| Loans |
Note 9 - Loans
Loan balances were as follows (in thousands):
| |
|
9/30/2012 |
|
|
12/31/2011 |
|
| |
|
|
|
|
|
|
| Commercial |
|
$ |
181,170 |
|
|
$ |
193,176 |
|
| Residential real estate |
|
|
281,745 |
|
|
|
266,268 |
|
| Nonresidential real estate |
|
|
555,234 |
|
|
|
523,485 |
|
| Construction |
|
|
98,609 |
|
|
|
104,788 |
|
| Consumer |
|
|
16,170 |
|
|
|
16,618 |
|
| Municipal obligations |
|
|
27,603 |
|
|
|
27,066 |
|
| Gross loans |
|
|
1,160,531 |
|
|
|
1,131,401 |
|
| Less: Deferred loan origination fees and discount |
|
|
(1,457 |
) |
|
|
(1,447 |
) |
| Allowance for loan losses |
|
|
(16,585 |
) |
|
|
(18,288 |
) |
| |
|
|
|
|
|
|
|
|
| Net loans |
|
$ |
1,142,489 |
|
|
$ |
1,111,666 |
|
The following tables present the activity in the allowance for loan losses for the three months ending September 30, 2012 and 2011, and the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of September 30, 2011 (in thousands):
| |
|
|
|
|
|
|
|
Non |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Residential |
|
|
Residential |
|
|
|
|
|
|
|
|
Municipal |
|
|
|
|
|
|
Commercial |
|
|
Real estate |
|
|
Real estate |
|
|
Construction |
|
|
Consumer |
|
|
Obligations |
|
|
Total |
|
| September 30, 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Allowance for loan losses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning balance |
|
$ |
2,159 |
|
|
$ |
3,786 |
|
|
$ |
6,666 |
|
|
$ |
5,167 |
|
|
$ |
392 |
|
|
$ |
176 |
|
|
$ |
18,346 |
|
| Provision for loan losses |
|
|
(215 |
) |
|
|
2,095 |
|
|
|
875 |
|
|
|
(729 |
) |
|
|
325 |
|
|
|
(151 |
) |
|
|
2,200 |
|
| Loans charged off |
|
|
(89 |
) |
|
|
(1,051 |
) |
|
|
(436 |
) |
|
|
(2,292 |
) |
|
|
(371 |
) |
|
|
- |
|
|
|
(4,239 |
) |
| Recoveries |
|
|
18 |
|
|
|
3 |
|
|
|
183 |
|
|
|
2 |
|
|
|
72 |
|
|
|
- |
|
|
|
278 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total ending allowance balance |
|
$ |
1,873 |
|
|
$ |
4,833 |
|
|
$ |
7,288 |
|
|
$ |
2,148 |
|
|
$ |
418 |
|
|
$ |
25 |
|
|
$ |
16,585 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ending allowance balance attributable to loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Individually evaluated for impairment |
|
$ |
317 |
|
|
$ |
1,729 |
|
|
$ |
2,993 |
|
|
$ |
1,215 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
6,254 |
|
| Collectively evaluated for impairment |
|
|
1,556 |
|
|
|
3,104 |
|
|
|
4,295 |
|
|
|
933 |
|
|
|
418 |
|
|
|
25 |
|
|
|
10,331 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total ending allowance balance |
|
$ |
1,873 |
|
|
$ |
4,833 |
|
|
$ |
7,288 |
|
|
$ |
2,148 |
|
|
$ |
418 |
|
|
$ |
25 |
|
|
$ |
16,585 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loans individually evaluated for impairment |
|
$ |
1,118 |
|
|
$ |
8,500 |
|
|
$ |
19,111 |
|
|
$ |
5,774 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
34,503 |
|
| Loans collectively evaluated for impairment |
|
|
180,052 |
|
|
|
273,245 |
|
|
|
536,123 |
|
|
|
92,835 |
|
|
|
16,170 |
|
|
|
27,603 |
|
|
|
1,126,028 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total ending loans balance |
|
$ |
181,170 |
|
|
$ |
281,745 |
|
|
$ |
555,234 |
|
|
$ |
98,609 |
|
|
$ |
16,170 |
|
|
$ |
27,603 |
|
|
$ |
1,160,531 |
|
| |
|
|
|
|
|
|
|
Non |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Residential |
|
|
Residential |
|
|
|
|
|
|
|
|
Municipal |
|
|
|
|
|
|
Commercial |
|
|
Real estate |
|
|
Real estate |
|
|
Construction |
|
|
Consumer |
|
|
Obligations |
|
|
Total |
|
| September 30, 2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Allowance for loan losses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning balance |
|
$ |
3,931 |
|
|
$ |
2,403 |
|
|
$ |
6,782 |
|
|
$ |
4,496 |
|
|
$ |
167 |
|
|
$ |
37 |
|
|
$ |
17,816 |
|
| Provision for loan losses |
|
|
262 |
|
|
|
384 |
|
|
|
1,590 |
|
|
|
181 |
|
|
|
154 |
|
|
|
(21 |
) |
|
|
2,550 |
|
| Loans charged off |
|
|
(1,014 |
) |
|
|
(210 |
) |
|
|
(586 |
) |
|
|
(501 |
) |
|
|
(253 |
) |
|
|
- |
|
|
|
(2,564 |
) |
| Recoveries |
|
|
28 |
|
|
|
2 |
|
|
|
16 |
|
|
|
- |
|
|
|
93 |
|
|
|
- |
|
|
|
139 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total ending allowance balance |
|
$ |
3,207 |
|
|
$ |
2,579 |
|
|
$ |
7,802 |
|
|
$ |
4,176 |
|
|
$ |
161 |
|
|
$ |
16 |
|
|
$ |
17,941 |
|
The following tables present the activity in the allowance for loan losses for the nine months ending September 30, 2012 and 2011, and the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of September 30, 2012 and December 31, 2011 (in thousands):
| |
|
|
|
|
|
|
|
Non |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Residential |
|
|
Residential |
|
|
|
|
|
|
|
|
Municipal |
|
|
|
|
|
|
Commercial |
|
|
Real estate |
|
|
Real estate |
|
|
Construction |
|
|
Consumer |
|
|
Obligations |
|
|
Total |
|
| September 30, 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Allowance for loan losses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning balance |
|
$ |
3,207 |
|
|
$ |
2,591 |
|
|
$ |
7,614 |
|
|
$ |
4,701 |
|
|
$ |
162 |
|
|
$ |
13 |
|
|
$ |
18,288 |
|
| Provision for loan losses |
|
|
(892 |
) |
|
|
3,782 |
|
|
|
1,095 |
|
|
|
977 |
|
|
|
726 |
|
|
|
12 |
|
|
|
5,700 |
|
| Loans charged off |
|
|
(461 |
) |
|
|
(1,573 |
) |
|
|
(1,609 |
) |
|
|
(3,538 |
) |
|
|
(696 |
) |
|
|
- |
|
|
|
(7,877 |
) |
| Recoveries |
|
|
19 |
|
|
|
33 |
|
|
|
188 |
|
|
|
8 |
|
|
|
226 |
|
|
|
- |
|
|
|
474 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total ending allowance balance |
|
$ |
1,873 |
|
|
$ |
4,833 |
|
|
$ |
7,288 |
|
|
$ |
2,148 |
|
|
$ |
418 |
|
|
$ |
25 |
|
|
$ |
16,585 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ending allowance balance attributable to loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Individually evaluated for impairment |
|
$ |
317 |
|
|
$ |
1,729 |
|
|
$ |
2,993 |
|
|
$ |
1,215 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
6,254 |
|
| Collectively evaluated for impairment |
|
|
1,556 |
|
|
|
3,104 |
|
|
|
4,295 |
|
|
|
933 |
|
|
|
418 |
|
|
|
25 |
|
|
|
10,331 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total ending allowance balance |
|
$ |
1,873 |
|
|
$ |
4,833 |
|
|
$ |
7,288 |
|
|
$ |
2,148 |
|
|
$ |
418 |
|
|
$ |
25 |
|
|
$ |
16,585 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loans individually evaluated for impairment |
|
$ |
1,118 |
|
|
$ |
8,500 |
|
|
$ |
19,111 |
|
|
$ |
5,774 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
34,503 |
|
| Loans collectively evaluated for impairment |
|
|
180,052 |
|
|
|
273,245 |
|
|
|
536,123 |
|
|
|
92,835 |
|
|
|
16,170 |
|
|
|
27,603 |
|
|
|
1,126,028 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total ending loans balance |
|
$ |
181,170 |
|
|
$ |
281,745 |
|
|
$ |
555,234 |
|
|
$ |
98,609 |
|
|
$ |
16,170 |
|
|
$ |
27,603 |
|
|
$ |
1,160,531 |
|
| |
|
|
|
|
|
|
|
Non |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Residential |
|
|
Residential |
|
|
|
|
|
|
|
|
Municipal |
|
|
|
|
|
|
Commercial |
|
|
Real estate |
|
|
Real estate |
|
|
Construction |
|
|
Consumer |
|
|
Obligations |
|
|
Total |
|
| September 30, 2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Allowance for loan losses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning balance |
|
$ |
3,440 |
|
|
$ |
2,431 |
|
|
$ |
8,126 |
|
|
$ |
3,150 |
|
|
$ |
166 |
|
|
$ |
55 |
|
|
$ |
17,368 |
|
| Provision for loan losses |
|
|
1,649 |
|
|
|
780 |
|
|
|
2,728 |
|
|
|
3,025 |
|
|
|
407 |
|
|
|
(39 |
) |
|
|
8,550 |
|
| Loans charged off |
|
|
(1,934 |
) |
|
|
(674 |
) |
|
|
(3,070 |
) |
|
|
(2,000 |
) |
|
|
(715 |
) |
|
|
- |
|
|
|
(8,393 |
) |
| Recoveries |
|
|
52 |
|
|
|
42 |
|
|
|
18 |
|
|
|
1 |
|
|
|
303 |
|
|
|
- |
|
|
|
416 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total ending allowance balance |
|
$ |
3,207 |
|
|
$ |
2,579 |
|
|
$ |
7,802 |
|
|
$ |
4,176 |
|
|
$ |
161 |
|
|
$ |
16 |
|
|
$ |
17,941 |
|
| |
|
|
|
|
|
|
|
Non |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Residential |
|
|
Residential |
|
|
|
|
|
|
|
|
Municipal |
|
|
|
|
|
|
Commercial |
|
|
Real estate |
|
|
Real estate |
|
|
Construction |
|
|
Consumer |
|
|
Obligations |
|
|
Total |
|
| December 31, 2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ending allowance balance attributable to loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Individually evaluated for impairment |
|
$ |
224 |
|
|
$ |
477 |
|
|
$ |
2,994 |
|
|
$ |
3,748 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
7,443 |
|
| Collectively evaluated for impairment |
|
|
2,983 |
|
|
|
2,114 |
|
|
|
4,620 |
|
|
|
953 |
|
|
|
162 |
|
|
|
13 |
|
|
|
10,845 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
$ |
3,207 |
|
|
$ |
2,591 |
|
|
$ |
7,614 |
|
|
$ |
4,701 |
|
|
$ |
162 |
|
|
$ |
13 |
|
|
$ |
18,288 |
|
| Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loans individually evaluated for impairment |
|
$ |
917 |
|
|
$ |
6,100 |
|
|
$ |
20,390 |
|
|
$ |
7,854 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
35,261 |
|
| Loans collectively evaluated for impairment |
|
|
192,259 |
|
|
|
260,168 |
|
|
|
503,095 |
|
|
|
96,934 |
|
|
|
16,618 |
|
|
|
27,066 |
|
|
|
1,096,140 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total ending loans balance |
|
$ |
193,176 |
|
|
$ |
266,268 |
|
|
$ |
523,485 |
|
|
$ |
104,788 |
|
|
$ |
16,618 |
|
|
$ |
27,066 |
|
|
$ |
1,131,401 |
|
The following table presents individually impaired loans by class of loans as of and for the three months ended September 30, 2012 (in thousands):
| |
|
Unpaid |
|
|
|
|
|
Allowance for |
|
|
Average |
|
|
Interest |
|
|
|
|
| |
|
Principal |
|
|
Recorded |
|
|
Loan Losses |
|
|
Recorded |
|
|
Income |
|
|
Interest |
|
| |
|
Balance |
|
|
Investment |
|
|
Allocated |
|
|
Investment |
|
|
Recognized |
|
|
Received |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| With no related allowance recorded |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial |
|
$ |
30 |
|
|
$ |
30 |
|
|
$ |
- |
|
|
$ |
170 |
|
|
$ |
- |
|
|
$ |
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Residential real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Home equity lines of credit |
|
|
50 |
|
|
|
50 |
|
|
|
- |
|
|
|
50 |
|
|
|
- |
|
|
|
- |
|
| Multifamily properties |
|
|
379 |
|
|
|
48 |
|
|
|
- |
|
|
|
24 |
|
|
|
- |
|
|
|
- |
|
| Other |
|
|
2,869 |
|
|
|
2,626 |
|
|
|
- |
|
|
|
2,336 |
|
|
|
- |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nonresidential real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Owner occupied properties |
|
|
802 |
|
|
|
792 |
|
|
|
- |
|
|
|
490 |
|
|
|
- |
|
|
|
- |
|
| Non owner occupied properties |
|
|
6,206 |
|
|
|
5,701 |
|
|
|
- |
|
|
|
3,797 |
|
|
|
- |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Construction |
|
|
809 |
|
|
|
509 |
|
|
|
- |
|
|
|
432 |
|
|
|
- |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| With an allowance recorded |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial |
|
|
1,088 |
|
|
|
1,088 |
|
|
|
317 |
|
|
|
823 |
|
|
|
4 |
|
|
|
4 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Residential real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Home equity lines of credit |
|
|
1,488 |
|
|
|
1,488 |
|
|
|
1,341 |
|
|
|
813 |
|
|
|
12 |
|
|
|
12 |
|
| Multifamily properties |
|
|
1,324 |
|
|
|
1,324 |
|
|
|
243 |
|
|
|
1,554 |
|
|
|
11 |
|
|
|
11 |
|
| Other |
|
|
3,109 |
|
|
|
2,964 |
|
|
|
145 |
|
|
|
3,309 |
|
|
|
31 |
|
|
|
24 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nonresidential real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Owner occupied properties |
|
|
8,544 |
|
|
|
8,543 |
|
|
|
2,651 |
|
|
|
8,774 |
|
|
|
81 |
|
|
|
81 |
|
| Non owner occupied properties |
|
|
4,595 |
|
|
|
4,074 |
|
|
|
342 |
|
|
|
6,449 |
|
|
|
34 |
|
|
|
34 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Construction |
|
|
6,387 |
|
|
|
5,266 |
|
|
|
1,215 |
|
|
|
6,494 |
|
|
|
45 |
|
|
|
45 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
37,680 |
|
|
$ |
34,503 |
|
|
$ |
6,254 |
|
|
$ |
35,515 |
|
|
$ |
218 |
|
|
$ |
211 |
|
The following table presents individually impaired loans by class of loans as of and for the nine months ended September 30, 2012 (in thousands):
| |
|
Unpaid |
|
|
|
|
|
Allowance for |
|
|
Average |
|
|
Interest |
|
|
|
|
| |
|
Principal |
|
|
Recorded |
|
|
Loan Losses |
|
|
Recorded |
|
|
Income |
|
|
Interest |
|
| |
|
Balance |
|
|
Investment |
|
|
Allocated |
|
|
Investment |
|
|
Recognized |
|
|
Received |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| With no related allowance recorded |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial |
|
$ |
30 |
|
|
$ |
30 |
|
|
$ |
- |
|
|
$ |
263 |
|
|
$ |
- |
|
|
$ |
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Residential real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Home equity lines of credit |
|
|
50 |
|
|
|
50 |
|
|
|
- |
|
|
|
50 |
|
|
|
- |
|
|
|
- |
|
| Multifamily properties |
|
|
379 |
|
|
|
48 |
|
|
|
- |
|
|
|
273 |
|
|
|
- |
|
|
|
- |
|
| Other |
|
|
2,869 |
|
|
|
2,626 |
|
|
|
- |
|
|
|
2,094 |
|
|
|
- |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nonresidential real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Owner occupied properties |
|
|
802 |
|
|
|
792 |
|
|
|
- |
|
|
|
698 |
|
|
|
- |
|
|
|
- |
|
| Non owner occupied properties |
|
|
6,206 |
|
|
|
5,701 |
|
|
|
- |
|
|
|
2,848 |
|
|
|
- |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Construction |
|
|
809 |
|
|
|
509 |
|
|
|
- |
|
|
|
256 |
|
|
|
- |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| With an allowance recorded |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial |
|
|
1,088 |
|
|
|
1,088 |
|
|
|
317 |
|
|
|
950 |
|
|
|
7 |
|
|
|
5 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Residential real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Home equity lines of credit |
|
|
1,488 |
|
|
|
1,488 |
|
|
|
1,341 |
|
|
|
339 |
|
|
|
12 |
|
|
|
12 |
|
| Multifamily properties |
|
|
1,324 |
|
|
|
1,324 |
|
|
|
243 |
|
|
|
815 |
|
|
|
22 |
|
|
|
22 |
|
| Other |
|
|
3,109 |
|
|
|
2,964 |
|
|
|
145 |
|
|
|
3,557 |
|
|
|
76 |
|
|
|
64 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nonresidential real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Owner occupied properties |
|
|
8,544 |
|
|
|
8,543 |
|
|
|
2,651 |
|
|
|
9,081 |
|
|
|
239 |
|
|
|
237 |
|
| Non owner occupied properties |
|
|
4,595 |
|
|
|
4,074 |
|
|
|
342 |
|
|
|
7,406 |
|
|
|
143 |
|
|
|
106 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Construction |
|
|
6,387 |
|
|
|
5,266 |
|
|
|
1,215 |
|
|
|
8,017 |
|
|
|
163 |
|
|
|
155 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
37,680 |
|
|
$ |
34,503 |
|
|
$ |
6,254 |
|
|
$ |
36,647 |
|
|
$ |
662 |
|
|
$ |
601 |
|
The following table presents individually impaired loans by class of loans as of, and for the three months ended September 30, 2011:
| |
|
Unpaid |
|
|
|
|
|
Allowance for |
|
|
Average |
|
|
Interest |
|
|
|
|
| |
|
Principal |
|
|
Recorded |
|
|
Loan Losses |
|
|
Recorded |
|
|
Income |
|
|
Interest |
|
| |
|
Balance |
|
|
Investment |
|
|
Allocated |
|
|
Investment |
|
|
Recognized |
|
|
Received |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| With no related allowance recorded |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial |
|
$ |
349 |
|
|
$ |
310 |
|
|
$ |
- |
|
|
$ |
371 |
|
|
$ |
- |
|
|
$ |
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Residential real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Home equity lines of credit |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Multifamily properties |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other |
|
|
2,121 |
|
|
|
2,121 |
|
|
|
- |
|
|
|
2,325 |
|
|
|
- |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nonresidential real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Owner occupied properties |
|
|
1,011 |
|
|
|
955 |
|
|
|
- |
|
|
|
587 |
|
|
|
- |
|
|
|
- |
|
| Non owner occupied properties |
|
|
897 |
|
|
|
897 |
|
|
|
- |
|
|
|
1,044 |
|
|
|
- |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Construction |
|
|
2,036 |
|
|
|
889 |
|
|
|
- |
|
|
|
909 |
|
|
|
- |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| With an allowance recorded |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial |
|
|
1,379 |
|
|
|
1,379 |
|
|
|
504 |
|
|
|
2,370 |
|
|
|
10 |
|
|
|
5 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Residential real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Home equity lines of credit |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Multifamily properties |
|
|
868 |
|
|
|
868 |
|
|
|
291 |
|
|
|
869 |
|
|
|
14 |
|
|
|
9 |
|
| Other |
|
|
2,869 |
|
|
|
2,850 |
|
|
|
433 |
|
|
|
2,755 |
|
|
|
18 |
|
|
|
17 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nonresidential real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Owner occupied properties |
|
|
9,471 |
|
|
|
9,348 |
|
|
|
1,093 |
|
|
|
5,123 |
|
|
|
80 |
|
|
|
25 |
|
| Non owner occupied properties |
|
|
13,667 |
|
|
|
11,830 |
|
|
|
2,185 |
|
|
|
9,870 |
|
|
|
90 |
|
|
|
90 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Construction |
|
|
8,962 |
|
|
|
7,726 |
|
|
|
3,256 |
|
|
|
8,459 |
|
|
|
76 |
|
|
|
75 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
43,630 |
|
|
$ |
39,173 |
|
|
$ |
7,762 |
|
|
$ |
34,682 |
|
|
$ |
288 |
|
|
$ |
221 |
|
The following table presents individually impaired loans by class of loans as of and for the nine months ended September 30, 2011 (in thousands):
| |
|
Unpaid |
|
|
|
|
|
Allowance for |
|
|
Average |
|
|
Interest |
|
|
|
|
| |
|
Principal |
|
|
Recorded |
|
|
Loan Losses |
|
|
Recorded |
|
|
Income |
|
|
Interest |
|
| |
|
Balance |
|
|
Investment |
|
|
Allocated |
|
|
Investment |
|
|
Recognized |
|
|
Received |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| With no related allowance recorded |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial |
|
$ |
349 |
|
|
$ |
310 |
|
|
$ |
- |
|
|
$ |
351 |
|
|
$ |
- |
|
|
$ |
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Residential real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Home equity lines of credit |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- - |
|
| Multifamily properties |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
17 |
|
|
|
- |
|
|
|
- |
|
| Other |
|
|
2,121 |
|
|
|
2,121 |
|
|
|
- |
|
|
|
1,288 |
|
|
|
- |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nonresidential real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Owner occupied properties |
|
|
1,011 |
|
|
|
955 |
|
|
|
- |
|
|
|
503 |
|
|
|
- |
|
|
|
- |
|
| Non owner occupied properties |
|
|
897 |
|
|
|
897 |
|
|
|
- |
|
|
|
848 |
|
|
|
- |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Construction |
|
|
2,036 |
|
|
|
889 |
|
|
|
- |
|
|
|
559 |
|
|
|
- |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| With an allowance recorded |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial |
|
|
1,379 |
|
|
|
1,379 |
|
|
|
504 |
|
|
|
1,959 |
|
|
|
17 |
|
|
|
9 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Residential real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Home equity lines of credit |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Multifamily properties |
|
|
868 |
|
|
|
868 |
|
|
|
291 |
|
|
|
922 |
|
|
|
42 |
|
|
|
28 |
|
| Other |
|
|
2,869 |
|
|
|
2,850 |
|
|
|
433 |
|
|
|
2,441 |
|
|
|
54 |
|
|
|
51 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nonresidential real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Owner occupied properties |
|
|
9,471 |
|
|
|
9,348 |
|
|
|
1,093 |
|
|
|
2,884 |
|
|
|
81 |
|
|
|
26 |
|
| Non owner occupied properties |
|
|
13,667 |
|
|
|
11,830 |
|
|
|
2,185 |
|
|
|
10,044 |
|
|
|
215 |
|
|
|
210 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Construction |
|
|
8,962 |
|
|
|
7,726 |
|
|
|
3,256 |
|
|
|
8,035 |
|
|
|
203 |
|
|
|
189 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
43,630 |
|
|
$ |
39,173 |
|
|
$ |
7,762 |
|
|
$ |
29,851 |
|
|
$ |
612 |
|
|
$ |
513 |
|
The following table presents loans individually evaluated for impairment by class of loans as of December 31, 2011 (in thousands):
| |
|
Unpaid |
|
|
|
|
|
Allowance for |
|
| |
|
Principal |
|
|
Recorded |
|
|
Loan Losses |
|
| |
|
Balance |
|
|
Investment |
|
|
Allocated |
|
| |
|
|
|
|
|
|
|
|
|
| With no related allowance recorded |
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial |
|
$ |
350 |
|
|
$ |
310 |
|
|
$ |
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Residential real estate |
|
|
|
|
|
|
|
|
|
|
|
|
| Home equity lines of credit |
|
|
50 |
|
|
|
50 |
|
|
|
- |
|
| Multifamily properties |
|
|
538 |
|
|
|
538 |
|
|
|
- |
|
| Other |
|
|
1,703 |
|
|
|
1,703 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Nonresidential real estate |
|
|
|
|
|
|
|
|
|
|
|
|
| Owner occupied properties |
|
|
1,101 |
|
|
|
1,101 |
|
|
|
- |
|
| Non owner occupied properties |
|
|
2,122 |
|
|
|
2,116 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Construction |
|
|
356 |
|
|
|
319 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| With an allowance recorded |
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial |
|
|
733 |
|
|
|
607 |
|
|
|
224 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Residential real estate |
|
|
|
|
|
|
|
|
|
|
|
|
| Home equity lines of credit |
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Multifamily properties |
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Other |
|
|
3,859 |
|
|
|
3,809 |
|
|
|
477 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Nonresidential real estate |
|
|
|
|
|
|
|
|
|
|
|
|
| Owner occupied properties |
|
|
10,771 |
|
|
|
9,798 |
|
|
|
1,477 |
|
| Non owner occupied properties |
|
|
8,476 |
|
|
|
7,375 |
|
|
|
1,517 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Construction |
|
|
8,267 |
|
|
|
7,535 |
|
|
|
3,748 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
38,326 |
|
|
$ |
35,261 |
|
|
$ |
7,443 |
|
The following table presents the aging of the recorded investment in past due loans by class of loans as of September 30, 2012 and December 31, 2011 (in thousands):
| |
|
Loans |
|
|
Loans over |
|
|
|
|
|
|
|
|
|
|
| |
|
30-90 days |
|
|
90 days |
|
|
|
|
|
Loans not |
|
|
|
|
| |
|
past due |
|
|
past due |
|
|
Nonaccrual |
|
|
past due |
|
|
Total |
|
| September 30, 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial |
|
$ |
599 |
|
|
$ |
- |
|
|
$ |
968 |
|
|
$ |
179,603 |
|
|
$ |
181,170 |
|
| Residential real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Home equity lines of credit |
|
|
827 |
|
|
|
39 |
|
|
|
768 |
|
|
|
98,658 |
|
|
|
100,292 |
|
| Multifamily properties |
|
|
111 |
|
|
|
- |
|
|
|
48 |
|
|
|
46,624 |
|
|
|
46,783 |
|
| Other residential real estate |
|
|
3,657 |
|
|
|
- |
|
|
|
3,676 |
|
|
|
127,337 |
|
|
|
134,670 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nonresidential real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Owner occupied properties |
|
|
3,591 |
|
|
|
- |
|
|
|
1,368 |
|
|
|
273,240 |
|
|
|
278,199 |
|
| Non owner occupied properties |
|
|
1,881 |
|
|
|
- |
|
|
|
6,305 |
|
|
|
268,849 |
|
|
|
277,035 |
|
| Construction |
|
|
737 |
|
|
|
- |
|
|
|
1,601 |
|
|
|
96,271 |
|
|
|
98,609 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Consumer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Credit card balances |
|
|
32 |
|
|
|
66 |
|
|
|
- |
|
|
|
6,399 |
|
|
|
6,497 |
|
| Other consumer |
|
|
13 |
|
|
|
- |
|
|
|
79 |
|
|
|
9,581 |
|
|
|
9,673 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Municipal obligations |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
27,603 |
|
|
|
27,603 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
11,448 |
|
|
$ |
105 |
|
|
$ |
14,813 |
|
|
$ |
1,134,165 |
|
|
$ |
1,160,531 |
|
| |
|
Loans |
|
|
Loans over |
|
|
|
|
|
|
|
|
|
|
| |
|
30-90 days |
|
|
90 days |
|
|
|
|
|
Loans not |
|
|
|
|
| |
|
past due |
|
|
past due |
|
|
Nonaccrual |
|
|
past due |
|
|
Total |
|
| December 31, 2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial |
|
$ |
692 |
|
|
$ |
74 |
|
|
$ |
1,175 |
|
|
$ |
191,235 |
|
|
$ |
193,176 |
|
| Residential real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Home equity lines of credit |
|
|
1,094 |
|
|
|
- |
|
|
|
910 |
|
|
|
92,676 |
|
|
|
94,680 |
|
| Multifamily properties |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
36,756 |
|
|
|
36,756 |
|
| Other residential real estate |
|
|
5,854 |
|
|
|
112 |
|
|
|
4,415 |
|
|
|
124,451 |
|
|
|
134,832 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nonresidential real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Owner occupied properties |
|
|
2,623 |
|
|
|
- |
|
|
|
2,270 |
|
|
|
247,875 |
|
|
|
252,768 |
|
| Non owner occupied properties |
|
|
3,942 |
|
|
|
- |
|
|
|
4,358 |
|
|
|
262,417 |
|
|
|
270,717 |
|
| Construction |
|
|
265 |
|
|
|
- |
|
|
|
1,897 |
|
|
|
102,626 |
|
|
|
104,788 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Consumer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Credit card balances |
|
|
60 |
|
|
|
32 |
|
|
|
- |
|
|
|
6,400 |
|
|
|
6,492 |
|
| Other consumer |
|
|
37 |
|
|
|
1 |
|
|
|
626 |
|
|
|
9,462 |
|
|
|
10,126 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Municipal obligations |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
27,066 |
|
|
|
27,066 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
14,567 |
|
|
$ |
219 |
|
|
$ |
15,651 |
|
|
$ |
1,100,964 |
|
|
$ |
1,131,401 |
|
Troubled Debt Restructurings:
The Company has allocated $2,837,000 and $2,074,000 of specific reserves to customers whose loan terms have been modified in troubled debt restructurings as of September 30, 2012 and December 31, 2011, respectively. Troubled debt restructurings totaled $17,129,911 and $15,229,000 as of September 30, 2012 and December 31, 2011, respectively. The Company has not committed to lend additional amounts as of September 30, 2012 and December 31, 2011 to customers with outstanding loans that are classified as troubled debt restructurings.
Modifications involving a reduction of the stated interest rate of the loan were for periods up to three years. Modifications involving an extension of the maturity date were for periods ranging from eight months to twelve months.
The following table presents loans by class modified as troubled debt restructurings that occurred during the three months ending September 30, 2012 and 2011:
| |
|
2012 |
|
|
2011 |
|
| |
|
Number
Of
Loans |
|
|
Pre-Modification
Outstanding
Recorded
Investment |
|
|
Post-Modification
Outstanding
Recorded
Investment |
|
|
Number
Of
Loans |
|
|
Pre-Modification
Outstanding
Recorded
Investment |
|
|
Post-Modification
Outstanding
Recorded
Investment |
|
| Troubled Debt Restructurings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial |
|
|
1 |
|
|
$ |
31,757 |
|
|
$ |
29,979 |
|
|
|
- |
|
|
$ |
- |
|
|
$ |
- |
|
| Residential real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Home equity lines of credit |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Multifamily properties |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Other residential real estate |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1 |
|
|
|
568,000 |
|
|
|
568,000 |
|
| Nonresidential real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Owner occupied properties |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1 |
|
|
|
1,700,000 |
|
|
|
1,700,000 |
|
| Non owner occupied properties |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Construction |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Consumer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Credit card balances |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Other consumer |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Municipal obligations |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Total |
|
|
1 |
|
|
$ |
31,757 |
|
|
$ |
29,979 |
|
|
|
2 |
|
|
$ |
2,268,000 |
|
|
$ |
2,268,000 |
|
The following table presents loans by class modified as troubled debt restructurings that occurred during the nine months ending September 30, 2012 and 2011:
| |
|
2012 |
|
|
2011 |
|
| |
|
Number
Of
Loans |
|
|
Pre-Modification
Outstanding
Recorded
Investment |
|
|
Post-Modification
Outstanding
Recorded
Investment |
|
|
Number
Of
Loans |
|
|
Pre-Modification
Outstanding
Recorded
Investment |
|
|
Post-Modification
Outstanding
Recorded
Investment |
|
| Troubled Debt Restructurings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial |
|
|
2 |
|
|
$ |
190,168 |
|
|
$ |
184,336 |
|
|
|
- |
|
|
$ |
- |
|
|
$ |
- |
|
| Residential real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Home equity lines of credit |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Multifamily properties |
|
|
1 |
|
|
|
485,000 |
|
|
|
48,238 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Other residential real estate |
|
|
1 |
|
|
|
187,105 |
|
|
|
186,074 |
|
|
|
1 |
|
|
|
568,000 |
|
|
|
568,000 |
|
| Nonresidential real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Owner occupied properties |
|
|
1 |
|
|
|
153,891 |
|
|
|
153,891 |
|
|
|
1 |
|
|
|
1,700,000 |
|
|
|
1,700,000 |
|
| Non owner occupied properties |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3 |
|
|
|
10,881,848 |
|
|
|
10,839,519 |
|
| Construction |
|
|
5 |
|
|
|
3,204,872 |
|
|
|
2,957,005 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Consumer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Credit card balances |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Other consumer |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Municipal obligations |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Total |
|
|
10 |
|
|
$ |
4,221,036 |
|
|
$ |
3,529,544 |
|
|
|
5 |
|
|
$ |
13,149,848 |
|
|
$ |
13,107,519 |
|
The troubled debt restructurings described above increased the allowance for loan losses by $2,871 and resulted in charge-offs of $0 during the third quarter ending September 30, 2012 and charge offs of $1,112,147 for the nine months ending September 30, 2012.
The following table presents loans by class modified as troubled debt restructurings for which there was a payment default within twelve months following the modification during the period ending September 30, 2012:
| Troubled Debt Restructurings |
|
|
|
|
|
|
| That Subsequently Defaulted: |
|
Number of Loans |
|
|
Recorded Investment |
|
| |
|
|
|
|
|
|
| Commercial |
|
|
1 |
|
|
$ |
154,357 |
|
| Residential real estate |
|
|
|
|
|
|
|
|
| Home equity lines of credit |
|
|
|
|
|
|
|
|
| Multifamily properties |
|
|
1 |
|
|
|
48,238 |
|
| Other residential real estate |
|
|
1 |
|
|
|
465,293 |
|
| Nonresidential real estate |
|
|
|
|
|
|
|
|
| Owner occupied properties |
|
|
|
|
|
|
|
|
| Non owner occupied properties |
|
|
3 |
|
|
|
3,234,737 |
|
| Construction |
|
|
2 |
|
|
|
1,616,100 |
|
| Consumer |
|
|
|
|
|
|
|
|
| Credit card balances |
|
|
|
|
|
|
|
|
| Other consumer |
|
|
|
|
|
|
|
|
| Municipal obligations |
|
|
- |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| Total |
|
|
8 |
|
|
$ |
5,518,725 |
|
A loan is considered to be in payment default once it is 30 days contractually past due under the modified terms.
The troubled debt restructurings that subsequently defaulted described above increased the allowance for loan losses by $0 and resulted in charge-offs of $477,091 during the third quarter ending September 30, 2012 and $1,739,238 for the nine months ending September 30, 2012.
Credit Quality Indicators:
The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt, including: current financial information, historical payment experience, credit documentation, public information and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis includes loans with an outstanding balance greater than $100,000 and non-homogeneous loans, such as commercial and commercial real estate loans. This analysis is performed on a quarterly basis. Loans with balances below $100,000 and homogenous loans, such as residential real estate and consumer loans, are analyzed for credit quality based on aging status, which was previously presented. The Company uses the following definitions for risk ratings:
Special Mention. Loans classified as special mention have a potential weakness that deserves management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution's credit position at some future date.
Substandard. Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.
Doubtful. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable.
Based on the most recent analysis performed, the risk category of loans by class of loans is as follows (in thousands):
| |
|
|
|
|
Special |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Pass |
|
|
Mention |
|
|
Substandard |
|
|
Doubtful |
|
|
Not Rated(1) |
|
|
Total |
|
| September 30, 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial |
|
$ |
166,935 |
|
|
$ |
10,448 |
|
|
$ |
3,787 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
181,170 |
|
| Residential real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Home equity lines of credit |
|
|
11,827 |
|
|
|
781 |
|
|
|
1,953 |
|
|
|
- |
|
|
|
85,731 |
|
|
|
100,292 |
|
| Multifamily properties |
|
|
45,311 |
|
|
|
100 |
|
|
|
1,372 |
|
|
|
- |
|
|
|
- |
|
|
|
46,783 |
|
| Other residential real estate |
|
|
40,607 |
|
|
|
1,143 |
|
|
|
10,496 |
|
|
|
- |
|
|
|
82,424 |
|
|
|
134,670 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nonresidential real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Owner occupied properties |
|
|
248,156 |
|
|
|
10,909 |
|
|
|
19,134 |
|
|
|
- |
|
|
|
- |
|
|
|
278,199 |
|
| Non owner occupied properties |
|
|
255,141 |
|
|
|
7,304 |
|
|
|
14,590 |
|
|
|
- |
|
|
|
- |
|
|
|
277,035 |
|
| Construction |
|
|
87,924 |
|
|
|
2,264 |
|
|
|
8,421 |
|
|
|
- |
|
|
|
- |
|
|
|
98,609 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Consumer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Credit card balances |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
6,497 |
|
|
|
6,497 |
|
| Other consumer |
|
|
- |
|
|
|
- |
|
|
|
19 |
|
|
|
- |
|
|
|
9,654 |
|
|
|
9,673 |
|
| Municipal obligations |
|
|
27,603 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
27,603 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
883,504 |
|
|
$ |
32,949 |
|
|
$ |
59,772 |
|
|
$ |
0 |
|
|
$ |
184,306 |
|
|
$ |
1,160,531 |
|
(1) Not rated loans represent the homogenous pools risk category.
| |
|
|
|
|
Special |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Pass |
|
|
Mention |
|
|
Substandard |
|
|
Doubtful |
|
|
Not Rated(1) |
|
|
Total |
|
| December 31, 2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial |
|
$ |
170,394 |
|
|
$ |
9,684 |
|
|
$ |
13,098 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
193,176 |
|
| Residential real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Home equity lines of credit |
|
|
- |
|
|
|
712 |
|
|
|
976 |
|
|
|
84 |
|
|
|
92,908 |
|
|
|
94,680 |
|
| Multifamily properties |
|
|
36,115 |
|
|
|
103 |
|
|
|
538 |
|
|
|
- |
|
|
|
- |
|
|
|
36,756 |
|
| Other residential real estate |
|
|
38,725 |
|
|
|
1,357 |
|
|
|
10,843 |
|
|
|
- |
|
|
|
83,907 |
|
|
|
134,832 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nonresidential real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Owner occupied properties |
|
|
221,941 |
|
|
|
7,754 |
|
|
|
23,073 |
|
|
|
- |
|
|
|
- |
|
|
|
252,768 |
|
| Non owner occupied properties |
|
|
246,614 |
|
|
|
8,902 |
|
|
|
15,201 |
|
|
|
- |
|
|
|
- |
|
|
|
270,717 |
|
| Construction |
|
|
90,297 |
|
|
|
3,398 |
|
|
|
11,093 |
|
|
|
- |
|
|
|
- |
|
|
|
104,788 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Consumer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Credit card balances |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
6,492 |
|
|
|
6,492 |
|
| Other consumer |
|
|
- |
|
|
|
- |
|
|
|
22 |
|
|
|
- |
|
|
|
10,104 |
|
|
|
10,126 |
|
| Municipal obligations |
|
|
27,066 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
27,066 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
831,152 |
|
|
$ |
31,910 |
|
|
$ |
74,844 |
|
|
$ |
84 |
|
|
$ |
193,411 |
|
|
$ |
1,131,401 |
|
(1) Not rated loans represent the homogenous pools risk category. |