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These terms and conditions govern your use of the website alphaminr.com and its related services.
These Terms and Conditions (“Terms”) are a binding contract between you and Alphaminr, (“Alphaminr”, “we”, “us” and “service”). You must agree to and accept the Terms. These Terms include the provisions in this document as well as those in the Privacy Policy. These terms may be modified at any time.
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FROM:
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TO:
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South Carolina
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57-0858504
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(State or other jurisdiction of incorporation or organization)
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(IRS Employer Identification No.)
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YES
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X
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NO
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Large accelerated filed [ ]
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Accelerated filer [ ]
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Non-accelerated filer [ ]
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Smaller reporting company [ X ]
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YES
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NO
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X
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CLASS:
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OUTSTANDING SHARES AT:
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SHARES:
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Common Stock, par value $0.01 per share
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November 11, 2013
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2,944,001
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PART I.
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FINANCIAL INFORMATION (UNAUDITED)
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PAGE NO.
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Item 1.
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Financial Statements (Unaudited):
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Consolidated Balance Sheets at September 30, 2013 and December 31, 2012
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Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2013 and 2012
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Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2013 and 2012
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Consolidated Statements of Changes in Shareholders’ Equity for the Nine Months Ended September 30, 2013 and 2012
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Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2013 and 2012
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Notes to Consolidated Financial Statements
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Item 2.
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Management’s Discussion and Analysis of Financial Condition and Results of Operations
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Item 3.
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Quantitative and Qualitative Disclosures about Market Risk
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Item 4.
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Controls and Procedures
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PART II.
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OTHER INFORMATION
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Item 1.
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Legal Proceedings
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Item 1A.
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Risk Factors
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Item 2.
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Unregistered Sales of Equity Securities and Use of Proceeds
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Item 3.
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Defaults Upon Senior Securities
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Item 4.
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Mine Safety Disclosures
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Item 5.
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Other Information
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Item 6.
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Exhibits
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Signatures
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September 30, 2013
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December 31, 2012
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ASSETS:
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Unaudited
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Audited
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Cash And Cash Equivalents
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$
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10,379,990
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$
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7,903,950
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Certificates Of Deposit With Other Banks
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1,479,931
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1,728,567
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Investment And Mortgage-Backed Securities:
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Available For Sale: (Amortized Cost Of $425,477,772 And $342,936,153 At September 30, 2013 And December 31, 2012, Respectively)
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426,846,798
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354,916,216
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Held To Maturity: (Fair Value Of $0 And $79,671,886 At September 30, 2013 And December 31, 2012, Respectively)
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—
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76,072,262
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Total Investments And Mortgage-Backed Securities
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426,846,798
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430,988,478
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Loans Receivable, Net:
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Held For Sale
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1,385,925
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4,770,760
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Held For Investment: (Net Of Allowance Of $10,649,331 and $11,318,371 At September 30, 2013 And December 31, 2012, Respectively)
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363,537,170
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392,935,060
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Total Loans Receivable, Net
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364,923,095
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397,705,820
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Accrued Interest Receivable:
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Loans
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1,224,486
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1,242,072
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Mortgage-Backed Securities
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744,005
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901,423
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Investment Securities
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1,300,106
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1,131,262
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Total Accrued Interest Receivable
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3,268,597
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3,274,757
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Premises And Equipment, Net
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17,481,412
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17,917,897
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Federal Home Loan Bank ("FHLB") Stock, At Cost
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4,674,700
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6,178,700
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Repossessed Assets Acquired In Settlement Of Loans
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3,492,365
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6,754,425
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Bank Owned Life Insurance
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11,396,305
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11,151,305
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Intangible Assets, Net
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24,471
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61,974
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Goodwill
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1,199,754
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1,199,754
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Other Assets
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7,271,219
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5,488,960
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Total Assets
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$
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852,438,637
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$
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890,354,587
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LIABILITIES AND SHAREHOLDERS’ EQUITY:
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Liabilities:
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Deposit Accounts
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$
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669,353,020
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$
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676,338,653
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Advances From FHLB
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78,144,371
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105,257,182
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Other Borrowings
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9,872,619
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9,317,244
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Junior Subordinated Debentures
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5,155,000
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5,155,000
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Advance Payments By Borrowers For Taxes And Insurance
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604,370
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189,424
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Senior Convertible Debentures
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6,084,000
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6,084,000
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Other Liabilities
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5,735,519
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5,420,600
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Total Liabilities
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774,948,899
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807,762,103
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Shareholders' Equity:
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Serial Preferred Stock, $.01 Par Value; Authorized 200,000 Shares; Issued And Outstanding, 22,000 Shares At September 30, 2013 And December 31, 2012, Respectively
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22,000,000
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22,000,000
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Common Stock, $.01 Par Value; Authorized 5,000,000 Shares; Issued 3,144,934 Shares At September 30, 2013 And At December 31, 2012
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31,449
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31,449
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Warrant Issued In Conjunction With Serial Preferred Stock
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—
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400,000
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Additional Paid-In Capital
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11,974,968
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11,630,717
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Treasury Stock, At Cost (200,933 Shares At September 30, 2013 And December 31, 2012, Respectively)
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(4,330,712
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)
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(4,330,712
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)
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Accumulated Other Comprehensive Income
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849,100
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7,431,310
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Retained Earnings
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46,964,933
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45,429,720
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Total Shareholders' Equity
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77,489,738
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82,592,484
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Total Liabilities And Shareholders' Equity
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$
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852,438,637
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$
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890,354,587
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Three Months Ended September 30,
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Nine Months Ended September 30,
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||||||||||||
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2013
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2012
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2013
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2012
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Interest Income:
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Loans
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$
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5,375,962
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$
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5,979,342
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$
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16,485,033
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$
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18,657,143
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Mortgage-Backed Securities
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1,360,586
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1,642,163
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3,943,033
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5,179,079
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Investment Securities
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966,936
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647,720
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2,655,352
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1,857,233
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Other
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2,219
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2,233
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6,262
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4,983
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Total Interest Income
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7,705,703
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8,271,458
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23,089,680
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25,698,438
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Interest Expense:
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NOW And Money Market Accounts
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186,183
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291,387
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630,239
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940,945
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Statement Savings Accounts
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6,932
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10,914
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27,720
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32,325
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Certificate Accounts
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601,056
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944,296
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2,015,069
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3,100,579
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FHLB Advances And Other Borrowed Money
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854,292
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1,066,410
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2,753,183
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3,371,197
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Senior Convertible Debentures
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121,680
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121,680
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365,040
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365,040
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||||
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Junior Subordinated Debentures
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25,952
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28,378
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77,549
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85,782
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||||
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Total Interest Expense
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1,796,095
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2,463,065
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5,868,800
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7,895,868
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||||
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Net Interest Income
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5,909,608
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5,808,393
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17,220,880
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17,802,570
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Provision For Loan Losses
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600,000
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300,000
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2,645,381
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2,975,000
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||||
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Net Interest Income After Provision For Loan Losses
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5,309,608
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5,508,393
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14,575,499
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14,827,570
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|
||||
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Non-Interest Income:
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||||||||
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Gain On Sale Of Investment Securities
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419,360
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324,835
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1,173,140
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963,454
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||||
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Gain On Sale Of Loans
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227,332
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177,524
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622,960
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453,634
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||||
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Service Fees On Deposit Accounts
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303,350
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291,753
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845,444
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847,580
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||||
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Commissions From Insurance Agency
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|
103,330
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131,761
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348,292
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357,704
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||||
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Trust Income
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|
135,000
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120,000
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405,000
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|
366,000
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|
||||
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Bank Owned Life Insurance Income
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|
78,000
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105,000
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|
261,000
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|
315,000
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Check Card Fee Income
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|
222,252
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196,943
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640,374
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600,126
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Community Development Financial Institution ("CDFI") Financial Award Income
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|
97,000
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—
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733,071
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—
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Other
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152,467
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129,873
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396,695
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372,414
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||||
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Total Non-Interest Income
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|
1,738,091
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1,477,689
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5,425,976
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4,275,912
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|
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Non-Interest Expense:
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Compensation And Employee Benefits
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2,677,608
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2,709,998
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8,267,433
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8,064,121
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Occupancy
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484,857
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505,208
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1,447,835
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1,440,485
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||||
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Advertising
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|
79,130
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97,221
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256,861
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|
256,472
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|
||||
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Depreciation And Maintenance Of Equipment
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|
412,020
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|
412,000
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1,220,952
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1,245,320
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|
||||
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Federal Deposit Insurance Corporation ("FDIC") Insurance Premiums
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|
191,535
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|
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152,494
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|
555,733
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|
476,943
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|
||||
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Amortization Of Intangibles
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|
12,501
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12,501
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37,503
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37,503
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||||
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Net Cost Of Operation Of Other Real Estate Owned
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|
506,174
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1,321,254
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1,243,935
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2,375,109
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|
||||
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Prepayment Penalties on FHLB Advances
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191,181
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|
|
—
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429,523
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—
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||||
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Other
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|
1,109,892
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860,407
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3,109,619
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|
2,598,207
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||||
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Total General And Administrative Expenses
|
|
5,664,898
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|
|
6,071,083
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|
16,569,394
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|
16,494,160
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|
||||
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Income Before Income Taxes
|
|
1,382,801
|
|
|
914,999
|
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|
3,432,081
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2,609,322
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|
||||
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Provision For Income Taxes
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|
360,970
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|
245,209
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|
860,319
|
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|
778,857
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|
||||
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Net Income
|
|
1,021,831
|
|
|
669,790
|
|
|
2,571,762
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|
|
1,830,465
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|
||||
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Preferred Stock Dividends
|
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110,000
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|
|
110,000
|
|
|
330,000
|
|
|
330,000
|
|
||||
|
Net Income Available To Common Shareholders
|
|
$
|
911,831
|
|
|
$
|
559,790
|
|
|
$
|
2,241,762
|
|
|
$
|
1,500,465
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|
|
Net Income Per Common Share (Basic)
|
|
$
|
0.31
|
|
|
$
|
0.19
|
|
|
$
|
0.76
|
|
|
$
|
0.51
|
|
|
Net Income Per Common Share (Diluted)
|
|
$
|
0.31
|
|
|
$
|
0.19
|
|
|
$
|
0.76
|
|
|
$
|
0.51
|
|
|
Cash Dividend Per Share On Common Stock
|
|
$
|
0.08
|
|
|
$
|
0.08
|
|
|
$
|
0.24
|
|
|
$
|
0.24
|
|
|
Weighted Average Shares Outstanding (Basic)
|
|
2,944,001
|
|
|
2,944,001
|
|
|
2,944,001
|
|
|
2,944,001
|
|
||||
|
Weighted Average Shares Outstanding (Diluted)
|
|
2,944,001
|
|
|
2,944,001
|
|
|
2,944,001
|
|
|
2,944,001
|
|
||||
|
|
|
Three Months Ended September 30,
|
||||||
|
|
|
2013
|
|
2012
|
||||
|
Net Income
|
|
$
|
1,021,831
|
|
|
$
|
669,790
|
|
|
Other Comprehensive Income (Loss)
|
|
|
|
|
||||
|
Unrealized Gains (Losses) On Securities:
|
|
|
|
|
||||
|
Unrealized Holding Gains (Losses) On Securities Available For Sale, Net Of Taxes Of $752,070 And $654,071 At September 30, 2013 And 2012, Respectively
|
|
(1,230,443
|
)
|
|
1,268,566
|
|
||
|
Reclassification Adjustment For Gains Included In Net Income, Net Of Taxes Of $159,357 And $123,437 At September 30, 2013 And 2012, Respectively
|
|
(260,003
|
)
|
|
(201,398
|
)
|
||
|
Other Comprehensive Income (Loss)
|
|
(1,490,446
|
)
|
|
1,067,168
|
|
||
|
Comprehensive Income (Loss)
|
|
$
|
(468,615
|
)
|
|
$
|
1,736,958
|
|
|
|
|
Nine Months Ended September 30,
|
||||||
|
|
|
2013
|
|
2012
|
||||
|
Net Income
|
|
$
|
2,571,762
|
|
|
$
|
1,830,465
|
|
|
Other Comprehensive Income (Loss)
|
|
|
|
|
||||
|
Unrealized Gains (Losses) On Securities:
|
|
|
|
|
||||
|
Unrealized Holding Gains (Losses) On Securities Available For Sale, Net Of Taxes Of $4,113,767 And $1,076,420 At September 30, 2013 And 2012, Respectively
|
|
(6,720,796
|
)
|
|
2,353,605
|
|
||
|
Reclassification Adjustment For Gains Included In Net Income, Net Of Taxes Of $445,793 And $366,113 At September 30, 2013 And 2012, Respectively
|
|
(727,347
|
)
|
|
(597,341
|
)
|
||
|
Held To Maturity Transfer To Available For Sale, Net Of Taxes Of $530,733 And $0 At September 30, 2013 And 2012, Respectively
|
|
865,933
|
|
|
—
|
|
||
|
Other Comprehensive Income (Loss)
|
|
(6,582,210
|
)
|
|
1,756,264
|
|
||
|
Comprehensive Income (Loss)
|
|
$
|
(4,010,448
|
)
|
|
$
|
3,586,729
|
|
|
|
Preferred
Stock
|
|
Warrants
|
|
Common
Stock
|
|
Additional
Paid – In
Capital
|
|
Treasury
Stock
|
|
Accumulated
Other Comprehensive Income |
|
Retained
Earnings
|
|
Total
|
||||||||||||||||
|
Balance at December 31, 2011
|
$
|
22,000,000
|
|
|
$
|
400,000
|
|
|
$
|
31,449
|
|
|
$
|
11,617,964
|
|
|
$
|
(4,330,712
|
)
|
|
$
|
6,416,277
|
|
|
$
|
44,426,903
|
|
|
$
|
80,561,881
|
|
|
Net Income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,830,465
|
|
|
1,830,465
|
|
||||||||
|
Other Comprehensive Income, Net Of Tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,756,264
|
|
|
—
|
|
|
1,756,264
|
|
||||||||
|
Stock Compensation Expense
|
—
|
|
|
—
|
|
|
—
|
|
|
24,843
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24,843
|
|
||||||||
|
Cash Dividends On Preferred
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(330,000
|
)
|
|
(330,000
|
)
|
||||||||
|
Cash Dividends On Common
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(706,559
|
)
|
|
(706,559
|
)
|
||||||||
|
Balance at September 30, 2012
|
$
|
22,000,000
|
|
|
$
|
400,000
|
|
|
$
|
31,449
|
|
|
$
|
11,642,807
|
|
|
$
|
(4,330,712
|
)
|
|
$
|
8,172,541
|
|
|
$
|
45,220,809
|
|
|
$
|
83,136,894
|
|
|
|
Preferred
Stock
|
|
Warrants
|
|
Common
Stock
|
|
Additional
Paid – In
Capital
|
|
Treasury
Stock
|
|
Accumulated Other Comprehensive Income
|
|
Retained
Earnings
|
|
Total
|
||||||||||||||||
|
Balance at December 31, 2012
|
$
|
22,000,000
|
|
|
$
|
400,000
|
|
|
$
|
31,449
|
|
|
$
|
11,630,717
|
|
|
$
|
(4,330,712
|
)
|
|
$
|
7,431,310
|
|
|
$
|
45,429,720
|
|
|
$
|
82,592,484
|
|
|
Net Income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,571,762
|
|
|
2,571,762
|
|
||||||||
|
Other Comprehensive Loss, Net Of Tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,582,210
|
)
|
|
—
|
|
|
(6,582,210
|
)
|
||||||||
|
Stock Compensation Expense
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,749
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,749
|
)
|
||||||||
|
Redemption of Warrant Issued In Conjunction With Serial Preferred Stock
|
—
|
|
|
(400,000
|
)
|
|
—
|
|
|
350,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(50,000
|
)
|
||||||||
|
Cash Dividends On Preferred
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(330,000
|
)
|
|
(330,000
|
)
|
||||||||
|
Cash Dividends On Common
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(706,549
|
)
|
|
(706,549
|
)
|
||||||||
|
Balance at September 30, 2013
|
$
|
22,000,000
|
|
|
$
|
—
|
|
|
$
|
31,449
|
|
|
$
|
11,974,968
|
|
|
$
|
(4,330,712
|
)
|
|
$
|
849,100
|
|
|
$
|
46,964,933
|
|
|
$
|
77,489,738
|
|
|
|
Nine Months Ended September 30,
|
||||||
|
|
2013
|
|
2012
|
||||
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
||||
|
Net Income
|
$
|
2,571,762
|
|
|
$
|
1,830,465
|
|
|
Adjustments To Reconcile Net Income To Net Cash Provided By Operating Activities:
|
|
|
|
||||
|
Depreciation Expense
|
947,448
|
|
|
1,077,793
|
|
||
|
Amortization Of Intangible Assets
|
37,503
|
|
|
37,503
|
|
||
|
Stock Option Compensation Expense
|
(5,749
|
)
|
|
24,843
|
|
||
|
Discount Accretion And Premium Amortization
|
5,485,576
|
|
|
5,411,461
|
|
||
|
Provisions For Losses On Loans
|
2,645,381
|
|
|
2,975,000
|
|
||
|
Income From Bank Owned Life Insurance
|
(261,000
|
)
|
|
(315,000
|
)
|
||
|
Gain On Sales Of Loans
|
(622,960
|
)
|
|
(453,634
|
)
|
||
|
Gain On Sales Of Mortgage-Backed Securities
|
(791,003
|
)
|
|
(598,128
|
)
|
||
|
Gain On Sales Of Investment Securities
|
(382,137
|
)
|
|
(365,326
|
)
|
||
|
(Gain) Loss On Sale Of Real Estate Owned
|
(80,001
|
)
|
|
1,211
|
|
||
|
Write Down On Real Estate Owned
|
1,124,378
|
|
|
1,906,500
|
|
||
|
Amortization Of Deferred Fees On Loans
|
(3,255
|
)
|
|
(8,034
|
)
|
||
|
Gain On Disposition Of Premises And Equipment
|
431
|
|
|
—
|
|
||
|
Proceeds From Sale Of Loans Held For Sale
|
27,252,344
|
|
|
25,129,543
|
|
||
|
Origination Of Loans Held For Sale
|
(23,244,549
|
)
|
|
(23,214,551
|
)
|
||
|
(Increase) Decrease In Accrued Interest Receivable:
|
|
|
|
||||
|
Loans
|
17,586
|
|
|
495,105
|
|
||
|
Mortgage-Backed Securities
|
157,418
|
|
|
11,508
|
|
||
|
Investment Securities
|
(168,844
|
)
|
|
110,821
|
|
||
|
Increase In Advance Payments By Borrowers
|
414,946
|
|
|
359,740
|
|
||
|
Other, Net
|
2,576,122
|
|
|
(800,787
|
)
|
||
|
Net Cash Provided By Operating Activities
|
17,671,397
|
|
|
13,616,033
|
|
||
|
|
|
|
|
||||
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
||||
|
Purchase Of Mortgage-Backed Securities Available For Sale
|
(64,782,671
|
)
|
|
(68,509,386
|
)
|
||
|
Principal Repayments On Mortgage-Backed Securities Available For Sale
|
45,539,786
|
|
|
40,121,950
|
|
||
|
Purchase Of Mortgage-Backed Securities Held To Maturity
|
—
|
|
|
(11,873,409
|
)
|
||
|
Principal Repayments On Mortgage-Backed Securities Held To Maturity
|
942,806
|
|
|
1,114,545
|
|
||
|
Purchase Of Investment Securities Available For Sale
|
(60,296,593
|
)
|
|
(50,564,039
|
)
|
||
|
Maturities Of Investment Securities Available For Sale
|
16,419,156
|
|
|
20,905,948
|
|
||
|
Purchase of Investment Securities Held To Maturity
|
(1,000,000
|
)
|
|
(12,219,647
|
)
|
||
|
Maturities Of Investment Securities Held To Maturity
|
3,501,978
|
|
|
12,034,447
|
|
||
|
Proceeds From Sale of Investment Securities Available For Sale
|
16,947,896
|
|
|
8,511,730
|
|
||
|
Proceeds From Sale of Mortgage-Backed Securities Available For Sale
|
31,945,850
|
|
|
28,399,986
|
|
||
|
Proceeds From Redemption of Certificates Of Deposits With Other Banks
|
250,000
|
|
|
—
|
|
||
|
Purchase Of FHLB Stock
|
(2,696,106
|
)
|
|
(284,687
|
)
|
||
|
Redemption Of FHLB Stock
|
4,200,106
|
|
|
2,288,787
|
|
||
|
Decrease In Loans Receivable
|
23,717,082
|
|
|
35,904,577
|
|
||
|
Capital Improvements To Repossessed Assets
|
—
|
|
|
(36,877
|
)
|
||
|
Proceeds From Sale Of Repossessed Assets
|
5,256,365
|
|
|
3,173,750
|
|
||
|
Purchase And Improvement Of Premises And Equipment
|
(513,144
|
)
|
|
(76,047
|
)
|
||
|
Proceeds From Sale of Premises and Equipment
|
1,750
|
|
|
—
|
|
||
|
Net Cash Provided By Investing Activities
|
19,434,261
|
|
|
8,891,628
|
|
||
|
|
Nine months Ended September 30,
|
||||||
|
|
2013
|
|
2012
|
||||
|
|
Continued
|
|
|
||||
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
||||
|
Decrease In Deposit Accounts
|
$
|
(6,985,633
|
)
|
|
$
|
(2,542,439
|
)
|
|
Proceeds From FHLB Advances
|
77,900,000
|
|
|
54,700,001
|
|
||
|
Repayment Of FHLB Advances
|
(105,012,811
|
)
|
|
(67,112,559
|
)
|
||
|
Increase in Other Borrowings, Net
|
555,375
|
|
|
94,528
|
|
||
|
Dividends To Preferred Stock Shareholders
|
(330,000
|
)
|
|
(330,000
|
)
|
||
|
Repayment Of Warrant Issued In Conjunction With Preferred Stock
|
(50,000
|
)
|
|
—
|
|
||
|
Dividends To Common Stock Shareholders
|
(706,549
|
)
|
|
(706,559
|
)
|
||
|
Net Cash Used By Financing Activities
|
(34,629,618
|
)
|
|
(15,897,028
|
)
|
||
|
Net Increase In Cash And Cash Equivalents
|
2,476,040
|
|
|
6,610,633
|
|
||
|
Cash And Cash Equivalents At Beginning Of Period
|
7,903,950
|
|
|
7,797,544
|
|
||
|
Cash And Cash Equivalents At End Of Period
|
$
|
10,379,990
|
|
|
$
|
14,408,177
|
|
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
|
|
|
||||
|
Cash Paid During The Period For:
|
|
|
|
||||
|
Interest
|
$
|
5,921,035
|
|
|
$
|
7,970,642
|
|
|
Income Taxes
|
$
|
358,419
|
|
|
$
|
1,343,816
|
|
|
Supplemental Schedule Of Non Cash Transactions:
|
|
|
|
||||
|
Transfers From Loans Receivable To Other Real Estate Owned
|
$
|
3,038,682
|
|
|
$
|
2,416,928
|
|
|
Transfers From Investment Securities Held To Maturity To Available For Sale
|
$
|
49,907,323
|
|
|
$
|
—
|
|
|
Transfers From Mortgage-Backed Securities Held To Maturity To Available For Sale
|
$
|
22,100,000
|
|
|
$
|
—
|
|
|
|
For the Three Months Ended September 30,
|
|
For the Nine Months Ended
September 30,
|
||||||||||||
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
|
Earnings Available To Common Shareholders:
|
|
|
|
|
|
|
|
||||||||
|
Net Income
|
|
$1,021,831
|
|
|
|
$669,790
|
|
|
|
$2,571,762
|
|
|
|
$1,830,465
|
|
|
Preferred Stock Dividends
|
110,000
|
|
|
110,000
|
|
|
330,000
|
|
|
330,000
|
|
||||
|
Net Income Available To Common Shareholders
|
|
$911,831
|
|
|
|
$559,790
|
|
|
|
$2,241,762
|
|
|
|
$1,500,465
|
|
|
|
Three Months Ended September 30, 2013
|
|
Nine Months Ended September 30, 2013
|
||||||
|
|
Shares
|
|
Weighted Average Exercise Price
|
|
Shares
|
|
Weighted Average Exercise Price
|
||
|
|
|
|
|
||||||
|
Balance, Beginning of Period
|
68,400
|
|
|
$22.63
|
|
68,400
|
|
|
$22.63
|
|
Options Granted
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
Options Exercised
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
Options Forfeited
|
(3,400
|
)
|
|
24.06
|
|
(3,400
|
)
|
|
24.06
|
|
Balance, End Of Period
|
65,000
|
|
|
$22.55
|
|
65,000
|
|
|
$22.55
|
|
|
|
|
|
|
|
|
|
||
|
Options Exercisable
|
45,400
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Options Available For Grant
|
50,000
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2012
|
|
Nine Months Ended September 30, 2012
|
||||||
|
|
Shares
|
|
Weighted Average Exercise Price
|
|
Shares
|
|
Weighted Average Exercise Price
|
||
|
|
|
|
|
||||||
|
Balance, Beginning of Period
|
72,900
|
|
|
$22.62
|
|
74,900
|
|
|
$22.61
|
|
Options Granted
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
Options Exercised
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
Options Forfeited
|
(4,500
|
)
|
|
22.58
|
|
(6,500
|
)
|
|
22.46
|
|
Balance, End Of Period
|
68,400
|
|
|
$22.63
|
|
68,400
|
|
|
$22.63
|
|
|
|
|
|
|
|
|
|
||
|
Options Exercisable
|
43,400
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Options Available For Grant
|
50,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grant Date
|
|
Outstanding Options
|
|
Option Price
|
|
Expiration Date
|
|
12/01/03
|
|
3,000
|
|
$23.65
|
|
11/30/13
|
|
|
|
|
|
|
|
|
|
01/01/04
|
|
4,000
|
|
$24.22
|
|
12/31/13
|
|
|
|
|
|
|
|
|
|
03/08/04
|
|
7,000
|
|
$21.43
|
|
03/08/14
|
|
|
|
|
|
|
|
|
|
06/07/04
|
|
2,000
|
|
$24.00
|
|
06/07/14
|
|
|
|
|
|
|
|
|
|
01/01/05
|
|
18,000
|
|
$20.55
|
|
12/31/14
|
|
|
|
|
|
|
|
|
|
01/01/06
|
|
4,000
|
|
$23.91
|
|
01/01/16
|
|
|
|
|
|
|
|
|
|
08/24/06
|
|
3,500
|
|
$23.03
|
|
08/24/16
|
|
|
|
|
|
|
|
|
|
05/24/07
|
|
2,000
|
|
$24.34
|
|
05/24/17
|
|
|
|
|
|
|
|
|
|
07/09/07
|
|
1,000
|
|
$24.61
|
|
07/09/17
|
|
|
|
|
|
|
|
|
|
10/01/07
|
|
2,000
|
|
$24.28
|
|
10/01/17
|
|
|
|
|
|
|
|
|
|
01/01/08
|
|
14,000
|
|
$23.49
|
|
01/01/18
|
|
|
|
|
|
|
|
|
|
05/19/08
|
|
2,500
|
|
$22.91
|
|
05/19/18
|
|
|
|
|
|
|
|
|
|
07/01/08
|
|
2,000
|
|
$22.91
|
|
07/01/18
|
|
|
September 30, 2013
|
||||||||||||||
|
|
Amortized Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair value
|
||||||||
|
FHLB Securities
|
$
|
15,932,195
|
|
|
$
|
12,474
|
|
|
$
|
898,379
|
|
|
$
|
15,046,290
|
|
|
Federal Farm Credit Bank ("FFCB") Securities
|
5,750,000
|
|
|
—
|
|
|
336,342
|
|
|
5,413,658
|
|
||||
|
Fannie Mae ("FNMA") And Freddie Mac ("FHLMC") Bonds
|
3,008,579
|
|
|
—
|
|
|
33,719
|
|
|
2,974,860
|
|
||||
|
Small Business Administration
(“SBA”) Bonds
|
99,318,089
|
|
|
2,074,749
|
|
|
367,610
|
|
|
101,025,228
|
|
||||
|
Tax Exempt Municipal Bonds
|
59,329,205
|
|
|
470,378
|
|
|
2,886,122
|
|
|
56,913,461
|
|
||||
|
Mortgage-Backed Securities
|
241,881,766
|
|
|
6,339,618
|
|
|
3,000,433
|
|
|
245,220,951
|
|
||||
|
Equity Securities
|
257,938
|
|
|
—
|
|
|
5,588
|
|
|
252,350
|
|
||||
|
|
$
|
425,477,772
|
|
|
$
|
8,897,219
|
|
|
$
|
7,528,193
|
|
|
$
|
426,846,798
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
December 31, 2012
|
||||||||||||||
|
|
Amortized Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair value
|
||||||||
|
FHLB Securities
|
$
|
6,115,036
|
|
|
$
|
53,954
|
|
|
$
|
4,320
|
|
|
$
|
6,164,670
|
|
|
SBA Bonds
|
94,152,203
|
|
|
2,466,354
|
|
|
156,287
|
|
|
96,462,270
|
|
||||
|
Tax Exempt Municipal Bonds
|
35,772,115
|
|
|
1,770,567
|
|
|
60,534
|
|
|
37,482,148
|
|
||||
|
Mortgage-Backed Securities
|
206,793,861
|
|
|
8,030,008
|
|
|
91,966
|
|
|
214,731,903
|
|
||||
|
Equity Securities
|
102,938
|
|
|
—
|
|
|
27,713
|
|
|
75,225
|
|
||||
|
|
$
|
342,936,153
|
|
|
$
|
12,320,883
|
|
|
$
|
340,820
|
|
|
$
|
354,916,216
|
|
|
|
Amortized Cost
|
|
Fair Value
|
||||
|
Less Than One Year
|
$
|
303,707
|
|
|
$
|
306,647
|
|
|
One – Five Years
|
14,618,573
|
|
|
14,974,880
|
|
||
|
Over Five – Ten Years
|
72,154,975
|
|
|
72,232,540
|
|
||
|
More Than Ten Years
|
96,518,751
|
|
|
94,111,780
|
|
||
|
Mortgage-Backed Securities
|
241,881,766
|
|
|
245,220,951
|
|
||
|
|
$
|
425,477,772
|
|
|
$
|
426,846,798
|
|
|
|
September 30, 2013
|
||||||||||||||||||||||
|
|
Less than 12 Months
|
|
12 Months or More
|
|
Total
|
||||||||||||||||||
|
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
||||||||||||
|
FHLB Securities
|
$
|
14,035,810
|
|
|
$
|
898,379
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
14,035,810
|
|
|
$
|
898,379
|
|
|
FFCB Securities
|
5,413,658
|
|
|
336,342
|
|
|
|
|
|
|
5,413,658
|
|
|
336,342
|
|
||||||||
|
FNMA And FHLMC Bonds
|
2,974,860
|
|
|
33,719
|
|
|
|
|
|
|
2,974,860
|
|
|
33,719
|
|
||||||||
|
SBA Bonds
|
16,378,637
|
|
|
367,610
|
|
|
—
|
|
|
—
|
|
|
16,378,637
|
|
|
367,610
|
|
||||||
|
Tax Exempt Municipal Bond
|
41,157,516
|
|
|
2,886,122
|
|
|
—
|
|
|
—
|
|
|
41,157,516
|
|
|
2,886,122
|
|
||||||
|
Mortgage-Backed Securities
|
77,393,890
|
|
|
2,857,409
|
|
|
3,202,789
|
|
|
143,024
|
|
|
80,596,679
|
|
|
3,000,433
|
|
||||||
|
Equity Securities
|
—
|
|
|
—
|
|
|
97,350
|
|
|
5,588
|
|
|
97,350
|
|
|
5,588
|
|
||||||
|
|
$
|
157,354,371
|
|
|
$
|
7,379,581
|
|
|
$
|
3,300,139
|
|
|
$
|
148,612
|
|
|
$
|
160,654,510
|
|
|
$
|
7,528,193
|
|
|
|
December 31, 2012
|
||||||||||||||||||||||
|
|
Less than 12 Months
|
|
12 Months or More
|
|
Total
|
||||||||||||||||||
|
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
||||||||||||
|
FHLB Securities
|
$
|
995,680
|
|
|
$
|
4,320
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
995,680
|
|
|
$
|
4,320
|
|
|
SBA Bonds
|
4,583,177
|
|
|
119,825
|
|
|
1,833,076
|
|
|
36,462
|
|
|
6,416,253
|
|
|
156,287
|
|
||||||
|
Tax Exempt Municipal Bond
|
4,538,734
|
|
|
60,534
|
|
|
—
|
|
|
—
|
|
|
4,538,734
|
|
|
60,534
|
|
||||||
|
Mortgage-Backed Securities
|
16,259,037
|
|
|
91,966
|
|
|
—
|
|
|
—
|
|
|
16,259,037
|
|
|
91,966
|
|
||||||
|
Equity Securities
|
—
|
|
|
—
|
|
|
75,225
|
|
|
27,713
|
|
|
75,225
|
|
|
27,713
|
|
||||||
|
|
$
|
26,376,628
|
|
|
$
|
276,645
|
|
|
$
|
1,908,301
|
|
|
$
|
64,175
|
|
|
$
|
28,284,929
|
|
|
$
|
340,820
|
|
|
|
December 31, 2012
|
||||||||||||||
|
|
Amortized Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair Value
|
||||||||
|
FHLB Securities
|
$
|
7,996,378
|
|
|
$
|
123,702
|
|
|
$
|
21,160
|
|
|
$
|
8,098,920
|
|
|
FFCB Securities
|
6,796,255
|
|
|
2,070
|
|
|
23,727
|
|
|
6,774,598
|
|
||||
|
FNMA and FHLMC Bonds
|
4,019,931
|
|
|
29,029
|
|
|
4,560
|
|
|
4,044,400
|
|
||||
|
SBA Bonds
|
5,865,767
|
|
|
315,841
|
|
|
6,139
|
|
|
6,175,469
|
|
||||
|
Mortgage-Backed Securities
|
51,238,931
|
|
|
3,280,100
|
|
|
95,532
|
|
|
54,423,499
|
|
||||
|
Equity Securities
|
155,000
|
|
|
—
|
|
|
—
|
|
|
155,000
|
|
||||
|
|
$
|
76,072,262
|
|
|
$
|
3,750,742
|
|
|
$
|
151,118
|
|
|
$
|
79,671,886
|
|
|
|
December 31, 2012
|
||||||||||||||||||||||
|
|
Less than 12 Months
|
|
12 Months or More
|
|
Total
|
||||||||||||||||||
|
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
||||||||||||
|
FHLB Securities
|
$
|
1,978,840
|
|
|
$
|
21,160
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,978,840
|
|
|
$
|
21,160
|
|
|
FFCB Securities
|
5,772,528
|
|
|
23,727
|
|
|
—
|
|
|
—
|
|
|
5,772,528
|
|
|
23,727
|
|
||||||
|
FNMA And FHLMC Bonds
|
1,021,910
|
|
|
4,560
|
|
|
—
|
|
|
—
|
|
|
1,021,910
|
|
|
4,560
|
|
||||||
|
SBA Bonds
|
3,249,478
|
|
|
6,139
|
|
|
—
|
|
|
—
|
|
|
3,249,478
|
|
|
6,139
|
|
||||||
|
Mortgage-Backed Securities
|
7,659,461
|
|
|
95,532
|
|
|
—
|
|
|
—
|
|
|
7,659,461
|
|
|
95,532
|
|
||||||
|
|
$
|
19,682,217
|
|
|
$
|
151,118
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
19,682,217
|
|
|
$
|
151,118
|
|
|
|
September 30, 2013
|
|
December 31, 2012
|
||||
|
Residential Real Estate Loans
|
$
|
83,706,115
|
|
|
$
|
90,677,625
|
|
|
Consumer Loans
|
53,038,081
|
|
|
56,595,093
|
|
||
|
Commercial Business
|
7,079,274
|
|
|
8,063,901
|
|
||
|
Commercial Real Estate
|
232,912,073
|
|
|
250,924,094
|
|
||
|
Total Loans Held For Investment
|
376,735,543
|
|
|
406,260,713
|
|
||
|
Loans Held For Sale
|
1,385,925
|
|
|
4,770,760
|
|
||
|
Total Loans Receivable, Gross
|
378,121,468
|
|
|
411,031,473
|
|
||
|
Less:
|
|
|
|
||||
|
Allowance For Loan Losses
|
10,649,331
|
|
|
11,318,371
|
|
||
|
Loans In Process
|
2,559,695
|
|
|
2,002,595
|
|
||
|
Deferred Loan Fees (Costs)
|
(10,653
|
)
|
|
4,687
|
|
||
|
|
13,198,373
|
|
|
13,325,653
|
|
||
|
Total Loans Receivable, Net
|
$
|
364,923,095
|
|
|
$
|
397,705,820
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
|
Balance At Beginning Of Period
|
$
|
11,007,279
|
|
|
$
|
12,684,327
|
|
|
$
|
11,318,371
|
|
|
$
|
14,261,374
|
|
|
Provision For Loan Losses
|
600,000
|
|
|
300,000
|
|
|
2,645,381
|
|
|
2,975,000
|
|
||||
|
Charge Offs
|
(1,002,990
|
)
|
|
(1,411,300
|
)
|
|
(3,470,300
|
)
|
|
(5,850,835
|
)
|
||||
|
Recoveries
|
45,042
|
|
|
73,132
|
|
|
155,879
|
|
|
260,620
|
|
||||
|
Total Allowance For Loan Losses
|
$
|
10,649,331
|
|
|
$
|
11,646,159
|
|
|
$
|
10,649,331
|
|
|
$
|
11,646,159
|
|
|
|
Credit Quality Measures
|
||||||||||||||||||
|
September 30, 2013
|
Pass
|
|
Caution
|
|
Special
Mention
|
|
Substandard
|
|
Total Loans
|
||||||||||
|
Residential Real Estate
|
$
|
76,141,552
|
|
|
$
|
482,578
|
|
|
$
|
405,792
|
|
|
$
|
6,676,193
|
|
|
$
|
83,706,115
|
|
|
Consumer
|
51,218,363
|
|
|
740,157
|
|
|
165,670
|
|
|
913,891
|
|
|
53,038,081
|
|
|||||
|
Commercial Business
|
6,127,742
|
|
|
239,892
|
|
|
544,313
|
|
|
167,327
|
|
|
7,079,274
|
|
|||||
|
Commercial Real Estate
|
136,918,099
|
|
|
45,623,322
|
|
|
19,270,017
|
|
|
31,100,635
|
|
|
232,912,073
|
|
|||||
|
Total
|
$
|
270,405,756
|
|
|
$
|
47,085,949
|
|
|
$
|
20,385,792
|
|
|
$
|
38,858,046
|
|
|
$
|
376,735,543
|
|
|
|
Credit Quality Measures
|
||||||||||||||||||
|
December 31, 2012
|
Pass
|
|
Caution
|
|
Special
Mention
|
|
Substandard
|
|
Total Loans
|
||||||||||
|
Residential Real Estate
|
$
|
82,565,630
|
|
|
$
|
222,046
|
|
|
$
|
293,079
|
|
|
$
|
7,596,870
|
|
|
$
|
90,677,625
|
|
|
Consumer
|
54,899,665
|
|
|
152,368
|
|
|
184,731
|
|
|
1,358,329
|
|
|
56,595,093
|
|
|||||
|
Commercial Business
|
7,256,607
|
|
|
151,521
|
|
|
514,253
|
|
|
141,520
|
|
|
8,063,901
|
|
|||||
|
Commercial Real Estate
|
162,570,021
|
|
|
32,049,447
|
|
|
17,417,778
|
|
|
38,886,848
|
|
|
250,924,094
|
|
|||||
|
Total
|
$
|
307,291,923
|
|
|
$
|
32,575,382
|
|
|
$
|
18,409,841
|
|
|
$
|
47,983,567
|
|
|
$
|
406,260,713
|
|
|
|
30-59 Days
Past Due
|
|
60-89 Days
Past Due
|
|
90 Days or
More Past
Due
|
|
Total Past
Due
|
|
Current
|
|
Total Loans
Receivable
|
||||||||||||
|
Residential
Real Estate
|
$
|
—
|
|
|
$
|
841,302
|
|
|
$
|
3,933,183
|
|
|
$
|
4,774,485
|
|
|
$
|
78,931,630
|
|
|
$
|
83,706,115
|
|
|
Consumer
|
726,439
|
|
|
129,080
|
|
|
500,801
|
|
|
1,356,320
|
|
|
51,681,761
|
|
|
53,038,081
|
|
||||||
|
Commercial
Business
|
177,434
|
|
|
32,643
|
|
|
700
|
|
|
210,777
|
|
|
6,868,497
|
|
|
7,079,274
|
|
||||||
|
Commercial
Real Estate
|
7,527,051
|
|
|
4,531,168
|
|
|
7,703,099
|
|
|
19,761,318
|
|
|
213,150,755
|
|
|
232,912,073
|
|
||||||
|
Total
|
$
|
8,430,924
|
|
|
$
|
5,534,193
|
|
|
$
|
12,137,783
|
|
|
$
|
26,102,900
|
|
|
$
|
350,632,643
|
|
|
$
|
376,735,543
|
|
|
|
30-59 Days
Past Due
|
|
60-89 Days
Past Due
|
|
90 Days or
More Past
Due
|
|
Total Past
Due
|
|
Current
|
|
Total Loans
Receivable
|
||||||||||||
|
Residential
Real Estate
|
$
|
—
|
|
|
$
|
1,794,644
|
|
|
$
|
3,757,801
|
|
|
$
|
5,552,445
|
|
|
$
|
85,125,180
|
|
|
$
|
90,677,625
|
|
|
Consumer
|
1,862,611
|
|
|
211,756
|
|
|
646,136
|
|
|
2,720,503
|
|
|
53,874,590
|
|
|
56,595,093
|
|
||||||
|
Commercial
Business
|
445,113
|
|
|
36,079
|
|
|
86,991
|
|
|
568,183
|
|
|
7,495,718
|
|
|
8,063,901
|
|
||||||
|
Commercial
Real Estate
|
2,432,423
|
|
|
4,852,227
|
|
|
13,913,190
|
|
|
21,197,840
|
|
|
229,726,254
|
|
|
250,924,094
|
|
||||||
|
Total
|
$
|
4,740,147
|
|
|
$
|
6,894,706
|
|
|
$
|
18,404,118
|
|
|
$
|
30,038,971
|
|
|
$
|
376,221,742
|
|
|
$
|
406,260,713
|
|
|
|
At September 30, 2013
|
|
At December 31, 2012
|
|
$
|
|
%
|
|||||||||||||
|
|
Amount
|
|
Percent
(1)
|
|
Amount
|
|
Percent
(1)
|
|
Increase (Decrease)
|
|
Increase (Decrease)
|
|||||||||
|
Non-accrual Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Residential Real Estate
|
$
|
3,933,183
|
|
|
1.1
|
%
|
|
$
|
3,757,801
|
|
|
0.9
|
%
|
|
$
|
175,382
|
|
|
4.7
|
%
|
|
Commercial Business
|
700
|
|
|
—
|
|
|
86,991
|
|
|
—
|
|
|
(86,291
|
)
|
|
(99.2
|
)
|
|||
|
Commercial Real Estate
|
7,703,099
|
|
|
2.1
|
|
|
13,913,190
|
|
|
3.4
|
|
|
(6,210,091
|
)
|
|
(44.6
|
)
|
|||
|
Consumer
|
500,801
|
|
|
0.1
|
|
|
646,136
|
|
|
0.2
|
|
|
(145,335
|
)
|
|
(22.5
|
)
|
|||
|
Total Non- accrual Loans
|
$
|
12,137,783
|
|
|
3.2
|
%
|
|
$
|
18,404,118
|
|
|
4.5
|
%
|
|
$
|
(6,266,335
|
)
|
|
(34.0
|
)%
|
|
|
|
For the Three Months Ended September 30, 2013
|
||||||||||||||||||
|
|
|
Residential
Real Estate
|
|
Consumer
|
|
Commercial
Business
|
|
Commercial
Real Estate
|
|
Total
|
||||||||||
|
Beginning Balance
|
|
$
|
1,665,871
|
|
|
$
|
888,913
|
|
|
$
|
488,554
|
|
|
$
|
7,963,941
|
|
|
$
|
11,007,279
|
|
|
Provision
|
|
175,482
|
|
|
(26,974
|
)
|
|
(66,101
|
)
|
|
517,593
|
|
|
600,000
|
|
|||||
|
Charge-Offs
|
|
(212,876
|
)
|
|
(27,916
|
)
|
|
—
|
|
|
(762,198
|
)
|
|
(1,002,990
|
)
|
|||||
|
Recoveries
|
|
—
|
|
|
18,953
|
|
|
10,219
|
|
|
15,870
|
|
|
45,042
|
|
|||||
|
Ending Balance
|
|
$
|
1,628,477
|
|
|
$
|
852,976
|
|
|
$
|
432,672
|
|
|
$
|
7,735,206
|
|
|
$
|
10,649,331
|
|
|
|
|
For the Three Months Ended September 30, 2012
|
||||||||||||||||||
|
|
|
Residential
Real Estate
|
|
Consumer
|
|
Commercial
Business
|
|
Commercial
Real Estate
|
|
Total
|
||||||||||
|
Beginning Balance
|
|
$
|
2,030,522
|
|
|
$
|
1,251,799
|
|
|
$
|
473,224
|
|
|
$
|
8,928,782
|
|
|
$
|
12,684,327
|
|
|
Provision
|
|
50,497
|
|
|
(80,555
|
)
|
|
(9,339
|
)
|
|
339,397
|
|
|
300,000
|
|
|||||
|
Charge-Offs
|
|
(192,026
|
)
|
|
(113,799
|
)
|
|
(28,736
|
)
|
|
(1,076,739
|
)
|
|
(1,411,300
|
)
|
|||||
|
Recoveries
|
|
330
|
|
|
2,901
|
|
|
4,087
|
|
|
65,814
|
|
|
73,132
|
|
|||||
|
Ending Balance
|
|
$
|
1,889,323
|
|
|
$
|
1,060,346
|
|
|
$
|
439,236
|
|
|
$
|
8,257,254
|
|
|
$
|
11,646,159
|
|
|
|
|
For the Nine Months Ended September 30, 2013
|
||||||||||||||||||
|
|
|
Residential
Real Estate
|
|
Consumer
|
|
Commercial
Business
|
|
Commercial
Real Estate
|
|
Total
|
||||||||||
|
Beginning Balance
|
|
$
|
1,521,559
|
|
|
$
|
1,001,271
|
|
|
$
|
618,919
|
|
|
$
|
8,176,622
|
|
|
$
|
11,318,371
|
|
|
Provision
|
|
431,317
|
|
|
(42,636
|
)
|
|
(201,148
|
)
|
|
2,457,848
|
|
|
2,645,381
|
|
|||||
|
Charge-Offs
|
|
(324,399
|
)
|
|
(143,991
|
)
|
|
(4,436
|
)
|
|
(2,997,474
|
)
|
|
(3,470,300
|
)
|
|||||
|
Recoveries
|
|
—
|
|
|
38,332
|
|
|
19,337
|
|
|
98,210
|
|
|
155,879
|
|
|||||
|
Ending Balance
|
|
$
|
1,628,477
|
|
|
$
|
852,976
|
|
|
$
|
432,672
|
|
|
$
|
7,735,206
|
|
|
$
|
10,649,331
|
|
|
|
|
For the Nine Months Ended September 30, 2012
|
||||||||||||||||||
|
|
|
Residential
Real Estate
|
|
Consumer
|
|
Commercial
Business
|
|
Commercial
Real Estate
|
|
Total
|
||||||||||
|
Beginning Balance
|
|
$
|
2,416,356
|
|
|
$
|
996,780
|
|
|
$
|
720,405
|
|
|
$
|
10,127,833
|
|
|
$
|
14,261,374
|
|
|
Provision
|
|
147,559
|
|
|
1,327,579
|
|
|
(68,840
|
)
|
|
1,568,702
|
|
|
2,975,000
|
|
|||||
|
Charge-Offs
|
|
(684,681
|
)
|
|
(1,296,004
|
)
|
|
(217,466
|
)
|
|
(3,652,684
|
)
|
|
(5,850,835
|
)
|
|||||
|
Recoveries
|
|
10,089
|
|
|
31,991
|
|
|
5,137
|
|
|
213,403
|
|
|
260,620
|
|
|||||
|
Ending Balance
|
|
$
|
1,889,323
|
|
|
$
|
1,060,346
|
|
|
$
|
439,236
|
|
|
$
|
8,257,254
|
|
|
$
|
11,646,159
|
|
|
|
|
Allowance For Loan Losses
|
||||||||||
|
September 30, 2013
|
|
Individually Evaluated For
Impairment
|
|
Collectively Evaluated For
Impairment
|
|
Total
|
||||||
|
Residential Real Estate
|
|
$
|
107,000
|
|
|
$
|
1,521,477
|
|
|
$
|
1,628,477
|
|
|
Consumer
|
|
—
|
|
|
852,976
|
|
|
852,976
|
|
|||
|
Commercial Business
|
|
—
|
|
|
432,672
|
|
|
432,672
|
|
|||
|
Commercial Real Estate
|
|
332,000
|
|
|
7,403,206
|
|
|
7,735,206
|
|
|||
|
Total
|
|
$
|
439,000
|
|
|
$
|
10,210,331
|
|
|
$
|
10,649,331
|
|
|
|
|
Allowance For Loan Losses
|
||||||||||
|
December 31, 2012
|
|
Individually Evaluated For
Impairment
|
|
Collectively Evaluated For
Impairment
|
|
Total
|
||||||
|
Residential Real Estate
|
|
$
|
—
|
|
|
$
|
1,521,559
|
|
|
$
|
1,521,559
|
|
|
Consumer
|
|
—
|
|
|
1,001,271
|
|
|
1,001,271
|
|
|||
|
Commercial Business
|
|
—
|
|
|
618,919
|
|
|
618,919
|
|
|||
|
Commercial Real Estate
|
|
440,000
|
|
|
7,736,622
|
|
|
8,176,622
|
|
|||
|
Total
|
|
$
|
440,000
|
|
|
$
|
10,878,371
|
|
|
$
|
11,318,371
|
|
|
|
|
Loans Receivable
|
||||||||||
|
September 30, 2013
|
|
Individually Evaluated For
Impairment
|
|
Collectively Evaluated For
Impairment
|
|
Total
|
||||||
|
Residential Real Estate
|
|
$
|
4,120,500
|
|
|
$
|
79,585,615
|
|
|
$
|
83,706,115
|
|
|
Consumer
|
|
389,735
|
|
|
52,648,346
|
|
|
53,038,081
|
|
|||
|
Commercial Business
|
|
20,611
|
|
|
7,058,663
|
|
|
7,079,274
|
|
|||
|
Commercial Real Estate
|
|
29,170,177
|
|
|
203,741,896
|
|
|
232,912,073
|
|
|||
|
Total
|
|
$
|
33,701,023
|
|
|
$
|
343,034,520
|
|
|
$
|
376,735,543
|
|
|
|
|
Loans Receivable
|
||||||||||
|
December 31, 2012
|
|
Individually Evaluated For
Impairment
|
|
Collectively Evaluated For
Impairment
|
|
Total
|
||||||
|
Residential Real Estate
|
|
$
|
4,500,902
|
|
|
$
|
86,176,723
|
|
|
$
|
90,677,625
|
|
|
Consumer
|
|
322,588
|
|
|
56,272,505
|
|
|
56,595,093
|
|
|||
|
Commercial Business
|
|
7,853
|
|
|
8,056,048
|
|
|
8,063,901
|
|
|||
|
Commercial Real Estate
|
|
35,115,195
|
|
|
215,808,899
|
|
|
250,924,094
|
|
|||
|
Total
|
|
$
|
39,946,538
|
|
|
$
|
366,314,175
|
|
|
$
|
406,260,713
|
|
|
|
|
|
|
At
|
|
|
|
For The Three Months Ended September 30,
|
||||||||||||||||||||
|
|
|
September 30, 2013
|
|
2013
|
|
2012
|
||||||||||||||||||||||
|
Impaired Loans
|
|
Recorded
Investment
|
|
Unpaid
Principal
Balance
|
|
Related
Allowance
|
|
Average
Recorded
Invesment
|
|
Interest
Income
Recognized
|
|
Average
Recorded Invesment |
|
Interest
Income Recognized |
||||||||||||||
|
With No Related Allowance
Recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Residential Real Estate
|
|
$
|
3,714,628
|
|
|
$
|
4,117,557
|
|
|
$
|
—
|
|
|
$
|
3,834,984
|
|
|
$
|
9,662
|
|
|
$
|
2,714,824
|
|
|
$
|
13,904
|
|
|
Consumer Loans
|
|
389,735
|
|
|
453,735
|
|
|
—
|
|
|
397,003
|
|
|
1,783
|
|
|
863,939
|
|
|
620
|
|
|||||||
|
Commercial Business
|
|
20,611
|
|
|
20,611
|
|
|
—
|
|
|
21,438
|
|
|
226
|
|
|
16,220
|
|
|
207
|
|
|||||||
|
Commercial Real Estate
|
|
28,175,429
|
|
|
33,729,063
|
|
|
—
|
|
|
28,838,663
|
|
|
271,472
|
|
|
33,178,350
|
|
|
276,147
|
|
|||||||
|
With An Allowance Recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Residential Real Estate
|
|
405,872
|
|
|
405,872
|
|
|
107,000
|
|
|
405,872
|
|
|
—
|
|
|
1,196,138
|
|
|
—
|
|
|||||||
|
Consumer Loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,233
|
|
|
178
|
|
|||||||
|
Commercial Business
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
49,537
|
|
|
—
|
|
|||||||
|
Commercial Real Estate
|
|
994,748
|
|
|
1,442,740
|
|
|
332,000
|
|
|
1,151,053
|
|
|
8,326
|
|
|
4,161,122
|
|
|
2,643
|
|
|||||||
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Residential Real Estate
|
|
4,120,500
|
|
|
4,523,429
|
|
|
107,000
|
|
|
4,240,856
|
|
|
9,662
|
|
|
3,910,962
|
|
|
13,904
|
|
|||||||
|
Consumer Loans
|
|
389,735
|
|
|
453,735
|
|
|
—
|
|
|
397,003
|
|
|
1,783
|
|
|
877,172
|
|
|
798
|
|
|||||||
|
Commercial Business
|
|
20,611
|
|
|
20,611
|
|
|
—
|
|
|
21,438
|
|
|
226
|
|
|
65,757
|
|
|
207
|
|
|||||||
|
Commercial Real Estate
|
|
29,170,177
|
|
|
35,171,803
|
|
|
332,000
|
|
|
29,989,716
|
|
|
279,798
|
|
|
37,339,472
|
|
|
278,790
|
|
|||||||
|
Total
|
|
$
|
33,701,023
|
|
|
$
|
40,169,578
|
|
|
$
|
439,000
|
|
|
$
|
34,649,013
|
|
|
$
|
291,469
|
|
|
$
|
42,193,363
|
|
|
$
|
293,699
|
|
|
|
|
For The nine months Ended September 30,
|
||||||||||||||
|
|
|
2013
|
|
2012
|
||||||||||||
|
Impaired Loans
|
|
Average
Recorded Investment |
|
Interest
Income Recognized |
|
Average
Recorded Investment |
|
Interest
Income Recognized |
||||||||
|
With No Related Allowance
Recorded: |
|
|
|
|
|
|
|
|
|
|
||||||
|
Residential Real Estate
|
|
$
|
3,911,750
|
|
|
$
|
20,289
|
|
|
$
|
2,388,929
|
|
|
$
|
92,425
|
|
|
Consumer Loans
|
|
394,775
|
|
|
7,494
|
|
|
1,467,255
|
|
|
11,201
|
|
||||
|
Commercial Business
|
|
23,745
|
|
|
335
|
|
|
110,021
|
|
|
368
|
|
||||
|
Commercial Real Estate
|
|
30,090,250
|
|
|
1,031,806
|
|
|
30,054,920
|
|
|
1,204,035
|
|
||||
|
With An Allowance Recorded:
|
|
|
|
|
|
|
|
|
||||||||
|
Residential Real Estate
|
|
405,872
|
|
|
—
|
|
|
957,060
|
|
|
6,137
|
|
||||
|
Consumer Loans
|
|
—
|
|
|
—
|
|
|
17,066
|
|
|
178
|
|
||||
|
Commercial Business
|
|
—
|
|
|
—
|
|
|
110,326
|
|
|
956
|
|
||||
|
Commercial Real Estate
|
|
1,278,434
|
|
|
23,274
|
|
|
4,292,826
|
|
|
188,164
|
|
||||
|
Total
|
|
|
|
|
|
|
|
|
||||||||
|
Residential Real Estate
|
|
4,317,622
|
|
|
20,289
|
|
|
3,345,989
|
|
|
98,562
|
|
||||
|
Consumer Loans
|
|
394,775
|
|
|
7,494
|
|
|
1,484,321
|
|
|
11,379
|
|
||||
|
Commercial Business
|
|
23,745
|
|
|
335
|
|
|
220,347
|
|
|
1,324
|
|
||||
|
Commercial Real Estate
|
|
31,368,684
|
|
|
1,055,080
|
|
|
34,347,746
|
|
|
1,392,199
|
|
||||
|
Total
|
|
$
|
36,104,826
|
|
|
$
|
1,083,198
|
|
|
$
|
39,398,403
|
|
|
$
|
1,503,464
|
|
|
|
|
December 31, 2012
|
||||||||||||||||||
|
Impaired Loans
|
|
Recorded
Investment
|
|
Unpaid
Principal
Balance
|
|
Related
Allowance
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
||||||||||
|
With No Related Allowance
Recorded:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Residential Real Estate
|
|
$
|
4,500,902
|
|
|
$
|
4,611,873
|
|
|
$
|
—
|
|
|
$
|
4,531,543
|
|
|
$
|
130,896
|
|
|
Consumer Loans
|
|
322,588
|
|
|
386,588
|
|
|
—
|
|
|
342,916
|
|
|
28,419
|
|
|||||
|
Commercial Business
|
|
7,853
|
|
|
7,853
|
|
|
—
|
|
|
12,236
|
|
|
—
|
|
|||||
|
Commercial Real Estate
|
|
31,808,577
|
|
|
35,373,833
|
|
|
—
|
|
|
32,963,079
|
|
|
1,036,344
|
|
|||||
|
With An Allowance Recorded:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Residential Real Estate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Consumer Loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Commercial Business
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Commercial Real Estate
|
|
3,306,618
|
|
|
4,766,031
|
|
|
440,000
|
|
|
3,705,660
|
|
|
—
|
|
|||||
|
Total
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Residential Real Estate
|
|
4,500,902
|
|
|
4,611,873
|
|
|
—
|
|
|
4,531,543
|
|
|
130,896
|
|
|||||
|
Consumer Loans
|
|
322,588
|
|
|
386,588
|
|
|
—
|
|
|
342,916
|
|
|
28,419
|
|
|||||
|
Commercial Business
|
|
7,853
|
|
|
7,853
|
|
|
—
|
|
|
12,236
|
|
|
—
|
|
|||||
|
Commercial Real Estate
|
|
35,115,195
|
|
|
40,139,864
|
|
|
440,000
|
|
|
36,668,739
|
|
|
1,036,344
|
|
|||||
|
Total
|
|
$
|
39,946,538
|
|
|
$
|
45,146,178
|
|
|
$
|
440,000
|
|
|
$
|
41,555,434
|
|
|
$
|
1,195,659
|
|
|
|
|
For the nine months Ended September 30, 2013
|
|
For the nine months Ended September 30, 2012
|
||||||||||||||||||
|
Troubled Debt Restructurings
|
|
Number of Contracts |
|
Pre-
Modification Outstanding Recorded Investment |
|
Post-
Modification Outstanding Recorded Investment |
|
Number of Contracts |
|
Pre-
Modification Outstanding Recorded Investment |
|
Post-
Modification Outstanding Recorded Investment |
||||||||||
|
Residential Real Estate
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Consumer Loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
15,358
|
|
|
15,358
|
|
||||
|
Commercial Business
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Commercial Real Estate
|
|
4
|
|
|
1,651,023
|
|
|
1,651,023
|
|
|
9
|
|
|
7,871,114
|
|
|
7,871,114
|
|
||||
|
Total
|
|
4
|
|
|
$
|
1,651,023
|
|
|
$
|
1,651,023
|
|
|
10
|
|
|
$
|
7,886,472
|
|
|
$
|
7,886,472
|
|
|
|
Actual
|
|
For Capital Adequacy
|
|
To Be Well Capitalized
Under Prompt Corrective
Action Provisions
|
|||||||||||||||
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|||||||||
|
|
(Dollars in Thousands)
|
|||||||||||||||||||
|
September 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
SECURITY FEDERAL CORP.
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Tier 1 Risk-Based Core Capital
(To Risk Weighted Assets) |
$
|
69,223
|
|
|
17.4
|
%
|
|
$
|
15,956
|
|
|
4.0
|
%
|
|
N/A
|
|
|
N/A
|
|
|
|
Total Risk-Based Capital
(To Risk Weighted Assets) |
83,475
|
|
|
20.9
|
%
|
|
31,913
|
|
|
8.0
|
%
|
|
N/A
|
|
|
N/A
|
|
|||
|
Tier 1 Leverage (Core) Capital
(To Adjusted Tangible Assets)
|
69,223
|
|
|
8.1
|
%
|
|
34,371
|
|
|
4.0
|
%
|
|
N/A
|
|
|
N/A
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
SECURITY FEDERAL BANK
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Tier 1 Risk-Based Core Capital
(To Risk Weighted Assets)
|
$
|
80,916
|
|
|
20.3
|
%
|
|
$
|
15,946
|
|
|
4.0
|
%
|
|
$
|
23,919
|
|
|
6.0
|
%
|
|
Total Risk-Based Capital
(To Risk Weighted Assets)
|
85,969
|
|
|
21.6
|
%
|
|
31,892
|
|
|
8.0
|
%
|
|
39,865
|
|
|
10.0
|
%
|
|||
|
Tier 1 Leverage (Core) Capital
(To Adjusted Tangible Assets)
|
80,916
|
|
|
9.5
|
%
|
|
34,232
|
|
|
4.0
|
%
|
|
42,790
|
|
|
5.0
|
%
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
SECURITY FEDERAL CORP.
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Tier 1 Risk-Based Core Capital
(To Risk Weighted Assets)
|
$
|
68,639
|
|
|
16.5
|
%
|
|
$
|
16,619
|
|
|
4.0
|
%
|
|
N/A
|
|
|
N/A
|
|
|
|
Total Risk-Based Capital
(To Risk Weighted Assets)
|
84,148
|
|
|
20.3
|
%
|
|
33,237
|
|
|
8.0
|
%
|
|
N/A
|
|
|
N/A
|
|
|||
|
Tier 1 Leverage (Core) Capital
(To Adjusted Tangible Assets)
|
68,639
|
|
|
7.7
|
%
|
|
35,552
|
|
|
4.0
|
%
|
|
N/A
|
|
|
N/A
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
SECURITY FEDERAL BANK
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Tier 1 Risk-Based Core Capital
(To Risk Weighted Assets)
|
$
|
80,822
|
|
|
19.5
|
%
|
|
$
|
16,606
|
|
|
4.0
|
%
|
|
$
|
24,909
|
|
|
6.0
|
%
|
|
Total Risk-Based Capital
(To Risk Weighted Assets)
|
86,012
|
|
|
20.7
|
%
|
|
33,212
|
|
|
8.0
|
%
|
|
41,515
|
|
|
10.0
|
%
|
|||
|
Tier 1 Leverage (Core) Capital
(To Adjusted Tangible Assets)
|
80,822
|
|
|
9.1
|
%
|
|
35,541
|
|
|
4.0
|
%
|
|
44,426
|
|
|
5.0
|
%
|
|||
|
Level 1
|
Valuation is based upon quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market, as well as U.S. Treasuries and money market funds.
|
|
Level 2
|
Valuation is based upon quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded instruments, mortgage-backed securities, municipal bonds, corporate debt securities and derivative contracts whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category generally includes certain derivative contracts.
|
|
Level 3
|
Valuation is generated from model-based techniques that use at least one significant assumption based on unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.
|
|
Assets:
|
Quoted Market Price
In Active Markets
(Level 1)
|
|
Significant Other
Observable Inputs
(Level 2)
|
|
Significant
Unobservable Inputs
(Level 3)
|
||||||
|
FHLB Securities
|
$
|
—
|
|
|
$
|
15,046,290
|
|
|
$
|
—
|
|
|
FFCB Securities
|
—
|
|
|
5,413,658
|
|
|
—
|
|
|||
|
FNMA And FHLMC Bonds
|
—
|
|
|
2,974,860
|
|
|
—
|
|
|||
|
SBA Bonds
|
—
|
|
|
101,025,228
|
|
|
—
|
|
|||
|
Tax Exempt Municipal Bonds
|
—
|
|
|
56,913,461
|
|
|
—
|
|
|||
|
Mortgage-Backed Securities
|
—
|
|
|
245,220,951
|
|
|
—
|
|
|||
|
Equity Securities
|
—
|
|
|
252,350
|
|
|
—
|
|
|||
|
Total
|
$
|
—
|
|
|
$
|
426,846,798
|
|
|
$
|
—
|
|
|
Assets:
|
|
Quoted Market Price
In Active Markets
(Level 1)
|
|
Significant Other
Observable Inputs
(Level 2)
|
|
Significant
Unobservable Inputs
(Level 3)
|
||||||
|
FHLB Securities
|
|
$
|
—
|
|
|
$
|
6,164,670
|
|
|
$
|
—
|
|
|
SBA Bonds
|
|
—
|
|
|
96,462,270
|
|
|
—
|
|
|||
|
Tax Exempt Municipal Bonds
|
|
—
|
|
|
37,482,148
|
|
|
—
|
|
|||
|
Mortgage-Backed Securities
|
|
—
|
|
|
214,731,903
|
|
|
—
|
|
|||
|
Equity Securities
|
|
—
|
|
|
75,225
|
|
|
—
|
|
|||
|
Total
|
|
$
|
—
|
|
|
$
|
354,916,216
|
|
|
$
|
—
|
|
|
Assets:
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Balance At September 30, 2013
|
||||||||
|
Mortgage Loans Held For Sale
|
|
$
|
—
|
|
|
$
|
1,385,925
|
|
|
$
|
—
|
|
|
$
|
1,385,925
|
|
|
Collateral Dependent Impaired Loans
|
|
—
|
|
|
—
|
|
|
33,262,023
|
|
|
33,262,023
|
|
||||
|
Foreclosed Assets
|
|
—
|
|
|
—
|
|
|
3,492,365
|
|
|
3,492,365
|
|
||||
|
Total
|
|
$
|
—
|
|
|
$
|
1,385,925
|
|
|
$
|
36,754,388
|
|
|
$
|
38,140,313
|
|
|
Assets:
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Balance At
December 31, 2012
|
||||||||
|
Mortgage Loans Held For Sale
|
|
$
|
—
|
|
|
$
|
4,770,760
|
|
|
$
|
—
|
|
|
$
|
4,770,760
|
|
|
Collateral Dependent Impaired Loans
(1)
|
|
—
|
|
|
—
|
|
|
39,506,538
|
|
|
39,506,538
|
|
||||
|
Foreclosed Assets
|
|
—
|
|
|
—
|
|
|
6,754,425
|
|
|
6,754,425
|
|
||||
|
Total
|
|
$
|
—
|
|
|
$
|
4,770,760
|
|
|
$
|
46,260,963
|
|
|
$
|
51,031,723
|
|
|
|
Fair Value
|
|
|
|
Significant
|
|
|
||
|
|
September 30,
|
|
Valuation
|
|
Unobservable
|
|
|
||
|
|
2013
|
|
Technique
|
|
Inputs
|
|
Range
|
||
|
Collateral Dependent Impaired Loans
|
$
|
33,262,023
|
|
|
Appraised Value
|
|
Discount Rates/ Discounts to Appraised Values
|
|
0% - 70%
|
|
Foreclosed Assets
|
3,492,365
|
|
|
Appraised Value/Comparable Sales
|
|
Discount Rates/ Discounts to Appraised Values
|
|
0% - 83%
|
|
|
|
September 30, 2013
|
||||||||||||||||||
|
|
Carrying
|
|
Fair Value
|
||||||||||||||||
|
(In Thousands)
|
Amount
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
|
Financial Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Cash And Cash Equivalents
|
$
|
10,380
|
|
|
$
|
10,380
|
|
|
$
|
10,380
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Certificates Of Deposits With Other Banks
|
1,480
|
|
|
1,480
|
|
|
—
|
|
|
1,480
|
|
|
—
|
|
|||||
|
Investment And Mortgage-Backed Securities
|
426,847
|
|
|
426,847
|
|
|
—
|
|
|
426,847
|
|
|
—
|
|
|||||
|
Loans Receivable, Net
|
364,923
|
|
|
365,955
|
|
|
—
|
|
|
—
|
|
|
365,955
|
|
|||||
|
FHLB Stock
|
4,675
|
|
|
4,675
|
|
|
4,675
|
|
|
—
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Financial Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Deposits:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Checking, Savings, And Money Market
Accounts
|
$
|
406,479
|
|
|
$
|
406,479
|
|
|
$
|
406,479
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Certificate Accounts
|
262,874
|
|
|
264,241
|
|
|
—
|
|
|
264,241
|
|
|
—
|
|
|||||
|
Advances From FHLB
|
78,144
|
|
|
83,721
|
|
|
—
|
|
|
83,721
|
|
|
—
|
|
|||||
|
Other Borrowed Money
|
9,873
|
|
|
9,873
|
|
|
9,873
|
|
|
—
|
|
|
—
|
|
|||||
|
Senior Convertible Debentures
|
6,084
|
|
|
6,084
|
|
|
—
|
|
|
6,084
|
|
|
—
|
|
|||||
|
Junior Subordinated Debentures
|
5,155
|
|
|
5,155
|
|
|
—
|
|
|
5,155
|
|
|
—
|
|
|||||
|
|
December 31, 2012
|
||||||||||||||||||
|
|
Carrying
|
|
Fair Value
|
||||||||||||||||
|
(In Thousands)
|
Amount
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
|
Financial Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Cash And Cash Equivalents
|
$
|
7,904
|
|
|
$
|
7,904
|
|
|
$
|
7,904
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Certificates Of Deposits With Other Banks
|
1,729
|
|
|
1,729
|
|
|
—
|
|
|
1,729
|
|
|
—
|
|
|||||
|
Investment And Mortgage-Backed Securities
|
430,988
|
|
|
434,588
|
|
|
—
|
|
|
434,588
|
|
|
—
|
|
|||||
|
Loans Receivable, Net
|
397,706
|
|
|
397,360
|
|
|
—
|
|
|
—
|
|
|
397,360
|
|
|||||
|
FHLB Stock
|
6,179
|
|
|
6,179
|
|
|
6,179
|
|
|
—
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Financial Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Deposits:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Checking, Savings, And Money Market
Accounts
|
$
|
383,534
|
|
|
$
|
383,534
|
|
|
$
|
383,534
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Certificate Accounts
|
292,804
|
|
|
295,734
|
|
|
—
|
|
|
295,734
|
|
|
—
|
|
|||||
|
Advances From FHLB
|
105,257
|
|
|
113,471
|
|
|
—
|
|
|
113,471
|
|
|
—
|
|
|||||
|
Other Borrowed Money
|
9,317
|
|
|
9,317
|
|
|
9,317
|
|
|
—
|
|
|
—
|
|
|||||
|
Senior Convertible Debentures
|
6,084
|
|
|
6,084
|
|
|
—
|
|
|
6,084
|
|
|
—
|
|
|||||
|
Junior Subordinated Debentures
|
5,155
|
|
|
5,155
|
|
|
—
|
|
|
5,155
|
|
|
—
|
|
|||||
|
•
|
statements of our goals, intentions and expectations;
|
|
•
|
statements regarding our business plans, prospects, growth and operating strategies;
|
|
•
|
statements regarding the quality of our loan and investment portfolios; and
|
|
•
|
estimates of our risks and future costs and benefits.
|
|
•
|
the credit risks of lending activities, including changes in the level and trend of loan delinquencies and write-offs and changes in our allowance for loan losses and provision for loan losses that may be impacted by deterioration in the housing and commercial real estate markets;
|
|
•
|
changes in general economic conditions, either nationally or in our market areas;
|
|
•
|
changes in the levels of general interest rates, and the relative differences between short and long term interest rates, deposit interest rates, our net interest margin and funding sources;
|
|
•
|
fluctuations in the demand for loans, the number of unsold homes, land and other properties and fluctuations in real estate values in our market areas;
|
|
•
|
secondary market conditions for loans and our ability to sell loans in the secondary market;
|
|
•
|
results of examinations of the Company by the Federal Reserve, and our bank subsidiary by the FDIC and the South Carolina Board of Financial Institutions or other regulatory authorities, including the possibility that any such regulatory authority may, among other things, require us to increase our reserve for loan losses, write-down assets, change our regulatory capital position or affect our ability to borrow funds or maintain or increase deposits, which could adversely affect our liquidity and earnings;
|
|
•
|
legislative or regulatory changes that adversely affect our business including changes in regulatory policies and principles, or the interpretation of regulatory capital or other rules;
|
|
•
|
our ability to attract and retain deposits;
|
|
•
|
increases in premiums for deposit insurance;
|
|
•
|
our ability to control operating costs and expenses;
|
|
•
|
our ability to implement our business strategies
|
|
•
|
the use of estimates in determining fair value of certain of our assets, which estimates may prove to be incorrect and result in significant declines in valuation;
|
|
•
|
difficulties in reducing risks associated with the loans on our balance sheet;
|
|
•
|
staffing fluctuations in response to product demand or the implementation of corporate strategies that affect our workforce and potential associated charges;
|
|
•
|
computer systems on which we depend could fail or experience a security breach;
|
|
•
|
our ability to retain key members of our senior management team;
|
|
•
|
costs and effects of litigation, including settlements and judgments;
|
|
•
|
our ability to successfully integrate any assets, liabilities, customers, systems, and management personnel we have acquired or we may in the future acquire into our operations and our ability to realize related revenue synergies and cost savings within expected time frames and any goodwill charges related thereto;
|
|
•
|
increased competitive pressures among financial services companies;
|
|
•
|
changes in consumer spending, borrowing and savings habits;
|
|
•
|
the impact of new legislation, including the Dodd-Frank Wall Street Reform and Consumer Protection Act and the implementing regulations, and the recently issued Basel III regulatory capital requirements;
|
|
•
|
the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions;
|
|
•
|
our ability to pay dividends on our common stock;
|
|
•
|
adverse changes in the securities markets;
|
|
•
|
inability of key third-party providers to perform their obligations to us;
|
|
•
|
changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies or the FASB, including additional guidance and interpretation on accounting issues and details of the implementation of new accounting methods;
|
|
•
|
Future legislative changes and our ability to continue to comply with the requirements of the U.S. Department of Treasury’s Community Development Capital Initiative; and
|
|
•
|
other economic, competitive, governmental, regulatory, and technological factors affecting our operations, pricing, products and services and the other risks described elsewhere in this document.
|
|
|
|
|
|
|
|
|
Increase (Decrease)
|
|||||
|
|
|
September 30, 2013
|
|
|
December 31, 2012
|
|
|
Amount
|
|
Percent
|
||
|
Cash And Cash Equivalents
|
$
|
10,379,990
|
|
$
|
7,903,950
|
|
|
$
|
2,476,040
|
|
|
31.3%
|
|
Investment And Mortgage-
Backed Securities –
Available For Sale
|
|
426,846,798
|
|
|
354,916,216
|
|
|
|
71,930,582
|
|
|
20.3
|
|
Investment And Mortgage-
Backed Securities – Held
To Maturity
|
|
—
|
|
|
76,072,262
|
|
|
|
(76,072,262
|
)
|
|
(100.0)
|
|
Loans Receivable, Net
|
|
364,923,095
|
|
|
397,705,820
|
|
|
|
(32,782,725
|
)
|
|
(8.2)
|
|
Repossessed Assets
Acquired In
Settlement Of Loans
|
|
3,492,365
|
|
|
6,754,425
|
|
|
|
(3,262,060
|
)
|
|
(48.3)
|
|
FHLB Stock
|
|
4,674,700
|
|
|
6,178,700
|
|
|
|
(1,504,000
|
)
|
|
(24.3)
|
|
Other Assets
|
|
7,271,219
|
|
|
5,488,960
|
|
|
|
1,782,259
|
|
|
32.5
|
|
|
|
|
|
|
|
Balance
|
|||||||||
|
|
|
September 30, 2013
|
|
December 31, 2012
|
|
Increase (Decrease)
|
|||||||||
|
|
|
Balance
|
|
Weighted Rate
|
|
Balance
|
|
Weighted Rate
|
|
Amount
|
|
Percent
|
|||
|
Demand Accounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Checking
|
$
|
140,136,294
|
|
|
0.04%
|
$
|
126,740,707
|
|
|
0.06%
|
$
|
13,395,587
|
|
|
10.57%
|
|
Money Market
|
|
241,699,252
|
|
|
0.28
|
|
234,382,412
|
|
|
0.38
|
|
7,316,840
|
|
|
3.12
|
|
Statement Savings
Accounts
|
|
24,643,763
|
|
|
0.10
|
|
22,411,240
|
|
|
0.20
|
|
2,232,523
|
|
|
9.96
|
|
Total
|
|
406,479,309
|
|
|
0.18
|
|
383,534,359
|
|
|
0.26
|
|
22,944,950
|
|
|
5.98
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Certificate Accounts
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
0.00 – 1.99%
|
|
230,477,749
|
|
|
|
|
255,422,955
|
|
|
|
|
(24,945,206)
|
|
|
(9.77)
|
|
2.00 – 2.99%
|
|
30,165,359
|
|
|
|
|
32,975,486
|
|
|
|
|
(2,810,127)
|
|
|
(8.52)
|
|
3.00 – 3.99%
|
|
1,637,935
|
|
|
|
|
2,380,728
|
|
|
|
|
(742,793)
|
|
|
(31.20)
|
|
4.00 – 4.99%
|
|
592,668
|
|
|
|
|
1,523,474
|
|
|
|
|
(930,806)
|
|
|
(61.10)
|
|
5.00 – 5.99%
|
|
—
|
|
|
|
|
501,651
|
|
|
|
|
(501,651)
|
|
|
(100.00)
|
|
Total
|
|
262,873,711
|
|
|
0.88
|
|
292,804,294
|
|
|
1.11
|
|
(29,930,583)
|
|
|
(10.22)
|
|
Total Deposits
|
$
|
669,353,020
|
|
|
0.46%
|
$
|
676,338,653
|
|
|
0.63%
|
$
|
(6,985,633)
|
|
|
(1.03)%
|
|
|
|
|
|
|
|
Balance
|
||||||
|
|
|
September 30, 2013
|
|
December 31, 2012
|
|
Decrease
|
||||||
|
Fiscal Year Due:
|
|
Balance
|
Rate
|
|
Balance
|
Rate
|
|
Balance
|
|
Percent
|
||
|
2013
|
$
|
—
|
|
0.00%
|
$
|
22,100,000
|
2.92%
|
$
|
(22,100,000)
|
|
|
(100.00)%
|
|
2014
|
|
25,244,371
|
|
3.06
|
|
30,257,182
|
3.33
|
|
(5,012,811)
|
|
|
(16.57)
|
|
2015
|
|
15,000,000
|
|
4.01
|
|
15,000,000
|
4.01
|
|
—
|
|
|
0.00
|
|
2016
|
|
20,000,000
|
|
4.61
|
|
20,000,000
|
4.60
|
|
—
|
|
|
0.00
|
|
2017
|
|
12,900,000
|
|
4.38
|
|
12,900,000
|
4.38
|
|
—
|
|
|
0.00
|
|
Thereafter
|
|
5,000,000
|
|
3.39
|
|
5,000,000
|
3.39
|
|
—
|
|
|
—
|
|
Total Advances
|
$
|
78,144,371
|
|
3.88%
|
$
|
105,257,182
|
3.72%
|
$
|
(27,112,811)
|
|
|
(25.76)%
|
|
As of September 30, 2013
|
|||||||||||
|
Borrow Date
|
|
Maturity Date
|
|
Amount
|
|
Int. Rate
|
|
Type
|
|
Call Dates
|
|
|
11/23/05
|
|
11/23/15
|
|
5,000,000
|
|
3.993
|
%
|
|
Multi-Call
|
|
5/23/08 and quarterly thereafter
|
|
07/11/06
|
|
07/11/16
|
|
5,000,000
|
|
4.800
|
|
|
Multi-Call
|
|
7/11/08 and quarterly thereafter
|
|
11/29/06
|
|
11/29/16
|
|
5,000,000
|
|
4.025
|
|
|
Multi-Call
|
|
5/29/08 and quarterly thereafter
|
|
05/24/07
|
|
05/24/17
|
|
7,900,000
|
|
4.375
|
|
|
Multi-Call
|
|
5/27/08 and quarterly thereafter
|
|
07/25/07
|
|
07/25/17
|
|
5,000,000
|
|
4.396
|
|
|
Multi-Call
|
|
7/25/08 and quarterly thereafter
|
|
|
Three Months Ended September 30,
|
|
||||||||||||||
|
|
2013
|
|
2012
|
|
|
|
||||||||||
|
|
|
Average Balance
|
|
Yield
(1)
|
|
|
Average Balance
|
|
Yield
(1)
|
|
Increase (Decrease) In Interest And Dividend Income From 2012
|
|
||||
|
Loans Receivable, Net
|
$
|
369,685,192
|
|
5.82
|
%
|
|
$
|
409,960,775
|
|
|
5.83
|
%
|
$
|
(603,380)
|
|
|
|
Mortgage-Backed Securities
|
|
245,876,609
|
|
2.21
|
|
|
|
266,336,834
|
|
|
2.47
|
|
|
(281,577)
|
|
|
|
Investment Securities
(2)
|
|
183,338,969
|
|
2.54
|
|
|
|
149,601,065
|
|
|
1.97
|
|
|
426,917
|
|
|
|
Overnight Time And
Certificates of Deposit
|
|
5,487,687
|
|
0.16
|
|
|
|
6,561,662
|
|
|
0.14
|
|
|
(14
|
)
|
|
|
Total Interest-Earning Assets
|
$
|
804,388,457
|
|
3.93
|
%
|
|
$
|
832,460,336
|
|
|
4.02
|
%
|
$
|
(458,054)
|
|
|
|
|
Three Months Ended September 30,
|
|||||||||||||
|
|
2013
|
|
2012
|
|
|
|||||||||
|
|
|
Average Balance
|
|
Yield
(1)
|
|
|
Average Balance
|
|
Yield
(1)
|
|
Decrease In Interest Expense From 2012
|
|||
|
Now And Money Market
Accounts
|
$
|
325,852,310
|
|
|
0.23%
|
|
$
|
313,228,039
|
|
|
0.37%
|
$
|
(105,204
|
)
|
|
Statement Savings Accounts
|
|
24,556,885
|
|
|
0.11
|
|
|
22,143,684
|
|
|
0.20
|
|
(3,982
|
)
|
|
Certificates Accounts
|
|
266,366,465
|
|
|
0.90
|
|
|
307,476,207
|
|
|
1.23
|
|
(343,240
|
)
|
|
FHLB Advances And
Other Borrowed Money
|
|
95,442,908
|
|
|
3.58
|
|
|
118,153,324
|
|
|
3.61
|
|
(212,118
|
)
|
|
Junior Subordinated Debentures
|
|
5,155,000
|
|
|
2.01
|
|
|
5,155,000
|
|
|
2.20
|
|
(2,426
|
)
|
|
Senior Convertible Debentures
|
|
6,084,000
|
|
|
8.00
|
|
|
6,084,000
|
|
|
8.00
|
|
—
|
|
|
Total Interest-Bearing Liabilities
|
$
|
723,457,568
|
|
|
0.99%
|
|
$
|
772,240,254
|
|
|
1.28%
|
$
|
(666,970
|
)
|
|
|
|
Three Months Ended September 30,
|
||||
|
|
|
2013
|
|
2012
|
||
|
Beginning Balance
|
$
|
11,007,279
|
|
$
|
12,684,327
|
|
|
Provision
|
|
600,000
|
|
|
300,000
|
|
|
Charge-offs
|
|
(1,002,990)
|
|
|
(1,411,300)
|
|
|
Recoveries
|
|
45,042
|
|
|
73,132
|
|
|
Ending Balance
|
$
|
10,649,331
|
|
$
|
11,646,159
|
|
|
|
|
|
|
|
||
|
Allowance For Loan Losses As A Percentage Of Gross Loans Receivable, Held For Investment At The End Of The Period
|
|
2.83
|
%
|
|
2.83
|
%
|
|
Allowance For Loan Losses As A Percentage Of Impaired Loans At
The End Of The Period
|
|
31.60
|
%
|
|
26.99
|
%
|
|
Gross Loans Receivable, Held For Investment And Held For Sale
|
$
|
378,121,468
|
|
$
|
416,406,309
|
|
|
Total Loans Receivable, Net
|
$
|
364,923,095
|
|
$
|
403,049,461
|
|
|
|
Three Months Ended September 30,
|
|
Increase (Decrease)
|
|||||||||||
|
|
|
2013
|
|
|
2012
|
|
|
Amounts
|
|
|
Percent
|
|||
|
Gain On Sale Of Investments
|
$
|
419,360
|
|
|
$
|
324,835
|
|
|
$
|
94,525
|
|
|
|
29.1%
|
|
Gain On Sale Of Loans
|
|
227,332
|
|
|
|
177,524
|
|
|
|
49,808
|
|
|
|
28.1
|
|
Service Fees On Deposit Accounts
|
|
303,350
|
|
|
|
291,753
|
|
|
|
11,597
|
|
|
|
4.0
|
|
Income From Cash Value Of
Life Insurance
|
|
78,000
|
|
|
|
105,000
|
|
|
|
(27,000
|
)
|
|
|
(25.7)
|
|
Commissions From Insurance Agency
|
|
103,330
|
|
|
|
131,761
|
|
|
|
(28,431
|
)
|
|
|
(21.6)
|
|
Trust Income
|
|
135,000
|
|
|
|
120,000
|
|
|
|
15,000
|
|
|
|
12.5
|
|
Check Card Fee Income
|
|
222,252
|
|
|
|
196,943
|
|
|
|
25,309
|
|
|
|
12.9
|
|
CDFI Financial Award Income
|
|
97,000
|
|
|
|
—
|
|
|
|
97,000
|
|
|
|
100.0
|
|
Other
|
|
152,467
|
|
|
|
129,873
|
|
|
|
22,594
|
|
|
|
17.4
|
|
Total Non-Interest Income
|
$
|
1,738,091
|
|
$
|
1,477,689
|
|
|
$
|
260,402
|
|
|
|
17.6%
|
|
|
|
Three Months Ended September 30,
|
|
Increase (Decrease)
|
|||||||||||
|
|
|
2013
|
|
|
2012
|
|
|
Amounts
|
|
|
Percent
|
|||
|
Compensation And Employee Benefits
|
$
|
2,677,608
|
|
|
$
|
2,709,998
|
|
|
$
|
(32,390
|
)
|
|
|
(1.2)%
|
|
Occupancy
|
|
484,857
|
|
|
|
505,208
|
|
|
|
(20,351
|
)
|
|
|
(4.0)
|
|
Advertising
|
|
79,130
|
|
|
|
97,221
|
|
|
|
(18,091
|
)
|
|
|
(18.6)
|
|
Depreciation And Maintenance
Of Equipment
|
|
412,020
|
|
|
|
412,000
|
|
|
|
20
|
|
|
|
0.0
|
|
FDIC Insurance Premiums
|
|
191,535
|
|
|
|
152,494
|
|
|
|
39,041
|
|
|
|
25.6
|
|
Amortization of Intangibles
|
|
12,501
|
|
|
|
12,501
|
|
|
|
—
|
|
|
|
—
|
|
Net Cost Of Operation Of Other Real
Estate Owned
|
|
506,174
|
|
|
|
1,321,254
|
|
|
|
(815,080
|
)
|
|
|
(61.7)
|
|
Prepayment Penalties on FHLB Advances
|
|
191,181
|
|
|
|
—
|
|
|
|
191,181
|
|
|
|
100.0
|
|
Other
|
|
1,109,892
|
|
|
|
860,407
|
|
|
|
249,485
|
|
|
|
29.0
|
|
Total General And Administrative
Expenses
|
$
|
5,664,898
|
|
|
$
|
6,071,083
|
|
|
$
|
(406,185
|
)
|
|
|
(6.7)%
|
|
|
Nine Months Ended September 30,
|
|
|||||||||||||||
|
|
2013
|
|
2012
|
|
|
|
|
||||||||||
|
|
|
Average Balance
|
|
Yield
(1)
|
|
|
Average Balance
|
|
Yield
(1)
|
|
|
Increase (Decrease) In Interest And Dividend Income From 2012
|
|
||||
|
Loans Receivable, Net
|
$
|
381,399,510
|
|
5.76
|
%
|
|
$
|
423,211,566
|
|
|
5.88
|
%
|
|
$
|
(2,172,110)
|
|
|
|
Mortgage-Backed Securities
|
|
247,102,910
|
|
2.13
|
|
|
|
266,126,387
|
|
|
2.59
|
|
|
|
(1,236,046)
|
|
|
|
Investment Securities
(2)
|
|
177,810,780
|
|
2.31
|
|
|
|
145,698,032
|
|
|
1.90
|
|
|
|
1,012,369
|
|
|
|
Overnight Time And
Certificates of Deposit
|
|
5,741,907
|
|
0.15
|
|
|
|
5,723,097
|
|
|
0.12
|
|
|
|
1,279
|
|
|
|
Total Interest-Earning Assets
|
$
|
812,055,107
|
|
3.86
|
%
|
|
$
|
840,759,082
|
|
|
4.11
|
%
|
|
$
|
(2,394,508)
|
|
|
|
|
Nine months Ended September 30,
|
|||||||||||||||
|
|
2013
|
|
2012
|
|
|
|||||||||||
|
|
|
Average Balance
|
|
Yield
(1)
|
|
|
Average Balance
|
|
Yield
(1)
|
|
Decrease In Interest Expense From 2012
|
|||||
|
Now And Money Market
Accounts
|
$
|
321,456,199
|
|
|
0.26%
|
|
$
|
308,489,022
|
|
|
0.41
|
%
|
$
|
(310,706
|
)
|
|
|
Statement Savings Accounts
|
|
23,966,047
|
|
|
0.15
|
|
|
21,856,999
|
|
|
0.20
|
|
|
(4,605
|
)
|
|
|
Certificates Accounts
|
|
274,567,650
|
|
|
0.98
|
|
|
317,147,942
|
|
|
1.30
|
|
|
(1,085,510
|
)
|
|
|
FHLB Advances And
Other Borrowed Money
|
|
104,555,567
|
|
|
3.58
|
|
|
123,644,519
|
|
|
3.64
|
|
|
(618,014
|
)
|
|
|
Junior Subordinated Debentures
|
|
5,155,000
|
|
|
2.01
|
|
|
5,155,000
|
|
|
2.22
|
|
|
(8,233
|
)
|
|
|
Senior Convertible Debentures
|
|
6,084,000
|
|
|
8.00
|
|
|
|
6,084,000
|
|
|
8.00
|
|
|
—
|
|
|
Total Interest-Bearing Liabilities
|
$
|
735,784,463
|
|
|
1.06
|
%
|
|
$
|
782,377,482
|
|
|
1.35
|
%
|
$
|
(2,027,068
|
)
|
|
|
|
Nine months Ended September 30,
|
||
|
|
|
2013
|
|
2012
|
|
Beginning Balance
|
$
|
11,318,371
|
$
|
14,261,374
|
|
Provision
|
|
2,645,381
|
|
2,975,000
|
|
Charge-offs
|
|
(3,470,300)
|
|
(5,850,835)
|
|
Recoveries
|
|
155,879
|
|
260,620
|
|
Ending Balance
|
$
|
10,649,331
|
$
|
11,646,159
|
|
|
Nine months Ended September 30,
|
|
Increase (Decrease)
|
|||||||||||
|
|
|
2013
|
|
|
2012
|
|
|
Amounts
|
|
|
Percent
|
|||
|
Gain On Sale Of Investments
|
$
|
1,173,140
|
|
|
$
|
963,454
|
|
|
$
|
209,686
|
|
|
|
21.8%
|
|
Gain On Sale Of Loans
|
|
622,960
|
|
|
|
453,634
|
|
|
|
169,326
|
|
|
|
37.3
|
|
Service Fees On Deposit Accounts
|
|
845,444
|
|
|
|
847,580
|
|
|
|
(2,136
|
)
|
|
|
(0.3)
|
|
Income From Cash Value Of
Life Insurance
|
|
261,000
|
|
|
|
315,000
|
|
|
|
(54,000
|
)
|
|
|
(17.1)
|
|
Commissions From Insurance
Agency
|
|
348,292
|
|
|
|
357,704
|
|
|
|
(9,412
|
)
|
|
|
(2.6)
|
|
Trust Income
|
|
405,000
|
|
|
|
366,000
|
|
|
|
39,000
|
|
|
|
10.7
|
|
Check Card Fee Income
|
|
640,374
|
|
|
|
600,126
|
|
|
|
40,248
|
|
|
|
6.7
|
|
CDFI Financial Award Income
|
|
733,071
|
|
|
|
—
|
|
|
|
733,071
|
|
|
|
100.0
|
|
Other
|
|
396,695
|
|
|
|
372,414
|
|
|
|
24,281
|
|
|
|
6.5
|
|
Total Non-Interest Income
|
$
|
5,425,976
|
|
|
$
|
4,275,912
|
|
|
$
|
1,150,064
|
|
|
|
26.9%
|
|
|
Nine months Ended September 30,
|
|
Increase (Decrease)
|
|||||||||||
|
|
|
2013
|
|
|
2012
|
|
|
Amounts
|
|
|
Percent
|
|||
|
Compensation And Employee Benefits
|
$
|
8,267,433
|
|
|
$
|
8,064,121
|
|
|
$
|
203,312
|
|
|
|
2.5%
|
|
Occupancy
|
|
1,447,835
|
|
|
|
1,440,485
|
|
|
|
7,350
|
|
|
|
0.5
|
|
Advertising
|
|
256,861
|
|
|
|
256,472
|
|
|
|
389
|
|
|
|
0.2
|
|
Depreciation And Maintenance Of Equipment
|
|
1,220,952
|
|
|
|
1,245,320
|
|
|
|
(24,368
|
)
|
|
|
(2.0)
|
|
FDIC Insurance Premiums
|
|
555,733
|
|
|
|
476,943
|
|
|
|
78,790
|
|
|
|
16.5
|
|
Amortization of Intangibles
|
|
37,503
|
|
|
|
37,503
|
|
|
|
—
|
|
|
|
—
|
|
Net Cost Of Operation Of Other Real
Estate Owned
|
|
1,243,935
|
|
|
|
2,375,109
|
|
|
|
(1,131,174
|
)
|
|
|
(47.6)
|
|
Prepayment Penalties on FHLB Advances
|
|
429,523
|
|
|
|
—
|
|
|
|
429,523
|
|
|
|
100.0
|
|
Other
|
|
3,109,619
|
|
|
|
2,598,207
|
|
|
|
511,412
|
|
|
|
19.7
|
|
Total General And Administrative
Expenses
|
$
|
16,569,394
|
|
|
$
|
16,494,160
|
|
|
$
|
75,234
|
|
|
|
0.5%
|
|
(Dollars in thousands)
|
Within
One
Month
|
|
After One
Through
Three
Months
|
|
After
Three
Through
Twelve
Months
|
|
Within
One Year
|
|
Greater
Than
One
Year
|
|
Total
|
||||||||||||
|
Unused Lines Of Credit
|
$
|
105
|
|
|
$
|
160
|
|
|
$
|
4,379
|
|
|
$
|
4,644
|
|
|
$
|
26,064
|
|
|
$
|
30,708
|
|
|
Standby Letters Of Credit
|
493
|
|
|
63
|
|
|
1,718
|
|
|
2,274
|
|
|
—
|
|
|
2,274
|
|
||||||
|
Total
|
$
|
598
|
|
|
$
|
223
|
|
|
$
|
6,097
|
|
|
$
|
6,918
|
|
|
$
|
26,064
|
|
|
$
|
32,982
|
|
|
3.1
|
Articles of Incorporation, as amended (1)
|
|
3.2
|
Articles of Amendment, including Certificate of Designation relating to the Company’s Fixed Rate Cumulative Perpetual Preferred Stock Series B (2)
|
|
3.3
|
Amended and Restated Bylaws (3)
|
|
4.1
|
Form of Stock Certificate of the Company and other instruments defining the rights of security holders, including indentures (4)
|
|
4.2
|
Form of Stock Certificate for the Series B Preferred Shares (2)
|
|
4.3
|
Warrant to purchase shares of the Company’s common stock dated December 19, 2008 (5)
|
|
4.4
|
Form of Indenture with respect to the Company’s 8.0% Convertible Senior Debentures Due 2029 (6)
|
|
4.5
|
Specimen Convertible Senior Debenture Due 2029 (6)
|
|
4.6
|
Letter Agreement dated September 29, 2010 between Security Federal Corporation and the United States Department of the Treasury, including the Exchange Agreement – Standard Terms, with respect to the exchange of the Series A Fixed Rate Cumulative Perpetual Preferred Stock for the Series B Fixed Rate Cumulative Perpetual Preferred Stock (2)
|
|
4.7
|
Letter Agreement dated September 29, 2010 between Security Federal Corporation and the United States Department of the Treasury, including the Securities Purchase Agreement – Standard Terms, with respect to the purchase of the Series B Fixed Rate Cumulative Perpetual Preferred Stock (2)
|
|
10.1
|
1993 Salary Continuation Agreements (7)
|
|
10.2
|
Amendment One to 1993 Salary Continuation Agreements (8)
|
|
10.3
|
Form of 2006 Salary Continuation Agreement (9)
|
|
10.4
|
1999 Stock Option Plan (10)
|
|
10.5
|
2002 Stock Option Plan (11)
|
|
10.6
|
2006 Stock Option Plan (12)
|
|
10.7
|
2008 Equity Incentive Plan (13)
|
|
10.8
|
Form of incentive stock option agreement and non-qualified stock option agreement pursuant to the 2006 Stock Option Plan (12)
|
|
10.9
|
2004 Employee Stock Purchase Plan (14)
|
|
10.10
|
Incentive Compensation Plan (7)
|
|
10.11
|
Form of Security Federal Bank Salary Continuation Agreement (9)
|
|
10.12
|
Form of Security Federal Split Dollar Agreement (9)
|
|
10.13
|
Form of Compensation Modification Agreement (5)
|
|
14
|
Code of Ethics (15)
|
|
25
|
Form T-1; Statement Eligibility of Trustee (6)
|
|
31.1
|
Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act
|
|
31.2
|
Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act
|
|
32
|
Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act
|
|
101
|
The following materials from Security Federal Corporation’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2013, formatted in Extensible Business Reporting Language (XBRL): (a) Consolidated Balance Sheets; (b) Consolidated Statements of Income; (c) Consolidated Statements of Comprehensive Income (Loss); (d) Consolidated Statements of Changes in Shareholders’Equity; (e) Consolidated Statements of Cash Flows; and (f) Notes to Consolidated Financial Statements (16)
|
|
(1)
|
Filed on June 26, 1998, as an exhibit to the Company’s Proxy Statement and incorporated herein by reference.
|
|
(2)
|
Incorporated by reference to the Company’s Current Report on Form 8-K filed on September 30, 2010.
|
|
(3)
|
Incorporated by reference to the Company’s Current Report on Form 8-K filed on December 19, 2011.
|
|
(4)
|
Filed on August 12, 1987, as an exhibit to the Company’s Registration Statement on Form 8-A and incorporated herein by reference.
|
|
(5)
|
Incorporated by reference to the Company’s Current Report on Form 8-K filed on December 23, 2008.
|
|
(6)
|
Filed on July 13, 2009 as an exhibit to the Company’s Registration Statement on Form S-1 (File No. 333-160553) and incorporated herein by reference.
|
|
(7)
|
Filed on June 28, 1993, as an exhibit to the Company’s Annual Report on Form 10-KSB and incorporated herein by reference.
|
|
(8)
|
Filed as an exhibit to the Company’s Quarterly Report on Form 10-QSB for the quarter ended September 30, 1993 and incorporated herein by reference.
|
|
(9)
|
Filed on May 24, 2006 as an exhibit to the Company’s Current Report on Form 8-K dated May 18, 2006 and incorporated herein by reference.
|
|
(10)
|
Filed on March 2, 2000, as an exhibit to the Company's Registration Statement on Form S-8 and incorporated herein by reference
|
|
(11)
|
Filed on January 3, 2003, as an exhibit to the Company's Registration Statement on Form S-8 and incorporated herein by reference.
|
|
(12)
|
Filed on August 22, 2006, as an exhibit to the Company's Registration Statement on Form S-8 (Registration Statement No. 333-136813) and incorporated herein by reference.
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(13)
|
Filed on November 12, 2008, as an exhibit to the Company's Registration Statement on Form S-8 and incorporated herein by reference.
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(14)
|
Filed on June 18, 2004, as an exhibit to the Company’s Proxy Statement and incorporated herein by reference.
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|
(15)
|
Filed on June 29, 2006, as an exhibit to the Company’s Annual Report on Form 10-K and incorporated herein by reference.
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(16)
|
Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933 or Section
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18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.
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Date:
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November 13, 2013
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|
By:
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/s/J. Chris Verenes
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J. Chris Verenes
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||||
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|
President & Chief Executive Officer
|
||||
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|
Duly Authorized Representative
|
||||
|
Date:
|
November 13, 2013
|
|
By:
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/s/Roy G. Lindburg
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|
|
|
Roy G. Lindburg
|
||||
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|
Chief Financial Officer
|
||||
|
|
Duly Authorized Representative
|
||||
|
31.1
|
Certifications of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act
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|
31.2
|
Certifications of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act
|
|
32
|
Certifications of the Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act
|
|
101
|
The following materials from Security Federal Corporation’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2013, formatted in Extensible Business Reporting Language (XBRL): (a) Consolidated Balance Sheets; (b) Consolidated Statements of Income; (c) Consolidated Statements of Comprehensive Income (Loss); (d) Consolidated Statements of Changes in Shareholders’Equity; (e) Consolidated Statements of Cash Flows; and (f) Notes to Consolidated Financial Statements
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
No Customers Found
No Suppliers Found
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|