0000714562-14-000059.txt : 20140807 0000714562-14-000059.hdr.sgml : 20140807 20140807101953 ACCESSION NUMBER: 0000714562-14-000059 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20140630 FILED AS OF DATE: 20140807 DATE AS OF CHANGE: 20140807 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST FINANCIAL CORP /IN/ CENTRAL INDEX KEY: 0000714562 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 351546989 STATE OF INCORPORATION: IN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-16759 FILM NUMBER: 141022209 BUSINESS ADDRESS: STREET 1: ONE FIRST FINANCIAL PLAZA CITY: TERRE HAUTE STATE: IN ZIP: 47807 BUSINESS PHONE: (812) 238-6000 MAIL ADDRESS: STREET 1: ONE FIRST FINANCIAL PLAZA CITY: TERRE HAUTE STATE: IN ZIP: 47807 FORMER COMPANY: FORMER CONFORMED NAME: TERRE HAUTE FIRST CORP DATE OF NAME CHANGE: 19850808 10-Q 1 thff-2014630x10q.htm 10-Q THFF-2014.6.30-10Q
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 
WASHINGTON, D.C. 20549
 
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
 
SECURITIES EXCHANGE ACT OF 1934
 
For The Quarterly Period Ended June 30, 2014
 
Commission File Number 0-16759
 
FIRST FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter) 
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)
 
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 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 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 the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer  ¨
Accelerated filer x
Non-accelerated filer ¨ (Do not check if a smaller reporting company)
Smaller reporting company ¨
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ¨ No x.
 
As of August 5, 2014, the registrant had outstanding 13,355,272 shares of common stock, without par value.
 



FIRST FINANCIAL CORPORATION
 
FORM 10-Q
 
INDEX 
 
 
Page No.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


2


Part I – Financial Information
Item 1.
Financial Statements
FIRST FINANCIAL CORPORATION
CONSOLIDATED BALANCE SHEETS
(Dollar amounts in thousands, except per share data)
 
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

See accompanying notes.
 

3


FIRST FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)
(Dollar amounts in thousands, except per share data) 
 
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

See accompanying notes.

4


FIRST FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
Three Months Ended
June 30, 2014, and 2013
(Dollar amounts in thousands, except per share data)
(Unaudited)

 
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

See accompanying notes.






























5



FIRST FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
Six Months Ended
June 30, 2014, and 2013
(Dollar amounts in thousands, except per share data)
(Unaudited)

 
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

See accompanying notes.


6


FIRST FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollar amounts in thousands, except per share data)  
 
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

See accompanying notes.


7


FIRST FINANCIAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 
The accompanying June 30, 2014 and 2013 consolidated financial statements are unaudited. The December 31, 2013 consolidated financial statements are as reported in the First Financial Corporation (the “Corporation”) 2013 annual report. The information presented does not include all information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. The following notes should be read together with notes to the consolidated financial statements included in the 10-K filed with the Securities and Exchange Commission for the fiscal year ended December 31, 2013

1.
Significant Accounting Policies
 
The significant accounting policies followed by the Corporation and its subsidiaries for interim financial reporting are consistent with the accounting policies followed for annual financial reporting. All adjustments which are, in the opinion of management, necessary for a fair statement of the results for the periods reported have been included in the accompanying consolidated financial statements and are of a normal recurring nature. The Corporation reports financial information for only one segment, banking. Some items in the prior year financials were reclassified to conform to the current presentation.
 
The Omnibus Equity Incentive Plan is a long-term incentive plan that was designed to align the interests of participants with the interests of shareholders. Under the plan, awards may be made based on certain performance measures. The grants are made in restricted stock units that are subject to a vesting schedule. These shares vest over 3 years in increments of 33%, 33%, and 34% respectively. In 2014 and 2013, 22,019 and 30,219 shares were awarded, respectively. These shares had a grant date value of $708 thousand and $923 thousand for 2014 and 2013, vest over three years and their grant is not subject to future performance measures. Outstanding shares are increased at the award date for the total shares awarded. 

2.
Allowance for Loan Losses

The following table presents the activity of the allowance for loan losses by portfolio segment for the three months
ended June 30. 
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


* Provision before increase of $464 thousand in 2014 for decrease in FDIC indemnification asset
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


* Provision before increase of $260 thousand in 2013 for decrease in FDIC indemnification asset










8


The following table presents the activity of the allowance for loan losses by portfolio segment for the six months
ended June 30. 
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


* Provision before increase of $699 thousand in 2014 for decrease in FDIC indemnification asset
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


* Provision before increase of $1.01 million in 2013 for decrease in FDIC indemnification asset

The following table presents the allocation of the allowance for loan losses and the recorded investment in loans by portfolio segment and based on the impairment method at June 30, 2014 and December 31, 2013
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


9


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


The following tables present loans individually evaluated for impairment by class of loans. 
 
 
 
 
 
 
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

 
$

 
$

 


10


 
 
 
 
 
 
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

 












11


 
 
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