| Loans and Allowance for Credit Losses |
Note 10 Loans and Allowance for Credit Losses
The following table provides outstanding balances related to each of our loan
types:
| |
|
|
|
|
|
|
|
|
| |
|
June 30,
2012 |
|
|
December 31,
2011 |
|
| |
|
(dollars in thousands) |
|
|
Commercial, financial, agricultural and other
|
|
$ |
1,059,675 |
|
|
$ |
996,739 |
|
|
Real estate construction
|
|
|
77,442 |
|
|
|
76,564 |
|
|
Residential real estate
|
|
|
1,213,610 |
|
|
|
1,137,059 |
|
|
Commercial real estate
|
|
|
1,232,270 |
|
|
|
1,267,432 |
|
|
Loans to individuals
|
|
|
576,534 |
|
|
|
565,849 |
|
| |
|
|
|
|
|
|
|
|
|
Total loans and leases net of unearned income
|
|
$ |
4,159,531 |
|
|
$ |
4,043,643 |
|
| |
|
|
|
|
|
|
|
|
During the six-months ended June 30, 2012, loans increased $115.9 million or 3% compared to balances outstanding at
December 31, 2011. A majority of the loan growth was recognized in the residential real estate portfolio as a result of seasonal demand and an ongoing loan promotion. Increases in the commercial, financial, agricultural and other portfolio can
be attributed primarily to growth in our syndication portfolio in Pennsylvania and contiguous states, while loans to individuals increased due to growth in home equity installment loans and indirect auto lending.
Credit Quality Information
As
part of the on-going monitoring of credit quality within the loan portfolio, the following credit worthiness categories are used in grading our loans:
| |
|
|
| Pass |
|
Acceptable levels of risk exist in the relationship. Includes all loans not adversely classified as OAEM, substandard or doubtful. |
| |
| Other Assets Especially Mentioned (OAEM) |
| |
|
Potential weaknesses that deserve management’s close attention. The potential weaknesses may result in deterioration of the repayment prospects or weaken the Bank’s
credit position at some future date. The credit risk may be relatively minor, yet constitute an undesirable risk in light of the circumstances surrounding the specific credit. No loss of principal or interest is expected. |
| |
|
| Substandard |
|
Well-defined weakness or a weakness that jeopardizes the repayment of the debt. A loan may be classified as substandard as a result of deterioration of the borrower’s
financial condition and repayment capacity. Loans for which repayment plans have not been met or collateral equity margins do not protect the Company may also be classified as substandard. |
| |
|
| Doubtful |
|
Loans with the characteristics of substandard loans with the added characteristic that collection or liquidation in full, on the basis of presently existing facts and conditions,
is highly improbable. |
The use of creditworthiness categories to grade loans permits management’s use of migration analysis to estimate a
portion of credit risk. The Company’s internal creditworthiness grading system provides a measurement of credit risk based primarily on an evaluation of the borrower’s cash flow and collateral. Movements between these rating categories
provides a predictive measure of credit losses and therefore assists in determining the appropriate level for the loan loss reserves. Category ratings are reviewed each quarter, at which time management analyzes the results, as well as other
external statistics and factors related to loan performance. Loans that migrate towards higher risk rating levels generally have an increased risk of default, whereas, loans that migrate toward lower risk ratings generally will result in a lower
risk factor being applied to those related loan balances.
The following tables represent our credit risk profile by creditworthiness:
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
June 30, 2012 |
|
| |
|
Commercial,
financial,
agricultural
and other |
|
|
Real estate
construction |
|
|
Residential
real estate |
|
|
Commercial
real estate |
|
|
Loans to
individuals |
|
|
Total |
|
| |
|
(dollars in thousands) |
|
|
Pass
|
|
$ |
955,231 |
|
|
$ |
50,028 |
|
|
$ |
1,202,163 |
|
|
$ |
1,103,062 |
|
|
$ |
576,530 |
|
|
$ |
3,887,014 |
|
|
Non-Pass
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OAEM
|
|
|
27,384 |
|
|
|
699 |
|
|
|
5,668 |
|
|
|
68,925 |
|
|
|
4 |
|
|
|
102,680 |
|
|
Substandard
|
|
|
77,060 |
|
|
|
21,004 |
|
|
|
5,779 |
|
|
|
60,283 |
|
|
|
0 |
|
|
|
164,126 |
|
|
Doubtful
|
|
|
0 |
|
|
|
5,711 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
5,711 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Non-Pass
|
|
|
104,444 |
|
|
|
27,414 |
|
|
|
11,447 |
|
|
|
129,208 |
|
|
|
4 |
|
|
|
272,517 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
1,059,675 |
|
|
$ |
77,442 |
|
|
$ |
1,213,610 |
|
|
$ |
1,232,270 |
|
|
$ |
576,534 |
|
|
$ |
4,159,531 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
December 31, 2011 |
|
| |
|
Commercial,
financial,
agricultural
and other |
|
|
Real estate
construction |
|
|
Residential
real estate |
|
|
Commercial
real estate |
|
|
Loans to
individuals |
|
|
Total |
|
| |
|
(dollars in thousands) |
|
|
Pass
|
|
$ |
904,057 |
|
|
$ |
44,914 |
|
|
$ |
1,126,143 |
|
|
$ |
1,110,664 |
|
|
$ |
565,842 |
|
|
$ |
3,751,620 |
|
|
Non-Pass
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OAEM
|
|
|
27,627 |
|
|
|
4,238 |
|
|
|
5,484 |
|
|
|
61,855 |
|
|
|
7 |
|
|
|
99,211 |
|
|
Substandard
|
|
|
60,114 |
|
|
|
21,701 |
|
|
|
5,432 |
|
|
|
94,913 |
|
|
|
0 |
|
|
|
182,160 |
|
|
Doubtful
|
|
|
4,941 |
|
|
|
5,711 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
10,652 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Non-Pass
|
|
|
92,682 |
|
|
|
31,650 |
|
|
|
10,916 |
|
|
|
156,768 |
|
|
|
7 |
|
|
|
292,023 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
996,739 |
|
|
$ |
76,564 |
|
|
$ |
1,137,059 |
|
|
$ |
1,267,432 |
|
|
$ |
565,849 |
|
|
$ |
4,043,643 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Risks
Credit quality measures at June 30, 2012 compared to December 31, 2011 indicate a decrease in criticized loans, or loans designated OAEM,
substandard or doubtful, of $19.5 million, or 7%, an increase in delinquency on accruing loans of $1.9 million, or 5%, and a $0.2 million increase in nonaccrual loans, excluding loans held-for-sale.
Charge-offs for the six-months ended June 30, 2012 totaled $8.7 million compared to $19.8 million for the six-months ended June 30, 2011. The
most significant charge-off during the six-months ended June 30, 2012 was a $1.2 million charge taken on a $2.0 million commercial loan relationship. During the six-months ended June 30, 2011, the most significant charge-off totaled $3.1
million and related to a western Pennsylvania office complex. Other significant charge-offs totaled $7.7 million and related to five construction loan projects located in Florida, Nevada, Ohio and western and central Pennsylvania.
Criticized loans totaled $272.5 million at June 30, 2012 and represented 7% of the loan portfolio. This represents a $19.5 million decrease compared
with the portfolio as of December 31, 2011. These loans have been evaluated when determining the appropriateness of the allowance for credit losses, which we believe is adequate at this time. However, changes in economic conditions, interest
rates, borrower financial condition, delinquency trends or previously established fair values of collateral factors could significantly change those judgmental estimates.
The credit quality of our loan
portfolio represents significant risk to our earnings, capital, regulatory agency relationships and shareholder returns. First Commonwealth devotes a substantial amount of resources to managing this risk primarily through our credit administration
department that develops and administers policies and procedures for underwriting, maintaining, monitoring and collecting activities. Credit administration is independent of lending departments and oversight is provided by the Credit Committee of
the First Commonwealth Board of Directors.
Risk factors associated with commercial real estate and construction related loans are monitored
closely since this is an area that represents a significant portion of the loan portfolio and has experienced the most stress during the economic downturn.
In addition, during the first six months of 2012, five relationships consisting of eight loans, were classified as troubled debt restructuring. These loans increased the nonperforming loan balance by $3.8
million with no increase in specific reserves.
Age Analysis of Past Due Loans by Segment
The following tables delineate the aging analysis of the recorded investments in past due loans as of June 30, 2012 and December 31, 2011. Also
included in these tables are loans that are 90 days or more past due and still accruing because they are well-secured and in the process of collection.
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
June 30, 2012 |
|
| |
|
30 - 59
days
past due |
|
|
60 - 89
days
past
due |
|
|
90 days
and
greater
and still
accruing |
|
|
Nonaccrual |
|
|
Total past
due and
nonaccrual |
|
|
Current |
|
|
Total |
|
| |
|
(dollars in thousands) |
|
|
Commercial, financial, agricultural and other
|
|
$ |
9,148 |
|
|
$ |
4,101 |
|
|
$ |
3,604 |
|
|
$ |
27,758 |
|
|
$ |
44,611 |
|
|
$ |
1,015,064 |
|
|
$ |
1,059,675 |
|
|
Real estate construction
|
|
|
16 |
|
|
|
0 |
|
|
|
469 |
|
|
|
15,060 |
|
|
|
15,545 |
|
|
|
61,897 |
|
|
|
77,442 |
|
|
Residential real estate
|
|
|
6,555 |
|
|
|
1,852 |
|
|
|
4,961 |
|
|
|
3,923 |
|
|
|
17,291 |
|
|
|
1,196,319 |
|
|
|
1,213,610 |
|
|
Commercial real estate
|
|
|
1,497 |
|
|
|
431 |
|
|
|
305 |
|
|
|
31,951 |
|
|
|
34,184 |
|
|
|
1,198,086 |
|
|
|
1,232,270 |
|
|
Loans to individuals
|
|
|
2,384 |
|
|
|
875 |
|
|
|
1,248 |
|
|
|
0 |
|
|
|
4,507 |
|
|
|
572,027 |
|
|
|
576,534 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
19,600 |
|
|
$ |
7,259 |
|
|
$ |
10,587 |
|
|
$ |
78,692 |
|
|
$ |
116,138 |
|
|
$ |
4,043,393 |
|
|
$ |
4,159,531 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| |
|
December 31, 2011 |
|
| |
|
30 - 59
days
past due |
|
|
60 - 89
days
past
due |
|
|
90 days
and
greater
and still
accruing |
|
|
Nonaccrual |
|
|
Total past
due and
nonaccrual |
|
|
Current |
|
|
Total |
|
| |
|
(dollars in thousands) |
|
|
Commercial, financial, agricultural and other
|
|
$ |
5,433 |
|
|
$ |
824 |
|
|
$ |
287 |
|
|
$ |
33,459 |
|
|
$ |
40,003 |
|
|
$ |
956,736 |
|
|
$ |
996,739 |
|
|
Real estate construction
|
|
|
0 |
|
|
|
180 |
|
|
|
0 |
|
|
|
14,911 |
|
|
|
15,091 |
|
|
|
61,473 |
|
|
|
76,564 |
|
|
Residential real estate
|
|
|
7,144 |
|
|
|
2,100 |
|
|
|
8,767 |
|
|
|
3,153 |
|
|
|
21,164 |
|
|
|
1,115,895 |
|
|
|
1,137,059 |
|
|
Commercial real estate
|
|
|
3,671 |
|
|
|
1,241 |
|
|
|
157 |
|
|
|
26,953 |
|
|
|
32,022 |
|
|
|
1,235,410 |
|
|
|
1,267,432 |
|
|
Loans to individuals
|
|
|
2,952 |
|
|
|
962 |
|
|
|
1,804 |
|
|
|
0 |
|
|
|
5,718 |
|
|
|
560,131 |
|
|
|
565,849 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
19,200 |
|
|
$ |
5,307 |
|
|
$ |
11,015 |
|
|
$ |
78,476 |
|
|
$ |
113,998 |
|
|
$ |
3,929,645 |
|
|
$ |
4,043,643 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The previous tables summarize
nonaccrual loans by loan segment. The Company generally places loans on nonaccrual status when the full and timely collection of interest or principal becomes uncertain, when part of the principal balance has been charged off and no restructuring
has occurred, or the loans reach a certain number of days past due. Generally, loans 90 days or more past due are placed on nonaccrual status.
Nonaccrual Loans
When a loan is
placed on nonaccrual, the accrued unpaid interest receivable is reversed against interest income and all future payments received are applied as a reduction to the loan principal. Generally, the loan is returned to accrual status when (a) all
delinquent interest and principal become current under the terms of the loan agreement or (b) the loan is both well-secured and in the process of collection and collectability is no longer doubtful.
Impaired Loans
Management
considers loans to be impaired when, based on current information and events, it is determined that the Company will not be able to collect all amounts due according to the loan contract, including scheduled interest payments. Determination of
impairment is treated the same across all loan categories. When management identifies a loan as impaired, the impairment is measured based on the present value of expected future cash flows, discounted at the loan’s effective interest rate,
except when the sole source or repayment for the loan is the operation or liquidation of collateral. When the loan is collateral dependent, the appraised value less cost to sell is utilized. If management determines the value of the impaired loan is
less than the recorded investment in the loan, impairment is recognized through an allowance estimate or a charge-off to the allowance. Troubled debt restructured loans on accrual status are considered to be impaired loans.
When the ultimate collectability of the total principal of an impaired loan is in doubt and the loan is on nonaccrual status, all payments are applied to
principal, under the cost recovery method. When the ultimate collectability of the total principal of an impaired loan is not in doubt and the loan is on nonaccrual status, contractual interest is credited to interest income when received, under the
cash basis method.
Nonperforming loans, excluding loans held for sale, decreased $13.8 million to $84.9 million at June 30, 2012
compared to $98.8 million at December 31, 2011. Contributing to this decrease was an $11.3 million loan to a waste management company which was paid off in the first quarter and a $9.1 million loan to an information technology firm which was
returned to accrual status in the second quarter. The most significant loans placed into nonperforming status during the first half of 2012 included $4.9 million for a commercial real estate loan to a nonprofit institution, $2.5 million to a
manufacturer of medical equipment and $1.3 million on a residential lot development.
The specific allowance for nonperforming loans decreased
by $1.5 million at June 30, 2012 compared to December 31, 2011. Unfunded commitments related to nonperforming loans were $4.8 million at June 30, 2012 and after consideration of available collateral related to these commitments, an
off balance sheet reserve of $39 thousand was established.
Loans held for sale totaled $13.4 million at December 31, 2011 and the entire
balance represented nonperforming loans. As of June 30, 2012, the sale of all of these loans had been completed and provided for a $2.9 million gain. While these loans were considered to be nonperforming, they were not taken into consideration when determining the allowance for credit losses as they were carried at the lower of cost or fair
value.
Significant nonaccrual loans as of June 30, 2012, include the following;
| • |
|
$19.4 million, the remaining portion of a $44.1 million unsecured loan to a western Pennsylvania real estate developer. This loan was originated in the
second quarter of 2004 and was placed in nonaccrual status in the fourth quarter of 2009. A settlement plan with the borrower and three other lenders was reached in the fourth quarter of 2010 and resulted in an $8.0 million principal payment and a
$15.4 million partial charge-off.
|
| • |
|
$16.3 million commercial real estate loan for a real estate developer in eastern Pennsylvania. This loan was originated in the third quarter of 2007
and restructured in the fourth quarter of 2011 and resulted in a charge-off of $4.2 million. The most recent appraisal for the real estate collateral was completed in the third quarter of 2011.
|
| • |
|
$5.7 million, the remaining portion of a $20.8 million construction loan for a Florida condominium project. This loan was originated in the second
quarter of 2007. Charge-offs of $15.1 million have been recorded on this loan. The most recent appraisal for the real estate collateral was completed in the second quarter of 2012.
|
| • |
|
$4.9 million real estate secured loan to a western Pennsylvania nonprofit corporation. This loan was originated in the fourth quarter of 2008 and
placed in nonaccrual status in the second quarter of 2012. The most recent appraisals for the various real estate collateral were completed in the fourth quarter of 2011 and the first quarter of 2012.
|
| • |
|
$3.4 million, the remaining portion of an $8.9 million commercial construction loan to a Nevada developer. This loan was originated in the second
quarter of 2007. Charge-offs of $5.2 million have been recorded on this loan. The most recent appraisal was completed in the fourth quarter of 2011.
|
The following tables include the
recorded investment and unpaid principal balance for impaired loans with the associated allowance amount, if applicable, as of June 30, 2012 and December 31, 2011. Also presented are the average recorded investment in impaired loans and
the related amount of interest recognized while the loan was considered impaired. Average balances are calculated based on month-end balances of the loans of the period reported.
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
June 30, 2012 |
|
|
December 31, 2011 |
|
| |
|
Recorded
investment |
|
|
Unpaid
principal
balance |
|
|
Related
allowance |
|
|
Recorded
investment |
|
|
Unpaid
principal
balance |
|
|
Related
allowance |
|
| |
|
(dollars in thousands) |
|
|
With no related allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial, agricultural and other
|
|
$ |
6,003 |
|
|
$ |
7,034 |
|
|
$ |
0 |
|
|
$ |
2,010 |
|
|
$ |
3,418 |
|
|
$ |
0 |
|
|
Real estate construction
|
|
|
4,132 |
|
|
|
10,281 |
|
|
|
0 |
|
|
|
10,814 |
|
|
|
20,161 |
|
|
|
0 |
|
|
Residential real estate
|
|
|
3,050 |
|
|
|
3,498 |
|
|
|
0 |
|
|
|
3,125 |
|
|
|
3,513 |
|
|
|
0 |
|
|
Commercial real estate
|
|
|
30,303 |
|
|
|
31,888 |
|
|
|
0 |
|
|
|
36,777 |
|
|
|
41,974 |
|
|
|
0 |
|
|
Loans to individuals
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal
|
|
|
43,488 |
|
|
|
52,701 |
|
|
|
0 |
|
|
|
52,726 |
|
|
|
69,066 |
|
|
|
0 |
|
|
With an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial, agricultural and other
|
|
|
25,972 |
|
|
|
26,685 |
|
|
|
8,046 |
|
|
|
34,056 |
|
|
|
34,341 |
|
|
|
9,069 |
|
|
Real estate construction
|
|
|
10,928 |
|
|
|
31,827 |
|
|
|
2,747 |
|
|
|
6,298 |
|
|
|
21,402 |
|
|
|
2,960 |
|
|
Residential real estate
|
|
|
1,820 |
|
|
|
1,820 |
|
|
|
431 |
|
|
|
955 |
|
|
|
955 |
|
|
|
93 |
|
|
Commercial real estate
|
|
|
2,735 |
|
|
|
2,939 |
|
|
|
510 |
|
|
|
4,717 |
|
|
|
4,863 |
|
|
|
1,114 |
|
|
Loans to individuals
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal
|
|
|
41,455 |
|
|
|
63,271 |
|
|
|
11,734 |
|
|
|
46,026 |
|
|
|
61,561 |
|
|
|
13,236 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
84,943 |
|
|
$ |
115,972 |
|
|
$ |
11,734 |
|
|
$ |
98,752 |
|
|
$ |
130,627 |
|
|
$ |
13,236 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Six-Months Ended June 30, |
|
| |
|
2012 |
|
|
2011 |
|
| |
|
Average
recorded
investment |
|
|
Interest
Income
Recognized |
|
|
Average
recorded
investment |
|
|
Interest
Income
Recognized |
|
| |
|
(dollars in thousands) |
|
|
With no related allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial, agricultural and other
|
|
$ |
10,291 |
|
|
$ |
21 |
|
|
$ |
3,167 |
|
|
$ |
5 |
|
|
Real estate construction
|
|
|
7,268 |
|
|
|
0 |
|
|
|
12,727 |
|
|
|
2 |
|
|
Residential real estate
|
|
|
9,219 |
|
|
|
11 |
|
|
|
2,005 |
|
|
|
2 |
|
|
Commercial real estate
|
|
|
26,529 |
|
|
|
53 |
|
|
|
29,407 |
|
|
|
18 |
|
|
Loans to individuals
|
|
|
0 |
|
|
|
0 |
|
|
|
16 |
|
|
|
0 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal
|
|
|
53,307 |
|
|
|
85 |
|
|
|
47,322 |
|
|
|
27 |
|
|
With an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial, agricultural and other
|
|
|
19,101 |
|
|
|
6 |
|
|
|
27,026 |
|
|
|
76 |
|
|
Real estate construction
|
|
|
6,865 |
|
|
|
0 |
|
|
|
31,124 |
|
|
|
2 |
|
|
Residential real estate
|
|
|
797 |
|
|
|
14 |
|
|
|
506 |
|
|
|
0 |
|
|
Commercial real estate
|
|
|
2,028 |
|
|
|
0 |
|
|
|
29,292 |
|
|
|
177 |
|
|
Loans to individuals
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal
|
|
|
28,791 |
|
|
|
20 |
|
|
|
87,948 |
|
|
|
255 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
82,098 |
|
|
$ |
105 |
|
|
$ |
135,270 |
|
|
$ |
282 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Three-Months Ended June 30, |
|
| |
|
2012 |
|
|
2011 |
|
| |
|
Average
recorded
investment |
|
|
Interest
Income
Recognized |
|
|
Average
recorded
investment |
|
|
Interest
Income
Recognized |
|
| |
|
(dollars in thousands) |
|
|
With no related allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial, agricultural and other
|
|
$ |
7,735 |
|
|
$ |
3 |
|
|
$ |
2,297 |
|
|
$ |
2 |
|
|
Real estate construction
|
|
|
10,118 |
|
|
|
0 |
|
|
|
10,204 |
|
|
|
2 |
|
|
Residential real estate
|
|
|
15,082 |
|
|
|
6 |
|
|
|
1,987 |
|
|
|
1 |
|
|
Commercial real estate
|
|
|
25,696 |
|
|
|
19 |
|
|
|
26,255 |
|
|
|
7 |
|
|
Loans to individuals
|
|
|
0 |
|
|
|
0 |
|
|
|
7 |
|
|
|
0 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal
|
|
|
58,631 |
|
|
|
28 |
|
|
|
40,750 |
|
|
|
12 |
|
|
With an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial, agricultural and other
|
|
|
17,441 |
|
|
|
3 |
|
|
|
30,770 |
|
|
|
74 |
|
|
Real estate construction
|
|
|
4,068 |
|
|
|
0 |
|
|
|
31,701 |
|
|
|
1 |
|
|
Residential real estate
|
|
|
644 |
|
|
|
7 |
|
|
|
722 |
|
|
|
0 |
|
|
Commercial real estate
|
|
|
1,253 |
|
|
|
0 |
|
|
|
39,912 |
|
|
|
164 |
|
|
Loans to individuals
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal
|
|
|
23,406 |
|
|
|
10 |
|
|
|
103,105 |
|
|
|
239 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
82,037 |
|
|
$ |
38 |
|
|
$ |
143,855 |
|
|
$ |
251 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Troubled debt restructured loans are those loans whose terms have been renegotiated to provide a reduction or deferral of principal or
interest as a result of the financial difficulties experienced by the borrower, who could not obtain comparable terms from alternate financing sources.
The following table provides detail as to the total troubled debt restructured
loans and total commitments outstanding on troubled debt restructured loans:
| |
|
|
|
|
|
|
|
|
| |
|
June 30,
2012 |
|
|
December 31,
2011 |
|
| |
|
(dollars in thousands) |
|
|
Troubled debt restructured loans
|
|
|
|
|
|
|
|
|
|
Accrual status
|
|
$ |
6,251 |
|
|
$ |
20,276 |
|
|
Nonaccrual status
|
|
|
45,235 |
|
|
|
44,841 |
|
| |
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
51,486 |
|
|
$ |
65,117 |
|
| |
|
|
|
|
|
|
|
|
|
Commitments
|
|
|
|
|
|
|
|
|
|
Letters of credit
|
|
$ |
0 |
|
|
$ |
12,580 |
|
|
Unused lines of credit
|
|
|
55 |
|
|
|
42 |
|
| |
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
55 |
|
|
$ |
12,622 |
|
| |
|
|
|
|
|
|
|
|
At June 30, 2012, troubled debt restructured loans on accruing status decreased $14.0 million compared to December 31, 2011
and commitments related to troubled debt restructured loans decreased $12.6 million for the same period. These decreases are primarily a result of the payoff of an $11.3 million loan to a waste management company in Pennsylvania as a result of the sale of the business. In addition, a $2.2
million loan to a retail development company in western Pennsylvania paid off during the first quarter. During 2012 and 2011 the changes in loan balances between the pre-modification balance and the post-modification balance are due to customer
payments.
The following tables provide detail, including specific
reserve and reasons for modification, related to loans identified as troubled debt restructurings:
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Six-Months Ended June 30, 2012 |
|
| |
|
|
|
|
Type of Modification |
|
|
|
|
|
|
|
|
|
|
| |
|
Number
of
Contracts |
|
|
Extend
Maturity |
|
|
Modify
Rate |
|
|
Modify
Payments |
|
|
Total
Pre-Modification
Outstanding
Recorded
Investment |
|
|
Post-
Modification
Outstanding
Recorded
Investment |
|
|
Specific
Reserve |
|
| |
|
(dollars in thousands) |
|
|
Commercial, financial, agricultural and other
|
|
|
4 |
|
|
$ |
447 |
|
|
$ |
18 |
|
|
$ |
6,029 |
|
|
$ |
6,494 |
|
|
$ |
6,494 |
|
|
$ |
2,760 |
|
|
Real estate construction
|
|
|
1 |
|
|
|
823 |
|
|
|
0 |
|
|
|
0 |
|
|
|
823 |
|
|
|
815 |
|
|
|
0 |
|
|
Residential real estate
|
|
|
3 |
|
|
|
0 |
|
|
|
97 |
|
|
|
83 |
|
|
|
180 |
|
|
|
133 |
|
|
|
0 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
8 |
|
|
$ |
1,270 |
|
|
$ |
115 |
|
|
$ |
6,112 |
|
|
$ |
7,497 |
|
|
$ |
7,442 |
|
|
$ |
2,760 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Six-Months Ended June 30, 2011 |
|
| |
|
|
|
|
Type of Modification |
|
|
|
|
|
|
|
|
|
|
| |
|
Number
of
Contracts |
|
|
Extend
Maturity |
|
|
Modify
Rate |
|
|
Modify
Payments |
|
|
Total
Pre-Modification
Outstanding
Recorded
Investment |
|
|
Post-
Modification
Outstanding
Recorded
Investment |
|
|
Specific
Reserve |
|
| |
|
(dollars in thousands) |
|
|
Commercial, financial, agricultural and other
|
|
|
9 |
|
|
$ |
100 |
|
|
$ |
105 |
|
|
$ |
2,168 |
|
|
$ |
2,373 |
|
|
$ |
2,370 |
|
|
$ |
720 |
|
|
Real estate construction
|
|
|
4 |
|
|
|
354 |
|
|
|
0 |
|
|
|
0 |
|
|
|
354 |
|
|
|
371 |
|
|
|
15 |
|
|
Residential real estate
|
|
|
3 |
|
|
|
0 |
|
|
|
27 |
|
|
|
75 |
|
|
|
102 |
|
|
|
101 |
|
|
|
0 |
|
|
Commercial real estate
|
|
|
15 |
|
|
|
17,163 |
|
|
|
199 |
|
|
|
1,497 |
|
|
|
18,859 |
|
|
|
18,758 |
|
|
|
1,743 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
31 |
|
|
$ |
17,617 |
|
|
$ |
331 |
|
|
$ |
3,740 |
|
|
$ |
21,688 |
|
|
$ |
21,600 |
|
|
$ |
2,478 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The troubled debt restructurings included in the above tables are also included in the impaired loan tables provided earlier in this
note. Loans defined as modified due to a change in rate include loans that were modified for a change in rate as well as a reamortization of the principal and an extension of the maturity. For the six-months ended June 30, 2012 and 2011, $0.1
million and $0.3 million, respectively, of total rate modifications represent loans with modifications to the rate as well as payment due to reamortization.
The following tables provide detail, including specific
reserve and reasons for modification, related to loans identified as troubled debt restructurings:
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Three-Months Ended June 30, 2012 |
|
| |
|
|
|
|
Type of Modification |
|
|
|
|
|
|
|
|
|
|
| |
|
Number
of
Contracts |
|
|
Extend
Maturity |
|
|
Modify
Rate |
|
|
Modify
Payments |
|
|
Total
Pre-Modification
Outstanding
Recorded
Investment |
|
|
Post-
Modification
Outstanding
Recorded
Investment |
|
|
Specific
Reserve |
|
| |
|
(dollars in thousands) |
|
|
Commercial, financial, agricultural and other
|
|
|
4 |
|
|
$ |
447 |
|
|
$ |
18 |
|
|
$ |
6,029 |
|
|
$ |
6,494 |
|
|
$ |
6,494 |
|
|
$ |
2,760 |
|
|
Real estate construction
|
|
|
1 |
|
|
|
823 |
|
|
|
0 |
|
|
|
0 |
|
|
|
823 |
|
|
|
815 |
|
|
|
0 |
|
|
Residential real estate
|
|
|
1 |
|
|
|
0 |
|
|
|
0 |
|
|
|
83 |
|
|
|
83 |
|
|
|
82 |
|
|
|
0 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
6 |
|
|
$ |
1,270 |
|
|
$ |
18 |
|
|
$ |
6,112 |
|
|
$ |
7,400 |
|
|
$ |
7,391 |
|
|
$ |
2,760 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Three-Months Ended June 30, 2011 |
|
| |
|
|
|
|
Type of Modification |
|
|
|
|
|
|
|
|
|
|
| |
|
Number
of
Contracts |
|
|
Extend
Maturity |
|
|
Modify
Rate |
|
|
Modify
Payments |
|
|
Total
Pre-Modification
Outstanding
Recorded
Investment |
|
|
Post-
Modification
Outstanding
Recorded
Investment |
|
|
Specific
Reserve |
|
| |
|
(dollars in thousands) |
|
|
Commercial, financial, agricultural and other
|
|
|
0 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
Real estate construction
|
|
|
1 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
Residential real estate
|
|
|
2 |
|
|
|
0 |
|
|
|
15 |
|
|
|
75 |
|
|
|
90 |
|
|
|
90 |
|
|
|
0 |
|
|
Commercial real estate
|
|
|
4 |
|
|
|
10,033 |
|
|
|
0 |
|
|
|
849 |
|
|
|
10,882 |
|
|
|
10,839 |
|
|
|
250 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
7 |
|
|
$ |
10,033 |
|
|
$ |
15 |
|
|
$ |
924 |
|
|
$ |
10,972 |
|
|
$ |
10,929 |
|
|
$ |
250 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The troubled debt restructurings included in the above tables are also included in the impaired loan tables provided earlier in this
note. Loans defined as modified due to a change in rate include loans that were modified for a change in rate as well as a reamortization of the principal and an extension of the maturity. For the three-months ended June 30, 2012 and 2011, $18
thousand and $15 thousand, respectively, of total rate modifications represent loans with modifications to the rate as well as payment due to reamortization.
During the three-months ended June 30, 2012, a $2.8 million nonaccrual loan to a water treatment plant and a $3.7 million accruing loan to a gas well servicing operation were each restructured with a
twelve month principal forbearance. The nonaccrual loan is fully reserved for while the accruing loan is secured by company assets with no reserve allocation. These loans are part of a $21.0 million commercial loan relationship with a shallow gas
well operator whose business has been impacted by the sharp decline in natural gas prices due to the success of Marcellus deep well drilling. In addition to these two loans, other loans in this relationship include loans to a related exploration and
production company and loans to the principal which are secured by real estate and investment securities.
During the second quarter of 2011,
a $0.2 million real estate construction commitment was originated to a customer whose relationship was previously restructured and classified as a troubled debt restructuring. As a result, this commitment was labeled as troubled debt even though no
funds had been drawn. As a result, the commitment is listed in both the quarter-to-date and year-to-date tables even though it has no balance.
A troubled debt restructuring is considered to be in default when a restructured loan is 90 days or more past due. There were no restructured loans
considered to default during the three-months ended June 30, 2012 and 2011. The following provides information related to restructured loans that were considered to default during the six-months ended June 30:
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
2012 |
|
|
2011 |
|
| |
|
Number of
Contracts |
|
|
Recorded
Investment |
|
|
Number of
Contracts |
|
|
Recorded
Investment |
|
| |
|
(dollars in thousands) |
|
|
Commercial, financial, agricultural and other
|
|
|
0 |
|
|
$ |
0 |
|
|
|
1 |
|
|
$ |
150 |
|
|
Real estate construction
|
|
|
0 |
|
|
|
0 |
|
|
|
1 |
|
|
|
88 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
0 |
|
|
$ |
0 |
|
|
|
2 |
|
|
$ |
238 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following tables provide detail related to the allowance for credit
losses:
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Six-Months Ended June 30, 2012 |
|
| |
|
Commercial,
financial,
agricultural
and other |
|
|
Real estate
construction |
|
|
Residential
real estate |
|
|
Commercial
real estate |
|
|
Loans to
individuals |
|
|
Unallocated |
|
|
Total |
|
| |
|
(dollars in thousands) |
|
|
Allowance for credit losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance
|
|
$ |
18,200 |
|
|
$ |
6,756 |
|
|
$ |
8,237 |
|
|
$ |
18,961 |
|
|
$ |
4,244 |
|
|
$ |
4,836 |
|
|
$ |
61,234 |
|
|
Charge-offs
|
|
|
(3,668 |
) |
|
|
(340 |
) |
|
|
(2,454 |
) |
|
|
(541 |
) |
|
|
(1,738 |
) |
|
|
0 |
|
|
|
(8,741 |
) |
|
Recoveries
|
|
|
275 |
|
|
|
92 |
|
|
|
282 |
|
|
|
186 |
|
|
|
264 |
|
|
|
0 |
|
|
|
1,099 |
|
|
Provision
|
|
|
4,495 |
|
|
|
1,493 |
|
|
|
554 |
|
|
|
(968 |
) |
|
|
1,439 |
|
|
|
1,071 |
|
|
|
8,084 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending Balance
|
|
$ |
19,302 |
|
|
$ |
8,001 |
|
|
$ |
6,619 |
|
|
$ |
17,638 |
|
|
$ |
4,209 |
|
|
$ |
5,907 |
|
|
$ |
61,676 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance: individually evaluated for impaired
|
|
$ |
8,046 |
|
|
$ |
2,747 |
|
|
$ |
431 |
|
|
$ |
510 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
11,734 |
|
|
Ending balance: collectively evaluated for impaired
|
|
|
11,256 |
|
|
|
5,254 |
|
|
|
6,188 |
|
|
|
17,128 |
|
|
|
4,209 |
|
|
|
5,907 |
|
|
|
49,942 |
|
|
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance
|
|
|
1,059,675 |
|
|
|
77,442 |
|
|
|
1,213,610 |
|
|
|
1,232,270 |
|
|
|
576,534 |
|
|
|
|
|
|
|
4,159,531 |
|
|
Ending balance: individually evaluated for impaired
|
|
|
31,271 |
|
|
|
14,915 |
|
|
|
2,911 |
|
|
|
31,493 |
|
|
|
0 |
|
|
|
|
|
|
|
80,590 |
|
|
Ending balance: collectively evaluated for impaired
|
|
|
1,028,404 |
|
|
|
62,527 |
|
|
|
1,210,699 |
|
|
|
1,200,777 |
|
|
|
576,534 |
|
|
|
|
|
|
|
4,078,941 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Six-Months Ended June 30, 2011 |
|
| |
|
Commercial,
financial,
agricultural
and other |
|
|
Real estate
construction |
|
|
Residential
real estate |
|
|
Commercial
real estate |
|
|
Loans to
individuals |
|
|
Unallocated |
|
|
Total |
|
| |
|
(dollars in thousands) |
|
|
Allowance for credit losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance
|
|
$ |
21,700 |
|
|
$ |
18,002 |
|
|
$ |
5,454 |
|
|
$ |
16,913 |
|
|
$ |
4,215 |
|
|
$ |
4,945 |
|
|
$ |
71,229 |
|
|
Charge-offs
|
|
|
(2,957 |
) |
|
|
(8,048 |
) |
|
|
(1,700 |
) |
|
|
(5,575 |
) |
|
|
(1,522 |
) |
|
|
0 |
|
|
|
(19,802 |
) |
|
Recoveries
|
|
|
261 |
|
|
|
0 |
|
|
|
96 |
|
|
|
164 |
|
|
|
289 |
|
|
|
0 |
|
|
|
810 |
|
|
Provision
|
|
|
4,171 |
|
|
|
7,747 |
|
|
|
3,020 |
|
|
|
7,278 |
|
|
|
888 |
|
|
|
(175 |
) |
|
|
22,929 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending Balance
|
|
$ |
23,175 |
|
|
$ |
17,701 |
|
|
$ |
6,870 |
|
|
$ |
18,780 |
|
|
$ |
3,870 |
|
|
$ |
4,770 |
|
|
$ |
75,166 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance: individually evaluated for impaired
|
|
$ |
12,717 |
|
|
$ |
14,222 |
|
|
$ |
216 |
|
|
$ |
7,711 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
34,866 |
|
|
Ending balance: collectively evaluated for impaired
|
|
|
10,458 |
|
|
|
3,479 |
|
|
|
6,654 |
|
|
|
11,069 |
|
|
|
3,870 |
|
|
|
4,770 |
|
|
|
40,300 |
|
|
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance
|
|
|
943,186 |
|
|
|
146,113 |
|
|
|
1,101,859 |
|
|
|
1,270,797 |
|
|
|
530,103 |
|
|
|
|
|
|
|
3,992,058 |
|
|
Ending balance: individually evaluated for impaired
|
|
|
40,447 |
|
|
|
37,087 |
|
|
|
2,174 |
|
|
|
63,743 |
|
|
|
0 |
|
|
|
|
|
|
|
143,451 |
|
|
Ending balance: collectively evaluated for impaired
|
|
|
902,739 |
|
|
|
109,026 |
|
|
|
1,099,685 |
|
|
|
1,207,054 |
|
|
|
530,103 |
|
|
|
|
|
|
|
3,848,607 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| |
|
For the Three-Months Ended June 30, 2012 |
|
| |
|
Commercial,
financial,
agricultural
and other |
|
|
Real estate
construction |
|
|
Residential
real estate |
|
|
Commercial
real estate |
|
|
Loans to
individuals |
|
|
Unallocated |
|
|
Total |
|
| |
|
(dollars in thousands) |
|
|
Allowance for credit losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance
|
|
$ |
18,143 |
|
|
$ |
6,427 |
|
|
$ |
6,702 |
|
|
$ |
19,371 |
|
|
$ |
4,252 |
|
|
$ |
5,837 |
|
|
$ |
60,732 |
|
|
Charge-offs
|
|
|
(1,754 |
) |
|
|
(150 |
) |
|
|
(742 |
) |
|
|
(306 |
) |
|
|
(797 |
) |
|
|
0 |
|
|
|
(3,749 |
) |
|
Recoveries
|
|
|
37 |
|
|
|
36 |
|
|
|
149 |
|
|
|
28 |
|
|
|
146 |
|
|
|
0 |
|
|
|
396 |
|
|
Provision
|
|
|
2,876 |
|
|
|
1,688 |
|
|
|
510 |
|
|
|
(1,455 |
) |
|
|
608 |
|
|
|
70 |
|
|
|
4,297 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending Balance
|
|
$ |
19,302 |
|
|
$ |
8,001 |
|
|
$ |
6,619 |
|
|
$ |
17,638 |
|
|
$ |
4,209 |
|
|
$ |
5,907 |
|
|
$ |
61,676 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| |
|
For the Three-Months Ended June 30, 2011 |
|
| |
|
Commercial,
financial,
agricultural
and other |
|
|
Real estate
construction |
|
|
Residential
real estate |
|
|
Commercial
real estate |
|
|
Loans to
individuals |
|
|
Unallocated |
|
|
Total |
|
| |
|
(dollars in thousands) |
|
|
Allowance for credit losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance
|
|
$ |
22,436 |
|
|
$ |
18,779 |
|
|
$ |
6,682 |
|
|
$ |
20,174 |
|
|
$ |
3,861 |
|
|
$ |
4,860 |
|
|
$ |
76,792 |
|
|
Charge-offs
|
|
|
(1,997 |
) |
|
|
(3,049 |
) |
|
|
(596 |
) |
|
|
(4,809 |
) |
|
|
(743 |
) |
|
|
0 |
|
|
|
(11,194 |
) |
|
Recoveries
|
|
|
157 |
|
|
|
0 |
|
|
|
77 |
|
|
|
88 |
|
|
|
134 |
|
|
|
0 |
|
|
|
456 |
|
|
Provision
|
|
|
2,579 |
|
|
|
1,971 |
|
|
|
707 |
|
|
|
3,327 |
|
|
|
618 |
|
|
|
(90 |
) |
|
|
9,112 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending Balance
|
|
$ |
23,175 |
|
|
$ |
17,701 |
|
|
$ |
6,870 |
|
|
$ |
18,780 |
|
|
$ |
3,870 |
|
|
$ |
4,770 |
|
|
$ |
75,166 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|