|
163,538
|
$
|
383,398,470
|
||||||||||
30-59
|
1,259,798
|
649,691
|
831,100
|
-
|
2,740,589
|
|||||||||||||||
60-89
|
487,932
|
-
|
1,417,386
|
-
|
1,905,318
|
|||||||||||||||
Over 90
|
621,899
|
253,659
|
8,954,899
|
203,974
|
10,034,431
|
|||||||||||||||
Total
|
$
|
356,585,403
|
$
|
14,903,739
|
$
|
26,222,154
|
$
|
367,512
|
$
|
398,078,808
|
As of December 31, 2011
|
||||||||||||||||||||
Special
|
||||||||||||||||||||
Pass
|
Mention
|
Substandard
|
Doubtful
|
Total
|
||||||||||||||||
Commercial
|
$
|
17,834,473
|
$
|
1,192,000
|
$
|
895,121
|
$
|
34,406
|
$
|
19,956,000
|
||||||||||
Real estate
|
||||||||||||||||||||
Construction
|
41,739,351
|
555,665
|
4,140,419
|
165,032
|
46,600,467
|
|||||||||||||||
Commercial
|
270,211,863
|
10,912,130
|
16,864,133
|
54,682
|
298,042,808
|
|||||||||||||||
Multifamily
|
34,959,277
|
2,849,026
|
1,874,115
|
116,448
|
39,798,866
|
|||||||||||||||
Total
|
$
|
364,744,964
|
$
|
15,508,821
|
$
|
23,773,788
|
$
|
370,568
|
$
|
404,398,141
|
||||||||||
Current
|
$
|
361,193,743
|
$
|
15,233,112
|
$
|
13,013,980
|
$
|
165,032
|
$
|
389,605,867
|
||||||||||
30-59
|
3,052,889
|
-
|
644,399
|
-
|
3,697,288
|
|||||||||||||||
60-89
|
320,762
|
275,709
|
1,033,738
|
-
|
1,630,209
|
|||||||||||||||
Over 90
|
177,570
|
-
|
9,081,671
|
205,536
|
9,464,777
|
|||||||||||||||
Total
|
$
|
364,744,964
|
$
|
15,508,821
|
$
|
23,773,788
|
$
|
370,568
|
$
|
404,398,141
|
As of March 31, 2012
|
||||||||||||
Performing
|
Nonperforming
|
Total
|
||||||||||
Residential Real Estate
|
$
|
266,406,477
|
$
|
19,615,627
|
$
|
286,022,104
|
||||||
Installment & Other
|
13,669,298
|
454,423
|
14,123,721
|
|||||||||
Total
|
$
|
280,075,775
|
$
|
20,070,050
|
$
|
300,145,825
|
As of December 31, 2011
|
||||||||||||
Performing
|
Nonperforming
|
Total
|
||||||||||
Residential Real Estate
|
$
|
271,920,147
|
$
|
16,689,236
|
$
|
288,609,383
|
||||||
Installment & Other
|
14,315,581
|
474,781
|
14,790,362
|
|||||||||
Total
|
$
|
286,235,728
|
$
|
17,164,017
|
$
|
303,399,745
|
March 31,
2012
|
December 31,
2011
|
|||||||
Loans for which there was a related allowance for loan loss
|
$
|
24,628,452
|
$
|
24,368,902
|
||||
Impaired loans with no related allowance
|
27,463,538
|
24,144,704
|
||||||
Total Impaired Loans
|
$
|
52,091,990
|
$
|
48,513,606
|
||||
Average quarterly balance of impaired loans
|
$
|
50,302,798
|
$
|
46,524,919
|
||||
Related allowance for loan losses
|
7,281,135
|
6,466,579
|
||||||
Interest income recognized while impaired
|
294,198
|
842,282
|
As of March 31, 2012
|
||||||||||||||||
Allowance
|
||||||||||||||||
Unpaid
Principal
|
Partial
Charge-
|
For Loan Losses
|
Recorded
|
|||||||||||||
Balance
|
offs
|
Allocation
|
Investment
|
|||||||||||||
Loans with no related allowance recorded:
|
||||||||||||||||
Commercial
|
$
|
114,014
|
$
|
4,230
|
$
|
-
|
$
|
109,784
|
||||||||
Real estate
|
||||||||||||||||
Construction
|
914,905
|
15,846
|
-
|
899,059
|
||||||||||||
Commercial
|
11,981,449
|
1,048,643
|
-
|
10,932,806
|
||||||||||||
Residential
|
15,364,728
|
123,292
|
-
|
15,241,436
|
||||||||||||
Multifamily
|
130,880
|
6,636
|
-
|
124,244
|
||||||||||||
Installment & Other
|
156,223
|
14
|
-
|
156,209
|
||||||||||||
Total
|
28,662,199
|
1,198,661
|
-
|
27,463,538
|
Loans with a related allowance recorded:
|
||||||||||||||||
Commercial
|
155,926
|
158
|
66,131
|
89,637
|
||||||||||||
Real estate
|
||||||||||||||||
Construction
|
1,686,245
|
16,429
|
475,440
|
1,194,376
|
||||||||||||
Commercial
|
5,059,626
|
189,998
|
1,694,595
|
3,175,033
|
||||||||||||
Residential
|
16,437,744
|
360,215
|
4,318,113
|
11,759,416
|
||||||||||||
Multifamily
|
1,757,918
|
1,824
|
662,239
|
1,093,855
|
||||||||||||
Installment & Other
|
99,617
|
-
|
64,617
|
35,000
|
||||||||||||
Total
|
25,197,076
|
568,624
|
7,281,135
|
17,347,317
|
||||||||||||
Total Impaired Loans
|
$
|
53,859,275
|
$
|
1,767,285
|
$
|
7,281,135
|
$
|
44,810,855
|
As of December 31, 2011
|
||||||||||||||||
Allowance
|
||||||||||||||||
Unpaid
Principal
|
Partial
Charge-
|
For Loan Losses
|
Recorded
|
|||||||||||||
Balance
|
offs
|
Allocation
|
Investment
|
|||||||||||||
Loans with no related allowance recorded:
|
||||||||||||||||
Commercial
|
$
|
366,920
|
$
|
11,218
|
$
|
-
|
$
|
355,702
|
||||||||
Real estate
|
||||||||||||||||
Construction
|
1,481,875
|
13,850
|
-
|
1,468,025
|
||||||||||||
Commercial
|
7,968,827
|
1,034,776
|
-
|
6,934,051
|
||||||||||||
Residential
|
14,640,519
|
82,953
|
-
|
14,557,566
|
||||||||||||
Multifamily
|
734,274
|
5,508
|
-
|
728,766
|
||||||||||||
Installment & Other
|
100,594
|
-
|
-
|
100,594
|
||||||||||||
Total
|
25,293,009
|
1,148,305
|
-
|
24,144,704
|
Loans with a related allowance recorded:
|
||||||||||||||||
Commercial
|
37,396
|
-
|
24,175
|
13,221
|
||||||||||||
Real estate
|
||||||||||||||||
Construction
|
774,837
|
14,643
|
274,218
|
485,976
|
||||||||||||
Commercial
|
8,066,785
|
185,080
|
1,743,062
|
6,138,643
|
||||||||||||
Residential
|
14,715,142
|
376,919
|
3,847,056
|
10,491,167
|
||||||||||||
Multifamily
|
1,279,699
|
17,902
|
523,481
|
738,316
|
||||||||||||
Installment & Other
|
89,587
|
-
|
54,587
|
35,000
|
||||||||||||
Total
|
24,963,446
|
594,544
|
6,466,579
|
17,902,323
|
||||||||||||
Total Impaired Loans
|
$
|
50,256,455
|
$
|
1,742,849
|
$
|
6,466,579
|
$
|
42,047,027
|
As of March 31, 2012
|
||||||||||||||||||||||||||||
Commercial
|
Residential
|
|||||||||||||||||||||||||||
Commercial
|
Construction
|
Real Estate
|
Real Estate
|
Multifamily
|
Consumer
|
Total
|
||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||
Beginning balance
|
$ | 163,865 | $ | 583,784 | $ | 3,748,857 | $ | 5,569,743 | $ | 786,919 | $ | 158,920 | $ | 11,012,088 | ||||||||||||||
Charge-offs
|
- | - | (143,813 | ) | (726,279 | ) | (47,751 | ) | (66,603 | ) | (984,446 | ) | ||||||||||||||||
Recoveries
|
5,358 | 32,786 | 122,116 | 145,206 | - | 16,209 | 321,675 | |||||||||||||||||||||
Provision
|
31,833 | 159,206 | 9,819 | 1,072,246 | 169,594 | 57,302 | 1,500,000 | |||||||||||||||||||||
Ending Balance
|
$ | 201,056 | $ | 775,776 | $ | 3,736,979 | $ | 6,060,916 | $ | 908,762 | $ | 165,828 | $ | 11,849,317 | ||||||||||||||
|
||||||||||||||||||||||||||||
Loans:
|
||||||||||||||||||||||||||||
Ending balance
|
$ | 18,747,827 | $ | 44,774,394 | $ | 297,951,623 | $ | 286,022,104 | $ | 36,604,964 | $ | 14,123,721 | $ | 698,224,633 | ||||||||||||||
Allowance for loan losses;
|
||||||||||||||||||||||||||||
Individually evaluated for impairment
|
66,131 | 475,440 | 1,694,595 | 3,389,255 | 571,340 | 64,617 | 6,261,378 | |||||||||||||||||||||
Collectively evaluated for impairment
|
134,925 | 300,336 | 2,042,384 | 1,742,803 | 246,523 | 101,211 | 4,568,182 | |||||||||||||||||||||
Acquired
|
- | - | - | 928,858 | 90,899 | - | 1,019,757 | |||||||||||||||||||||
Total allowance for loan losses
|
201,056 | 775,776 | 3,736,979 | 6,060,916 | 908,762 | 165,828 | 11,849,317 | |||||||||||||||||||||
Recorded Investment
|
$ | 18,546,771 | $ | 43,998,618 | $ | 294,214,644 | $ | 279,961,188 | $ | 35,696,202 | $ | 13,957,893 | $ | 686,375,316 | ||||||||||||||
Ending Balance:
|
||||||||||||||||||||||||||||
Individually evaluated for impairment
|
$ | 265,552 | $ | 2,568,875 | $ | 15,802,437 | $ | 31,318,965 | $ | 1,880,337 | $ | 255,824 | $ | 52,091,990 | ||||||||||||||
Collectively evaluated for impairment
|
18,470,585 | 41,114,486 | 279,591,718 | 238,580,641 | 33,747,070 | 13,855,203 | 625,359,703 | |||||||||||||||||||||
Acquired
|
11,690 | 1,091,033 | 2,557,468 | 16,122,498 | 977,557 | 12,694 | 20,772,940 | |||||||||||||||||||||
Total ending balance
|
$ | 18,747,827 | $ | 44,774,394 | $ | 297,951,623 | $ | 286,022,104 | $ | 36,604,964 | $ | 14,123,721 | $ | 698,224,633 |
As of December 31, 2011
|
||||||||||||||||||||||||||||
Commercial
|
Residential | |||||||||||||||||||||||||||
Commercial
|
Construction |
Real Estate
|
Real Estate
|
Multifamily
|
Consumer
|
Total
|
||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||
Beginning balance
|
$ | 412,745 | $ | 447,955 | $ | 2,819,054 | $ | 4,593,811 | $ | 1,010,978 | $ | 242,049 | $ | 9,526,592 | ||||||||||||||
Charge-offs
|
(299,829 | ) | (256,279 | ) | (1,199,872 | ) | (4,971,619 | ) | (117,115 | ) | (283,184 | ) | (7,127,898 | ) | ||||||||||||||
Recoveries
|
10,232 | 36,965 | 86,453 | 88,024 | - | 21,720 | 243,394 | |||||||||||||||||||||
Provision
|
40,717 | 355,143 | 2,043,222 | 5,859,527 | (106,944 | ) | 178,335 | 8,370,000 | ||||||||||||||||||||
Ending Balance
|
$ | 163,865 | $ | 583,784 | $ | 3,748,857 | $ | 5,569,743 | $ | 786,919 | $ | 158,920 | $ | 11,012,088 | ||||||||||||||
|
||||||||||||||||||||||||||||
Loans:
|
||||||||||||||||||||||||||||
Ending balance
|
$ | 19,956,000 | $ | 46,600,467 | $ | 298,042,808 | $ | 288,609,383 | $ | 39,798,866 | $ | 14,790,362 | $ | 707,797,886 | ||||||||||||||
Allowance for loan losses;
|
||||||||||||||||||||||||||||
Individually evaluated for impairment
|
24,176 | 274,218 | 1,741,553 | 2,767,300 | 523,481 | 54,586 | 5,385,314 | |||||||||||||||||||||
Collectively evaluated for impairment
|
139,689 | 309,566 | 2,005,795 | 1,722,687 | 263,438 | 104,334 | 4,545,509 | |||||||||||||||||||||
Acquired
|
- | - | 1,509 | 1,079,756 | - | - | 1,081,265 | |||||||||||||||||||||
Total allowance for loan losses
|
163,865 | 583,784 | 3,748,857 | 5,569,743 | 786,919 | 158,920 | 11,012,088 | |||||||||||||||||||||
Recorded Investment
|
$ | 19,792,135 | $ | 46,016,683 | $ | 294,293,951 | $ | 283,039,640 | $ | 39,011,947 | $ | 14,631,442 | $ | 696,785,798 | ||||||||||||||
Ending Balance:
|
||||||||||||||||||||||||||||
Individually evaluated for impairment
|
$ | 393,391 | $ | 2,227,927 | $ | 14,815,756 | $ | 28,895,790 | $ | 1,990,563 | $ | 190,179 | $ | 48,513,606 | ||||||||||||||
Collectively evaluated for impairment
|
19,526,299 | 43,272,500 | 280,378,746 | 240,804,604 | 36,824,488 | 14,587,610 | 635,394,247 | |||||||||||||||||||||
Acquired
|
36,310 | 1,100,040 | 2,848,306 | 18,908,989 | 983,815 | 12,573 | 23,890,033 | |||||||||||||||||||||
Total ending balance
|
$ | 19,956,000 | $ | 46,600,467 | $ | 298,042,808 | $ | 288,609,383 | $ | 39,798,866 | $ | 14,790,362 | $ | 707,797,886 |
As of March 31, 2012
|
||||||||||||
Contractually Required Payments Receivable
|
||||||||||||
Credit
Impaired
|
Non-Credit
Impaired
|
Carrying Value of
Purchased Loans
|
||||||||||
Commercial
|
$
|
129,001
|
$
|
898,355
|
$
|
709,145
|
||||||
Real Estate
|
||||||||||||
Construction
|
2,680,523
|
44,075
|
1,494,297
|
|||||||||
Commercial
|
10,166,463
|
10,196,228
|
13,308,033
|
|||||||||
Residential
|
43,186,229
|
53,718,957
|
72,774,200
|
|||||||||
Multifamily
|
2,296,524
|
-
|
1,580,951
|
|||||||||
Installment and Consumer
|
15,719
|
3,143,934
|
1,843,160
|
|||||||||
Total
|
$
|
58,474,459
|
$
|
68,001,549
|
$
|
91,709,786
|
As of December 31, 2011
|
||||||||||||
|
Contractually Required Payments Receivable
|
|||||||||||
|
Credit
Impaired
|
Non-Credit
Impaired
|
Carrying Value of
Purchased Loans
|
|||||||||
Commercial
|
$
|
235,856
|
$
|
972,354
|
$
|
828,188
|
||||||
Real Estate
|
||||||||||||
Construction
|
3,676,897
|
44,697
|
2,191,129
|
|||||||||
Commercial
|
10,509,579
|
12,485,797
|
15,459,924
|
|||||||||
Residential
|
48,061,689
|
56,780,596
|
79,049,005
|
|||||||||
Multifamily
|
2,302,782
|
-
|
1,587,210
|
|||||||||
Installment and Consumer
|
18,223
|
3,485,572
|
2,018,806
|
|||||||||
Total
|
$
|
64,805,026
|
$
|
73,769,016
|
$
|
101,134,262
|
For Three Months Ended
March 31,
|
||||||||
2012
|
2011
|
|||||||
Beginning Balance
|
$
|
9,760,544
|
$
|
14,414,324
|
||||
Additions
|
0
|
0
|
||||||
Accretion
(1)
|
1,354,334
|
1,095,427
|
||||||
Ending Balance
|
$
|
8,406,210
|
$
|
13,318,897
|
For Three Months Ended
March 31,
|
||||||||
2012
|
2011
|
|||||||
Balance at beginning of period
|
$
|
11,012,088
|
$
|
9,526,592
|
||||
Charge-offs
|
(984,446
|
)
|
(1,083,128
|
)
|
||||
Recoveries
|
321,675
|
26,790
|
||||||
Net loans charged-off
|
(662,771
|
)
|
(1,056,338
|
)
|
||||
Additions to ALL charged to expense
|
1,500,000
|
1,400,000
|
||||||
Balance at end of period
|
$
|
11,849,317
|
$
|
9,870,254
|
Three Months Ended
March 31, 2012
|
Year Ended
December 31, 2011
|
|||||||
Beginning Balance
|
$ | 7,350,678 | $ | 5,407,205 | ||||
Additions
|
1,042,130 | 10,256,043 | ||||||
Valuation Adjustments
|
- | - | ||||||
Sales
|
(1,494,953 | ) | (8,312,570 | ) | ||||
Ending Balance
|
$ | 6,897,855 | $ | 7,350,678 |
March 31, 2012
|
||||||||||||||||
Number of
|
Total Troubled Debt
|
ALL
|
Recorded
|
|||||||||||||
Modifications
|
Restructurings
|
Allocation
|
Investment
|
|||||||||||||
Commercial
|
- | $ | - | - | $ | - | ||||||||||
Real estate
|
||||||||||||||||
Construction
|
3 | 602,756 | 45,116 | 557,640 | ||||||||||||
Commercial
|
19 | 8,696,941 | 691,135 | 8,005,806 | ||||||||||||
Residential
|
96 | 16,132,712 | 1,163,353 | 14,969,359 | ||||||||||||
Multifamily
|
2 | 590,031 | 210,260 | 379,771 | ||||||||||||
Installment and other
|
9 | 124,329 | 11,779 | 112,550 | ||||||||||||
Total Loans
|
129 | $ | 26,146,769 | 2,121,643 | $ | 24,025,126 |
December 31, 2011
|
||||||||||||||||
Number of
|
Total Troubled Debt
|
ALL
|
Recorded
|
|||||||||||||
Modifications
|
Restructurings
|
Allocation
|
Investment
|
|||||||||||||
Commercial
|
- | $ | - | $ | - | $ | - | |||||||||
Real estate
|
||||||||||||||||
Construction
|
4 | 1,291,616 | 46,081 | 1,245,535 | ||||||||||||
Commercial
|
13 | 7,360,189 | 790,410 | 6,569,779 | ||||||||||||
Residential
|
86 | 15,950,281 | 923,937 | 15,026,344 | ||||||||||||
Multifamily
|
2 | 541,192 | 170,295 | 370,897 | ||||||||||||
Installment and other
|
9 | 127,437 | 11,844 | 115,593 | ||||||||||||
Total Loans
|
114 | $ | 25,270,715 | $ | 1,942,567 | $ | 23,328,148 |
March 31, 2012
|
December 31, 2011
|
|||||||||||||||
Number of
|
Total in
|
Number or
|
Total in
|
|||||||||||||
Modifications
|
Default
|
Modifications
|
Default
|
|||||||||||||
Commercial
|
- | $ | - | - | $ | - | ||||||||||
Real estate
|
||||||||||||||||
Construction
|
- | - | - | - | ||||||||||||
Commercial
|
- | - | - | - | ||||||||||||
Residential
|
20 | 3,410,975 | 18 | 2,860,627 | ||||||||||||
Multifamily
|
1 | 465,786 | - | - | ||||||||||||
Installment and other
|
1 | 1,480 | - | - | ||||||||||||
Total Loans
|
22 | $ | 3,878,241 | 18 | $ | 2,860,627 |
For the Three Months Ended March 31, 2012
|
|||||||||||||||||||||||||||||||
Modification of Terms
|
Reduction of Interest Rate |
Interest-only Payments
|
Forgiveness of Debt | Total | |||||||||||||||||||||||||||
Count | Balance | Count | Balance | Count | Balance | Count | Balance | Count | Balance | ||||||||||||||||||||||
Commercial
|
-
|
$
|
-
|
-
|
$
|
-
|
-
|
$
|
-
|
-
|
$
|
-
|
-
|
$
|
-
|
||||||||||||||||
Real estate
|
|||||||||||||||||||||||||||||||
Construction
|
-
|
-
|
-
|
-
|
--
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||
Commercial
|
-
|
-
|
3
|
831,423
|
4
|
945,915
|
-
|
-
|
7
|
1,777,338
|
|||||||||||||||||||||
Residential
|
1
|
32,563
|
8
|
279,463
|
1
|
14,023
|
-
|
-
|
10
|
326,049
|
|||||||||||||||||||||
Multifamily
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||
Installment & Other
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||
Total Loans
|
1
|
$
|
32,563
|
11
|
1,110,886
|
5
|
$
|
959,938
|
-
|
$
|
-
|
17
|
$
|
2,103,387
|
For the Three Months Ended March 31, 2011
|
||||||||||||||||||||||||||||
Modification of Terms
|
Reduction of Interest Rate
|
Interest-only Payments
|
Forgiveness of Debt
|
Total
|
||||||||||||||||||||||||
Count | Balance | Count | Balance | Count | Balance | Count | Balance | Count | Balance | |||||||||||||||||||
Commercial
|
-
|
$
|
-
|
-
|
$
|
-
|
-
|
$
|
-
|
-
|
$
|
-
|
-
|
$
|
-
|
|||||||||||||
Real estate
|
||||||||||||||||||||||||||||
Construction
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Commercial
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Residential
|
1
|
60,827
|
7
|
1,078,500
|
1
|
411,768
|
-
|
-
|
9
|
1,551,095
|
||||||||||||||||||
Multifamily
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Installment & Other
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Total Loans
|
1
|
$
|
60,827
|
7
|
1,078,500
|
1
|
$
|
411,768
|
-
|
$
|
-
|
9
|
$
|
1,551,095
|
Actual
|
For Capital
Adequacy Purposes
|
To Be Well Capitalized
Under
Prompt Corrective
Action Provisions
|
||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
As of March 31, 2012
|
||||||||||||||||||||||||
Total capital (to risk weighed assets)
|
||||||||||||||||||||||||
Tri City Bankshares Corporation
|
$ | 132,897,000 | 17.7 | % | $ | 60,176,000 | 8.0 | % | $ | n/a | n/a | % | ||||||||||||
Tri City National Bank
|
$ | 128,491,000 | 17.1 | % | $ | 60,075,000 | 8.0 | % | $ | 75,093,000 | 10.0 | % | ||||||||||||
Tier 1 capital (to risk weighted assets)
|
||||||||||||||||||||||||
Tri City Bankshares Corporation
|
$ | 123,464,000 | 16.4 | % | $ | 30,088,000 | 4.0 | % | $ | n/a | n/a | % | ||||||||||||
Tri City National Bank
|
$ | 119,074,000 | 15.8 | % | $ | 30,037,000 | 4.0 | % | $ | 45,056,000 | 6.0 | % | ||||||||||||
Total capital (to average assets)
|
||||||||||||||||||||||||
Tri City Bankshares Corporation
|
$ | 123,464,000 | 10.7 | % | $ | 46,370,000 | 4.0 | % | $ | n/a | n/a | % | ||||||||||||
Tri City National Bank
|
$ | 119,074,000 | 10.3 | % | $ | 46,337,000 | 4.0 | % | $ | 57,921,000 | 5.0 | % |
Actual
|
For Capital
Adequacy Purposes
|
To Be Well Capitalized
Under
Prompt Corrective
Action Provisions
|
||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
As of December 31, 2011
|
||||||||||||||||||||||||
Total capital (to risk weighed assets)
|
||||||||||||||||||||||||
Tri City Bankshares Corporation
|
$ | 130,371,000 | 17.1 | % | $ | 61,037,000 | 8.0 | % | $ | n/a | n/a | % | ||||||||||||
Tri City National Bank
|
$ | 125,937,000 | 16.6 | % | $ | 60,783,000 | 8.0 | % | $ | 75,979,000 | 10.0 | % | ||||||||||||
Tier 1 capital (to risk weighted assets)
|
||||||||||||||||||||||||
Tri City Bankshares Corporation
|
$ | 120,816,000 | 15.8 | % | $ | 30,414,000 | 4.0 | % | $ | n/a | n/a | % | ||||||||||||
Tri City National Bank
|
$ | 116,421,000 | 15.5 | % | $ | 30,392,000 | 4.0 | % | $ | 45,588,000 | 6.0 | % | ||||||||||||
Total capital (to average assets)
|
||||||||||||||||||||||||
Tri City Bankshares Corporation
|
$ | 120,816,000 | 10.6 | % | $ | 45,524,000 | 4.0 | % | $ | n/a | n/a | % | ||||||||||||
Tri City National Bank
|
$ | 116,421,000 | 10.2 | % | $ | 45,515,000 | 4.0 | % | $ | 56,894,000 | 5.0 | % |
LOAN PORTFOLIO ANALYSIS
|
||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||
March 31, 2012
|
December 31, 2011
|
|||||||||||||||
Loan
Balance
|
Percent of
Loans in
each
Category
|
Loan
Balance
|
Percent
of Loans
in each
Category
|
|||||||||||||
Commercial
|
$
|
18,748
|
2.69
|
%
|
$
|
19,956
|
2.82
|
%
|
||||||||
Real Estate
|
||||||||||||||||
Construction
|
44,774
|
6.41
|
%
|
46,600
|
6.58
|
%
|
||||||||||
Commercial
|
297,952
|
42.67
|
%
|
298,043
|
42.11
|
%
|
||||||||||
Residential
|
286,022
|
40.97
|
%
|
288,609
|
40.78
|
%
|
||||||||||
Multi-Family
|
36,605
|
5.24
|
%
|
39,799
|
5.62
|
%
|
||||||||||
Installment and Consumer
|
14,124
|
2.02
|
%
|
14,790
|
2.09
|
%
|
||||||||||
Total
|
$
|
698,225
|
100.00
|
%
|
$
|
707,797
|
100.00
|
%
|
March 31,
2012
|
December 31,
2011
|
|||||||
Balance of ALL at beginning of period
|
$
|
11,012
|
$
|
9,527
|
||||
Total loans charged-off
|
(985
|
)
|
(7,128
|
)
|
||||
Total recoveries
|
322
|
243
|
||||||
Net loans charged-off
|
(663
|
)
|
(6,885
|
)
|
||||
Additions to ALL charged to expense
|
1,500
|
8,370
|
||||||
Balance of ALL at end of period
|
$
|
11,849
|
$
|
11,012
|
||||
Nonaccrual loans
|
$
|
18,471
|
$
|
16,337
|
||||
Troubled debt restructurings-nonaccrual
|
4,914
|
3,692
|
||||||
Loans past due 90 days or more
|
2,402
|
2,376
|
||||||
Total nonperforming loans
(1)
|
25,787
|
22,405
|
||||||
OREO
|
6,898
|
7,351
|
||||||
Total nonperforming assets
|
$
|
32,685
|
$
|
29,756
|
||||
Ratio of nonperforming loans to total loans
|
3.69
|
%
|
3.17
|
%
|
||||
Ratio of nonperforming assets to total assets
|
2.71
|
%
|
2.49
|
%
|
||||
Ratio of ALL to total nonperforming loans
|
45.95
|
%
|
49.15
|
%
|
||||
Ratio of net loans charged off during the period to average loans outstanding
(2)
|
0.38
|
%
|
0.95
|
%
|
||||
Ratio of ALL to total loans
|
1.70
|
%
|
1.56
|
%
|
(1)
|
This amount excludes purchased credit-impaired loans of $7.5 million and $6.9 million at March 31, 2012 and December 31, 2011, respectively. Purchased credit-impaired loans had evidence of deterioration in credit quality prior to the Acquisition. Fair value of these loans as of October 23, 2009, the date of the Acquisition, includes estimates of credit losses.
|
(2)
|
Net loans charged-off for the three months ended March 31, 2012 has been annualized.
|
Three months ended
|
||||||||
March 31,
|
||||||||
2012
|
2011
|
|||||||
Net income
|
$
|
2,570
|
$
|
2,286
|
||||
Earnings per share
|
$
|
0.29
|
$
|
0.26
|
||||
Cash dividends per share
|
$
|
0.21
|
$
|
-
|
||||
Return on average assets
|
0.89
|
%
|
0.82
|
%
|
||||
Return on average equity
|
8.43
|
%
|
8.00
|
%
|
||||
Efficiency ratio, as reported
(1)
|
64.59
|
%
|
69.38
|
%
|
(1)
|
Non-interest expense divided by the sum of net interest income plus non-interest income.
A lower ratio indicates greater efficiency.
|
Three months ended
March 31, 2012
|
Three months ended
March 31, 2011
|
|||||||||||||||||||||||
Average
Balance
|
Interest
Income/
Expense
|
Average
Yield/
Rate
|
Average
Balance
|
Interest
Income/
Expense
|
Average
Yield/
Rate
|
|||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Loans
(1)
|
$
|
700,552
|
$
|
10,816
|
6.18
|
%
|
$
|
736,305
|
$
|
11,687
|
6.35
|
%
|
||||||||||||
Taxable investment securities
|
286,585
|
1,340
|
1.87
|
%
|
228,627
|
812
|
1.42
|
%
|
||||||||||||||||
Non-taxable investment
securities
(2)
|
50,284
|
535
|
4.26
|
%
|
43,103
|
503
|
4.67
|
%
|
||||||||||||||||
Federal funds sold
|
56,115
|
11
|
0.08
|
%
|
34,622
|
12
|
0.14
|
%
|
||||||||||||||||
Total interest earning assets
|
$
|
1,093,536
|
$
|
12,702
|
4.65
|
%
|
$
|
1,042,657
|
$
|
13,014
|
4.99
|
%
|
||||||||||||
Noninterest earning assets:
|
||||||||||||||||||||||||
Other assets
|
66,793
|
66,507
|
||||||||||||||||||||||
TOTAL ASSETS
|
$
|
1,160,329
|
$
|
1,109,164
|
||||||||||||||||||||
LIABILITIES AND EQUITY
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Transaction accounts
|
$
|
290,033
|
$
|
111
|
0.15
|
%
|
$
|
280,029
|
$
|
181
|
0.26
|
%
|
||||||||||||
Money market
|
209,980
|
215
|
0.41
|
%
|
182,060
|
278
|
0.61
|
%
|
||||||||||||||||
Savings deposits
|
184,835
|
81
|
0.18
|
%
|
167,356
|
100
|
0.24
|
%
|
||||||||||||||||
Other time deposits
|
183,908
|
503
|
1.09
|
%
|
205,143
|
769
|
1.50
|
%
|
||||||||||||||||
Short-term borrowings
|
-
|
-
|
0.00
|
%
|
1,394
|
-
|
0.00
|
%
|
||||||||||||||||
Total interest-bearing liabilities
|
$
|
868,756
|
$
|
910
|
0.42
|
%
|
$
|
835,982
|
$
|
1,328
|
0.63
|
%
|
||||||||||||
Noninterest earning liabilities:
|
||||||||||||||||||||||||
Demand deposits
|
163,635
|
154,821
|
||||||||||||||||||||||
Other
|
5,978
|
3,997
|
||||||||||||||||||||||
Stockholders’ equity
|
121,960
|
114,364
|
||||||||||||||||||||||
Total liabilities and
sockholders’ equity
|
$
|
1,160,329
|
$
|
1,109,164
|
||||||||||||||||||||
Net interest earnings and interest
rate spread
(3)
|
$
|
11,792
|
4.23
|
%
|
$
|
11,686
|
4.36
|
%
|
||||||||||||||||
Net interest margin
(4)
|
4.31
|
%
|
4.48
|
%
|
(1)
|
The average loan balances and rates include non-accrual loans.
|
(2)
|
The interest income on tax exempt securities is computed on a tax-equivalent basis using a tax rate of 34% for all periods presented.
|
(3)
|
Interest rate spread represents the difference between the average yield earned on average interest-earning assets for the period and the average rate of interest accrued on average interest-bearing liabilities for the period and is represented on a tax-equivalent basis.
|
(4)
|
Net interest margin represents net interest income for a period divided by average interest-earning assets for the period and is represented on a tax-equivalent basis.
|
For the three months ended
|
||||||||||||
March 31, 2012 and 2011
|
||||||||||||
Increase (Decrease) Due to
|
||||||||||||
Interest earned on:
|
Volume
|
Rate
(1)
|
Net
|
|||||||||
Loans
|
$
|
(569
|
)
|
$
|
(302
|
)
|
$
|
(871
|
)
|
|||
Taxable investment securities
|
206
|
322
|
528
|
|||||||||
Nontaxable investment securities
|
84
|
(52
|
)
|
32
|
||||||||
Federal funds sold
|
8
|
(9
|
)
|
(1
|
)
|
|||||||
Total interest-earning assets
|
$
|
(271
|
)
|
$
|
(41
|
)
|
$
|
(312
|
)
|
|||
Interest paid on:
|
||||||||||||
Transaction accounts
|
$
|
7
|
$
|
(76
|
)
|
$
|
(69
|
)
|
||||
Money market
|
43
|
(106
|
)
|
(63
|
)
|
|||||||
Savings
|
11
|
(29
|
)
|
(18
|
)
|
|||||||
Other time
|
(81
|
)
|
(187
|
)
|
(268
|
)
|
||||||
Short-term borrowings
|
-
|
-
|
-
|
|||||||||
Total interest-bearing liabilities
|
$
|
(20
|
)
|
$
|
(398
|
)
|
$
|
(418
|
)
|
|||
Decrease in net interest income
|
$
|
106
|
31.1
|
Certification of Ronald K. Puetz, Chief Executive Officer, under Rule 13a-14(a)/15d-14(a)
|
31.2
|
Certification of Frederick R. Klug, Chief Financial Officer, under Rule 13a-14(a)/15d-14(a)
|
32.1
|
Certification of Ronald K. Puetz, Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
32.2
|
Certification of Frederick R. Klug, Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
101.INS
|
**XBRL Instance
|
101.SCH
|
**XBRL Taxonomy Extension Schema
|
101.CAL
|
**XBRL Taxonomy Extension Calculation
|
101.DEF
|
**XBRL Taxonomy Extension Definition
|
101.LAB
|
**XBRL Taxonomy Extension Labels
|
101.PRE
|
**XBRL Taxonomy Extension Presentation
|
**
|
XBRL information is furnished and not filed or a part of a registration statement or prospectus for purposes of sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.
|
DATE:
May 11, 2012
|
/s/ Ronald K. Puetz
|
||
Ronald K. Puetz
|
|||
President, Chief Executive Officer
|
|||
(Principal Executive Officer)
|
|||
DATE:
May 11, 2012
|
/s/ Frederick R. Klug
|
||
Frederick R. Klug
|
|||
Senior Vice President
|
|||
(Chief Financial Officer)
|
31.1
|
Certification of Ronald K. Puetz, Chief Executive Officer, under Rule 13a-14(a)/15d-14(a)
|
31.2
|
Certification of Frederick R. Klug, Chief Financial Officer, under Rule 13a-14(a)/15d-14(a)
|
32.1
|
Certification of Ronald K. Puetz, Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
32.2
|
Certification of Frederick R. Klug, Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
101.INS
|
**XBRL Instance
|
101.SCH
|
**XBRL Taxonomy Extension Schema
|
101.CAL
|
**XBRL Taxonomy Extension Calculation
|
101.DEF
|
**XBRL Taxonomy Extension Definition
|
101.LAB
|
**XBRL Taxonomy Extension Labels
|
101.PRE
|
**XBRL Taxonomy Extension Presentation
|
**
|
XBRL information is furnished and not filed or a part of a registration statement or prospectus for purposes of sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.
|
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