Unassociated Document

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

x	Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

For the quarterly period ended June 30, 2011 or

¨	Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

For the transition period from ______to______

Commission File Number: 0-26128

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)

Registrant's telephone number, including area code: (219) 836-4400

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).Yes ¨ No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer”, and “smaller reporting company” in Rule 12b-2 of the Exchange Act (Check one):

Large accelerated filer ¨ Accelerated filer ¨ Non-accelerated filer ¨ Smaller Reporting Company x
(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

There were 2,830,978 shares of the registrant’s Common Stock, without par value, outstanding at June 30, 2011.

NorthWest Indiana Bancorp

Index

		Page
		Number
PART I. Financial Information

Item 1.	Unaudited Financial Statements

	Consolidated Balance Sheets, June 30, 2011 and December 31, 2010	1

	Consolidated Statements of Income, Three and Six Months Ended June 30, 2011 and 2010	2

	Consolidated Statements of Changes in Stockholders' Equity, Three and Six Months Ended June 30, 2011 and 2010	3

	Consolidated Statements of Cash Flows, Six Months Ended June 30, 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

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	29

Item 4.	Controls and Procedures	29

PART II. Other Information		30

SIGNATURES		31

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

NorthWest Indiana Bancorp

Consolidated Balance Sheets

	June 30,
	2011			December 31,
(Dollars in thousands)	(unaudited)			2010

ASSETS

Cash and non-interest bearing balances in financial institutions	$	9,673		$	7,427
Interest bearing balances in financial institutions		4,215			90
Federal funds sold		4,077			3,421
Total cash and cash equivalents		17,965			10,938

Securities available-for-sale		161,995			142,055
Securities held-to-maturity		17,431			18,397
Loans held-for-sale		75			422
Loans receivable		406,061			418,233
Less: allowance for loan losses		(8,138	)		(9,121	)
Net loans receivable		397,923			409,112
Federal Home Loan Bank stock		3,086			3,381
Accrued interest receivable		2,669			2,591
Premises and equipment		18,621			19,293
Foreclosed real estate		1,275			3,298
Cash value of bank owned life insurance		12,653			12,452
Prepaid FDIC insurance premium		1,858			2,425
Other assets		5,733			6,689

Total assets	$	641,284		$	631,053

LIABILITIES AND STOCKHOLDERS' EQUITY

Deposits:
Non-interest bearing	$	53,491		$	50,712
Interest bearing		464,757			469,559
Total		518,248			520,271
Repurchase agreements		21,388			16,074
Borrowed funds		29,336			32,544
Accrued expenses and other liabilities		13,154			6,075

Total liabilities		582,126			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: June 30, 2011 - 2,888,902		361			361
December 31, 2010 - 2,888,902
shares outstanding: June 30, 2011 - 2,830,978
December 31, 2010 - 2,826,796
Additional paid in capital		5,158			5,140
Accumulated other comprehensive income/(loss)		496			(492	)
Retained earnings		54,375			52,398
Treasury stock, common shares at cost: June 30, 2011 - 57,924
December 31, 2010 - 62,106		(1,232	)		(1,318	)

Total stockholders' equity		59,158			56,089

Total liabilities and stockholders' equity	$	641,284		$	631,053

See accompanying notes to consolidated financial statements.

NorthWest Indiana Bancorp

Consolidated Statements of Income

(unaudited)

	Three Months Ended				Six Months Ended
(Dollars in thousands, except per share data)	June 30,				June 30,
	2011		2010		2011		2010
Interest income:
Loans receivable
Real estate loans	$	4,317	$	5,083	$	8,703	$	10,238
Commercial loans		874		1,121		1,833		2,153
Consumer loans		11		20		25		45
Total loan interest		5,202		6,224		10,561		12,436

Securities		1,581		1,564		3,101		3,094
Other interest earning assets		5		7		12		13

Total interest income		6,788		7,795		13,674		15,543

Interest expense:
Deposits		674		1,055		1,385		2,255
Repurchase agreements		29		48		57		100
Borrowed funds		153		234		327		504

Total interest expense		856		1,337		1,769		2,859

Net interest income		5,932		6,458		11,905		12,684
Provision for loan losses		955		1,270		2,065		2,505

Net interest income after provision for loan losses		4,977		5,188		9,840		10,179

Noninterest income:
Fees and service charges		637		635		1,221		1,244
Gain on foreclosed real estate, net		728		44		788		65
Wealth management operations		310		253		584		534
Gain on sale of securities, net		237		452		500		742
Increase in cash value of bank owned life insurance		101		104		202		205
Gain on sale of loans held-for-sale, net		29		163		110		272
Other-than-temporary impairment of securities		-		-		-		(11	)
Portion of loss recognized in other comprehensive income		-		-		-		(102	)
Other		8		4		28		8

Total noninterest income		2,050		1,655		3,433		2,957

Noninterest expense:
Compensation and benefits		2,546		2,458		4,911		4,867
Occupancy and equipment		844		808		1,691		1,593
Federal deposit insurance premiums		265		265		596		496
Data processing		249		231		501		463
Marketing		75		114		216		239
Other		957		1,005		1,922		1,899

Total noninterest expense		4,936		4,881		9,837		9,557

Income before income tax expenses		2,091		1,962		3,436		3,579
Income tax expenses		412		346		585		574

Net income	$	1,679	$	1,616	$	2,851	$	3,005

Earnings per common share:
Basic	$	0.59	$	0.57	$	1.01	$	1.06
Diluted	$	0.59	$	0.57	$	1.01	$	1.06

Dividends declared per common share	$	0.15	$	0.21	$	0.30	$	0.42

See accompanying notes to consolidated financial statements.

NorthWest Indiana Bancorp

Consolidated Statements of Changes in Stockholders' Equity

(unaudited)

	Three Months Ended						Six Months Ended
(Dollars in thousands)	June 30,						June 30,
	2011			2010			2011			2010

Balance at beginning of period	$	57,291		$	54,319		$	56,089		$	53,078

Comprehensive income:
Net income		1,679			1,616			2,851			3,005
Net unrealized change on securities available-for-sale, net of reclassifications and tax effects		576			919			992			1,315
Amortization of unrecognized gain		(2	)		(2	)		(4	)		(4	)
Comprehensive income		2,253			2,533			3,839			4,316

Stock based compensation expense		9			9			18			19

Sale of treasury stock		30			40			61			80

Cash dividends		(425	)		(593	)		(849	)		(1,185	)

Balance at end of period	$	59,158		$	56,308		$	59,158		$	56,308

See accompanying notes to consolidated financial statements.

NorthWest Indiana Bancorp

Consolidated Statements of Cash Flows

(unaudited)

	Six Months Ended
(Dollars in thousands)	June 30,
	2011			2010
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	2,851		$	3,005
Adjustments to reconcile net income to net cash provided by operating activities:
Origination of loans for sale		(3,866	)		(10,466	)
Sale of loans originated for sale		4,286			11,253
Depreciation and amortization, net of accretion		1,076			1,005
Amortization of mortgage servicing rights		75			56
Stock based compensation expense		18			19
Gain on sale of securities, net		(500	)		(742	)
Gain on sale of loans held-for-sale, net		(110	)		(272	)
Net losses due to other-than-temporary impairment of securities		-			113
Gain/(loss) on foreclosed real estate, net		(788	)		(65	)
Provision for loan losses		2,065			2,505
Net change in:
Interest receivable		(78	)		130
Other assets		957			995
Cash value of bank owned life insurance		(202	)		(205	)
Accrued expenses and other liabilities		7,079			5,101
Total adjustments		10,012			9,427
Net cash - operating activities		12,863			12,432

CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from maturities and pay downs of securities available-for-sale		18,679			11,931
Proceeds from sales of securities available-for-sale		10,267			13,962
Purchases of securities available-for-sale		(47,154	)		(30,330	)
Proceeds from maturities and pay downs of securities held-to-maturity		960			933
Proceeds from sale of Federal Home Loan Bank Stock		296			-
Net change in loans receivable		9,789			10,803
Proceeds from sales of foreclosed real estate		2,146			932
Purchase of premises and equipment, net		(114	)		(442	)
Net cash - investing activities		(5,131	)		7,789

CASH FLOWS FROM FINANCING ACTIVITIES:
Change in deposits		(2,023	)		29,631
Proceeds from FHLB advances		3,000			9,000
Repayment of FHLB advances		(3,000	)		(15,000	)
Change in other borrowed funds		2,106			(3,757	)
Proceeds from sale of treasury stock		61			80
Dividends paid		(849	)		(1,185	)
Net cash - financing activities		(705	)		18,769
Net change in cash and cash equivalents		7,027			38,990
Cash and cash equivalents at beginning of period		10,938			13,222
Cash and cash equivalents at end of period	$	17,965		$	52,212

SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid during the period for:
Interest	$	1,784		$	2,885
Income taxes	$	738		$	1,010
SUPPLEMENTAL NONCASH INFORMATION:
Transfers from loans to foreclosed real estate	$	120		$	3,442

See accompanying notes to consolidated financial statements.

NorthWest Indiana Bancorp

Notes to Consolidated Financial Statements

Note 1 - Basis of Presentation

The consolidated financial statements include the accounts of NorthWest Indiana Bancorp (the “Bancorp”), its wholly-owned subsidiary, Peoples Bank SB (the “Bank”), and the Bank’s wholly-owned subsidiaries, Peoples Service Corporation, NWIN, LLC and NWIN Funding, Inc. The Bancorp has no other business activity other than being a holding company for the Bank. The Bancorp’s earnings are dependent upon the earnings of the Bank. The accompanying unaudited consolidated financial statements were prepared in accordance with instructions for Form 10-Q and, therefore, do not include all disclosures required by U.S. generally accepted accounting principles for complete presentation of financial statements. In the opinion of management, the consolidated financial statements contain all adjustments necessary to present fairly the consolidated balance sheets of the Bancorp as of June 30, 2011 and December 31, 2010, and the consolidated statements of income, changes in stockholders’ equity, for the three and six months ended June 30, 2011 and 2010, and cash flows for the six months ended June 30, 2011 and 2010. The income reported for the six month period ended June 30, 2011 is not necessarily indicative of the results to be expected for the full year.

Note 2 - Use of Estimates

Preparing financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period, as well as the disclosures provided. Actual results could differ from those estimates. Estimates associated with the allowance for loan losses, fair values of foreclosed real estate, loan servicing rights, investment securities, and the status of contingencies are particularly susceptible to material change in the near term.

Note 3 - Securities

The fair value of available-for-sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows:

	(Dollars in thousands)
			Gross		Gross			Estimated
	Cost		Unrealized		Unrealized			Fair
	Basis		Gains		Losses			Value
June 30, 2011
U.S. government sponsored entities	$	8,942	$	26	$	(16	)	$	8,952
Collateralized mortgage obligations and residential mortgage-backed securities		110,166		3,146		(55	)		113,257
Municipal securities		36,968		1,363		(190	)		38,141
Collateralized debt obligations		5,215		-		(3,570	)		1,645
Total securities available-for-sale	$	161,291	$	4,535	$	(3,831	)	$	161,995

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

The carrying amount (cost basis), unrecognized gains and losses, and fair value of securities held-to-maturity were as follows:

	(Dollars in thousands)
			Gross		Gross			Estimated
	Cost		Unrecognized		Unrecognized			Fair
	Basis		Gains		Losses			Value
June 30, 2011
Municipal securities	$	16,726	$	736	$	(5	)	$	17,457
Residential mortgage-backed securities		705		27		-			732
Total securities held-to-maturity	$	17,431	$	763	$	(5	)	$	18,189

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

The fair value of debt securities and carrying amount, if different, at June 30, 2011 by contractual maturity were as follows. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately.

	(Dollars in thousands)
	Available-for-sale				Held-to-maturity
	Estimated						Estimated
	Fair		Tax-Equivalent		Cost		Fair		Tax-Equivalent
	Value		Yield (%)		Basis		Value		Yield (%)
Due in one year or less	$	194		7.07	$	-	$	-		-
Due from one to five years		9,052		2.81		1,875		1,948		6.34
Due from five years to ten years		11,371		5.27		11,142		11,710		6.05
Due over ten years		28,121		5.89		3,709		3,799		6.09
Collateralized mortgage obligations and residential mortgage-backed securities		113,257		3.72		705		732		4.55
Total	$	161,995		4.16	$	17,431	$	18,189		6.03

Sales of available-for-sale securities were as follows:

	(Dollars in thousands)
	June 30,			June 30,
	2011			2010

Proceeds	$	10,267		$	13,962
Gross gains		509			742
Gross losses		(9	)		-

The change in net unrealized gain/(loss) on available-for-sale securities included in other comprehensive income is as follows:

	(Dollars in thousands)
	Unrealized
	gain/(loss)
Beginning balance, December 31, 2010	$	(561	)
Current period change		992
Ending balance, June 30, 2011	$	431

Securities with carrying values of $71,326,000 and $24,484,000 were pledged as of June 30, 2011 and December 31, 2010, respectively, as collateral for repurchase agreements, public funds, and for other purposes as permitted or required by law. The increase in pledged securities was the result of new pledging requirements for Indiana public funds deposits.

Securities with unrealized losses at June 30, 2011 and December 31, 2010 not recognized in income are as follows:

	(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
June 30, 2011
U.S. government sponsored entities	$	1,288	$	(16	)	$	-	$	-		$	1,288	$	(16	)
Collateralized mortgage obligations and residential mortgage-backed securities		7,663		(55	)		-		-			7,663		(55	)
Municipal securities		5,890		(195	)		-		-			5,890		(195	)
Collateralized debt obligations		195		-			1,645		(3,570	)		1,840		(3,570	)
Total temporarily impaired	$	15,036	$	(266	)	$	1,645	$	(3,570	)	$	16,681	$	(3,836	)
Number of securities				20					4					24

	(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

Unrealized losses on securities have not been recognized into income because the securities are of high credit quality or have undisrupted cash flows. Management has the intent and ability to hold for the foreseeable future, and the decline in fair value is largely due to changes in interest rates and volatility in securities. The fair value is expected to recover as the securities approach maturity.

Note 4 - Loans Receivable

	(Dollars in thousands)
	June 30, 2011			December 31, 2010
Loans secured by real estate:
Construction and land development	$	30,141		$	46,371
Residential, including home equity		149,552			153,150
Commercial real estate and other dwelling		153,249			146,111
Total loans secured by real estate		332,942			345,632
Consumer loans		594			765
Commercial business		63,027			61,837
Government and other		9,881			10,380
Subtotal		406,444			418,614
Less:
Net deferred loan origination fees		(249	)		(273	)
Undisbursed loan funds		(134	)		(108	)
Loans receivable	$	406,061		$	418,233

The Bancorp's activity in the allowance for loan losses, by loan segment, is summarized below for the six months ended June 30, 2011:

							Commercial Real
							Estate,
							Construction &
	Residential Real						Land			Commercial
	Estate, Including						Development, and			Participations			Commercial
(Dollars in thousands)	Home Equity			Consumer Loans			Other Dwellings			Purchased			Business Loans			Government		Total
For the six months ending June 30, 2011
Allowance for loan losses:
Beginning Balance	$	994		$	30		$	2,773		$	4,704		$	620		$	-		9,121
Charge-offs		(235	)		(4	)		(567	)		(2,417	)		(111	)		-		(3,334	)
Recoveries		102			10			174			-			-			-		286
Provisions		245			(18	)		682			950			206			-		2,065
Ending Balance	$	1,106		$	18		$	3,062		$	3,237		$	715		$	-	$	8,138

The Bancorp's allowance for loan losses impairment evaluation, by loan segment, at June 30, 2011:

Ending balance: individually evaluated for impairment	$	-	$	-	$	932	$	494	$	130	$	-	$	1,556

Ending balance: collectively evaluated for impairment	$	1,106	$	18	$	2,130	$	2,743	$	585	$	-	$	6,582

Ending balance: loans acquired with deteriorated credit quality	$	-	$	-	$	-	$	-	$	-	$	-	$	-

FINANCING RECEIVABLES Ending balance	$	149,248	$	591	$	158,348	$	25,043	$	62,950	$	9,881	$	406,061

Ending balance: individually evaluated for impairment	$	55	$	-	$	9,887	$	11,887	$	392	$	-	$	22,221

Ending balance: collectively evaluated for impairment	$	149,193	$	591	$	148,461	$	13,156	$	62,558	$	9,881	$	383,840

Ending balance: loans acquired with deteriorated credit quality	$	-	$	-	$	-	$	-	$	-	$	-	$	-

The Bancorp's allowance for loan losses impairment evaluation, by loan segment, at December 31, 2010:

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	$	-	$	-	$	-	$	-	$	-	$	-	$	-

The Bancorp's credit quality indicators by loan segment are summarized below at June 30, 2011 and December 31, 2010:

	(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	$	28	$	31	$	-	$	-	$	4,460	$	4,724	$	-	$	-
3 Acceptable risk		80,384		63,330		1,431		1,473		34,705		30,549		9,881		10,270
4 Pass/monitor		57,485		78,758		5,971		6,482		19,381		21,131		-		-
5 Special mention (watch)		10,298		9,817		5,754		6,419		2,956		2,517		-		-
6 Substandard		10,153		11,680		11,887		14,492		1,448		2,805		-		-
7 Doubtful		-		-		-		-		-		-		-		-
Total	$	158,348	$	163,616	$	25,043	$	28,866	$	62,950	$	61,726	$	9,881	$	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	$	146,220	$	149,892	$	591	$	871
Nonperforming		3,028		2,989		-		3
Total	$	149,248	$	152,881	$	591	$	874

The Bancorp's impaired loans are summarized below:

							For the six months ended
	As of June 30, 2011						June 30, 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	$	55	$	55	$	-	$	-	$	-
Commercial real estate, construction & land development, and other dwellings		437		813		-		746		12
Commercial participations purchased		4,249		10,566		-		3,473		128
Commercial business loans		-		-		-		177		-
With an allowance recorded:
Residential real estate, including home equity...		-		-		-		-		-
Commercial real estate, construction & land development, and other dwellings		9,450		9,722		932		9,685		358
Commercial participations purchased		7,638		9,180		494		9,718		216
Commercial business loans		392		417		130		260		9
Total:
Residential real estate, including home equity...	$	55	$	55	$	-	$	-	$	-
Commercial real estate, construction & land development, and other dwellings	$	9,887	$	10,535	$	932	$	10,431	$	370
Commercial participations purchased	$	11,887	$	19,746	$	494	$	13,191	$	344
Commercial business loans	$	392	$	417	$	130	$	437	$	9

	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	$	103	$	-
Commercial real estate, construction & land development, and other dwellings		1,054		1,345		-
Commercial participations purchased		2,696		8,140		-
Commercial business loans		354		354		-
With an allowance recorded:
Residential real estate, including home equity		-		-		1
Commercial real estate, construction & land development, and other dwellings		9,920		10,361		875
Commercial participations purchased		11,797		11,797		1,897
Commercial business loans		128		128		21
Total:
Residential real estate, including home equity	$	64	$	103	$	1
Commercial real estate, construction & land development, and other dwellings	$	10,974	$	11,706	$	875
Commercial participations purchased	$	14,493	$	19,937	$	1,897
Commercial business loans	$	482	$	482	$	21

The Bancorp's age analysis of past due financing receivables are summarized below:

(Dollars in thousands)

Recorded

Investments

Total

Greater than

30-59 Days Past

60-89 Days Past

Greater Than 90

Financing

90 Days and

Due

Days

Total Past Due

Current

Receivables

Accruing

June 30, 2011