Southside Bancshares, Inc. Announces Net Income for the Three and Nine Months Ended September 30, 2015
TYLER, Texas, Oct. 30, 2015 (GLOBE NEWSWIRE) -- Southside Bancshares, Inc. (“Southside” or the “Company”) (NASDAQ:SBSI) today reported its financial results for the three and nine months ended September 30, 2015.
Southside reported net income of $11.8 million for the three months ended September 30, 2015, an increase of $5.7 million, or 92.9%, when compared to $6.1 million for the same period in 2014. Net income for the nine months ended September 30, 2015 increased $7.5 million, or 30.4%, to $32.3 million when compared to $24.8 million for the same period in 2014.
Diluted earnings per common share were $0.46 and $0.31 for the three months ended September 30, 2015 and 2014, respectively, an increase of $0.15, or 48.4%. For the nine months ended September 30, 2015, diluted earnings per common share increased $0.02, or 1.6%, to $1.27 when compared to $1.25 for the same period in 2014.
The return on average shareholders’ equity for the nine months ended September 30, 2015 was 9.93%, compared to 11.92% for the same period in 2014. The return on average assets was 0.90% for the nine months ended September 30, 2015, compared to 0.97% for the same period in 2014.
“We are extremely pleased with our financial results this quarter,” stated Sam Dawson, President and Chief Executive Officer of Southside Bancshares, Inc. “During the quarter we experienced double digit annualized loan growth of 10.8% as both prior and current quarter loan commitments began to fund. Over two-thirds of this loan growth was booked in September, elevating our anticipation of increases in revenue during the fourth quarter. We are pleased to report loan production remains strong in all of our markets, especially in our Fort Worth and Austin markets. The merger related expense reductions are virtually complete, as evidenced by the linked quarter total noninterest expense decline in each of the three quarters during 2015. We recorded approximately $0.1 million, net of tax, of merger-related expense during the third quarter and approximately $3.4 million, net of tax, of merger-related expense for the nine months. Southside’s balance sheet, asset quality, liquidity and capital all remain strong, allowing for continued strong growth in our market areas.”
“With the integration of OmniAmerican basically complete, we are now focusing on additional operational efficiencies and revenue generating and cost containment opportunities. This effort was commenced earlier this year and should be complete by the summer of 2016. The anticipated results are an enhanced customer experience, operational efficiencies and an increase in net income.”
“Loans increased $59.3 million during the quarter which more than offset the payoffs in our 1-4 family residential loans and the decrease in loans to individuals resulting primarily from the continued roll off in the indirect automobile loan portfolio, which decreased by approximately $23.0 million. During the quarter, construction loans increased $46.6 million, other real estate loans increased $36.3 million and municipal loans increased $5.9 million. Based on loans committed and activity in our pipeline, we continue to anticipate healthy overall net loan growth during 2015. We are focused on executing our business plan as we continue to add value to our customers and the communities we serve.”
Loans and Deposits
For the nine months ended September 30, 2015, total loans increased by $58.0 million, when compared to December 31, 2014. During the nine months ended September 30, 2015, construction loans increased $74.5 million, other real estate loans increased $69.0 million, municipal loans increased $4.9 million, commercial loans increased $1.8 million, 1-4 family real estate loans decreased $12.5 million, and loans to individuals decreased $79.7 million primarily as a result of the decrease in the indirect automobile loan portfolio. Our oil and gas exposure in the loan portfolio remained minimal at September 30, 2015 with direct oil and gas exposure of 1.48% of the loan portfolio and total direct and indirect oil and gas exposure of 2.69% of the loan portfolio.
Nonperforming assets increased during the nine months of 2015 by $21.3 million, to $33.6 million, or 0.70% of total assets, compared to 0.26% at December 31, 2014 primarily due to the downgrade of one large commercial borrowing relationship to impaired status during the first quarter of 2015 and the restructure of a large purchase credit impaired commercial loan during the three months ended September 30, 2015.
During the nine months ended September 30, 2015, the allowance for loan losses increased $5.1 million, to $18.4 million, or 0.8% of total loans, compared to 0.6% at December 31, 2014, as a result of the additional provision associated with loan growth and impaired loans. The allowance for loan losses as a percentage of total loans decreased from the comparable period in 2014 from 1.0%, as a result of the loans acquired in connection with the OmniAmerican Bancorp, Inc. acquisition measured at fair value at the acquisition date with no carryover of the allowance for loan loss and the sale of the subprime automobile loans purchased by Southside Financial Group, Inc., both of which occurred in the second half of 2014.
During the nine months ended September 30, 2015, deposits, net of brokered deposits, decreased $87.1 million, or 2.6%, compared to December 31, 2014. During this nine-month period, public fund deposits decreased $64.0 million due to seasonal fluctuations and the demand for higher interest rates on certain deposits.
Net Interest Income for the Three Months
Net interest income increased $7.6 million, or 29.4%, to $33.3 million for the three months ended September 30, 2015, when compared to $25.7 million for the same period in 2014. The increase in net interest income was primarily the result of the increase in interest income of $8.4 million, compared to the same period in 2014, which was a result of the increase in total loans. For the three months ended September 30, 2015, our net interest spread decreased to 3.26%, compared to 3.65% for the same period in 2014. The net interest margin decreased to 3.35% for the three months ended September 30, 2015, compared to 3.80% for the same period in 2014. The net interest spread and margin each decreased as a result of the decrease in the yield on interest-earning assets, which more than offset the decrease in the yield on interest-bearing liabilities compared to the same period in 2014.
Net Interest Income for the Nine Months
Net interest income increased $18.5 million, or 22.7%, to $100.0 million for the nine months ended September 30, 2015, when compared to $81.5 million for the same period in 2014. The increase in net interest income was primarily the result of the increase in interest income of $20.4 million, compared to the same period in 2014, which was a result of the increase in total loans and total securities. For the nine months ended September 30, 2015, our net interest spread decreased to 3.32%, compared to 3.75% for the same period in 2014. The net interest margin decreased to 3.41% for the nine months ended September 30, 2015, compared to 3.89% for the same period in 2014. The net interest spread and margin each decreased as a result of the decrease in the yield on interest-earning assets, which more than offset the decrease in the yield on interest-bearing liabilities compared to the same period in 2014.
Net Income for the Three Months
Net income increased $5.7 million, or 92.9%, for the three months ended September 30, 2015, to $11.8 million when compared to the same period in 2014. The increase was primarily the result of an increase in interest income of $8.4 million and an increase in noninterest income of $4.1 million combined with a decrease in provision for loan loss of $2.6 million, which were partially offset by a $6.4 million increase in noninterest expense and a $2.2 million increase in income tax expense.
Noninterest expense increased $6.4 million, or 31.8%, for the three months ended September 30, 2015, compared to the same period in 2014, primarily due to increases in salaries and employee benefits expense, occupancy expense, ATM and debit card expense, software and data processing expense and other noninterest expense which were partially offset by a decrease in professional fees.
Net Income for the Nine Months
Net income increased $7.5 million, or 30.4%, for the nine months ended September 30, 2015, to $32.3 million when compared to the same period in 2014. The increase was primarily the result of an increase in interest income of $20.4 million and an increase in noninterest income of $11.2 million combined with a decrease in provision for loan loss of $5.3 million, which were partially offset by a $23.4 million increase in noninterest expense and a $4.1 million increase in income tax expense.
Noninterest expense increased $23.4 million, or 38.6%, for the nine months ended September 30, 2015, compared to the same period in 2014, primarily due to increases in salaries and employee benefits expense, occupancy expense, ATM and debit card expense, software and data processing expense and other noninterest expense which were partially offset by a decrease in professional fees.
Conference Call
Southside's management team will host a conference call to discuss its third quarter 2015 results on Friday, October 30, 2015 at 9:30 am CDT. The call can be accessed by dialing 877-340-9220 and by identifying the conference ID number 65900393 or by identifying “Southside Bancshares, Inc., Third Quarter 2015 Earnings Call.” To listen to call via webcast, register at www.southside.com/about/investor-relations.
For those unable to listen to the conference call live, a recording of the conference call with be available from approximately 3:00 pm CDT October 30, 2015 through November 10, 2015 by accessing the company website, www.southside.com/about/investor-relations.
Non-GAAP Financial Measures
Our accounting and reporting policies conform to generally accepted accounting principles (GAAP) in the United States and prevailing practices in the banking industry. However, certain non-GAAP measures are used by management to supplement the evaluation of our performance. These include the following fully-taxable equivalent measures: tax-equivalent net interest income, tax-equivalent net interest margin, tax-equivalent net interest spread, and tax-equivalent efficiency ratio., which include the effects of taxable-equivalent adjustments using a federal income tax rate of 35% to increase tax-exempt interest income to a tax-equivalent basis. Tax-equivalent adjustments are reported in Notes 2 and 3 to the Average Balances with Average Yields and Rates tables under Results of Operations below.
Tax-equivalent net interest income, net interest margin and net interest spread. Net Interest Income on a tax-equivalent basis is a non-GAAP measure that adjusts for the tax-favored status of net interest income from loans and investments. We believe this measure to be the preferred industry measurement of net interest income and it enhances comparability of net interest income arising from taxable and tax-exempt sources. The most directly comparable financial measure calculated in accordance with GAAP is our net interest income. Net interest margin on a tax-equivalent basis is net interest income on a tax-equivalent basis divided by average interest-earning assets on a tax-equivalent basis. Net interest spread on a tax-equivalent basis is the difference in the average yield on average interest-earning assets on a tax equivalent basis and the average rate paid on average interest-bearing liabilities.
Tax-equivalent efficiency ratio. The efficiency ratio on a tax-equivalent basis is a non-GAAP measure that provides a measure of productivity in the banking industry. This ratio is calculated to measure the cost of generating one dollar of revenue. That is, the ratio is designed to reflect the percentage of one dollar which must be expended to generate that dollar of revenue. We calculate this ratio by dividing noninterest expense, excluding amortization of intangibles and certain non-recurring expense by the sum of net interest income on a tax-equivalent basis and noninterest income, excluding gains (losses) on sales of investment securities and certain non-recurring impairments.
These non-GAAP financial measures should not be considered an alternative to GAAP-basis financial statements, and other bank holding companies may define or calculate these or similar measures differently.
About Southside Bancshares, Inc.
Southside Bancshares, Inc. is a bank holding company with approximately $4.8 billion in assets that owns 100% of Southside Bank. Southside Bank currently has 61 banking centers in Texas and operates a network of over 70 ATMs.
To learn more about Southside Bancshares, Inc., please visit our investor relations website at www.southside.com/investor. Our investor relations site provides a detailed overview of our activities, financial information and historical stock price data. To receive e-mail notification of company news, events and stock activity, please register on the E-mail Notification portion of the website. Questions or comments may be directed to Deborah Wilkinson at (817) 367-4962, or deborah.wilkinson@southside.com.
Forward-Looking Statements
Certain statements of other than historical fact that are contained in this document and in other written material, press releases and oral statements issued by or on behalf of the Company, may be considered to be “forward-looking statements” within the meaning of and subject to the protections of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. These statements may include words such as “expect,” “estimate,” “project,” “anticipate,” “appear,” “believe,” “could,” “should,” “may,” “likely,” “intend,” “probability,” “risk,” “target,” “objective,” “plans,” “potential,” and similar expressions. Forward-looking statements are statements with respect to the Company’s beliefs, plans, expectations, objectives, goals, anticipations, assumptions, estimates, intentions and future performance and are subject to significant known and unknown risks and uncertainties, which could cause the Company's actual results to differ materially from the results discussed in the forward-looking statements. For example, discussions about trends in asset quality, capital, liquidity, the pace of loan and revenue growth, merger-related integration cost savings, earnings and certain market risk disclosures, including the impact of interest rate and other economic uncertainty, are based upon information presently available to management and are dependent on choices about key model characteristics and assumptions and are subject to various limitations. By their nature, certain of the market risk disclosures are only estimates and could be materially different from what actually occurs in the future.
Additional information concerning the Company and its business, including additional factors that could materially affect the Company’s financial results, is included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 under “Forward-Looking Information” and Item 1A. “Risk Factors,” and in the Company’s other filings with the Securities and Exchange Commission. The Company disclaims any obligation to update any factors or to announce publicly the result of revisions to any of the forward-looking statements included herein to reflect future events or developments.
SOUTHSIDE BANCSHARES, INC.
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)
(In thousands, except per share data)
As of
2015
2014
Sept. 30,
June 30,
Mar. 31,
Dec. 31,
Sept. 30,
ASSETS
Cash and due from banks
$
52,311
$
50,406
$
55,055
$
64,001
$
49,937
Interest-bearing deposits
19,583
26,623
52,123
20,654
19,284
Investment securities:
Available for sale, at estimated fair value
301,627
371,019
293,735
306,706
321,221
Held to maturity, at carrying value
386,385
387,212
388,106
388,823
389,529
Mortgage-backed securities:
Available for sale, at estimated fair value
1,073,368
1,094,802
1,140,140
1,142,002
674,529
Held to maturity, at carrying value
385,529
356,669
249,430
253,496
256,528
Federal Home Loan Bank stock, at cost
43,446
37,769
39,978
39,942
24,435
Loans held for sale
4,883
7,431
4,096
2,899
75,436
Loans
2,239,146
2,179,863
2,174,614
2,181,133
1,398,674
Less: Allowance for loan losses
(18,402
)
(16,822
)
(16,926
)
(13,292
)
(13,415
)
Net loans
2,220,744
2,163,041
2,157,688
2,167,841
1,385,259
Premises & equipment, net
109,087
110,493
111,903
112,860
53,889
Goodwill
91,520
90,571
90,394
91,372
22,034
Other intangible assets, net
7,090
7,654
8,242
8,844
100
Bank owned life insurance
94,303
93,673
93,021
92,384
46,890
Other assets
47,599
58,655
48,482
115,437
48,960
Total assets
$
4,837,475
$
4,856,018
$
4,732,393
$
4,807,261
$
3,368,031
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits
$
681,618
$
715,966
$
680,122
$
661,014
$
585,415
Interest-bearing deposits
2,646,259
2,752,717
2,815,218
2,713,403
1,858,149
Total deposits
3,327,877
3,468,683
3,495,340
3,374,417
2,443,564
Short-term obligations
445,008
284,783
143,371
301,605
53,924
Long-term obligations
558,867
632,565
609,856
660,363
536,315
Other liabilities
58,575
38,313
49,012
45,633
43,119
Total liabilities
4,390,327
4,424,344
4,297,579
4,382,018
3,076,922
Shareholders' equity
447,148
431,674
434,814
425,243
291,109
Total liabilities and shareholders' equity
$
4,837,475
$
4,856,018
$
4,732,393
$
4,807,261
$
3,368,031
At or For the Three Months Ended
2015
2014
Sept. 30,
June 30,
Mar. 31,
Dec. 31,
Sept. 30,
Income Statement:
Total interest income
$
38,211
$
37,750
$
38,607
$
29,613
$
29,840
Total interest expense
4,926
4,845
4,816
4,259
4,120
Net interest income
33,285
32,905
33,791
25,354
25,720
Provision for loan losses
2,276
268
3,848
3,287
4,868
Net interest income after provision for loan losses
31,009
32,637
29,943
22,067
20,852
Noninterest income
Deposit services
5,213
4,920
4,989
3,988
3,860
Net gain on sale of securities available for sale
875
105
2,476
1,170
1,151
Impairment of investment in SFG Finance, LLC
—
—
—
(516
)
(2,239
)
Gain on sale of loans
305
822
377
54
108
Trust income
835
820
893
805
798
Bank owned life insurance income
661
653
669
393
320
Other
1,227
1,099
1,644
1,255
1,021
Total noninterest income
9,116
8,419
11,048
7,149
5,019
Noninterest expense
Salaries and employee benefits
15,733
16,869
18,199
21,829
12,798
Occupancy expense
3,071
2,593
3,459
1,946
1,773
Advertising, travel & entertainment
642
683
657
582
489
ATM and debit card expense
617
750
679
385
327
Professional fees
825
793
742
4,464
1,132
Software and data processing expense
819
1,237
1,031
3,099
543
Telephone and communications
534
603
469
332
292
FDIC insurance
624
629
638
446
437
FHLB prepayment fees
—
—
—
539
—
Other
3,527
3,768
3,835
3,457
2,226
Total noninterest expense
26,392
27,925
29,709
37,079
20,017
Income (loss) before income tax expense
13,733
13,131
11,282
(7,863
)
5,854
Income tax expense (benefit)
1,971
1,967
1,903
(3,918
)
(243
)
Net income (loss)
$
11,762
$
11,164
$
9,379
$
(3,945
)
$
6,097
Common share data:
Weighted-average basic shares outstanding
25,360
25,337
25,322
20,757
19,809
Weighted-average diluted shares outstanding
25,445
25,425
25,403
20,757
19,915
Shares outstanding end of period
25,373
25,351
25,331
25,317
19,863
Net income (loss) per common share
Basic
$
0.46
$
0.44
$
0.37
$
(0.19
)
$
0.31
Diluted
0.46
0.44
0.37
(0.19
)
0.31
Cash dividend paid per common share
0.23
0.23
0.23
0.32
0.22
Selected Performance Ratios:
Return on average assets
0.96
%
0.93
%
0.79
%
(0.43
)%
0.72
%
Return on average shareholders’ equity
10.65
10.30
8.79
(4.94
)
8.41
Average yield on interest earning assets
3.79
3.83
3.95
3.92
4.32
Average yield on interest bearing liabilities
0.53
0.53
0.53
0.63
0.67
Net interest spread
3.26
3.30
3.42
3.29
3.65
Net interest margin
3.35
3.39
3.50
3.42
3.80
Average interest earnings assets to average interest bearing liabilities
121.61
120.22
118.36
125.71
128.27
Noninterest expense to average total assets
2.16
2.34
2.50
4.04
2.38
Efficiency ratio
56.36
59.98
62.07
60.04
55.05
At or For the Nine Months Ended
September 30,
2015
2014
Income Statement:
Total interest income
$
114,568
$
94,165
Total interest expense
14,587
12,697
Net interest income
99,981
81,468
Provision for loan losses
6,392
11,651
Net interest income after provision for loan losses
93,589
69,817
Noninterest income
Deposit services
15,122
11,292
Net gain on sale of securities available for sale
3,456
1,660
Impairment of investment in SFG Finance, LLC
—
(2,239
)
Gain on sale of loans
1,504
269
Trust income
2,548
2,340
Bank owned life insurance income
1,983
941
Other
3,970
3,077
Total noninterest income
28,583
17,340
Noninterest expense
Salaries and employee benefits
50,801
38,992
Occupancy expense
9,123
5,313
Advertising, travel & entertainment
1,982
1,637
ATM and debit card expense
2,046
946
Professional fees
2,360
3,363
Software and data processing expense
3,087
1,530
Telephone and communications
1,606
890
FDIC insurance
1,891
1,319
Other
11,130
6,635
Total noninterest expense
84,026
60,625
Income before income tax expense
38,146
26,532
Income tax expense
5,841
1,754
Net income
$
32,305
$
24,778
Common share data:
Weighted-average basic shares outstanding
25,340
19,782
Weighted-average diluted shares outstanding
25,424
19,881
Net income per common share
Basic
$
1.27
$
1.25
Diluted
1.27
1.25
Book value per common share
17.62
14.66
Cash dividend paid per common share
0.69
0.64
Selected Performance Ratios:
Return on average assets
0.90
%
0.97
%
Return on average shareholders’ equity
9.93
11.92
Average yield on interest earning assets
3.85
4.42
Average yield on interest bearing liabilities
0.53
0.67
Net interest spread
3.32
3.75
Net interest margin
3.41
3.89
Average interest earnings assets to average interest bearing liabilities
120.06
126.45
Noninterest expense to average total assets
2.33
2.37
Efficiency ratio
59.48
53.94
Southside Bancshares, Inc.
Selected Financial Data (Unaudited)
(In thousands)
Three Months Ended
2015
2014
Sept. 30,
June 30,
Mar. 31,
Dec. 31,
Sept. 30,
Nonperforming assets
33,621
27,794
27,262
12,277
9,864
Nonaccrual loans
20,988
21,223
20,321
4,096
4,685
Accruing loans past due more than 90 days
—
30
1
4
1
Restructured loans
11,772
5,667
5,782
5,874
4,388
Other real estate owned
793
787
985
1,738
383
Repossessed assets
68
87
173
565
407
Asset Quality Ratios:
Nonaccruing loans to total loans
0.94
%
0.97
%
0.93
%
0.19
%
0.33
%
Allowance for loan losses to nonaccruing loans
87.68
79.26
83.29
324.51
286.34
Allowance for loan losses to nonperforming assets
54.73
60.52
62.09
108.27
136.00
Allowance for loan losses to total loans
0.82
0.77
0.78
0.61
0.96
Nonperforming assets to total assets
0.70
0.57
0.58
0.26
0.29
Net charge-offs to average loans
0.13
0.07
0.04
0.88
2.76
Capital Ratios:
Shareholders’ equity to total assets
9.24
8.89
9.19
8.85
8.64
Average shareholders’ equity to average total assets
9.03
9.07
8.98
8.71
8.61
Loan Portfolio Composition
The following table sets forth loan totals by category for the periods presented:
Real Estate Loans:
Construction
$
342,282
$
295,633
$
275,960
$
267,830
$
178,127
1-4 Family Residential
678,431
683,944
693,137
690,895
394,889
Other
537,161
500,906
470,877
468,171
332,519
Commercial Loans
228,272
228,789
241,100
226,460
162,356
Municipal Loans
262,384
256,492
252,756
257,492
256,319
Loans to Individuals
190,616
214,099
240,784
270,285
74,464
Total Loans
$
2,239,146
$
2,179,863
$
2,174,614
$
2,181,133
$
1,398,674
RESULTS OF OPERATIONS
The analysis below shows average interest earning assets and interest bearing liabilities together with the average yield on the interest earning assets and the average rate of the interest bearing liabilities.
Interest on loans includes net fees on loans that are not material in amount.
(2
)
Interest income includes taxable-equivalent adjustments of $1,044 and $1,047 for the three months ended September 30, 2015 and June 30, 2015, respectively.
(3
)
Interest income includes taxable-equivalent adjustments of $3,199 and $3,108 for the three months ended September 30, 2015 and June 30, 2015, respectively.
(4
)
For the purpose of calculating the average yield, the average balance of securities is presented at historical cost.
(5
)
Represents the issuance of junior subordinated debentures.
Note: As of September 30, 2015 and June 30, 2015, loans on nonaccrual status totaled $20,988 and $21,223, respectively. Our policy is to reverse previously accrued but unpaid interest on nonaccrual loans; thereafter, interest income is recorded to the extent received when appropriate.
Interest on loans includes net fees on loans that are not material in amount.
(2
)
Interest income includes taxable-equivalent adjustments of $1,050 and $874 for the three months ended March 31, 2015 and December 31, 2014, respectively.
(3
)
Interest income includes taxable-equivalent adjustments of $2,969 and $3,041 for the three months ended March 31, 2015 and December 31, 2014, respectively.
(4
)
For the purpose of calculating the average yield, the average balance of securities is presented at historical cost.
(5
)
Represents the issuance of junior subordinated debentures.
Note: As of March 31, 2015 and December 31, 2014, loans on nonaccrual status totaled $20,321 and $4,096, respectively. Our policy is to reverse previously accrued but unpaid interest on nonaccrual loans; thereafter, interest income is recorded to the extent received when appropriate.
Interest on loans includes net fees on loans that are not material in amount.
(2
)
Interest income includes taxable-equivalent adjustment of $1,008 for the three months ended September 30, 2014.
(3
)
Interest income includes taxable-equivalent adjustment of $3,289 for the three months ended September 30, 2014.
(4
)
For the purpose of calculating the average yield, the average balance of securities is presented at historical cost.
(5
)
Represents the issuance of junior subordinated debentures.
Note: As of September 30, 2014, loans on nonaccrual status totaled $4,685. Our policy is to reverse previously accrued but unpaid interest on nonaccrual loans; thereafter, interest income is recorded to the extent received when appropriate.
Interest on loans includes net fees on loans that are not material in amount.
(2
)
Interest income includes taxable-equivalent adjustments of $3,141 and $3,025 for the nine months ended September 30, 2015 and 2014, respectively.
(3
)
Interest income includes taxable-equivalent adjustments of $9,276 and $9,184 for the nine months ended September 30, 2015 and 2014, respectively.
(4
)
For the purpose of calculating the average yield, the average balance of securities is presented at historical cost.
(5
)
Represents the issuance of junior subordinated debentures.
Note: As of September 30, 2015 and 2014, loans on nonaccrual status totaled $20,988 and $4,685, respectively. Our policy is to reverse previously accrued but unpaid interest on nonaccrual loans; thereafter, interest income is recorded to the extent received when appropriate.
Source: GlobeNewswire
(October 30, 2015 - 7:01 AM EDT)