|
☒
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Louisiana
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|
72 –1020809
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(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
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Large accelerated filer ☐
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Accelerated filer ☒
|
Non-accelerated filer ☐
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Small reporting company ☐
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|
Part I – Financial Information
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Item 1.
Financial Statements
|
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Item 4.
Controls and Procedures.
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Part II – Other Information
|
||
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Item 1.
Legal Proceedings.
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Item 1A.
Risk Factors.
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Item 3.
Defaults Upon Senior Securities.
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Item 4.
Mine Safety Disclosures.
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Item 5.
Other Information.
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Item 6.
Exhibits.
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MidSouth Bancorp, Inc. and Subsidiaries
Consolidated Balance Sheets
(dollars in thousands, except share data)
|
||||||||
|
|
September 30, 2015
(unaudited)
|
|
December 31, 2014
(audited)
|
||||
Assets
|
|
|
|
|
||||
Cash and due from banks, including required reserves of $8,782 and $10,019, respectively
|
|
$
|
38,386
|
|
|
$
|
45,142
|
|
Interest-bearing deposits in banks
|
|
82,538
|
|
|
39,031
|
|
||
Federal funds sold
|
|
4,513
|
|
|
2,699
|
|
||
Securities available-for-sale, at fair value (cost of $281,885 at September 30, 2015 and $272,588 at December 31, 2014)
|
|
285,485
|
|
|
276,984
|
|
||
Securities held-to-maturity (fair value of $122,488 at September 30, 2015 and $141,593 at December 31, 2014)
|
|
121,043
|
|
|
141,201
|
|
||
Other investments
|
|
12,063
|
|
|
9,990
|
|
||
Loans
|
|
1,301,452
|
|
|
1,284,431
|
|
||
Allowance for loan losses
|
|
(18,939
|
)
|
|
(11,226
|
)
|
||
Loans, net
|
|
1,282,513
|
|
|
1,273,205
|
|
||
Bank premises and equipment, net
|
|
68,718
|
|
|
69,958
|
|
||
Accrued interest receivable
|
|
6,655
|
|
|
6,635
|
|
||
Goodwill
|
|
42,171
|
|
|
42,171
|
|
||
Intangibles
|
|
6,004
|
|
|
6,834
|
|
||
Cash surrender value of life insurance
|
|
13,548
|
|
|
13,659
|
|
||
Other real estate
|
|
4,661
|
|
|
4,234
|
|
||
Other assets
|
|
6,010
|
|
|
4,997
|
|
||
Total assets
|
|
$
|
1,974,308
|
|
|
$
|
1,936,740
|
|
|
|
|
|
|
||||
Liabilities and Shareholders’ Equity
|
|
|
|
|
|
|
||
Liabilities:
|
|
|
|
|
|
|
||
Deposits:
|
|
|
|
|
|
|
||
Non-interest-bearing
|
|
$
|
406,118
|
|
|
$
|
390,863
|
|
Interest-bearing
|
|
1,137,303
|
|
|
1,194,371
|
|
||
Total deposits
|
|
1,543,421
|
|
|
1,585,234
|
|
||
Securities sold under agreements to repurchase
|
|
92,085
|
|
|
62,098
|
|
||
Short-term Federal Home Loan Bank advances
|
|
70,000
|
|
|
25,000
|
|
||
Long-term Federal Home Loan Bank advances
|
|
25,958
|
|
|
26,277
|
|
||
Junior subordinated debentures
|
|
22,167
|
|
|
22,167
|
|
||
Other liabilities
|
|
6,713
|
|
|
6,952
|
|
||
Total liabilities
|
|
1,760,344
|
|
|
1,727,728
|
|
||
Commitments and contingencies
|
|
|
|
|
|
|
||
Shareholders’ equity:
|
|
|
|
|
|
|
||
Series B Preferred stock, no par value; 5,000,000 shares authorized, 32,000 shares issued and outstanding at September 30, 2015 and December 31, 2014
|
|
32,000
|
|
|
32,000
|
|
||
Series C Preferred stock, no par value; 100,000 shares authorized, 91,256 shares issued and outstanding at September 30, 2015 and 93,680 shares issued and outstanding at December 31, 2014
|
|
9,126
|
|
|
9,368
|
|
||
Common stock, $0.10 par value; 30,000,000 shares authorized, 11,361,839 and 11,340,736 shares issued and outstanding, respectively
|
|
1,136
|
|
|
1,149
|
|
||
Additional paid-in capital
|
|
110,482
|
|
|
112,744
|
|
||
Unearned ESOP shares
|
|
(1,155
|
)
|
|
(250
|
)
|
||
Accumulated other comprehensive income
|
|
2,340
|
|
|
2,857
|
|
||
Treasury stock – 0 and 150,967 shares at September 30, 2015 and December 31, 2014, respectively
|
|
—
|
|
|
(3,295
|
)
|
||
Retained earnings
|
|
60,035
|
|
|
54,439
|
|
||
Total shareholders’ equity
|
|
213,964
|
|
|
209,012
|
|
||
Total liabilities and shareholders’ equity
|
|
$
|
1,974,308
|
|
|
$
|
1,936,740
|
|
MidSouth Bancorp, Inc. and Subsidiaries
Consolidated Statements of Earnings (unaudited)
(in thousands, except per share data)
|
|
|
|
|
||||||||||||
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Interest income:
|
|
|
|
|
|
|
|
|
||||||||
Loans, including fees
|
|
$
|
17,992
|
|
|
$
|
18,273
|
|
|
$
|
54,314
|
|
|
$
|
53,525
|
|
Securities and other investments:
|
|
|
|
|
|
|
|
|
|
|
||||||
Taxable
|
|
1,850
|
|
|
1,965
|
|
|
5,628
|
|
|
6,164
|
|
||||
Nontaxable
|
|
536
|
|
|
652
|
|
|
1,679
|
|
|
2,007
|
|
||||
Federal funds sold
|
|
1
|
|
|
2
|
|
|
5
|
|
|
4
|
|
||||
Time and interest bearing deposits in other banks
|
|
40
|
|
|
15
|
|
|
112
|
|
|
42
|
|
||||
Other investments
|
|
113
|
|
|
109
|
|
|
273
|
|
|
268
|
|
||||
Total interest income
|
|
20,532
|
|
|
21,016
|
|
|
62,011
|
|
|
62,010
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Interest expense:
|
|
|
|
|
|
|
|
|
|
|
||||||
Deposits
|
|
883
|
|
|
859
|
|
|
2,751
|
|
|
2,588
|
|
||||
Securities sold under agreements to repurchase
|
|
249
|
|
|
210
|
|
|
721
|
|
|
588
|
|
||||
Other borrowings and payables
|
|
109
|
|
|
108
|
|
|
309
|
|
|
320
|
|
||||
Junior subordinated debentures
|
|
150
|
|
|
327
|
|
|
451
|
|
|
994
|
|
||||
Total interest expense
|
|
1,391
|
|
|
1,504
|
|
|
4,232
|
|
|
4,490
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Net interest income
|
|
19,141
|
|
|
19,512
|
|
|
57,779
|
|
|
57,520
|
|
||||
Provision for loan losses
|
|
3,800
|
|
|
1,175
|
|
|
10,900
|
|
|
2,925
|
|
||||
Net interest income after provision for loan losses
|
|
15,341
|
|
|
18,337
|
|
|
46,879
|
|
|
54,595
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Non-interest income:
|
|
|
|
|
|
|
|
|
|
|
||||||
Service charges on deposits
|
|
2,231
|
|
|
2,556
|
|
|
6,488
|
|
|
7,385
|
|
||||
Gain on sale of securities, net
|
|
—
|
|
|
—
|
|
|
1,243
|
|
|
128
|
|
||||
ATM and debit card income
|
|
1,823
|
|
|
1,808
|
|
|
5,529
|
|
|
5,375
|
|
||||
Income from death benefit on BOLI/executive officer life insurance
|
|
—
|
|
|
—
|
|
|
160
|
|
|
3,000
|
|
||||
Other charges and fees
|
|
786
|
|
|
1,830
|
|
|
2,553
|
|
|
3,484
|
|
||||
Total non-interest income
|
|
4,840
|
|
|
6,194
|
|
|
15,973
|
|
|
19,372
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Non-interest expenses:
|
|
|
|
|
|
|
|
|
|
|
||||||
Salaries and employee benefits
|
|
7,653
|
|
|
8,287
|
|
|
23,792
|
|
|
25,588
|
|
||||
Occupancy expense
|
|
3,815
|
|
|
3,834
|
|
|
11,365
|
|
|
11,314
|
|
||||
FDIC insurance
|
|
391
|
|
|
269
|
|
|
1,003
|
|
|
783
|
|
||||
Other
|
|
4,705
|
|
|
5,467
|
|
|
13,696
|
|
|
14,997
|
|
||||
Total non-interest expenses
|
|
16,564
|
|
|
17,857
|
|
|
49,856
|
|
|
52,682
|
|
||||
Income before income taxes
|
|
3,617
|
|
|
6,674
|
|
|
12,996
|
|
|
21,285
|
|
||||
Income tax expense
|
|
1,028
|
|
|
2,202
|
|
|
3,817
|
|
|
5,839
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Net earnings
|
|
2,589
|
|
|
4,472
|
|
|
9,179
|
|
|
15,446
|
|
||||
Dividends on preferred stock
|
|
172
|
|
|
174
|
|
|
517
|
|
|
524
|
|
||||
Net earnings available to common shareholders
|
|
$
|
2,417
|
|
|
$
|
4,298
|
|
|
$
|
8,662
|
|
|
$
|
14,922
|
|
Earnings per share:
|
|
|
|
|
|
|
|
|
|
|
||||||
Basic
|
|
$
|
0.22
|
|
|
$
|
0.38
|
|
|
$
|
0.77
|
|
|
$
|
1.32
|
|
Diluted
|
|
$
|
0.21
|
|
|
$
|
0.37
|
|
|
$
|
0.75
|
|
|
$
|
1.28
|
|
Weighted average number of shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
||||||
Basic
|
|
11,312
|
|
|
11,314
|
|
|
11,321
|
|
|
11,283
|
|
||||
Diluted
|
|
11,831
|
|
|
11,955
|
|
|
11,848
|
|
|
11,904
|
|
||||
Dividends declared per common share
|
|
$
|
0.09
|
|
|
$
|
0.09
|
|
|
$
|
0.27
|
|
|
$
|
0.26
|
|
MidSouth Bancorp, Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income (unaudited)
(in thousands)
|
|
|
|
|
||||||||||||
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Net earnings
|
|
$
|
2,589
|
|
|
$
|
4,472
|
|
|
$
|
9,179
|
|
|
$
|
15,446
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Unrealized gains (losses) on securities available-for-sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Unrealized holding gains (losses) arising during the year
|
|
1,717
|
|
|
(405
|
)
|
|
447
|
|
|
4,116
|
|
||||
Less: reclassification adjustment for gains on sales of securities available-for-sale
|
|
—
|
|
|
—
|
|
|
(1,243
|
)
|
|
(128
|
)
|
||||
Total other comprehensive income (loss), before tax
|
|
1,717
|
|
|
(405
|
)
|
|
(796
|
)
|
|
3,988
|
|
||||
Income tax effect related to items of other comprehensive income (loss)
|
|
(601
|
)
|
|
142
|
|
|
279
|
|
|
(1,396
|
)
|
||||
Total other comprehensive income (loss), net of tax
|
|
1,116
|
|
|
(263
|
)
|
|
(517
|
)
|
|
2,592
|
|
||||
Total comprehensive income
|
|
$
|
3,705
|
|
|
$
|
4,209
|
|
|
$
|
8,662
|
|
|
$
|
18,038
|
|
MidSouth Bancorp, Inc. and Subsidiaries
Consolidated Statement of Shareholders’ Equity (unaudited)
For the Nine Months Ended September 30, 2015
(in thousands, except share and per share data)
|
||||||||||||||||||||||||||||||||||||||
|
|
Preferred
Stock
|
|
Common
Stock
|
|
Additional
Paid-in Capital
|
|
Unearned
ESOP Shares
|
|
Accumulated
Other Comprehensive Income
|
|
Treasury Stock
|
|
Retained Earnings
|
|
|
||||||||||||||||||||||
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|
|
|
|
|
Total
|
|||||||||||||||||||||||
Balance - December 31, 2014
|
|
125,680
|
|
|
$
|
41,368
|
|
|
11,491,703
|
|
|
$
|
1,149
|
|
|
$
|
112,744
|
|
|
$
|
(250
|
)
|
|
$
|
2,857
|
|
|
$
|
(3,295
|
)
|
|
$
|
54,439
|
|
|
$
|
209,012
|
|
Net earnings
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,179
|
|
|
9,179
|
|
||||||||
Dividends on Series B and Series C preferred stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(517
|
)
|
|
(517
|
)
|
||||||||
Dividends on common stock, $0.27 per share
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,066
|
)
|
|
(3,066
|
)
|
||||||||
Conversion of Series C preferred stock to common stock
|
|
(2,424
|
)
|
|
(242
|
)
|
|
13,448
|
|
|
1
|
|
|
241
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Reclassification of treasury stock per the LBCA
(1)
|
|
—
|
|
|
—
|
|
|
(150,967
|
)
|
|
(15
|
)
|
|
(3,280
|
)
|
|
|
|
|
|
3,295
|
|
|
|
|
—
|
|
|||||||||||
Increase in ESOP obligation, net of repayments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(905
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(905
|
)
|
||||||||
Exercise of stock options
|
|
—
|
|
|
—
|
|
|
7,655
|
|
|
1
|
|
|
98
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
99
|
|
||||||||
Tax benefit resulting from distribution from Directors Deferred Compensation Plan
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
420
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
420
|
|
||||||||
Stock option and restricted stock compensation expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
259
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
259
|
|
||||||||
Change in accumulated other comprehensive income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(517
|
)
|
|
—
|
|
|
—
|
|
|
(517
|
)
|
||||||||
Balance – September 30, 2015
|
|
123,256
|
|
|
$
|
41,126
|
|
|
11,361,839
|
|
|
$
|
1,136
|
|
|
$
|
110,482
|
|
|
$
|
(1,155
|
)
|
|
$
|
2,340
|
|
|
$
|
—
|
|
|
$
|
60,035
|
|
|
$
|
213,964
|
|
MidSouth Bancorp, Inc. and Subsidiaries
Consolidated Statements of Cash Flows (unaudited)
(in thousands)
|
||||||||
|
|
For the Nine Months Ended September 30,
|
||||||
|
|
2015
|
|
2014
|
||||
Cash flows from operating activities:
|
|
|
|
|
||||
Net earnings
|
|
$
|
9,179
|
|
|
$
|
15,446
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
|
|
|
|
|
|
||
Depreciation
|
|
4,652
|
|
|
4,518
|
|
||
Accretion of purchase accounting adjustments
|
|
(1,003
|
)
|
|
(1,924
|
)
|
||
Provision for loan losses
|
|
10,900
|
|
|
2,925
|
|
||
Deferred tax (benefit) expense
|
|
(1,633
|
)
|
|
2,034
|
|
||
Amortization of premiums on securities, net
|
|
2,141
|
|
|
2,432
|
|
||
(Accretion) amortization of other investments
|
|
(1
|
)
|
|
4
|
|
||
Stock option expense
|
|
253
|
|
|
355
|
|
||
Restricted stock expense
|
|
6
|
|
|
—
|
|
||
Net gain on sale of investment securities
|
|
(1,243
|
)
|
|
(128
|
)
|
||
Net gain on sale of other real estate owned
|
|
(13
|
)
|
|
(1,081
|
)
|
||
Net write down of other real estate owned
|
|
111
|
|
|
31
|
|
||
Net (gain) loss on sale/disposal of premises and equipment
|
|
(8
|
)
|
|
232
|
|
||
Income recognized from death benefit on bank owned life insurance
|
|
(160
|
)
|
|
—
|
|
||
Change in accrued interest receivable
|
|
(20
|
)
|
|
45
|
|
||
Change in accrued interest payable
|
|
(48
|
)
|
|
(240
|
)
|
||
Change in other assets & other liabilities, net
|
|
481
|
|
|
(2,006
|
)
|
||
Net cash provided by operating activities
|
|
23,594
|
|
|
22,643
|
|
||
|
|
|
|
|
||||
Cash flows from investing activities:
|
|
|
|
|
|
|
||
Proceeds from maturities and calls of securities available-for-sale
|
|
55,874
|
|
|
33,466
|
|
||
Proceeds from maturities and calls of securities held-to-maturity
|
|
19,299
|
|
|
10,778
|
|
||
Proceeds from sale of securities available-for-sale
|
|
40,277
|
|
|
22,153
|
|
||
Purchases of securities available-for-sale
|
|
(105,486
|
)
|
|
—
|
|
||
Purchases of securities held-to-maturity
|
|
—
|
|
|
(1,104
|
)
|
||
Proceeds from redemptions of other investments
|
|
—
|
|
|
150
|
|
||
Redemption of Capital Securities related to MidSouth Statutory Trust I
|
|
—
|
|
|
217
|
|
||
Proceeds from sale of other investments
|
|
898
|
|
|
—
|
|
||
Purchases of other investments
|
|
(2,970
|
)
|
|
(567
|
)
|
||
Net change in loans
|
|
(20,669
|
)
|
|
(111,329
|
)
|
||
Proceeds from bank owned life insurance death benefit
|
|
498
|
|
|
—
|
|
||
Purchases of premises and equipment
|
|
(3,439
|
)
|
|
(4,265
|
)
|
||
Proceeds from sale of premises and equipment
|
|
35
|
|
|
743
|
|
||
Proceeds from sale of other real estate owned
|
|
857
|
|
|
3,315
|
|
||
Purchase of other real estate owned
|
|
(351
|
)
|
|
—
|
|
||
Net cash used in investing activities
|
|
(15,177
|
)
|
|
(46,443
|
)
|
||
|
|
|
|
|
||||
Cash flows from financing activities:
|
|
|
|
|
|
|
||
Change in deposits
|
|
(41,728
|
)
|
|
2,244
|
|
||
Change in securities sold under agreements to repurchase
|
|
29,987
|
|
|
17,048
|
|
||
Borrowings on Federal Home Loan Bank advances
|
|
150,000
|
|
|
10,000
|
|
||
Repayments of Federal Home Loan Bank advances
|
|
(105,047
|
)
|
|
(45
|
)
|
||
Redemption of MidSouth Statutory Trust I
|
|
—
|
|
|
(7,217
|
)
|
||
Repayments of notes payable
|
|
—
|
|
|
(1,000
|
)
|
||
Purchase of treasury stock
|
|
—
|
|
|
(9
|
)
|
||
Proceeds and tax benefit from exercise of stock options
|
|
99
|
|
|
611
|
|
||
Tax benefit resulting from distribution from Directors Deferred Compensation Plan
|
|
420
|
|
|
—
|
|
||
Payment of dividends on preferred stock
|
|
(519
|
)
|
|
(530
|
)
|
||
Payment of dividends on common stock
|
|
(3,064
|
)
|
|
(2,818
|
)
|
||
Net cash provided by financing activities
|
|
30,148
|
|
|
18,284
|
|
||
|
|
|
|
|
||||
Net increase (decrease) in cash and cash equivalents
|
|
38,565
|
|
|
(5,516
|
)
|
||
Cash and cash equivalents, beginning of period
|
|
86,872
|
|
|
59,731
|
|
||
Cash and cash equivalents, end of period
|
|
$
|
125,437
|
|
|
$
|
54,215
|
|
|
|
|
|
|
||||
Supplemental cash flow information:
|
|
|
|
|
|
|
||
Interest paid
|
|
$
|
4,280
|
|
|
$
|
4,730
|
|
Income taxes paid
|
|
5,180
|
|
|
5,815
|
|
||
Noncash investing and financing activities:
|
|
|
|
|
|
|
||
Transfer of loans to other real estate
|
|
1,031
|
|
|
317
|
|
||
Change in accrued common stock dividends
|
|
3
|
|
|
121
|
|
||
Change in accrued preferred stock dividends
|
|
(2
|
)
|
|
(6
|
)
|
||
Financed sales of other real estate
|
|
—
|
|
|
84
|
|
||
Net change in loan to ESOP
|
|
(905
|
)
|
|
(267
|
)
|
|
|
September 30, 2015
|
||||||||||||||
|
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair Value
|
||||||||
Available-for-sale:
|
|
|
|
|
|
|
|
|
||||||||
Obligations of state and political subdivisions
|
|
$
|
36,500
|
|
|
$
|
979
|
|
|
$
|
48
|
|
|
$
|
37,431
|
|
GSE mortgage-backed securities
|
|
88,813
|
|
|
2,981
|
|
|
55
|
|
|
91,739
|
|
||||
Collateralized mortgage obligations: residential
|
|
148,819
|
|
|
690
|
|
|
927
|
|
|
148,582
|
|
||||
Collateralized mortgage obligations: commercial
|
|
5,653
|
|
|
9
|
|
|
45
|
|
|
5,617
|
|
||||
Mutual funds
|
|
2,100
|
|
|
16
|
|
|
—
|
|
|
2,116
|
|
||||
|
|
$
|
281,885
|
|
|
$
|
4,675
|
|
|
$
|
1,075
|
|
|
$
|
285,485
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
December 31, 2014
|
||||||||||||||
|
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair Value
|
||||||||
Available-for-sale:
|
|
|
|
|
|
|
|
|
||||||||
U.S. Government sponsored enterprises
|
|
$
|
10,339
|
|
|
$
|
—
|
|
|
$
|
112
|
|
|
$
|
10,227
|
|
Obligations of state and political subdivisions
|
|
43,079
|
|
|
1,555
|
|
|
29
|
|
|
44,605
|
|
||||
GSE mortgage-backed securities
|
|
106,208
|
|
|
3,183
|
|
|
288
|
|
|
109,103
|
|
||||
Collateralized mortgage obligations: residential
|
|
62,093
|
|
|
266
|
|
|
1,520
|
|
|
60,839
|
|
||||
Collateralized mortgage obligations: commercial
|
|
24,462
|
|
|
190
|
|
|
107
|
|
|
24,545
|
|
||||
Other asset-backed securities
|
|
24,041
|
|
|
321
|
|
|
19
|
|
|
24,343
|
|
||||
Collateralized debt obligation
|
|
266
|
|
|
952
|
|
|
—
|
|
|
1,218
|
|
||||
Mutual funds
|
|
2,100
|
|
|
4
|
|
|
—
|
|
|
2,104
|
|
||||
|
|
$
|
272,588
|
|
|
$
|
6,471
|
|
|
$
|
2,075
|
|
|
$
|
276,984
|
|
|
|
September 30, 2015
|
||||||||||||||
|
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair Value
|
||||||||
Held-to-maturity:
|
|
|
|
|
|
|
|
|
||||||||
Obligations of state and political subdivisions
|
|
$
|
43,933
|
|
|
$
|
552
|
|
|
$
|
38
|
|
|
$
|
44,447
|
|
GSE mortgage-backed securities
|
|
58,420
|
|
|
1,212
|
|
|
82
|
|
|
59,550
|
|
||||
Collateralized mortgage obligations: residential
|
|
11,284
|
|
|
—
|
|
|
250
|
|
|
11,034
|
|
||||
Collateralized mortgage obligations: commercial
|
|
7,406
|
|
|
51
|
|
|
—
|
|
|
7,457
|
|
||||
|
|
$
|
121,043
|
|
|
$
|
1,815
|
|
|
$
|
370
|
|
|
$
|
122,488
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
December 31, 2014
|
||||||||||||||
|
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair Value
|
||||||||
Held-to-maturity:
|
|
|
|
|
|
|
|
|
||||||||
Obligations of state and political subdivisions
|
|
$
|
45,914
|
|
|
$
|
267
|
|
|
$
|
192
|
|
|
$
|
45,989
|
|
GSE mortgage-backed securities
|
|
67,268
|
|
|
1,080
|
|
|
164
|
|
|
68,184
|
|
||||
Collateralized mortgage obligations: residential
|
|
12,709
|
|
|
—
|
|
|
479
|
|
|
12,230
|
|
||||
Collateralized mortgage obligations: commercial
|
|
15,310
|
|
|
53
|
|
|
173
|
|
|
15,190
|
|
||||
|
|
$
|
141,201
|
|
|
$
|
1,400
|
|
|
$
|
1,008
|
|
|
$
|
141,593
|
|
|
|
Amortized
Cost
|
|
Fair
Value
|
||||
Available-for-sale:
|
|
|
|
|
||||
Due in one year or less
|
|
$
|
5,074
|
|
|
$
|
5,114
|
|
Due after one year through five years
|
|
19,498
|
|
|
20,120
|
|
||
Due after five years through ten years
|
|
9,540
|
|
|
9,832
|
|
||
Due after ten years
|
|
2,388
|
|
|
2,365
|
|
||
Mortgage-backed securities and collateralized mortgage obligations:
|
|
|
|
|
|
|
||
Residential
|
|
237,632
|
|
|
240,321
|
|
||
Commercial
|
|
5,653
|
|
|
5,617
|
|
||
Mutual funds
|
|
2,100
|
|
|
2,116
|
|
||
|
|
$
|
281,885
|
|
|
$
|
285,485
|
|
|
|
|
|
|
||||
|
|
Amortized
Cost
|
|
Fair
Value
|
||||
Held-to-maturity:
|
|
|
|
|
||||
Due in one year or less
|
|
$
|
473
|
|
|
$
|
475
|
|
Due after one year through five years
|
|
2,923
|
|
|
2,960
|
|
||
Due after five years through ten years
|
|
11,105
|
|
|
11,273
|
|
||
Due after ten years
|
|
29,432
|
|
|
29,739
|
|
||
Mortgage-backed securities and collateralized mortgage obligations:
|
|
|
|
|
|
|
||
Residential
|
|
69,704
|
|
|
70,584
|
|
||
Commercial
|
|
7,406
|
|
|
7,457
|
|
||
|
|
$
|
121,043
|
|
|
$
|
122,488
|
|
|
|
September 30, 2015
|
||||||||||||||||||||||
|
|
Securities with losses
under 12 months
|
|
Securities with losses
over 12 months
|
|
Total
|
||||||||||||||||||
|
|
Fair
Value
|
|
Gross
Unrealized
Loss
|
|
Fair
Value
|
|
Gross
Unrealized
Loss
|
|
Fair
Value
|
|
Gross
Unrealized
Loss
|
||||||||||||
Available-for-sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Obligations of state and political subdivisions
|
|
$
|
3,190
|
|
|
$
|
48
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,190
|
|
|
$
|
48
|
|
GSE mortgage-backed securities
|
|
15,860
|
|
|
45
|
|
|
3,754
|
|
|
10
|
|
|
19,614
|
|
|
55
|
|
||||||
Collateralized mortgage obligations: residential
|
|
33,689
|
|
|
128
|
|
|
31,772
|
|
|
799
|
|
|
65,461
|
|
|
927
|
|
||||||
Collateralized mortgage obligations: commercial
|
|
—
|
|
|
—
|
|
|
3,073
|
|
|
45
|
|
|
3,073
|
|
|
45
|
|
||||||
|
|
$
|
52,739
|
|
|
$
|
221
|
|
|
$
|
38,599
|
|
|
$
|
854
|
|
|
$
|
91,338
|
|
|
$
|
1,075
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2014
|
||||||||||||||||||||||
|
|
Securities with losses
under 12 months
|
|
Securities with losses
over 12 months
|
|
Total
|
||||||||||||||||||
|
|
Fair
Value
|
|
Gross
Unrealized
Loss
|
|
Fair
Value
|
|
Gross
Unrealized
Loss
|
|
Fair
Value
|
|
Gross
Unrealized
Loss
|
||||||||||||
Available-for-sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. Government sponsored enterprises
|
|
$
|
4,973
|
|
|
$
|
32
|
|
|
$
|
5,254
|
|
|
$
|
80
|
|
|
$
|
10,227
|
|
|
$
|
112
|
|
Obligations of state and political subdivisions
|
|
2,029
|
|
|
29
|
|
|
—
|
|
|
—
|
|
|
2,029
|
|
|
29
|
|
||||||
GSE mortgage-backed securities
|
|
6,668
|
|
|
25
|
|
|
21,538
|
|
|
263
|
|
|
28,206
|
|
|
288
|
|
||||||
Collateralized mortgage obligations: residential
|
|
9,366
|
|
|
53
|
|
|
37,997
|
|
|
1,467
|
|
|
47,363
|
|
|
1,520
|
|
||||||
Collateralized mortgage obligations: commercial
|
|
—
|
|
|
—
|
|
|
3,747
|
|
|
107
|
|
|
3,747
|
|
|
107
|
|
||||||
Other asset-backed securities
|
|
6,401
|
|
|
19
|
|
|
—
|
|
|
—
|
|
|
6,401
|
|
|
19
|
|
||||||
|
|
$
|
29,437
|
|
|
$
|
158
|
|
|
$
|
68,536
|
|
|
$
|
1,917
|
|
|
$
|
97,973
|
|
|
$
|
2,075
|
|
|
|
September 30, 2015
|
||||||||||||||||||||||
|
|
Securities with losses
under 12 months
|
|
Securities with losses
over 12 months
|
|
Total
|
||||||||||||||||||
|
|
Fair
Value
|
|
Gross
Unrealized
Loss
|
|
Fair
Value
|
|
Gross
Unrealized Loss
|
|
Fair
Value
|
|
Gross
Unrealized
Loss
|
||||||||||||
Held-to-maturity:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Obligations of state and political subdivisions
|
|
$
|
6,544
|
|
|
$
|
19
|
|
|
$
|
1,302
|
|
|
$
|
19
|
|
|
$
|
7,846
|
|
|
$
|
38
|
|
GSE mortgage-backed securities
|
|
—
|
|
|
—
|
|
|
7,309
|
|
|
82
|
|
|
7,309
|
|
|
82
|
|
||||||
Collateralized mortgage obligations: residential
|
|
—
|
|
|
—
|
|
|
11,034
|
|
|
250
|
|
|
11,034
|
|
|
250
|
|
||||||
|
|
$
|
6,544
|
|
|
$
|
19
|
|
|
$
|
19,645
|
|
|
$
|
351
|
|
|
$
|
26,189
|
|
|
$
|
370
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
December 31, 2014
|
||||||||||||||||||||||
|
|
Securities with losses
under 12 months
|
|
Securities with losses
over 12 months
|
|
Total
|
||||||||||||||||||
|
|
Fair
Value
|
|
Gross
Unrealized
Loss
|
|
Fair
Value
|
|
Gross
Unrealized
Loss
|
|
Fair
Value
|
|
Gross
Unrealized
Loss
|
||||||||||||
Held-to-maturity:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Obligations of state and political subdivisions
|
|
$
|
11,761
|
|
|
$
|
35
|
|
|
$
|
13,263
|
|
|
$
|
157
|
|
|
$
|
25,024
|
|
|
$
|
192
|
|
GSE mortgage-backed securities
|
|
—
|
|
|
—
|
|
|
8,142
|
|
|
164
|
|
|
8,142
|
|
|
164
|
|
||||||
Collateralized mortgage obligations: residential
|
|
—
|
|
|
—
|
|
|
12,230
|
|
|
479
|
|
|
12,230
|
|
|
479
|
|
||||||
Collateralized mortgage obligations: commercial
|
|
7,599
|
|
|
173
|
|
|
—
|
|
|
—
|
|
|
7,599
|
|
|
173
|
|
||||||
|
|
$
|
19,360
|
|
|
$
|
208
|
|
|
$
|
33,635
|
|
|
$
|
800
|
|
|
$
|
52,995
|
|
|
$
|
1,008
|
|
|
|
September 30, 2015
|
|
December 31, 2014
|
||||
Commercial, financial and agricultural
|
|
$
|
482,452
|
|
|
$
|
467,147
|
|
Real estate - construction
|
|
74,279
|
|
|
68,577
|
|
||
Real estate – commercial
|
|
473,319
|
|
|
467,172
|
|
||
Real estate – residential
|
|
151,667
|
|
|
154,602
|
|
||
Installment loans to individuals
|
|
113,199
|
|
|
119,328
|
|
||
Lease financing receivable
|
|
4,790
|
|
|
4,857
|
|
||
Other
|
|
1,746
|
|
|
2,748
|
|
||
|
|
1,301,452
|
|
|
1,284,431
|
|
||
Less allowance for loan losses
|
|
(18,939
|
)
|
|
(11,226
|
)
|
||
|
|
$
|
1,282,513
|
|
|
$
|
1,273,205
|
|
|
|
September 30, 2015
|
||||||||||||||||||||||||||||||
|
|
|
|
Real Estate
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
Coml, Fin,
and Agric
|
|
Constru-ction
|
|
Commercial
|
|
Residential
|
|
Installment
loans to
individuals
|
|
Lease
financing
receivable
|
|
Other
|
|
Total
|
||||||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Beginning balance
|
|
$
|
5,729
|
|
|
$
|
954
|
|
|
$
|
2,402
|
|
|
$
|
810
|
|
|
$
|
1,311
|
|
|
$
|
16
|
|
|
$
|
4
|
|
|
$
|
11,226
|
|
Charge-offs
|
|
(2,310
|
)
|
|
(76
|
)
|
|
(169
|
)
|
|
(45
|
)
|
|
(883
|
)
|
|
—
|
|
|
—
|
|
|
(3,483
|
)
|
||||||||
Recoveries
|
|
185
|
|
|
1
|
|
|
20
|
|
|
10
|
|
|
80
|
|
|
—
|
|
|
—
|
|
|
296
|
|
||||||||
Provision
|
|
8,016
|
|
|
(62
|
)
|
|
2,107
|
|
|
(104
|
)
|
|
923
|
|
|
13
|
|
|
7
|
|
|
10,900
|
|
||||||||
Ending balance
|
|
$
|
11,620
|
|
|
$
|
817
|
|
|
$
|
4,360
|
|
|
$
|
671
|
|
|
$
|
1,431
|
|
|
$
|
29
|
|
|
$
|
11
|
|
|
$
|
18,939
|
|
Ending balance: individually evaluated for impairment
|
|
$
|
2,569
|
|
|
$
|
26
|
|
|
$
|
1,739
|
|
|
$
|
147
|
|
|
$
|
216
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,697
|
|
Ending balance: collectively evaluated for impairment
|
|
$
|
9,051
|
|
|
$
|
791
|
|
|
$
|
2,621
|
|
|
$
|
524
|
|
|
$
|
1,215
|
|
|
$
|
29
|
|
|
$
|
11
|
|
|
$
|
14,242
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Ending balance
|
|
$
|
482,452
|
|
|
$
|
74,279
|
|
|
$
|
473,319
|
|
|
$
|
151,667
|
|
|
$
|
113,199
|
|
|
$
|
4,790
|
|
|
$
|
1,746
|
|
|
$
|
1,301,452
|
|
Ending balance: individually evaluated for impairment
|
|
$
|
29,185
|
|
|
$
|
212
|
|
|
$
|
19,928
|
|
|
$
|
1,796
|
|
|
$
|
386
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
51,507
|
|
Ending balance: collectively evaluated for impairment
|
|
$
|
453,267
|
|
|
$
|
74,067
|
|
|
$
|
452,758
|
|
|
$
|
149,788
|
|
|
$
|
112,813
|
|
|
$
|
4,790
|
|
|
$
|
1,746
|
|
|
$
|
1,249,229
|
|
Ending balance: loans acquired with deteriorated credit quality
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
633
|
|
|
$
|
83
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
716
|
|
|
|
September 30, 2014
|
||||||||||||||||||||||||||||||
|
|
|
|
Real Estate
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
Coml, Fin,
and Agric
|
|
Constr-uction
|
|
Commercial
|
|
Residential
|
|
Installment
loans to
individuals
|
|
Lease
financing
receivable
|
|
Other
|
|
Total
|
||||||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Beginning balance
|
|
$
|
3,906
|
|
|
$
|
1,046
|
|
|
$
|
1,389
|
|
|
$
|
1,141
|
|
|
$
|
1,273
|
|
|
$
|
21
|
|
|
$
|
3
|
|
|
$
|
8,779
|
|
Charge-offs
|
|
(2,084
|
)
|
|
(1
|
)
|
|
(93
|
)
|
|
(188
|
)
|
|
(566
|
)
|
|
—
|
|
|
—
|
|
|
(2,932
|
)
|
||||||||
Recoveries
|
|
101
|
|
|
—
|
|
|
398
|
|
|
44
|
|
|
110
|
|
|
—
|
|
|
—
|
|
|
653
|
|
||||||||
Provision
|
|
2,731
|
|
|
103
|
|
|
(345
|
)
|
|
(8
|
)
|
|
450
|
|
|
(6
|
)
|
|
—
|
|
|
2,925
|
|
||||||||
Ending balance
|
|
$
|
4,654
|
|
|
$
|
1,148
|
|
|
$
|
1,349
|
|
|
$
|
989
|
|
|
$
|
1,267
|
|
|
$
|
15
|
|
|
$
|
3
|
|
|
$
|
9,425
|
|
Ending balance: individually evaluated for impairment
|
|
$
|
853
|
|
|
$
|
3
|
|
|
$
|
55
|
|
|
$
|
87
|
|
|
$
|
140
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,138
|
|
Ending balance: collectively evaluated for impairment
|
|
$
|
3,801
|
|
|
$
|
1,145
|
|
|
$
|
1,294
|
|
|
$
|
902
|
|
|
$
|
1,127
|
|
|
$
|
15
|
|
|
$
|
3
|
|
|
$
|
8,287
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Ending balance
|
|
$
|
452,065
|
|
|
$
|
86,315
|
|
|
$
|
430,930
|
|
|
$
|
153,915
|
|
|
$
|
116,340
|
|
|
$
|
5,285
|
|
|
$
|
3,523
|
|
|
$
|
1,248,373
|
|
Ending balance: individually evaluated for impairment
|
|
$
|
2,662
|
|
|
$
|
106
|
|
|
$
|
3,312
|
|
|
$
|
1,073
|
|
|
$
|
426
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7,579
|
|
Ending balance: collectively evaluated for impairment
|
|
$
|
449,403
|
|
|
$
|
86,209
|
|
|
$
|
426,942
|
|
|
$
|
152,742
|
|
|
$
|
115,914
|
|
|
$
|
5,285
|
|
|
$
|
3,523
|
|
|
$
|
1,240,018
|
|
Ending balance: loans acquired with deteriorated credit quality
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
676
|
|
|
$
|
100
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
776
|
|
|
|
September 30, 2015
|
||||||||||||||||||||||||||
|
|
30-59
Days
Past Due
|
|
60-89
Days
Past
Due
|
|
Greater
than 90
Days
Past Due
|
|
Total
Past
Due
|
|
Current
|
|
Total Loans
|
|
Recorded
Investment
> 90 days
and
Accruing
|
||||||||||||||
Commercial, financial, and agricultural
|
|
$
|
4,065
|
|
|
$
|
3,124
|
|
|
$
|
3,879
|
|
|
$
|
11,068
|
|
|
$
|
471,384
|
|
|
$
|
482,452
|
|
|
$
|
23
|
|
Commercial real estate - construction
|
|
93
|
|
|
99
|
|
|
12
|
|
|
204
|
|
|
55,484
|
|
|
55,688
|
|
|
—
|
|
|||||||
Commercial real estate - other
|
|
7,252
|
|
|
2,745
|
|
|
16,999
|
|
|
26,996
|
|
|
446,323
|
|
|
473,319
|
|
|
—
|
|
|||||||
Residential - construction
|
|
—
|
|
|
—
|
|
|
172
|
|
|
172
|
|
|
18,419
|
|
|
18,591
|
|
|
—
|
|
|||||||
Residential - prime
|
|
1,383
|
|
|
264
|
|
|
1,378
|
|
|
3,025
|
|
|
148,642
|
|
|
151,667
|
|
|
—
|
|
|||||||
Consumer - credit card
|
|
38
|
|
|
11
|
|
|
27
|
|
|
76
|
|
|
5,683
|
|
|
5,759
|
|
|
27
|
|
|||||||
Consumer - other
|
|
1,228
|
|
|
162
|
|
|
329
|
|
|
1,719
|
|
|
105,721
|
|
|
107,440
|
|
|
32
|
|
|||||||
Lease financing receivable
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,790
|
|
|
4,790
|
|
|
—
|
|
|||||||
Other loans
|
|
148
|
|
|
—
|
|
|
—
|
|
|
148
|
|
|
1,598
|
|
|
1,746
|
|
|
—
|
|
|||||||
|
|
$
|
14,207
|
|
|
$
|
6,405
|
|
|
$
|
22,796
|
|
|
$
|
43,408
|
|
|
$
|
1,258,044
|
|
|
$
|
1,301,452
|
|
|
$
|
82
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
December 31, 2014
|
||||||||||||||||||||||||||
|
|
30-59
Days
Past Due
|
|
60-89
Days
Past
Due
|
|
Greater
than 90
Days
Past Due
|
|
Total
Past
Due
|
|
Current
|
|
Total Loans
|
|
Recorded
Investment
> 90 days
and
Accruing
|
||||||||||||||
Commercial, financial, and agricultural
|
|
$
|
2,179
|
|
|
$
|
654
|
|
|
$
|
2,556
|
|
|
$
|
5,389
|
|
|
$
|
461,758
|
|
|
$
|
467,147
|
|
|
$
|
26
|
|
Commercial real estate - construction
|
|
15
|
|
|
—
|
|
|
105
|
|
|
120
|
|
|
43,390
|
|
|
43,510
|
|
|
97
|
|
|||||||
Commercial real estate - other
|
|
4,989
|
|
|
270
|
|
|
2,464
|
|
|
7,723
|
|
|
459,449
|
|
|
467,172
|
|
|
—
|
|
|||||||
Residential - construction
|
|
431
|
|
|
—
|
|
|
—
|
|
|
431
|
|
|
24,636
|
|
|
25,067
|
|
|
—
|
|
|||||||
Residential - prime
|
|
1,843
|
|
|
523
|
|
|
704
|
|
|
3,070
|
|
|
151,532
|
|
|
154,602
|
|
|
—
|
|
|||||||
Consumer - credit card
|
|
5
|
|
|
19
|
|
|
18
|
|
|
42
|
|
|
5,970
|
|
|
6,012
|
|
|
18
|
|
|||||||
Consumer - other
|
|
671
|
|
|
392
|
|
|
107
|
|
|
1,170
|
|
|
112,146
|
|
|
113,316
|
|
|
46
|
|
|||||||
Lease financing receivable
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,857
|
|
|
4,857
|
|
|
—
|
|
|||||||
Other loans
|
|
134
|
|
|
—
|
|
|
—
|
|
|
134
|
|
|
2,614
|
|
|
2,748
|
|
|
—
|
|
|||||||
|
|
$
|
10,267
|
|
|
$
|
1,858
|
|
|
$
|
5,954
|
|
|
$
|
18,079
|
|
|
$
|
1,266,352
|
|
|
$
|
1,284,431
|
|
|
$
|
187
|
|
|
|
September 30, 2015
|
|
December 31, 2014
|
||||
Commercial, financial, and agricultural
|
|
$
|
29,171
|
|
|
$
|
2,642
|
|
Commercial real estate – construction
|
|
39
|
|
|
54
|
|
||
Commercial real estate - other
|
|
19,952
|
|
|
6,429
|
|
||
Residential - construction
|
|
172
|
|
|
—
|
|
||
Residential - prime
|
|
1,896
|
|
|
1,194
|
|
||
Consumer - credit card
|
|
—
|
|
|
—
|
|
||
Consumer - other
|
|
386
|
|
|
382
|
|
||
Lease financing receivable
|
|
—
|
|
|
—
|
|
||
Other
|
|
—
|
|
|
—
|
|
||
|
|
$
|
51,616
|
|
|
$
|
10,701
|
|
|
|
September 30, 2015
|
||||||||||||||||||
|
|
Recorded
Investment
|
|
Unpaid
Principal
Balance
|
|
Related
Allowance
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
||||||||||
With no related allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial, financial, and agricultural
|
|
$
|
22,149
|
|
|
$
|
22,412
|
|
|
$
|
—
|
|
|
$
|
21,863
|
|
|
$
|
703
|
|
Commercial real estate – construction
|
|
39
|
|
|
39
|
|
|
—
|
|
|
40
|
|
|
—
|
|
|||||
Commercial real estate – other
|
|
5,440
|
|
|
5,440
|
|
|
—
|
|
|
6,244
|
|
|
47
|
|
|||||
Residential – prime
|
|
1,144
|
|
|
1,164
|
|
|
—
|
|
|
1,211
|
|
|
11
|
|
|||||
Residential – construction
|
|
55
|
|
|
55
|
|
|
—
|
|
|
273
|
|
|
1
|
|
|||||
Consumer – other
|
|
30
|
|
|
30
|
|
|
—
|
|
|
33
|
|
|
—
|
|
|||||
Subtotal:
|
|
28,857
|
|
|
29,140
|
|
|
—
|
|
|
29,664
|
|
|
762
|
|
|||||
With an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial, financial, and agricultural
|
|
7,036
|
|
|
7,036
|
|
|
2,569
|
|
|
4,604
|
|
|
159
|
|
|||||
Commercial real estate – other
|
|
14,488
|
|
|
14,488
|
|
|
1,739
|
|
|
12,932
|
|
|
33
|
|
|||||
Residential – prime
|
|
652
|
|
|
652
|
|
|
147
|
|
|
599
|
|
|
5
|
|
|||||
Residential – construction
|
|
118
|
|
|
118
|
|
|
26
|
|
|
59
|
|
|
—
|
|
|||||
Consumer – other
|
|
356
|
|
|
371
|
|
|
216
|
|
|
322
|
|
|
4
|
|
|||||
Subtotal:
|
|
22,650
|
|
|
22,665
|
|
|
4,697
|
|
|
18,516
|
|
|
201
|
|
|||||
Totals:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial
|
|
49,152
|
|
|
49,415
|
|
|
4,308
|
|
|
45,683
|
|
|
942
|
|
|||||
Residential
|
|
1,969
|
|
|
1,989
|
|
|
173
|
|
|
2,142
|
|
|
17
|
|
|||||
Consumer
|
|
386
|
|
|
401
|
|
|
216
|
|
|
355
|
|
|
4
|
|
|||||
Grand total:
|
|
$
|
51,507
|
|
|
$
|
51,805
|
|
|
$
|
4,697
|
|
|
$
|
48,180
|
|
|
$
|
963
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2014
|
||||||||||||||||||
|
|
Recorded
Investment
|
|
Unpaid
Principal
Balance
|
|
Related
Allowance
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
||||||||||
With no related allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial, financial, and agricultural
|
|
$
|
438
|
|
|
$
|
521
|
|
|
$
|
—
|
|
|
$
|
554
|
|
|
$
|
—
|
|
Commercial real estate – construction
|
|
54
|
|
|
54
|
|
|
—
|
|
|
58
|
|
|
—
|
|
|||||
Commercial real estate – other
|
|
1,921
|
|
|
1,921
|
|
|
—
|
|
|
1,885
|
|
|
17
|
|
|||||
Residential – prime
|
|
543
|
|
|
543
|
|
|
—
|
|
|
534
|
|
|
15
|
|
|||||
Consumer – other
|
|
78
|
|
|
78
|
|
|
—
|
|
|
72
|
|
|
—
|
|
|||||
Subtotal:
|
|
3,034
|
|
|
3,117
|
|
|
—
|
|
|
3,103
|
|
|
32
|
|
|||||
With an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial, financial, and agricultural
|
|
2,218
|
|
|
2,333
|
|
|
1,010
|
|
|
1,394
|
|
|
35
|
|
|||||
Commercial real estate – construction
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19
|
|
|
—
|
|
|||||
Commercial real estate – other
|
|
4,467
|
|
|
4,467
|
|
|
1,484
|
|
|
2,416
|
|
|
220
|
|
|||||
Residential – prime
|
|
529
|
|
|
548
|
|
|
68
|
|
|
452
|
|
|
3
|
|
|||||
Consumer – other
|
|
299
|
|
|
313
|
|
|
179
|
|
|
252
|
|
|
4
|
|
|||||
Subtotal:
|
|
7,513
|
|
|
7,661
|
|
|
2,741
|
|
|
4,533
|
|
|
262
|
|
|||||
Totals:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial
|
|
9,098
|
|
|
9,296
|
|
|
2,494
|
|
|
6,326
|
|
|
272
|
|
|||||
Residential
|
|
1,072
|
|
|
1,091
|
|
|
68
|
|
|
986
|
|
|
18
|
|
|||||
Consumer
|
|
377
|
|
|
391
|
|
|
179
|
|
|
324
|
|
|
4
|
|
|||||
Grand total:
|
|
$
|
10,547
|
|
|
$
|
10,778
|
|
|
$
|
2,741
|
|
|
$
|
7,636
|
|
|
$
|
294
|
|
|
|
|
|
September 30, 2015
|
|||||||||||||||||||
Commercial Credit Exposure
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Credit Risk Profile by
Creditworthiness Category
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
Commercial,
financial, and
agricultural
|
|
Commercial
real estate -
construction
|
|
Commercial
real estate -
other
|
|
Total
|
|
% of Total
|
|||||||||||
Pass
|
|
|
|
$
|
417,600
|
|
|
$
|
55,525
|
|
|
$
|
417,095
|
|
|
$
|
890,220
|
|
|
88.02
|
%
|
||
Special mention
|
|
|
|
23,104
|
|
|
34
|
|
|
20,277
|
|
|
43,415
|
|
|
4.29
|
%
|
||||||
Substandard
|
|
|
|
41,521
|
|
|
129
|
|
|
35,947
|
|
|
77,597
|
|
|
7.67
|
%
|
||||||
Doubtful
|
|
|
|
227
|
|
|
—
|
|
|
—
|
|
|
227
|
|
|
0.02
|
%
|
||||||
|
|
|
|
$
|
482,452
|
|
|
$
|
55,688
|
|
|
$
|
473,319
|
|
|
$
|
1,011,459
|
|
|
100.00
|
%
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Residential Credit Exposure
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Credit Risk Profile by
Creditworthiness Category
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
Residential -
construction
|
|
Residential
- prime
|
|
Total
|
|
% of Total
|
||||||||||
Pass
|
|
|
|
|
|
|
$
|
18,419
|
|
|
$
|
147,721
|
|
|
$
|
166,140
|
|
|
97.58
|
%
|
|||
Special mention
|
|
|
|
|
|
|
—
|
|
|
1,326
|
|
|
1,326
|
|
|
0.78
|
%
|
||||||
Substandard
|
|
|
|
|
|
|
172
|
|
|
2,620
|
|
|
2,792
|
|
|
1.64
|
%
|
||||||
|
|
|
|
|
|
|
$
|
18,591
|
|
|
$
|
151,667
|
|
|
$
|
170,258
|
|
|
100.00
|
%
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Consumer and Commercial Credit Exposure
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Credit Risk Profile Based on
Payment Activity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Consumer -
credit card
|
|
Consumer -
other
|
|
Lease
financing
receivable
|
|
Other
|
|
Total
|
|
% of Total
|
|||||||||||
Performing
|
|
$
|
5,721
|
|
|
$
|
107,022
|
|
|
$
|
4,790
|
|
|
$
|
1,746
|
|
|
$
|
119,279
|
|
|
99.62
|
%
|
Nonperforming
|
|
38
|
|
|
418
|
|
|
—
|
|
|
—
|
|
|
456
|
|
|
0.38
|
%
|
|||||
|
|
$
|
5,759
|
|
|
$
|
107,440
|
|
|
$
|
4,790
|
|
|
$
|
1,746
|
|
|
$
|
119,735
|
|
|
100.00
|
%
|
|
|
December 31, 2014
|
|||||||||||||||||||||
Commercial Credit Exposure
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Credit Risk Profile by
Creditworthiness Category
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
Commercial,
financial, and
agricultural
|
|
Commercial
real estate -
construction
|
|
Commercial
real estate -
other
|
|
Total
|
|
%
of Total
|
|||||||||||
Pass
|
|
|
|
$
|
456,221
|
|
|
$
|
43,320
|
|
|
$
|
440,281
|
|
|
$
|
939,822
|
|
|
96.11
|
%
|
||
Special mention
|
|
|
|
4,861
|
|
|
132
|
|
|
7,120
|
|
|
12,113
|
|
|
1.24
|
%
|
||||||
Substandard
|
|
|
|
5,541
|
|
|
58
|
|
|
19,771
|
|
|
25,370
|
|
|
2.60
|
%
|
||||||
Doubtful
|
|
|
|
524
|
|
|
—
|
|
|
—
|
|
|
524
|
|
|
0.05
|
%
|
||||||
|
|
|
|
$
|
467,147
|
|
|
$
|
43,510
|
|
|
$
|
467,172
|
|
|
$
|
977,829
|
|
|
100.00
|
%
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Residential Credit Exposure
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Credit Risk Profile by
Creditworthiness Category
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
Residential -
construction
|
|
Residential
- prime
|
|
Total
|
|
%
of Total
|
||||||||||
Pass
|
|
|
|
|
|
|
$
|
25,067
|
|
|
$
|
150,664
|
|
|
$
|
175,731
|
|
|
97.81
|
%
|
|||
Special mention
|
|
|
|
|
|
|
—
|
|
|
1,184
|
|
|
1,184
|
|
|
0.66
|
%
|
||||||
Substandard
|
|
|
|
|
|
|
—
|
|
|
2,754
|
|
|
2,754
|
|
|
1.53
|
%
|
||||||
|
|
|
|
|
|
|
$
|
25,067
|
|
|
$
|
154,602
|
|
|
$
|
179,669
|
|
|
100.00
|
%
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Consumer and Commercial Credit Exposure
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Credit Risk Profile Based on
Payment Activity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Consumer -
credit card
|
|
Consumer -
other
|
|
Lease
financing
receivable
|
|
Other
|
|
Total
|
|
%
of Total
|
|||||||||||
Performing
|
|
$
|
5,995
|
|
|
$
|
112,893
|
|
|
$
|
4,857
|
|
|
$
|
2,748
|
|
|
$
|
126,493
|
|
|
99.65
|
%
|
Nonperforming
|
|
17
|
|
|
423
|
|
|
—
|
|
|
—
|
|
|
440
|
|
|
0.35
|
%
|
|||||
|
|
$
|
6,012
|
|
|
$
|
113,316
|
|
|
$
|
4,857
|
|
|
$
|
2,748
|
|
|
$
|
126,933
|
|
|
100.00
|
%
|
|
|
September 30, 2015
|
||||||||||||||
|
|
Current
|
|
Past Due Greater Than 30 Days
|
|
Nonaccrual
TDRs
|
|
Total
TDRs
|
||||||||
Commercial, financial and agricultural
|
|
$
|
18
|
|
|
$
|
—
|
|
|
$
|
21,324
|
|
|
$
|
21,342
|
|
Real estate - commercial
|
|
—
|
|
|
150
|
|
|
—
|
|
|
150
|
|
||||
|
|
$
|
18
|
|
|
$
|
150
|
|
|
$
|
21,324
|
|
|
$
|
21,492
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
December 31, 2014
|
||||||||||||||
|
|
Current
|
|
Past Due Greater Than 30 Days
|
|
Nonaccrual
TDRs
|
|
Total
TDRs
|
||||||||
Commercial, financial and agricultural
|
|
$
|
21
|
|
|
$
|
—
|
|
|
$
|
234
|
|
|
$
|
255
|
|
Real estate - commercial
|
|
155
|
|
|
—
|
|
|
—
|
|
|
155
|
|
||||
|
|
$
|
176
|
|
|
$
|
—
|
|
|
$
|
234
|
|
|
$
|
410
|
|
|
|
September 30, 2015
|
|
December 31, 2014
|
||||
Gross carrying amount
|
|
$
|
11,674
|
|
|
$
|
11,674
|
|
Less accumulated amortization
|
|
(5,670
|
)
|
|
(4,840
|
)
|
||
Net carrying amount
|
|
$
|
6,004
|
|
|
$
|
6,834
|
|
|
|
Three Months Ended September 30,
|
||||||||||||||||||||||
|
|
2015
|
|
2014
|
||||||||||||||||||||
|
|
Before Tax
Amount
|
|
Tax Effect
|
|
Net of Tax
Amount
|
|
Before Tax
Amount
|
|
Tax Effect
|
|
Net of Tax
Amount
|
||||||||||||
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Securities available-for-sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Change in unrealized gains (losses) during period
|
|
$
|
1,717
|
|
|
$
|
(601
|
)
|
|
$
|
1,116
|
|
|
$
|
(405
|
)
|
|
$
|
142
|
|
|
$
|
(263
|
)
|
Reclassification adjustment for gains included in net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total other comprehensive income (loss)
|
|
$
|
1,717
|
|
|
$
|
(601
|
)
|
|
$
|
1,116
|
|
|
$
|
(405
|
)
|
|
$
|
142
|
|
|
$
|
(263
|
)
|
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||||
|
|
2015
|
|
2014
|
||||||||||||||||||||
|
|
Before Tax
Amount
|
|
Tax Effect
|
|
Net of Tax
Amount
|
|
Before Tax
Amount
|
|
Tax Effect
|
|
Net of Tax
Amount
|
||||||||||||
Other comprehensive (loss) income:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Securities available-for-sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Change in unrealized gains during period
|
|
$
|
447
|
|
|
$
|
(156
|
)
|
|
$
|
291
|
|
|
$
|
4,116
|
|
|
$
|
(1,441
|
)
|
|
$
|
2,675
|
|
Reclassification adjustment for gains included in net income
|
|
(1,243
|
)
|
|
435
|
|
|
(808
|
)
|
|
(128
|
)
|
|
45
|
|
|
(83
|
)
|
||||||
Total other comprehensive (loss) income
|
|
$
|
(796
|
)
|
|
$
|
279
|
|
|
$
|
(517
|
)
|
|
$
|
3,988
|
|
|
$
|
(1,396
|
)
|
|
$
|
2,592
|
|
|
|
Three Months Ended September 30,
|
||||||||||
|
|
2015
|
|
2014
|
||||||||
Details about
Accumulated Other
Comprehensive Income
Components
|
|
Reclassifications Out of
Accumulated Other
Comprehensive Income
|
|
Income Statement
Line Item
|
|
Reclassifications Out of
Accumulated Other
Comprehensive Income
|
|
Income Statement
Line Item
|
||||
Unrealized gains and losses on securities available-for-sale:
|
|
|
|
|
|
|
|
|
||||
|
|
$
|
—
|
|
|
Gain on sale of securities, net
|
|
$
|
—
|
|
|
Gain on sale of securities, net
|
|
|
—
|
|
|
Tax expense
|
|
—
|
|
|
Tax expense
|
||
|
|
$
|
—
|
|
|
Net of tax
|
|
$
|
—
|
|
|
Net of tax
|
|
|
Nine Months Ended September 30,
|
||||||||||
|
|
2015
|
|
2014
|
||||||||
Details about
Accumulated Other
Comprehensive Income
Components
|
|
Reclassifications Out of
Accumulated Other
Comprehensive Income
|
|
Income Statement
Line Item
|
|
Reclassifications Out of
Accumulated Other
Comprehensive Income
|
|
Income Statement
Line Item
|
||||
Unrealized gains and losses on securities available-for-sale:
|
|
|
|
|
|
|
|
|
||||
|
|
$
|
(1,243
|
)
|
|
Gain on sale of securities, net
|
|
$
|
(128
|
)
|
|
Gain on sale of securities, net
|
|
|
435
|
|
|
Tax expense
|
|
45
|
|
|
Tax expense
|
||
|
|
$
|
(808
|
)
|
|
Net of tax
|
|
$
|
(83
|
)
|
|
Net of tax
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Net earnings available to common shareholders
|
|
$
|
2,417
|
|
|
$
|
4,298
|
|
|
$
|
8,662
|
|
|
$
|
14,922
|
|
Dividends on Series C preferred stock
|
|
92
|
|
|
94
|
|
|
277
|
|
|
284
|
|
||||
Adjusted net earnings available to common shareholders
|
|
$
|
2,509
|
|
|
$
|
4,392
|
|
|
$
|
8,939
|
|
|
$
|
15,206
|
|
Weighted average number of common shares outstanding used in computation of basic earnings per common share
|
|
11,312
|
|
|
11,314
|
|
|
11,321
|
|
|
11,283
|
|
||||
Effect of dilutive securities:
|
|
|
|
|
|
|
|
|
|
|
||||||
Stock options
|
|
12
|
|
|
92
|
|
|
20
|
|
|
77
|
|
||||
Convertible preferred stock and warrants
|
|
507
|
|
|
549
|
|
|
507
|
|
|
544
|
|
||||
Weighted average number of common shares outstanding plus effect of dilutive securities – used in computation of diluted earnings per share
|
|
11,831
|
|
|
11,955
|
|
|
11,848
|
|
|
11,904
|
|
|
|
Assets / Liabilities
Measured at Fair Value at
|
|
Fair Value Measurements
at September 30, 2015
|
||||||||||||
Description
|
|
September 30, 2015
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
||||||||
Obligations of state and political subdivisions
|
|
$
|
37,431
|
|
|
$
|
—
|
|
|
$
|
37,431
|
|
|
$
|
—
|
|
GSE mortgage-backed securities
|
|
91,739
|
|
|
—
|
|
|
91,739
|
|
|
—
|
|
||||
Collateralized mortgage obligations: residential
|
|
148,582
|
|
|
—
|
|
|
148,582
|
|
|
—
|
|
||||
Collateralized mortgage obligations: commercial
|
|
5,617
|
|
|
—
|
|
|
5,617
|
|
|
—
|
|
||||
Mutual funds
|
|
2,116
|
|
|
2,116
|
|
|
—
|
|
|
—
|
|
|
|
Assets / Liabilities
Measured at Fair Value at
|
|
Fair Value Measurements
at December 31, 2014
|
||||||||||||
Description
|
|
December 31, 2014
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
||||||||
U.S. Government sponsored enterprises
|
|
$
|
10,227
|
|
|
$
|
—
|
|
|
$
|
10,227
|
|
|
$
|
—
|
|
Obligations of state and political subdivisions
|
|
44,605
|
|
|
—
|
|
|
44,605
|
|
|
—
|
|
||||
GSE mortgage-backed securities
|
|
109,103
|
|
|
—
|
|
|
109,103
|
|
|
—
|
|
||||
Collateralized mortgage obligations: residential
|
|
60,839
|
|
|
—
|
|
|
60,839
|
|
|
—
|
|
||||
Collateralized mortgage obligations: commercial
|
|
24,545
|
|
|
—
|
|
|
24,545
|
|
|
—
|
|
||||
Other asset-backed securities
|
|
24,343
|
|
|
—
|
|
|
24,343
|
|
|
—
|
|
||||
Collateralized debt obligation
|
|
1,218
|
|
|
—
|
|
|
1,218
|
|
|
—
|
|
||||
Mutual funds
|
|
2,104
|
|
|
2,104
|
|
|
—
|
|
|
—
|
|
|
|
Assets / Liabilities
Measured at Fair Value at
|
|
Fair Value Measurements
at September 30, 2015
|
||||||||||||
Description
|
|
September 30, 2015
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Impaired loans
|
|
$
|
14,966
|
|
|
$
|
—
|
|
|
$
|
14,966
|
|
|
$
|
—
|
|
Other real estate
|
|
4,661
|
|
|
—
|
|
|
4,661
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Assets / Liabilities
Measured at Fair Value at
|
|
Fair Value Measurements
at December 31, 2014
|
||||||||||||
Description
|
|
December 31, 2014
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Impaired loans
|
|
$
|
5,051
|
|
|
$
|
—
|
|
|
$
|
5,051
|
|
|
$
|
—
|
|
Other real estate
|
|
4,234
|
|
|
—
|
|
|
4,234
|
|
|
—
|
|
|
|
|
|
Fair Value Measurements at
September 30, 2015 Using:
|
||||||||||||
|
|
Carrying
Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
||||||||
Cash and due from banks, interest-bearing deposits in banks and federal funds sold
|
|
$
|
125,437
|
|
|
$
|
125,437
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Securities available-for-sale
|
|
285,485
|
|
|
2,116
|
|
|
283,369
|
|
|
—
|
|
||||
Securities held-to-maturity
|
|
121,043
|
|
|
—
|
|
|
122,488
|
|
|
—
|
|
||||
Other investments
|
|
12,063
|
|
|
12,063
|
|
|
—
|
|
|
—
|
|
||||
Loans, net
|
|
1,282,513
|
|
|
—
|
|
|
14,966
|
|
|
1,282,506
|
|
||||
Cash surrender value of life insurance policies
|
|
13,548
|
|
|
—
|
|
|
13,548
|
|
|
—
|
|
||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-interest-bearing deposits
|
|
406,118
|
|
|
—
|
|
|
406,118
|
|
|
—
|
|
||||
Interest-bearing deposits
|
|
1,137,303
|
|
|
—
|
|
|
918,792
|
|
|
218,328
|
|
||||
Securities sold under agreements to repurchase
|
|
92,085
|
|
|
92,085
|
|
|
—
|
|
|
—
|
|
||||
Short-term Federal Home Loan Bank advances
|
|
70,000
|
|
|
—
|
|
|
70,000
|
|
|
—
|
|
||||
Long-term Federal Home Loan Bank advances
|
|
25,958
|
|
|
—
|
|
|
—
|
|
|
26,956
|
|
||||
Junior subordinated debentures
|
|
22,167
|
|
|
—
|
|
|
22,167
|
|
|
—
|
|
|
|
|
|
Fair Value Measurements at
December 31, 2014 Using:
|
||||||||||||
|
|
Carrying
Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
||||||||
Cash and due from banks, interest-bearing deposits in banks and federal funds sold
|
|
$
|
86,872
|
|
|
$
|
86,872
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Securities available-for-sale
|
|
276,984
|
|
|
2,104
|
|
|
274,880
|
|
|
—
|
|
||||
Securities held-to-maturity
|
|
141,201
|
|
|
—
|
|
|
141,593
|
|
|
—
|
|
||||
Other investments
|
|
9,990
|
|
|
9,990
|
|
|
—
|
|
|
—
|
|
||||
Loans, net
|
|
1,273,205
|
|
|
—
|
|
|
5,051
|
|
|
1,277,882
|
|
||||
Cash surrender value of life insurance policies
|
|
13,659
|
|
|
—
|
|
|
13,659
|
|
|
—
|
|
||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-interest-bearing deposits
|
|
390,863
|
|
|
—
|
|
|
390,863
|
|
|
—
|
|
||||
Interest-bearing deposits
|
|
1,194,371
|
|
|
—
|
|
|
943,255
|
|
|
251,291
|
|
||||
Securities sold under agreements to repurchase
|
|
62,098
|
|
|
62,098
|
|
|
—
|
|
|
—
|
|
||||
Short-term Federal Home Loan Bank advances
|
|
25,000
|
|
|
—
|
|
|
25,000
|
|
|
—
|
|
||||
Long-term Federal Home Loan Bank advances
|
|
26,277
|
|
|
—
|
|
|
—
|
|
|
27,193
|
|
||||
Junior subordinated debentures
|
|
22,167
|
|
|
—
|
|
|
22,167
|
|
|
—
|
|
•
|
changes in interest rates and market prices that could affect the net interest margin, asset valuation, and expense levels;
|
•
|
changes in local economic and business conditions, including, without limitation, changes related to the oil and gas industries, that could adversely affect customers and their ability to repay borrowings under agreed upon terms, adversely affect the value of the underlying collateral related to their borrowings, and reduce demand for loans;
|
•
|
increased competition for deposits and loans which could affect compositions, rates and terms;
|
•
|
changes in the levels of prepayments received on loans and investment securities that adversely affect the yield and value of the earning assets;
|
•
|
a deviation in actual experience from the underlying assumptions used to determine and establish our allowance for loan losses (“ALL”), which could result in greater than expected loan losses;
|
•
|
changes in the availability of funds resulting from reduced liquidity or increased costs;
|
•
|
the timing, ability to complete and the impact of proposed and/or future acquisitions, the success or failure of integrating acquired operations, and the ability to capitalize on growth opportunities upon entering new markets;
|
•
|
the timing, ability to complete and the impact of proposed and/or future efficiency initiatives;
|
•
|
the ability to acquire, operate, and maintain effective and efficient operating systems;
|
•
|
increased asset levels and changes in the composition of assets that would impact capital levels and regulatory capital ratios;
|
•
|
loss of critical personnel and the challenge of hiring qualified personnel at reasonable compensation levels;
|
•
|
legislative and regulatory changes, including the changes in the regulatory capital framework under the Federal Reserve Board’s Basel III regulatory capital reforms, the impact of regulations under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”), including the implementation of the Consumer Financial Protection Bureau, and other changes in banking, securities and tax laws and regulations and their application by our regulators, changes in the scope and cost of Federal Deposit Insurance Corporation (“FDIC”) insurance and other coverage;
|
•
|
regulations and restrictions resulting from our participation in government sponsored programs such as the U.S. Treasury’s Small Business Lending Fund, including potential retroactive changes in such programs;
|
•
|
changes in accounting principles, policies, and guidelines applicable to financial holding companies and banking;
|
•
|
acts of war, terrorism, cyber intrusion, weather, or other catastrophic events beyond our control; and
|
•
|
the ability to manage the risks involved in the foregoing.
|
Table 1
Consolidated Average Balances, Interest and Rates
(in thousands)
|
||||||||||||||||||||||
|
|
Three Months Ended September 30,
|
||||||||||||||||||||
|
|
2015
|
|
2014
|
||||||||||||||||||
|
|
Average
Volume
|
|
Interest
|
|
Average
Yield/Rate
|
|
Average
Volume
|
|
Interest
|
|
Average
Yield/Rate
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Investment securities
1
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Taxable
|
|
$
|
341,192
|
|
|
$
|
1,850
|
|
|
2.17
|
%
|
|
$
|
351,645
|
|
|
$
|
1,965
|
|
|
2.24
|
%
|
Tax exempt
2
|
|
73,523
|
|
|
818
|
|
|
4.45
|
%
|
|
86,528
|
|
|
996
|
|
|
4.60
|
%
|
||||
Total investment securities
|
|
414,715
|
|
|
2,668
|
|
|
2.57
|
%
|
|
438,173
|
|
|
2,961
|
|
|
2.70
|
%
|
||||
Federal funds sold
|
|
3,349
|
|
|
1
|
|
|
0.12
|
%
|
|
3,143
|
|
|
2
|
|
|
0.25
|
%
|
||||
Time and interest bearing deposits in other banks
|
|
62,086
|
|
|
40
|
|
|
0.25
|
%
|
|
22,922
|
|
|
15
|
|
|
0.26
|
%
|
||||
Other investments
|
|
10,508
|
|
|
113
|
|
|
4.30
|
%
|
|
12,090
|
|
|
109
|
|
|
3.61
|
%
|
||||
Total loans
3
|
|
1,285,991
|
|
|
17,992
|
|
|
5.55
|
%
|
|
1,232,196
|
|
|
18,273
|
|
|
5.88
|
%
|
||||
Total earning assets
|
|
1,776,649
|
|
|
20,814
|
|
|
4.65
|
%
|
|
1,708,524
|
|
|
21,360
|
|
|
4.96
|
%
|
||||
Allowance for loan losses
|
|
(15,853
|
)
|
|
|
|
|
|
|
|
(8,978
|
)
|
|
|
|
|
|
|
||||
Nonearning assets
|
|
188,556
|
|
|
|
|
|
|
|
|
193,063
|
|
|
|
|
|
|
|
||||
Total assets
|
|
$
|
1,949,352
|
|
|
|
|
|
|
|
|
$
|
1,892,609
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities and shareholders’ equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total interest bearing deposits
|
|
$
|
1,150,190
|
|
|
$
|
883
|
|
|
0.30
|
%
|
|
$
|
1,132,132
|
|
|
$
|
859
|
|
|
0.30
|
%
|
Securities sold under repurchase agreements
|
|
89,025
|
|
|
249
|
|
|
1.11
|
%
|
|
70,587
|
|
|
210
|
|
|
1.18
|
%
|
||||
Federal funds purchased
|
|
—
|
|
|
—
|
|
|
—
|
|
|
70
|
|
|
—
|
|
|
—
|
%
|
||||
Short-term FHLB advances
|
|
31,196
|
|
|
16
|
|
|
0.20
|
%
|
|
28,913
|
|
|
13
|
|
|
0.18
|
%
|
||||
Notes payable
|
|
26,007
|
|
|
93
|
|
|
1.40
|
%
|
|
26,640
|
|
|
95
|
|
|
1.40
|
%
|
||||
Junior subordinated debentures
|
|
22,167
|
|
|
150
|
|
|
2.65
|
%
|
|
26,247
|
|
|
327
|
|
|
4.88
|
%
|
||||
Total interest bearing liabilities
|
|
1,318,585
|
|
|
1,391
|
|
|
0.42
|
%
|
|
1,284,589
|
|
|
1,504
|
|
|
0.46
|
%
|
||||
Demand deposits
|
|
409,118
|
|
|
|
|
|
|
|
|
392,927
|
|
|
|
|
|
|
|
||||
Other liabilities
|
|
7,026
|
|
|
|
|
|
|
|
|
9,802
|
|
|
|
|
|
|
|
||||
Shareholders’ equity
|
|
214,623
|
|
|
|
|
|
|
|
|
205,291
|
|
|
|
|
|
|
|
||||
Total liabilities and shareholders’ equity
|
|
$
|
1,949,352
|
|
|
|
|
|
|
|
|
$
|
1,892,609
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income and net interest spread
|
|
|
|
|
$
|
19,423
|
|
|
4.23
|
%
|
|
|
|
|
$
|
19,856
|
|
|
4.50
|
%
|
||
Net interest margin
|
|
|
|
|
|
|
|
4.34
|
%
|
|
|
|
|
|
|
|
4.61
|
%
|
1.
|
Securities classified as available-for-sale are included in average balances. Interest income figures reflect interest earned on such securities.
|
2.
|
Interest income of $282,000 for
2015
and $344,000 for
2014
is added to interest earned on tax-exempt obligations to reflect tax equivalent yields using a tax rate of 35%.
|
3.
|
Interest income includes loan fees of $1,394,000 for
2015
and $1,580,000 for
2014
. Nonaccrual loans are included in average balances and income on such loans is recognized on a cash basis.
|
Table 2
Consolidated Average Balances, Interest and Rates
(in thousands)
|
||||||||||||||||||||||
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||
|
|
2015
|
|
2014
|
||||||||||||||||||
|
|
Average
Volume
|
|
Interest
|
|
Average
Yield/Rate
|
|
Average
Volume
|
|
Interest
|
|
Average
Yield/Rate
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Investment securities
1
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Taxable
|
|
$
|
340,898
|
|
|
$
|
5,628
|
|
|
2.20
|
%
|
|
$
|
375,969
|
|
|
$
|
6,164
|
|
|
2.19
|
%
|
Tax exempt
2
|
|
76,281
|
|
|
2,564
|
|
|
4.48
|
%
|
|
88,742
|
|
|
3,062
|
|
|
4.60
|
%
|
||||
Total investment securities
|
|
417,179
|
|
|
8,192
|
|
|
2.62
|
%
|
|
464,711
|
|
|
9,226
|
|
|
2.65
|
%
|
||||
Federal funds sold
|
|
3,463
|
|
|
5
|
|
|
0.19
|
%
|
|
2,775
|
|
|
4
|
|
|
0.19
|
%
|
||||
Time and interest bearing deposits in other banks
|
|
59,151
|
|
|
112
|
|
|
0.25
|
%
|
|
21,857
|
|
|
42
|
|
|
0.25
|
%
|
||||
Other investments
|
|
10,109
|
|
|
273
|
|
|
3.60
|
%
|
|
11,767
|
|
|
268
|
|
|
3.04
|
%
|
||||
Total loans
3
|
|
1,298,844
|
|
|
54,314
|
|
|
5.59
|
%
|
|
1,195,357
|
|
|
53,525
|
|
|
5.99
|
%
|
||||
Total earning assets
|
|
1,788,746
|
|
|
62,896
|
|
|
4.70
|
%
|
|
1,696,467
|
|
|
63,065
|
|
|
4.97
|
%
|
||||
Allowance for loan losses
|
|
(14,176
|
)
|
|
|
|
|
|
|
|
(8,734
|
)
|
|
|
|
|
|
|
||||
Nonearning assets
|
|
189,244
|
|
|
|
|
|
|
|
|
192,087
|
|
|
|
|
|
|
|
||||
Total assets
|
|
$
|
1,963,814
|
|
|
|
|
|
|
|
|
$
|
1,879,820
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities and shareholders’ equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total interest bearing deposits
|
|
$
|
1,174,399
|
|
|
$
|
2,751
|
|
|
0.31
|
%
|
|
$
|
1,147,843
|
|
|
$
|
2,588
|
|
|
0.30
|
%
|
Securities sold under repurchase agreements
|
|
84,434
|
|
|
721
|
|
|
1.14
|
%
|
|
60,522
|
|
|
588
|
|
|
1.30
|
%
|
||||
Federal funds purchased
|
|
—
|
|
|
—
|
|
|
—
|
|
|
305
|
|
|
2
|
|
|
0.86
|
%
|
||||
Short-term FHLB advances
|
|
28,956
|
|
|
37
|
|
|
0.17
|
%
|
|
26,356
|
|
|
31
|
|
|
0.16
|
%
|
||||
Notes payable
|
|
26,113
|
|
|
272
|
|
|
1.37
|
%
|
|
26,540
|
|
|
272
|
|
|
1.35
|
%
|
||||
Other borrowings/payables
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
602
|
|
|
15
|
|
|
3.29
|
%
|
||||
Junior subordinated debentures
|
|
22,167
|
|
|
451
|
|
|
2.68
|
%
|
|
28,327
|
|
|
994
|
|
|
4.63
|
%
|
||||
Total interest bearing liabilities
|
|
1,336,069
|
|
|
4,232
|
|
|
0.42
|
%
|
|
1,290,495
|
|
|
4,490
|
|
|
0.47
|
%
|
||||
Demand deposits
|
|
407,077
|
|
|
|
|
|
|
|
|
380,590
|
|
|
|
|
|
|
|
||||
Other liabilities
|
|
7,752
|
|
|
|
|
|
|
|
|
8,188
|
|
|
|
|
|
|
|
||||
Shareholders’ equity
|
|
212,916
|
|
|
|
|
|
|
|
|
200,547
|
|
|
|
|
|
|
|
||||
Total liabilities and shareholders’ equity
|
|
$
|
1,963,814
|
|
|
|
|
|
|
|
|
$
|
1,879,820
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income and net interest spread
|
|
|
|
|
$
|
58,664
|
|
|
4.28
|
%
|
|
|
|
|
$
|
58,575
|
|
|
4.50
|
%
|
||
Net interest margin
|
|
|
|
|
|
|
|
4.38
|
%
|
|
|
|
|
|
|
|
4.62
|
%
|
1.
|
Securities classified as available-for-sale are included in average balances. Interest income figures reflect interest earned on such securities.
|
2.
|
Interest income of $885,000 for
2015
and $1,055,000 for
2014
is added to interest earned on tax-exempt obligations to reflect tax equivalent yields using a tax rate of 35%.
|
3.
|
Interest income includes loan fees of $3,945,000 for
2015
and $4,322,000 for
2014
. Nonaccrual loans are included in average balances and income on such loans is recognized on a cash basis.
|
Table 3
Changes in Taxable-Equivalent Net Interest Income
(in thousands)
|
||||||||||||
|
|
Three Months Ended
September 30, 2015 compared to September 30, 2014
|
||||||||||
|
|
Total
Increase
|
|
Change
Attributable To
|
||||||||
|
|
(Decrease)
|
|
Volume
|
|
Rates
|
||||||
Taxable-equivalent earned on:
|
|
|
|
|
|
|
||||||
Investment securities
|
|
|
|
|
|
|
||||||
Taxable
|
|
$
|
(115
|
)
|
|
$
|
(58
|
)
|
|
$
|
(57
|
)
|
Tax exempt
|
|
(178
|
)
|
|
(146
|
)
|
|
(32
|
)
|
|||
Federal funds sold
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|||
Time and interest bearing deposits in other banks
|
|
25
|
|
|
25
|
|
|
—
|
|
|||
Other investments
|
|
4
|
|
|
(15
|
)
|
|
19
|
|
|||
Loans, including fees
|
|
(281
|
)
|
|
778
|
|
|
(1,059
|
)
|
|||
Total
|
|
(546
|
)
|
|
584
|
|
|
(1,130
|
)
|
|||
|
|
|
|
|
|
|
||||||
Interest paid on:
|
|
|
|
|
|
|
|
|
|
|||
Interest bearing deposits
|
|
24
|
|
|
14
|
|
|
10
|
|
|||
Securities sold under repurchase agreements
|
|
39
|
|
|
53
|
|
|
(14
|
)
|
|||
Federal funds purchased
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Short-term FHLB advances
|
|
3
|
|
|
1
|
|
|
2
|
|
|||
Notes payable
|
|
(2
|
)
|
|
(2
|
)
|
|
—
|
|
|||
Junior subordinated debentures
|
|
(177
|
)
|
|
(44
|
)
|
|
(133
|
)
|
|||
Total
|
|
(113
|
)
|
|
22
|
|
|
(135
|
)
|
|||
Taxable-equivalent net interest income
|
|
$
|
(433
|
)
|
|
$
|
562
|
|
|
$
|
(995
|
)
|
Table 4
Changes in Taxable-Equivalent Net Interest Income
(in thousands)
|
||||||||||||
|
|
Nine Months Ended
September 30, 2015 compared to September 30, 2014
|
||||||||||
|
|
Total
Increase
|
|
Change
Attributable To
|
||||||||
|
|
(Decrease)
|
|
Volume
|
|
Rates
|
||||||
Taxable-equivalent earned on:
|
|
|
|
|
|
|
||||||
Investment securities
|
|
|
|
|
|
|
||||||
Taxable
|
|
$
|
(536
|
)
|
|
$
|
(579
|
)
|
|
$
|
43
|
|
Tax exempt
|
|
(498
|
)
|
|
(421
|
)
|
|
(77
|
)
|
|||
Federal funds sold
|
|
1
|
|
|
1
|
|
|
—
|
|
|||
Time and interest bearing deposits in other banks
|
|
70
|
|
|
71
|
|
|
(1
|
)
|
|||
Other investments
|
|
5
|
|
|
(41
|
)
|
|
46
|
|
|||
Loans, including fees
|
|
789
|
|
|
4,460
|
|
|
(3,671
|
)
|
|||
Total
|
|
(169
|
)
|
|
3,491
|
|
|
(3,660
|
)
|
|||
|
|
|
|
|
|
|
||||||
Interest paid on:
|
|
|
|
|
|
|
|
|
|
|||
Interest bearing deposits
|
|
163
|
|
|
61
|
|
|
102
|
|
|||
Securities sold under repurchase agreements
|
|
133
|
|
|
210
|
|
|
(77
|
)
|
|||
Federal funds purchased
|
|
(2
|
)
|
|
(2
|
)
|
|
—
|
|
|||
Short-term FHLB advances
|
|
6
|
|
|
4
|
|
|
2
|
|
|||
Notes payable
|
|
—
|
|
|
(2
|
)
|
|
2
|
|
|||
Other borrowings/payables
|
|
(15
|
)
|
|
(15
|
)
|
|
—
|
|
|||
Junior subordinated debentures
|
|
(543
|
)
|
|
(182
|
)
|
|
(361
|
)
|
|||
Total
|
|
(258
|
)
|
|
74
|
|
|
(332
|
)
|
|||
Taxable-equivalent net interest income
|
|
$
|
89
|
|
|
$
|
3,417
|
|
|
$
|
(3,328
|
)
|
Table 5
Composition of Loans
(in thousands)
|
||||||||
|
|
September 30, 2015
|
|
December 31, 2014
|
||||
Commercial, financial, and agricultural (C&I)
|
|
$
|
482,452
|
|
|
$
|
467,147
|
|
Real estate – construction
|
|
74,279
|
|
|
68,577
|
|
||
Real estate – commercial (CRE)
|
|
473,319
|
|
|
467,172
|
|
||
Real estate – residential
|
|
151,667
|
|
|
154,602
|
|
||
Installment loans to individuals
|
|
113,199
|
|
|
119,328
|
|
||
Lease financing receivable
|
|
4,790
|
|
|
4,857
|
|
||
Other
|
|
1,746
|
|
|
2,748
|
|
||
|
|
$
|
1,301,452
|
|
|
$
|
1,284,431
|
|
Less allowance for loan losses
|
|
(18,939
|
)
|
|
(11,226
|
)
|
||
Net loans
|
|
$
|
1,282,513
|
|
|
$
|
1,273,205
|
|
Table 6
Nonperforming Assets and Loans Past Due 90 Days or More and Still Accruing
(in thousands)
|
||||||||||||
|
|
September 30, 2015
|
|
December 31, 2014
|
|
September 30, 2014
|
||||||
Nonaccrual loans
|
|
$
|
51,616
|
|
|
$
|
10,701
|
|
|
$
|
7,750
|
|
Loans past due 90 days and over and still accruing
|
|
82
|
|
|
187
|
|
|
23
|
|
|||
Total nonperforming loans
|
|
51,698
|
|
|
10,888
|
|
|
7,773
|
|
|||
Other real estate
|
|
4,661
|
|
|
4,234
|
|
|
4,663
|
|
|||
Other foreclosed assets
|
|
—
|
|
|
—
|
|
|
19
|
|
|||
Total nonperforming assets
|
|
$
|
56,359
|
|
|
$
|
15,122
|
|
|
$
|
12,455
|
|
|
|
|
|
|
|
|
||||||
Troubled debt restructurings, accruing
|
|
$
|
168
|
|
|
$
|
176
|
|
|
$
|
180
|
|
|
|
|
|
|
|
|
||||||
Nonperforming assets to total assets
|
|
2.85
|
%
|
|
0.78
|
%
|
|
0.66
|
%
|
|||
Nonperforming assets to total loans + ORE + other assets repossessed
|
|
4.32
|
%
|
|
1.17
|
%
|
|
0.99
|
%
|
|||
ALL to nonperforming loans
|
|
36.63
|
%
|
|
103.10
|
%
|
|
121.25
|
%
|
|||
ALL to total loans
|
|
1.46
|
%
|
|
0.87
|
%
|
|
0.75
|
%
|
|||
|
|
|
|
|
|
|
||||||
QTD charge-offs
|
|
$
|
1,000
|
|
|
$
|
985
|
|
|
$
|
1,253
|
|
QTD recoveries
|
|
91
|
|
|
86
|
|
|
428
|
|
|||
QTD net charge-offs
|
|
$
|
909
|
|
|
$
|
899
|
|
|
$
|
825
|
|
Annualized net charge-offs to total loans
|
|
0.28
|
%
|
|
0.28
|
%
|
|
0.26
|
%
|
Exhibit Number
|
Document Description
|
|
|
3.1
|
Amended and Restated Articles of Incorporation of MidSouth Bancorp, Inc. (restated solely for purposes of Item 601(b)(3) of Regulation S-K) (filed as Exhibit 3.1 to MidSouth's Annual Report on Form 10-K filed on March 18, 2013 and incorporated herein by reference).
|
|
|
3.2
|
Amended and Restated By-laws of MidSouth Bancorp, Inc. effective as of September 26, 2012 (restated solely for purposes of Item 601(b)(3) of Regulation S-K (filed as Exhibit 3.3 to MidSouth’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2012 and incorporated herein by reference).
|
|
|
10.1
|
Form of Restricted Stock Award Agreement
|
|
|
31.1
|
Certification pursuant to Exchange Act Rules 13(a) – 14(a)
|
|
|
31.2
|
Certification pursuant to Exchange Act Rules 13(a) – 14(a)
|
|
|
32.1
|
Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
32.2
|
Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
101
|
The following financial information from the Registrant’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2015, formatted in Extensible Business Reporting Language (“XBRL”): (i) Consolidated Statements of Operations, (ii) Consolidated Balance Sheets, (iii) Consolidated Statements of Cash Flows and (iv) Notes to Consolidated Financial Statements.*
|
*
|
Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not to be “filed” or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, or Section 18 of the Securities Act of 1934, as amended, and otherwise are not subject to liability under these sections.
|
|
MidSouth Bancorp, Inc.
(Registrant)
|
|
|
Date: November 6, 2015
|
|
|
/s/ C. R. Cloutier
|
|
C. R. Cloutier, President and CEO
|
|
(Principal Executive Officer)
|
|
|
|
/s/ James R. McLemore
|
|
James R. McLemore, CFO
|
|
(Principal Financial Officer)
|
|
|
|
/s/ Teri S. Stelly
|
|
Teri S. Stelly, Controller
(Principal Accounting Officer)
|
a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;
|
b)
|
designed such internal control over financial reporting, or cause such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this quarterly report based on such evaluations; and
|
d)
|
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
November 6, 2015
|
|
|
|
|
/s/ C. R. Cloutier
|
|
Chief Executive Officer
|
a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;
|
b)
|
designed such internal control over financial reporting, or cause such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this quarterly report based on such evaluations; and
|
d)
|
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
November 6, 2015
|
|
|
|
|
/s/ James R. McLemore
|
|
Chief Financial Officer
|
/s/ C. R. Cloutier
|
C.R. Cloutier
|
Chief Executive Officer
|
November 6, 2015
|
/s/ James R. McLemore
|
James R. McLemore
|
Chief Financial Officer
|
November 6, 2015
|