ASHEVILLE, N.C., Oct. 31, 2011 /PRNewswire/ -- ASB Bancorp, Inc.
(the "Company")(NASDAQ GM: ASBB), the holding company for Asheville
Savings Bank, S.S.B. (the "Bank"), announced today its operating
results for the three- and nine-month periods ended September 30, 2011. The Company was incorporated
on May 12, 2011 by the Bank to be the
Bank's holding company upon completion of the Bank's conversion
from the mutual to stock form of organization, which occurred on
October 11, 2011. As of September 30, 2011, the Company was not an
operating company and, therefore, the information presented in this
news release is on a consolidated basis for the Bank. The Bank
reported net income of $571,000 and
$1.9 million for the three- and
nine-month periods ended September 30,
2011, respectively.
(Logo:
http://photos.prnewswire.com/prnh/20111031/CL96775LOGO )
"We continue to show improved results over last year, primarily
as a result of lower loan and real estate loss expenses," said
Suzanne S. DeFerie, President and
Chief Executive Officer. "While we are beginning to see signs of
some improvement in our real estate market, fragile local economic
conditions persist so we remain vigilant in monitoring the impact
of both real estate values and sales volumes."
Balance Sheet Review
Total assets increased $48.8
million, or 6.5%, to $798.8
million at September 30, 2011
from $750.0 million at December 31, 2010, primarily due to $49.1 million in escrowed funds from orders to
purchase shares of the Company's common stock in the Company's
subscription and community offering, which was consummated on
October 11, 2011. Cash and cash
equivalents increased $51.2 million,
or 211.1%, to $75.4 million at
September 30, 2011 from $24.2 million at December
31, 2010. Investment securities increased $53.9 million, or 29.7%, during the first nine
months of 2011 to $235.3 million at
September 30, 2011 from $181.4 million at December
31, 2010, primarily due to the reinvestment of proceeds from
loan repayments and prepayments that were not replaced by new loan
originations. Loans receivable, net of deferred fees, decreased
$49.7 million, or 9.9%, to
$450.3 million at September 30, 2011 from $500.0 million at December
31, 2010 as loan repayments, prepayments, and foreclosures
outpaced new loan originations.
Deposits decreased $4.2 million,
or 0.7%, to $615.6 million at
September 30, 2011 from $619.8 million at December
31, 2010. During the nine months ended September 30, 2011, the Company continued its
focus on core deposits, from which it excludes certificates of
deposit, which increased $15.5
million, or 4.7%, to $347.9
million at September 30, 2011
from $332.4 million at December 31, 2010. Certificates of deposit
decreased $19.7 million, or 6.9%, to
$267.7 million at September 30, 2011 compared to $287.4 million at December
31, 2010. Other liabilities increased $48.9 million during the first nine months of
2011 primarily due to the escrowed funds from stock orders pending
the closing of the Company's stock offering.
Asset Quality
The provision for loan losses totaled $730,000 for the third quarter of 2011 compared
to $13.8 million for the third
quarter of 2010. The decrease in the provision was due to the
combination of fewer charge-offs in the loan portfolio, a decline
in impaired loans, and lower loan balances. The allowance for loan
losses totaled $10.9 million, or
2.41% of total loans at September 30,
2011 compared to $12.7
million, or 2.54% of total loans, at December 31, 2010. We charged off $3.8 million in loans during for the first nine
months of 2011 compared to $10.5
million in loans charged off during the first nine months of
2010.
Nonperforming assets totaled $22.3
million, or 2.79% of total assets, at September 30, 2011, compared to $24.1 million, or 3.21% of total assets, at
December 31, 2010. Nonperforming
assets included $11.6 million in
nonperforming loans and $10.7 million
in foreclosed real estate at September 30,
2011, compared to $13.4
million and $10.7 million,
respectively, at December 31, 2010.
As of September 30, 2011,
nonperforming loans included seven commercial land development
loans that totaled $6.9 million, one
commercial mortgage of $1.1 million,
three commercial and industrial loans that totaled $500,000, 18 residential mortgages that totaled
$2.7 million, and five home equity
loans that totaled $400,000. As of
September 30, 2011, the nonperforming
loans had specific reserves of $1.5
million. Foreclosed real estate at September 30, 2011 included 18 properties with a
total carrying value of $10.7
million.
Income Statement Analysis
Net interest income decreased $290,000, or 5.5%, to $5.0
million for the third quarter of 2011 compared to
$5.3 million for the third quarter of
2010. The net interest margin decreased 10 basis points for the
quarter ended September 30, 2011 to
2.74% compared to 2.84% for the quarter ended September 2010. The decrease in net interest
income for the third quarter of 2011 compared to the third quarter
of 2010 primarily resulted from a decrease in average
interest-earning assets of $14.1
million and a 48 basis point decrease in the average yield
on interest-earning assets, which were partially offset by a 42
basis point decrease in the average cost of interest-bearing
liabilities and a $19.9 million
decrease in average interest-bearing liabilities.
For the nine-month period ended September
30, 2011, net interest income decreased $1.1 million, or 6.2%, to $15.3 million compared to $16.4 million for the nine-month period ended
September 30, 2010. Comparing these
year-to-date periods, the net interest margin decreased 12 basis
points to 2.89% in 2011 from 3.01% in 2010. The decrease in net
interest income for the 2011 period compared to 2010 was mostly
attributable to a decrease in the balance of average
interest-earning assets of $13.9
million and a decrease in the average yield on
interest-earning assets of 51 basis points that were in part offset
by a decrease of 46 basis points in the average cost of
interest-bearing liabilities and a decrease of $7.3 million in the balance of average
interest-bearing liabilities.
Noninterest income increased $289,000, or 16.9%, to $2.0 million for the three months ended
September 30, 2011 compared to
$1.7 million for the three months
ended September 30, 2010, primarily
due to higher gains from sales of securities and loan prepayment
penalties that were partially offset by lower gains from sales of
residential mortgage loans and lower deposit overdraft fees. For
the nine months ended September 30,
2011, noninterest income decreased $245,000, or 4.2%, to $5.6
million from $5.9 million for
the nine months ended September 30,
2010, primarily due to lower deposit overdraft fees, lower
gains from sales of residential mortgage loans and lower gains from
sales of securities that were partially offset by higher loan
prepayment penalties, higher deposit account fees and higher ATM
and debit card fees.
When comparing the three-month periods ended September 30, 2011 and 2010, noninterest expense
decreased $898,000, or 14.4%, to
$5.3 million from $6.2 million, respectively. The decrease was
primarily attributable to lower provisions for losses on foreclosed
properties that were partially offset by higher compensation
expenses. For the nine-month period ended September 30, 2011, noninterest expense decreased
$270,000, or 1.6%, to $16.2 million from $16.5
million for the nine-month period ended September 30, 2010, primarily due to the same
reasons that resulted in the decrease for the quarterly period
comparison.
The Bank is a North Carolina
chartered savings bank with a community focus offering traditional
financial services through 13 full-service banking centers located
in Buncombe, Madison, McDowell, Henderson, and Transylvania counties in Western North Carolina.
This news release, as well as other written communications made
from time to time by the Company and its subsidiaries and oral
communications made from time to time by authorized officers of the
Company, may contain statements relating to the future results of
the Company (including certain projections and business trends)
that are considered "forward-looking statements" as defined in the
Private Securities Litigation Reform Act of 1995 (the PSLRA). Such
forward-looking statements may be identified by the use of such
words as "believe," "expect," "anticipate," "should," "planned,"
"estimated," "intend" and "potential." For these statements, the
Company claims the protection of the safe harbor for
forward-looking statements contained in the PSLRA.
The Company cautions you that a number of important factors
could cause actual results to differ materially from those
currently anticipated in any forward-looking statement. Such
factors include, but are not limited to: prevailing economic and
geopolitical conditions; changes in interest rates, loan demand,
real estate values and competition; changes in accounting
principles, policies, and guidelines; changes in any applicable
law, rule, regulation or practice with respect to tax or legal
issues; and other economic, competitive, governmental, regulatory
and technological factors affecting the Company's operations,
pricing, products and services and other factors that may be
described in the Company's annual report on Form 10-K and quarterly
reports on Form 10-Q as filed with the Securities and Exchange
Commission. The forward-looking statements are made as of the date
of this release, and, except as may be required by applicable law
or regulation, the Company assumes no obligation to update the
forward-looking statements or to update the reasons why actual
results could differ from those projected in the forward-looking
statements.
|
|
Selected Financial Condition
Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
December
31,
|
|
|
(dollars in
thousands)
|
2011
|
|
2010*
|
|
%
change
|
|
|
|
|
|
|
|
|
Total assets
|
$ 798,748
|
|
$ 749,965
|
|
6.5%
|
|
Cash and cash
equivalents
|
75,402
|
|
24,234
|
|
211.1%
|
|
Investment securities
|
235,285
|
|
181,393
|
|
29.7%
|
|
Loans receivable, net of
deferred fees
|
450,263
|
|
500,003
|
|
-9.9%
|
|
Allowance for loan
losses
|
(10,873)
|
|
(12,676)
|
|
14.2%
|
|
Deposits
|
615,555
|
|
619,757
|
|
-0.7%
|
|
Stock order funds
|
49,063
|
|
-
|
|
n/a
|
|
FHLB advances
|
60,000
|
|
60,000
|
|
0.0%
|
|
Total equity
|
67,681
|
|
62,881
|
|
7.6%
|
|
* Derived from audited
consolidated financial statements.
|
|
|
|
|
|
|
|
|
|
|
|
Selected Operating
Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
Nine Months
Ended
|
|
|
|
September
30,
|
September
30,
|
|
(dollars in
thousands)
|
|
2011
|
|
2010
|
|
%
change
|
|
2011
|
|
2010
|
|
%
change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
dividend income
|
|
$ 7,090
|
|
$ 8,136
|
|
-12.9%
|
|
$ 21,974
|
|
$ 25,223
|
|
-12.9%
|
|
Interest expense
|
|
2,120
|
|
2,876
|
|
-26.3%
|
|
6,629
|
|
8,862
|
|
-25.2%
|
|
Net interest income
|
|
4,970
|
|
5,260
|
|
-5.5%
|
|
15,345
|
|
16,361
|
|
-6.2%
|
|
Provision for loan
losses
|
|
730
|
|
13,838
|
|
-94.7%
|
|
1,811
|
|
18,309
|
|
-90.1%
|
|
Net interest income
(loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
after provision
for
|
|
|
|
|
|
|
|
|
|
|
|
|
|
loan losses
|
|
4,240
|
|
(8,578)
|
|
149.4%
|
|
13,534
|
|
(1,948)
|
|
794.8%
|
|
Noninterest income
|
|
2,004
|
|
1,715
|
|
16.9%
|
|
5,612
|
|
5,857
|
|
-4.2%
|
|
Noninterest expense
|
|
5,322
|
|
6,220
|
|
-14.4%
|
|
16,184
|
|
16,454
|
|
-1.6%
|
|
Income (loss) before
|
|
|
|
|
|
|
|
|
|
|
|
|
|
income tax
provision
|
|
922
|
|
(13,083)
|
|
107.0%
|
|
2,962
|
|
(12,545)
|
|
123.6%
|
|
Income tax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
provision
(benefit)
|
|
351
|
|
(5,080)
|
|
106.9%
|
|
1,064
|
|
(4,886)
|
|
121.8%
|
|
Net income (loss)
|
|
$
571
|
|
$ (8,003)
|
|
107.1%
|
|
$ 1,898
|
|
$ (7,659)
|
|
124.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Average Balances and
Yields/Costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
Three Months Ended September 30,
|
|
|
2011
|
|
2010
|
|
|
Average
|
|
Yield/
|
|
Average
|
|
Yield/
|
|
(dollars in
thousands)
|
Balance
|
|
Cost
|
|
Balance
|
|
Cost
|
|
|
|
|
|
|
|
|
|
|
Interest-earning deposits with
banks
|
$ 29,898
|
|
0.20%
|
|
$ 27,444
|
|
0.26%
|
|
Loans receivable
|
460,388
|
|
4.92%
|
|
552,856
|
|
5.00%
|
|
Investment securities
|
75,079
|
|
2.44%
|
|
61,165
|
|
2.95%
|
|
Mortgage-backed and similar
securities
|
154,388
|
|
2.38%
|
|
92,322
|
|
3.05%
|
|
Other interest-earning
assets
|
3,912
|
|
0.91%
|
|
3,974
|
|
0.50%
|
|
Interest-bearing
deposits
|
567,206
|
|
1.06%
|
|
586,824
|
|
1.53%
|
|
Overnight and short-term
borrowings
|
803
|
|
0.00%
|
|
1,056
|
|
0.38%
|
|
Federal Home Loan Bank
advances
|
60,000
|
|
4.03%
|
|
60,000
|
|
4.03%
|
|
|
|
|
|
|
|
|
|
|
Interest rate spread
|
|
|
2.56%
|
|
|
|
2.62%
|
|
Net interest margin
|
|
|
2.74%
|
|
|
|
2.84%
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine
Months Ended September 30,
|
|
|
2011
|
|
2010
|
|
|
Average
|
|
Yield/
|
|
Average
|
|
Yield/
|
|
(dollars in
thousands)
|
Balance
|
|
Cost
|
|
Balance
|
|
Cost
|
|
|
|
|
|
|
|
|
|
|
Interest-earning deposits with
banks
|
$ 22,388
|
|
0.23%
|
|
$ 22,310
|
|
0.27%
|
|
Loans receivable
|
478,748
|
|
5.02%
|
|
574,987
|
|
5.13%
|
|
Investment securities
|
70,114
|
|
2.57%
|
|
49,841
|
|
3.29%
|
|
Mortgage-backed and similar
securities
|
138,488
|
|
2.54%
|
|
76,422
|
|
3.36%
|
|
Other interest-earning
assets
|
3,942
|
|
0.88%
|
|
3,986
|
|
0.30%
|
|
Interest-bearing
deposits
|
569,550
|
|
1.13%
|
|
576,764
|
|
1.63%
|
|
Overnight and short-term
borrowings
|
1,278
|
|
0.42%
|
|
1,316
|
|
0.30%
|
|
Federal Home Loan Bank
advances
|
60,000
|
|
4.03%
|
|
60,000
|
|
4.03%
|
|
|
|
|
|
|
|
|
|
|
Interest rate spread
|
|
|
2.73%
|
|
|
|
2.78%
|
|
Net interest margin
|
|
|
2.89%
|
|
|
|
3.01%
|
|
|
|
|
|
|
|
|
|
|
Selected Asset Quality
Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
Nine Months
Ended
|
|
Allowance for Loan
Losses
|
September
30,
|
|
September
30,
|
|
(in thousands)
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses,
beginning of period
|
$ 12,353
|
|
$ 10,097
|
|
$ 12,676
|
|
$ 8,994
|
|
Provision for loan
losses
|
730
|
|
13,838
|
|
1,811
|
|
18,309
|
|
|
|
|
|
|
|
|
|
|
Charge-offs
|
(2,233)
|
|
(7,087)
|
|
(3,818)
|
|
(10,525)
|
|
Recoveries
|
23
|
|
35
|
|
204
|
|
105
|
|
Net charge-offs
|
(2,210)
|
|
(7,052)
|
|
(3,614)
|
|
(10,420)
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses, end
of period
|
$ 10,873
|
|
$ 16,883
|
|
$ 10,873
|
|
$ 16,883
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses as a
percent of:
|
|
|
|
|
|
|
|
|
Total loans
|
2.41%
|
|
3.19%
|
|
2.41%
|
|
3.19%
|
|
Total nonperforming
loans
|
94.02%
|
|
110.69%
|
|
94.02%
|
|
110.69%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming
Assets
|
September
30,
|
December
31,
|
|
|
(dollars in
thousands)
|
2011
|
|
2010
|
|
%
change
|
|
|
|
|
|
|
|
|
Nonperforming Loans:
|
|
|
|
|
|
|
Nonaccruing Loans (1)
|
|
|
|
|
|
|
Commercial:
|
|
|
|
|
|
|
Commercial construction
and land development
|
$ 6,351
|
|
$ 5,205
|
|
22.0%
|
|
Commercial
mortgage
|
1,062
|
|
3,810
|
|
-72.1%
|
|
Commercial and
industrial
|
457
|
|
377
|
|
21.2%
|
|
Total
commercial
|
7,870
|
|
9,392
|
|
-16.2%
|
|
Non-commercial:
|
|
|
|
|
|
|
Non-commercial
construction and land development
|
543
|
|
553
|
|
-1.8%
|
|
Residential
mortgage
|
2,732
|
|
3,194
|
|
-14.5%
|
|
Revolving
mortgage
|
392
|
|
191
|
|
105.2%
|
|
Consumer
|
28
|
|
94
|
|
-70.2%
|
|
Total
non-commercial
|
3,695
|
|
4,032
|
|
-8.4%
|
|
Total nonaccruing loans
(1)
|
11,565
|
|
13,424
|
|
-13.8%
|
|
|
|
|
|
|
|
|
Total loans past due 90 or more
days
|
|
|
|
|
|
|
and still
accruing
|
-
|
|
-
|
|
0.0%
|
|
|
|
|
|
|
|
|
Total nonperforming
loans
|
11,565
|
|
13,424
|
|
-13.8%
|
|
|
|
|
|
|
|
|
Foreclosed real
estate
|
10,697
|
|
10,650
|
|
0.4%
|
|
|
|
|
|
|
|
|
Total nonperforming
assets
|
22,262
|
|
24,074
|
|
-7.5%
|
|
|
|
|
|
|
|
|
Performing troubled debt
restructurings (2)
|
13,031
|
|
15,233
|
|
-14.5%
|
|
Performing troubled debt
restructurings and
|
|
|
|
|
|
|
total nonperforming
assets
|
$ 35,293
|
|
$ 39,307
|
|
-10.2%
|
|
|
|
|
|
|
|
|
Nonperforming loans as a percent
of total loans
|
2.57%
|
|
2.68%
|
|
|
|
Nonperforming assets as a
percent of total assets
|
2.79%
|
|
3.21%
|
|
|
|
Performing troubled debt
restructurings and
|
|
|
|
|
|
|
total nonperforming assets
to total assets
|
4.42%
|
|
5.24%
|
|
|
|
(1) Nonaccruing loans include
nonaccruing troubled debt restructurings.
|
|
(2) Performing troubled debt
restructurings exclude nonaccruing troubled debt
restructurings.
|
|
|
|
|
|
|
|
|
|
|
Selected Performance
Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
Nine Months
Ended
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
|
|
|
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets
(1)
|
|
0.30%
|
|
-4.11%
|
|
0.34%
|
|
-1.35%
|
|
Return on average equity
(1)
|
|
3.37%
|
|
-43.02%
|
|
3.88%
|
|
-13.72%
|
|
Interest rate spread
(1)(2)
|
|
2.56%
|
|
2.62%
|
|
2.73%
|
|
2.78%
|
|
Net interest margin
(1)(3)
|
|
2.74%
|
|
2.84%
|
|
2.89%
|
|
3.01%
|
|
Efficiency ratio (4)
|
|
76.04%
|
|
89.02%
|
|
76.98%
|
|
73.95%
|
|
(1) Ratios are
annualized.
|
|
|
|
|
|
|
|
|
|
|
|
(2) Represents the difference
between the weighted average yield on average interest-earning
assets and the
|
|
weighted
average cost on average interest-bearing liabilities. Tax exempt
income is reported on a tax
|
|
equivalent
basis using a federal marginal tax rate of 34%.
|
|
(3) Represents net interest
income as a percent of average interest-earning assets. Tax exempt
income is
|
|
reported on
a tax equivalent basis using a federal marginal tax rate of
34%.
|
|
(4) Represents noninterest
expenses divided by the sum of net interest income, on a tax
equivalent basis
|
|
using a
federal marginal tax rate of 34%, and noninterest
income.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Month
Periods Ended
|
|
|
|
September
30,
|
June
30,
|
|
March
31,
|
|
December
31,
|
September
30,
|
|
(dollars in
thousands)
|
|
2011
|
|
2011
|
|
2011
|
|
2010
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Statement
Data:
|
|
|
|
|
|
|
|
|
|
|
|
Interest and dividend
income
|
|
$ 7,090
|
|
$ 7,502
|
|
$ 7,382
|
|
$ 7,592
|
|
$ 8,136
|
|
Interest expense
|
|
2,120
|
|
2,205
|
|
2,304
|
|
2,582
|
|
2,876
|
|
Net interest income
|
|
4,970
|
|
5,297
|
|
5,078
|
|
5,010
|
|
5,260
|
|
Provision for loan
losses
|
|
730
|
|
424
|
|
657
|
|
4,110
|
|
13,838
|
|
Net interest income (loss)
after
|
|
|
|
|
|
|
|
|
|
|
|
provision for loan
losses
|
|
4,240
|
|
4,873
|
|
4,421
|
|
900
|
|
(8,578)
|
|
Noninterest income
|
|
2,004
|
|
1,928
|
|
1,680
|
|
1,826
|
|
1,715
|
|
Noninterest expense
|
|
5,322
|
|
5,630
|
|
5,232
|
|
5,713
|
|
6,220
|
|
Income (loss) before
income
|
|
|
|
|
|
|
|
|
|
|
|
tax provision
|
|
922
|
|
1,171
|
|
869
|
|
(2,987)
|
|
(13,083)
|
|
Income tax provision
(benefit)
|
|
351
|
|
429
|
|
284
|
|
(1,188)
|
|
(5,080)
|
|
Net income (loss)
|
|
$
571
|
|
$
742
|
|
$
585
|
|
$ (1,799)
|
|
$ (8,003)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
Of
|
|
As
Of
|
|
As
Of
|
|
As
Of
|
|
As
Of
|
|
|
|
September
30,
|
June
30,
|
|
March
31,
|
|
December
31,
|
September
30,
|
|
(dollars in
thousands)
|
|
2011
|
|
2011
|
|
2011
|
|
2010*
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending Balance Sheet
Data:
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$ 798,748
|
|
$ 755,143
|
|
$ 750,709
|
|
$ 749,965
|
|
$ 749,307
|
|
Cash and cash
equivalents
|
|
75,402
|
|
25,825
|
|
26,436
|
|
24,234
|
|
23,176
|
|
Investment securities
|
|
235,285
|
|
225,802
|
|
204,316
|
|
181,393
|
|
97,015
|
|
Loans receivable, net of
deferred fees
|
|
450,263
|
|
467,599
|
|
484,729
|
|
500,003
|
|
597,601
|
|
Allowance for loan
losses
|
|
(10,873)
|
|
(12,353)
|
|
(12,632)
|
|
(12,676)
|
|
(8,994)
|
|
Deposits
|
|
615,555
|
|
616,463
|
|
616,586
|
|
619,757
|
|
608,538
|
|
Stock order funds
|
|
49,063
|
|
-
|
|
-
|
|
-
|
|
-
|
|
FHLB advances
|
|
60,000
|
|
60,000
|
|
60,000
|
|
60,000
|
|
60,000
|
|
Total equity
|
|
67,681
|
|
65,547
|
|
63,295
|
|
62,881
|
|
73,649
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality:
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans
|
|
$ 11,565
|
|
$ 11,070
|
|
$ 14,190
|
|
$ 13,424
|
|
$ 9,285
|
|
Nonperforming assets
|
|
22,262
|
|
20,588
|
|
24,696
|
|
24,074
|
|
19,676
|
|
Nonperforming loans to total
loans
|
|
2.57%
|
|
2.37%
|
|
2.93%
|
|
2.68%
|
|
1.55%
|
|
Nonperforming assets to total
assets
|
|
2.79%
|
|
2.73%
|
|
3.29%
|
|
3.21%
|
|
2.63%
|
|
Allowance for loan
losses
|
|
$ 10,873
|
|
$ 12,353
|
|
$ 12,632
|
|
$ 12,676
|
|
$ 8,994
|
|
Allowance for loan losses to
total loans
|
|
2.41%
|
|
2.64%
|
|
2.61%
|
|
2.54%
|
|
1.51%
|
|
Allowance for loan losses
to
|
|
|
|
|
|
|
|
|
|
|
|
nonperforming
loans
|
|
94.02%
|
|
111.59%
|
|
89.02%
|
|
94.43%
|
|
96.87%
|
|
* Ending balance sheet data as
of December 31, 2010 were derived from audited consolidated
financial statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE ASB Bancorp, Inc.