INDIANA | 35-1546989 |
(State or other jurisdiction | (I.R.S. Employer |
incorporation or organization) | Identification No.) |
One First Financial Plaza, Terre Haute, IN | 47807 |
(Address of principal executive office) | (Zip Code) |
(812)238-6000 | |
(Registrant's telephone number, including area code) |
Large accelerated filer ¨ | Accelerated filer x |
Non-accelerated filer ¨ (Do not check if a smaller reporting company) | Smaller reporting company ¨ |
Page No. | |
Item 1. | Financial Statements |
June 30, 2014 | December 31, 2013 | ||||||
(unaudited) | |||||||
ASSETS | |||||||
Cash and due from banks | $ | 84,774 | $ | 71,033 | |||
Federal funds sold | 9,370 | 4,276 | |||||
Securities available-for-sale | 912,495 | 914,560 | |||||
Loans: | |||||||
Commercial | 1,046,883 | 1,042,138 | |||||
Residential | 477,265 | 482,377 | |||||
Consumer | 268,403 | 268,033 | |||||
1,792,551 | 1,792,548 | ||||||
Less: | |||||||
Unearned Income | 111 | (1,120 | ) | ||||
Allowance for loan losses | (18,255 | ) | (20,068 | ) | |||
1,774,407 | 1,771,360 | ||||||
Restricted Stock | 21,064 | 21,057 | |||||
Accrued interest receivable | 10,950 | 11,554 | |||||
Premises and equipment, net | 51,754 | 51,449 | |||||
Bank-owned life insurance | 79,863 | 79,035 | |||||
Goodwill | 39,489 | 39,489 | |||||
Other intangible assets | 4,388 | 4,935 | |||||
Other real estate owned | 5,190 | 5,291 | |||||
FDIC Indemnification Asset | 420 | 1,055 | |||||
Other assets | 39,759 | 43,624 | |||||
TOTAL ASSETS | $ | 3,033,923 | $ | 3,018,718 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
Deposits: | |||||||
Non-interest-bearing | $ | 505,846 | $ | 506,815 | |||
Interest-bearing: | |||||||
Certificates of deposit of $100 or more | 168,799 | 179,177 | |||||
Other interest-bearing deposits | 1,758,438 | 1,772,799 | |||||
2,433,083 | 2,458,791 | ||||||
Short-term borrowings | 73,420 | 59,592 | |||||
Other borrowings | 63,140 | 58,288 | |||||
Other liabilities | 58,534 | 55,852 | |||||
TOTAL LIABILITIES | 2,628,177 | 2,632,523 | |||||
Shareholders’ equity | |||||||
Common stock, $.125 stated value per share; | |||||||
Authorized shares-40,000,000 | |||||||
Issued shares-14,538,132 in 2014 and 14,516,113 in 2013 | |||||||
Outstanding shares-13,355,272 in 2014 and 13,343,029 in 2013 | 1,812 | 1,811 | |||||
Additional paid-in capital | 71,557 | 71,074 | |||||
Retained earnings | 366,858 | 357,083 | |||||
Accumulated other comprehensive loss | (4,320 | ) | (13,969 | ) | |||
Less: Treasury shares at cost-1,182,860 in 2014 and 1,173,084 in 2013 | (30,161 | ) | (29,804 | ) | |||
TOTAL SHAREHOLDERS’ EQUITY | 405,746 | 386,195 | |||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 3,033,923 | $ | 3,018,718 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||
INTEREST INCOME: | |||||||||||||||
Loans, including related fees | $ | 21,625 | $ | 22,576 | $ | 43,843 | $ | 46,030 | |||||||
Securities: | |||||||||||||||
Taxable | 4,298 | 3,479 | 8,742 | 6,694 | |||||||||||
Tax-exempt | 1,766 | 1,761 | 3,512 | 3,531 | |||||||||||
Other | 426 | 489 | 842 | 992 | |||||||||||
TOTAL INTEREST INCOME | 28,115 | 28,305 | 56,939 | 57,247 | |||||||||||
INTEREST EXPENSE: | |||||||||||||||
Deposits | 1,233 | 1,534 | 2,523 | 3,276 | |||||||||||
Short-term borrowings | 22 | 19 | 36 | 39 | |||||||||||
Other borrowings | 254 | 1,014 | 632 | 2,021 | |||||||||||
TOTAL INTEREST EXPENSE | 1,509 | 2,567 | 3,191 | 5,336 | |||||||||||
NET INTEREST INCOME | 26,606 | 25,738 | 53,748 | 51,911 | |||||||||||
Provision for loan losses | (356 | ) | 2,960 | 1,604 | 5,981 | ||||||||||
NET INTEREST INCOME AFTER PROVISION | |||||||||||||||
FOR LOAN LOSSES | 26,962 | 22,778 | 52,144 | 45,930 | |||||||||||
NON-INTEREST INCOME: | |||||||||||||||
Trust and financial services | 1,414 | 1,403 | 2,903 | 2,929 | |||||||||||
Service charges and fees on deposit accounts | 2,761 | 2,394 | 5,245 | 4,648 | |||||||||||
Other service charges and fees | 2,989 | 2,726 | 5,828 | 5,226 | |||||||||||
Securities gains/(losses), net | (1 | ) | 3 | (1 | ) | 7 | |||||||||
Insurance commissions | 1,852 | 1,941 | 3,765 | 3,904 | |||||||||||
Gain on sales of mortgage loans | 457 | 943 | 833 | 1,906 | |||||||||||
Other | 93 | 253 | 1,103 | 920 | |||||||||||
TOTAL NON-INTEREST INCOME | 9,565 | 9,663 | 19,676 | 19,540 | |||||||||||
NON-INTEREST EXPENSE: | |||||||||||||||
Salaries and employee benefits | 13,887 | 13,713 | 27,983 | 27,309 | |||||||||||
Occupancy expense | 1,789 | 1,576 | 3,714 | 3,098 | |||||||||||
Equipment expense | 1,904 | 1,537 | 3,562 | 3,038 | |||||||||||
FDIC Expense | 473 | 502 | 960 | 1,059 | |||||||||||
Other | 5,996 | 6,055 | 11,535 | 11,078 | |||||||||||
TOTAL NON-INTEREST EXPENSE | 24,049 | 23,383 | 47,754 | 45,582 | |||||||||||
INCOME BEFORE INCOME TAXES | 12,478 | 9,058 | 24,066 | 19,888 | |||||||||||
Provision for income taxes | 3,990 | 2,612 | 7,747 | 5,749 | |||||||||||
NET INCOME | 8,488 | 6,446 | 16,319 | 14,139 | |||||||||||
OTHER COMPREHENSIVE INCOME | |||||||||||||||
Change in unrealized gains/losses on securities, net of reclassifications and taxes | 4,116 | (10,559 | ) | 9,419 | (12,226 | ) | |||||||||
Change in funded status of post retirement benefits, net of taxes | 115 | 338 | 230 | 552 | |||||||||||
COMPREHENSIVE INCOME | $ | 12,719 | $ | (3,775 | ) | $ | 25,968 | $ | 2,465 | ||||||
PER SHARE DATA | |||||||||||||||
Basic and Diluted Earnings per Share | $ | 0.63 | $ | 0.48 | $ | 1.22 | $ | 1.06 | |||||||
Dividends per Share | $ | 0.49 | $ | 0.48 | $ | 0.49 | $ | 0.48 | |||||||
Weighted average number of shares outstanding (in thousands) | 13,355 | 13,307 | 13,352 | 13,304 |
Common Stock | Additional Capital | Retained Earnings | Accumulated Other Comprehensive Income/(Loss) | Treasury Stock | Total | ||||||||||||||||||
Balance, April 1, 2013 | $ | 1,809 | $ | 70,171 | $ | 346,035 | $ | (8,925 | ) | $ | (30,707 | ) | $ | 378,383 | |||||||||
Net income | — | — | 6,446 | — | — | 6,446 | |||||||||||||||||
Other comprehensive income | — | — | — | (10,221 | ) | — | (10,221 | ) | |||||||||||||||
Omnibus Equity Incentive Plan | — | 183 | — | — | — | 183 | |||||||||||||||||
Cash Dividends, $.48 per share | — | — | (6,389 | ) | — | — | (6,389 | ) | |||||||||||||||
Balance, June 30, 2013 | $ | 1,809 | $ | 70,354 | $ | 346,092 | $ | (19,146 | ) | $ | (30,707 | ) | $ | 368,402 | |||||||||
Balance, April 1, 2014 | $ | 1,812 | $ | 71,315 | $ | 364,914 | $ | (8,551 | ) | $ | (30,161 | ) | $ | 399,329 | |||||||||
Net income | — | — | 8,488 | — | — | 8,488 | |||||||||||||||||
Other comprehensive income | — | — | — | 4,231 | — | 4,231 | |||||||||||||||||
Omnibus Equity Incentive Plan | — | 242 | — | — | — | 242 | |||||||||||||||||
Cash Dividends, $.49 per share | — | — | (6,544 | ) | — | — | (6,544 | ) | |||||||||||||||
Balance, June 30, 2014 | $ | 1,812 | $ | 71,557 | $ | 366,858 | $ | (4,320 | ) | $ | (30,161 | ) | $ | 405,746 |
Common Stock | Additional Capital | Retained Earnings | Accumulated Other Comprehensive Income/(Loss) | Treasury Stock | Total | ||||||||||||||||||
Balance January 1, 2013 | $ | 1,808 | $ | 69,989 | $ | 338,342 | $ | (7,472 | ) | $ | (30,545 | ) | $ | 372,122 | |||||||||
Net income | — | — | 14,139 | — | — | 14,139 | |||||||||||||||||
Other comprehensive income | — | — | — | (11,674 | ) | — | (11,674 | ) | |||||||||||||||
Treasury stock purchase (5,354 shares) | — | — | — | — | (162 | ) | (162 | ) | |||||||||||||||
Omnibus Equity Incentive Plan | 1 | 365 | — | — | — | 366 | |||||||||||||||||
Cash Dividends, $.48 per share | — | — | (6,389 | ) | — | — | (6,389 | ) | |||||||||||||||
Balance, June 30, 2013 | $ | 1,809 | $ | 70,354 | $ | 346,092 | $ | (19,146 | ) | $ | (30,707 | ) | $ | 368,402 | |||||||||
Balance, January 1, 2014 | $ | 1,811 | $ | 71,074 | $ | 357,083 | $ | (13,969 | ) | $ | (29,804 | ) | $ | 386,195 | |||||||||
Net income | — | — | 16,319 | — | — | 16,319 | |||||||||||||||||
Other comprehensive income (loss) | — | — | — | 9,649 | — | 9,649 | |||||||||||||||||
Treasury stock purchase (9,776 shares) | — | — | — | — | (357 | ) | (357 | ) | |||||||||||||||
Omnibus Equity Incentive Plan | 1 | 483 | — | — | — | 484 | |||||||||||||||||
Cash Dividends, $.49 per share | — | — | (6,544 | ) | — | — | (6,544 | ) | |||||||||||||||
Balance, June 30, 2014 | $ | 1,812 | $ | 71,557 | $ | 366,858 | $ | (4,320 | ) | $ | (30,161 | ) | $ | 405,746 |
Six Months Ended June 30, | |||||||
2014 | 2013 | ||||||
(Unaudited) | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net Income | $ | 16,319 | $ | 14,139 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Net amortization (accretion) of premiums and discounts on investments | 1,318 | 1,465 | |||||
Provision for loan losses | 1,604 | 5,981 | |||||
Securities (gains) losses | 1 | (7 | ) | ||||
(Gain) loss on sale of other real estate | 62 | 51 | |||||
Restricted stock compensation | 484 | 366 | |||||
Depreciation and amortization | 2,943 | 2,705 | |||||
Other, net | 1,394 | 329 | |||||
NET CASH FROM OPERATING ACTIVITIES | 24,125 | 25,029 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Proceeds from sales of securities available-for-sale | 355 | 5,023 | |||||
Redemption of restricted stock | — | 250 | |||||
Purchases of restricted stock | (7 | ) | (8 | ) | |||
Calls, maturities and principal reductions on securities available-for-sale | 65,595 | 86,246 | |||||
Purchases of securities available-for-sale | (50,051 | ) | (259,646 | ) | |||
Loans made to customers, net of repayment | (5,384 | ) | 44,345 | ||||
Proceeds from sales of other real estate owned | 841 | 966 | |||||
Net change in federal funds sold | (5,094 | ) | 10,585 | ||||
Additions to premises and equipment | (2,701 | ) | (1,280 | ) | |||
NET CASH FROM INVESTING ACTIVITIES | 3,554 | (113,519 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Net change in deposits | (26,004 | ) | 2,877 | ||||
Net change in short-term borrowings | 13,828 | (11,357 | ) | ||||
Proceeds from other borrowings | 100,000 | 95,000 | |||||
Maturities of other borrowings | (95,000 | ) | (5,000 | ) | |||
Purchase of treasury stock | (357 | ) | (162 | ) | |||
Dividends paid | (6,405 | ) | (6,378 | ) | |||
NET CASH FROM FINANCING ACTIVITIES | (13,938 | ) | 74,980 | ||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | 13,741 | (13,510 | ) | ||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 71,033 | 87,230 | |||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 84,774 | $ | 73,720 |
1. | Significant Accounting Policies |
2. | Allowance for Loan Losses |
Allowance for Loan Losses: | June 30, 2014 | |||||||||||||||||||
(Dollar amounts in thousands) | Commercial | Residential | Consumer | Unallocated | Total | |||||||||||||||
Beginning balance | $ | 12,453 | $ | 1,581 | $ | 3,864 | $ | 2,510 | $ | 20,408 | ||||||||||
Provision for loan losses* | (1,051 | ) | (54 | ) | 533 | (248 | ) | (820 | ) | |||||||||||
Loans charged -off | (710 | ) | (633 | ) | (982 | ) | — | (2,325 | ) | |||||||||||
Recoveries | 158 | 480 | 354 | — | 992 | |||||||||||||||
Ending Balance | $ | 10,850 | $ | 1,374 | $ | 3,769 | $ | 2,262 | $ | 18,255 |
Allowance for Loan Losses: | June 30, 2013 | |||||||||||||||||||
(Dollar amounts in thousands) | Commercial | Residential | Consumer | Unallocated | Total | |||||||||||||||
Beginning balance | $ | 14,144 | $ | 5,400 | $ | 3,481 | $ | 2,247 | $ | 25,272 | ||||||||||
Provision for loan losses* | 1,660 | 303 | 611 | 126 | 2,700 | |||||||||||||||
Loans charged -off | (1,435 | ) | (4,127 | ) | (811 | ) | — | (6,373 | ) | |||||||||||
Recoveries | 162 | 16 | 356 | — | 534 | |||||||||||||||
Ending Balance | $ | 14,531 | $ | 1,592 | $ | 3,637 | $ | 2,373 | $ | 22,133 |
Allowance for Loan Losses: | June 30, 2014 | |||||||||||||||||||
(Dollar amounts in thousands) | Commercial | Residential | Consumer | Unallocated | Total | |||||||||||||||
Beginning balance | $ | 12,450 | $ | 1,585 | $ | 3,650 | $ | 2,383 | $ | 20,068 | ||||||||||
Provision for loan losses* | (319 | ) | 12 | 1,333 | (121 | ) | 905 | |||||||||||||
Loans charged -off | (1,646 | ) | (805 | ) | (2,035 | ) | (4,486 | ) | ||||||||||||
Recoveries | 365 | 582 | 821 | 1,768 | ||||||||||||||||
Ending Balance | $ | 10,850 | $ | 1,374 | $ | 3,769 | $ | 2,262 | $ | 18,255 |
Allowance for Loan Losses: | June 30, 2013 | |||||||||||||||||||
(Dollar amounts in thousands) | Commercial | Residential | Consumer | Unallocated | Total | |||||||||||||||
Beginning balance | $ | 10,987 | $ | 5,426 | $ | 3,879 | $ | 1,666 | $ | 21,958 | ||||||||||
Provision for loan losses* | 2,924 | 500 | 844 | 707 | 4,975 | |||||||||||||||
Loans charged -off | (1,885 | ) | (4,399 | ) | (1,837 | ) | (8,121 | ) | ||||||||||||
Recoveries | 2,505 | 65 | 751 | 3,321 | ||||||||||||||||
Ending Balance | $ | 14,531 | $ | 1,592 | $ | 3,637 | $ | 2,373 | $ | 22,133 |
Allowance for Loan Losses | June 30, 2014 | |||||||||||||||||||
(Dollar amounts in thousands) | Commercial | Residential | Consumer | Unallocated | Total | |||||||||||||||
Individually evaluated for impairment | $ | 2,590 | $ | — | $ | — | $ | — | $ | 2,590 | ||||||||||
Collectively evaluated for impairment | 7,467 | 1,295 | 3,769 | 2,262 | 14,793 | |||||||||||||||
Acquired with deteriorated credit quality | 793 | 79 | — | — | 872 | |||||||||||||||
Ending Balance | $ | 10,850 | $ | 1,374 | $ | 3,769 | $ | 2,262 | $ | 18,255 |
Loans: | June 30, 2014 | |||||||||||||||||
(Dollar amounts in thousands) | Commercial | Residential | Consumer | Total | ||||||||||||||
Individually evaluated for impairment | $ | 15,548 | $ | 35 | $ | — | $ | 15,583 | ||||||||||
Collectively evaluated for impairment | 1,028,728 | 476,753 | 269,610 | 1,775,091 | ||||||||||||||
Acquired with deteriorated credit quality | 7,665 | 1,872 | — | 9,537 | ||||||||||||||
Ending Balance | $ | 1,051,941 | $ | 478,660 | $ | 269,610 | $ | 1,800,211 |
Allowance for Loan Losses: | December 31, 2013 | |||||||||||||||||||
(Dollar amounts in thousands) | Commercial | Residential | Consumer | Unallocated | Total | |||||||||||||||
Individually evaluated for impairment | 3,158 | — | — | — | 3,158 | |||||||||||||||
Collectively evaluated for impairment | 8,421 | 1,408 | 3,650 | 2,383 | 15,862 | |||||||||||||||
Acquired with deteriorated credit quality | 871 | 177 | — | — | 1,048 | |||||||||||||||
Ending Balance | $ | 12,450 | $ | 1,585 | $ | 3,650 | $ | 2,383 | $ | 20,068 |
Loans | December 31, 2013 | |||||||||||||||||
(Dollar amounts in thousands) | Commercial | Residential | Consumer | Total | ||||||||||||||
Individually evaluated for impairment | 18,825 | 37 | — | 18,862 | ||||||||||||||
Collectively evaluated for impairment | 1,020,771 | 481,439 | 269,352 | 1,771,562 | ||||||||||||||
Acquired with deteriorated credit quality | 8,001 | 2,397 | — | 10,398 | ||||||||||||||
Ending Balance | $ | 1,047,597 | $ | 483,873 | $ | 269,352 | $ | 1,800,822 |
June 30, 2014 | ||||||||||||||||||||||||
Unpaid Principal | Recorded | Allowance for Loan Losses | Average Recorded | Interest Income | Cash Basis Interest | |||||||||||||||||||
(Dollar amounts in thousands) | Balance | Investment | Allocated | Investment | Recognized | Recognized | ||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||
Commercial & Industrial | $ | 265 | $ | 265 | $ | — | $ | 1,359 | $ | — | $ | — | ||||||||||||
Farmland | — | — | — | — | — | — | ||||||||||||||||||
Non Farm, Non Residential | 250 | 84 | — | 97 | — | — | ||||||||||||||||||
Agriculture | — | — | — | — | — | — | ||||||||||||||||||
All Other Commercial | — | — | — | — | — | — | ||||||||||||||||||
Residential | ||||||||||||||||||||||||
First Liens | — | — | — | — | — | — | ||||||||||||||||||
Home Equity | — | — | — | — | — | — | ||||||||||||||||||
Junior Liens | — | — | — | — | — | — | ||||||||||||||||||
Multifamily | — | — | — | — | — | — | ||||||||||||||||||
All Other Residential | — | — | — | — | — | — | ||||||||||||||||||
Consumer | ||||||||||||||||||||||||
Motor Vehicle | — | — | — | — | — | — | ||||||||||||||||||
All Other Consumer | — | — | — | — | — | — | ||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||
Commercial & Industrial | 8,895 | 7,381 | 1,623 | 7,850 | — | — | ||||||||||||||||||
Farmland | — | — | — | — | — | — | ||||||||||||||||||
Non Farm, Non Residential | 6,518 | 6,518 | 802 | 6,666 | — | — | ||||||||||||||||||
Agriculture | — | — | — | — | — | — | ||||||||||||||||||
All Other Commercial | 1,384 | 1,384 | 165 | 1,159 | — | — | ||||||||||||||||||
Residential | ||||||||||||||||||||||||
First Liens | 35 | 35 | — | 36 | — | — | ||||||||||||||||||
Home Equity | — | — | — | — | — | — | ||||||||||||||||||
Junior Liens | — | — | — | — | — | — | ||||||||||||||||||
Multifamily | — | — | — | — | — | — | ||||||||||||||||||
All Other Residential | — | — | — | — | — | — | ||||||||||||||||||
Consumer | ||||||||||||||||||||||||
Motor Vehicle | — | — | — | — | — | — | ||||||||||||||||||
All Other Consumer | — | — | — | — | — | — | ||||||||||||||||||
TOTAL | $ | 17,347 | $ | 15,667 | $ | 2,590 | $ | 17,167 | $ | — | $ | — |
December 31, 2013 | ||||||||||||||||||||||||
Unpaid Principal | Recorded | Allowance for Loan Losses | Average Recorded | Interest Income | Cash Basis Interest Income | |||||||||||||||||||
(Dollar amounts in thousands) | Balance | Investment | Allocated | Investment | Recognized | Recognized | ||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||
Commercial & Industrial | $ | 2,120 | $ | 1,918 | $ | — | $ | 1,555 | $ | — | $ | — | ||||||||||||
Farmland | — | — | — | — | — | — | ||||||||||||||||||
Non Farm, Non Residential | 271 | 105 | — | 26 | — | — | ||||||||||||||||||
Agriculture | — | — | — | — | — | — | ||||||||||||||||||
All Other Commercial | — | — | — | — | — | — | ||||||||||||||||||
Residential | ||||||||||||||||||||||||
First Liens | — | — | — | 7 | — | — | ||||||||||||||||||
Home Equity | — | — | — | — | — | — | ||||||||||||||||||
Junior Liens | — | — | — | — | — | — | ||||||||||||||||||
Multifamily | — | — | — | — | — | — | ||||||||||||||||||
All Other Residential | — | — | — | — | — | — | ||||||||||||||||||
Consumer | ||||||||||||||||||||||||
Motor Vehicle | — | — | — | — | — | — | ||||||||||||||||||
All Other Consumer | — | — | — | — | — | — | ||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||
Commercial & Industrial | 10,134 | 8,620 | 1,612 | 13,029 | 217 | 217 | ||||||||||||||||||
Farmland | — | — | — | 356 | 113 | 113 | ||||||||||||||||||
Non Farm, Non Residential | 7,664 | 7,204 | 1,500 | 7,921 | — | — | ||||||||||||||||||
Agriculture | — | — | — | — | — | — | ||||||||||||||||||
All Other Commercial | 1,062 | 1,062 | 46 | 2,979 | — | — | ||||||||||||||||||
Residential | ||||||||||||||||||||||||
First Liens | 37 | 37 | — | 524 | — | — | ||||||||||||||||||
Home Equity | — | — | — | 113 | — | — | ||||||||||||||||||
Junior Liens | — | — | — | — | — | — | ||||||||||||||||||
Multifamily | — | — | — | 2,216 | — | — | ||||||||||||||||||
All Other Residential | — | — | — | — | — | — | ||||||||||||||||||
Consumer | ||||||||||||||||||||||||
Motor Vehicle | — | — | — | — | — | — | ||||||||||||||||||
All Other Consumer | — | — | — | — | — | — | ||||||||||||||||||
TOTAL | $ | 21,288 | $ | 18,946 | $ | 3,158 | $ | 28,726 | $ | 330 | $ | 330 |
Three Months Ended June 30, 2014 | Six Months Ended June 30, 2014 | |||||||||||||||||||||||
Average Recorded | Interest Income | Cash Basis Interest Income | Average Recorded | Interest Income | Cash Basis Interest Income | |||||||||||||||||||
(Dollar amounts in thousands) | Investment | Recognized | Recognized | Investment | Recognized | Recognized | ||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||
Commercial & Industrial | $ | 1,080 | $ | — | $ | — | $ | 1,359 | $ | — | $ | — | ||||||||||||
Farmland | — | — | — | — | — | — | ||||||||||||||||||
Non Farm, Non Residential | 93 | — | — | 97 | — | — | ||||||||||||||||||
Agriculture | — | — | — | — | — | — | ||||||||||||||||||
All Other Commercial | — | — | — | — | — | — | ||||||||||||||||||
Residential | ||||||||||||||||||||||||
First Liens | — | — | — | — | — | — | ||||||||||||||||||
Home Equity | — | — | — | — | — | — | ||||||||||||||||||
Junior Liens | — | — | — | — | — | — | ||||||||||||||||||
Multifamily | — | — | — | — | — | — | ||||||||||||||||||
All Other Residential | — | — | — | — | — | — | ||||||||||||||||||
Consumer | ||||||||||||||||||||||||
Motor Vehicle | — | — | — | — | — | — | ||||||||||||||||||
All Other Consumer | — | — | — | — | — | — | ||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||
Commercial & Industrial | 7,466 | — | — | 7,850 | — | — | ||||||||||||||||||
Farmland | — | — | — | — | — | — | ||||||||||||||||||
Non Farm, Non Residential | 6,397 | — | — | 6,666 | — | — | ||||||||||||||||||
Agriculture | — | — | — | — | — | — | ||||||||||||||||||
All Other Commercial | 1,207 | — | — | 1,159 | — | — | ||||||||||||||||||
Residential | ||||||||||||||||||||||||
First Liens | 36 | — | — | 36 | — | — | ||||||||||||||||||
Home Equity | — | — | — | — | — | — | ||||||||||||||||||
Junior Liens | — | — | — | — | — | — | ||||||||||||||||||
Multifamily | — | — | — | — | — | — | ||||||||||||||||||
All Other Residential | — | — | — | — | — | — | ||||||||||||||||||
Consumer | ||||||||||||||||||||||||
Motor Vehicle | — | — |