UNITED STATES SECURITIES AND EXCHANGE COMMISSION
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(X)
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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DELAWARE
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33-0743196
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(State or other jurisdiction of incorporation or organization)
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(I.R.S Employer Identification No.)
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1600 SUNFLOWER AVENUE, 2ND FLOOR, COSTA MESA, CALIFORNIA 92626
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(Address of principal executive offices and zip code)
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(714) 431-4000
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(Registrant’s telephone number, including area code)
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Large accelerated filer
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[ ]
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Accelerated filer
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[ ]
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Non-accelerated filer
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[ ]
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Smaller reporting company
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[ X ]
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(Do not check if a smaller
reporting company)
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PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
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(dollars in thousands)
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ASSETS
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June 30, 2012
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December 31, 2011
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June 30, 2011
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|||||||||
(Unaudited)
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(Audited)
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(Unaudited)
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||||||||||
Cash and due from banks
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$ | 64,945 | $ | 60,207 | $ | 36,034 | ||||||
Federal funds sold
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27 | 28 | 10,998 | |||||||||
Cash and cash equivalents
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64,972 | 60,235 | 47,032 | |||||||||
Investment securities available for sale
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146,134 | 115,645 | 141,304 | |||||||||
FHLB stock/Federal Reserve Bank stock, at cost
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12,744 | 12,475 | 13,492 | |||||||||
Loans held for sale, net
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2,401 | - | - | |||||||||
Loans held for investment
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795,319 | 738,589 | 708,096 | |||||||||
Allowance for loan losses
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(7,658 | ) | (8,522 | ) | (8,517 | ) | ||||||
Loans held for investment, net
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787,661 | 730,067 | 699,579 | |||||||||
Accrued interest receivable
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3,968 | 3,885 | 3,984 | |||||||||
Other real estate owned
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9,339 | 1,231 | 4,447 | |||||||||
Premises and equipment
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9,429 | 9,819 | 10,108 | |||||||||
Deferred income taxes
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5,585 | 8,998 | 8,960 | |||||||||
Bank owned life insurance
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13,240 | 12,977 | 12,714 | |||||||||
Intangible assets
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2,781 | 2,069 | 2,183 | |||||||||
Other assets
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6,781 | 3,727 | 4,308 | |||||||||
TOTAL ASSETS
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$ | 1,065,035 | $ | 961,128 | $ | 948,111 | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
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||||||||||||
LIABILITIES:
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||||||||||||
Deposit accounts:
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||||||||||||
Noninterest bearing
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$ | 150,538 | $ | 112,313 | $ | 122,539 | ||||||
Interest bearing:
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||||||||||||
Transaction accounts
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327,556 | 287,876 | 283,565 | |||||||||
Retail certificates of deposit
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435,097 | 428,688 | 398,985 | |||||||||
Wholesale certificates of deposit
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- | - | 10,896 | |||||||||
Total deposits
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913,191 | 828,877 | 815,985 | |||||||||
Other borrowings
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28,500 | 28,500 | 28,500 | |||||||||
Subordinated debentures
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10,310 | 10,310 | 10,310 | |||||||||
Accrued expenses and other liabilities
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16,965 | 6,664 | 11,499 | |||||||||
TOTAL LIABILITIES
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968,966 | 874,351 | 866,294 | |||||||||
STOCKHOLDERS’ EQUITY:
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||||||||||||
Preferred stock, $.01 par value; 1,000,000 shares authorized;no shares outstanding
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- | - | - | |||||||||
Common stock, $.01 par value; 25,000,000 shares authorized; 10,329,934 shares at June 30, 2012, 10,337,626 shares at December 31, 2011, and 10,084,626 shares at June 30, 2011 issued and outstanding
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103 | 103 | 101 | |||||||||
Additional paid-in capital
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76,258 | 76,310 | 76,509 | |||||||||
Retained earnings
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18,549 | 10,046 | 5,031 | |||||||||
Accumulated other comprehensive income, net of tax of $810 at June 30, 2012, $221 at December 31, 2011, and $123 at June 30, 2011
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1,159 | 318 | 176 | |||||||||
TOTAL STOCKHOLDERS’ EQUITY
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96,069 | 86,777 | 81,817 | |||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
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$ | 1,065,035 | $ | 961,128 | $ | 948,111 |
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
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||||||||||||||||
(dollars in thousands, except per share data)
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||||||||||||||||
(unaudited)
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||||||||||||||||
Three Months Ended
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Six Months Ended
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June 30, 2012
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June 30, 2011
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June 30, 2012
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June 30, 2011
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INTEREST INCOME
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||||||||||||||||
Loans
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$ | 12,098 | $ | 11,750 | $ | 23,335 | $ | 22,283 | ||||||||
Investment securities and other interest-earning assets
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948 | 1,059 | 1,827 | 2,260 | ||||||||||||
Total interest income
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13,046 | 12,809 | 25,162 | 24,543 | ||||||||||||
INTEREST EXPENSE
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||||||||||||||||
Interest-bearing deposits:
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||||||||||||||||
Interest on transaction accounts
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223 | 369 | 552 | 814 | ||||||||||||
Interest on certificates of deposit
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1,224 | 1,792 | 2,651 | 3,615 | ||||||||||||
Total interest-bearing deposits
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1,447 | 2,161 | 3,203 | 4,429 | ||||||||||||
Other borrowings
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235 | 235 | 470 | 523 | ||||||||||||
Subordinated debentures
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82 | 77 | 166 | 153 | ||||||||||||
Total interest expense
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1,764 | 2,473 | 3,839 | 5,105 | ||||||||||||
NET INTEREST INCOME BEFORE PROVISION FOR LOAN LOSSES
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11,282 | 10,336 | 21,323 | 19,438 | ||||||||||||
PROVISION FOR LOAN LOSSES
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- | 1,300 | - | 1,406 | ||||||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
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11,282 | 9,036 | 21,323 | 18,032 | ||||||||||||
NONINTEREST INCOME
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||||||||||||||||
Loan servicing fees
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214 | 160 | 391 | 377 | ||||||||||||
Deposit fees
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472 | 635 | 973 | 1,083 | ||||||||||||
Net gain (loss) from sales of loans
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10 | (2,547 | ) | 10 | (2,461 | ) | ||||||||||
Net gain from sales of investment securities
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174 | 316 | 174 | 480 | ||||||||||||
Other-than-temporary impairment loss on investment securities, net
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(45 | ) | (154 | ) | (82 | ) | (368 | ) | ||||||||
Gain on FDIC transaction
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5,340 | - | 5,340 | 4,189 | ||||||||||||
Other income
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364 | 497 | 662 | 846 | ||||||||||||
Total noninterest income (loss)
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6,529 | (1,093 | ) | 7,468 | 4,146 | |||||||||||
NONINTEREST EXPENSE
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||||||||||||||||
Compensation and benefits
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3,947 | 3,489 | 7,467 | 6,670 | ||||||||||||
Premises and occupancy
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981 | 878 | 1,859 | 1,678 | ||||||||||||
Data processing and communications
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817 | 347 | 1,184 | 648 | ||||||||||||
Other real estate owned operations, net
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590 | 167 | 737 | 430 | ||||||||||||
FDIC insurance premiums
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168 | 303 | 301 | 567 | ||||||||||||
Legal and audit
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552 | 501 | 1,038 | 893 | ||||||||||||
Marketing expense
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264 | 328 | 479 | 557 | ||||||||||||
Office and postage expense
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217 | 194 | 380 | 361 | ||||||||||||
Other expense
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669 | 648 | 1,401 | 1,410 | ||||||||||||
Total noninterest expense
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8,205 | 6,855 | 14,846 | 13,214 | ||||||||||||
NET INCOME BEFORE INCOME TAXES
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9,606 | 1,088 | 13,945 | 8,964 | ||||||||||||
INCOME TAX
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3,795 | 303 | 5,442 | 3,407 | ||||||||||||
NET INCOME
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$ | 5,811 | $ | 785 | $ | 8,503 | $ | 5,557 | ||||||||
EARNINGS PER SHARE
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Basic
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$ | 0.56 | $ | 0.08 | $ | 0.82 | $ | 0.55 | ||||||||
Diluted
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$ | 0.55 | $ | 0.08 | $ | 0.80 | $ | 0.52 | ||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING | ||||||||||||||||
Basic
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10,329,934 | 10,084,626 | 10,332,935 | 10,067,066 | ||||||||||||
Diluted
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10,669,005 | 10,578,928 | 10,647,590 | 10,717,257 |
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
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(dollars in thousands)
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(unaudited)
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Three Months Ended
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Six Months Ended
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June 30,
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June 30,
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|||||||||||||||
2012
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2011
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2012
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2011
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Net Income
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$ | 5,811 | $ | 785 | $ | 8,503 | $ | 5,557 | ||||||||
Other comprehensive income (loss), net of tax:
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||||||||||||||||
Unrealized holding gains on securities arising during the period, net of tax
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760 | 1,648 | 944 | 1,426 | ||||||||||||
Reclassification adjustment for net gain on sale of securities included in net income, net of tax
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(103 | ) | (468 | ) | (103 | ) | (336 | ) | ||||||||
Net unrealized gain (loss) on securities, net of tax
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657 | 1,180 | 841 | 1,090 | ||||||||||||
Comprehensive Income
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$ | 6,468 | $ | 1,965 | $ | 9,344 | $ | 6,647 |
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
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FOR THE SIX MONTHS ENDED JUNE 30, 2012 AND 2011
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(dollars in thousands)
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(unaudited)
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Common Stock
Shares
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Common Stock
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Additional Paid-in Capital
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Accumulated Retained
Earnings (Deficit)
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Accumulated Other Comprehensive Income (Loss)
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Total Stockholders’ Equity
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Balance at December 31, 2011
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10,337,626 | $ | 103 | $ | 76,310 | $ | 10,046 | $ | 318 | $ | 86,777 | |||||||||||||
Total comprehensive income
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8,503 | 841 | 9,344 | |||||||||||||||||||||
Share-based compensation expense
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27 | 27 | ||||||||||||||||||||||
Common stock repurchased and retired
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(13,022 | ) | - | (102 | ) | (102 | ) | |||||||||||||||||
Stock options exercised
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5,330 | - | 23 | 23 | ||||||||||||||||||||
Balance at June 30, 2012
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10,329,934 | $ | 103 | $ | 76,258 | $ | 18,549 | $ | 1,159 | $ | 96,069 | |||||||||||||
Balance at December 31, 2010
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10,033,836 | $ | 100 | $ | 79,942 | $ | (526 | ) | $ | (914 | ) | $ | 78,602 | |||||||||||
Total comprehensive income
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5,557 | 1,090 | 6,647 | |||||||||||||||||||||
Share-based compensation expense
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196 | 196 | ||||||||||||||||||||||
Common stock repurchased and retired
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(10,610 | ) | (1 | ) | (69 | ) | (70 | ) | ||||||||||||||||
Warrants purchased and retired
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(3,660 | ) | (3,660 | ) | ||||||||||||||||||||
Warrants exercised
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41,400 | 1 | 31 | 32 | ||||||||||||||||||||
Stock options exercised
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20,000 | 1 | 69 | 70 | ||||||||||||||||||||
Balance at June 30, 2011
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10,084,626 | $ | 101 | $ | 76,509 | $ | 5,031 | $ | 176 | $ | 81,817 |
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
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(in thousands)
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(unaudited)
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Six Months Ended
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June 30,
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2012
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2011
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CASH FLOWS FROM OPERATING ACTIVITIES
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Net income
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$ | 8,503 | $ | 5,557 | ||||
Adjustments to net income:
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||||||||
Depreciation and amortization expense
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642 | 561 | ||||||
Provision for loan losses
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- | 1,406 | ||||||
Share-based compensation expense
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27 | 196 | ||||||
Loss on sale and disposal of premises and equipment
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- | 63 | ||||||
Loss on sale of other real estate owned
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305 | 21 | ||||||
Write down of other real estate owned
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302 | - | ||||||
Amortization of premium/discounts on securities held for sale, net
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378 | 389 | ||||||
Amortization of loan mark-to-market discount
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(1,048 | ) | (807 | ) | ||||
Gain on sale of loans held for sale
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(10 | ) | - | |||||
Gain on sale of investment securities available for sale
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(174 | ) | (480 | ) | ||||
Other-than-temporary impairment loss on investment securities, net
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82 | 368 | ||||||
Loss on sale of loans held for investment
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- | 2,461 | ||||||
Purchase and origination of loans held for sale
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(2,995 | ) | - | |||||
Recoveries on loans
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95 | - | ||||||
Proceeds from the sales of and principal payments from loans held for sale
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595 | - | ||||||
Gain on FDIC transaction
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(5,340 | ) | (4,189 | ) | ||||
Deferred income tax provision
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3,413 | 265 | ||||||
Change in accrued expenses and other liabilities, net
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(159 | ) | (3,695 | ) | ||||
Income from bank owned life insurance, net
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(263 | ) | (260 | ) | ||||
Change in accrued interest receivable and other assets, net
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(1,364 | ) | 4,152 | |||||
Net cash provided by operating activities
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2,989 | 6,008 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES
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Proceeds from sale and principal payments on loans held for investment
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92,770 | 49,386 | ||||||
Net change in undisbursed loan funds
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57,361 | 11,096 | ||||||
Purchase and origination of loans held for investment
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(143,900 | ) | (58,938 | ) | ||||
Proceeds from sale of other real estate owned
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5,315 | 9,626 | ||||||
Principal payments on securities available for sale
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7,505 | 8,977 | ||||||
Purchase of securities available for sale
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(70,467 | ) | (19,612 | ) | ||||
Proceeds from sale or maturity of securities available for sale
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44,151 | 43,141 | ||||||
Purchases of premises and equipment
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(252 | ) | (2,471 | ) | ||||
Redemption of Federal Reserve Bank stock
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63 | 155 | ||||||
Redemption of Federal Home Loan Bank of San Francisco stock
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1,058 | 1,009 | ||||||
Cash acquired in FDIC transaction
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39,491 | 26,389 | ||||||
Net cash provided by investing activities
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33,095 | 68,758 | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES
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Net decrease in deposit accounts
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(31,268 | ) | (47,568 | ) | ||||
Repayment of FHLB advances and other borrowings
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- | (40,000 | ) | |||||
Proceeds from exercise of stock options
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23 | 32 | ||||||
Warrants purchased and retired
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- | (3,660 | ) | |||||
Repurchase of common stock
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(102 | ) | - | |||||
Net cash used in financing activities
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(31,347 | ) | (91,196 | ) | ||||
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS
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4,737 | (16,430 | ) | |||||
CASH AND CASH EQUIVALENTS, beginning of period
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60,235 | 63,462 | ||||||
CASH AND CASH EQUIVALENTS, end of period
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$ | 64,972 | $ | 47,032 |
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
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CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
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(in thousands)
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(unaudited)
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Six Months Ended
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June 30,
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2012
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2011
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SUPPLEMENTAL CASH FLOW DISCLOSURES
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Interest paid
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$ | 3,827 | $ | 5,030 | ||||
Income taxes paid
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3,775 | 2,445 | ||||||
Assets acquired (liabilities assumed) in FDIC transaction (See Note 3):
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||||||||
Investment securities
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101 | 12,753 | ||||||
FRB and FHLB Stock
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1,390 | 1,323 | ||||||
FDIC receivable
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167 | 2,838 | ||||||
Loans
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63,773 | 149,739 | ||||||
Core deposit intangible
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840 | 2,270 | ||||||
Other real estate owned
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11,533 | 11,953 | ||||||
Fixed assets
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- | 42 | ||||||
Other assets
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3,656 | 1,599 | ||||||
Deposits
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(115,582 | ) | (204,678 | ) | ||||
Other liabilities
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(29 | ) | (39 | ) | ||||
NONCASH INVESTING ACTIVITIES DURING THE PERIOD
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||||||||
Transfers from loans to other real estate owned
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$ | 2,497 | $ | 2,107 | ||||
Investment securities available for sale purchased and not settled
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$ | 10,460 | $ | 5,083 |
●
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$63.8 million of loans;
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●
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$39.5 million of cash and cash equivalents;
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●
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$11.5 million of other real estate owned (“OREO”);
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●
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$1.5 million in investment securities, including Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank stock;
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$840,000 of a core deposit intangible; and
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●
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$3.8 million of other types of assets.
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$50.1 million in deposit transaction accounts;
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●
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$30.8 million in retail certificates of deposit;
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●
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$34.1 million in whole sale certificates of deposits, which were purposefully run off during the second quarter of 2012;
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●
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$2.4 million in deferred tax liability; and
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●
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$578,000 of other liabilities.
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June 30, 2012
|
December 31, 2011
|
June 30, 2011
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(in thousands)
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Real estate loans:
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Multi-family
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$ | 183,742 | $ | 193,830 | $ | 231,604 | ||||||
Commercial non-owner occupied
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242,700 | 164,341 | 155,419 | |||||||||
One-to-four family (1)
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56,694 | 60,027 | 64,550 | |||||||||
Construction
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281 | - | - | |||||||||
Land
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11,191 | 6,438 | 8,752 | |||||||||
Business loans:
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||||||||||||
Commercial owner occupied (2)
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150,428 | 152,299 | 147,186 | |||||||||
Commercial and industrial
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84,191 | 86,684 | 70,744 | |||||||||
Warehouse facilities
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61,111 | 67,518 | 21,758 | |||||||||
SBA
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3,995 | 4,727 | 4,682 | |||||||||
Other loans
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4,019 | 3,390 | 6,497 | |||||||||
Total gross loans (3)
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798,352 | 739,254 | 711,192 | |||||||||
Less loans held for sale, net
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2,401 | - | - | |||||||||
Total gross loans held for investment
|
795,951 | 739,254 | 711,192 | |||||||||
Less:
|
||||||||||||
Deferred loan origination costs/(fees) and premiums/(discounts), net
|
(632 | ) | (665 | ) | (3,096 | ) | ||||||
Allowance for loan losses
|
(7,658 | ) | (8,522 | ) | (8,517 | ) | ||||||
Loans held for investment, net
|
$ | 787,661 | $ | 730,067 | $ | 699,579 | ||||||
(1) Includes second trust deeds.
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||||||||||||
(2) Majority secured by real estate.
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||||||||||||
(3) Total gross loans for June 30, 2012 is net of the mark-to-market discounts on Canyon National loans of $3.7 million and on Palm Desert National loans of $11.0 million.
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June 30, 2012
|
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Canyon National
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Palm Desert National
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Total
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(in thousands)
|
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Real estate loans:
|
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Multi-family
|
$ | - | $ | 2,835 | $ | 2,835 | ||||||
Commercial non-owner occupied
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1,061 | 4,950 | 6,011 | |||||||||
One-to-four family
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- | 36 | 36 | |||||||||
Land
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2,272 | 691 | 2,963 | |||||||||
Business loans:
|
||||||||||||
Commercial owner occupied
|
1,760 | 1,135 | 2,895 | |||||||||
Commercial and industrial
|
75 | - | 75 | |||||||||
Total purchase credit impaired
|
$ | 5,168 | $ | 9,647 | $ | 14,815 |
Six Months Ended
|
||||||||||||
June 30, 2012
|
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Canyon National
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Palm Desert National
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Total
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(in thousands)
|
||||||||||||
Balance at the beginning of period
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$ | 3,248 | $ | - | $ | 3,248 | ||||||
Accretable yield at acquisition
|
- | 3,908 | 3,908 | |||||||||
Accretion
|
(303 | ) | (74 | ) | (377 | ) | ||||||
Disposals and other
|
(53 | ) | (8 | ) | (61 | ) | ||||||
Change in accretable yield
|
(813 | ) | - | (813 | ) | |||||||
Balance at the end of period
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$ | 2,079 | $ | 3,826 | $ | 5,905 |
Impaired Loans
|
||||||||||||||||||||||||||||
Contractual
Unpaid Principal Balance
|
Recorded Investment
|
With Specific Allowance
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Without Specific Allowance
|
Specific Allowance for
Impaired Loans
|
Average Recorded Investment
|
Interest Income Recognized
|
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(in thousands)
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June 30, 2012
|
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Real estate loans:
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Multi-family
|
$ | 1,442 | $ | 1,404 | $ | - | $ | 1,404 | $ | - | $ | 1,412 | $ | 45 | ||||||||||||||
Commercial non-owner occupied
|
2,304 | 2,095 | - | 2,095 | - | 1,279 | 32 | |||||||||||||||||||||
One-to-four family
|
670 | 667 | - | 667 | - | 708 | 22 | |||||||||||||||||||||
Construction
|
- | - | - | - | - | - | - | |||||||||||||||||||||
Land
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- | - | - | - | - | - | - | |||||||||||||||||||||
Business loans:
|
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Commercial owner occupied
|
507 | 478 | - | 478 | - | 889 | - | |||||||||||||||||||||
Commercial and industrial
|
- | - | - | - | - | 200 | - | |||||||||||||||||||||
Warehouse facilities
|
- | - | - | - | - | - | - | |||||||||||||||||||||
SBA
|
1,723 | 549 | - | 549 | - | 564 | 16 | |||||||||||||||||||||
Other loans
|
- | - | - | - | - | - | - | |||||||||||||||||||||
Totals
|
$ | 6,646 | $ | 5,193 | $ | - | $ | 5,193 | $ | - | $ | 5,052 | $ | 115 | ||||||||||||||
Impaired Loans
|
||||||||||||||||||||||||||||
Contractual
Unpaid Principal Balance
|
Recorded Investment
|
With Specific Allowance
|
Without Specific Allowance
|
Specific Allowance for
Impaired Loans
|
Average Recorded Investment
|
Interest Income Recognized
|
||||||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||||||
December 31, 2011
|
||||||||||||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||||||||||
Multi-family
|
$ | 1,450 | $ | 1,423 | $ | - | $ | 1,423 | $ | - | $ | 2,309 | $ | 88 | ||||||||||||||
Commercial non-owner occupied
|
1,592 | 1,495 | - | 1,495 | - | 2,283 | 198 | |||||||||||||||||||||
One-to-four family
|
705 | 521 | - | 521 | - | 311 | 47 | |||||||||||||||||||||
Land
|
- | - | - | - | - | 11 | 1 | |||||||||||||||||||||
Business loans:
|
||||||||||||||||||||||||||||
Commercial owner occupied
|
1,771 | 1,641 | - | 1,641 | - | 1,635 | 64 | |||||||||||||||||||||
Commercial and industrial
|
1,321 | 1,138 | - | 1,138 | - | 373 | 62 | |||||||||||||||||||||
SBA
|
2,427 | 773 | - | 773 | - | 887 | 68 | |||||||||||||||||||||
Other loans
|
- | - | - | - | - | 2 | - | |||||||||||||||||||||
Totals
|
$ | 9,266 | $ | 6,991 | $ | - | $ | 6,991 | $ | - | $ | 7,811 | $ | 528 | ||||||||||||||
Impaired Loans
|
||||||||||||||||||||||||||||
Contractual
Unpaid Principal Balance
|
Recorded Investment
|
With Specific Allowance
|
Without Specific Allowance
|
Specific Allowance for
Impaired Loans
|
Average Recorded Investment
|
Interest Income Recognized
|
||||||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||||||
June 30, 2011
|
||||||||||||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||||||||||
Multi-family
|
$ | 4,149 | $ | 4,149 | $ | - | $ | 4,149 | $ | - | $ | 2,786 | $ | 52 | ||||||||||||||
Commercial non-owner occupied
|
3,427 | 3,427 | 462 | 2,965 | 44 | 2,736 | 82 | |||||||||||||||||||||
One-to-four family
|
1,569 | 1,567 | - | 1,567 | - | 2,893 | 42 | |||||||||||||||||||||
Construction
|
- | - | - | - | - | 309 | - | |||||||||||||||||||||
Land
|
2,523 | 2,523 | - | 2,523 | - | 2,627 | 54 | |||||||||||||||||||||
Business loans:
|
||||||||||||||||||||||||||||
Commercial owner occupied
|
5,267 | 5,124 | - | 5,124 | - | 5,945 | 124 | |||||||||||||||||||||
Commercial and industrial
|
2,143 | 2,143 | - | 2,143 | - | 4,200 | 61 | |||||||||||||||||||||
SBA
|
1,659 | 930 | - | 930 | - | 1,001 | 28 | |||||||||||||||||||||
Other loans
|
22 | 22 | - | 22 | - | 9 | 2 | |||||||||||||||||||||
Totals
|
$ | 20,759 | $ | 19,885 | $ | 462 | $ | 19,423 | $ | 44 | $ | 22,506 | $ | 445 |
June 30, 2012
|
December 31, 2011
|
June 30, 2011
|
||||||||||
(in thousands)
|
||||||||||||
Nonaccruing loans
|
$ | 3,826 | $ | 5,590 | $ | 10,808 | ||||||
Accruing loans
|
1,367 | 1,401 | 9,077 | |||||||||
Total impaired loans
|
$ | 5,193 | $ | 6,991 | $ | 19,885 |
●
|
Pass – Pass credits are well protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Such credits exhibit few weaknesses, if any, but may include credits with exposure to certain factors that may adversely impact the credit if they materialize. The Company has established six subcategories within the pass grade to stratify risk associated with pass loans. The Company maintains a subset of pass credits designated as “watch” loans which, for any of a variety of reasons, require close monitoring.
|
●
|
Special Mention – Loans graded special mention exhibit potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may, at some future date, result in the deterioration of the repayment prospects for the loan or the institution’s credit position. Special mention credits are not considered as part of the classified extensions of credit category and do not expose the Company to sufficient risk to warrant classification.
|
●
|
Substandard – Substandard credits are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Extensions of credit classified as substandard have a well-defined weakness or weaknesses that jeopardizes the orderly payment of the debt. Substandard credits are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. Loss potential, while existing in the aggregate amount of substandard credits, does not have to exist in individual extensions of credit classified substandard.
|
●
|
Doubtful – Doubtful credits have all the weaknesses inherent in substandard credits, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The possibility of loss is extremely high, but because of certain important and reasonably specific pending factors that may work to the advantage of and strengthen the credit, its classification as an estimated loss is deferred until its more exact status may be determined.
|
Credit Risk Grades
|
||||||||||||||||
Special
|
Total Gross
|
|||||||||||||||
Pass
|
Mention
|
Substandard
|
Loans
|
|||||||||||||
June 30, 2012
|
(in thousands)
|
|||||||||||||||
Real estate loans:
|
||||||||||||||||
Multi-family
|
$ | 166,309 | $ | 9,898 | $ | 7,535 | $ | 183,742 | ||||||||
Commercial non-owner occupied
|
236,685 | 668 | 5,347 | 242,700 | ||||||||||||
One-to-four family
|
55,303 | - | 1,391 | 56,694 | ||||||||||||
Construction
|
281 | - | - | 281 | ||||||||||||
Land
|
8,591 | - | 2,600 | 11,191 | ||||||||||||
Business loans:
|
||||||||||||||||
Commercial owner occupied
|
134,749 | 4,036 | 11,643 | 150,428 | ||||||||||||
Commercial and industrial
|
81,359 | 1,753 | 1,079 | 84,191 | ||||||||||||
Warehouse facilities
|
61,111 | - | - | 61,111 | ||||||||||||
SBA
|
3,858 | - | 137 | 3,995 | ||||||||||||
Other loans
|
3,892 | - | 127 | 4,019 | ||||||||||||
Totals
|
$ | 752,138 | $ | 16,355 | $ | 29,859 | $ | 798,352 | ||||||||
Credit Risk Grades
|
||||||||||||||||
Special
|
Total Gross
|
|||||||||||||||
Pass
|
Mention
|
Substandard
|
Loans
|
|||||||||||||
December 31, 2011
|
(in thousands)
|
|||||||||||||||
Real estate loans:
|
||||||||||||||||
Multi-family
|
$ | 176,477 | $ | 13,286 | $ | 4,067 | $ | 193,830 | ||||||||
Commercial non-owner occupied
|
160,051 | 676 | 3,614 | 164,341 | ||||||||||||
One-to-four family
|
57,685 | - | 2,342 | 60,027 | ||||||||||||
Land
|
6,386 | - | 52 | 6,438 | ||||||||||||
Business loans:
|
||||||||||||||||
Commercial owner occupied
|
138,975 | 5,689 | 7,635 | 152,299 | ||||||||||||
Commercial and industrial
|
83,441 | 1,046 | 2,197 | 86,684 | ||||||||||||
Warehouse facilities
|
67,518 | - | - | 67,518 | ||||||||||||
SBA
|
4,548 | - | 179 | 4,727 | ||||||||||||
Other loans
|
3,352 | - | 38 | 3,390 | ||||||||||||
Totals
|
$ | 698,433 | $ | 20,697 | $ | 20,124 | $ | 739,254 | ||||||||
Credit Risk Grades
|
||||||||||||||||
Special
|
Total Gross
|
|||||||||||||||
Pass
|
Mention
|
Substandard
|
Loans
|
|||||||||||||
June 30, 2011
|
(in thousands)
|
|||||||||||||||
Real estate loans:
|
||||||||||||||||
Multi-family
|
$ | 211,734 | $ | 13,058 | $ | 6,812 | $ | 231,604 | ||||||||
Commercial non-owner occupied
|
149,974 | 604 | 4,841 | 155,419 | ||||||||||||
One-to-four family
|
59,991 | 1,951 | 2,608 | 64,550 | ||||||||||||
Land
|
8,367 | - | 385 | 8,752 | ||||||||||||
Business loans:
|
- | |||||||||||||||
Commercial owner occupied
|
131,777 | 6,376 | 9,033 | 147,186 | ||||||||||||
Commercial and industrial
|
64,145 | 1,665 | 4,934 | 70,744 | ||||||||||||
Warehouse facilities
|
21,758 | - | - | 21,758 | ||||||||||||
SBA
|
4,474 | - | 208 | 4,682 | ||||||||||||
Other loans
|
6,396 | - | 101 | 6,497 | ||||||||||||
Totals
|
$ | 658,616 | $ | 23,654 | $ | 28,922 | $ | 711,192 |
Days Past Due
|
Non-
|
|||||||||||||||||||||||
Current
|
30-59 | 60-89 | 90+ |
Total
|
Accruing
|
|||||||||||||||||||
June 30, 2012
|
(in thousands)
|
|||||||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||||||
Multi-family
|
$ | 180,907 | $ | - | $ | 2,835 | $ | - | $ | 183,742 | $ | 3,115 | ||||||||||||
Commercial non-owner occupied
|
241,290 | 259 | - | 1,151 | 242,700 | 2,094 | ||||||||||||||||||
One-to-four family
|
56,588 | 93 | - | 13 | 56,694 | 486 | ||||||||||||||||||
Construction
|
281 | - | - | - | 281 | - | ||||||||||||||||||
Land
|
10,934 | - | - | 257 | 11,191 | 691 | ||||||||||||||||||
Business loans:
|
||||||||||||||||||||||||
Commercial owner occupied
|
148,900 | - | - | 1,528 | 150,428 | 1,528 | ||||||||||||||||||
Commercial and industrial
|
84,141 | - | 50 | - | 84,191 | 9 | ||||||||||||||||||
Warehouse facilities
|
61,111 | - | - | - | 61,111 | - | ||||||||||||||||||
SBA
|
3,475 | 46 | - | 474 | 3,995 | 503 | ||||||||||||||||||
Other loans
|
4,018 | 1 | - | - | 4,019 | - | ||||||||||||||||||
Totals
|
$ | 791,645 | $ | 399 | $ | 2,885 | $ | 3,423 | $ | 798,352 | $ | 8,426 | ||||||||||||
Days Past Due
|
Non-
|
|||||||||||||||||||||||
Current
|
30-59 | 60-89 | 90 |
Total
|
Accruing
|
|||||||||||||||||||
December 31, 2011
|
(in thousands)
|
|||||||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||||||
Multi-family
|
$ | 193,830 | $ | - | $ | - | $ | - | $ | 193,830 | $ | 293 | ||||||||||||
Commercial non-owner occupied
|
162,663 | 434 | - | 1,244 | 164,341 | 1,495 | ||||||||||||||||||
One-to-four family
|
59,503 | 201 | - | 323 | 60,027 | 323 | ||||||||||||||||||
Land
|
5,769 | - | 617 | 52 | 6,438 | 52 | ||||||||||||||||||
Business loans:
|
||||||||||||||||||||||||
Commercial owner occupied
|
151,380 | - | - | 919 | 152,299 | 2,053 | ||||||||||||||||||
Commercial and industrial
|
85,615 | 12 | - | 1,057 | 86,684 | 1,177 | ||||||||||||||||||
Warehouse facilities
|
67,518 | - | - | - | 67,518 | - | ||||||||||||||||||
SBA
|
3,900 | 49 | 113 | 665 | 4,727 | 700 | ||||||||||||||||||
Other loans
|
3,386 | 3 | 1 | - | 3,390 | - | ||||||||||||||||||
Totals
|
$ | 733,564 | $ | 699 | $ | 731 | $ | 4,260 | $ | 739,254 | $ | 6,093 | ||||||||||||
Days Past Due
|
Non-
|
|||||||||||||||||||||||
Current
|
30-59 | 60-89 | 90 |
Total
|
Accruing
|
|||||||||||||||||||
June 30, 2011
|
(in thousands)
|
|||||||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||||||
Multi-family
|
$ | 228,899 | $ | - | $ | - | $ | 2,705 | $ | 231,604 | $ | 3,011 | ||||||||||||
Commercial non-owner occupied
|
153,280 | 328 | 989 | 822 | 155,419 | 2,502 | ||||||||||||||||||
One-to-four family
|
63,591 | 116 | 518 | 325 | 64,550 | 332 | ||||||||||||||||||
Land
|
8,433 | 62 | - | 257 | 8,752 | 257 | ||||||||||||||||||
Business loans:
|
||||||||||||||||||||||||
Commercial owner occupied
|
142,756 | 852 | 1,709 | 1,869 | 147,186 | 1,869 | ||||||||||||||||||
Commercial and industrial
|
68,557 | 1,089 | 20 | 1,078 | 70,744 | 2,063 | ||||||||||||||||||
Warehouse facilities
|
21,758 | - | - | - | 21,758 | - | ||||||||||||||||||
SBA
|
3,890 | 72 | - | 720 | 4,682 | 834 | ||||||||||||||||||
Other loans
|
6,415 | 37 | 26 | 19 | 6,497 | 20 | ||||||||||||||||||
Totals
|
$ | 697,579 | $ | 2,556 | $ | 3,262 | $ | 7,795 | $ | 711,192 | $ | 10,888 |
●
|
Changes in national, regional and local economic conditions, including trends in real estate values and the interest rate environment,
|
●
|
Changes in volume and severity of past due loans, the volume of nonaccrual loans, and the volume and severity of adversely classified or graded loans, and
|
●
|
The existence and effect of concentrations of credit, and changes in the level of such concentrations.
|
●
|
Changes in national, regional and local economic conditions, including trends in real estate values and the interest rate environment,
|
●
|
Changes in the nature and volume of the loan portfolio, including new types of lending,
|
●
|
Changes in volume and severity of past due loans, the volume of nonaccrual loans, and the volume and severity of adversely classified or graded loans, and
|
●
|
The existence and effect of concentrations of credit, and changes in the level of such concentrations.
|
Multi-family
|
Commercial non-owner occupied
|
One-to-four family
|
Construction
|
Land
|
Commercial owner occupied
|
Commercial and industrial
|
Warehouse
|
SBA
|
Other loans
|
Total
|
||||||||||||||||||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2011
|
$ | 2,281 | $ | 1,287 | $ | 931 | $ | - | $ | 39 | $ | 1,119 | $ | 1,361 | $ | 1,347 | $ | 80 | $ | 77 | $ | 8,522 | ||||||||||||||||||||||
Charge-offs
|
- | (88 | ) | (305 | ) | - | - | (265 | ) | (191 | ) | - | (109 | ) | (1 | ) | (959 | ) | ||||||||||||||||||||||||||
Recoveries
|
- | - | 5 | - | - | - | 2 | - | 77 | 11 | 95 | |||||||||||||||||||||||||||||||||
Provisions for (reduction in) loan losses
|
3 | 468 | (328 | ) | - | (39 | ) | 222 | 78 | (439 | ) | 103 | (68 | ) | - | |||||||||||||||||||||||||||||
Balance, June 30, 2012
|
$ | 2,284 | $ | 1,667 | $ | 303 | $ | - | $ | - | $ | 1,076 | $ | 1,250 | $ | 908 | $ | 151 | $ | 19 | $ | 7,658 | ||||||||||||||||||||||
Amount of allowance attributed to:
|
||||||||||||||||||||||||||||||||||||||||||||
Specifically evaluated impaired loans
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||
General portfolio allocation
|
$ | 2,284 | $ | 1,667 | $ | 303 | $ | - | $ | - | $ | 1,076 | $ | 1,250 | $ | 908 | $ | 151 | $ | 19 | $ | 7,658 | ||||||||||||||||||||||
Loans individually evaluated for impairment
|
$ | 1,404 | $ | 2,095 | $ | 667 | $ | - | $ | - | $ | 478 | $ | - | $ | - | $ | 549 | $ | - | $ | 5,193 | ||||||||||||||||||||||
Specific reserves to total loans individually evaluated for impairment
|
0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||||||||||
Loans collectively evaluated for impairment
|
$ | 182,338 | $ | 240,605 | $ | 56,027 | $ | 281 | $ | 11,191 | $ | 149,950 | $ | 84,191 | $ | 61,111 | $ | 3,446 | $ | 4,019 | $ | 793,159 | ||||||||||||||||||||||
General reserves to total loans collectively evaluated for impairment
|
1.25 | % | 0.69 | % | 0.54 | % | 0.00 | % | 0.00 | % | 0.72 | % | 1.48 | % | 1.49 | % | 4.38 | % | 0.47 | % | 0.97 | % | ||||||||||||||||||||||
Total gross loans
|
$ | 183,742 | $ | 242,700 | $ | 56,694 | $ | 281 | $ | 11,191 | $ | 150,428 | $ | 84,191 | $ | 61,111 | $ | 3,995 | $ | 4,019 | $ | 798,352 | ||||||||||||||||||||||
Total allowance to gross loans
|
1.24 | % | 0.69 | % | 0.53 | % | 0.00 | % | 0.00 | % | 0.72 | % | 1.48 | % | 1.49 | % | 3.78 | % | 0.47 | % | 0.96 | % |
Multi-family
|
Commercial non-owner occupied
|
One-to-four family
|
Land
|
Commercial owner occupied
|
Commercial and industrial
|
Warehouse
|
SBA
|
Other loans
|
Total
|
|||||||||||||||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2010
|
$ | 2,730 | $ | 1,580 | $ | 332 | $ | - | $ | 1,687 | $ | 2,356 | $ | - | $ | 145 | $ | 49 | $ | 8,879 | ||||||||||||||||||||
Charge-offs
|
(321 | ) | - | (274 | ) | (161 | ) | (98 | ) | (712 | ) | - | (52 | ) | (55 | ) | (1,673 | ) | ||||||||||||||||||||||
Recoveries
|
- | - | 1 | - | - | - | - | 5 | 5 | 11 | ||||||||||||||||||||||||||||||
Provisions for (reduction in) loan losses
|
47 | (90 | ) | 265 | 161 | (53 | ) | 315 | 602 | (1 | ) | 54 | 1,300 | |||||||||||||||||||||||||||
Balance, June 30, 2011
|
$ | 2,456 | $ | 1,490 | $ | 324 | $ | - | $ | 1,536 | $ | 1,959 | $ | 602 | $ | 97 | $ | 53 | $ | 8,517 | ||||||||||||||||||||
Amount of allowance attributed to:
|
||||||||||||||||||||||||||||||||||||||||
Specifically evaluated impaired loans
|
$ | - | $ | 44 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 44 | ||||||||||||||||||||
General portfolio allocation
|
$ | 2,456 | $ | 1,446 | $ | 324 | $ | - | $ | 1,536 | $ | 1,959 | $ | 602 | $ | 97 | $ | 53 | $ | 8,473 | ||||||||||||||||||||
Loans individually evaluated for impairment
|
$ | 4,149 | $ | 3,427 | $ | 1,567 | $ | 2,523 | $ | 5,124 | $ | 2,143 | $ | - | $ | 930 | $ | 22 | $ | 19,885 | ||||||||||||||||||||
Specific reserves to total loans individually evaluated for impairment
|
0.00 | % | 1.28 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.22 | % | ||||||||||||||||||||
Loans collectively evaluated for impairment
|
$ | 227,455 | $ | 151,992 | $ | 62,983 | $ | 6,229 | $ | 142,062 | $ | 68,601 | $ | 21,758 | $ | 3,752 | $ | 6,475 | $ | 691,307 | ||||||||||||||||||||
General reserves to total loans collectively evaluated for impairment
|
1.08 | % | 0.95 | % | 0.51 | % | 0.00 | % | 1.08 | % | 2.86 | % | 2.77 | % | 2.59 | % | 0.82 | % | 1.23 | % | ||||||||||||||||||||
Total gross loans
|
$ | 231,604 | $ | 155,419 | $ | 64,550 | $ | 8,752 | $ | 147,186 | $ | 70,744 | $ | 21,758 | $ | 4,682 | $ | 6,497 | $ | 711,192 | ||||||||||||||||||||
Total allowance to gross loans
|
1.06 | % | 0.96 | % | 0.50 | % | 0.00 | % | 1.04 | % | 2.77 | % | 2.77 | % | 2.07 | % | 0.82 | % | 1.20 | % |
Three Months Ended June 30,
|
||||||||||||||||||||||||
2012
|
2011
|
|||||||||||||||||||||||
Net
|
Per Share
|
Net
|
Per Share
|
|||||||||||||||||||||
Income
|
Shares
|
Amount
|
Income
|
Shares
|
Amount
|
|||||||||||||||||||
(dollars in thousands, except per share data)
|
||||||||||||||||||||||||
Net income
|
$ | 5,811 | $ | 785 | ||||||||||||||||||||
Basic income available to common stockholders
|
5,811 | 10,329,934 | $ | 0.56 | 785 | 10,084,626 | $ | 0.08 | ||||||||||||||||
Effect of warrants and dilutive stock options
|
- | 339,071 | - | 494,302 | ||||||||||||||||||||
Diluted income available to common stockholders plus assumed conversions
|
$ | 5,811 | 10,669,005 | $ | 0.55 | $ | 785 | 10,578,928 | $ | 0.08 | ||||||||||||||
Six Months Ended June 30,
|
||||||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||||||
Net
|
Per Share
|
Net
|
Per Share
|
|||||||||||||||||||||
Income
|
Shares
|
Amount
|
Income
|
Shares
|
Amount
|
|||||||||||||||||||
(dollars in thousands, except per share data)
|
||||||||||||||||||||||||
Net income
|
$ | 8,503 | $ | 5,557 | ||||||||||||||||||||
Basic income available to common stockholders
|
8,503 | 10,332,935 | $ | 0.82 | 5,557 | 10,067,066 | $ | 0.55 | ||||||||||||||||
Effect of warrants and dilutive stock options
|
- | 314,655 | - | 650,191 | ||||||||||||||||||||
Diluted income available to common stockholders plus assumed conversions
|
$ | 8,503 | 10,647,590 | $ | 0.80 | $ | 5,557 | 10,717,257 | $ | 0.52 |
|
At June 30, 2012
|
At December 31, 2011
|
At June 30, 2011
|
|||||||||||||||||||||
Carrying
|
Estimated
|
Carrying
|
Estimated
|
Carrying
|
Estimated
|
|||||||||||||||||||
Amount
|
Fair Value
|
Amount
|
Fair Value
|
Amount
|
Fair Value
|
|||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||
Assets:
|
||||||||||||||||||||||||
Cash and cash equivalents
|
$ | 64,972 | $ | 64,972 | $ | 60,235 | $ | 60,235 | $ | 47,032 | $ | 47,032 | ||||||||||||
Securities available for sale
|
146,134 | 146,134 | 115,645 | 115,645 | 141,304 | 141,304 | ||||||||||||||||||
Federal Reserve Bank and FHLB stock, at cost
|
12,744 | 12,744 | 12,475 | 12,475 | 13,492 | 13,492 | ||||||||||||||||||
Loans held for investment, net
|
787,661 | 869,751 | 730,067 | 794,906 | 699,579 | 779,001 | ||||||||||||||||||
Accrued interest receivable
|
3,968 | 3,968 | 3,885 | 3,885 | 3,984 | 3,984 | ||||||||||||||||||
Liabilities:
|
||||||||||||||||||||||||
Deposit accounts
|
913,191 | 916,989 | 828,877 | 833,241 | 815,985 | 820,232 | ||||||||||||||||||
Other borrowings
|
28,500 | 32,177 | 28,500 | 31,361 | 28,500 | 30,925 | ||||||||||||||||||
Subordinated debentures
|
10,310 | 7,513 | 10,310 | 5,405 | 10,310 | 5,119 | ||||||||||||||||||
Accrued interest payable
|
151 | 151 | 147 | 147 | 176 | 176 | ||||||||||||||||||
Notional Amount
|
Cost to Cede
or Assume
|
Notional Amount
|
Cost to Cede
or Assume
|
Notional Amount
|
Cost to Cede
or Assume
|
|||||||||||||||||||
Off-balance sheet commitments and standby letters of credit
|
$ | 126,544 | $ | 12,654 | $ | 73,053 | $ | 7,305 | $ | 65,495 | $ | 6,550 |
June 30, 2012
|
||||||||||||||||
Fair Value Measurement Using
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Securities at
Fair Value
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Investment securities available for sale:
|
|
|||||||||||||||
U.S. Treasury
|
$ | 261 | $ | - | $ | - | $ | 261 | ||||||||
Corporate
|
- | - | - | - | ||||||||||||
Municipal bonds
|
41,116 | - | - | 41,116 | ||||||||||||
Mortgage-backed securities
|
101,743 | 2,087 | 927 | 104,757 | ||||||||||||
Total securities available for sale
|
$ | 143,120 | $ | 2,087 | $ | 927 | $ | 146,134 | ||||||||
Stock:
|
||||||||||||||||
FHLB stock
|
$ | 10,725 | $ | - | $ | - | $ | 10,725 | ||||||||
Federal Reserve Bank stock
|
2,019 | - | - | 2,019 | ||||||||||||
Total stock
|
$ | 12,744 | $ | - | $ | - | $ | 12,744 | ||||||||
Total securities
|
$ | 155,864 | $ | 2,087 | $ | 927 | $ | 158,878 | ||||||||
June 30, 2011
|
||||||||||||||||
Fair Value Measurement Using
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Securities at
Fair Value
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Investment securities available for sale:
|
||||||||||||||||
U.S. Treasury
|
$ | 161 | $ | - | $ | - | $ | 161 | ||||||||
Municipal bonds
|
23,184 | - | - | 23,184 | ||||||||||||
Mortgage-backed securities
|
113,150 | 3,555 | 1,254 | 117,959 | ||||||||||||
Total securities available for sale
|
$ | 136,495 | $ | 3,555 | $ | 1,254 | $ | 141,304 | ||||||||
Stock:
|
||||||||||||||||
FHLB stock
|
$ | 11,473 | $ | - | $ | - | $ | 11,473 | ||||||||
Federal Reserve Bank stock
|
2,019 | - | - | 2,019 | ||||||||||||
Total stock
|
$ | 13,492 | $ | - | $ | - | $ | 13,492 | ||||||||
Total securities
|
$ | 149,987 | $ | 3,555 | $ | 1,254 | $ | 154,796 |
Six Months Ended
|
||||||||
June 30, 2012
|
June 30, 2011
|
|||||||
(in thousands)
|
||||||||
Balance, beginning of period
|
$ | 991 | $ | 1,505 | ||||
Total gains or (losses) realized/unrealized:
|
||||||||
Included in earnings (or changes in net assets)
|
(102 | ) | (394 | ) | ||||
Included in other comprehensive income
|
144 | (189 | ) | |||||
Purchases, issuances, and settlements
|
(146 | ) | (256 | ) | ||||
Transfer in and/or out of Level 3
|
40 | 588 | ||||||
Balance, end of period
|
$ | 927 | $ | 1,254 |
June 30, 2012
|
||||||||||||||||
Fair Value Measurement Using
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Assets at
Fair Value
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Assets
|
||||||||||||||||
Impaired loans
|
$ | - | $ | 5,193 | $ | - | $ | 5,193 | ||||||||
Loans held for sale
|
- | 2,401 | - | 2,401 | ||||||||||||
Other real estate owned
|
- | 9,339 | - | 9,339 | ||||||||||||
Total assets
|
$ | - | $ | 16,933 | $ | - | $ | 16,933 | ||||||||
June 30, 2011
|
||||||||||||||||
Fair Value Measurement Using
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Assets at
Fair Value
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Assets
|
||||||||||||||||
Impaired loans
|
$ | - | $ | 19,885 | $ | - | $ | 19,885 | ||||||||
Other real estate owned
|
- | 4,447 | - | 4,447 | ||||||||||||
Total assets
|
$ | - | $ | 24,332 | $ | - | $ | 24,332 |
Lease Commitment
|
|||
2012
|
$ | 0 | |
2013
|
$ | 80 | |
2014
|
$ | 1,210 | |
2015
|
$ | 1,260 | |
2016
|
$ | 1,304 | |
Thereafter
|
$ | 4,265 | |
Total
|
$ | 8,119 |
●
|
The strength of the United States economy in general and the strength of the local economies in which we conduct operations;
|
●
|
The effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System (the “Federal Reserve”);
|
●
|
Inflation/deflation, interest rate, market and monetary fluctuations;
|
●
|
The timely development of competitive new products and services and the acceptance of these products and services by new and existing customers;
|
●
|
The willingness of users to substitute competitors’ products and services for our products and services;
|
●
|
The impact of changes in financial services policies, laws and regulations, including those concerning taxes, banking, securities and insurance, and the application thereof by regulatory bodies;
|
●
|
Technological changes;
|
●
|
The effect of the Palm Desert National Acquisition, the Canyon National Acquisition and other acquisitions we may make, if any, including, without limitation, the failure to achieve the expected revenue growth and/or expense savings from such acquisitions;
|
●
|
Changes in the level of our nonperforming assets and charge-offs;
|
●
|
Oversupply of inventory and continued deterioration in values of California real estate, both residential and commercial;
|
●
|
The effect of changes in accounting policies and practices, as may be adopted from time-to-time by bank regulatory agencies, the SEC, the Public Company Accounting Oversight Board, the FASB or other accounting standards setters;
|
●
|
Possible other-than-temporary impairments (“OTTI”) of securities held by us;
|
●
|
The impact of current governmental efforts to restructure the United States financial regulatory system, including enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”);
|
●
|
Changes in consumer spending, borrowing and savings habits;
|
●
|
The effects of our lack of a diversified loan portfolio, including the risks of geographic and industry concentrations;
|
●
|
Ability to attract deposits and other sources of liquidity;
|
●
|
Changes in the financial performance and/or condition of our borrowers;
|
●
|
Changes in the competitive environment among financial and bank holding companies and other financial service providers;
|
●
|
Geopolitical conditions, including acts or threats of terrorism, actions taken by the United States or other governments in response to acts or threats of terrorism and/or military conflicts, which could impact business and economic conditions in the United States and abroad;
|
●
|
Unanticipated regulatory or judicial proceedings; and
|
●
|
Our ability to manage the risks involved in the foregoing.
|
●
|
$63.8 million of loans;
|
●
|
$39.5 million of cash and cash equivalents;
|
●
|
$11.5 million of OREO;
|
●
|
$1.5 million in investment securities, including FHLB and Federal Reserve Bank stock;
|
●
|
$840,000 of a core deposit intangible; and
|
●
|
$3.8 million of other types of assets.
|
●
|
$50.1 million in deposit transaction accounts;
|
●
|
$30.8 million in retail certificates of deposit;
|
●
|
$34.1 million in whole sale certificates of deposits, which were purposefully run off during the second quarter of 2012;
|
●
|
$2.4 million in deferred tax liability associated with the bargain purchase gain; and
|
●
|
$578,000 of other liabilities.
|
●
|
Interest income earned from average interest-earning assets and the resultant yields; and
|
●
|
Interest expense incurred from average interest-bearing liabilities and resultant costs, expressed as rates.
|
Average Balance Sheet
|
||||||||||||||||||||||||
Three Months Ended
|
Three Months Ended
|
|||||||||||||||||||||||
June 30, 2012
|
June 30, 2011
|
|||||||||||||||||||||||
Average
|
Average
|
Average
|
Average
|
|||||||||||||||||||||
Balance
|
Interest
|
Yield/Cost
|
Balance
|
Interest
|
Yield/Cost
|
|||||||||||||||||||
Assets
|
(dollars in thousands)
|
|||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Cash and cash equivalents
|
$ | 72,988 | $ | 35 | 0.19 | % | $ | 63,393 | $ | 32 | 0.20 | % | ||||||||||||
Federal funds sold
|
27 | - | 0.00 | % | 10,406 | 2 | 0.08 | % | ||||||||||||||||
Investment securities
|
163,151 | 913 | 2.24 | % | 145,503 | 1,025 | 2.82 | % | ||||||||||||||||
Loans receivable, net (1)
|
736,178 | 12,098 | 6.57 | % | 684,346 | 11,750 | 6.87 | % | ||||||||||||||||
Total interest-earning assets
|
972,344 | 13,046 | 5.36 | % | 903,648 | 12,809 | 5.67 | % | ||||||||||||||||
Noninterest-earning assets
|
48,880 | 49,164 | ||||||||||||||||||||||
Total assets
|
$ | 1,021,224 | $ | 952,812 | ||||||||||||||||||||
Liabilities and Equity
|
||||||||||||||||||||||||
Deposit accounts:
|
||||||||||||||||||||||||
Noninterest-bearing
|
$ | 140,352 | $ | - | 0.00 | % | $ | 121,678 | $ | - | 0.00 | % | ||||||||||||
Interest-bearing:
|
||||||||||||||||||||||||
Transaction accounts
|
323,813 | 223 | 0.28 | % | 283,418 | 369 | 0.52 | % | ||||||||||||||||
Retail certificates of deposit
|
416,818 | 1,221 | 1.18 | % | 410,022 | 1,777 | 1.74 | % | ||||||||||||||||
Wholesale certificates of deposit
|
3,514 | 3 | 0.34 | % | 11,792 | 15 | 0.51 | % | ||||||||||||||||
Total deposits
|
884,497 | 1,447 | 0.66 | % | 826,910 | 2,161 | 1.05 | % | ||||||||||||||||
Other borrowings
|
28,588 | 235 | 3.31 | % | 28,676 | 235 | 3.29 | % | ||||||||||||||||
Subordinated debentures
|
10,310 | 82 | 3.20 | % | 10,310 | 77 | 3.00 | % | ||||||||||||||||
Total borrowings
|
38,898 | 317 | 3.28 | % | 38,986 | 312 | 3.21 | % | ||||||||||||||||
Total deposits and borrowings
|
923,395 | 1,764 | 0.77 | % | 865,896 | 2,473 | 1.15 | % | ||||||||||||||||
Other liabilities
|
5,627 | 5,948 | ||||||||||||||||||||||
Total liabilities
|
929,022 | 871,844 | ||||||||||||||||||||||
Stockholders' equity
|
92,202 | 80,968 | ||||||||||||||||||||||
Total liabilities and equity
|
$ | 1,021,224 | $ | 952,812 | ||||||||||||||||||||
Net interest income
|
$ | 11,282 | $ | 10,336 | ||||||||||||||||||||
Net interest rate spread (2)
|
4.59 | % | 4.52 | % | ||||||||||||||||||||
Net interest margin (3)
|
4.64 | % | 4.58 | % | ||||||||||||||||||||
Ratio of interest-earning assets to deposits and borrowings
|
105.30 | % | 104.36 | % | ||||||||||||||||||||
(1) Average balance includes loans held for sale and nonperforming loans and is net of deferred loan origination fees, unamortized discounts and premiums, and ALLL. | ||||||||||||||||||||||||
(2) Represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities. | ||||||||||||||||||||||||
(3) Represents net interest income divided by average interest-earning assets. |
Average Balance Sheet
|
||||||||||||||||||||||||
Six Months Ended
|
Six Months Ended
|
|||||||||||||||||||||||
June 30, 2012
|
June 30, 2011
|
|||||||||||||||||||||||
Average
|
Average
|
Average
|
Average
|
|||||||||||||||||||||
Balance
|
Interest
|
Yield/Cost
|
Balance
|
Interest
|
Yield/Cost
|
|||||||||||||||||||
Assets
|
(dollars in thousands)
|
|||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Cash and cash equivalents
|
$ | 84,583 | $ | 86 | 0.20 | % | $ | 59,779 | $ | 61 | 0.21 | % | ||||||||||||
Federal funds sold
|
27 | - | 0.00 | % | 8,165 | 3 | 0.07 | % | ||||||||||||||||
Investment securities
|
149,683 | 1,741 | 2.33 | % | 158,125 | 2,196 | 2.78 | % | ||||||||||||||||
Loans receivable, net (1)
|
717,551 | 23,335 | 6.50 | % | 658,365 | 22,283 | 6.77 | % | ||||||||||||||||
Total interest-earning assets
|
951,844 | 25,162 | 5.28 | % | 884,434 | 24,543 | 5.55 | % | ||||||||||||||||
Noninterest-earning assets
|
44,690 | 46,658 | ||||||||||||||||||||||
Total assets
|
$ | 996,534 | $ | 931,092 | ||||||||||||||||||||
Liabilities and Equity
|
||||||||||||||||||||||||
Deposit accounts:
|
||||||||||||||||||||||||
Noninterest-bearing
|
$ | 129,269 | $ | - | 0.00 | % | $ | 104,520 | $ | - | 0.00 | % | ||||||||||||
Interest-bearing:
|
||||||||||||||||||||||||
Transaction accounts
|
309,614 | 552 | 0.36 | % | 268,284 | 814 | 0.61 | % | ||||||||||||||||
Retail certificates of deposit
|
420,226 | 2,649 | 1.27 | % | 410,602 | 3,590 | 1.76 | % | ||||||||||||||||
Wholesale certificates of deposit
|
1,757 | 2 | 0.23 | % | 9,841 | 25 | 0.51 | % | ||||||||||||||||
Total deposits
|
860,866 | 3,203 | 0.75 | % | 793,247 | 4,429 | 1.13 | % | ||||||||||||||||
Other borrowings
|
28,577 | 470 | 3.31 | % | 41,793 | 523 | 2.52 | % | ||||||||||||||||
Subordinated debentures
|
10,310 | 166 | 3.24 | % | 10,310 | 153 | 2.99 | % | ||||||||||||||||
Total borrowings
|
38,887 | 636 | 3.29 | % | 52,103 | 676 | 2.62 | % | ||||||||||||||||
Total deposits and borrowings
|
899,753 | 3,839 | 0.86 | % | 845,350 | 5,105 | 1.22 | % | ||||||||||||||||
Other liabilities
|
6,689 | 6,034 | ||||||||||||||||||||||
Total liabilities
|
906,442 | 851,384 | ||||||||||||||||||||||
Stockholders' equity
|
90,092 | 79,708 | ||||||||||||||||||||||
Total liabilities and equity
|
$ | 996,534 | $ | 931,092 | ||||||||||||||||||||
Net interest income
|
$ | 21,323 | $ | 19,438 | ||||||||||||||||||||
Net interest rate spread (2)
|
4.42 | % | 4.33 | % | ||||||||||||||||||||
Net interest margin (3)
|
4.48 | % | 4.40 | % | ||||||||||||||||||||
Ratio of interest-earning assets to deposits and borrowings
|
105.79 | % | 104.62 | % | ||||||||||||||||||||
(1) Average balance includes loans held for sale and nonperforming loans and is net of deferred loan origination fees, unamortized discounts and premiums, and ALLL. | ||||||||||||||||||||||||
(2) Represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities. | ||||||||||||||||||||||||
(3) Represents net interest income divided by average interest-earning assets. |
●
|
Changes in interest rates (changes in interest rates multiplied by prior volume);
|
●
|
Changes in volume (changes in volume multiplied by prior rate); and
|
●
|
The net change or the combined impact of volume and rate changes allocated proportionately to changes in volume and changes in interest rates.
|
Three Months Ended June 30, 2012
|
Six Months Ended June 30, 2012
|
|||||||||||||||||||||||
Compared to
|
Compared to
|
|||||||||||||||||||||||
Three Months Ended June 30, 2011
|
Six Months Ended June 30, 2011
|
|||||||||||||||||||||||
Increase (decrease) due to
|
Increase (decrease) due to
|
|||||||||||||||||||||||
Rate
|
Volume
|
Net
|
Rate
|
Volume
|
Net
|
|||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||
Interest-earning assets
|
||||||||||||||||||||||||
Cash and cash equivalents
|
$ | (2 | ) | $ | 5 | $ | 3 | $ | - | $ | 25 | $ | 25 | |||||||||||
Federal funds sold
|
(1 | ) | (1 | ) | (2 | ) | (2 | ) | (1 | ) | (3 | ) | ||||||||||||
Investment securities
|
(227 | ) | 115 | (112 | ) | (342 | ) | (113 | ) | (455 | ) | |||||||||||||
Loans receivable, net
|
(512 | ) | 860 | 348 | (908 | ) | 1,960 | 1,052 | ||||||||||||||||
Total interest-earning assets
|
$ | (742 | ) | $ | 979 | $ | 237 | $ | (1,252 | ) | $ | 1,871 | $ | 619 | ||||||||||
Interest-bearing liabilities
|
||||||||||||||||||||||||
Transaction accounts
|
$ | (194 | ) | $ | 48 | $ | (146 | ) | $ | (373 | ) | $ | 111 | $ | (262 | ) | ||||||||
Retail certificates of deposit
|
(584 | ) | 28 | (556 | ) | (1,024 | ) | 83 | (941 | ) | ||||||||||||||
Wholesale/brokered certificates of deposit
|
(4 | ) | (8 | ) | (12 | ) | (9 | ) | (14 | ) | (23 | ) | ||||||||||||
FHLB advances and other borrowings
|
1 | (1 | ) | - | 139 | (192 | ) | (53 | ) | |||||||||||||||
Subordinated debentures
|
5 | - | 5 | 13 | - | 13 | ||||||||||||||||||
Total interest-bearing liabilities
|
$ | (776 | ) | $ | 67 | $ | (709 | ) | $ | (1,254 | ) | $ | (12 | ) | $ | (1,266 | ) | |||||||
Change in net interest income
|
$ | 34 | $ | 912 | $ | 946 | $ | 2 | $ | 1,883 | $ | 1,885 |
June 30, 2012
|
December 31, 2011
|
June 30, 2011
|
||||||||||||||||||||||||||||||||||
Weighted
|
Weighted
|
Weighted
|
||||||||||||||||||||||||||||||||||
Percent
|
Average
|
Percent
|
Average
|
Percent
|
Average
|
|||||||||||||||||||||||||||||||
Amount
|
of Total
|
Interest Rate
|
Amount
|
of Total
|
Interest Rate
|
Amount
|
of Total
|
Interest Rate
|
||||||||||||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||||||||||||||||||
Multi-family
|
$ | 183,742 | 23.0 | % | 5.95 | % | $ | 193,830 | 26.2 | % | 6.00 | % | $ | 231,604 | 32.6 | % | 6.15 | % | ||||||||||||||||||
Commercial non-owner occupied
|
242,700 | 30.4 | % | 5.99 | % | 164,341 | 22.2 | % | 6.60 | % | 155,419 | 21.9 | % | 6.64 | % | |||||||||||||||||||||
One-to-four family (1)
|
56,694 | 7.1 | % | 5.11 | % | 60,027 | 8.1 | % | 5.10 | % | 64,550 | 9.1 | % | 5.22 | % | |||||||||||||||||||||
Construction
|
281 | 0.1 | % | 5.25 | % | - | 0.0 | % | 0.00 | % | - | 0.0 | % | 0.00 | % | |||||||||||||||||||||
Land
|
11,191 | 1.4 | % | 5.37 | % | 6,438 | 0.9 | % | 5.80 | % | 8,752 | 1.2 | % | 5.64 | % | |||||||||||||||||||||
Business loans:
|
||||||||||||||||||||||||||||||||||||
Commercial owner occupied (2)
|
150,428 | 18.8 | % | 6.31 | % | 152,299 | 20.6 | % | 6.60 | % | 147,186 | 20.7 | % | 6.51 | % | |||||||||||||||||||||
Commercial and industrial
|
84,191 | 10.5 | % | 5.47 | % | 86,684 | 11.7 | % | 5.80 | % | 70,744 | 9.9 | % | 6.40 | % | |||||||||||||||||||||
Warehouse facilities
|
61,111 | 7.7 | % | 5.34 | % | 67,518 | 9.1 | % | 5.40 | % | 21,758 | 3.0 | % | 5.30 | % | |||||||||||||||||||||
SBA
|
3,995 | 0.5 | % | 6.06 | % | 4,727 | 0.7 | % | 6.00 | % | 4,682 | 0.7 | % | 5.99 | % | |||||||||||||||||||||
Other loans
|
4,019 | 0.5 | % | 6.99 | % | 3,390 | 0.5 | % | 7.60 | % | 6,497 | 0.9 | % | 5.84 | % | |||||||||||||||||||||
Total gross loans (3)
|
798,352 | 100.0 | % | 5.88 | % | 739,254 | 100.0 | % | 6.10 | % | 711,192 | 100.0 | % | 6.23 | % | |||||||||||||||||||||
Less loans held for sale
|
2,401 | - | - | |||||||||||||||||||||||||||||||||
Total gross loans held for investment
|
795,951 | 739,254 | 711,192 | |||||||||||||||||||||||||||||||||
Less:
|
||||||||||||||||||||||||||||||||||||
Deferred loan origination costs/(fees) and premiums/(discounts)
|
(632 | ) | (665 | ) | (3,096 | ) | ||||||||||||||||||||||||||||||
Allowance for loan losses
|
(7,658 | ) | (8,522 | ) | (8,517 | ) | ||||||||||||||||||||||||||||||
Loans held for investment, net
|
$ | 787,661 | $ | 730,067 | $ | 699,579 | ||||||||||||||||||||||||||||||
(1) Includes second trust deeds.
|
||||||||||||||||||||||||||||||||||||
(2) Majority secured by real estate.
|
||||||||||||||||||||||||||||||||||||
(3) Total gross loans for June 30, 2012 is net of the mark-to-market discounts on Canyon National loans of $3.7 million and on Palm Desert National loans of $11.0 million.
|
Six Months Ended
|
||||||||
June 30, 2012
|
June 30, 2011
|
|||||||
(in thousands)
|
||||||||
Beginning balance gross loans
|
$ | 739,254 | $ | 567,644 | ||||
Loans originated:
|
||||||||
Real estate loans:
|
||||||||
Multi-family
|
6,497 | 2,018 | ||||||
Commercial non-owner occupied
|
32,529 | - | ||||||
One-to-four family
|
6,086 | - | ||||||
Business loans:
|
||||||||
Commercial owner occupied (1)
|
6,516 | 1,363 | ||||||
Commercial and industrial
|
16,894 | 8,070 | ||||||
Warehouse facilities
|
51,449 | 18,000 | ||||||
SBA
|
1,332 | 3,604 | ||||||
Other loans
|
663 | 3,907 | ||||||
Total loans originated
|
121,966 | 36,962 | ||||||
Loans purchased:
|
||||||||
Multi-family
|
3,690 | 3,075 | ||||||
Commercial non-owner occupied
|
55,313 | 28,732 | ||||||
Commercial owner occupied
|
11,786 | 45,557 | ||||||
Commercial and industrial
|
5,033 | 28,536 | ||||||
One-to-four family
|
4,437 | 28,987 | ||||||
Construction
|
198 | 5,592 | ||||||
Land
|
5,395 | 9,414 | ||||||
Other loans
|
2,256 | 21,578 | ||||||
Total loans purchased
|
88,108 | 171,471 | ||||||
Total loan production
|
210,074 | 208,433 | ||||||
Principal repayments
|
(92,186 | ) | (30,049 | ) | ||||
Sales of loans
|
(584 | ) | (23,852 | ) | ||||
Change in undisbursed loan funds, net
|
(57,361 | ) | (11,096 | ) | ||||
Charge-offs
|
(959 | ) | (1,843 | ) | ||||
Change in mark-to-market discounts from FDIC transactions
|
2,611 | 4,062 | ||||||
Transfer to other real estate owned
|
(2,497 | ) | (2,107 | ) | ||||
Net increase in gross loans
|
59,098 | 143,548 | ||||||
Ending balance gross loans
|
$ | 798,352 | $ | 711,192 | ||||
(1) Majority secured by real estate.
|
June 30, 2012
|
||||||||||||||||
Weighted
|
Weighted
|
|||||||||||||||
Number
|
Average
|
Average Months
|
||||||||||||||
Periods to Repricing
|
of Loans
|
Amount
|
Interest Rate
|
to Reprice
|
||||||||||||
(dollars in thousands)
|
||||||||||||||||
1 Year and less
|
974 | $ | 451,293 | 5.94 | % | 2.58 | ||||||||||
Over 1 Year to 3 Years
|
55 | 48,357 | 6.30 | % | 20.63 | |||||||||||
Over 3 Years to 5 Years
|
79 | 77,933 | 4.75 | % | 55.14 | |||||||||||
Over 5 Years to 7 Years
|
34 | 43,849 | 5.10 | % | 68.23 | |||||||||||
Over 7 Years to 10 Years
|
7 | 5,371 | 5.08 | % | 110.33 | |||||||||||
Total adjustable
|
1,149 | 626,803 | 5.75 | % | 16.08 | |||||||||||
Fixed
|
706 | 171,549 | 6.31 | % | - | |||||||||||
Total
|
1,855 | $ | 798,352 | 5.88 | % |
30 - 59 Days
|
60 - 89 Days
|
90 Days or More (1)
|
Total
|
|||||||||||||||||||||||||||||
# of
Loans
|
Principal
Balance
of Loans
|
# of
Loans
|
Principal
Balance
of Loans
|
# of
Loans
|
Principal
Balance
of Loans
|
# of
Loans
|
Principal
Balance
of Loans
|
|||||||||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||||||||||
At June 30, 2012
|
||||||||||||||||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||||||||||||||
Multi-family
|
- | $ | - | 1 | $ | 2,835 | - | $ | - | 1 | $ | 2,835 | ||||||||||||||||||||
Commercial non-owner occupied
|
1 | 259 | - | - | 2 | 1,151 | 3 | $ | 1,410 | |||||||||||||||||||||||
One-to-four family
|
1 | 93 | - | - | 1 | 13 | 2 | 106 | ||||||||||||||||||||||||
Land
|
- | - | - | - | 1 | 257 | 1 | 257 | ||||||||||||||||||||||||
Business loans:
|
||||||||||||||||||||||||||||||||
Commercial owner occupied
|
- | - | - | - | 3 | 1,528 | 3 | 1,528 | ||||||||||||||||||||||||
Commercial and industrial
|
- | - | 1 | 50 | - | - | 1 | 50 | ||||||||||||||||||||||||
SBA
|
1 | 46 | - | - | 6 | 474 | 7 | 520 | ||||||||||||||||||||||||
Other
|
2 | 1 | - | - | - | - | 2 | 1 | ||||||||||||||||||||||||
Total
|
5 | $ | 399 | 2 | $ | 2,885 | 13 | $ | 3,423 | 20 | $ | 6,707 | ||||||||||||||||||||
Delinquent loans to total gross loans
|
0.05 | % | 0.36 | % | 0.43 | % | 0.84 | % | ||||||||||||||||||||||||
At December 31, 2011
|
||||||||||||||||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||||||||||||||
Commercial non-owner occupied
|
1 | $ | 434 | - | $ | - | 3 | $ | 1,244 | 4 | $ | 1,678 | ||||||||||||||||||||
One-to-four family
|
4 | 201 | - | - | 2 | 323 | 6 | 524 | ||||||||||||||||||||||||
Land
|
- | - | 1 | 617 | 1 | 52 | 2 | 669 | ||||||||||||||||||||||||
Business loans:
|
||||||||||||||||||||||||||||||||
Commercial owner occupied
|
- | - | - | - | 3 | 919 | 3 | 919 | ||||||||||||||||||||||||
Commercial and industrial
|
1 | 12 | - | - | 4 | 1,057 | 5 | 1,069 | ||||||||||||||||||||||||
SBA
|
1 | 49 | 1 | 113 | 8 | 665 | 10 | 827 | ||||||||||||||||||||||||
Other
|
2 | 3 | 1 | 1 | - | - | 3 | 4 | ||||||||||||||||||||||||
Total
|
9 | $ | 699 | 3 | $ | 731 | 21 | $ | 4,260 | 33 | $ | 5,690 | ||||||||||||||||||||
Delinquent loans to total gross loans
|
0.09 | % | 0.10 | % | 0.58 | % | 0.77 | % | ||||||||||||||||||||||||
At June 30, 2011
|
||||||||||||||||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||||||||||||||
Multi-family
|
- | $ | - | - | $ | - | 3 | $ | 2,705 | 3 | $ | 2,705 | ||||||||||||||||||||
Commercial non-owner occupied
|
1 | 328 | 2 | 989 | 3 | 822 | 6 | 2,139 | ||||||||||||||||||||||||
One-to-four family
|
2 | 116 | 4 | 518 | 5 | 325 | 11 | 959 | ||||||||||||||||||||||||
Land
|
1 | 62 | - | - | 6 | 257 | 7 | 319 | ||||||||||||||||||||||||
Business loans:
|
||||||||||||||||||||||||||||||||
Commercial owner occupied
|
2 | 852 | 1 | 1,709 | 4 | 1,869 | 7 | 4,430 | ||||||||||||||||||||||||
Commercial and industrial
|
6 | 1,089 | 1 | 20 | 4 | 1,078 | 11 | 2,187 | ||||||||||||||||||||||||
SBA
|
1 | 72 | - | - | 7 | 720 | 8 | 792 | ||||||||||||||||||||||||
Other
|
2 | 37 | 2 | 26 | 2 | 19 | 6 | 82 | ||||||||||||||||||||||||
Total
|
15 | $ | 2,556 | 10 | $ | 3,262 | 34 | $ | 7,795 | 59 | $ | 13,613 | ||||||||||||||||||||
Delinquent loans to total gross loans
|
0.36 | % | 0.46 | % | 1.10 | % | 1.91 | % | ||||||||||||||||||||||||
(1) All loans that are delinquent 90 days or more are on nonaccrual status and reported as part of nonperforming loans.
|
June 30, 2012
|
December 31, 2011
|
June 30, 2011
|
||||||||||||||||||||||||||||||||||
Allowance
|
% of Loans
|
Allowance
|
% of Loans
|
Allowance
|
% of Loans
|
|||||||||||||||||||||||||||||||
Balance at End of
|
as a % of
|
in Category to
|
as a % of
|
in Category to
|
as a % of
|
in Category to
|
||||||||||||||||||||||||||||||
Period Applicable to
|
Amount
|
Category Total
|
Total Loans
|
Amount
|
Category Total
|
Total Loans
|
Amount
|
Category Total
|
Total Loans
|
|||||||||||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||||||||||||||||||
Multi-family
|
$ | 2,284 | 1.24 | % | 23.0 | % | $ | 2,281 | 1.18 | % | 26.2 | % | $ | 2,456 | 1.06 | % | 32.6 | % | ||||||||||||||||||
Commercial non-owner occupied
|
1,667 | 0.69 | % | 30.4 | % | 1,287 | 0.78 | % | 22.2 | % | 1,490 | 0.96 | % | 21.9 | % | |||||||||||||||||||||
One-to-four family
|
303 | 0.53 | % | 7.1 | % | 931 | 1.55 | % | 8.1 | % | 324 | 0.50 | % | 9.1 | % | |||||||||||||||||||||
Construction
|
- | 0.00 | % | 0.1 | % | - | 0.00 | % | 0.0 | % | - | 0.00 | % | 0.0 | % | |||||||||||||||||||||
Land
|
- | 0.00 | % | 1.4 | % | 39 | 0.61 | % | 0.9 | % | - | 0.00 | % | 1.2 | % | |||||||||||||||||||||
Business loans:
|
||||||||||||||||||||||||||||||||||||
Commercial owner occupied
|
1,076 | 0.72 | % | 18.8 | % | 1,119 | 0.73 | % | 20.6 | % | 1,536 | 1.04 | % | 20.7 | % | |||||||||||||||||||||
Commercial and industrial
|
1,250 | 1.48 | % | 10.5 | % | 1,361 | 1.57 | % | 11.7 | % | 1,959 | 2.77 | % | 9.9 | % | |||||||||||||||||||||
Warehouse facilities
|
908 | 1.49 | % | 7.7 | % | 1,347 | 2.00 | % | 9.1 | % | 602 | 2.77 | % | 3.0 | % | |||||||||||||||||||||
SBA
|
151 | 3.78 | % | 0.5 | % | 80 | 1.69 | % | 0.7 | % | 97 | 2.07 | % | 0.7 | % | |||||||||||||||||||||
Other Loans
|
19 | 0.47 | % | 0.5 | % | 77 | 2.27 | % | 0.5 | % | 53 | 0.82 | % | 0.9 | % | |||||||||||||||||||||
Total
|
$ | 7,658 | 0.96 | % | 100.0 | % | $ | 8,522 | 1.15 | % | 100.0 | % | $ | 8,517 | 1.20 | % | 100.0 | % |
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
(dollars in thousands)
|
||||||||||||||||
Balance, beginning of period
|
$ | 8,116 | $ | 8,879 | $ | 8,522 | $ | 8,879 | ||||||||
Provision for loan losses
|
- | 1,300 | - | 1,406 | ||||||||||||
Charge-offs:
|
||||||||||||||||
Real estate:
|
||||||||||||||||
Multi-family
|
- | (321 | ) | - | (349 | ) | ||||||||||
Commercial non-owner occupied
|
(87 | ) | - | (88 | ) | - | ||||||||||
One-to-four family
|
(183 | ) | (274 | ) | (305 | ) | (416 | ) | ||||||||
Land
|
- | (161 | ) | - | (161 | ) | ||||||||||
Business loans:
|
||||||||||||||||
Commercial owner occupied
|
(265 | ) | (98 | ) | (265 | ) | (98 | ) | ||||||||
Commercial and industrial
|
- | (712 | ) | (191 | ) | (712 | ) | |||||||||
SBA
|
(1 | ) | (52 | ) | (109 | ) | (52 | ) | ||||||||
Other loans
|
- | (55 | ) | (1 | ) | (55 | ) | |||||||||
Total charge-offs
|
(536 | ) | (1,673 | ) | (959 | ) | (1,843 | ) | ||||||||
Recoveries :
|
||||||||||||||||
Real estate:
|
||||||||||||||||
Multi-family
|
- | - | - | - | ||||||||||||
Commercial non-owner occupied
|
- | - | - | - | ||||||||||||
One-to-four family
|
4 | 1 | 5 | 55 | ||||||||||||
Construction
|
- | - | - | - | ||||||||||||
Land
|
- | - | - | - | ||||||||||||
Business loans:
|
||||||||||||||||
Commercial owner occupied
|
- | - | - | - | ||||||||||||
Commercial and industrial
|
1 | - | 2 | - | ||||||||||||
Warehouse facilities
|
- | - | - | - | ||||||||||||
SBA
|
66 | 5 | 77 | 11 | ||||||||||||
Other loans
|
7 | 5 | 11 | 9 | ||||||||||||
Total recoveries
|
78 | 11 | 95 | 75 | ||||||||||||
Net loan charge-offs
|
(458 | ) | (1,662 | ) | (864 | ) | (1,768 | ) | ||||||||
Balance at end of period
|
$ | 7,658 | $ | 8,517 | $ | 7,658 | $ | 8,517 | ||||||||
Ratios:
|
||||||||||||||||
Net charge-offs to average total loans, net
|
0.25 | % | 0.97 | % | 0.24 | % | 0.54 | % | ||||||||
Allowance for loan losses to gross loans at end of period
|
0.96 | % | 1.20 | % | 0.96 | % | 1.20 | % |
June 30, 2012
|
||||||||||||||||
Amortized Cost
|
Unrealized
Gain
|
Unrealized
Loss
|
Estimated
Fair Value
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Investment securities available for sale:
|
|
|||||||||||||||
U.S. Treasury
|
$ | 247 | $ | 14 | $ | - | $ | 261 | ||||||||
Municipal bonds
|
39,928 | 1,259 | (71 | ) | 41,116 | |||||||||||
Mortgage-backed securities
|
103,990 | 1,389 | (622 | ) | 104,757 | |||||||||||
Total securities available for sale
|
144,165 | 2,662 | (693 | ) | 146,134 | |||||||||||
Stock:
|
||||||||||||||||
FHLB stock
|
10,725 | - | - | 10,725 | ||||||||||||
Federal Reserve Bank stock
|
2,019 | - | - | 2,019 | ||||||||||||
Total stock
|
12,744 | - | - | 12,744 | ||||||||||||
Total securities
|
$ | 156,909 | $ | 2,662 | $ | (693 | ) | $ | 158,878 | |||||||
December 31, 2011
|
||||||||||||||||
Amortized Cost
|
Unrealized
Gain
|
Unrealized
Loss
|
Estimated
Fair Value
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Investment securities available for sale:
|
||||||||||||||||
U.S. Treasury
|
$ | 147 | $ | 15 | $ | - | $ | 162 | ||||||||
Municipal bonds
|
23,354 | 788 | (3 | ) | 24,139 | |||||||||||
Mortgage-backed securities
|
91,605 | 634 | (895 | ) | 91,344 | |||||||||||
Total securities available for sale
|
115,106 | 1,437 | (898 | ) | 115,645 | |||||||||||
Stock:
|
||||||||||||||||
FHLB stock
|
10,456 | - | - | 10,456 | ||||||||||||
Federal Reserve Bank stock
|
2,019 | - | - | 2,019 | ||||||||||||
Total stock
|
12,475 | - | - | 12,475 | ||||||||||||
Total securities
|
$ | 127,581 | $ | 1,437 | $ | (898 | ) | $ | 128,120 | |||||||
June 30, 2011
|
||||||||||||||||
Amortized Cost
|
Unrealized
Gain
|
Unrealized
Loss
|
Estimated
Fair Value
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Investment securities available for sale:
|
||||||||||||||||
U.S. Treasury
|
$ | 147 | $ | 14 | $ | - | $ | 161 | ||||||||
Municipal bonds
|
23,069 | 297 | (182 | ) | 23,184 | |||||||||||
Mortgage-backed securities
|
117,789 | 1,411 | (1,241 | ) | 117,959 | |||||||||||
Total securities available for sale
|
141,005 | 1,722 | (1,423 | ) | 141,304 | |||||||||||
Stock:
|
||||||||||||||||
FHLB stock
|
11,473 | - | - | 11,473 | ||||||||||||
Federal Reserve Bank stock
|
2,019 | - | - | 2,019 | ||||||||||||
Total stock
|
13,492 | - | - | 13,492 | ||||||||||||
Total securities
|
$ | 154,497 | $ | 1,722 | $ | (1,423 | ) | $ | 154,796 |
June 30, 2012
|
||||||||||||||||||||||||||||||||||||||||
One Year
|
More than One
|
More than Five Years
|
More than
|
|
||||||||||||||||||||||||||||||||||||
or Less
|
to Five Years
|
to Ten Years
|
Ten Years
|
Total
|
||||||||||||||||||||||||||||||||||||
Fair Value
|
Weighted
Average Yield
|
Fair Value
|
Weighted
Average Yield
|
Fair Value
|
Weighted
Average Yield
|
Fair Value
|
Weighted
Average Yield
|
Fair Value
|
Weighted
Average Yield
|
|||||||||||||||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale:
|
||||||||||||||||||||||||||||||||||||||||
U.S. Treasury
|
$ | 175 | 1.48 | % | $ | - | 0.00 | % | $ | 86 | 3.53 | % | $ | - | 0.00 | % | $ | 261 | 2.28 | % | ||||||||||||||||||||
Municipal bonds
|
- | 0.00 | % | - | 0.00 | % | 3,973 | 2.34 | % | 37,143 | 3.10 | % | 41,116 | 3.12 | % | |||||||||||||||||||||||||
Mortgage-backed securities
|
4,128 | 0.00 | % | 60 | 5.20 | % | 12,093 | 1.27 | % | 88,476 | 2.18 | % | 104,757 | 2.04 | % | |||||||||||||||||||||||||
Total investment securities available for sale
|
4,303 | 0.06 | % | 60 | 5.20 | % | 16,152 | 1.55 | % | 125,619 | 2.45 | % | 146,134 | 2.34 | % | |||||||||||||||||||||||||
Stock:
|
||||||||||||||||||||||||||||||||||||||||
FHLB
|
10,725 | 0.00 | % | - | 0.00 | % | - | 0.00 | % | - | 0.00 | % | 10,725 | 0.00 | % | |||||||||||||||||||||||||
Federal Reserve Bank
|
2,019 | 6.00 | % | - | 0.00 | % | - | 0.00 | % | - | 0.00 | % | 2,019 | 6.00 | % | |||||||||||||||||||||||||
Total stock
|
12,744 | 0.95 | % | - | 0.00 | % | - | 0.00 | % | - | 0.00 | % | 12,744 | 0.95 | % | |||||||||||||||||||||||||
Total securities
|
$ | 17,047 | 0.73 | % | $ | 60 | 5.20 | % | $ | 16,152 | 1.55 | % | $ | 125,619 | 2.45 | % | $ | 158,878 | 2.22 | % |
●
|
An evaluation of the present value of estimated cash flows from the security using the current yield to accrete beneficial interest and including assumptions in the prepayment rate, default rate, delinquencies, loss severity and percentage of nonperforming assets;
|
●
|
An evaluation of the estimated payback period to recover principal;
|
●
|
An analysis of the credit support available in the underlying security to absorb losses; and
|
●
|
A review of the financial condition and near term prospects of the issuer.
|
Three Months Ended
|
Three Months Ended
|
|||||||||||||||||||||||||||||||
June 30, 2012
|
June 30, 2011
|
|||||||||||||||||||||||||||||||
Rating
|
Number
|
Fair Value
|
OTTI Credit Loss
|
Non Credit Gain (Loss) in AOCI
|
Number
|
Fair Value
|
OTTI Credit Loss
|
Non Credit Gain (Loss) in AOCI
|
||||||||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||||||||||
C | 1 | $ | - | $ | (4 | ) | $ | 2 | 1 | $ | 149 | $ | (13 | ) | $ | 38 | ||||||||||||||||
CC
|
2 | 394 | (33 | ) | 26 | 2 | 13 | (43 | ) | (103 | ) | |||||||||||||||||||||
CCC
|
- | - | - | - | 3 | 140 | (66 | ) | (92 | ) | ||||||||||||||||||||||
D | 1 | 39 | (8 | ) | 13 | 3 | 162 | (32 | ) | (2 | ) | |||||||||||||||||||||
Total | 4 | $ | 433 | $ | (45 | ) | $ | 41 | 9 | $ | 464 | $ | (154 | ) | $ | (159 | ) | |||||||||||||||
Six Months Ended
|
Six Months Ended
|
|||||||||||||||||||||||||||||||
June 30, 2012
|
June 30, 2011
|
|||||||||||||||||||||||||||||||
Rating
|
Number
|
Fair Value
|
OTTI credit loss
|
Non Credit Gain (Loss) in AOCI
|
Number
|
Fair Value
|
OTTI credit loss
|
Non Credit Gain (Loss) in AOCI
|
||||||||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||||||||||
BB
|
- | $ | - | $ | - | $ | - | 1 | $ | 7 | $ | (7 | ) | $ | 3 | |||||||||||||||||
C | 1 | - | (3 | ) | 2 | 2 | 152 | (37 | ) | 40 | ||||||||||||||||||||||
CC
|
2 | 394 | (33 | ) | 31 | 3 | 504 | (82 | ) | (124 | ) | |||||||||||||||||||||
CCC
|
- | - | - | - | 5 | 158 | (91 | ) | (86 | ) | ||||||||||||||||||||||
D | 6 | 180 | (46 | ) | 66 | 9 | 168 | (151 | ) | (32 | ) | |||||||||||||||||||||
Total | 9 | $ | 574 | $ | (82 | ) | $ | 99 | 20 | $ | 989 | $ | (368 | ) | $ | (199 | ) |
June 30, 2012
|
December 31, 2011
|
June 30, 2011
|
||||||||||
(dollars in thousands)
|
||||||||||||
Nonperforming assets
|
||||||||||||
Real estate:
|
||||||||||||
Multi-family
|
$ | 3,115 | $ | 293 | $ | 3,011 | ||||||
Commercial non-owner occupied
|
2,094 | 1,495 | 2,502 | |||||||||
One-to-four family
|
486 | 323 | 332 | |||||||||
Land
|
691 | 52 | 257 | |||||||||
Business loans:
|
||||||||||||
Commercial owner occupied
|
1,528 | 2,053 | 1,869 | |||||||||
Commercial and industrial
|
9 | 1,177 | 2,063 | |||||||||
SBA (1)
|
503 | 700 | 834 | |||||||||
Other loans
|
- | - | 20 | |||||||||
Total nonaccrual loans
|
8,426 | 6,093 | 10,888 | |||||||||
Other real estate owned:
|
||||||||||||
Commercial non-owner occupied
|
117 | 341 | 1,410 | |||||||||
One-to-four family
|
179 | 212 | 1,765 | |||||||||
Construction
|
- | - | 263 | |||||||||
Land
|
7,579 | 678 | 716 | |||||||||
Commercial owner occupied
|
1,464 | - | 293 | |||||||||
Total other real estate owned
|
9,339 | 1,231 | 4,447 | |||||||||
Total nonperforming assets, net
|
$ | 17,765 | $ | 7,324 | $ | 15,335 | ||||||
Allowance for loan losses
|
$ | 7,658 | $ | 8,522 | $ | 8,517 | ||||||
Allowance for loan losses as a percent of total nonperforming loans
|
90.89 | % | 139.87 | % | 78.22 | % | ||||||
Nonperforming loans as a percent of gross loans
|
1.06 | % | 0.82 | % | 1.53 | % | ||||||
Nonperforming assets as a percent of total assets
|
1.67 | % | 0.76 | % | 1.62 | % | ||||||
(1) The SBA totals include the guaranteed amount, which was $237,000 as of June 30, 2012, $311,000 as of December 31, 2011, and $216,000 as of June 30, 2011. |
June 30, 2012
|
December 31, 2011
|
June 30, 2011
|
||||||||||||||||||||||||||||||||||
Balance
|
% of Total Deposits
|
Weighted Average Rate
|
Balance
|
% of Total Deposits
|
Weighted Average Rate
|
Balance
|
% of Total Deposits
|
Weighted Average Rate
|
||||||||||||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||||||||||||||
Transaction accounts:
|
||||||||||||||||||||||||||||||||||||
Non-interest bearing checking
|
$ | 150,538 | 16.5 | % | 0.00 | % | $ | 112,313 | 13.5 | % | 0.00 | % | $ | 122,539 | 15.0 | % | 0.00 | % | ||||||||||||||||||
Interest bearing checking
|
92,270 | 10.1 | % | 0.16 | % | 63,620 | 7.7 | % | 0.23 | % | 58,090 | 7.1 | % | 0.24 | % | |||||||||||||||||||||
Money market
|
145,727 | 16.0 | % | 0.36 | % | 132,509 | 16.0 | % | 0.66 | % | 119,289 | 14.7 | % | 0.57 | % | |||||||||||||||||||||
Regular passbook
|
89,559 | 9.8 | % | 0.26 | % | 91,747 | 11.1 | % | 0.50 | % | 106,186 | 13.0 | % | 0.49 | % | |||||||||||||||||||||
Total transaction accounts
|
478,094 | 52.4 | % | 0.19 | % | 400,189 | 48.3 | % | 0.37 | % | 406,104 | 49.8 | % | 0.34 | % | |||||||||||||||||||||
Certificates of deposit accounts:
|
||||||||||||||||||||||||||||||||||||
Less than 1.00%
|
128,398 | 14.1 | % | 0.71 | % | 87,191 | 10.5 | % | 0.68 | % | 69,348 | 8.5 | % | 0.55 | % | |||||||||||||||||||||
1.00 - 1.99 | 286,137 | 31.3 | % | 1.16 | % | 263,241 | 31.8 | % | 1.34 | % | 195,183 | 23.9 | % | 1.56 | % | |||||||||||||||||||||
2.00 - 2.99 | 17,515 | 1.9 | % | 2.72 | % | 73,744 | 8.8 | % | 2.20 | % | 138,183 | 16.9 | % | 2.30 | % | |||||||||||||||||||||
3.00 - 3.99 | 1,331 | 0.1 | % | 3.45 | % | 1,464 | 0.2 | % | 3.41 | % | 1,745 | 0.2 | % | 3.50 | % | |||||||||||||||||||||
4.00 - 4.99 | 719 | 0.1 | % | 4.29 | % | 1,380 | 0.2 | % | 4.47 | % | 2,024 | 0.3 | % | 4.45 | % | |||||||||||||||||||||
5.00 and greater
|
997 | 0.1 | % | 5.28 | % | 1,668 | 0.2 | % | 5.24 | % | 3,398 | 0.4 | % | 5.22 | % | |||||||||||||||||||||
Total certificates of deposit accounts
|
435,097 | 47.6 | % | 1.12 | % | 428,688 | 51.7 | % | 1.39 | % | 409,881 | 50.2 | % | 1.69 | % | |||||||||||||||||||||
Total deposits
|
$ | 913,191 | 100.0 | % | 0.63 | % | $ | 828,877 | 100.0 | % | 0.89 | % | $ | 815,985 | 100.0 | % | 1.02 | % |
●
|
Three inverse putable reverse repurchase agreements totaling $28.5 million at a weighted average rate of 3.26% and secured by approximately $38.3 million of GSE MBS; and
|
●
|
Subordinated Debentures used to fund the issuance of Trust Preferred Securities in 2004 of $10.3 million with a rate of 3.22%. For additional information about the Subordinated Debentures and Trust Preferred Securities, see Note 6 to the Consolidated Financial Statements in this report.
|
June 30, 2012
|
December 31, 2011
|
June 30, 2011
|
||||||||||||||||||||||
Balance
|
Weighted Average Rate
|
Balance
|
Weighted Average Rate
|
Balance
|
Weighted Average Rate
|
|||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||
Reverse repurchase agreements
|
$ | 28,500 | 3.26 | % | $ | 28,500 | 3.26 | % | $ | 28,500 | 3.26 | % | ||||||||||||
Subordinated debentures
|
10,310 | 3.22 | % | 10,310 | 3.15 | % | 10,310 | 3.03 | % | |||||||||||||||
Total borrowings
|
$ | 38,810 | 3.25 | % | $ | 38,810 | 3.23 | % | $ | 38,810 | 3.20 | % | ||||||||||||
Weighted average cost of borrowings during the quarter
|
3.28 | % | 3.24 | % | 3.21 | % | ||||||||||||||||||
Borrowings as a percent of total assets
|
3.6 | % | 4.0 | % | 4.1 | % |
●
|
Proceeds of $92.8 million from the sale and principal payments on loans held for investment;
|
●
|
Increase of $57.4 million from a net change in undisbursed loan funds;
|
●
|
Proceeds of $44.2 million from the sale or maturity of securities available for sale; and
|
●
|
Cash of $39.5 million acquired from the Palm Desert National Acquisition.
|
●
|
Purchase and originate loans held for investment of $143.9 million;
|
●
|
Purchase securities available for sale of $70.5 million; and
|
●
|
Absorb deposit outflows of $31.3 million.
|
June 30, 2012
|
||||||||||||||||||||
Less than
1 year
|
1 - 3
years
|
3 - 5
years
|
More than
5 years
|
Total
|
||||||||||||||||
(in thousands)
|
||||||||||||||||||||
Contractual obligations
|
||||||||||||||||||||
FHLB advances
|
$ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
Other borrowings
|
- | - | - | 28,500 | 28,500 | |||||||||||||||
Subordinated debentures
|
- | - | - | 10,310 | 10,310 | |||||||||||||||
Certificates of deposit
|
245,082 | 185,970 | 3,260 | 785 | 435,097 | |||||||||||||||
Operating leases
|
954 | 1,985 | 1,443 | 2,698 | 7,080 | |||||||||||||||
Total contractual cash obligations
|
$ | 246,036 | $ | 187,955 | $ | 4,703 | $ | 42,293 | $ | 480,987 |
June 30, 2012
|
||||||||||||||||||||
Less than
1 year
|
1 - 3
years
|
3 - 5
years
|
More than
5 years
|
Total
|
||||||||||||||||
(in thousands)
|
||||||||||||||||||||
Other unused commitments
|
||||||||||||||||||||
Home equity lines of credit
|
$ | 520 | $ | - | $ | 1,243 | $ | 3,211 | $ | 4,974 | ||||||||||
Commercial and industrial
|
34,567 | 10,997 | 1,350 | 1,087 | 48,001 | |||||||||||||||
Warehouse facilities
|
- | - | - | 68,714 | 68,714 | |||||||||||||||
All Other
|
1,395 | 33 | 33 | 313 | 1,774 | |||||||||||||||
Standby letters of credit
|
1,382 | 1,199 | - | 500 | 3,081 | |||||||||||||||
Total commitments
|
$ | 37,864 | $ | 12,229 | $ | 2,626 | $ | 73,825 | $ | 126,544 |
Tier-1 Capital to
Adjusted Tangible Assets
|
Tier-1 Risk-Based Capital to
Risk-Weighted Assets
|
Total Capital to
Risk-Weighted Assets
|
||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||
At June 30, 2012
|
||||||||||||||||||||||||
Bank:
|
||||||||||||||||||||||||
Regulatory capital
|
$ | 96,086 | 9.48 | % | $ | 96,086 | 11.28 | % | $ | 103,745 | 12.18 | % | ||||||||||||
Adequately capitalized requirement
|
40,526 | 4.00 | % | 34,060 | 4.00 | % | 68,120 | 8.00 | % | |||||||||||||||
Well capitalized under prompt corrective action provision
|
50,657 | 5.00 | % | 51,090 | 6.00 | % | 85,150 | 10.00 | % | |||||||||||||||
Consolidated:
|
||||||||||||||||||||||||
Regulatory capital
|
97,168 | 9.60 | % | 97,168 | 11.35 | % | 104,931 | 12.26 | % | |||||||||||||||
Adequately capitalized requirement
|
40,493 | 4.00 | % | 34,245 | 4.00 | % | 68,490 | 8.00 | % | |||||||||||||||
At December 31, 2011
|
||||||||||||||||||||||||
Bank:
|
||||||||||||||||||||||||
Regulatory capital
|
$ | 88,793 | 9.44 | % | $ | 88,793 | 11.68 | % | $ | 97,378 | 12.81 | % | ||||||||||||
Adequately capitalized requirement
|
37,640 | 4.00 | % | 30,408 | 4.00 | % | 60,815 | 8.00 | % | |||||||||||||||
Well capitalized under prompt corrective action provision
|
47,050 | 5.00 | % | 45,611 | 6.00 | % | 76,019 | 10.00 | % | |||||||||||||||
Consolidated:
|
||||||||||||||||||||||||
Regulatory capital
|
89,396 | 9.50 | % | 89,396 | 11.69 | % | 97,918 | 12.80 | % | |||||||||||||||
Adequately capitalized requirement
|
37,630 | 4.00 | % | 30,590 | 4.00 | % | 61,180 | 8.00 | % | |||||||||||||||
At June 30, 2011
|
||||||||||||||||||||||||
Bank:
|
||||||||||||||||||||||||
Regulatory capital
|
$ | 83,266 | 8.80 | % | $ | 83,266 | 11.68 | % | $ | 91,782 | 12.88 | % | ||||||||||||
Adequately capitalized requirement
|
37,836 | 4.00 | % | 28,514 | 4.00 | % | 57,028 | 8.00 | % | |||||||||||||||
Well capitalized under prompt corrective action provision
|
47,296 | 5.00 | % | 42,771 | 6.00 | % | 71,285 | 10.00 | % | |||||||||||||||
Consolidated:
|
||||||||||||||||||||||||
Regulatory capital
|
84,102 | 8.90 | % | 84,102 | 11.73 | % | 92,619 | 12.92 | % | |||||||||||||||
Adequately capitalized requirement
|
37,804 | 4.00 | % | 28,701 | 4.00 | % | 57,402 | 8.00 | % |
Exhibit 2
|
Purchase and Assumption Agreement –Whole Bank All Deposits, Among Federal Deposit Insurance Corporation, Receiver of Palm Desert National Bank, Palm Desert, California, Federal Deposit Insurance Corporation and Pacific Premier Bank, Costa Mesa, California dated as of April 27, 2012. (1)
|
|
Exhibit 3.1
|
Amended and Restated Certificate of Incorporation of the Company, as filed with the Delaware Secretary of State on May 31, 2012 (2)
|
|
Exhibit 3.2
|
Amended and Restated Bylaws of the Company, effective as of May 31, 2012 (2)
|
|
Exhibit 10.1
|
Pacific Premier Bancorp, Inc. 2012 Long-Term Incentive Plan (2)
|
|
Exhibit 10.2
|
Form of Incentive Stock Option Award Agreement (2)
|
|
Exhibit 10.3
|
Form of Non-Qualified Stock Option Award Agreement (2)
|
|
Exhibit 10.4
|
Form of Restricted Stock Award Agreement (2)
|
|
Exhibit 31.1
|
Certification of Chief Executive Officer Pursuant to Rule 13a-14(a)/15(d)-14(a) under the Securities Exchange Act of 1934, as amended
|
|
Exhibit 31.2
|
Certification of Chief Financial Officer Pursuant to Rule 13a-14(a)/15(d)-14(a) under the Securities Exchange Act of 1934, as amended
|
|
Exhibit 32
|
Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350 as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002
|
|
Exhibit 101.INS
|
XBRL Instance Document (3)
|
|
Exhibit 101.SCH
|
XBRL Taxonomy Extension Schema Document (3)
|
|
Exhibit 101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document (3)
|
|
Exhibit 101.DEF
|
XBRL Taxonomy Extension Definitions Linkbase Document (3)
|
|
Exhibit 101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document (3)
|
|
Exhibit 101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document (3)
|
August 13, 2012
|
By:
|
/s/ Steven R. Gardner
|
Date
|
Steven R. Gardner
|
|
President and Chief Executive Officer
|
||
(principal executive officer)
|
||
August 13, 2012
|
By:
|
/s/ Kent J. Smith
|
Date
|
Kent J. Smith
|
|
Executive Vice President and Chief Financial Officer
|
||
(principal financial and accounting officer)
|
|
Index to Exhibits
|
Exhibit No.
|
Description of Exhibit
|
|
Exhibit 2
|
Purchase and Assumption Agreement –Whole Bank All Deposits, Among Federal Deposit Insurance Corporation, Receiver of Palm Desert National Bank, Palm Desert, California, Federal Deposit Insurance Corporation and Pacific Premier Bank, Costa Mesa, California dated as of April 27, 2012. (1)
|
|
Exhibit 3.1
|
Amended and Restated Certificate of Incorporation of the Company, as filed with the Delaware Secretary of State on May 31, 2012 (2)
|
|
Exhibit 3.2
|
Amended and Restated Bylaws of the Company, effective as of May 31, 2012 (2)
|
|
Exhibit 10.1
|
Pacific Premier Bancorp, Inc. 2012 Long-Term Incentive Plan (2)
|
|
Exhibit 10.2
|
Form of Incentive Stock Option Award Agreement (2)
|
|
Exhibit 10.3
|
Form of Non-Qualified Stock Option Award Agreement (2)
|
|
Exhibit 10.4
|
Form of Restricted Stock Award Agreement (2)
|
|
Exhibit 31.1
|
Certification of Chief Executive Officer Pursuant to Rule 13a-14(a)/15(d)-14(a) under the Securities Exchange Act of 1934, as amended
|
|
Exhibit 31.2
|
Certification of Chief Financial Officer Pursuant to Rule 13a-14(a)/15(d)-14(a) under the Securities Exchange Act of 1934, as amended
|
|
Exhibit 32
|
Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350 as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002
|
|
Exhibit 101.INS
|
XBRL Instance Document (3)
|
|
Exhibit 101.SCH
|
XBRL Taxonomy Extension Schema Document (3)
|
|
Exhibit 101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document (3)
|
|
Exhibit 101.DEF
|
XBRL Taxonomy Extension Definitions Linkbase Document (3)
|
|
Exhibit 101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document (3)
|
|
Exhibit 101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document (3)
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Pacific Premier Bancorp, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Dated:
|
August 13, 2012
|
/s/ Steven R. Gardner
|
|
Steven R. Gardner
|
|||
President and Chief Executive Officer
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Pacific Premier Bancorp, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Dated:
|
August 13, 2012
|
/s/ Kent J. Smith
|
|
Kent J. Smith
|
|||
Executive Vice President and Chief Financial Officer
|
a)
|
the Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
|
b)
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Loans Held for Investment (Details) (USD $)
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
Dec. 31, 2011
|
Jun. 30, 2011
|
Dec. 31, 2010
|
Jun. 30, 2012
Canyon National
|
Jun. 30, 2012
Palm Desert National
|
Jun. 30, 2012
Maximum
|
Jun. 30, 2012
Real estate loans: Multi-family
|
Dec. 31, 2011
Real estate loans: Multi-family
|
Jun. 30, 2011
Real estate loans: Multi-family
|
Dec. 31, 2010
Real estate loans: Multi-family
|
Jun. 30, 2012
Real estate loans: Commercial non-owner occupied
|
Dec. 31, 2011
Real estate loans: Commercial non-owner occupied
|
Jun. 30, 2011
Real estate loans: Commercial non-owner occupied
|
Dec. 31, 2010
Real estate loans: Commercial non-owner occupied
|
Jun. 30, 2012
Real estate loans: One-to-four family
|
Dec. 31, 2011
Real estate loans: One-to-four family
|
Jun. 30, 2011
Real estate loans: One-to-four family
|
Dec. 31, 2010
Real estate loans: One-to-four family
|
Jun. 30, 2012
Real estate loans: Construction
|
Jun. 30, 2012
Real estate loans: Land
|
Dec. 31, 2011
Real estate loans: Land
|
Jun. 30, 2011
Real estate loans: Land
|
Jun. 30, 2012
Business loans: Commercial owner occupied
|
Dec. 31, 2011
Business loans: Commercial owner occupied
|
Jun. 30, 2011
Business loans: Commercial owner occupied
|
Dec. 31, 2010
Business loans: Commercial owner occupied
|
Jun. 30, 2012
Business loans: Commercial and industrial
|
Dec. 31, 2011
Business loans: Commercial and industrial
|
Jun. 30, 2011
Business loans: Commercial and industrial
|
Dec. 31, 2010
Business loans: Commercial and industrial
|
Jun. 30, 2012
Business loans: Warehouse facilities
|
Dec. 31, 2011
Business loans: Warehouse facilities
|
Jun. 30, 2011
Business loans: Warehouse facilities
|
Jun. 30, 2012
Business loans: SBA
|
Dec. 31, 2011
Business loans: SBA
|
Jun. 30, 2011
Business loans: SBA
|
Dec. 31, 2010
Business loans: SBA
|
Jun. 30, 2012
Other loans
|
Dec. 31, 2011
Other loans
|
Jun. 30, 2011
Other loans
|
Dec. 31, 2010
Other loans
|
|
Loans Held for Investment | ||||||||||||||||||||||||||||||||||||||||||
Total gross loans | $ 798,352,000 | $ 739,254,000 | $ 711,192,000 | $ 183,742,000 | $ 193,830,000 | $ 231,604,000 | $ 242,700,000 | $ 164,341,000 | $ 155,419,000 | $ 56,694,000 | $ 60,027,000 | $ 64,550,000 | $ 281,000 | $ 11,191,000 | $ 6,438,000 | $ 8,752,000 | $ 150,428,000 | $ 152,299,000 | $ 147,186,000 | $ 84,191,000 | $ 86,684,000 | $ 70,744,000 | $ 61,111,000 | $ 67,518,000 | $ 21,758,000 | $ 3,995,000 | $ 4,727,000 | $ 4,682,000 | $ 4,019,000 | $ 3,390,000 | $ 6,497,000 | |||||||||||
Less loans held for sale, net | 2,401,000 | |||||||||||||||||||||||||||||||||||||||||
Total gross loans held for investment | 795,951,000 | 739,254,000 | 711,192,000 | |||||||||||||||||||||||||||||||||||||||
Less: Deferred loan origination costs (fees) and premiums (discounts), net | (632,000) | (665,000) | (3,096,000) | |||||||||||||||||||||||||||||||||||||||
Less: Allowance for loan losses | (7,658,000) | (8,522,000) | (8,517,000) | (8,879,000) | (2,284,000) | (2,281,000) | (2,456,000) | (2,730,000) | (1,667,000) | (1,287,000) | (1,490,000) | (1,580,000) | (303,000) | (931,000) | (324,000) | (332,000) | (39,000) | (1,076,000) | (1,119,000) | (1,536,000) | (1,687,000) | (1,250,000) | (1,361,000) | (1,959,000) | (2,356,000) | (908,000) | (1,347,000) | (602,000) | (151,000) | (80,000) | (97,000) | (145,000) | (19,000) | (77,000) | (53,000) | (49,000) | ||||||
Loans held for investment, net | 787,661,000 | 730,067,000 | 699,579,000 | |||||||||||||||||||||||||||||||||||||||
Secured loans limit to one borrower (as a percent) | 25.00% | |||||||||||||||||||||||||||||||||||||||||
Unsecured loans limit to one borrower (as a percent) | 15.00% | |||||||||||||||||||||||||||||||||||||||||
Secured loans limit to one borrower | 25,600,000 | |||||||||||||||||||||||||||||||||||||||||
Unsecured loans limit to one borrower | 15,400,000 | |||||||||||||||||||||||||||||||||||||||||
Aggregate outstanding balance of loans to one borrower of secured credit | 11,900,000 | |||||||||||||||||||||||||||||||||||||||||
Mark-to-market discount | $ 3,700,000 | $ 11,000,000 |
Fair Value Disclosures (Details 3) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
Jun. 30, 2011
|
---|---|---|---|
Fair Value Disclosures | |||
Impaired loans | $ 5,193 | $ 6,991 | $ 19,885 |
Other real estate owned | 9,339 | 1,231 | 4,447 |
Non-recurring basis | Fair Value Measurement Using: Level 2
|
|||
Fair Value Disclosures | |||
Impaired loans | 5,193 | 19,885 | |
Loans held for sale | 2,401 | ||
Other real estate owned | 9,339 | 4,447 | |
Total assets | 16,933 | 24,332 | |
Non-recurring basis | Assets at Fair Value
|
|||
Fair Value Disclosures | |||
Impaired loans | 5,193 | 19,885 | |
Loans held for sale | 2,401 | ||
Other real estate owned | 9,339 | 4,447 | |
Total assets | $ 16,933 | $ 24,332 |
Recently Issued Accounting Pronouncements
|
6 Months Ended | |
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Jun. 30, 2012
|
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Recently Issued Accounting Pronouncements | ||
Recently Issued Accounting Pronouncements |
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