“We are continuing to maintain our multi-year focus on asset quality and are working diligently to reduce the overall level of NPAs,” said Mr. Kaczmarek. “And, although NPAs increased in the third quarter of 2012, key credit metrics continue to move in the right direction as overall classified assets, net of SBA guarantees, are lower by $8.9 million, or 16%, from the second quarter of 2012.” Classified assets (net of SBA guarantees) decreased to $46.0 million at September 30, 2012, from $72.4 million at September 30, 2011, and $54.9 million at June 30, 2012.
The following table summarizes the allowance for loan losses:
|For the Three Months Ended:|
|September 30,||June 30,||September 30,|
|ALLOWANCE FOR LOAN LOSSES|
|(in $000's, unaudited)|
|Balance at beginning of quarter||$||20,023||$||20,306||$||23,167|
|Provision for loan losses during the quarter||1,200||815||1,515|
|Net charge-offs during the quarter||(2,099||)||(1,098||)||(3,633||)|
|Balance at end of quarter||$||19,124||$||20,023||$||21,049|
|Total nonperforming loans||$||19,118||$||14,732||$||17,953|
|Allowance for loan losses to total loans||2.39||%||2.51||%||2.71||%|
|Allowance for loan losses to total nonperforming loans, excluding nonaccrual loans - held-for-sale||100.03||%||137.57||%||118.51||%|
Deposits totaled $1.14 billion at September 30, 2012, compared to $1.01 billion at September 30, 2011, and $1.10 billion at June 30, 2012:
- At September 30, 2012, brokered deposits decreased 5% to $89.2 million, from $93.7 million at September 30, 2011, and decreased 9% from $97.7 million at June 30, 2012.
- Total deposits, excluding brokered deposits, were $1.0 billion at September 30, 2012, compared to $912.4 million at September 30, 2011, and $1.0 billion at June 30, 2012.
The total cost of deposits decreased 10 basis points to 0.24% during the third quarter of 2012, from 0.34% during the third quarter of 2011, and decreased 3 basis points from 0.27% during the second quarter of 2012, primarily as a result of maturing higher-cost wholesale funding and an increase in core deposits.
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