Four Oaks Fincorp Inc (FOFN) 2.2100 $FOFN
Four Oaks Fincorp, Inc. Announces 2016 Second Quarter Earnings
BusinessWire - Fri Jul 29, 7:00AM CDT
Four Oaks Fincorp, Inc. (OTCQX: FOFN) (the "Company"
, the holding company for Four Oaks Bank & Trust Company (the "Bank", today announced earnings for the second quarter and six months ended June 30, 2016. The Company reported pre-tax net income of $1.4 million and $2.7 million, respectively, for the second quarter and six months ended June 30, 2016 compared to pre-tax net income of $914,000 and $1.9 million for the same periods in 2015. The Company reported net income of $872,000 or $0.03 per diluted share and $1.7 million or $0.05 per diluted share, respectively, for the second quarter and six months ended June 30, 2016 compared to net income of $17.5 million or $0.54 per diluted share and $18.5 million or $0.57 per diluted share for the same periods in 2015. The Company recorded income tax expense of $498,000 and $961,000, respectively, for the second quarter and six months ended June 30, 2016, as compared to an income tax benefit of $16.6 million for the same periods in 2015 which resulted from the partial reversal of the valuation allowance against the Company's deferred tax assets executed in the second quarter of 2015.
Four Oaks Fincorp, Inc. Announces 2016 First Quarter Earnings
BusinessWire - Fri Apr 29, 6:55AM CDT
Four Oaks Fincorp, Inc. (OTCQX: FOFN) (the "Company", the holding company for Four Oaks Bank & Trust Company (the "Bank", today announced results for the first quarter ended March 31, 2016. For the first quarter, the Company reported pre-tax net income of $1.3 million compared to $978,000 for the same period in 2015 and $810,000 for the preceding quarter ended December 31, 2015, an increase of $316,000 and $484,000, respectively. The Company reported net income of $831,000 or $0.03 per diluted share compared to net income of $978,000 or $0.03 per diluted share for the same period in 2015.
Four Oaks Fincorp, Inc. Completes Refinancing of Subordinated Debt
BusinessWire - Thu Jan 14, 7:30AM CST
Four Oaks Fincorp, Inc. (OTCQX: FOFN) (the "Company", the holding company for Four Oaks Bank & Trust Company (the "Bank", today announced that the Company has completed a private placement offering (the "Offering" of $11.5 million in aggregate principal amount of subordinated promissory notes due November 30, 2025 (the "Notes" to certain accredited investors. The Company is obligated to pay interest on the Notes at an annualized rate of 6.25% payable in quarterly installments. The Company may prepay the Notes at any time after November 30, 2020, subject to compliance with applicable law. The proceeds of the Offering were used to prepay the Company's outstanding subordinated promissory notes issued in 2009 that had an annualized rate of 8.5%.
Four Oaks Bank Announces Changes to Executive Management Team
BusinessWire - Tue Jan 05, 6:45AM CST
Four Oaks Fincorp, Inc. (OTCQX:FOFN) (the "Company", the holding company for Four Oaks Bank & Trust Company (the "Bank", is proud to announce that on December 21, 2015, the Board of Directors of the Company (the "Board" approved the appointment of Lisa S. Herring to the position of Chief Operating Officer of the Company and the Bank, effective January 4, 2016. Ms. Herring has been with the Bank since 2002 in a number of roles, including most recently serving as the Bank's Executive Vice President and Chief Risk Officer since July 2009. Ms. Herring will also retain her role as Chief Risk Officer.
Four Oaks Bank Announces Appointment of Chief Financial Officer
BusinessWire - Fri Sep 25, 7:30AM CDT
Four Oaks Fincorp, Inc. (OTCQX:FOFN) (the "Company", the holding company for Four Oaks Bank & Trust Company (the "Bank", today announced that Ms. Deanna W. Hart has been appointed Executive Vice President and Chief Financial Officer of the Company and the Bank, effective October 1, 2015. Ms. Hart has been serving as the Bank's Senior Vice President and Controller since January 2014 and acting Chief Financial Officer of the Company and the Bank since September 1, 2015.
Four Oaks Bank Announces Resignation of Chief Financial Officer and Appointment of Interim Chief Financial Officer
BusinessWire - Tue Sep 01, 7:00AM CDT
Four Oaks Fincorp, Inc. (OTCQX:FOFN) (the "Company", the holding company for Four Oaks Bank & Trust Company (the "Bank", today announced that on August 31, 2015, Nancy S. Wise, Executive Vice President, Chief Financial Officer of the Company and the Bank, resigned from her positions with the Company and the Bank, effective as of September 1, 2015 to spend time caring for aging family members.
Four Oaks Fincorp, Inc. Announces Release from 2011 Written Agreement
BusinessWire - Tue Aug 04, 10:08AM CDT
Four Oaks Fincorp, Inc. (OTCQX: FOFN) (the "Company", the holding company for Four Oaks Bank & Trust Company (the "Bank", today announced that the Company and Bank have been released from the Written Agreement dated May 24, 2011 with the Federal Reserve Bank of Richmond and the North Carolina Office of the Commissioner of Banks.
Four Oaks Fincorp, Inc. Announces Record Earnings of $17.5 Million for the Second Quarter 2015
BusinessWire - Fri Jul 31, 7:00AM CDT
Four Oaks Fincorp, Inc. (OTCQX: FOFN) (the "Company", the holding company for Four Oaks Bank & Trust Company (the "Bank", today announced the results for the second quarter and six months ended June 30, 2015. The Company reported net income of $17.5 million and $18.5 million, respectively, for the second quarter and six months ended June 30, 2015 compared to net income of $2.4 million and $3.8 million for the same periods in 2014.
Four Oaks Bank announces board approval of management transition plan
M2 - Tue Jun 09, 7:12AM CDT
The board of directors of Oaks Fincorp Inc (OTCQX:FOFN) approved a management transition plan on Monday, under which the company's and its subsidiary bank's current president, chief operating officer (COO) and board director David H. Rupp will become chief executive officer of both, while Ayden R. Lee Jr, who has been serving as the chief executive officer (CEO) of both will become the executive chairman of the company.
Four Oaks Bank Approves Management Transition Plan
BusinessWire - Mon Jun 08, 5:55PM CDT
Four Oaks Fincorp, Inc. (OTCQX:FOFN) (the "Company", the holding company for Four Oaks Bank & Trust Company (the "Bank", is proud to announce that on June 8, 2015, the Board of Directors of the Company (the "Board" approved a management transition plan (the "Transition Plan" whereby (i) David H. Rupp, the Company's current President, Chief Operating Officer and member of the Board, will become Chief Executive Officer of the Company and the Bank and (ii) Ayden R. Lee, Jr., who has been serving as the Chief Executive Officer of the Company and the Bank, will become the Executive Chairman of the Company. As Executive Chairman, Mr. Lee will provide, among other things, strategic, governance, shareholder relations, and risk management support and oversight to the Company, its executive team and the Board. Mr. Lee will also continue in his role as Chairman of the Board. Upon being appointed as Chief Executive Officer, Mr. Rupp will no longer serve as the Chief Operating Officer of the Company but will continue serving as the President and a member of the Board. The Transition Plan is targeted to become effective on or about June 30, 2015, and is subject to approval by the Federal Reserve Bank of Richmond.
RF: 9.17 (+0.01)
Four Oaks Bank names David H Rupp as new president
M2 - Fri Apr 03, 3:07AM CDT
Four Oaks Fincorp Inc (OTCQX:FOFN), the holding company of Four Oaks Bank & Trust Company (the bank), named on Friday David H Rupp as president of the bank and the company.
Four Oaks Bank Appoints New President
BusinessWire - Thu Apr 02, 4:00PM CDT
Four Oaks Fincorp, Inc. (OTCQX:FOFN) (the "Company", the holding company for Four Oaks Bank & Trust Company (the "Bank", is proud to announce that, effective March 31, 2015, David H. Rupp was appointed President of the Bank and of the Company. Ayden Lee, Jr., who has been serving as the President of the Company and the Bank, will continue to serve in his roles of Chief Executive Officer of the Company and the Bank and Chairman of the Board of Directors of the Company (the "Board".
RF: 9.17 (+0.01)
Four Oaks Bank Appoints Two New Directors
BusinessWire - Fri Mar 27, 2:45PM CDT
Four Oaks Fincorp, Inc. (OTCQX:FOFN) (the "Company", the holding company for Four Oaks Bank & Trust Company (the "Bank", is proud to announce that, effective March 23, 2015, Kenneth R. Lehman and David H. Rupp were appointed to the Boards of Directors of the Bank and of the Company.
Four Oaks Bank Welcomes New Chief Credit Officer
BusinessWire - Wed Mar 18, 6:45AM CDT
Four Oaks Bank (OTCQX:FOFN) is pleased to welcome Warren "Rocky" Herring to the position of Chief Credit Officer. Mr. Herring was the Chief Credit Officer at Premier Commercial Bank in Greensboro, prior to its recent acquisition. He brings over 20 years experience in the financial and credit industry to his new position at Four Oaks Bank. A 1991 graduate of Duke University, Mr. Herring also earned his Master's Degree in Divinity in 2001 from Southeastern Baptist Theological Seminary in Wake Forest.
Four Oaks Fincorp, Inc. Announces 2014 Fourth Quarter Earnings and Annual Results
BusinessWire - Mon Mar 09, 7:00AM CDT
Four Oaks Fincorp, Inc. (OTCQX:FOFN) (the "Company", the holding company for Four Oaks Bank & Trust Company (the "Bank", today announced the results for the fourth quarter and twelve months ended December 31, 2014. The Company reported net income of $633,000 for the fourth quarter and a net loss of $4.2 million for the twelve months ended December 31, 2014 compared to a net loss of $402,000 and $350,000 for the same periods in 2013. During 2014, the Company raised $24 million in capital and executed an asset resolution plan, a process to identify and value for disposal various impaired legacy loans and foreclosed real estate. The charge for the asset resolution plan was taken in the third quarter of 2014. The Bank's classified assets as of December 31, 2014 totaled $16.8 million, resulting in a classified to capital ratio of 23.7% compared to total classified assets of $50.4 million and a classified to capital ratio of 89.7% at year end 2013. The 66.0% decline in the classified to capital ratio is the result of continued focus on improving asset quality combined with the capital raise and asset resolution plan execution.
Four Oaks Fincorp, Inc. Begins Trading on OTCQX
BusinessWire - Mon Feb 02, 2:40PM CST
Four Oaks Fincorp, Inc. (OTCQX: FOFN) holding company for Four Oaks Bank & Trust Company in North Carolina, announced that its common stock began trading today on OTCQX, the best marketplace for established, global and growth companies operated by OTC Markets Group Inc. Prior to this, the company's shares traded on the OTCQB venture marketplace. The Company's ticker symbol "FOFN" remains the same.
OTC Markets Group Welcomes Four Oaks Fincorp to OTCQX®
PR Newswire - Mon Feb 02, 7:00AM CST
OTC Markets Group Inc. (OTCQX: OTCM), operator of Open, Transparent and Connected financial marketplaces, today announced Four Oaks Fincorp, Inc. (OTCQX: FOFN), holding company for Four Oaks Bank & Trust Company in North Carolina, has qualified to trade on OTCQX®, the best marketplace.
Four Oaks Fincorp, Inc. Announces 2014 Third Quarter and Year to Date Results
BusinessWire - Mon Oct 27, 7:00AM CDT
Four Oaks Fincorp, Inc. (OTCBB:FOFN) (the "Company", the holding company for Four Oaks Bank & Trust Company (the "Bank", today announced the results for the third quarter and nine months ended September 30, 2014. The Company reported a net loss of $8.6 million and $4.8 million, respectively, for the third quarter and nine months ended September 30, 2014 compared to net income of $79,000 and $52,000 for the same periods in 2013. During the third quarter the Company raised $24 million in capital and executed an asset resolution plan (the "ARP", a process to identify and value for disposal various impaired legacy loans and foreclosed real estate. The Company had net charge-offs totaling $9.6 million and $10.2 million during the quarter and nine months ended September 30, 2014, respectively, as compared to $1.7 million and $4.3 million for the same periods of 2013, respectively. Foreclosed assets totaled $4.7 million at September 30, 2014, down from $8.5 million at December 31, 2013. The change in foreclosed assets can be attributed to $3.7 million in net sales proceeds and $1.7 in write-downs, which was offset by $1.6 million in additions. The elevated levels of charge-offs and write-downs were primarily the result of executing the ARP. Certain impaired loans were charged down to disposal value in anticipation of near-term sales resulting in a decrease in the allowance for loan losses (ALLL) as a percentage of gross loans to 2.09% at September 30, 2014 from 2.35% at December 31, 2013. Net charges for the ARP totaled $9.5 million for the third quarter and nine months ended September 30, 2014. As a result of the ARP, the Bank's Texas Ratio has fallen below 40%. A bank's Texas ratio is a measure of portfolio risk and is calculated by dividing total nonperforming assets, including troubled debt restructurings, by tangible common equity plus the allowance for loan losses. Excluding the charge for the asset resolution plan, the Company earned $0.9 million during the third quarter and $4.7 million for the nine months ended September 30, 2014. Management remains focused on finishing the resolution process and putting legacy loan issues behind the organization.
Four Oaks Fincorp, Inc. Announces 2016 Second Quarter Earnings
BusinessWire - Fri Jul 29, 7:00AM CDT
Four Oaks Fincorp, Inc. (OTCQX: FOFN) (the "Company"
, the holding company for Four Oaks Bank & Trust Company (the "Bank", today announced earnings for the second quarter and six months ended June 30, 2016. The Company reported pre-tax net income of $1.4 million and $2.7 million, respectively, for the second quarter and six months ended June 30, 2016 compared to pre-tax net income of $914,000 and $1.9 million for the same periods in 2015. The Company reported net income of $872,000 or $0.03 per diluted share and $1.7 million or $0.05 per diluted share, respectively, for the second quarter and six months ended June 30, 2016 compared to net income of $17.5 million or $0.54 per diluted share and $18.5 million or $0.57 per diluted share for the same periods in 2015. The Company recorded income tax expense of $498,000 and $961,000, respectively, for the second quarter and six months ended June 30, 2016, as compared to an income tax benefit of $16.6 million for the same periods in 2015 which resulted from the partial reversal of the valuation allowance against the Company's deferred tax assets executed in the second quarter of 2015. Four Oaks Fincorp, Inc. Announces 2016 First Quarter Earnings
BusinessWire - Fri Apr 29, 6:55AM CDT
Four Oaks Fincorp, Inc. (OTCQX: FOFN) (the "Company"
, the holding company for Four Oaks Bank & Trust Company (the "Bank", today announced results for the first quarter ended March 31, 2016. For the first quarter, the Company reported pre-tax net income of $1.3 million compared to $978,000 for the same period in 2015 and $810,000 for the preceding quarter ended December 31, 2015, an increase of $316,000 and $484,000, respectively. The Company reported net income of $831,000 or $0.03 per diluted share compared to net income of $978,000 or $0.03 per diluted share for the same period in 2015. Four Oaks Fincorp, Inc. Completes Refinancing of Subordinated Debt
BusinessWire - Thu Jan 14, 7:30AM CST
Four Oaks Fincorp, Inc. (OTCQX: FOFN) (the "Company"
, the holding company for Four Oaks Bank & Trust Company (the "Bank", today announced that the Company has completed a private placement offering (the "Offering" of $11.5 million in aggregate principal amount of subordinated promissory notes due November 30, 2025 (the "Notes" to certain accredited investors. The Company is obligated to pay interest on the Notes at an annualized rate of 6.25% payable in quarterly installments. The Company may prepay the Notes at any time after November 30, 2020, subject to compliance with applicable law. The proceeds of the Offering were used to prepay the Company's outstanding subordinated promissory notes issued in 2009 that had an annualized rate of 8.5%. Four Oaks Bank Announces Changes to Executive Management Team
BusinessWire - Tue Jan 05, 6:45AM CST
Four Oaks Fincorp, Inc. (OTCQX:FOFN) (the "Company"
, the holding company for Four Oaks Bank & Trust Company (the "Bank", is proud to announce that on December 21, 2015, the Board of Directors of the Company (the "Board" approved the appointment of Lisa S. Herring to the position of Chief Operating Officer of the Company and the Bank, effective January 4, 2016. Ms. Herring has been with the Bank since 2002 in a number of roles, including most recently serving as the Bank's Executive Vice President and Chief Risk Officer since July 2009. Ms. Herring will also retain her role as Chief Risk Officer. Four Oaks Bank Announces Appointment of Chief Financial Officer
BusinessWire - Fri Sep 25, 7:30AM CDT
Four Oaks Fincorp, Inc. (OTCQX:FOFN) (the "Company"
, the holding company for Four Oaks Bank & Trust Company (the "Bank", today announced that Ms. Deanna W. Hart has been appointed Executive Vice President and Chief Financial Officer of the Company and the Bank, effective October 1, 2015. Ms. Hart has been serving as the Bank's Senior Vice President and Controller since January 2014 and acting Chief Financial Officer of the Company and the Bank since September 1, 2015. Four Oaks Bank Announces Resignation of Chief Financial Officer and Appointment of Interim Chief Financial Officer
BusinessWire - Tue Sep 01, 7:00AM CDT
Four Oaks Fincorp, Inc. (OTCQX:FOFN) (the "Company"
, the holding company for Four Oaks Bank & Trust Company (the "Bank", today announced that on August 31, 2015, Nancy S. Wise, Executive Vice President, Chief Financial Officer of the Company and the Bank, resigned from her positions with the Company and the Bank, effective as of September 1, 2015 to spend time caring for aging family members. Four Oaks Fincorp, Inc. Announces Release from 2011 Written Agreement
BusinessWire - Tue Aug 04, 10:08AM CDT
Four Oaks Fincorp, Inc. (OTCQX: FOFN) (the "Company"
, the holding company for Four Oaks Bank & Trust Company (the "Bank", today announced that the Company and Bank have been released from the Written Agreement dated May 24, 2011 with the Federal Reserve Bank of Richmond and the North Carolina Office of the Commissioner of Banks. Four Oaks Fincorp, Inc. Announces Record Earnings of $17.5 Million for the Second Quarter 2015
BusinessWire - Fri Jul 31, 7:00AM CDT
Four Oaks Fincorp, Inc. (OTCQX: FOFN) (the "Company"
, the holding company for Four Oaks Bank & Trust Company (the "Bank", today announced the results for the second quarter and six months ended June 30, 2015. The Company reported net income of $17.5 million and $18.5 million, respectively, for the second quarter and six months ended June 30, 2015 compared to net income of $2.4 million and $3.8 million for the same periods in 2014. Four Oaks Bank announces board approval of management transition plan
M2 - Tue Jun 09, 7:12AM CDT
The board of directors of Oaks Fincorp Inc (OTCQX:FOFN) approved a management transition plan on Monday, under which the company's and its subsidiary bank's current president, chief operating officer (COO) and board director David H. Rupp will become chief executive officer of both, while Ayden R. Lee Jr, who has been serving as the chief executive officer (CEO) of both will become the executive chairman of the company.
Four Oaks Bank Approves Management Transition Plan
BusinessWire - Mon Jun 08, 5:55PM CDT
Four Oaks Fincorp, Inc. (OTCQX:FOFN) (the "Company"
, the holding company for Four Oaks Bank & Trust Company (the "Bank", is proud to announce that on June 8, 2015, the Board of Directors of the Company (the "Board" approved a management transition plan (the "Transition Plan" whereby (i) David H. Rupp, the Company's current President, Chief Operating Officer and member of the Board, will become Chief Executive Officer of the Company and the Bank and (ii) Ayden R. Lee, Jr., who has been serving as the Chief Executive Officer of the Company and the Bank, will become the Executive Chairman of the Company. As Executive Chairman, Mr. Lee will provide, among other things, strategic, governance, shareholder relations, and risk management support and oversight to the Company, its executive team and the Board. Mr. Lee will also continue in his role as Chairman of the Board. Upon being appointed as Chief Executive Officer, Mr. Rupp will no longer serve as the Chief Operating Officer of the Company but will continue serving as the President and a member of the Board. The Transition Plan is targeted to become effective on or about June 30, 2015, and is subject to approval by the Federal Reserve Bank of Richmond. RF: 9.17 (+0.01)
Four Oaks Bank names David H Rupp as new president
M2 - Fri Apr 03, 3:07AM CDT
Four Oaks Fincorp Inc (OTCQX:FOFN), the holding company of Four Oaks Bank & Trust Company (the bank), named on Friday David H Rupp as president of the bank and the company.
Four Oaks Bank Appoints New President
BusinessWire - Thu Apr 02, 4:00PM CDT
Four Oaks Fincorp, Inc. (OTCQX:FOFN) (the "Company"
, the holding company for Four Oaks Bank & Trust Company (the "Bank", is proud to announce that, effective March 31, 2015, David H. Rupp was appointed President of the Bank and of the Company. Ayden Lee, Jr., who has been serving as the President of the Company and the Bank, will continue to serve in his roles of Chief Executive Officer of the Company and the Bank and Chairman of the Board of Directors of the Company (the "Board". RF: 9.17 (+0.01)
Four Oaks Bank Appoints Two New Directors
BusinessWire - Fri Mar 27, 2:45PM CDT
Four Oaks Fincorp, Inc. (OTCQX:FOFN) (the "Company"
, the holding company for Four Oaks Bank & Trust Company (the "Bank", is proud to announce that, effective March 23, 2015, Kenneth R. Lehman and David H. Rupp were appointed to the Boards of Directors of the Bank and of the Company. Four Oaks Bank Welcomes New Chief Credit Officer
BusinessWire - Wed Mar 18, 6:45AM CDT
Four Oaks Bank (OTCQX:FOFN) is pleased to welcome Warren "Rocky" Herring to the position of Chief Credit Officer. Mr. Herring was the Chief Credit Officer at Premier Commercial Bank in Greensboro, prior to its recent acquisition. He brings over 20 years experience in the financial and credit industry to his new position at Four Oaks Bank. A 1991 graduate of Duke University, Mr. Herring also earned his Master's Degree in Divinity in 2001 from Southeastern Baptist Theological Seminary in Wake Forest.
Four Oaks Fincorp, Inc. Announces 2014 Fourth Quarter Earnings and Annual Results
BusinessWire - Mon Mar 09, 7:00AM CDT
Four Oaks Fincorp, Inc. (OTCQX:FOFN) (the "Company"
, the holding company for Four Oaks Bank & Trust Company (the "Bank", today announced the results for the fourth quarter and twelve months ended December 31, 2014. The Company reported net income of $633,000 for the fourth quarter and a net loss of $4.2 million for the twelve months ended December 31, 2014 compared to a net loss of $402,000 and $350,000 for the same periods in 2013. During 2014, the Company raised $24 million in capital and executed an asset resolution plan, a process to identify and value for disposal various impaired legacy loans and foreclosed real estate. The charge for the asset resolution plan was taken in the third quarter of 2014. The Bank's classified assets as of December 31, 2014 totaled $16.8 million, resulting in a classified to capital ratio of 23.7% compared to total classified assets of $50.4 million and a classified to capital ratio of 89.7% at year end 2013. The 66.0% decline in the classified to capital ratio is the result of continued focus on improving asset quality combined with the capital raise and asset resolution plan execution. Four Oaks Fincorp, Inc. Begins Trading on OTCQX
BusinessWire - Mon Feb 02, 2:40PM CST
Four Oaks Fincorp, Inc. (OTCQX: FOFN) holding company for Four Oaks Bank & Trust Company in North Carolina, announced that its common stock began trading today on OTCQX, the best marketplace for established, global and growth companies operated by OTC Markets Group Inc. Prior to this, the company's shares traded on the OTCQB venture marketplace. The Company's ticker symbol "FOFN" remains the same.
OTC Markets Group Welcomes Four Oaks Fincorp to OTCQX®
PR Newswire - Mon Feb 02, 7:00AM CST
OTC Markets Group Inc. (OTCQX: OTCM), operator of Open, Transparent and Connected financial marketplaces, today announced Four Oaks Fincorp, Inc. (OTCQX: FOFN), holding company for Four Oaks Bank & Trust Company in North Carolina, has qualified to trade on OTCQX®, the best marketplace.
Four Oaks Fincorp, Inc. Announces 2014 Third Quarter and Year to Date Results
BusinessWire - Mon Oct 27, 7:00AM CDT
Four Oaks Fincorp, Inc. (OTCBB:FOFN) (the "Company"
, the holding company for Four Oaks Bank & Trust Company (the "Bank", today announced the results for the third quarter and nine months ended September 30, 2014. The Company reported a net loss of $8.6 million and $4.8 million, respectively, for the third quarter and nine months ended September 30, 2014 compared to net income of $79,000 and $52,000 for the same periods in 2013. During the third quarter the Company raised $24 million in capital and executed an asset resolution plan (the "ARP", a process to identify and value for disposal various impaired legacy loans and foreclosed real estate. The Company had net charge-offs totaling $9.6 million and $10.2 million during the quarter and nine months ended September 30, 2014, respectively, as compared to $1.7 million and $4.3 million for the same periods of 2013, respectively. Foreclosed assets totaled $4.7 million at September 30, 2014, down from $8.5 million at December 31, 2013. The change in foreclosed assets can be attributed to $3.7 million in net sales proceeds and $1.7 in write-downs, which was offset by $1.6 million in additions. The elevated levels of charge-offs and write-downs were primarily the result of executing the ARP. Certain impaired loans were charged down to disposal value in anticipation of near-term sales resulting in a decrease in the allowance for loan losses (ALLL) as a percentage of gross loans to 2.09% at September 30, 2014 from 2.35% at December 31, 2013. Net charges for the ARP totaled $9.5 million for the third quarter and nine months ended September 30, 2014. As a result of the ARP, the Bank's Texas Ratio has fallen below 40%. A bank's Texas ratio is a measure of portfolio risk and is calculated by dividing total nonperforming assets, including troubled debt restructurings, by tangible common equity plus the allowance for loan losses. Excluding the charge for the asset resolution plan, the Company earned $0.9 million during the third quarter and $4.7 million for the nine months ended September 30, 2014. Management remains focused on finishing the resolution process and putting legacy loan issues behind the organization. 
