ASHEVILLE, N.C., Jan. 30, 2017 /PRNewswire/ -- ASB Bancorp,
Inc. (the "Company") (NASDAQ GM: ASBB), the holding company for
Asheville Savings Bank, S.S.B. (the "Bank"), announced today its
unaudited preliminary operating results for the three months and
year ended December 31, 2016. The
Company reported a net loss of $(3.3)
million, or $(0.97) per
diluted common share, for the quarter ended December 31, 2016 compared to net income of
$946,000, or $0.24 per diluted common share, for the same
quarter of 2015. Net income totaled $1.2
million, or $0.33 per diluted
common share, for the year ended December
31, 2016 compared to $3.6
million, or $0.89 per diluted
common share, for the year ended December
31, 2015. The loss for the quarter and lower earnings for
the year ended December 31, 2016 were
primarily attributable to the Bank's settlement of its qualified
pension plan liability during the quarter, as described below.
Excluding the impact of the one-time qualified pension plan
settlement charge, net of income taxes, net income for the fourth
quarter of 2016 increased 58.1% to $1.5
million, or $0.42 per diluted
common share, from $946,000, or
$0.24 per diluted common share, for
the fourth quarter of 2015, while net income for the full-year 2016
increased 68.9% to $6.0 million, or
$1.65 per diluted common share, from
$3.6 million, or $0.89 per diluted common share, for
2015.
As disclosed in each of the previous three quarters, the Bank
decided in April 2016 to settle its
qualified pension plan liability in November
2016 for all participants. The settlement was recognized in
the fourth quarter of 2016 when participants received annuities or
lump sum payments of their accrued benefit balances. The one-time
settlement charge was $7.6 million
before income taxes, or $4.8 million
after income taxes, which had previously been included in
accumulated other comprehensive income and, due to the settlement,
was expensed through the income statement but did not materially
impact capital levels. The settlement charge resulted in earnings
dilution of $1.32 per common share
with no dilution of common equity book value per share. For future
periods following the settlement, the Bank estimates annual
periodic expense savings of approximately $810,000 before income taxes, or $513,000 after income taxes, or $0.14 per diluted common share.
Suzanne S. DeFerie, President and
Chief Executive Officer, commented: "We ended 2016 as we began it,
with solid financial results and strong core earnings. This was a
result of continued growth in core deposits and loans, growth in
net interest margin, good cost control and improved credit
quality."
"As planned and as we disclosed during the last several earnings
reports, we completed the settlement of our pension plan in the
fourth quarter. The impact on results from this expense was in line
with the Bank's expectations set forth during previous quarters.
While we recognize this settlement had a one-time impact on our
reported results, this was a prudent action as we expect to realize
significant cost savings, which we believe will have a positive
effect on future earnings."
Ms. DeFerie continued, "We began the new year with a strong
balance sheet, continuing improved trends in our markets and solid
momentum in our results. We will seek to continue this momentum and
generate attractive results and value for our shareholders."
Fourth Quarter Highlights
- Net loss for the fourth quarter of 2016 was $3.3 million, or $0.97 per diluted common share, compared to net
income of $946,000, or $0.24 per diluted common share, for the fourth
quarter of 2015, primarily due to the settlement of the Bank's
qualified pension plan.
- The 2016 fourth quarter and full year results included a
one-time charge to settle the Bank's qualified pension plan of
$7.6 million before income taxes and
$4.8 million after income taxes.
Excluding the after-tax pension plan settlement charge and net
gains realized from the sale of investment securities, core
earnings for the fourth quarter of 2016 increased 78.6% to
$1.5 million, or $0.42 per diluted common share, from $837,000, or $0.21
per diluted common share, for the fourth quarter of 2015. For the
full year, core earnings and diluted earnings per share, excluding
the above, grew 61.8% and 77.1%, respectively.
- Net interest income increased 6.9% to $6.1 million for the three months ended December
31, 2016 from $5.7 million for
the three months ended December 31,
2015. The net interest margin improved to 3.23% for the
fourth quarter of 2016 compared to 3.04% for the fourth quarter of
2015.
- Interest income from loans increased 8.1% in the fourth quarter
of 2016 compared to the fourth quarter of 2015, primarily
reflecting a $33.7 million increase
in average loan balances when comparing the two quarters.
- The Company recorded a provision for loan losses in the amount
of $137,000 in the fourth quarter of
2016 compared to a recovery of loan losses of $89,000 in the fourth quarter of 2015. The
allowance for loan losses declined to 1.08% of total loans at
December 31, 2016 from 1.09% of
total loans at December 31, 2015,
although the allowance coverage of nonperforming loans
increased to 646.64% at December 31,
2016 compared to 246.82% at December
31, 2015.
- Loan balances increased $27.5
million, or 4.8%, to $603.6
million at December 31, 2016
from $576.1 million for the year
ended December 31, 2015 and increased
$5.6 million since September 30, 2016 as new loan originations
exceeded loan repayments, prepayments and foreclosures.
- Noninterest income increased 5.1% to $1.9 million for the fourth quarter of 2016 from
$1.8 million for the fourth quarter
of 2015, primarily due to an increase in mortgage banking income,
which was mostly offset by a reduction in gains realized from the
sale of investment securities.
- Noninterest expenses increased $7.3
million to $13.2 million for
the fourth quarter of 2016 from $5.9
million for the fourth quarter of 2015, primarily due to the
increase in employee benefits related to termination of the
qualified pension plan.
- Delinquent and nonperforming loans were 0.27% and 0.17%,
respectively, of total loans at December 31,
2016 compared to 0.49% and 0.44%, respectively, at
December 31, 2015.
- Nonperforming assets, including foreclosed properties and
repossessed assets, were 0.79% of total assets at December 31, 2016 compared to 1.06% at
December 31, 2015 and 0.78% at
September 30, 2016.
- Core deposits, which exclude certificates of deposit, increased
$20.5 million, or 4.1%, since
December 31, 2015 and $5.3 million, or 1.0%, since September 30, 2016. Noninterest-bearing deposits
increased $10.3 million, or 9.0%, and
commercial non-maturity deposits increased $8.3 million, or 5.6%, since December 31, 2015.
- Book value per common share was $24.06 at December 31,
2016 compared to $24.12 at
September 30, 2016 and $22.50 at December 31,
2015.
- Capital remains strong with consolidated regulatory capital
ratios of 15.54% Common Equity Tier 1 capital, 11.58% Tier 1
leverage capital, 15.54% Tier 1 risk-based capital and 16.63% total
risk-based capital as of December 31,
2016.
Income Statement Analysis
Net Interest Income. Net interest income increased
$393,000, or 6.9%, to $6.1 million for the fourth quarter of 2016
compared to $5.7 million for the
fourth quarter of 2015. The net interest margin increased 19 basis
points to 3.23% for the quarter ended December 31, 2016 compared to 3.04% for the
quarter ended December 31, 2015.
Total interest and dividend income increased $401,000, or 6.1%, to $6.9
million for the fourth quarter of 2016 compared to
$6.5 million for the fourth quarter
of 2015, primarily resulting from a $33.7
million increase in average loan balances, a 10 basis point
increase in the average yield on loans, and a 30 basis point
increase in the average yield on investment securities, which were
partially offset by a $33.2 million
decrease in the average balance of investment securities. Interest
expense increased $8,000 to
$875,000 for the fourth quarter of
2016 from $867,000 for the fourth
quarter of 2015, primarily due to a $14.7
million increase in the average balances of NOW, money
market and savings accounts, which was partially offset by a
decrease of $9.4 million in average
balances of certificates of deposit. The average rate paid on
interest-bearing deposits was 0.29% for both quarterly periods.
When comparing the these same three-month periods, average
noninterest-bearing deposits grew $13.5
million, or 11.3%, which contributed to minimizing deposit
interest expense while deposit funding grew.
Net interest income increased $2.0
million, or 8.9%, for the year ended December 31, 2016 as compared to the year ended
December 31, 2015, primarily due to
an increase in interest income on loans and a slight decrease in
interest expense on deposits, which were partially offset by a
decrease in interest and dividend income on securities. Total
interest and dividend income increased $1.9
million, or 7.5%, during the year ended December 31, 2016. Loan interest income increased
$2.0 million, or 8.8%, during the
year ended December 31, 2016,
primarily due to an increase in average outstanding loans of
$44.4 million, or 8.0%, and a 4 basis
point increase in the yield earned on loans during 2016. Interest
income from investment securities decreased by $148,000, attributable to a $22.0 million decrease in the average balance of
investment securities, partially offset by a 29 basis point
increase in the yield earned on the investment portfolio. Total
interest expense decreased $41,000,
or 1.2%, during the year ended December 31,
2016. The slightly lower interest expense was primarily
attributable to lower average balances of certificates of deposit,
which were partially offset by higher average balances of NOW,
money market and savings accounts. The Company continued its focus
on core deposit growth, from which it excludes certificates of
deposit. The average rate paid on total interest-bearing
liabilities decreased one basis point during 2016. Average
noninterest-bearing deposits grew $13.7
million, or 12.5%, when comparing the same periods, which
contributed to the reduction in deposit interest expense while
deposit funding grew.
Noninterest Income. Noninterest income increased
$94,000, or 5.1%, to $1.9 million for the three months ended
December 31, 2016 compared to
$1.8 million for the three months
ended December 31, 2015. Factors that
contributed to the increase in noninterest income during the 2016
period included increases of $187,000
in mortgage banking income, $88,000
in income from investment in bank owned life insurance, and
$43,000 in debit card income, which
were partially offset by decreases of $172,000 in net gains from the sale of investment
securities and $45,000 in collected
loan fees.
During the year ended December 31,
2016, total noninterest income increased $1.3 million, or 16.6%, to $8.8 million from $7.5
million for the year ended December
31, 2015. The increase in noninterest income during 2016 was
primarily attributable to $746,000 in
higher net gains from the sale of investment securities,
$241,000 in deposit and other service
charge income and $185,000 in income
from investment in bank owned life insurance. The increase in gains
from sales of investment securities was primarily due to more sales
of investment securities that were needed to fund loan growth,
Company stock repurchases and employer pension plan contributions.
The increase in deposit fees was primarily the result of higher
retail checking account fees and overdraft fees.
Noninterest Expenses. Noninterest expenses
increased $7.3 million, or 122.8%, to
$13.2 million for the three
months ended December 31, 2016 from
$5.9 million for the three months
ended December 31, 2015. The increase
in the fourth quarter of 2016 was primarily attributable to an
increase of $7.6 million related to
settlement expenses for termination of the qualified pension plan,
which was partially offset by decreases of $249,000 in compensation expenses and
$102,000 in Federal deposit insurance
premiums.
Noninterest expenses increased $7.0
million to $30.5 million for
the year ended December 31, 2016 from
$23.5 million for the year ended
December 31, 2015. Increases of
$7.6 million in pension plan
settlement expenses for termination of the qualified pension plan,
$186,000 in data processing fees and
$107,000 in debit card expense were
partially offset by decreases of $422,000 in compensation expenses, $179,000 in Federal deposit insurance premiums,
$172,000 in loan expenses and
$84,000 in mortgage software
expenses.
Balance Sheet Review
Assets.Total assets increased $12.9 million, or 1.7%, to $795.8 million at December
31, 2016 from $782.9 million
at December 31, 2015. Investment
securities decreased $37.8 million,
or 26.7%, to $103.6 million at
December 31, 2016 from $141.4 million at December
31, 2015 and cash and cash equivalents increased
$13.3 million to $46.7 million at December
31, 2016 from $33.4 million at
December 31, 2015, primarily due to
the redeployment of investment securities to fund loan growth,
Company stock repurchases and employer pension plan contributions.
Loans receivable, net of deferred fees, increased $27.5 million, or 4.8%, to $603.6 million at December
31, 2016 from $576.1 million
at December 31, 2015 as new loan
originations exceeded loan repayments, prepayments, and
foreclosures. During 2016, a $10.0
million purchase of bank owned life insurance was
completed.
Liabilities. Total liabilities increased
$11.5 million to $704.7 million at December
31, 2016 from $693.2 million at December 31, 2015. Total deposits increased
$16.7 million, or 2.7%, to
$647.6 million at December 31, 2016 from $630.9 million at December
31, 2015, primarily as a result of growth in lower cost
transaction accounts. Core deposits, which exclude certificates of
deposit, increased $20.5 million, or
4.1%, to $516.1 million at
December 31, 2016 from $495.6 million at December
31, 2015 as a result of the Company's continued focus on
increasing core deposits to fund loan growth. Accounts payable and
other liabilities decreased $5.2
million, or 44.1%, to $6.7
million at December 31, 2016
from $11.9 million at December 31, 2015. The decrease in 2016 was
primarily attributable to $5.5
million reduction in the pension liability as a
result of contribution to the qualified pension plan.
Commercial checking and money market accounts increased
$8.3 million, or 5.6%, to
$155.3 million at December 31, 2016 from $147.0 million at December
31, 2015, reflecting expanded sources of lower cost funding.
The Company's initiatives to obtain new commercial deposit
relationships in conjunction with making new commercial loans
significantly contributed to this increase and reflects its
commitment to establishing diversified relationships with business
clients.
Certificates of deposit decreased $3.8
million, or 2.8%, to $131.5
million at December 31, 2016
from $135.3 million at December 31, 2015. The decrease reflects
management's continued focus on managing deposit interest rates to
help improve the Bank's net interest margin. A portion of these
funds moved into our other types of interest-bearing deposits,
including money market accounts. Our need for loan funding, ability
to invest these funds for a positive return and consideration of
other customer relationships influence our willingness to match
competitors' rates to retain these accounts.
Asset Quality
Provision for Loan Losses. The Company recorded a
provision for loan losses in the amount of $137,000 for the fourth quarter of 2016
compared to a recovery of loan losses of $89,000 for the fourth quarter of 2015. The
increase in the provision for loan losses for the fourth quarter of
2016 was due to loan growth in 2016, in addition to a lower
provision for 2015 attributable to a large recovery received during
the fourth quarter of 2015. Loan charge-offs, net of recoveries,
were $57,000 for the fourth quarter
of 2016 compared to net recoveries of $81,000 for the same quarter of 2015.
The Company recorded a provision for loan losses in the amount
of $548,000 for the year ended
December 31, 2016 compared to
$361,000 for the year ended
December 31, 2015. Net charge-offs
were $293,000 for the year ended
December 31, 2016 compared to
$21,000 for the year ended
December 31, 2015. The increase in
the provision for loan losses was primarily due to loan growth in
2016. The allowance for loan losses totaled $6.5 million, or 1.08% of total loans, at
December 31, 2016 compared to
$6.3 million, or 1.09% of total
loans, at December 31, 2015.
Nonperforming Assets. Nonperforming assets
decreased $2.0 million, or 24.1%, to
$6.3 million, or 0.79% of total
assets, at December 31, 2016,
compared to $8.3 million, or 1.06% of
total assets, at December 31, 2015.
Nonperforming assets included $1.0
million in nonperforming loans and $5.3 million in foreclosed real estate and
repossessed assets at December 31,
2016, compared to $2.5 million
and $5.7 million, respectively, at
December 31, 2015.
Nonperforming loans decreased $1.5
million, or 60.3%, to $1.0
million at December 31, 2016
from $2.5 million at December 31, 2015. Nonperforming commercial loans
decreased $982,000 and nonperforming
residential mortgage loans decreased $683,000 during 2016. Real property securing
nonperforming loans in the amount of $992,000 was moved into foreclosed real estate,
while performing troubled debt restructurings ("TDRs") decreased
$9,000, or 0.2%, when comparing the
same periods. Total performing TDRs and nonperforming assets
decreased $2.0 million, or 15.6%, to
$10.8 million, or 1.36% of total
assets, at December 31, 2016,
compared to $12.8 million, or 1.64%
of total assets, at December 31,
2015.
Nonperforming loans at December 31,
2016 included two commercial and industrial loans that
totaled $63,000, three residential
mortgage loans that totaled $626,000,
and seven home equity loans that totaled $323,000. As of December
31, 2016, the nonperforming loans had specific reserves
totaling $83,000. TDRs were
$4.6 million at December 31, 2016 and $5.5
million at December 31, 2015.
There were no additions to TDRs during the twelve months
ended December 31, 2016. At
December 31, 2016, $4.5 million of the $4.6 million TDRs were performing.
Foreclosed real estate at December 31,
2016 included ten properties with a total carrying value of
$5.1 million compared to six
properties with a total carrying value of $5.6 million at December
31, 2015. During 2016, there were five new properties in the
amount of $992,000 added to
foreclosed real estate, while one property totaling $685,000 was sold. In addition, during 2016, the
Bank sold one of its 12 units in a mixed-use condominium complex
for net proceeds of $701,000 along
with five residential lots in a mixed-use lot subdivision and one
parcel of land that was a portion of a residential property for net
proceeds of $161,000. Loss provisions
on foreclosed real estate of $21,000
were recorded during 2016, and there were no capital additions
during the period.
The Bank's largest foreclosed property resulted from a loan
relationship that had an original purpose of constructing a
mixed-use retail, commercial office, and residential condominium
project located in Western North
Carolina. As a result of this foreclosure, the Bank acquired
44 of the 48 condominium units in the building. Following an
additional write-down of approximately $630,000 on the loans secured by this collateral
in the fourth quarter of 2012, the Bank recorded this foreclosed
property in the amount of $9.8
million. During 2013, the Bank recorded additional
write-downs totaling $1.6 million,
which resulted in an adjusted recorded amount of $8.2 million at December
31, 2013. During the year ended December 31, 2014, the Bank recorded an
additional write-down of $133,000 on
the property and sold 28 residential condominium units and one
office unit. During 2015, the Bank sold one retail unit and two
office units. During 2016, the Bank sold one retail unit. At
December 31, 2016, the adjusted
recorded amount was $3.6 million for
the remaining six retail units and five office units.
Profile
The Bank is a North Carolina
chartered stock savings bank offering traditional financial
services through 13 full-service banking centers located in
Buncombe, Madison, McDowell, Henderson and Transylvania counties in Western North Carolina. Originally chartered
in 1936 and headquartered in Asheville, North Carolina, the Bank is
locally managed with a focus on fostering strong relationships with
its customers, its employees and the communities it serves. The
Bank was recognized as the 2016 #1 Best Overall Bank, #1 Best
Mortgage Company, #1 Best Bank Services for Small Business and #1
Best Business That Gives Back To The Community by the readers of
the Mountain Xpress newspaper in Western North Carolina.
This news release, as well as other written communications made
from time to time by the Company and its subsidiaries and oral
communications made from time to time by authorized officers of the
Company, may contain statements relating to the future results of
the Company (including certain projections, performance and growth
targets and business trends) that are considered "forward-looking
statements" as defined in the Private Securities Litigation Reform
Act of 1995, Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. Such forward-looking
statements may be identified by the use of such words as "believe,"
"expect," "anticipate," "should," "planned," "estimated," "intend"
and "potential," and are subject to the protections of the safe
harbors created by such acts.
The Company cautions you that a number of important factors
could cause actual results to differ materially from those
currently anticipated in any forward-looking statement. Such
factors include, but are not limited to: prevailing economic and
geopolitical conditions; changes in interest rates, loan demand,
real estate values and competition; changes in accounting
principles, policies, and guidelines; changes in any applicable
law, rule, regulation or practice with respect to tax or legal
issues; and other economic, competitive, governmental, regulatory
and technological factors affecting the Company's operations,
pricing, products and services and other factors described in the
Company's filings with the Securities and Exchange Commission,
including its Annual Reports on Form 10-K and Quarterly Reports on
Form 10-Q. The forward-looking statements are made as of the date
of this release, and, except as may be required by applicable law
or regulation, the Company assumes no obligation to update the
forward-looking statements or to update the reasons why actual
results could differ from those projected in the forward-looking
statements.
Contact:
|
Suzanne S.
DeFerie
|
|
Chief Executive
Officer
|
|
(828)
254-7411
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Selected Financial
Condition Data
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
|
(Dollars in
thousands)
|
|
|
|
|
2016
|
|
2015 (1)
|
|
% Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
|
|
|
|
|
$ 795,823
|
|
$ 782,853
|
|
1.7%
|
Cash and cash
equivalents
|
|
|
|
|
46,724
|
|
33,401
|
|
39.9%
|
Investment
securities
|
|
|
|
|
|
103,581
|
|
141,364
|
|
-26.7%
|
Loans receivable, net
of deferred fees
|
|
|
|
603,582
|
|
576,087
|
|
4.8%
|
Allowance for loan
losses
|
|
|
|
|
(6,544)
|
|
(6,289)
|
|
-4.1%
|
Deposits
|
|
|
|
|
|
647,623
|
|
630,904
|
|
2.7%
|
Core deposits
(2)
|
|
|
|
|
|
516,125
|
|
495,628
|
|
4.1%
|
FHLB
advances
|
|
|
|
|
|
50,000
|
|
50,000
|
|
0.0%
|
Accounts payable and
other liabilities
|
|
|
|
6,671
|
|
11,940
|
|
-44.1%
|
Total
equity
|
|
|
|
|
|
|
91,137
|
|
89,682
|
|
1.6%
|
(1) Derived
from audited consolidated financial statements.
|
|
|
|
(2) Core deposits are
defined as total deposits excluding certificates of
deposit.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Operating
Data
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
(Dollars in
thousands,
|
|
December
31,
|
|
December
31,
|
except per share
data)
|
|
2016
|
|
2015
|
|
% Change
|
|
2016
|
|
2015
|
|
% Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
dividend
income
|
|
$
6,934
|
|
$
6,533
|
|
6.1%
|
|
$
27,348
|
|
$
25,435
|
|
7.5%
|
Interest
expense
|
|
875
|
|
867
|
|
0.9%
|
|
3,444
|
|
3,485
|
|
-1.2%
|
Net interest
income
|
|
6,059
|
|
5,666
|
|
6.9%
|
|
23,904
|
|
21,950
|
|
8.9%
|
Provision
for
|
|
|
|
|
|
|
|
|
|
|
|
|
(recovery of)
loan losses
|
|
137
|
|
(89)
|
|
253.9%
|
|
548
|
|
361
|
|
51.8%
|
Net interest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
after
provision for
|
|
|
|
|
|
|
|
|
|
|
|
|
(recovery of)
loan losses
|
|
5,922
|
|
5,755
|
|
2.9%
|
|
23,356
|
|
21,589
|
|
8.2%
|
Noninterest
income
|
|
1,941
|
|
1,847
|
|
5.1%
|
|
8,756
|
|
7,509
|
|
16.6%
|
Noninterest expenses
(1)
|
|
13,191
|
|
5,921
|
|
122.8%
|
|
30,450
|
|
23,540
|
|
29.4%
|
Income (loss)
before
|
|
|
|
|
|
|
|
|
|
|
|
|
income tax
provision (1)
|
(5,328)
|
|
1,681
|
|
-417.0%
|
|
1,662
|
|
5,558
|
|
-70.1%
|
Income tax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
provision
(benefit)
|
|
(2,004)
|
|
735
|
|
-372.7%
|
|
444
|
|
1,983
|
|
-77.6%
|
Net income (loss)
(1)
|
|
$
(3,324)
|
|
$
946
|
|
-451.4%
|
|
$
1,218
|
|
$
3,575
|
|
-65.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
per
|
|
|
|
|
|
|
|
|
|
|
|
|
common
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
$
(0.97)
|
|
$
0.25
|
|
-488.0%
|
|
$
0.35
|
|
$
0.92
|
|
-62.0%
|
Diluted
|
|
|
|
$
(0.97)
|
|
$
0.24
|
|
-504.2%
|
|
$
0.33
|
|
$
0.89
|
|
-62.9%
|
Average shares
outstanding:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
3,419,782
|
|
3,769,438
|
|
-9.3%
|
|
3,505,387
|
|
3,884,691
|
|
-9.8%
|
Diluted
|
|
|
|
3,419,782
|
|
3,931,470
|
|
-13.0%
|
|
3,659,575
|
|
4,004,385
|
|
-8.6%
|
Ending shares
outstanding
|
3,788,025
|
|
3,985,475
|
|
-5.0%
|
|
3,788,025
|
|
3,985,475
|
|
-5.0%
|
(1) Amounts for the
periods ended December 31, 2016 include qualified pension plan
settlement charges of
|
|
|
$7,607 before income
taxes and $4,820 after income taxes.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Average
Balances and Yields/Costs
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
|
|
|
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
Average
|
|
Yield/
|
|
Average
|
|
Yield/
|
(Dollars in
thousands)
|
|
|
|
|
|
Balance
|
|
Cost
|
|
Balance
|
|
Cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
receivable
|
|
|
|
|
|
$ 608,884
|
|
4.11%
|
|
$ 575,148
|
|
4.01%
|
Investment
securities, including tax-exempt (1)
|
|
106,855
|
|
2.57%
|
|
140,057
|
|
2.27%
|
Other
interest-earning assets
|
|
|
|
2,829
|
|
4.50%
|
|
2,807
|
|
4.52%
|
Total
interest-earning assets (1)
|
|
|
|
761,735
|
|
3.69%
|
|
757,853
|
|
3.50%
|
Interest-bearing
deposits
|
|
|
|
|
|
520,320
|
|
0.29%
|
|
515,051
|
|
0.29%
|
Federal Home Loan
Bank advances
|
|
|
|
50,000
|
|
3.94%
|
|
50,000
|
|
3.93%
|
Total
interest-bearing liabilities
|
|
|
|
570,515
|
|
0.61%
|
|
565,191
|
|
0.61%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate spread
(1)
|
|
|
|
|
|
|
|
3.08%
|
|
|
|
2.89%
|
Net interest margin
(1)
|
|
|
|
|
|
|
|
3.23%
|
|
|
|
3.04%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December
31,
|
|
|
|
|
|
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
Average
|
|
Yield/
|
|
Average
|
|
Yield/
|
(Dollars in
thousands)
|
|
|
|
|
|
Balance
|
|
Cost
|
|
Balance
|
|
Cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
receivable
|
|
|
|
|
|
$ 601,654
|
|
4.12%
|
|
$ 557,221
|
|
4.08%
|
Investment
securities, including tax-exempt (1)
|
|
115,392
|
|
2.39%
|
|
137,424
|
|
2.10%
|
Other
interest-earning assets
|
|
|
|
2,858
|
|
4.72%
|
|
2,827
|
|
4.49%
|
Total
interest-earning assets (1)
|
|
|
|
755,451
|
|
3.69%
|
|
746,531
|
|
3.47%
|
Interest-bearing
deposits
|
|
|
|
|
|
513,080
|
|
0.29%
|
|
511,755
|
|
0.30%
|
Federal Home Loan
Bank advances
|
|
|
|
50,000
|
|
3.94%
|
|
50,000
|
|
3.93%
|
Total
interest-bearing liabilities
|
|
|
|
563,789
|
|
0.61%
|
|
562,228
|
|
0.62%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate spread
(1)
|
|
|
|
|
|
|
|
3.08%
|
|
|
|
2.85%
|
Net interest margin
(1)
|
|
|
|
|
|
|
|
3.23%
|
|
|
|
3.00%
|
(1) Yields on
tax-exempt securities have been included on a tax-equivalent basis
using a 34% federal marginal tax rate.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Asset
Quality Data
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
Year
Ended
|
Allowance for Loan
Losses
|
|
|
|
December
31,
|
|
December
31,
|
(Dollars in
thousands)
|
|
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses, beginning of period
|
|
$
6,464
|
|
$
6,297
|
|
$
6,289
|
|
$
5,949
|
Provision for loan
losses
|
|
|
|
|
|
137
|
|
(89)
|
|
548
|
|
361
|
Charge-offs
|
|
|
|
|
|
|
(67)
|
|
(41)
|
|
(378)
|
|
(476)
|
Recoveries
|
|
|
|
|
|
|
|
10
|
|
122
|
|
85
|
|
455
|
Net (charge-offs)
recoveries
|
|
|
|
(57)
|
|
81
|
|
(293)
|
|
(21)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses, end of period
|
|
|
$
6,544
|
|
$
6,289
|
|
$
6,544
|
|
$
6,289
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses as a percent of:
|
|
|
|
|
|
|
|
|
Total
loans
|
|
|
|
|
|
|
1.08%
|
|
1.09%
|
|
1.08%
|
|
1.09%
|
Total
nonperforming loans
|
|
|
|
646.64%
|
|
246.82%
|
|
646.64%
|
|
246.82%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
December
31,
|
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
2016
|
|
2015
|
|
% Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccruing loans
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
mortgage
|
|
|
|
|
|
|
|
$
-
|
|
$
818
|
|
-100.0%
|
Commercial and
industrial
|
|
|
|
|
|
63
|
|
227
|
|
-72.2%
|
Total
commercial
|
|
|
|
|
|
|
|
63
|
|
1,045
|
|
-94.0%
|
Non-commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
mortgage
|
|
|
|
|
|
|
|
626
|
|
1,309
|
|
-52.2%
|
Revolving
mortgage
|
|
|
|
|
|
|
|
323
|
|
194
|
|
66.5%
|
Total
non-commercial
|
|
|
|
|
|
|
|
949
|
|
1,503
|
|
-36.9%
|
Total nonaccruing
loans (1)
|
|
|
|
|
|
1,012
|
|
2,548
|
|
-60.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans past due
90 or more days
|
|
|
|
|
|
|
|
|
|
|
and still accruing
|
|
|
|
|
|
|
|
-
|
|
-
|
|
0.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total nonperforming
loans
|
|
|
|
|
|
|
1,012
|
|
2,548
|
|
-60.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreclosed real
estate
|
|
|
|
|
|
|
|
5,069
|
|
5,646
|
|
-10.2%
|
Repossessed
assets
|
|
|
|
|
|
|
|
190
|
|
67
|
|
183.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total nonperforming
assets
|
|
|
|
|
|
6,271
|
|
8,261
|
|
-24.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing troubled
debt restructurings (2)
|
|
|
|
4,543
|
|
4,552
|
|
-0.2%
|
Performing troubled
debt restructurings and
|
|
|
|
|
|
|
|
|
total
nonperforming assets
|
|
|
|
|
|
$
10,814
|
|
$
12,813
|
|
-15.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans
as a percent of total loans
|
|
|
|
0.17%
|
|
0.44%
|
|
|
Nonperforming assets
as a percent of total assets
|
|
0.79%
|
|
1.06%
|
|
|
Performing troubled
debt restructurings and
|
|
|
|
|
|
|
|
|
total
nonperforming assets to total assets
|
|
|
|
1.36%
|
|
1.64%
|
|
|
(1) Nonaccruing loans
include nonaccruing troubled debt restructurings.
|
|
|
|
|
(2) Performing
troubled debt restructurings exclude nonaccruing troubled debt
restructurings.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreclosed Real
Estate by Loan Type
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
December
31,
|
(Dollars in
thousands)
|
|
|
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
Number
|
|
Amount
|
|
Number
|
|
Amount
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
construction and land development
|
|
8
|
|
$
4,116
|
|
5
|
|
$
4,941
|
Residential
mortgage
|
|
|
|
|
|
2
|
|
953
|
|
1
|
|
705
|
Total
|
|
|
|
|
|
|
|
10
|
|
$
5,069
|
|
6
|
|
$
5,646
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreclosed Real
Estate
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
Year Ended December
31,
|
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
balance
|
|
|
|
|
|
|
|
$
5,646
|
|
$
8,814
|
|
|
Transfers from
loans
|
|
|
|
|
|
|
|
992
|
|
820
|
|
|
Valuation adjustments
of foreclosed real estate
|
|
|
|
(21)
|
|
(9)
|
|
|
Net loss on sale of
foreclosed properties
|
|
|
|
|
(1)
|
|
(33)
|
|
|
Net proceeds from
sales of foreclosed properties
|
|
|
|
(1,547)
|
|
(3,946)
|
|
|
Ending
balance
|
|
|
|
|
|
|
|
$
5,069
|
|
$
5,646
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Average
Balances and Performance Ratios
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
(Dollars in
thousands)
|
|
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Average
Balances
|
|
|
|
|
|
|
|
|
|
|
Average total
loans
|
|
|
|
|
|
$ 608,884
|
|
$ 575,148
|
|
$ 601,654
|
|
$ 557,221
|
Average total
interest-earning assets
|
|
761,735
|
|
757,853
|
|
755,451
|
|
746,531
|
Average total
assets
|
|
|
|
|
|
802,076
|
|
792,576
|
|
790,831
|
|
781,974
|
Average total
interest-bearing deposits
|
|
|
520,320
|
|
515,051
|
|
513,080
|
|
511,755
|
Average total
deposits
|
|
|
|
|
|
653,110
|
|
634,389
|
|
636,800
|
|
621,741
|
Average total
interest-bearing liabilities
|
|
570,515
|
|
565,191
|
|
563,789
|
|
562,228
|
Average total
shareholders' equity
|
|
|
|
91,663
|
|
94,700
|
|
92,102
|
|
96,308
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected
Performance Ratios
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets (1)(5)
|
|
|
|
-1.65%
|
|
0.47%
|
|
0.15%
|
|
0.46%
|
Return on average
equity (1)(5)
|
|
|
|
-14.43%
|
|
3.96%
|
|
1.32%
|
|
3.71%
|
Interest rate spread
(1)(2)
|
|
|
|
|
3.08%
|
|
2.89%
|
|
3.08%
|
|
2.85%
|
Net interest margin
(1)(3)
|
|
|
|
|
3.23%
|
|
3.04%
|
|
3.23%
|
|
3.00%
|
Noninterest expense
to average assets (1)(5)
|
|
6.54%
|
|
2.96%
|
|
3.85%
|
|
3.01%
|
Efficiency ratio
(4)(5)
|
|
|
|
|
|
162.27%
|
|
79.12%
|
|
95.64%
|
|
80.18%
|
(1) Ratios are
annualized.
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Represents the
difference between the weighted average yield on average
interest-earning assets and the
|
weighted average cost on
average interest-bearing liabilities. Yields on tax-exempt
securities have been
|
included on a tax-equivalent
basis using a 34% federal marginal tax rate.
|
|
|
|
|
(3) Represents net
interest income as a percent of average interest-earning assets.
Yields on tax-exempt
|
securities have been
included on a tax-equivalent basis using a 34% federal marginal tax
rate.
|
|
|
(4) Represents
noninterest expenses divided by the sum of net interest income, on
a tax-equivalent basis
|
using a 34% federal marginal
tax rate, and noninterest income excluding realized gains and
losses on
|
the sale of
securities.
|
|
|
|
|
|
|
|
|
|
|
|
|
(5) Ratios include
the qualified pension plan settlement charges for the periods ended
December 31, 2016.
|
Excluding the pension
plan settlement charges, the ratios were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
Year
Ended
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
|
|
|
0.74%
|
|
0.47%
|
|
0.76%
|
|
0.46%
|
Return on average
equity
|
|
|
|
|
6.49%
|
|
3.96%
|
|
6.56%
|
|
3.71%
|
Noninterest expense to
average assets
|
|
|
|
2.77%
|
|
2.96%
|
|
2.89%
|
|
3.01%
|
Efficiency ratio
|
|
|
|
|
|
68.69%
|
|
79.12%
|
|
71.75%
|
|
80.18%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly Earnings
Data
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Month
Periods Ended
|
(Dollars in
thousands,
|
|
|
|
December
31,
|
|
September
30,
|
|
June
30,
|
|
March
31,
|
|
December
31,
|
except per share
data)
|
|
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Statement
Data:
|
|
|
|
|
|
|
|
|
|
|
Interest and dividend
income
|
|
$
6,934
|
|
$
6,982
|
|
$
6,755
|
|
$
6,677
|
|
$
6,533
|
Interest
expense
|
|
|
|
875
|
|
871
|
|
854
|
|
844
|
|
867
|
Net interest
income
|
|
|
|
6,059
|
|
6,111
|
|
5,901
|
|
5,833
|
|
5,666
|
Provision for
(recovery of) loan losses
|
|
137
|
|
(92)
|
|
104
|
|
399
|
|
(89)
|
Net interest income
after provision for
|
|
|
|
|
|
|
|
|
|
|
(recovery of)
loan losses
|
|
|
|
5,922
|
|
6,203
|
|
5,797
|
|
5,434
|
|
5,755
|
Noninterest
income
|
|
|
|
1,941
|
|
2,290
|
|
2,476
|
|
2,049
|
|
1,847
|
Noninterest expenses
(1)
|
|
|
|
13,191
|
|
5,861
|
|
5,637
|
|
5,761
|
|
5,921
|
Income (loss) before
income
|
|
|
|
|
|
|
|
|
|
|
tax provision
(1)
|
|
|
|
(5,328)
|
|
2,632
|
|
2,636
|
|
1,722
|
|
1,681
|
Income tax provision
(benefit)
|
|
(2,004)
|
|
907
|
|
940
|
|
601
|
|
735
|
Net income (loss)
(1)
|
|
|
|
$
(3,324)
|
|
$
1,725
|
|
$
1,696
|
|
$
1,121
|
|
$
946
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Data Per Common
Share:
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share – Basic
|
|
$
(0.97)
|
|
$
0.51
|
|
$
0.47
|
|
$
0.31
|
|
$
0.25
|
Net income (loss) per
share – Diluted
|
|
$
(0.97)
|
|
$
0.48
|
|
$
0.45
|
|
$
0.30
|
|
$
0.24
|
Book value per
share
|
|
|
|
$
24.06
|
|
$
24.12
|
|
$
23.80
|
|
$
23.10
|
|
$
22.50
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
3,419,782
|
|
3,422,798
|
|
3,602,449
|
|
3,578,367
|
|
3,769,438
|
Diluted
|
|
|
|
|
|
3,419,782
|
|
3,573,937
|
|
3,742,458
|
|
3,720,127
|
|
3,931,470
|
Ending shares
outstanding
|
|
|
3,788,025
|
|
3,787,322
|
|
3,987,322
|
|
3,985,475
|
|
3,985,475
|
(1) Amounts for the
periods ended December 31, 2016 include qualified pension plan
settlement charges of
|
|
|
|
$7,607 before income
taxes and $4,820 after income taxes.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly
Financial Condition Data
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
Of
|
|
As
Of
|
|
As
Of
|
|
As
Of
|
|
As
Of
|
|
|
|
|
|
|
December
31,
|
|
September
30,
|
|
June
30,
|
|
March
31,
|
|
December
31,
|
(Dollars in
thousands)
|
|
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
2015 (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending Balance
Sheet Data:
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
|
|
|
|
$ 795,823
|
|
$ 797,240
|
|
$ 805,568
|
|
$ 783,523
|
|
$ 782,853
|
Cash and cash
equivalents
|
|
|
46,724
|
|
44,752
|
|
51,561
|
|
37,091
|
|
33,401
|
Investment
securities
|
|
|
|
103,581
|
|
110,035
|
|
110,869
|
|
122,374
|
|
141,364
|
Loans receivable, net
of deferred fees
|
|
603,582
|
|
597,935
|
|
606,212
|
|
595,832
|
|
576,087
|
Allowance for loan
losses
|
|
|
|
(6,544)
|
|
(6,464)
|
|
(6,583)
|
|
(6,722)
|
|
(6,289)
|
Deposits
|
|
|
|
|
|
647,623
|
|
642,603
|
|
640,685
|
|
628,415
|
|
630,904
|
Core deposits
(2)
|
|
|
|
516,125
|
|
510,842
|
|
505,438
|
|
500,330
|
|
495,628
|
FHLB
advances
|
|
|
|
50,000
|
|
50,000
|
|
50,000
|
|
50,000
|
|
50,000
|
Total
equity
|
|
|
|
|
|
91,137
|
|
91,343
|
|
94,907
|
|
92,064
|
|
89,682
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regulatory Capital
Ratios:
|
|
|
|
|
|
|
|
|
|
|
Common Equity Tier I
capital
|
|
15.54%
|
|
15.92%
|
|
16.41%
|
|
16.65%
|
|
16.66%
|
Tier 1 leverage
capital
|
|
|
|
11.58%
|
|
11.97%
|
|
12.43%
|
|
12.33%
|
|
11.87%
|
Tier 1 risk-based
capital
|
|
|
|
15.54%
|
|
15.92%
|
|
16.41%
|
|
16.65%
|
|
16.66%
|
Total risk-based
capital
|
|
|
|
16.63%
|
|
16.99%
|
|
17.50%
|
|
17.81%
|
|
17.77%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset
Quality:
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming
loans
|
|
|
|
$
1,012
|
|
$
1,237
|
|
$
2,481
|
|
$
2,362
|
|
$
2,548
|
Nonperforming
assets
|
|
|
|
6,271
|
|
6,184
|
|
7,294
|
|
7,959
|
|
8,261
|
Nonperforming loans
to total loans
|
|
0.17%
|
|
0.21%
|
|
0.41%
|
|
0.40%
|
|
0.44%
|
Nonperforming assets
to total assets
|
|
0.79%
|
|
0.78%
|
|
0.91%
|
|
1.02%
|
|
1.06%
|
Allowance for loan
losses
|
|
|
|
$
6,544
|
|
$
6,464
|
|
$
6,583
|
|
$
6,722
|
|
$
6,289
|
Allowance for loan
losses to total loans
|
|
1.08%
|
|
1.08%
|
|
1.09%
|
|
1.13%
|
|
1.09%
|
Allowance for loan
losses to
|
|
|
|
|
|
|
|
|
|
|
nonperforming
loans
|
|
|
|
|
|
646.64%
|
|
522.55%
|
|
265.34%
|
|
284.59%
|
|
246.82%
|
(1) Ending
balance sheet data as of December 31, 2015 was derived from audited
consolidated financial statements.
|
(2) Core
deposits are defined as total deposits excluding certificates of
deposit.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/asb-bancorp-inc-reports-financial-results-for-the-fourth-quarter-and-year-ended-december-31-2016-300398396.html
SOURCE ASB Bancorp, Inc.