Unaudited Balance Sheets as of June 30, 2010 and December 31, 2009
|
3
|
Unaudited Statements of Operations for the three and six months ended June 30, 2010 and 2009
|
4
|
Unaudited Statements of Stockholders’ Equity for the six months ended June 30, 2010
|
5
|
Unaudited Statements of Cash Flows for the six months ended June 30, 2010 and 2009
|
6
|
Notes to Unaudited Financial Statements for the six months ended June 30, 2010 and 2009
|
7
|
Selected Financial Data
|
18
|
Financial Overview
|
19
|
NEW CENTURY BANK D/B/A CUSTOMERS BANK
|
||||||||
UNAUDITED BALANCE SHEETS
|
||||||||
June 30,
|
December 31,
|
|||||||
2010
|
2009
|
|||||||
(dollar amounts in thousands, except per share data)
|
||||||||
ASSETS
|
||||||||
Cash and due from banks
|
$
|
5,405
|
$
|
4,171
|
||||
Interest earning deposits
|
138,708
|
58,978
|
||||||
Federal funds sold
|
692
|
5,658
|
||||||
Cash and cash equivalents
|
144,805
|
68,807
|
||||||
Securities available for sale, at fair value
|
11,989
|
44,588
|
||||||
Loans receivable, net of allowance for loan losses
|
||||||||
2010 $12,236; 2009 $10,032
|
456,344
|
220,266
|
||||||
Bank premises and equipment, net
|
3,544
|
2,719
|
||||||
Restricted stock, at cost
|
3,029
|
2,026
|
||||||
Bank owned life insurance
|
5,056
|
4,955
|
||||||
Accrued interest receivable and other assets
|
8,742
|
6,399
|
||||||
Total assets
|
$
|
633,509
|
$
|
349,760
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Liabilities:
|
||||||||
Deposits:
|
||||||||
Demand, non-interest bearing
|
$
|
43,028
|
$
|
18,502
|
||||
Interest bearing
|
509,999
|
295,425
|
||||||
Total deposits
|
553,027
|
313,927
|
||||||
Borrowings
|
11,000
|
11,000
|
||||||
Subordinated debt
|
2,000
|
2,000
|
||||||
Accrued interest payable and other liabilities
|
1,823
|
1,330
|
||||||
Total liabilities
|
567,850
|
328,257
|
||||||
Stockholders’ equity:
|
||||||||
Preferred stock, par value $1,000 per share; 0 shares issued
|
||||||||
and outstanding in 2010 and 2009
|
-
|
-
|
||||||
Common stock, par value $1.00 per share;
|
||||||||
40,500,000 shares authorized; shares issued and
|
||||||||
outstanding 2010 - 20,381,922; 2009 - 5,522,706
|
20,382
|
5,522
|
||||||
Surplus
|
63,082
|
29,243
|
||||||
Accumulated deficit
|
(17,768
|
)
|
(13,229
|
)
|
||||
Accumulated other comprehensive loss
|
(37
|
)
|
(33
|
)
|
||||
Total stockholders’ equity
|
65,659
|
21,503
|
||||||
Total liabilities and stockholders’ equity
|
$
|
633,509
|
$
|
349,760
|
See Notes to Financial Statements.
|
NEW CENTURY BANK D/B/A CUSTOMERS BANK
|
||||||||||||||||
UNAUDITED STATEMENTS OF OPERATIONS
|
||||||||||||||||
Three months ended June 30,
|
Six months ended June 30,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
(dollar amounts in thousands, except per share data)
|
||||||||||||||||
Interest income:
|
||||||||||||||||
Loans receivable, including fees
|
$ | 5,225 | $ | 2,952 | $ | 8,696 | $ | 5,880 | ||||||||
Securities, taxable
|
431 | 179 | 818 | 408 | ||||||||||||
Securities, non-taxable
|
28 | 42 | 66 | 107 | ||||||||||||
Other
|
70 | 17 | 94 | 18 | ||||||||||||
Total interest income
|
5,754 | 3,190 | 9,674 | 6,413 | ||||||||||||
Interest expense:
|
||||||||||||||||
Deposits
|
2,014 | 1,370 | 3,545 | 2,884 | ||||||||||||
Borrowed funds
|
94 | 138 | 184 | 279 | ||||||||||||
Subordinated debt
|
16 | 39 | 32 | 92 | ||||||||||||
Total interest expense
|
2,124 | 1,547 | 3,761 | 3,255 | ||||||||||||
Net interest income
|
3,630 | 1,643 | 5,913 | 3,158 | ||||||||||||
Provision for loan losses
|
1,100 | 8,000 | 5,472 | 8,130 | ||||||||||||
Net interest (loss) income after provision for loan losses
|
2,530 | (6,357 | ) | 441 | (4,972 | ) | ||||||||||
Non-interest income:
|
||||||||||||||||
Service fees
|
78 | 128 | 190 | 281 | ||||||||||||
Warehouse transaction fees
|
547 | - | 703 | - | ||||||||||||
Bank owned life insurance
|
58 | 57 | 116 | 113 | ||||||||||||
Gains on sales of securities
|
774 | - | 1,076 | 168 | ||||||||||||
Other than temporary impairment charge on investment securities
|
- | (15 | ) | - | (15 | ) | ||||||||||
Other
|
55 | 50 | 80 | 72 | ||||||||||||
Total non-interest income
|
1,512 | 220 | 2,165 | 619 | ||||||||||||
Non-interest expense:
|
||||||||||||||||
Salaries and employee benefits
|
1,777 | 781 | 3,221 | 1,579 | ||||||||||||
Occupancy
|
325 | 313 | 633 | 630 | ||||||||||||
Technology, communication and bank operations
|
353 | 225 | 710 | 455 | ||||||||||||
Advertising and promotion
|
232 | 66 | 328 | 97 | ||||||||||||
Professional services
|
414 | 113 | 889 | 225 | ||||||||||||
FDIC assessments, taxes, and regulatory fees
|
339 | 325 | 615 | 477 | ||||||||||||
Other real estate owned
|
70 | 387 | 452 | 439 | ||||||||||||
Other
|
102 | 143 | 297 | 267 | ||||||||||||
Total non-interest expenses
|
3,612 | 2,353 | 7,145 | 4,169 | ||||||||||||
Income(loss) before tax benefit
|
430 | (8,490 | ) | (4,539 | ) | (8,522 | ) | |||||||||
Income tax benefit
|
- | - | - | - | ||||||||||||
Net income(loss)
|
$ | 430 | $ | (8,490 | ) | $ | (4,539 | ) | $ | (8,522 | ) | |||||
Basic and diluted earnings(loss) per share
|
$ | 0.02 | $ | (4.14 | ) | $ | (0.29 | ) | $ | (4.19 | ) | |||||
See Notes to Financial Statements.
|
NEW CENTURY BANK D/B/A CUSTOMERS BANK
|
|
UNAUDITED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
|
Number of
Common Stock Shares
|
Common stock
|
Surplus
|
Accumulated
deficit
|
Accumulated
other
comprehensive
loss
|
Total
|
|||||||||||||||||||
Balance, December 31, 2009
|
5,522,706 | $ | 5,522 | $ | 29,243 | $ | (13,229 | ) | $ | (33 | ) | $ | 21,503 | |||||||||||
Comprehensive loss:
|
||||||||||||||||||||||||
Net loss
|
(4,539 | ) | (4,539 | ) | ||||||||||||||||||||
Change in net unrealized
losses on securities
available for sale, net of taxes
|
(4 | ) | (4 | ) | ||||||||||||||||||||
Total comprehensive loss
|
(4,543 | ) | ||||||||||||||||||||||
Common stock shares issued
|
14,859,216 | 14,860 | 33,747 | 48,607 | ||||||||||||||||||||
Stock based compensation
|
92 | 92 | ||||||||||||||||||||||
Balance, June 30, 2010
|
20,381,922 | $ | 20,382 | $ | 63,082 | $ | (17,768 | ) | $ | (37 | ) | $ | 65,659 |
See Notes to Financial Statements.
|
Six months ended June 30,
|
2010
|
2009
|
||||||
(in thousands)
|
||||||||
Cash Flows from Operating Activities
|
||||||||
Net (loss)income
|
$
|
(4,539
|
)
|
$
|
(8,522
|
)
|
||
Adjustments to reconcile net (loss)income to net cash provided by operating activities:
|
||||||||
Provision for loan losses
|
5,472
|
8,130
|
||||||
Provision for depreciation and amortization
|
357
|
346
|
||||||
Net amortization of securities premiums and discounts
|
98
|
27
|
||||||
(Gain) loss on sale of securities
|
(1,076
|
)
|
(168
|
)
|
||||
Stock based compensation
|
92
|
-
|
||||||
Valuation adjustments on OREO
|
342
|
350
|
||||||
Earnings on investment in bank owned life insurance
|
(101
|
)
|
(102
|
)
|
||||
Decrease in accrued interest receivable and other assets
|
340
|
321
|
||||||
Increase in accrued interest payable and other liabilities
|
443
|
228
|
||||||
Net Cash Provided by Operating Activities
|
1,428
|
610
|
||||||
Cash Flows from Investing Activities
|
||||||||
Purchases of securities available for sale
|
(101,634
|
)
|
(3,430
|
)
|
||||
Proceeds from maturities, calls and principal repayments on securities available for sale
|
4,727
|
3,029
|
||||||
Proceeds from sales of securities available for sale
|
130,483
|
12,011
|
||||||
Purchases of restricted stock
|
(1,003
|
)
|
(21
|
)
|
||||
Net increase in loans
|
(244,888
|
)
|
(4,166
|
))
|
||||
Purchases of bank premises and equipment
|
(1,090
|
)
|
(129
|
)
|
||||
Proceeds from sale of foreclosed real estate
|
268
|
360
|
||||||
Net Cash (Used in) Provided by Investing Activities
|
(213,137
|
)
|
7,654
|
|||||
Cash Flows from Financing Activities
|
||||||||
Net increase (decrease) in deposits
|
239,100
|
(7,935
|
)
|
|||||
Net decrease in short-term borrowed funds
|
-
|
(4,000
|
)
|
|||||
Proceeds from issuance of common stock
|
48,607
|
12,629
|
||||||
Dividends on preferred stock
|
-
|
(4
|
)
|
|||||
Net Cash Provided by Financing Activities
|
287,707
|
690
|
||||||
Net Increase in Cash and Cash Equivalents
|
75,998
|
8,954
|
||||||
Cash and Cash Equivalents - Beginning
|
68,807
|
6,295
|
||||||
Cash and Cash Equivalents - Ending
|
$
|
144,805
|
$
|
15,249
|
||||
Supplementary Cash Flows Information
|
||||||||
Interest paid
|
$
|
3,605
|
$
|
3,117
|
||||
Income taxes (refund) paid
|
$
|
-
|
$
|
(165
|
)
|
|||
Other real estate acquired in settlement of loans
|
$
|
3,296
|
$
|
2,478
|
See Notes to Financial Statements.
|
June 30, 2010
|
||||||||||||||||
Amortized Cost
|
Gross Unrealized Gains
|
Gross Unrealized Losses
|
Fair Value
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Available for Sale:
|
||||||||||||||||
Mortgage-backed securities
|
$
|
9,172
|
$
|
157
|
$
|
(81
|
)
|
$
|
9,248
|
|||||||
Asset-backed securities
|
775
|
—
|
(2
|
)
|
773
|
|||||||||||
Municipal securities
|
2,097
|
—
|
(129
|
)
|
1,968
|
|||||||||||
$
|
12,044
|
$
|
157
|
$
|
(212
|
)
|
$
|
11,989
|
||||||||
December 31, 2009
|
||||||||||||||||
Amortized Cost
|
Gross Unrealized Gains
|
Gross Unrealized Losses
|
Fair Value
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Available for Sale:
|
||||||||||||||||
U.S. Treasury and government agency
|
$
|
435
|
$
|
17
|
$
|
—
|
$
|
452
|
||||||||
Mortgage-backed securities
|
39,314
|
317
|
(228
|
)
|
39,403
|
|||||||||||
Asset-backed securities
|
843
|
—
|
(4
|
)
|
839
|
|||||||||||
Municipal securities
|
4,048
|
3
|
(157
|
)
|
3,894
|
|||||||||||
$
|
44,640
|
$
|
337
|
$
|
(389
|
)
|
$
|
44,588
|
||||||||
Available
for Sale
Amortized
Cost
|
Fair Value
|
|||||||
(in thousands)
|
||||||||
Due after ten years
|
$
|
2,097
|
$
|
1,968
|
||||
2,097
|
1,968
|
|||||||
Mortgage-backed securities
|
9,172
|
9,248
|
||||||
Asset-backed securities
|
775
|
773
|
||||||
$
|
12,044
|
$
|
11,989
|
Six months ended
June 30, 2010
|
Six months ended
June 30, 2009
|
|||||||
(in thousands)
|
||||||||
Gross gains
|
$ | 1,079 | $ | 210 | ||||
Gross losses
|
(2 | ) | (42 | ) |
June 30, 2010
|
||||||||||||||||||||||||
Less than 12 months
|
12 months or more
|
Total
|
||||||||||||||||||||||
Fair Value
|
Unrealized Losses
|
Fair Value
|
Unrealized Losses
|
Fair Value
|
Unrealized Losses
|
|||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||
Available for Sale:
|
||||||||||||||||||||||||
Mortgage-backed securities
|
$
|
238
|
$
|
(1
|
)
|
$
|
1,246
|
$
|
(80
|
)
|
$
|
1,484
|
$
|
(81
|
)
|
|||||||||
Asset-backed securities
|
118
|
(1
|
)
|
655
|
(1
|
)
|
773
|
(2
|
)
|
|||||||||||||||
Municipal securities
|
-
|
-
|
2,097
|
(129
|
)
|
2,097
|
(129
|
)
|
||||||||||||||||
Total investment securities
|
||||||||||||||||||||||||
available for sale
|
$
|
356
|
$
|
(2
|
)
|
3,998
|
$
|
(210
|
)
|
$
|
4,354
|
$
|
(212
|
)
|
December 31, 2009
|
||||||||||||||||||||||||
Less than 12 months
|
12 months or more
|
Total
|
||||||||||||||||||||||
Fair Value
|
Unrealized Losses
|
Fair Value
|
Unrealized Losses
|
Fair Value
|
Unrealized Losses
|
|||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||
Available for Sale:
|
||||||||||||||||||||||||
Mortgage-backed securities
|
$
|
10,142
|
$
|
(21
|
)
|
$
|
1,934
|
$
|
(207
|
)
|
$
|
12,076
|
$
|
(228
|
)
|
|||||||||
Asset-backed securities
|
122
|
—
|
717
|
(4
|
)
|
839
|
(4
|
)
|
||||||||||||||||
Municipal securities
|
374
|
(1
|
)
|
1,949
|
(156
|
)
|
2,323
|
(157
|
)
|
|||||||||||||||
Total investment securities
available for sale
|
$
|
10,638
|
$
|
(22
|
)
|
$
|
4,600
|
$
|
(367
|
)
|
$
|
15,238
|
$
|
(389
|
)
|
2010
|
2009
|
|||||||
(in thousands)
|
||||||||
Commercial construction
|
$
|
13,680
|
$
|
19,161
|
||||
Commercial real estate
|
143,188
|
133,433
|
||||||
Commercial and Industrial
|
32,703
|
25,290
|
||||||
Warehouse loans
|
247,185
|
16,435
|
||||||
Residential construction
|
2,651
|
2,581
|
||||||
Consumer residential
|
25,453
|
27,422
|
||||||
Consumer and other
|
3,489
|
5,524
|
||||||
Total loans
|
468,349
|
229,846
|
||||||
Unearned net loan origination costs and fees
|
231
|
452
|
||||||
Allowance for loan losses
|
(12,236
|
)
|
(10,032
|
)
|
||||
Net loans
|
$
|
456,344
|
$
|
220,266
|
Three months ended
June 30,
|
Six months ended
June 30,
|
||||||||||||||||
2010
|
2009
|
2010
|
2009 |
|
|||||||||||||
(in thousands)
|
|||||||||||||||||
Balance at beginning of the period
|
$ | 13,364 | $ | 2,984 | $ | 10,032 | $ | 2,876 | |||||||||
Provision for loan losses
|
1,100 | 8,000 | 5,472 | 8,130 | |||||||||||||
Loans charged off
|
(2,178 | ) | (1,050 | ) | (3,221 | ) | (1,072 | ) | |||||||||
Loan recoveries
|
— | — | 3 | — | |||||||||||||
Transfers to reserve for unfunded commitments (a)
|
(50 | ) | - | (50 | ) | - | |||||||||||
Balance at period end
|
$ | 12,236 | $ | 9,934 | $ | 12,236 | $ | 9,934 |
Non-Performing Assets
|
2010
|
2009
|
||||||
(in thousands)
|
||||||||
Non-accrual loans
|
$ | 16,679 | $ | 10,341 | ||||
Loans 90 days past due and still accruing
|
1,359 | 4,119 | ||||||
Restructured Loans
|
3,775 | 4,690 | ||||||
Other real estate owned
|
3,841 | 1,155 | ||||||
Balance, ending
|
$ | 25,654 | $ | 20,305 | ||||
Six months ended June 30,
|
||||||||
2010
|
2009
|
|||||||
(in thousands)
|
||||||||
Unrealized holding gains on available for
sale investment securities
|
$
|
1,072
|
$
|
273
|
||||
Less: Reclassification adjustment for gains on sales of
investment securities recognized in the net income(loss)
|
1,076
|
168
|
||||||
Net unrealized (loss) income
|
(4
|
)
|
105
|
|||||
Income tax benefit
|
—
|
—
|
||||||
Other Comprehensive (Loss) income, net
|
$
|
(4
|
)
|
$
|
105
|
Actual
|
For Capital Adequacy Purposes
|
To Be Well Capitalized Under Prompt Corrective Action Provisions
|
||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||
As of June 30, 2010:
|
||||||||||||||||||||||
Total capital (to
risk weighted assets)
|
$
|
70,794
|
26.1
|
%
|
$
|
21,687
|
≥
|
8.0
|
%
|
$
|
27,109
|
≥
|
10.0
|
%
|
||||||||
Tier 1 capital (to
risk weighted assets)
|
65,696
|
24.2
|
10,844
|
≥
|
4.0
|
16,266
|
≥
|
6.0
|
||||||||||||||
Tier 1 capital (to
average assets)
|
65,696
|
11.0
|
23,782
|
≥
|
4.0
|
29,727
|
≥
|
5.0
|
||||||||||||||
As of December 31, 2009:
|
||||||||||||||||||||||
Total capital (to
risk weighted assets)
|
$
|
25,958
|
11.8
|
%
|
$
|
17,648
|
≥
|
8.0
|
%
|
$
|
22,060
|
≥
|
10.0
|
%
|
||||||||
Tier 1 capital (to
risk weighted assets)
|
21,537
|
9.8
|
8,824
|
≥
|
4.0
|
13,236
|
≥
|
6.0
|
||||||||||||||
Tier 1 capital (to
average assets)
|
21,537
|
6.7
|
12,906
|
≥
|
4.0
|
16,132
|
≥
|
5.0
|
|
June 30,
|
December 31,
|
||||||||||||||
2010
|
2009
|
|||||||||||||||
Carrying Amount
|
Fair Value
|
Carrying Amount
|
Fair Value
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Assets:
|
||||||||||||||||
Cash and cash equivalents
|
$ | 144,805 | $ | 144,805 | $ | 68,807 | $ | 68,807 | ||||||||
Securities available for sale
|
11,989 | 11,989 | 44,588 | 44,588 | ||||||||||||
Loans receivable, net
|
456,344 | 455,247 | 220,266 | 213,901 | ||||||||||||
Restricted stock
|
3,029 | 3,029 | 2,026 | 2,026 | ||||||||||||
Accrued interest receivable
|
1,371 | 1,371 | 2,055 | 2,055 | ||||||||||||
Liabilities:
|
||||||||||||||||
Deposits
|
553,027 | 556,396 | 313,927 | 316,377 | ||||||||||||
Subordinated debt
|
2,000 | 2,000 | 2,000 | 2,000 | ||||||||||||
Borrowings
|
11,000 | 12,765 | 11,000 | 11,290 | ||||||||||||
Accrued interest payable
|
731 | 731 | 575 | 575 | ||||||||||||
Off-balance sheet financial instruments:
|
||||||||||||||||
Commitments to extend credit and letters of credit
|
— | — | — | — | ||||||||||||
Standby letters of credit issued on the Bank's behalf
|
— | — | — | — |
Level 1:
|
Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.
|
Level 2:
|
Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability.
|
Level 3:
|
Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported with little or no market activity).
|
June 30, 2010
|
||||||||||||||||
(Level 1)
Quoted Prices in
Active Markets for Identical Assets
|
(Level 2)
Significant Other
Observable Inputs
|
(Level 3)
Significant
Unobservable Inputs
|
Total Fair
Value
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Mortgage-backed securities
|
$
|
—
|
$
|
9,248
|
$
|
—
|
$
|
9,248
|
||||||||
Asset-backed securities
|
—
|
773
|
—
|
773
|
||||||||||||
Municipal securities
|
—
|
1,968
|
—
|
1,968
|
||||||||||||
$
|
—
|
$
|
11,989
|
$
|
—
|
$
|
11,989
|
|||||||||
December 31, 2009
|
||||||||||||||||
(Level 1)
Quoted Prices in
Active Markets for
Identical Assets
|
(Level 2)
Significant Other
Observable Inputs
|
(Level 3)
Significant
Unobservable Inputs
|
Total Fair
Value
|
|||||||||||||
(in thousands)
|
||||||||||||||||
U.S. Treasury and government agency
|
$
|
452
|
$
|
—
|
$
|
—
|
$
|
452
|
||||||||
Mortgage-backed securities
|
1,207
|
38,196
|
—
|
39,403
|
||||||||||||
Asset-backed securities
|
—
|
839
|
—
|
839
|
||||||||||||
Municipal securities
|
—
|
3,894
|
—
|
3,894
|
||||||||||||
$
|
1,659
|
$
|
42,929
|
$
|
—
|
$
|
44,588
|
June 30, 2010
|
||||||||||||||||
(Level 1)
Quoted Prices in
Active Markets for
Identical Assets
|
(Level 2)
Significant Other
Observable Inputs
|
(Level 3)
Significant
Unobservable Inputs
|
Total Fair
Value
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Impaired Loans, net of specific reserves of $8.7 million
|
$
|
—
|
$
|
—
|
$
|
29,028
|
$
|
29,028
|
||||||||
Other Real Estate Owned
|
—
|
—
|
3,841
|
3,841
|
||||||||||||
$
|
—
|
$
|
—
|
$
|
32,869
|
$
|
32,869
|
|
December 31, 2009
|
|||||||||||||||
(Level 1)
Quoted Prices in
Active Markets for
Identical Assets
|
(Level 2)
Significant Other
Observable Inputs
|
(Level 3)
Significant
Unobservable Inputs
|
Total Fair
Value
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Impaired Loans, net of specific reserves of $6.8 million
|
$
|
—
|
$
|
—
|
$
|
10,780
|
$
|
10,780
|
||||||||
Other Real Estate Owned
|
—
|
—
|
1,155
|
1,155
|
||||||||||||
$
|
—
|
$
|
—
|
$
|
11,935
|
$
|
11,935
|
2010
|
$
|
543
|
||
2011
|
1,311
|
|||
2012
|
1,305
|
|||
2013
|
1,291
|
|||
2014
|
1,076
|
|||
2015
|
670
|
|||
Thereafter
|
3,203
|
|||
$
|
9,399
|
July 9, 2010
|
||||
(in thousands)
|
||||
Assets Acquired
|
||||
Cash and cash equivalents, including federal funds sold
|
$ | 28,539 | ||
Investment securities available for sale
|
2,226 | |||
Loans Receivable
|
153,621 | |||
Other real estate owned
|
7,112 | |||
Accrued interest receivable
|
611 | |||
Other assets
|
430 | |||
Total assets acquired
|
$ | 192,539 | ||
Liabilities Assumed
|
||||
Deposits
|
$ | 179,526 | ||
Other liabilities
|
307 | |||
Total liabilities assumed
|
$ | 179,833 | ||
Net Assets Acquired
|
$ | 12,706 |
Six months ended
June 30,
|
Twelve months ended December 31,
|
|||||||||||||||||||||||||||
2010
|
2009
|
2009
|
2008
|
2007
|
2006
|
2005
|
||||||||||||||||||||||
(Dollar amounts in thousands except per share data)
|
||||||||||||||||||||||||||||
For the Period
|
||||||||||||||||||||||||||||
Interest income
|
$ | 9,674 | $ | 6,413 | $ | 13,486 | $ | 15,502 | $ | 17,659 | $ | 13,917 | $ | 9,471 | ||||||||||||||
Interest expense
|
3,761 | 3,255 | 6,336 | 8,138 | 10,593 | 7,461 | 3,980 | |||||||||||||||||||||
Net interest income
|
5,913 | 3,158 | 7,150 | 7,364 | 7,066 | 6,456 | 5,491 | |||||||||||||||||||||
Provision for loan losses
|
5,472 | 8,130 | 11,778 | 611 | 444 | 416 | 282 | |||||||||||||||||||||
Total non-interest
income (loss)
|
2,165 | 619 | 1,043 | (350 | ) | 356 | 479 | 385 | ||||||||||||||||||||
Total non-interest expense
|
7,145 | 4,169 | 9,650 | 7,654 | 6,908 | 5,588 | 4,649 | |||||||||||||||||||||
(Loss) income before taxes
|
(4,539 | ) | (8,522 | ) | (13,235 | ) | (1,251 | ) | 70 | 931 | 945 | |||||||||||||||||
Income tax
expense
(benefit)
|
— | — | — | (426 | ) | (160 | ) | 275 | 33 | |||||||||||||||||||
Net (loss) income
|
$ | (4,539 | ) | $ | (8,522 | ) | $ | (13,235 | ) | $ | (825 | ) | $ | 230 | $ | 656 | $ | 912 | ||||||||||
Basic (loss) earnings
per share
|
$ | (0.29 | ) | $ | (4.19 | ) | $ | (3.66 | ) | $ | (0.41 | ) | $ | 0.11 | $ | 0.33 | $ | 0.57 | ||||||||||
Diluted (loss) earnings
per share
|
$ | (0.29 | ) | $ | (4.19 | ) | $ | (3.66 | ) | $ | (0.41 | ) | $ | 0.11 | $ | 0.32 | $ | 0.57 | ||||||||||
At Period End
|
||||||||||||||||||||||||||||
Total assets
|
$ | 633,509 | $ | 266,540 | $ | 349,760 | $ | 274,038 | $ | 272,004 | $ | 234,407 | $ | 182,623 | ||||||||||||||
Net loans
|
456,344 | 214,329 | 220,266 | 220,876 | 212,109 | 176,147 | 138,100 | |||||||||||||||||||||
Allowance for loan losses
|
12,236 | 9,934 | 10,032 | 2,876 | 2,460 | 2,029 | 1,615 | |||||||||||||||||||||
Deposits
|
553,027 | 229,907 | 313,927 | 237,842 | 220,345 | 182,433 | 144,601 | |||||||||||||||||||||
Stockholders’ equity
|
65,659 | 21,058 | 21,503 | 16,849 | 16,830 | 16,239 | 15,503 | |||||||||||||||||||||
Tangible common
equity(2)
|
65,659 | 21,058 | 21,503 | 15,869 | 16,830 | 16,239 | 15,503 | |||||||||||||||||||||
Selected Ratios & Share
Data
|
||||||||||||||||||||||||||||
Return on average
assets(1)
|
(1.84 | )% | (6.45 | )% | (4.69 | )% | (0.30 | )% | 0.09 | % | 0.31 | % | 0.56 | % | ||||||||||||||
Return on average
equity(1)
|
(17.03 | )% | (101.14 | )% | (65.35 | )% | (4.98 | )% | 1.40 | % | 4.17 | % | 7.67 | % | ||||||||||||||
Book value per share
|
$ | 3.22 | $ | 4.66 | $ | 3.89 | $ | 8.34 | $ | 8.33 | $ | 8.18 | $ | 7.81 | ||||||||||||||
Tangible book value
per common share(2)
|
$ | 3.22 | $ | 4.66 | $ | 3.89 | $ | 7.85 | $ | 8.33 | $ | 8.18 | $ | 7.81 | ||||||||||||||
Common shares
outstanding
|
20,381,922 | 4,519,251 | 5,522,706 | 2,021,078 | 2,021,078 | 1,984,370 | 1,984,370 | |||||||||||||||||||||
Net interest margin
|
2.72 | % | 2.56 | % | 2.62 | % | 2.82 | % | 2.83 | % | 2.85 | % | 3.42 | % | ||||||||||||||
Equity to assets
|
10.36 | % | 7.90 | % | 6.14 | % | 6.15 | % | 6.19 | % | 6.93 | % | 8.49 | % | ||||||||||||||
Non-performing loans
|
$ | 21,813 | $ | 9,943 | $ | 19,150 | $ | 7,175 | $ | 2,069 | $ | 742 | $ | 1,158 | ||||||||||||||
Non-performing loans
to total loans
|
4.66 | % | 4.15 | % | 8.32 | % | 3.21 | % | 1.63 | % | 0.42 | % | 0.83 | % | ||||||||||||||
Non-performing assets
|
$ | 25,654 | $ | 13,231 | $ | 20,305 | $ | 8,694 | $ | 2,069 | $ | 742 | $ | 1,694 | ||||||||||||||
Non-performing assets to
total assets
|
3.44 | % | 3.73 | % | 5.81 | % | 3.17 | % | 1.28 | % | 0.32 | % | 0.46 | % | ||||||||||||||
Allowance for loan losses
to total loans
|
2.61 | % | 4.14 | % | 4.36 | % | 1.29 |