First US Bancshares, Inc. Reports Fourth Quarter and Year-End Results
February 10 2017 - 4:05PM
First US Bancshares, Inc. (Nasdaq:FUSB) (the “Company”) today
reported a net loss of $0.1 million, or $0.02 per diluted common
share, for the quarter ended December 31, 2016, compared to net
income of $0.4 million, or $0.07 per diluted common share, for the
fourth quarter of 2015. The loss was driven by an increase in
the allowance for loan losses at the Company’s banking subsidiary,
First US Bank (the “Bank”). The increase in the allowance for
loan losses, which resulted in a non-cash charge to earnings of
$1.2 million during the fourth quarter, was recorded in connection
with significant loan growth experienced by the Bank during the
year.
Net income for the Company totaled $1.2 million,
or $0.19 per diluted common share, for the year ended December 31,
2016, compared to $2.6 million, or $0.41 per diluted common share,
for the year ended December 31, 2015. The decrease in
earnings in 2016 resulted from the increased loan loss provisioning
that occurred at the Bank in 2016 in connection with loan
growth. The Company’s provision for loan losses increased
$3.0 million comparing 2016 to 2015. Of this amount, $2.5
million was attributable to the Bank and $0.5 million was
attributable to the Company’s finance company subsidiary,
Acceptance Loan Company (ALC).
2016 Highlights
- Loan growth - Net loans at the Company increased $67.3 million,
or 26.4%, during 2016, driven largely by growth in net loans at the
Bank of $63.5 million, primarily in the Bank’s commercial and real
estate portfolios. The majority of the Bank’s 2016 loan production
was achieved by its Birmingham and Tuscaloosa, Alabama commercial
lending teams. Consumer loan growth at ALC totaled $3.8
million.
- Improved Loan Loss Experience – Net charge-offs on loans for
the Company totaled $2.1 million in 2016, compared to $2.6 million
in 2015. The reduction resulted from improvement at the Bank,
which experienced a net recovery position of $0.2 million in 2016,
compared to net charge-offs of $0.6 million in 2015. Net
charge-offs at ALC totaled $2.3 million in 2016, compared to $2.0
million in 2015.
- Asset Quality Improvement – The Company experienced improvement
in all areas of asset quality during 2016. The Company’s
non-performing assets, including loans in non-accrual status and
other real estate owned (OREO), decreased by 20.4% to $7.3 million
as of December 31, 2016, compared to $9.1 million as of December
31, 2015. Non-performing assets as a percentage of total assets
totaled 1.20% as of December 31, 2016, compared to 1.59% as of
December 31, 2015. As a percentage of shareholders’ equity,
non-performing assets improved to 9.54% as of December 31, 2016,
compared to 11.87% as of December 31, 2015. Past due loans as
a percentage of total loans decreased to 1.33% as of December 31,
2016, compared to 1.97% as of December 31, 2015.
- Deposit Growth – Deposits increased $18.3 million, or 3.8%,
comparing December 31, 2016 to December 31, 2015.
“We are pleased with the solid growth in commercial and real
estate lending, as well as the sustained improvement in loss
experience and asset quality that the Bank experienced in 2016,”
stated James F. House, President and Chief Executive Officer of the
Company. “Although the quality of the Bank’s loan portfolio
has improved in every major category, management believes it is
prudent to increase reserves for loan losses during a period in
which we have experienced double-digit percentage growth in loan
volume. The Bank’s management team remains focused on improving
top-line revenue through loan growth at the Bank and sustained
performance at ALC. Continued loan growth, along with prudent
expense management, should lead to improved profitability.”
Results of Operations
- Pre-provision net interest income totaled $7.1 million in the
fourth quarter of 2016, compared to $7.2 million in the prior
quarter. Net yield on interest-earning assets was 5.17% for
the fourth quarter, compared to 5.20% for the prior quarter. The
reduction in both net interest income and yield resulted primarily
from recovery of previously charged off interest during the third
quarter that was not repeated in the fourth quarter. For the year
ended December 31, 2016, pre-provision net interest income totaled
$27.9 million, compared to $27.6 million for the year ended
December 31, 2015. Net yield on interest-earning assets was
5.16% and 5.36% for the years ended December 31, 2016 and 2015,
respectively. The reduction in net yield in 2016 compared to
2015 resulted primarily from reduced yield on loans at both the
Bank and ALC, partially offset by a shift in the mix of earning
assets to a higher percentage of loans as compared to investment
securities, which generally earn a lower yield.
- The provision for loan losses totaled $1.8 million for the
fourth quarter of 2016, compared to $0.7 million during the
previous quarter. For the year ended December 31, 2016, the
provision for loan losses totaled $3.2 million, compared to $0.2
million for the year ended December 31, 2015. The increased
provisioning for both the fourth quarter and year ended December
31, 2016 was due primarily to loan growth at the Bank. The
allowance for loan losses as a percentage of loans was 1.48% as of
December 31, 2016, compared to 1.46% as of December 31, 2015.
At the Bank, the allowance for loan losses as a percentage of loans
increased to 1.01% as of December 31, 2016, compared to 0.76% as of
December 31, 2015. Loan loss reserves at the Bank were increased
due to the significant loan growth experienced by the Bank in
2016. In general, during periods of significant loan growth,
it is expected that loan loss reserves will be maintained at a
higher level to address inherent uncertainty resulting from the
growth of the portfolio. At ALC, the allowance for loan
losses as a percentage of loans decreased to 2.78% as of December
31, 2016, compared to 2.91% as of December 31, 2015. The
reduction at ALC resulted from improved credit quality in the
portfolio as growth in point-of-sale retail lending outpaced
traditional consumer lending during 2016.
- Non-interest income totaled $1.2 million in the fourth quarter
of 2016, compared to $1.6 million in the prior quarter. The
majority of the decrease resulted from realized gains on the sale
of investment securities totaling $0.3 million during the third
quarter that were not repeated in the fourth quarter. In
addition, credit insurance income was reduced by $0.1 million in
the fourth quarter compared to the previous quarter. For the year
ended December 31, 2016, non-interest income totaled $5.2 million,
compared to $4.5 million for the year ended December 31,
2015. The 2016 increase resulted from increases in revenues
from credit insurance and other ancillary income sources, as well
as increases in realized gains on the sale of investment
securities. These increases were partially offset by
reductions in service charges on deposit accounts totaling $0.1
million.
- Non-interest expense totaled $6.8 million in the fourth quarter
of 2016, compared to $7.3 million in the previous quarter.
The decrease in the fourth quarter resulted from reductions in
salaries and benefits of $0.4 million and reductions in other
expenses (including branch closure expenses and outside
professional service expenses) of $0.3 million. These
reductions were partially offset by an increase of $0.2 million in
real estate/foreclosure expenses associated with the write-down of
OREO. For the years ended December 31, 2016 and 2015, non-interest
expense totaled $28.5 million and $28.4 million,
respectively.
Balance Sheet Management
- Loan growth was funded through available cash balances, growth
in deposits and borrowings, and cash flows generated from the
investment securities portfolio. Of the Bank’s total loan
growth during the year ended December 31, 2016, $28.6 million
represented commercial and industrial (C&I) loans, $18.2
million represented real estate loans secured by non-farm,
non-residential collateral, $11.9 million represented construction
real estate loans, and $7.0 million represented residential real
estate loans. These increases were partially offset by
approximately $1.1 million in net reductions in other loan
categories, as well as a $1.1 million increase in the allowance for
loan loss. The growth in the Bank’s portfolio is indicative of
management’s ongoing efforts to broaden the Bank’s commercial loan
portfolio with a diversified mix of real estate and C&I loans.
Approximately 47% of the Bank’s new loan growth during 2016 was in
variable rate lending arrangements, while 53% was at fixed
rates. As of December 31, 2016, the Bank’s fixed rate loans
totaled $149.6 million, while variable rate loans totaled $90.1
million. The loan growth at ALC was comprised of $8.3 million in
point-of-sale consumer lending through retail partners, partially
offset by reductions of $3.4 million and $0.9 million in ALC’s real
estate and traditional consumer lending portfolios,
respectively. Point-of-sale retail lending continues to be a
primary focus of ALC management, as it broadens the diversification
of ALC’s portfolio with consumer loans that are generally of higher
credit quality than its traditional consumer loans.
- Investment securities totaled $207.8 million as of December 31,
2016, compared to $231.2 million as of December 31, 2015, a
decrease of $23.4 million. The decrease resulted from
maturity of securities, as well as the sale of securities from the
Bank’s available-for-sale portfolio. The cash generated from
the reduction of the portfolio was primarily redeployed in the
Bank’s loan portfolio. All sales of securities in 2016 resulted in
net realized gains. Investment securities serve to both
enhance interest income and provide an additional source of
liquidity available to fund loan growth and capital
expenditures. Management has structured the investment
portfolio to provide cash flows through interest earned and the
maturity or payoff of securities in the portfolio on a monthly
basis. In the current environment, it is expected that cash
flows from the investment portfolio will continue to serve as a
significant source of liquidity available for the funding of future
loan growth.
- Net premises and equipment totaled $18.3 million as of December
31, 2016, compared to $12.1 million as of December 31, 2015, an
increase of $6.3 million. The increase resulted from the
purchase of land and commencement of construction on an office
complex in the Birmingham, Alabama area along U.S. Highway
280. Construction is expected to be completed in 2017. The
office complex will house a retail branch of the Bank, as well as
the Birmingham-based commercial lending team and certain members of
the Bank’s executive management team. Approximately 25% of
the square footage of the office complex will be utilized by the
Bank, with the remainder to be leased to commercial tenants.
- Liabilities totaled $530.7 million and $498.8 million as of
December 31, 2016 and 2015, respectively, an increase of $31.9
million. The increase resulted from increases in deposits
(primarily noninterest-bearing demand) of $18.3 million, increases
in long-term debt of $10.0 million, and increases in short-term
borrowings of $2.8 million. Deposits generated through the
Bank’s branch system are considered the Company’s primary funding
source to meet short- and long-term liquidity needs. Deposit
levels fluctuate throughout the year based on seasonality, as well
as specific circumstances impacting deposit customers. In addition
to deposits, significant external sources of liquidity are
available to the Company, including access to funding through
federal funds lines, Federal Home Loan Bank advances and brokered
deposits.
- Shareholders’ equity decreased to $76.2 million, or $12.62 per
common share, as of December 31, 2016, compared to $77.0
million, or $12.76 per common share, as of December 31, 2015.
The decrease was attributable to a shift in accumulated other
comprehensive income, net of tax, to a loss position of $1.3
million as of December 31, 2016, compared to a gain position of
$0.5 million as of December 31, 2015. The shift resulted from
the impact that the changing interest rate environment had on the
fair value of available-for-sale securities primarily during the
fourth quarter of 2016. Based on management’s evaluation as
of December 31, 2016, no impairment of investment securities was
considered to be other-than-temporary. The Company has the intent
and ability to retain its investments for a period of time that
management believes is sufficient to allow for recovery in fair
value. In addition to other comprehensive income,
shareholders’ equity was also impacted during 2016 by continued
growth in retained earnings from net income retained, less
dividends declared, growth in surplus and reductions in treasury
stock.
- The Company declared a cash dividend of $0.02 per share on its
common stock in each quarter of 2016. This amount is
consistent with the Company’s quarterly dividend declarations in
2015.
- As of December 31, 2016, the Bank continued to maintain capital
ratios at higher levels than the ratios required to be considered a
“well-capitalized” institution under applicable banking
regulations. The Bank’s common equity Tier 1 capital and Tier
1 risk-based capital ratios were each 19.01%, its total capital
ratio was 20.26%, and its Tier 1 leverage ratio was 12.27%.
For comparison purposes, the national average Tier 1 leverage
ratio of financial institutions in the $300 million to $1 billion
asset size range as reported in the Uniform Bank Performance Review
as of December 31, 2016 was 10.27%. Expressed in terms of
dollars at the Bank’s average asset size, the Bank has
approximately $12.0 million in additional Tier 1 Capital compared
to the national average.
About First US Bancshares, Inc.
First US Bancshares, Inc. is a bank holding
company that operates banking offices in Alabama through First US
Bank. In addition, the Company’s operations include
Acceptance Loan Company, Inc., a consumer loan company, and FUSB
Reinsurance, Inc., an underwriter of credit life and credit
accident and health insurance policies sold to the Bank’s and ALC’s
consumer loan customers. The Company’s stock is traded on the
Nasdaq Capital Market under the symbol “FUSB.”
Forward-Looking Statements
This press release contains forward-looking
statements, as defined by federal securities laws. Statements
contained in this press release that are not historical facts are
forward-looking statements. These statements may address
issues that involve significant risks, uncertainties, estimates and
assumptions made by management. The Company undertakes no
obligation to update these statements following the date of this
press release, except as required by law. In addition, the
Company, through its senior management, may make from time to time
forward-looking public statements concerning the matters described
herein. Such forward-looking statements are necessarily
estimates reflecting the best judgment of the Company’s senior
management based upon current information and involve a number of
risks and uncertainties. Certain factors that could affect
the accuracy of such forward-looking statements are identified in
the public filings made by the Company with the Securities and
Exchange Commission, and forward-looking statements contained in
this press release or in other public statements of the Company or
its senior management should be considered in light of those
factors. Specifically, with respect to statements relating to
loan demand, growth and earnings potential, geographic expansion
and the adequacy of the allowance for loan losses for the Company,
these factors include, but are not limited to, the rate of growth
(or lack thereof) in the economy generally and in the Bank’s and
ALC’s service areas, the availability of quality loans in the
Bank’s and ALC’s service areas, the relative strength and weakness
in the consumer and commercial credit sectors and in the real
estate markets and collateral values. There can be no
assurance that such factors or other factors will not affect the
accuracy of such forward-looking statements.
|
FIRST US BANCSHARES, INC. AND
SUBSIDIARIES |
SELECTED FINANCIAL DATA – LINKED
QUARTERS |
(Dollars in Thousands, Except Per Share
Data) |
|
|
|
Quarter
Ended(Unaudited) |
|
2016 |
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December31 |
|
September30, |
|
June30, |
|
March31, |
|
December31, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Results of
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
$ |
7,721 |
|
|
$ |
7,760 |
|
|
$ |
7,478 |
|
|
$ |
7,196 |
|
|
$ |
7,513 |
|
Interest expense |
|
588 |
|
|
|
587 |
|
|
|
561 |
|
|
|
535 |
|
|
|
549 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income |
|
7,133 |
|
|
|
7,173 |
|
|
|
6,917 |
|
|
|
6,661 |
|
|
|
6,964 |
|
Provision for loan
losses |
|
1,814 |
|
|
|
680 |
|
|
|
536 |
|
|
|
167 |
|
|
|
415 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
after provision for loan losses |
|
5,319 |
|
|
|
6,493 |
|
|
|
6,381 |
|
|
|
6,494 |
|
|
|
6,549 |
|
Non-interest
income |
|
1,165 |
|
|
|
1,567 |
|
|
|
1,480 |
|
|
|
989 |
|
|
|
1,176 |
|
Non-interest
expense |
|
6,826 |
|
|
|
7,348 |
|
|
|
7,255 |
|
|
|
7,066 |
|
|
|
7,203 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes |
|
(342 |
) |
|
|
712 |
|
|
|
606 |
|
|
|
417 |
|
|
|
522 |
|
Provision for (benefit
from) income taxes |
|
(237 |
) |
|
|
162 |
|
|
|
144 |
|
|
|
100 |
|
|
|
81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(105 |
) |
|
$ |
550 |
|
|
$ |
462 |
|
|
$ |
317 |
|
|
$ |
441 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income (loss)
per share |
$ |
(0.02 |
) |
|
$ |
0.09 |
|
|
$ |
0.08 |
|
|
$ |
0.05 |
|
|
$ |
0.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
(loss) per share |
$ |
(0.02 |
) |
|
$ |
0.09 |
|
|
$ |
0.07 |
|
|
$ |
0.05 |
|
|
$ |
0.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared |
$ |
0.02 |
|
|
$ |
0.02 |
|
|
$ |
0.02 |
|
|
$ |
0.02 |
|
|
$ |
0.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-End Balance
Sheet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
606,892 |
|
|
$ |
600,307 |
|
|
$ |
601,754 |
|
|
$ |
575,582 |
|
|
$ |
575,782 |
|
Loans, net of allowance
for loan losses |
|
322,772 |
|
|
|
317,121 |
|
|
|
298,901 |
|
|
|
263,975 |
|
|
|
255,432 |
|
Allowance for loan
losses |
|
4,856 |
|
|
|
3,668 |
|
|
|
3,591 |
|
|
|
3,375 |
|
|
|
3,781 |
|
Investment securities,
net |
|
207,814 |
|
|
|
209,566 |
|
|
|
213,165 |
|
|
|
231,466 |
|
|
|
231,202 |
|
Total deposits |
|
497,556 |
|
|
|
493,828 |
|
|
|
495,618 |
|
|
|
485,537 |
|
|
|
479,258 |
|
Long-term debt |
|
15,000 |
|
|
|
15,000 |
|
|
|
15,000 |
|
|
|
5,000 |
|
|
|
5,000 |
|
Total shareholders’
equity |
|
76,241 |
|
|
|
78,848 |
|
|
|
78,525 |
|
|
|
77,727 |
|
|
|
77,030 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets (annualized) |
|
(0.07 |
)% |
|
|
0.36 |
% |
|
|
0.31 |
% |
|
|
0.22 |
% |
|
|
0.31 |
% |
Return on average
equity (annualized) |
|
(0.53 |
)% |
|
|
2.78 |
% |
|
|
2.30 |
% |
|
|
1.65 |
% |
|
|
2.28 |
% |
Loans to deposits |
|
64.9 |
% |
|
|
64.2 |
% |
|
|
60.3 |
% |
|
|
54.4 |
% |
|
|
53.3 |
% |
Allowance for loan
losses as % of loans |
|
1.48 |
% |
|
|
1.14 |
% |
|
|
1.19 |
% |
|
|
1.26 |
% |
|
|
1.46 |
% |
Nonperforming assets as
% of total assets |
|
1.20 |
% |
|
|
1.28 |
% |
|
|
1.33 |
% |
|
|
1.50 |
% |
|
|
1.59 |
% |
|
|
|
|
|
|
FIRST US BANCSHARES, INC. AND
SUBSIDIARIES |
INTERIM CONDENSED CONSOLIDATED BALANCE
SHEETS |
(Dollars in Thousands, Except Share and Per
Share Data) |
|
|
December31, |
|
December31, |
|
2016 |
|
2015 |
|
(Unaudited) |
|
|
ASSETS |
Cash and
due from banks |
$ |
7,018 |
|
|
$ |
7,088 |
|
Interest-bearing deposits in banks |
|
16,512 |
|
|
|
36,984 |
|
Total
cash and cash equivalents |
|
23,530 |
|
|
|
44,072 |
|
Investment securities available-for-sale, at fair value |
|
181,910 |
|
|
|
198,843 |
|
Investment securities held-to-maturity, at amortized cost |
|
25,904 |
|
|
|
32,359 |
|
Federal
Home Loan Bank stock, at cost |
|
1,581 |
|
|
|
1,025 |
|
Loans,
net of allowance for loan losses of $4,856 and $3,781,
respectively |
|
322,772 |
|
|
|
255,432 |
|
Premises
and equipment, net |
|
18,340 |
|
|
|
12,084 |
|
Cash
surrender value of bank-owned life insurance |
|
14,603 |
|
|
|
14,292 |
|
Accrued
interest receivable |
|
1,987 |
|
|
|
1,833 |
|
Other
real estate owned |
|
4,858 |
|
|
|
6,038 |
|
Other
assets |
|
11,407 |
|
|
|
9,804 |
|
Total
assets |
$ |
606,892 |
|
|
$ |
575,782 |
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’
EQUITY |
Deposits |
$ |
497,556 |
|
|
$ |
479,258 |
|
Accrued
interest expense |
|
241 |
|
|
|
180 |
|
Other
liabilities |
|
7,735 |
|
|
|
6,960 |
|
Short-term borrowings |
|
10,119 |
|
|
|
7,354 |
|
Long-term
debt |
|
15,000 |
|
|
|
5,000 |
|
Total
liabilities |
|
530,651 |
|
|
|
498,752 |
|
|
|
|
|
Shareholders’ equity: |
|
|
|
Common
stock, par value $0.01 per share, 10,000,000 shares
authorized; |
|
|
|
7,329,060
shares issued; 6,043,102 and 6,038,554 shares outstanding,
respectively |
|
73 |
|
|
|
73 |
|
Surplus |
|
10,786 |
|
|
|
10,558 |
|
Accumulated other comprehensive income (loss), net of tax |
|
(1,277 |
) |
|
|
536 |
|
Retained
earnings |
|
87,434 |
|
|
|
86,693 |
|
Less
treasury stock: 1,285,958 and 1,290,506 shares at cost |
|
(20,764 |
) |
|
|
(20,817 |
) |
Noncontrolling interest |
|
(11 |
) |
|
|
(13 |
) |
|
|
|
|
Total
shareholders’ equity |
|
76,241 |
|
|
|
77,030 |
|
|
|
|
|
Total
liabilities and shareholders’ equity |
$ |
606,892 |
|
|
$ |
575,782 |
|
|
|
|
|
FIRST US BANCSHARES, INC. AND
SUBSIDIARIES |
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(Dollars in Thousands, Except Per Share
Data) |
|
|
Three Months Ended |
|
Twelve Months Ended |
|
December 31, |
|
December 31, |
|
|
2016 |
|
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
(Unaudited) |
(Unaudited) |
|
Interest income: |
|
|
|
|
|
|
|
Interest and fees on
loans |
$ |
6,745 |
|
|
$ |
6,362 |
|
$ |
25,937 |
|
$ |
25,177 |
Interest
on investment securities |
|
976 |
|
|
|
1,151 |
|
|
4,218 |
|
|
4,720 |
Total
interest income |
|
7,721 |
|
|
|
7,513 |
|
|
30,155 |
|
|
29,897 |
|
|
|
|
|
|
|
|
Interest expense: |
|
|
|
|
|
|
|
Interest on
deposits |
|
526 |
|
|
|
541 |
|
|
2,094 |
|
|
2,262 |
Interest on
borrowings |
|
62 |
|
|
|
8 |
|
|
177 |
|
|
27 |
Total
interest expense |
|
588 |
|
|
|
549 |
|
|
2,271 |
|
|
2,289 |
|
|
|
|
|
|
|
|
Net interest
income |
|
7,133 |
|
|
|
6,964 |
|
|
27,884 |
|
|
27,608 |
|
|
|
|
|
|
|
|
Provision for loan
losses |
|
1,814 |
|
|
|
415 |
|
|
3,197 |
|
|
216 |
|
|
|
|
|
|
|
|
Net interest income
after provision for loan losses |
|
5,319 |
|
|
|
6,549 |
|
|
24,687 |
|
|
27,392 |
|
|
|
|
|
|
|
|
Non-interest
income: |
|
|
|
|
|
|
|
Service and other
charges on deposit accounts |
|
467 |
|
|
|
453 |
|
|
1,773 |
|
|
1,844 |
Credit insurance
income |
|
111 |
|
|
|
162 |
|
|
681 |
|
|
501 |
Net gain on sales and
prepayments of investment securities |
|
2 |
|
|
|
95 |
|
|
659 |
|
|
462 |
Other income, net |
|
585 |
|
|
|
466 |
|
|
2,088 |
|
|
1,724 |
Total
non-interest income |
|
1,165 |
|
|
|
1,176 |
|
|
5,201 |
|
|
4,531 |
|
|
|
|
|
|
|
|
Non-interest
expense: |
|
|
|
|
|
|
|
Salaries and employee
benefits |
|
3,929 |
|
|
|
4,151 |
|
|
16,663 |
|
|
16,664 |
Net occupancy and
equipment |
|
769 |
|
|
|
769 |
|
|
3,150 |
|
|
3,116 |
Other real
estate/foreclosure expense, net |
|
349 |
|
|
|
213 |
|
|
719 |
|
|
1,027 |
Other expense |
|
1,779 |
|
|
|
2,070 |
|
|
7,963 |
|
|
7,570 |
Total
non-interest expense |
|
6,826 |
|
|
|
7,203 |
|
|
28,495 |
|
|
28,377 |
|
|
|
|
|
|
|
|
Income
(loss) before income taxes |
|
(342 |
) |
|
|
522 |
|
|
1,393 |
|
|
3,546 |
Provision for (benefit
from) income taxes |
|
(237 |
) |
|
|
81 |
|
|
169 |
|
|
951 |
Net income (loss) |
$ |
(105 |
) |
|
$ |
441 |
|
$ |
1,224 |
|
$ |
2,595 |
Basic net income (loss)
per share |
$ |
(0.02 |
) |
|
$ |
0.07 |
|
$ |
0.20 |
|
$ |
0.42 |
Diluted net income
(loss) per share |
$ |
(0.02 |
) |
|
$ |
0.07 |
|
$ |
0.19 |
|
$ |
0.41 |
Dividends per
share |
$ |
0.02 |
|
|
$ |
0.02 |
|
$ |
0.08 |
|
$ |
0.08 |
|
|
|
|
|
|
|
|
Contact:
Thomas S. Elley
334-636-5424
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