(x)
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
|
( )
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
|
Maryland
|
27-2238553
|
(State or other jurisdiction of incorporation)
|
(I.R.S. Employer Identification Number)
|
58 N. Ayer Street
|
|
Harvard, IL
|
60033
|
(Address of principal executive office)
|
(Zip Code)
|
(x) Yes
|
( ) No
|
(x) Yes
|
( ) No
|
( ) Large Accelerated Filer
|
( ) Accelerated Filer
|
|
( ) Non-Accelerated Filer
|
(x) Smaller Reporting Company
|
( ) Yes
|
(x) No
|
Page
|
||
PART I
|
FINANCIAL INFORMATION
|
|
Item 1.
|
Financial Statements
|
|
Consolidated Balance Sheets
|
3
|
|
Consolidated Statements of Income
|
4
|
|
Consolidated Statements of Comprehensive Income
|
5
|
|
Consolidated Statements of Stockholders’ Equity
|
6
|
|
Consolidated Statements of Cash Flows
|
7
|
|
Notes to the Consolidated Financial Statements
|
8-44
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
45-62
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
63
|
Item 4.
|
Controls and Procedures
|
63
|
PART II
|
OTHER INFORMATION
|
64
|
Item 1.
|
Legal Proceedings
|
64
|
Item 1A.
|
Risk Factors
|
64
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
64
|
Item 3.
|
Defaults Upon Senior Securities
|
64
|
Item 4.
|
Mine Safety Disclosures
|
64
|
Item 5.
|
Other Information
|
64
|
Item 6.
|
Exhibits
|
64
|
Signatures
|
65
|
|
EXHIBITS
|
||
Exhibit 31.1
|
Section 302 Certification
|
|
Exhibit 31.2
|
Section 302 Certification
|
|
Exhibit 32.1
|
Section 906 Certification
|
|
Exhibit 101.INS
|
XBRL Instance Document
|
|
Exhibit 101.SCH
|
XBRL Taxonomy Extension Schema Document
|
|
Exhibit 101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
Exhibit 101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
Exhibit 101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
Exhibit 101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
(Unaudited)
June 30, |
December 31,
2011 |
|||||||
Assets
|
||||||||
Cash and due from banks
|
$ | 1,029 | $ | 941 | ||||
Interest-bearing demand deposits in banks
|
3,157 | 2,804 | ||||||
Securities purchased under agreements to resell
|
10,103 | 18,482 | ||||||
Cash and cash equivalents
|
14,289 | 22,227 | ||||||
Interest-bearing deposits with other financial institutions
|
8,627 | 6,235 | ||||||
Available-for-sale securities
|
8,921 | 4,581 | ||||||
Held-to-maturity securities, at amortized cost (estimated fair value of $1,518 and $1,837 at June 30, 2012 and December 31, 2011, respectively)
|
1,428 | 1,702 | ||||||
Loans, net of allowance for loan losses $2,725 and $2,575 at June 30, 2012 and December 31, 2011, respectively
|
122,717 | 115,698 | ||||||
Premises and equipment, net
|
3,457 | 3,525 | ||||||
Federal Home Loan Bank stock, at cost
|
2,660 | 6,549 | ||||||
Foreclosed assets held for sale
|
984 | 1,186 | ||||||
Accrued interest receivable
|
586 | 691 | ||||||
Deferred income taxes
|
1,945 | 1,803 | ||||||
Bank-owned life insurance
|
4,296 | 4,232 | ||||||
Mortgage servicing rights
|
318 | 310 | ||||||
Other
|
319 | 478 | ||||||
Total assets
|
$ | 170,547 | $ | 169,217 |
Liabilities and Equity
|
||||||||
Liabilities
|
||||||||
Deposits
|
||||||||
Demand
|
$ | 5,571 | $ | 5,239 | ||||
Savings, NOW and money market
|
49,651 | 48,990 | ||||||
Certificates of deposit
|
75,066 | 79,341 | ||||||
Brokered certificates of deposit
|
1,500 | 1,499 | ||||||
Total deposits
|
131,788 | 135,069 | ||||||
Federal Home Loan Bank advances
|
16,257 | 12,402 | ||||||
Advances from borrowers for taxes and insurance
|
425 | 388 | ||||||
Deferred compensation
|
2,282 | 2,242 | ||||||
Accrued interest payable
|
38 | 37 | ||||||
Other
|
797 | 417 | ||||||
Total liabilities
|
151,587 | 150,555 | ||||||
Commitments and Contingencies
|
— | — | ||||||
Stockholders’ Equity
|
||||||||
Preferred stock, $.01 par value, 1,000,000 shares authorized, no shares issued or outstanding
|
— | — | ||||||
Common stock, $.01 par value, 30,000,000 shares authorized; 816,076 shares issued and outstanding at June 30, 2012 and December 31, 2011
|
8 | 8 | ||||||
Additional paid-in capital
|
6,920 | 6,852 | ||||||
Unearned ESOP shares, at cost
|
(523 | ) | (544 | ) | ||||
Amount reclassified on ESOP shares
|
(106 | ) | (80 | ) | ||||
Retained earnings
|
12,639 | 12,403 | ||||||
Accumulated other comprehensive income, net of tax
|
22 | 23 | ||||||
Total stockholders’ equity
|
18,960 | 18,662 | ||||||
Total liabilities and stockholders’ equity
|
$ | 170,547 | $ | 169,217 |
(Unaudited)
Three Months Ended June 30,
|
(Unaudited)
Six Months Ended June 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Interest and Dividend Income
|
||||||||||||||||
Interest and fees on loans
|
$ | 1,721 | $ | 1,659 | $ | 3,444 | $ | 3,356 | ||||||||
Securities
|
||||||||||||||||
Taxable
|
46 | 48 | 91 | 80 | ||||||||||||
Tax-exempt
|
2 | 2 | 2 | 7 | ||||||||||||
Securities purchased under agreements to resell
|
26 | 56 | 68 | 96 | ||||||||||||
Other
|
25 | 33 | 50 | 70 | ||||||||||||
Total interest and dividend income
|
1,820 | 1,798 | 3,655 | 3,609 | ||||||||||||
Interest Expense
|
||||||||||||||||
Deposits
|
352 | 473 | 733 | 971 | ||||||||||||
Federal Home Loan Bank advances
|
89 | 107 | 178 | 226 | ||||||||||||
Total interest expense
|
441 | 580 | 911 | 1,197 | ||||||||||||
Net Interest Income
|
1,379 | 1,218 | 2,744 | 2,412 | ||||||||||||
Provision for Loan Losses
|
135 | 127 | 308 | 296 | ||||||||||||
Net Interest Income After Provision for Loan Losses
|
1,244 | 1,091 | 2,436 | 2,116 | ||||||||||||
Noninterest Income
|
||||||||||||||||
Customer service fees
|
62 | 61 | 131 | 124 | ||||||||||||
Brokerage commission income
|
11 | 10 | 20 | 17 | ||||||||||||
Net realized gains (losses) on loan sales
|
(25 | ) | (36 | ) | 91 | 47 | ||||||||||
Losses on other than temporary impairment of equity securities
|
— | — | (1 | ) | — | |||||||||||
Loan servicing fees
|
51 | 46 | 104 | 93 | ||||||||||||
Bank-owned life insurance income, net
|
30 | 34 | 62 | 68 | ||||||||||||
Other
|
3 | 3 | 6 | 7 | ||||||||||||
Total noninterest income
|
132 | 118 | 413 | 356 | ||||||||||||
Noninterest Expense
|
||||||||||||||||
Compensation and benefits
|
627 | 609 | 1,303 | 1,215 | ||||||||||||
Occupancy
|
121 | 130 | 244 | 269 | ||||||||||||
Data processing
|
82 | 114 | 183 | 238 | ||||||||||||
Professional fees
|
151 | 67 | 287 | 125 | ||||||||||||
Marketing
|
14 | 18 | 28 | 35 | ||||||||||||
Office supplies
|
14 | 11 | 27 | 28 | ||||||||||||
Federal deposit insurance
|
37 | 54 | 74 | 105 | ||||||||||||
Indirect automobile loan servicing fee
|
29 | 19 | 54 | 41 | ||||||||||||
Foreclosed assets, net
|
52 | 44 | 171 | 130 | ||||||||||||
Other
|
142 | 95 | 237 | 173 | ||||||||||||
Total noninterest expense
|
1,269 | 1,161 | 2,608 | 2,359 | ||||||||||||
Income Before Income Taxes
|
107 | 48 | 241 | 113 | ||||||||||||
Provision for Income Taxes
|
22 | 5 | 5 | 14 | ||||||||||||
Net Income
|
$ | 85 | $ | 43 | $ | 236 | $ | 99 | ||||||||
Earnings Per Share
|
||||||||||||||||
Basic (Note 4)
|
$ | .12 | $ | .06 | $ | .32 | $ | .14 | ||||||||
Diluted
|
.11 | .06 | .32 | .14 |
(Unaudited)
Three Months Ended June 30,
|
(Unaudited)
Six Months Ended June 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Net Income
|
$ | 85 | $ | 43 | $ | 236 | $ | 99 | ||||||||
Other Comprehensive Income
|
||||||||||||||||
Unrealized appreciation (depreciation) on available-for-sale securities, net of taxes of $(4) and $17 for the three months ended June 30, 2012 and 2011, respectively and $0 and $16 for the six months ended June 30, 2012 and 2011, respectively
|
(7 | ) | 31 | — | 27 | |||||||||||
Less: reclassification adjustment for loss on other-than-temporary impairment of equity securities included in net income, net of taxes of $0 for the three and six months ended June 30, 2012 and 2011, respectively
|
— | — | (1 | ) | — | |||||||||||
Comprehensive Income
|
$ | 78 | $ | 74 | $ | 235 | $ | 126 |
Common
Stock |
Additional
Paid-in |
Unearned
ESOP |
Amount
Reclassified |
Retained
Earnings |
Accumulated
Other |
Total
|
||||||||||||||||||||||
For the Six Months Ended June 30, 2012 (unaudited)
|
||||||||||||||||||||||||||||
Balance, January 1, 2012
|
$ | 8 | $ | 6,852 | $ | (544 | ) | $ | (80 | ) | $ | 12,403 | $ | 23 | $ | 18,662 | ||||||||||||
Net income
|
— | — | — | — | 236 | — | 236 | |||||||||||||||||||||
Other comprehensive loss
|
— | — | — | — | — | (1 | ) | (1 | ) | |||||||||||||||||||
ESOP shares earned, 2,092 shares
|
— | 2 | 21 | — | — | — | 23 | |||||||||||||||||||||
Stock-based compensation expense
|
— | 66 | — | — | — | — | 66 | |||||||||||||||||||||
Reclassification due to change in fair value of common stock in ESOP subject to contingent repurchase obligation
|
— | — | — | (26 | ) | — | — | (26 | ) | |||||||||||||||||||
Balance, June 30, 2012
|
$ | 8 | $ | 6,920 | $ | (523 | ) | $ | (106 | ) | $ | 12,639 | $ | 22 | $ | 18,960 |
For the Six Months Ended June 30, 2011 (unaudited)
|
||||||||||||||||||||||||||||
Balance, January 1, 2011
|
$ | 8 | $ | 6,799 | $ | (590 | ) | $ | (26 | ) | $ | 12,399 | $ | (4 | ) | $ | 18,586 | |||||||||||
Net income
|
— | — | — | — | 99 | — | 99 | |||||||||||||||||||||
Other comprehensive income
|
— | — | — | — | — | 27 | 27 | |||||||||||||||||||||
Issuance of 31,387 shares of restricted stock (rounded to less than $1)
|
— | — | — | — | — | — | — | |||||||||||||||||||||
Reclassification due to change in fair value of common stock in ESOP subject to contingent repurchase obligation
|
— | — | — | (34 | ) | — | — | (34 | ) | |||||||||||||||||||
ESOP shares earned
|
— | (1 | ) | 25 | — | — | — | 24 | ||||||||||||||||||||
Balance, June 30, 2011
|
$ | 8 | $ | 6,798 | $ | (565 | ) | $ | (60 | ) | $ | 12,498 | $ | 23 | $ | 18,702 |
(Unaudited)
Six Months Ended June 30,
|
||||||||
2012
|
2011
|
|||||||
Operating Activities
|
||||||||
Net income
|
$ | 236 | $ | 99 | ||||
Items not requiring (providing) cash
|
||||||||
Depreciation
|
102 | 101 | ||||||
Provision for loan losses
|
308 | 296 | ||||||
Amortization (accretion) of premiums and discounts on securities
|
(16 | ) | 22 | |||||
Deferred income taxes
|
(142 | ) | (44 | ) | ||||
Net realized gains on loan sales
|
(91 | ) | (47 | ) | ||||
Loss on other than temporary impairment of equity securities
|
1 | — | ||||||
Losses and write down on foreclosed assets held for sale
|
171 | 96 | ||||||
Bank-owned life insurance income, net
|
(64 | ) | (68 | ) | ||||
Originations of loans held for sale
|
(6,999 | ) | (2,933 | ) | ||||
Proceeds from sales of loans held for sale
|
7,082 | 2,968 | ||||||
ESOP compensation expense
|
23 | 24 | ||||||
Stock-based compensation expense
|
66 | — | ||||||
Changes in
|
||||||||
Accrued interest receivable
|
105 | 220 | ||||||
Other assets
|
159 | 113 | ||||||
Accrued interest payable
|
1 | (11 | ) | |||||
Deferred compensation
|
40 | 37 | ||||||
Other liabilities
|
354 | 106 | ||||||
Net cash provided by operating activities
|
1,336 | 979 | ||||||
Investing Activities
|
||||||||
Net (increase) decrease in interest-bearing deposits
|
(2,392 | ) | 3,120 | |||||
Purchases of available-for-sale securities
|
(6,367 | ) | (1,640 | ) | ||||
Proceeds from maturities and pay-downs of available-for-sale securities
|
2,007 | 1,216 | ||||||
Proceeds from maturities and pay-downs of held-to-maturity securities
|
308 | 466 | ||||||
Net change in loans
|
(7,456 | ) | (2,744 | ) | ||||
Purchase of premises and equipment
|
(34 | ) | (38 | ) | ||||
Proceeds from redemption of Federal Home Loan Bank stock
|
3,889 | — | ||||||
Proceeds from sale of foreclosed assets
|
160 | 580 | ||||||
Net cash provided by (used in) investing activities
|
(9,885 | ) | 960 | |||||
Financing Activities
|
||||||||
Net increase (decrease) in demand deposits, money market, NOW and savings accounts
|
993 | (6 | ) | |||||
Net decrease in certificates of deposit, including brokered certificates
|
(4,274 | ) | (400 | ) | ||||
Net increase in advances from borrowers for taxes and insurance
|
37 | 11 | ||||||
Proceeds from Federal Home Loan Bank advances
|
7,000 | 6,100 | ||||||
Repayments of Federal Home Loan Bank advances
|
(3,145 | ) | (6,566 | ) | ||||
Net cash provided by (used in) financing activities
|
611 | (861 | ) | |||||
Net Increase (Decrease) in Cash and Cash Equivalents
|
(7,938 | ) | 1,078 | |||||
Cash and Cash Equivalents, Beginning of Period
|
22,227 | 17,963 | ||||||
Cash and Cash Equivalents, End of Period
|
$ | 14,289 | $ | 19,041 | ||||
Supplemental Cash Flows Information
|
||||||||
Interest paid
|
$ | 910 | $ | 1,208 | ||||
Income taxes paid
|
86 | 65 | ||||||
Foreclosed assets acquired in settlement of loans
|
125 | 1,321 |
June 30,
2012
|
December 31,
2011
|
|||||||
Allocated shares
|
8,370 | 4,185 | ||||||
Shares released for allocation
|
2,092 | 4,185 | ||||||
Unearned shares
|
52,313 | 54,405 | ||||||
Total ESOP shares
|
62,775 | 62,775 | ||||||
Fair value of unearned ESOP shares
|
$ | 470 | $ | 490 |
Options
|
Weighted-Average Exercise Price/Share
|
Weighted-Average Remaining Contractual Life (in years)
|
Aggregate Intrinsic Value
|
|||||||||||||
Outstanding, January 1, 2012
|
73,761 | $ | 8.10 | |||||||||||||
Granted
|
— | — | ||||||||||||||
Exercised
|
— | — | ||||||||||||||
Forfeited
|
— | — | ||||||||||||||
Outstanding, June 30, 2012
|
73,761 | $ | 8.10 | 8.98 | $ | 151 | (1) | |||||||||
Exercisable, June 30, 2012
|
14,752 | $ | 8.10 | 8.98 | $ | 30 |
2011
|
||||
Risk-free interest rate
|
2.50 | % | ||
Expected dividend yield
|
0.00 | % | ||
Expected stock volatility
|
46.00 | % | ||
Expected life (years)
|
7.00 | |||
Fair value (not in thousands)
|
$ | 4.11 |
Shares
|
Weighted Average Grant-Date Fair Value
|
|||||||
Balance, January 1, 2012
|
31,387 | $ | 8.10 | |||||
Granted
|
— | — | ||||||
Forfeited
|
— | — | ||||||
Earned and issued
|
(1,569 | ) | 8.10 | |||||
Balance, June 30, 2012
|
29,818 | $ | 8.10 |
Three Months Ended
June 30, 2012
|
Three Months Ended
June 30, 2011
|
Six Months Ended
June 30, 2012
|
Six Months Ended
June 30, 2011
|
|||||||||||||
Net income
|
$ | 85 | $ | 43 | $ | 236 | $ | 99 | ||||||||
Basic weighted average shares outstanding
|
790,966 | 784,689 | 790,966 | 784,689 | ||||||||||||
Less: Average unallocated ESOP shares
|
(52,661 | ) | (56,846 | ) | (53,184 | ) | (57,369 | ) | ||||||||
Basic average shares outstanding
|
738,305 | 727,843 | 737,782 | 727,320 | ||||||||||||
Diluted effect of stock options
|
— | — | — | — | ||||||||||||
Diluted effect of restricted stock awards
|
4,533 | 8 | 3,689 | 4 | ||||||||||||
Diluted average shares outstanding
|
742,838 | 727,851 | 741,471 | 727,324 | ||||||||||||
Basic earnings per share
|
$ | .12 | $ | .06 | $ | .32 | $ | .14 | ||||||||
Diluted earnings per share
|
$ | .11 | $ | .06 | $ | .32 | $ | .14 |
June 30, 2012
|
December 31, 2011
|
|||||||
BCM High Income Fund, LP
|
$ | 7,163 | $ | 8,121 | ||||
HEC Opportunity Fund, LLC
|
453 | 453 | ||||||
Coastal Securities
|
2,487 | 9,908 | ||||||
Total
|
$ | 10,103 | $ | 18,482 |
Amortized Cost
|
Gross Unrealized Gains
|
Gross Unrealized Losses
|
Fair Value
|
|||||||||||||
Available-for-sale Securities:
|
||||||||||||||||
June 30, 2012:
|
||||||||||||||||
U.S. government and federal agency
|
$ | 5,699 | $ | 3 | $ | 8 | $ | 5,694 | ||||||||
State and political subdivisions
|
1,910 | 2 | 5 | 1,907 | ||||||||||||
Mortgage-backed:
|
||||||||||||||||
Government-sponsored enterprises (GSE) – residential
|
826 | 22 | — | 848 | ||||||||||||
Equity securities
|
453 | 19 | — | 472 | ||||||||||||
$ | 8,888 | $ | 46 | $ | 13 | $ | 8,921 |
December 31, 2011:
|
||||||||||||||||
U.S. Government and federal agency
|
$ | 3,212 | $ | 2 | $ | — | $ | 3,214 | ||||||||
Mortgage-backed:
|
||||||||||||||||
Government-sponsored enterprises (GSE) – residential
|
884 | 22 | — | 906 | ||||||||||||
Equity securities
|
451 | 10 | — | 461 | ||||||||||||
$ | 4,547 | $ | 34 | $ | — | $ | 4,581 |
Amortized Cost
|
Gross Unrealized Gains
|
Gross Unrealized Losses
|
Fair Value
|
|||||||||||||
Held-to-maturity Securities:
|
||||||||||||||||
June 30, 2012:
|
||||||||||||||||
U.S. government and federal agencies
|
$ | 500 | $ | 30 | $ | — | $ | 530 | ||||||||
Mortgage-backed:
|
||||||||||||||||
Government-sponsored enterprises (GSE) – residential
|
21 | — | — | 21 | ||||||||||||
Private-label residential
|
907 | 60 | — | 967 | ||||||||||||
$ | 1,428 | $ | 90 | $ | — | $ | 1,518 |
December 31, 2011:
|
||||||||||||||||
U.S. government and federal agencies
|
$ | 500 | $ | 39 | $ | — | $ | 539 | ||||||||
Mortgage-backed:
|
||||||||||||||||
Government-sponsored enterprises (GSE) – residential
|
24 | — | — | 24 | ||||||||||||
Private-label residential
|
1,178 | 96 | — | 1,274 | ||||||||||||
$ | 1,702 | $ | 135 | $ | — | $ | 1,837 |
Available-for-sale
|
Held-to-maturity
|
|||||||||||||||
Amortized
Cost
|
Fair
Value
|
Amortized
Cost
|
Fair
Value
|
|||||||||||||
Within one year
|
$ | 850 | $ | 849 | $ | 500 | $ | 530 | ||||||||
One to five years
|
4,906 | 4,905 | — | — | ||||||||||||
Five to ten years
|
1,654 | 1,652 | — | — | ||||||||||||
After ten years
|
199 | 195 | — | — | ||||||||||||
7,609 | 7,601 | 500 | 530 | |||||||||||||
Mortgage-backed securities
|
826 | 848 | 928 | 988 | ||||||||||||
Equity securities
|
453 | 472 | — | — | ||||||||||||
Totals
|
$ | 8,888 | $ | 8,921 | $ | 1,428 | $ | 1,518 |
June 30, 2012
|
||||||||||||||||||||||||
Less than 12 Months
|
12 Months or More
|
Total
|
||||||||||||||||||||||
Description of
Securities
|
Fair Value
|
Unrealized
Losses
|
Fair Value
|
Unrealized
Losses
|
Fair Value
|
Unrealized
Losses
|
||||||||||||||||||
Available-for-sale:
|
||||||||||||||||||||||||
U.S. government and federal agencies
|
$ | 2,733 | $ | 8 | $ | — | $ | — | $ | 2,733 | $ | 8 | ||||||||||||
State and political subdivisions
|
754 | 5 | — | — | 754 | 5 | ||||||||||||||||||
Total temporarily impaired securities
|
$ | 3,487 | $ | 13 | $ | — | $ | — | $ | 3,487 | $ | 13 |
December 31, 2011 | ||||||||||||||||||||||||
Less than 12 Months
|
12 Months or More
|
Total
|
||||||||||||||||||||||
Description of
Securities
|
Fair Value
|
Unrealized
Losses
|
Fair Value
|
Unrealized
Losses
|
Fair Value
|
Unrealized
Losses
|
||||||||||||||||||
Available-for-sale:
|
||||||||||||||||||||||||
Total temporarily impaired securities
|
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
June 30,
2012
|
December 31,
2011
|
|||||||
Mortgage loans on real estate
|
||||||||
One-to-four family
|
$ | 44,217 | $ | 44,339 | ||||
Home equity lines of credit and other 2nd mortgages
|
9,829 | 10,284 | ||||||
Multi-family residential
|
1,999 | 1,480 | ||||||
Commercial
|
25,292 | 25,192 | ||||||
Farmland
|
9,429 | 9,531 | ||||||
Construction and land development
|
2,581 | 2,522 | ||||||
Total mortgage loans on real estate
|
93,347 | 93,348 | ||||||
Commercial and industrial
|
5,383 | 4,241 | ||||||
Agricultural
|
19,032 | 14,313 | ||||||
Purchased indirect automobile, net of dealer reserve
|
7,522 | 6,223 | ||||||
Other consumer
|
162 | 152 | ||||||
125,446 | 118,277 | |||||||
Less
|
||||||||
Loans in process
|
7 | 6 | ||||||
Net deferred loan fees and costs
|
(3 | ) | (2 | ) | ||||
Allowance for loan losses
|
2,725 | 2,575 | ||||||
Net loans
|
$ | 122,717 | $ | 115,698 |
Three Months Ended June 30, 2012
|
||||||||||||||||||||||||
Mortgage Loans on Real Estate
|
||||||||||||||||||||||||
1-4 Family
|
HELOC and
2nd Mortgage
|
Multi-Family Residential
|
Commercial
|
Farmland
|
Construction
and Land Development
|
|||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||
Balance, beginning of period
|
$ | 602 | $ | 193 | $ | 311 | $ | 603 | $ | 141 | $ | 304 | ||||||||||||
Provision charged to expense
|
104 | (13 | ) | (23 | ) | 6 | — | 31 | ||||||||||||||||
Losses charged off
|
(63 | ) | — | — | — | — | — | |||||||||||||||||
Recoveries
|
— | — | — | — | — | — | ||||||||||||||||||
Balance, end of period
|
$ | 643 | $ | 180 | $ | 288 | $ | 609 | $ | 141 | $ | 335 | ||||||||||||
Ending balance: individually evaluated for impairment
|
$ | 128 | $ | 56 | $ | 233 | $ | 36 | $ | — | $ | 255 | ||||||||||||
Ending balance: collectively evaluated for impairment
|
$ | 515 | $ | 124 | $ | 55 | $ | 573 | $ | 141 | $ | 80 | ||||||||||||
Loans:
|
||||||||||||||||||||||||
Ending balance
|
$ | 44,217 | $ | 9,829 | $ | 1,999 | $ | 25,292 | $ | 9,429 | $ | 2,581 | ||||||||||||
Ending balance: individually evaluated for impairment
|
$ | 2,457 | $ | 167 | $ | 905 | $ | 1,390 | $ | — | $ | 971 | ||||||||||||
Ending balance: collectively evaluated for impairment
|
$ | 41,760 | $ | 9,662 | $ | 1,094 | $ | 23,902 | $ | 9,429 | $ | 1,610 |
Three Months Ended June 30, 2012 (Continued)
|
||||||||||||||||||||||||
Commercial and Industrial
|
Agricultural
|
Purchased Indirect Automobile, Net
|
Other Consumer
|
Unallocated
|
Total
|
|||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||
Balance, beginning of period
|
$ | 127 | $ | 270 | $ | 123 | $ | 1 | $ | — | $ | 2,675 | ||||||||||||
Provision charged to expense
|
(3 | ) | 15 | 17 | 1 | — | 135 | |||||||||||||||||
Losses charged off
|
— | — | (27 | ) | — | — | (90 | ) | ||||||||||||||||
Recoveries
|
— | — | 5 | — | — | 5 | ||||||||||||||||||
Balance, end of period
|
$ | 124 | $ | 285 | $ | 118 | $ | 2 | $ | — | $ | 2,725 | ||||||||||||
Ending balance: individually evaluated for impairment
|
$ | — | $ | — | $ | 5 | $ | — | $ | — | $ | 713 | ||||||||||||
Ending balance: collectively evaluated for impairment
|
$ | 124 | $ | 285 | $ | 113 | $ | 2 | $ | — | $ | 2,012 | ||||||||||||
Loans:
|
||||||||||||||||||||||||
Ending balance
|
$ | 5,383 | $ | 19,032 | $ | 7,522 | $ | 162 | $ | — | $ | 125,446 | ||||||||||||
Ending balance: individually evaluated for impairment
|
$ | 50 | $ | — | $ | 16 | $ | — | $ | — | $ | 5,956 | ||||||||||||
Ending balance: collectively evaluated for impairment
|
$ | 5,333 | $ | 19,032 | $ | 7,506 | $ | 162 | $ | — | $ | 119,490 |
Three Months Ended June 30, 2011
|
||||||||||||||||||||||||
Mortgage Loans on Real Estate
|
||||||||||||||||||||||||
1-4 Family
|
HELOC and
2nd Mortgage
|
Multi-Family Residential
|
Commercial
|
Farmland
|
Construction
and Land Development
|
|||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||
Balance, beginning of period
|
$ | 444 | $ | 147 | $ | 35 | $ | 607 | $ | 5 | $ | 293 | ||||||||||||
Provision charged to expense
|
17 | (5 | ) | — | 23 | 70 | (15 | ) | ||||||||||||||||
Losses charged off
|
(38 | ) | — | — | (153 | ) | — | — | ||||||||||||||||
Recoveries
|
42 | — | — | 31 | — | — | ||||||||||||||||||
Balance, end of period
|
$ | 465 | $ | 142 | $ | 35 | $ | 508 | $ | 75 | $ | 278 | ||||||||||||
Ending balance: individually evaluated for impairment
|
$ | 104 | $ | 10 | $ | — | $ | — | $ | — | $ | 241 | ||||||||||||
Ending balance: collectively evaluated for impairment
|
$ | 361 | $ | 132 | $ | 35 | $ | 508 | $ | 75 | $ | 37 | ||||||||||||
Loans:
|
||||||||||||||||||||||||
Ending balance
|
$ | 44,809 | $ | 10,983 | $ | 1,579 | $ | 25,333 | $ | 5,031 | $ | 2,458 | ||||||||||||
Ending balance: individually evaluated for impairment
|
$ | 2,559 | $ | 148 | $ | — | $ | — | $ | — | $ | 615 | ||||||||||||
Ending balance: collectively evaluated for impairment
|
$ | 42,250 | $ | 10,835 | $ | 1,579 | $ | 25,333 | $ | 5,031 | $ | 1,843 |
Three Months Ended June 30, 2011 (Continued)
|
||||||||||||||||||||||||
Commercial and Industrial
|
Agricultural
|
Purchased Indirect Automobile, Net
|
Other Consumer
|
Unallocated
|
Total
|
|||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||
Balance, beginning of period
|
$ | 96 | $ | 212 | $ | 72 | $ | 2 | $ | — | $ | 1,913 | ||||||||||||
Provision charged to expense
|
(2 | ) | 22 | 15 | 2 | — | 127 | |||||||||||||||||
Losses charged off
|
— | — | (9 | ) | — | — | (200 | ) | ||||||||||||||||
Recoveries
|
— | — | 3 | — | — | 76 | ||||||||||||||||||
Balance, end of period
|
$ | 94 | $ | 234 | $ | 81 | $ | 4 | $ | — | $ | 1,916 | ||||||||||||
Ending balance: individually evaluated for impairment
|
$ | 18 | $ | — | $ | 11 | $ | 1 | $ | — | $ | 385 | ||||||||||||
Ending balance: collectively evaluated for impairment
|
$ | 76 | $ | 234 | $ | 70 | $ | 3 | $ | — | $ | 1,531 | ||||||||||||
Loans:
|
||||||||||||||||||||||||
Ending balance
|
$ | 4,643 | $ | 15,572 | $ | 5,544 | $ | 244 | $ | — | $ | 116,196 | ||||||||||||
Ending balance: individually evaluated for impairment
|
$ | 102 | $ | — | $ | 40 | $ | 1 | $ | — | $ | 3,465 | ||||||||||||
Ending balance: collectively evaluated for impairment
|
$ | 4,541 | $ | 15,572 | $ | 5,504 | $ | 243 | $ | — | $ | 112,731 |
Six Months Ended June 30, 2012
|
||||||||||||||||||||||||
Mortgage Loans on Real Estate
|
||||||||||||||||||||||||
1-4 Family
|
HELOC and
2nd Mortgage
|
Multi-Family Residential
|
Commercial
|
Farmland
|
Construction
and Land Development
|
|||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||
Balance, beginning of period
|
$ | 549 | $ | 248 | $ | 287 | $ | 533 | $ | 143 | $ | 374 | ||||||||||||
Provision charged to expense
|
167 | (66 | ) | 1 | 76 | (2 | ) | 16 | ||||||||||||||||
Losses charged off
|
(73 | ) | (2 | ) | — | — | — | (55 | ) | |||||||||||||||
Recoveries
|
— | — | — | — | — | — | ||||||||||||||||||
Balance, end of period
|
$ | 643 | $ | 180 | $ | 288 | $ | 609 | $ | 141 | $ | 335 | ||||||||||||
Ending balance: individually evaluated for impairment
|
$ | 128 | $ | 56 | $ | 233 | $ | 36 | $ | — | $ | 255 | ||||||||||||
Ending balance: collectively evaluated for impairment
|
$ | 515 | $ | 124 | $ | 55 | $ | 573 | $ | 141 | $ | 80 | ||||||||||||
Loans:
|
||||||||||||||||||||||||
Ending balance
|
$ | 44,217 | $ | 9,829 | $ | 1,999 | $ | 25,292 | $ | 9,429 | $ | 2,581 | ||||||||||||
Ending balance: individually evaluated for impairment
|
$ | 2,457 | $ | 167 | $ | 905 | $ | 1,390 | $ | — | $ | 971 | ||||||||||||
Ending balance: collectively evaluated for impairment
|
$ | 41,760 | $ | 9,662 | $ | 1,094 | $ | 23,902 | $ | 9,429 | $ | 1,610 |
Six Months Ended June 30, 2012 (Continued)
|
||||||||||||||||||||||||
Commercial and Industrial
|
Agricultural
|
Purchased Indirect Automobile, Net
|
Other Consumer
|
Unallocated
|
Total
|
|||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||
Balance, beginning of period
|
$ | 125 | $ | 215 | $ | 95 | $ | 6 | $ | — | $ | 2,575 | ||||||||||||
Provision charged to expense
|
(1 | ) | 70 | 51 | (4 | ) | — | 308 | ||||||||||||||||
Losses charged off
|
— | — | (34 | ) | — | — | (164 | ) | ||||||||||||||||
Recoveries
|
— | — | 6 | — | — | 6 | ||||||||||||||||||
Balance, end of period
|
$ | 124 | $ | 285 | $ | 118 | $ | 2 | $ | — | $ | 2,725 | ||||||||||||
Ending balance: individually evaluated for impairment
|
$ | — | $ | — | $ | 5 | $ | — | $ | — | $ | 713 | ||||||||||||
Ending balance: collectively evaluated for impairment
|
$ | 124 | $ | 285 | $ | 113 | $ | 2 | $ | — | $ | 2,012 | ||||||||||||
Loans:
|
||||||||||||||||||||||||
Ending balance
|
$ | 5,383 | $ | 19,032 | $ | 7,522 | $ | 162 | $ | — | $ | 125,446 | ||||||||||||
Ending balance: individually evaluated for impairment
|
$ | 50 | $ | — | $ | 16 | $ | — | $ | — | $ | 5,956 | ||||||||||||
Ending balance: collectively evaluated for impairment
|
$ | 5,333 | $ | 19,032 | $ | 7,506 | $ | 162 | $ | — | $ | 119,490 |
Six Months Ended June 30, 2011
|
||||||||||||||||||||||||
Mortgage Loans on Real Estate
|
||||||||||||||||||||||||
1-4 Family
|
HELOC and
2nd Mortgage
|
Multi-Family Residential
|
Commercial
|
Farmland
|
Construction
and Land Development
|
|||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||
Balance, beginning of period
|
$ | 352 | $ | 150 | $ | 34 | $ | 629 | $ | 5 | $ | 291 | ||||||||||||
Provision charged to expense
|
194 | (3 | ) | 1 | 11 | 70 | (13 | ) | ||||||||||||||||
Losses charged off
|
(125 | ) | (5 | ) | — | (163 | ) | — | — | |||||||||||||||
Recoveries
|
44 | — | — | 31 | — | — | ||||||||||||||||||
Balance, end of period
|
$ | 465 | $ | 142 | $ | 35 | $ | 508 | $ | 75 | $ | 278 | ||||||||||||
Ending balance: individually evaluated for impairment
|
$ | 104 | $ | 10 | $ | — | $ | — | $ | — | $ | 241 | ||||||||||||
Ending balance: collectively evaluated for impairment
|
$ | 361 | $ | 132 | $ | 35 | $ | 508 | $ | 75 | $ | 37 | ||||||||||||
Loans:
|
||||||||||||||||||||||||
Ending balance
|
$ | 44,809 | $ | 10,983 | $ | 1,579 | $ | 25,333 | $ | 5,031 | $ | 2,458 | ||||||||||||
Ending balance: individually evaluated for impairment
|
$ | 2,559 | $ | 148 | $ | — | $ | — | $ | — | $ | 615 | ||||||||||||
Ending balance: collectively evaluated for impairment
|
$ | 42,250 | $ | 10,835 | $ | 1,579 | $ | 25,333 | $ | 5,031 | $ | 1,843 |
Six Months Ended June 30, 2011 (Continued)
|
||||||||||||||||||||||||
Commercial and Industrial
|
Agricultural
|
Purchased Indirect Automobile, Net
|
Other Consumer
|
Unallocated
|
Total
|
|||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||
Balance, beginning of period
|
$ | 97 | $ | 206 | $ | 105 | $ | 4 | $ | — | $ | 1,873 | ||||||||||||
Provision charged to expense
|
(3 | ) | 28 | 11 | — | — | 296 | |||||||||||||||||
Losses charged off
|
— | — | (40 | ) | — | — | (333 | ) | ||||||||||||||||
Recoveries
|
— | — | 5 | — | — | 80 | ||||||||||||||||||
Balance, end of period
|
$ | 94 | $ | 234 | $ | 81 | $ | 4 | $ | — | $ | 1,916 | ||||||||||||
Ending balance: individually evaluated for impairment
|
$ | 18 | $ | — | $ | 11 | $ | 1 | $ | — | $ | 385 | ||||||||||||
Ending balance: collectively evaluated for impairment
|
$ | 76 | $ | 234 | $ | 70 | $ | 3 | $ | — | $ | 1,531 | ||||||||||||
Loans:
|
||||||||||||||||||||||||
Ending balance
|
$ | 4,643 | $ | 15,572 | $ | 5,544 | $ | 244 | $ | — | $ | 116,196 | ||||||||||||
Ending balance: individually evaluated for impairment
|
$ | 102 | $ | — | $ | 40 | $ | 1 | $ | — | $ | 3,465 | ||||||||||||
Ending balance: collectively evaluated for impairment
|
$ | 4,541 | $ | 15,572 | $ | 5,504 | $ | 243 | $ | — | $ | 112,731 |
Year Ended December 31, 2011
|
||||||||||||||||||||||||
Mortgage Loans on Real Estate
|
||||||||||||||||||||||||
1-4 Family
|
HELOC and
2nd Mortgage
|
Multi-Family Residential
|
Commercial
|
Farmland
|
Construction
and Land Development
|
|||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||
Balance, beginning of year
|
$ | 352 | $ | 150 | $ | 34 | $ | 629 | $ | 5 | $ | 291 | ||||||||||||
Provision charged to expense
|
453 | 103 | 313 | 28 | 138 | 121 | ||||||||||||||||||
Losses charged off
|
(302 | ) | (5 | ) | (60 | ) | (162 | ) | — | (50 | ) | |||||||||||||
Recoveries
|
46 | — | — | 38 | — | 12 | ||||||||||||||||||
Balance, end of year
|
$ | 549 | $ | 248 | $ | 287 | $ | 533 | $ | 143 | $ | 374 | ||||||||||||
Ending balance: individually evaluated for impairment
|
$ | 239 | $ | 120 | $ | 259 | $ | — | $ | — | $ | 329 | ||||||||||||
Ending balance: collectively evaluated for impairment
|
$ | 310 | $ | 128 | $ | 28 | $ | 533 | $ | 143 | $ | 45 | ||||||||||||
Loans:
|
||||||||||||||||||||||||
Ending balance
|
$ | 44,339 | $ | 10,284 | $ | 1,480 | $ | 25,192 | $ | 9,531 | $ | 2,522 | ||||||||||||
Ending balance: individually evaluated for impairment
|
$ | 3,775 | $ | 268 | $ | 917 | $ | 1,390 | $ | — | $ | 1,027 | ||||||||||||
Ending balance: collectively evaluated for impairment
|
$ | 40,564 | $ | 10,016 | $ | 563 | $ | 23,802 | $ | 9,531 | $ | 1,495 |
Year Ended December 31, 2011 (Continued)
|
||||||||||||||||||||||||
Commercial and Industrial
|
Agricultural
|
Purchased Indirect Automobile, Net
|
Other Consumer
|
Unallocated
|
Total
|
|||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||
Balance, beginning of year
|
$ | 97 | $ | 206 | $ | 105 | $ | 4 | $ | — | $ | 1,873 | ||||||||||||
Provision charged to expense
|
28 | 9 | 122 | 4 | — | 1,319 | ||||||||||||||||||
Losses charged off
|
— | — | (139 | ) | (2 | ) | — | (720 | ) | |||||||||||||||
Recoveries
|
— | — | 7 | — | — | 103 | ||||||||||||||||||
Balance, end of year
|
$ | 125 | $ | 215 | $ | 95 | $ | 6 | $ | — | $ | 2,575 | ||||||||||||
Ending balance: individually evaluated for impairment
|
$ | 21 | $ | — | $ | 2 | $ | 5 | $ | — | $ | 975 | ||||||||||||
Ending balance: collectively evaluated for impairment
|
$ | 104 | $ | 215 | $ | 93 | $ | 1 | $ | — | $ | 1,600 | ||||||||||||
Loans:
|
||||||||||||||||||||||||
Ending balance
|
$ | 4,241 | $ | 14,313 | $ | 6,223 | $ | 152 | $ | — | $ | 118,277 | ||||||||||||
Ending balance: individually evaluated for impairment
|
$ | 50 | $ | — | $ | 9 | $ | 5 | $ | — | $ | 7,441 | ||||||||||||
Ending balance: collectively evaluated for impairment
|
$ | 4,191 | $ | 14,313 | $ | 6,214 | $ | 147 | $ | — | $ | 110,836 |
June 30, 2012
|
||||||||||||||||||||||||
Mortgage Loans on Real Estate
|
||||||||||||||||||||||||
1-4 Family
|
HELOC and
2nd Mortgage
|
Multi-Family Residential
|
Commercial
|
Farmland
|
Construction
and Land Development
|
|||||||||||||||||||
Pass
|
$ | 38,920 | $ | 9,505 | $ | 1,094 | $ | 21,270 | $ | 9,429 | $ | 1,610 | ||||||||||||
Watch
|
2,518 | 157 | — | 2,314 | — | — | ||||||||||||||||||
Special Mention
|
322 | — | — | 318 | — | — | ||||||||||||||||||
Substandard
|
2,457 | 167 | 905 | 1,390 | — | 971 | ||||||||||||||||||
Total
|
$ | 44,217 | $ | 9,829 | $ | 1,999 | $ | 25,292 | $ | 9,429 | $ | 2,581 |
June 30, 2012 (Continued)
|
||||||||||||||||||||
Commercial and Industrial
|
Agricultural
|
Purchased Indirect Automobile, Net
|
Other Consumer
|
Total
|
||||||||||||||||
Pass
|
$ | 4,308 | $ | 19,032 | $ | 7,506 | $ | 162 | $ | 112,836 | ||||||||||
Watch
|
865 | — | — | — | 5,854 | |||||||||||||||
Special Mention
|
160 | — | — | — | 800 | |||||||||||||||
Substandard
|
50 | — | 16 | — | 5,956 | |||||||||||||||
Total
|
$ | 5,383 | $ | 19,032 | $ | 7,522 | $ | 162 | $ | 125,446 |
December 31, 2011
|
||||||||||||||||||||||||
Mortgage Loans on Real Estate
|
||||||||||||||||||||||||
1-4 Family
|
HELOC and
2nd Mortgage
|
Multi-Family Residential
|
Commercial
|
Farmland
|
Construction
and Land Development
|
|||||||||||||||||||
Pass
|
$ | 38,473 | $ | 9,841 | $ | 563 | $ | 21,905 | $ | 9,531 | $ | 1,495 | ||||||||||||
Watch
|
1,801 | 138 | — | 1,557 | — | — | ||||||||||||||||||
Special Mention
|
290 | 37 | — | 340 | — | — | ||||||||||||||||||
Substandard
|
3,775 | 268 | 917 | 1,390 | — | 1,027 | ||||||||||||||||||
Total
|
$ | 44,339 | $ | 10,284 | $ | 1,480 | $ | 25,192 | $ | 9,531 | $ | 2,522 |
December 31, 2011 (Continued)
|
||||||||||||||||||||
Commercial and Industrial
|
Agricultural
|
Purchased Indirect Automobile, Net
|
Other Consumer
|
Total
|
||||||||||||||||
Pass
|
$ | 2,967 | $ | 14,313 | $ | 6,214 | $ | 147 | $ | 105,449 | ||||||||||
Watch
|
1,051 | — | — | — | 4,547 | |||||||||||||||
Special Mention
|
173 | — | — | — | 840 | |||||||||||||||
Substandard
|
50 | — | 9 | 5 | 7,441 | |||||||||||||||
Total
|
$ | 4,241 | $ | 14,313 | $ | 6,223 | $ | 152 | $ | 118,277 |
June 30, 2012
|
||||||||||||||||||||||||||||
30-59 Days Past Due
|
60-89 Days
Past Due
|
Greater Than 90 Days
|
Total Past
Due
|
Current
|
Total Loans Receivable
|
Total Loans > 90 Days & Accruing
|
||||||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||||||||||
One-to-four family
|
$ | 2,320 | $ | 746 | $ | 1,415 | $ | 4,481 | $ | 39,736 | $ | 44,217 | $ | — | ||||||||||||||
Home equity lines of credit and other 2nd mortgages
|
30 | 33 | 101 | 164 | 9,665 | 9,829 | — | |||||||||||||||||||||
Multi-family
|
— | — | — | — | 1,999 | 1,999 | — | |||||||||||||||||||||
Commercial
|
2,176 | — | — | 2,176 | 23,116 | 25,292 | — | |||||||||||||||||||||
Farmland
|
— | — | — | — | 9,429 | 9,429 | — | |||||||||||||||||||||
Construction and land development
|
— | — | — | — | 2,581 | 2,581 | — | |||||||||||||||||||||
Total real estate loans
|
4,526 | 779 | 1,516 | 6,821 | 86,526 | 93,347 | — | |||||||||||||||||||||
Commercial and industrial
|
7 | — | 16 | 23 | 5,360 | 5,383 | — | |||||||||||||||||||||
Agriculture
|
— | — | — | — | 19,032 | 19,032 | — | |||||||||||||||||||||
Consumer loans:
|
||||||||||||||||||||||||||||
Purchased indirect automobile
|
16 | — | — | 16 | 7,506 | 7,522 | — | |||||||||||||||||||||
Other
|
— | — | — | — | 162 | 162 | — | |||||||||||||||||||||
Total consumer loans
|
16 | — | — | 16 | 7,668 | 7,684 | — | |||||||||||||||||||||
Total
|
$ | 4,549 | $ | 779 | $ | 1,532 | $ | 6,860 | $ | 118,586 | $ | 125,446 | $ | — |
December 31, 2011
|
||||||||||||||||||||||||||||
30-59 Days Past Due
|
60-89 Days
Past Due
|
Greater Than 90 Days
|
Total Past
Due
|
Current
|
Total Loans Receivable
|
Total Loans > 90 Days & Accruing
|
||||||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||||||||||
One-to-four family
|
$ | 2,321 | $ | 1,366 | $ | 1,590 | $ | 5,277 | $ | 39,062 | $ | 44,339 | $ | — | ||||||||||||||
Home equity lines of credit and other 2nd mortgages
|
88 | — | 239 | 327 | 9,957 | 10,284 | — | |||||||||||||||||||||
Multi-family
|
— | — | — | — | 1,480 | 1,480 | — | |||||||||||||||||||||
Commercial
|
— | 74 | — | 74 | 25,118 | 25,192 | — | |||||||||||||||||||||
Farmland
|
— | — | — | — | 9,531 | 9,531 | — | |||||||||||||||||||||
Construction and land development
|
— | — | — | — | 2,522 | 2,522 | — | |||||||||||||||||||||
Total real estate loans
|
2,409 | 1,440 | 1,829 | 5,678 | 87,670 | 93,348 | — | |||||||||||||||||||||
Commercial and industrial
|
— | — | — | — | 4,241 | 4,241 | — | |||||||||||||||||||||
Agriculture
|
— | — | — | — | 14,313 | 14,313 | — | |||||||||||||||||||||
Consumer loans:
|
||||||||||||||||||||||||||||
Purchased indirect automobile
|
9 | — | — | 9 | 6,214 | 6,223 | — | |||||||||||||||||||||
Other
|
— | — | 5 | 5 | 147 | 152 | — | |||||||||||||||||||||
Total consumer loans
|
9 | — | 5 | 14 | 6,361 | 6,375 | — | |||||||||||||||||||||
Total
|
$ | 2,418 | $ | 1,440 | $ | 1,834 | $ | 5,692 | $ | 112,585 | $ | 118,277 | $ | — |
Six Months Ended June 30, 2012
|
||||||||||||||||||||||||
Recorded Balance
|
Unpaid Principal Balance
|
Specific Allowance
|
Average Investment in Impaired Loans
|
Interest Income Recognized
|
Interest Income Recognized Cash Basis
|
|||||||||||||||||||
Loans without a specific allowance
|
||||||||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||||||
One-to-four family
|
$ | 943 | $ | 1,021 | $ | — | $ | 1,026 | $ | 12 | $ | 12 | ||||||||||||
Home equity lines of credit and other 2nd mortgages
|
108 | 110 | — | 109 | 1 | 1 | ||||||||||||||||||
Multi-family
|
— | — | — | — | — | — | ||||||||||||||||||
Commercial
|
— | — | — | 695 | 8 | 8 | ||||||||||||||||||
Farmland
|
— | — | — | — | — | — | ||||||||||||||||||
Construction and land development
|
— | — | — | — | — | — | ||||||||||||||||||
Total real estate loans
|
1,051 | 1,131 | — | 1,830 | 21 | 21 | ||||||||||||||||||
Commercial and industrial
|
50 | 50 | — | 25 | — | — | ||||||||||||||||||
Agriculture
|
— | — | — | — | — | — | ||||||||||||||||||
Consumer loans:
|
||||||||||||||||||||||||
Purchased indirect automobile
|
— | — | — | — | — | — | ||||||||||||||||||
Other
|
— | — | — | — | — | — | ||||||||||||||||||
Total consumer loans
|
— | — | — | — | — | — | ||||||||||||||||||
Total loans
|
$ | 1,101 | $ | 1,181 | $ | — | $ | 1,855 | $ | 21 | $ | 21 | ||||||||||||
Loans with a specific allowance
|
||||||||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||||||
One-to-four family
|
$ | 1,514 | $ | 1,538 | $ | 128 | $ | 2,090 | $ | 24 | $ | 24 | ||||||||||||
Home equity lines of credit and other 2nd mortgages
|
59 | 59 | 56 | 108 | 1 | 1 | ||||||||||||||||||
Multi-family
|
905 | 965 | 233 | 911 | 10 | 10 | ||||||||||||||||||
Commercial
|
1,390 | 1,390 | 36 | 695 | 8 | 8 | ||||||||||||||||||
Farmland
|
— | — | — | — | — | — | ||||||||||||||||||
Construction and land development
|
971 | 1,106 | 255 | 999 | 11 | 11 | ||||||||||||||||||
Total real estate loans
|
4,839 | 5,058 | 708 | 4,803 | 54 | 54 | ||||||||||||||||||
Commercial and industrial
|
— | — | — | 25 | 1 | 1 | ||||||||||||||||||
Agriculture
|
— | — | — | — | — | — | ||||||||||||||||||
Consumer loans:
|
||||||||||||||||||||||||
Purchased indirect automobile
|
16 | 16 | 5 | 12 | — | — | ||||||||||||||||||
Other
|
— | — | — | 3 | — | — | ||||||||||||||||||
Total consumer loans
|
16 | 16 | 5 | 15 | — | — | ||||||||||||||||||
Total loans
|
4,855 | 5,074 | 713 | 4,843 | 55 | 55 | ||||||||||||||||||
Total
|
$ | 5,956 | $ | 6,255 | $ | 713 | $ | 6,698 | $ | 76 | $ | 76 |
Six Months Ended June 30, 2011
|
||||||||||||||||||||||||
Recorded Balance
|
Unpaid Principal Balance
|
Specific Allowance
|
Average Investment in Impaired Loans
|
Interest Income Recognized
|
Interest Income Recognized Cash Basis
|
|||||||||||||||||||
Loans without a specific allowance
|
||||||||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||||||
One-to-four family
|
$ | 1,456 | $ | 1,527 | $ | — | $ | 1,162 | $ | 21 | $ | 21 | ||||||||||||
Home equity lines of credit and other 2nd mortgages
|
128 | 138 | — | 94 | 2 | 2 | ||||||||||||||||||
Multi-family
|
— | — | — | — | — | — | ||||||||||||||||||
Commercial
|
— | — | — | — | — | — | ||||||||||||||||||
Farmland
|
— | — | — | — | — | — | ||||||||||||||||||
Construction and land development
|
— | — | — | — | — | — | ||||||||||||||||||
Total real estate loans
|
1,584 | 1,665 | — | 1,256 | 23 | 23 | ||||||||||||||||||
Commercial and industrial
|
5 | 5 | — | 2 | — | — | ||||||||||||||||||
Agriculture
|
— | — | — | — | — | — | ||||||||||||||||||
Consumer loans:
|
||||||||||||||||||||||||
Purchased indirect automobile
|
— | — | — | — | — | — | ||||||||||||||||||
Other
|
— | — | — | 1 | — | — | ||||||||||||||||||
Total consumer loans
|
— | — | — | 1 | — | — | ||||||||||||||||||
Total loans
|
$ | 1,589 | $ | 1,670 | $ | — | $ | 1,259 | $ | 23 | $ | 23 | ||||||||||||
Loans with a specific allowance
|
||||||||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||||||
One-to-four family
|
$ | 1,103 | $ | 1,103 | $ | 104 | $ | 721 | $ | 16 | $ | 16 | ||||||||||||
Home equity lines of credit and other 2nd mortgages
|
20 | 20 | 10 | 27 | — | — | ||||||||||||||||||
Multi-family
|
— | — | — | — | — | — | ||||||||||||||||||
Commercial
|
— | — | — | 541 | — | — | ||||||||||||||||||
Farmland
|
— | — | — | — | — | — | ||||||||||||||||||
Construction and land development
|
615 | 657 | 241 | 640 | 9 | 9 | ||||||||||||||||||
Total real estate loans
|
1,738 | 1,780 | 355 | 1,929 | 25 | 25 | ||||||||||||||||||
Commercial and industrial
|
97 | 97 | 18 | 98 | 2 | 2 | ||||||||||||||||||
Agriculture
|
— | — | — | — | — | — | ||||||||||||||||||
Consumer loans:
|
||||||||||||||||||||||||
Purchased indirect automobile
|
40 | 40 | 11 | 83 | 1 | 1 | ||||||||||||||||||
Other
|
1 | 1 | 1 | 1 | — | — | ||||||||||||||||||
Total consumer loans
|
41 | 41 | 12 | 84 | 1 | 1 | ||||||||||||||||||
Total loans
|
1,876 | 1,918 | 385 | 2,111 | 28 | 28 | ||||||||||||||||||
Total
|
$ | 3,465 | $ | 3,588 | $ | 385 | $ | 3,370 | $ | 51 | $ | 51 |
Three Months Ended June 30, 2012
|
Three Months Ended June 30, 2011
|
|||||||||||||||||||||||
Average Investment in Impaired Loans
|
Interest Income Recognized
|
Interest Income Recognized Cash Basis
|
Average Investment in Impaired Loans
|
Interest Income Recognized
|
Interest Income Recognized Cash Basis
|
|||||||||||||||||||
Loans without a specific allowance
|
||||||||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||||||
One-to-four family
|
$ | 967 | $ | 3 | $ | 3 | $ | 1,105 | $ | 8 | $ | 8 | ||||||||||||
Home equity lines of credit and other 2nd mortgages
|
108 | — | — | 91 | 1 | 1 | ||||||||||||||||||
Multi-family
|
— | — | — | — | — | — | ||||||||||||||||||
Commercial
|
— | — | — | — | — | — | ||||||||||||||||||
Farmland
|
— | — | — | — | — | — | ||||||||||||||||||
Construction and land development
|
— | — | — | — | — | — | ||||||||||||||||||
Total real estate loans
|
1,075 | 3 | 3 | 1,196 | 9 | 9 | ||||||||||||||||||
Commercial and industrial
|
45 | — | — | 2 | — | — | ||||||||||||||||||
Agriculture
|
— | — | — | — | — | — | ||||||||||||||||||
Consumer loans:
|
||||||||||||||||||||||||
Purchased indirect automobile
|
— | — | — | — | — | — | ||||||||||||||||||
Other
|
— | — | — | 1 | — | — | ||||||||||||||||||
Total consumer loans
|
— | — | — | 1 | — | — | ||||||||||||||||||
Total loans
|
$ | 1,120 | $ | 3 | $ | 3 | $ | 1,199 | $ | 9 | $ | 9 | ||||||||||||
Loans with a specific allowance
|
||||||||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||||||
One-to-four family
|
$ | 2,057 | $ | 6 | $ | 6 | $ | 606 | $ | 10 | $ | 10 | ||||||||||||
Home equity lines of credit and other 2nd mortgages
|
69 | — | — | 31 | — | — | ||||||||||||||||||
Multi-family
|
908 | 2 | 2 | — | — | — | ||||||||||||||||||
Commercial
|
1,390 | 4 | 4 | 713 | — | — | ||||||||||||||||||
Farmland
|
— | — | — | — | — | — | ||||||||||||||||||
Construction and land development
|
972 | 3 | 3 | 653 | 9 | 9 | ||||||||||||||||||
Total real estate loans
|
5,396 | 15 | 15 | 2,003 | 19 | 19 | ||||||||||||||||||
Commercial and industrial
|
25 | — | — | 98 | 1 | 1 | ||||||||||||||||||
Agriculture
|
— | — | — | — | — | — | ||||||||||||||||||
Consumer loans:
|
||||||||||||||||||||||||
Purchased indirect automobile
|
13 | — | — | 86 | — | — | ||||||||||||||||||
Other
|
— | — | — | 1 | 1 | 1 | ||||||||||||||||||
Total consumer loans
|
13 | — | — | 87 | 1 | 1 | ||||||||||||||||||
Total loans
|
5,434 | 15 | 15 | 2,188 | 21 | 21 | ||||||||||||||||||
Total
|
$ | 6,554 | $ | 18 | $ | 18 | $ | 3,387 | $ | 30 | $ | 30 |
December 31, 2011
|
||||||||||||||||||||||||
Recorded Balance
|
Unpaid Principal Balance
|
Specific Allowance
|
Average Investment in Impaired Loans
|
Interest Income Recognized
|
Interest Income Recognized Cash Basis
|
|||||||||||||||||||
Loans without a specific allowance
|
||||||||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||||||
One-to-four family
|
$ | 1,109 | $ | 1,245 | $ | — | $ | 988 | $ | 47 | $ | 47 | ||||||||||||
Home equity lines of credit and other 2nd mortgages
|
111 | 111 | — | 85 | 4 | 4 | ||||||||||||||||||
Multi-family
|
— | — | — | — | — | — | ||||||||||||||||||
Commercial
|
1,390 | 1,390 | — | 695 | 33 | 33 | ||||||||||||||||||
Farmland
|
— | — | — | — | — | — | ||||||||||||||||||
Construction and land development
|
— | — | — | — | — | — | ||||||||||||||||||
Total real estate loans
|
2,610 | 2,746 | — | 1,768 | 84 | 84 | ||||||||||||||||||
Commercial and industrial
|
— | — | — | — | — | — | ||||||||||||||||||
Agriculture
|
— | — | — | — | — | — | ||||||||||||||||||
Consumer loans:
|
||||||||||||||||||||||||
Purchased indirect automobile
|
— | — | — | — | — | — | ||||||||||||||||||
Other
|
— | — | — | 1 | — | — | ||||||||||||||||||
Total consumer loans
|
— | — | — | 1 | — | — | ||||||||||||||||||
Total loans
|
$ | 2,610 | $ | 2,746 | $ | — | $ | 1,769 | $ | 84 | $ | 84 | ||||||||||||
Loans with a specific allowance
|
||||||||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||||||
One-to-four family
|
$ | 2,666 | $ | 2,716 | $ | 239 | $ | 1,503 | $ | 72 | $ | 72 | ||||||||||||
Home equity lines of credit and other 2nd mortgages
|
157 | 157 | 120 | 95 | 5 | 5 | ||||||||||||||||||
Multi-family
|
917 | 977 | 259 | 459 | 22 | 22 | ||||||||||||||||||
Commercial
|
— | — | — | 541 | 26 | 26 | ||||||||||||||||||
Farmland
|
— | — | — | — | — | — | ||||||||||||||||||
Construction and land development
|
1,027 | 1,107 | 329 | 846 | 41 | 41 | ||||||||||||||||||
Total real estate loans
|
4,767 | 4,957 | 947 | 3,444 | 166 | 166 | ||||||||||||||||||
Commercial and industrial
|
50 | 50 | 21 | 75 | 4 | 4 | ||||||||||||||||||
Agriculture
|
— | — | — | — | — | — | ||||||||||||||||||
Consumer loans:
|
||||||||||||||||||||||||
Purchased indirect automobile
|
9 | 9 | 2 | 67 | 3 | 3 | ||||||||||||||||||
Other
|
5 | 5 | 5 | 3 | — | — | ||||||||||||||||||
Total consumer loans
|
14 | 14 | 7 | 70 | 3 | 3 | ||||||||||||||||||
Total loans
|
4,831 | 5,021 | 975 | 3,589 | 173 | 173 | ||||||||||||||||||
Total
|
$ | 7,441 | $ | 7,767 | $ | 975 | $ | 5,358 | $ | 257 | $ | 257 |
June 30,
2012
|
December 31,
2011
|
|||||||
Real estate loans:
|
||||||||
One-to-four family
|
$ | 1,638 | $ | 1,890 | ||||
Home equity lines of credit and other 2nd mortgages
|
— | — | ||||||
Multi-family
|
905 | 917 | ||||||
Commercial
|
1,390 | — | ||||||
Farmland
|
— | — | ||||||
Construction and land development
|
971 | 1,027 | ||||||
Total real estate loans
|
4,904 | 3,834 | ||||||
Commercial and industrial
|
— | — | ||||||
Agriculture
|
— | — | ||||||
Consumer loans:
|
||||||||
Purchased indirect automobile
|
— | — | ||||||
Other
|
— | — | ||||||
Total consumer loans
|
— | — | ||||||
Total
|
$ | 4,904 | $ | 3,834 |
Six Months Ended
June 30, 2012 |
||||||||
Number of
Modifications |
Recorded
Investment |
|||||||
Real estate loans:
|
||||||||
One-to-four family
|
1 | $ | 65 | |||||
Home equity lines of credit and other 2nd mortgages
|
— | — | ||||||
Multi-family
|
— | — | ||||||
Commercial
|
1 | 1,390 | ||||||
Farmland
|
— | — | ||||||
Construction and land development
|
— | — | ||||||
Total real estate loans
|
2 | 1,455 | ||||||
Commercial and industrial
|
— | — | ||||||
Agriculture
|
— | — | ||||||
Consumer loans:
|
||||||||
Purchased indirect automobile
|
— | — | ||||||
Other
|
— | — | ||||||
Total consumer loans
|
— | — | ||||||
Total
|
2 | $ | 1,455 |
June 30,
2012
|
December 31,
2011
|
|||||||
Mortgages on real estate:
|
||||||||
One-to-four family
|
$ | 2,457 | $ | 3,775 | ||||
Home equity lines of credit and other 2nd mortgages
|
125 | 268 | ||||||
Multi-family residential
|
905 | 917 | ||||||
Commercial
|
1,390 | 1,390 | ||||||
Construction and land development
|
970 | 1,027 | ||||||
Commercial and industrial
|
50 | 50 | ||||||
Purchased indirect automobile
|
— | — | ||||||
Other consumer
|
— | 5 | ||||||
Total
|
$ | 5,897 | $ | 7,432 |
|
·
|
The dividend payment must be at or below the average of the three-month LIBOR for that quarter.
|
|
·
|
Paying the dividend will not result in the FHLB’s retained earnings falling below the level at the previous year-end.
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Net unrealized gains (losses) on securities available-for-sale
|
$ | (11 | ) | $ | 48 | $ | — | $ | 43 | |||||||
Less reclassification adjustment for loss on other than temporary impairment of equity securities
|
— | — | 1 | — | ||||||||||||
Other comprehensive income (loss), before tax effect
|
(11 | ) | 48 | (1 | ) | 43 | ||||||||||
Less tax expense (benefit)
|
(4 | ) | 17 | — | 16 | |||||||||||
Other comprehensive income (loss)
|
$ | (7 | ) | $ | 31 | $ | (1 | ) | $ | 27 |
June 30,
2012
|
December 31,
2011
|
|||||||
Net unrealized gain on securities available-for-sale
|
$ | 33 | $ | 34 | ||||
Tax effect
|
11 | 11 | ||||||
Net-of-tax amount
|
$ | 22 | $ | 23 |
Six Months Ended
June 30,
|
||||||||
2012
|
2011
|
|||||||
Computed at the statutory rate (34%)
|
$ | 82 | $ | 38 | ||||
Decrease resulting from
|
||||||||
Tax exempt interest
|
(1 | ) | (2 | ) | ||||
Changes in deferred tax valuation allowance
|
(40 | ) | 1 | |||||
Cash surrender value of life insurance
|
(21 | ) | (23 | ) | ||||
Other
|
(15 | ) | — | |||||
Actual expense
|
$ | 5 | $ | 14 | ||||
Tax expense as a percentage of pre-tax income
|
2.07 | % | 12.39 | % |
|
Level 1
|
Quoted prices in active markets for identical assets or liabilities
|
|
Level 2
|
Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities
|
|
Level 3
|
Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities
|
Fair Value Measurements Using
|
||||||||||||||||
Fair Value
|
Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
Significant Other Observable Inputs
(Level 2)
|
Significant Unobservable Inputs
(Level 3)
|
|||||||||||||
June 30, 2012:
|
||||||||||||||||
Available-for-sale securities:
|
||||||||||||||||
US Government and federal agency
|
$ | 5,694 | $ | — | $ | 5,694 | $ | — | ||||||||
State and political subdivisions
|
1,907 | — | 1,907 | — | ||||||||||||
Mortgage-backed securities – GSE residential
|
848 | — | 848 | — | ||||||||||||
Equity securities
|
472 | 17 | 455 | — | ||||||||||||
Mortgage servicing rights
|
318 | — | — | 318 |
Fair Value Measurements Using
|
||||||||||||||||
Fair Value
|
Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
Significant Other Observable Inputs
(Level 2)
|
Significant Unobservable Inputs
(Level 3)
|
|||||||||||||
December 31, 2011:
|
||||||||||||||||
Available-for-sale securities:
|
||||||||||||||||
US Government and federal agency
|
$ | 3,214 | $ | — | $ | 3,214 | $ | — | ||||||||
Mortgage-backed securities – GSE residential
|
906 | — | 906 | — | ||||||||||||
Equity securities
|
461 | 11 | 450 | — | ||||||||||||
Mortgage servicing rights
|
310 | — | — | 310 |
Mortgage Servicing Rights
|
||||
Balance, January 1, 2012
|
$ | 310 | ||
Total realized and unrealized gains and losses included in net income
|
56 | |||
Servicing rights that result from asset transfers
|
34 | |||
Loans refinanced
|
(82 | ) | ||
Balance, June 30, 2012
|
$ | 318 | ||
Total gains or losses for the period included in net income attributable to the change in unrealized gains or losses related to assets and liabilities still held at the reporting date
|
$ | — |
Fair Value Measurements Using
|
||||||||||||||||
Fair Value
|
Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
Significant Other Observable Inputs
(Level 2)
|
Significant Unobservable Inputs
(Level 3)
|
|||||||||||||
June 30, 2012:
|
||||||||||||||||
Impaired loans (collateral dependent)
|
$ | 5,243 | $ | — | $ | — | $ | 5,243 | ||||||||
Foreclosed assets
|
485 | — | — | 485 | ||||||||||||
December 31, 2011:
|
||||||||||||||||
Impaired loans (collateral dependent)
|
$ | 3,706 | $ | — | $ | — | $ | 3,706 | ||||||||
Foreclosed assets
|
932 | — | — | 932 |
Fair Value at
June 30, 2012
|
Valuation Technique
|
Unobservable Inputs
|
Range
(Weighted Average)
|
|||||||||||
Collateral-dependent impaired loans
|
$ | 5,243 |
Market comparable properties
|
Marketability discount
|
10 | % | – | 30 | % | (22 | %) | |||
Foreclosed assets
|
485 |
Market comparable properties
|
Comparability adjustments (%)
|
Not available | ||||||||||
Mortgage servicing rights
|
318 |
Discounted cash flow
|
Discount rate
|
9 | % | – | 11 | % | (10 | %) | ||||
PSA standard prepayment model rate | 383 | – | 561 | (476 | ) |
Carrying Amount | Fair Value Measurements Using
Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
Significant Other Observable Inputs
(Level 2)
|
Significant Unobservable Inputs
(Level 3)
|
|||||||||||||
June 30, 2012: | ||||||||||||||||
Financial assets
|
||||||||||||||||
Cash and cash equivalents
|
$ | 14,289 | $ | 14,289 | $ | — | $ | — | ||||||||
Interest-bearing deposits with other financial institutions
|
8,627 | 8,627 | — | — | ||||||||||||
Held-to-maturity securities
|
1,428 | — | 1,428 | — | ||||||||||||
Loans, net of allowance for loan losses
|
122,717 | — | 124,721 | — | ||||||||||||
Federal Home Loan Bank stock
|
2,660 | — | 2,660 | — | ||||||||||||
Accrued interest receivable
|
586 | — | 586 | — | ||||||||||||
Financial liabilities
|
||||||||||||||||
Deposits
|
131,788 | — | 134,293 | — | ||||||||||||
Federal Home Loan Bank advances
|
16,257 | — | 16,674 | — | ||||||||||||
Advances from borrowers for taxes and insurance
|
425 | — | 425 | — | ||||||||||||
Accrued interest payable
|
38 | — | 38 | — | ||||||||||||
Unrecognized financial instruments (net of contract amount)
|
||||||||||||||||
Commitments to originate loans
|
— | — | — | — | ||||||||||||
Letters of credit
|
— | — | — | — | ||||||||||||
Lines of credit
|
— | — | — | — |
Carrying Amount
|
Fair Value
|
|||||||
December 31, 2011:
|
||||||||
Financial assets
|
||||||||
Cash and cash equivalents
|
$ | 22,227 | $ | 22,227 | ||||
Interest-bearing deposits with other financial institutions
|
6,235 | 6,235 | ||||||
Held-to-maturity securities
|
1,702 | 1,837 | ||||||
Loans, net of allowance for loan losses
|
115,698 | 117,598 | ||||||
Federal Home Loan Bank stock
|
6,549 | 6,549 | ||||||
Mortgage servicing rights
|
310 | 310 | ||||||
Interest receivable
|
691 | 691 | ||||||
Financial liabilities
|
||||||||
Deposits
|
135,069 | 135,870 | ||||||
Federal Home Loan Bank advances
|
12,402 | 12,885 | ||||||
Advances from borrowers for taxes and insurance
|
388 | 388 | ||||||
Interest payable
|
37 | 37 | ||||||
Unrecognized financial instruments (net of contract amount)
|
||||||||
Commitments to originate loans
|
— | — | ||||||
Letters of credit
|
— | — | ||||||
Lines of credit
|
— | — |
|
(A)
|
review the business plan of its subsidiary, Harvard Savings Bank, and provide the OTS with a written compliance report identifying any instances of Bank’s material non-compliance with its business plan and establishing a target date for correcting any such non-compliance or indicating that a new business plan will be submitted;
|
|
(B)
|
submit a capital plan (the “Capital Plan”) which shall include, among other things, a minimum tangible capital ratio commensurate with the Company’s consolidated risk profile, capital preservation strategies to achieve and maintain the Board-established minimum tangible equity capital ratio, operating strategies to achieve net income levels that will result in adequate cash flow throughout the term of the Capital Plan, and quarterly pro forma consolidated and unconsolidated financial statements for the period covered by the Capital Plan;
|
|
(C)
|
submit any material modifications to the Capital Plan to the OTS for its non-objection;
|
|
(D)
|
update the Capital Plan on an annual basis;
|
|
(E)
|
prepare and submit quarterly reports comparing projected operating results contained in the Capital Plan to actual results;
|
|
(F)
|
implement a risk management program which shall, among other things, appoint one or more individuals responsible for implementing and maintaining the program, clearly define the duties of the appointed individual(s), and identify the means and methods to be used to identify and monitor significant risks and trends impacting the Company’s consolidated risk and compliance profile;
|
|
(G)
|
to not declare or pay any dividends or purchase, repurchase, or redeem, or commit to purchase, repurchase, or redeem any Company stock without the prior written non-objection of the OTS; and
|
|
(H)
|
to not incur any additional debt at the holding company without the prior written non-objection of the OTS.
|
|
·
|
statements of our goals, intentions and expectations;
|
|
·
|
statements regarding our business plans, prospects, growth and operating strategies;
|
|
·
|
statements regarding the asset quality of our loan and investment portfolios; and
|
|
·
|
estimates of our risks and future costs and benefits.
|
|
·
|
our ability to manage our operations under the current adverse economic conditions (including real estate values, loan demand, inflation, commodity prices and employment levels) nationally and in our market areas;
|
|
·
|
adverse changes in the financial industry, securities, credit and national and local real estate markets (including real estate values);
|
|
·
|
The current drought conditions, which may increase the likelihood that our agricultural and farmland loan customers, as well as commercial loan customers whose businesses depend on or are related to agriculture, are unable to make payments on their loans, and which may reduce deposits from such customers as their revenues decrease and expenses increase.
|
|
·
|
increased competition among depository and other financial institutions;
|
|
·
|
our ability to successfully diversify our loan portfolio by increasing commercial and industrial, agricultural and farmland lending while reducing our reliance on residential and commercial real estate lending without experiencing a significant decrease in asset quality;
|
|
·
|
the expenses and diversion of management’s time and attention resulting from our efforts to oppose stockholder nominations;
|
|
·
|
significant restrictions on our operations imposed by a memorandum of understanding to which we are subject, and our ability to alter our business plan or obtain waivers to such restrictions from our regulators;
|
|
·
|
changes in the interest rate environment that reduce our margins or reduce the fair value of our financial instruments and real estate;
|
|
·
|
declines in the yield on our assets resulting from the current low interest rate environment;
|
|
·
|
risks related to increasing our commercial and industrial, agricultural and farmland loan portfolios, including increased risk of adverse changes in the local, national and international agricultural markets, including weather, pests and government regulation and support, which impact the value of our farmland and agricultural loans, and economic conditions in our market areas, which impact the value of commercial and industrial loans;
|
|
·
|
risks related to high concentration of loans secured by real estate located in our market areas;
|
|
·
|
increases in deposit and premium assessments;
|
|
·
|
legislative or regulatory changes, including increased compliance costs resulting from the recently enacted financial reform legislation, that adversely affect our business and earnings;
|
|
·
|
changes in the level of government support of housing finance;
|
|
·
|
our ability to enter new markets successfully and capitalize on growth opportunities;
|
|
·
|
our ability to successfully grow our Morris operations;
|
|
·
|
our reliance on a small executive staff;
|
|
·
|
changes in consumer spending, borrowing and savings habits;
|
|
·
|
changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission and the Public Company Accounting Oversight Board;
|
|
·
|
risks and costs related to operating as a publicly traded company;
|
|
·
|
changes in our organization, compensation and benefit plans;
|
|
·
|
loan delinquencies and changes in the underlying cash flows of our borrowers resulting in increased loan losses;
|
|
·
|
changes in our financial condition or results of operations that reduce capital available to pay dividends; and
|
|
·
|
changes in the financial condition or future prospects of issuers of securities that we own, including our stock in the FHLB of Chicago.
|
June 30, 2012
|
December 31, 2011
|
|||||||||||||||||||||||
Amount
|
Percent of
Allowance |
Percent of
Loans in |
Amount
|
Percent of
Allowance |
Percent of
Loans in |
|||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||||||
One-to-four-family
|
$ | 643 | 23.60 | % | 35.25 | % | $ | 549 | 21.32 | % | 37.49 | % | ||||||||||||
Home equity line of credit and other 2nd mortgage
|
180 | 6.61 | 7.84 | 248 | 9.63 | 8.69 | ||||||||||||||||||
Multi-family
|
288 | 10.57 | 1.59 | 287 | 11.15 | 1.25 | ||||||||||||||||||
Commercial
|
609 | 22.35 | 20.16 | 533 | 20.70 | 21.30 | ||||||||||||||||||
Farmland
|
141 | 5.17 | 7.52 | 143 | 5.55 | 8.06 | ||||||||||||||||||
Construction and land development
|
335 | 12.29 | 2.05 | 374 | 14.52 | 2.13 | ||||||||||||||||||
Total real estate loans
|
2,196 | 80.59 | 74.41 | 2,134 | 82.87 | 78.92 | ||||||||||||||||||
Commercial and industrial
|
124 | 4.55 | 4.29 | 125 | 4.86 | 3.59 | ||||||||||||||||||
Agriculture
|
285 | 10.46 | 15.17 | 215 | 8.35 | 12.10 | ||||||||||||||||||
Consumer loans:
|
||||||||||||||||||||||||
Purchased indirect automobile
|
118 | 4.33 | 6.00 | 95 | 3.69 | 5.26 | ||||||||||||||||||
Other
|
2 | 0.07 | 0.13 | 6 | 0.23 | 0.13 | ||||||||||||||||||
Total consumer loans
|
120 | 4.40 | 6.13 | 101 | 3.92 | 5.39 | ||||||||||||||||||
Unallocated
|
— | — | — | — | — | |||||||||||||||||||
Total allowance for loan losses
|
$ | 2,725 | 100.00 | % | 100.00 | % | $ | 2,575 | 100.00 | % | 100.00 | % |
At
June 30,
2012
|
At
December 31,
2011
|
|||||||
Non-accrual loans:
|
||||||||
Real estate loans:
|
||||||||
One-to four-family
|
$ | 2,457 | $ | 3,775 | ||||
Home equity lines of credit and other 2nd mortgage
|
125 | 268 | ||||||
Multi-family residential
|
905 | 917 | ||||||
Commercial
|
1,390 | 1,390 | ||||||
Farmland
|
— | — | ||||||
Construction and land development
|
970 | 1,027 | ||||||
Total real estate loans
|
5,847 | 7,377 | ||||||
Commercial and industrial
|
50 | 50 | ||||||
Agriculture
|
— | — | ||||||
Consumer loans:
|
||||||||
Purchased indirect automobile
|
— | — | ||||||
Other
|
— | 5 | ||||||
Total consumer loans
|
— | 5 | ||||||
Total non-accrual loans
|
5,897 | 7,432 | ||||||
Accruing loans past due 90 days or more:
|
||||||||
Total accruing loans past due 90 days or more
|
— | — | ||||||
Total of nonaccrual and 90 days or more past due loans
|
5,897 | 7,432 | ||||||
Other real estate owned:
|
||||||||
One-to four family
|
248 | 335 | ||||||
Commercial
|
710 | 825 | ||||||
Total other real estate owned
|
958 | 1,160 | ||||||
Repossessed automobiles
|
26 | 26 | ||||||
Total non-performing assets
|
6,881 | 8,618 | ||||||
Troubled debt restructurings (not included in nonaccrual loans above)
|
1,013 | — | ||||||
Total non-performing assets and troubled debt restructurings
|
$ | 7,894 | $ | 8,618 | ||||
Total non-performing loans to total loans
|
4.70 | % | 6.28 | % | ||||
Total non-performing assets to total assets
|
4.03 | % | 5.09 | % | ||||
Total non-performing loans and troubled debt restructurings to total loans
|
5.51 | % | 6.28 | % | ||||
Total non-performing assets and troubled debt restructurings to total assets
|
4.63 | % | 5.09 | % |
|
June 30,
2012
|
December 31,
2011
|
||||||
Watch loans
|
$ | 5,854 | $ | 4,547 | ||||
Special Mention loans
|
800 | 840 | ||||||
Substandard loans
|
5,956 | 7,441 | ||||||
Total watch list loans
|
$ | 12,610 | $ | 12,828 |
2012
|
2011
|
|||||||
Allowance at beginning of period
|
$ | 2,575 | $ | 1,873 | ||||
Provision for loan losses
|
308 | 296 | ||||||
Charge-offs:
|
||||||||
Real estate loans:
|
||||||||
One-to four family
|
73 | 125 | ||||||
Home equity line of credit and other 2nd mortgage
|
2 | 5 | ||||||
Commercial
|
— | 163 | ||||||
Construction and land development
|
55 | — | ||||||
Total charge-offs, real estate loans
|
130 | 293 | ||||||
Consumer loans:
|
||||||||
Purchased indirect automobile
|
34 | 40 | ||||||
Other
|
— | — | ||||||
Total charge-offs, consumer loans
|
34 | 40 | ||||||
Total charge-offs
|
164 | 333 | ||||||
Recoveries:
|
||||||||
Real estate loans:
|
||||||||
One-to four family
|
— | 44 | ||||||
Commercial
|
— | 31 | ||||||
Total recoveries, real estate loans
|
— | 75 | ||||||
Commercial and industrial
|
— | — | ||||||
Consumer loans:
|
||||||||
Purchased indirect automobile
|
6 | 5 | ||||||
Other
|
— | — | ||||||
Total recoveries, consumer loans
|
6 | 5 | ||||||
Total recoveries
|
6 | 80 | ||||||
Net charge-offs
|
(158 | ) | (253 | ) | ||||
Allowance at end of period
|
$ | 2,725 | $ | 1,916 | ||||
Allowance to non-performing loans
|
46.21 | % | 55.94 | % | ||||
Allowance to total loans outstanding at the end of the period
|
2.17 | % | 1.65 | % | ||||
Net charge-offs to average total loans outstanding during the period
|
0.26 | % | 0.44 | % |
June 30,
2012
Actual |
December 31,
2011
Actual |
Minimum
Required |
||||||||||
Tier 1 capital to average assets
|
9.9 | % | 9.9 | % | 4 | % | ||||||
Tier 1 capital to risk-weighted assets
|
12.5 | % | 12.8 | % | 4 | % | ||||||
Total capital to risk-weighted assets
|
13.7 | % | 14.0 | % | 8 | % |
|
June 30,
2012
|
December 31,
2011
|
||||||
Commitments to fund loans
|
$ | 14,869 | $ | 11,653 | ||||
Standby letters of credit
|
6 | 6 |
Three Months Ended June 30,
|
||||||||||||||||||||||||
2012
|
2011
|
|||||||||||||||||||||||
Average
Balance |
Interest
Income/ |
Yield/Cost
|
Average
Balance |
Interest
Income/ |
Yield/Cost
|
|||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Interest- earning assets:
|
||||||||||||||||||||||||
Interest -earning deposits
|
$ | 10,490 | $ | 22 | 0.84 | % | $ | 9,257 | $ | 32 | 1.38 | % | ||||||||||||
Securities purchased under agreements to resell
|
12,356 | 26 | 0.84 | % | 20,063 | 56 | 1.12 | % | ||||||||||||||||
Securities, tax-exempt
|
916 | 2 | 0.87 | % | 115 | 2 | 6.96 | % | ||||||||||||||||
Securities, taxable
|
6,997 | 46 | 2.63 | % | 6,978 | 48 | 2.75 | % | ||||||||||||||||
Loans
|
123,894 | 1,721 | 5.56 | % | 113,745 | 1,659 | 5.83 | % | ||||||||||||||||
Federal Home Loan Bank stock
|
3,091 | 3 | 0.39 | % | 6,549 | 1 | 0.06 | % | ||||||||||||||||
Total interest earning assets
|
157,744 | 1,820 | 4.62 | % | 156,707 | 1,798 | 4.59 | % | ||||||||||||||||
Non-interest earning assets
|
11,142 | 11,656 | ||||||||||||||||||||||
Total assets
|
$ | 168,886 | $ | 168,363 | ||||||||||||||||||||
Liabilities and equity
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Savings accounts
|
$ | 17,340 | 5 | 0.12 | % | $ | 16,208 | 12 | 0.30 | % | ||||||||||||||
NOW and money market accounts
|
34,463 | 15 | 0.17 | % | 32,433 | 24 | 0.30 | % | ||||||||||||||||
Certificates of deposit
|
75,535 | 313 | 1.66 | % | 78,315 | 418 | 2.13 | % | ||||||||||||||||
Brokered certificates of deposit
|
1,499 | 19 | 5.07 | % | 1,499 | 19 | 5.07 | % | ||||||||||||||||
Federal Home Loan Bank advances
|
11,919 | 89 | 2.99 | % | 13,475 | 107 | 3.18 | % | ||||||||||||||||
Total interest-bearing liabilities
|
140,756 | 441 | 1.25 | % | 141,930 | 580 | 1.63 | % | ||||||||||||||||
Non-interest-bearing deposits
|
5,121 | 4,324 | ||||||||||||||||||||||
Other non-interest-bearing liabilities
|
3,762 | 3,340 | ||||||||||||||||||||||
Total liabilities
|
149,639 | 149,594 | ||||||||||||||||||||||
Equity
|
19,247 | 18,769 | ||||||||||||||||||||||
Total liabilities and equity
|
$ | 168,886 | $ | 168,363 | ||||||||||||||||||||
Net interest income
|
$ | 1,379 | $ | 1,218 | ||||||||||||||||||||
Interest rate spread
|
3.37 | % | 2.96 | % | ||||||||||||||||||||
Net interest margin
|
3.50 | % | 3.11 | % | ||||||||||||||||||||
Average interest earning assets to average interest-bearing liabilities
|
112.07 | % | 110.41 | % |
Three Months Ended June 30,
2012 Compared to Three Months |
||||||||||||
Rate
|
Volume
|
Net
|
||||||||||
Interest income:
|
||||||||||||
Interest-earning deposits
|
$ | (15 | ) | $ | 5 | $ | (10 | ) | ||||
Securities purchased under agreements to resell
|
(12 | ) | (18 | ) | (30 | ) | ||||||
Securities, tax-exempt
|
— | — | — | |||||||||
Securities, taxable
|
(2 | ) | — | (2 | ) | |||||||
Loans
|
(71 | ) | 133 | 62 | ||||||||
Federal Home Loan Bank stock
|
2 | — | 2 | |||||||||
Total
|
(98 | ) | 120 | 22 | ||||||||
Interest Expense:
|
||||||||||||
Savings accounts
|
(8 | ) | 1 | (7 | ) | |||||||
NOW and money market accounts
|
(11 | ) | 2 | (9 | ) | |||||||
Certificates of deposit
|
(91 | ) | (14 | ) | (105 | ) | ||||||
Brokered certificates of deposit
|
— | — | — | |||||||||
Federal Home Loan Bank advances
|
(6 | ) | (12 | ) | (18 | ) | ||||||
Total
|
(116 | ) | (23 | ) | (139 | ) | ||||||
Increase in net interest income
|
$ | 18 | $ | 143 | $ | 161 |
Six Months Ended June 30,
|
||||||||||||||||||||||||
2012
|
2011
|
|||||||||||||||||||||||
Average
Balance |
Interest
Income/ |
Yield/Cost
|
Average
Balance |
Interest
Income/ |
Yield/Cost
|
|||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Interest- earning assets:
|
||||||||||||||||||||||||
Interest -earning deposits
|
$ | 9,601 | $ | 45 | 0.94 | % | $ | 10,252 | $ | 67 | 1.31 | % | ||||||||||||
Securities purchased under agreements to resell
|
15,931 | 68 | 0.85 | % | 17,753 | 96 | 1.08 | % | ||||||||||||||||
Securities, tax-exempt
|
458 | 2 | 0.87 | % | 291 | 7 | 4.81 | % | ||||||||||||||||
Securities, taxable
|
6,313 | 91 | 2.88 | % | 6,798 | 80 | 2.35 | % | ||||||||||||||||
Loans
|
122,006 | 3,444 | 5.65 | % | 114,536 | 3,356 | 5.86 | % | ||||||||||||||||
Federal Home Loan Bank stock
|
4,075 | 5 | 0.25 | % | 6,549 | 3 | 0.09 | % | ||||||||||||||||
Total interest earning assets
|
158,384 | 3,655 | 4.62 | % | 156,179 | 3,609 | 4.62 | % | ||||||||||||||||
Non-interest earning assets
|
11,219 | 11,970 | ||||||||||||||||||||||
Total assets
|
$ | 169,603 | $ | 168,149 | ||||||||||||||||||||
Liabilities and equity
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Savings accounts
|
$ | 17,028 | 10 | 0.12 | % | $ | 15,782 | 23 | 0.29 | % | ||||||||||||||
NOW and money market accounts
|
34,070 | 30 | 0.18 | % | 32,696 | 51 | 0.31 | % | ||||||||||||||||
Certificates of deposit
|
76,859 | 655 | 1.70 | % | 78,348 | 859 | 2.19 | % | ||||||||||||||||
Brokered certificates of deposit
|
1,499 | 38 | 5.07 | % | 1,499 | 38 | 5.07 | % | ||||||||||||||||
Federal Home Loan Bank advances
|
12,476 | 178 | 2.85 | % | 13,658 | 226 | 3.31 | % | ||||||||||||||||
Total interest-bearing liabilities
|
141,932 | 911 | 1.28 | % | 141,983 | 1,197 | 1.69 | % | ||||||||||||||||
Non-interest-bearing deposits
|
4,983 | 4,211 | ||||||||||||||||||||||
Other non-interest-bearing liabilities
|
3,530 | 3,212 | ||||||||||||||||||||||
Total liabilities
|
150,445 | 149,406 | ||||||||||||||||||||||
Equity
|
19,158 | 18,743 | ||||||||||||||||||||||
Total liabilities and equity
|
$ | 169,603 | $ | 168,149 | ||||||||||||||||||||
Net interest income
|
$ | 2,744 | $ | 2,412 | ||||||||||||||||||||
Interest rate spread
|
3.34 | % | 2.93 | % | ||||||||||||||||||||
Net interest margin
|
3.46 | % | 3.09 | % | ||||||||||||||||||||
Average interest earning assets to average interest-bearing liabilities
|
111.59 | % | 110.00 | % |
Six Months Ended June 30,
2012 Compared to Six Months |
||||||||||||
Rate
|
Volume
|
Net
|
||||||||||
Interest income:
|
||||||||||||
Interest-earning deposits
|
$ | (18 | ) | $ | (4 | ) | $ | (22 | ) | |||
Securities purchased under agreements to resell
|
(19 | ) | (9 | ) | (28 | ) | ||||||
Securities, tax-exempt
|
(17 | ) | 12 | (5 | ) | |||||||
Securities, taxable
|
16 | (5 | ) | 11 | ||||||||
Loans
|
(113 | ) | 201 | 88 | ||||||||
Federal Home Loan Bank stock
|
3 | (1 | ) | 2 | ||||||||
Total
|
(148 | ) | 194 | 46 | ||||||||
Interest Expense:
|
||||||||||||
Savings accounts
|
(15 | ) | 2 | (13 | ) | |||||||
NOW and money market accounts
|
(23 | ) | 2 | (21 | ) | |||||||
Certificates of deposit
|
(188 | ) | (16 | ) | (204 | ) | ||||||
Brokered certificates of deposit
|
— | — | — | |||||||||
Federal Home Loan Bank advances
|
(29 | ) | (19 | ) | (48 | ) | ||||||
Total
|
(255 | ) | (31 | ) | (286 | ) | ||||||
Increase (decrease) in net interest income
|
$ | 107 | $ | 225 | $ | 332 |
HARVARD ILLINOIS BANCORP, INC.
|
||
Registrant
|
||
Date: August 10, 2012
|
/s/ Duffield J. Seyller III
|
|
Duffield Seyller III
|
||
President and Chief Executive Officer
|
||
/s/ Donn L. Claussen
|
||
Donn L. Claussen
|
||
Executive Vice President and
Chief Financial Officer
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Harvard Illinois Bancorp, Inc.;
|
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;
|
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;
|
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
c)
|
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the period covered by this report based on such evaluation; and
|
|
d)
|
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):
|
|
a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.
|
August 10, 2012
|
/s/ Duffield J. Seyller III
|
|
Date
|
Duffield Seyller III
|
|
President and Chief Executive Officer
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Harvard Illinois Bancorp, Inc.;
|
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;
|
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;
|
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
c)
|
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the period covered by this report based on such evaluation; and
|
|
d)
|
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):
|
|
a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.
|
August 10, 2012
|
/s/ Donn L. Claussen
|
|
Date
|
Donn L. Claussen
|
|
Executive Vice President and Chief Financial Officer
|
(1)
|
the Report fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
|
(2)
|
the information contained in the report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
August 10, 2012
|
/s/ Duffield J. Seyller III
|
|
Date
|
Duffield Seyller III
|
|
President and Chief Executive Officer
|
||
August 10, 2012
|
/s/ Donn L. Claussen
|
|
Date
|
Donn L. Claussen
|
|
Executive Vice President and
Chief Financial Officer
|
Note 6: Securities (Detail) (USD $)
|
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Dec. 31, 2011
|
|
Other than Temporary Impairment Losses, Investments | $ 1,000 | $ 0 | |
Available-for-sale Securities Pledged as Collateral | 1,503,000 | 2,032,000 | |
Non-governmental securities with a Book Value greater than 10% of Total Equity [Member]
|
|||
Trading Securities, Description | 10% | ||
Debt and Marketable Securities [Member]
|
|||
Trading Securities, Description | 34% | ||
Mutual Funds [Member]
|
|||
Marketable Securities | 446,000 | 442,000 | |
FNMA and FHLMC Common Stock [Member]
|
|||
Marketable Securities | 9,000 | 8,000 | |
Other Equity Securities [Member]
|
|||
Other than Temporary Impairment Losses, Investments | 1,000 | 0 | |
Marketable Securities | 17,000 | 11,000 | |
Debt and Marketable Securities [Member]
|
|||
Marketable Securities | $ 3,487 |
Note 8: Federal Home Loan Bank Stock (Detail) (USD $)
|
6 Months Ended | |
---|---|---|
Jun. 30, 2012
|
Dec. 31, 2011
|
|
Federal Home Loan Bank Stock | $ 2,660,000 | $ 6,549,000 |
Shares of Federal Home Loan Bank Stock (in Shares) | 26,596 | 65,489 |
Payments for (Proceeds from) Federal Home Loan Bank Stock | (3,889,000) | |
Excess Stock [Member]
|
||
Federal Home Loan Bank Stock | 1,847 | |
Amount Redeemed [Member]
|
||
Payments for (Proceeds from) Federal Home Loan Bank Stock | $ (3,889,000) |
Note 9: Comprehensive Income (Loss) (Detail) - Other Comprehensive Income (Loss) Components (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
Net unrealized gains (losses) on securities available-for-sale | $ (11) | $ 48 | $ 43 | |
Less reclassification adjustment for loss on other than temporary impairment of equity securities | 1 | |||
Other comprehensive income (loss), before tax effect | (11) | 48 | (1) | 43 |
Less tax expense (benefit) | (4) | 17 | 16 | |
Other comprehensive income (loss) | $ (7) | $ 31 | $ (1) | $ 27 |
Note 7: Loans (Detail) - Credit Risk Profile
|
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2012
|
Dec. 31, 2011
|
|
Risk Pass [Member] | One to Four Family [Member]
|
||
Risk Class | $38,920 | $38,473 |
Risk Pass [Member] | Home Equity Lines of Credit and Second Mortgages [Member]
|
||
Risk Class | $9,505 | $9,841 |
Risk Pass [Member] | Multi-Family Residential [Member]
|
||
Risk Class | $1,094 | $563 |
Risk Pass [Member] | Commercial [Member]
|
||
Risk Class | $21,270 | $21,905 |
Risk Pass [Member] | Farmland [Member]
|
||
Risk Class | $9,429 | $9,531 |
Risk Pass [Member] | Construction and Land Development [Member]
|
||
Risk Class | $1,610 | $1,495 |
Risk Pass [Member] | Commercial and Industrial [Member]
|
||
Risk Class | $4,308 | $2,967 |
Risk Pass [Member] | Agricultural [Member]
|
||
Risk Class | $19,032 | $14,313 |
Risk Pass [Member] | Purchased Indirect Automobile, Net [Member]
|
||
Risk Class | $7,506 | $6,214 |
Risk Pass [Member] | Other Consumer [Member]
|
||
Risk Class | $162 | $147 |
Risk Pass [Member] | Total [Member]
|
||
Risk Class | $112,836 | $105,449 |
Risk Watch [Member] | One to Four Family [Member]
|
||
Risk Class | 2,518 | 1,801 |
Risk Watch [Member] | Home Equity Lines of Credit and Second Mortgages [Member]
|
||
Risk Class | 157 | 138 |
Risk Watch [Member] | Multi-Family Residential [Member]
|
||
Risk Class | - | - |
Risk Watch [Member] | Commercial [Member]
|
||
Risk Class | 2,314 | 1,557 |
Risk Watch [Member] | Farmland [Member]
|
||
Risk Class | - | - |
Risk Watch [Member] | Construction and Land Development [Member]
|
||
Risk Class | - | - |
Risk Watch [Member] | Commercial and Industrial [Member]
|
||
Risk Class | 865 | 1,051 |
Risk Watch [Member] | Agricultural [Member]
|
||
Risk Class | - | - |
Risk Watch [Member] | Purchased Indirect Automobile, Net [Member]
|
||
Risk Class | - | - |
Risk Watch [Member] | Other Consumer [Member]
|
||
Risk Class | - | - |
Risk Watch [Member] | Total [Member]
|
||
Risk Class | 5,854 | 4,547 |
Risk Special Mention [Member] | One to Four Family [Member]
|
||
Risk Class | 322 | 290 |
Risk Special Mention [Member] | Home Equity Lines of Credit and Second Mortgages [Member]
|
||
Risk Class | - | 37 |
Risk Special Mention [Member] | Multi-Family Residential [Member]
|
||
Risk Class | - | - |
Risk Special Mention [Member] | Commercial [Member]
|
||
Risk Class | 318 | 340 |
Risk Special Mention [Member] | Farmland [Member]
|
||
Risk Class | - | - |
Risk Special Mention [Member] | Construction and Land Development [Member]
|
||
Risk Class | - | - |
Risk Special Mention [Member] | Commercial and Industrial [Member]
|
||
Risk Class | 160 | 173 |
Risk Special Mention [Member] | Agricultural [Member]
|
||
Risk Class | - | - |
Risk Special Mention [Member] | Purchased Indirect Automobile, Net [Member]
|
||
Risk Class | - | - |
Risk Special Mention [Member] | Other Consumer [Member]
|
||
Risk Class | - | - |
Risk Special Mention [Member] | Total [Member]
|
||
Risk Class | 800 | 840 |
Risk Substantial [Member] | One to Four Family [Member]
|
||
Risk Class | 2,457 | 3,775 |
Risk Substantial [Member] | Home Equity Lines of Credit and Second Mortgages [Member]
|
||
Risk Class | 167 | 268 |
Risk Substantial [Member] | Multi-Family Residential [Member]
|
||
Risk Class | 905 | 917 |
Risk Substantial [Member] | Commercial [Member]
|
||
Risk Class | 1,390 | 1,390 |
Risk Substantial [Member] | Farmland [Member]
|
||
Risk Class | - | - |
Risk Substantial [Member] | Construction and Land Development [Member]
|
||
Risk Class | 971 | 1,027 |
Risk Substantial [Member] | Commercial and Industrial [Member]
|
||
Risk Class | 50 | 50 |
Risk Substantial [Member] | Agricultural [Member]
|
||
Risk Class | - | - |
Risk Substantial [Member] | Purchased Indirect Automobile, Net [Member]
|
||
Risk Class | 16 | 9 |
Risk Substantial [Member] | Other Consumer [Member]
|
||
Risk Class | - | 5 |
Risk Substantial [Member] | Total [Member]
|
||
Risk Class | 5,956 | 7,441 |
Total [Member] | One to Four Family [Member]
|
||
Risk Class | $44,217 | $44,339 |
Total [Member] | Home Equity Lines of Credit and Second Mortgages [Member]
|
||
Risk Class | $9,829 | $10,284 |
Total [Member] | Multi-Family Residential [Member]
|
||
Risk Class | $1,999 | $1,480 |
Total [Member] | Commercial [Member]
|
||
Risk Class | $25,292 | $25,192 |
Total [Member] | Farmland [Member]
|
||
Risk Class | $9,429 | $9,531 |
Total [Member] | Construction and Land Development [Member]
|
||
Risk Class | $2,581 | $2,522 |
Total [Member] | Commercial and Industrial [Member]
|
||
Risk Class | $5,383 | $4,241 |
Total [Member] | Agricultural [Member]
|
||
Risk Class | $19,032 | $14,313 |
Total [Member] | Purchased Indirect Automobile, Net [Member]
|
||
Risk Class | $7,522 | $6,223 |
Total [Member] | Other Consumer [Member]
|
||
Risk Class | $162 | $152 |
Total [Member] | Total [Member]
|
||
Risk Class | $125,446 | $118,277 |
Note 3: Stock-based Compensation (Detail) - Stock Option Weighted Average Assumptions (USD $)
|
12 Months Ended |
---|---|
Dec. 31, 2011
|
|
Risk-free interest rate | 2.50% |
Expected dividend yield | 0.00% |
Expected stock volatility | 46.00% |
Expected life (years) | 7 years |
Fair value (not in thousands) (in Dollars per share) | $ 4.11 |
Note 10: Income Taxes (Detail) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended |
---|---|
Jun. 30, 2012
|
|
Valuation Allowance, Deferred Tax Asset, Change in Amount | $ 40 |
Payments for (Proceeds from) Federal Home Loan Bank Stock | $ (3,889) |
Note 6: Securities (Tables)
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable Securities [Table Text Block] |
|
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Investments Classified by Contractual Maturity Date [Table Text Block] |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Unrealized Loss on Investments [Table Text Block] |
|
Note 6: Securities (Detail) - Unrealized Losses on Investments (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2011
|
Jun. 30, 2012
TBD [Member]
|
Dec. 31, 2011
US Government and Federal Agency [Member]
|
Dec. 31, 2011
State and Local Jurisdiction [Member]
|
---|---|---|---|---|
Available-for-sale: | ||||
Available for Sale Securities | $ 2,733 | $ 754 | ||
Available for Sale Securities | 13 | 0 | 8 | 5 |
Available for Sale Securities | 2,733 | 754 | ||
Available for Sale Securities | 8 | 5 | ||
Total temporarily impaired securities | 3,487 | 0 | ||
Total temporarily impaired securities | 13 | 0 | 8 | 5 |
Total temporarily impaired securities | 0 | |||
Total temporarily impaired securities | 0 | |||
Total temporarily impaired securities | 3,487 | 0 | ||
Total temporarily impaired securities | $ 13 | $ 0 |
Note 5: Securities Purchased Under Agreements to Resell (Detail) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Securities Purchased under Agreements to Resell | $ 10,103 | $ 18,482 |
Note 7: Loans (Detail) - Troubled Debt Restructuring Activity (USD $)
In Thousands, unless otherwise specified |
6 Months Ended |
---|---|
Jun. 30, 2012
|
|
Number of Modifications [Member] | One to Four Family [Member]
|
|
Number of Modifications | 1 |
Number of Modifications [Member] | Commercial [Member]
|
|
Number of Modifications | 1 |
Number of Modifications [Member] | Total Real Estate Loans [Member]
|
|
Number of Modifications | 2 |
Number of Modifications [Member] | Total [Member]
|
|
Number of Modifications | 2 |
Number of Modifications [Member]
|
|
Number of Modifications | 0 |
Recorded Balance [Member] | One to Four Family [Member]
|
|
Recorded Investment (in Dollars) | 65 |
Recorded Balance [Member] | Commercial [Member]
|
|
Recorded Investment (in Dollars) | 1,390 |
Recorded Balance [Member] | Total Real Estate Loans [Member]
|
|
Recorded Investment (in Dollars) | 1,455 |
Recorded Balance [Member] | Total [Member]
|
|
Recorded Investment (in Dollars) | 1,455 |
Recorded Balance [Member]
|
|
Recorded Investment (in Dollars) | 0 |
Note 11: Disclosures About Fair Value of Assets and Liabilities (Detail) - Mortgage Servicing Rights Fair Value (USD $)
In Thousands, unless otherwise specified |
6 Months Ended |
---|---|
Jun. 30, 2012
|
|
Balance, January 1, 2012 | $ 310 |
Total realized and unrealized gains and losses included in net income | 56 |
Servicing rights that result from asset transfers | 34 |
Loans refinanced | (82) |
Balance, June 30, 2012 | $ 318 |
Note 7: Loans (Detail) - Loan Portfolio Aging Analysis (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
30-59 Days Past Due | $ 4,549 | $ 2,418 |
60-89 Days Past Due | 779 | 1,440 |
Greater Than 90 Days | 1,532 | 1,834 |
Total Past Due | 6,860 | 5,692 |
Current | 118,586 | 112,585 |
Total Loans Receivable | 125,446 | 118,277 |
90+ Days Past Due | 0 | 0 |
One to Four Family [Member]
|
||
30-59 Days Past Due | 2,320 | 2,321 |
60-89 Days Past Due | 746 | 1,366 |
Greater Than 90 Days | 1,415 | 1,590 |
Total Past Due | 4,481 | 5,277 |
Current | 39,736 | 39,062 |
Total Loans Receivable | 44,217 | 44,339 |
90+ Days Past Due | 0 | 0 |
HELOC and 2nd Mortgage [Member]
|
||
30-59 Days Past Due | 30 | 88 |
60-89 Days Past Due | 33 | |
Greater Than 90 Days | 101 | 239 |
Total Past Due | 164 | 327 |
Current | 9,665 | 9,957 |
Total Loans Receivable | 9,829 | 10,284 |
90+ Days Past Due | 0 | 0 |
Multi-Family Residential [Member]
|
||
Current | 1,999 | 1,480 |
Total Loans Receivable | 1,999 | 1,480 |
90+ Days Past Due | 0 | 0 |
Commercial [Member]
|
||
30-59 Days Past Due | 2,176 | |
60-89 Days Past Due | 74 | |
Total Past Due | 2,176 | 74 |
Current | 23,116 | 25,118 |
Total Loans Receivable | 25,292 | 25,192 |
90+ Days Past Due | 0 | 0 |
Farmland [Member]
|
||
Current | 9,429 | 9,531 |
Total Loans Receivable | 9,429 | 9,531 |
90+ Days Past Due | 0 | 0 |
Construction and Land Development [Member]
|
||
Current | 2,581 | 2,522 |
Total Loans Receivable | 2,581 | 2,522 |
90+ Days Past Due | 0 | 0 |
Total Real Estate Loans [Member]
|
||
30-59 Days Past Due | 4,526 | 2,409 |
60-89 Days Past Due | 779 | 1,440 |
Greater Than 90 Days | 1,516 | 1,829 |
Total Past Due | 6,821 | 5,678 |
Current | 86,526 | 87,670 |
Total Loans Receivable | 93,347 | 93,348 |
90+ Days Past Due | 0 | 0 |
Commercial and Industrial [Member]
|
||
30-59 Days Past Due | 7 | |
Greater Than 90 Days | 16 | |
Total Past Due | 23 | |
Current | 5,360 | 4,241 |
Total Loans Receivable | 5,383 | 4,241 |
90+ Days Past Due | 0 | 0 |
Agricultural [Member]
|
||
Current | 19,032 | 14,313 |
Total Loans Receivable | 19,032 | 14,313 |
90+ Days Past Due | 0 | 0 |
Purchased Indirect Automobile, Net [Member]
|
||
30-59 Days Past Due | 16 | 9 |
Total Past Due | 16 | 9 |
Current | 7,506 | 6,214 |
Total Loans Receivable | 7,522 | 6,223 |
90+ Days Past Due | 0 | 0 |
Other Consumer [Member]
|
||
Greater Than 90 Days | 5 | |
Total Past Due | 5 | |
Current | 162 | 147 |
Total Loans Receivable | 162 | 152 |
90+ Days Past Due | 0 | 0 |
Total Consumer Loans [Member]
|
||
30-59 Days Past Due | 16 | 9 |
Greater Than 90 Days | 5 | |
Total Past Due | 16 | 14 |
Current | 7,668 | 6,361 |
Total Loans Receivable | 7,684 | 6,375 |
90+ Days Past Due | $ 0 | $ 0 |
Note 1: Basis of Financial Statement Presentation
|
6 Months Ended |
---|---|
Jun. 30, 2012
|
|
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] |
Note
1: Basis
of Financial Statement Presentation
The
consolidated financial statements include the accounts of
Harvard Illinois Bancorp, Inc. (Company) and its wholly-owned
subsidiary, Harvard Savings Bank. All significant
intercompany accounts and transactions have been eliminated
in consolidation.
The
accompanying unaudited consolidated financial statements have
been prepared in accordance with accounting principles
generally accepted in the United States of America (GAAP) for
interim financial reporting and with instructions for Form
10–Q and Rule 10–01 of Regulation S–X.
Accordingly, certain information and footnote disclosures
normally included in financial statements prepared in
accordance with GAAP have been condensed or omitted pursuant
to such rules and regulations. The preparation of
consolidated financial statements requires management to make
estimates and assumptions that affect the reported amounts of
assets and liabilities as of the balance sheet date and
revenues and expenses for the period. Actual results could
differ from these estimates. In the opinion of
management, the preceding unaudited consolidated financial
statements contain all adjustments (consisting only of normal
recurring accruals) necessary for a fair presentation of the
financial condition of the Company as of June 30, 2012 and
December 31, 2011, and the results of its operations for the
three and six month periods ended June 30, 2012 and
2011. These consolidated financial statements
should be read in conjunction with the consolidated financial
statements of the Company for the year ended December 31,
2011 included as part of Harvard Illinois Bancorp,
Inc.’s Form 10-K (File No. 000-53935) (2011 Form 10-K)
filed with the Securities and Exchange Commission on March
27, 2012.
The
results of operations for the six month period ended June 30,
2012 are not necessarily indicative of the results that may
be expected for the entire year. For further
information, refer to the consolidated financial statements
and footnotes thereto included in the 2011 Form
10–K.
|
Note 11: Disclosures About Fair Value of Assets and Liabilities (Detail) - Fair Value Measurements, Nonrecurring Basis (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Foreclosed assets | $ 485 | $ 932 |
Collateral Dependent Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member]
|
||
Impaired loans (collateral dependent) | 5,243 | 3,706 |
Collateral Dependent Impaired Loans [Member]
|
||
Impaired loans (collateral dependent) | 5,243 | 3,706 |
Fair Value, Inputs, Level 3 [Member]
|
||
Foreclosed assets | $ 485 | $ 932 |