ASB BANCORP INC ASHEVILLE, N.C., April 29, 2016 /PRNewswire/ -- ASB Bancorp, Inc. (the "Company") (NASDAQ GM: ASBB), the holding company for Asheville Savings Bank, S.S.B. (the "Bank"), announced today its unaudited preliminary operating results for the three-month period ended March 31, 2016. The Company reported net income of $1.1 million, or $0.30 per diluted common share, for the quarter ended March 31, 2016 compared to $622,000, or $0.16 per diluted common share, for the same quarter of 2015.
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Suzanne S. DeFerie, President and Chief Executive Officer, commented: "Our solid first quarter financial results demonstrate that the positive trends we saw towards the end of fiscal year 2015 continued into early 2016. We experienced further growth in core deposits and total loans, expanded net interest margin, and improved asset quality. By increasing net interest and noninterest income coupled with controlling expenses, we were able to realize our key goal of improving our efficiency ratio below our near-term target of 73% while maintaining a strong capital position. The result of our work was an 80% improvement in first quarter net income compared to the same period last year."
"The current economic drivers in our marketplace give us confidence that this progress should persist through the remainder of 2016. We intend to continue driving efficiency, with a long-term target of 54% to 64%. This should drive increased value for our shareholders as we target returns of 8.1% to 9.0% on average equity and 1.0% to 1.1% on average assets over the next three years."
2016 First Quarter Highlights
-- Net income for the first quarter of 2016 was $1.1 million, or $0.30 per
diluted common share, compared to $622,000, or $0.16 per diluted common
share, for the first quarter of 2015.
-- Net interest income increased 10.2% to $5.8 million for the three months
ended March 31, 2016 from $5.3 million for the three months ended March
31, 2015. The net interest margin improved to 3.21% for the first
quarter of 2016 compared to 3.01% for the same quarter of 2015.
-- Interest income from loans increased 9.1% in the first quarter of 2016
compared to the first quarter of 2015, which primarily reflected a $58.2
million increase in average loan balances when comparing the two
quarters.
-- Interest expense was $844,000 for the first quarter of 2016 compared to
$861,000 for the same quarter of 2015 due to lower volumes of time
deposits.
-- Provisions for loan losses were $399,000 in the first quarter of 2016
compared to $194,000 in the first quarter of 2015 primarily due to the
provision of a specific reserve on a loan determined to be impaired late
in the first quarter. The allowance for loan losses was 1.13% of total
loans at March 31, 2016 compared to 1.09% at December 31, 2015, and the
allowance coverage of nonperforming loans was 284.6% at March 31, 2016
compared to 246.8% at December 31, 2015.
-- Loan balances increased $19.7 million, or 3.4%, to $595.8 million during
the first quarter of 2016 and increased $54.1 million, or 10.0%, since
March 31, 2015 as new loan originations exceeded loan repayments,
prepayments and foreclosures.
-- Noninterest income increased 27.3% to $2.0 million for the first quarter
of 2016 from $1.6 million for the first quarter of 2015, primarily due
to an increase in gains realized from the sale of investment securities
and an increase in deposit and other service charge income.
-- Noninterest expenses remained at $5.8 million for the first quarters of
2016 and 2015.
-- Delinquent and nonperforming loans were 0.35% and 0.40%, respectively,
of total loans at March 31, 2016 compared to 0.49% and 0.44%,
respectively, of total loans at December 31, 2015.
-- Nonperforming assets, including foreclosed properties, were 1.02% of
total assets at March 31, 2016 compared to 1.05% of total assets at
December 31, 2015 and 1.61% of total assets at March 31, 2015.
-- Core deposits, which exclude certificates of deposit, increased $4.7
million, or 0.9%, since December 31, 2015 and $41.9 million, or 9.1%,
since March 31, 2015. Noninterest-bearing deposits increased $6.9
million, or 6.1%, and commercial non-maturity deposits increased $6.0
million, or 4.1%, since December 31, 2015.
-- Book value per common share increased to $23.10 at March 31, 2016 from
$22.50 at December 31, 2015 and $21.93 at March 31, 2015.
-- Capital remained strong with consolidated regulatory capital ratios of
16.65% common equity tier 1 capital, 12.33% tier 1 leverage capital,
16.65% tier 1 risk-based capital and 17.81% total risk-based capital.
Income Statement Analysis
Net Interest Income. Net interest income increased by $540,000, or 10.2%, to $5.8 million for the three months ended March 31, 2016 compared to $5.3 million for the three months ended March 31, 2015. Interest income on loans increased $502,000, primarily resulting from a $58.2 million increase in average loan balances, partially offset by a 10 basis point decrease in the average yield on loans. Interest on investment securities increased $20,000, attributable to a 35 basis point increase in the average yield earned on the investment portfolio, which was partially offset by a $12.0 million decrease in the average balance of investment securities. Interest expense decreased $17,000, or 2.0%, for the three months ended March 31, 2016 compared to the three months ended March 31, 2015. The lower interest expense was primarily attributable to lower average balances of certificates of deposit, as well as average rate reductions of 2 basis points on total interest-bearing deposits. The decrease in average balances of certificates of deposit was partially offset by higher average balances of NOW, money market and savings accounts. For the same comparable quarterly periods, average noninterest-bearing deposits grew $19.0 million, or 20.1%, which contributed to the reduction of deposit interest expense while deposit funding grew.
Noninterest Income. Noninterest income increased $439,000, or 27.3%, to $2.0 million for the three months ended March 31, 2016 from $1.6 million for the three months ended March 31, 2015. Factors that contributed to the increase in noninterest income during the 2016 period included increases of $400,000 in net gains from the sale of investment securities, $80,000 in deposit and other service charge income and $15,000 in fees from debit card services, which were partially offset by decreases of $42,000 in mortgage banking income and $21,000 in income from an investment in a Small Business Investment Company. Increased income on deposit and other fees primarily related to retail checking accounts, while increased transaction volume drove the rise in income from debit card services. The decrease in mortgage banking income was attributable to lower volumes of residential mortgage loans originated and sold.
Noninterest Expenses. Noninterest expenses remained at $5.8 million for the three months ended March 31, 2016 and 2015. Decreases of $75,000 in loan expenses, $34,000 in occupancy expenses, $31,000 in salaries and employee benefits, $23,000 in foreclosed property expenses and $58,000 in other miscellaneous expenses were partially off set by increases of $120,000 in professional and outside services primarily due to revenue enhancement consulting fees and $90,000 in data processing fees.
Balance Sheet Review
Assets. Total assets increased $670,000, or 0.1%, to $783.5 million at March 31, 2016 from $782.9 million at December 31, 2015. Cash and cash equivalents increased $3.7 million, or 11.0%, to $37.1 million at March 31, 2016 from $33.4 million at December 31, 2015. Investment securities decreased $19.0 million, or 13.4%, to $122.4 million at March 31, 2016 from $141.4 million at December 31, 2015, primarily due to the sale of investment securities to fund loan growth. Loans receivable, net of deferred fees, increased $19.7 million, or 3.4%, to $595.8 million at March 31, 2016 from $576.1 million at December 31, 2015 as new loan originations, primarily commercial real estate loan originations, exceeded loan repayments, prepayments and foreclosures.
Liabilities. Total deposits decreased $2.5 million, or 0.4%, to $628.4 million at March 31, 2016 from $630.9 million at December 31, 2015. During the three months ended March 31, 2016, we continued our focus on core deposit growth, from which we exclude certificates of deposit. Core deposits increased $4.7 million, or 0.9%, to $500.3 million at March 31, 2016 from $495.6 million at December 31, 2015.
Commercial checking and money market accounts increased $6.0 million, or 4.1%, to $153.0 million at March 31, 2016 from $147.0 million at December 31, 2015, reflecting expanded sources of lower cost funding. Our efforts to obtain new commercial deposit relationships in conjunction with making new commercial loans significantly contributed to this increase and reflects our commitment to establishing diversified relationships with business clients.
Since December 31, 2015, certificates of deposit decreased $7.2 million, or 5.3%, to $128.1 million at March 31, 2016 from $135.3 million at December 31, 2015 as we continued our focus on core deposit growth. Accounts payable and other liabilities increased $405,000, or 3.4%, to $12.3 million at March 31, 2016 from $11.9 million at December 31, 2015. The increase in accounts payable and other liabilities at March 31, 2016 was primarily attributable to increases in escrowed payments from mortgage borrowers and pension plan liabilities, that were partially offset by a decrease in payroll accruals.
Asset Quality
Provision for Loan Losses. We recorded a provision for loan losses in the amount of $399,000 for the three months ended March 31, 2016 compared to $194,000 for the three months ended March 31, 2015. The Company charged off $8,000 in loans for the first quarter of 2016 compared to $252,000 for the first quarter of 2015. The increase in the three-month provision for loan losses was primarily due to the provision of a specific reserve on a loan determined to be impaired late in the first quarter of 2016.
Nonperforming Assets. Nonperforming assets totaled $8.0 million, or 1.02% of total assets, at March 31, 2016 compared to $8.2 million, or 1.05% of total assets, at December 31, 2015. Nonperforming assets included $2.4 million in nonperforming loans and $5.6 million in foreclosed real estate at March 31, 2016 compared to $2.5 million and $5.6 million, respectively, at December 31, 2015.
Nonperforming loans decreased $186,000 to $2.4 million, or 0.40% of total loans, at March 31, 2016 from $2.5 million, or 0.44% of total loans, at December 31, 2015. Commercial mortgage and industrial nonperforming loans decreased $436,000 for the three months of 2016 and residential and revolving mortgage nonperforming loans decreased $128,000 for the same period. The decreases were partially offset by an increase of $378,000 in additional non-commercial construction and land development nonperforming loans. Performing troubled debt restructurings ("TDRs") decreased $39,000, or 0.9%, when comparing the same periods. Total performing TDRs and nonperforming assets decreased $274,000, or 2.1%, to $12.5 million, or 1.59% of total assets, at March 31, 2016 compared to $12.7 million, or 1.63% of total assets, at December 31, 2015.
At March 31, 2016, nonperforming loans included three residential mortgage loans that totaled $1.2 million, two commercial mortgage loans that totaled $395,000, one commercial construction loan in the amount of $378,000, four commercial and industrial loans that totaled $214,000 and three revolving home equity loans that totaled $182,000. As of March 31, 2016, the nonperforming loans had specific reserves totaling $320,000. TDRs were $5.1 million at March 31, 2016 and $5.5 million at December 31, 2015. There were no additions to TDRs during the three months ended March 31, 2016. At March 31, 2016, $547,000 of the $5.1 million of TDRs were not performing.
Foreclosed real estate at March 31, 2016 included six properties with a total recorded amount of $5.6 million compared to six properties with a total recorded amount of $5.6 million at December 31, 2015. During the three months ended March 31, 2016, no new properties were added to foreclosed real estate, while the Bank sold one of its residential lots in a mixed-use lot subdivision for net proceeds of $49,000. The Bank recorded no loss provisions on foreclosed real estate during the first three months of 2016, and there were no capital additions during the period.
The Bank's largest foreclosed property resulted from a loan relationship that had an original purpose of constructing a mixed-use retail, commercial office, and residential condominium project located in Western North Carolina. As a result of this foreclosure, the Bank acquired 44 of the 48 condominium units in the building. Following an additional write-down of approximately $630,000 on the loans secured by this collateral in the fourth quarter of 2012, the Bank recorded this foreclosed property in the amount of $9.8 million. During 2013, the Bank recorded additional write-downs totaling $1.6 million, which resulted in an adjusted recorded amount of $8.2 million at December 31, 2013. During 2014, the Bank recorded an additional write-down of $133,000 on the property and sold 28 residential condominium units and one office unit. During 2015, the Bank sold one retail unit and two office units. During the three months ended March 31, 2016, the Bank sold no units. As of March 31, 2016, the adjusted recorded amount was $4.0 million for the remaining seven retail units and five office units.
Other Developments
In April 2016, the Bank decided to settle its qualified pension plan liability effective July 1, 2016. The settlement is expected to be recognized in the fourth quarter of 2016 when participants receive annuities or lump sum payments of their accrued benefit balances. A preliminary estimate of the one-time settlement charge is in the range of $8.7 million to $9.5 million before income taxes, or $5.5 million to $6.0 million after income taxes, of which $8.0 million before income taxes, or $5.1 million after income taxes, was recognized as a reduction of tangible common shareholders' equity in the form of accumulated other comprehensive loss as of December 31, 2015. A preliminary estimate of the range of earnings per share dilution is $1.49 to $1.62 per share, while a preliminary estimate of the range of common equity book value dilution is $0.12 to $0.24 per share. For periods following the settlement in the fourth quarter of 2016, the Bank estimates annual periodic expense savings of approximately $810,000 before income taxes, or $513,000 after income taxes, or $0.14 per share.
Profile
The Bank is a North Carolina chartered stock savings bank offering traditional financial services through 13 full-service banking centers located in Buncombe, Madison, McDowell, Henderson and Transylvania counties in Western North Carolina and a loan production office in Mecklenburg County. Originally chartered in 1936 and headquartered in Asheville, North Carolina, the Bank is locally managed with a focus on fostering strong relationships with its customers, its employees and the communities it serves. The Bank was recognized as the 2015 #1 Best Bank Overall, #1 Best Bank for Small Business Services and #1 Best Bank for Mortgages by the readers of the Mountain Xpress newspaper in Western North Carolina.
This news release, as well as other written communications made from time to time by the Company and its subsidiaries and oral communications made from time to time by authorized officers of the Company, may contain statements relating to the future results of the Company (including certain projections, performance and growth targets and business trends) that are considered "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements may be identified by the use ofsuch words as "believe," "expect," "anticipate," "should," "planned," "estimated," "intend" and "potential," and are subject to the protections of the safe harbors created by such acts.
The Company cautions you that a number of important factors could cause actual results to differ materially from those currently anticipated in any forward-looking statement. Such factors include, but are not limited to: prevailing economic and geopolitical conditions; changes in interest rates, loan demand, real estate values and competition; changes in accounting principles, policies, and guidelines; changes in any applicable law, rule, regulation or practice with respect to tax or legal issues; and other economic, competitive, governmental, regulatory and technological factors affecting the Company's operations, pricing, products and services and other factors described in the Company's filings with the Securities and Exchange Commission, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. The forward-looking statements are made as of the date of this release, and, except as may be required by applicable law or regulation, the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.
Contact: Suzanne S. DeFerie
Chief Executive Officer
(828) 254-7411
Selected Financial Condition Data
March 31, December 31,
(Dollars in
thousands) 2016 2015 (1) % Change
---- ------- --------
Total assets $783,523 $782,853 0.1%
Cash and cash
equivalents 37,091 33,401 11.0%
Investment
securities 122,374 141,364 -13.4%
Loans
receivable,
net of
deferred fees 595,832 576,087 3.4%
Allowance for
loan losses (6,722) (6,289) -6.9%
Deposits 628,415 630,904 -0.4%
Core deposits
(2) 500,330 495,628 0.9%
FHLB advances 50,000 50,000 0.0%
Accounts
payable and
other
liabilities 12,345 11,940 3.4%
Total equity 92,064 89,682 2.7%
(1) Derived from audited consolidated financial statements.
(2) Core deposits are defined as total deposits excluding certificates of deposit.
Selected Operating Data
(Dollars in
thousands, Three Months Ended
except per share
data) March 31,
---------
2016 2015 % Change
---- ---- --------
Interest and
dividend income $6,677 $6,154 8.5%
Interest expense 844 861 -2.0%
Net interest income 5,833 5,293 10.2%
Provision for
loan losses 399 194 105.7%
Net interest income
after provision for
loan losses 5,434 5,099 6.6%
Noninterest income 2,049 1,610 27.3%
Noninterest expenses 5,761 5,772 -0.2%
Income before
income tax
provision 1,722 937 83.8%
Income tax
provision 601 315 90.8%
Net income $1,121 $622 80.2%
====== ====
Net income per
common share:
Basic $0.31 $0.16 93.8%
Diluted $0.30 $0.16 87.5%
Average shares
outstanding:
Basic 3,578,367 3,899,419 -8.2%
Diluted 3,720,127 3,975,886 -6.4%
Ending shares
outstanding 3,985,475 4,378,411 -9.0%
Selected Average Balances and Yields/Costs
For The Three Months Ended March 31,
------------------------------------
2016 2015
---- ----
Average Yield/ Average Yield/
(Dollars in thousands) Balance Cost Balance Cost
------- ---- ------- ----
Loans receivable $593,341 4.08% $535,130 4.18%
Investment securities, including tax-exempt (1) 125,753 2.28% 137,741 1.93%
Other interest-earning assets 27,169 0.98% 52,227 0.50%
Total interest-earning assets (1) 746,263 3.67% 725,098 3.49%
Interest-bearing deposits 509,038 0.28% 506,065 0.30%
Federal Home Loan Bank advances 50,000 3.94% 50,000 3.93%
Total interest-bearing liabilities 559,757 0.61% 557,019 0.63%
Interest rate spread (1) 3.06% 2.86%
Net interest margin (1) 3.21% 3.01%
(1) Yields on tax-exempt securities have been included on a tax-equivalent basis using a 34% federal marginal tax rate.
Selected Asset Quality Data
Three Months Ended
Allowance for Loan Losses March 31,
---------
(Dollars in thousands) 2016 2015
---- ----
Allowance for loan losses, beginning of period $6,289 $5,949
Provision for loan losses 399 194
Charge-offs (8) (252)
Recoveries 42 151
Net recoveries (charge-offs) 34 (101)
--- ----
Allowance for loan losses, end of period $6,722 $6,042
====== ======
Allowance for loan losses as a percent of:
Total loans 1.13% 1.12%
Total nonperforming loans 284.59% 197.52%
Nonperforming Assets March 31, December 31,
(Dollars in thousands) 2016 2015 % Change
---- ---- --------
Nonperforming loans:
Nonaccruing loans (1)
Commercial:
Commercial mortgage $395 $818 -51.7%
Commercial and industrial 214 227 -5.7%
Total commercial 609 1,045 -41.7%
--- -----
Non-commercial:
Non-commercial
construction and land
development 378 - n/a
Residential mortgage 1,193 1,309 -8.9%
Revolving mortgage 182 194 -6.2%
Total non-commercial 1,753 1,503 16.6%
----- -----
Total nonaccruing loans
(1) 2,362 2,548 -7.3%
----- -----
Total loans past due 90 or more days
and still accruing - - 0.0%
--- ---
Total nonperforming loans 2,362 2,548 -7.3%
Foreclosed real estate 5,597 5,646 -0.9%
----- -----
Total nonperforming assets 7,959 8,194 -2.9%
Performing troubled debt
restructurings (2) 4,513 4,552 -0.9%
Performing troubled debt restructurings and
total nonperforming assets $12,472 $12,746 -2.1%
======= =======
Nonperforming loans as a
percent of total loans 0.40% 0.44%
Nonperforming assets as a
percent of total assets 1.02% 1.05%
Performing troubled debt restructurings and
total nonperforming assets
to total assets 1.59% 1.63%
(1) Nonaccruing loans include nonaccruing troubled debt restructurings.
(2) Performing troubled debt restructurings exclude nonaccruing troubled debt restructurings.
Foreclosed Real Estate by Loan Type March 31, 2016 December 31, 2015
-------------- -----------------
(Dollars in thousands) Number Amount Number Amount
------ ------ ------ ------
Commercial construction and land development 5 $4,892 5 $4,941
Residential mortgage 1 705 1 705
Total 6 $5,597 6 $5,646
=== ====== === ======
Foreclosed Real Estate
Three Months Ended
(Dollars in thousands)
March 31, 2016
--------------
Beginning balance $5,646
Net proceeds from sales of foreclosed properties (49)
Ending balance $5,597
======
Selected Average Balances and Performance Ratios
Three Months Ended
March 31,
---------
(Dollars in thousands) 2016 2015
---- ----
Selected Average Balances
Average total loans $593,341 $535,130
Average total interest-earning assets 746,263 725,098
Average total assets (1) 776,623 760,832
Average total interest-bearing deposits 509,038 506,065
Average total deposits 622,630 600,612
Average total interest-bearing liabilities 559,757 557,019
Average total shareholders' equity 91,414 95,808
Selected Performance Ratios
Return on average assets (2) 0.58% 0.33%
Return on average equity (2) 4.93% 2.63%
Interest rate spread (2) (3) 3.06% 2.86%
Net interest margin (2) (4) 3.21% 3.01%
Noninterest expense to average assets (2) 2.98% 3.08%
Efficiency ratio (5) 71.95% 82.55%
(1) Certain amounts for prior periods were reclassified to conform to the March 31, 2016 presentation.
The reclassifications had no effect on net income or equity as previously reported.
(2) Ratios are annualized.
(3) Represents the difference between the weighted average yield on average interest-earning assets and the
weighted average cost of average interest-bearing liabilities. Yields on tax-exempt securities have been
included on a tax-equivalent basis using a 34% federal marginal tax rate.
(4) Represents net interest income as a percent of average interest-earning assets. Yields on tax-exempt
securities have been included on a tax-equivalent basis using a 34% federal marginal tax rate.
(5) Represents noninterest expenses divided by the sum of net interest income, on a tax-equivalent basis
using a 34% federal marginal tax rate, and noninterest income.
Quarterly Earnings Data
Three Month Periods Ended
-------------------------
(Dollars in thousands, March 31, December 31, September 30, June 30, March 31,
except per share data) 2016 2015 2015 2015 2015
---- ---- ---- ---- ----
Income Statement Data:
Interest and dividend income $6,677 $6,533 $6,459 $6,289 $6,154
Interest expense 844 867 877 880 861
Net interest income 5,833 5,666 5,582 5,409 5,293
Provision for (recovery of) loan losses 399 (89) 191 65 194
Net interest income after provision for
(recovery of) loan losses 5,434 5,755 5,391 5,344 5,099
Noninterest income 2,049 1,847 2,084 1,968 1,610
Noninterest expenses 5,761 5,921 5,837 6,010 5,772
Income before income
tax provision 1,722 1,681 1,638 1,302 937
Income tax provision 601 735 496 437 315
Net income $1,121 $946 $1,142 $865 $622
====== ==== ====== ==== ====
Data Per Common Share:
Net income per share - Basic $0.31 $0.25 $0.29 $0.22 $0.16
Net income per share - Diluted $0.30 $0.24 $0.28 $0.21 $0.16
Book value per share $23.10 $22.50 $22.41 $21.96 $21.93
Weighted average shares outstanding:
Basic 3,578,367 3,769,438 3,947,445 3,923,199 3,899,419
Diluted 3,720,127 3,931,470 4,079,029 4,013,332 3,975,886
Ending shares outstanding 3,985,475 3,985,475 4,405,266 4,378,411 4,378,411
Quarterly Financial Condition Data
As Of As Of As Of As Of As Of
March 31, December 31, September 30, June 30, March 31,
(Dollars in thousands) 2016 2015 (1) 2015 2015 2015
---- ------- ---- ---- ----
Ending Balance Sheet Data:
Total assets (2) $783,523 $782,853 $797,386 $783,207 $774,410
Cash and cash equivalents 37,091 33,401 55,765 52,990 60,061
Investment securities 122,374 141,364 138,459 138,712 133,118
Loans receivable, net of deferred fees 595,832 576,087 569,085 552,999 541,706
Allowance for loan losses (6,722) (6,289) (6,297) (6,124) (6,042)
Deposits 628,415 630,904 635,083 623,963 612,287
Core deposits (3) 500,330 495,628 489,519 473,674 458,465
FHLB advances 50,000 50,000 50,000 50,000 50,000
Total equity 92,064 89,682 98,736 96,163 96,008
Regulatory Capital Ratios:
Common equity tier 1 capital 16.65% 16.66% 18.33% 18.40% 18.42%
Tier 1 leverage capital 12.33% 11.87% 13.09% 13.02% 13.16%
Tier 1 risk-based capital 16.65% 16.66% 18.33% 18.40% 18.42%
Total risk-based capital 17.81% 17.77% 19.44% 19.49% 19.53%
Asset Quality:
Nonperforming loans $2,362 $2,548 $2,815 $2,912 $3,059
Nonperforming assets 7,959 8,194 11,686 12,293 12,442
Nonperforming loans to total loans 0.40% 0.44% 0.49% 0.53% 0.56%
Nonperforming assets to total assets 1.02% 1.05% 1.47% 1.57% 1.61%
Allowance for loan losses $6,722 $6,289 $6,297 $6,124 $6,042
Allowance for loan losses to total loans 1.13% 1.09% 1.11% 1.11% 1.12%
Allowance for loan losses to
nonperforming loans 284.59% 246.82% 223.69% 210.30% 197.52%
(1) Derived from audited consolidated financial statements.
(2) Certain amounts for prior periods were reclassified to conform to the March 31, 2016 presentation.
The reclassifications had no effect on net income or equity as previously reported.
(3) Core deposits are defined as total deposits excluding certificates of deposit.
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SOURCE ASB Bancorp, Inc.
