"Looking ahead, we are fully focused on increasing the Company's profitability. We have initiatives under way intended to grow earning assets and boost fee income organically, and to improve our efficiency ratio. Additionally, we continue to evaluate acquisition opportunities that meet our strategic and financial objectives."
The Company's banking operations began with the acquisitions of three banks from the FDIC on July 16, 2010 and subsequently included the acquisitions of TIB Financial Corp. on September 30, 2010, Capital Bank Corporation on January 28, 2011, Green Bankshares, Inc on September 7, 2011 and Southern Community on October 1, 2012. Accordingly, operating results for the three and nine months ended September 30, 2011 are not generally comparable to the current year operations.
Loan Portfolio CompositionAt September 30, 2012, commercial real estate loans were 32% of the total portfolio, down from 35% at December 31, 2011, consistent with our portfolio diversification strategy. The relative composition of our loan portfolio was as follows:
|September 30, 2012||December 31, 2011|
|Commercial real estate||32%||35%|