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5. Loans, Allowance for Loan Losses and Credit Quality (Tables)
 3 Months Ended
Mar. 31, 2013
Notes to Financial Statements  
Composition of net loans

The composition of net loans follows:

 

    March 31, 2013     December 31, 2012     March 31, 2012  
                   
Commercial & industrial   $ 51,044,490     $ 49,283,948     $ 46,455,835  
Commercial real estate     138,784,472       139,807,517       130,920,418  
Residential real estate - 1st lien     173,379,244       171,114,515       164,105,983  
Residential real estate - Jr lien     45,912,846       47,029,023       45,346,141  
Consumer     9,696,044       10,642,151       11,000,989  
      418,817,096       417,877,154       397,829,366  
Deduct (add):                        
Allowance for loan losses     4,493,384       4,312,080       3,952,489  
Deferred net loan costs     (206,969 )     (169,501 )     (54,355 )
Loans held-for-sale     1,347,961       1,501,706       1,583,520  
      5,634,376       5,644,285       5,481,654  
          Net Loans   $ 413,182,720     $ 412,232,869     $ 392,347,712  
Past due loans by segment

The following is an age analysis of past due loans (including non-accrual) by segment:

 

          90 Days     Total                 Non-Accrual     90 Days or more  
March 31, 2013   30-89 Days     or More     Past Due     Current     Total Loans     Loans     and Accruing  
                                           
Commercial & industrial   $ 1,487,049     $ 303,881     $ 1,790,930     $ 49,253,560     $ 51,044,490     $ 558,874     $ 0  
Commercial real estate     923,865       1,396,401       2,320,266       136,464,206       138,784,472       2,222,566       186,792  
Residential real estate - 1st lien     3,085,496       719,177       3,804,673       168,226,610       172,031,283       1,769,150       164,472  
Residential real estate - Jr lien     211,168       104,255       315,423       45,597,423       45,912,846       368,827       53,446  
Consumer     93,842       0       93,842       9,602,202       9,696,044       0       0  
Total   $ 5,801,420     $ 2,523,714     $ 8,325,134     $ 409,144,001     $ 417,469,135     $ 4,919,417     $ 404,710  
                                                         
            90 Days     Total                     Non-Accrual     90 Days or more  
December 31, 2012   30-89 Days     or More     Past Due     Current     Total Loans     Loans     and Accruing  
                                                         
Commercial & industrial   $ 782,937     $ 377,145     $ 1,160,082     $ 48,123,866     $ 49,283,948     $ 596,777     $ 0  
Commercial real estate     785,890       888,179       1,674,069       138,133,448       139,807,517       1,892,195       53,937  
Residential real estate - 1st lien     4,654,077       844,803       5,498,880       164,113,929       169,612,809       1,928,097       281,845  
Residential real estate - Jr lien     379,363       57,128       436,491       46,592,532       47,029,023       338,383       41,434  
Consumer     132,624       844       133,468       10,508,683       10,642,151       0       844  
Total   $ 6,734,891     $ 2,168,099     $ 8,902,990     $ 407,472,458     $ 416,375,448     $ 4,755,452     $ 378,060  
                                                         
            90 Days     Total                     Non-Accrual     90 Days or more  
March 31, 2012   30-89 Days     or More     Past Due     Current     Total Loans     Loans     and Accruing  
                                                         
Commercial & industrial   $ 1,627,845     $ 487,359     $ 2,115,204     $ 44,340,631     $ 46,455,835     $ 1,047,690     $ 65,350  
Commercial real estate     868,141       2,794,504       3,662,645       127,257,773       130,920,418       3,666,742       193,044  
Residential real estate - 1st lien     3,048,858       2,369,143       5,418,001       157,104,462       162,522,463       2,604,285       928,443  
Residential real estate - Jr lien     615,913       44,564       660,477       44,685,664       45,346,141       344,668       35,117  
Consumer     148,813       0       148,813       10,852,176       11,000,989       0       0  
Total   $ 6,309,570     $ 5,695,570     $ 12,005,140     $ 384,240,706     $ 396,245,846     $ 7,663,385     $ 1,221,954  

 
Changes in the allowance for loan losses

The following summarizes changes in the allowance for loan losses and select loan information, by portfolio segment (excluding loans held-for-sale).

 

For the first quarter ended March 31, 2013
                Residential     Residential                    
    Commercial     Commercial     Real Estate     Real Estate                    
    & Industrial     Real Estate     1st Lien     Jr Lien     Consumer     Unallocated     Total  
Allowance for loan losses  
Beginning balance   $ 428,381     $ 1,536,440     $ 1,563,576     $ 332,556     $ 138,699     $ 312,428     $ 4,312,080  
Charge-offs     (17,935 )     0       0       0       (17,226 )     0       (35,161 )
Recoveries     200       0       5,626       60       4,329       0       10,215  
Provision (credit)     25,743       226,597       (58,063 )     53,454       (6,770 )     (34,711 )     206,250  
Ending balance   $ 436,389     $ 1,763,037     $ 1,511,139     $ 386,070     $ 119,032     $ 277,717     $ 4,493,384  
                                                         
Allowance for loan losses  
Evaluated for impairment                                                        
Individually   $ 0     $ 104,500     $ 116,300     $ 47,400     $ 0     $ 0     $ 268,200  
Collectively     436,389       1,658,537       1,394,839       338,670       119,032       277,717       4,225,184  
Total   $ 436,389     $ 1,763,037     $ 1,511,139     $ 386,070     $ 119,032     $ 277,717     $ 4,493,384  
   
Loans evaluated for impairment  
Individually   $ 323,486     $ 2,054,265     $ 1,490,005     $ 340,340     $ 0             $ 4,208,096  
Collectively     50,721,004       136,730,207       170,541,278       45,572,506       9,696,044               413,261,039  
Total   $ 51,044,490     $ 138,784,472     $ 172,031,283     $ 45,912,846     $ 9,696,044             $ 417,469,135  

 

 

For the year ended December 31, 2012
                Residential     Residential                    
    Commercial     Commercial     Real Estate     Real Estate                    
    & Industrial     Real Estate     1st Lien     Jr Lien     Consumer     Unallocated     Total  
Allowance for loan losses  
Beginning balance   $ 342,314     $ 1,385,939     $ 1,578,493     $ 331,684     $ 124,779     $ 123,293     $ 3,886,502  
Charge-offs     (159,309 )     (57,923 )     (246,237 )     (135,622 )     (96,491 )     0       (695,582 )
Recoveries     29,769       51,863       5,538       1,538       32,452       0       121,160  
Provision     215,607       156,561       225,782       134,956       77,959       189,135       1,000,000  
Ending balance   $ 428,381     $ 1,536,440     $ 1,563,576     $ 332,556     $ 138,699     $ 312,428     $ 4,312,080  
                                                         
Allowance for loan losses  
Evaluated for impairment                                                        
Individually   $ 0     $ 0     $ 134,800     $ 39,200     $ 0     $ 0     $ 174,000  
Collectively     428,381       1,536,440       1,428,776       293,356       138,699       312,428       4,138,080  
Total   $ 428,381     $ 1,536,440     $ 1,563,576     $ 332,556     $ 138,699     $ 312,428     $ 4,312,080  
   
Loans evaluated for impairment  
Individually   $ 435,165     $ 1,762,615     $ 1,641,960     $ 309,606     $ 0             $ 4,149,346  
Collectively     48,848,783       138,044,902       167,970,849       46,719,417       10,642,151               412,226,102  
Total   $ 49,283,948     $ 139,807,517     $ 169,612,809     $ 47,029,023     $ 10,642,151             $ 416,375,448  

 

For the first quarter ended March 31, 2012
                Residential     Residential                    
    Commercial     Commercial     Real Estate     Real Estate                    
    & Industrial     Real Estate     1st Lien     Jr Lien     Consumer     Unallocated     Total  
Allowance for loan losses  
Beginning balance   $ 342,314     $ 1,385,939     $ 1,578,493     $ 331,684     $ 124,779     $ 123,293     $ 3,886,502  
Charge-offs     (9,834 )     (46,799 )     (58,474 )     (60,287 )     (23,658 )     0       (199,052 )
Recoveries     1,252       756       1,457       1,356       10,215       0       15,036  
Provision     54,844       49,472       73,977       45,322       12,686       13,702       250,003  
Ending balance   $ 388,576     $ 1,389,368     $ 1,595,453     $ 318,075     $ 124,022     $ 136,995     $ 3,952,489  
                                                         
Allowance for loan losses  
Evaluated for impairment                                                        
Individually   $ 56,500     $ 36,200     $ 255,300     $ 35,500     $ 0     $ 0     $ 383,500  
Collectively     332,076       1,353,168       1,340,153       282,575       124,022       136,995       3,568,989  
Total   $ 388,576     $ 1,389,368     $ 1,595,453     $ 318,075     $ 124,022     $ 136,995     $ 3,952,489  
   
Loans evaluated for impairment  
Individually   $ 981,463     $ 3,623,305     $ 2,314,559     $ 305,906     $ 0             $ 7,225,233  
Collectively     45,474,372       127,297,113       160,207,904       45,040,235       11,000,989               389,020,613  
Total   $ 46,455,835     $ 130,920,418     $ 162,522,463     $ 45,346,141     $ 11,000,989             $ 396,245,846  
Impaired loans by segment

Impaired loans by segments were as follows:

 

For the first quarter ended March 31, 2013  
          Unpaid           Average  
    Recorded     Principal     Related     Recorded  
    Investment     Balance     Allowance     Investment  
                         
With no related allowance recorded                        
Commercial & industrial   $ 323,486     $ 360,385     $ 0     $ 379,326  
Commercial real estate     1,749,415       2,123,371       0       1,756,015  
Residential real estate - 1st lien     1,010,777       1,230,873       0       1,017,687  
Residential real estate - Jr lien     15,694       77,545       0       15,694  
                                 
With an allowance recorded                                
Commercial & industrial     0       0       0       0  
Commercial real estate     304,850       304,850       104,500       152,425  
Residential real estate - 1st lien     479,228       540,698       116,300       548,295  
Residential real estate - Jr lien     324,646       352,498       47,400       309,279  
                                 
Total                                
Commercial & industrial   $ 323,486     $ 360,385     $ 0     $ 379,326  
Commercial real estate   $ 2,054,265     $ 2,428,221     $ 104,500     $ 1,908,440  
Residential real estate - 1st lien   $ 1,490,005     $ 1,771,571     $ 116,300     $ 1,565,982  
Residential real estate - Jr lien   $ 340,340     $ 430,043     $ 47,400     $ 324,973  
                                 
Total   $ 4,208,096     $ 4,990,220     $ 268,200     $ 4,178,721  

 

For the year ended December 31, 2012
          Unpaid           Average  
    Recorded     Principal     Related     Recorded  
    Investment     Balance     Allowance     Investment  
                         
With no related allowance recorded                        
Commercial & industrial   $ 435,165     $ 473,664     $ 0     $ 536,973  
Commercial real estate     1,762,615       2,123,371       0       2,019,449  
Residential real estate - 1st lien     1,024,598       1,250,224       0       893,629  
Residential real estate - Jr lien     15,694       76,680       0       34,602  
                                 
With an allowance recorded                                
Commercial & industrial     0       0       0       232,743  
Commercial real estate     0       0       0       920,842  
Residential real estate - 1st lien     617,362       669,288       134,800       892,339  
Residential real estate - Jr lien     293,912       319,020       39,200       295,372  
                                 
Total                                
Commercial & industrial   $ 435,165     $ 473,664     $ 0     $ 769,716  
Commercial real estate   $ 1,762,615     $ 2,123,371     $ 0     $ 2,940,291  
Residential real estate - 1st lien   $ 1,641,960     $ 1,919,512     $ 134,800     $ 1,785,968  
Residential real estate - Jr lien   $ 309,606     $ 395,700     $ 39,200     $ 329,974  
                                 
Total   $ 4,149,346     $ 4,912,247     $ 174,000     $ 5,825,949  

 

 

For the first quarter ended March 31, 2012  
          Unpaid           Average  
    Recorded     Principal     Related     Recorded  
    Investment     Balance     Allowance     Investment  
                         
With no related allowance recorded                        
Commercial & industrial   $ 437,245     $ 459,130     $ 0     $ 408,934  
Commercial real estate     1,989,517       2,241,646       0       2,015,309  
Residential real estate - 1st lien     841,086       1,069,606       0       920,953  
Residential real estate - Jr lien     0       0       0       62,893  
                                 
With an allowance recorded                                
Commercial & industrial     544,218       562,609       56,500       581,857  
Commercial real estate     1,633,788       1,658,905       36,200       1,630,974  
Residential real estate - 1st lien     1,473,473       1,983,044       255,300       1,419,490  
Residential real estate - Jr lien     305,906       321,500       35,500       307,392  
                                 
Total                                
Commercial & industrial   $ 981,463     $ 1,021,739     $ 56,500     $ 990,791  
Commercial real estate   $ 3,623,305     $ 3,900,551     $ 36,200     $ 3,646,283  
Residential real estate - 1st lien   $ 2,314,559     $ 3,052,650     $ 255,300     $ 2,340,443  
Residential real estate - Jr lien   $ 305,906     $ 321,500     $ 35,500     $ 370,285  
                                 
Total   $ 7,225,233     $ 8,296,440     $ 383,500     $ 7,347,802  
Risk ratings

The risk ratings within the loan portfolio by segments as of the balance sheet dates were as follows:

 

Total Loans
                                     
                Residential     Residential              
    Commercial     Commercial     Real Estate     Real Estate              
March 31, 2013   & Industrial     Real Estate     1st Lien     Jr Lien     Consumer     Total  
                                     
Group A   $ 49,335,387     $ 129,675,041     $ 168,993,626     $ 44,989,095     $ 9,693,695     $ 402,686,844  
Group B     501,888       4,282,500       183,678       431,348       0       5,399,414  
Group C     1,207,215       4,826,931       2,853,979       492,403       2,349       9,382,877  
Total   $ 51,044,490     $ 138,784,472     $ 172,031,283     $ 45,912,846     $ 9,696,044     $ 417,469,135  

 

Total Loans
                                     
                Residential     Residential              
    Commercial     Commercial     Real Estate     Real Estate              
December 31, 2012   & Industrial     Real Estate     1st Lien     Jr Lien     Consumer     Total  
                                     
Group A   $ 47,689,238     $ 131,643,756     $ 166,374,493     $ 46,162,420     $ 10,632,404     $ 402,502,311  
Group B     593,838       4,139,367       404,752       318,248       0       5,456,205  
Group C     1,000,872       4,024,394       2,833,564       548,355       9,747       8,416,932  
Total   $ 49,283,948     $ 139,807,517     $ 169,612,809     $ 47,029,023     $ 10,642,151     $ 416,375,448  

 

 

Total Loans
                                     
                Residential     Residential              
    Commercial     Commercial     Real Estate     Real Estate              
March 31, 2012   & Industrial     Real Estate     1st Lien     Jr Lien     Consumer     Total  
                                     
Group A   $ 43,981,911     $ 118,545,738     $ 156,732,679     $ 44,121,439     $ 10,997,140     $ 374,378,907  
Group B     503,551       4,433,089       330,433       321,946       0       5,589,019  
Group C     1,970,373       7,941,591       5,459,351       902,756       3,849       16,277,920  
Total   $ 46,455,835     $ 130,920,418     $ 162,522,463     $ 45,346,141     $ 11,000,989     $ 396,245,846  
Loans modified as TDRs

TDRs by segment for the year ended December 31, 2012 were as follows:

 

          Pre-     Post-  
          Modification     Modification  
          Outstanding     Outstanding  
    Number of     Recorded     Recorded  
    Contracts     Investment     Investment  
                   
Commercial real estate     2     $ 1,030,645     $ 997,645  
Residential real estate - 1st lien     3       197,127       192,478  
Total     5     $ 1,227,772     $ 1,190,123  

 

 

 

TDRs by segment during the three month period ended March 31, 2012 were as follows:

 

          Pre-     Post-  
          Modification     Modification  
          Outstanding     Outstanding  
    Number of     Recorded     Recorded  
    Contracts     Investment     Investment  
                   
Commercial real estate     2     $ 1,030,645     $ 1,030,645  
Residential real estate - 1st lien     1       119,813       119,813  
Total     3     $ 1,150,458     $ 1,150,458  

 

There were no TDRs for which there was a payment default under the restructured terms during the twelve month period ended March 31, 2013. The TDR’s for which there was a payment default during the twelve month period ended March 31, 2012 were as follows:

 

    Number of     Recorded  
    Contracts     Investment  
Commercial & industrial     4     $ 675,309  
Commercial real estate     3       475,965  
Residential real estate - 1st lien     5       117,232  
Total     12     $ 1,268,506