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LOANS (Tables)
 9 Months Ended
Sep. 30, 2012
LOANS  
Loans Receivable Composition by Segment

 

 

(In thousands)

 

September 30, 2012

 

December 31, 2011

 

Commercial real estate mortgage loans

 

$

317,881

 

$

283,917

 

Multi-family mortgage loans

 

60,395

 

21,402

 

Residential real estate mortgage loans

 

142,816

 

141,027

 

Commercial, financial, and agricultural loans

 

159,530

 

116,319

 

Real estate-construction and land loans

 

42,105

 

40,543

 

Installment/consumer loans

 

9,422

 

8,565

 

Total loans

 

732,149

 

611,773

 

Net deferred loan costs and fees

 

322

 

370

 

 

 

732,471

 

612,143

 

Allowance for loan losses

 

(14,044

)

(10,837

)

Net loans

 

$

718,427

 

$

601,306

 
Loans Receivable by Class Categorized by internally assigned credit risk grades

 

 

 

 

Grades:

 

September 30, 2012

 

Pass

 

Special Mention

 

Substandard

 

Doubtful

 

Total

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

 

Owner occupied

 

$

124,007

 

$

11,360

 

$

10,838

 

$

—

 

$

146,205

 

Non-owner occupied

 

159,793

 

8,953

 

2,930

 

—

 

171,676

 

Multi-Family

 

60,395

 

—

 

—

 

—

 

60,395

 

Residential real estate:

 

 

 

 

 

 

 

 

 

 

 

First lien

 

73,544

 

—

 

1,336

 

963

 

75,843

 

Home equity

 

64,404

 

748

 

1,821

 

—

 

66,973

 

Commercial:

 

 

 

 

 

 

 

 

 

 

 

Secured

 

74,842

 

1,560

 

5,589

 

—

 

81,991

 

Unsecured

 

74,242

 

1,982

 

1,303

 

12

 

77,539

 

Real estate construction and land loans

 

38,663

 

—

 

3,442

 

—

 

42,105

 

Installment/consumer loans

 

9,285

 

26

 

111

 

—

 

9,422

 

Total loans

 

$

679,175

 

$

24,629

 

$

27,370

 

$

975

 

$

732,149

 

 

 

 

Grades:

 

December 31, 2011

 

Pass

 

Special Mention

 

Substandard

 

Doubtful

 

Total

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

 

Owner occupied

 

$

120,662

 

$

14,975

 

$

9,839

 

$

—

 

$

145,476

 

Non-owner occupied

 

126,016

 

9,443

 

2,982

 

—

 

138,441

 

Multi-Family

 

21,402

 

—

 

—

 

—

 

21,402

 

Residential real estate:

 

 

 

 

 

 

 

 

 

 

 

First lien

 

64,725

 

—

 

1,351

 

1,223

 

67,299

 

Home equity

 

70,947

 

584

 

1,972

 

225

 

73,728

 

Commercial:

 

 

 

 

 

 

 

 

 

 

 

Secured

 

52,686

 

4,258

 

3,208

 

—

 

60,152

 

Unsecured

 

53,421

 

1,613

 

1,124

 

9

 

56,167

 

Real estate construction and land loans

 

35,979

 

—

 

4,314

 

250

 

40,543

 

Installment/consumer loans

 

8,283

 

264

 

18

 

—

 

8,565

 

Total loans

 

$

554,121

 

$

31,137

 

$

24,808

 

$

1,707

 

$

611,773

 
Aging Analysis of Loans Receivable by Class

 

 

September 30, 2012

 

30-59
Days
Past
Due

 

60-89
Days
Past
Due

 

>90 Days
Past Due
and
Accruing

 

Nonaccrual
Including 90
Days or
More Past
Due

 

Total Past
Due and
Nonaccrual

 

Current

 

Total
Loans

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Owner occupied

 

$

—

 

$

—

 

$

470

 

$

986

 

$

1,456

 

$

144,749

 

$

146,205

 

Non-owner occupied

 

—

 

—

 

—

 

—

 

—

 

171,676

 

171,676

 

Multi-Family

 

—

 

—

 

—

 

—

 

—

 

60,395

 

60,395

 

Residential real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First lien

 

—

 

487

 

—

 

964

 

1,451

 

74,392

 

75,843

 

Home equity

 

1,407

 

50

 

—

 

1,196

 

2,653

 

64,320

 

66,973

 

Commercial:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured

 

50

 

162

 

—

 

123

 

335

 

81,656

 

81,991

 

Unsecured

 

350

 

—

 

—

 

383

 

733

 

76,806

 

77,539

 

Real estate construction and land loans

 

—

 

—

 

—

 

—

 

—

 

42,105

 

42,105

 

Installment/consumer loans

 

100

 

—

 

—

 

2

 

102

 

9,320

 

9,422

 

Total loans

 

$

1,907

 

$

699

 

$

470

 

$

3,654

 

$

6,730

 

$

725,419

 

$

732,149

 

 

December 31, 2011

 

30-59
Days
Past Due

 

60-89
Days
Past Due

 

>90 Days
Past Due
and
Accruing

 

Nonaccrual
Including 90
Days or More
Past Due

 

Total Past
Due and
Nonaccrual

 

Current

 

Total
Loans

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Owner occupied

 

$

485

 

$

1,281

 

$

406

 

$

449

 

$

2,621

 

$

142,855

 

$

145,476

 

Non-owner occupied

 

—

 

—

 

—

 

—

 

—

 

138,441

 

138,441

 

Multi-Family

 

—

 

—

 

—

 

—

 

—

 

21,402

 

21,402

 

Residential real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First lien

 

—

 

—

 

—

 

1,561

 

1,561

 

65,738

 

67,299

 

Home equity

 

448

 

255

 

—

 

1,382

 

2,085

 

71,643

 

73,728

 

Commercial:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured

 

—

 

—

 

—

 

479

 

479

 

59,673

 

60,152

 

Unsecured

 

—

 

53

 

—

 

40

 

93

 

56,074

 

56,167

 

Real estate construction and land loans

 

—

 

—

 

—

 

250

 

250

 

40,293

 

40,543

 

Installment/consumer loans

 

1

 

—

 

5

 

—

 

6

 

8,559

 

8,565

 

Total loans

 

$

934

 

$

1,589

 

$

411

 

$

4,161

 

$

7,095

 

$

604,678

 

$

611,773

 
Schedule of impaired loans by class

 

 

September 30, 2012

 

Recorded
Investment

 

Unpaid Principal
Balance

 

Related Allocated
Allowance

 

(In thousands)

 

 

 

 

 

 

 

With no related allowance recorded:

 

 

 

 

 

 

 

Commercial real estate:

 

 

 

 

 

 

 

Owner occupied

 

$

4,355

 

$

4,420

 

$

—

 

Non-owner occupied

 

916

 

916

 

—

 

Residential real estate:

 

 

 

 

 

 

 

First lien

 

1,301

 

1,667

 

—

 

Home equity

 

736

 

1,095

 

—

 

Commercial:

 

 

 

 

 

 

 

Secured

 

660

 

660

 

—

 

Unsecured

 

—

 

—

 

—

 

Real estate construction and land loans

 

—

 

—

 

—

 

Installment/consumer loans

 

—

 

—

 

—

 

Total with no related allowance recorded

 

$

7,968

 

$

8,758

 

$

—

 

 

 

 

 

 

 

 

 

With an allowance recorded:

 

 

 

 

 

 

 

Residential real estate - Home equity

 

$

461

 

$

472

 

$

244

 

Commercial - Unsecured

 

358

 

381

 

276

 

Total with an allowance recorded:

 

$

819

 

$

853

 

$

520

 

 

 

 

 

 

 

 

 

Total:

 

 

 

 

 

 

 

Commercial real estate:

 

 

 

 

 

 

 

Owner occupied

 

$

4,355

 

$

4,420

 

$

—

 

Non-owner occupied

 

916

 

916

 

—

 

Residential real estate:

 

 

 

 

 

 

 

First lien

 

1,301

 

1,667

 

—

 

Home equity

 

1,197

 

1,567

 

244

 

Commercial:

 

 

 

 

 

 

 

Secured

 

660

 

660

 

—

 

Unsecured

 

358

 

381

 

276

 

Real estate construction and land loans

 

—

 

—

 

—

 

Installment/consumer loans

 

—

 

—

 

—

 

Total

 

$

8,787

 

$

9,611

 

$

520

 

 

December 31, 2011

 

Recorded
Investment

 

Unpaid Principal
Balance

 

Related Allocated
Allowance

 

(In thousands)

 

 

 

 

 

 

 

With no related allowance recorded:

 

 

 

 

 

 

 

Commercial real estate:

 

 

 

 

 

 

 

Owner occupied

 

$

4,163

 

$

4,206

 

$

—

 

Non-owner occupied

 

916

 

916

 

—

 

Residential real estate:

 

 

 

 

 

 

 

First lien

 

338

 

344

 

—

 

Home equity

 

688

 

860

 

—

 

Commercial:

 

 

 

 

 

 

 

Secured

 

533

 

533

 

—

 

Unsecured

 

—

 

—

 

—

 

Real estate construction and land loans

 

250

 

371

 

—

 

Installment/consumer loans

 

—

 

—

 

—

 

Total with no related allowance recorded

 

$

6,888

 

$

7,230

 

$

—

 

 

 

 

 

 

 

 

 

With an allowance recorded:

 

 

 

 

 

 

 

Residential real estate - First lien

 

$

1,223

 

$

1,329

 

$

76

 

Residential real estate - Home equity

 

693

 

700

 

29

 

Commercial - Secured

 

219

 

229

 

162

 

Total with an allowance recorded:

 

$

2,135

 

$

2,258

 

$

267

 

 

 

 

 

 

 

 

 

Total:

 

 

 

 

 

 

 

Commercial real estate:

 

 

 

 

 

 

 

Owner occupied

 

$

4,163

 

$

4,206

 

$

—

 

Non-owner occupied

 

916

 

916

 

—

 

Residential real estate:

 

 

 

 

 

 

 

First lien

 

1,561

 

1,673

 

76

 

Home equity

 

1,381

 

1,560

 

29

 

Commercial:

 

 

 

 

 

 

 

Secured

 

752

 

762

 

162

 

Unsecured

 

—

 

—

 

—

 

Real estate construction and land loans

 

250

 

371

 

—

 

Installment/consumer loans

 

—

 

—

 

—

 

Total

 

$

9,023

 

$

9,488

 

$

267

 

 

 

 

 

Three months ended September 30,

 

 

 

Average
Recorded
Investment

 

Interest Income
Recognized

 

Average
Recorded
Investment

 

Interest Income
Recognized

 

(In thousands)

 

2012

 

2011

 

With no related allowance recorded:

 

 

 

 

 

 

 

 

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

Owner occupied

 

$

4,363

 

$

30

 

$

4,203

 

$

38

 

Non-owner occupied

 

916

 

15

 

923

 

—

 

Residential real estate:

 

 

 

 

 

 

 

 

 

First lien

 

1,431

 

7

 

1,232

 

—

 

Home equity

 

737

 

—

 

771

 

—

 

Commercial:

 

 

 

 

 

 

 

 

 

Secured

 

540

 

2

 

273

 

2

 

Unsecured

 

—

 

—

 

—

 

—

 

Real estate construction and land loans

 

—

 

—

 

3,162

 

—

 

Installment/consumer loans

 

—

 

—

 

—

 

—

 

Total with no related allowance recorded

 

$

7,987

 

$

54

 

$

10,564

 

$

40

 

 

 

 

 

 

 

 

 

 

 

With an allowance recorded:

 

 

 

 

 

 

 

 

 

Residential real estate - Home equity

 

$

463

 

$

—

 

$

693

 

$

—

 

Commercial - Unsecured

 

370

 

—

 

236

 

—

 

Total with an allowance recorded:

 

$

833

 

$

—

 

$

929

 

$

—

 

 

 

 

 

 

 

 

 

 

 

Total:

 

 

 

 

 

 

 

 

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

Owner occupied

 

$

4,363

 

$

30

 

$

4,203

 

$

38

 

Non-owner occupied

 

916

 

15

 

923

 

—

 

Residential real estate:

 

 

 

 

 

 

 

 

 

First lien

 

1,431

 

7

 

1,232

 

—

 

Home equity

 

1,200

 

—

 

1,464

 

—

 

Commercial:

 

 

 

 

 

 

 

 

 

Secured

 

540

 

2

 

273

 

2

 

Unsecured

 

370

 

—

 

236

 

—

 

Real estate construction and land loans

 

—

 

—

 

3,162

 

—

 

Installment/consumer loans

 

—

 

—

 

—

 

—

 

Total

 

$

8,820

 

$

54

 

$

11,493

 

$

40

 

 

 

 

Nine months ended September 30,

 

 

 

Average
Recorded
Investment

 

Interest Income
Recognized

 

Average
Recorded
Investment

 

Interest Income

Recognized

 

(In thousands)

 

2012

 

2011

 

With no related allowance recorded:

 

 

 

 

 

 

 

 

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

Owner occupied

 

$

4,387

 

$

116

 

$

4,217

 

$

90

 

Non-owner occupied

 

916

 

45

 

933

 

—

 

Residential real estate:

 

 

 

 

 

 

 

 

 

First lien

 

1,481

 

22

 

1,247

 

—

 

Home equity

 

890

 

—

 

840

 

—

 

Commercial:

 

 

 

 

 

 

 

 

 

Secured

 

531

 

12

 

273

 

2

 

Unsecured

 

—

 

—

 

—

 

—

 

Real estate construction and land loans

 

—

 

—

 

3,305

 

—

 

Installment/consumer loans

 

—

 

—

 

—

 

—

 

Total with no related allowance recorded

 

$

8,205

 

$

195

 

$

10,815

 

$

92

 

 

 

 

 

 

 

 

 

 

 

With an allowance recorded:

 

 

 

 

 

 

 

 

 

Residential real estate - Home equity

 

$

469

 

$

—

 

$

695

 

$

—

 

Commercial - Unsecured

 

387

 

—

 

239

 

—

 

Total with an allowance recorded:

 

$

856

 

$

—

 

$

934

 

$

—

 

 

 

 

 

 

 

 

 

 

 

Total:

 

 

 

 

 

 

 

 

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

Owner occupied

 

$

4,387

 

$

116

 

$

4,217

 

$

90

 

Non-owner occupied

 

916

 

45

 

933

 

—

 

Residential real estate:

 

 

 

 

 

 

 

 

 

First lien

 

1,481

 

22

 

1,247

 

—

 

Home equity

 

1,359

 

—

 

1,535

 

—

 

Commercial:

 

 

 

 

 

 

 

 

 

Secured

 

531

 

12

 

273

 

2

 

Unsecured

 

387

 

—

 

239

 

—

 

Real estate construction and land loans

 

—

 

—

 

3,305

 

—

 

Installment/consumer loans

 

—

 

—

 

—

 

—

 

Total

 

$

9,061

 

$

195

 

$

11,749

 

$

92

 
Loans Receivable by class modified as troubled debt restructurings

 

 

 

 

For the Nine Months Ended

 

 

 

September 30, 2012

 

(In thousands)

 

Number of
Contracts

 

Pre-Modification
Outstanding Recorded
Investment

 

Post-Modification Outstanding
Recorded Investment

 

Troubled Debt Restructurings

 

 

 

 

 

 

 

Commercial real estate:

 

 

 

 

 

 

 

Owner occupied

 

1

 

$

163

 

$

161

 

Non-owner occupied

 

—

 

—

 

—

 

Multi-Family

 

—

 

—

 

—

 

Residential real estate:

 

 

 

 

 

 

 

First lien

 

—

 

—

 

—

 

Home equity

 

—

 

—

 

—

 

Commercial:

 

 

 

 

 

 

 

Secured

 

1

 

387

 

387

 

Unsecured

 

1

 

42

 

42

 

Installment/consumer loans

 

—

 

—

 

—

 

Real estate construction and land loans

 

—

 

—

 

—

 

Total loans

 

3

 

$

592

 

$

590