Ohio Legacy Corp. (OLCB, Financial) filed Quarterly Report for the period ended 2010-03-31.
Ohio Legacy Corp. has a market cap of $57.17 million; its shares were traded at around $2.9 with and P/S ratio of 6.4.
Loans and Asset Quality. Total loans, net of the allowance for loan loss and deferred loan fees, decreased $4.4 million to $96.5 million at March 31, 2010 compared to $100.9 million at year-end 2009 principally due to repayments and payoffs of loans during the quarter. Loans classified by management as substandard and special mention represented 12.8% of total loans at March 31, 2010, compared to 12.7% at December 31, 2009, although the balance of classified loans declined by $423,808 at March 31, 2010 compared to year-end 2009. Impaired loans represented 5.7% of total loans at March 31, 2010, and totaled $5,734,473, down $92,503 from year-end 2009. Improving asset quality is a prime objective for management. Outstanding loan balances are expected to increase over the remainder of the year through business development efforts.
Allowance for loan losses. The amount of the allowance for loan loss (“Allowance”) is based on a combination of actual experiential factors such as historical losses for each category of loans, information about specific borrowers, and other factors, including delinquencies, general economic conditions and the outlook for specific industries, which are more subjective in nature. The balance of the Allowance at March 31, 2010, was $4,033,206 compared to $3,945,670 at year-end 2009. For the three months ending March 31, 2010, the provision for loan losses charged to expense was $76,772, loans charged off totaled $3,896 and recoveries on loans previously charged-off totaled $14,660. The general allowance allocated to loans not classified by management totaled 2.67% of non-classified loans at March 31, 2010, compared to 2.58% at year-end 2009. As a percentage of total loans, the Allowance increased to 4.01% at March 31, 2010, compared to 3.76% at year-end 2009, and 2.86% at March 31, 2009. The Allowance for Loan Loss as a percentage of loans not individually identified as impaired and that excludes the amount of the Allowance specifically allocated to impaired loans totaled 4.09% at March 31, 2010, compared to 3.98% at December 31, 2009.
Other Real Estate Owned. Other Real Estate Owned (“OREO”) consisted of twelve properties at March 31, 2010 and totaled $2,969,063, down from $3,175,658 at year-end 2009. During the first three months of 2010, one property was transferred to OREO totaling $212,510, and there were five properties with an aggregate basis of $419,105 were sold from OREO.
Deposits. Total deposits increased $843,952 to $140.6 million at March 31, 2010, compared to year-end 2009. Core deposits increased to $82.6 million at March 31, 2010, compared to $82.0 million at year-end 2009. Certificates of deposit increased modestly to $58.1 million from $57.8 million at December 31, 2009. Under applicable FDIC rules and regulations, a less than well-capitalized insured depository institution may not pay a rate of interest that significantly exceeds the prevailing rate in the institution's market area or the prevailing rate in the market area from which the deposit is accepted.
Shareholders Equity. Shareholders Equity increased $15.5 million to $17.9 million at March 31, 2010. The increase was due to the sale of common stock completed in February 2010. Net proceeds of the stock sale totaled $16.7 million. Shareholders Equity was reduced by $1.3 for the net loss reported for the three months ending March 31, 2010.
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Ohio Legacy Corp. has a market cap of $57.17 million; its shares were traded at around $2.9 with and P/S ratio of 6.4.
Highlight of Business Operations:
Securities. Total securities available for sale had an estimated fair value of $27.6 million at March 31, 2010, compared to $26.9 million at year-end 2009. Purchases of securities available for sale during the first quarter of 2010 totaled $2.0 million, principal repayments totaled $1.4 million, and no securities were sold during the first quarter. The portfolio consists primarily of mortgage-backed securities issued by the GNMA with an original term of 30 years. The duration of the portfolio including municipal securities classified as Held-to-Maturity was 4.4 years at March 31, 2010, and the longer-term characteristics of the portfolio will contribute to increased market price volatility for any given change in interest rates. The net unrealized loss on the securities portfolio was $30,983 at March 31, 2010 compared to net unrealized loss of $183,453 at December 31, 2009.Loans and Asset Quality. Total loans, net of the allowance for loan loss and deferred loan fees, decreased $4.4 million to $96.5 million at March 31, 2010 compared to $100.9 million at year-end 2009 principally due to repayments and payoffs of loans during the quarter. Loans classified by management as substandard and special mention represented 12.8% of total loans at March 31, 2010, compared to 12.7% at December 31, 2009, although the balance of classified loans declined by $423,808 at March 31, 2010 compared to year-end 2009. Impaired loans represented 5.7% of total loans at March 31, 2010, and totaled $5,734,473, down $92,503 from year-end 2009. Improving asset quality is a prime objective for management. Outstanding loan balances are expected to increase over the remainder of the year through business development efforts.
Allowance for loan losses. The amount of the allowance for loan loss (“Allowance”) is based on a combination of actual experiential factors such as historical losses for each category of loans, information about specific borrowers, and other factors, including delinquencies, general economic conditions and the outlook for specific industries, which are more subjective in nature. The balance of the Allowance at March 31, 2010, was $4,033,206 compared to $3,945,670 at year-end 2009. For the three months ending March 31, 2010, the provision for loan losses charged to expense was $76,772, loans charged off totaled $3,896 and recoveries on loans previously charged-off totaled $14,660. The general allowance allocated to loans not classified by management totaled 2.67% of non-classified loans at March 31, 2010, compared to 2.58% at year-end 2009. As a percentage of total loans, the Allowance increased to 4.01% at March 31, 2010, compared to 3.76% at year-end 2009, and 2.86% at March 31, 2009. The Allowance for Loan Loss as a percentage of loans not individually identified as impaired and that excludes the amount of the Allowance specifically allocated to impaired loans totaled 4.09% at March 31, 2010, compared to 3.98% at December 31, 2009.
Other Real Estate Owned. Other Real Estate Owned (“OREO”) consisted of twelve properties at March 31, 2010 and totaled $2,969,063, down from $3,175,658 at year-end 2009. During the first three months of 2010, one property was transferred to OREO totaling $212,510, and there were five properties with an aggregate basis of $419,105 were sold from OREO.
Deposits. Total deposits increased $843,952 to $140.6 million at March 31, 2010, compared to year-end 2009. Core deposits increased to $82.6 million at March 31, 2010, compared to $82.0 million at year-end 2009. Certificates of deposit increased modestly to $58.1 million from $57.8 million at December 31, 2009. Under applicable FDIC rules and regulations, a less than well-capitalized insured depository institution may not pay a rate of interest that significantly exceeds the prevailing rate in the institution's market area or the prevailing rate in the market area from which the deposit is accepted.
Shareholders Equity. Shareholders Equity increased $15.5 million to $17.9 million at March 31, 2010. The increase was due to the sale of common stock completed in February 2010. Net proceeds of the stock sale totaled $16.7 million. Shareholders Equity was reduced by $1.3 for the net loss reported for the three months ending March 31, 2010.
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