e11vk
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS AND SIMILAR PLANS PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
(Mark One)
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ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the fiscal year ended December 31, 2009 |
or
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 (NO FEE REQUIRED) |
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For the transition period from to . |
Commission file number 0-25033
A. Full title of the plan and the address of the plan, if different from that of the issuer
named below:
Superior Bancorp 401(k) Plan
(formerly The Banc Corporation 401(k) Plan)
B. Name of issuer of the securities held pursuant to the plan and the address of its principal
executive office:
Superior Bancorp (f/k/a The Banc Corporation)
17 North Twentieth Street
Birmingham, Alabama 35203
SUPERIOR BANCORP 401(K) PLAN
TABLE OF CONTENTS
DECEMBER 31, 2009 AND 2008
2
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Benefits Advisory Committee of the Superior Bancorp 401(k) Plan:
We have audited the accompanying statements of net assets available for plan benefits of the
Superior Bancorp 401(k) Plan (the Plan) as of December 31, 2009 and 2008, and the related
statements of changes in net assets available for plan benefits for the year ended December 31,
2009. These financial statements are the responsibility of the Plans management. Our
responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight
Board (United States). Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements are free of material misstatement. The
Plan is not required to have, nor were we engaged to perform, an audit of its internal control over
financial reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the Plans internal control
over financial reporting. Accordingly, we express no such opinion. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates made by management,
as well as evaluating the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material
respects, the net assets available for plan benefits of the Superior Bancorp 401(k) Plan as of
December 31, 2009 and 2008, and the changes in net assets available for plan benefits for the year
ended December 31, 2009, in conformity with accounting principles generally accepted in the United
States of America.
Our audits were conducted for the purpose of forming an opinion on the basic financial statements
taken as a whole. The supplemental schedules of assets (held at end of year) and schedule of
delinquent participant contributions are presented for purposes of additional analysis and are not
a required part of the basic financial statements, but are supplementary information required by
the Department of Labors Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. These supplemental schedules have been subjected to the
auditing procedures applied in the audits of the basic financial statements and, in our opinion,
are fairly stated in all material respects in relation to the basic financial statements taken as a
whole.
/s/ GRANT THORNTON LLP
Raleigh, North Carolina
June 28, 2010
3
SUPERIOR BANCORP 401(K) PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
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December 31, |
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2009 |
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2008 |
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ASSETS |
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Investments, at fair value |
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$ |
11,194,382 |
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$ |
7,328,396 |
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Receivables: |
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Employer contributions receivable |
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46,725 |
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45,445 |
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Employee contributions receivable |
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79,547 |
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76,206 |
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Total receivables |
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126,272 |
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121,651 |
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Net assets reflecting all investments at fair value |
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11,320,654 |
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7,450,047 |
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Adjustments from fair value to contract value for
interest in collective investment fund relative to
fully benefit-responsive investment contracts |
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(92,932 |
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(12,353 |
) |
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NET ASSETS AVAILABLE FOR PLAN BENEFITS |
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$ |
11,227,722 |
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$ |
7,437,694 |
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See accompanying notes to financial statements.
4
SUPERIOR BANCORP 401(K) PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
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Year Ended |
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December 31, |
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2009 |
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ADDITIONS |
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Additions to net assets attributed to: |
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Investment income |
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Net change in fair value of investments |
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$ |
1,198,983 |
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Interest |
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6,574 |
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Dividends |
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203,326 |
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Net investment income |
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1,408,883 |
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Contributions |
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Participant contributions |
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1,864,874 |
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Company contributions |
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1,120,988 |
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Rollovers-in |
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231,701 |
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Total contributions |
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3,217,563 |
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Total additions |
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4,626,446 |
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DEDUCTIONS |
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Deductions to net assets attributed to: |
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Benefits paid to participants |
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833,848 |
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Administrative expenses |
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2,570 |
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Total deductions |
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836,418 |
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NET INCREASE |
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3,790,028 |
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NET ASSETS AVAILABLE FOR PLAN BENEFITS AT BEGINNING OF YEAR |
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7,437,694 |
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NET ASSETS AVAILABLE FOR PLAN BENEFITS AT END OF YEAR |
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$ |
11,227,722 |
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See accompanying notes to financial statements.
5
SUPERIOR BANCORP 401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
NOTE 1 BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The financial statements of Superior Bancorp (the Company) 401(k) Plan (the Plan) have been
prepared on the accrual basis of accounting.
Summary of Significant Accounting Policies
Investment Valuation and Income Recognition
In accordance with Financial Accounting Standards Board (FASB) guidance, investments held by a
defined contribution plan are required to be reported at fair value. However, contract value is the
relevant measurement attribute for that portion of the net assets available for benefits of a
defined contribution plan attributable to fully benefit responsive investment contracts because the
contract value is the amount participants would receive if they were to initiate permitted
transactions under the terms of the plan. The plan invests in investment contracts through the
Federated Capital Preservation Fund. As required by FASB guidance, the Statement of Net Assets
Available for Plan Benefits presents the fair value of the collective fund as well as the
adjustment from fair value to contract value. The Statement of Changes in Net Assets Available for
Plan Benefits is prepared on a contract value basis.
Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded
on the accrual basis. Dividends are recorded on the ex-dividend date.
Fair Value
Management measures fair value at the price the Plan would receive by selling an asset or pay to
transfer a liability in an orderly transaction between market participants at the measurement date.
Management prioritizes the assumptions that market participants would use in pricing the asset or
liability (the inputs) into a three-tier fair value hierarchy. This fair value hierarchy gives
the highest priority (Level 1) to quoted prices in active markets for identical assets or
liabilities and the lowest priority (Level 3) to unobservable inputs in which little or no market
data exists, requiring companies to develop their own assumptions. Observable inputs that do not
meet the criteria of Level 1, and include quoted prices for similar assets or liabilities in active
markets or quoted prices for identical assets and liabilities in markets that are not active, are
categorized as Level 2. Level 3 inputs are those that reflect managements estimates about the
assumptions market participants would use in pricing the asset or liability, based on the best
information available in the circumstances. Valuation techniques for assets and liabilities
measured using Level 3 inputs may include methodologies such as the market approach, the income
approach or the cost approach, and may use unobservable inputs such as projections, estimates and
managements interpretation of current market data. These unobservable inputs are only utilized to
the extent that observable inputs are not available or cost-effective to obtain. See Note 6 for
additional disclosures.
Investments Reported at Contract Value
The Plan invests in a collective investment fund with Federated Investors Trust Company
(Federated) that is fully benefit-responsive. The investments are held in the Federated Capital
Preservation Fund (Fund). The Fund invests in stable value products, including Guaranteed
Investment Contracts (GICs), synthetic GICs, and money market funds. The Fund seeks to
outperform money market funds in a normal yield curve environment and attempts to maintain a stable
unit value of $10.00. Valuation occurs daily and dividends are declared daily and paid monthly.
This investment is reported at contract value in the financial statements, which represents
contributions made to the account, plus earnings on the underlying investment, less participant
withdrawals and administrative expenses. Investments are recorded at contract value rather than
fair value, to the extent that they are fully benefit-responsive. The fair value of the fully
benefit-responsive investment contracts are calculated using a discounting method developed by the
trustee. The fair value of the Fund at December 31, 2009 and 2008 was $3,502,863 and $3,130,513,
respectively. For the years ended December 31, 2009 and 2008, the average yield was 3.53% and
4.07%, and the average yield credited to participants in the Plan was 3.70% and 4.52%,
respectively. There were no valuation reserves recorded that were associated with the collective
investment fund in 2009 and 2008. The crediting interest rate is based on an agreed-upon formula
with the issuer, but cannot be less than zero.
6
In certain circumstances, the amount withdrawn from the Fund would be payable at fair value rather
than at contract value. These circumstances include, but are not limited to, the following:
mergers, mass layoffs, plan terminations, implementation of early retirement incentive programs, or
other events within the control of the Fund or the Plan sponsor resulting in a material and adverse
financial impact on the issuers obligations under the GIC. Based on prior experience, the Fund
Trustee believes that it is not probable that such circumstances would be of sufficient magnitude
to limit the ability of the Fund to transact at contract value with Participants.
Participants may redeem units of the Fund for the purpose of funding a bona fide benefit payment,
making a Participant loan, honoring an employee-directed transfer of the employees interest in the
Plan to another investment election, or paying Trustee fees. Participants may make withdrawals from
the Fund for other purposes only upon twelve months advance written notice to the Fund Trustee.
The Fund Trustee, in its discretion, may waive the twelve month notice requirement.
The GICs into which the Fund has entered limit the circumstances under which the issuer may
unilaterally terminate the GIC on short notice. These circumstances include, but are not limited
to, the following: (1) the Fund loses its qualified status under the Internal Revenue Code or is
otherwise terminated, (2) the Trustee fails to meet its material obligations under the GIC,
attempts to assign the GIC, or engages in fraud or misrepresentation that materially affects the
risk profile of the GIC, or (3) if the fixed-income securities underlying the synthetic GIC fail to
meet certain criteria as specified in the synthetic GIC. If one of these events were to occur, the
issuer could terminate the synthetic GIC at the market value of the underlying fixed-income
securities (or in the case of a traditional GIC, at the hypothetical market value based upon a
contractual formula).
Use of Estimates
The preparation of financial statements in conformity with U.S. generally accepted accounting
principles requires management to make estimates that affect the amounts reported in the financial
statements and accompanying notes. Actual results could differ from those estimates.
Recent Accounting Pronouncements
The Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) No.
2009-01 Generally Accepted Accounting Principles amendments based on FASB Statement of Financial
Accounting Standards (SFAS) No. 168, The FASB Accounting Standards Codification and the Hierarchy
of Generally Accepted Accounting Principles (SFAS No. 168). In June of 2009, the FASB issued SFAS
No. 168 to replace FASB Statement No. 162, The Hierarchy of Generally Accepted Accounting
Principles (SFAS No. 162) and authorize the Accounting Standard Codification (ASC or
Codification) as the new source for authoritative U.S. GAAP and ends the practice of FASB issuing
standards in the familiar forms. On July 1, 2009, the FASB implemented the ASC as the authoritative
source, along with SEC guidance, for U.S. GAAP through issuance of Accounting Standards Update
(ASU or Update) 2009-01. The FASB will no longer issue Statements of Financial Accounting
Standards, but rather will issue Updates that will provide background information about the amended
guidance along with a basis for conclusions regarding the change. These Updates will amend the ASC
to reflect the new guidance issued by the FASB. The adoption of this guidance did not have any
impact on the Plans financial statements.
In April 2009, FASB issued ASC 820-10, Determining Fair Value When the Volume and Level of
Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That
Are Not Orderly (ASC 820-10), which provided guidelines for making fair value measurements more
consistent by emphasizing that even if there has been a significant decrease in the volume and
level of activity for the asset or liability and regardless of the valuation technique used, the
objective of a fair value measurement remains the same. Fair value is the price that would be
received in a sale of an asset or paid to transfer a liability in an orderly transaction (that is,
not a forced liquidation or distressed sale), between market participants at the measurement date
under current market conditions. This guidance became effective for financial statements issued
for periods ending after June 15, 2009. The adoption of this provision had no material impact to
the Plans financial statements.
In January 2010, FASB issued ASU No. 2010-06 Fair Value Measurements and Disclosures Improving
Disclosures about Fair Value Measurements (ASU 2010-06). This Update provides amendments to
Subtopic 820-10, Fair Value Measurements and Disclosures, that require new disclosures for
transfers in and out of Levels 1 and 2, and for activity in Level 3 fair value measurements. In
addition, this Update provides amendments that clarify existing disclosures relating to the level
of disaggregation and inputs and valuation techniques. Fair value measurement disclosures should
be provided for each class of assets and liabilities, and disclosures should be made about the
valuation techniques and inputs used to measure fair value for both recurring and
nonrecurring measurements that fall in either Level 2 or Level 3. The new disclosures and
clarification of existing disclosures are effective for interim and annual reporting periods
beginning after December 15, 2009, except for the disaggregation of the Level 3
7
activity, which is effective for interim and annual periods beginning after December 15, 2010. The
adoption of this update is not expected to materially impact the Plans current fair value
disclosures.
NOTE 2 DESCRIPTION OF PLAN
The following description of the Plan provides only general information. Participants should refer
to the Plan document for a more complete description of the Plans provisions.
General
The Plan is a defined contribution plan, which covers employees of the Company who have attained
age 21 and are employed as of the enrollment dates of either January 1st or July 1st of each year.
The Plan was amended effective January 1, 2009 to automatically enroll eligible employees into the
Plan. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974,
as amended (ERISA).
Contributions
Each year, participants may contribute up to 100% of pretax annual compensation, as defined in the
Plan subject to Internal Revenue Service (IRS) limits. Participants direct the investment of
their contributions into various investment options offered by the Plan. Participants may also roll
over into the Plan amounts representing distributions from other qualified defined benefit or
defined contribution plans. Effective January 1, 2005, the Plan became a safe harbor plan under the
Internal Revenue Code (IRC) regulations. Employer safe harbor matching contributions are equal to
100% of the first 3% of employee contributions and 50% of the next 2% of employee contributions.
The Company contributed $1,113,508 to the Plan in 2009.
Vesting
Participants are immediately vested in their contributions plus actual earnings thereon. There is
immediate vesting of the employer matching contributions made after January 1, 2005. Prior to 2005,
vesting in the Company contribution portion of their accounts plus actual earnings thereon was
based on years of continuous service. A participant was 20% vested upon completion of each year of
credited service and 100% vested after five years of credited service.
Each participants account is credited with the participants contributions and allocations of (a)
the Companys contributions and (b) Plan earnings, and is charged with an allocation of
administrative expenses. Allocations are based on participant earnings or account balances, as
defined. Forfeited balances of terminated participants nonvested accounts may be used to offset
plan expenses. The balance of forfeitures included in Plan assets were $63,008 and $53,749 as of
December 31, 2009 and 2008, respectively. The benefit to which a participant is entitled is the
benefit that can be provided from the participants account.
Participant Loans
Participants may borrow from their fund accounts up to a maximum equal to the lesser of $50,000 or
50% of their vested account balance. Loan terms range from one to five years unless the loan is for
the purchase of a primary residence. In such case, the term of the loan shall be determined by the
Company based on maturity dates for similar loans in the local area. The loans are secured by the
balance in the participants account and bear interest at a rate commensurate with local prevailing
rates as determined by the Plan administrator. Principal and interest are paid ratably through
monthly payroll deductions.
Plan Termination
Although it has not expressed any intent to do so, the Company has the right under the Plan to
discontinue its contributions at any time and to terminate the Plan subject to the provisions of
ERISA. In the event of Plan termination, participants will become 100% vested in their accounts.
Payment of Benefits
Upon termination of service, death, disability, or retirement, a participant may receive a lump-sum
amount equal to the vested value of his or her account, or periodic equal installments for a period
not to exceed the joint and last survivor life expectancy of the participant and the participants
beneficiary.
8
Administrative Expenses
The Company pays all administrative expenses, other than participant loan origination fees, on
behalf of the Plan. Custodial fees are paid by the Plan.
NOTE 3 PARTIES-IN-INTEREST TRANSACTIONS
On May 1, 2006 the Trust Company of Sterne Agee, Inc. (Sterne) became the trustee for the Plans
investments while FAS Core, LLC (the Custodian) remained as the Plans record keeper for the
Plans investments. Certain plan investments are units of mutual fund investments managed by
Federated Retirement Services who has outsourced the record keeping duties to the Custodian. One of
the investment vehicles in the Plan is Superior Bancorp common stock. The Company pays for all
legal, accounting, and other services on behalf of the Plan, other than participant loan
origination fees.
NOTE 4 INCOME TAX STATUS
Effective November 1, 2006, the Plan adopted the proto-type 401(k) plan of Sterne. The IRS has
determined and informed Sterne by a letter dated March 31, 2008, that the prototype 401(k) plan
used by the Plan is designed in accordance with the applicable requirements of the IRC. Although
the Plan has been amended since receiving the determination letter, the Plan administrator believes
that the Plan is designed in accordance with the applicable requirements of the IRC. As discussed
in Note 8, the Plan Administrator identified one payroll period in 2008 for which the Company
inadvertently did not make a timely remittance of certain employee deferrals to the trust. This has
been corrected in accordance with Department of Labor rules. Also, the Plan Administrator has
determined that the Plan may utilize IRS voluntary correction programs to address operational
issues, and thus will remain in compliance with applicable laws and regulations. Consequently, no
provision for income taxes has been included in the Plans financial statements.
NOTE 5 INVESTMENTS
The fair value of individual investments that represent 5% or more of the Plans net assets is as
follows:
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December 31, |
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2009 |
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2008 |
Federated Capital Preservation Fund |
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$ |
3,502,863 |
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$ |
3,130,513 |
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Federated Total Return Bond A |
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827,590 |
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703,764 |
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Superior Bancorp Common Stock |
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1,026,191 |
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498,429 |
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Baron Growth Fund |
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671,394 |
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373,986 |
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Federated Capital Appreciation Fund |
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N/A |
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368,507 |
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During 2009, the Plans investments (including investments bought, sold, as well as held during the
year) increased in fair value as determined by quoted market prices as follows:
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December 31, |
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2009 |
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Superior Bancorp common stock |
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$ |
69,758 |
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Mutual fund investments |
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1,129,225 |
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$ |
1,198,983 |
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9
NOTE 6 FAIR VALUE
The table below presents our assets and liabilities measured at fair value categorized by the level
of inputs used in the valuation of each asset at December 31, 2009 and 2008:
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Quoted |
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Prices in |
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Active |
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Significant |
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Markets for |
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Other |
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Significant |
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Identical |
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Observable |
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Unobservable |
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Fair |
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Assets |
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Inputs |
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Inputs |
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Value |
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(Level 1) |
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(Level 2) |
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(Level 3) |
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December 31, 2009 |
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Common Stock |
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$ |
1,026,191 |
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$ |
1,026,191 |
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$ |
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$ |
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|
Mutual Funds |
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6,548,786 |
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6,548,786 |
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|
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Collective investment fund |
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|
3,502,863 |
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3,502,863 |
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Participant loans |
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116,542 |
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116,542 |
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Total |
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$ |
11,194,382 |
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$ |
7,574,977 |
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$ |
3,502,863 |
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|
$ |
116,542 |
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December 31, 2008 |
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|
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|
|
Common Stock |
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$ |
498,429 |
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$ |
498,429 |
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|
$ |
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|
$ |
|
|
Mutual Funds |
|
|
3,596,898 |
|
|
|
3,596,898 |
|
|
|
|
|
|
|
|
|
Collective investment fund |
|
|
3,130,513 |
|
|
|
|
|
|
|
3,130,513 |
|
|
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|
|
Participant loans |
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|
102,556 |
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102,556 |
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Total |
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$ |
7,328,396 |
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|
$ |
4,095,327 |
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|
$ |
3,130,513 |
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|
$ |
102,556 |
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Valuation Techniques
Common stock
The Companys common stock is traded on the Nasdaq Global Market under the trading symbol SUPR
and investments in the Companys stock are valued using the closing price on the last business day
of the plan year. Cash equivalents are stated at fair value, which is approximated by cost.
Mutual funds
Investments in the mutual fund investments are stated at fair value based on participation units
owned by the Plan. Fair values of the participation units owned by the Plan in the mutual fund
investments are based on quoted redemption values on the last business day of the Plan year as
reported by the Custodian.
Collective investment funds
The collective investment fund is valued at fair value by discounting the related cash flows based
on current yields of similar instruments with comparable durations considering the
credit-worthiness of the issuer.
Participant loans
Participant loans are valued at their outstanding balance, which approximates fair value.
10
Changes in Level 3 fair value measurements
The table below include a roll-forward of the changes in fair value for financial instruments
within Level 3 of the valuation hierarchy for the twelve months ended December 31, 2009 and 2008.
Level 3 financial instruments typically include unobservable components, but may also include some
observable components that may be validated to external sources. The gains in the following table
may include changes to fair value due in part to observable factors that may be part of the
valuation methodology:
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Participant Loans |
|
|
|
2009 |
|
|
2008 |
|
Balance at January 1 |
|
$ |
102,556 |
|
|
$ |
91,991 |
|
Issuances and settlements, net |
|
|
13,986 |
|
|
|
10,565 |
|
|
|
|
|
|
|
|
Balance at December 31 |
|
$ |
116,542 |
|
|
$ |
102,556 |
|
|
|
|
|
|
|
|
NOTE 7 RISKS AND UNCERTAINTIES
The Plan invests in various investment securities. Investment securities are exposed to various
risks such as interest rate, market and credit risks. Due to the level of risk associated with
certain investment securities, it is at least reasonably possible that changes in the values of
investment securities will occur in the near term and that such changes could materially affect
participants account balances and the amounts reported in the statements of net assets available
for plan benefits.
NOTE 8 DELINQUENT PARTICIPANT CONTRIBUTIONS
The Plan Administrator identified one payroll period in 2008 for which the Company inadvertently
did not make a timely remittance of certain employee deferrals to the trust. At December 31, 2008,
there were $3,709 of receivables related to these contributions. This was corrected in accordance
with Department of Labor rules prior to the issuance of the Form 11-K for the fiscal year ended
December 31, 2008.
NOTE 9 SUBSEQUENT EVENTS
Effective January 1, 2010, the Plan was timely amended and restated to comply with the provisions
of the Economic Growth and Tax Relief Reconciliation Act of 2001.
11
SUPPLEMENTARY INFORMATION
12
SUPERIOR BANCORP 401(K) PLAN
SCHEDULE H, LINE 4A SCHEDULE OF DELINQUENT PARTICIPANT CONTRIBUTIONS
PLAN SPONSOR EIN: 63-1201350
PLAN NUMBER 001
2009 Form 5500 Line 4a Schedule of Delinquent Participant Contributions
|
|
|
|
|
|
|
|
|
|
|
Participant Contributions |
|
Total that Constitute Nonexempt |
|
|
Transferred Late to Plan |
|
Prohibited Transactions |
|
|
|
|
|
|
|
|
Contributions |
|
Total Fully |
Check if Late Participant |
|
|
|
Contributions |
|
Pending |
|
Corrected Under |
Loan Repayments are |
|
Contributions |
|
Corrected |
|
Correction in |
|
VFCP and PTE |
included |
|
Not Corrected |
|
Outside VFCP |
|
VFCP |
|
2002-51 |
|
|
$
|
|
$
|
|
$
|
|
$ |
3,709 |
|
13
SUPERIOR BANCORP 401(K) PLAN
SCHEDULE H, LINE 4I SCHEDULE OF ASSETS (HELD AT END OF YEAR)
PLAN SPONSOR EIN: 63-1201350
PLAN NUMBER 001
|
|
|
|
|
|
|
|
|
|
|
|
|
( b ) |
|
|
|
|
|
|
|
|
|
Identity of issue, |
|
|
|
|
|
|
|
|
|
borrower, lessor, |
|
( c ) |
|
( d ) |
|
( e ) |
|
(a) |
|
or similar party |
|
Description of investment |
|
Cost |
|
Current value |
|
|
* |
|
Superior Bancorp |
|
Superior Bancorp Common Stock |
|
Omitted cost with respect to participant directed transactions under an individual |
|
$ |
1,026,188 |
|
* |
|
Federated |
|
Federated mdt Balanced Fund A |
|
|
|
|
289,903 |
|
* |
|
Superior Bancorp |
|
Employer Stock Awaiting Purchase Fund |
|
|
|
|
3 |
|
* |
|
Federated |
|
Federated Capital Preservation Fund |
|
|
|
|
3,502,863 |
|
* |
|
Federated |
|
Federated GNMA Trust SS |
|
|
|
|
250,901 |
|
* |
|
Federated |
|
Federated Total Return Bond A |
|
|
|
|
827,590 |
|
|
|
American Century |
|
American Century Equity Income Advisor Class |
|
|
|
|
467,975 |
|
* |
|
Baron Funds |
|
Baron Funds Growth Fund |
|
|
|
|
671,394 |
|
* |
|
Federated |
|
Federated Stock Trust |
|
|
|
|
175,168 |
|
* |
|
Federated |
|
Federated Kaufmann Fund |
|
|
|
|
358,073 |
|
* |
|
Federated |
|
Federated Capital Appreciation Fund |
|
|
|
|
446,328 |
|
* |
|
Federated |
|
Federated Mid-Cap Index IS |
|
|
|
|
418,180 |
|
* |
|
Federated |
|
Federated Max-Cap Index Fund |
|
|
|
|
147,666 |
|
|
|
Janus |
|
Janus Advisor Forty Class S |
|
|
|
|
545,945 |
|
* |
|
Federated |
|
Federated International Small Company Fund A |
|
|
|
|
472,704 |
|
|
|
T. Rowe |
|
T. Rowe Price Retirement Income Fund |
|
|
|
|
25,355 |
|
|
|
T. Rowe |
|
T. Rowe Price Retirement 2010 Fund |
|
|
|
|
17,536 |
|
|
|
T. Rowe |
|
T. Rowe Price Retirement 2020 Fund |
|
|
|
|
270,165 |
|
|
|
T. Rowe |
|
T. Rowe Price Retirement 2030 Fund |
|
|
|
|
175,959 |
|
|
|
T. Rowe |
|
T. Rowe Price Retirement 2040 Fund |
|
|
|
|
161,510 |
|
|
|
T. Rowe |
|
T. Rowe Price Retirement 2050 Fund |
|
|
|
|
120,149 |
|
|
|
American Funds |
|
American Funds Europacific Growth FD R4 |
|
|
|
|
294,941 |
|
* |
|
Federated |
|
Federated Clover Small Value A |
|
|
|
|
341,922 |
|
|
|
American Funds |
|
American Funds Growth Fund of America R4RGAEX |
|
|
|
|
69,422 |
|
* |
|
Participant Loans |
|
Interest rates ranging from 4.25% to 9.25% |
|
|
|
|
116,542 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
11,194,382 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
|
Party-in-interest as defined by ERISA |
14
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Chief Financial Officer of
Superior Bancorp, the Plan Administrator of the Superior Bancorp 401(k) Plan has duly caused this
Annual Report to be signed on its behalf by the undersigned hereunto duly authorized.
|
|
|
|
|
|
SUPERIOR BANCORP 401(K) PLAN
|
|
|
By |
/s/ James A. White
|
|
|
|
James A. White |
|
|
|
Chief Financial Officer of
Superior Bancorp as Plan Administrator |
|
|
Dated:
June 29, 2010
15
EXHIBIT INDEX
|
|
|
Number |
|
Description |
23.1
|
|
Consent of GRANT THORNTON, LLP |
16