UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 10-Q
|
|||||
[X]
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
|
||||
For Quarterly period ended September 30, 2012
|
|||||
Or
|
|||||
[ ]
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
|
||||
Commission File No. 0-13888
|
|||||
CHEMUNG FINANCIAL CORPORATION
|
|||||
(Exact name of registrant as specified in its charter)
|
|||||
New York
|
16-1237038
|
||||
(State or other jurisdiction of incorporation or organization)
|
I.R.S. Employer Identification No.
|
||||
One Chemung Canal Plaza, P.O. Box 1522, Elmira, NY
|
14902
|
||||
(Address of principal executive offices)
|
(Zip Code)
|
||||
(607) 737-3711 or (800) 836-3711
|
|||||
(Registrant's telephone number, including area code)
|
|||||
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of
the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
|
|||||
YES: X NO:____
|
|||||
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if
any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§
232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required
to submit and post such files).
|
|||||
YES: X NO:____
|
|||||
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated
filer, or a smaller reporting company. See definitions of "large accelerated filer", "accelerated filer" and "smaller
reporting company" in Rule 12b-2 of the Exchange Act.
|
|||||
Large accelerated filer
|
[ ]
|
Non-accelerated filer
|
[ ]
|
||
Accelerated filer
|
[ ]
|
Smaller reporting company
|
[X]
|
||
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):
|
|||||
YES: NO: X
|
|||||
The number of shares of the registrant's common stock, $.01 par value, outstanding on November 12, 2012 was
4,572,875.
|
PART I.
|
FINANCIAL INFORMATION
|
PAGE
|
Item 1:
|
Financial Statements – Unaudited
|
|
Consolidated Balance Sheet
|
3
|
|
Consolidated Statements of Income
|
4
|
|
Consolidated Statements of Comprehensive Income
|
5
|
|
Consolidated Statements of Shareholders’ Equity
|
6
|
|
Consolidated Statements of Cash Flows
|
7
|
|
Notes to Unaudited Consolidated Financial Statements
|
9
|
|
Item 2:
|
Management's Discussion and Analysis of Financial Condition
and Results of Operations
|
40
|
Item 3:
|
Quantitative and Qualitative Disclosures About Market Risk
|
56
|
Item 4:
|
Controls and Procedures
|
56
|
PART II.
|
OTHER INFORMATION
|
57
|
Item 1A:
|
Risk Factors
|
57
|
Item 2:
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
57
|
Item 6:
|
Exhibits
|
58
|
SIGNATURES
|
59
|
|
INDEX TO EXHIBITS
|
SEPTEMBER 30, 2012
|
DECEMBER, 31,
2011
|
|||||||
ASSETS
|
||||||||
Cash and due from financial institutions
|
$
|
35,323,663
|
$
|
28,204,699
|
||||
Interest-bearing deposits in other financial institutions
|
45,908,073
|
24,697,154
|
||||||
Total cash and cash equivalents
|
81,231,736
|
52,901,853
|
||||||
Trading assets, at fair value
|
274,995
|
294,381
|
||||||
Securities available for sale, at estimated fair value
|
253,668,954
|
280,869,810
|
||||||
Securities held to maturity, estimated fair value of $6,881,172 at September 30,
2012 and $9,175,956 at December 31, 2011
|
6,162,503
|
8,311,921
|
||||||
Federal Home Loan Bank and Federal Reserve Bank Stock, at cost
|
4,760,500
|
5,509,350
|
||||||
Loans, net of deferred origination fees and costs, and unearned income
|
876,358,135
|
796,915,177
|
||||||
Allowance for loan losses
|
(10,827,971
|
)
|
(9,659,320
|
)
|
||||
Loans, net
|
865,530,164
|
787,255,857
|
||||||
Loans held for sale
|
1,164,750
|
395,427
|
||||||
Premises and equipment, net
|
24,862,825
|
24,762,405
|
||||||
Goodwill
|
21,824,443
|
21,983,617
|
||||||
Other intangible assets, net
|
5,382,282
|
6,190,540
|
||||||
Bank owned life insurance
|
2,689,944
|
2,625,104
|
||||||
Other assets
|
19,426,761
|
25,159,322
|
||||||
Total assets
|
$
|
1,286,979,857
|
$
|
1,216,259,587
|
||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
Deposits:
|
||||||||
Non-interest-bearing
|
$
|
302,508,720
|
$
|
258,835,961
|
||||
Interest-bearing
|
780,666,800
|
739,656,878
|
||||||
Total deposits
|
1,083,175,520
|
998,492,839
|
||||||
Securities sold under agreements to repurchase
|
32,917,656
|
37,106,842
|
||||||
Federal Home Loan Bank term advances
|
28,045,741
|
43,343,918
|
||||||
Accrued interest payable
|
462,902
|
800,148
|
||||||
Dividends payable
|
1,143,770
|
1,141,081
|
||||||
Other liabilities
|
8,354,161
|
9,445,319
|
||||||
Total liabilities
|
1,154,099,750
|
1,090,330,147
|
||||||
Shareholders' equity:
|
||||||||
Common stock, $.01 par value per share, 10,000,000 shares authorized;
5,310,076 issued at September 30, 2012 and December 31, 2011
|
53,101
|
53,101
|
||||||
Additional-paid-in capital
|
45,537,843
|
45,582,861
|
||||||
Retained earnings
|
106,091,543
|
100,628,900
|
||||||
Treasury stock, at cost (734,997 shares at September 30, 2012;
741,003 shares at December 31, 2011)
|
(18,730,525
|
)
|
(18,894,044
|
)
|
||||
Accumulated other comprehensive income (loss)
|
(71,855
|
)
|
(1,441,378
|
)
|
||||
Total shareholders' equity
|
132,880,107
|
125,929,440
|
||||||
Total liabilities and shareholders' equity
|
$
|
1,286,979,857
|
$
|
1,216,259,587
|
||||
See accompanying notes to unaudited consolidated financial statements.
|
Nine Months Ended
|
Three Months Ended
|
||||||||||||
September 30,
|
September 30,
|
September 30,
|
September 30,
|
||||||||||
Interest and dividend income:
|
2012
|
2011
|
2012
|
2011
|
|||||||||
Loans, including fees
|
$
|
34,078,132
|
$
|
31,456,406
|
$
|
11,373,583
|
$
|
11,673,216
|
|||||
Taxable securities
|
4,142,224
|
4,347,409
|
1,306,484
|
1,504,393
|
|||||||||
Tax exempt securities
|
976,622
|
1,035,068
|
300,374
|
350,557
|
|||||||||
Interest-bearing deposits
|
122,693
|
166,955
|
34,573
|
65,139
|
|||||||||
Total interest and dividend income
|
39,319,671
|
37,005,838
|
13,015,014
|
13,593,305
|
|||||||||
Interest expense:
|
|||||||||||||
Deposits
|
2,532,630
|
3,325,900
|
774,741
|
1,138,130
|
|||||||||
Borrowed funds
|
868,131
|
783,022
|
234,155
|
285,084
|
|||||||||
Securities sold under agreements to repurchase
|
763,343
|
1,056,095
|
231,043
|
326,542
|
|||||||||
Total interest expense
|
4,164,104
|
5,165,017
|
1,239,939
|
1,749,756
|
|||||||||
Net interest income
|
35,155,567
|
31,840,821
|
11,775,075
|
11,843,549
|
|||||||||
Provision for loan losses
|
753,897
|
833,333
|
225,000
|
583,333
|
|||||||||
Net interest income after provision for loan losses
|
34,401,670
|
31,007,488
|
11,550,075
|
11,260,216
|
|||||||||
Other operating income:
|
|||||||||||||
Wealth management group fee income
|
5,170,016
|
5,131,119
|
1,667,628
|
1,746,958
|
|||||||||
Service charges on deposit accounts
|
3,143,061
|
3,180,733
|
1,110,897
|
1,130,824
|
|||||||||
Net gain on securities transactions
|
300,516
|
1,108,091
|
597
|
428,882
|
|||||||||
Other-than-temporary loss on investment
securities:
|
|||||||||||||
Total impairment losses
|
-
|
(67,400
|
)
|
-
|
(67,400
|
)
|
|||||||
Loss recognized in other comprehensive income
|
-
|
-
|
-
|
-
|
|||||||||
Net impairment loss recognized in earnings
|
-
|
(67,400
|
)
|
-
|
(67,400
|
)
|
|||||||
Net gain on sales of loans held for sale
|
270,265
|
132,902
|
125,885
|
53,571
|
|||||||||
Casualty gains
|
790,248
|
-
|
9,813
|
-
|
|||||||||
Gains on sales of other real estate owned
|
20,426
|
89,404
|
-
|
442
|
|||||||||
Income from bank owned life insurance
|
64,840
|
65,932
|
21,571
|
22,321
|
|||||||||
Other
|
3,328,329
|
3,779,231
|
1,123,830
|
1,012,865
|
|||||||||
Total other operating income
|
13,087,701
|
13,420,012
|
4,060,221
|
4,328,463
|
|||||||||
Other operating expenses:
|
|||||||||||||
Salaries and wages
|
13,710,584
|
12,534,215
|
4,661,858
|
4,272,613
|
|||||||||
Pension and other employee benefits
|
4,137,878
|
3,296,814
|
1,381,401
|
1,172,044
|
|||||||||
Net occupancy expenses
|
3,849,173
|
3,663,005
|
1,269,165
|
1,230,490
|
|||||||||
Furniture and equipment expenses
|
1,599,842
|
1,549,048
|
503,995
|
486,518
|
|||||||||
Data processing expense
|
3,279,379
|
2,881,150
|
971,601
|
976,050
|
|||||||||
Amortization of intangible assets
|
808,258
|
753,192
|
260,069
|
288,001
|
|||||||||
Marketing and advertising expense
|
915,632
|
790,797
|
270,567
|
307,986
|
|||||||||
Losses on sales of other real estate owned
|
92,430
|
1,671
|
67,503
|
-
|
|||||||||
Other real estate owned expenses
|
286,137
|
86,040
|
154,238
|
37,549
|
|||||||||
FDIC insurance
|
615,360
|
737,281
|
205,317
|
294,897
|
|||||||||
Merger related expenses
|
30,145
|
2,243,919
|
21,600
|
20,500
|
|||||||||
Other
|
4,874,856
|
4,724,854
|
1,625,686
|
1,530,740
|
|||||||||
Total other operating expenses
|
34,199,674
|
33,261,986
|
11,393,000
|
10,617,388
|
|||||||||
Income before income tax expense
|
13,289,697
|
11,165,514
|
4,217,296
|
4,971,291
|
|||||||||
Income tax expense
|
4,397,279
|
3,589,455
|
1,383,451
|
1,680,351
|
|||||||||
Net income
|
$
|
8,892,418
|
$
|
7,576,059
|
$
|
2,833,845
|
$
|
3,290,940
|
|||||
Weighted average shares outstanding
|
4,639,985
|
4,297,777
|
4,641,547
|
4,637,392
|
|||||||||
Basic and diluted earnings per share
|
$
|
1.92
|
$
|
1.76
|
$
|
0.61
|
$
|
0.71
|
|||||
See accompanying notes to unaudited consolidated financial statements.
|
Nine Months Ended
September 30
|
Three Months Ended
September 30,
|
|||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||
Net income
|
$
|
8,892,418
|
$
|
7,576,059
|
$
|
2,833,845
|
$
|
3,290,940
|
||||||
Other comprehensive income
|
||||||||||||||
Unrealized holding gains on securities available for sale
|
1,633,195
|
5,448,351
|
959,668
|
294,210
|
||||||||||
Change in unrealized gains (losses) on securities available for sale for which a portion of an other-than-temporary impairment has been recognized in earnings, net of reclassification
|
-
|
27,725
|
-
|
(9,425
|
)
|
|||||||||
Reclassification adjustment gains realized in net income
|
(300,516
|
)
|
(1,108,091
|
)
|
(597
|
)
|
(428,882
|
)
|
||||||
Net unrealized gains (losses)
|
1,332,679
|
4,367,985
|
959,071
|
(144,097
|
)
|
|||||||||
Less: Tax effect
|
544,460
|
1,689,798
|
368,668
|
(55,746
|
)
|
|||||||||
Net of tax amount
|
788,219
|
2,678,187
|
590,403
|
(88,351
|
)
|
|||||||||
Change in funded status of defined benefit pension plan and other benefit plans
|
944,286
|
464,097
|
314,762
|
154,699
|
||||||||||
Less: Tax effect
|
362,982
|
179,541
|
120,994
|
59,847
|
||||||||||
Net of tax amount
|
581,304
|
284,556
|
193,768
|
94,852
|
||||||||||
Total other comprehensive income
|
1,369,523
|
2,962,743
|
784,171
|
6,501
|
||||||||||
Comprehensive income
|
$
|
10,261,941
|
$
|
10,538,802
|
$
|
3,618,016
|
$
|
3,297,441
|
||||||
See accompanying notes to unaudited consolidated financial statements.
|
Common Stock
|
Additional Paid-in Capital
|
Retained Earnings
|
Treasury Stock
|
Accumulated Other Comprehensive Income (Loss)
|
Total
|
|||||||||||||||||||
Balances at December 31, 2010
|
$
|
43,001
|
$
|
22,022,122
|
$
|
94,407,620
|
$
|
(19,166,655
|
)
|
$
|
102,475
|
$
|
97,408,563
|
|||||||||||
Net income
|
-
|
-
|
7,576,059
|
-
|
-
|
7,576,059
|
||||||||||||||||||
Other comprehensive income
|
-
|
-
|
-
|
-
|
2,962,743
|
2,962,743
|
||||||||||||||||||
Restricted stock awards
|
-
|
21,226
|
-
|
-
|
-
|
21,226
|
||||||||||||||||||
Restricted stock units for directors' deferred compensation plan
|
-
|
61,129
|
-
|
-
|
-
|
61,129
|
||||||||||||||||||
Cash dividends declared ($.75 per share)
|
-
|
-
|
(3,175,394
|
)
|
-
|
-
|
(3,175,394
|
)
|
||||||||||||||||
Distribution of 10,378 shares of treasury stock for directors’
compensation
|
-
|
(33,831
|
)
|
-
|
265,262
|
-
|
231,431
|
|||||||||||||||||
Distribution of 2,392 shares of treasury stock for employee
compensation
|
-
|
(6,140
|
)
|
-
|
61,140
|
-
|
55,000
|
|||||||||||||||||
Distribution of 286 shares of treasury stock for deferred directors’
compensation
|
-
|
(7,364
|
)
|
-
|
7,310
|
(54
|
)
|
|||||||||||||||||
Distribution of 4,387 shares of treasury stock for employee
restricted stock awards
|
-
|
(60,800
|
)
|
-
|
112,090
|
-
|
51,290
|
|||||||||||||||||
Purchase of 13,981 shares of treasury stock
|
-
|
-
|
-
|
(327,413
|
)
|
-
|
(327,413
|
)
|
||||||||||||||||
Sale of 3,900 shares of treasury stock
|
-
|
(10,101
|
)
|
-
|
99,606
|
-
|
89,505
|
|||||||||||||||||
Issuance of 1,009,942 shares related to FOFC Merger
|
10,100
|
23,723,538
|
-
|
-
|
-
|
23,733,638
|
||||||||||||||||||
Balances at September 30, 2011
|
$
|
53,101
|
$
|
45,709,779
|
$
|
98,808,285
|
$
|
(18,948,660
|
)
|
$
|
3,065,218
|
$
|
128,687,723
|
|||||||||||
Balances at December 31, 2011
|
$
|
53,101
|
$
|
45,582,861
|
$
|
100,628,900
|
$
|
(18,894,044
|
)
|
$
|
(1,441,378
|
)
|
$
|
125,929,440
|
||||||||||
Net income
|
-
|
-
|
8,892,418
|
-
|
-
|
8,892,418
|
||||||||||||||||||
Other comprehensive income
|
-
|
-
|
-
|
-
|
1,369,523
|
1,369,523
|
||||||||||||||||||
Restricted stock awards
|
-
|
61,062
|
-
|
-
|
-
|
61,062
|
||||||||||||||||||
Restricted stock units for directors' deferred compensation plan
|
-
|
65,151
|
-
|
-
|
-
|
65,151
|
||||||||||||||||||
Cash dividends declared ($.75 per share)
|
-
|
-
|
(3,429,775
|
)
|
-
|
-
|
(3,429,775
|
)
|
||||||||||||||||
Distribution of 10,238 shares of treasury stock for directors'
compensation
|
-
|
(28,121
|
)
|
-
|
261,069
|
-
|
232,948
|
|||||||||||||||||
Distribution of 3,453 shares of treasury stock for employee
compensation
|
-
|
(8,052
|
)
|
-
|
88,052
|
-
|
80,000
|
|||||||||||||||||
Distribution of 3,240 shares of treasury stock for deferred directors’
compensation
|
-
|
(81,747
|
)
|
-
|
82,588
|
841
|
||||||||||||||||||
Distribution of 2,095 shares of treasury stock for employee
restricted stock awards
|
-
|
(53,412
|
)
|
-
|
53,412
|
-
|
-
|
|||||||||||||||||
Purchase of 23,120 shares of treasury stock
|
-
|
-
|
-
|
(579,051
|
)
|
-
|
(579,051
|
)
|
||||||||||||||||
Sale of 10,100 shares of treasury stock
|
-
|
101
|
-
|
257,449
|
-
|
257,550
|
||||||||||||||||||
Balances at September 30, 2012
|
$
|
53,101
|
$
|
45,537,843
|
$
|
106,091,543
|
$
|
(18,730,525
|
)
|
$
|
(71,855
|
)
|
$
|
132,880,107
|
||||||||||
See accompanying notes to unaudited consolidated financial statements.
|
Nine Months Ended
September 30,
|
||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
2012
|
2011
|
||||||
Net income
|
$
|
8,892,418
|
$
|
7,576,059
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Amortization of intangible assets
|
808,258
|
753,192
|
||||||
Provision for loan losses
|
753,897
|
833,333
|
||||||
Depreciation and amortization of fixed assets
|
2,187,234
|
2,129,738
|
||||||
Amortization of premiums on securities, net
|
1,343,743
|
960,973
|
||||||
Gains on sales of loans held for sale, net
|
(270,265
|
)
|
(132,902
|
)
|
||||
Proceeds from sales of loans held for sale
|
8,992,854
|
5,523,214
|
||||||
Loans originated and held for sale
|
(9,491,912
|
)
|
(4,977,727
|
)
|
||||
Net losses (gains) on sale of other real estate owned
|
72,004
|
(87,733
|
)
|
|||||
Net (gains) losses on trading assets
|
(28,261
|
)
|
14,966
|
|||||
Net gains on securities transactions
|
(300,516
|
)
|
(1,108,091
|
)
|
||||
Net impairment loss recognized on investment securities
|
-
|
67,400
|
||||||
Proceeds from sales of trading assets
|
96,498
|
-
|
||||||
Purchase of trading assets
|
(48,851
|
)
|
(264,244
|
)
|
||||
Decrease in other assets
|
4,294,238
|
3,001,325
|
||||||
Decrease (increase) in prepaid FDIC assessment
|
559,406
|
(49,464
|
)
|
|||||
Decrease in accrued interest payable
|
(337,246
|
)
|
(265,000
|
)
|
||||
Expense related to restricted stock units for directors' deferred compensation plan
|
65,151
|
61,129
|
||||||
Expense related to employee stock compensation
|
80,000
|
55,000
|
||||||
Expense related to employee stock awards
|
61,062
|
21,226
|
||||||
Decrease in other liabilities
|
(820,424
|
)
|
(2,243,010
|
)
|
||||
Income from bank owned life insurance
|
(64,840
|
)
|
(65,932
|
)
|
||||
Net cash provided by operating activities
|
16,844,448
|
11,803,452
|
||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Proceeds from sales and calls of securities available for sale
|
70,370,086
|
67,741,210
|
||||||
Proceeds from maturities and principal collected on securities available for sale
|
21,396,640
|
23,608,123
|
||||||
Proceeds from maturities and principal collected on securities held to maturity
|
3,731,924
|
3,448,732
|
||||||
Purchases of securities available for sale
|
(64,276,418
|
)
|
(95,911,022
|
)
|
||||
Purchases of securities held to maturity
|
(1,582,507
|
)
|
(3,319,281
|
)
|
||||
Purchase of Federal Home Loan Bank and Federal Reserve Bank stock
|
(26,250
|
)
|
(1,002,500
|
)
|
||||
Redemption of Federal Home Loan Bank and Federal Reserve Bank stock
|
775,100
|
237,250
|
||||||
Purchases of premises and equipment
|
(2,287,654
|
)
|
(1,307,723
|
)
|
||||
Cash paid Fort Orange Financial Corporation acquisition
|
-
|
(8,137,816
|
)
|
|||||
Cash received Fort Orange Financial Corporation acquisition
|
-
|
33,284,995
|
||||||
Proceeds from sales of other real estate owned
|
294,229
|
356,207
|
||||||
Net increase in loans
|
(78,356,344
|
)
|
(10,967,168
|
)
|
||||
Net cash (used) provided by investing activities
|
(49,961,194
|
)
|
8,031,007
|
|||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Net increase in demand deposits, NOW accounts, savings accounts,
and insured money market accounts
|
112,724,881
|
70,452,474
|
||||||
Net decrease in time deposits and individual retirement accounts
|
(28,042,200
|
)
|
(15,073,756
|
)
|
||||
Net decrease in securities sold under agreements to repurchase
|
(4,189,186
|
)
|
(13,889,730
|
)
|
||||
Repayments of Federal Home Loan Bank long term advances
|
(15,298,177
|
)
|
(317,990
|
)
|
||||
Purchase of treasury stock
|
(579,051
|
)
|
(327,413
|
)
|
||||
Sale of treasury stock
|
257,449
|
89,505
|
||||||
Cash dividends paid
|
(3,427,087
|
)
|
(2,914,582
|
)
|
||||
Net cash provided by financing activities
|
61,446,629
|
38,018,508
|
||||||
Net increase in cash and cash equivalents
|
28,329,883
|
57,852,967
|
||||||
Cash and cash equivalents, beginning of period
|
52,901,853
|
60,619,777
|
||||||
Cash and cash equivalents, end of period
|
$
|
81,231,736
|
$
|
118,472,744
|
Supplemental disclosure of cash flow information:
|
||||||||
Cash paid during the year for:
|
||||||||
Interest
|
$
|
4,501,350
|
$
|
5,126,397
|
||||
Income Taxes
|
$
|
3,500
|
$
|
3,340,847
|
||||
Supplemental disclosure of non-cash activity:
|
||||||||
Transfer of loans to other real estate owned
|
$
|
512,686
|
$
|
308,976
|
||||
See accompanying notes to unaudited consolidated financial statements.
|
Fair Value Measurement at
September 30, 2012 Using
|
||||||||||||||||
Financial Assets:
|
Fair Value
|
Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
Significant Other Observable Inputs
(Level 2)
|
Significant Unobservable Inputs
(Level 3)
|
||||||||||||
Obligations of U.S. Government and U.S.
Government sponsored enterprises
|
$
|
146,650,654
|
$
|
37,917,000
|
$
|
108,733,654
|
$
|
-
|
||||||||
Mortgage-backed securities, residential
|
36,285,767
|
-
|
36,285,767
|
-
|
||||||||||||
Obligations of states and political subdivisions
|
41,609,614
|
-
|
41,609,614
|
-
|
||||||||||||
Collateralized mortgage obligations
|
4,727,378
|
-
|
4,727,378
|
-
|
||||||||||||
Corporate bonds and notes
|
13,764,840
|
-
|
13,764,840
|
-
|
||||||||||||
SBA loan pools
|
1,783,390
|
-
|
1,783,390
|
-
|
||||||||||||
Trust Preferred securities
|
2,462,006
|
-
|
2,016,406
|
445,600
|
||||||||||||
Corporate stocks
|
6,385,305
|
5,731,308
|
653,997
|
-
|
||||||||||||
Total available for sale securities
|
$
|
253,668,954
|
$
|
43,648,308
|
$
|
209,575,046
|
$
|
445,600
|
||||||||
Trading assets
|
$
|
274,995
|
$
|
274,995
|
$
|
-
|
$
|
-
|
Fair Value Measurement at
December 31, 2011 Using
|
||||||||||||||||
Financial Assets:
|
Fair Value
|
Quoted Prices
in Active Markets for Identical Assets
(Level 1)
|
Significant Other Observable Inputs
(Level 2)
|
Significant Unobservable Inputs
(Level 3)
|
||||||||||||
Obligations of U.S. Government and U.S. Government sponsored enterprises
|
$
|
152,079,770
|
$
|
35,950,000
|
$
|
116,129,770
|
$
|
-
|
||||||||
Mortgage-backed securities, residential
|
50,766,604
|
-
|
50,766,604
|
-
|
||||||||||||
Obligations of states and political subdivisions
|
46,512,971
|
-
|
46,512,971
|
-
|
||||||||||||
Trust Preferred securities
|
2,310,066
|
-
|
2,015,156
|
294,910
|
||||||||||||
Corporate bonds and notes
|
13,684,199
|
-
|
13,684,199
|
-
|
||||||||||||
Collateralized mortgage obligations
|
7,536,753
|
-
|
7,536,753
|
-
|
||||||||||||
SBA loan pools
|
1,949,606
|
-
|
1,949,606
|
-
|
||||||||||||
Corporate stocks
|
6,029,841
|
5,339,839
|
690,002
|
-
|
||||||||||||
Total available for sale securities
|
$
|
280,869,810
|
$
|
41,289,839
|
$
|
239,285,061
|
$
|
294,910
|
||||||||
Trading assets
|
$
|
294,381
|
$
|
294,381
|
$
|
-
|
$
|
-
|
Fair Value Measurement for Nine-Months Ended September 30, 2012 Using Significant Unobservable Inputs (Level 3)
|
Fair Value Measurement for Nine-Months Ended September 30, 2011 Using Significant Unobservable Inputs (Level 3)
|
|||||||
Trust Preferred Securities Available for Sale
|
||||||||
Beginning balance
|
$
|
294,910
|
$
|
334,585
|
||||
Total gains/losses (realized/unrealized):
|
||||||||
Included in earnings:
|
||||||||
Income on securities
|
-
|
-
|
||||||
Impairment charge on investment securities
|
-
|
(67,400
|
)
|
|||||
Included in other comprehensive income
|
150,690
|
27,725
|
||||||
Transfers in and/or out of Level 3
|
-
|
-
|
||||||
Ending balance September 30
|
$
|
445,600
|
$
|
294,910
|
Fair Value Measurement for Three-Months Ended September 30, 2012 Using Significant Unobservable Inputs (Level 3)
|
Fair Value Measurement for Three-Months Ended September 30, 2011 Using Significant Unobservable Inputs (Level 3)
|
|||||||
Trust Preferred Securities Available for Sale
|
||||||||
Beginning balance
|
$
|
343,035
|
$
|
371,735
|
||||
Total gains/losses (realized/unrealized):
|
||||||||
Included in earnings:
|
||||||||
Income on securities
|
-
|
-
|
||||||
Impairment charge on investment securities
|
-
|
(67,400
|
)
|
|||||
Included in other comprehensive income
|
102,565
|
(9,425
|
)
|
|||||
Transfers in and/or out of Level 3
|
-
|
-
|
||||||
Ending balance September 30
|
$
|
445,600
|
$
|
294,910
|
Fair Value Measurement at
September 30, 2012 Using
|
||||||||||||||||
Financial Assets:
|
Fair Value
|
Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
Significant Other Observable Inputs
(Level 2)
|
Significant Unobservable Inputs
(Level 3)
|
||||||||||||
Impaired Loans:
|
||||||||||||||||
Commercial, financial and agricultural:
|
||||||||||||||||
Commercial and industrial
|
$
|
1,324,350
|
$
|
-
|
$
|
-
|
$
|
1,324,350
|
||||||||
Commercial mortgages:
|
-
|
-
|
||||||||||||||
Other
|
423,036
|
-
|
-
|
423,036
|
||||||||||||
Total Impaired Loans
|
$
|
1,747,386
|
$
|
-
|
$
|
-
|
$
|
1,747,386
|
||||||||
Other real estate owned:
|
||||||||||||||||
Commercial, financial and agricultural:
|
||||||||||||||||
Commercial and industrial
|
$
|
101,200
|
$
|
-
|
$
|
-
|
$
|
101,200
|
||||||||
Commercial mortgages:
|
||||||||||||||||
Other
|
400,755
|
-
|
-
|
400,755
|
||||||||||||
Residential mortgages
|
427,871
|
-
|
-
|
427,871
|
||||||||||||
Consumer loans:
|
||||||||||||||||
Home equity lines & loans
|
4,000
|
-
|
-
|
4,000
|
||||||||||||
Total Other real estate owned, net
|
$
|
933,826
|
$
|
-
|
$
|
-
|
$
|
933,826
|
Fair Value Measurement at
December 31, 2011 Using
|
||||||||||||||||
Financial Assets:
|
Fair Value
|
Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
Significant Other Observable Inputs
(Level 2)
|
Significant Unobservable Inputs
(Level 3)
|
||||||||||||
Impaired Loans:
|
||||||||||||||||
Commercial, financial and agricultural:
|
||||||||||||||||
Commercial and industrial
|
$
|
831,601
|
$
|
-
|
$
|
-
|
$
|
831,601
|
||||||||
Commercial mortgages:
|
-
|
-
|
||||||||||||||
Other
|
3,321,838
|
-
|
-
|
3,321,838
|
||||||||||||
Total Impaired Loans
|
$
|
4,153,439
|
$
|
-
|
$
|
-
|
$
|
4,153,439
|
||||||||
Other real estate owned:
|
||||||||||||||||
Commercial, financial and agricultural:
|
||||||||||||||||
Commercial and industrial
|
$
|
218,040
|
$
|
-
|
$
|
-
|
$
|
218,040
|
||||||||
Commercial mortgages:
|
||||||||||||||||
Other
|
366,760
|
-
|
-
|
366,760
|
||||||||||||
Residential mortgages
|
276,355
|
-
|
-
|
276,355
|
||||||||||||
Consumer loans:
|
||||||||||||||||
Home equity lines & loans
|
36,600
|
-
|
-
|
36,600
|
||||||||||||
Total Other real estate owned, net
|
$
|
897,755
|
$
|
-
|
$
|
-
|
$
|
897,755
|
Fair Value Measurements at
September 30, 2012 Using
|
||||||||||||||
Financial assets:
|
Carrying Amount
|
Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
Significant Other Observable Inputs
(Level 2)
|
Significant Unobservable Inputs
(Level 3)
|
|
Estimated
Fair Value (1)
|
||||||||
Cash and due from financial
institutions
|
$
|
35,324
|
$
|
35,324
|
$
|
-
|
|
-
|
$
|
35,324
|
||||
Interest-bearing deposits in other
financial institutions
|
45,908
|
42,796
|
3,112
|
|
-
|
45,908
|
||||||||
Trading assets
|
275
|
275
|
-
|
-
|
275
|
|||||||||
Securities available for sale
|
253,669
|
43,648
|
209,575
|
|
446
|
253,669
|
||||||||
Securities held to maturity
|
6,163
|
-
|
6,881
|
|
-
|
6,881
|
||||||||
Federal Home Loan and Federal
Reserve Bank stock
|
4,761
|
-
|
-
|
-
|
N/A
|
|||||||||
Net loans
|
865,530
|
-
|
-
|
|
899,909
|
899,909
|
||||||||
Loans held for sale
|
1,165
|
-
|
1,165
|
|
-
|
1,165
|
||||||||
Accrued interest receivable
|
4,411
|
333
|
1,634
|
|
2,444
|
4,411
|
||||||||
Financial liabilities:
|
||||||||||||||
Deposits:
|
||||||||||||||
Demand, savings, and insured
money market accounts
|
834,228
|
834,228
|
-
|
-
|
834,228
|
|||||||||
Time deposits
|
248,948
|
-
|
250,568
|
|
-
|
250,568
|
||||||||
Securities sold under agreements
to repurchase
|
32,918
|
-
|
35,671
|
-
|
35,671
|
|||||||||
Federal Home Loan Bank
advances
|
28,046
|
-
|
30,740
|
|
-
|
30,740
|
||||||||
Accrued interest payable
|
463
|
15
|
448
|
-
|
463
|
|||||||||
Dividends payable
|
1,144
|
1,144
|
-
|
|
-
|
1,144
|
December 31, 2011
|
|||||||||
Financial assets:
|
Carrying Amount
|
Estimated
Fair Value (1)
|
|||||||
Cash and due from financial institutions
|
$
|
28,205
|
$
|
28,205
|
|||||
Interest-bearing deposits in other financial institutions
|
24,697
|
24,697
|
|||||||
Trading assets
|
294
|
294
|
|||||||
Securities available for sale
|
280,870
|
280,870
|
|||||||
Securities held to maturity
|
8,312
|
9,176
|
|||||||
Federal Home Loan and Federal Reserve Bank stock
|
5,509
|
N/A
|
|||||||
Net loans
|
787,256
|
805,760
|
|||||||
Loans held for sale
|
395
|
395
|
|||||||
Accrued interest receivable
|
3,882
|
3,882
|
|||||||
Financial liabilities:
|
|||||||||
Deposits:
|
|||||||||
Demand, savings, and insured money market accounts
|
721,503
|
721,503
|
|||||||
Time deposits
|
276,990
|
279,441
|
|||||||
Securities sold under agreements to repurchase
|
37,107
|
40,019
|
|||||||
Federal Home Loan Bank advances
|
43,344
|
46,603
|
|||||||
Accrued interest payable
|
800
|
800
|
|||||||
Dividends payable
|
1,141
|
1,141
|
2012
|
2011
|
|||||||
Beginning of year
|
$
|
21,983,617
|
$
|
9,872,375
|
||||
Acquired goodwill | - | 12,284,838 | ||||||
Adjustment of Acquired goodwill (1)
|
(159,174
|
)
|
-
|
|||||
September 30,
|
$
|
21,824,443
|
$
|
22,157,213
|
||||
(1) Adjustment related to Fort Orange Financial Corp. acquisition.
|
At September 30, 2012
|
At December 31, 2011
|
|||||||||||||||
Balance Acquired
|
Accumulated Amortization
|
Balance Acquired
|
Accumulated Amortization
|
|||||||||||||
Core deposit intangibles
|
$
|
3,819,798
|
$
|
1,655,826
|
$
|
3,819,798
|
$
|
1,213,118
|
||||||||
Other customer relationship intangibles
|
6,063,423
|
2,845,113
|
6,063,423
|
2,479,563
|
||||||||||||
Total
|
$
|
9,883,221
|
$
|
4,500,939
|
$
|
9,883,221
|
$
|
3,692,681
|
Year
|
Estimated Expense
|
|||
2012
|
$
|
238,462
|
||
2013
|
876,524
|
|||
2014
|
777,801
|
|||
2015
|
681,176
|
|||
2016
|
607,713
|
|||
2017 and thereafter
|
2,200,606
|
|||
Total
|
$
|
5,382,282
|
Balance at
December 31, 2011
|
Current Period Change
|
Balance at
September 30,
2012
|
||||||||||
Unrealized gains on securities available for sale
|
$
|
7,987,055
|
$
|
788,219
|
$
|
8,775,274
|
||||||
Unrealized loss on pension plans and other benefit plans
|
(9,428,433
|
)
|
581,304
|
(8,847,129
|
)
|
|||||||
Total
|
$
|
(1,441,378
|
)
|
$
|
1,369,523
|
$
|
(71,855
|
)
|
September 30, 2012
|
||||||||||||||||
Amortized Cost
|
Unrealized Gains
|
Unrealized Losses
|
Estimated Fair Value
|
|||||||||||||
Obligations of U.S. Government and U.S. Government
sponsored enterprises
|
$
|
142,730,477
|
$
|
3,920,177
|
$
|
-
|
$
|
146,650,654
|
||||||||
Mortgage-backed securities, residential
|
33,801,646
|
2,484,121
|
-
|
36,285,767
|
||||||||||||
Collateralized Mortgage obligations
|
4,653,401
|
74,909
|
931
|
4,727,379
|
||||||||||||
Obligations of states and political subdivisions
|
39,800,910
|
1,810,542
|
1,838
|
41,609,614
|
||||||||||||
Corporate bonds and notes
|
13,421,730
|
346,574
|
3,464
|
13,764,840
|
||||||||||||
SBA loan pools
|
1,743,803
|
39,587
|
-
|
1,783,390
|
||||||||||||
Trust Preferred securities
|
2,517,440
|
127,991
|
183,425
|
2,462,006
|
||||||||||||
Corporate stocks
|
744,715
|
5,645,849
|
5,260
|
6,385,304
|
||||||||||||
Total
|
$
|
239,414,122
|
$
|
14,449,750
|
$
|
194,918
|
$
|
253,668,954
|
December 31, 2011
|
||||||||||||||||
Amortized Cost
|
Unrealized Gains
|
Unrealized Losses
|
Estimated Fair Value
|
|||||||||||||
Obligations of U.S. Government and U.S. Government
sponsored enterprises
|
$
|
149,140,715
|
$
|
3,022,726
|
$
|
83,671
|
$
|
152,079,770
|
||||||||
Mortgage-backed securities, residential
|
48,129,271
|
2,637,334
|
-
|
50,766,605
|
||||||||||||
Collateralized mortgage obligations
|
7,412,471
|
135,603
|
11,321
|
7,536,753
|
||||||||||||
Obligations of states and political subdivisions
|
44,561,789
|
1,954,265
|
3,083
|
46,512,971
|
||||||||||||
Corporate bonds and notes
|
13,461,675
|
418,969
|
196,446
|
13,684,198
|
||||||||||||
SBA loan pools
|
1,915,419
|
34,187
|
-
|
1,949,606
|
||||||||||||
Trust preferred securities
|
2,538,285
|
132,516
|
360,735
|
2,310,066
|
||||||||||||
Corporate stocks
|
788,030
|
5,246,655
|
4,844
|
6,029,841
|
||||||||||||
Total
|
$
|
267,947,655
|
$
|
13,582,255
|
$
|
660,100
|
$
|
280,869,810
|
September 30, 2012
|
||||||||||||||||
Amortized Cost
|
Unrealized Gains
|
Unrealized Losses
|
Estimated Fair Value
|
|||||||||||||
Obligations of states and political subdivisions
|
$
|
6,162,503
|
$
|
718,669
|
$
|
-
|
$
|
6,881,172
|
|
December 31, 2011
|
|||||||||||||||
Amortized Cost
|
Unrealized Gains
|
Unrealized Losses
|
Estimated Fair Value
|
|||||||||||||
Obligations of states and political subdivisions
|
$
|
8,311,921
|
$
|
864,035
|
$
|
-
|
$
|
9,175,956
|
September 30, 2012
|
||||||||||||||||
Available for Sale
|
Held to Maturity
|
|||||||||||||||
Amortized
|
Fair
|
Amortized
|
Fair
|
|||||||||||||
Cost
|
Value
|
Cost
|
Value
|
|||||||||||||
Within One Year
|
$
|
58,024,142
|
$
|
58,383,376
|
$
|
1,606,365
|
$
|
1,633,074
|
||||||||
After One, But Within Five Years
|
133,178,606
|
138,326,611
|
3,147,444
|
3,490,139
|
||||||||||||
After Five, But Within Ten Years
|
6,638,784
|
7,331,527
|
1,408,694
|
1,757,959
|
||||||||||||
After Ten Years
|
629,025
|
445,600
|
-
|
-
|
||||||||||||
Mortgage-backed securities, residential
|
33,801,646
|
36,285,767
|
-
|
-
|
||||||||||||
Collateralized mortgage obligations
|
4,653,401
|
4,727,379
|
-
|
-
|
||||||||||||
SBA loan pools
|
1,743,803
|
1,783,390
|
-
|
-
|
||||||||||||
Total
|
$
|
238,669,407
|
$
|
247,283,650
|
$
|
6,162,503
|
$
|
6,881,172
|
Less than 12 months
|
12 months or longer
|
Total
|
||||||||||||||||||||||
September 30, 2012
|
Fair Value
|
Unrealized
Losses
|
Fair Value
|
Unrealized
Losses
|
Fair Value
|
Unrealized
Losses
|
||||||||||||||||||
Collateralized mortgage obligations
|
$ |
22,087
|
70
|
$ |
178,729
|
$ |
861
|
$ |
200,816
|
$ |
931
|
|||||||||||||
Obligations of states and political subdivisions
|
430,847
|
1,838
|
-
|
-
|
430,847
|
1,838
|
||||||||||||||||||
Corporate bonds and notes
|
-
|
-
|
494,297
|
3,464
|
494,297
|
3,464
|
||||||||||||||||||
Trust preferred securities
|
-
|
-
|
445,600
|
183,425
|
445,600
|
183,425
|
||||||||||||||||||
Corporate stocks
|
-
|
-
|
48,370
|
5,260
|
48,370
|
5,260
|
||||||||||||||||||
Total temporarily
impaired securities
|
$
|
452,934
|
$
|
1,908
|
$
|
1,166,996
|
$
|
193,010
|
$
|
1,619,930
|
$
|
194,918
|
Less than 12 months
|
12 months or longer
|
Total
|
||||||||||||||||||||||
December 31, 2011
|
Fair Value
|
Unrealized
Losses
|
Fair Value
|
Unrealized
Losses
|
Fair Value
|
Unrealized
Losses
|
||||||||||||||||||
Obligations of U.S. Government and U.S. Government sponsored enterprises
|
$
|
27,365,920
|
$
|
83,671
|
$
|
-
|
$
|
-
|
$
|
27,365,920
|
$
|
83,671
|
||||||||||||
Collateralized mortgage obligations
|
2,546,461
|
11,321
|
-
|
-
|
2,546,461
|
11,321
|
||||||||||||||||||
Obligations of states and political subdivisions
|
947,203
|
3,083
|
-
|
-
|
947,203
|
3,083
|
||||||||||||||||||
Corporate bonds and notes
|
5,261,074
|
196,446
|
-
|
-
|
5,261,074
|
196,446
|
||||||||||||||||||
Trust preferred securities
|
-
|
-
|
294,910
|
360,735
|
294,910
|
360,735
|
||||||||||||||||||
Corporate stocks
|
1,669
|
1,969
|
47,117
|
2,875
|
48,786
|
4,844
|
||||||||||||||||||
Total temporarily
impaired securities
|
$
|
36,122,327
|
$
|
296,490
|
$
|
342,027
|
$
|
363,610
|
$
|
36,464,354
|
$
|
660,100
|
2012
|
2011
|
|||||||
Beginning balance, January 1,
|
$
|
3,506,073
|
$
|
3,438,673
|
||||
Amounts related to credit loss for which an other-than-temporary
impairment was not previously recognized
|
-
|
-
|
||||||
Additions/Subtractions:
|
||||||||
Amounts realized for securities sold during the period
|
-
|
-
|
||||||
Amounts related to securities for which the company intends to sell
or that it will be more likely than not that the company will be required to
sell prior to recovery of amortized cost basis
|
-
|
-
|
||||||
Reductions for increase in cash flows expected to be collected that are
recognized over the remaining life of the security
|
-
|
-
|
||||||
Increases to the amount related to the credit loss for which other-than-temporary
impairment was previously recognized
|
-
|
67,400
|
||||||
Ending balance, September 30,
|
$
|
3,506,073
|
$
|
3,506,073
|
Beginning balance, July 1,
|
$
|
3,506,073
|
$
|
3,438,673
|
||||
Amounts related to credit loss for which an other-than-temporary
impairment was not previously recognized
|
-
|
-
|
||||||
Additions/Subtractions:
|
||||||||
Amounts realized for securities sold during the period
|
-
|
-
|
||||||
Amounts related to securities for which the company intends to sell
or that it will be more likely than not that the company will be required to
sell prior to recovery of amortized cost basis
|
-
|
-
|
||||||
Reductions for increase in cash flows expected to be collected that are
recognized over the remaining life of the security
|
-
|
-
|
||||||
Increases to the amount related to the credit loss for which other-than-temporary
impairment was previously recognized
|
-
|
67,400
|
||||||
Ending balance, September 30,
|
$
|
3,506,073
|
$
|
3,506,073
|
September 30, 2012
|
December 31, 2011
|
|||||||
Commercial, financial and agricultural
|
$
|
133,365,046
|
$
|
142,209,279
|
||||
Commercial mortgages
|
311,126,130
|
264,589,013
|
||||||
Residential mortgages
|
193,049,212
|
193,599,853
|
||||||
Indirect consumer loans
|
130,969,296
|
97,165,447
|
||||||
Consumer loans
|
107,848,451
|
99,351,585
|
||||||
$
|
876,358,135
|
$
|
796,915,177
|
Legacy Loans
|
Nine Months Ended
September 30, 2012
|
|||||||||||||||||||||||
Allowance for loan losses
|
Commercial, Financial
and Agricultural
|
Commercial Mortgages
|
Residential Mortgages
|
Consumer Loans
|
Unallocated
|
Total
|
||||||||||||||||||
Beginning balance:
|
$
|
3,143,373
|
$
|
2,570,149
|
$
|
1,309,649
|
$
|
2,192,729
|
$
|
443,420
|
$
|
9,659,320
|
||||||||||||
Charge Offs:
|
(5,792
|
)
|
(39,314
|
)
|
(82,442
|
)
|
(342,867
|
)
|
-
|
(470,415
|
)
|
|||||||||||||
Recoveries:
|
591,497
|
43,031
|
-
|
176,139
|
-
|
810,667
|
||||||||||||||||||
Net recoveries
(charge offs)
|
585,705
|
3,717
|
(82,442
|
)
|
(166,728
|
)
|
-
|
340,252
|
||||||||||||||||
Provision
|
(1,300,269
|
)
|
682,991
|
232,793
|
884,943
|
32,542
|
533,000
|
|||||||||||||||||
Ending balance
|
$
|
2,428,809
|
$
|
3,256,857
|
$
|
1,460,000
|
$
|
2,910,944
|
$
|
475,962
|
$
|
10,532,572
|
Acquired Loans
|
Nine Months Ended
September 30, 2012
|
|||||||||||||||||||||||
Allowance for loan losses
|
Commercial, Financial and Agricultural
|
Commercial Mortgages
|
Residential Mortgages
|
Consumer Loans
|
Unallocated
|
Total
|
||||||||||||||||||
Beginning balance:
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||
Reclassification of acquired loan discount
|
73,228
|
50,331
|
-
|
-
|
-
|
123,559
|
||||||||||||||||||
Charge Offs:
|
-
|
(49,057
|
)
|
-
|
-
|
-
|
(49,057
|
)
|
||||||||||||||||
Recoveries:
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Net recoveries
|
73,228
|
1,274
|
-
|
-
|
-
|
74,502
|
||||||||||||||||||
Provision
|
134,427
|
86,470
|
-
|
-
|
-
|
220,897
|
||||||||||||||||||
Ending balance
|
$
|
207,655
|
$
|
87,744
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
295,399
|
Legacy Loans
|
Three Months Ended
September 30, 2012
|
|||||||||||||||||||||||
Allowance for loan losses
|
Commercial, Financial and Agricultural
|
Commercial Mortgages
|
Residential Mortgages
|
Consumer Loans
|
Unallocated
|
Total
|
||||||||||||||||||
Beginning balance:
|
$
|
2,796,556
|
$
|
2,987,968
|
$
|
1,424,816
|
$
|
2,474,185
|
$
|
413,648
|
$
|
10,097,173
|
||||||||||||
Charge Offs:
|
-
|
(31,019
|
)
|
(9,829
|
)
|
(69,439
|
)
|
-
|
(110,287
|
)
|
||||||||||||||
Recoveries:
|
239,735
|
12,535
|
-
|
68,416
|
-
|
320,686
|
||||||||||||||||||
Net recoveries
(charge offs)
|
239,735
|
(18,484
|
)
|
(9,829
|
)
|
(1,023
|
)
|
-
|
210,399
|
|||||||||||||||
Provision
|
(607,482
|
)
|
287,373
|
45,013
|
437,782
|
62,314
|
225,000
|
|||||||||||||||||
Ending balance
|
$
|
2,428,809
|
$ |
3,256,857
|
$ |
1,460,000
|
$ |
2,910,944
|
$ |
475,962
|
$
|
10,532,572
|
Acquired Loans
|
Three Months Ended
September 30, 2012
|
|||||||||||||||||||||||
Allowance for loan losses
|
Commercial, Financial
and Agricultural
|
Commercial Mortgages
|
Residential Mortgages
|
Consumer Loans
|
Unallocated
|
Total
|
||||||||||||||||||
Beginning balance:
|
$
|
207,655
|
$
|
87,744
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
295,399
|
||||||||||||
Reclassification of
acquired loan discount
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Charge Offs:
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Recoveries:
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Net charge offs
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Provision
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||
Ending balance
|
$
|
207,655
|
$
|
87,744
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
295,399
|
Legacy Loans |
Nine Months Ended September 30, 2011
|
|||||||||||||||||||||||
Allowance for loan losses
|
Commercial, Financial and Agricultural
|
Commercial Mortgages
|
Residential Mortgages
|
Consumer Loans
|
Unallocated
|
Total
|
||||||||||||||||||
Beginning balance:
|
$
|
2,118,299
|
$
|
2,575,058
|
$
|
1,301,780
|
$
|
2,727,022
|
$
|
775,972
|
$
|
9,498,131
|
||||||||||||
Charge Offs:
|
(593,995
|
)
|
(3,764
|
)
|
(39,312
|
)
|
(542,621
|
)
|
-
|
(1,179,692
|
)
|
|||||||||||||
Recoveries:
|
314,797
|
33,304
|
30,324
|
146,726
|
-
|
525,151
|
||||||||||||||||||
Net recoveries
(charge offs)
|
(279,198
|
)
|
29,540
|
(8,988
|
)
|
(395,895
|
)
|
-
|
(654,541
|
)
|
||||||||||||||
Provision
|
1,444,245
|
(69,375
|
)
|
(61,068
|
)
|
(184,348
|
)
|
(296,121
|
)
|
833,333
|
||||||||||||||
Ending balance
|
$
|
3,283,346
|
$
|
2,535,223
|
$
|
1,231,724
|
$
|
2,146,779
|
$
|
479,851
|
$
|
9,676,923
|
Legacy Loans |
Three Months Ended September 30, 2011
|
|||||||||||||||||||||||
Allowance for loan losses
|
Commercial, Financial and Agricultural
|
Commercial Mortgages
|
Residential Mortgages
|
Consumer Loans
|
Unallocated
|
Total
|
||||||||||||||||||
Beginning balance:
|
$
|
3,081,433
|
$
|
2,612,655
|
$
|
1,246,880
|
$
|
2,297,459
|
$
|
517,245
|
$
|
9,755,672
|
||||||||||||
Charge Offs:
|
(590,992
|
)
|
-
|
(39,312
|
)
|
(201,966
|
)
|
-
|
(832,270
|
)
|
||||||||||||||
Recoveries:
|
109,391
|
7,201
|
-
|
53,596
|
-
|
170,188
|
||||||||||||||||||
Net recoveries
(charge offs)
|
(481,601
|
)
|
7,201
|
(39,312
|
)
|
(148,370
|
)
|
-
|
(662,082
|
)
|
||||||||||||||
Provision
|
683,514
|
(84,633
|
)
|
24,156
|
(2,310
|
)
|
(37,394
|
)
|
583,333
|
|||||||||||||||
Ending balance
|
$
|
3,283,346
|
$
|
2,535,223
|
$
|
1,231,724
|
$
|
2,146,779
|
$
|
479,851
|
$
|
9,676,923
|
September 30, 2012
|
||||||||||||||||||||||||
Allowance for loan losses
|
Commercial, Financial
and Agricultural
|
Commercial Mortgages
|
Residential Mortgages
|
Consumer Loans
|
Unallocated
|
Total
|
||||||||||||||||||
Ending allowance balance attributable to loans:
|
||||||||||||||||||||||||
Individually evaluated for impairment
|
$
|
946,255
|
$
|
97,291
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
1,043,546
|
||||||||||||
Collectively evaluated for impairment
|
1,482,554
|
3,159,566
|
1,460,000
|
2,910,944
|
475,962
|
9,489,026
|
||||||||||||||||||
Acquired with deteriorated credit quality
|
207,655
|
87,744
|
-
|
-
|
-
|
295,399
|
||||||||||||||||||
Total ending allowance balance
|
$
|
2,636,464
|
$
|
3,344,601
|
$
|
1,460,000
|
$
|
2,910,944
|
$
|
475,962
|
$
|
10,827,971
|
December 31, 2011
|
||||||||||||||||||||||||
Allowance for loan losses
|
Commercial, Financial
and Agricultural
|
Commercial Mortgages
|
Residential Mortgages
|
Consumer Loans
|
Unallocated
|
Total
|
||||||||||||||||||
Ending allowance balance attributable to loans:
|
||||||||||||||||||||||||
Individually evaluated for impairment
|
$
|
1,528,651
|
$
|
413,555
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
1,942,206
|
||||||||||||
Collectively evaluated for impairment
|
1,614,722
|
2,156,594
|
1,309,649
|
2,192,729
|
443,420
|
7,717,114
|
||||||||||||||||||
Total ending allowance balance
|
$
|
3,143,373
|
$
|
2,570,149
|
$
|
1,309,649
|
$
|
2,192,729
|
$
|
443,420
|
$
|
9,659,320
|
September 30, 2012
|
||||||||||||||||||||
Loans:
|
Commercial, Financial
and Agricultural
|
Commercial Mortgages
|
Residential Mortgages
|
Consumer Loans
|
Total
|
|||||||||||||||
Loans individually evaluated for impairment
|
$
|
2,445,154
|
$ |
1,777,782
|
$ |
136,844
|
$ |
-
|
$ |
4,359,780
|
||||||||||
Loans collectively evaluated for impairment
|
112,741,589
|
234,567,883
|
179,469,401
|
233,911,200
|
760,690,073
|
|||||||||||||||
Acquired with deteriorated credit quality
|
1,152,448
|
11,400,980
|
239,911
|
-
|
12,793,339
|
|||||||||||||||
Total ending loans balance
|
$
|
116,339,191
|
$ |
247,746,645
|
$ |
179,846,156
|
$ |
233,911,200
|
$ |
777,843,192
|
December 31, 2011
|
||||||||||||||||||||
Loans:
|
Commercial, Financial
and Agricultural
|
Commercial Mortgages
|
Residential Mortgages
|
Consumer Loans
|
Total
|
|||||||||||||||
Loans individually evaluated for impairment
|
$
|
5,275,043
|
$
|
4,603,563
|
$
|
179,337
|
$
|
-
|
$
|
10,057,943
|
||||||||||
Loans collectively evaluated for impairment
|
111,532,413
|
169,658,759
|
175,405,950
|
190,904,630
|
647,501,752
|
|||||||||||||||
Total ending loans balance
|
$
|
116,807,456
|
$
|
174,262,322
|
$
|
175,585,287
|
$
|
190,904,630
|
$
|
657,559,695
|
September 30, 2012
|
December 31, 2011
|
|||||||||||||||||||||||
Unpaid Principal Balance
|
Recorded Investment
|
Allowance for Loan Losses Allocated
|
Unpaid Principal Balance
|
Recorded Investment
|
Allowance for Loan Losses Allocated
|
|||||||||||||||||||
With no related allowance recorded:
|
||||||||||||||||||||||||
Commercial, financial and agricultural:
|
||||||||||||||||||||||||
Commercial & industrial
|
$
|
372,788
|
$ |
174,129
|
$ |
-
|
$
|
3,512,860
|
|
$
|
2,914,776
|
$
|
-
|
|||||||||||
Commercial mortgages:
|
||||||||||||||||||||||||
Construction
|
10,454
|
10,454
|
-
|
10,454
|
10,454
|
-
|
||||||||||||||||||
Other
|
1,854,966
|
1,246,775
|
-
|
1,091,026
|
860,648
|
-
|
||||||||||||||||||
Residential mortgages
|
136,844
|
136,844
|
-
|
178,925
|
179,337
|
-
|
||||||||||||||||||
With an allowance recorded:
|
||||||||||||||||||||||||
Commercial, financial and agricultural:
|
||||||||||||||||||||||||
Commercial & industrial
|
2,670,391
|
2,271,025
|
946,255
|
2,360,252
|
2,360,267
|
1,528,651
|
||||||||||||||||||
Commercial mortgages:
|
||||||||||||||||||||||||
Construction
|
-
|
-
|
-
|
8,295
|
8,295
|
8,295
|
||||||||||||||||||
Other
|
520,327
|
520,553
|
97,291
|
4,098,627
|
3,724,166
|
405,260
|
||||||||||||||||||
Total
|
$
|
5,565,770
|
$ |
4,359,780
|
$ |
1,043,546
|
$
|
11,260,439
|
|
$
|
10,057,943
|
$
|
1,942,206
|
Nine Months Ended
September 30, 2012
|
Nine Months Ended
September 30, 2011
|
Three Months Ended
September 30, 2012
|
Three Months Ended
September 30, 2011
|
||||||||||||||||||||||||||||
Average Recorded Investment
|
Interest Income Recognized
|
Average Recorded Investment
|
Interest Income Recognized
|
Average Recorded Investment
|
Interest Income Recognized
|
Average Recorded Investment
|
Interest Income Recognized
|
||||||||||||||||||||||||
With no related allowance recorded:
|
|||||||||||||||||||||||||||||||
Commercial, financial and agricultural:
|
|||||||||||||||||||||||||||||||
Commercial & industrial
|
$
|
843,910
|
$
|
-
|
$
|
3,100,655
|
$
|
25,049
|
$
|
177,457
|
$
|
-
|
$
|
3,032,483
|
$
|
6,290
|
|||||||||||||||
Commercial mortgages:
|
|||||||||||||||||||||||||||||||
Construction
|
10,454
|
-
|
24,490
|
-
|
10,454
|
-
|
20,602
|
-
|
|||||||||||||||||||||||
Other
|
932,358
|
-
|
3,447,948
|
-
|
1,081,307
|
-
|
3,397,079
|
-
|
|||||||||||||||||||||||
Residential mortgages
|
117,737
|
-
|
307,997
|
-
|
74,441
|
-
|
257,799
|
-
|
|||||||||||||||||||||||
Consumer loans:
|
|||||||||||||||||||||||||||||||
Home equity lines & loans
|
14,892
|
2,289
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||
With an allowance recorded:
|
|||||||||||||||||||||||||||||||
Commercial, financial and agricultural:
|
|||||||||||||||||||||||||||||||
Commercial & industrial
|
2,328,728
|
-
|
1,953,474
|
82,548
|
2,295,003
|
-
|
2,918,444
|
82,548
|
|||||||||||||||||||||||
Commercial mortgages:
|
|||||||||||||||||||||||||||||||
Construction
|
4,148
|
-
|
27,351
|
-
|
-
|
-
|
15,557
|
-
|
|||||||||||||||||||||||
Other
|
1,712,578
|
-
|
821,994
|
17,070
|
830,049
|
-
|
823,995
|
17,070
|
|||||||||||||||||||||||
Residential mortgages
|
32,001
|
-
|
-
|
-
|
64,003
|
-
|
-
|
-
|
|||||||||||||||||||||||
Total
|
$
|
5,996,806
|
$
|
2,289
|
$
|
9,683,909
|
$
|
124,667
|
$
|
4,532,714
|
$
|
-
|
$
|
10,465,959
|
$
|
105,908
|
September 30, 2012
|
December 31, 2011
|
|||||||||||||||
Non-Accrual
|
Loans Past Due Over 90 Days Still Accruing
|
Non-Accrual
|
Loans Past Due Over 90 Days Still Accruing
|
|||||||||||||
Commercial, financial and agricultural:
|
||||||||||||||||
Commercial & industrial
|
$
|
2,806,183
|
$
|
17,281
|
$
|
5,611,805
|
$
|
-
|
||||||||
Commercial mortgages:
|
||||||||||||||||
Construction
|
434,338
|
4,565,392
|
18,749
|
7,295,104
|
||||||||||||
Other
|
2,054,326
|
-
|
4,778,384
|
-
|
||||||||||||
Residential mortgages
|
2,363,170
|
-
|
2,611,096
|
-
|
||||||||||||
Consumer loans
|
||||||||||||||||
Credit cards
|
-
|
11,921
|
-
|
9,053
|
||||||||||||
Home equity lines & loans
|
473,981
|
-
|
455,418
|
-
|
||||||||||||
Indirect consumer loans
|
501,745
|
-
|
113,349
|
-
|
||||||||||||
Other direct consumer loans
|
31,316
|
-
|
22,287
|
-
|
||||||||||||
Total
|
$
|
8,665,059
|
$
|
4,594,594
|
$
|
13,611,088
|
$
|
7,304,157
|
September 30, 2012
|
||||||||||||||||||||||||||||
Legacy Loans:
|
30-59 Days Past Due
|
60-89 Days Past Due
|
Greater than 90 Days Past Due
|
Total Past Due
|
Loans Acquired with deteriorated credit quality
|
Loans Not Past Due
|
Total
|
|||||||||||||||||||||
Commercial, financial and agricultural:
|
||||||||||||||||||||||||||||
Commercial & industrial
|
$
|
7,353
|
$
|
-
|
$
|
189,912
|
$
|
197,265
|
$
|
-
|
$
|
114,455,637
|
$
|
114,652,902
|
||||||||||||||
Agricultural
|
-
|
-
|
-
|
-
|
-
|
533,841
|
533,841
|
|||||||||||||||||||||
Commercial mortgages:
|
||||||||||||||||||||||||||||
Construction
|
-
|
-
|
10,454
|
10,454
|
-
|
30,653,785
|
30,664,239
|
|||||||||||||||||||||
Other
|
59,389
|
73,584
|
305,495
|
438,468
|
-
|
205,242,958
|
205,681,426
|
|||||||||||||||||||||
Residential mortgages
|
1,571,579
|
428,641
|
622,623
|
2,622,843
|
-
|
176,983,403
|
179,606,246
|
|||||||||||||||||||||
Consumer loans:
|
||||||||||||||||||||||||||||
Credit cards
|
10,399
|
3,629
|
11,921
|
25,949
|
-
|
1,753,893
|
1,779,842
|
|||||||||||||||||||||
Home equity lines & loans
|
196,670
|
272,940
|
198,814
|
668,424
|
-
|
79,586,618
|
80,255,042
|
|||||||||||||||||||||
Indirect consumer loans
|
656,927
|
127,026
|
414,905
|
1,198,858
|
-
|
130,130,094
|
131,328,952
|
|||||||||||||||||||||
Other direct consumer loans
|
19,295
|
14,865
|
23,221
|
57,381
|
-
|
20,489,982
|
20,547,363
|
|||||||||||||||||||||
Total
|
$
|
2,521,612
|
$
|
920,685
|
$
|
1,777,345
|
$
|
5,219,642
|
$
|
-
|
$
|
759,830,211
|
$
|
765,049,853
|
September 30, 2012
|
||||||||||||||||||||||||||||
Acquired Loans:
|
30-59 Days Past Due
|
60-89 Days Past Due
|
Greater than 90 Days Past Due
|
Total Past Due
|
Loans Acquired with deteriorated credit quality
|
Loans Not Past Due
|
Total
|
|||||||||||||||||||||
Commercial, financial and agricultural:
|
|
|||||||||||||||||||||||||||
Commercial & industrial
|
$
|
95,799
|
$
|
4,994
|
$
|
361,159
|
$
|
461,952
|
$
|
1,152,448
|
$
|
18,760,978
|
$
|
20,375,378
|
||||||||||||||
Commercial mortgages:
|
||||||||||||||||||||||||||||
Construction
|
-
|
-
|
4,989,277
|
4,989,277
|
1,179,177
|
1,728,428
|
7,896,882
|
|||||||||||||||||||||
Other
|
547,737
|
-
|
286,997
|
834,734
|
10,221,803
|
54,897,378
|
65,953,915
|
|||||||||||||||||||||
Residential mortgages
|
614,844
|
-
|
201,442
|
816,286
|
239,911
|
12,923,490
|
13,979,687
|
|||||||||||||||||||||
Consumer loans:
|
||||||||||||||||||||||||||||
Home equity lines & loans
|
-
|
-
|
-
|
-
|
-
|
5,470,998
|
5,470,998
|
|||||||||||||||||||||
Other direct consumer loans
|
-
|
-
|
-
|
-
|
-
|
92,309
|
92,309
|
|||||||||||||||||||||
Total
|
$
|
1,258,380
|
$
|
4,994
|
$
|
5,838,875
|
$
|
7,102,249
|
$
|
12,793,339
|
$
|
93,873,581
|
$
|
113,769,169
|
December 31, 2011
|
|||||||||||||||||||||||||||
Legacy Loans:
|
30-59 Days Past Due
|
60-89 Days Past Due
|
Greater than 90 Days Past Due
|
Total Past Due
|
Loans Acquired with deteriorated credit quality
|
Loans Not Past Due
|
Total
|
||||||||||||||||||||
Commercial, financial and agricultural:
|
|||||||||||||||||||||||||||
Commercial & industrial
|
$
|
4,571
|
$
|
10,940
|
$
|
2,920,906
|
$
|
2,936,417
|
$
|
-
|
$
|
113,612,941
|
$
|
116,549,358
|
|||||||||||||
Agricultural
|
-
|
-
|
-
|
-
|
-
|
258,098
|
258,098
|
||||||||||||||||||||
Commercial mortgages:
|
|||||||||||||||||||||||||||
Construction
|
-
|
-
|
-
|
-
|
-
|
7,383,731
|
7,383,731
|
||||||||||||||||||||
Other
|
82,986
|
-
|
2,977,010
|
3,059,996
|
-
|
163,818,595
|
166,878,591
|
||||||||||||||||||||
Residential mortgages
|
1,418,234
|
293,337
|
1,221,056
|
2,932,627
|
-
|
172,652,660
|
175,585,287
|
||||||||||||||||||||
Consumer loans:
|
|||||||||||||||||||||||||||
Credit cards
|
3,660
|
8,031
|
9,053
|
20,744
|
-
|
1,934,471
|
1,955,215
|
||||||||||||||||||||
Home equity lines & loans
|
368,556
|
27,717
|
212,573
|
608,846
|
-
|
76,280,502
|
76,889,348
|
||||||||||||||||||||
Indirect consumer loans
|
597,180
|
75,817
|
85,763
|
758,760
|
-
|
96,781,480
|
97,540,240
|
||||||||||||||||||||
Other direct consumer loans
|
21,876
|
10,243
|
9,644
|
41,763
|
-
|
14,478,064
|
14,519,827
|
||||||||||||||||||||
Total
|
$
|
2,497,063
|
$
|
426,085
|
$
|
7,436,005
|
$
|
10,359,153
|
$
|
-
|
$
|
647,200,542
|
$
|
657,559,695
|
December 31, 2011
|
|||||||||||||||||||||||||||
Acquired Loans:
|
30-59 Days Past Due
|
60-89 Days Past Due
|
Greater than 90 Days Past Due
|
Total Past Due
|
Loans Acquired with deteriorated credit quality
|
Loans Not Past Due
|
Total
|
||||||||||||||||||||
Commercial, financial and agricultural:
|
|||||||||||||||||||||||||||
Commercial & industrial
|
$
|
275,121
|
$
|
82,677
|
$
|
195,687
|
$
|
553,485
|
$
|
1,499,141
|
$
|
25,335,874
|
$
|
27,388,500
|
|||||||||||||
Commercial mortgages:
|
|||||||||||||||||||||||||||
Construction
|
-
|
418,518
|
7,295,104
|
7,713,622
|
2,022,149
|
2,715,270
|
12,451,041
|
||||||||||||||||||||
Other
|
-
|
-
|
193,570
|
193,570
|
11,063,483
|
65,836,938
|
77,093,991
|
||||||||||||||||||||
Residential mortgages
|
405,087
|
62,017
|
84,083
|
551,187
|
226,937
|
17,753,898
|
18,532,022
|
||||||||||||||||||||
Consumer loans:
|
|||||||||||||||||||||||||||
Home equity lines & loans
|
-
|
-
|
-
|
-
|
-
|
6,168,831
|
6,168,831
|
||||||||||||||||||||
Other direct consumer loans
|
171
|
-
|
-
|
171
|
-
|
147,439
|
147,610
|
||||||||||||||||||||
Total
|
$
|
680,379
|
$
|
563,212
|
$
|
7,768,444
|
$
|
9,012,035
|
$
|
14,811,710
|
$
|
117,958,250
|
$
|
141,781,995
|
September 30, 2012
|
||||||||||||||||||||
Legacy Loans:
|
Not Rated
|
Pass
|
Special Mention
|
Substandard
|
Doubtful
|
|||||||||||||||
Commercial, financial and agricultural:
|
||||||||||||||||||||
Commercial & industrial
|
$
|
-
|
$
|
102,309,471
|
$
|
7,723,549
|
$
|
2,348,857
|
$
|
2,271,025
|
||||||||||
Agricultural
|
-
|
533,841
|
-
|
-
|
-
|
|||||||||||||||
Commercial mortgages:
|
||||||||||||||||||||
Construction
|
-
|
29,708,671
|
198,373
|
757,195
|
-
|
|||||||||||||||
Other
|
-
|
189,704,790
|
10,730,594
|
4,887,276
|
358,766
|
|||||||||||||||
Residential mortgages
|
177,499,107
|
-
|
-
|
2,107,139
|
-
|
|||||||||||||||
Consumer loans:
|
||||||||||||||||||||
Credit cards
|
1,779,842
|
-
|
-
|
-
|
-
|
|||||||||||||||
Home equity lines & loans
|
79,780,903
|
-
|
-
|
474,139
|
-
|
|||||||||||||||
Indirect consumer loans
|
130,827,207
|
-
|
-
|
501,745
|
-
|
|||||||||||||||
Other direct consumer loans
|
20,516,047
|
-
|
-
|
31,316
|
-
|
|||||||||||||||
Total
|
$
|
410,403,106
|
$
|
322,256,773
|
$
|
18,652,516
|
$
|
11,107,667
|
$
|
2,629,791
|
September 30, 2012
|
|||||||||||||||||||||||||
Acquired Loans:
|
Not Rated
|
Pass
|
Loans Acquired with deteriorated credit quality
|
Special Mention
|
Substandard
|
Doubtful
|
|||||||||||||||||||
Commercial, financial and agricultural:
|
|||||||||||||||||||||||||
Commercial & industrial
|
$
|
-
|
$ |
18,341,646
|
$
|
1,152,448
|
$
|
520,125
|
$
|
278,788
|
$
|
82,371
|
|||||||||||||
Commercial mortgages:
|
|||||||||||||||||||||||||
Construction
|
-
|
251,220
|
1,179,177
|
5,044,630
|
1,421,855
|
-
|
|||||||||||||||||||
Other
|
-
|
52,881,017
|
10,221,803
|
1,329,016
|
1,328,509
|
193,570
|
|||||||||||||||||||
Residential mortgages
|
13,483,746
|
-
|
239,911
|
-
|
256,030
|
-
|
|||||||||||||||||||
Consumer loans
|
|||||||||||||||||||||||||
Home equity lines & loans
|
5,470,998
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||
Other direct consumer loans
|
92,309
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||
Total
|
$
|
19,047,053
|
$ |
71,473,883
|
$
|
12,793,339
|
$
|
6,893,771
|
$
|
3,285,182
|
$
|
275,941
|
December 31, 2011
|
||||||||||||||||||||
Legacy Loans:
|
Not Rated
|
Pass
|
Special Mention
|
Substandard
|
Doubtful
|
|||||||||||||||
Commercial, financial and agricultural:
|
||||||||||||||||||||
Commercial & industrial
|
$
|
-
|
$
|
93,923,356
|
$
|
14,957,683
|
$
|
4,139,413
|
$
|
3,528,906
|
||||||||||
Agricultural
|
-
|
258,098
|
-
|
-
|
-
|
|||||||||||||||
Commercial mortgages:
|
||||||||||||||||||||
Construction
|
-
|
6,391,614
|
208,360
|
783,757
|
-
|
|||||||||||||||
Other
|
-
|
152,435,884
|
6,503,087
|
7,423,514
|
516,106
|
|||||||||||||||
Residential mortgages
|
173,120,292
|
-
|
-
|
2,464,995
|
-
|
|||||||||||||||
Consumer loans:
|
||||||||||||||||||||
Credit cards
|
1,955,215
|
-
|
-
|
-
|
-
|
|||||||||||||||
Home equity lines & loans
|
76,432,196
|
-
|
-
|
457,152
|
-
|
|||||||||||||||
Indirect consumer loans
|
97,426,891
|
-
|
-
|
113,349
|
-
|
|||||||||||||||
Other direct consumer loans
|
14,497,795
|
-
|
-
|
22,032
|
-
|
|||||||||||||||
Total
|
$
|
363,432,389
|
$
|
253,008,952
|
$
|
21,669,130
|
$
|
15,404,212
|
$
|
4,045,012
|
December 31, 2011
|
||||||||||||||||||||||||
Acquired Loans:
|
Not Rated
|
Pass
|
Loans Acquired with deteriorated credit quality
|
Special Mention
|
Substandard
|
Doubtful
|
||||||||||||||||||
Commercial, financial and agricultural:
|
||||||||||||||||||||||||
Commercial & industrial
|
$
|
-
|
$
|
25,164,742
|
$
|
1,499,141
|
$
|
602,006
|
$
|
24,635
|
$
|
97,976
|
||||||||||||
Commercial mortgages:
|
||||||||||||||||||||||||
Construction
|
-
|
1,790,731
|
2,022,149
|
7,447,661
|
1,190,500
|
-
|
||||||||||||||||||
Other
|
-
|
62,684,708
|
11,063,483
|
475,036
|
2,677,194
|
193,570
|
||||||||||||||||||
Residential mortgages
|
18,158,984
|
-
|
226,937
|
-
|
146,101
|
-
|
||||||||||||||||||
Consumer loans
|
||||||||||||||||||||||||
Home equity lines & loans
|
6,168,831
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Other direct consumer loans
|
147,610
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Total
|
$
|
24,475,425
|
$
|
89,640,181
|
$
|
14,811,710
|
$
|
8,524,703
|
$
|
4,038,430
|
$
|
291,546
|
September 30, 2012
|
||||||||||||||||||||
Consumer Loans
|
||||||||||||||||||||
Legacy Loans:
|
Residential Mortgages
|
Credit Card
|
Home Equity Lines & Loans
|
Indirect Consumer Loans
|
Other Direct Consumer Loans
|
|||||||||||||||
Performing
|
$
|
177,499,107
|
$
|
1,767,921
|
$
|
79,781,061
|
$
|
130,827,207
|
$
|
20,516,047
|
||||||||||
Non-Performing
|
2,107,139
|
11,921
|
473,981
|
501,745
|
31,316
|
|||||||||||||||
$ |
179,606,246
|
$ |
1,779,842
|
$ |
80,255,042
|
$ |
131,328,952
|
$ |
20,547,363
|
Acquired Loans:
|
||||||||||||||||||||
Performing
|
$
|
13,723,657
|
$
|
-
|
$
|
5,470,998
|
$
|
-
|
$
|
92,309
|
||||||||||
Non-Performing
|
256,030
|
-
|
-
|
-
|
||||||||||||||||
Total
|
$
|
13,979,687
|
$
|
-
|
$
|
5,470,998
|
$
|
-
|
$
|
92,309
|
December 31, 2011
|
||||||||||||||||||||
Consumer Loans
|
||||||||||||||||||||
Legacy Loans:
|
Residential Mortgages
|
Credit Card
|
Home Equity Lines & Loans
|
Indirect Consumer Loans
|
Other Direct Consumer Loans
|
|||||||||||||||
Performing
|
$
|
173,120,292
|
$
|
1,946,162
|
$
|
76,432,196
|
$
|
97,426,891
|
$
|
14,497,878
|
||||||||||
Non-Performing
|
2,464,995
|
9,053
|
457,152
|
113,349
|
21,949
|
|||||||||||||||
Total
|
$
|
175,585,287
|
$
|
1,955,215
|
$
|
76,889,348
|
$
|
97,540,240
|
$
|
14,519,827
|
Acquired Loans:
|
||||||||||||||||||||
Performing
|
$
|
18,385,921
|
$
|
-
|
$
|
6,168,831
|
$
|
-
|
$
|
147,610
|
||||||||||
Non-Performing
|
146,101
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total
|
$
|
18,532,022
|
$
|
-
|
$
|
6,168,831
|
$
|
-
|
$
|
147,610
|
Nine Months Ended September 30, 2012
|
Balance at December 31, 2011
|
Income Accretion
|
All Other Adjustments
|
Balance at September 30,
2012
|
||||||||||||
Contractually required principal and interest
|
$
|
21,260,381
|
$
|
-
|
$
|
(1,811,021
|
)
|
$
|
19,449,360
|
|||||||
Contractual cash flows not expected to be collected
(nonaccretable discount)
|
(4,662,346
|
)
|
-
|
776,839
|
(3,885,507
|
)
|
||||||||||
Cash flows expected to be collected
|
16,598,035
|
-
|
(1,034,182
|
)
|
15,563,853
|
|||||||||||
Interest component of expected cash flows (accretable yield)
|
(1,843,603
|
)
|
1,481,515
|
(2,391,636
|
)
|
(2,753,724
|
)
|
|||||||||
Fair value of loans acquired with deteriorating credit quality
|
$
|
14,754,432
|
$
|
1,481,515
|
$
|
(3,425,818
|
)
|
$
|
12,810,129
|
Three Months Ended September 30, 2012
|
Balance at
June 30,
2012
|
Income Accretion
|
All Other Adjustments
|
Balance at September 30,
2012
|
||||||||||||
Contractually required principal and interest
|
$
|
19,834,397
|
$
|
-
|
$
|
(385,037
|
)
|
$
|
19,449,360
|
|||||||
Contractual cash flows not expected to be collected
(nonaccretable discount)
|
(3,978,427
|
)
|
-
|
92,920
|
(3,885,507
|
)
|
||||||||||
Cash flows expected to be collected
|
15,855,970
|
-
|
(292,117
|
)
|
15,563,853
|
|||||||||||
Interest component of expected cash flows (accretable yield)
|
(2,971,148
|
)
|
310,344
|
(92,920
|
)
|
(2,753,724
|
)
|
|||||||||
Fair value of loans acquired with deteriorating credit quality
|
$
|
12,884,822
|
$
|
310,344
|
$
|
(385,037
|
)
|
$
|
12,810,129
|
Nine Months Ended
|
Three Months Ended
|
||||||||||||
September 30,
|
September 30,
|
September 30,
|
September 30,
|
||||||||||
2012
|
2011
|
2012
|
2011
|
||||||||||
Qualified Pension
|
|||||||||||||
Service cost, benefits earned during the period
|
$
|
970,053
|
$
|
777,402
|
$
|
323,351
|
$
|
259,134
|
|||||
Interest cost on projected benefit obligation
|
1,218,330
|
1,178,868
|
406,110
|
392,956
|
|||||||||
Expected return on plan assets
|
(1,990,479
|
)
|
(1,757,019
|
)
|
(663,493
|
)
|
(585,673
|
)
|
|||||
Amortization of unrecognized transition obligation
|
-
|
-
|
-
|
-
|
|||||||||
Amortization of unrecognized prior service cost
|
10,392
|
22,410
|
3,464
|
7,470
|
|||||||||
Amortization of unrecognized net loss
|
991,704
|
507,339
|
330,568
|
169,113
|
|||||||||
Net periodic pension expense
|
$
|
1,200,000
|
$
|
729,000
|
$
|
400,000
|
$
|
243,000
|
|||||
Supplemental Pension
|
|||||||||||||
Service cost, benefits earned during the period
|
$
|
26,076
|
$
|
22,968
|
$
|
8,692
|
$
|
7,656
|
|||||
Interest cost on projected benefit obligation
|
38,320
|
40,330
|
12,773
|
13,443
|
|||||||||
Expected return on plan assets
|
-
|
-
|
-
|
-
|
|||||||||
Amortization of unrecognized prior service cost
|
-
|
-
|
-
|
-
|
|||||||||
Amortization of unrecognized net loss
|
14,940
|
7,098
|
4,980
|
2,366
|
|||||||||
Net periodic supplemental pension expense
|
$
|
79,336
|
$
|
70,396
|
$
|
26,445
|
$
|
23,465
|
|||||
Postretirement, Medical and Life
|
|||||||||||||
Service cost, benefits earned during the period
|
$
|
26,250
|
$
|
24,750
|
$
|
8,750
|
$
|
8,250
|
|||||
Interest cost on projected benefit obligation
|
54,000
|
56,250
|
18,000
|
18,750
|
|||||||||
Expected return on plan assets
|
-
|
-
|
-
|
-
|
|||||||||
Amortization of unrecognized prior service cost
|
(72,750
|
)
|
(72,750
|
)
|
(24,250
|
)
|
(24,250
|
)
|
|||||
Amortization of unrecognized net gain
|
-
|
-
|
-
|
-
|
|||||||||
Net periodic postretirement, medical and life expense
|
$
|
7,500
|
$
|
8,250
|
$
|
2,500
|
$
|
2,750
|
Three Months Ended September 30, 2012
|
Nine Months Ended September 30, 2012
|
||||||||||||||||||||||||||||
Core Banking
|
Wealth Management Group Services
|
Holding Company And Other
|
Consolidated Totals
|
Core Banking
|
Wealth Management Group Services
|
Holding Company And Other
|
Consolidated Totals
|
||||||||||||||||||||||
Net interest income
|
$
|
11,774
|
$
|
-
|
$
|
1
|
$
|
11,775
|
$
|
35,149
|
$
|
-
|
$
|
7
|
$
|
35,156
|
|||||||||||||
Provision for loan losses
|
225
|
-
|
-
|
225
|
754
|
-
|
-
|
754
|
|||||||||||||||||||||
Net interest income after provision for loan losses
|
11,549
|
-
|
1
|
11,550
|
34,395
|
-
|
7
|
34,402
|
|||||||||||||||||||||
Other operating income
|
2,180
|
1,668
|
212
|
4,060
|
7,396
|
5,170
|
522
|
13,088
|
|||||||||||||||||||||
Other operating expenses
|
9,510
|
1,708
|
175
|
11,393
|
28,344
|
5,279
|
577
|
34,200
|
|||||||||||||||||||||
Income or (loss) before income tax expense
|
4,219
|
(40
|
)
|
38
|
4,217
|
13,447
|
(109
|
)
|
(48
|
)
|
13,290
|
||||||||||||||||||
Income tax expense (benefit)
|
1,400
|
(15
|
)
|
(2
|
)
|
1,383
|
4,512
|
(42
|
)
|
(72
|
)
|
4,398
|
|||||||||||||||||
Segment net income (loss)
|
$
|
2,819
|
$
|
(25
|
)
|
$
|
40
|
$
|
2,834
|
$
|
8,935
|
$
|
(67
|
)
|
$
|
24
|
$
|
8,892
|
|||||||||||
Segment assets
|
$
|
1,279,107
|
$
|
5,249
|
$
|
2,624
|
$
|
1,286,980
|
Three Months Ended September 30, 2011
|
Nine Months Ended September 30, 2011
|
||||||||||||||||||||||||||||
Core Banking
|
Wealth Management Group Services
|
Holding Company And Other
|
Consolidated Totals
|
Core Banking
|
Wealth Management Group Services
|
Holding Company
And Other
|
Consolidated Totals
|
||||||||||||||||||||||
Net interest income
|
$
|
11,842
|
$
|
-
|
$
|
1
|
$
|
11,843
|
$
|
31,834
|
$
|
-
|
$
|
6
|
$
|
31,840
|
|||||||||||||
Provision for loan losses
|
583
|
-
|
-
|
583
|
833
|
-
|
-
|
833
|
|||||||||||||||||||||
Net interest income after provision for loan losses
|
11,259
|
-
|
1
|
11,260
|
31,001
|
-
|
6
|
31,007
|
|||||||||||||||||||||
Other operating income
|
2,465
|
1,747
|
116
|
4,328
|
7,284
|
5,131
|
1,005
|
13,420
|
|||||||||||||||||||||
Other operating expenses
|
8,638
|
1,843
|
136
|
10,617
|
27,259
|
5,450
|
553
|
33,262
|
|||||||||||||||||||||
Income or (loss) before income tax expense
|
5,086
|
(96
|
)
|
(19
|
)
|
4,971
|
11,026
|
(319
|
)
|
458
|
11,165
|
||||||||||||||||||
Income tax expense (benefit)
|
1,742
|
(37
|
)
|
(25
|
)
|
1,680
|
3,589
|
(123
|
)
|
123
|
3,589
|
||||||||||||||||||
Segment net income (loss)
|
$
|
3,344
|
$
|
(59
|
)
|
$
|
6
|
$
|
3,291
|
$
|
7,437
|
$
|
(196
|
)
|
$
|
335
|
$
|
7,576
|
|||||||||||
Segment assets
|
$
|
1,257,067
|
$
|
5,856
|
$
|
3,001
|
$
|
1,265,924
|
Shares
|
Weighted
–Average Grant Date Fair Value
|
|||
Nonvested at December 31, 2011
|
12,458
|
|
$
|
22.33
|
Granted
|
2,095
|
23.87
|
||
Vested
|
(824
|
)
|
22.59
|
|
Forfeited or Cancelled
|
-
|
-
|
||
Nonvested at September 30, 2012
|
13,729
|
$
|
22.55
|
September 30, 2012
|
December 31, 2011
|
|||||||
Commercial, financial and agricultural
|
$
|
133,365,046
|
$
|
142,209,279
|
||||
Commercial mortgages
|
311,126,130
|
264,589,013
|
||||||
Residential mortgages
|
193,049,212
|
193,599,853
|
||||||
Indirect Consumer loans
|
130,969,296
|
97,165,447
|
||||||
Consumer loans
|
107,848,451
|
99,351,585
|
||||||
Total loans, net of deferred origination fees and cost,
and unearned income
|
$
|
876,358,135
|
$
|
796,915,177
|
|
September 30, 2012
|
December 31, 2011
|
||||||
Non-accrual loans
|
$
|
8,665,059
|
$
|
13,611,088
|
||||
Accruing loans past due 90 days or more
|
4,594,392
|
7,304,157
|
||||||
Total non-performing loans
|
$
|
13,259,451
|
$
|
20,915,245
|
||||
Other real estate owned
|
933,826
|
897,755
|
||||||
Total non-performing assets
|
$
|
14,193,277
|
$
|
21,813,000
|
Nine Months Ended
September 30, 2012
|
|||||||
|
Legacy Loans
|
Acquired Loans
|
|||||
Balance at beginning of period
|
$
|
9,659,320
|
$
|
-
|
|||
Reclassification of acquired loan discount
|
-
|
123,599
|
|||||
Charge-offs:
|
|||||||
Commercial, financial and agricultural
|
(5,792
|
)
|
-
|
||||
Commercial mortgages
|
(39,314
|
)
|
(49,057
|
)
|
|||
Residential mortgages
|
(82,442
|
)
|
-
|
||||
Consumer loans
|
(342,867
|
)
|
-
|
||||
Total
|
(470,415
|
)
|
(49,057
|
)
|
|||
Recoveries:
|
|||||||
Commercial, financial and agricultural
|
591,497
|
-
|
|||||
Commercial mortgages
|
43,031
|
-
|
|||||
Residential mortgages
|
-
|
-
|
|||||
Consumer loans
|
176,139
|
-
|
|||||
Total
|
810,667
|
-
|
|||||
Net recoveries (charge-offs)
|
340,252
|
(49,057
|
)
|
||||
Provision charged to operations
|
533,000
|
220,897
|
|||||
Balance at end of period
|
$
|
10,532,572
|
$
|
295,399
|
Nine Months
Ended
September 30, 2011
|
||||
|
||||
Balance at beginning of period
|
$
|
9,498
|
||
Charge-offs:
|
||||
Commercial, financial and agricultural
|
(594
|
)
|
||
Commercial mortgages
|
(4
|
)
|
||
Residential mortgages
|
(39
|
)
|
||
Consumer loans
|
(543
|
)
|
||
Total
|
(1,180
|
)
|
||
Recoveries:
|
||||
Commercial, financial and agricultural
|
315
|
|||
Commercial mortgages
|
33
|
|||
Residential mortgages
|
30
|
|||
Consumer loans
|
148
|
|||
Total
|
526
|
|||
Net recoveries (charge-offs)
|
(654
|
)
|
||
Provision charged to operations
|
833
|
|||
Balance at end of period
|
$
|
9,677
|
Nine Months Ended
September 30, 2012
|
Nine Months Ended
September 30, 2011
|
Three Months Ended
September 30, 2012
|
Three Months Ended
September 30, 2011
|
|||||||||||||||||||||||||||||||||||||||||||||
Assets
|
Average Balance
|
Interest
|
Yield/
Rate
|
Average Balance
|
Interest
|
Yield/
Rate
|
Average Balance
|
Interest
|
Yield/
Rate
|
Average Balance
|
Interest
|
Yield/
Rate
|
||||||||||||||||||||||||||||||||||||
Earning assets:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Loans
|
$
|
829,396
|
$
|
34,078
|
5.49
|
%
|
$
|
722,583
|
$
|
31,456
|
5.82
|
%
|
$
|
867,972
|
$
|
11,374
|
5.21
|
%
|
$
|
785,193
|
$
|
11,673
|
5.90
|
%
|
||||||||||||||||||||||||
Taxable securities
|
219,985
|
4,142
|
2.52
|
%
|
208,891
|
4,348
|
2.78
|
%
|
208,000
|
1,306
|
2.50
|
%
|
223,282
|
1,504
|
2.67
|
%
|
||||||||||||||||||||||||||||||||
Tax-exempt securities
|
49,796
|
977
|
2.62
|
%
|
51,813
|
1,035
|
2.67
|
%
|
46,811
|
300
|
2.55
|
%
|
53,014
|
351
|
2.62
|
%
|
||||||||||||||||||||||||||||||||
Interest-bearing deposits
|
47,075
|
123
|
0.35
|
%
|
75,012
|
167
|
0.30
|
%
|
37,696
|
35
|
0.36
|
%
|
81,313
|
65
|
0.32
|
%
|
||||||||||||||||||||||||||||||||
Total earning assets
|
1,146,252
|
39,320
|
4.58
|
%
|
1,058,299
|
37,006
|
4.68
|
%
|
1,160,479
|
13,015
|
4.46
|
%
|
1,142,802
|
13,593
|
4.72
|
%
|
||||||||||||||||||||||||||||||||
Non-earning assets:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks
|
23,967
|
22,380
|
24,823
|
23,783
|
||||||||||||||||||||||||||||||||||||||||||||
Premises and equipment, net
|
24,762
|
24,270
|
24,585
|
24,327
|
||||||||||||||||||||||||||||||||||||||||||||
Other assets
|
51,815
|
45,863
|
49,482
|
51,867
|
||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses
|
(10,262
|
)
|
(9,731
|
)
|
(10,534
|
)
|
(9,894
|
)
|
||||||||||||||||||||||||||||||||||||||||
AFS valuation allowance
|
13,698
|
11,690
|
13,813
|
13,727
|
||||||||||||||||||||||||||||||||||||||||||||
Total
|
$
|
1,250,232
|
$
|
1,152,771
|
$
|
1,262,648
|
$
|
1,246,612
|
||||||||||||||||||||||||||||||||||||||||
Liabilities and Shareholders' Equity
|
||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits
|
$
|
88,005
|
$
|
70
|
0.11
|
%
|
$
|
71,906
|
$
|
63
|
0.12
|
%
|
$
|
92,703
|
$
|
25
|
0.11
|
%
|
$
|
80,665
|
$
|
25
|
0.13
|
%
|
||||||||||||||||||||||||
Savings and insured money market deposits
|
409,081
|
668
|
0.22
|
%
|
345,040
|
663
|
0.26
|
%
|
415,368
|
222
|
0.21
|
%
|
371,306
|
248
|
0.26
|
%
|
||||||||||||||||||||||||||||||||
Time deposits
|
261,549
|
1,795
|
0.92
|
%
|
295,080
|
2,600
|
1.18
|
%
|
252,826
|
528
|
0.83
|
%
|
314,348
|
865
|
1.09
|
%
|
||||||||||||||||||||||||||||||||
Federal Home Loan Bank advances and securities sold under agreements to Repurchase
|
73,944
|
1,631
|
2.95
|
%
|
79,984
|
1,839
|
3.07
|
%
|
65,039
|
465
|
2.85
|
%
|
86,520
|
612
|
2.80
|
%
|
||||||||||||||||||||||||||||||||
Total interest-bearing liabilities
|
832,579
|
4,164
|
0.67
|
%
|
792,010
|
5,165
|
0.87
|
%
|
825,936
|
1,240
|
0.60
|
%
|
852,839
|
1,750
|
0.81
|
%
|
||||||||||||||||||||||||||||||||
Non-interest-bearing liabilities:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Demand deposits
|
278,473
|
235,656
|
294,612
|
255,957
|
||||||||||||||||||||||||||||||||||||||||||||
Other liabilities
|
8,962
|
8,096
|
9,914
|
9,511
|
||||||||||||||||||||||||||||||||||||||||||||
Total liabilities
|
1,120,014
|
1,035,762
|
1,130,462
|
1,118,307
|
||||||||||||||||||||||||||||||||||||||||||||
Shareholders' equity
|
130,218
|
117,009
|
132,186
|
128,305
|
||||||||||||||||||||||||||||||||||||||||||||
Total
|
$
|
1,250,232
|
$
|
1,152,771
|
$
|
1,262,648
|
$
|
1,246,612
|
||||||||||||||||||||||||||||||||||||||||
Net interest income
|
$
|
35,156
|
$
|
31,841
|
$
|
11,775
|
$
|
11,843
|
||||||||||||||||||||||||||||||||||||||||
Net interest rate spread(1)
|
3.91
|
%
|
3.81
|
%
|
3.86
|
%
|
3.91
|
%
|
||||||||||||||||||||||||||||||||||||||||
Net interest margin(2)
|
4.10
|
%
|
4.02
|
%
|
4.04
|
%
|
4.11
|
%
|
||||||||||||||||||||||||||||||||||||||||
(1) Net interest rate spread is the difference in the yield received on earning assets less the rate paid on interest-bearing liabilities. | ||||||||||||||||||||||||||||||||||||||||||||||||
(2) Net interest margin is the ratio of net interest indcome divided by average earning assets. |
Nine Months Ended September 30, 2012 Compared to Nine Months Ended September 30, 2011
|
Three Months Ended September 30, 2012 Compared to Three Months Ended September 30, 2011
|
|||||||||||||||||||||||
Increase (Decrease) Due to (1)
|
Increase (Decrease) Due to (1)
|
|||||||||||||||||||||||
Volume
|
Rate
|
Net
|
Volume
|
Rate
|
Net
|
|||||||||||||||||||
Interest and dividends earned on:
|
||||||||||||||||||||||||
Loans
|
$
|
4,483
|
$
|
(1,861
|
)
|
$
|
2,622
|
$
|
1,144
|
$
|
(1,443
|
)
|
$
|
(299
|
)
|
|||||||||
Taxable securities
|
225
|
(431
|
)
|
(206
|
)
|
(102
|
)
|
(96
|
)
|
(198
|
)
|
|||||||||||||
Tax-exempt securities
|
(39
|
)
|
(19
|
)
|
(58
|
)
|
(41
|
)
|
(10
|
)
|
(51
|
)
|
||||||||||||
Interest-bearing deposits
|
(69
|
)
|
25
|
(44
|
)
|
(39
|
)
|
9
|
(30
|
)
|
||||||||||||||
Total earning assets
|
$
|
3,056
|
$
|
(742
|
)
|
$
|
2,314
|
$
|
199
|
(777
|
)
|
(578
|
)
|
|||||||||||
Interest paid on:
|
||||||||||||||||||||||||
Demand deposits
|
$
|
13
|
$
|
(6
|
)
|
$
|
7
|
$
|
4
|
$
|
(4
|
)
|
$
|
-
|
||||||||||
Savings and insured money market deposits
|
114
|
(109
|
)
|
5
|
27
|
(53
|
)
|
(26
|
)
|
|||||||||||||||
Time deposits
|
(273
|
)
|
(532
|
)
|
(805
|
)
|
(152
|
)
|
(185
|
)
|
(337
|
)
|
||||||||||||
Federal Home Loan Bank advances and securities sold under agreements to repurchase
|
(135
|
)
|
(73
|
)
|
(208
|
)
|
(156
|
)
|
9
|
(147
|
)
|
|||||||||||||
Total interest-bearing liabilities
|
$
|
255
|
$
|
(1,256
|
)
|
$
|
(1,001
|
)
|
$
|
(54
|
)
|
$
|
(456
|
)
|
$
|
(510
|
)
|
|||||||
Net interest income
|
$
|
2,801
|
$
|
514
|
$
|
3,315
|
$
|
253
|
$
|
(321
|
)
|
$
|
(68
|
)
|
||||||||||
(1) The change in interest due to both rate and volume has been allocated to volume and rate changes in proportion to the relationship of the absolute dollar amounts of the change in each.
|
PART II.
|
OTHER INFORMATION
|
||||||||||||||||
Item 1.
|
Legal Proceedings
|
||||||||||||||||
For information related to this item please see Note 7 to the Corporation’s financial statements included herein.
|
|||||||||||||||||
Item 1A.
|
Risk Factors
|
||||||||||||||||
There have been no material changes in the risk factors set forth in the Corporation's Annual
Report on Form 10-K for the year ended December 31, 2011, filed with the Securities and
Exchange Commission on March 28, 2012.
|
|||||||||||||||||
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
||||||||||||||||
(c)
|
Issuer Purchases of Equity Securities (1)
|
||||||||||||||||
Period
|
Total number of shares purchased
|
Average price paid per share
|
Total number of shares purchased as part of publicly announced plans or programs
|
Maximum number of shares that may yet be purchased under the plans or programs
|
|||||||||||||
7/1/12-7/31/12
|
73
|
$
|
25.70
|
73
|
27,585
|
||||||||||||
8/1/12-8/31/12
|
3,949
|
$
|
24.59
|
3,949
|
23,636
|
||||||||||||
9/1/12-9/30/12
|
-
|
$
|
-
|
-
|
23,636
|
||||||||||||
Quarter ended 9/30/12
|
4,022
|
$
|
24.61
|
4,022
|
23,636
|
||||||||||||
(1) On November 16, 2011, the Corporation’s Board of Directors approved a one year extension of the stock repurchase program that had been initially approved on November 18, 2009 and extended for one year on November 17, 2010. The extension authorizes purchases of up to 90,000 shares of the Corporation's outstanding common stock, including those shares purchased during the first two years of the plan. Purchases may be made from time to time on the open-market or in private negotiated transactions and will be at the discretion of management. Through September 30, 2012, a total of 66,364 shares had been purchased under this program.
|
Item 6.
|
EXHIBITS
|
The following exhibits are either filed with this Form 10-Q or are incorporated herein by reference:
|
|
3.1 Certificate of Incorporation of Chemung Financial Corporation dated December 20, 1984. Filed as
Exhibit 3.1 to Registrant’s Form 10-K filed with the SEC on March 13, 2008 and incorporated herein by
reference.
|
|
3.2 Certificate of Amendment to the Certificate of Incorporation of Chemung Financial Corporation,
dated March 28, 1988. Filed as Exhibit 3.2 to Registrant's Form 10-K filed with the SEC on March 13,
2008 and incorporated herein by reference.
|
|
3.3 Certificate of Amendment to the Certificate of Incorporation of Chemung Financial Corporation,
dated May 13, 1998. Filed as Exhibit 3.4 of the Registrant's Form 10-K for the year ended December 31,
2005 and incorporated herein by reference.
|
|
3.4 Amended and Restated Bylaws of the Registrant, as amended to May 16, 2012. Filed as Exhibit 3.1
to the Registrant’s Current Report on Form 8-K filed with the SEC on May 18, 2012 and incorporated herein
by reference.
|
|
31.1 Certification of President and Chief Executive Officer of the Registrant pursuant to Rule 13a-14(a)
under the Securities Exchange Act of 1934.
|
|
31.2 Certification of Treasurer and Chief Financial Officer of the Registrant pursuant to Rule 13a-14(a)
under the Securities Exchange Act of 1934.
|
|
32.1 Certification of President and Chief Executive Officer of the Registrant pursuant to Rule 13a-14(b)
under the Securities Exchange Act of 1934 and 18 U.S.C. §1350.
|
|
32.2 Certification of Treasurer and Chief Financial Officer of the Registrant pursuant to Rule 13a-14(b)
under the Securities Exchange Act of 1934 and 18 U.S.C. §1350.
|
|
101.INS Instance Document
|
|
101.SCH XBRL Taxonomy Schema
|
|
101.CAL XBRL Taxonomy Calculation Linkbase
|
|
101.DEF XBRL Taxonomy Definition Linkbase
|
|
101.LAB XBRL Taxonomy Label Linkbase
|
|
101.PRE XBRL Taxonomy Presentation Linkbase
|
DATED: November 13, 2012
|
By: /s/ Ronald M. Bentley
|
Ronald M. Bentley, President and Chief Executive Officer
(Principal Executive Officer)
|
DATED: November 13, 2012
|
By: /s/ Mark A. Severson
|
Mark A. Severson, Treasurer and Chief Financial Officer
(Principal Financial and Accounting Officer)
|
3.1 Certificate of Incorporation of Chemung Financial Corporation dated December 20, 1984. Filed as
Exhibit 3.1 to Registrant’s Form 10-K filed with the SEC on March 13, 2008 and incorporated herein by
reference.
|
3.2 Certificate of Amendment to the Certificate of Incorporation of Chemung Financial Corporation,
dated March 28, 1988. Filed as Exhibit 3.2 to Registrant's Form 10-K filed with the SEC on March 13,
2008 and incorporated herein by reference.
|
3.3 Certificate of Amendment to the Certificate of Incorporation of Chemung Financial Corporation,
dated May 13, 1998. Filed as Exhibit 3.4 of the Registrant's Form 10-K for the year ended December
31, 2005 and incorporated herein by reference.
|
3.4 Amended and Restated Bylaws of the Registrant, as amended to May 16, 2012. Filed as Exhibit 3.1
to the Registrant’s Current Report on Form 8-K filed with the SEC on May 18, 2012 and incorporated
herein by reference.
|
31.1 Certification of President and Chief Executive Officer of the Registrant pursuant to Rule 13a-14(a)
under the Securities Exchange Act of 1934.
|
31.2 Certification of Treasurer and Chief Financial Officer of the Registrant pursuant to Rule 13a-14(a)
under the Securities Exchange Act of 1934.
|
32.1 Certification of President and Chief Executive Officer of the Registrant pursuant to Rule 13a-14(b)
under the Securities Exchange Act of 1934 and 18 U.S.C. §1350.
|
32.2 Certification of Treasurer and Chief Financial Officer of the Registrant pursuant to Rule 13a-14(b)
under the Securities Exchange Act of 1934 and 18 U.S.C. §1350.
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101.INS Instance Document
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101.SCH XBRL Taxonomy Schema
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101.CAL XBRL Taxonomy Calculation Linkbase
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101.DEF XBRL Taxonomy Definition Linkbase
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101.LAB XBRL Taxonomy Label Linkbase
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101.PRE XBRL Taxonomy Presentation Linkbase
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Accumulated Other Comprehensive Income or Loss (Details) (USD $)
|
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
|
Summary of accumulated other comprehensive income balance [Abstract] | ||||
Unrealized gains on securities available for sale, opening balance | $ 7,987,055 | |||
Unrealized gains on securities available for sale, current period changes | 590,403 | (88,351) | 788,219 | 2,678,187 |
Unrealized gains on securities available for sale, closing balance | 8,775,274 | 8,775,274 | ||
Unrealized loss on pension plans and other benefit Plans, opening balance | (9,428,433) | |||
Unrealized loss on pension plans and other benefit Plans | 193,768 | 94,852 | 581,304 | 284,556 |
Unrealized loss on pension plans and other benefit Plans, opening balance | (8,847,129) | (8,847,129) | ||
Total, Accumulated other comprehensive income, opening balance | (1,441,378) | |||
Total, current period changes | 784,171 | 6,501 | 1,369,523 | 2,962,743 |
Total, Accumulated other comprehensive income, closing balance | $ (71,855) | $ (71,855) |
Securities (Tables)
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9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2012
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Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized cost and estimated fair value of securities available for sale | Amortized cost and estimated fair value of securities available for sale are as follows:
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Amortized cost and estimated fair value of securities held to maturity | Amortized cost and estimated fair value of securities held to maturity are as follows:
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Amortized cost and estimated fair value of debt securities by contractual maturity | The amortized cost and estimated fair value of debt securities are shown below by expected maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately:
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Investment securities in an unrealized loss position | The following tables summarize the investment securities available for sale and held to maturity with unrealized losses at September 30, 2012 and December 31, 2011 by aggregated major security type and length of time in a continuous unrealized loss position:
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Roll forward of the cumulative credit losses recognized in earnings | The tables below present a roll forward of the cumulative credit losses recognized in earnings for the three and nine-month periods ending September 30, 2012 and 2011:
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Segment Reporting (Details) (USD $)
|
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Dec. 31, 2011
|
|
Segment Reporting [Abstract] | |||||
Number of primary business segment | 2 | 2 | |||
Reportable segments and reconciliation to consolidated results [Abstract] | |||||
Net interest income | $ 11,775,075 | $ 11,843,549 | $ 35,155,567 | $ 31,840,821 | |
Provision for loan losses | 225,000 | 583,333 | 753,897 | 833,333 | 958,333 |
Net interest income after provision for loan losses | 11,550,075 | 11,260,216 | 34,401,670 | 31,007,488 | |
Other operating income | 4,060,221 | 4,328,463 | 13,087,701 | 13,420,012 | |
Other operating expenses | 11,393,000 | 10,617,388 | 34,199,674 | 33,261,986 | |
Income or (loss) before income tax expense | 4,217,296 | 4,971,291 | 13,289,697 | 11,165,514 | |
Income tax expense (benefit) | 1,383,451 | 1,680,351 | 4,397,279 | 3,589,455 | |
Segment net income (loss) | 2,833,845 | 3,290,940 | 8,892,418 | 7,576,059 | |
Segment assets | 1,286,979,857 | 1,265,924,000 | 1,286,979,857 | 1,265,924,000 | 1,216,259,587 |
Core Banking [Member]
|
|||||
Reportable segments and reconciliation to consolidated results [Abstract] | |||||
Net interest income | 11,774,000 | 11,842,000 | 35,149,000 | 31,834,000 | |
Provision for loan losses | 225,000 | 583,000 | 754,000 | 833 | |
Net interest income after provision for loan losses | 11,549,000 | 11,259 | 34,395,000 | 31,001,000 | |
Other operating income | 2,180,000 | 2,465 | 7,396 | 7,284,000 | |
Other operating expenses | 9,510,000 | 8,638,000 | 28,344 | 27,259,000 | |
Income or (loss) before income tax expense | 4,219,000 | 5,086,000 | 13,447,000 | 11,026,000 | |
Income tax expense (benefit) | 1,400,000 | 1,742,000 | 4,512,000 | 3,589,000 | |
Segment net income (loss) | 2,819,000 | 3,344,000 | 8,935,000 | 7,437,000 | |
Segment assets | 1,279,107,000 | 1,257,067,000 | 1,279,107,000 | 1,257,067,000 | |
Wealth Management Group Services [Member]
|
|||||
Reportable segments and reconciliation to consolidated results [Abstract] | |||||
Net interest income | 0 | 0 | 0 | 0 | |
Provision for loan losses | 0 | 0 | 0 | 0 | |
Net interest income after provision for loan losses | 0 | 0 | 0 | 0 | |
Other operating income | 1,668,000 | 1,747 | 5,170 | 5,131,000 | |
Other operating expenses | 1,708,000 | 1,843,000 | 5,279,000 | 5,450,000 | |
Income or (loss) before income tax expense | (40,000) | (96,000) | (109,000) | (319,000) | |
Income tax expense (benefit) | (15,000) | (37,000) | (42,000) | (123,000) | |
Segment net income (loss) | (25,000) | (59,000) | (67,000) | (196,000) | |
Segment assets | 5,249,000 | 5,856,000 | 5,249,000 | 5,856,000 | |
Holding Company and Other [Member]
|
|||||
Reportable segments and reconciliation to consolidated results [Abstract] | |||||
Net interest income | 1,000 | 1,000 | 7,000 | 6,000 | |
Provision for loan losses | 0 | 0 | 0 | 0 | |
Net interest income after provision for loan losses | 1 | 1,000 | 7,000 | 6,000 | |
Other operating income | 212,000 | 116,000 | 522,000 | 1,005,000 | |
Other operating expenses | 175,000 | 136,000 | 577,000 | 553,000 | |
Income or (loss) before income tax expense | 38,000 | (19,000) | (48,000) | 458,000 | |
Income tax expense (benefit) | (2,000) | (25,000) | (72,000) | 123,000 | |
Segment net income (loss) | 40,000 | 6,000 | 24,000 | 335,000 | |
Segment assets | $ 2,624,000 | $ 3,001,000 | $ 2,624,000 | $ 3,001,000 |
Loans and Allowance for Loan Losses, Allowances (Details) (USD $)
|
3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||||
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Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Dec. 31, 2011
|
Sep. 30, 2012
Legacy Loans [Member]
|
Sep. 30, 2012
Legacy Loans [Member]
|
Dec. 31, 2011
Legacy Loans [Member]
|
Sep. 30, 2012
Acquired Loans [Member]
|
Sep. 30, 2012
Acquired Loans [Member]
|
Dec. 31, 2011
Acquired Loans [Member]
|
Sep. 30, 2011
Commercial, Financial and Agricultural [Member]
|
Sep. 30, 2011
Commercial, Financial and Agricultural [Member]
|
Sep. 30, 2012
Commercial, Financial and Agricultural [Member]
|
Dec. 31, 2011
Commercial, Financial and Agricultural [Member]
|
Sep. 30, 2012
Commercial, Financial and Agricultural [Member]
Legacy Loans [Member]
|
Sep. 30, 2012
Commercial, Financial and Agricultural [Member]
Legacy Loans [Member]
|
Sep. 30, 2012
Commercial, Financial and Agricultural [Member]
Acquired Loans [Member]
|
Sep. 30, 2012
Commercial, Financial and Agricultural [Member]
Acquired Loans [Member]
|
Sep. 30, 2011
Commercial Mortgages [Member]
|
Sep. 30, 2011
Commercial Mortgages [Member]
|
Sep. 30, 2012
Commercial Mortgages [Member]
|
Dec. 31, 2011
Commercial Mortgages [Member]
|
Sep. 30, 2012
Commercial Mortgages [Member]
Legacy Loans [Member]
|
Sep. 30, 2012
Commercial Mortgages [Member]
Legacy Loans [Member]
|
Sep. 30, 2012
Commercial Mortgages [Member]
Acquired Loans [Member]
|
Sep. 30, 2012
Commercial Mortgages [Member]
Acquired Loans [Member]
|
Sep. 30, 2011
Residential Mortgages [Member]
|
Sep. 30, 2011
Residential Mortgages [Member]
|
Sep. 30, 2012
Residential Mortgages [Member]
|
Dec. 31, 2011
Residential Mortgages [Member]
|
Sep. 30, 2012
Residential Mortgages [Member]
Legacy Loans [Member]
|
Sep. 30, 2012
Residential Mortgages [Member]
Legacy Loans [Member]
|
Dec. 31, 2011
Residential Mortgages [Member]
Legacy Loans [Member]
|
Sep. 30, 2012
Residential Mortgages [Member]
Acquired Loans [Member]
|
Sep. 30, 2012
Residential Mortgages [Member]
Acquired Loans [Member]
|
Dec. 31, 2011
Residential Mortgages [Member]
Acquired Loans [Member]
|
Sep. 30, 2011
Consumer Loans [Member]
|
Sep. 30, 2011
Consumer Loans [Member]
|
Sep. 30, 2012
Consumer Loans [Member]
|
Dec. 31, 2011
Consumer Loans [Member]
|
Sep. 30, 2012
Consumer Loans [Member]
Legacy Loans [Member]
|
Sep. 30, 2012
Consumer Loans [Member]
Legacy Loans [Member]
|
Sep. 30, 2012
Consumer Loans [Member]
Acquired Loans [Member]
|
Sep. 30, 2012
Consumer Loans [Member]
Acquired Loans [Member]
|
Sep. 30, 2011
Unallocated [Member]
|
Sep. 30, 2011
Unallocated [Member]
|
Sep. 30, 2012
Unallocated [Member]
|
Dec. 31, 2011
Unallocated [Member]
|
Sep. 30, 2012
Unallocated [Member]
Legacy Loans [Member]
|
Sep. 30, 2012
Unallocated [Member]
Legacy Loans [Member]
|
Sep. 30, 2012
Unallocated [Member]
Acquired Loans [Member]
|
Sep. 30, 2012
Unallocated [Member]
Acquired Loans [Member]
|
|
Loans and Allowance for Loan Losses [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Period of historical loss factor for substandard classification, but not impaired | 5 years | |||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses, by portfolio segment [Roll Forward] | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance: | $ 9,755,672 | $ 9,498,131 | $ 10,097,173 | $ 9,659,320 | $ 295,399 | $ 0 | $ 3,081,433 | $ 2,118,299 | $ 2,796,556 | $ 3,143,373 | $ 207,655 | $ 0 | $ 2,612,655 | $ 2,575,058 | $ 2,987,968 | $ 2,570,149 | $ 87,744 | $ 0 | $ 1,246,880 | $ 1,301,780 | $ 1,424,816 | $ 1,309,649 | $ 0 | $ 0 | $ 2,297,459 | $ 2,727,022 | $ 2,474,185 | $ 2,192,729 | $ 0 | $ 0 | $ 517,245 | $ 775,972 | $ 413,648 | $ 443,420 | $ 0 | $ 0 | ||||||||||||||||
Reclassification of Accquired Loan Discount | 0 | 123,559 | 0 | 73,228 | 0 | 50,331 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||
Charge Offs: | (832,270) | (1,179,692) | (110,287) | (470,415) | 0 | (49,057) | (590,992) | (593,995) | 0 | (5,792) | 0 | 0 | 0 | (3,764) | (31,019) | (39,314) | 0 | (49,057) | (39,312) | (39,312) | (9,829) | (82,442) | 0 | 0 | (201,966) | (542,621) | (69,439) | (342,867) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Recoveries: | 170,188 | 525,151 | 320,686 | 810,667 | 0 | 0 | 109,391 | 314,797 | 239,735 | 591,497 | 0 | 0 | 7,201 | 33,304 | 12,535 | 43,031 | 0 | 0 | 0 | 30,324 | 0 | 0 | 0 | 0 | 53,596 | 146,726 | 68,416 | 176,139 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Net recoveries (charge offs) | (662,082) | (654,541) | 210,399 | 340,252 | 0 | 74,502 | (481,601) | (279,198) | 239,735 | 585,705 | 0 | 73,228 | 7,201 | 29,540 | (18,484) | 3,717 | 0 | 1,274 | (39,312) | (8,988) | (9,829) | (82,442) | 0 | 0 | (148,370) | (395,895) | (1,023) | (166,728) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Provision | 583,333 | 833,333 | 225,000 | 533,000 | 220,897 | 683,514 | 1,444,245 | (607,482) | (1,300,269) | 0 | 134,427 | (84,633) | (69,375) | 287,373 | 682,991 | 0 | 86,470 | 24,156 | (61,068) | 45,013 | 232,793 | 0 | 0 | (2,310) | (184,348) | 437,782 | 884,943 | 0 | 0 | (37,394) | (296,121) | 62,314 | 32,542 | 0 | 0 | |||||||||||||||||
Ending balance | 9,676,923 | 9,676,923 | 10,532,572 | 10,532,572 | 295,399 | 295,399 | 3,283,346 | 3,283,346 | 2,428,809 | 2,428,809 | 207,655 | 207,655 | 2,535,223 | 2,535,223 | 3,256,857 | 3,256,857 | 87,744 | 87,744 | 1,231,724 | 1,231,724 | 1,460,000 | 1,460,000 | 0 | 0 | 2,146,779 | 2,146,779 | 2,910,944 | 2,910,944 | 0 | 0 | 479,851 | 479,851 | 475,962 | 475,962 | 0 | 0 | ||||||||||||||||
Ending allowance balance attributable to loans [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | 1,043,546 | 1,942,206 | 946,255 | 1,528,651 | 97,291 | 413,555 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 9,489,026 | 7,717,114 | 1,482,554 | 1,614,722 | 3,159,566 | 2,156,594 | 1,460,000 | 1,309,649 | 2,910,944 | 2,192,729 | 475,962 | 443,420 | ||||||||||||||||||||||||||||||||||||||||
Acquired with deteriorated credit quality | 295,399 | 207,655 | 87,744 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
Total ending allowance balance | 10,827,971 | 9,659,320 | 2,636,464 | 3,143,373 | 3,344,601 | 2,570,149 | 1,460,000 | 1,309,649 | 2,910,944 | 2,192,729 | 475,962 | 443,420 | ||||||||||||||||||||||||||||||||||||||||
Loans [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | 2,445,154 | 5,275,043 | 1,777,782 | 4,603,563 | 136,844 | 179,337 | 0 | 0 | 4,359,780 | 10,057,943 | ||||||||||||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 112,741,589 | 111,532,413 | 234,567,883 | 169,658,759 | 179,469,401 | 175,405,950 | 233,911,200 | 190,904,630 | 760,690,073 | 647,501,752 | ||||||||||||||||||||||||||||||||||||||||||
Acquired with deteriorated credit quality | 114,652,902 | 0 | 0 | 0 | 12,793,339 | 12,793,339 | 14,811,710 | 1,152,448 | 11,400,980 | 239,911 | 0 | 0 | 0 | 239,911 | 239,911 | 226,937 | 0 | 12,793,339 | ||||||||||||||||||||||||||||||||||
Total ending loans balance | $ 765,049,853 | $ 765,049,853 | $ 657,559,695 | $ 113,769,169 | $ 113,769,169 | $ 141,781,995 | $ 116,339,191 | $ 116,807,456 | $ 247,746,645 | $ 174,262,322 | $ 179,846,156 | $ 175,585,287 | $ 179,606,246 | $ 179,606,246 | $ 175,585,287 | $ 13,979,687 | $ 13,979,687 | $ 18,532,022 | $ 233,911,200 | $ 190,904,630 | $ 777,843,192 | $ 657,559,695 |
Basis of Presentation
|
9 Months Ended |
---|---|
Sep. 30, 2012
|
|
Basis of Presentation [Abstract] | |
Basis of Presentation | 1. Basis of Presentation Chemung Financial Corporation (the "Corporation"), through its wholly owned subsidiaries, Chemung Canal Trust Company (the "Bank") and CFS Group, Inc., a financial services company, provides a wide range of banking, financing, fiduciary and other financial services to its local market area. The consolidated financial statements include the accounts of the Corporation and its wholly owned subsidiaries. All material intercompany accounts and transactions are eliminated in consolidation. The data in the consolidated balance sheet as of December 31, 2011 was derived from the audited consolidated financial statements in the Corporation's 2011 Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission on March 28, 2012. That data, along with the other interim financial information presented in the consolidated balance sheets, statements of income, comprehensive income, shareholders' equity, and cash flows should be read in conjunction with the audited consolidated financial statements, including the notes thereto, contained in the 2011 Annual Report on Form 10-K. Amounts in prior periods' consolidated interim financial statements are reclassified whenever necessary to conform to the current period's presentation. The consolidated financial statements included herein reflect all adjustments which are, in the opinion of management, of a normal recurring nature and necessary to present fairly the Corporation's financial position as of September 30, 2012 and December 31, 2011, and results of operations and changes in comprehensive income for the three and nine-month periods ended September 30, 2012 and 2011, and changes in shareholders' equity and cash flows for the nine-month periods ended September 30, 2012 and 2011. Subsequent events were evaluated for any required recognition or disclosure. The results for the periods presented are not necessarily indicative of results to be expected for the entire fiscal year or any other interim period. |