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ASB Bancorp, Inc. Reports Third Quarter Results

Date : 10/31/2012 @ 1:52AM
Source : PR Newswire (US)
Stock : Asb Bancorp, Inc. (MM) (ASBB)
Quote : 19.33  -0.094 (-0.48%) @ 5:40AM
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ASB Bancorp, Inc. Reports Third Quarter Results

Asb Bancorp, Inc. (MM) (NASDAQ:ASBB)
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ASB Bancorp, Inc. Reports Third Quarter Results

ASHEVILLE, N.C., Oct. 30, 2012 /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, 2012. The Company reported net income of $457,000 for the quarter ended September 30, 2012 compared to net income of $571,000 for the same quarter of 2011. Net income totaled $627,000 for the nine months ended September 30, 2012 compared to $1.9 million for the same period of 2011.  On a basic and diluted per share basis, the Company had net income of $0.09 per share and $0.12 per share for the three and nine month periods ended September 30, 2012, respectively, while it had no shares outstanding during the three and nine month periods ended September 30, 2011.

(Logo:  http://photos.prnewswire.com/prnh/20111031/CL96775LOGO )

"We are encouraged by recent trends in our asset quality, particularly with the decrease in the levels of nonperforming loans," said Suzanne S. DeFerie, President and Chief Executive Officer.  "Our focus for subsequent quarters will be to aggressively reduce the levels of foreclosed real estate and to implement strategies for improvement in our net interest margin."

Third Quarter Highlights

  • Net income for the third quarter of 2012 was $457,000, or $0.09 per basic and diluted share.

  • Third quarter 2012 earnings and book value per share improved over the previous three quarters.

  • Nonperforming loans decreased $5.5 million, to $12.7 million at September 30, 2012 from $18.2 million at June 30, 2012.

  • Nonperforming assets decreased $2.5 million to $24.3 million, or 3.15% of total assets, at September 30, 2012 from $26.8 million, or 3.36% of total assets, at June 30, 2012 and have improved in each quarter of 2012.

  • Core deposits, or deposits excluding time deposits, increased $3.7 million to $379.2 million at September 30, 2012 from $375.5 million at June 30, 2012 and have increased in each of the previous four quarters. Since December 31, 2011, non-interest-bearing deposits increased $11.5 million, or 21.2%

Balance Sheet Review

Assets. Total assets decreased $18.5 million, or 2.3%, to $772.4 million at September 30, 2012 from $790.9 million at December 31, 2011. Cash and cash equivalents decreased $21.7 million, or 30.1%, to $50.6 million at September 30, 2012 from $72.3 million at December 31, 2011. Investment securities increased $32.1 million, or 12.9%, to $281.2 million at September 30, 2012 from $249.1 million at December 31, 2011, primarily due to the reinvestment into investment securities of proceeds from loan repayments and prepayments.   Loans receivable, net of deferred fees, decreased $30.2 million, or 7.0%, to $402.7 million at September 30, 2012 from $432.9 million at December 31, 2011 as loan repayments, prepayments, and foreclosures exceeded new loan originations.

Liabilities. Total deposits decreased $21.6 million, or 3.5%, to $586.7 million at September 30, 2012 from $608.2 million at December 31, 2011. During the nine months ended September 30, 2012, the Company continued its focus on core deposits, from which it excludes certificates of deposit. Core deposits increased $29.5 million, or 8.4%, to $379.2 million at September 30, 2012 from $349.7 million at December 31, 2011. Non-interest-bearing deposits increased $11.5 million, or 21.2%, to $65.6 million at September 30, 2012 from $54.1 million at December 31, 2011. Over the same period, certificates of deposit decreased $51.1 million, or 19.8%, to $207.4 million at September 30, 2012 from $258.5 million at December 31, 2011. Accounts payable and other liabilities increased $1.8 million, or 28.0%, to $8.1 million at September 30, 2012 from $6.3 million at December 31, 2011.

Asset Quality

Provision for Loan Losses. The provision for loan losses was $542,000 for the three months ended September 30, 2012 compared to $730,000 for the three months ended September 30, 2011. 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 $10.2 million, or 2.54% of total loans, at September 30, 2012 compared to $10.6 million, or 2.45% of total loans, at December 31, 2011. The Company charged off $1.9 million in loans during the three months ended September 30, 2012 compared to $2.2 million during the three months ended September 30, 2011.

The provision for loan losses was $2.4 million for the nine months ended September 30, 2012 compared to $1.8 million for the nine months ended September 30, 2011. The increase in the provision was due to an increase in specific reserves for collateral dependent impaired loans during the quarter ended June 30, 2012 that resulted from a decline in the value of the real estate collateral securing the impaired loans.  Loan charge-offs totaled $3.0 million for the first nine months of 2012 compared to $3.8 million for the first nine months of 2011.

Nonperforming assets. Nonperforming assets totaled $24.3 million, or 3.15% of total assets, at September 30, 2012, compared to $28.7 million, or 3.63% of total assets, at December 31, 2011. Nonperforming assets included $12.7 million in nonperforming loans and $11.6 million in foreclosed real estate at September 30, 2012, compared to $20.6 million and $8.1 million, respectively, at December 31, 2011.

Nonperforming loans decreased $7.9 million, or 38.3%, to $12.7 million at September 30, 2012 from $20.6 million at December 31, 2011.  The decrease in nonperforming loans from December 31, 2011 to September 30, 2012 was primarily attributable to loans moving to foreclosed real estate, charge-offs and loan payments, which were partially offset by the addition of new loans that stopped performing during the period. At September 30, 2012, nonperforming loans included one $10.1 million commercial land development relationship, two commercial mortgages that totaled $1.3 million, three commercial and industrial loans that totaled $145,000, ten residential mortgage loans that totaled $1.0 million, and three home equity loans that totaled $155,000. As of September 30, 2012, the nonperforming loans had specific reserves of $940,000.

As of September 30, 2012, the Bank's largest nonperforming loan relationship was comprised of one primary loan for the construction of a mixed-use retail, commercial office, and residential condominium project located in western North Carolina and one debtor in possession loan that the Bank purchased in the second quarter of 2012 in order to secure its senior lien position. The loans totaled $10.1 million as of September 30, 2012 and were considered impaired and nonaccruing. The Bank established a $948,000 specific reserve in the second quarter of 2012 based on an updated appraisal, which was subsequently charged-off in the third quarter of 2012.  The Bank is in the process of foreclosure. The project has eight retail condominiums of which four have been leased, 11 commercial office condominiums of which three have sold, and 29 residential condominiums of which one has sold. 

Foreclosed real estate at September 30, 2012 included 17 properties with a total carrying value of $11.6 million compared to 18 properties with a total carrying value of $8.1 million at December 31, 2011. During the nine months ended September 30, 2012, in addition to an increase of $554,000 to the loss provision, there were eleven new properties totaling $6.3 million added to foreclosed real estate, while thirteen properties totaling $2.3 million were sold.

Income Statement Analysis

Net Interest Income.  Net interest income decreased by $431,000, or 8.6%, to $4.6 million for the three months ended September 30, 2012 compared to $5.0 million for the three months ended September 30, 2011. Total interest and dividend income decreased by $1.0 million, or 14.4%, to $6.1 million for the three months ended September 30, 2012 compared to $7.1 million for the three months ended September 30, 2011, primarily as a result of a 65 basis point decrease in yields on interest-earning assets and a $47.2 million decrease in average loan balances that partially offset a $72.3 million increase in the average balances of all other interest-earning assets, including investments. The decline in total interest and dividend income was partially offset by a $593,000, or 28.0%, decrease in interest expense to $1.5 million for the three months ended September 30, 2012 compared to $2.1 million for the three months ended September 30, 2011. The decrease in interest expense resulted from a 31 basis point reduction in the average rate paid on interest-bearing liabilities and a decline of $39.2 million in the average balances of interest-bearing liabilities comparing the three month periods.

Net interest income decreased by $1.6 million, or 10.4%, to $13.8 million for the nine months ended September 30, 2012 compared to $15.4 million for the nine months ended September 30, 2011. Total interest and dividend income decreased by $3.0 million, or 13.8%, to $19.0 million for the nine months ended September 30, 2012 compared to $22.1 million for the nine months ended September 30, 2011, primarily as a result of a 76 basis point decrease in yields on interest-earning assets and a $57.3 million decrease in average loan balances that partially offset a $99.3 million increase in the average balances of all other interest-earning assets, including investments. The decline in total interest and dividend income was partially offset by a $1.4 million, or 21.7%, decrease in interest expense to $5.2 million for the nine months ended September 30, 2012 compared to $6.6 million for the nine months ended September 30, 2011. The decrease in interest expense resulted from a 25 basis point reduction in the average rate paid on interest-bearing liabilities and a decline of $28.1 million in the average balances of interest-bearing liabilities comparing the nine month periods.

Noninterest Income.  Noninterest income increased $443,000, or 22.5%, to $2.4 million for the three months ended September 30, 2012 from $2.0 million for the three months ended September 30, 2011. Factors that contributed to the increase in noninterest income during the 2012 period were increases of $469,000 in gains from the sale of investment securities, $150,000 in mortgage banking income, and $56,000 from debit card services, which were partially offset by decreases of $126,000 in fees from deposits and other services and $106,000 in loan fees.  The increase in investment security gains resulted primarily from the Bank's efforts to better position its portfolio for rising rates, while the increase in mortgage banking income was attributable to higher volumes of mortgage loans sold. The decrease in deposit and other service charge income was primarily the result of lower deposit overdraft fees.

Noninterest income increased $863,000 to $6.4 million for the nine months ended September 30, 2012 from $5.5 million for the nine months ended September 30, 2011.  Factors that contributed to the increase in noninterest income during the 2012 period were increases of $1.1 million in gains from the sale of investment securities, $402,000 in mortgage banking income and $77,000 in debit card services, which were partially offset by decreases of $352,000 in fees from deposits and other services, $244,000 in loan fees, and $96,000 in other investment income. The increase in investment security gains resulted primarily from the Bank's efforts to better position its portfolio for rising rates, while the increase in mortgage banking income was attributable to higher volumes of mortgage loans sold. The decrease in deposit and other service charge income was primarily the result of lower deposit overdraft fees.

Noninterest Expense.  Noninterest expenses increased $447,000, or 8.4%, to $5.8 million for the three months ended September 30, 2012 compared to $5.3 million for the three months ended September 30, 2011. The primary factors affecting the increase were increases of $220,000 in salaries and employee benefits, $124,000 in other noninterest expenses, $83,000 in FDIC insurance premiums, $60,000 in advertising expenses, $37,000 in data processing fees, and $32,000 in professional services, which were partially offset by a decrease of $104,000 in foreclosed property expenses. The increase in salaries and benefits was primarily due to $112,000 in expenses related to the Bank's new employee stock ownership plan, and increases of $57,000 in compensation expenses and $51,000 in payroll taxes and other benefit plan expenses. The increase in other noninterest expenses was primarily attributable to increased expenses related to holding company and public company compliance and reporting.

Noninterest expenses increased $739,000, or 4.6%, to $16.9 million for the nine months ended September 30, 2012 compared to $16.2 million for the nine months ended September 30, 2011. The primary factors affecting the increase were increases of $767,000 in salaries and benefits, $320,000 in other noninterest expenses, and $82,000 in professional services, which were partially offset by decreases of $318,000 in foreclosed property expenses, $94,000 in FDIC insurance premiums, and $63,000 in occupancy expense.  The increase in salaries and benefits was primarily due to an increase of $310,000 in expenses related to the Bank's new employee stock ownership plan, a $285,000 increase in compensation expenses, and an increase of $172,000 in payroll taxes and other benefit plan expenses. The increase in other noninterest expenses was primarily attributable to increased expenses related to holding company and public company compliance and reporting.

The Bank is a North Carolina chartered stock 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 Reports 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.

Contact:

Suzanne S. DeFerie


Chief Executive Officer


(828) 254-7411

 
















Selected Financial Condition Data


























 September 30, 


 December 31, 



(dollars in thousands)






2012


2011*


% change
















Total assets








$ 772,407


$ 790,868


-2.3%

Cash and cash equivalents






50,583


72,327


-30.1%

Investment securities






281,166


249,081


12.9%

Loans receivable, net of deferred fees




402,724


432,883


-7.0%

Allowance for loan losses






(10,220)


(10,627)


3.8%

Deposits








586,686


608,236


-3.5%

Core deposits








379,237


349,695


8.4%

FHLB advances








60,000


60,000


0.0%

Accounts payable and other liabilities




8,068


6,303


28.0%

Total equity








117,225


115,571


1.4%

____________________

* Derived from audited consolidated financial statements. 

















 

Selected Operating Data


















(dollars in thousands,

Three Months Ended 


 Nine Months Ended  

except shares outstanding

 September 30, 


 September 30, 

and per share data)

2012


2011*


% change


2012


2011*


% change
















Interest and













  dividend income


$     6,088


$     7,112


-14.4%


$   19,025


$   22,067


-13.8%

Interest expense


1,527


2,120


-28.0%


5,189


6,629


-21.7%

Net interest income

4,561


4,992


-8.6%


13,836


15,438


-10.4%

Provision for loan losses

542


730


-25.8%


2,433


1,811


34.3%

Net interest income












  after provision for











  loan losses


4,019


4,262


-5.7%


11,403


13,627


-16.3%

Noninterest income

2,416


1,973


22.5%


6,373


5,510


15.7%

Noninterest expense

5,760


5,313


8.4%


16,914


16,175


4.6%

Income before













  income tax 













  provision


675


922


-26.8%


862


2,962


-70.9%

Income tax













  provision


218


351


-37.9%


235


1,064


-77.9%

Net income


$       457


$       571


-20.0%


$       627


$     1,898


-67.0%
















Net income per













  common share:













  Basic


$      0.09


 n/a  


 n/a    


$      0.12


 n/a  


 n/a    

  Diluted


$      0.09


 n/a  


 n/a    


$      0.12


 n/a  


 n/a    

Average shares outstanding:











  Basic


5,164,688


 n/a  


 n/a    


5,156,885


 n/a  


 n/a    

  Diluted


5,164,688


 n/a  


 n/a    


5,156,885


 n/a  


 n/a    

____________________


*   Certain amounts for prior periods were reclassified to conform to the September 30, 2012 presentation.

















Selected Average Balances and Yields/Costs


























For the Three Months Ended September 30,









2012


2011









 Average 


 Yield/ 


 Average 


 Yield/ 

(dollars in thousands)




 Balance 


 Cost 


 Balance 


 Cost 
















Interest-earning deposits with banks


$   51,135


0.33%


$   29,898


0.20%

Loans receivable






413,221


4.63%


460,388


4.94%

Investment securities




77,783


2.02%


75,322


2.43%

Mortgage-backed and similar securities


202,744


1.72%


154,145


2.38%

Other interest-earning assets




3,879


1.64%


3,912


0.91%

Interest-bearing deposits




528,345


0.69%


567,206


1.06%

Federal Home Loan Bank advances


60,000


4.04%


60,000


4.03%
















Interest rate spread







2.23%




2.57%

Net interest margin







2.45%




2.75%
























For the Nine Months Ended September 30,









2012


2011









 Average 


 Yield/ 


 Average 


 Yield/ 

(dollars in thousands)




 Balance 


 Cost 


 Balance 


 Cost 
















Interest-earning deposits with banks


$   60,472


0.34%


$   22,388


0.23%

Loans receivable






421,472


4.70%


478,748


5.05%

Investment securities




69,799


2.13%


70,286


2.57%

Mortgage-backed and similar securities


200,102


2.02%


138,316


2.55%

Other interest-earning assets




3,878


1.62%


3,942


0.88%

Interest-bearing deposits




542,043


0.83%


569,550


1.13%

Federal Home Loan Bank advances


60,000


4.04%


60,000


4.03%
















Interest rate spread





2.24%




2.75%

Net interest margin





2.47%




2.90%
















Selected Asset Quality Data
































 Three Months Ended 

 Nine Months Ended  

Allowance for Loan Losses


 September 30, 


 September 30, 

(dollars in thousands)




2012


2011


2012


2011
















Allowance for loan losses, beginning of period

$   11,563


$   12,353


$   10,627


$   12,676

Provision for loan losses




542


730


2,433


1,811
















Charge-offs






(1,902)


(2,233)


(3,000)


(3,818)

Recoveries






17


23


160


204

Net charge-offs






(1,885)


(2,210)


(2,840)


(3,614)
















Allowance for loan losses, end of period


$   10,220


$   10,873


$   10,220


$   10,873
















Allowance for loan losses as a percent of:









  Total loans






2.54%


2.41%


2.54%


2.41%

  Total nonperforming loans




80.32%


94.02%


80.32%


94.02%































Nonperforming Assets






 September 30, 


 December 31, 



(dollars in thousands)






2012


2011


% change
















Nonperforming Loans:











Nonaccruing Loans (1)











Commercial:













  Commercial construction and land development


$   10,054


$   14,695


-31.6%

  Commercial mortgage






1,344


833


61.3%

  Commercial and industrial






145


2,595


-94.4%

  Total commercial







11,543


18,123


-36.3%

Non-commercial:











  Non-commercial construction and land development


-


110


-100.0%

  Residential mortgage






1,003


1,922


-47.8%

  Revolving mortgage






155


440


-64.8%

  Consumer








23


27


-14.8%

  Total non-commercial






1,181


2,499


-52.7%

Total nonaccruing loans (1)






12,724


20,622


-38.3%
















Total loans past due 90 or more days









    and still accruing






-


-


0.0%
















Total nonperforming loans






12,724


20,622


-38.3%
















Foreclosed real estate






11,600


8,125


42.8%
















Total nonperforming assets






24,324


28,747


-15.4%
















Performing troubled debt restructurings (2)




5,156


1,142


351.5%

Performing troubled debt restructurings and









  total nonperforming assets






$   29,480


$   29,889


-1.4%
















Nonperforming loans as a percent of total loans


3.16%


4.76%



Nonperforming assets as a percent of total assets


3.15%


3.63%



Performing troubled debt restructurings and









  total nonperforming assets to total assets




3.82%


3.78%



____________________

(1) Nonaccruing loans include nonaccruing troubled debt restructurings.

(2) Performing troubled debt restructurings exclude nonaccruing troubled debt restructurings.
















Foreclosed Real Estate by Loan Type


 September 30, 2012 


 December 31, 2011 

(dollars in thousands)




 Number 


 Amount 


 Number 


 Amount 
















By foreclosed loan type:











Commercial mortgage




2


$     2,730


3


$     3,045

Commercial construction and land development

9


7,631


5


3,259

Residential mortgage




3


691


7


1,373

Residential construction and land development

2


245


3


448

Revolving mortgage




1


303


-


-

Total 






17


$   11,600


18


$     8,125

















Foreclosed Real Estate




Nine Months Ended





(dollars in thousands)

September 30, 2012




















Beginning balance





$     8,125





Transfers from loans






6,336





Loss provisions








(554)





Loss on sale of foreclosed properties




(32)





Net proceeds from sales of foreclosed properties


(2,275)





Ending balance








$   11,600





















 

Selected Performance Ratios






























 Three Months Ended 


 Nine Months Ended  









 September 30, 


 September 30, 









2012


2011


2012


2011
















Return on average assets (1)




0.23%


0.30%


0.11%


0.34%

Return on average equity (1)




1.55%


3.37%


0.72%


3.88%

Interest rate spread (1)(2)




2.23%


2.57%


2.24%


2.75%

Net interest margin (1)(3)




2.45%


2.75%


2.47%


2.90%

Noninterest expense to average assets (1)


2.93%


2.77%


2.87%


2.88%

Efficiency ratio (4)


81.90%


76.01%


83.15%


76.97%

____________________

(1) Ratios are annualized.

(2) Represents the difference between the weighted average yield on average interest-earning assets and the  

     weighted average cost of 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 



(dollars in thousands, except shares

 September 30, 


 June 30, 


 March 31, 


 December 31, 


 September 30, 



outstanding and per share data)


2012


2012*


2012*


2011*


2011*




















Income Statement Data:













Interest and dividend income


$     6,088


$     6,398


$     6,539


$     6,783


$     7,112



Interest expense




1,527


1,743


1,919


2,013


2,120



Net interest income


4,561


4,655


4,620


4,770


4,992



Provision for loan losses


542


1,293


598


1,974


730



Net interest income after













  provision for loan losses


4,019


3,362


4,022


2,796


4,262



Noninterest income


2,416


1,999


1,958


1,896


1,973



Noninterest expense


5,760


5,588


5,566


5,879


5,313



Income (loss) before income 













  tax provision (benefit)


675


(227)


414


(1,187)


922



Income tax provision (benefit)


218


(113)


130


(476)


351



Net income (loss)




$       457


$      (114)


$       284


$      (711)


$       571




















Per Share Data:















Net income (loss) per share – Basic

$      0.09


$     (0.02)


$      0.06


$     (0.14)


 n/a  



Net income (loss) per share – Diluted

$      0.09


$     (0.02)


$      0.06


$     (0.14)


 n/a  



Book value per share


$     20.99


$     20.79


$     20.66


$     20.69


 n/a  



Weighted average shares outstanding:











  Basic




5,164,688


5,156,843


5,149,039


5,141,462


 n/a  



  Diluted




5,164,688


5,156,843


5,149,039


5,141,462


 n/a  



Ending shares outstanding


5,584,551


5,584,551


5,584,551


5,584,551


 n/a  


























As Of


As Of


As Of


As Of


As Of









September 30,


June 30,


March 31,


December 31,


September 30,



(dollars in thousands)


2012


2012


2012


2011**


2011




















Ending Balance Sheet Data:













Total assets




$ 772,407


$ 798,667


$ 796,901


$ 790,868


$ 798,748



Cash and cash equivalents


50,583


73,475


80,087


72,327


75,402



Investment securities


281,166


284,671


264,782


249,081


235,285



Loans receivable, net of deferred fees

402,724


409,140


416,307


432,883


450,263



Allowance for loan losses


(10,220)


(11,563)


(10,562)


(10,627)


(10,873)



Deposits




586,686


606,022


610,242


608,236


615,555



Core deposits




379,237


375,478


359,350


349,695


347,859



Escrowed stock order funds


-


-


-


-


49,063



FHLB advances




60,000


60,000


60,000


60,000


60,000



Total equity




117,225


116,079


115,360


115,571


67,681




















Asset Quality:















Nonperforming loans


$   12,724


$   18,232


$   18,063


$   20,622


$   11,565



Nonperforming assets


24,324


26,847


27,198


28,747


22,262



Nonperforming loans to total loans

3.16%


4.46%


4.34%


4.76%


2.57%



Nonperforming assets to total assets

3.15%


3.36%


3.41%


3.63%


2.79%



Allowance for loan losses


$   10,220


$   11,563


$   10,562


$   10,627


$   10,873



Allowance for loan losses to total loans

2.54%


2.83%


2.54%


2.45%


2.41%



Allowance for loan losses to













  nonperforming loans


80.32%


63.42%


58.47%


51.53%


94.02%



____________________

*   Certain amounts for prior periods were reclassified to conform to the September 30, 2012 presentation.

** Ending balance sheet data as of December 31, 2011 were derived from audited consolidated financial statements.

 

SOURCE ASB Bancorp, Inc.

Copyright 2012 PR Newswire



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