In the first quarter of 2012, the Company continued to achieve loan growth, with its loan portfolio increasing $15.2 million organically on a linked-quarter basis and advancing $44.2 million overall compared with the year-earlier quarter. For the first quarter ended 2012, the Company's loan portfolio, including loans acquired through FDIC-assisted acquisitions, totaled $562.5 million, which increased $1.9 million on a linked-quarter basis as a result of organic loan growth of $15.2 million. This increase was partially offset by loan pay-downs in the FDIC-assisted portfolios. Total deposits stood at $868.7 million at the end of the first quarter of 2012, down 2% or $15.5 million from $884.2 million for the fourth quarter of 2011, driven primarily by planned runoff of time deposits.Accounting for FDIC-Assisted Loans
- Covered loans acquired in FDIC-assisted acquisitions decreased $12.0 million to $95.5 million;
- Non-covered loans acquired in FDIC-assisted acquisitions decreased $1.3 million to $17.4 million;
- The FDIC loss-share receivable associated with covered loans acquired in FDIC-assisted acquisitions decreased $1.0 million to $82.9 million;
- The accretion for the FDIC loss-share receivable turned negative $498,000;
- The non-accretable discount decreased $5.4 million to $84.1 million; and
- The accretable discount decreased $100,000 to $12.7 million.