[X]
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
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SECURITIES EXCHANGE ACT OF 1934
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[ ]
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TRANSITION REPORT PURSUANT TO SECTION 13 OF 15(d) OF THE
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SECURITIES EXCHANGE ACT OF 1934
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Pennsylvania
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23-2802415
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(State or other jurisdiction of
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(IRS Employer
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incorporation or organization)
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Identification No.)
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30 S. 15th Street
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Philadelphia, PA
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19102
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(Address of principal
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(Zip code)
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executive offices)
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(Check one):
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Large accelerated filer [ ]
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Accelerated filer [ ]
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Non-accelerated filer [ ]
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Smaller reporting company [ X]
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(Do not check if a smaller
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reporting company)
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UNITED BANCSHARES, INC
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(Registrant)
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May 31, 2013
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/s/ Evelyn F. Smalls
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Date
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Evelyn F. Smalls
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President and Chief Executive Officer
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May 31, 2013
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/s/ Brenda Hudson-Nelson
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Date
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Executive Vice President,
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Chief Financial Officer
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Exhibit No.
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Description
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3.1
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Certificate of Incorporation (1)
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3.2
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Bylaws (1)
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31.1
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Rule 13a-14(a)/15d-14(a) Certifications (1)
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31.2
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Rule 13a-14(a)/15d-14(a) Certifications (1)
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32.1
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Section 1350 Certifications (1)
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32.2
101.INS
101.SCH
101.CAL
101.DEF
101.LAB
101.PRE
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Section 1350 Certifications (1)
XBRL Instance Document (2)
XBRL Taxonomy Extension Schema Document(2)
XBRL Taxonomy Extension Calculation Linkbase Document(2)
XBRL Taxonomy Extension Definition Linkbase Document(2)
XBRL Taxonomy Extension Label Linkbase Document(2)
XBRL Taxonomy Extension Presentation Linkbase Document(2)
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(1)
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Filed previously.
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(2)
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Furnished herewith.
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Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Tables)
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12 Months Ended | |||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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Tables/Schedules | ||||||||||||||||||||||||||||||||||
Schedule of Deferred Tax Assets and Liabilities |
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Summary of Significant Accounting Policies: Intangible Assets: Schedule of Intangible Assets (Details) (USD $)
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Dec. 31, 2012
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Dec. 31, 2011
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Sep. 24, 1999
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---|---|---|---|
Details | |||
Finite-Lived Core Deposits, Gross | $ 2,449,488 | $ 2,449,488 | $ 2,449,488 |
Finite-Lived Intangible Assets, Accumulated Amortization | (2,313,755) | (2,135,677) | |
Intangible assets | $ 135,733 | $ 313,811 |
Regulatory Capital Requirements under Banking Regulations: Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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Tables/Schedules | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations |
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Items (Details) (USD $)
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12 Months Ended | |
---|---|---|
Dec. 31, 2012
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Dec. 31, 2011
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Depreciation on fixed assets | $ 220,281 | $ 246,272 |
Operating Leases, Rent Expense | 465,800 | 454,895 |
Proceeds from sale of bank premises | 874,943 | |
Gain (Loss) on Sale of Properties | 527,000 | |
Other Real Estate
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||
Proceeds from sale of bank premises | $ 875,000 |
Summary of Significant Accounting Policies: Other Real Estate Owned (Details) (USD $)
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Dec. 31, 2012
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Dec. 31, 2011
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---|---|---|
Details | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | $ 775,000 | $ 1,284,000 |
Income Taxes (Details) (USD $)
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12 Months Ended | |
---|---|---|
Dec. 31, 2012
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Dec. 31, 2011
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Details | ||
Operating Loss Carryforwards | $ 8,440,000 | |
Operating Loss Carryforwards, Expiration Dates | 2013 through 2027 | |
Deferred Tax Assets, Valuation Allowance | $ 3,442,769 | $ 3,035,058 |
Condensed Financial Information of Parent Company Only Disclosure: Condensed Statements of Operations (Tables)
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12 Months Ended | |||||||||||||||
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Dec. 31, 2012
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Tables/Schedules | ||||||||||||||||
Condensed Statements of Operations | Condensed Statements of Operations
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4. Loans and Allowance For Loan Losses: Allowance for Credit Losses on Financing Receivables (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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Tables/Schedules | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses on Financing Receivables |
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Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Details) (USD $)
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Dec. 31, 2012
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Dec. 31, 2011
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---|---|---|
Details | ||
Unrealized gain on investment securities | $ (17,334) | $ (19,710) |
Net operating loss carryforwards | 2,897,243 | 2,313,074 |
Other, net | 134,614 | 159,278 |
Valuation allowance for deferred tax assets | $ (3,442,769) | $ (3,035,058) |
Other Real Estate Owned: Other Real Estate Owned (Details) (USD $)
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12 Months Ended | |
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Dec. 31, 2012
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Dec. 31, 2011
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Details | ||
Other Real Estate, Beginning Balance | $ 1,284,390 | $ 1,417,000 |
Other Real Estate, Additions | 156,000 | 602,000 |
Other Real Estate, Disposals | (434,000) | (730,000) |
Other Real Estate, Period Increase (Decrease) | 1,007,000 | 1,289,000 |
Other Real Estate, Valuation Adjustments | (232,000) | (4,000) |
Other Real Estate, Ending Balance | $ 775,407 | $ 1,284,390 |
Cash and Due From Bank Balances (Details) (USD $)
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Dec. 31, 2012
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Dec. 31, 2011
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---|---|---|
Details | ||
Valuation Allowances and Reserves, Balance | $ 100,000 | $ 125,000 |
Deposits (Details) (USD $)
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Dec. 31, 2012
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Dec. 31, 2011
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---|---|---|
Total deposits | $ 60,976,743 | $ 71,300,458 |
Time Deposits | 16,886,000 | |
City Of Philadelphia
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Total deposits | 7,300,000 | |
Time Deposits | $ 5,000,000 |
Condensed Financial Information of Parent Company Only Disclosure: Condensed Balance Sheets (Details) (USD $)
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Dec. 31, 2012
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Dec. 31, 2011
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Dec. 31, 2010
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---|---|---|---|
Cash and cash equivalents at beginning of year | $ 10,236,199 | $ 14,497,329 | $ 8,696,111 |
Total assets | 65,615,506 | 77,016,922 | |
Series A preferred stock, noncumulative, 6%, $0.01 par value, 500,000 shares authorized; 136,842 issued and outstanding | 1,368 | 1,368 | |
Parent Company
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|||
Cash and cash equivalents at beginning of year | 20,000 | 70,000 | |
Investment in United Bank of Philadelphia | 4,240,000 | 5,241,000 | |
Total assets | 4,240,000 | 5,261,000 | |
Series A preferred stock, noncumulative, 6%, $0.01 par value, 500,000 shares authorized; 136,842 issued and outstanding | 1,000 | 1,000 | |
Common Stock | 11,000 | 11,000 | |
Additional paid-in-capital | 14,750,000 | 14,750,000 | |
Accumulated deficit | (10,556,000) | (9,540,000) | |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | 34,000 | 39,000 | |
Total shareholders' equity | $ 4,240,000 | $ 5,261,000 |
Financial Instrument Commitments: Schedule of Financial Instruments Owned and Pledged as Collateral (Details) (USD $)
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Dec. 31, 2012
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Dec. 31, 2011
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---|---|---|
Letters of Credit Outstanding, Amount | $ 1,173,374 | $ 1,208,183 |
Commitments to Extend Credit
|
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Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | $ 9,484,309 | $ 9,162,490 |
Condensed Financial Information of Parent Company Only Disclosure: Condensed Statements of Operations (Details) (USD $)
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3 Months Ended | 12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
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Sep. 30, 2012
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Jun. 30, 2012
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Mar. 31, 2012
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Dec. 31, 2011
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Sep. 30, 2011
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Jun. 30, 2011
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Mar. 31, 2011
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Dec. 31, 2012
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Dec. 31, 2011
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Net loss | $ (134,000) | $ (408,000) | $ (236,000) | $ (238,000) | $ (273,000) | $ (282,000) | $ (169,000) | $ (307,000) | $ (1,016,247) | $ (1,031,240) |
Parent Company
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Other Expenses | (20,000) | (50,000) | ||||||||
Equity in net loss of subsidiary | (996,000) | (981,000) | ||||||||
Net loss | $ (1,016,000) | $ (1,031,000) |
Borrowings (Details) (Secured Borrowing Federal Reserve, USD $)
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Dec. 31, 2012
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Dec. 31, 2011
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---|---|---|
Secured Borrowing Federal Reserve
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Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500,000 | |
Securities Held as Collateral, at Fair Value | 1,750,000 | |
Line of Credit Facility, Amount Outstanding | $ 0 | $ 0 |
Schedule of Future Minimum Lease Payments Under Operating Leases (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2012
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---|---|
Details | |
Operating Leases, Future Minimum Payments, Next Rolling Twelve Months | $ 501 |
Operating Leases, Future Minimum Payments, Due in Rolling Year Two | 493 |
Operating Leases, Future Minimum Payments, Due in Rolling Year Three | 489 |
Operating Leases, Future Minimum Payments, Due in Rolling Year Four | 171 |
Operating Leases, Future Minimum Payments, Due in Rolling Year Five | 103 |
Operating Leases, Future Minimum Payments, Due Thereafter | 168 |
Operating Leases, Future Minimum Payments Due | $ 1,925 |
Investments: Summary of Investment Securities (Tables)
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12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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Tables/Schedules | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Investment Securities |
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Summary of Quarterly Results (unaudited): Schedule of Quarterly Financial Information (Tables)
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12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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Tables/Schedules | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information | (Dollars in thousands)
(Dollars in thousands)
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Fair Value Measurements: Schedule of Fair Value of Assets on a Recurring Basis (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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Tables/Schedules | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value of Assets on a Recurring Basis | Assets on the consolidated balance sheets measured at fair value on a recurring basis are summarized below.
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Deposits: Schedule of Maturities of Time Deposits (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2012
|
---|---|
Details | |
2013 | $ 15,244 |
2014 | 975 |
2015 | 441 |
2016 | 133 |
2017 | 57 |
Thereafter | 36 |
Time Deposits | $ 16,886 |
Other Real Estate Owned: Schedule of Components of Net Expense of Other Real Estate (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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Tables/Schedules | |||||||||||||||||||||||||||||||||||||
Schedule of Components of Net Expense of Other Real Estate |
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Summary of Significant Accounting Policies: Income Taxes (Details) (USD $)
|
Dec. 31, 2012
|
Dec. 31, 2011
|
---|---|---|
Details | ||
Liability for Uncertain Tax Positions, Current | $ 0 | $ 0 |
4. Loans and Allowance For Loan Losses: Schedule of Bank's Loans by Class To Their Credit Quality Indictors (Details) (USD $)
|
Dec. 31, 2012
|
Dec. 31, 2011
|
---|---|---|
Loans Receivable, Gross, Commercial, Real Estate | $ 31,381,000 | $ 30,197,000 |
Loans and Leases Receivable, Gross, Consumer, Real Estate | 4,619,000 | 5,586,000 |
Loans and Leases Receivable, Gross, Consumer | 1,768,000 | 1,989,000 |
Loans Receivable, Net | 41,502,000 | 41,502,000 |
Good Excellent
|
||
Loans and Leases Receivable, Gross, Commercial | 250,000 | 379,000 |
Good Excellent | Commercial And Industrial
|
||
Loans and Leases Receivable, Gross, Commercial | 250,000 | 379,000 |
Good Excellent | Commercial And Industrial | Commercial
|
||
Loans and Leases Receivable, Gross, Commercial | 250,000 | 379,000 |
Satisfactory
|
||
Loans and Leases Receivable, Gross, Commercial | 26,249,000 | 27,294,000 |
Satisfactory | Commercial And Industrial
|
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Loans and Leases Receivable, Gross, Commercial | 2,000,000 | 2,563,000 |
Satisfactory | Commercial And Industrial | Commercial
|
||
Loans and Leases Receivable, Gross, Commercial | 104,000 | 586,000 |
Satisfactory | Commercial And Industrial | SBA Loans
|
||
Loans and Leases Receivable, Gross, Commercial | 27,000 | 130,000 |
Satisfactory | Commercial And Industrial | Asset Based
|
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Loans and Leases Receivable, Gross, Commercial | 1,869,000 | 1,847,000 |
Satisfactory | Commercial Real Estate
|
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Loans Receivable, Gross, Commercial, Real Estate | 24,349,000 | 24,731,000 |
Satisfactory | Commercial Real Estate | SBA Loans
|
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Loans Receivable, Gross, Commercial, Real Estate | 621,000 | 472,000 |
Satisfactory | Commercial Real Estate | Commercial Mortgages
|
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Loans Receivable, Gross, Commercial, Real Estate | 12,678,000 | 13,117,000 |
Satisfactory | Commercial Real Estate | Construction
|
||
Loans Receivable, Gross, Commercial, Real Estate | 2,767,000 | 1,391,000 |
Satisfactory | Commercial Real Estate | Religious Organizations
|
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Loans Receivable, Gross, Commercial, Real Estate | 8,183,000 | 9,751,000 |
Pass
|
||
Loans and Leases Receivable, Gross, Commercial | 5,085,000 | 3,193,000 |
Pass | Commercial And Industrial
|
||
Loans and Leases Receivable, Gross, Commercial | 140,000 | 117,000 |
Pass | Commercial And Industrial | Commercial
|
||
Loans and Leases Receivable, Gross, Commercial | 15,000 | |
Pass | Commercial And Industrial | SBA Loans
|
||
Loans and Leases Receivable, Gross, Commercial | 56,000 | |
Pass | Commercial And Industrial | Asset Based
|
||
Loans and Leases Receivable, Gross, Commercial | 125,000 | 61,000 |
Pass | Commercial Real Estate
|
||
Loans Receivable, Gross, Commercial, Real Estate | 4,945,000 | 3,076,000 |
Pass | Commercial Real Estate | Commercial Mortgages
|
||
Loans Receivable, Gross, Commercial, Real Estate | 1,322,000 | 151,000 |
Pass | Commercial Real Estate | Religious Organizations
|
||
Loans Receivable, Gross, Commercial, Real Estate | 3,623,000 | 2,925,000 |
Special Mention
|
||
Loans and Leases Receivable, Gross, Commercial | 485,000 | 31,000 |
Special Mention | Commercial And Industrial
|
||
Loans and Leases Receivable, Gross, Commercial | 323,000 | 31,000 |
Special Mention | Commercial And Industrial | Commercial
|
||
Loans and Leases Receivable, Gross, Commercial | 220,000 | 31,000 |
Special Mention | Commercial And Industrial | SBA Loans
|
||
Loans and Leases Receivable, Gross, Commercial | 49,000 | |
Special Mention | Commercial And Industrial | Asset Based
|
||
Loans and Leases Receivable, Gross, Commercial | 54,000 | |
Special Mention | Commercial Real Estate
|
||
Loans Receivable, Gross, Commercial, Real Estate | 162,000 | |
Special Mention | Commercial Real Estate | Religious Organizations
|
||
Loans Receivable, Gross, Commercial, Real Estate | 162,000 | |
Substandard
|
||
Loans and Leases Receivable, Gross, Commercial | 2,336,000 | 2,804,000 |
Substandard | Commercial And Industrial
|
||
Loans and Leases Receivable, Gross, Commercial | 628,000 | 414,000 |
Substandard | Commercial And Industrial | Commercial
|
||
Loans and Leases Receivable, Gross, Commercial | 480,000 | 264,000 |
Substandard | Commercial And Industrial | SBA Loans
|
||
Loans and Leases Receivable, Gross, Commercial | 49,000 | 49,000 |
Substandard | Commercial And Industrial | Asset Based
|
||
Loans and Leases Receivable, Gross, Commercial | 99,000 | 101,000 |
Substandard | Commercial Real Estate
|
||
Loans Receivable, Gross, Commercial, Real Estate | 1,708,000 | 2,390,000 |
Substandard | Commercial Real Estate | SBA Loans
|
||
Loans Receivable, Gross, Commercial, Real Estate | 5,000 | |
Substandard | Commercial Real Estate | Commercial Mortgages
|
||
Loans Receivable, Gross, Commercial, Real Estate | 403,000 | 1,408,000 |
Substandard | Commercial Real Estate | Construction
|
||
Loans Receivable, Gross, Commercial, Real Estate | 631,000 | |
Substandard | Commercial Real Estate | Religious Organizations
|
||
Loans Receivable, Gross, Commercial, Real Estate | 674,000 | 977,000 |
Doubtful
|
||
Loans and Leases Receivable, Gross, Commercial | 710,000 | 226,000 |
Doubtful | Commercial And Industrial
|
||
Loans and Leases Receivable, Gross, Commercial | 393,000 | 226,000 |
Doubtful | Commercial And Industrial | Commercial
|
||
Loans and Leases Receivable, Gross, Commercial | 393,000 | 226,000 |
Doubtful | Commercial Real Estate
|
||
Loans Receivable, Gross, Commercial, Real Estate | 317,000 | |
Doubtful | Commercial Real Estate | Commercial Mortgages
|
||
Loans Receivable, Gross, Commercial, Real Estate | 317,000 | |
Total
|
||
Loans and Leases Receivable, Gross, Commercial | 33,115,000 | 33,927,000 |
Loans and Leases Receivable, Gross, Consumer, Real Estate | 1,768,000 | 1,989,000 |
Loans and Leases Receivable, Gross, Consumer | 6,387,000 | 7,575,000 |
Total | Commercial And Industrial
|
||
Loans and Leases Receivable, Gross, Commercial | 3,734,000 | 3,730,000 |
Total | Commercial And Industrial | Commercial
|
||
Loans and Leases Receivable, Gross, Commercial | 1,462,000 | 1,486,000 |
Total | Commercial And Industrial | SBA Loans
|
||
Loans and Leases Receivable, Gross, Commercial | 125,000 | 235,000 |
Total | Commercial And Industrial | Asset Based
|
||
Loans and Leases Receivable, Gross, Commercial | 2,147,000 | 2,009,000 |
Total | Commercial Real Estate
|
||
Loans Receivable, Gross, Commercial, Real Estate | 31,381,000 | 30,197,000 |
Loans and Leases Receivable, Gross, Consumer, Real Estate | 4,619,000 | 5,586,000 |
Total | Commercial Real Estate | SBA Loans
|
||
Loans Receivable, Gross, Commercial, Real Estate | 621,000 | 477,000 |
Total | Commercial Real Estate | Commercial Mortgages
|
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Loans Receivable, Gross, Commercial, Real Estate | 14,721,000 | 14,676,000 |
Total | Commercial Real Estate | Construction
|
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Loans Receivable, Gross, Commercial, Real Estate | 3,398,000 | 1,391,000 |
Total | Commercial Real Estate | Religious Organizations
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Loans Receivable, Gross, Commercial, Real Estate | 12,642,000 | 13,653,000 |
Total | Home Equity | Consumer Real Estate
|
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Loans and Leases Receivable, Gross, Consumer, Real Estate | 1,453,000 | 2,145,000 |
Total | Home Equity Line Of Credit | Consumer Real Estate
|
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Loans and Leases Receivable, Gross, Consumer, Real Estate | 26,000 | 85,000 |
Total | 14 Family Residential Mortgages | Consumer Real Estate
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Loans and Leases Receivable, Gross, Consumer, Real Estate | 3,140,000 | 3,356,000 |
Total | Consumer Installment | Consumer Other
|
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Loans and Leases Receivable, Gross, Consumer, Real Estate | 30,000 | 58,000 |
Total | Student Loans | Consumer Other
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Loans and Leases Receivable, Gross, Consumer, Real Estate | 1,588,000 | 1,761,000 |
Total | Other | Consumer Other
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Loans and Leases Receivable, Gross, Consumer, Real Estate | 150,000 | 170,000 |
Performing
|
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Loans and Leases Receivable, Gross, Consumer, Real Estate | 1,768,000 | 1,989,000 |
Loans and Leases Receivable, Gross, Consumer | 6,098,000 | 7,130,000 |
Performing | Commercial Real Estate
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Loans and Leases Receivable, Gross, Consumer, Real Estate | 4,330,000 | 5,141,000 |
Performing | Home Equity | Consumer Real Estate
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Loans and Leases Receivable, Gross, Consumer, Real Estate | 1,390,000 | 2,039,000 |
Performing | Home Equity Line Of Credit | Consumer Real Estate
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Loans and Leases Receivable, Gross, Consumer, Real Estate | 26,000 | 47,000 |
Performing | 14 Family Residential Mortgages | Consumer Real Estate
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Loans and Leases Receivable, Gross, Consumer, Real Estate | 2,914,000 | 3,055,000 |
Performing | Consumer Installment | Consumer Other
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Loans and Leases Receivable, Gross, Consumer, Real Estate | 30,000 | 58,000 |
Performing | Student Loans | Consumer Other
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||
Loans and Leases Receivable, Gross, Consumer, Real Estate | 1,588,000 | 1,761,000 |
Performing | Other | Consumer Other
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Loans and Leases Receivable, Gross, Consumer, Real Estate | 150,000 | 170,000 |
Nonperforming
|
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Loans and Leases Receivable, Gross, Consumer | 289,000 | 445,000 |
Nonperforming | Commercial Real Estate
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Loans and Leases Receivable, Gross, Consumer, Real Estate | 289,000 | 445,000 |
Nonperforming | Home Equity | Consumer Real Estate
|
||
Loans and Leases Receivable, Gross, Consumer, Real Estate | 63,000 | 106,000 |
Nonperforming | Home Equity Line Of Credit | Consumer Real Estate
|
||
Loans and Leases Receivable, Gross, Consumer, Real Estate | 38,000 | |
Nonperforming | 14 Family Residential Mortgages | Consumer Real Estate
|
||
Loans and Leases Receivable, Gross, Consumer, Real Estate | $ 226,000 | $ 301,000 |
Condensed Financial Information of Parent Company Only Disclosure: Condensed Statements of Cash Flows (Tables)
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Dec. 31, 2012
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Condensed Statements of Cash Flows | Condensed Statements of Cash Flows
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Investments
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Investments | 3. INVESTMENTS
The amortized cost, gross unrealized holding gains and losses, and estimated fair value of the available-for-sale and held-to-maturity investment securities by major security type at December 31, 2012 and 2011 are as follows:
In 2012, $7,725,000 in U.S. Government agencies securities were called. In 2011, $8,863,000 in U.S. Government agencies securities were called. There was $2,571 in gross losses from these transactions during 2012. There were no gross gains or losses realized from these transactions during 2011. No securities were sold during 2012 or 2011.
The table below indicates the length of time individual securities held-to-maturity have been in a continuous unrealized loss position at December 31, 2012 (in thousands):
The table below indicates the length of time individual securities held-to-maturity have been in a continuous unrealized loss position at December 31, 2011 (in thousands):
U.S. Government and Agency Securities. Unrealized losses on the Companys investments in direct obligations of U.S. government agencies were caused by interest rate increases. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost bases of the investments. Because the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at December 31, 2012.
Residential Government Sponsored Enterprise Mortgage-Backed Securities. Unrealized losses on the Companys investment in government sponsored enterprise mortgage-backed securities may be caused by interest rate increases. The Company purchased those investments at a discount relative to their face amount, and the contractual cash flows of those investments are guaranteed by an agency of the U.S. government. Accordingly, it is expected that the securities would not be settled at a price less than the amortized cost bases of the Companys investments. Because the decline in fair value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at December 31, 2012 and 2011.
The Company has a process in place to identify debt securities that could potentially have a credit impairment that is other than temporary. This process involves monitoring late payments, pricing levels, downgrades by rating agencies, key financial ratios, financial statements, revenue forecasts and cash flow projections as indicators of credit issues. On a quarterly basis, we review all securities to determine whether an other-than-temporary decline in value exists and whether losses should be recognized. We consider relevant facts and circumstances in evaluating whether a credit or interest rate-related impairment of a security is other than temporary. Relevant facts and circumstances considered include: (1) the extent and length of time the fair value has been below cost; (2) the reasons for the decline in value; (3) the financial position and access to capital of the issuer, including the current and future impact of any specific events and (4) for fixed maturity securities, our intent to sell a security or whether it is more likely than not we will be required to sell the security before the recovery of its amortized cost which, in some cases, may extend to maturity and for equity securities, our ability and intent to hold the security for a period of time that allows for the recovery in value.
Maturities of investment securities classified as available-for-sale and held-to-maturity at December 31, 2011 were as follows. Expected maturities may differ from contractual maturities because the underlying mortgages supporting mortgage backed securities may be prepaid without any penalties. Consequently, mortgage-backed securities are not presented by maturity category. (In 000s)
As of December 31, 2012 and 2011, investment securities with a carrying value of $10,041,655 and $17,953,933, respectively, were pledged as collateral to secure public deposits and contingent borrowing at the Discount Window. |