x
|
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
|
¨
|
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
|
NorthWest Indiana Bancorp
|
(Exact name of registrant as specified in its charter)
|
Indiana
|
35-1927981
|
||
(State or other jurisdiction of incorporation
|
(I.R.S. Employer
|
||
or organization)
|
|
Identification Number)
|
9204 Columbia Avenue
|
|||
Munster, Indiana
|
46321
|
||
(Address of principal executive offices)
|
|
(ZIP code)
|
Page
|
|||||
Number
|
|||||
PART I. Financial Information
|
|||||
Item 1.
|
Unaudited Financial Statements
|
||||
Consolidated Balance Sheets, March 31, 2011 and December 31, 2010
|
1
|
||||
Consolidated Statements of Income, Three Months Ended March 31, 2011 and 2010
|
2
|
||||
Consolidated Statements of Changes in Stockholders' Equity, Three Months Ended March 31, 2011 and 2010
|
3
|
||||
Consolidated Statements of Cash Flows, Three Months Ended March 31, 2011 and 2010
|
4
|
||||
Notes to Consolidated Financial Statements
|
5-17
|
||||
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
18-26
|
|||
Item 3.
|
Quantitative and Qualitative Disclosures about Market Risk
|
27
|
|||
Item 4.
|
Controls and Procedures
|
27
|
|||
PART II. Other Information
|
28
|
||||
SIGNATURES
|
|
29
|
|||
EXHIBITS | |||||
31.1 Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer
|
|||||
31.2 Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer
|
|||||
32.1 Section 1350 Certifications
|
March 31,
|
December 31,
|
|||||||
2011
|
2010
|
|||||||
(Dollars in thousands)
|
(unaudited)
|
|||||||
ASSETS
|
||||||||
Cash and non-interest bearing balances in financial institutions
|
$ | 7,433 | $ | 7,427 | ||||
Interest bearing balances in financial institutions
|
10,445 | 90 | ||||||
Federal funds sold
|
702 | 3,421 | ||||||
Total cash and cash equivalents
|
18,580 | 10,938 | ||||||
Securities available-for-sale
|
153,400 | 142,055 | ||||||
Securities held-to-maturity
|
17,772 | 18,397 | ||||||
Loans held-for-sale
|
- | 422 | ||||||
Loans receivable
|
411,350 | 418,233 | ||||||
Less: allowance for loan losses
|
(9,692 | ) | (9,121 | ) | ||||
Net loans receivable
|
401,658 | 409,112 | ||||||
Federal Home Loan Bank stock
|
3,381 | 3,381 | ||||||
Accrued interest receivable
|
2,498 | 2,591 | ||||||
Premises and equipment
|
18,945 | 19,293 | ||||||
Foreclosed real estate
|
2,788 | 3,298 | ||||||
Cash value of bank owned life insurance
|
12,552 | 12,452 | ||||||
Prepaid FDIC insurance premium
|
2,066 | 2,425 | ||||||
Other assets
|
6,236 | 6,689 | ||||||
Total assets
|
$ | 639,876 | $ | 631,053 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Deposits:
|
||||||||
Non-interest bearing
|
$ | 56,471 | $ | 50,712 | ||||
Interest bearing
|
468,717 | 469,559 | ||||||
Total
|
525,188 | 520,271 | ||||||
Repurchase agreements
|
24,049 | 16,074 | ||||||
Borrowed funds
|
26,387 | 32,544 | ||||||
Accrued expenses and other liabilities
|
6,961 | 6,075 | ||||||
Total liabilities
|
582,585 | 574,964 | ||||||
Stockholders' Equity:
|
||||||||
Preferred stock, no par or stated value; 10,000,000 shares authorized, none outstanding
|
- | - | ||||||
Common stock, no par or stated value; 10,000,000 shares authorized;
|
||||||||
shares issued: March 31, 2011 - 2,888,902
|
361 | 361 | ||||||
December 31, 2010 - 2,888,902
|
||||||||
shares outstanding: March 31, 2011 - 2,828,977
|
||||||||
December 31, 2010 - 2,826,796
|
||||||||
Additional paid in capital
|
5,149 | 5,140 | ||||||
Accumulated other comprehensive income/(loss)
|
(77 | ) | (492 | ) | ||||
Retained earnings
|
53,131 | 52,398 | ||||||
Treasury stock, common shares at cost: March 31, 2011 - 59,925
|
||||||||
December 31, 2010 - 62,106
|
(1,273 | ) | (1,318 | ) | ||||
Total stockholders' equity
|
57,291 | 56,089 | ||||||
Total liabilities and stockholders' equity
|
$ | 639,876 | $ | 631,053 |
Three Months Ended
|
||||||||
(Dollars in thousands, except per share data)
|
March 31,
|
|||||||
2011
|
2010
|
|||||||
Interest income:
|
||||||||
Loans receivable
|
||||||||
Real estate loans
|
$ | 4,386 | $ | 5,156 | ||||
Commercial loans
|
960 | 1,032 | ||||||
Consumer loans.
|
13 | 24 | ||||||
Total loan interest
|
5,359 | 6,212 | ||||||
Securities
|
1,520 | 1,530 | ||||||
Other interest earning assets
|
7 | 7 | ||||||
Total interest income
|
6,886 | 7,749 | ||||||
Interest expense:
|
||||||||
Deposits
|
712 | 1,201 | ||||||
Repurchase agreements
|
28 | 52 | ||||||
Borrowed funds
|
173 | 269 | ||||||
Total interest expense
|
913 | 1,522 | ||||||
Net interest income
|
5,973 | 6,227 | ||||||
Provision for loan losses
|
1,110 | 1,235 | ||||||
Net interest income after provision for loan losses
|
4,863 | 4,992 | ||||||
Noninterest income:
|
||||||||
Fees and service charges.
|
585 | 609 | ||||||
Wealth management operations
|
274 | 281 | ||||||
Gain on sale of securities, net
|
263 | 289 | ||||||
Increase in cash value of bank owned life insurance
|
101 | 100 | ||||||
Gain on sale of loans held-for-sale, net
|
81 | 109 | ||||||
Gain on foreclosed real estate, net
|
59 | 22 | ||||||
Other-than-temporary impairment of securities
|
- | (19 | ) | |||||
Portion of loss recognized in other comprehensive income
|
- | (94 | ) | |||||
Other
|
20 | 4 | ||||||
Total noninterest income
|
1,383 | 1,301 | ||||||
Noninterest expense:
|
||||||||
Compensation and benefits
|
2,365 | 2,409 | ||||||
Occupancy and equipment
|
848 | 785 | ||||||
Federal deposit insurance premiums
|
373 | 231 | ||||||
Data processing
|
252 | 233 | ||||||
Marketing
|
141 | 125 | ||||||
Other
|
922 | 892 | ||||||
Total noninterest expense
|
4,901 | 4,675 | ||||||
Income before income tax expenses
|
1,345 | 1,618 | ||||||
Income tax expenses
|
173 | 229 | ||||||
Net income
|
$ | 1,172 | $ | 1,389 | ||||
Earnings per common share:
|
||||||||
Basic
|
$ | 0.41 | $ | 0.49 | ||||
Diluted
|
$ | 0.41 | $ | 0.49 | ||||
Dividends declared per common share
|
$ | 0.15 | $ | 0.21 |
Three Months Ended
|
||||||||
(Dollars in thousands)
|
March 31,
|
|||||||
2011
|
2010
|
|||||||
Balance at beginning of period
|
$ | 56,089 | $ | 53,078 | ||||
Comprehensive income:
|
||||||||
Net income
|
1,172 | 1,389 | ||||||
Net unrealized change on securities available-for-sale, net of reclassifications and tax effects
|
416 | 396 | ||||||
Amortization of unrecognized gain
|
(2 | ) | (2 | ) | ||||
Comprehensive income
|
1,586 | 1,783 | ||||||
Stock based compensation expense
|
9 | 10 | ||||||
Sale of treasury stock
|
31 | 40 | ||||||
Cash dividends
|
(424 | ) | (592 | ) | ||||
Balance at end of period
|
$ | 57,291 | $ | 54,319 |
Three Months Ended
|
||||||||
(Dollars in thousands)
|
March 31,
|
|||||||
2011
|
2010
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net income
|
$ | 1,172 | $ | 1,389 | ||||
Adjustments to reconcile net income to
|
||||||||
net cash provided by operating activities:
|
||||||||
Origination of loans for sale
|
(2,788 | ) | (3,680 | ) | ||||
Sale of loans originated for sale
|
3,261 | 4,477 | ||||||
Depreciation and amortization, net of accretion
|
548 | 467 | ||||||
Amortization of mortgage servicing rights
|
45 | 30 | ||||||
Stock based compensation expense
|
9 | 10 | ||||||
Gain on sale of securities, net
|
(263 | ) | (289 | ) | ||||
Gain on sale of loans held-for-sale, net
|
(81 | ) | (109 | ) | ||||
Net losses due to other-than-temporary impairment of securities
|
- | 113 | ||||||
Gain/(loss) on foreclosed real estate, net
|
(59 | ) | (22 | ) | ||||
Provision for loan losses
|
1,110 | 1,235 | ||||||
Net change in:
|
||||||||
Interest receivable
|
93 | (31 | ) | |||||
Other assets
|
539 | 1,304 | ||||||
Cash value of bank owned life insurance
|
(101 | ) | (100 | ) | ||||
Accrued expenses and other liabilities
|
924 | 3,560 | ||||||
Total adjustments
|
3,237 | 6,965 | ||||||
Net cash - operating activities
|
4,409 | 8,354 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Proceeds from maturities and pay downs of securities available-for-sale
|
8,875 | 6,034 | ||||||
Proceeds from sales of securities available-for-sale
|
6,384 | 5,683 | ||||||
Purchases of securities available-for-sale
|
(25,858 | ) | (25,815 | ) | ||||
Proceeds from maturities and pay downs of securities held-to-maturity
|
619 | 926 | ||||||
Net change in loans receivable
|
6,281 | (2,858 | ) | |||||
Purchase of premises and equipment, net
|
(42 | ) | (97 | ) | ||||
Proceeds from sales of foreclosed real estate
|
633 | 337 | ||||||
Net cash - investing activities
|
(3,108 | ) | (15,790 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Change in deposits
|
4,917 | 27,007 | ||||||
Proceeds from FHLB advances
|
- | 4,000 | ||||||
Repayment of FHLB advances
|
(3,000 | ) | (8,000 | ) | ||||
Change in other borrowed funds
|
4,817 | (3,893 | ) | |||||
Proceeds from sale of treasury stock
|
31 | 40 | ||||||
Dividends paid
|
(424 | ) | (592 | ) | ||||
Net cash - financing activities
|
6,341 | 18,562 | ||||||
Net change in cash and cash equivalents
|
7,642 | 11,126 | ||||||
Cash and cash equivalents at beginning of period
|
10,938 | 13,222 | ||||||
Cash and cash equivalents at end of period
|
$ | 18,580 | $ | 24,348 | ||||
SUPPLEMENTAL CASH FLOW INFORMATION:
|
||||||||
Cash paid during the period for:
|
||||||||
Interest
|
$ | 982 | $ | 1,546 | ||||
Income taxes
|
$ | 5 | $ | 50 | ||||
SUPPLEMENTAL NONCASH INFORMATION:
|
||||||||
Transfers from loans to foreclosed real estate
|
$ | 120 | $ | 237 |
(Dollars in thousands)
|
||||||||||||||||
Gross
|
Gross
|
Estimated
|
||||||||||||||
Cost
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
Basis
|
Gains
|
Losses
|
Value
|
|||||||||||||
March 31, 2011
|
||||||||||||||||
U.S. government sponsored entities
|
$ | 8,351 | $ | 1 | $ | (14 | ) | $ | 8,338 | |||||||
Collateralized Mortgage Obligations and residential mortgage-backed securities
|
102,043 | 2,292 | (205 | ) | 104,130 | |||||||||||
Municipal securities
|
37,968 | 1,458 | (60 | ) | 39,366 | |||||||||||
Collateralized debt obligations
|
5,215 | - | (3,649 | ) | 1,566 | |||||||||||
Total securities available-for-sale
|
$ | 153,577 | $ | 3,751 | $ | (3,928 | ) | $ | 153,400 | |||||||
December 31, 2010
|
||||||||||||||||
U.S. government sponsored entities
|
$ | 4,172 | $ | - | $ | (3 | ) | $ | 4,169 | |||||||
Collateralized Mortgage Obligations and residential mortgage-backed securities
|
94,930 | 2,372 | (160 | ) | 97,142 | |||||||||||
Municipal securities
|
38,549 | 1,027 | (211 | ) | 39,365 | |||||||||||
Collateralized debt obligations
|
5,215 | - | (3,836 | ) | 1,379 | |||||||||||
Total securities available-for-sale
|
$ | 142,866 | $ | 3,399 | $ | (4,210 | ) | $ | 142,055 |
(Dollars in thousands)
|
||||||||||||||||
Gross
|
Gross
|
Estimated
|
||||||||||||||
Cost
|
Unrecognized
|
Unrecognized
|
Fair
|
|||||||||||||
Basis
|
Gains
|
Losses
|
Value
|
|||||||||||||
March 31, 2011
|
||||||||||||||||
Municipal securities
|
$ | 16,956 | $ | 723 | $ | - | $ | 17,679 | ||||||||
Residential mortgage-backed securities
|
816 | 22 | (3 | ) | 835 | |||||||||||
Total securities held-to-maturity
|
$ | 17,772 | $ | 745 | $ | (3 | ) | $ | 18,514 | |||||||
December 31, 2010
|
||||||||||||||||
Municipal securities
|
$ | 17,573 | $ | 613 | $ | - | $ | 18,186 | ||||||||
Residential mortgage-backed securities
|
824 | 29 | (1 | ) | 852 | |||||||||||
Total securities held-to-maturity
|
$ | 18,397 | $ | 642 | $ | (1 | ) | $ | 19,038 |
(Dollars in thousands)
|
||||||||||||||||||||
Available-for-sale
|
Held-to-maturity
|
|||||||||||||||||||
Estimated
|
Estimated
|
|||||||||||||||||||
Fair
|
Tax-Equivalent
|
Carrying
|
Fair
|
Tax-Equivalent
|
||||||||||||||||
Value
|
Yield (%)
|
Amount
|
Value
|
Yield (%)
|
||||||||||||||||
Due in one year or less
|
$ | 195 | 7.07 | $ | - | $ | - | - | ||||||||||||
Due from one to five years
|
9,042 | 2.77 | 1,876 | 1,994 | 6.34 | |||||||||||||||
Due from five years to ten years
|
10,849 | 5.63 | 11,369 | 11,869 | 6.03 | |||||||||||||||
Due over ten years
|
29,184 | 5.84 | 3,711 | 3,816 | 6.08 | |||||||||||||||
Collateralized Mortgage Obligations and residential mortgage-backed securities
|
104,130 | 3.88 | 816 | 835 | 4.61 | |||||||||||||||
Total
|
$ | 153,400 | 4.31 | $ | 17,772 | $ | 18,514 | 6.01 |
(Dollars in thousands)
|
||||||||
March 31,
|
March 31,
|
|||||||
2011
|
2010
|
|||||||
Proceeds
|
$ | 6,384 | $ | 5,683 | ||||
Gross gains
|
263 | 289 | ||||||
Gross losses
|
- | - |
(Dollars in thousands)
|
||||
Unrealized gains
|
||||
Beginning balance, December 31, 2010
|
$ | (561 | ) | |
Current period change
|
416 | |||
Ending balance, March 31, 2011
|
$ | (145 | ) |
(Dollars in thousands)
|
||||||||||||||||||||||||
Less than 12 months
|
12 months or longer
|
Total | ||||||||||||||||||||||
Estimated
|
Estimated
|
Estimated
|
||||||||||||||||||||||
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
|||||||||||||||||||
Value
|
Losses
|
Value
|
Losses
|
Value
|
Losses
|
|||||||||||||||||||
March 31, 2011
|
||||||||||||||||||||||||
U.S. government sponsored entities
|
$ | 4,835 | $ | (14 | ) | $ | - | $ | - | $ | 4,835 | $ | (14 | ) | ||||||||||
Collateralized Mortgage Obligations and residential mortgage-backed securities
|
19,980 | (208 | ) | - | - | 19,980 | (208 | ) | ||||||||||||||||
Municipal securities
|
5,238 | (57 | ) | 410 | (3 | ) | 5,648 | (60 | ) | |||||||||||||||
Collateralized debt obligations
|
- | - | 1,566 | (3,649 | ) | 1,566 | (3,649 | ) | ||||||||||||||||
Total temporarily impaired
|
$ | 30,053 | $ | (279 | ) | $ | 1,976 | $ | (3,652 | ) | $ | 32,029 | $ | (3,931 | ) | |||||||||
Number of securities
|
29 | 5 | 34 |
(Dollars in thousands)
|
||||||||||||||||||||||||
Less than 12 months
|
12 months or longer
|
Total | ||||||||||||||||||||||
Estimated
|
Estimated
|
Estimated
|
||||||||||||||||||||||
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
|||||||||||||||||||
Value
|
Losses
|
Value
|
Losses
|
Value
|
Losses
|
|||||||||||||||||||
December 31, 2010
|
||||||||||||||||||||||||
U.S. government sponsored entities
|
$ | 2,513 | $ | (3 | ) | $ | - | $ | - | $ | 2,513 | $ | (3 | ) | ||||||||||
Collateralized Mortgage Obligations and residential mortgage-backed securities
|
13,767 | (161 | ) | - | - | 13,767 | (161 | ) | ||||||||||||||||
Municipal securities
|
7,496 | (194 | ) | 398 | (17 | ) | 7,894 | (211 | ) | |||||||||||||||
Collateralized debt obligations
|
- | - | 1,379 | (3,836 | ) | 1,379 | (3,836 | ) | ||||||||||||||||
Total temporarily impaired
|
$ | 23,776 | $ | (358 | ) | $ | 1,777 | $ | (3,853 | ) | $ | 25,553 | $ | (4,211 | ) | |||||||||
Number of securities
|
27 | 5 | 32 |
(Dollars in thousands)
|
||||||||
March 31, 2011
|
December 31, 2010
|
|||||||
Loans secured by real estate:
|
||||||||
Construction and land development
|
$ | 34,763 | $ | 46,371 | ||||
Residential, including home equity
|
149,330 | 153,150 | ||||||
Commercial real estate and other dwelling
|
154,753 | 146,111 | ||||||
Total loans secured by real estate
|
338,846 | 345,632 | ||||||
Consumer loans
|
623 | 765 | ||||||
Commercial business
|
63,171 | 61,837 | ||||||
Government and other
|
9,062 | 10,380 | ||||||
Subtotal
|
411,702 | 418,614 | ||||||
Less:
|
||||||||
Net deferred loan origination fees
|
(251 | ) | (273 | ) | ||||
Undisbursed loan funds
|
(101 | ) | (108 | ) | ||||
Loans receivable
|
$ | 411,350 | $ | 418,233 |
Commercial
|
||||||||||||||||||||||||||||
Real Estate,
|
||||||||||||||||||||||||||||
Construction &
|
||||||||||||||||||||||||||||
Land
|
||||||||||||||||||||||||||||
Residential Real
|
Development,
|
Commercial
|
||||||||||||||||||||||||||
Estate, Including
|
Consumer
|
and Other
|
Participations
|
Commercial
|
||||||||||||||||||||||||
(Dollars in thousands)
|
Home Equity
|
Loans
|
Dwellings
|
Purchased
|
Business Loans
|
Government
|
Total
|
|||||||||||||||||||||
For the three months ending March 31, 2011
|
||||||||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||
Beginning Balance
|
$ | 994 | $ | 30 | $ | 2,773 | $ | 4,704 | $ | 620 | $ | - | 9,121 | |||||||||||||||
Charge-offs
|
(138 | ) | (2 | ) | (393 | ) | (40 | ) | - | - | (573 | ) | ||||||||||||||||
Recoveries
|
- | 9 | - | - | 25 | - | 34 | |||||||||||||||||||||
Provisions
|
183 | (17 | ) | 617 | 404 | (77 | ) | - | 1,110 | |||||||||||||||||||
Ending Balance
|
$ | 1,039 | $ | 20 | $ | 2,997 | $ | 5,068 | $ | 568 | $ | - | $ | 9,692 |
Ending balance: individually
|
||||||||||||||||||||||||||||
evaluated for impairment
|
$ | 1 | $ | - | $ | 1,074 | $ | 2,886 | $ | 18 | $ | - | $ | 3,979 | ||||||||||||||
Ending balance: collectively
|
||||||||||||||||||||||||||||
evaluated for impairment
|
$ | 1,038 | $ | 20 | $ | 1,923 | $ | 2,182 | $ | 550 | $ | - | $ | 5,713 | ||||||||||||||
Ending balance: loans acquired
|
||||||||||||||||||||||||||||
with deteriorated credit quality
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||
FINANCING RECEIVABLES
|
||||||||||||||||||||||||||||
Ending balance
|
$ | 149,071 | $ | 621 | $ | 161,268 | $ | 28,248 | $ | 63,080 | $ | 9,062 | $ | 411,350 | ||||||||||||||
Ending balance: individually
|
||||||||||||||||||||||||||||
evaluated for impairment
|
$ | 119 | $ | - | $ | 10,339 | $ | 14,619 | $ | 118 | $ | - | $ | 25,195 | ||||||||||||||
Ending balance: collectively
|
||||||||||||||||||||||||||||
evaluated for impairment
|
$ | 148,952 | $ | 621 | $ | 150,929 | $ | 13,629 | $ | 62,962 | $ | 9,062 | $ | 386,155 | ||||||||||||||
Ending balance: loans acquired
|
||||||||||||||||||||||||||||
with deteriorated credit quality
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - |
Ending balance: individually
|
||||||||||||||||||||||||||||
evaluated for impairment
|
$ | 1 | $ | - | $ | 875 | $ | 1,897 | $ | 21 | $ | - | $ | 2,794 | ||||||||||||||
Ending balance: collectively
|
||||||||||||||||||||||||||||
evaluated for impairment
|
$ | 993 | $ | 30 | $ | 1,898 | $ | 2,807 | $ | 599 | $ | - | $ | 6,327 | ||||||||||||||
Ending balance: loans acquired
|
||||||||||||||||||||||||||||
with deteriorated credit quality
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||
FINANCING RECEIVABLES
|
||||||||||||||||||||||||||||
Ending balance
|
$ | 152,881 | $ | 874 | $ | 163,616 | $ | 28,866 | $ | 61,726 | $ | 10,270 | $ | 418,233 | ||||||||||||||
Ending balance: individually
|
||||||||||||||||||||||||||||
evaluated for impairment
|
$ | 64 | $ | - | $ | 10,974 | $ | 14,493 | $ | 482 | $ | - | $ | 26,013 | ||||||||||||||
Ending balance: collectively
|
||||||||||||||||||||||||||||
evaluated for impairment
|
$ | 152,817 | $ | 874 | $ | 152,642 | $ | 14,373 | $ | 61,244 | $ | 10,270 | $ | 392,220 | ||||||||||||||
Ending balance: loans acquired
|
||||||||||||||||||||||||||||
with deteriorated credit quality
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - |
(Dollars in thousands)
|
|||||||||||||||||||||||||||||||||
Corporate Credit Exposure - Credit Risk Portfolio By Creditworthiness Category
|
|||||||||||||||||||||||||||||||||
Commercial Real Estate, Construction
|
|||||||||||||||||||||||||||||||||
& Land Development, and Other Dwellings
|
Commercial Participations Purchased
|
Commercial Business Loans
|
Government
|
||||||||||||||||||||||||||||||
Loan Grades
|
2011
|
2010
|
2011
|
2010
|
2011
|
2010
|
2011
|
2010
|
|||||||||||||||||||||||||
2
|
Modest risk
|
$
|
30
|
$
|
31
|
$
|
-
|
$
|
-
|
$
|
4,300
|
$
|
4,724
|
$
|
-
|
$
|
-
|
||||||||||||||||
3
|
Acceptable risk
|
80,463
|
63,330
|
1,460
|
1,473
|
33,118
|
30,549
|
9,062
|
10,270
|
||||||||||||||||||||||||
4
|
Pass/monitor
|
58,784
|
78,758
|
6,245
|
6,482
|
20,704
|
21,131
|
-
|
-
|
||||||||||||||||||||||||
5
|
Special mention (watch)
|
10,844
|
9,817
|
6,146
|
6,419
|
3,532
|
2,517
|
-
|
-
|
||||||||||||||||||||||||
6
|
Substandard
|
11,149
|
11,680
|
14,396
|
14,492
|
1,425
|
2,805
|
-
|
-
|
||||||||||||||||||||||||
7
|
Doubtful
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
Total
|
$
|
161,270
|
$
|
163,616
|
$
|
28,247
|
$
|
28,866
|
$
|
63,079
|
$
|
61,726
|
$
|
9,062
|
$
|
10,270
|
(Dollars in thousands) | ||||||||||||||||
Consumer Credit Exposure - Credit Risk Profile Based On Payment Activity | ||||||||||||||||
Residential Real Estate, | ||||||||||||||||
Including Home Equity | Consumer Loans | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Performing
|
$ | 146,162 | $ | 149,892 | $ | 621 | $ | 871 | ||||||||
Nonperforming
|
2,909 | 2,989 | - | 3 | ||||||||||||
Total
|
$ | 149,071 | $ | 152,881 | $ | 621 | $ | 874 |
For the three months ended
|
||||||||||||||||||||
As of March 31, 2011
|
March 31, 2011
|
|||||||||||||||||||
Average
|
Interest
|
|||||||||||||||||||
(Dollars in thousands)
|
Recorded
|
Unpaid Principal
|
Related
|
Recorded
|
Income
|
|||||||||||||||
Investment
|
Balance
|
Allowance
|
Investment
|
Recognized
|
||||||||||||||||
With no related allowance recorded:
|
||||||||||||||||||||
Residential real estate, including home equity
|
$ | 64 | $ | 130 | $ | - | $ | 64 | $ | - | ||||||||||
Commercial real estate, construction & land development, and other dwellings
|
5,827 | 6,466 | - | 3,856 | 229 | |||||||||||||||
Commercial participations purchased
|
2,696 | 8,179 | - | 2,878 | 92 | |||||||||||||||
Commercial business loans
|
- | - | - | 1,370 | - | |||||||||||||||
With an allowance recorded:
|
||||||||||||||||||||
Residential real estate, including home equity
|
55 | 55 | 1 | 28 | 1 | |||||||||||||||
Commercial real estate, construction & land development, and other dwellings
|
4,512 | 4,692 | 1,074 | 5,668 | 139 | |||||||||||||||
Commercial participations purchased
|
11,923 | 11,923 | 2,886 | 10,242 | 236 | |||||||||||||||
Commercial business loans
|
118 | 118 | 18 | 135 | 6 | |||||||||||||||
Total:
|
||||||||||||||||||||
Residential real estate, including home equity
|
$ | 119 | $ | 185 | $ | 1 | $ | 92 | $ | 1 | ||||||||||
Commercial real estate, construction & land development, and other dwellings
|
$ | 10,339 | $ | 11,158 | $ | 1,074 | $ | 9,523 | $ | 368 | ||||||||||
Commercial participations purchased
|
$ | 14,619 | $ | 20,102 | $ | 2,886 | $ | 13,120 | $ | 328 | ||||||||||
Commercial business loans
|
$ | 118 | $ | 118 | $ | 18 | $ | 1,504 | $ | 6 |
As of December 31, 2010
|
||||||||||||
(Dollars in thousands)
|
Recorded
|
Unpaid principal
|
Related
|
|||||||||
investment
|
balance
|
allowance
|
||||||||||
With no related allowance recorded:
|
||||||||||||
Residential real estate, including home equity
|
$ | 64 | $ | 64 | $ | - | ||||||
Commercial real estate, construction & land development, and other dwellings
|
1,884 | 1,992 | - | |||||||||
Commercial participations purchased
|
3,060 | 8,123 | - | |||||||||
Commercial business loans
|
2,739 | 2,831 | - | |||||||||
With an allowance recorded:
|
||||||||||||
Residential real estate, including home equity
|
- | - | - | |||||||||
Commercial real estate, construction & land development, and other dwellings
|
6,823 | 6,823 | 1,057 | |||||||||
Commercial participations purchased
|
8,560 | 8,560 | 544 | |||||||||
Commercial business loans
|
151 | 151 | 120 | |||||||||
Total:
|
||||||||||||
Residential real estate, including home equity
|
$ | 64 | $ | 64 | $ | - | ||||||
Commercial real estate, construction & land development, and other dwellings
|
$ | 8,707 | $ | 8,815 | $ | 1,057 | ||||||
Commercial participations purchased
|
$ | 11,620 | $ | 16,683 | $ | 544 | ||||||
Commercial business loans
|
$ | 2,890 | $ | 2,982 | $ | 120 |
(Dollars in thousands)
|
||||||||||||||||||||||||||||
Recorded
|
||||||||||||||||||||||||||||
Total
|
Investments
|
|||||||||||||||||||||||||||
30-59 Days
|
60-89 Days
|
Greater Than
|
Total Past
|
Financing
|
90 Days and
|
|||||||||||||||||||||||
Past Due
|
Past Due
|
90 Days
|
Due
|
Current
|
Receivables
|
Accruing
|
||||||||||||||||||||||
March 31, 2011
|
||||||||||||||||||||||||||||
Residential real estate, including home equity
|
$ | 4,037 | $ | 838 | $ | 2,549 | $ | 7,424 | $ | 141,647 | $ | 149,071 | $ | 323 | ||||||||||||||
Consumer loans
|
- | - | 38 | 38 | 583 | 621 | 2 | |||||||||||||||||||||
Commercial real estate, construction & land development, and other dwellings
|
2,250 | 28 | 5,111 | 7,389 | 153,879 | 161,268 | - | |||||||||||||||||||||
Commercial participations purchased
|
- | - | 14,396 | 14,396 | 13,852 | 28,248 | - | |||||||||||||||||||||
Commercial business loans
|
463 |