- Net income available to common shareholders totaled $621,000 for the quarter ended December 31, 2012 ($.16 per diluted common share), compared to $380,000 for the same period in the prior year. Net income available to common shareholders totaled $2,139,000 for the year ended December 31, 2012 ($.56 per diluted common share), up 41% from 1,521,000 for 2011.
|Income before income taxes||$||2,414,000||$||1,963,000|
|Provision for income taxes||175,000||1,000|
|Preferred stock dividends||100,000||441,000|
|Net income available to common shareholders||$||2,139,000||$||1,521,000|
- Net interest income totaled $4,452,000 for the quarter ended December 31, 2012, an improvement of 10% from the same period in the prior year. Year-to-date 2012 net interest income totaled $17,772,000, a 17% increase over the prior year.
- The Bank achieved record levels of total assets, loans and deposits in 2012 at the same time it invested in the franchise by opening its Orange County Office and increased its operational and risk management staff. As a result, the Bank’s full-time equivalent employee headcount increased from 68 to 83.
- Total assets grew to $712 million during 2012, up $115 million or 19% from December 31, 2011, a new record for the Bank.
- Total deposits rose $85 million or 17% during 2012 to $582 million and total loans rose $72 million or 24% to $374 million, record levels for both.
- Total nonaccrual loans were $6.5 million at December 31, 2012, representing less than 2% of total loans outstanding. The Bank had no earning loans past due 90 days or more at December 31, 2012.
- The allowance for credit losses was $6.5 million or 1.75% of total loans outstanding at December 31, 2012, compared to $5.3 million or 1.76% at year-end 2011. The allowance is roughly equal to the Bank’s non-performing asset totals at December 31, 2012.
- Capital ratios remain strong, continuing to significantly exceed all regulatory guidelines for “well-capitalized” financial institutions:
|Tier 1 leverage ratio||7,06||%||5.00||%|
|Tier 1 risk-based capital ratio||12.83||%||6.00||%|
|Total risk-based capital ratio||14.08||10.00||%|