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LOANS (Tables)
 9 Months Ended
Sep. 30, 2013
LOANS  
Loans Receivable Composition by Segment

 

 

(In thousands)

 

September 30, 2013

 

December 31, 2012

 

Commercial real estate mortgage loans

 

$

421,382

 

$

332,782

 

Multi-family mortgage loans

 

102,740

 

66,080

 

Residential real estate mortgage loans

 

153,871

 

143,703

 

Commercial, financial, and agricultural loans

 

199,690

 

197,448

 

Real estate construction and land loans

 

45,492

 

48,632

 

Installment/consumer loans

 

8,626

 

9,167

 

Total loans

 

931,801

 

797,812

 

Net deferred loan costs and fees

 

1,433

 

634

 

 

 

933,234

 

798,446

 

Allowance for loan losses

 

(15,483

)

(14,439

)

Net loans

 

$

917,751

 

$

784,007

 
Loans Receivable by Class Categorized by internally assigned credit risk grades

 

 

 

 

Grades:

 

September 30, 2013

 

Pass

 

Special Mention

 

Substandard

 

Doubtful

 

Total

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

 

Owner occupied

 

$

152,472

 

$

12,124

 

$

9,203

 

$

—

 

$

173,799

 

Non-owner occupied

 

236,680

 

7,059

 

3,844

 

—

 

247,583

 

Multi-Family

 

102,740

 

—

 

—

 

—

 

102,740

 

Residential real estate:

 

 

 

 

 

 

 

 

 

 

 

Residential mortgage

 

85,474

 

423

 

2,775

 

617

 

89,289

 

Home equity

 

61,982

 

1,020

 

1,467

 

113

 

64,582

 

Commercial:

 

 

 

 

 

 

 

 

 

 

 

Secured

 

86,839

 

1,157

 

4,061

 

—

 

92,057

 

Unsecured

 

105,044

 

1,462

 

1,127

 

—

 

107,633

 

Real estate construction and land loans

 

42,089

 

—

 

3,403

 

—

 

45,492

 

Installment/consumer loans

 

8,432

 

44

 

150

 

—

 

8,626

 

Total loans

 

$

881,752

 

$

23,289

 

$

26,030

 

$

730

 

$

931,801

 

 

 

 

Grades:

 

December 31, 2012

 

Pass

 

Special Mention

 

Substandard

 

Doubtful

 

Total

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

 

Owner occupied

 

$

138,675

 

$

11,285

 

$

11,039

 

$

—

 

$

160,999

 

Non-owner occupied

 

159,967

 

7,523

 

4,293

 

—

 

171,783

 

Multi-Family

 

66,080

 

—

 

—

 

—

 

66,080

 

Residential real estate:

 

 

 

 

 

 

 

 

 

 

 

Residential mortgage

 

72,158

 

—

 

2,846

 

717

 

75,721

 

Home equity

 

65,955

 

745

 

1,282

 

—

 

67,982

 

Commercial:

 

 

 

 

 

 

 

 

 

 

 

Secured

 

81,661

 

1,447

 

5,605

 

—

 

88,713

 

Unsecured

 

105,454

 

1,948

 

1,234

 

99

 

108,735

 

Real estate construction and land loans

 

45,178

 

—

 

3,454

 

—

 

48,632

 

Installment/consumer loans

 

9,058

 

—

 

109

 

—

 

9,167

 

Total loans

 

$

744,186

 

$

22,948

 

$

29,862

 

$

816

 

$

797,812

 
Aging Analysis of Loans Receivable by Class

 

 

September 30, 2013

 

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

 

$

—

 

$

—

 

$

551

 

$

1,086

 

$

1,637

 

$

172,162

 

$

173,799

 

Non-owner occupied

 

195

 

—

 

—

 

617

 

812

 

246,771

 

247,583

 

Multi-Family

 

—

 

—

 

—

 

—

 

—

 

102,740

 

102,740

 

Residential real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential mortgages

 

—

 

—

 

—

 

1,298

 

1,298

 

87,991

 

89,289

 

Home equity

 

—

 

291

 

—

 

1,042

 

1,333

 

63,249

 

64,582

 

Commercial:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured

 

180

 

966

 

—

 

75

 

1,221

 

90,836

 

92,057

 

Unsecured

 

15

 

—

 

—

 

161

 

176

 

107,457

 

107,633

 

Real estate construction and land loans

 

—

 

—

 

—

 

—

 

—

 

45,492

 

45,492

 

Installment/consumer loans

 

1

 

—

 

—

 

—

 

1

 

8,625

 

8,626

 

Total loans

 

$

391

 

$

1,257

 

$

551

 

$

4,279

 

$

6,478

 

$

925,323

 

$

931,801

 

 

December 31, 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

 

$

—

 

$

1,265

 

$

491

 

$

492

 

$

2,248

 

$

158,751

 

$

160,999

 

Non-owner occupied

 

—

 

—

 

—

 

—

 

—

 

171,783

 

171,783

 

Multi-Family

 

—

 

—

 

—

 

—

 

—

 

66,080

 

66,080

 

Residential real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential mortgages

 

—

 

158

 

—

 

1,203

 

1,361

 

74,360

 

75,721

 

Home equity

 

965

 

—

 

—

 

1,010

 

1,975

 

66,007

 

67,982

 

Commercial:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured

 

—

 

—

 

—

 

136

 

136

 

88,577

 

88,713

 

Unsecured

 

22

 

—

 

—

 

426

 

448

 

108,287

 

108,735

 

Real estate construction and land loans

 

—

 

—

 

—

 

22

 

22

 

48,610

 

48,632

 

Installment/consumer loans

 

—

 

—

 

—

 

—

 

—

 

9,167

 

9,167

 

Total loans

 

$

987

 

$

1,423

 

$

491

 

$

3,289

 

$

6,190

 

$

791,622

 

$

797,812

 
Schedule of impaired loans by class

 

 

September 30, 2013

 

Recorded
Investment

 

Unpaid Principal
Balance

 

Related Allocated
Allowance

 

(In thousands)

 

 

 

 

 

 

 

With no related allowance recorded:

 

 

 

 

 

 

 

Commercial real estate:

 

 

 

 

 

 

 

Owner occupied

 

$

3,711

 

$

3,810

 

$

—

 

Non-owner occupied

 

916

 

916

 

—

 

Residential real estate:

 

 

 

 

 

 

 

Residential mortgages

 

1,478

 

2,218

 

—

 

Home equity

 

912

 

1,388

 

—

 

Commercial:

 

 

 

 

 

 

 

Secured

 

352

 

391

 

—

 

Unsecured

 

143

 

182

 

—

 

Real estate construction and land loans

 

—

 

—

 

—

 

Installment/consumer loans

 

—

 

—

 

—

 

Total with no related allowance recorded

 

$

7,512

 

$

8,905

 

$

—

 

 

 

 

 

 

 

 

 

With an allowance recorded:

 

 

 

 

 

 

 

Commercial real estate - Owner occupied

 

$

720

 

$

720

 

$

78

 

Commercial real estate - Non-owner occupied

 

617

 

617

 

5

 

Residential real estate - Residential mortgage

 

152

 

156

 

37

 

Residential real estate - Home equity

 

80

 

89

 

80

 

Total with an allowance recorded:

 

$

1,569

 

$

1,582

 

$

200

 

 

 

 

 

 

 

 

 

Total:

 

 

 

 

 

 

 

Commercial real estate:

 

 

 

 

 

 

 

Owner occupied

 

$

4,431

 

$

4,530

 

$

78

 

Non-owner occupied

 

1,533

 

1,533

 

5

 

Residential real estate:

 

 

 

 

 

 

 

Residential mortgages

 

1,630

 

2,374

 

37

 

Home equity

 

992

 

1,477

 

80

 

Commercial:

 

 

 

 

 

 

 

Secured

 

352

 

391

 

—

 

Unsecured

 

143

 

182

 

—

 

Real estate construction and land loans

 

—

 

—

 

—

 

Installment/consumer loans

 

—

 

—

 

—

 

Total

 

$

9,081

 

$

10,487

 

$

200

 

 

December 31, 2012

 

Recorded
Investment

 

Unpaid Principal
Balance

 

Related Allocated
Allowance

 

(In thousands)

 

 

 

 

 

 

 

With no related allowance recorded:

 

 

 

 

 

 

 

Commercial real estate:

 

 

 

 

 

 

 

Owner occupied

 

$

3,860

 

$

3,931

 

$

—

 

Non-owner occupied

 

916

 

916

 

—

 

Residential real estate:

 

 

 

 

 

 

 

First lien

 

1,539

 

2,151

 

—

 

Home equity

 

736

 

1,094

 

—

 

Commercial:

 

 

 

 

 

 

 

Secured

 

515

 

520

 

—

 

Unsecured

 

95

 

97

 

—

 

Total with no related allowance recorded

 

$

7,661

 

$

8,709

 

$

—

 

 

 

 

 

 

 

 

 

With an allowance recorded:

 

 

 

 

 

 

 

Residential real estate - Home equity

 

$

274

 

$

287

 

$

141

 

Commercial - Unsecured

 

273

 

302

 

228

 

Total with an allowance recorded:

 

$

547

 

$

589

 

$

369

 

 

 

 

 

 

 

 

 

Total:

 

 

 

 

 

 

 

Commercial real estate:

 

 

 

 

 

 

 

Owner occupied

 

$

3,860

 

$

3,931

 

$

—

 

Non-owner occupied

 

916

 

916

 

—

 

Residential real estate:

 

 

 

 

 

 

 

First lien

 

1,539

 

2,151

 

—

 

Home equity

 

1,010

 

1,381

 

141

 

Commercial:

 

 

 

 

 

 

 

Secured

 

515

 

520

 

—

 

Unsecured

 

368

 

399

 

228

 

Total

 

$

8,208

 

$

9,298

 

$

369

 

 

 

 

 

 

Three months ended September 30,

 

 

 

Average
Recorded
Investment

 

Interest Income
Recognized

 

Average
Recorded
Investment

 

Interest Income
Recognized

 

(In thousands)

 

2013

 

2012

 

With no related allowance recorded:

 

 

 

 

 

 

 

 

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

Owner occupied

 

$

3,715

 

$

29

 

$

4,363

 

$

30

 

Non-owner occupied

 

916

 

16

 

916

 

15

 

Multi-family

 

—

 

—

 

—

 

—

 

Residential real estate:

 

 

 

 

 

 

 

 

 

Residential mortgages

 

1,432

 

6

 

1,431

 

7

 

Home equity

 

898

 

—

 

737

 

—

 

Commercial:

 

 

 

 

 

 

 

 

 

Secured

 

450

 

7

 

540

 

2

 

Unsecured

 

237

 

2

 

—

 

—

 

Real estate construction and land loans

 

—

 

—

 

—

 

—

 

Installment/consumer loans

 

—

 

—

 

—

 

—

 

Total with no related allowance recorded

 

$

7,648

 

$

60

 

$

7,987

 

$

54

 

 

 

 

 

 

 

 

 

 

 

With an allowance recorded:

 

 

 

 

 

 

 

 

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

Owner occupied

 

$

721

 

$

—

 

$

—

 

$

—

 

Non-owner occupied

 

617

 

—

 

—

 

—

 

Residential real estate:

 

 

 

 

 

 

 

 

 

Residential mortgages

 

152

 

—

 

—

 

—

 

Home equity

 

80

 

—

 

463

 

—

 

Commercial:

 

 

 

 

 

 

 

 

 

Unsecured

 

—

 

—

 

370

 

—

 

Total with an allowance recorded:

 

$

1,570

 

$

—

 

$

833

 

$

—

 

 

 

 

 

 

 

 

 

 

 

Total:

 

 

 

 

 

 

 

 

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

Owner occupied

 

$

4,436

 

$

29

 

$

4,363

 

$

30

 

Non-owner occupied

 

1,533

 

16

 

916

 

15

 

Multi-family

 

—

 

—

 

—

 

—

 

Residential real estate:

 

 

 

 

 

 

 

 

 

Residential mortgages

 

1,584

 

6

 

1,431

 

7

 

Home equity

 

978

 

—

 

1,200

 

—

 

Commercial:

 

 

 

 

 

 

 

 

 

Secured

 

450

 

7

 

540

 

2

 

Unsecured

 

237

 

2

 

370

 

—

 

Real estate construction and land loans

 

—

 

—

 

—

 

—

 

Installment/consumer loans

 

—

 

—

 

—

 

—

 

Total

 

$

9,218

 

$

60

 

$

8,820

 

$

54

 

 

 

 

Nine months ended September 30,

 

 

 

Average
Recorded
Investment

 

Interest Income
Recognized

 

Average
Recorded
Investment

 

Interest Income
Recognized

 

(In thousands)

 

2013

 

2012

 

With no related allowance recorded:

 

 

 

 

 

 

 

 

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

Owner occupied

 

$

3,740

 

$

88

 

$

4,387

 

$

116

 

Non-owner occupied

 

916

 

45

 

916

 

45

 

Multi-family

 

—

 

—

 

—

 

—

 

Residential real estate:

 

 

 

 

 

 

 

 

 

Residential mortgages

 

1,487

 

20

 

1,481

 

22

 

Home equity

 

870

 

—

 

890

 

—

 

Commercial:

 

 

 

 

 

 

 

 

 

Secured

 

457

 

20

 

531

 

12

 

Unsecured

 

243

 

4

 

—

 

—

 

Real estate construction and land loans

 

—

 

—

 

—

 

—

 

Installment/consumer loans

 

—

 

—

 

—

 

—

 

Total with no related allowance recorded

 

$

7,713

 

$

177

 

$

8,205

 

$

195

 

 

 

 

 

 

 

 

 

 

 

With an allowance recorded:

 

 

 

 

 

 

 

 

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

Owner occupied

 

$

320

 

$

—

 

$

—

 

$

—

 

Non-owner occupied

 

481

 

—

 

—

 

—

 

Residential real estate:

 

 

 

 

 

 

 

 

 

Residential mortgages

 

137

 

—

 

—

 

—

 

Home equity

 

82

 

—

 

469

 

—

 

Commercial:

 

 

 

 

 

 

 

 

 

Unsecured

 

—

 

—

 

387

 

—

 

Total with an allowance recorded:

 

$

1,020

 

$

—

 

$

856

 

$

—

 

 

 

 

 

 

 

 

 

 

 

Total:

 

 

 

 

 

 

 

 

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

Owner occupied

 

$

4,060

 

$

88

 

$

4,387

 

$

116

 

Non-owner occupied

 

1,397

 

45

 

916

 

45

 

Residential real estate:

 

 

 

 

 

 

 

 

 

Residential mortgages

 

1,624

 

20

 

1,481

 

22

 

Home equity

 

952

 

—

 

1,359

 

—

 

Commercial:

 

 

 

 

 

 

 

 

 

Secured

 

457

 

20

 

531

 

12

 

Unsecured

 

243

 

4

 

387

 

—

 

Real estate construction and land loans

 

—

 

—

 

—

 

—

 

Installment/consumer loans

 

—

 

—

 

—

 

—

 

Total

 

$

8,733

 

$

177

 

$

9,061

 

$

195

 
Loans Receivable by class modified as troubled debt restructurings

 

 

 

 

For the Nine Months Ended

 

 

 

September 30, 2013

 

(In thousands)

 

Number of
Contracts

 

Pre-Modification
Outstanding Recorded
Investment

 

Post-Modification Outstanding
Recorded Investment

 

Troubled Debt Restructurings

 

 

 

 

 

 

 

Commercial real estate:

 

 

 

 

 

 

 

Owner occupied

 

—

 

$

—

 

$

—

 

Non-owner occupied

 

1

 

620

 

620

 

Multi-Family

 

—

 

—

 

—

 

Residential real estate:

 

 

 

 

 

 

 

First lien

 

—

 

—

 

—

 

Home equity

 

—

 

—

 

—

 

Commercial:

 

 

 

 

 

 

 

Secured

 

—

 

—

 

—

 

Unsecured

 

2

 

48

 

48

 

Installment/consumer loans

 

—

 

—

 

—

 

Real estate construction and land loans

 

—

 

—

 

—

 

Total loans

 

3

 

$

668

 

$

668

 

 

 

 

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