UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
x |
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. |
For the quarterly period ended March 31, 2014
OR
o |
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
For the transition period from to .
Commission file number 1-13661
STOCK YARDS BANCORP, INC.
(Exact name of registrant as specified in its charter)
Kentucky |
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61-1137529 |
(State or other jurisdiction of |
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(I.R.S. Employer |
incorporation or organization) |
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Identification No.) |
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1040 East Main Street, Louisville, Kentucky 40206
(Address of principal executive offices including zip code)
(502) 582-2571
(Registrants telephone number, including area code)
S. Y. BANCORP, INC.
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act:
Large accelerated filer |
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o |
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Accelerated filer |
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x |
Non-accelerated filer (Do not check if a smaller reporting company) |
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o |
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Smaller reporting company |
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o |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.). Yes o No x
The number of shares of the registrants Common Stock, no par value, outstanding as of April 25, 2014, was 14,661,509.
STOCK YARDS BANCORP, INC. AND SUBSIDIARY
PART I FINANCIAL INFORMATION |
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Item 1. Financial Statements |
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The following consolidated financial statements of Stock Yards Bancorp, Inc. and Subsidiary, Stock Yards Bank & Trust Company, are submitted herewith: |
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Consolidated Balance Sheets |
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Consolidated Statements of Income |
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Consolidated Statements of Cash Flows |
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Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations |
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Item 3. Quantitative and Qualitative Disclosures about Market Risk |
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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds |
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STOCK YARDS BANCORP, INC. AND SUBSIDIARY
March 31, 2014 and December 31, 2013
(In thousands, except share data)
|
|
March 31, |
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December 31, |
| ||
|
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2014 |
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2013 |
| ||
|
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(Unaudited) |
|
|
| ||
Assets |
|
|
|
|
| ||
Cash and due from banks |
|
$ |
42,685 |
|
$ |
34,519 |
|
Federal funds sold |
|
40,269 |
|
36,251 |
| ||
Mortgage loans held for sale |
|
3,473 |
|
1,757 |
| ||
Securities available for sale (amortized cost of $440,104 in 2014 and $493,066 in 2013) |
|
440,184 |
|
490,031 |
| ||
Federal Home Loan Bank stock |
|
6,334 |
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6,334 |
| ||
Other securities |
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1,013 |
|
1,013 |
| ||
Loans |
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1,728,619 |
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1,721,350 |
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Less allowance for loan losses |
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28,591 |
|
28,522 |
| ||
Net loans |
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1,700,028 |
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1,692,828 |
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Premises and equipment, net |
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39,258 |
|
39,813 |
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Bank owned life insurance |
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29,416 |
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29,180 |
| ||
Accrued interest receivable |
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5,658 |
|
5,712 |
| ||
Other assets |
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45,920 |
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51,824 |
| ||
Total assets |
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$ |
2,354,238 |
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$ |
2,389,262 |
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Liabilities and Stockholders Equity |
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|
|
|
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Deposits: |
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|
|
|
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Non-interest bearing |
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$ |
436,843 |
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$ |
423,350 |
|
Interest bearing |
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1,550,544 |
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1,557,587 |
| ||
Total deposits |
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1,987,387 |
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1,980,937 |
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Securities sold under agreements to repurchase |
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52,453 |
|
62,615 |
| ||
Federal funds purchased |
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18,731 |
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55,295 |
| ||
Accrued interest payable |
|
125 |
|
128 |
| ||
Other liabilities |
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24,278 |
|
26,514 |
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Federal Home Loan Bank advances |
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34,288 |
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34,329 |
| ||
Total liabilities |
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2,117,262 |
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2,159,818 |
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Stockholders equity: |
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|
|
|
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Preferred stock, no par value. Authorized 1,000,000 shares; no shares issued or outstanding |
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|
|
|
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Common stock, no par value. Authorized 20,000,000 shares; issued and outstanding 14,658,954 and 14,608,556 shares in 2014 and 2013, respectively |
|
9,749 |
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9,581 |
| ||
Additional paid-in capital |
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34,614 |
|
33,255 |
| ||
Retained earnings |
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192,783 |
|
188,825 |
| ||
Accumulated other comprehensive income |
|
(170 |
) |
(2,217 |
) | ||
Total stockholders equity |
|
236,976 |
|
229,444 |
| ||
Total liabilities and stockholders equity |
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$ |
2,354,238 |
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$ |
2,389,262 |
|
See accompanying notes to unaudited consolidated financial statements.
STOCK YARDS BANCORP, INC. AND SUBSIDIARY
Consolidated Statements of Income
For the three months ended March 31, 2014 and 2013 (Unaudited)
(In thousands, except per share data)
|
|
2014 |
|
2013 |
| ||
Interest income: |
|
|
|
|
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Loans |
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$ |
19,359 |
|
$ |
19,049 |
|
Federal funds sold |
|
79 |
|
80 |
| ||
Mortgage loans held for sale |
|
31 |
|
64 |
| ||
Securities taxable |
|
1,837 |
|
1,370 |
| ||
Securities tax-exempt |
|
298 |
|
272 |
| ||
Total interest income |
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21,604 |
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20,835 |
| ||
Interest expense: |
|
|
|
|
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Deposits |
|
1,140 |
|
1,339 |
| ||
Fed funds purchased |
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6 |
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8 |
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Securities sold under agreements to repurchase |
|
34 |
|
35 |
| ||
Federal Home Loan Bank advances |
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196 |
|
217 |
| ||
Subordinated debentures |
|
|
|
773 |
| ||
Total interest expense |
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1,376 |
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2,372 |
| ||
Net interest income |
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20,228 |
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18,463 |
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Provision for loan losses |
|
350 |
|
2,325 |
| ||
Net interest income after provision for loan losses |
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19,878 |
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16,138 |
| ||
Non-interest income: |
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|
|
|
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Investment management and trust services |
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4,568 |
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3,886 |
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Service charges on deposit accounts |
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2,103 |
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2,000 |
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Bankcard transaction revenue |
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1,075 |
|
961 |
| ||
Mortgage banking revenue |
|
588 |
|
1,180 |
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Brokerage commissions and fees |
|
505 |
|
615 |
| ||
Bank owned life insurance income |
|
236 |
|
252 |
| ||
Other |
|
400 |
|
334 |
| ||
Total non-interest income |
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9,475 |
|
9,228 |
| ||
Non-interest expenses: |
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|
|
|
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Salaries and employee benefits |
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11,118 |
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9,657 |
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Net occupancy expense |
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1,556 |
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1,231 |
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Data processing expense |
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1,560 |
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1,356 |
| ||
Furniture and equipment expense |
|
268 |
|
291 |
| ||
FDIC insurance expense |
|
342 |
|
350 |
| ||
Gain on other real estate owned |
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(343 |
) |
(35 |
) | ||
Other |
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3,043 |
|
2,729 |
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Total non-interest expenses |
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17,544 |
|
15,579 |
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Income before income taxes |
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11,809 |
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9,787 |
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Income tax expense |
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3,632 |
|
3,019 |
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Net income |
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$ |
8,177 |
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$ |
6,768 |
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Net income per share: |
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|
|
|
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Basic |
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$ |
0.56 |
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$ |
0.49 |
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Diluted |
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$ |
0.56 |
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$ |
0.49 |
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Average common shares: |
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|
|
|
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Basic |
|
14,506 |
|
13,814 |
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Diluted |
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14,701 |
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13,851 |
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See accompanying notes to unaudited consolidated financial statements.
STOCK YARDS BANCORP, INC. AND SUBSIDIARY
Consolidated Statements of Comprehensive Income
For the three months ended March 31, 2014 and 2013 (Unaudited)
(In thousands)
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2014 |
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2013 |
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Net income |
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$ |
8,177 |
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$ |
6,768 |
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Other comprehensive income (loss), net of tax: |
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|
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Unrealized gains (losses) on securities available for sale: |
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|
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|
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Unrealized gains (losses) arising during the period (net of tax of $1,091 and ($257), respectively) |
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2,026 |
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(478 |
) | ||
Unrealized gains on hedging instruments: |
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Unrealized gains arising during the period (net of tax of $12 and $0, respectively) |
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21 |
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Other comprehensive income (loss) |
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2,047 |
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(478 |
) | ||
Comprehensive income |
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10,224 |
|
6,290 |
| ||
See accompanying notes to unaudited consolidated financial statements.
STOCK YARDS BANCORP, INC. AND SUBSIDIARY
Consolidated Statements of Cash Flows
For the three months ended March 31, 2014 and 2013 (Unaudited)
(In thousands)
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2014 |
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2013 |
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Operating activities: |
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|
|
|
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Net income |
|
$ |
8,177 |
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$ |
6,768 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
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|
|
|
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Provision for loan losses |
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350 |
|
2,325 |
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Depreciation, amortization and accretion, net |
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1,688 |
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1,465 |
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Deferred income tax provision (benefit) |
|
701 |
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(1,152 |
) | ||
Gain on sales of mortgage loans held for sale |
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(341 |
) |
(867 |
) | ||
Origination of mortgage loans held for sale |
|
(17,617 |
) |
(47,036 |
) | ||
Proceeds from sale of mortgage loans held for sale |
|
16,242 |
|
57,374 |
| ||
Bank owned life insurance income |
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(236 |
) |
(252 |
) | ||
Gain on the disposal of premises and equipment |
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(30 |
) |
|
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Gain on the sale of other real estate |
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(343 |
) |
(35 |
) | ||
Stock compensation expense |
|
290 |
|
531 |
| ||
Excess tax benefits from share-based compensation arrangements |
|
(149 |
) |
(18 |
) | ||
Decrease in accrued interest receivable and other assets |
|
514 |
|
1,430 |
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(Decrease) increase in accrued interest payable and other liabilities |
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(2,090 |
) |
1,716 |
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Net cash provided by operating activities |
|
7,156 |
|
22,249 |
| ||
Investing activities: |
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|
|
|
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Purchases of securities available for sale |
|
(69,855 |
) |
(106,748 |
) | ||
Proceeds from maturities of securities available for sale |
|
123,072 |
|
129,192 |
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Net increase in loans |
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(8,687 |
) |
(18,649 |
) | ||
Purchases of premises and equipment |
|
(509 |
) |
(350 |
) | ||
Proceeds from disposal of equipment |
|
344 |
|
|
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Proceeds from sale of other real estate |
|
3,962 |
|
1,778 |
| ||
Net cash provided by investing activities |
|
48,327 |
|
5,223 |
| ||
Financing activities: |
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|
|
|
| ||
Net increase (decrease) in deposits |
|
6,450 |
|
(44,809 |
) | ||
Net (decrease) increase in securities sold under agreements to repurchase and federal funds purchased |
|
(46,726 |
) |
12,103 |
| ||
Proceeds from Federal Home Loan Bank advances |
|
10,000 |
|
|
| ||
Repayments of Federal Home Loan Bank advances |
|
(10,041 |
) |
(10 |
) | ||
Issuance of common stock for options and dividend reinvestment plan |
|
463 |
|
61 |
| ||
Excess tax benefits from share-based compensation arrangements |
|
149 |
|
18 |
| ||
Common stock repurchases |
|
(519 |
) |
(286 |
) | ||
Cash dividends paid |
|
(3,075 |
) |
(2,792 |
) | ||
Net cash used in financing activities |
|
(43,299 |
) |
(35,715 |
) | ||
Net increase (decrease) in cash and cash equivalents |
|
12,184 |
|
(8,243 |
) | ||
Cash and cash equivalents at beginning of period |
|
70,770 |
|
67,703 |
| ||
Cash and cash equivalents at end of period |
|
$ |
82,954 |
|
$ |
59,460 |
|
Supplemental cash flow information: |
|
|
|
|
| ||
Income tax payments |
|
|
|
400 |
| ||
Cash paid for interest |
|
1,379 |
|
2,398 |
| ||
Supplemental non-cash activity: |
|
|
|
|
| ||
Transfers from loans to other real estate owned |
|
$ |
1,137 |
|
$ |
99 |
|
See accompanying notes to unaudited consolidated financial statements.
STOCK YARDS BANCORP, INC. AND SUBSIDIARY
Consolidated Statements of Changes in Stockholders Equity
For the three months ended March 31, 2014 and 2013 (Unaudited)
(In thousands, except per share data)
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|
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|
|
|
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Accumulated |
|
|
| |||||
|
|
Common stock |
|
|
|
|
|
other |
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|
| |||||||
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Number of |
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|
|
Additional |
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Retained |
|
comprehensive |
|
|
| |||||
|
|
shares |
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Amount |
|
paid-in capital |
|
earnings |
|
income |
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Total |
| |||||
Balance December 31, 2013 |
|
14,609 |
|
$ |
9,581 |
|
$ |
33,255 |
|
$ |
188,825 |
|
$ |
(2,217 |
) |
$ |
229,444 |
|
Net income |
|
|
|
|
|
|
|
8,177 |
|
|
|
8,177 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Other comprehensive income, net of tax |
|
|
|
|
|
|
|
|
|
2,047 |
|
2,047 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Stock compensation expense |
|
|
|
|
|
290 |
|
|
|
|
|
290 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
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Stock issued for exercise of stock options and dividend reinvestment plan, net of withholdings to satisfy employee tax obligations upon vesting of stock awards |
|
22 |
|
75 |
|
601 |
|
(23 |
) |
|
|
653 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Stock issued for non-vested restricted stock |
|
48 |
|
160 |
|
987 |
|
(1,147 |
) |
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Cash dividends, $0.21 per share |
|
|
|
|
|
|
|
(3,075 |
) |
|
|
(3,075 |
) | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Shares repurchased or cancelled |
|
(20 |
) |
(67 |
) |
(519 |
) |
26 |
|
|
|
(560 |
) | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Balance March 31, 2014 |
|
14,659 |
|
$ |
9,749 |
|
$ |
34,614 |
|
$ |
192,783 |
|
$ |
(170 |
) |
$ |
236,976 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Balance December 31, 2012 |
|
13,915 |
|
$ |
7,273 |
|
$ |
17,731 |
|
$ |
174,650 |
|
$ |
5,421 |
|
$ |
205,075 |
|
Net income |
|
|
|
|
|
|
|
6,768 |
|
|
|
6,768 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Other comprehensive loss, net of tax |
|
|
|
|
|
|
|
|
|
(478 |
) |
(478 |
) | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Stock compensation expense |
|
|
|
|
|
531 |
|
|
|
|
|
531 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Stock issued for exercise of stock options and dividend reinvestment plan, net of withholdings to satisfy employee tax obligations upon vesting of stock awards |
|
3 |
|
10 |
|
69 |
|
|
|
|
|
79 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Stock issued for non-vested restricted stock |
|
55 |
|
184 |
|
1,083 |
|
(1,267 |
) |
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Cash dividends, $0.20 per share |
|
|
|
|
|
|
|
(2,792 |
) |
|
|
(2,792 |
) | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Shares repurchased or cancelled |
|
(15 |
) |
(51 |
) |
(296 |
) |
61 |
|
|
|
(286 |
) | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Balance March 31, 2013 |
|
13,958 |
|
$ |
7,416 |
|
$ |
19,118 |
|
$ |
177,420 |
|
$ |
4,943 |
|
$ |
208,897 |
|
See accompanying notes to unaudited consolidated financial statements.
STOCK YARDS BANCORP, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
(1) Summary of Significant Accounting Policies
The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all information and footnotes required by U.S. generally accepted accounting principles (US GAAP) for complete financial statements. The consolidated unaudited financial statements of Stock Yards Bancorp, Inc. (Bancorp) and its subsidiary reflect all adjustments (consisting only of adjustments of a normal recurring nature) which are, in the opinion of management, necessary for a fair presentation of financial condition and results of operations for the interim periods.
The unaudited consolidated financial statements include the accounts of Stock Yards Bancorp, Inc. and its wholly-owned subsidiary, Stock Yards Bank & Trust Company (Bank). Significant intercompany transactions and accounts have been eliminated in consolidation. In preparing the unaudited consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of related revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses, valuation of other real estate owned, income tax assets, and estimated liabilities and expense.
A description of other significant accounting policies is presented in the notes to the Consolidated Financial Statements for the year ended December 31, 2013 included in Stock Yards Bancorp, Inc.s Annual Report on Form 10-K. Certain reclassifications have been made in the prior year financial statements to conform to current year classifications.
Interim results for the three month period ended March 31, 2014 are not necessarily indicative of the results for the entire year.
Critical Accounting Policies
Management has identified the accounting policy related to the allowance and provision for loan losses as critical to the understanding of Bancorps results of operations and discussed this conclusion with the Audit Committee of the Board of Directors. Since the application of this policy requires significant management assumptions and estimates, it could result in materially different amounts to be reported if conditions or underlying circumstances were to change. Assumptions include many factors such as changes in borrowers financial condition which can change quickly or historical loss ratios related to certain loan portfolios which may or may not be indicative of future losses. To the extent that managements assumptions prove incorrect, the results from operations could be materially affected by a higher or lower provision for loan losses. The accounting policy related to the allowance for loan losses is applicable to the commercial banking segment of Bancorp.
The allowance for loan losses is managements estimate of probable losses in the loan portfolio. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance.
Prior to the third quarter of 2013, management measured the appropriateness of the allowance for loan losses in its entirety using (a) quantitative (historical loss rates) and qualitative factors (management adjustment factors); (b) specific allocations on impaired loans, and (c) an unallocated amount. The unallocated amount was evaluated on the loan portfolio in its entirety and was based on additional factors, such as national and local economic trends and conditions, changes in volume and severity of past due loans, volume of non-accrual loans, volume and severity of adversely classified or graded loans and other
STOCK YARDS BANCORP, INC. AND SUBSIDIARY
factors and trends that affect specific loans and categories of loans, such as a heightened risk in the commercial and industrial loan portfolios. Bancorp utilized the sum of all allowance amounts derived as described above, including a reasonable unallocated allowance, as an indicator of the appropriate level of allowance for loan and lease losses.
During the third quarter of 2013, Bancorp refined its allowance calculation whereby it allocated the portion of the allowance that was previously deemed to be unallocated allowance based on managements determination of the appropriate qualitative adjustment. This refined allowance calculation includes specific allowance allocations to loan portfolio segments at March 31, 2014 for qualitative factors including, among other factors, (i) national and local economic and business conditions, (ii) the quality and experience of lending staff and management, (iii) changes in lending policies and procedures, (iv) changes in volume and severity of past due loans, classified loans and non-performing loans, (v) potential impact of any concentrations of credit, (vi) changes in the nature and terms of loans such as growth rates and utilization rates, (vii) changes in the value of underlying collateral for collateral-dependent loans, considering Bancorps disposition bias, and (viii) the effect of other external factors such as the legal and regulatory environment. Bancorp may also consider other qualitative factors in future periods for additional allowance allocations, including, among other factors, changes in Bancorps loan review process. Changes in the criteria used in this evaluation or the availability of new information could cause the allowance to be increased or decreased in future periods. In addition, bank regulatory agencies, as part of their examination process, may require adjustments to the allowance for loan and lease losses based on their judgments and estimates.
Additionally, management has identified the accounting policy related to accounting for income taxes as critical to the understanding of Bancorps results of operations and discussed this conclusion with the Audit Committee of the Board of Directors. The objectives of accounting for income taxes are to recognize the amount of taxes payable or refundable for the current year and deferred tax liabilities and assets for the future tax consequences of events that have been recognized in an entitys financial statements or tax returns. Judgment is required in assessing the future tax consequences of events that have been recognized in Bancorps financial statements or tax returns. Fluctuations in the actual outcome of these future tax consequences, including the effects of periodic IRS and state agency examinations, could materially impact Bancorps financial position and its results from operations.
(2) Acquisition
On April 30, 2013, Bancorp completed the acquisition of 100% of the outstanding shares of THE BANCorp, Inc. (Oldham), parent company of THE BANK Oldham County, Inc. As a result of the transaction, THE BANK Oldham County merged into Stock Yards Bank & Trust Company. Since the acquisition date, results of operations acquired in the Oldham transaction have been included in Bancorps financial results.
The Oldham transaction has been accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed and consideration transferred were recorded at estimated fair value on the acquisition date. Assets acquired totaled approximately $146.0 million, including $39.8 million of loans and leases. Liabilities assumed totaled $125.1 million, including $120.4 million of deposits. Fair value adjustments resulted in net assets acquired in excess of the consideration paid. Accordingly, a non-taxable gain of $449,000 was recognized.
STOCK YARDS BANCORP, INC. AND SUBSIDIARY
The following table summarizes the consideration paid and the amounts of assets acquired and liabilities assumed, adjusted for fair value at the acquisition date.
(amounts in thousands) |
|
|
| |
|
|
|
| |
Purchase price: |
|
|
| |
Cash |
|
$ |
8,297 |
|
Equity instruments (531,288 common shares of Bancorp) |
|
12,198 |
| |
|
|
|
| |
Total purchase price |
|
20,495 |
| |
|
|
|
| |
Identifiable assets: |
|
|
| |
Cash and federal funds sold |
|
17,260 |
| |
Investment securities |
|
81,827 |
| |
Loans |
|
39,755 |
| |
Premises and equipment |
|
4,008 |
| |
Core deposit intangible |
|
2,543 |
| |
Other assets |
|
605 |
| |
|
|
|
| |
Total identifiable assets |
|
145,998 |
| |
|
|
|
| |
Identifiable liabilities: |
|
|
| |
Deposits |
|
120,435 |
| |
Securities sold under agreement to repurchase |
|
2,762 |
| |
Other liabilities |
|
1,857 |
| |
|
|
|
| |
Total identifiable liabilities |
|
125,054 |
| |
|
|
|
| |
Net gain resulting from acquisition |
|
$ |
449 |
|
|
|
|
| |
Acquisition costs (included in other non-interest expenses in Bancorps income statement for the year ended December 31, 2013) |
|
$ |
1,548 |
|
Fair value of the common shares issued as part of the consideration paid was determined based on the closing market price of Bancorps common shares on the acquisition date.
Bancorp recorded a core deposit intangible of $2,543,000 which is being amortized over a ten year period using an accelerated method which anticipates the life of the underlying deposits to which the intangible is attributable. At March 31, 2014, the unamortized core deposit intangible was $2,004,000.
In many cases, determining the fair value of acquired assets and assumed liabilities required Bancorp to estimate cash flows expected to result from those assets and liabilities and to discount those cash flows at appropriate rates of interest. The most significant of these determinations related to the valuation of acquired loans.
STOCK YARDS BANCORP, INC. AND SUBSIDIARY
Below is an analysis of the fair value of acquired loans as of March 31, 2014.
(in thousands) |
|
Acquired |
|
Acquired non- |
|
Total |
| |||
Contractually required principal and interest at acquisition |
|
$ |
3,285 |
|
$ |
37,763 |
|
$ |
41,048 |
|
Contractual cash flows not expected to be collected |
|
(372 |
) |
(723 |
) |
(1,095 |
) | |||
Expected cash flows at acquisition |
|
2,913 |
|
37,040 |
|
39,953 |
| |||
Interest component of expected cash flows |
|
(174 |
) |
(24 |
) |
(198 |
) | |||
Basis in acquired loans at acquisition - estimated fair value |
|
$ |
2,739 |
|
$ |
37,016 |
|
$ |
39,755 |
|
Fair values of checking, savings and money market deposit accounts acquired from Oldham were assumed to approximate the carrying value as these accounts have no stated maturity and are payable on demand. Certificate of deposit accounts were valued at the present value of the certificates expected contractual payments discounted at market rates for similar certificates.
In connection with the Oldham acquisition, Bancorp incurred expenses related to executing the transaction and integrating and conforming acquired operations with and into Bancorp. Those expenses consisted largely of conversion of systems and/or integration of operations, professional services, costs related to termination of existing contractual arrangements of Oldham to purchase various services; initial marketing and promotion expenses designed to introduce Bancorp to its new customers; and printing, postage, supplies, and other costs of completing the transaction.
(3) Securities
The amortized cost, unrealized gains and losses, and fair value of securities available for sale follow:
|
|
Amortized |
|
Unrealized |
|
|
| ||||||
(in thousands) |
|
cost |
|
Gains |
|
Losses |
|
Fair value |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
March 31, 2014 |
|
|
|
|
|
|
|
|
| ||||
U.S. Treasury and other U.S. government obligations |
|
$ |
40,000 |
|
$ |
|
|
$ |
|
|
$ |
40,000 |
|
Government sponsored enterprise obligations |
|
156,246 |
|
1,665 |
|
1,554 |
|
156,357 |
| ||||
Mortgage-backed securities - government agencies |
|
175,020 |
|
1,523 |
|
3,263 |
|
173,280 |
| ||||
Obligations of states and political subdivisions |
|
68,082 |
|
1,634 |
|
211 |
|
69,505 |
| ||||
Corporate equity securities |
|
756 |
|
286 |
|
|
|
1,042 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Total securities available for sale |
|
$ |
440,104 |
|
$ |
5,108 |
|
$ |
5,028 |
|
$ |
440,184 |
|
STOCK YARDS BANCORP, INC. AND SUBSIDIARY
|
|
Amortized |
|
Unrealized |
|
|
| ||||||
(in thousands) |
|
cost |
|
Gains |
|
Losses |
|
Fair value |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
December 31, 2013 |
|
|
|
|
|
|
|
|
| ||||
U.S. Treasury and other U.S. government obligations |
|
$ |
110,000 |
|
$ |
|
|
$ |
|
|
$ |
110,000 |
|
Government sponsored enterprise obligations |
|
138,094 |
|
1,623 |
|
1,872 |
|
137,845 |
| ||||
Mortgage-backed securities - government agencies |
|
176,524 |
|
1,391 |
|
5,222 |
|
172,693 |
| ||||
Obligations of states and political subdivisions |
|
68,448 |
|
1,473 |
|
428 |
|
69,493 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Total securities available for sale |
|
$ |
493,066 |
|
$ |
4,487 |
|
$ |
7,522 |
|
$ |
490,031 |
|
There are no securities classified as held to maturity as of March 31, 2014 or December 31, 2013.
Management has the intent and ability to hold all investment securities available for sale for the foreseeable future. No securities were sold in the first quarter of 2013 or 2014.
Corporate equity securities, included in the available for sale portfolio at March 31, 2014, consist of common stock in a public-traded business development company.
In addition to the available for sale portfolio, investment securities held by Bancorp include certain securities which are not readily marketable, and are carried at cost. This category includes holdings of Federal Home Loan Bank of Cincinnati (FHLB) stock which are required for access to FHLB borrowing availability, and are classified as restricted securities. Other securities consist of a Community Reinvestment Act (CRA) investment which matures in the second quarter of 2014, which is fully collateralized with a government agency security of similar duration, and holdings of stock in a correspondent bank Bancorp utilized for various services. Bancorp reviewed the investment in FHLB stock as of March 31, 2014, considering the FHLB equity position, its continuance of dividend payments, liquidity position, and positive year-to-date net income. Based on this review, Bancorp believes its investment in FHLB stock is not impaired.
A summary of the available for sale investment securities by maturity groupings as of March 31, 2014 is shown below.
(in thousands)
|
|
|
|
|
| ||
Securities available for sale |
|
Amortized cost |
|
Fair value |
| ||
|
|
|
|
|
| ||
Due within 1 year |
|
$ |
67,648 |
|
$ |
67,833 |
|
Due after 1 but within 5 years |
|
127,055 |
|
128,435 |
| ||
Due after 5 but within 10 years |
|
32,945 |
|
33,531 |
| ||
Due after 10 years |
|
36,680 |
|
36,063 |
| ||
Mortgage-backed securities |
|
175,020 |
|
173,280 |
| ||
Corporate equity securities |
|
756 |
|
1,042 |
| ||
Total securities available for sale |
|
$ |
440,104 |
|
$ |
440,184 |
|
STOCK YARDS BANCORP, INC. AND SUBSIDIARY
Actual maturities may differ from contractual maturities because some issuers have the right to call or prepay obligations. In addition to equity securities, the investment portfolio includes agency mortgage-backed securities, which are guaranteed by agencies such as the FHLMC, FNMA, and GNMA. These securities differ from traditional debt securities primarily in that they may have uncertain principal payment dates and are priced based on estimated prepayment rates on the underlying collateral. Bancorp does not have exposure to subprime originated mortgage-backed or collateralized debt obligation instruments.
Securities with a carrying value of approximately $201.5 million at March 31, 2014 and $243.5 million at December 31, 2013 were pledged to secure accounts of commercial depositors in cash management accounts, public deposits, and cash balances for certain investment management and trust accounts.
Securities with unrealized losses at March 31, 2014 and December 31, 2013, not recognized in income are as follows:
|
|
Less than 12 months |
|
12 months or more |
|
Total |
| ||||||||||||
|
|
Fair |
|
Unrealized |
|
Fair |
|
Unrealized |
|
Fair |
|
Unrealized |
| ||||||
(in thousands) |
|
value |
|
losses |
|
value |
|
losses |
|
value |
|
losses |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
March 31, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Government sponsored enterprise obligations |
|
$ |
77,580 |
|
$ |
1,161 |
|
$ |
4,402 |
|
$ |
393 |
|
$ |
81,982 |
|
$ |
1,554 |
|
Mortgage-backed securities - government agencies |
|
85,985 |
|
2,089 |
|
17,691 |
|
1,174 |
|
103,676 |
|
3,263 |
| ||||||
Obligations of states and political subdivisions |
|
15,434 |
|
186 |
|
2,093 |
|
25 |
|
17,527 |
|
211 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total temporarily impaired securities |
|
$ |
178,999 |
|
$ |
3,436 |
|
$ |
24,186 |
|
$ |
1,592 |
|
$ |
203,185 |
|
$ |
5,028 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
December 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Government sponsored enterprise obligations |
|
$ |
76,755 |
|
$ |
1,429 |
|
$ |
4,353 |
|
$ |
443 |
|
$ |
81,108 |
|
$ |
1,872 |
|
Mortgage-backed securities - government agencies |
|
112,652 |
|
4,400 |
|
8,752 |
|
822 |
|
121,404 |
|
5,222 |
| ||||||
Obligations of states and political subdivisions |
|
22,092 |
|
405 |
|
1,211 |
|
23 |
|
23,303 |
|
428 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total temporarily impaired securities |
|
$ |
211,499 |
|
$ |
6,234 |
|
$ |
14,316 |
|
$ |
1,288 |
|
$ |
225,815 |
|
$ |
7,522 |
|
The applicable dates for determining when securities are in an unrealized loss position are March 31, 2014 and December 31, 2013. As such, it is possible that a security had a market value less than its amortized cost on other days during the past twelve months, but is not in the Investments with an Unrealized Loss of less than 12 months category above.
STOCK YARDS BANCORP, INC. AND SUBSIDIARY
Unrealized losses on Bancorps investment securities portfolio have not been recognized in income because the securities are of high credit quality, and the decline in fair values is largely due to changes in the prevailing interest rate environment since the purchase date. Fair value is expected to recover as securities reach their maturity date and/or the interest rate environment returns to conditions similar to when these securities were purchased. These investments consist of 123 and 155 separate investment positions as of March 31, 2014 and December 31, 2013, respectively. Because management does not intend to sell the investments, and it is not likely that Bancorp will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, Bancorp does not consider these securities to be other-than-temporarily impaired at March 31, 2014.
(4) Loans
The composition of loans by primary loan portfolio segment follows:
(in thousands) |
|
March 31, 2014 |
|
December 31, 2013 |
| ||
Commercial and industrial |
|
$ |
511,247 |
|
$ |
510,739 |
|
Construction and development, excluding undeveloped land |
|
88,108 |
|
99,719 |
| ||
Undeveloped land |
|
29,209 |
|
29,871 |
| ||
Real estate mortgage |
|
1,066,595 |
|
1,046,823 |
| ||
Consumer |
|
33,460 |
|
34,198 |
| ||
|
|
|
|
|
| ||
Total loans |
|
$ |
1,728,619 |
|
$ |
1,721,350 |
|
STOCK YARDS BANCORP, INC. AND SUBSIDIARY
The following table presents the balance in the recorded investment in loans and allowance for loan losses by portfolio segment and based on impairment evaluation method as of March 31, 2014 and December 31, 2013.
|
|
Type of loan |
|
|
| ||||||||||||||
|
|
|
|
Construction |
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
and development |
|
|
|
|
|
|
|
|
| ||||||
|
|
Commercial |
|
excluding |
|
|
|
|
|
|
|
|
| ||||||
|
|
and |
|
undeveloped |
|
Undeveloped |
|
Real estate |
|
|
|
|
| ||||||
(in thousands) |
|
industrial |
|
land |
|
land |
|
mortgage |
|
Consumer |
|
Total |
| ||||||
March 31, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Loans |
|
$ |
511,247 |
|
$ |
88,108 |
|
$ |
29,209 |
|
$ |
1,066,595 |
|
$ |
33,460 |
|
$ |
1,728,619 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Loans individually evaluated for impairment |
|
$ |
7,653 |
|
$ |
26 |
|
$ |
6,988 |
|
$ |
5,273 |
|
$ |
82 |
|
$ |
20,022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Loans collectively evaluated for impairment |
|
$ |
502,967 |
|
$ |
87,021 |
|
$ |
22,221 |
|
$ |
1,060,820 |
|
$ |
33,360 |
|
$ |
1,706,389 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Loans acquired with deteriorated credit quality |
|
$ |
627 |
|
$ |
1,061 |
|
$ |
|
|
$ |
502 |
|
$ |
18 |
|
$ |
2,208 |
|
|
|
|
|
Construction |
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
and development |
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
Commercial |
|
excluding |
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
and |
|
undeveloped |
|
Undeveloped |
|
Real estate |
|
|
|
|
|
|
| |||||||
|
|
industrial |
|
land |
|
land |
|
mortgage |
|
Consumer |
|
Unallocated |
|
Total |
| |||||||
Allowance for loan losses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
At December 31, 2013 |
|
$ |
7,644 |
|
$ |
2,555 |
|
$ |
5,376 |
|
$ |
12,604 |
|
$ |
343 |
|
$ |
|
|
$ |
28,522 |
|
Provision |
|
(145 |
) |
(628 |
) |
925 |
|
185 |
|
13 |
|
|
|
350 |
| |||||||
Charge-offs |
|
|
|
|
|
(30 |
) |
(294 |
) |
(195 |
) |
|
|
(519 |
) | |||||||
Recoveries |
|
9 |
|
|
|
31 |
|
20 |
|
178 |
|
|
|
238 |
| |||||||
At March 31, 2014 |
|
$ |
7,508 |
|
$ |
1,927 |
|
$ |
6,302 |
|
$ |
12,515 |
|
$ |
339 |
|
$ |
|
|
$ |
28,591 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Allowance for loans individually evaluated for impairment |
|
$ |
746 |
|
$ |
|
|
$ |
|
|
$ |
439 |
|
$ |
82 |
|
|
|
$ |
1,267 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Allowance for loans collectively evaluated for impairment |
|
$ |
6,762 |
|
$ |
1,927 |
|
$ |
6,302 |
|
$ |
12,076 |
|
$ |
257 |
|
$ |
|
|
$ |
27,324 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Balance: loans acquired with deteriorated credit quality |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|
|
$ |
|
|
STOCK YARDS BANCORP, INC. AND SUBSIDIARY
|
|
Type of loan |
|
|
| ||||||||||||||
|
|
|
|
Construction |
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
and development |
|
|
|
|
|
|
|
|
| ||||||
|
|
Commercial |
|
excluding |
|
|
|
|
|
|
|
|
| ||||||
|
|
and |
|
undeveloped |
|
Undeveloped |
|
Real estate |
|
|
|
|
| ||||||
(in thousands) |
|
industrial |
|
land |
|
land |
|
mortgage |
|
Consumer |
|
Total |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
December 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Loans |
|
$ |
510,739 |
|
$ |
99,719 |
|
$ |
29,871 |
|
$ |
1,046,823 |
|
$ |
34,198 |
|
$ |
1,721,350 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Loans individually evaluated for impairment |
|
$ |
7,579 |
|
$ |
26 |
|
$ |
7,340 |
|
$ |
7,478 |
|
$ |
84 |
|
$ |
22,507 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Loans collectively evaluated for impairment |
|
$ |
502,535 |
|
$ |
98,428 |
|
$ |
22,531 |
|
$ |
1,038,824 |
|
$ |
34,095 |
|
$ |
1,696,413 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Loans acquired with deteriorated credit quality |
|
$ |
625 |
|
$ |
1,265 |
|
$ |
|
|
$ |
521 |
|
$ |
19 |
|
$ |
2,430 |
|
|
|
|
|
Construction |
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
and development |
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
Commercial |
|
excluding |
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
and |
|
undeveloped |
|
Undeveloped |
|
Real estate |
|
|
|
|
|
|
| |||||||
|
|
industrial |
|
land |
|
land |
|
mortgage |
|
Consumer |
|
Unallocated |
|
Total |
| |||||||
Allowance for loan losses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
At December 31, 2012 |
|
$ |
5,949 |
|
$ |
4,536 |
|
$ |
|
|
$ |
14,288 |
|
$ |
362 |
|
$ |
6,746 |
|
$ |
31,881 |
|
Provision |
|
1,583 |
|
(2,119 |
) |
13,256 |
|
490 |
|
86 |
|
(6,746 |
) |
6,550 |
| |||||||
Charge-offs |
|
(457 |
) |
(25 |
) |
(7,961 |
) |
(2,758 |
) |
(763 |
) |
|
|
(11,964 |
) | |||||||
Recoveries |
|
569 |
|
163 |
|
81 |
|
584 |
|
658 |
|
|
|
2,055 |
| |||||||
At December 31, 2013 |
|
$ |
7,644 |
|
$ |
2,555 |
|
$ |
5,376 |
|
$ |
12,604 |
|
$ |
343 |
|
$ |
|
|
$ |
28,522 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Allowance for loans individually evaluated for impairment |
|
$ |
762 |
|
$ |
|
|
$ |
|
|
$ |
606 |
|
$ |
84 |
|
|
|
$ |
1,452 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Allowance for loans collectively evaluated for impairment |
|
$ |
6,882 |
|
$ |
2,555 |
|
$ |
5,376 |
|
$ |
11,998 |
|
$ |
259 |
|
$ |
|
|
$ |
27,070 |
|
Management uses the following portfolio segments of loans when assessing and monitoring the risk and performance of the loan portfolio:
· Commercial and industrial
· Construction and development, excluding undeveloped land
· Undeveloped land
· Real estate mortgage
· Consumer
Bancorp has loans that were acquired in the Oldham acquisition, for which there was, at acquisition, evidence of deterioration of credit quality since origination and for which it was probable, at acquisition, that all contractually required payments would not be collected. The carrying amount of those loans is included in the balance sheet amounts of loans at March 31, 2014 and December 31, 2013.
STOCK YARDS BANCORP, INC. AND SUBSIDIARY
The changes in accretable discount related to credit impaired acquired loans are as follows:
(in thousands) |
|
|
| |
|
|
|
| |
Balance at December 31, 2012 |
|
$ |
|
|
Additions due to Oldham acquisition |
|
174 |
| |
Accretion |
|
(37 |
) | |
Reclassifications from (to) non-accretable difference |
|
|
| |
Disposals |
|
|
| |
Balance at December 31, 2013 |
|
137 |
| |
|
|
|
| |
Accretion |
|
(28 |
) | |
Reclassifications from (to) non-accretable difference |
|
|
| |
Disposals |
|
|
| |
Balance at March 31, 2014 |
|
$ |
109 |
|
STOCK YARDS BANCORP, INC. AND SUBSIDIARY
The following table presents loans individually evaluated for impairment as of March 31, 2014 and December 31, 2013.
|
|
|
|
Unpaid |
|
|
|
Average |
| ||||
|
|
Recorded |
|
principal |
|
Related |
|
recorded |
| ||||
(in thousands) |
|
investment |
|
balance |
|
allowance |
|
investment |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
March 31, 2014 |
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Loans with no related allowance recorded |
|
|
|
|
|
|
|
|
| ||||
Commercial and industrial |
|
$ |
1,244 |
|
$ |
1,387 |
|
$ |
|
|
$ |
1,037 |
|
Construction and development, excluding undeveloped land |
|
26 |
|
151 |
|
|
|
26 |
| ||||
Undeveloped land |
|
6,988 |
|
9,675 |
|
|
|
7,164 |
| ||||
Real estate mortgage |
|
3,396 |
|
4,086 |
|
|
|
3,564 |
| ||||
Consumer |
|
|
|
|
|
|
|
|
| ||||
Subtotal |
|
11,654 |
|
15,299 |
|
|
|
11,791 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Loans with an allowance recorded |
|
|
|
|
|
|
|
|
| ||||
Commercial and industrial |
|
$ |
6,409 |
|
$ |
6,409 |
|
$ |
746 |
|
$ |
6,579 |
|
Construction and development, excluding undeveloped land |
|
|
|
|
|
|
|
|
| ||||
Undeveloped land |
|
|
|
|
|
|
|
|
| ||||
Real estate mortgage |
|
1,877 |
|
1,877 |
|
439 |
|
2,812 |
| ||||
Consumer |
|
82 |
|
82 |
|
82 |
|
83 |
| ||||
Subtotal |
|
8,368 |
|
8,368 |
|
1,267 |
|
9,474 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Total |
|
|
|
|
|
|
|
|
| ||||
Commercial and industrial |
|
$ |
7,653 |
|
$ |
7,796 |
|
$ |
746 |
|
$ |
7,616 |
|
Construction and development, excluding undeveloped land |
|
26 |
|
151 |
|
|
|
26 |
| ||||
Undeveloped land |
|
6,988 |
|
9,675 |
|
|
|
7,164 |
| ||||
Real estate mortgage |
|
5,273 |
|
5,963 |
|
439 |
|
6,376 |
| ||||
Consumer |
|
82 |
|
82 |
|
82 |
|
83 |
| ||||
Total |
|
$ |
20,022 |
|
$ |
23,667 |
|
$ |
1,267 |
|
$ |
21,265 |
|
STOCK YARDS BANCORP, INC. AND SUBSIDIARY
|
|
|
|
Unpaid |
|
|
|
Average |
| ||||
|
|
Recorded |
|
principal |
|
Related |
|
recorded |
| ||||
(in thousands) |
|
investment |
|
balance |
|
allowance |
|
investment |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
December 31, 2013 |
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Loans with no related allowance recorded |
|
|
|
|
|
|
|
|
| ||||
Commercial and industrial |
|
$ |
830 |
|
$ |
974 |
|
$ |
|
|
$ |
4,499 |
|
Construction and development, excluding undeveloped land |
|
26 |
|
151 |
|
|
|
54 |
| ||||
Undeveloped land |
|
7,340 |
|
9,932 |
|
|
|
3,272 |
| ||||
Real estate mortgage |
|
3,731 |
|
5,069 |
|
|
|
5,559 |
| ||||
Consumer |
|
|
|
|
|
|
|
3 |
| ||||
Subtotal |
|
11,927 |
|
16,126 |
|
|
|
13,387 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Loans with an allowance recorded |
|
|
|
|
|
|
|
|
| ||||
Commercial and industrial |
|
$ |
6,749 |
|
$ |
6,749 |
|
$ |
762 |
|
$ |
3,806 |
|
Construction and development, excluding undeveloped land |
|
|
|
|
|
|
|
259 |
| ||||
Undeveloped land |
|
|
|
|
|
|
|
7,152 |
| ||||
Real estate mortgage |
|
3,747 |
|
4,065 |
|
606 |
|
3,705 |
| ||||
Consumer |
|
84 |
|
84 |
|
84 |
|
34 |
| ||||
Subtotal |
|
10,580 |
|
10,898 |
|