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SPBC > SEC Filings for SPBC > Form 8-K on 26-Apr-2013All Recent SEC Filings

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Form 8-K for SP BANCORP, INC.


26-Apr-2013

Other Events


Item 8.01 Other Events.

SP Bancorp, Inc. has identified an immaterial error in a disclosure appearing in its Annual Report on Form 10-K for the year ended December 31, 2012 filed with the Securities and Exchange Commission on March 6, 2013 (the "Form 10-K"). The table appearing on page 62 of the Form 10-K included a misclassification of certain amounts listed as "Noninterest-bearing liabilities" and "Equity" in the "2012-Average Outstanding Balance" column. The correct amount for "Noninterest-bearing liabilities" is $23,012 and the correct amount for "Equity" is $33,135. These changes resulted in the amount listed as "Total liabilities" being revised to $252,659. A copy of the corrected table has been reproduced in its entirety below for the convenience of the reader. Other than as described herein, no changes have been made to the Form 10-K.

                                                                                                         For the Years Ended December 31,
                                                                     2012                                              2011                                              2010
                                                    Average                                           Average                                           Average
                                                  Outstanding                                       Outstanding                                       Outstanding
                                                    Balance        Interest       Yield/Rate          Balance        Interest       Yield/Rate          Balance        Interest       Yield/Rate
                                                                                                              (Dollars in thousands)
Interest-earning assets:
Loans                                            $     223,886     $  11,202             5.00 %    $     200,935     $  10,666             5.31 %    $     174,778     $   9,774             5.59 %
Securities-taxable                                      14,580           158             1.08             19,219           327             1.70             13,023           321             2.46
Securities-nontaxable                                    3,042           104             3.42              5,797           205             3.54              1,991            74             3.72
Other interest-earning assets                           25,768           141             0.55             19,454           102             0.52             29,777           171             0.57
FHLB of Dallas stock                                     1,343             5             0.37              1,155             4             0.35              1,162             4             0.34

Total interest-earning assets                          268,619        11,610             4.32            246,560        11,304             4.58            220,731        10,344             4.69
Noninterest-earning assets                              17,175                                            15,946                                            10,208

Total assets                                     $     285,794                                     $     262,506                                     $     230,939

Interest-bearing liabilities:
Savings deposits                                        36,851            41             0.11             33,343            69             0.21      $      33,319     $      85             0.26
Money market                                            39,049            81             0.21             41,262           138             0.33             36,471           259             0.71
Demand deposit accounts                                 53,555            69             0.13             56,653            95             0.17             51,875           131             0.25
Certificates of deposit                                 76,646           942             1.23             68,152         1,040             1.53             60,758         1,185             1.95

Total deposits                                         206,101         1,133             0.55            199,410         1,342             0.67            182,423         1,660             0.91
Borrowings                                              23,546           299             1.27             20,711           447             2.16             19,877           457             2.30

Total interest-bearing liabilities                     229,647         1,432             0.62            220,121         1,789             0.81            202,300         2,117             1.05
Noninterest-bearing liabilities                         23,012                                             9,737                                             8,869

Total liabilities                                      252,659                                           229,858                                           211,169
Equity                                                  33,135                                            32,648                                            19,770

Total liabilities and equity                     $     285,794                                     $     262,506                                     $     230,939

Net interest income                                                $  10,178                                         $   9,515                                         $   8,227

Net interest rate spread (1)                                                             3.70 %                                            3.77 %                                            3.64 %
Net interest-earning assets (2)                  $      38,972                                     $      26,439                                     $      18,431

Net interest margin (3)                                                                  3.79 %                                            3.86 %                                            3.73 %
Average of interest-earning assets to
interest-bearing liabilities                                                           116.97 %                                          112.01 %                                          109.11 %

(1) Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.

(2) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.

(3) Net interest margin represents net interest income divided by average total interest-earning assets.


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