UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: July 29, 2015
HOMETOWN BANKSHARES CORPORATION
(Exact name of registrant as specified in its charter)
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Virginia |
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333-158525 |
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26-4549960 |
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(State or other jurisdiction
of incorporation) |
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(Commission
File Number) |
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(I.R.S. Employer
Identification No.) |
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202 S. Jefferson Street
Roanoke, Virginia |
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24011 |
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(Address of principal executive offices) |
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(Zip Code) |
Registrant’s telephone number, including area code: (540) 345-6000
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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Item 2.02. |
Results of Operations and Financial Condition. |
HomeTown Bankshares Corporation (the “Company”), the parent company for Roanoke, Virginia based HomeTown Bank, announced on July 29, 2015 its financial results for the three months and six months ended June 30, 2015. The financial results are detailed in the Company’s Press Release dated July 29, 2015, which is attached as Exhibit 99.1 to this Form 8-K.
The information in this Item 2.02, including Exhibit 99.1 to this Current Report, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained in this Item 2.02 and in the accompanying Exhibit 99.1 shall not be incorporated by reference into any registration statement or other document filed by the Company with the Securities and Exchange Commission, whether made before or after the date of this Current Report, regardless of any general incorporation language in such filing (or any reference to this Current Report generally), except as shall be expressly set forth by specific reference in such filing.
Item 8.01 Other Events
On July 23, 2015, HomeTown Bankshares Corporation declared a 6% per annum quarterly dividend on its Series C Non-Cumulative Perpetual Convertible Preferred Stock, payable September 15, 2015 to shareholders of record on August 31, 2015.
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Item 9.01 |
Financial Statements and Exhibits. |
(c) Exhibits
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Exhibit
No. |
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Description |
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99.1 |
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Press Release |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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HOMETOWN BANKSHARES CORPORATION |
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Date: July 29, 2015 |
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By: |
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/s/ Charles W. Maness, Jr. |
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Charles W. Maness, Jr., |
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Executive Vice President and Chief Financial Officer |
EXHIBIT INDEX
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Exhibit
No. |
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Description |
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99.1 |
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Press Release |
Exhibit 99.1
Wednesday, July 29, 2015
HomeTown Bankshares Corporation Reports
Strong Growth & Solid Operating Performance
Net Income up 4% Over 2014
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● |
Solid Operating Performance |
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o |
Net Income of $863,000 for second quarter, up 4% from second quarter 2014 |
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o |
EPS on a fully diluted basis of $0.16 for the second quarter of 2015 and $0.30 YTD vs. $0.15 and $0.30, respectively, in 2014 |
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o |
YTD Earnings of $1.64 million vs. $1.64 million in 2014 |
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o |
Second quarter revenue of $5.1 million, up 6% or $277,000 over first quarter 2015 and 8% over 2014 |
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o |
YTD revenue of $9.8 million, up $739,000 or 8% increase over 2014 |
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o |
Noninterest Income up 30% over prior quarter and year to date 47% over prior year |
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● |
Continued Strong Loan and Deposit Growth |
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o |
Loans of $354 Million at June 30, 2015 |
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■ |
Up $22.3 million or 7% for the first half of 2015, and |
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■ |
Up $36.1 million or 11% since June 30, 2014 |
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o |
Core Deposits of $332 Million at June 30, 2015 |
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■ |
Increased $18.8 million or 6% for the first half of 2015 |
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■ |
Increased $36.1 million or 12% since June 30, 2014 |
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● |
Credit Quality Remains Strong |
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o |
YTD net charge-offs of $18,800 dropped to .01% of average total loans compared to .20% of average total loans for 2014 |
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o |
Non-performing assets were 1.62% of total assets at June 30, 2015 vs. 2.36% at June 30, 2014 |
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o |
Nonaccrual loans decreased to .11% of total loans at June 30, 2015 from .77% of total loans at June 30, 2014 |
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o |
Past due accruing loans remained low at 0.38% of total loans at June 30, 2015 vs. 0.16% at June 30, 2014 |
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● |
Well Capitalized with Solid Capital Ratios |
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o |
Common Equity Tier 1 Capital amounted to 11.1% at June 30, 2015 |
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o |
Total Risk-Based Capital amounted to 11.9% at June 30, 2015 |
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o |
Tier 1 Risk-Based Capital amounted to 11.1% at June 30, 2015 |
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o |
Tier 1 Leverage Ratio amounted to 9.9% at June 30, 2015
Ratios are for wholly-owned subsidiary HomeTown Bank |
News Release
FOR IMMEDIATE RELEASE
For more information contact:
Susan K. Still, President and CEO, 540-278-1705
Charles W. Maness, Jr. Executive Vice President and CFO, 540-278-1702
HomeTown Bankshares Reports Strong Growth & Solid Operating Performance for Second Quarter
Net Income up 4% over 2014
ROANOKE, Va., July 29, 2015 - HomeTown Bankshares Corporation (the "Company"), the parent company of HomeTown Bank, reported earnings of $863,000 for the second quarter ended June 30, 2015, a 4% increase over the $833,000 in net income reported for the comparative period in 2014. Net Income for the first six months of 2015 was $1.64 million vs. $1.64 million for the first six months of 2014. Earnings per share on a fully diluted basis were $0.16 for the second quarter of 2015 and $0.30 per share for the six months ended June 30, 2015 vs. $0.15 and $0.30 per share, respectively, for similar periods in 2014.
“Second quarter results continue to reflect strong balance sheet growth in both loans and core deposits, resulting in a solid increase in revenues and net income for the first half of 2015, “ said President and CEO Susan Still. “We continued to realize double-digit growth in new business during the first half of 2015, and we remain very optimistic about our future growth in market share and profitability while meeting the financial needs of our customers.”
Revenue
Total core revenue for the second quarter was 11% higher than 2014. Total core revenue for the six months ended June 30, 2015 was $9.8 million, up $807,000 or 9% over 2014, which included $5.1 million in revenues realized during the second quarter of 2015, up 7% or $317,000 over the $4.7 million realized in the first quarter of 2015. Higher revenues reflected increases in both net interest income and non-interest income and exclude gains on sales of investments. Growth in commercial lines and loans, commercial real estate loans, personal lines and loans, as well as in non-interest income from treasury and merchant services, title insurance, mortgage and brokerage services contributed to the increase in total revenue.
Net Interest Income
Net interest income in the second quarter 2015 increased $90,000 to $3.8 million from the first quarter of 2015 with a $164,000 increase from $3.6 million earned for the comparative 2014 second quarter. Higher loan volume offset margin compression that included a 6 basis point decline in the net interest margin during the second quarter of 2015 and a YTD drop of 10 basis points from 3.92% for the first six months of 2014 to. 3.82% at June 30, 2015.
Noninterest Income
Noninterest income increased 37% to $695,000 in the second quarter 2015 while noninterest income of $1.2 million was realized for the first half of 2015, up 47% from $839,000 realized for the second half of 2014. The primary increase for 2015 was continued growth in mortgage income, service charges from the strong increase in new deposit relationships, ATM and interchange income, title insurance, brokerage and merchant income.
Noninterest Expense
Noninterest expense increased $113,000 in the second quarter 2015 from the prior quarter due to higher revenue-based incentive, annual merit increases and the impact of an additional day during the quarter. Noninterest expense increased during the first half of 2015 over the six months ended June 30, 2014 compared to 2014 due primarily to costs associated with a new branch in Salem, VA that opened in the 3rd quarter of 2014 as well as increased revenue based compensation for higher mortgage volume.
Loans
Total loans were $354 million at June 30, 2015, up $22.4 million or 14% on an annualized basis for the first half of 2015 and up $36.1 million or 11% over the prior year ended June 30, 2014. Loan growth was driven by commercial real estate, commercial and industrial lines and term loans as well as consumer lines and loans.
Deposits
Total core deposits were up $18.8 million or 12% on an annualized basis for the first half of 2015 while core deposit growth was up $36.1 million or 12% over June 30, 2014. Strong core deposit growth was achieved again in 2015 by strong growth in commercial and consumer banking relationships.
Capital
Capital levels remained strong in the second quarter, with total stockholders’ equity increasing $3.1 million through June 30, 2015 over the previous year. HomeTown Bank Common equity tier 1 capital, Total risk-based capital, Tier 1 risk-based capital and Tier 1 leverage ratios were 11.1%, 11.9%, 11.1% and 9.9%, respectively. All ratios continue to exceed the current regulatory standards for well-capitalized institutions. Book value per common share increased to $9.41 at June 30, 2015, up from $8.60 at June 30, 2014 and $7.93 at June 30, 2013.
Credit Quality
Credit quality continued to improve during the second half of 2015 and remains strong. Non-performing assets improved to 1.62% at June 30, 2015 vs. 2.36% of total assets at June 30, 2014. Non-performing assets, including restructured loans, were also down from 3.83% of total assets at June 30, 2014 to 3.08% at June 30, 2015. Net charge-offs dropped to historical lows during the second quarter.
Net Loan Charge-Offs
Net loan charge-offs were $18,800, or 0.01% for the first six months ended June 30, 2015 compared to .20% through June 30, 2014.
Nonperforming Assets
Non-performing assets, excluding performing restructured loans, improved $2.6 million and amounted to 1.62% of total assets at June 30, 2015 vs. 2.36% at June 30, 2014. Foreclosed assets improved as well by $522,000 during the second quarter to $6.9 million at June 30, 2015 from $7.4 million at June 30, 2014.
Past Due and Nonaccrual Loans
Total past due and non-accrual loans also improved, dropping to .49% of total loans at June 30, 2015 from 0.93% of total loans at June 30, 2014. Past due accruing loans amounted to 0.38% of total loans at June 30, 2015 vs. 0.16% in 2014 while nonaccruals improved to .11% of total loans during the second quarter of 2015 from .77% of total loans at June 30, 2014.
Allowance for Loan Losses
The allowance for loan losses totaled $3.3 million at June 30, 2015 compared to $3.6 million at June 30, 2014. Provisions for credit losses were $-0- for the first half of 2015 vs. $202,000 for the first half of 2014 due to the continued improvement and strong loan quality maintained during the first half of 2015.
* * *
Forward-Looking Statements:
Certain statements in this press release may be “forward-looking statements.” Forward-looking statements are statements that include projections, predictions, expectations or beliefs about future events or results that are not statements of historical fact and that involve significant risks and uncertainties. Although the Company believes that its expectations with regard to forward-looking statements are based upon reasonable assumptions within the bounds of its existing knowledge of its business and operations, there can be no assurance that actual results will not differ materially from any future results implied by the forward-looking statements. Actual results may be materially different from past or anticipated results because of many factors, some of which may include changes in economic conditions, the interest rate environment, legislative and regulatory requirements, new products, and competition, changes in the stock and bond markets and technology. The Company does not update any forward-looking statements that it may make.
(See Attached Financial Statements for quarter ending June 30, 2015)
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HomeTown Bankshares Corporation |
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Consolidated Condensed Balance Sheets |
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June 30. 2015; December 31, 2014; and June 30, 2014 |
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June 30, |
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December 31 |
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June 30 |
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In Thousands |
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2015 |
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2014 |
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2014 |
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Assets |
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(Unaudited) |
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(Unaudited) |
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Cash and due from banks |
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$ |
15,063 |
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$ |
13,795 |
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$ |
17,112 |
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Federal funds sold |
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797 |
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|
|
649 |
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|
|
495 |
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Securities available for sale, at fair value |
|
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48,931 |
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54,603 |
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|
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56,022 |
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Restricted equity securities, at cost |
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2,695 |
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|
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2,476 |
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|
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2,718 |
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Loans held for sale |
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382 |
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242 |
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162 |
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Total loans |
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354,075 |
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|
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331,679 |
|
|
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317,968 |
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Allowance for loan losses |
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(3,313 |
) |
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(3,332 |
) |
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(3,616 |
) |
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Net loans |
|
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350,762 |
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|
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328,347 |
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|
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314,352 |
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Property and equipment, net |
|
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14,792 |
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|
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14,900 |
|
|
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12,799 |
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Other real estate owned |
|
|
6,872 |
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|
|
6,986 |
|
|
|
7,394 |
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Other assets |
|
|
9,052 |
|
|
|
6,211 |
|
|
|
6,307 |
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Total assets |
|
$ |
449,346 |
|
|
$ |
428,209 |
|
|
$ |
417,361 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
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Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
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Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
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Noninterest-bearing |
|
$ |
53,730 |
|
|
$ |
51,226 |
|
|
$ |
43,300 |
|
|
Interest-bearing |
|
|
323,487 |
|
|
|
311,369 |
|
|
|
305,133 |
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Total deposits |
|
|
377,217 |
|
|
|
362,595 |
|
|
|
348,433 |
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|
Other borrowings |
|
|
552 |
|
|
|
422 |
|
|
|
573 |
|
|
Federal Home Loan Bank borrowings |
|
|
25,750 |
|
|
|
20,000 |
|
|
|
26,000 |
|
|
Other liabilities |
|
|
1,150 |
|
|
|
1,967 |
|
|
|
800 |
|
|
Total liabilities |
|
|
404,669 |
|
|
|
384,984 |
|
|
|
375,806 |
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| |
|
|
|
|
|
|
|
|
|
|
|
|
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Stockholders’ Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
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Preferred stock |
|
|
13,293 |
|
|
|
13,293 |
|
|
|
13,293 |
|
|
Common stock |
|
|
16,481 |
|
|
|
16,438 |
|
|
|
16,438 |
|
|
Surplus |
|
|
15,335 |
|
|
|
15,310 |
|
|
|
15,278 |
|
|
Retained deficit |
|
|
(1,052 |
) |
|
|
(2,271 |
) |
|
|
(3,630 |
) |
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Accumulated other comprehensive income |
|
|
260 |
|
|
|
455 |
|
|
|
176 |
|
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Total HomeTown Bankshares Corporation stockholders’ equity |
|
|
44,317 |
|
|
|
43,225 |
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|
|
41,555 |
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Noncontrolling interest in consolidated subsidiary |
|
|
360 |
|
|
|
- |
|
|
|
- |
|
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Total stockholders’ equity |
|
|
44,677 |
|
|
|
43,225 |
|
|
|
41,555 |
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Total liabilities and stockholders’ equity |
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$ |
449,346 |
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|
$ |
428,209 |
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|
$ |
417,361 |
|
|
HomeTown Bankshares Corporation |
|
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Consolidated Condensed Statements of Income |
|
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For the Three and Six Months Ended June 30, 2015 and 2014 |
|
| |
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For the Three Months |
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For the Six Months |
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Ended June 30, |
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Ended June 30, |
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In Thousands, Except Share and Per Share Data |
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2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
| |
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
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Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Loans and fees on loans |
|
$ |
4,047 |
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|
$ |
3,774 |
|
|
$ |
7,946 |
|
|
$ |
7,469 |
|
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Taxable investment securities |
|
|
176 |
|
|
|
267 |
|
|
|
382 |
|
|
|
530 |
|
|
Nontaxable investment securities |
|
|
100 |
|
|
|
93 |
|
|
|
203 |
|
|
|
187 |
|
|
Other interest income |
|
|
44 |
|
|
|
42 |
|
|
|
86 |
|
|
|
83 |
|
|
Total interest income |
|
|
4,367 |
|
|
|
4,176 |
|
|
|
8,617 |
|
|
|
8,269 |
|
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
465 |
|
|
|
442 |
|
|
|
913 |
|
|
|
882 |
|
|
Other borrowed funds |
|
|
102 |
|
|
|
98 |
|
|
|
194 |
|
|
|
192 |
|
|
Total interest expense |
|
|
567 |
|
|
|
540 |
|
|
|
1,107 |
|
|
|
1,074 |
|
|
Net interest income |
|
|
3,800 |
|
|
|
3,636 |
|
|
|
7,510 |
|
|
|
7,195 |
|
|
Provision for loan losses |
|
|
- |
|
|
|
132 |
|
|
|
- |
|
|
|
202 |
|
|
Net interest income after provision for loan losses |
|
|
3,800 |
|
|
|
3,504 |
|
|
|
7,510 |
|
|
|
6,993 |
|
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
|
124 |
|
|
|
117 |
|
|
|
234 |
|
|
|
208 |
|
|
ATM and interchange income |
|
|
146 |
|
|
|
109 |
|
|
|
268 |
|
|
|
203 |
|
|
Mortgage loan brokerage fees |
|
|
258 |
|
|
|
17 |
|
|
|
378 |
|
|
|
47 |
|
|
Gains on sales of investment securities |
|
|
- |
|
|
|
108 |
|
|
|
40 |
|
|
|
108 |
|
|
Other income |
|
|
167 |
|
|
|
155 |
|
|
|
310 |
|
|
|
273 |
|
|
Total noninterest income |
|
|
695 |
|
|
|
506 |
|
|
|
1,230 |
|
|
|
839 |
|
|
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
1,619 |
|
|
|
1,381 |
|
|
|
3,160 |
|
|
|
2,793 |
|
|
Occupancy and equipment expense |
|
|
439 |
|
|
|
364 |
|
|
|
884 |
|
|
|
730 |
|
|
Advertising and marketing expense |
|
|
167 |
|
|
|
132 |
|
|
|
409 |
|
|
|
235 |
|
|
Professional fees |
|
|
111 |
|
|
|
114 |
|
|
|
223 |
|
|
|
187 |
|
|
(Gains), losses on sales, writedowns of other real estate owned, net |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(5 |
) |
|
Other real estate owned expense |
|
|
40 |
|
|
|
59 |
|
|
|
70 |
|
|
|
123 |
|
|
Other expense |
|
|
846 |
|
|
|
747 |
|
|
|
1,585 |
|
|
|
1,391 |
|
|
Total noninterest expense |
|
|
3,222 |
|
|
|
2,797 |
|
|
|
6,331 |
|
|
|
5,454 |
|
|
Net income before income taxes |
|
|
1,273 |
|
|
|
1,213 |
|
|
|
2,409 |
|
|
|
2,378 |
|
|
Income tax expense |
|
|
381 |
|
|
|
380 |
|
|
|
727 |
|
|
|
742 |
|
|
Net income |
|
|
892 |
|
|
|
833 |
|
|
|
1,682 |
|
|
|
1,636 |
|
|
Less net income attributable to non-controlling interest |
|
|
29 |
|
|
|
- |
|
|
|
43 |
|
|
|
- |
|
|
Net income attributable to HomeTown Bankshares Corporation |
|
|
863 |
|
|
|
833 |
|
|
|
1,639 |
|
|
|
1,636 |
|
|
Effective dividends on preferred stock |
|
|
210 |
|
|
|
210 |
|
|
|
420 |
|
|
|
420 |
|
|
Net income available to common stockholders |
|
$ |
653 |
|
|
$ |
623 |
|
|
$ |
1,219 |
|
|
$ |
1,216 |
|
|
Basic earnings per common share |
|
$ |
0.20 |
|
|
$ |
0.19 |
|
|
$ |
0.37 |
|
|
$ |
0.37 |
|
|
Diluted earnings per common share |
|
$ |
0.16 |
|
|
$ |
0.15 |
|
|
$ |
0.30 |
|
|
$ |
0.30 |
|
|
Weighted average common shares outstanding |
|
|
3,296,237 |
|
|
|
3,287,567 |
|
|
|
3,293,890 |
|
|
|
3,282,129 |
|
|
Diluted average common shares outstanding |
|
|
5,536,237 |
|
|
|
5,527,567 |
|
|
|
5,533,890 |
|
|
|
5,522,129 |
|
|
HomeTown Bankshares Corporation |
|
Three |
|
|
Three |
|
|
Six |
|
|
Six |
|
|
Financial Highlights |
|
Months |
|
|
Months |
|
|
Months |
|
|
Months |
|
|
In Thousands, Except Share and Per Share Data |
|
Ended |
|
|
Ended |
|
|
Ended |
|
|
Ended |
|
| |
|
Jun 30 |
|
|
Jun 30 |
|
|
Jun 30 |
|
|
Jun 30 |
|
| |
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
|
PER SHARE INFORMATION |
|
((Unaudited)) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
Book value |
|
$ |
9.41 |
|
|
$ |
8.60 |
|
|
$ |
9.41 |
|
|
$ |
8.60 |
|
|
Earnings per share, basic |
|
$ |
0.20 |
|
|
$ |
0.19 |
|
|
$ |
0.37 |
|
|
$ |
0.37 |
|
|
Earnings per share, diluted |
|
$ |
0.16 |
|
|
$ |
0.15 |
|
|
$ |
0.30 |
|
|
$ |
0.30 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
|
0.78 |
% |
|
|
0.81 |
% |
|
|
0.75 |
% |
|
|
0.81 |
% |
|
Return on average shareholders' equity |
|
|
7.80 |
% |
|
|
8.07 |
% |
|
|
7.50 |
% |
|
|
8.08 |
% |
|
Net interest margin |
|
|
3.80 |
% |
|
|
3.86 |
% |
|
|
3.82 |
% |
|
|
3.92 |
% |
|
Efficiency |
|
|
70.78 |
% |
|
|
67.90 |
% |
|
|
71.97 |
% |
|
|
67.33 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE SHEET RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans to deposits |
|
|
93.87 |
% |
|
|
91.26 |
% |
|
|
93.87 |
% |
|
|
91.26 |
% |
|
Securities to total assets |
|
|
11.49 |
% |
|
|
14.07 |
% |
|
|
11.49 |
% |
|
|
14.07 |
% |
|
Tier 1 leverage ratio BANK ONLY |
|
|
9.9 |
% |
|
|
9.8 |
% |
|
|
9.9 |
% |
|
|
9.8 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to total assets |
|
|
1.62 |
% |
|
|
2.36 |
% |
|
|
1.62 |
% |
|
|
2.36 |
% |
|
Nonperforming assets, including restructured loans, to total assets |
|
|
3.08 |
% |
|
|
3.83 |
% |
|
|
3.08 |
% |
|
|
3.83 |
% |
|
Net charge-offs to average loans (annualized) |
|
|
0.02 |
% |
|
|
0.39 |
% |
|
|
0.01 |
% |
|
|
0.20 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Composition of risk assets: (in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
|
$ |
398 |
|
|
$ |
2,442 |
|
|
$ |
398 |
|
|
$ |
2,442 |
|
|
Other real estate owned |
|
|
6,872 |
|
|
|
7,394 |
|
|
|
6,872 |
|
|
|
7,394 |
|
|
Total nonperforming assets, excluding performing restructured loans |
|
|
7,270 |
|
|
|
9,836 |
|
|
|
7,270 |
|
|
|
9,836 |
|
|
Restructured loans, performing in accordance with their modified terms |
|
|
6,553 |
|
|
|
6,144 |
|
|
|
6,553 |
|
|
|
6,144 |
|
|
Total nonperforming assets, including performing restructured loans |
|
$ |
13,823 |
|
|
$ |
15,980 |
|
|
$ |
13,823 |
|
|
$ |
15,980 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses: (in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balance |
|
$ |
3,329 |
|
|
$ |
3,789 |
|
|
$ |
3,332 |
|
|
$ |
3,721 |
|
|
Provision for loan losses |
|
|
- |
|
|
|
132 |
|
|
|
- |
|
|
|
202 |
|
|
Charge-offs |
|
|
(17 |
) |
|
|
(306 |
) |
|
|
(33 |
) |
|
|
(342 |
) |
|
Recoveries |
|
|
1 |
|
|
|
1 |
|
|
|
14 |
|
|
|
35 |
|
|
Ending balance |
|
$ |
3,313 |
|
|
$ |
3,616 |
|
|
$ |
3,313 |
|
|
$ |
3,616 |
|
7 | Page