x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
THE FIRST OF LONG ISLAND CORPORATION
|
(Exact name of registrant as specified in its charter)
|
New York
|
11-2672906
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
|
10 Glen Head Road, Glen Head, NY
|
11545
|
|
(Address of principal executive offices)
|
(Zip Code)
|
(516) 671-4900
|
(Registrant's telephone number, including area code)
|
Not Applicable
|
(Former name, former address and former fiscal year, if changed since last report)
|
Large accelerated filer o
|
Accelerated filer x
|
|
Non-accelerated filer o
|
Smaller reporting company o
|
Title of Each Class
|
Outstanding at May 1, 2013
|
Common stock, $.10 par value per share
|
9,078,296
|
PART I.
|
FINANCIAL INFORMATION
|
|
ITEM 1.
|
Financial Statements
|
|
1
|
||
2
|
||
3
|
||
4
|
||
5
|
||
6
|
||
ITEM 2.
|
20
|
|
ITEM 3.
|
26
|
|
ITEM 4.
|
27
|
|
PART II.
|
OTHER INFORMATION
|
|
ITEM 1.
|
28
|
|
ITEM 1A.
|
28
|
|
ITEM 2.
|
28
|
|
ITEM 3.
|
28
|
|
ITEM 4.
|
28
|
|
ITEM 5.
|
28
|
|
ITEM 6.
|
28
|
|
29
|
March 31,
|
December 31,
|
|||||||
(dollars in thousands)
|
2013
|
2012
|
||||||
Assets:
|
||||||||
Cash and due from banks
|
$ | 26,545 | $ | 41,871 | ||||
Temporary investments
|
463 | 320 | ||||||
Cash and cash equivalents
|
27,008 | 42,191 | ||||||
Investment securities:
|
||||||||
Held-to-maturity (fair value of $43,786 and $46,958)
|
41,296 | 44,167 | ||||||
Available-for-sale, at fair value
|
851,411 | 817,434 | ||||||
892,707 | 861,601 | |||||||
Loans:
|
||||||||
Commercial and industrial
|
64,472 | 54,339 | ||||||
Secured by real estate:
|
||||||||
Commercial mortgages
|
513,242 | 504,368 | ||||||
Residential mortgages
|
502,471 | 502,367 | ||||||
Home equity lines
|
79,395 | 81,975 | ||||||
Consumer
|
5,234 | 4,335 | ||||||
1,164,814 | 1,147,384 | |||||||
Allowance for loan losses
|
(18,564 | ) | (18,624 | ) | ||||
1,146,250 | 1,128,760 | |||||||
Restricted stock, at cost
|
13,014 | 13,104 | ||||||
Bank premises and equipment, net
|
24,622 | 24,563 | ||||||
Bank-owned life insurance
|
13,794 | 13,665 | ||||||
Pension plan assets, net
|
10,957 | 10,900 | ||||||
Prepaid FDIC assessment
|
1,617 | 1,855 | ||||||
Other assets
|
10,702 | 11,651 | ||||||
$ | 2,140,671 | $ | 2,108,290 | |||||
Liabilities:
|
||||||||
Deposits:
|
||||||||
Checking
|
$ | 513,381 | $ | 528,940 | ||||
Savings, NOW and money market
|
901,644 | 844,583 | ||||||
Time, $100,000 and over
|
163,644 | 168,437 | ||||||
Time, other
|
86,835 | 91,116 | ||||||
1,665,504 | 1,633,076 | |||||||
Short-term borrowings
|
105,480 | 103,634 | ||||||
Long-term debt
|
145,000 | 145,000 | ||||||
Accrued expenses and other liabilities
|
7,895 | 7,880 | ||||||
Deferred income taxes payable
|
10,643 | 13,330 | ||||||
1,934,522 | 1,902,920 | |||||||
Stockholders' Equity:
|
||||||||
Common stock, par value $.10 per share: Authorized 20,000,000 shares;
Issued and outstanding, 9,075,553 and 9,001,686 shares |
908 | 900 | ||||||
Surplus
|
44,405 | 42,643 | ||||||
Retained Earnings
|
148,462 | 145,087 | ||||||
193,775 | 188,630 | |||||||
Accumulated other comprehensive income, net of tax
|
12,374 | 16,740 | ||||||
206,149 | 205,370 | |||||||
$ | 2,140,671 | $ | 2,108,290 | |||||
See notes to consolidated financial statements
|
Three Months Ended March 31,
|
||||||||
(dollars in thousands, except per share data)
|
2013
|
2012
|
||||||
Interest and dividend income:
|
||||||||
Loans
|
$ | 12,332 | $ | 12,133 | ||||
Investment securities:
|
||||||||
Taxable
|
2,629 | 4,153 | ||||||
Nontaxable
|
3,158 | 3,225 | ||||||
18,119 | 19,511 | |||||||
Interest expense:
|
||||||||
Savings, NOW and money market deposits
|
609 | 1,031 | ||||||
Time deposits
|
1,282 | 1,476 | ||||||
Short-term borrowings
|
67 | 93 | ||||||
Long-term debt
|
991 | 1,877 | ||||||
2,949 | 4,477 | |||||||
Net interest income
|
15,170 | 15,034 | ||||||
Provision for loan losses (credit)
|
(192 | ) | 1,123 | |||||
Net interest income after provision for loan losses (credit)
|
15,362 | 13,911 | ||||||
Noninterest income:
|
||||||||
Investment Management Division income
|
411 | 400 | ||||||
Service charges on deposit accounts
|
709 | 778 | ||||||
Net gains on sales of securities
|
4 | 108 | ||||||
Other
|
550 | 418 | ||||||
1,674 | 1,704 | |||||||
Noninterest expense:
|
||||||||
Salaries
|
4,201 | 4,048 | ||||||
Employee benefits
|
1,412 | 1,282 | ||||||
Occupancy and equipment
|
1,998 | 1,856 | ||||||
Other
|
2,169 | 1,991 | ||||||
9,780 | 9,177 | |||||||
Income before income taxes
|
7,256 | 6,438 | ||||||
Income tax expense
|
1,617 | 1,287 | ||||||
Net income
|
$ | 5,639 | $ | 5,151 | ||||
Weighted average:
|
||||||||
Common shares
|
9,039,035 | 8,835,830 | ||||||
Dilutive stock options and restricted stock units
|
69,301 | 85,486 | ||||||
9,108,336 | 8,921,316 | |||||||
Earnings per share:
|
||||||||
Basic
|
$.62 | $.58 | ||||||
Diluted
|
$.62 | $.58 | ||||||
Cash dividends declared per share
|
$.25 | $.23 | ||||||
|
||||||||
See notes to consolidated financial statements
|
Three Months Ended March 31,
|
||||||||
(dollars in thousands)
|
2013
|
2012
|
||||||
Net income
|
$ | 5,639 | $ | 5,151 | ||||
Other comprehensive income (loss):
|
||||||||
Unrealized holding gains (losses) on available-for-sale securities, net
|
(7,403 | ) | 909 | |||||
Amortization of net actuarial loss and prior service cost included in net periodic pension cost
|
163 | 172 | ||||||
Other comprehensive income (loss) before income taxes
|
(7,240 | ) | 1,081 | |||||
Income tax expense (benefit)
|
(2,874 | ) | 430 | |||||
Other comprehensive income (loss)
|
(4,366 | ) | 651 | |||||
Comprehensive Income
|
$ | 1,273 | $ | 5,802 | ||||
See notes to consolidated financial statements
|
Three Months Ended March 31, 2013
|
||||||||||||||||||||||||
Accumulated
|
||||||||||||||||||||||||
Other
|
||||||||||||||||||||||||
Common Stock
|
Retained
|
Comprehensive
|
||||||||||||||||||||||
(dollars in thousands)
|
Shares
|
Amount
|
Surplus
|
Earnings
|
Income
|
Total
|
||||||||||||||||||
Balance, January 1, 2013
|
9,001,686 | $ | 900 | $ | 42,643 | $ | 145,087 | $ | 16,740 | $ | 205,370 | |||||||||||||
Net income
|
5,639 | 5,639 | ||||||||||||||||||||||
Other comprehensive loss
|
(4,366 | ) | (4,366 | ) | ||||||||||||||||||||
Repurchase of common stock
|
(3,211 | ) | (95 | ) | (95 | ) | ||||||||||||||||||
Common stock issued under stock compensation plans, including tax benefit
|
40,838 | 4 | 716 | 720 | ||||||||||||||||||||
Common stock issued under dividend reinvestment and stock purchase plan
|
36,240 | 4 | 1,005 | 1,009 | ||||||||||||||||||||
Stock-based compensation
|
136 | 136 | ||||||||||||||||||||||
Cash dividends declared
|
(2,264 | ) | (2,264 | ) | ||||||||||||||||||||
Balance, March 31, 2013
|
9,075,553 | $ | 908 | $ | 44,405 | $ | 148,462 | $ | 12,374 | $ | 206,149 |
Three Months Ended March 31, 2012
|
||||||||||||||||||||||||
Accumulated
|
||||||||||||||||||||||||
Other
|
||||||||||||||||||||||||
Common Stock
|
Retained
|
Comprehensive
|
||||||||||||||||||||||
(dollars in thousands)
|
Shares
|
Amount
|
Surplus
|
Earnings
|
Income
|
Total
|
||||||||||||||||||
Balance, January 1, 2012
|
8,793,932 | $ | 879 | $ | 37,507 | $ | 133,273 | $ | 17,688 | $ | 189,347 | |||||||||||||
Net income
|
5,151 | 5,151 | ||||||||||||||||||||||
Other comprehensive income
|
651 | 651 | ||||||||||||||||||||||
Repurchase of common stock
|
(6,064 | ) | (1 | ) | (161 | ) | (162 | ) | ||||||||||||||||
Common stock issued under stock compensation plans, including tax benefit
|
65,461 | 7 | 1,027 | 1,034 | ||||||||||||||||||||
Common stock issued under dividend reinvestment and stock purchase plan
|
18,861 | 2 | 468 | 470 | ||||||||||||||||||||
Stock-based compensation
|
242 | 242 | ||||||||||||||||||||||
Cash dividends declared
|
(2,042 | ) | (2,042 | ) | ||||||||||||||||||||
Balance, March 31, 2012
|
8,872,190 | $ | 887 | $ | 39,083 | $ | 136,382 | $ | 18,339 | $ | 194,691 | |||||||||||||
See notes to consolidated financial statements
|
Three Months Ended March 31,
|
||||||||
(dollars in thousands)
|
2013
|
2012
|
||||||
Cash Flows From Operating Activities:
|
||||||||
Net income
|
$ | 5,639 | $ | 5,151 | ||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Provision for loan losses (credit)
|
(192 | ) | 1,123 | |||||
Deferred income tax provision
|
187 | 206 | ||||||
Depreciation and amortization
|
711 | 735 | ||||||
Premium amortization on investment securities, net
|
2,233 | 2,290 | ||||||
Net gains on sales of securities
|
(4 | ) | (108 | ) | ||||
Stock-based compensation expense
|
136 | 242 | ||||||
Accretion of cash surrender value on bank owned life insurance
|
(129 | ) | (118 | ) | ||||
Decrease in prepaid FDIC assessment
|
238 | 230 | ||||||
Pension expense
|
106 | 174 | ||||||
Decrease in other assets
|
949 | 563 | ||||||
Increase (decrease) in accrued expenses and other liabilities
|
15 | (296 | ) | |||||
Net cash provided by operating activities
|
9,889 | 10,192 | ||||||
Cash Flows From Investing Activities:
|
||||||||
Proceeds from sales of held-to-maturity securities
|
722 | - | ||||||
Proceeds from sales of available-for-sale securities
|
1,376 | 5,108 | ||||||
Proceeds from maturities and redemptions of investment securities:
|
||||||||
Held-to-maturity
|
2,456 | 5,473 | ||||||
Available-for-sale
|
36,868 | 32,659 | ||||||
Purchases of investment securities:
|
||||||||
Held-to-maturity
|
(273 | ) | (47 | ) | ||||
Available-for-sale
|
(81,887 | ) | (67,022 | ) | ||||
Net increase in loans
|
(17,298 | ) | (31,626 | ) | ||||
Net decrease in restricted stock
|
90 | 225 | ||||||
Purchases of premises and equipment, net
|
(770 | ) | (2,158 | ) | ||||
Net cash used in investing activities
|
(58,716 | ) | (57,388 | ) | ||||
Cash Flows From Financing Activities:
|
||||||||
Net increase in deposits
|
32,428 | 58,317 | ||||||
Net increase (decrease) in short-term borrowings
|
1,846 | (4,528 | ) | |||||
Proceeds from issuance of common stock under dividend reinvestment and stock purchase plan
|
1,009 | 470 | ||||||
Proceeds from exercise of stock options
|
669 | 942 | ||||||
Tax benefit from stock compensation plans
|
51 | 92 | ||||||
Repurchase and retirement of common stock
|
(95 | ) | (162 | ) | ||||
Cash dividends paid
|
(2,264 | ) | (2,023 | ) | ||||
Net cash provided by financing activities
|
33,644 | 53,108 | ||||||
Net (decrease) increase in cash and cash equivalents
|
(15,183 | ) | 5,912 | |||||
Cash and cash equivalents, beginning of year
|
42,191 | 29,495 | ||||||
Cash and cash equivalents, end of period
|
$ | 27,008 | $ | 35,407 | ||||
Supplemental Information:
|
||||||||
Cash paid for:
|
||||||||
Interest
|
$ | 2,522 | $ | 4,280 | ||||
Income taxes
|
124 | 363 | ||||||
Noncash investing and financing activities:
|
||||||||
Cash dividends payable
|
- | 2,042 | ||||||
Loans transferred from portfolio to other real estate owned and held-for-sale
|
425 | 250 | ||||||
See notes to consolidated financial statements
|
Three Months Ended March 31,
|
||||||||
2013
|
2012
|
|||||||
(in thousands) | ||||||||
Unrealized holding gains (losses) on available-for-sale securities:
|
||||||||
Change arising during period
|
$ | (7,416 | ) | $ | 1,017 | |||
Reclassification adjustment for losses (gains) included in net income (1)
|
13 | (108 | ) | |||||
Net unrealized gains (losses) on available-for-sale securities
|
(7,403 | ) | 909 | |||||
Tax effect
|
(2,939 | ) | 361 | |||||
(4,464 | ) | 548 | ||||||
Amortization included in net periodic pension cost:
|
||||||||
Prior service cost (2)
|
6 | 6 | ||||||
Net actuarial loss (2)
|
157 | 166 | ||||||
163 | 172 | |||||||
Tax effect
|
65 | 69 | ||||||
98 | 103 | |||||||
Other comprehensive income (loss)
|
$ | (4,366 | ) | $ | 651 |
Current
|
||||||||||||
Balance
|
Period
|
Balance
|
||||||||||
12/31/12
|
Change
|
3/31/13
|
||||||||||
(in thousands)
|
||||||||||||
Unrealized holding gains on available-for-sale securities
|
$ | 22,720 | $ | (4,464 | ) | $ | 18,256 | |||||
Unrealized net actuarial loss and prior service cost on pension plan
|
(5,980 | ) | 98 | (5,882 | ) | |||||||
Accumulated other comprehensive income, net of tax
|
$ | 16,740 | $ | (4,366 | ) | $ | 12,374 |
March 31, 2013
|
||||||||||||||||
Gross
|
Gross
|
|||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
Held-to-Maturity Securities:
|
(in thousands) | |||||||||||||||
State and municipals
|
$ | 34,718 | $ | 1,973 | $ | - | $ | 36,691 | ||||||||
Pass-through mortgage securities
|
3,114 | 286 | - | 3,400 | ||||||||||||
Collateralized mortgage obligations
|
3,464 | 231 | - | 3,695 | ||||||||||||
$ | 41,296 | $ | 2,490 | $ | - | $ | 43,786 | |||||||||
Available-for-Sale Securities:
|
||||||||||||||||
State and municipals
|
$ | 323,323 | $ | 20,124 | $ | (521 | ) | $ | 342,926 | |||||||
Pass-through mortgage securities
|
143,851 | 1,952 | (304 | ) | 145,499 | |||||||||||
Collateralized mortgage obligations
|
353,963 | 10,306 | (1,283 | ) | 362,986 | |||||||||||
$ | 821,137 | $ | 32,382 | $ | (2,108 | ) | $ | 851,411 | ||||||||
December 31, 2012
|
||||||||||||||||
Gross
|
Gross
|
|||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
Held-to-Maturity Securities:
|
(in thousands) | |||||||||||||||
State and municipals
|
$ | 36,255 | $ | 2,182 | $ | - | $ | 38,437 | ||||||||
Pass-through mortgage securities
|
3,782 | 342 | - | 4,124 | ||||||||||||
Collateralized mortgage obligations
|
4,130 | 267 | - | 4,397 | ||||||||||||
$ | 44,167 | $ | 2,791 | $ | - | $ | 46,958 | |||||||||
Available-for-Sale Securities:
|
||||||||||||||||
State and municipals
|
$ | 307,958 | $ | 24,703 | $ | (148 | ) | $ | 332,513 | |||||||
Pass-through mortgage securities
|
82,863 | 2,093 | - | 84,956 | ||||||||||||
Collateralized mortgage obligations
|
388,936 | 12,202 | (1,173 | ) | 399,965 | |||||||||||
$ | 779,757 | $ | 38,998 | $ | (1,321 | ) | $ | 817,434 |
March 31, 2013
|
||||||||||||||||||||||||
Less than
|
12 Months
|
|||||||||||||||||||||||
12 Months
|
or More
|
Total
|
||||||||||||||||||||||
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
|||||||||||||||||||
Value
|
Loss
|
Value
|
Loss
|
Value
|
Loss
|
|||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
State and municipals
|
$ | 37,274 | $ | (518 | ) | $ | 326 | $ | (3 | ) | $ | 37,600 | $ | (521 | ) | |||||||||
Pass-through mortgage securities
|
64,945 | (304 | ) | - | - | 64,945 | (304 | ) | ||||||||||||||||
Collateralized mortgage obligations
|
95,419 | (1,143 | ) | 1,710 | (140 | ) | 97,129 | (1,283 | ) | |||||||||||||||
Total temporarily impaired
|
$ | 197,638 | $ | (1,965 | ) | $ | 2,036 | $ | (143 | ) | $ | 199,674 | $ | (2,108 | ) |
December 31, 2012
|
||||||||||||||||||||||||
Less than
|
12 Months
|
|||||||||||||||||||||||
12 Months
|
or More
|
Total
|
||||||||||||||||||||||
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
|||||||||||||||||||
Value
|
Loss
|
Value
|
Loss
|
Value
|
Loss
|
|||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
State and municipals
|
$ | 12,765 | $ | (148 | ) | $ | - | $ | - | $ | 12,765 | $ | (148 | ) | ||||||||||
Collateralized mortgage obligations
|
92,674 | (1,011 | ) | 6,170 | (162 | ) | 98,844 | (1,173 | ) | |||||||||||||||
Total temporarily impaired
|
$ | 105,439 | $ | (1,159 | ) | $ | 6,170 | $ | (162 | ) | $ | 111,609 | $ | (1,321 | ) |
Three Months Ended
|
||||||||
March 31,
|
||||||||
2013
|
2012
|
|||||||
(in thousands)
|
||||||||
Proceeds
|
$ | 1,376 | $ | 5,108 | ||||
Gross gains
|
$ | 36 | $ | 108 | ||||
Gross losses
|
(49 | ) | - | |||||
Net gain (loss)
|
$ | (13 | ) | $ | 108 |
Amortized Cost
|
Fair Value
|
|||||||
Held-to-Maturity Securities:
|
(in thousands) | |||||||
Within one year
|
$ | 7,335 | $ | 7,471 | ||||
After 1 through 5 years
|
11,870 | 12,641 | ||||||
After 5 through 10 years
|
13,757 | 14,690 | ||||||
After 10 years
|
1,756 | 1,889 | ||||||
Mortgage-backed securities
|
6,578 | 7,095 | ||||||
$ | 41,296 | $ | 43,786 | |||||
Available-for-Sale Securities:
|
||||||||
Within one year
|
$ | 4,668 | $ | 4,745 | ||||
After 1 through 5 years
|
13,590 | 14,387 | ||||||
After 5 through 10 years
|
47,572 | 48,969 | ||||||
After 10 years
|
257,493 | 274,825 | ||||||
Mortgage-backed securities
|
497,814 | 508,485 | ||||||
$ | 821,137 | $ | 851,411 |
2013
|
||||||||||||||||||||||||||||||||
Commercial Mortgages
|
Residential Mortgages
|
|||||||||||||||||||||||||||||||
Revolving
|
||||||||||||||||||||||||||||||||
Commercial
|
Owner
|
Closed
|
Home
|
|||||||||||||||||||||||||||||
& Industrial
|
Multifamily
|
Other
|
Occupied
|
End
|
Equity
|
Consumer
|
Total
|
|||||||||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||||||||||
Loans:
|
||||||||||||||||||||||||||||||||
Individually evaluated for impairment
|
$ | 44 | $ | 1,097 | $ | 1,761 | $ | 174 | $ | 4,410 | $ | 378 | $ | - | $ | 7,864 | ||||||||||||||||
Collectively evaluated for impairment
|
64,428 | 291,205 | 135,030 | 83,975 | 498,061 | 79,017 | 5,234 | 1,156,950 | ||||||||||||||||||||||||
$ | 64,472 | $ | 292,302 | $ | 136,791 | $ | 84,149 | $ | 502,471 | $ | 79,395 | $ | 5,234 | $ | 1,164,814 | |||||||||||||||||
Allocation of allowance for loan losses:
|
||||||||||||||||||||||||||||||||
Individually evaluated for impairment
|
$ | - | $ | - | $ | - | $ | - | $ | 747 | $ | - | $ | - | $ | 747 | ||||||||||||||||
Collectively evaluated for impairment
|
941 | 5,482 | 1,767 | 1,152 | 6,684 | 1,640 | 151 | 17,817 | ||||||||||||||||||||||||
$ | 941 | $ | 5,482 | $ | 1,767 | $ | 1,152 | $ | 7,431 | $ | 1,640 | $ | 151 | $ | 18,564 | |||||||||||||||||
Activity in allowance for loan losses:
|
||||||||||||||||||||||||||||||||
Beginning balance at 1/1/13
|
$ | 834 | $ | 5,342 | $ | 1,978 | $ | 1,163 | $ | 7,729 | $ | 1,453 | $ | 125 | $ | 18,624 | ||||||||||||||||
Chargeoffs
|
- | - | - | - | - | - | 3 | 3 | ||||||||||||||||||||||||
Recoveries
|
18 | - | 113 | - | - | - | 4 | 135 | ||||||||||||||||||||||||
Provision for loan losses (credit)
|
89 | 140 | (324 | ) | (11 | ) | (298 | ) | 187 | 25 | (192 | ) | ||||||||||||||||||||
Ending balance at 3/31/13
|
$ | 941 | $ | 5,482 | $ | 1,767 | $ | 1,152 | $ | 7,431 | $ | 1,640 | $ | 151 | $ | 18,564 |
2012
|
||||||||||||||||||||||||||||||||
Loans:
|
||||||||||||||||||||||||||||||||
Individually evaluated for impairment
|
$ | 48 | $ | 1,105 | $ | 1,773 | $ | 174 | $ | 5,028 | $ | 382 | $ | - | $ | 8,510 | ||||||||||||||||
Collectively evaluated for impairment
|
54,291 | 277,398 | 140,213 | 83,705 | 497,339 | 81,593 | 4,335 | 1,138,874 | ||||||||||||||||||||||||
$ | 54,339 | $ | 278,503 | $ | 141,986 | $ | 83,879 | $ | 502,367 | $ | 81,975 | $ | 4,335 | $ | 1,147,384 | |||||||||||||||||
Allocation of allowance for loan losses:
|
||||||||||||||||||||||||||||||||
Individually evaluated for impairment
|
$ | - | $ | - | $ | - | $ | - | $ | 567 | $ | - | $ | - | $ | 567 | ||||||||||||||||
Collectively evaluated for impairment
|
834 | 5,342 | 1,978 | 1,163 | 7,162 | 1,453 | 125 | 18,057 | ||||||||||||||||||||||||
$ | 834 | $ | 5,342 | $ | 1,978 | $ | 1,163 | $ | 7,729 | $ | 1,453 | $ | 125 | $ | 18,624 | |||||||||||||||||
Activity in allowance for loan losses:
|
||||||||||||||||||||||||||||||||
Beginning balance at 1/1/12
|
$ | 699 | $ | 5,365 | $ | 2,316 | $ | 1,388 | $ | 5,228 | $ | 1,415 | $ | 161 | $ | 16,572 | ||||||||||||||||
Chargeoffs
|
- | - | - | - | - | 450 | 4 | 454 | ||||||||||||||||||||||||
Recoveries
|
2 | - | 5 | - | - | - | 1 | 8 | ||||||||||||||||||||||||
Provision for loan losses (credit)
|
142 | 102 | (59 | ) | (140 | ) | 366 | 710 | 2 | 1,123 | ||||||||||||||||||||||
Ending balance at 3/13/12
|
$ | 843 | $ | 5,467 | $ | 2,262 | $ | 1,248 | $ | 5,594 | $ | 1,675 | $ | 160 | $ | 17,249 |
Three Months Ended
|
||||||||||||||||||||
March 31, 2013
|
March 31, 2013
|
|||||||||||||||||||
Unpaid
|
Average
|
Interest
|
||||||||||||||||||
Recorded
|
Principal
|
Related
|
Recorded
|
Income
|
||||||||||||||||
Investment
|
Balance
|
Allowance
|
Investment
|
Recognized
|
||||||||||||||||
(in thousands)
|
||||||||||||||||||||
With no related allowance recorded:
|
||||||||||||||||||||
Commercial and industrial
|
$ | 44 | $ | 44 | $ | - | $ | 46 | $ | 1 | ||||||||||
Commercial mortgages:
|
||||||||||||||||||||
Multifamily
|
1,097 | 1,093 | - | 1,101 | 10 | |||||||||||||||
Other
|
1,761 | 1,762 | - | 1,764 | 25 | |||||||||||||||
Owner-occupied
|
174 | 174 | - | 174 | - | |||||||||||||||
Residential mortgages:
|
||||||||||||||||||||
Closed end
|
575 | 576 | - | 577 | - | |||||||||||||||
Revolving home equity
|
378 | 376 | - | 380 | - | |||||||||||||||
With an allowance recorded:
|
||||||||||||||||||||
Residential mortgages - closed end
|
3,835 | 3,818 | 747 | 3,840 | 21 | |||||||||||||||
Total:
|
||||||||||||||||||||
Commercial and industrial
|
44 | 44 | - | 46 | 1 | |||||||||||||||
Commercial mortgages:
|
||||||||||||||||||||
Multifamily
|
1,097 | 1,093 | - | 1,101 | 10 | |||||||||||||||
Other
|
1,761 | 1,762 | - | 1,764 | 25 | |||||||||||||||
Owner-occupied
|
174 | 174 | - | 174 | - | |||||||||||||||
Residential mortgages:
|
||||||||||||||||||||
Closed end
|
4,410 | 4,394 | 747 | 4,417 | 21 | |||||||||||||||
Revolving home equity
|
378 | 376 | - | 380 | - | |||||||||||||||
$ | 7,864 | $ | 7,843 | $ | 747 | $ | 7,882 | $ | 57 |
Three Months Ended
|
||||||||||||||||||||
December 31, 2012
|
March 31, 2012
|
|||||||||||||||||||
Unpaid
|
Average
|
Interest
|
||||||||||||||||||
Recorded
|
Principal
|
Related
|
Recorded
|
Income
|
||||||||||||||||
Investment
|
Balance
|
Allowance
|
Investment
|
Recognized
|
||||||||||||||||
(in thousands)
|
||||||||||||||||||||
With no related allowance recorded:
|
||||||||||||||||||||
Commercial and industrial
|
$ | 48 | $ | 48 | $ | - | $ | 11 | $ | - | ||||||||||
Commercial mortgages:
|
||||||||||||||||||||
Multifamily
|
1,105 | 1,105 | - | - | - | |||||||||||||||
Other
|
1,773 | 1,773 | - | 777 | 11 | |||||||||||||||
Owner-occupied
|
174 | 174 | - | - | - | |||||||||||||||
Residential mortgages:
|
||||||||||||||||||||
Closed end
|
1,043 | 1,043 | - | 167 | - | |||||||||||||||
Revolving home equity
|
382 | 382 | - | 516 | 24 | |||||||||||||||
With an allowance recorded:
|
||||||||||||||||||||
Commercial mortgages:
|
||||||||||||||||||||
Multifamily
|
- | - | - | 1,390 | - | |||||||||||||||
Other
|
- | - | - | 1,773 | 34 | |||||||||||||||
Residential mortgages - closed end
|
3,985 | 3,985 | 567 | 4,123 | 25 | |||||||||||||||
Total:
|
||||||||||||||||||||
Commercial and industrial
|
48 | 48 | - | 11 | - | |||||||||||||||
Commercial mortgages:
|
||||||||||||||||||||
Multifamily
|
1,105 | 1,105 | - | 1,390 | - | |||||||||||||||
Other
|
1,773 | 1,773 | - | 2,550 | 45 | |||||||||||||||
Owner-occupied
|
174 | 174 | - | - | - | |||||||||||||||
Residential mortgages:
|
||||||||||||||||||||
Closed end
|
5,028 | 5,028 | 567 | 4,290 | 25 | |||||||||||||||
Revolving home equity
|
382 | 382 | - | 516 | 24 | |||||||||||||||
$ | 8,510 | $ | 8,510 | $ | 567 | $ | 8,757 | $ | 94 |
March 31, 2013
|
||||||||||||||||||||||||||||
Past Due
|
Total Past
|
|||||||||||||||||||||||||||
90 Days or | Due Loans & | |||||||||||||||||||||||||||
30-59 Days
|
60-89 Days
|
More and
|
Nonaccrual
|
Nonaccrual
|
Total
|
|||||||||||||||||||||||
Past Due
|
Past Due
|
Still Accruing
|
Loans
|
Loans
|
Current
|
Loans
|
||||||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||||||
Commercial and industrial
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | 64,472 | $ | 64,472 | ||||||||||||||
Commercial mortgages:
|
||||||||||||||||||||||||||||
Multifamily
|
- | - | - | 371 | 371 | 291,931 | 292,302 | |||||||||||||||||||||
Other
|
- | - | - | - | - | 136,791 | 136,791 | |||||||||||||||||||||
Owner occupied
|
680 | - | - | 174 | 854 | 83,295 | 84,149 | |||||||||||||||||||||
Residential mortgages:
|
||||||||||||||||||||||||||||
Closed end
|
207 | 474 | - | 2,547 |