10 / 146
The Company’s assets totaled $1.797 billion at December
31, 2015, relative to total assets of $1.637 billion at Decem-
ber 31, 2014. Total liabilities were $1.606 billion at the end
of 2015 compared to $1.450 billion at the end of 2014, and
shareholders’ equity totaled $190 million at December 31,
2015 relative to $187 million at December 31, 2014. The
following is a summary of key balance sheet changes during
2015.
Total assets increased by $159 million, or 10%. The increase
resulted from growth in performing loans that was partially
offset by a reduction in nonperforming assets and lower cash
and investment balances. Gross loans and leases were up
$162 million, or 17%, for the year in 2015. Loan growth was
favorably impacted by a $74 million upsurge in balances out-
standing on mortgage warehouse lines from increased line
utilization, the first quarter purchase of $28 million in resi-
dential mortgage loans, and strong organic growth in other
non-farm real estate loans and agricultural production loans.
Nonperforming assets ended 2015 at $13 million, represent-
ing a reduction of $12 million, or 48%, for the year. The net
decline during 2015 is comprised of an $11 million reduction
in loans on non-accrual status and a $1 million reduction in
foreclosed assets. The Company’s ratio of nonperforming
assets to loans plus foreclosed assets fell to 1.13% at
December 31, 2015, from 2.53% at December 31, 2014.
Our allowance for loan and lease losses totaled $10.4 million
as of December 31, 2015, a decline of $825,000, or 7%, rel-
ative to year-end 2014. The drop during 2015 was due to
the charge-off of certain impaired loan balances against pre-
viously-established reserves, partially offset by higher gener-
al reserves on performing loans resulting from loan growth.
The allowance fell to 0.92% of total loans at December 31,
2015 from 1.16% of total loans at December 31, 2014, due
FINANCIAL
CONDITION
*
Member FDIC | Equal Housing Lender *Complete financial information is contained in the Company’s Form 10-K included herewith
10