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
|
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, 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
|
|
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 |
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 |
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 |
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 |
(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 |
(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 |
(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 |
(Dollars in thousands)
|
||||||||
June 30,
|
June 30,
|
|||||||
2011
|
2010
|
|||||||
Proceeds
|
$ | 10,267 | $ | 13,962 | ||||
Gross gains
|
509 | 742 | ||||||
Gross losses
|
(9 | ) | - |
(Dollars in thousands)
|
||||
Unrealized
|
||||
gain/(loss)
|
||||
Beginning balance, December 31, 2010
|
$ | (561 | ) | |
Current period change
|
992 | |||
Ending balance, June 30, 2011
|
$ | 431 |
(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 |
(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 |
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 |
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
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - |
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
|
$ | 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 |
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 |
(Dollars in thousands)
|
||||||||||||||||||||||||||||
Recorded
|
||||||||||||||||||||||||||||
Investments
|
||||||||||||||||||||||||||||
Total
|
Greater than
|
|||||||||||||||||||||||||||
30-59 Days Past
|
60-89 Days Past
|
Greater Than 90
|
Financing
|
90 Days and
|
||||||||||||||||||||||||
Due
|
Due
|
Days
|
Total Past Due
|
Current
|
Receivables
|
Accruing
|
||||||||||||||||||||||
June 30, 2011
|