| |
Michigan | | 38-3516922 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
Dollars in thousands | | September 30, 2013 (Unaudited) | | December 31, 2012 | | ||
| | | | | | | |
ASSETS | | | | | | | |
Cash and Cash Equivalents | | | | | | | |
Cash and due from banks | | | | | | | |
Non-interest bearing | | $ | 13,928 | | $ | 17,116 | |
Interest bearing | | | 21,506 | | | 95,391 | |
Total cash and cash equivalents | | | 35,434 | | | 112,507 | |
| | | | | | | |
Securities - Held to Maturity | | | 31,881 | | | 38,786 | |
Securities - Available for Sale | | | 403,440 | | | 393,767 | |
Federal Home Loan Bank stock - at cost | | | 10,605 | | | 10,605 | |
| | | | | | | |
Loans held for sale | | | 166 | | | 1,520 | |
| | | | | | | |
Loans | | | 610,928 | | | 627,249 | |
Allowance for Loan Losses | | | (16,766) | | | (17,299) | |
Loans - Net | | | 594,162 | | | 609,950 | |
| | | | | | | |
Accrued interest receivable and other assets | | | 33,658 | | | 10,037 | |
Other Real Estate Owned | | | 10,801 | | | 14,262 | |
Bank Owned Life Insurance | | | 50,143 | | | 49,111 | |
Premises and Equipment - Net | | | 27,842 | | | 28,050 | |
Total assets | | $ | 1,198,132 | | $ | 1,268,595 | |
| | | | | | | |
LIABILITIES | | | | | | | |
Deposits: | | | | | | | |
Non-interest bearing | | $ | 187,009 | | $ | 183,016 | |
Interest-bearing | | | 867,134 | | | 865,814 | |
Total deposits | | | 1,054,143 | | | 1,048,830 | |
| | | | | | | |
Federal Home Loan Bank advances | | | 12,000 | | | 107,000 | |
Repurchase agreements | | | 15,000 | | | 15,000 | |
Interest payable and other liabilities | | | 16,165 | | | 14,191 | |
Total liabilities | | | 1,097,308 | | | 1,185,021 | |
| | | | | | | |
STOCKHOLDERS' EQUITY | | | | | | | |
Common stock (no par value; 50,000,000 shares authorized, 17,917,512 and 17,396,179 shares issued and outstanding) | | | 4,280 | | | 2,397 | |
Retained earnings | | | 105,177 | | | 81,280 | |
Unearned compensation | | | (10) | | | (27) | |
Accumulated other comprehensive loss | | | (8,623) | | | (76) | |
Total stockholders' equity | | | 100,824 | | | 83,574 | |
Total liabilities and stockholders' equity | | $ | 1,198,132 | | $ | 1,268,595 | |
-2- | ||
| | Three Months Ended September 30, | | Nine Months Ended September 30, | | ||||||||
Dollars in thousands, except per share data | | | 2013 | | | 2012 | | | 2013 | | | 2012 | |
| | | | | | | | | | | | | |
Interest Income | | | | | | | | | | | | | |
Interest and fees on loans | | $ | 7,605 | | $ | 8,696 | | $ | 23,106 | | $ | 26,773 | |
Interest on investment securities- | | | | | | | | | | | | | |
Tax-exempt | | | 313 | | | 341 | | | 946 | | | 1,076 | |
Taxable | | | 1,821 | | | 1,894 | | | 5,383 | | | 6,023 | |
Interest on balances due from banks | | | 25 | | | 56 | | | 131 | | | 145 | |
Total interest income | | | 9,764 | | | 10,987 | | | 29,566 | | | 34,017 | |
| | | | | | | | | | | | | |
Interest Expense | | | | | | | | | | | | | |
Interest on deposits | | | 1,033 | | | 1,488 | | | 3,361 | | | 4,964 | |
Interest on borrowed funds | | | 192 | | | 878 | | | 1,533 | | | 2,720 | |
Total interest expense | | | 1,225 | | | 2,366 | | | 4,894 | | | 7,684 | |
| | | | | | | | | | | | | |
Net Interest Income | | | 8,539 | | | 8,621 | | | 24,672 | | | 26,333 | |
Provision For Loan Losses | | | 200 | | | 1,550 | | | 2,100 | | | 4,850 | |
| | | | | | | | | | | | | |
Net Interest Income After | | | | | | | | | | | | | |
Provision For Loan Losses | | | 8,339 | | | 7,071 | | | 22,572 | | | 21,483 | |
| | | | | | | | | | | | | |
Other Income | | | | | | | | | | | | | |
Income from wealth management services | | | 1,078 | | | 1,063 | | | 3,256 | | | 2,859 | |
Service charges and other fees | | | 1,128 | | | 1,177 | | | 3,228 | | | 3,392 | |
Debit card income | | | 513 | | | 490 | | | 1,521 | | | 1,490 | |
Net gain on sales of securities available for sale | | | 142 | | | 99 | | | 306 | | | 1,239 | |
Origination fees on mortgage loans sold | | | 133 | | | 298 | | | 606 | | | 624 | |
Bank owned life insurance income | | | 363 | | | 375 | | | 1,117 | | | 1,078 | |
Other | | | 759 | | | 521 | | | 2,059 | | | 1,582 | |
Total other income | | | 4,116 | | | 4,023 | | | 12,093 | | | 12,264 | |
| | | | | | | | | | | | | |
Other Expenses | | | | | | | | | | | | | |
Salaries and employee benefits | | | 5,310 | | | 5,069 | | | 15,847 | | | 15,128 | |
Occupancy expense | | | 737 | | | 707 | | | 2,146 | | | 2,058 | |
Equipment expense | | | 650 | | | 677 | | | 2,024 | | | 2,226 | |
Marketing expense | | | 180 | | | 151 | | | 548 | | | 524 | |
Professional fees | | | 527 | | | 534 | | | 1,578 | | | 1,646 | |
Collection expenses | | | 54 | | | 28 | | | 156 | | | 188 | |
Net loss on other real estate owned | | | 632 | | | 373 | | | 1,339 | | | 872 | |
Other real estate owned expenses | | | 162 | | | 350 | | | 829 | | | 1,258 | |
FDIC Deposit Insurance Assessment | | | 695 | | | 694 | | | 2,078 | | | 2,067 | |
Other | | | 1,016 | | | 1,106 | | | 3,018 | | | 3,356 | |
Total other expenses | | | 9,963 | | | 9,689 | | | 29,563 | | | 29,323 | |
| | | | | | | | | | | | | |
Income Before Income Taxes | | | 2,492 | | | 1,405 | | | 5,102 | | | 4,424 | |
Income Tax Expense (Benefit) | | | (18,795) | | | 17 | | | (18,795) | | | 1,566 | |
Net Income | | $ | 21,287 | | $ | 1,388 | | $ | 23,897 | | $ | 2,858 | |
| | | | | | | | | | | | | |
Other Comprehensive Income (Loss) - Net of Tax | | | | | | | | | | | | | |
Unrealized gains (losses) on securities | | | 463 | | | 894 | | | (8,437) | | | 1,048 | |
Reclassification adjustment for gains included in net income | | | (94) | | | (66) | | | (202) | | | (818) | |
Postretirement benefit liability | | | 31 | | | 52 | | | 92 | | | 156 | |
Total Other Comprehensive Income (Loss) - Net of Tax | | | 400 | | | 880 | | | (8,547) | | | 386 | |
| | | | | | | | | | | | | |
Comprehensive Income | | $ | 21,687 | | $ | 2,268 | | $ | 15,350 | | $ | 3,244 | |
| | | | | | | | | | | | | |
Basic Earnings Per Common Share | | $ | 1.19 | | $ | 0.08 | | $ | 1.34 | | $ | 0.16 | |
| | | | | | | | | | | | | |
Diluted Earnings Per Common Share | | $ | 1.17 | | $ | 0.08 | | $ | 1.33 | | $ | 0.16 | |
| | | | | | | | | | | | | |
Common Stock Dividends Declared Per Share | | $ | - | | $ | - | | $ | - | | $ | - | |
-3- | ||
| | | | | | | | | | | Accumulated | | | | | |
| | | | | | | | | | | Other | | | | | |
| | Common Stock | | Retained | | Unearned | | Comprehensive | | | | | ||||
Dollars in thousands | | | Earnings | | Compensation | | Income (Loss) | | Total | | ||||||
Balance - January 1, 2013 | | $ | 2,397 | | $ | 81,280 | | $ | (27) | | $ | (76) | | $ | 83,574 | |
| | | | | | | | | | | | | | | | |
Issuance of Common Stock SOSARs exercised (936 shares) | | | 4 | | | - | | | - | | | - | | | 4 | |
Other stock issued (520,397 shares, net of costs of $18) | | | 1,796 | | | - | | | - | | | - | | | 1,796 | |
| | | | | | | | | | | | | | | | |
Equity Compensation | | | 83 | | | - | | | 17 | | | - | | | 100 | |
| | | | | | | | | | | | | | | | |
Comprehensive income: | | | | | | | | | | | | | | | | |
Net income | | | - | | | 23,897 | | | - | | | - | | | 23,897 | |
Other comprehensive loss - net of tax | | | - | | | - | | | - | | | (8,547) | | | (8,547) | |
Total Comprehensive Loss | | | | | | | | | | | | | | | 15,350 | |
| | | | | | | | | | | | | | | | |
Balance - September 30, 2013 | | $ | 4,280 | | $ | 105,177 | | $ | (10) | | $ | (8,623) | | $ | 100,824 | |
| | | | | | | | | | | Accumulated | | | | | |
| | | | | | | | | | | Other | | | | | |
| | Common | | Retained | | Unearned | | Comprehensive | | | | | ||||
Dollars in thousands | | Stock | | Earnings | | Compensation | | Income (Loss) | | Total | | |||||
Balance - January 1, 2012 | | $ | 2,099 | | $ | 72,735 | | $ | (87) | | $ | 964 | | $ | 75,711 | |
| | | | | | | | | | | | | | | | |
Issuance of Common Stock (32,334 shares) | | | 56 | | | - | | | - | | | - | | | 56 | |
Equity Compensation | | | 32 | | | - | | | 55 | | | - | | | 87 | |
| | | | | | | | | | | | | | | | |
Comprehensive income: | | | | | | | | | | | | | | | | |
Net income | | | - | | | 2,858 | | | - | | | - | | | 2,858 | |
Other comprehensive loss - net of tax | | | - | | | - | | | - | | | 386 | | | 386 | |
Total Comprehensive Income | | | | | | | | | | | | | | | 3,244 | |
| | | | | | | | | | | | | | | | |
Balance - September 30, 2012 | | $ | 2,187 | | $ | 75,593 | | $ | (32) | | $ | 1,350 | | $ | 79,098 | |
-4- | ||
| | Nine Months Ended September 30, | | ||||
Dollars in thousands | | 2013 | | 2012 | | ||
| | | | | | | |
Cash Flows from Operating Activities | | | | | | | |
Net Income | | $ | 23,897 | | $ | 2,858 | |
Adjustments to reconcile net income to net cash from operating activities | | | | | | | |
Provision for loan losses | | | 2,100 | | | 4,850 | |
Depreciation | | | 1,416 | | | 1,477 | |
Deferred income tax benefit | | | (18,795) | | | - | |
Net amortization of investment premium and discount | | | 1,415 | | | 1,513 | |
Writedowns of Other Real Estate Owned | | | 1,539 | | | 1,291 | |
Net increase in interest payable and other liabilities | | | 2,140 | | | 1,542 | |
Net (increase) decrease in interest receivable and other assets | | | (739) | | | 1,294 | |
Equity based compensation expense | | | 209 | | | 132 | |
Net gain on sale/settlement of securities | | | (306) | | | (1,239) | |
Increase in cash surrender value of life insurance | | | (1,032) | | | (1,078) | |
Net cash provided by operating activities | | $ | 11,844 | | $ | 12,640 | |
| | | | | | | |
Cash Flows from Investing Activities | | | | | | | |
Proceeds from maturities and redemptions of investment securities held to maturity | | $ | 18,214 | | $ | 12,423 | |
Proceeds from maturities and redemptions of investment securities available for sale | | | 65,077 | | | 229,516 | |
Proceeds from sales of investment securities available for sale | | | 56,433 | | | 32,824 | |
Net decrease in loans | | | 10,840 | | | 15,814 | |
Proceeds from sales of other real estate owned | | | 6,345 | | | 8,813 | |
Proceeds from sales of other assets | | | 245 | | | 99 | |
Purchase of investment securities held to maturity | | | (11,309) | | | (5,089) | |
Purchase of investment securities available for sale | | | (145,382) | | | (286,957) | |
Purchase of bank premises and equipment | | | (1,358) | | | (339) | |
Net cash provided by (used for) investing activities | | $ | (895) | | $ | 7,104 | |
| | | | | | | |
Cash Flows from Financing Activities | | | | | | | |
Net increase (decrease) in deposits | | $ | 5,313 | | $ | (1,900) | |
Repayment of long term debt | | | (135) | | | - | |
Repayment of Federal Home Loan Bank borrowings | | | (95,000) | | | - | |
Repayment of repurchase agreements | | | - | | | (5,000) | |
Proceeds from issuance of common stock | | | 1,800 | | | 56 | |
Net cash used for financing activities | | $ | (88,022) | | $ | (6,844) | |
| | | | | | | |
Net Increase (Decrease) in Cash and Cash Equivalents | | $ | (77,073) | | $ | 12,900 | |
| | | | | | | |
Cash and Cash Equivalents at Beginning of Period | | | 112,507 | | | 75,995 | |
Cash and Cash Equivalents at End of Period | | $ | 35,434 | | $ | 88,895 | |
| | | | | | | |
Supplemental Cash Flow Information | | | | | | | |
Cash paid for interest | | $ | 5,055 | | $ | 7,793 | |
Cash paid for federal income taxes | | $ | - | | $ | 69 | |
| | | | | | | |
Supplemental Schedule of Non Cash Investing Activities | | | | | | | |
Transfer of loans to other real estate owned | | $ | 4,078 | | $ | 6,741 | |
Transfer of loans to other assets | | $ | 124 | | $ | 145 | |
-5- | ||
-6- | ||
| | For the three months ended Sept. 30, | | For the nine months ended Sept. 30, | | ||||||||
| | 2013 | | 2012 | | 2013 | | 2012 | | ||||
Basic | | | | | | | | | | | | | |
Net income | | $ | 21,287,000 | | $ | 1,388,000 | | $ | 23,897,000 | | $ | 2,858,000 | |
Average common shares outstanding | | | 17,912,946 | | | 17,321,337 | | | 17,779,924 | | | 17,313,965 | |
Earnings per common share - basic | | $ | 1.19 | | $ | 0.08 | | $ | 1.34 | | $ | 0.16 | |
| | | | | | | | | | | | | |
Diluted | | | | | | | | | | | | | |
Net income | | $ | 21,287,000 | | $ | 1,388,000 | | $ | 23,897,000 | | $ | 2,858,000 | |
Average common shares outstanding | | | 17,912,946 | | | 17,321,337 | | | 17,779,924 | | | 17,313,965 | |
Equity compensation | | | 266,389 | | | 81,316 | | | 253,463 | | | 50,916 | |
Average common shares outstanding - diluted | | | 18,179,335 | | | 17,402,653 | | | 18,033,387 | | | 17,364,881 | |
Earnings per common share - diluted | | $ | 1.17 | | $ | 0.08 | | $ | 1.33 | | $ | 0.16 | |
-7- | ||
| | | | Weighted Average | | |
| | Shares | | Exercise Price | | |
Options Outstanding, January 1, 2013 | | 396,835 | | $ | 17.57 | |
Granted | | - | | | - | |
Exercised | | - | | | - | |
Forfeited | | 63,335 | | | 13.20 | |
Options Outstanding, September 30, 2013 | | 333,500 | | $ | 18.40 | |
Options Exercisable, September 30, 2013 | | 333,500 | | $ | 18.40 | |
| | | | Weighted Average | | |
| | Shares | | Exercise Price | | |
SOSARs Outstanding, January 1, 2013 | | 410,666 | | $ | 3.53 | |
Granted | | 112,369 | | | 2.35 | |
Exercised | | 3,498 | | | 2.36 | |
Forfeited | | 4,000 | | | 3.03 | |
SOSARs Outstanding, September 30, 2013 | | 515,537 | | $ | 3.28 | |
SOSARs Exercisable, September 30, 2013 | | 318,466 | | $ | 4.00 | |
-8- | ||
| | September 30, | | December 31, | | ||
| | 2013 | | 2012 | | ||
Residential real estate loans | | $ | 231,544 | | $ | 240,332 | |
Commercial and Construction real estate loans | | | 283,832 | | | 301,433 | |
Agriculture and agricultural real estate loans | | | 15,322 | | | 12,004 | |
Commercial and industrial loans | | | 65,253 | | | 58,194 | |
Loans to individuals for household, family, and other personal expenditures | | | 14,977 | | | 15,286 | |
Total loans, gross | | $ | 610,928 | | $ | 627,249 | |
Less: Allowance for loan losses | | | 16,766 | | | 17,299 | |
| | $ | 594,162 | | $ | 609,950 | |
| September 30, | | December 31, | | ||
| 2013 | | 2012 | | ||
Nonaccrual loans | $ | 28,010 | | $ | 31,343 | |
Loans 90 days past due and accruing | | 4 | | | 1 | |
Restructured loans | | 29,926 | | | 38,460 | |
Total nonperforming loans | $ | 57,940 | | $ | 69,804 | |
| | | | | | |
Other real estate owned | | 10,801 | | | 14,262 | |
Other assets | | 39 | | | 32 | |
Nonperforming investment securities | | 3,320 | | | 3,045 | |
Total nonperforming assets | $ | 72,100 | | $ | 87,143 | |
| | | | | | |
Nonperforming assets to total assets | | 6.02 | % | | 6.87 | % |
Allowance for loan losses to nonperforming loans | | 28.94 | % | | 24.78 | % |
-9- | ||
| | Agriculture | | | | | | | | | | | | | | |||||||
| | and | | | | | | | | | | | | | | |||||||
| | Agricultural | | | | Commercial | | Construction | | Residential | | Consumer and | | | | |||||||
| | Real Estate | | Commercial | | Real Estate | | Real Estate | | Real Estate | | Other | | Total | | |||||||
Allowance for loan losses: For the three months ended September 30, 2013 | | | | | | | | | | | | | | | | | ||||||
Beginning Balance | | $ | 109 | | $ | 2,442 | | $ | 7,556 | | $ | 1,889 | | $ | 4,787 | | $ | 412 | | $ | 17,195 | |
Charge-offs | | | - | | | (162) | | | (728) | | | (30) | | | (351) | | | (53) | | | (1,324) | |
Recoveries | | | - | | | 24 | | | 427 | | | 49 | | | 162 | | | 33 | | | 695 | |
Provision | | | 28 | | | (409) | | | 453 | | | (278) | | | 24 | | | 382 | | | 200 | |
Ending balance | | $ | 137 | | $ | 1,895 | | $ | 7,708 | | $ | 1,630 | | $ | 4,622 | | $ | 774 | | $ | 16,766 | |
| | | | | | | | | | | | | | | | | | | | | | |
Allowance for loan losses: For the nine months ended September 30, 2013 | | | | | | | | | | | | | | | | | ||||||
Beginning Balance | | $ | 76 | | $ | 2,224 | | $ | 7,551 | | $ | 2,401 | | $ | 4,715 | | $ | 332 | | $ | 17,299 | |
Charge-offs | | | - | | | (564) | | | (2,596) | | | (67) | | | (1,167) | | | (190) | | | (4,584) | |
Recoveries | | | - | | | 287 | | | 717 | | | 337 | | | 481 | | | 129 | | | 1,951 | |
Provision | | | 61 | | | (52) | | | 2,036 | | | (1,041) | | | 593 | | | 503 | | | 2,100 | |
Ending balance | | $ | 137 | | $ | 1,895 | | $ | 7,708 | | $ | 1,630 | | $ | 4,622 | | $ | 774 | | $ | 16,766 | |
| | | | | | | | | | | | | | | | | | | | | | |
Allowance for loan losses as of September 30, 2013 | | | | | | | | | | | | | | | | | | | | |||
Ending balance individually evaluated for impairment | | $ | 1 | | $ | 1,133 | | $ | 2,893 | | $ | 1,333 | | $ | 1,750 | | $ | 110 | | $ | 7,220 | |
Ending balance collectively evaluated for impairment | | | 136 | | | 762 | | | 4,815 | | | 297 | | | 2,872 | | | 664 | | | 9,546 | |
Ending balance | | $ | 137 | | $ | 1,895 | | $ | 7,708 | | $ | 1,630 | | $ | 4,622 | | $ | 774 | | $ | 16,766 | |
| | | | | | | | | | | | | | | | | | | | | | |
Loans as of September 30, 2013 | | | | | | | | | | | | | | | | | | | ||||
Ending balance individually evaluated for impairment | | $ | 424 | | $ | 3,175 | | $ | 35,769 | | $ | 5,704 | | $ | 16,122 | | $ | 363 | | $ | 61,557 | |
Ending balance collectively evaluated for impairment | | | 14,898 | | | 62,078 | | | 232,999 | | | 9,360 | | | 215,422 | | | 14,614 | | | 549,371 | |
Ending balance | | $ | 15,322 | | $ | 65,253 | | $ | 268,768 | | $ | 15,064 | | $ | 231,544 | | $ | 14,977 | | $ | 610,928 | |
-10- | ||
| | Agriculture | | | | | | | | | | | | | | | | | | |||
| | and | | | | | | | | | | | | | | | | | | |||
| | Agricultural | | | | Commercial | | Construction | | Residential | | Consumer and | | | | | ||||||
| | Real Estate | | Commercial | | Real Estate | | Real Estate | | Real Estate | | Other | | Total | | |||||||
| | | | | | | | | | | | | | | | | | | | | | |
Allowance for loan losses: For the three months ended September 30, 2012 | | | | | | | | | | | ||||||||||||
Beginning Balance | | $ | - | | $ | 2,781 | | $ | 8,737 | | $ | 2,011 | | $ | 5,643 | | $ | 314 | | $ | 19,486 | |
Charge-offs | | | - | | | (68) | | | (1,337) | | | (429) | | | (225) | | | (97) | | | (2,156) | |
Recoveries | | | - | | | 77 | | | 13 | | | 66 | | | 54 | | | 33 | | | 243 | |
Provision | | | 13 | | | 110 | | | 1,706 | | | 23 | | | (668) | | | 366 | | | 1,550 | |
Ending balance | | $ | 13 | | $ | 2,900 | | $ | 9,119 | | $ | 1,671 | | $ | 4,804 | | $ | 616 | | $ | 19,123 | |
| | | | | | | | | | | | | | | | | | | | | | |
Allowance for loan losses: For the nine months ended September 30, 2012 | | | | | | | | | | | ||||||||||||
Beginning Balance | | $ | 64 | | $ | 2,184 | | $ | 9,351 | | $ | 2,632 | | $ | 6,227 | | $ | 407 | | $ | 20,865 | |
Charge-offs | | | - | | | (330) | | | (4,399) | | | (1,030) | | | (1,420) | | | (178) | | | (7,357) | |
Recoveries | | | - | | | 246 | | | 35 | | | 207 | | | 157 | | | 120 | | | 765 | |
Provision | | | (51) | | | 800 | | | 4,132 | | | (138) | | | (160) | | | 267 | | | 4,850 | |
Ending balance | | $ | 13 | | $ | 2,900 | | $ | 9,119 | | $ | 1,671 | | $ | 4,804 | | $ | 616 | | $ | 19,123 | |
| | | | | | | | | | | | | | | | | | | | | | |
Allowance for loan losses as of September 30, 2012 | | | | | | | | | | | ||||||||||||
Ending balance individually evaluated for impairment | | $ | - | | $ | 1,809 | | $ | 3,483 | | $ | 772 | | $ | 1,575 | | $ | 75 | | $ | 7,714 | |
Ending balance collectively evaluated for impairment | | | 13 | | | 1,091 | | | 5,636 | | | 899 | | | 3,229 | | | 541 | | | 11,409 | |
Ending balance | | $ | 13 | | $ | 2,900 | | $ | 9,119 | | $ | 1,671 | | $ | 4,804 | | $ | 616 | | $ | 19,123 | |
| | | | | | | | | | | | | | | | | | | | | | |
Loans as of September 30, 2012 | | | | | | | | | | | | | | |||||||||
Ending balance individually evaluated for impairment | | $ | 784 | | $ | 5,196 | | $ | 41,684 | | $ | 6,607 | | $ | 17,600 | | $ | 263 | | $ | 72,134 | |
Ending balance collectively evaluated for impairment | | | 13,976 | | | 53,787 | | | 251,586 | | | 11,892 | | | 230,555 | | | 15,797 | | | 577,593 | |
Ending balance | | $ | 14,760 | | $ | 58,983 | | $ | 293,270 | | $ | 18,499 | | $ | 248,155 | | $ | 16,060 | | $ | 649,727 | |
-11- | ||
-12- | ||
| | Agriculture | | | | | | | | | | | | | | | | | | | ||
| | and | | | | | | | | | | | | | | | | | | | ||
| | Agricultural | | | | Commercial | | Construction | | Residential | | Consumer and | | | | |||||||
| | Real Estate | | Commercial | | Real Estate | | Real Estate | | Real Estate | | Other | | Total | | |||||||
Not Rated | | $ | 191 | | $ | 3,285 | | $ | - | | $ | 2,603 | | $ | 143,422 | | $ | 10,257 | | $ | 159,758 | |
1 | | | - | | | 3,927 | | | - | | | - | | | - | | | 194 | | | 4,121 | |
2 | | | 83 | | | 122 | | | 961 | | | - | | | 145 | | | - | | | 1,311 | |
3 | | | 761 | | | 3,732 | | | 10,519 | | | 111 | | | 1,266 | | | - | | | 16,389 | |
4 | | | 12,343 | | | 37,416 | | | 170,821 | | | 3,587 | | | 51,951 | | | 73 | | | 276,191 | |
5 | | | 1,024 | | | 13,228 | | | 44,483 | | | 3,806 | | | 8,610 | | | 3,931 | | | 75,082 | |
6 | | | 920 | | | 3,543 | | | 41,984 | | | 4,957 | | | 26,150 | | | 522 | | | 78,076 | |
7 | | | - | | | - | | | - | | | - | | | - | | | - | | | - | |
8 | | | - | | | - | | | - | | | - | | | - | | | - | | | - | |
9 | | | - | | | - | | | - | | | - | | | - | | | - | | | - | |
Total | | $ | 15,322 | | $ | 65,253 | | $ | 268,768 | | $ | 15,064 | | $ | 231,544 | | $ | 14,977 | | $ | 610,928 | |
| | | | | | | | | | | | | | | | | | | | | | |
Performing | | $ | 14,814 | | $ | 62,544 | | $ | 238,413 | | $ | 9,159 | | $ | 213,849 | | $ | 14,209 | | $ | 552,988 | |
Nonperforming | | | 508 | | | 2,709 | | | 30,355 | | | 5,905 | | | 17,695 | | | 768 | | | 57,940 | |
Total | | $ | 15,322 | | $ | 65,253 | | $ | 268,768 | | $ | 15,064 | | $ | 231,544 | | $ | 14,977 | | $ | 610,928 | |
| | Agriculture | | | | | | | | | | | | | | |||||||
| | and | | | | | | | | | | | | | | |||||||
| | Agricultural | | | | Commercial | | Construction | | Residential | | Consumer and | | | | |||||||
| | Real Estate | | Commercial | | Real Estate | | Real Estate | | Real Estate | | Other | | Total | | |||||||
Not Rated | | $ | 126 | | $ | 4,182 | | $ | - | | $ | 2,927 | | $ | 159,743 | | $ | 10,706 | | $ | 177,684 | |
1 | | | - | | | 2,977 | | | - | | | - | | | - | | | - | | | 2,977 | |
2 | | | 48 | | | 114 | | | 1,850 | | | 82 | | | 731 | | | - | | | 2,825 | |
3 | | | 880 | | | 4,894 | | | 10,735 | | | 163 | | | 1,885 | | | 7 | | | 18,564 | |
4 | | | 9,907 | | | 29,935 | | | 167,207 | | | 3,184 | | | 40,392 | | | 16 | | | 250,641 | |
5 | | | 322 | | | 9,713 | | | 45,262 | | | 5,086 | | | 8,426 | | | 3,940 | | | 72,749 | |
6 | | | 721 | | | 6,379 | | | 57,960 | | | 6,977 | | | 29,155 | | | 617 | | | 101,809 | |
7 | | | - | | | - | | | - | | | - | | | - | | | - | | | - | |
8 | | | - | | | - | | | - | | | - | | | - | | | - | | | - | |
9 | | | - | | | - | | | - | | | - | | | - | | | - | | | - | |
Total | | $ | 12,004 | | $ | 58,194 | | $ | 283,014 | | $ | 18,419 | | $ | 240,332 | | $ | 15,286 | | $ | 627,249 | |
| | | | | | | | | | | | | | | | | | | | | | |
Performing | | $ | 11,397 | | $ | 54,730 | | $ | 246,107 | | $ | 10,783 | | $ | 219,753 | | $ | 14,675 | | $ | 557,445 | |
Nonperforming | | | 607 | | | 3,464 | | | 36,907 | | | 7,636 | | | 20,579 | | | 611 | | | 69,804 | |
Total | | $ | 12,004 | | $ | 58,194 | | $ | 283,014 | | $ | 18,419 | | $ | 240,332 | | $ | 15,286 | | $ | 627,249 | |
-13- | ||
| | | | | | | | | | | | | | Recorded | | |||||||
| | | | | | | | | | | | | | Investment >90 | | |||||||
| | 30-59 Days | | 60-89 Days | | >90 Days Past | | | | | | | | Days Past Due | | |||||||
September 30, 2013 | | Past Due | | Past Due | | Due | | Total Past Due | | Current | | Total Loans | | and Accruing | | |||||||
| | | | | | | | | | | | | | | | | | | | | | |
Agriculture and Agricultural Real Estate | | $ | 230 | | $ | 88 | | $ | 84 | | $ | 402 | | $ | 14,920 | | $ | 15,322 | | $ | - | |
Commercial | | | 354 | | | 223 | | | 296 | | | 873 | | | 64,380 | | | 65,253 | | | 4 | |
Commercial Real Estate | | | 4,964 | | | 658 | | | 4,154 | | | 9,776 | | | 258,992 | | | 268,768 | | | - | |
Construction Real Estate | | | 100 | | | - | | | 1,273 | | | 1,373 | | | 13,691 | | | 15,064 | | | - | |
Residential Real Estate | | | 2,984 | | | 1,246 | | | 3,430 | | | 7,660 | | | 223,884 | | | 231,544 | | | - | |
Consumer and Other | | | 127 | | | 38 | | | 206 | | | 371 | | | 14,606 | | | 14,977 | | | - | |
Total | | $ | 8,759 | | $ | 2,253 | | $ | 9,443 | | $ | 20,455 | | $ | 590,473 | | $ | 610,928 | | $ | 4 | |
| | | | | | | | | | | | | | Recorded | | |||||||
| | | | | | | | | | | | | | Investment >90 | | |||||||
| | 30-59 Days | | 60-89 Days | | >90 Days Past | | | | | | | | Days Past Due | | |||||||
December 31, 2012 | | Past Due | | Past Due | | Due | | Total Past Due | | Current | | Total Loans | | and Accruing | | |||||||
| | | | | | | | | | | | | | | | | | | | | | |
Agriculture and Agricultural Real Estate | | $ | 208 | | $ | - | | $ | 145 | | $ | 353 | | $ | 11,651 | | $ | 12,004 | | $ | - | |
Commercial | | | 927 | | | 19 | | | 1,100 | | | 2,046 | | | 56,148 | | | 58,194 | | | 1 | |
Commercial Real Estate | | | 1,789 | | | 930 | | | 11,350 | | | 14,069 | | | 268,945 | | | 283,014 | | | - | |
Construction Real Estate | | | 127 | | | 1,437 | | | 1,867 | | | 3,431 | | | 14,988 | | | 18,419 | | | - | |
Residential Real Estate | | | 5,738 | | | 978 | | | 3,121 | | | 9,837 | | | 230,495 | | | 240,332 | | | - | |
Consumer and Other | | | 222 | | | 61 | | | 164 | | | 447 | | | 14,839 | | | 15,286 | | | - | |
Total | | $ | 9,011 | | $ | 3,425 | | $ | 17,747 | | $ | 30,183 | | $ | 597,066 | | $ | 627,249 | | $ | 1 | |
| | | September 30, 2013 | | | December 31, 2012 | |
Agriculture and Agricultural Real Estate | | $ | 84 | | $ | 198 | |
Commercial | | | 991 | | | 1,578 | |
Commercial Real Estate | | | 16,099 | | | 17,950 | |
Construction Real Estate | | | 2,349 | | | 3,438 | |
Residential Real Estate | | | 8,048 | | | 7,870 | |
Consumer and Other | | | 439 | | | 309 | |
Total | | $ | 28,010 | | $ | 31,343 | |
-14- | ||
| | | | | | | | | | Interest | | | | Interest | | |||||||
| | | | | | | | Average | | Income | | Average | | Income | | |||||||
| | | | | | | | Recorded | | Recognized in | | Recorded | | Recognized in | | |||||||
| | | | Unpaid | | | | Investment for | | the Three | | Investment for | | the Nine | | |||||||
| | Recorded | | Principal | | Related | | the Three | | Months | | the Nine | | Months | | |||||||
September 30, 2013 | | Investment | | Balance | | Allowance | | Months Ended | | Ended | | Months Ended | | Ended | | |||||||
| | | | | | | | | | | | | | | | | | | | | | |
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | |
Agriculture and Agricultural Real Estate | | $ | - | | $ | - | | $ | - | | $ | - | | $ | - | | $ | - | | $ | - | |
Commercial | | | 1,513 | | | 1,628 | | | - | | | 1,728 | | | 21 | | | 1,562 | | | 55 | |
Commercial Real Estate | | | 18,913 | | | 23,082 | | | - | | | 19,544 | | | 228 | | | 20,004 | | | 629 | |
Construction Real Estate | | | 1,903 | | | 3,133 | | | - | | | 2,302 | | | 23 | | | 2,452 | | | 91 | |
Residential Real Estate | | | 8,168 | | | 8,952 | | | - | | | 8,586 | | | 97 | | | 8,656 | | | 293 | |
Consumer and Other | | | 29 | | | 30 | | | - | | | 31 | | | 1 | | | 31 | | | 3 | |
| | | | | | | | | | | | | | | | | | | | | | |
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | |
Agriculture and Agricultural Real Estate | | | 424 | | | 424 | | | 1 | | | 424 | | | 4 | | | 724 | | | 28 | |
Commercial | | | 1,662 | | | 1,746 | | | 1,133 | | | 1,695 | | | 16 | | | 1,739 | | | 53 | |
Commercial Real Estate | | | 16,856 | | | 20,639 | | | 2,893 | | | 18,660 | | | 148 | | | 19,226 | | | 594 | |
Construction Real Estate | | | 3,801 | | | 4,401 | | | 1,333 | | | 4,077 | | | 191 | | | 4,197 | | | 292 | |
Residential Real Estate | | | 7,954 | | | 8,373 | | | 1,750 | | | 8,141 | | | 91 | | | 8,347 | | | 264 | |
Consumer and Other | | | 334 | | | 332 | | | 110 | | | 332 | | | 5 | | | 339 | | | 14 | |
| | | | | | | | | | | | | | | | | | | | | | |
Total: | | | | | | | | | | | | | | | | | | | | | | |
Agriculture and Agricultural Real Estate | | $ | 424 | | $ | 424 | | $ | 1 | | $ | 424 | | $ | 4 | | $ | 724 | | $ | 28 | |
Commercial | | | 3,175 | | | 3,374 | | | 1,133 | | | 3,423 | | | 37 | | | 3,301 | | | 108 | |
Commercial Real Estate | | | 35,769 | | | 43,721 | | | 2,893 | | | 38,204 | | | 376 | | | 39,230 | | | 1,223 | |
Construction Real Estate | | | 5,704 | | | 7,534 | | | 1,333 | | | 6,379 | | | 214 | | | 6,649 | | | 383 | |
Residential Real Estate | | | 16,122 | | | 17,325 | | | 1,750 | | | 16,727 | | | 188 | | | 17,003 | | | 557 | |
Consumer and Other | | | 363 | | | 362 | | | 110 | | | 363 | | | 6 | | | 370 | | | 17 | |
| | | | | | | | | | | | | | | | |||||||
| | | | | | | | | | Interest | | | | Interest | | |||||||
| | | | | | | | Average | | Income | | Average | | Income | | |||||||
| | | | Unpaid | | | | Recorded | | Recognized in | | Recorded | | Recognized in | | |||||||
| | Recorded | | Principal | | Related | | Investments for | | the Three | | Investment for | | the Nine | | |||||||
| | Investment as | | Balance as of | | Allowance as | | the Three | | Months | | the Nine | | Months | | |||||||
| | of December | | December 31, | | of December | | Months Ended | | Ended Sept | | Months Ended | | Ended Sept. | | |||||||
| | 31, 2012 | | 2012 | | 31, 2012 | | Sept. 30, 2012 | | 30, 2012 | | Sept. 30, 2012 | | 30, 2012 | | |||||||
| | | | | | | | | | | | | | | | | | | | | | |
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | |
Agriculture and Agricultural Real Estate | | $ | 409 | | $ | 923 | | $ | - | | $ | 836 | | $ | 12 | | $ | 833 | | $ | 42 | |
Commercial | | | 2,540 | | | 2,961 | | | - | | | 280 | | | 8 | | | 320 | | | 24 | |
Commercial Real Estate | | | 17,153 | | | 21,317 | | | - | | | 16,117 | | | 166 | | | 16,698 | | | 465 | |
Construction Real Estate | | | 1,007 | | | 1,375 | | | - | | | 419 | | | 2 | | | 419 | | | 5 | |
Residential Real Estate | | | 9,013 | | | 10,390 | | | - | | | 9,997 | | | 132 | | | 10,443 | | | 446 | |
Consumer and Other | | | - | | | - | | | - | | | 86 | | | 1 | | | 88 | | | 3 | |
| | | | | | | | | | | | | | | | | | | | | | |
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | |
Agriculture and Agricultural Real Estate | | | - | | | - | | | - | | | - | | | - | | | - | | | - | |
Commercial | | | 1,979 | | | 2,157 | | | 1,316 | | | 4,853 | | | 50 | | | 4,650 | | | 170 | |
Commercial Real Estate | | | 19,318 | | | 26,508 | | | 2,084 | | | 27,183 | | | 220 | | | 27,015 | | | 817 | |
Construction Real Estate | | | 6,403 | | | 9,060 | | | 1,820 | | | 6,791 | | | 40 | | | 6,891 | | | 166 | |
Residential Real Estate | | | 9,038 | | | 9,520 | | | 1,994 | | | 9,094 | | | 94 | | | 9,144 | | | 298 | |
Consumer and Other | | | 389 | | | 383 | | | 124 | | | 178 | | | 3 | | | 181 | | | 9 | |
| | | | | | | | | | | | | | | | | | | | | | |
Total: | | | | | | | | | | | | | | | | | | | | | | |
Agriculture and Agricultural Real Estate | | $ | 409 | | $ | 923 | | $ | - | | $ | 836 | | $ | 12 | | $ | 833 | | $ | 42 | |
Commercial | | | 4,519 | | | 5,118 | | | 1,316 | | | 5,133 | | | 58 | | | 4,970 | | | 194 | |
Commercial Real Estate | | | 36,471 | | | 47,825 | | | 2,084 | | | 43,300 | | | 386 | | | 43,713 | | | 1,282 | |
Construction Real Estate | | | 7,410 | | | 10,435 | | | 1,820 | | | 7,210 | | | 42 | | | 7,310 | | | 171 | |
Residential Real Estate | | | 18,051 | | | 19,910 | | | 1,994 | | | 19,091 | | | 226 | | | 19,587 | | | 744 | |
Consumer and Other | | | 389 | | | 383 | | | 124 | | | 264 | | | 4 | | | 269 | | | 12 | |
-15- | ||
| | Three months ended | | Nine months ended | | ||||||||||||
| | September 30, 2013 | | September 30, 2013 | | ||||||||||||
| | | | Pre- | | Post- | | | | Pre- | | Post- | | ||||
| | | | Modification | | Modification | | | | Modification | | Modification | | ||||
| | | | Recorded | | Recorded | | | | Recorded | | Recorded | | ||||
| | Number of | | Principal | | Principal | | Number of | | Principal | | Principal | | ||||
| | Contracts | | Balance | | Balance | | Contracts | | Balance | | Balance | | ||||
Agriculture and Agricultural Real Estate | | - | | $ | - | | $ | - | | - | | $ | - | | $ | - | |
Commercial | | 6 | | | 1,044 | | | 636 | | 13 | | | 1,398 | | | 787 | |
Commercial Real Estate | | 3 | | | 480 | | | 301 | | 10 | | | 2,527 | | | 1,646 | |
Construction Real Estate | | - | | | - | | | - | | - | | | - | | | - | |
Residential Real Estate | | 8 | | | 685 | | | 665 | | 24 | | | 2,131 | | | 1,801 | |
Consumer and Other | | 1 | | | 10 | | | 9 | | 5 | | | 276 | | | 34 | |
Total | | 18 | | $ | 2,219 | | $ | 1,611 | | 52 | | $ | 6,332 | | $ | 4,268 | |
| | Three months ended | | Nine months ended | | ||||||||||||
| | September 30, 2012 | | September 30, 2012 | | ||||||||||||
| | | | Pre- | | Post- | | | | Pre- | | Post- | | ||||
| | | | Modification | | Modification | | | | Modification | | Modification | | ||||
| | | | Recorded | | Recorded | | | | Recorded | | Recorded | | ||||
| | Number of | | Principal | | Principal | | Number of | | Principal | | Principal | | ||||
| | Contracts | | Balance | | Balance | | Contracts | | Balance | | Balance | | ||||
Agriculture and Agricultural Real Estate | | - | | $ | - | | $ | - | | - | | $ | - | | $ | - | |
Commercial | | 3 | | | 168 | | | 163 | | 9 | | | 950 | | | 553 | |
Commercial Real Estate | | 5 | | | 4,030 | | | 4,030 | | 14 | | | 6,433 | | | 6,075 | |
Construction Real Estate | | - | | | - | | | - | | 5 | | | 2,686 | | | 2,633 | |
Residential Real Estate | | 3 | | | 743 | | | 743 | | 17 | | | 2,450 | | | 2,403 | |
Consumer and Other | | 1 | | | 44 | | | 43 | | 3 | | | 71 | | | 69 | |
Total | | 12 | | $ | 4,985 | | $ | 4,979 | | 48 | | $ | 12,590 | | $ | 11,733 | |
| | Three months ended | | Nine months ended | | ||||||
| | September 30, 2013 | | September 30, 2013 | | ||||||
| | | | Recorded | | | | Recorded | | ||
| | Number of | | Principal | | Number of | | Principal | | ||
| | Contracts | | Balance | | Contracts | | Balance | | ||
Agriculture and Agricultural Real Estate | | - | | $ | - | | - | | $ | - | |
Commercial | | 2 | | | 12 | | 2 | | | 12 | |
Commercial Real Estate | | - | | | - | | - | | | - | |
Construction Real Estate | | - | | | - | | - | | | - | |
Residential Real Estate | | - | | | - | | 2 | | | 36 | |
Consumer and Other | | - | | | - | | - | | | - | |
Total | | 2 | | $ | 12 | | 4 | | $ | 48 | |
-16- | ||
| | Held to Maturity | | ||||||||||
| | September 30, 2013 | | ||||||||||
| | | | | Gross | | Gross | | Estimated | | |||
| | Amortized | | Unrealized | | Unrealized | | Market | | ||||
| | Cost | | Gains | | Losses | | Value | | ||||
Obligations of States and Political Subdivisions | | $ | 31,381 | | $ | 618 | | $ | (352) | | $ | 31,647 | |
Corporate Debt Securities | | | 500 | | | - | | | - | | | 500 | |
| | $ | 31,881 | | $ | 618 | | $ | (352) | | $ | 32,147 | |
| | | Available for Sale | ||||||||||
| | | September 30, 2013 | ||||||||||
| | | | | Gross | | Gross | | Estimated | | |||
| | Amortized | | Unrealized | | Unrealized | | Market | | ||||
| | Cost | | Gains | | Losses | | Value | | ||||
Obligations of U.S. Government Agencies | | $ | 271,737 | | $ | 1,708 | | $ | (8,771) | | $ | 264,674 | |
Mortgage Backed Securities issued by U.S. Government Agencies | | | 102,497 | | | 1,284 | | | (1,235) | | | 102,546 | |
Obligations of States and Political Subdivisions | | | 15,519 | | | 314 | | | (121) | | | 15,712 | |
Trust Preferred CDO Securities | | | 9,513 | | | - | | | (3,652) | | | 5,861 | |
Corporate Debt Securities | | | 11,967 | | | 135 | | | (32) | | | 12,070 | |
Equity Securities | | | 2,580 | | | 78 | | | (81) | | | 2,577 | |
| | $ | 413,813 | | $ | 3,519 | | $ | (13,892) | | $ | 403,440 | |
| | Held to Maturity | |||||||||||
| | December 31, 2012 | |||||||||||
| | | | | Gross | | Gross | | Estimated | | |||
| | Amortized | | Unrealized | | Unrealized | | Market | | ||||
| | Cost | | Gains | | Losses | | Value | | ||||
Obligations of States and Political Subdivisions | | $ | 38,286 | | $ | 1,380 | | $ | (36) | | $ | 39,630 | |
Corporate Debt Securities | | | 500 | | | - | | | - | | | 500 | |
| | $ | 38,786 | | $ | 1,380 | | $ | (36) | | $ | 40,130 | |
-17- | ||
| | Available for Sale | | ||||||||||
| | December 31, 2012 | | ||||||||||
| | | | | Gross | | Gross | | Estimated | | |||
| | Amortized | | Unrealized | | Unrealized | | Market | | ||||
| | Cost | | Gains | | Losses | | Value | | ||||
Obligations of U.S. Government Agencies | | $ | 222,099 | | $ | 3,442 | | $ | (90) | | $ | 225,451 | |
Mortgage Backed Securities issued by U.S. Government Agencies | | | 127,082 | | | 2,826 | | | (90) | | | 129,818 | |
Obligations of States and Political Subdivisions | | | 17,804 | | | 630 | | | (64) | | | 18,370 | |
Trust Preferred CDO Securities | | | 9,525 | | | - | | | (4,119) | | | 5,406 | |
Corporate Debt Securities | | | 11,961 | | | 156 | | | (40) | | | 12,077 | |
Equity Securities | | | 2,580 | | | 173 | | | (108) | | | 2,645 | |
| | $ | 391,051 | | $ | 7,227 | | $ | (4,511) | | $ | 393,767 | |
| | Held to Maturity | | Available for Sale | | ||||||||
| | | | | Estimated | | | | | Estimated | | ||
| | Amortized | | Market | | Amortized | | Market | | ||||
| | Cost | | Value | | Cost | | Value | | ||||
Contractual maturity in 1 year or less | | $ | 3,560 | | $ | 3,586 | | $ | 1,401 | | $ | 1,406 | |
After 1 year through five years | | | 13,178 | | | 13,397 | | | 65,780 | | | 65,479 | |
After 5 years through 10 years | | | 11,088 | | | 11,108 | | | 223,767 | | | 217,766 | |
After 10 years | | | 4,055 | | | 4,056 | | | 17,788 | | | 13,666 | |
Total | | | 31,881 | | | 32,147 | | | 308,736 | | | 298,317 | |
Mortgage Backed Securities | | | - | | | - | | | 102,497 | | | 102,546 | |
Securities with no stated maturity | | | - | | | - | | | 2,580 | | | 2,577 | |
Total | | $ | 31,881 | | $ | 32,147 | | $ | 413,813 | | $ | 403,440 | |
-18- | ||
| | | September 30, 2013 | | | | | | | | |||||||||
| | | Less than 12 months | | | 12 months or longer | | | Total | | |||||||||
| | | | | Gross | | | | | Gross | | | | | Gross | | |||
| | Aggregate | | Unrealized | | Aggregate | | Unrealized | | Aggregate | | Unrealized | | ||||||
| | Fair Value | | Losses | | Fair Value | | Losses | | Fair Value | | Losses | | ||||||
Obligations of United States Government Agencies | | $ | 209,712 | | $ | 8,771 | | $ | - | | $ | - | | $ | 209,712 | | $ | 8,771 | |
Mortgage Backed Securities issued by U.S. Government Agencies | | | 52,167 | | | 1,096 | | | 7,233 | | | 139 | | | 59,400 | | | 1,235 | |
Obligations of States and | | | | | | | | | | | | | | | | | | | |
Political Subdivisions | | | 14,070 | | | 409 | | | 2,675 | | | 64 | | | 16,745 | | | 473 | |
Trust Preferred CDO Securities | | | - | | | - | | | 5,861 | | | 3,652 | | | 5,861 | | | 3,652 | |
Corporate Debt Securities | | | 1,970 | | | 32 | | | - | | | - | | | 1,970 | | | 32 | |
Equity Securities | | | - | | | - | | | 459 | | | 81 | | | 459 | | | 81 | |
| | $ | 277,919 | | $ | 10,308 | | $ | 16,228 | | $ | 3,936 | | $ | 294,147 | | $ | 14,244 | |
| | December 31, 2012 | | | | | | | | ||||||||||
| | Less than 12 months | | | 12 months or longer | | | Total | | ||||||||||
| | | | | Gross | | | | | Gross | | | | | Gross | | |||
| | Aggregate | | Unrealized | | Aggregate | | Unrealized | | Aggregate | | Unrealized | | ||||||
| | Fair Value | | Losses | | Fair Value | | Losses | | Fair Value | | Losses | | ||||||
Obligations of United States Government Agencies | | $ | 29,499 | | $ | 89 | | $ | 1,111 | | $ | 1 | | $ | 30,610 | | $ | 90 | |
Mortgage Backed Securities issued by U.S. Government Agencies | | | 22,217 | | | 90 | | | - | | | - | | | 22,217 | | | 90 | |
Obligations of States and | | | | | | | | | | | | | | | | | | | |
Political Subdivisions | | | 7,801 | | | 90 | | | 1,540 | | | 10 | | | 9,341 | | | 100 | |
Trust Preferred CDO Securities | | | - | | | - | | | 5,406 | | | 4,119 | | | 5,406 | | | 4,119 | |
Corporate Debt Securities | | | 1,960 | | | 40 | | | - | | | - | | | 1,960 | | | 40 | |
Equity Securities | | | - | | | - | | | 432 | | | 108 | | | 432 | | | 108 | |
| | $ | 61,477 | | $ | 309 | | $ | 8,489 | | $ | 4,238 | | $ | 69,966 | | $ | 4,547 | |
-19- | ||
-20- | ||
| | | | | | | | | | | | | | Total | | |
| | Carrying | | | | | | | | | | | Estimated | | ||
September 30, 2013 | | Value | | Level 1 | | Level 2 | | Level 3 | | Fair Value | | |||||
Financial Assets: | | | | | | | | | | | | | | | | |
Cash and due from banks | | $ | 35,434 | | $ | 35,434 | | $ | - | | $ | - | | $ | 35,434 | |
Securities - Held to Maturity | | | | | | | | | | | | | | | | |
Obligations of States and Political Subdivisions | | | 31,381 | | | - | | | 31,647 | | | - | | | 31,647 | |
Corporate Debt Securities | | | 500 | | | - | | | 500 | | | - | | | 500 | |
| | | | | | | | | | | | | | | | |
Securities - Available for Sale | | | | | | | | | | | | | | | | |
Obligations of U.S. Government Agencies | | | 264,674 | | | - | | | 264,674 | | | - | | | 264,674 | |
MBS issued by U.S. Government Agencies | | | 102,546 | | | - | | | 102,546 | | | - | | | 102,546 | |
Obligations of States and Political Subdivisions | | | 15,712 | | | - | | | 15,712 | | | - | | | 15,712 | |
Trust Preferred CDO Securities | | | 5,861 | | | - | | | - | | | 5,861 | | | 5,861 | |
Corporate Debt Securities | | | 12,070 | | | - | | | 12,070 | | | - | | | 12,070 | |
Other Securities | | | 2,577 | | | 2,118 | | | 459 | | | - | | | 2,577 | |
| | | | | | | | | | | | | | | | |
Federal Home Loan Bank Stock | | | 10,605 | | | - | | | 10,605 | | | - | | | 10,605 | |
Loans Held for Sale | | | 166 | | | - | | | - | | | 166 | | | 166 | |
Loans, net | | | 594,162 | | | - | | | - | | | 604,867 | | | 604,867 | |
Accrued Interest Receivable | | | 3,766 | | | - | | | 3,766 | | | - | | | 3,766 | |
| | | | | | | | | | | | | | | | |
Financial Liabilities: | | | | | | | | | | | | | | | | |
Noninterest Bearing Deposits | | | 187,009 | | | 187,009 | | | - | | | - | | | 187,009 | |
Interest Bearings Deposits | | | 867,134 | | | - | | | 871,104 | | | - | | | 871,104 | |
Borrowed funds | | | | | | | | | | | | | | | | |
FHLB Advances | | | 12,000 | | | - | | | 12,001 | | | - | | | 12,001 | |
Repurchase Agreements | | | 15,000 | | | - | | | 16,464 | | | - | | | 16,464 | |
Accrued Interest Payable | | | 192 | | | - | | | 192 | | | - | | | 192 | |
-21- | ||
| | | | | | | | | | | | | | | | |
| | Carrying | | | | | | | | | | | Estimated | | ||
December 31, 2012 | | Value | | Level 1 | | Level 2 | | Level 3 | | Fair Value | | |||||
Financial Assets: | | | | | | | | | | | | | | | | |
Cash and due from banks | | $ | 112,507 | | $ | 112,507 | | $ | - | | $ | - | | $ | 112,507 | |
Securities - Held to Maturity | | | | | | | | | | | | | | | | |
Obligations of States and Political Subdivisions | | | 38,286 | | | - | | | 40,130 | | | - | | | 40,130 | |
Corporate Debt Securities | | | 500 | | | - | | | 500 | | | - | | | 500 | |
| | | | | | | | | | | | | | | | |
Securities - Available for Sale | | | | | | | | | | | | | | | | |
Obligations of U.S. Government Agencies | | | 225,451 | | | - | | | 225,451 | | | - | | | 225,451 | |
MBS issued by U.S. Government Agencies | | | 129,818 | | | - | | | 129,818 | | | - | | | 129,818 | |
Obligations of States and Political Subdivisions | | | 18,370 | | | - | | | 18,370 | | | - | | | 18,370 | |
Trust Preferred CDO Securities | | | 5,406 | | | - | | | - | | | 5,406 | | | 5,406 | |
Corporate Debt Securities | | | 12,077 | | | - | | | 12,077 | | | - | | | 12,077 | |
Other Securities | | | 2,645 | | | 2,213 | | | 432 | | | - | | | 2,645 | |
| | | | | | | | | | | | | | | | |
Federal Home Loan Bank Stock | | | 10,605 | | | - | | | 10,605 | | | - | | | 10,605 | |
Loans Held for Sale | | | 1,520 | | | - | | | - | | | 1,520 | | | 1,520 | |
Loans, net | | | 609,950 | | | - | | | - | | | 627,171 | | | 627,171 | |
Accrued Interest Receivable | | | 3,457 | | | - | | | 3,457 | | | - | | | 3,457 | |
| | | | | | | | | | | | | | | | |
Financial Liabilities: | | | | | | | | | | | | | | | | |
Noninterest Bearing Deposits | | | 183,016 | | | 183,016 | | | - | | | - | | | 183,016 | |
Interest Bearings Deposits | | | 865,814 | | | - | | | 872,070 | | | - | | | 872,070 | |
Borrowed funds | | | | | | | | | | | | | | | | |
FHLB Advances | | | 107,000 | | | - | | | 107,785 | | | - | | | 107,785 | |
Repurchase Agreements | | | 15,000 | | | - | | | 17,141 | | | - | | | 17,141 | |
Accrued Interest Payable | | | 353 | | | - | | | 353 | | | - | | | 353 | |
Investment Securities - Available for Sale | | 2013 | | 2012 | | ||
Balance at January 1 | | $ | 5,406 | | $ | 5,467 | |
Total realized and unrealized gains (losses) included in income | | | (12) | | | (12) | |
Total unrealized gains (losses) included in other comprehensive income | | | 467 | | | (296) | |
Net purchases, sales, calls and maturities | | | - | | | - | |
Net transfers in/out of Level 3 | | | - | | | - | |
Balance at September 30 | | $ | 5,861 | | $ | 5,159 | |
-22- | ||
| | | | | Quoted Prices in | | | | | | | | |
| | Balance at | | Active Markets for | | Significant Other | | Significant | | ||||
| | September 30, | | Identical Assets | | Observable Inputs | | Unobservable | | ||||
| | 2013 | | (Level 1) | | (Level 2) | | Inputs (Level 3) | | ||||
| | | | | | | | | | | | | |
Impaired loans | | $ | 61,557 | | $ | - | | $ | - | | $ | 61,557 | |
Other Real Estate Owned | | $ | 10,801 | | $ | - | | $ | - | | $ | 10,801 | |
| | | | | Quoted Prices in | | | | | | | ||
| | Balance at | | Active Markets for | | Significant Other | | Significant | | ||||
| | December 31, | | Identical Assets | | Observable Inputs | | Unobservable | | ||||
| | 2012 | | (Level 1) | | (Level 2) | | Inputs (Level 3) | | ||||
| | | | | | | | | | | | | |
Impaired loans | | $ | 67,249 | | $ | - | | $ | - | | $ | 67,249 | |
Other Real Estate Owned | | $ | 14,262 | | $ | - | | $ | - | | $ | 14,262 | |
-23- | ||
| | Contractual Amount | | ||||
| | September 30, | | December 31, | | ||
| | 2013 | | 2012 | | ||
Commitments to extend credit: | | | | | | | |
Unused portion of commercial lines of credit | | $ | 57,096 | | $ | 59,826 | |
Unused portion of credit card lines of credit | | | 3,109 | | | 3,048 | |
Unused portion of home equity lines of credit | | | 16,097 | | | 16,356 | |
Standby letters of credit and financial guarantees written | | | 3,815 | | | 3,730 | |
All other off-balance sheet commitments | | | - | | | - | |
-24- | ||
-25- | ||
-26- | ||
-27- | ||
-28- | ||
-29- | ||
-30- | ||
-31- | ||
| | Actual | | | Minimum to Qualify as Well Capitalized | | ||||||||
| | Amount | | | Ratio | | | Amount | | Ratio | | |||
As of September 30, 2013: | | | | | | | | | | | | | | |
Total Capital to Risk-Weighted Assets | | | | | | | | | | | | | | |
Consolidated | | $ | 98,419 | | | 12.74 | % | | $ | 77,265 | | | 10 | % |
Monroe Bank & Trust | | | 97,112 | | | 12.59 | % | | | 77,138 | | | 10 | % |
Tier 1 Capital to Risk-Weighted Assets | | | | | | | | | | | | | | |
Consolidated | | | 88,669 | | | 11.48 | % | | | 46,359 | | | 6 | % |
Monroe Bank & Trust | | | 87,343 | | | 11.32 | % | | | 46,283 | | | 6 | % |
Tier 1 Capital to Average Assets | | | | | | | | | | | | | | |
Consolidated | | | 88,669 | | | 7.57 | % | | | 58,578 | | | 5 | % |
Monroe Bank & Trust | | | 87,343 | | | 7.46 | % | | | 58,539 | | | 5 | % |
| | Actual | | | Minimum to Qualify as Well Capitalized | | ||||||||
| | Amount | | Ratio | | | Amount | | Ratio | | ||||
As of December 31, 2012: | | | | | | | | | | | | | | |
Total Capital to Risk-Weighted Assets | | | | | | | | | | | | | | |
Consolidated | | $ | 89,615 | | | 11.53 | % | | $ | 77,691 | | | 10 | % |
Monroe Bank & Trust | | | 88,992 | | | 11.46 | % | | | 77,623 | | | 10 | % |
Tier 1 Capital to Risk-Weighted Assets | | | | | | | | | | | | | | |
Consolidated | | | 79,776 | | | 10.27 | % | | | 46,615 | | | 6 | % |
Monroe Bank & Trust | | | 79,113 | | | 10.19 | % | | | 46,574 | | | 6 | % |
Tier 1 Capital to Average Assets | | | | | | | | | | | | | | |
Consolidated | | | 79,776 | | | 6.43 | % | | | 62,041 | | | 5 | % |
Monroe Bank & Trust | | | 79,113 | | | 6.38 | % | | | 62,008 | | | 5 | % |
-32- | ||
| | Actual Capital | | | Minimum Capital Required by Consent Order | | | Additional Capital Required to Comply with | | |||||||||
| | Amount | | Ratio | | | Amount | | Ratio | | | Consent Order | | |||||
Tier 1 Capital to Average Assets | | $ | 87,343 | | | 7.46 | % | | $ | 105,369 | | | 9 | % | | $ | 18,026 | |
-33- | ||
-34- | ||
-35- | ||
| 3.1 | Articles of Incorporation of MBT Financial Corp. Previously filed as Exhibit 3.1 to MBT Financial Corp.’s Form 10-Q for its quarter ended June 30, 2011. |
| | |
| 3.2 | Amended and Restated Bylaws of MBT Financial Corp. Previously filed as Exhibit 3.2 to MBT Financial Corp.’s Form 10-Q for its quarter ended March 31, 2008. |
| | |
| 31.1 | Certification by Chief Executive Officer required by Securities and Exchange Commission Rule 13a-14. |
| | |
| 31.2 | Certification by Chief Financial Officer required by Securities and Exchange Commission Rule 13a-14. |
| | |
| 32.1 | Certification by Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as enacted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
| | |
| 32.2 | Certification by Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as enacted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
| | |
| 101.INS | XBRL Instance Document (1) |
| | |
| 101.SCH | XBRL Taxonomy Extension Schema Document (1) |
| | |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document(1) |
| | |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document (1) |
| | |
| 101.LAB | XBRL Taxonomy Extension Label Linkbase Document (1) |
| | |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document (1) |
| (1) | Pursuant to Rule 406T of Regulation S-T, the XBRL related information in Exhibit 101 to this Quarterly Report on Form 10-Q shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the Exchange Act”), or otherwise subject to the liability of that section, and shall not be part of any registration statement or other document filed under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. |
-36- | ||
| MBT Financial Corp. | ||
| | (Registrant) | |
| | | |
November 14, 2013 | | By | /s/ H. Douglas Chaffin |
Date | | H. Douglas Chaffin | |
| | President & | |
| | Chief Executive Officer | |
| | | |
November 14, 2013 | | By | /s/ John L. Skibski |
Date | | John L. Skibski | |
| | Executive Vice President and | |
| | Chief Financial Officer |
-37- | ||
Exhibit Number | | Description of Exhibits |
31.1 | | Certification by Chief Executive Officer required by Securities and Exchange Commission Rule 13a-14. |
| | |
31.2 | | Certification by Chief Financial Officer required by Securities and Exchange Commission Rule 13a-14. |
| | |
32.1 | | Certification by Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as enacted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
| | |
32.2 | | Certification by Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as enacted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
| | |
101.INS | | XBRL Instance Document(1) |
| | |
101.SCH | | XBRL Taxonomy Extension Schema Document(1) |
| | |
101.CAL | | XBRL Taxonomy Extension Calculation Linkbase Document(1) |
| | |
101.DEF | | XBRL Taxonomy Extension Definition Linkbase Document(1) |
| | |
101.LAB | | XBRL Taxonomy Extension Label Linkbase Document(1) |
| | |
101.PRE | | XBRL Taxonomy Extension Presentation Linkbase Document(1) |
| (1) | Pursuant to Rule 406T of Regulation S-T, the XBRL related information in Exhibit 101 to this Quarterly Report on Form 10-Q shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the Exchange Act”), or otherwise subject to the liability of that section, and shall not be part of any registration statement or other document filed under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. |
| Date: November 14, 2013 | | /s/ H. Douglas Chaffin |
| | | H. Douglas Chaffin |
| | President and Chief Executive Officer |
| Date: November 14, 2013 | /s/ John L. Skibski | |
| | | John L. Skibski |
| | | Chief Financial Officer |
/s/ H. Douglas Chaffin | |
H. Douglas Chaffin | |
Chief Executive Officer | |
November 14, 2013 | |
/s/ John L. Skibski | |
John L. Skibski | |
Chief Financial Officer | |
November 14, 2013 | |
EARNINGS PER SHARE (Tables)
|
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2013
|
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The calculations of earnings per common share are as follows:
|
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