MAINE
|
01-0404322
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
MAIN STREET, DAMARISCOTTA, MAINE
|
04543
|
(Address of principal executive offices)
|
(Zip code)
|
Part I. Financial Information
|
1
|
Selected Financial Data (Unaudited)
|
1
|
Item 1 - Financial Statements
|
2
|
Report of Independent Registered Public Accounting Firm
|
2
|
Consolidated Balance Sheets (Unaudited)
|
3
|
Consolidated Statements of Income and Comprehewnsive Income (Unaudited)
|
4
|
Consolidated Statements of Changes in Shareholders' Equity (Unaudited)
|
5
|
Consolidated Statements of Cash Flows (Unaudited)
|
6
|
Notes to Consolidated Financial Statements
|
7
|
Note 1 - Basis of Presentation
|
7
|
Note 2 -Investment Securities
|
7
|
Note 3 - Loans
|
11
|
Note 4 - Allowance for Loan Losses
|
17
|
Note 5 - Stock Options and Stock and Stock Based Compensation
|
25
|
Note 6 - Preferred and Common Stock
|
26
|
Note 7 - Earnings Per Share
|
27
|
Note 8 - Employee Benefit Plans
|
27
|
Note 9 - Goodwill and Other Intangible Assets
|
29
|
Note 10 - Mortgage Servicing Rights
|
30
|
Note 11 - Income Taxes
|
30
|
Note 12 - Certificates of Deposit
|
31
|
Note 13 - Reclassifications
|
31
|
Note 14 - Fair Value Disclosures
|
31
|
Note 15 - Subsequent Event
|
37
|
Note 16 - Impact of Recently Issued Accounting Standards
|
37
|
Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations
|
38
|
Forward-Looking Statements
|
38
|
Critical Accounting Policies
|
38
|
Use of Non-GAAP Financial Measures
|
39
|
Executive Summary
|
41
|
Net Interest Income
|
42
|
Average Daily Balance Sheets
|
45
|
Non-Interest Income
|
46
|
Non-Interest Expense
|
46
|
Income Taxes
|
46
|
Investments
|
46
|
Impaired Securities
|
48
|
Federal Home Loan Bank Stock
|
50
|
Loans and Loans Held for Sale
|
50
|
Credit Risk Management and Allowance for Loan Losses
|
52
|
Non-Performing Loans and Troubled Debt Restructured
|
56
|
Impaired Loans
|
57
|
Past Due Loans
|
58
|
Potential Problem Loans and Loans in Process of Foreclosure
|
58
|
Other Real Estate Owned
|
59
|
Goodwill
|
60
|
Liquidity Management
|
60
|
Deposits
|
60
|
Borrowed Funds
|
60
|
Shareholders' Equity
|
61
|
Off-Balance-Sheet Financial Instruments and Contractual Obligations
|
61
|
Item 3 - Quantitative and Qualitative Disclosures About Market Risk
|
62
|
Market-Risk Management
|
62
|
Asset/Liability Management
|
62
|
Interest Rate Risk Management
|
63
|
Item 4: Controls and Procedures
|
64
|
Part II - Other Information
|
65
|
Item 1 - Legal Proceedings
|
65
|
Item 1a - Risk Factors
|
65
|
Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds
|
65
|
Item 3 - Default Upon Senior Securities
|
65
|
Item 4 - Other Information
|
65
|
Item 5 - Exhibits
|
66
|
Signatures
|
68
|
Dollars in thousands,
|
For the six months ended
June 30,
|
For the quarters ended
June 30,
|
||||||||||||||
except for per share amounts
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
|
||||||||||||||||
Summary of Operations
|
||||||||||||||||
Interest Income
|
$
|
26,239
|
$
|
28,251
|
$
|
13,133
|
$
|
13,997
|
||||||||
Interest Expense
|
6,515
|
7,523
|
3,215
|
3,774
|
||||||||||||
Net Interest Income
|
19,724
|
20,728
|
9,918
|
10,223
|
||||||||||||
Provision for Loan Losses
|
4,900
|
4,100
|
2,800
|
2,000
|
||||||||||||
Non-Interest Income
|
6,064
|
4,511
|
3,896
|
2,234
|
||||||||||||
Non-Interest Expense
|
12,908
|
12,738
|
6,730
|
6,250
|
||||||||||||
Net Income
|
6,236
|
6,336
|
3,323
|
3,193
|
||||||||||||
Per Common Share Data
|
||||||||||||||||
Basic Earnings per Share
|
$
|
0.60
|
$
|
0.58
|
$
|
0.32
|
$
|
0.29
|
||||||||
Diluted Earnings per Share
|
0.60
|
0.58
|
0.32
|
0.29
|
||||||||||||
Cash Dividends Declared
|
0.390
|
0.390
|
0.195
|
0.195
|
||||||||||||
Book Value per Common Share
|
14.32
|
13.42
|
14.32
|
13.42
|
||||||||||||
Tangible Book Value per Common Share
|
11.51
|
10.60
|
11.51
|
10.60
|
||||||||||||
Market Value
|
17.00
|
14.86
|
17.00
|
14.86
|
||||||||||||
Financial Ratios
|
||||||||||||||||
Return on Average Equity1
|
8.84
|
%
|
9.90
|
%
|
9.38
|
%
|
9.78
|
%
|
||||||||
Return on Average Tangible Equity1,2
|
10.35
|
%
|
11.26
|
%
|
11.01
|
%
|
11.09
|
%
|
||||||||
Return on Average Assets1
|
0.88
|
%
|
0.90
|
%
|
0.93
|
%
|
0.89
|
%
|
||||||||
Average Equity to Average Assets
|
10.84
|
%
|
10.78
|
%
|
10.73
|
%
|
10.80
|
%
|
||||||||
Average Tangible Equity to Average Assets2
|
8.89
|
%
|
8.84
|
%
|
8.81
|
%
|
8.88
|
%
|
||||||||
Net Interest Margin Tax-Equivalent1,2
|
3.19
|
%
|
3.31
|
%
|
3.16
|
%
|
3.22
|
%
|
||||||||
Dividend Payout Ratio
|
65.00
|
%
|
67.24
|
%
|
60.94
|
%
|
67.24
|
%
|
||||||||
Allowance for Loan Losses/Total Loans
|
1.63
|
%
|
1.70
|
%
|
1.63
|
%
|
1.70
|
%
|
||||||||
Non-Performing Loans to Total Loans
|
2.49
|
%
|
2.49
|
%
|
2.49
|
%
|
2.49
|
%
|
||||||||
Non-Performing Assets to Total Assets
|
1.91
|
%
|
2.10
|
%
|
1.91
|
%
|
2.10
|
%
|
||||||||
Efficiency Ratio2
|
50.74
|
%
|
48.29
|
%
|
51.06
|
%
|
48.30
|
%
|
||||||||
At Period End
|
||||||||||||||||
Total Assets
|
$
|
1,424,757
|
$
|
1,417,690
|
$
|
1,424,757
|
$
|
1,417,690
|
||||||||
Total Loans
|
881,814
|
886,929
|
881,814
|
886,929
|
||||||||||||
Total Investment Securities
|
457,570
|
442,691
|
457,570
|
442,691
|
||||||||||||
Total Deposits
|
1,005,274
|
998,838
|
1,005,274
|
998,838
|
||||||||||||
Total Shareholders' Equity
|
153,405
|
156,210
|
153,405
|
156,210
|
|
June 30,
2012 |
December 31,
2011 |
June 30,
2011
|
|||||||||
Assets
|
||||||||||||
Cash and cash equivalents
|
$
|
14,192,000
|
$
|
14,115,000
|
$
|
14,322,000
|
||||||
Interest bearing deposits in other banks
|
-
|
-
|
100,000
|
|||||||||
Securities available for sale
|
307,347,000
|
286,202,000
|
304,278,000
|
|||||||||
Securities to be held to maturity (fair value of $143,628,000 at June 30, 2012, $130,677,000 at December 31, 2011 and $128,426,000 at June 30, 2011)
|
135,775,000
|
122,661,000
|
122,970,000
|
|||||||||
Restricted equity securities, at cost
|
14,448,000
|
15,443,000
|
15,443,000
|
|||||||||
Loans held for sale
|
378,000
|
-
|
419,000
|
|||||||||
Loans
|
881,814,000
|
864,988,000
|
886,929,000
|
|||||||||
Less allowance for loan losses
|
14,384,000
|
13,000,000
|
15,034,000
|
|||||||||
Net loans
|
867,430,000
|
851,988,000
|
871,895,000
|
|||||||||
Accrued interest receivable
|
6,024,000
|
4,835,000
|
6,511,000
|
|||||||||
Premises and equipment, net
|
18,500,000
|
18,842,000
|
18,351,000
|
|||||||||
Other real estate owned
|
5,188,000
|
4,094,000
|
7,723,000
|
|||||||||
Goodwill
|
27,684,000
|
27,684,000
|
27,684,000
|
|||||||||
Other assets
|
27,791,000
|
27,003,000
|
27,994,000
|
|||||||||
Total assets
|
$
|
1,424,757,000
|
$
|
1,372,867,000
|
$
|
1,417,690,000
|
||||||
Liabilities
|
||||||||||||
Demand deposits
|
$
|
77,019,000
|
$
|
75,750,000
|
$
|
71,517,000
|
||||||
NOW deposits
|
123,897,000
|
122,775,000
|
117,064,000
|
|||||||||
Money market deposits
|
71,009,000
|
79,015,000
|
69,681,000
|
|||||||||
Savings deposits
|
119,471,000
|
114,617,000
|
107,278,000
|
|||||||||
Certificates of deposit
|
613,878,000
|
549,176,000
|
633,298,000
|
|||||||||
Total deposits
|
1,005,274,000
|
941,333,000
|
998,838,000
|
|||||||||
Borrowed funds - short term
|
118,767,000
|
135,500,000
|
119,170,000
|
|||||||||
Borrowed funds - long term
|
130,159,000
|
130,163,000
|
130,166,000
|
|||||||||
Other liabilities
|
17,152,000
|
15,013,000
|
13,306,000
|
|||||||||
Total liabilities
|
1,271,352,000
|
1,222,009,000
|
1,261,480,000
|
|||||||||
Shareholders' equity
|
||||||||||||
Preferred stock, $1,000 preference value per share
|
12,352,000
|
12,303,000
|
24,754,000
|
|||||||||
Common stock, one cent par value per share
|
98,000
|
98,000
|
98,000
|
|||||||||
Additional paid-in capital
|
46,110,000
|
45,829,000
|
45,629,000
|
|||||||||
Retained earnings
|
87,396,000
|
85,314,000
|
83,594,000
|
|||||||||
Accumulated other comprehensive income (loss)
|
||||||||||||
Net unrealized gain on securities available-for-sale
|
7,526,000
|
7,401,000
|
2,198,000
|
|||||||||
Net unrealized loss on postretirement benefit costs
|
(77,000
|
)
|
(87,000
|
)
|
(63,000
|
)
|
||||||
Total shareholders' equity
|
153,405,000
|
150,858,000
|
156,210,000
|
|||||||||
Total liabilities & shareholders' equity
|
$
|
1,424,757,000
|
$
|
1,372,867,000
|
$
|
1,417,690,000
|
||||||
Common Stock
|
||||||||||||
Number of shares authorized
|
18,000,000
|
18,000,000
|
18,000,000
|
|||||||||
Number of shares issued and outstanding
|
9,847,159
|
9,812,180
|
9,793,706
|
|||||||||
Book value per common share
|
$
|
14.32
|
$
|
14.12
|
$
|
13.42
|
||||||
Tangible book value per common share
|
$
|
11.51
|
$
|
11.30
|
$
|
10.60
|
|
For the six months ended
June 30,
|
For the quarters ended
June 30,
|
||||||||||||||
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
Interest income
|
||||||||||||||||
Interest and fees on loans
|
$
|
18,759,000
|
$
|
20,128,000
|
$
|
9,367,000
|
$
|
9,955,000
|
||||||||
Interest on deposits with other banks
|
1,000
|
-
|
1,000
|
-
|
||||||||||||
Interest and dividends on investments
|
7,479,000
|
8,123,000
|
3,765,000
|
4,042,000
|
||||||||||||
Total interest income
|
26,239,000
|
28,251,000
|
13,133,000
|
13,997,000
|
||||||||||||
Interest expense
|
||||||||||||||||
Interest on deposits
|
4,297,000
|
5,081,000
|
2,104,000
|
2,518,000
|
||||||||||||
Interest on borrowed funds
|
2,218,000
|
2,442,000
|
1,111,000
|
1,256,000
|
||||||||||||
Total interest expense
|
6,515,000
|
7,523,000
|
3,215,000
|
3,774,000
|
||||||||||||
Net interest income
|
19,724,000
|
20,728,000
|
9,918,000
|
10,223,000
|
||||||||||||
Provision for loan losses
|
4,900,000
|
4,100,000
|
2,800,000
|
2,000,000
|
||||||||||||
Net interest income after provision for loan losses
|
14,824,000
|
16,628,000
|
7,118,000
|
8,223,000
|
||||||||||||
Non-interest income
|
||||||||||||||||
Investment management and fiduciary income
|
844,000
|
782,000
|
448,000
|
358,000
|
||||||||||||
Service charges on deposit accounts
|
1,351,000
|
1,351,000
|
713,000
|
711,000
|
||||||||||||
Net securities gains
|
1,967,000
|
229,000
|
1,444,000
|
229,000
|
||||||||||||
Mortgage origination and servicing income
|
304,000
|
652,000
|
460,000
|
193,000
|
||||||||||||
Other operating income
|
1,598,000
|
1,497,000
|
831,000
|
743,000
|
||||||||||||
Total non-interest income
|
6,064,000
|
4,511,000
|
3,896,000
|
2,234,000
|
||||||||||||
Non-interest expense
|
||||||||||||||||
Salaries and employee benefits
|
6,202,000
|
6,005,000
|
3,118,000
|
2,928,000
|
||||||||||||
Occupancy expense
|
819,000
|
827,000
|
405,000
|
378,000
|
||||||||||||
Furniture and equipment expense
|
1,123,000
|
1,111,000
|
550,000
|
561,000
|
||||||||||||
FDIC insurance premiums
|
606,000
|
806,000
|
305,000
|
405,000
|
||||||||||||
Amortization of identified intangibles
|
141,000
|
141,000
|
70,000
|
70,000
|
||||||||||||
Other operating expense
|
4,017,000
|
3,848,000
|
2,282,000
|
1,908,000
|
||||||||||||
Total non-interest expense
|
12,908,000
|
12,738,000
|
6,730,000
|
6,250,000
|
||||||||||||
Income before income taxes
|
7,980,000
|
8,401,000
|
4,284,000
|
4,207,000
|
||||||||||||
Applicable income taxes
|
1,744,000
|
2,065,000
|
961,000
|
1,014,000
|
||||||||||||
NET INCOME
|
$
|
6,236,000
|
$
|
6,336,000
|
$
|
3,323,000
|
$
|
3,193,000
|
||||||||
Basic earnings per common share
|
$
|
0.60
|
$
|
0.58
|
$
|
0.32
|
$
|
0.29
|
||||||||
Diluted earnings per common share
|
$
|
0.60
|
$
|
0.58
|
$
|
0.32
|
$
|
0.29
|
||||||||
Other comprehensive income, net of tax
|
||||||||||||||||
Net unrealized gain on securities available for sale
|
$
|
125,000
|
$
|
4,255,000
|
$
|
438,000
|
$
|
3,587,000
|
||||||||
Unrecognized postretirement benefits transition obligation
|
10,000
|
10,000
|
5,000
|
5,000
|
||||||||||||
Other comprehensive income
|
$
|
135,000
|
$
|
4,265,000
|
$
|
443,000
|
$
|
3,592,000
|
||||||||
Comprehensive income
|
$
|
6,371,000
|
$
|
10,601,000
|
$
|
3,766,000
|
$
|
6,785,000
|
|
Accumulated
|
|||||||||||||||||||||||
|
Common stock and
|
other
|
Total
|
|||||||||||||||||||||
|
Preferred
|
additional paid-in capital
|
Retained
|
comprehensive
|
shareholders'
|
|||||||||||||||||||
|
stock
|
Shares
|
Amount
|
earnings
|
income (loss)
|
equity
|
||||||||||||||||||
Balance at December 31, 2010
|
$
|
24,705,000
|
9,773,025
|
$
|
45,572,000
|
$
|
81,701,000
|
$
|
(2,130,000
|
)
|
$
|
149,848,000
|
||||||||||||
Net income
|
-
|
-
|
-
|
6,336,000
|
-
|
6,336,000
|
||||||||||||||||||
Net unrealized gain on securities available for sale, net of taxes of $2,291,000
|
-
|
-
|
-
|
-
|
4,255,000
|
4,255,000
|
||||||||||||||||||
Unrecognized transition obligation for postretirement benefits, net of taxes of $4,000
|
-
|
-
|
-
|
-
|
10,000
|
10,000
|
||||||||||||||||||
Comprehensive income
|
-
|
-
|
-
|
6,336,000
|
4,265,000
|
10,601,000
|
||||||||||||||||||
Cash dividends declared
|
-
|
-
|
-
|
(4,443,000
|
)
|
-
|
(4,443,000
|
)
|
||||||||||||||||
Equity compensation expense
|
-
|
-
|
11,000
|
-
|
-
|
11,000
|
||||||||||||||||||
Amortization of premium for preferred stock issuance
|
49,000
|
-
|
(49,000
|
)
|
-
|
-
|
-
|
|||||||||||||||||
Proceeds from sale of common stock
|
-
|
20,681
|
193,000
|
-
|
-
|
193,000
|
||||||||||||||||||
Balance at June 30, 2011
|
$
|
24,754,000
|
9,793,706
|
$
|
45,727,000
|
$
|
83,594,000
|
$
|
2,135,000
|
$
|
156,210,000
|
|||||||||||||
|
||||||||||||||||||||||||
Balance at December 31, 2011
|
$
|
12,303,000
|
9,812,180
|
$
|
45,927,000
|
$
|
85,314,000
|
$
|
7,314,000
|
$
|
150,858,000
|
|||||||||||||
Net income
|
-
|
-
|
-
|
6,236,000
|
-
|
6,236,000
|
||||||||||||||||||
Net unrealized gain on securities available for sale, net of taxes of $67,000
|
-
|
-
|
-
|
-
|
125,000
|
125,000
|
||||||||||||||||||
Unrecognized transition obligation for postretirement benefits, net of taxes of $4,000
|
-
|
-
|
-
|
-
|
10,000
|
10,000
|
||||||||||||||||||
Comprehensive income
|
-
|
-
|
-
|
6,236,000
|
135,000
|
6,371,000
|
||||||||||||||||||
Cash dividends declared
|
-
|
-
|
-
|
(4,154,000
|
)
|
-
|
(4,154,000
|
)
|
||||||||||||||||
Equity compensation expense
|
-
|
-
|
40,000
|
-
|
-
|
40,000
|
||||||||||||||||||
Amortization of premium for preferred stock issuance
|
49,000
|
-
|
(49,000
|
)
|
-
|
-
|
-
|
|||||||||||||||||
Proceeds from sale of common stock
|
-
|
34,979
|
290,000
|
-
|
-
|
290,000
|
||||||||||||||||||
Balance at June 30, 2012
|
$
|
12,352,000
|
9,847,159
|
$
|
46,208,000
|
$
|
87,396,000
|
$
|
7,449,000
|
$
|
153,405,000
|
|
For the six months ended
|
|||||||
|
June 30, 2012
|
June 30, 2011
|
||||||
Cash flows from operating activities
|
||||||||
Net income
|
$
|
6,236,000
|
$
|
6,336,000
|
||||
Adjustments to reconcile net income to net cash provided by operating activities
|
||||||||
Depreciation
|
663,000
|
681,000
|
||||||
Change in deferred taxes
|
(688,000
|
)
|
(374,000
|
)
|
||||
Provision for loan losses
|
4,900,000
|
4,100,000
|
||||||
Loans originated for resale
|
(13,273,000
|
)
|
(20,502,000
|
)
|
||||
Proceeds from sales and transfers of loans
|
13,089,000
|
22,889,000
|
||||||
Net gain on sale or call of securities
|
(1,967,000
|
)
|
(229,000
|
)
|
||||
Net loss on sale of other real estate owned
|
39,000
|
47,000
|
||||||
Provision for losses on other real estate owned
|
198,000
|
145,000
|
||||||
Equity compensation expense
|
40,000
|
11,000
|
||||||
Net increase in other assets and accrued interest
|
(1,831,000
|
)
|
(482,000
|
)
|
||||
Net increase in other liabilities
|
2,243,000
|
66,000
|
||||||
Net loss on disposal of premises and equipment
|
-
|
5,000
|
||||||
Net amortization of premiums on investments
|
1,482,000
|
2,048,000
|
||||||
Amortization of investment in limited partnership
|
238,000
|
195,000
|
||||||
Net acquisition amortization
|
103,000
|
103,000
|
||||||
Net cash provided by operating activities
|
11,472,000
|
15,039,000
|
||||||
Cash flows from investing activities
|
||||||||
Proceeds from maturities, payments and calls of securities available for sale
|
26,024,000
|
26,723,000
|
||||||
Proceeds from sales of securities available for sale
|
25,137,000
|
75,176,000
|
||||||
Proceeds from maturities, payments and calls of securities to be held to maturity
|
21,871,000
|
10,441,000
|
||||||
Proceeds from sales of other real estate owned
|
667,000
|
992,000
|
||||||
Purchases of securities available for sale
|
(71,706,000
|
)
|
(107,910,000
|
)
|
||||
Purchases of securities to be held to maturity
|
(35,101,000
|
)
|
(26,342,000
|
)
|
||||
Redemption of restricted equity securities
|
995,000
|
-
|
||||||
Net increase in loans
|
(22,340,000
|
)
|
(5,693,000
|
)
|
||||
Capital expenditures
|
(321,000
|
)
|
(57,000
|
)
|
||||
Net cash used in investing activities
|
(54,774,000
|
)
|
(26,670,000
|
)
|
||||
Cash flows from financing activities
|
||||||||
Net decrease in demand, savings, and money market accounts
|
(761,000
|
)
|
(789,000
|
)
|
||||
Net increase in certificates of deposit
|
64,734,000
|
25,141,000
|
||||||
Net decrease in short-term borrowings
|
(16,730,000
|
)
|
(7,987,000
|
)
|
||||
Proceeds from sale of common stock
|
290,000
|
193,000
|
||||||
Dividends paid
|
(4,154,000
|
)
|
(4,443,000
|
)
|
||||
Net cash provided by financing activities
|
43,379,000
|
12,115,000
|
||||||
Net increase in cash and cash equivalents
|
77,000
|
484,000
|
||||||
Cash and cash equivalents at beginning of period
|
14,115,000
|
13,838,000
|
||||||
Cash and cash equivalents at end of period
|
$
|
14,192,000
|
$
|
14,322,000
|
||||
Interest paid
|
$
|
6,640,000
|
$
|
7,594,000
|
||||
Income taxes paid
|
869,000
|
1,297,000
|
||||||
Non-cash transactions
|
||||||||
Net transfer from loans to other real estate owned
|
1,998,000
|
3,978,000
|
|
Amortized
|
Unrealized
|
Unrealized
|
Fair Value
|
||||||||||||
|
Cost
|
Gains
|
Losses
|
(Estimated)
|
||||||||||||
Securities available for sale
|
||||||||||||||||
U.S. Treasury and agency
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||
Mortgage-backed securities
|
201,552,000
|
5,677,000
|
(250,000
|
)
|
206,979,000
|
|||||||||||
State and political subdivisions
|
92,353,000
|
6,291,000
|
(51,000
|
)
|
98,593,000
|
|||||||||||
Corporate securities
|
-
|
-
|
-
|
-
|
||||||||||||
Other equity securities
|
1,863,000
|
47,000
|
(135,000
|
)
|
1,775,000
|
|||||||||||
|
$
|
295,768,000
|
$
|
12,015,000
|
$
|
(436,000
|
)
|
$
|
307,347,000
|
|||||||
Securities to be held to maturity
|
||||||||||||||||
U.S. Treasury and agency
|
$
|
41,197,000
|
$
|
282,000
|
$
|
(33,000
|
)
|
$
|
41,446,000
|
|||||||
Mortgage-backed securities
|
49,992,000
|
3,524,000
|
(8,000
|
)
|
53,508,000
|
|||||||||||
State and political subdivisions
|
44,286,000
|
4,088,000
|
-
|
48,374,000
|
||||||||||||
Corporate securities
|
300,000
|
-
|
-
|
300,000
|
||||||||||||
|
$
|
135,775,000
|
$
|
7,894,000
|
$
|
(41,000
|
)
|
$
|
143,628,000
|
|||||||
Restricted equity securities
|
||||||||||||||||
Federal Home Loan Bank Stock
|
$
|
13,412,000
|
$
|
-
|
$
|
-
|
$
|
13,412,000
|
||||||||
Federal Reserve Bank Stock
|
1,036,000
|
-
|
-
|
1,036,000
|
||||||||||||
|
$
|
14,448,000
|
$
|
-
|
$
|
-
|
$
|
14,448,000
|
|
Amortized
|
Unrealized
|
Unrealized
|
Fair Value
|
||||||||||||
|
Cost
|
Gains
|
Losses
|
(Estimated)
|
||||||||||||
Securities available for sale
|
||||||||||||||||
U.S. Treasury and agency
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||
Mortgage-backed securities
|
191,924,000
|
6,486,000
|
(178,000
|
)
|
198,232,000
|
|||||||||||
State and political subdivisions
|
80,259,000
|
5,484,000
|
(17,000
|
)
|
85,726,000
|
|||||||||||
Corporate securities
|
1,098,000
|
-
|
(287,000
|
)
|
811,000
|
|||||||||||
Other equity securities
|
1,535,000
|
37,000
|
(139,000
|
)
|
1,433,000
|
|||||||||||
|
$
|
274,816,000
|
$
|
12,007,000
|
$
|
(621,000
|
)
|
$
|
286,202,000
|
|||||||
Securities to be held to maturity
|
||||||||||||||||
U.S. Treasury and agency
|
$
|
19,390,000
|
$
|
132,000
|
$
|
-
|
$
|
19,522,000
|
||||||||
Mortgage-backed securities
|
56,800,000
|
3,900,000
|
(3,000
|
)
|
60,697,000
|
|||||||||||
State and political subdivisions
|
46,171,000
|
4,159,000
|
(172,000
|
)
|
50,158,000
|
|||||||||||
Corporate securities
|
300,000
|
-
|
-
|
300,000
|
||||||||||||
|
$
|
122,661,000
|
$
|
8,191,000
|
$
|
(175,000
|
)
|
$
|
130,677,000
|
|||||||
Restricted equity securities
|
||||||||||||||||
Federal Home Loan Bank Stock
|
$
|
14,031,000
|
$
|
-
|
$
|
-
|
$
|
14,031,000
|
||||||||
Federal Reserve Bank Stock
|
1,412,000
|
-
|
-
|
1,412,000
|
||||||||||||
|
$
|
15,443,000
|
$
|
-
|
$
|
-
|
$
|
15,443,000
|
|
Amortized
|
Unrealized
|
Unrealized
|
Fair Value
|
||||||||||||
|
Cost
|
Gains
|
Losses
|
(Estimated)
|
||||||||||||
Securities available for sale
|
||||||||||||||||
U.S. Treasury and agency
|
$
|
15,324,000
|
$
|
799,000
|
$
|
-
|
$
|
16,123,000
|
||||||||
Mortgage-backed securities
|
220,245,000
|
2,548,000
|
(1,269,000
|
)
|
221,524,000
|
|||||||||||
State and political subdivisions
|
63,696,000
|
1,573,000
|
(107,000
|
)
|
65,162,000
|
|||||||||||
Corporate securities
|
1,105,000
|
-
|
(169,000
|
)
|
936,000
|
|||||||||||
Other equity securities
|
527,000
|
26,000
|
(20,000
|
)
|
533,000
|
|||||||||||
|
$
|
300,897,000
|
$
|
4,946,000
|
$
|
(1,565,000
|
)
|
$
|
304,278,000
|
|||||||
Securities to be held to maturity
|
||||||||||||||||
U.S. Treasury and agency
|
$
|
12,970,000
|
$
|
-
|
$
|
(186,000
|
)
|
$
|
12,784,000
|
|||||||
Mortgage-backed securities
|
60,836,000
|
3,626,000
|
(37,000
|
)
|
64,425,000
|
|||||||||||
State and political subdivisions
|
48,864,000
|
2,399,000
|
(346,000
|
)
|
50,917,000
|
|||||||||||
Corporate securities
|
300,000
|
-
|
-
|
300,000
|
||||||||||||
|
$
|
122,970,000
|
$
|
6,025,000
|
$
|
(569,000
|
)
|
$
|
128,426,000
|
|||||||
Restricted equity securities
|
||||||||||||||||
Federal Home Loan Bank Stock
|
$
|
14,031,000
|
$
|
-
|
$
|
-
|
$
|
14,031,000
|
||||||||
Federal Reserve Bank Stock
|
1,412,000
|
-
|
-
|
1,412,000
|
||||||||||||
|
$
|
15,443,000
|
$
|
-
|
$
|
-
|
$
|
15,443,000
|
|
Securities available for sale
|
Securities to be held to maturity
|
||||||||||||||
|
Amortized
Cost
|
Fair Value (Estimated)
|
Amortized
Cost
|
Fair Value (Estimated)
|
||||||||||||
Due in 1 year or less
|
$
|
4,296,000
|
$
|
4,328,000
|
$
|
1,382,000
|
$
|
1,399,000
|
||||||||
Due in 1 to 5 years
|
55,317,000
|
56,358,000
|
13,556,000
|
14,134,000
|
||||||||||||
Due in 5 to 10 years
|
23,143,000
|
24,034,000
|
21,137,000
|
22,958,000
|
||||||||||||
Due after 10 years
|
211,149,000
|
220,852,000
|
99,700,000
|
105,137,000
|
||||||||||||
Equity securities
|
1,863,000
|
1,775,000
|
-
|
-
|
||||||||||||
|
$
|
295,768,000
|
$
|
307,347,000
|
$
|
135,775,000
|
$
|
143,628,000
|
|
Securities available for sale
|
Securities to be held to maturity
|
||||||||||||||
|
Amortized
Cost
|
Fair Value (Estimated)
|
Amortized
Cost
|
Fair Value (Estimated)
|
||||||||||||
Due in 1 year or less
|
$
|
6,617,000
|
$
|
6,773,000
|
$
|
5,179,000
|
$
|
5,227,000
|
||||||||
Due in 1 to 5 years
|
18,792,000
|
19,473,000
|
10,085,000
|
10,654,000
|
||||||||||||
Due in 5 to 10 years
|
23,219,000
|
24,065,000
|
23,027,000
|
24,694,000
|
||||||||||||
Due after 10 years
|
224,653,000
|
234,458,000
|
84,370,000
|
90,102,000
|
||||||||||||
Equity securities
|
1,535,000
|
1,433,000
|
-
|
-
|
||||||||||||
|
$
|
274,816,000
|
$
|
286,202,000
|
$
|
122,661,000
|
$
|
130,677,000
|
|
Securities available for sale
|
Securities to be held to maturity
|
||||||||||||||
|
Amortized
Cost
|
Fair Value (Estimated)
|
Amortized
Cost
|
Fair Value (Estimated)
|
||||||||||||
Due in 1 year or less
|
$
|
5,032,000
|
$
|
4,941,000
|
$
|
227,000
|
$
|
227,000
|
||||||||
Due in 1 to 5 years
|
7,623,000
|
7,904,000
|
10,633,000
|
11,147,000
|
||||||||||||
Due in 5 to 10 years
|
25,845,000
|
26,099,000
|
23,562,000
|
24,623,000
|
||||||||||||
Due after 10 years
|
261,870,000
|
264,801,000
|
88,548,000
|
92,429,000
|
||||||||||||
Equity securities
|
527,000
|
533,000
|
-
|
-
|
||||||||||||
|
$
|
300,897,000
|
$
|
304,278,000
|
$
|
122,970,000
|
$
|
128,426,000
|
|
For the six months ended June 30,
|
For the quarters ended June 30,
|
||||||||||||||
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
Proceeds from sales of securities
|
$
|
25,137,000
|
$
|
75,176,000
|
$
|
14,194,000
|
$
|
75,176,000
|
||||||||
Gross realized gains
|
2,256,000
|
957,000
|
1,444,000
|
957,000
|
||||||||||||
Gross realized losses
|
(289,000
|
)
|
(728,000
|
)
|
-
|
(728,000
|
)
|
|||||||||
Net gain
|
$
|
1,967,000
|
$
|
229,000
|
$
|
1,444,000
|
$
|
229,000
|
||||||||
Related income taxes
|
$
|
688,000
|
$
|
80,000
|
$
|
505,000
|
$
|
80,000
|
|
For the six months ended June 30,
|
For the quarters ended June 30,
|
||||||||||||||
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
Balance at beginning of period
|
$
|
7,401,000
|
$
|
(2,057,000
|
)
|
$
|
7,088,000
|
$
|
(1,389,000
|
)
|
||||||
Unrealized gains arising during the period
|
2,159,000
|
6,775,000
|
2,118,000
|
5,747,000
|
||||||||||||
Realized gains during the period
|
(1,967,000
|
)
|
(229,000
|
)
|
(1,444,000
|
)
|
(229,000
|
)
|
||||||||
Related deferred taxes
|
(67,000
|
)
|
(2,291,000
|
)
|
(236,000
|
)
|
(1,931,000
|
)
|
||||||||
Net change
|
125,000
|
4,255,000
|
438,000
|
3,587,000
|
||||||||||||
Balance at end of period
|
$
|
7,526,000
|
$
|
2,198,000
|
$
|
7,526,000
|
$
|
2,198,000
|
|
Less than 12 months
|
12 months or more
|
Total
|
|||||||||||||||||||||
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
||||||||||||||||||
|
Value
|
Losses
|
Value
|
Losses
|
Value
|
Losses
|
||||||||||||||||||
U.S. Treasury and agency
|
$
|
7,942,000
|
$
|
(33,000
|
)
|
$
|
-
|
$
|
-
|
$
|
7,942,000
|
$
|
(33,000
|
)
|
||||||||||
Mortgage-backed securities
|
9,822,000
|
(110,000
|
)
|
5,137,000
|
(148,000
|
)
|
14,959,000
|
(258,000
|
)
|
|||||||||||||||
State and political subdivisions
|
3,719,000
|
(51,000
|
)
|
-
|
-
|
3,719,000
|
(51,000
|
)
|
||||||||||||||||
Corporate securities
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Other equity securities
|
-
|
-
|
191,000
|
(135,000
|
)
|
191,000
|
(135,000
|
)
|
||||||||||||||||
|
$
|
21,483,000
|
$
|
(194,000
|
)
|
$
|
5,328,000
|
$
|
(283,000
|
)
|
$
|
26,811,000
|
$
|
(477,000
|
)
|
|
Less than 12 months
|
12 months or more
|
Total
|
|||||||||||||||||||||
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
||||||||||||||||||
|
Value
|
Losses
|
Value
|
Losses
|
Value
|
Losses
|
||||||||||||||||||
U.S. Treasury and agency
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||
Mortgage-backed securities
|
12,489,000
|
(25,000
|
)
|
6,780,000
|
(156,000
|
)
|
19,269,000
|
(181,000
|
)
|
|||||||||||||||
State and political subdivisions
|
1,984,000
|
(17,000
|
)
|
1,667,000
|
(172,000
|
)
|
3,651,000
|
(189,000
|
)
|
|||||||||||||||
Corporate securities
|
-
|
-
|
811,000
|
(287,000
|
)
|
811,000
|
(287,000
|
)
|
||||||||||||||||
Other equity securities
|
154,000
|
(120,000
|
)
|
34,000
|
(19,000
|
)
|
188,000
|
(139,000
|
)
|
|||||||||||||||
|
$
|
14,627,000
|
$
|
(162,000
|
)
|
$
|
9,292,000
|
$
|
(634,000
|
)
|
$
|
23,919,000
|
$
|
(796,000
|
)
|
|
Less than 12 months
|
12 months or more
|
Total
|
|||||||||||||||||||||
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
||||||||||||||||||
|
Value
|
Losses
|
Value
|
Losses
|
Value
|
Losses
|
||||||||||||||||||
U.S. Treasury and agency
|
$
|
12,784,000
|
$
|
(186,000
|
)
|
$
|
-
|
$
|
-
|
$
|
12,784,000
|
$
|
(186,000
|
)
|
||||||||||
Mortgage-backed securities
|
71,157,000
|
(1,044,000
|
)
|
3,681,000
|
(262,000
|
)
|
74,838,000
|
(1,306,000
|
)
|
|||||||||||||||
State and political subdivisions
|
12,050,000
|
(142,000
|
)
|
1,489,000
|
(311,000
|
)
|
13,539,000
|
(453,000
|
)
|
|||||||||||||||
Corporate securities
|
-
|
-
|
936,000
|
(169,000
|
)
|
936,000
|
(169,000
|
)
|
||||||||||||||||
Other equity securities
|
247,000
|
(15,000
|
)
|
48,000
|
(5,000
|
)
|
295,000
|
(20,000
|
)
|
|||||||||||||||
|
$
|
96,238,000
|
$
|
(1,387,000
|
)
|
$
|
6,154,000
|
$
|
(747,000
|
)
|
$
|
102,392,000
|
$
|
(2,134,000
|
)
|
|
June 30, 2012
|
December 31, 2011
|
June 30, 2011
|
|||||||||||||||||||||
Commercial
|
||||||||||||||||||||||||
Real estate
|
$
|
253,193,000
|
28.7
|
%
|
$
|
255,424,000
|
29.5
|
%
|
$
|
263,337,000
|
29.7
|
%
|
||||||||||||
Construction
|
33,072,000
|
3.8
|
%
|
32,574,000
|
3.8
|
%
|
29,386,000
|
3.3
|
%
|
|||||||||||||||
Other
|
87,833,000
|
10.0
|
%
|
86,982,000
|
10.1
|
%
|
102,499,000
|
11.6
|
%
|
|||||||||||||||
Municipal
|
16,089,000
|
1.8
|
%
|
16,221,000
|
1.9
|
%
|
19,974,000
|
2.3
|
%
|
|||||||||||||||
Residential
|
||||||||||||||||||||||||
Term
|
368,876,000
|
41.8
|
%
|
341,286,000
|
39.5
|
%
|
335,807,000
|
37.9
|
%
|
|||||||||||||||
Construction
|
6,449,000
|
0.7
|
%
|
10,469,000
|
1.2
|
%
|
11,063,000
|
1.2
|
%
|
|||||||||||||||
Home equity line of credit
|
100,689,000
|
11.4
|
%
|
105,244,000
|
12.1
|
%
|
107,224,000
|
12.0
|
%
|
|||||||||||||||
Consumer
|
15,613,000
|
1.8
|
%
|
16,788,000
|
1.9
|
%
|
17,639,000
|
2.0
|
%
|
|||||||||||||||
Total
|
$
|
881,814,000
|
100.0
|
%
|
$
|
864,988,000
|
100.0
|
%
|
$
|
886,929,000
|
100.0
|
%
|
|
30-89 Days
Past Due
|
90+ Days
Past Due
|
All
Past Due
|
Current
|
Total
|
90+ Days
& Accruing |
||||||||||||||||||
Commercial
|
||||||||||||||||||||||||
Real estate
|
$
|
13,000
|
$
|
1,858,000
|
$
|
1,871,000
|
$
|
251,322,000
|
$
|
253,193,000
|
$
|
-
|
||||||||||||
Construction
|
119,000
|
34,000
|
153,000
|
32,919,000
|
33,072,000
|
-
|
||||||||||||||||||
Other
|
443,000
|
1,398,000
|
1,841,000
|
85,992,000
|
87,833,000
|
-
|
||||||||||||||||||
Municipal
|
1,560,000
|
-
|
1,560,000
|
14,529,000
|
16,089,000
|
-
|
||||||||||||||||||
Residential
|
||||||||||||||||||||||||
Term
|
3,191,000
|
7,878,000
|
11,069,000
|
357,807,000
|
368,876,000
|
-
|
||||||||||||||||||
Construction
|
-
|
1,336,000
|
1,336,000
|
5,113,000
|
6,449,000
|
-
|
||||||||||||||||||
Home equity line of credit
|
530,000
|
1,311,000
|
1,841,000
|
98,848,000
|
100,689,000
|
-
|
||||||||||||||||||
Consumer
|
189,000
|
180,000
|
369,000
|
15,244,000
|
15,613,000
|
164,000
|
||||||||||||||||||
Total
|
$
|
6,045,000
|
$
|
13,995,000
|
$
|
20,040,000
|
$
|
861,774,000
|
$
|
881,814,000
|
$
|
164,000
|
|
30-89 Days
Past Due
|
90+ Days
Past Due
|
All
Past Due
|
Current
|
Total
|
90+ Days
& Accruing
|
||||||||||||||||||
Commercial
|
||||||||||||||||||||||||
Real estate
|
$
|
2,872,000
|
$
|
3,992,000
|
$
|
6,864,000
|
$
|
248,560,000
|
$
|
255,424,000
|
$
|
-
|
||||||||||||
Construction
|
174,000
|
1,603,000
|
1,777,000
|
30,797,000
|
32,574,000
|
-
|
||||||||||||||||||
Other
|
1,431,000
|
1,192,000
|
2,623,000
|
84,359,000
|
86,982,000
|
52,000
|
||||||||||||||||||
Municipal
|
-
|
-
|
-
|
16,221,000
|
16,221,000
|
-
|
||||||||||||||||||
Residential
|
||||||||||||||||||||||||
Term
|
3,331,000
|
8,843,000
|
12,174,000
|
329,112,000
|
341,286,000
|
1,118,000
|
||||||||||||||||||
Construction
|
-
|
1,198,000
|
1,198,000
|
9,271,000
|
10,469,000
|
-
|
||||||||||||||||||
Home equity line of credit
|
480,000
|
1,134,000
|
1,614,000
|
103,630,000
|
105,244,000
|
-
|
||||||||||||||||||
Consumer
|
331,000
|
16,000
|
347,000
|
16,441,000
|
16,788,000
|
-
|
||||||||||||||||||
Total
|
$
|
8,619,000
|
$
|
17,978,000
|
$
|
26,597,000
|
$
|
838,391,000
|
$
|
864,988,000
|
$
|
1,170,000
|
|
30-89 Days
Past Due
|
90+ Days
Past Due
|
All
Past Due
|
Current
|
Total
|
90+ Days & Accruing
|
||||||||||||||||||
Commercial
|
||||||||||||||||||||||||
Real estate
|
$
|
2,227,000
|
$
|
4,051,000
|
$
|
6,278,000
|
$
|
257,059,000
|
$
|
263,337,000
|
$
|
-
|
||||||||||||
Construction
|
117,000
|
-
|
117,000
|
29,269,000
|
29,386,000
|
-
|
||||||||||||||||||
Other
|
544,000
|
997,000
|
1,541,000
|
100,958,000
|
102,499,000
|
38,000
|
||||||||||||||||||
Municipal
|
-
|
-
|
-
|
19,974,000
|
19,974,000
|
-
|
||||||||||||||||||
Residential
|
||||||||||||||||||||||||
Term
|
6,093,000
|
9,916,000
|
16,009,000
|
319,798,000
|
335,807,000
|
309,000
|
||||||||||||||||||
Construction
|
-
|
334,000
|
334,000
|
10,729,000
|
11,063,000
|
-
|
||||||||||||||||||
Home equity line of credit
|
868,000
|
740,000
|
1,608,000
|
105,616,000
|
107,224,000
|
-
|
||||||||||||||||||
Consumer
|
258,000
|
8,000
|
266,000
|
17,373,000
|
17,639,000
|
8,000
|
||||||||||||||||||
Total
|
$
|
10,107,000
|
$
|
16,046,000
|
$
|
26,153,000
|
$
|
860,776,000
|
$
|
886,929,000
|
$
|
355,000
|
|
June 30, 2012
|
December 31, 2011
|
June 30, 2011
|
|||||||||
Commercial
|
||||||||||||
Real estate
|
$
|
5,545,000
|
$
|
7,064,000
|
$
|
6,746,000
|
||||||
Construction
|
521,000
|
2,350,000
|
771,000
|
|||||||||
Other
|
2,361,000
|
5,784,000
|
2,095,000
|
|||||||||
Municipal
|
-
|
-
|
-
|
|||||||||
Residential
|
||||||||||||
Term
|
10,723,000
|
10,194,000
|
11,260,000
|
|||||||||
Construction
|
1,336,000
|
1,198,000
|
334,000
|
|||||||||
Home equity line of credit
|
1,456,000
|
1,163,000
|
740,000
|
|||||||||
Consumer
|
16,000
|
53,000
|
103,000
|
|||||||||
Total
|
$
|
21,958,000
|
$
|
27,806,000
|
$
|
22,049,000
|
|
For six months ended
June 30, 2012
|
For the quarter ended
June 30, 2012
|
||||||||||||||||||||||||||
|
Recorded Investment
|
Unpaid Principal Balance
|
Related Allowance
|
Average Recorded Investment
|
Recognized Interest Income
|
Average Recorded Investment
|
Recognized Interest Income
|
|||||||||||||||||||||
With No Related Allowance
|
||||||||||||||||||||||||||||
Commercial
|
||||||||||||||||||||||||||||
Real estate
|
$
|
10,313,000
|
$
|
10,313,000
|
$
|
-
|
$
|
9,729,000
|
$
|
111,000
|
$
|
11,013,000
|
$
|
71,000
|
||||||||||||||
Construction
|
1,464,000
|
1,464,000
|
-
|
2,189,000
|
26,000
|
1,395,000
|
13,000
|
|||||||||||||||||||||
Other
|
2,249,000
|
2,249,000
|
-
|
2,710,000
|
16,000
|
2,439,000
|
21,000
|
|||||||||||||||||||||
Municipal
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||
Residential
|
-
|
|||||||||||||||||||||||||||
Term
|
8,695,000
|
8,695,000
|
-
|
9,662,000
|
71,000
|
9,322,000
|
41,000
|
|||||||||||||||||||||
Construction
|
1,002,000
|
1,002,000
|
-
|
880,000
|
-
|
1,042,000
|
-
|
|||||||||||||||||||||
Home equity line of credit
|
740,000
|
740,000
|
-
|
758,000
|
-
|
740,000
|
-
|
|||||||||||||||||||||
Consumer
|
-
|
-
|
-
|
6,000
|
-
|
-
|
-
|
|||||||||||||||||||||
|
$
|
24,463,000
|
$
|
24,463,000
|
$
|
-
|
$
|
25,934,000
|
$
|
224,000
|
$
|
25,951,000
|
$
|
146,000
|
||||||||||||||
With an Allowance Recorded
|
||||||||||||||||||||||||||||
Commercial
|
||||||||||||||||||||||||||||
Real estate
|
$
|
3,482,000
|
$
|
3,482,000
|
$
|
1,133,000
|
$
|
4,026,000
|
$
|
16,000
|
$
|
3,775,000
|
$
|
6,000
|
||||||||||||||
Construction
|
2,155,000
|
2,155,000
|
787,000
|
1,376,000
|
37,000
|
2,155,000
|
37,000
|
|||||||||||||||||||||
Other
|
1,851,000
|
1,851,000
|
932,000
|
2,013,000
|
18,000
|
1,802,000
|
13,000
|
|||||||||||||||||||||
Municipal
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||
Residential
|
||||||||||||||||||||||||||||
Term
|
10,357,000
|
10,357,000
|
966,000
|
8,487,000
|
127,000
|
9,525,000
|
68,000
|
|||||||||||||||||||||
Construction
|
334,000
|
334,000
|
48,000
|
466,000
|
-
|
334,000
|
-
|
|||||||||||||||||||||
Home equity line of credit
|
716,000
|
716,000
|
300,000
|
566,000
|
-
|
613,000
|
-
|
|||||||||||||||||||||
Consumer
|
16,000
|
16,000
|
11,000
|
15,000
|
-
|
15,000
|
-
|
|||||||||||||||||||||
|
$
|
18,911,000
|
$
|
18,911,000
|
$
|
4,177,000
|
$
|
16,949,000
|
$
|
198,000
|
$
|
18,219,000
|
$
|
124,000
|
||||||||||||||
Total
|
||||||||||||||||||||||||||||
Commercial
|
||||||||||||||||||||||||||||
Real estate
|
$
|
13,795,000
|
$
|
13,795,000
|
$
|
1,133,000
|
$
|
13,755,000
|
$
|
127,000
|
$
|
14,788,000
|
$
|
77,000
|
||||||||||||||
Construction
|
3,619,000
|
3,619,000
|
787,000
|
3,565,000
|
63,000
|
3,550,000
|
50,000
|
|||||||||||||||||||||
Other
|
4,100,000
|
4,100,000
|
932,000
|
4,723,000
|
34,000
|
4,241,000
|
34,000
|
|||||||||||||||||||||
Municipal
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||
Residential
|
||||||||||||||||||||||||||||
Term
|
19,052,000
|
19,052,000
|
966,000
|
18,149,000
|
198,000
|
18,847,000
|
109,000
|
|||||||||||||||||||||
Construction
|
1,336,000
|
1,336,000
|
48,000
|
1,346,000
|
-
|
1,376,000
|
-
|
|||||||||||||||||||||
Home equity line of credit
|
1,456,000
|
1,456,000
|
300,000
|
1,324,000
|
-
|
1,353,000
|
-
|
|||||||||||||||||||||
Consumer
|
16,000
|
16,000
|
11,000
|
21,000
|
-
|
15,000
|
-
|
|||||||||||||||||||||
|
$
|
43,374,000
|
$
|
43,374,000
|
$
|
4,177,000
|
$
|
42,883,000
|
$
|
422,000
|
$
|
44,170,000
|
$
|
270,000
|
|
Recorded Investment
|
Unpaid
Principal Balance
|
Related Allowance
|
Average
Recorded Investment
|
Recognized Interest
Income
|
|||||||||||||||
With No Related Allowance
|
||||||||||||||||||||
Commercial
|
||||||||||||||||||||
Real estate
|
$
|
5,584,000
|
$
|
5,584,000
|
$
|
-
|
$
|
5,212,000
|
$
|
23,000
|
||||||||||
Construction
|
5,172,000
|
5,172,000
|
-
|
1,072,000
|
143,000
|
|||||||||||||||
Other
|
6,022,000
|
6,022,000
|
-
|
1,918,000
|
28,000
|
|||||||||||||||
Municipal
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Residential
|
||||||||||||||||||||
Term
|
9,875,000
|
9,875,000
|
-
|
9,493,000
|
54,000
|
|||||||||||||||
Construction
|
468,000
|
468,000
|
-
|
961,000
|
-
|
|||||||||||||||
Home equity line of credit
|
739,000
|
739,000
|
-
|
646,000
|
-
|
|||||||||||||||
Consumer
|
37,000
|
37,000
|
-
|
39,000
|
-
|
|||||||||||||||
|
$
|
27,897,000
|
$
|
27,897,000
|
$
|
-
|
$
|
19,341,000
|
$
|
248,000
|
||||||||||
With an Allowance Recorded
|
||||||||||||||||||||
Commercial
|
||||||||||||||||||||
Real estate
|
$
|
4,557,000
|
$
|
4,557,000
|
$
|
808,000
|
$
|
2,307,000
|
$
|
103,000
|
||||||||||
Construction
|
530,000
|
530,000
|
33,000
|
247,000
|
-
|
|||||||||||||||
Other
|
1,020,000
|
1,020,000
|
402,000
|
681,000
|
19,000
|
|||||||||||||||
Municipal
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Residential
|
||||||||||||||||||||
Term
|
6,946,000
|
6,946,000
|
478,000
|
5,628,000
|
228,000
|
|||||||||||||||
Construction
|
730,000
|
730,000
|
235,000
|
244,000
|
-
|
|||||||||||||||
Home equity line of credit
|
424,000
|
424,000
|
91,000
|
272,000
|
-
|
|||||||||||||||
Consumer
|
16,000
|
16,000
|
11,000
|
57,000
|
-
|
|||||||||||||||
|
$
|
14,223,000
|
$
|
14,223,000
|
$
|
2,058,000
|
$
|
9,436,000
|
$
|
350,000
|
||||||||||
Total
|
||||||||||||||||||||
Commercial
|
||||||||||||||||||||
Real estate
|
$
|
10,141,000
|
$
|
10,141,000
|
$
|
808,000
|
$
|
7,519,000
|
$
|
126,000
|
||||||||||
Construction
|
5,702,000
|
5,702,000
|
33,000
|
1,318,000
|
143,000
|
|||||||||||||||
Other
|
7,042,000
|
7,042,000
|
402,000
|
2,600,000
|
47,000
|
|||||||||||||||
Municipal
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Residential
|
||||||||||||||||||||
Term
|
16,821,000
|
16,821,000
|
478,000
|
15,121,000
|
282,000
|
|||||||||||||||
Construction
|
1,198,000
|
1,198,000
|
235,000
|
1,205,000
|
-
|
|||||||||||||||
Home equity line of credit
|
1,163,000
|
1,163,000
|
91,000
|
918,000
|
-
|
|||||||||||||||
Consumer
|
53,000
|
53,000
|
11,000
|
96,000
|
-
|
|||||||||||||||
|
$
|
42,120,000
|
$
|
42,120,000
|
$
|
2,058,000
|
$
|
28,777,000
|
$
|
598,000
|
|
For six months ended
June 30, 2011
|
For the quarter ended
June 30, 2011
|
||||||||||||||||||||||||||
|
Recorded Investment
|
Unpaid Principal Balance
|
Related Allowance
|
Average Recorded Investment
|
Recognized Interest Income
|
Average Recorded Investment
|
Recognized Interest Income
|
|||||||||||||||||||||
With No Related Allowance
|
||||||||||||||||||||||||||||
Commercial
|
||||||||||||||||||||||||||||
Real estate
|
$
|
5,841,000
|
$
|
5,841,000
|
$
|
-
|
$
|
5,151,000
|
$
|
12,000
|
$
|
5,738,000
|
$
|
6,000
|
||||||||||||||
Construction
|
772,000
|
772,000
|
-
|
617,000
|
72,000
|
790,000
|
36,000
|
|||||||||||||||||||||
Other
|
1,056,000
|
1,056,000
|
-
|
1,118,000
|
14,000
|
1,064,000
|
7,000
|
|||||||||||||||||||||
Municipal
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||
Residential
|
-
|
|||||||||||||||||||||||||||
Term
|
10,818,000
|
10,818,000
|
-
|
8,957,000
|
27,000
|
9,785,000
|
13,000
|
|||||||||||||||||||||
Construction
|
334,000
|
334,000
|
-
|
1,641,000
|
-
|
348,000
|
-
|
|||||||||||||||||||||
Home equity line of credit
|
509,000
|
509,000
|
-
|
417,000
|
-
|
516,000
|
-
|
|||||||||||||||||||||
Consumer
|
38,000
|
38,000
|
-
|
40,000
|
-
|
38,000
|
-
|
|||||||||||||||||||||
|
$
|
19,368,000
|
$
|
19,368,000
|
$
|
-
|
$
|
17,941,000
|
$
|
125,000
|
$
|
18,279,000
|
$
|
62,000
|
||||||||||||||
With an Allowance Recorded
|
||||||||||||||||||||||||||||
Commercial
|
||||||||||||||||||||||||||||
Real estate
|
$
|
905,000
|
$
|
905,000
|
$
|
613,000
|
$
|
2,021,000
|
$
|
52,000
|
$
|
1,785,000
|
$
|
26,000
|
||||||||||||||
Construction
|
-
|
-
|
-
|
227,000
|
-
|
3,000
|
-
|
|||||||||||||||||||||
Other
|
1,039,000
|
1,039,000
|
857,000
|
652,000
|
10,000
|
754,000
|
5,000
|
|||||||||||||||||||||
Municipal
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||
Residential
|
-
|
|||||||||||||||||||||||||||
Term
|
5,373,000
|
5,373,000
|
265,000
|
5,254,000
|
114,000
|
4,978,000
|
57,000
|
|||||||||||||||||||||
Construction
|
-
|
-
|
-
|
192,000
|
-
|
192,000
|
-
|
|||||||||||||||||||||
Home equity line of credit
|
231,000
|
231,000
|
165,000
|
256,000
|
-
|
281,000
|
-
|
|||||||||||||||||||||
Consumer
|
65,000
|
65,000
|
65,000
|
69,000
|
-
|
65,000
|
-
|
|||||||||||||||||||||
|
$
|
7,613,000
|
$
|
7,613,000
|
$
|
1,965,000
|
$
|
8,671,000
|
$
|
176,000
|
$
|
8,058,000
|
$
|
88,000
|
||||||||||||||
Total
|
||||||||||||||||||||||||||||
Commercial
|
||||||||||||||||||||||||||||
Real estate
|
$
|
6,746,000
|
$
|
6,746,000
|
$
|
613,000
|
$
|
7,172,000
|
$
|
64,000
|
$
|
7,521,000
|
$
|
32,000
|
||||||||||||||
Construction
|
772,000
|
772,000
|
-
|
844,000
|
72,000
|
793,000
|
36,000
|
|||||||||||||||||||||
Other
|
2,095,000
|
2,095,000
|
857,000
|
1,770,000
|
24,000
|
1,816,000
|
12,000
|
|||||||||||||||||||||
Municipal
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||
Residential
|
-
|
-
|
||||||||||||||||||||||||||
Term
|
16,191,000
|
16,191,000
|
265,000
|
14,211,000
|
141,000
|
14,761,000
|
70,000
|
|||||||||||||||||||||
Construction
|
334,000
|
334,000
|
-
|
1,833,000
|
-
|
539,000
|
-
|
|||||||||||||||||||||
Home equity line of credit
|
740,000
|
740,000
|
165,000
|
673,000
|
-
|
797,000
|
-
|
|||||||||||||||||||||
Consumer
|
103,000
|
103,000
|
65,000
|
109,000
|
-
|
103,000
|
-
|
|||||||||||||||||||||
|
$
|
26,981,000
|
$
|
26,981,000
|
$
|
1,965,000
|
$
|
26,612,000
|
$
|
301,000
|
$
|
26,330,000
|
$
|
150,000
|
As of June 30, 2012
|
Specific Reserves on Loans Evaluated Individually for Impairment
|
General Reserves on Loans Based on Historical Loss Experience
|
Reserves for Qualitative Factors
|
Unallocated
Reserves
|
Total Reserves
|
|||||||||||||||
Commercial
|
||||||||||||||||||||
Real estate
|
$
|
1,133,000
|
$
|
2,685,000
|
$
|
1,746,000
|
$
|
-
|
$
|
5,564,000
|
||||||||||
Construction
|
787,000
|
355,000
|
231,000
|
-
|
1,373,000
|
|||||||||||||||
Other
|
932,000
|
935,000
|
609,000
|
-
|
2,476,000
|
|||||||||||||||
Municipal
|
-
|
-
|
19,000
|
-
|
19,000
|
|||||||||||||||
Residential
|
||||||||||||||||||||
Term
|
966,000
|
165,000
|
456,000
|
-
|
1,587,000
|
|||||||||||||||
Construction
|
48,000
|
2,000
|
8,000
|
-
|
58,000
|
|||||||||||||||
Home equity line of credit
|
300,000
|
155,000
|
354,000
|
-
|
809,000
|
|||||||||||||||
Consumer
|
11,000
|
351,000
|
241,000
|
-
|
603,000
|
|||||||||||||||
Unallocated
|
-
|
-
|
-
|
1,895,000
|
1,895,000
|
|||||||||||||||
|
$
|
4,177,000
|
$
|
4,648,000
|
$
|
3,664,000
|
$
|
1,895,000
|
$
|
14,384,000
|
As of December 31, 2011
|
Specific Reserves on Loans Evaluated Individually for Impairment
|
General Reserves on Loans Based on Historical Loss Experience
|
Reserves for Qualitative Factors
|
Unallocated Reserves
|
Total Reserves
|
|||||||||||||||
Commercial
|
||||||||||||||||||||
Real estate
|
$
|
808,000
|
$
|
2,578,000
|
$
|
2,273,000
|
$
|
-
|
$
|
5,659,000
|
||||||||||
Construction
|
33,000
|
332,000
|
293,000
|
-
|
658,000
|
|||||||||||||||
Other
|
402,000
|
883,000
|
778,000
|
-
|
2,063,000
|
|||||||||||||||
Municipal
|
-
|
-
|
19,000
|
-
|
19,000
|
|||||||||||||||
Residential
|
||||||||||||||||||||
Term
|
478,000
|
222,000
|
459,000
|
-
|
1,159,000
|
|||||||||||||||
Construction
|
235,000
|
6,000
|
14,000
|
-
|
255,000
|
|||||||||||||||
Home equity line of credit
|
91,000
|
149,000
|
355,000
|
-
|
595,000
|
|||||||||||||||
Consumer
|
11,000
|
331,000
|
242,000
|
-
|
584,000
|
|||||||||||||||
Unallocated
|
-
|
-
|
-
|
2,008,000
|
2,008,000
|
|||||||||||||||
|
$
|
2,058,000
|
$
|
4,501,000
|
$
|
4,433,000
|
$
|
2,008,000
|
$
|
13,000,000
|
As of June 30, 2011
|
Specific Reserves on Loans Evaluated Individually for Impairment
|
General Reserves on Loans Based on Historical Loss Experience
|
Reserves for Qualitative Factors
|
Unallocated
Reserves
|
Total Reserves
|
|||||||||||||||
Commercial
|
||||||||||||||||||||
Real estate
|
$
|
613,000
|
$
|
2,463,000
|
$
|
3,851,000
|
$
|
-
|
$
|
6,927,000
|
||||||||||
Construction
|
-
|
274,000
|
428,000
|
-
|
702,000
|
|||||||||||||||
Other
|
857,000
|
962,000
|
1,504,000
|
-
|
3,323,000
|
|||||||||||||||
Municipal
|
-
|
-
|
19,000
|
-
|
19,000
|
|||||||||||||||
Residential
|
||||||||||||||||||||
Term
|
265,000
|
505,000
|
586,000
|
-
|
1,356,000
|
|||||||||||||||
Construction
|
-
|
16,000
|
19,000
|
-
|
35,000
|
|||||||||||||||
Home equity line of credit
|
165,000
|
85,000
|
402,000
|
-
|
652,000
|
|||||||||||||||
Consumer
|
65,000
|
264,000
|
335,000
|
-
|
664,000
|
|||||||||||||||
Unallocated
|
-
|
-
|
-
|
1,356,000
|
1,356,000
|
|||||||||||||||
|
$
|
1,965,000
|
$
|
4,569,000
|
$
|
7,144,000
|
$
|
1,356,000
|
$
|
15,034,000
|
|
Commercial
Real Estate
|
Commercial
Construction
|
Commercial
Other
|
Municipal
Loans
|
All Risk-
Rated Loans
|
|||||||||||||||
1 Strong
|
$
|
21,000
|
$
|
-
|
$
|
284,000
|
$
|
1,822,000
|
$
|
2,127,000
|
||||||||||
2 Above Average
|
19,319,000
|
170,000
|
4,601,000
|
7,933,000
|
32,023,000
|
|||||||||||||||
3 Satisfactory
|
36,207,000
|
1,751,000
|
13,541,000
|
3,770,000
|
55,269,000
|
|||||||||||||||
4 Average
|
99,855,000
|
20,932,000
|
32,700,000
|
2,564,000
|
156,051,000
|
|||||||||||||||
5 Watch
|
41,089,000
|
1,969,000
|
21,147,000
|
-
|
64,205,000
|
|||||||||||||||
6 OAEM
|
21,135,000
|
1,649,000
|
4,357,000
|
-
|
27,141,000
|
|||||||||||||||
7 Substandard
|
34,931,000
|
6,601,000
|
11,111,000
|
-
|
52,643,000
|
|||||||||||||||
8 Doubtful
|
636,000
|
-
|
92,000
|
-
|
728,000
|
|||||||||||||||
Total
|
$
|
253,193,000
|
$
|
33,072,000
|
$
|
87,833,000
|
$
|
16,089,000
|
$
|
390,187,000
|
|
Commercial
Real Estate
|
Commercial
Construction
|
Commercial
Other
|
Municipal
Loans
|
All Risk-
Rated Loans
|
|||||||||||||||
1 Strong
|
$
|
23,000
|
$
|
-
|
$
|
465,000
|
$
|
2,158,000
|
$
|
2,646,000
|
||||||||||
2 Above Average
|
21,334,000
|
-
|
4,229,000
|
7,509,000
|
33,072,000
|
|||||||||||||||
3 Satisfactory
|
33,119,000
|
1,365,000
|
10,981,000
|
3,861,000
|
49,326,000
|
|||||||||||||||
4 Average
|
106,171,000
|
17,125,000
|
31,600,000
|
2,693,000
|
157,589,000
|
|||||||||||||||
5 Watch
|
44,215,000
|
3,287,000
|
17,893,000
|
-
|
65,395,000
|
|||||||||||||||
6 OAEM
|
18,309,000
|
2,320,000
|
5,303,000
|
-
|
25,932,000
|
|||||||||||||||
7 Substandard
|
31,575,000
|
7,323,000
|
16,362,000
|
-
|
55,260,000
|
|||||||||||||||
8 Doubtful
|
678,000
|
1,154,000
|
149,000
|
-
|
1,981,000
|
|||||||||||||||
Total
|
$
|
255,424,000
|
$
|
32,574,000
|
$
|
86,982,000
|
$
|
16,221,000
|
$
|
391,201,000
|
|
Commercial
Real Estate
|
Commercial
Construction
|
Commercial
Other
|
Municipal
Loans
|
All Risk-
Rated Loans
|
|||||||||||||||
1 Strong
|
$
|
29,000
|
$
|
-
|
$
|
467,000
|
$
|
2,341,000
|
$
|
2,837,000
|
||||||||||
2 Above Average
|
21,021,000
|
10,000
|
3,657,000
|
10,772,000
|
35,460,000
|
|||||||||||||||
3 Satisfactory
|
40,346,000
|
1,616,000
|
15,714,000
|
3,985,000
|
61,661,000
|
|||||||||||||||
4 Average
|
114,124,000
|
12,894,000
|
41,208,000
|
2,876,000
|
171,102,000
|
|||||||||||||||
5 Watch
|
38,095,000
|
6,293,000
|
15,042,000
|
-
|
59,430,000
|
|||||||||||||||
6 OAEM
|
19,572,000
|
4,015,000
|
6,338,000
|
-
|
29,925,000
|
|||||||||||||||
7 Substandard
|
30,150,000
|
4,558,000
|
20,067,000
|
-
|
54,775,000
|
|||||||||||||||
8 Doubtful
|
-
|
-
|
6,000
|
-
|
6,000
|
|||||||||||||||
Total
|
$
|
263,337,000
|
$
|
29,386,000
|
$
|
102,499,000
|
$
|
19,974,000
|
$
|
415,196,000
|
|
Commercial
|
Municipal
|
Residential
|
Home Equity
|
Consumer
|
Unallocated
|
Total
|
|||||||||||||||||||||||||||||||||
|
Real Estate
|
Construction
|
Other
|
Term
|
Construction
|
Line of Credit
|
||||||||||||||||||||||||||||||||||
For the six months ended June 30, 2012
|
||||||||||||||||||||||||||||||||||||||||
Beginning balance
|
$
|
5,659,000
|
$
|
658,000
|
$
|
2,063,000
|
$
|
19,000
|
$
|
1,159,000
|
$
|
255,000
|
$
|
595,000
|
$
|
584,000
|
$
|
2,008,000
|
$
|
13,000,000
|
||||||||||||||||||||
Charge offs
|
915,000
|
-
|
2,162,000
|
-
|
375,000
|
118,000
|
49,000
|
276,000
|
-
|
3,895,000
|
||||||||||||||||||||||||||||||
Recoveries
|
1,000
|
246,000
|
11,000
|
-
|
2,000
|
-
|
-
|
119,000
|
-
|
379,000
|
||||||||||||||||||||||||||||||
Provision
|
819,000
|
469,000
|
2,564,000
|
-
|
801,000
|
(79,000
|
)
|
263,000
|
176,000
|
(113,000
|
)
|
4,900,000
|
||||||||||||||||||||||||||||
Ending balance
|
$
|
5,564,000
|
$
|
1,373,000
|
$
|
2,476,000
|
$
|
19,000
|
$
|
1,587,000
|
$
|
58,000
|
$
|
809,000
|
$
|
603,000
|
$
|
1,895,000
|
$
|
14,384,000
|
||||||||||||||||||||
For the three months ended June 30, 2012
|
||||||||||||||||||||||||||||||||||||||||
Beginning balance
|
$
|
5,862,000
|
$
|
704,000
|
$
|
2,125,000
|
$
|
19,000
|
$
|
1,236,000
|
$
|
59,000
|
$
|
682,000
|
$
|
568,000
|
$
|
1,699,000
|
$
|
12,954,000
|
||||||||||||||||||||
Charge offs
|
915,000
|
-
|
160,000
|
-
|
136,000
|
118,000
|
-
|
96,000
|
-
|
1,425,000
|
||||||||||||||||||||||||||||||
Recoveries
|
1,000
|
-
|
9,000
|
-
|
1,000
|
-
|
-
|
44,000
|
-
|
55,000
|
||||||||||||||||||||||||||||||
Provision
|
616,000
|
669,000
|
502,000
|
-
|
486,000
|
117,000
|
127,000
|
87,000
|
196,000
|
2,800,000
|
||||||||||||||||||||||||||||||
Ending balance
|
$
|
5,564,000
|
$
|
1,373,000
|
$
|
2,476,000
|
$
|
19,000
|
$
|
1,587,000
|
$
|
58,000
|
$
|
809,000
|
$
|
603,000
|
$
|
1,895,000
|
$
|
14,384,000
|
||||||||||||||||||||
Allowance for loan losses as of June 30, 2012
|
||||||||||||||||||||||||||||||||||||||||
Ending balance specifically evaluated for impairment
|
$
|
1,133,000
|
$
|
787,000
|
$
|
932,000
|
$
|
-
|
$
|
966,000
|
$
|
48,000
|
$
|
300,000
|
$
|
11,000
|
$
|
-
|
$
|
4,177,000
|
||||||||||||||||||||
Ending balance collectively evaluated for impairment
|
$
|
4,431,000
|
$
|
586,000
|
$
|
1,544,000
|
$
|
19,000
|
$
|
621,000
|
$
|
10,000
|
$
|
509,000
|
$
|
592,000
|
$
|
1,895,000
|
$
|
10,207,000
|
||||||||||||||||||||
Related loan balances as of June 30, 2012
|
||||||||||||||||||||||||||||||||||||||||
Ending balance
|
$
|
253,193,000
|
$
|
33,072,000
|
$
|
87,833,000
|
$
|
16,089,000
|
$
|
368,876,000
|
$
|
6,449,000
|
$
|
100,689,000
|
$
|
15,613,000
|
$
|
-
|
$
|
881,814,000
|
||||||||||||||||||||
Ending balance specifically evaluated for impairment
|
$
|
13,795,000
|
$
|
3,619,000
|
$
|
4,100,000
|
$
|
-
|
$
|
19,052,000
|
$
|
1,336,000
|
$
|
1,456,000
|
$
|
16,000
|
$
|
-
|
$
|
43,374,000
|
||||||||||||||||||||
Ending balance collectively evaluated for impairment
|
$
|
239,398,000
|
$
|
29,453,000
|
$
|
83,733,000
|
$
|
16,089,000
|
$
|
349,824,000
|
$
|
5,113,000
|
$
|
99,233,000
|
$
|
15,597,000
|
$
|
-
|
$
|
838,440,000
|
|
Commercial
|
Municipal
|
Residential
|
Home Equity
|
Consumer
|
Unallocated
|
Total
|
|||||||||||||||||||||||||||||||||
|
Real Estate
|
Construction
|
Other
|
Term
|
Construction
|
Line of Credit
|
||||||||||||||||||||||||||||||||||
Allowance for loan losses as of December 31, 2011
|
||||||||||||||||||||||||||||||||||||||||
Ending balance specifically evaluated for impairment
|
$
|
808,000
|
$
|
33,000
|
$
|
402,000
|
$
|
-
|
$
|
478,000
|
$
|
235,000
|
$
|
91,000
|
$
|
11,000
|
$
|
-
|
$
|
2,058,000
|
||||||||||||||||||||
Ending balance collectively evaluated for impairment
|
$
|
4,851,000
|
$
|
625,000
|
$
|
1,661,000
|
$
|
19,000
|
$
|
681,000
|
$
|
20,000
|
$
|
504,000
|
$
|
573,000
|
$
|
2,008,000
|
$
|
10,942,000
|
||||||||||||||||||||
Related loan balances as of December 31, 2011
|
||||||||||||||||||||||||||||||||||||||||
Ending balance
|
$
|
255,424,000
|
$
|
32,574,000
|
$
|
86,982,000
|
$
|
16,221,000
|
$
|
341,286,000
|
$
|
10,469,000
|
$
|
105,244,000
|
$
|
16,788,000
|
$
|
-
|
$
|
864,988,000
|
||||||||||||||||||||
Ending balance specifically evaluated for impairment
|
$
|
10,141,000
|
$
|
5,702,000
|
$
|
7,042,000
|
$
|
-
|
$
|
16,821,000
|
$
|
1,198,000
|
$
|
1,163,000
|
$
|
53,000
|
$
|
-
|
$
|
42,120,000
|
||||||||||||||||||||
Ending balance collectively evaluated for impairment
|
$
|
245,283,000
|
$
|
26,872,000
|
$
|
79,940,000
|
$
|
16,221,000
|
$
|
324,465,000
|
$
|
9,271,000
|
$
|
104,081,000
|
$
|
16,735,000
|
$
|
-
|
$
|
822,868,000
|
|
Commercial
|
Municipal
|
Residential
|
Home Equity
|
Consumer
|
Unallocated
|
Total
|
|||||||||||||||||||||||||||||||||
|
Real Estate
|
Construction
|
Other
|
Term
|
Construction
|
Line of Credit
|
||||||||||||||||||||||||||||||||||
For the six months ended June 30, 2011
|
||||||||||||||||||||||||||||||||||||||||
Beginning balance
|
$
|
5,260,000
|
$
|
1,012,000
|
$
|
2,377,000
|
$
|
19,000
|
$
|
1,408,000
|
$
|
44,000
|
$
|
670,000
|
$
|
646,000
|
$
|
1,880,000
|
$
|
13,316,000
|
||||||||||||||||||||
Charge offs
|
835,000
|
-
|
319,000
|
-
|
697,000
|
505,000
|
45,000
|
169,000
|
-
|
2,570,000
|
||||||||||||||||||||||||||||||
Recoveries
|
5,000
|
-
|
20,000
|
-
|
4,000
|
-
|
1,000
|
158,000
|
-
|
188,000
|
||||||||||||||||||||||||||||||
Provision
|
2,497,000
|
(310,000
|
)
|
1,245,000
|
-
|
641,000
|
496,000
|
26,000
|
29,000
|
(524,000
|
)
|
4,100,000
|
||||||||||||||||||||||||||||
Ending balance
|
$
|
6,927,000
|
$
|
702,000
|
$
|
3,323,000
|
$
|
19,000
|
$
|
1,356,000
|
$
|
35,000
|
$
|
652,000
|
$
|
664,000
|
$
|
1,356,000
|
$
|
15,034,000
|
||||||||||||||||||||
For the three months ended June 30, 2011
|
||||||||||||||||||||||||||||||||||||||||
Beginning balance
|
$
|
6,310,000
|
$
|
639,000
|
$
|
2,535,000
|
$
|
19,000
|
$
|
1,405,000
|
$
|
146,000
|
$
|
678,000
|
$
|
713,000
|
$
|
1,555,000
|
$
|
14,000,000
|
||||||||||||||||||||
Charge offs
|
546,000
|
-
|
158,000
|
-
|
240,000
|
-
|
44,000
|
69,000
|
-
|
1,057,000
|
||||||||||||||||||||||||||||||
Recoveries
|
-
|
-
|
3,000
|
-
|
1,000
|
-
|
1,000
|
86,000
|
-
|
91,000
|
||||||||||||||||||||||||||||||
Provision
|
1,163,000
|
63,000
|
943,000
|
-
|
190,000
|
(111,000
|
)
|
17,000
|
(66,000
|
)
|
(199,000
|
)
|
2,000,000
|
|||||||||||||||||||||||||||
Ending balance
|
$
|
6,927,000
|
$
|
702,000
|
$
|
3,323,000
|
$
|
19,000
|
$
|
1,356,000
|
$
|
35,000
|
$
|
652,000
|
$
|
664,000
|
$
|
1,356,000
|
$
|
15,034,000
|
||||||||||||||||||||
Allowance for loan losses as of June 30, 2011
|
||||||||||||||||||||||||||||||||||||||||
Ending balance specifically evaluated for impairment
|
$
|
613,000
|
$
|
-
|
$
|
857,000
|
$
|
-
|
$
|
265,000
|
$
|
-
|
$
|
165,000
|
$
|
65,000
|
$
|
-
|
$
|
1,965,000
|
||||||||||||||||||||
Ending balance collectively evaluated for impairment
|
$
|
6,314,000
|
$
|
702,000
|
$
|
2,466,000
|
$
|
19,000
|
$
|
1,091,000
|
$
|
35,000
|
$
|
487,000
|
$
|
599,000
|
$
|
1,356,000
|
$
|
13,069,000
|
||||||||||||||||||||
Related loan balances as of June 30, 2011
|
||||||||||||||||||||||||||||||||||||||||
Ending balance
|
$
|
263,337,000
|
$
|
29,386,000
|
$
|
102,499,000
|
$
|
19,974,000
|
$
|
335,807,000
|
$
|
11,063,000
|
$
|
107,224,000
|
$
|
17,639,000
|
$
|
-
|
$
|
886,929,000
|
||||||||||||||||||||
Ending balance specifically evaluated for impairment
|
$
|
6,746,000
|
$
|
772,000
|
$
|
2,095,000
|
$
|
-
|
$
|
16,191,000
|
$
|
334,000
|
$
|
740,000
|
$
|
103,000
|
$
|
-
|
$
|
26,981,000
|
||||||||||||||||||||
Ending balance collectively evaluated for impairment
|
$
|
256,591,000
|
$
|
28,614,000
|
$
|
100,404,000
|
$
|
19,974,000
|
$
|
319,616,000
|
$
|
10,729,000
|
$
|
106,484,000
|
$
|
17,536,000
|
$
|
-
|
$
|
859,948,000
|
·
|
The borrower demonstrates financial difficulty; common indicators include past due status with bank obligations, substandard credit bureau reports, or an inability to refinance with another lender, and
|
·
|
The Company has granted a concession; common concession types include maturity date extension, interest rate adjustments to below market pricing, and deferment of payments.
|
|
Number of Loans
|
Balance
|
Specific Reserves
|
|||||||||
Commercial
|
||||||||||||
Real estate
|
17
|
$
|
9,216,000
|
$
|
496,000
|
|||||||
Construction
|
2
|
3,099,000
|
696,000
|
|||||||||
Other
|
15
|
1,984,000
|
590,000
|
|||||||||
Municipal
|
-
|
-
|
-
|
|||||||||
Residential
|
||||||||||||
Term
|
48
|
10,681,000
|
327,000
|
|||||||||
Construction
|
-
|
-
|
-
|
|||||||||
Home equity line of credit
|
-
|
-
|
-
|
|||||||||
Consumer
|
-
|
-
|
-
|
|||||||||
|
82
|
$
|
24,980,000
|
$
|
2,109,000
|
|
Number of Loans
|
Balance
|
Specific Reserves
|
|||||||||
Commercial
|
||||||||||||
Real estate
|
1
|
$
|
269,000
|
$
|
111,000
|
|||||||
Construction
|
-
|
-
|
-
|
|||||||||
Other
|
3
|
180,000
|
-
|
|||||||||
Municipal
|
-
|
-
|
-
|
|||||||||
Residential
|
||||||||||||
Term
|
9
|
2,038,000
|
92,000
|
|||||||||
Construction
|
-
|
-
|
-
|
|||||||||
Home equity line of credit
|
-
|
-
|
-
|
|||||||||
Consumer
|
-
|
-
|
-
|
|||||||||
|
13
|
$
|
2,487,000
|
$
|
203,000
|
|
Number of Loans
|
Pre-Modification
Outstanding
Recorded Investment
|
Post-Modification Outstanding
Recorded
Investment
|
Specific Reserves
|
||||||||||||
Commercial
|
||||||||||||||||
Real estate
|
12
|
$
|
3,845,000
|
$
|
4,032,000
|
$
|
152,000
|
|||||||||
Construction
|
1
|
1,951,000
|
1,951,000
|
696,000
|
||||||||||||
Other
|
9
|
712,000
|
713,000
|
544,000
|
||||||||||||
Municipal
|
-
|
-
|
-
|
-
|
||||||||||||
Residential
|
||||||||||||||||
Term
|
7
|
1,411,000
|
1,411,000
|
76,000
|
||||||||||||
Construction
|
-
|
-
|
-
|
-
|
||||||||||||
Home equity line of credit
|
-
|
-
|
-
|
-
|
||||||||||||
Consumer
|
-
|
-
|
-
|
-
|
||||||||||||
|
29
|
$
|
7,919,000
|
$
|
8,107,000
|
$
|
1,468,000
|
|
Number of Loans
|
Pre-Modification
Outstanding
Recorded Investment
|
Post-Modification Outstanding
Recorded
Investment
|
Specific Reserves
|
||||||||||||
Commercial
|
||||||||||||||||
Real estate
|
5
|
$
|
1,449,000
|
$
|
1,598,000
|
$
|
152,000
|
|||||||||
Construction
|
1
|
1,951,000
|
1,951,000
|
696,000
|
||||||||||||
Other
|
6
|
700,000
|
701,000
|
545,000
|
||||||||||||
Municipal
|
-
|
-
|
-
|
-
|
||||||||||||
Residential
|
||||||||||||||||
Term
|
3
|
855,000
|
855,000
|
61,000
|
||||||||||||
Construction
|
-
|
-
|
-
|
-
|
||||||||||||
Home equity line of credit
|
-
|
-
|
-
|
-
|
||||||||||||
Consumer
|
-
|
-
|
-
|
-
|
||||||||||||
|
15
|
$
|
4,955,000
|
$
|
5,105,000
|
$
|
1,454,000
|
Year
Granted
|
Vesting Term
(In Years)
|
Shares
|
Remaining Term
(In Years)
|
2011
|
4.0
|
1,500
|
2.6
|
2011
|
5.0
|
5,500
|
3.6
|
2012
|
3.0
|
2,027
|
2.7
|
2012
|
4.0
|
2,704
|
3.7
|
2012
|
5.0
|
7,996
|
4.7
|
|
|
19,727
|
3.9
|
|
Number of Shares
|
Weighted Average Exercise Price
|
Weighted Average Remaining Contractual Term (In years)
|
Aggregate Intrinsic Value
(In thousands)
|
||||||||||||
Outstanding at December 31, 2011
|
51,000
|
$
|
16.47
|
|||||||||||||
Granted in 2012
|
-
|
-
|
||||||||||||||
Exercised in 2012
|
(9,000
|
)
|
$
|
9.33
|
$
|
59,000
|
||||||||||
Forfeited in 2012
|
-
|
-
|
||||||||||||||
Outstanding at June 30, 2012
|
42,000
|
$
|
18.00
|
2.6
|
-
|
|||||||||||
Exercisable at June 30, 2012
|
42,000
|
$
|
18.00
|
2.6
|
-
|
|
Income
|
Shares
|
Per-Share
|
|||||||||
|
(Numerator)
|
(Denominator)
|
Amount
|
|||||||||
For the six months ended June 30, 2012
|
||||||||||||
Net income as reported
|
$
|
6,236,000
|
||||||||||
Less dividends and amortization of premium on preferred stock
|
362,000
|
|||||||||||
Basic EPS: Income available to common shareholders
|
5,874,000
|
9,822,437
|
$
|
0.60
|
||||||||
Effect of dilutive securities: restricted stock
|
15,461
|
|||||||||||
Diluted EPS: Income available to common shareholders plus assumed conversions
|
$
|
5,874,000
|
9,837,898
|
$
|
0.60
|
|||||||
For the six months ended June 30, 2011
|
||||||||||||
Net income as reported
|
$
|
6,336,000
|
||||||||||
Less dividends and amortization of premium on preferred stock
|
674,000
|
|||||||||||
Basic EPS: Income available to common shareholders
|
5,662,000
|
9,781,766
|
$
|
0.58
|
||||||||
Effect of dilutive securities:
incentive stock options and restricted stock
|
10,399
|
|||||||||||
Diluted EPS: Income available to common shareholders plus assumed conversions
|
$
|
5,662,000
|
9,792,165
|
$
|
0.58
|
|
Income
|
Shares
|
Per-Share
|
|||||||||
|
(Numerator)
|
(Denominator)
|
Amount
|
|||||||||
For the quarter ended June 30, 2012
|
||||||||||||
Net income as reported
|
$
|
3,323,000
|
||||||||||
Less dividends and amortization of premium on preferred stock
|
181,000
|
|||||||||||
Basic EPS: Income available to common shareholders
|
3,142,000
|
9,824,568
|
$
|
0.32
|
||||||||
Effect of dilutive securities: restricted stock
|
19,727
|
|||||||||||
Diluted EPS: Income available to common shareholders plus assumed conversions
|
$
|
3,142,000
|
9,844,295
|
$
|
0.32
|
|||||||
For the quarter ended June 30, 2011
|
||||||||||||
Net income as reported
|
$
|
3,193,000
|
||||||||||
Less dividends and amortization of premium on preferred stock
|
337,000
|
|||||||||||
Basic EPS: Income available to common shareholders
|
2,856,000
|
9,784,743
|
$
|
0.29
|
||||||||
Effect of dilutive securities:
incentive stock options and restricted stock |
12,238
|
|||||||||||
Diluted EPS: Income available to common shareholders plus assumed conversions
|
$
|
2,856,000
|
9,796,981
|
$
|
0.29
|
|
Outstanding
|
In-the-Money
|
Out-of-the-Money
|
As of June 30, 2012
|
|
|
|
Incentive stock options
|
42,000
|
-
|
42,000
|
Warrants issued to U.S. Treasury
|
225,904
|
-
|
225,904
|
Total
|
267,904
|
-
|
267,904
|
As of June 30, 2011
|
|
|
|
Incentive stock options
|
55,500
|
13,500
|
42,000
|
Warrants issued to U.S. Treasury
|
225,904
|
-
|
225,904
|
Total dilutive securities
|
281,404
|
13,500
|
267,904
|
|
At or for the six months ended June 30,
|
|||||||
|
2012
|
2011
|
||||||
Change in benefit obligation
|
||||||||
Benefit obligation at beginning of year
|
$
|
1,848,000
|
$
|
1,796,000
|
||||
Service cost
|
34,000
|
8,000
|
||||||
Interest cost
|
56,000
|
58,000
|
||||||
Benefits paid
|
(68,000
|
)
|
(78,000
|
)
|
||||
Benefit obligation at end of period
|
1,870,000
|
1,784,000
|
||||||
Funded status
|
||||||||
Benefit obligation at end of period
|
(1,870,000
|
)
|
(1,784,000
|
)
|
||||
Accrued benefit cost at end of period
|
$
|
(1,870,000
|
)
|
$
|
(1,784,000
|
)
|
|
For six months ended
June 30,
|
For quarters ended June 30,
|
||||||||||||||
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
Components of net periodic benefit cost
|
||||||||||||||||
Service cost
|
$
|
34,000
|
$
|
8,000
|
$
|
17,000
|
$
|
4,000
|
||||||||
Interest cost
|
56,000
|
58,000
|
28,000
|
29,000
|
||||||||||||
Amortization of unrecognized transition obligation
|
14,000
|
14,000
|
7,000
|
7,000
|
||||||||||||
Amortization of accumulated losses
|
6,000
|
10,000
|
3,000
|
5,000
|
||||||||||||
Net periodic benefit cost
|
$
|
110,000
|
$
|
90,000
|
$
|
55,000
|
$
|
45,000
|
|
June 30,
2012
|
December 31,
2011
|
June 30,
2011
|
|||||||||
Unamortized net actuarial loss
|
$
|
(100,000
|
)
|
$
|
(100,000
|
)
|
$
|
(49,000
|
)
|
|||
Unrecognized transition obligation
|
(20,000
|
)
|
(34,000
|
)
|
(49,000
|
)
|
||||||
|
(120,000
|
)
|
(134,000
|
)
|
(98,000
|
)
|
||||||
Deferred tax benefit at 35%
|
43,000
|
47,000
|
35,000
|
|||||||||
Net unrecognized postretirement benefits included in accumulated other comprehensive income (loss)
|
$
|
(77,000
|
)
|
$
|
(87,000
|
)
|
$
|
(63,000
|
)
|
|
For six months ended
June 30,
|
For the quarters ended
June 30,
|
||
|
2012
|
2011
|
2012
|
2011
|
Unrecognized transition obligation at beginning of period
|
(87,000)
|
(73,000)
|
(82,000)
|
(68,000)
|
Amortization of unrecognized transition obligation
|
14,000
|
14,000
|
7,000
|
7,000
|
Related deferred taxes
|
(4,000)
|
(4,000)
|
(2,000)
|
(2,000)
|
Unrecognized transition obligation at end of period
|
(77,000)
|
(63,000)
|
(77,000)
|
(63,000)
|
|
June 30,
2012
|
December 31,
2011
|
June 30,
2011
|
|||||||||
Mortgage servicing rights
|
$
|
6,177,000
|
$
|
6,099,000
|
$
|
5,987,000
|
||||||
Accumulated amortization
|
(5,170,000
|
)
|
(4,837,000
|
)
|
(4,537,000
|
)
|
||||||
Impairment reserve
|
(177,000
|
)
|
(61,000
|
)
|
(58,000
|
)
|
||||||
|
$
|
830,000
|
$
|
1,201,000
|
$
|
1,392,000
|
|
June 30, 2012
|
December 31, 2011
|
June 30, 2011
|
|||||||||
Certificates of deposit < $100,000
|
$
|
239,635,000
|
$
|
216,836,000
|
$
|
279,567,000
|
||||||
Certificates $100,000 to $250,000
|
313,742,000
|
309,841,000
|
319,122,000
|
|||||||||
Certificates $250,000 and over
|
60,501,000
|
22,499,000
|
34,609,000
|
|||||||||
|
$
|
613,878,000
|
$
|
549,176,000
|
$
|
633,298,000
|
|
At June 30, 2012
|
|||||||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Securities available for sale
|
||||||||||||||||
U.S. Treasury and agency
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||
Mortgage-backed securities
|
-
|
206,979,000
|
-
|
206,979,000
|
||||||||||||
State and political subdivisions
|
-
|
98,593,000
|
-
|
98,593,000
|
||||||||||||
Corporate Securities
|
-
|
-
|
-
|
-
|
||||||||||||
Other equity securities
|
-
|
1,775,000
|
-
|
1,775,000
|
||||||||||||
Total assets
|
$
|
-
|
$
|
307,347,000
|
$
|
-
|
$
|
307,347,000
|
|
At December 31, 2011
|
|||||||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Securities available for sale
|
||||||||||||||||
U.S. Treasury and agency
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||
Mortgage-backed securities
|
-
|
198,232,000
|
-
|
198,232,000
|
||||||||||||
State and political subdivisions
|
-
|
85,726,000
|
-
|
85,726,000
|
||||||||||||
Corporate securities
|
-
|
811,000
|
-
|
811,000
|
||||||||||||
Other equity securities
|
-
|
1,433,000
|
-
|
1,433,000
|
||||||||||||
Total assets
|
$
|
-
|
$
|
286,202,000
|
$
|
-
|
$
|
286,202,000
|
|
At June 30, 2011
|
|||||||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Securities available for sale
|
||||||||||||||||
U.S. Treasury and agency
|
$
|
-
|
$
|
16,123,000
|
$
|
-
|
$
|
16,123,000
|
||||||||
Mortgage-backed securities
|
-
|
221,524,000
|
-
|
221,524,000
|
||||||||||||
State and political subdivisions
|
-
|
65,162,000
|
-
|
65,162,000
|
||||||||||||
Corporate securities
|
-
|
936,000
|
-
|
936,000
|
||||||||||||
Other equity securities
|
-
|
533,000
|
-
|
533,000
|
||||||||||||
Total assets
|
$
|
-
|
$
|
304,278,000
|
$
|
-
|
$
|
304,278,000
|
|
At June 30, 2012
|
|||||||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Mortgage servicing rights
|
$
|
-
|
$
|
1,075,000
|
$
|
-
|
$
|
1,075,000
|
||||||||
Loans held for sale
|
-
|
378,000
|
-
|
378,000
|
||||||||||||
Other real estate owned
|
-
|
5,188,000
|
-
|
5,188,000
|
||||||||||||
Impaired loans
|
-
|
14,734,000
|
-
|
14,734,000
|
||||||||||||
Total assets
|
$
|
-
|
$
|
21,375,000
|
$
|
-
|
$
|
21,375,000
|
|
At December 31, 2011
|
|||||||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Mortgage servicing rights
|
$
|
-
|
$
|
1,581,000
|
$
|
-
|
$
|
1,581,000
|
||||||||
Loans held for sale
|
-
|
-
|
-
|
-
|
||||||||||||
Other real estate owned
|
-
|
4,094,000
|
-
|
4,094,000
|
||||||||||||
Impaired loans
|
-
|
12,165,000
|
-
|
12,165,000
|
||||||||||||
Total assets
|
$
|
-
|
$
|
17,840,000
|
$
|
-
|
$
|
17,840,000
|
|
At June 30, 2011
|
|||||||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Mortgage servicing rights
|
$
|
-
|
$
|
1,962,000
|
$
|
-
|
$
|
1,962,000
|
||||||||
Loans held for sale
|
-
|
419,000
|
-
|
419,000
|
||||||||||||
Other real estate owned
|
-
|
7,723,000
|
-
|
7,723,000
|
||||||||||||
Impaired loans
|
-
|
5,648,000
|
-
|
5,648,000
|
||||||||||||
Total assets
|
$
|
-
|
$
|
15,752,000
|
$
|
-
|
$
|
15,752,000
|
|
Carrying
|
Estimated
|
||||||||||||||||||
|
value
|
fair value
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||||
Financial assets
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
14,192,000
|
$
|
14,192,000
|
$
|
14,192,000
|
$
|
-
|
$
|
-
|
||||||||||
Interest bearing deposits in other banks
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Securities available for sale
|
307,347,000
|
307,347,000
|
-
|
307,347,000
|
-
|
|||||||||||||||
Securities to be held to maturity
|
135,775,000
|
143,628,000
|
-
|
143,628,000
|
-
|
|||||||||||||||
Restricted equity securities
|
14,448,000
|
14,448,000
|
-
|
14,448,000
|
-
|
|||||||||||||||
Loans held for sale
|
378,000
|
378,000
|
-
|
378,000
|
-
|
|||||||||||||||
Loans (net of allowance for loan losses)
|
||||||||||||||||||||
Commercial
|
||||||||||||||||||||
Real estate
|
246,597,000
|
247,044,000
|
-
|
2,349,000
|
244,695,000
|
|||||||||||||||
Construction
|
31,507,000
|
31,564,000
|
-
|
1,368,000
|
30,196,000
|
|||||||||||||||
Other
|
84,952,000
|
85,322,000
|
-
|
919,000
|
84,403,000
|
|||||||||||||||
Municipal
|
16,068,000
|
17,640,000
|
-
|
-
|
17,640,000
|
|||||||||||||||
Residential
|
||||||||||||||||||||
Term
|
367,152,000
|
380,115,000
|
-
|
9,391,000
|
370,724,000
|
|||||||||||||||
Construction
|
6,386,000
|
6,380,000
|
-
|
286,000
|
6,094,000
|
|||||||||||||||
Home equity line of credit
|
99,810,000
|
100,546,000
|
-
|
416,000
|
100,130,000
|
|||||||||||||||
Consumer
|
14,958,000
|
15,868,000
|
-
|
5,000
|
15,863,000
|
|||||||||||||||
Total loans
|
867,430,000
|
884,479,000
|
-
|
14,734,000
|
869,745,000
|
|||||||||||||||
Mortgage servicing rights
|
830,000
|
1,075,000
|
-
|
1,075,000
|
-
|
|||||||||||||||
Accrued interest receivable
|
6,024,000
|
6,024,000
|
-
|
6,024,000
|
-
|
|||||||||||||||
Financial liabilities
|
||||||||||||||||||||
Demand deposits
|
$
|
77,019,000
|
$
|
77,250,000
|
$
|
-
|
$
|
77,250,000
|
$
|
-
|
||||||||||
NOW deposits
|
123,897,000
|
117,571,000
|
-
|
117,571,000
|
-
|
|||||||||||||||
Money market deposits
|
71,009,000
|
62,251,000
|
-
|
62,251,000
|
-
|
|||||||||||||||
Savings deposits
|
119,471,000
|
110,169,000
|
-
|
110,169,000
|
-
|
|||||||||||||||
Local certificates of deposit
|
212,845,000
|
218,300,000
|
-
|
218,300,000
|
-
|
|||||||||||||||
National certificates of deposit
|
401,033,000
|
405,539,000
|
-
|
405,539,000
|
-
|
|||||||||||||||
Total deposits
|
1,005,274,000
|
991,080,000
|
-
|
991,080,000
|
-
|
|||||||||||||||
Repurchase agreements
|
90,537,000
|
90,537,000
|
-
|
90,537,000
|
-
|
|||||||||||||||
Federal Home Loan Bank advances
|
158,389,000
|
166,535,000
|
-
|
166,535,000
|
-
|
|||||||||||||||
Total borrowed funds
|
248,926,000
|
257,072,000
|
-
|
257,072,000
|
-
|
|||||||||||||||
Accrued interest payable
|
608,000
|
608,000
|
-
|
608,000
|
-
|
|
December 31, 2011
|
June 30, 2011
|
||||||||||||||
|
Carrying
|
Estimated
|
Carrying
|
Estimated
|
||||||||||||
|
amount
|
fair value
|
amount
|
fair value
|
||||||||||||
Financial assets
|
||||||||||||||||
Cash and cash equivalents
|
$
|
14,115,000
|
$
|
14,115,000
|
$
|
14,322,000
|
$
|
14,322,000
|
||||||||
Interest-bearing deposits in other banks
|
-
|
-
|
100,000
|
100,000
|
||||||||||||
Securities available for sale
|
286,202,000
|
286,202,000
|
304,278,000
|
304,278,000
|
||||||||||||
Securities to be held to maturity
|
122,661,000
|
130,677,000
|
122,970,000
|
128,426,000
|
||||||||||||
Restricted equity securities
|
15,443,000
|
15,443,000
|
15,443,000
|
15,443,000
|
||||||||||||
Loans held for sale
|
-
|
-
|
419,000
|
419,000
|
||||||||||||
Loans (net of allowance for loan losses)
|
851,988,000
|
866,442,000
|
871,895,000
|
875,988,000
|
||||||||||||
Mortgage servicing rights
|
1,201,000
|
1,581,000
|
1,392,000
|
1,962,000
|
||||||||||||
Accrued interest receivable
|
4,835,000
|
4,835,000
|
6,511,000
|
6,511,000
|
||||||||||||
Financial liabilities
|
||||||||||||||||
Deposits
|
$
|
941,333,000
|
$
|
921,388,000
|
$
|
998,838,000
|
$
|
953,240,000
|
||||||||
Borrowed funds
|
265,663,000
|
273,568,000
|
249,336,000
|
256,037,000
|
||||||||||||
Accrued interest payable
|
734,000
|
734,000
|
855,000
|
855,000
|
|
For the six months ended
June 30,
|
For the quarters ended
June 30,
|
||||||||||||||
Dollars in thousands
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
Net interest income as presented
|
$
|
19,724
|
$
|
20,728
|
$
|
9,918
|
$
|
10,223
|
||||||||
Effect of tax-exempt income
|
1,527
|
1,272
|
763
|
663
|
||||||||||||
Net interest income, tax equivalent
|
$
|
21,251
|
$
|
22,000
|
$
|
10,681
|
$
|
10,886
|
|
For the six months ended
June 30,
|
For the quarters ended
June 30,
|
||||||||||||||
Dollars in thousands
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
Non-interest expense, as presented
|
$
|
12,908
|
$
|
12,738
|
$
|
6,730
|
$
|
6,250
|
||||||||
Net interest income, as presented
|
$
|
19,724
|
$
|
20,728
|
$
|
9,918
|
$
|
10,223
|
||||||||
Effect of tax-exempt income
|
1,527
|
1,272
|
763
|
663
|
||||||||||||
Non-interest income, as presented
|
6,064
|
4,511
|
3,896
|
2,234
|
||||||||||||
Effect of non-interest tax-exempt income
|
91
|
94
|
48
|
47
|
||||||||||||
Net securities gains
|
(1,967
|
)
|
(229
|
)
|
(1,444
|
)
|
(229
|
)
|
||||||||
Adjusted net interest income plus non-interest income
|
$
|
25,439
|
$
|
26,376
|
$
|
13,181
|
$
|
12,938
|
||||||||
Non-GAAP efficiency ratio
|
50.74
|
%
|
48.29
|
%
|
51.06
|
%
|
48.30
|
%
|
||||||||
GAAP efficiency ratio
|
50.05
|
%
|
50.47
|
%
|
48.72
|
%
|
50.17
|
%
|
|
For the six months ended
June 30,
|
For the quarters ended
June 30,
|
||||||||||||||
Dollars in thousands
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
Average shareholders' equity as presented
|
$
|
154,187
|
$
|
153,747
|
$
|
154,831
|
$
|
155,678
|
||||||||
Less preferred stock
|
(12,317
|
)
|
(24,705
|
)
|
(12,329
|
)
|
(24,730
|
)
|
||||||||
Less intangible assets
|
(27,684
|
)
|
(27,684
|
)
|
(27,684
|
)
|
(27,684
|
)
|
||||||||
Tangible average shareholders' equity
|
$
|
114,186
|
$
|
101,358
|
$
|
114,818
|
$
|
103,264
|
|
For the six months ended
|
|||||||||||||||
|
June 30, 2012
|
June 30, 2011
|
||||||||||||||
Dollars in thousands
|
Amount of interest
|
Average Yield/Rate
|
Amount of interest
|
Average Yield/Rate
|
||||||||||||
Interest on earning assets
|
||||||||||||||||
Interest-bearing deposits
|
$
|
1
|
0.16
|
%
|
$
|
-
|
0.20
|
%
|
||||||||
Investments
|
8,829
|
3.83
|
%
|
9,205
|
4.17
|
%
|
||||||||||
Loans held for sale
|
4
|
3.41
|
%
|
22
|
4.21
|
%
|
||||||||||
Loans
|
18,932
|
4.35
|
%
|
20,296
|
4.58
|
%
|
||||||||||
Total interest-earning assets
|
27,766
|
4.17
|
%
|
29,523
|
4.44
|
%
|
||||||||||
Interest-bearing liabilities
|
||||||||||||||||
Deposits
|
4,297
|
0.93
|
%
|
5,081
|
1.07
|
%
|
||||||||||
Other borrowings
|
2,218
|
1.77
|
%
|
2,442
|
2.11
|
%
|
||||||||||
Total interest-bearing liabilities
|
6,515
|
1.11
|
%
|
7,523
|
1.27
|
%
|
||||||||||
Net interest income
|
$
|
21,251
|
$
|
22,000
|
||||||||||||
Interest rate spread
|
3.06
|
%
|
3.17
|
%
|
||||||||||||
Net interest margin
|
3.19
|
%
|
3.31
|
%
|
|
For the quarters ended
|
|||||||||||||||
|
June 30, 2012
|
June 30, 2011
|
||||||||||||||
Dollars in thousands
|
Amount of interest
|
Average Yield/Rate
|
Amount of interest
|
Average Yield/Rate
|
||||||||||||
Interest on earning assets
|
||||||||||||||||
Interest-bearing deposits
|
$
|
1
|
0.68
|
%
|
$
|
-
|
0.40
|
%
|
||||||||
Investments
|
4,444
|
3.74
|
%
|
4,609
|
4.01
|
%
|
||||||||||
Loans held for sale
|
4
|
3.97
|
%
|
6
|
4.24
|
%
|
||||||||||
Loans
|
9,447
|
4.31
|
%
|
10,045
|
4.51
|
%
|
||||||||||
Total interest-earning assets
|
13,896
|
4.11
|
%
|
14,660
|
4.34
|
%
|
||||||||||
Interest-bearing liabilities
|
||||||||||||||||
Deposits
|
2,104
|
0.90
|
%
|
2,518
|
1.05
|
%
|
||||||||||
Other borrowings
|
1,111
|
1.71
|
%
|
1,256
|
2.10
|
%
|
||||||||||
Total interest-bearing liabilities
|
3,215
|
1.08
|
%
|
3,774
|
1.26
|
%
|
||||||||||
Net interest income
|
$
|
10,681
|
$
|
10,886
|
||||||||||||
Interest rate spread
|
3.03
|
%
|
3.08
|
%
|
||||||||||||
Net interest margin
|
3.16
|
%
|
3.22
|
%
|
For the six months ended June 30, 2012 compared to 2011
|
||||||||||||||||
Dollars in thousands
|
Volume
|
Rate
|
Rate/Volume1
|
Total
|
||||||||||||
Interest on earning assets
|
||||||||||||||||
Interest-bearing deposits
|
$
|
1
|
$
|
-
|
$
|
-
|
$
|
1
|
||||||||
Investment securities
|
373
|
(720
|
)
|
(29
|
)
|
(376
|
)
|
|||||||||
Loans held for sale
|
(17
|
)
|
(4
|
)
|
3
|
(18
|
)
|
|||||||||
Loans
|
(415
|
)
|
(968
|
)
|
19
|
(1,364
|
)
|
|||||||||
Total interest income
|
(58
|
)
|
(1,692
|
)
|
(7
|
)
|
(1,757
|
)
|
||||||||
Interest expense
|
||||||||||||||||
Deposits
|
(159
|
)
|
(645
|
)
|
20
|
(784
|
)
|
|||||||||
Other borrowings
|
204
|
(395
|
)
|
(33
|
)
|
(224
|
)
|
|||||||||
Total interest expense
|
45
|
(1,040
|
)
|
(13
|
)
|
(1,008
|
)
|
|||||||||
Change in net interest income
|
$
|
(103
|
)
|
$
|
(652
|
)
|
$
|
6
|
$
|
(749
|
)
|
For the quarters ended June 30, 2012 compared to 2011
|
||||||||||||||||
Dollars in thousands
|
Volume
|
Rate
|
Rate/Volume1
|
Total
|
||||||||||||
Interest on earning assets
|
||||||||||||||||
Interest-bearing deposits
|
$
|
1
|
$
|
-
|
$
|
-
|
$
|
1
|
||||||||
Investment securities
|
164
|
(318
|
)
|
(11
|
)
|
(165
|
)
|
|||||||||
Loans held for sale
|
(1
|
)
|
-
|
(1
|
)
|
(2
|
)
|
|||||||||
Loans
|
(133
|
)
|
(472
|
)
|
7
|
(598
|
)
|
|||||||||
Total interest income
|
31
|
(790
|
)
|
(5
|
)
|
(764
|
)
|
|||||||||
Interest expense
|
||||||||||||||||
Deposits
|
(65
|
)
|
(358
|
)
|
9
|
(414
|
)
|
|||||||||
Other borrowings
|
111
|
(235
|
)
|
(21
|
)
|
(145
|
)
|
|||||||||
Total interest expense
|
46
|
(593
|
)
|
(12
|
)
|
(559
|
)
|
|||||||||
Change in net interest income
|
$
|
(15
|
)
|
$
|
(197
|
)
|
$
|
7
|
$
|
(205
|
)
|
|
For the
six months ended
|
For the
quarters ended
|
||||||||||||||
Dollars in thousands
|
June 30, 2012
|
June 30,
2011 |
June 30,
2012
|
June 30,
2011 |
||||||||||||
Assets
|
||||||||||||||||
Cash and cash equivalents
|
$
|
12,725
|
$
|
15,339
|
$
|
13,103
|
$
|
14,479
|
||||||||
Time deposits in other banks
|
1,219
|
100
|
590
|
100
|
||||||||||||
Securities available for sale
|
312,113
|
321,200
|
319,358
|
333,275
|
||||||||||||
Securities to be held to maturity
|
136,169
|
108,525
|
143,686
|
112,513
|
||||||||||||
Restricted equity securities, at cost
|
14,948
|
15,443
|
14,609
|
15,443
|
||||||||||||
Loans held for sale (fair value approximates cost)
|
236
|
1,054
|
405
|
568
|
||||||||||||
Loans
|
875,496
|
893,787
|
881,767
|
893,508
|
||||||||||||
Allowance for loan losses
|
(13,154
|
)
|
(14,180
|
)
|
(13,399
|
)
|
(14,505
|
)
|
||||||||
Net loans
|
862,342
|
879,607
|
868,368
|
879,003
|
||||||||||||
Accrued interest receivable
|
5,220
|
5,491
|
5,549
|
5,698
|
||||||||||||
Premises and equipment
|
18,760
|
18,725
|
18,650
|
18,565
|
||||||||||||
Other real estate owned
|
4,429
|
5,401
|
4,640
|
5,797
|
||||||||||||
Goodwill
|
27,684
|
27,684
|
27,684
|
27,684
|
||||||||||||
Other assets
|
26,493
|
28,244
|
26,210
|
27,966
|
||||||||||||
Total Assets
|
$
|
1,422,338
|
$
|
1,426,813
|
$
|
1,442,852
|
$
|
1,441,091
|
||||||||
|
||||||||||||||||
Liabilities & Shareholders' Equity
|
||||||||||||||||
Demand deposits
|
$
|
71,140
|
$
|
69,488
|
$
|
70,739
|
$
|
68,674
|
||||||||
NOW deposits
|
121,356
|
120,930
|
122,165
|
119,625
|
||||||||||||
Money market deposits
|
76,178
|
72,436
|
73,880
|
69,388
|
||||||||||||
Savings deposits
|
117,716
|
105,472
|
119,085
|
107,162
|
||||||||||||
Certificates of deposit
|
614,538
|
661,072
|
625,593
|
669,455
|
||||||||||||
Total deposits
|
1,000,928
|
1,029,398
|
1,011,462
|
1,034,304
|
||||||||||||
Borrowed funds - short term
|
118,767
|
102,738
|
118,767
|
109,896
|
||||||||||||
Borrowed funds - long term
|
133,556
|
130,166
|
142,436
|
130,166
|
||||||||||||
Dividends payable
|
948
|
980
|
871
|
984
|
||||||||||||
Other liabilities
|
13,952
|
9,784
|
14,485
|
10,063
|
||||||||||||
Total Liabilities
|
1,268,151
|
1,273,066
|
1,288,021
|
1,285,413
|
||||||||||||
Shareholders' Equity:
|
||||||||||||||||
Preferred stock
|
12,317
|
24,705
|
12,329
|
24,730
|
||||||||||||
Common stock
|
98
|
98
|
98
|
98
|
||||||||||||
Additional paid-in capital
|
46,023
|
45,536
|
46,077
|
45,609
|
||||||||||||
Retained earnings
|
87,403
|
83,755
|
88,149
|
84,324
|
||||||||||||
Net unrealized gain/(loss) on securities available-for-sale
|
8,428
|
(280
|
)
|
8,257
|
982
|
|||||||||||
Net unrealized loss on postretirement benefit costs
|
(82
|
)
|
(67
|
)
|
(79
|
)
|
(65
|
)
|
||||||||
Total Shareholders' Equity
|
154,187
|
153,747
|
154,831
|
155,678
|
||||||||||||
Total Liabilities & Shareholders' Equity
|
$
|
1,422,338
|
$
|
1,426,813
|
$
|
1,442,852
|
$
|
1,441,091
|
Dollars in thousands
|
June 30, 2012
|
December 31, 2011
|
June 30, 2011
|
|||||||||
Securities available for sale
|
||||||||||||
U.S. Treasury and agency
|
$
|
-
|
$
|
-
|
$
|
16,123
|
||||||
Mortgage-backed securities
|
206,979
|
198,232
|
221,524
|
|||||||||
State and political subdivisions
|
98,593
|
85,726
|
65,162
|
|||||||||
Corporate securities
|
-
|
811
|
936
|
|||||||||
Other equity securities
|
1,775
|
1,433
|
533
|
|||||||||
|
$
|
307,347
|
$
|
286,202
|
$
|
304,278
|
||||||
Securities to be held to maturity
|
||||||||||||
U.S. Treasury and agency
|
$
|
41,197
|
$
|
19,390
|
$
|
12,970
|
||||||
Mortgage-backed securities
|
49,992
|
56,800
|
60,836
|
|||||||||
State and political subdivisions
|
44,286
|
46,171
|
48,864
|
|||||||||
Corporate securities
|
300
|
300
|
300
|
|||||||||
|
$
|
135,775
|
$
|
122,661
|
$
|
122,970
|
||||||
Restricted equity securities
|
||||||||||||
Federal Home Loan Bank Stock
|
$
|
13,412
|
$
|
14,031
|
$
|
14,031
|
||||||
Federal Reserve Bank Stock
|
1,036
|
1,412
|
1,412
|
|||||||||
|
$
|
14,448
|
$
|
15,443
|
$
|
15,443
|
||||||
Total securities
|
$
|
457,570
|
$
|
424,306
|
$
|
442,691
|
|
Available For Sale
|
Held to Maturity
|
||||||||||||||
Dollars in thousands
|
Fair
Value
|
Yield to maturity
|
Amortized Cost
|
Yield to maturity
|
||||||||||||
U.S. Treasury & Agency
|
||||||||||||||||
Due in 1 year or less
|
$
|
-
|
0.00
|
%
|
$
|
-
|
0.00
|
%
|
||||||||
Due in 1 to 5 years
|
-
|
0.00
|
%
|
-
|
0.00
|
%
|
||||||||||
Due in 5 to 10 years
|
-
|
0.00
|
%
|
-
|
0.00
|
%
|
||||||||||
Due after 10 years
|
-
|
0.00
|
%
|
41,197
|
3.38
|
%
|
||||||||||
Total
|
-
|
41,197
|
3.38
|
%
|
||||||||||||
Mortgage-Backed Securities
|
||||||||||||||||
Due in 1 year or less
|
3,312
|
3.67
|
%
|
12
|
0.07
|
%
|
||||||||||
Due in 1 to 5 years
|
54,572
|
3.26
|
%
|
8,344
|
3.61
|
%
|
||||||||||
Due in 5 to 10 years
|
22,898
|
2.77
|
%
|
5,599
|
3.92
|
%
|
||||||||||
Due after 10 years
|
126,197
|
2.21
|
%
|
36,037
|
4.49
|
%
|
||||||||||
Total
|
206,979
|
2.57
|
%
|
49,992
|
4.28
|
%
|
||||||||||
State & Political Subdivisions
|
||||||||||||||||
Due in 1 year or less
|
1,016
|
6.90
|
%
|
1,370
|
5.96
|
%
|
||||||||||
Due in 1 to 5 years
|
1,786
|
6.90
|
%
|
4,912
|
6.54
|
%
|
||||||||||
Due in 5 to 10 years
|
1,136
|
6.17
|
%
|
15,538
|
6.30
|
%
|
||||||||||
Due after 10 years
|
94,655
|
5.96
|
%
|
22,466
|
6.27
|
%
|
||||||||||
Total
|
98,593
|
5.99
|
%
|
44,286
|
6.30
|
%
|
||||||||||
Corporate Securities
|
||||||||||||||||
Due in 1 year or less
|
-
|
0.00
|
%
|
-
|
0.00
|
%
|
||||||||||
Due in 1 to 5 years
|
-
|
0.00
|
%
|
300
|
1.25
|
%
|
||||||||||
Due in 5 to 10 years
|
-
|
0.00
|
%
|
-
|
0.00
|
%
|
||||||||||
Due after 10 years
|
-
|
0.00
|
%
|
-
|
0.00
|
%
|
||||||||||
Total
|
-
|
300
|
1.25
|
%
|
||||||||||||
Equity Securities
|
1,775
|
1.33
|
%
|
|||||||||||||
|
$
|
307,347
|
3.66
|
%
|
$
|
135,775
|
4.66
|
%
|
|
Less than 12 months
|
12 months or more
|
Total
|
|||||||||||||||||||||
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
||||||||||||||||||
Dollars in thousands
|
Value
|
Losses
|
Value
|
Losses
|
Value
|
Losses
|
||||||||||||||||||
U.S. Treasury and agency
|
$
|
7,942
|
$
|
(33
|
)
|
$
|
-
|
$
|
-
|
$
|
7,942
|
$
|
(33
|
)
|
||||||||||
Mortgage-backed securities
|
9,822
|
(110
|
)
|
5,137
|
(148
|
)
|
14,959
|
(258
|
)
|
|||||||||||||||
State and political subdivisions
|
3,719
|
(51
|
)
|
-
|
-
|
3,719
|
(51
|
)
|
||||||||||||||||
Corporate securities
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Other equity securities
|
-
|
-
|
191
|
(135
|
)
|
191
|
(135
|
)
|
||||||||||||||||
|
$
|
21,483
|
$
|
(194
|
)
|
$
|
5,328
|
$
|
(283
|
)
|
$
|
26,811
|
$
|
(477
|
)
|
Dollars in thousands
|
June 30, 2012
|
December 31, 2011
|
June 30, 2011
|
|||||||||||||||||||||
Commercial
|
||||||||||||||||||||||||
Real estate
|
$
|
253,193
|
28.7
|
%
|
$
|
255,424
|
29.5
|
%
|
$
|
263,337
|
29.7
|
%
|
||||||||||||
Construction
|
33,072
|
3.8
|
%
|
32,574
|
3.8
|
%
|
29,386
|
3.3
|
%
|
|||||||||||||||
Other
|
87,833
|
10.0
|
%
|
86,982
|
10.1
|
%
|
102,499
|
11.6
|
%
|
|||||||||||||||
Municipal
|
16,089
|
1.8
|
%
|
16,221
|
1.9
|
%
|
19,974
|
2.3
|
%
|
|||||||||||||||
Residential
|
||||||||||||||||||||||||
Term
|
368,876
|
41.8
|
%
|
341,286
|
39.5
|
%
|
335,807
|
37.9
|
%
|
|||||||||||||||
Construction
|
6,449
|
0.7
|
%
|
10,469
|
1.2
|
%
|
11,063
|
1.2
|
%
|
|||||||||||||||
Home equity line of credit
|
100,689
|
11.4
|
%
|
105,244
|
12.1
|
%
|
107,224
|
12.0
|
%
|
|||||||||||||||
Consumer
|
15,613
|
1.8
|
%
|
16,788
|
1.9
|
%
|
17,639
|
2.0
|
%
|
|||||||||||||||
Total loans
|
$
|
881,814
|
100.0
|
%
|
$
|
864,988
|
100.0
|
%
|
$
|
886,929
|
100.0
|
%
|
Dollars in thousands
|
< 1 Year
|
1 - 5 Years
|
5 - 10 Years
|
> 10 Years
|
Total
|
|||||||||||||||
Commercial
|
||||||||||||||||||||
Real estate
|
$
|
9,695
|
$
|
23,167
|
$
|
17,146
|
$
|
203,185
|
$
|
253,193
|
||||||||||
Construction
|
7,813
|
3,051
|
296
|
21,912
|
33,072
|
|||||||||||||||
Other
|
14,764
|
19,686
|
20,267
|
33,116
|
87,833
|
|||||||||||||||
Municipal
|
640
|
3,735
|
5,801
|
5,913
|
16,089
|
|||||||||||||||
Residential
|
||||||||||||||||||||
Term
|
1,148
|
13,045
|
22,924
|
331,759
|
368,876
|
|||||||||||||||
Construction
|
3,714
|
58
|
-
|
2,677
|
6,449
|
|||||||||||||||
Home equity line of credit
|
1,324
|
344
|
818
|
98,203
|
100,689
|
|||||||||||||||
Consumer
|
6,439
|
6,214
|
878
|
2,082
|
15,613
|
|||||||||||||||
Total loans
|
$
|
45,537
|
$
|
69,300
|
$
|
68,130
|
$
|
698,847
|
$
|
881,814
|
|
Fixed-Rate
|
Adjustable-Rate
|
Total
|
|||||||||||||||||||||
Dollars in thousands
|
Amount
|
% of total
|
Amount
|
% of total
|
Amount
|
% of total
|
||||||||||||||||||
Commercial
|
||||||||||||||||||||||||
Real estate
|
$
|
44,203
|
5.0
|
%
|
$
|
208,990
|
23.7
|
%
|
$
|
253,193
|
28.7
|
%
|
||||||||||||
Construction
|
1,087
|
0.1
|
%
|
31,985
|
3.6
|
%
|
33,072
|
3.8
|
%
|
|||||||||||||||
Other
|
31,218
|
3.5
|
%
|
56,615
|
6.4
|
%
|
87,833
|
10.0
|
%
|
|||||||||||||||
Municipal
|
12,998
|
1.5
|
%
|
3,091
|
0.4
|
%
|
16,089
|
1.8
|
%
|
|||||||||||||||
Residential
|
||||||||||||||||||||||||
Term
|
173,885
|
19.7
|
%
|
194,991
|
22.1
|
%
|
368,876
|
41.8
|
%
|
|||||||||||||||
Construction
|
2,744
|
0.3
|
%
|
3,705
|
0.4
|
%
|
6,449
|
0.7
|
%
|
|||||||||||||||
Home equity line of credit
|
2,053
|
0.2
|
%
|
98,636
|
11.2
|
%
|
100,689
|
11.4
|
%
|
|||||||||||||||
Consumer
|
11,924
|
1.4
|
%
|
3,689
|
0.4
|
%
|
15,613
|
1.8
|
%
|
|||||||||||||||
Total loans
|
$
|
280,112
|
31.7
|
%
|
$
|
601,702
|
68.2
|
%
|
$
|
881,814
|
100.0
|
%
|
Dollars in thousands
|
June 30, 2012
|
December 31, 2011
|
June 30, 2011
|
|||||||||||||||||||||
Commercial
|
||||||||||||||||||||||||
Real estate
|
$
|
5,564
|
28.7
|
%
|
$
|
5,659
|
29.5
|
%
|
$
|
6,927
|
29.7
|
%
|
||||||||||||
Construction
|
1,373
|
3.8
|
%
|
658
|
3.8
|
%
|
702
|
3.3
|
%
|
|||||||||||||||
Other
|
2,476
|
10.0
|
%
|
2,063
|
10.1
|
%
|
3,323
|
11.6
|
%
|
|||||||||||||||
Municipal
|
19
|
1.8
|
%
|
19
|
1.9
|
%
|
19
|
2.3
|
%
|
|||||||||||||||
Residential
|
||||||||||||||||||||||||
Term
|
1,587
|
41.8
|
%
|
1,159
|
39.5
|
%
|
1,356
|
37.9
|
%
|
|||||||||||||||
Construction
|
58
|
0.7
|
%
|
255
|
1.2
|
%
|
35
|
1.2
|
%
|
|||||||||||||||
Home equity line of credit
|
809
|
11.4
|
%
|
595
|
12.1
|
%
|
652
|
12.0
|
%
|
|||||||||||||||
Consumer
|
603
|
1.8
|
%
|
584
|
1.9
|
%
|
664
|
2.0
|
%
|
|||||||||||||||
Unallocated
|
1,895
|
0.0
|
%
|
2,008
|
0.0
|
%
|
1,356
|
0.0
|
%
|
|||||||||||||||
Total
|
$
|
14,384
|
100.0
|
%
|
$
|
13,000
|
100.0
|
%
|
$
|
15,034
|
100.0
|
%
|
Dollars in thousands
|
Specific Reserves on Loans Evaluated Individually for Impairment
|
General Reserves Based on Historical Loss Experience
|
Reserves for Qualitative Factors
|
Unallocated
Reserves
|
Total Reserves
|
|||||||||||||||
Commercial
|
||||||||||||||||||||
Real estate
|
$
|
1,133
|
$
|
2,685
|
$
|
1,746
|
$
|
-
|
$
|
5,564
|
||||||||||
Construction
|
787
|
355
|
231
|
-
|
1,373
|
|||||||||||||||
Other
|
932
|
935
|
609
|
-
|
2,476
|
|||||||||||||||
Municipal
|
-
|
-
|
19
|
-
|
19
|
|||||||||||||||
Residential
|
||||||||||||||||||||
Term
|
966
|
165
|
456
|
-
|
1,587
|
|||||||||||||||
Construction
|
48
|
2
|
8
|
-
|
58
|
|||||||||||||||
Home equity line of credit
|
300
|
155
|
354
|
-
|
809
|
|||||||||||||||
Consumer
|
11
|
351
|
241
|
-
|
603
|
|||||||||||||||
Unallocated
|
-
|
-
|
-
|
1,895
|
1,895
|
|||||||||||||||
|
$
|
4,177
|
$
|
4,648
|
$
|
3,664
|
$
|
1,895
|
$
|
14,384
|
Dollars in thousands
|
June 30,
2012
|
December 31,
2011
|
June 30,
2011
|
|||||||||
Balance at beginning of year
|
$
|
13,000
|
$
|
13,316
|
$
|
13,316
|
||||||
Loans charged off:
|
||||||||||||
Commercial
|
||||||||||||
Real estate
|
915
|
1,619
|
835
|
|||||||||
Construction
|
-
|
346
|
-
|
|||||||||
Other
|
2,162
|
6,492
|
319
|
|||||||||
Municipal
|
-
|
-
|
-
|
|||||||||
Residential
|
||||||||||||
Term
|
375
|
1,421
|
697
|
|||||||||
Construction
|
118
|
505
|
505
|
|||||||||
Home equity line of credit
|
49
|
415
|
45
|
|||||||||
Consumer
|
276
|
381
|
169
|
|||||||||
Total
|
3,895
|
11,179
|
2,570
|
|||||||||
Recoveries on loans previously charged off
|
||||||||||||
Commercial
|
||||||||||||
Real estate
|
1
|
23
|
5
|
|||||||||
Construction
|
246
|
-
|
-
|
|||||||||
Other
|
11
|
60
|
20
|
|||||||||
Municipal
|
-
|
-
|
-
|
|||||||||
Residential
|
-
|
|||||||||||
Term
|
2
|
7
|
4
|
|||||||||
Construction
|
-
|
-
|
-
|
|||||||||
Home equity line of credit
|
-
|
1
|
1
|
|||||||||
Consumer
|
119
|
222
|
158
|
|||||||||
Total
|
379
|
313
|
188
|
|||||||||
Net loans charged off
|
3,516
|
10,866
|
2,382
|
|||||||||
Provision for loan losses
|
4,900
|
10,550
|
4,100
|
|||||||||
Balance at end of period
|
$
|
14,384
|
$
|
13,000
|
$
|
15,034
|
||||||
Ratio of net loans charged off to average loans outstanding1
|
0.81
|
%
|
1.23
|
%
|
0.54
|
%
|
||||||
Ratio of allowance for loan losses to total loans outstanding
|
1.63
|
%
|
1.50
|
%
|
1.70
|
%
|
Dollars in thousands
|
June 30, 2012
|
December 31, 2011
|
June 30, 2011
|
|||||||||
Commercial
|
||||||||||||
Real estate
|
$
|
5,545
|
$
|
7,064
|
$
|
6,746
|
||||||
Construction
|
521
|
2,350
|
771
|
|||||||||
Other
|
2,361
|
5,836
|
2,133
|
|||||||||
Municipal
|
-
|
-
|
-
|
|||||||||
Residential
|
||||||||||||
Term
|
10,723
|
11,312
|
11,569
|
|||||||||
Construction
|
1,336
|
1,198
|
334
|
|||||||||
Home equity line of credit
|
1,456
|
1,163
|
740
|
|||||||||
Consumer
|
180
|
53
|
111
|
|||||||||
Non-performing loans plus loans 90 or more days past due and still accruing interest
|
$
|
22,122
|
$
|
28,976
|
$
|
22,404
|
||||||
Non-performing loans included in above total
|
$
|
21,958
|
$
|
27,806
|
$
|
22,049
|
·
|
The borrower demonstrates financial difficulty; common indicators include past due status with bank obligations, substandard credit bureau reports, or an inability to refinance with another lender, and
|
·
|
The Bank has granted a concession; common concession types include maturity date extension, interest rate adjustments to below market pricing, and deferment of payments.
|
Dollars in thousands
|
June 30, 2012
|
December 31, 2011
|
June 30, 2011
|
|||||||||
Commercial
|
||||||||||||
Real estate
|
$
|
13,795
|
$
|
10,141
|
$
|
6,746
|
||||||
Construction
|
3,619
|
5,702
|
772
|
|||||||||
Other
|
4,100
|
7,042
|
2,095
|
|||||||||
Municipal
|
-
|
-
|
-
|
|||||||||
Residential
|
||||||||||||
Term
|
19,052
|
16,821
|
16,191
|
|||||||||
Construction
|
1,336
|
1,198
|
334
|
|||||||||
Home equity line of credit
|
1,456
|
1,163
|
740
|
|||||||||
Consumer
|
16
|
53
|
103
|
|||||||||
Total
|
$
|
43,374
|
$
|
42,120
|
$
|
26,981
|
Dollars in thousands
|
June 30,
2012
|
December 31, 2011
|
June 30,
2011
|
|||||||||
Commercial
|
||||||||||||
Real estate
|
$
|
1,871
|
$
|
6,864
|
$
|
6,278
|
||||||
Construction
|
153
|
1,777
|
117
|
|||||||||
Other
|
1,841
|
2,623
|
1,541
|
|||||||||
Municipal
|
1,560
|
-
|
-
|
|||||||||
Residential
|
||||||||||||
Term
|
11,069
|
12,174
|
16,009
|
|||||||||
Construction
|
1,336
|
1,198
|
334
|
|||||||||
Home equity line of credit
|
1,841
|
1,614
|
1,608
|
|||||||||
Consumer
|
369
|
347
|
266
|
|||||||||
Total
|
$
|
20,040
|
$
|
26,597
|
$
|
26,153
|
||||||
Loans 30-89 days past due to total loans
|
0.69
|
%
|
1.00
|
%
|
1.14
|
%
|
||||||
Loans 90+ days past due and accruing to total loans
|
0.02
|
%
|
0.14
|
%
|
0.04
|
%
|
||||||
Loans 90+ days past due on non-accrual to total loans
|
1.56
|
%
|
1.93
|
%
|
1.77
|
%
|
||||||
Total past due loans to total loans
|
2.27
|
%
|
3.07
|
%
|
2.95
|
%
|
Dollars in thousands
|
June 30, 2012
|
December 31, 2011
|
June 30, 2011
|
|||||||||
Carrying Value
|
||||||||||||
Commercial
|
||||||||||||
Real estate
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||
Construction
|
112
|
59
|
1,761
|
|||||||||
Other
|
2,956
|
1,504
|
2,747
|
|||||||||
Municipal
|
-
|
-
|
-
|
|||||||||
Residential
|
-
|
|||||||||||
Term
|
2,505
|
2,967
|
3,351
|
|||||||||
Construction
|
-
|
-
|
-
|
|||||||||
Home equity line of credit
|
-
|
-
|
-
|
|||||||||
Consumer
|
-
|
-
|
-
|
|||||||||
Total
|
$
|
5,573
|
$
|
4,530
|
$
|
7,859
|
||||||
Related Allowance
|
||||||||||||
Commercial
|
||||||||||||
Real estate
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||
Construction
|
-
|
-
|
-
|
|||||||||
Other
|
215
|
127
|
-
|
|||||||||
Municipal
|
-
|
-
|
-
|
|||||||||
Residential
|
-
|
|||||||||||
Term
|
170
|
309
|
136
|
|||||||||
Construction
|
-
|
-
|
-
|
|||||||||
Home equity line of credit
|
-
|
-
|
-
|
|||||||||
Consumer
|
-
|
-
|
-
|
|||||||||
Total
|
$
|
385
|
$
|
436
|
$
|
136
|
||||||
Net Value
|
||||||||||||
Commercial
|
||||||||||||
Real estate
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||
Construction
|
112
|
59
|
1,761
|
|||||||||
Other
|
2,741
|
1,377
|
2,747
|
|||||||||
Municipal
|
-
|
-
|
-
|
|||||||||
Residential
|
-
|
|||||||||||
Term
|
2,335
|
2,658
|
3,215
|
|||||||||
Construction
|
-
|
-
|
-
|
|||||||||
Home equity line of credit
|
-
|
-
|
-
|
|||||||||
Consumer
|
-
|
-
|
-
|
|||||||||
Total
|
$
|
5,188
|
$
|
4,094
|
$
|
7,723
|
Dollars in thousands
|
Total
|
Less than
1 year
|
1-3 years
|
3-5 years
|
More than 5 years
|
|||||||||||||||
Borrowed funds
|
$
|
248,926
|
$
|
118,767
|
$
|
25,000
|
$
|
55,000
|
$
|
50,159
|
||||||||||
Operating leases
|
532
|
70
|
157
|
136
|
169
|
|||||||||||||||
Certificates of deposit
|
613,878
|
390,166
|
183,085
|
40,627
|
-
|
|||||||||||||||
Total
|
$
|
863,336
|
$
|
509,003
|
$
|
208,242
|
$
|
95,763
|
$
|
50,328
|
||||||||||
Total loan commitments and unused lines of credit
|
$
|
104,483
|
$
|
104,483
|
$
|
-
|
$
|
-
|
$
|
-
|
|
0-90
|
90-365
|
1-5
|
5
|
+
|
|||||||||||
Dollars in thousands
|
Days
|
Days
|
Years
|
Years
|
||||||||||||
Investment securities at amortized cost
|
$
|
29,934
|
$
|
85,457
|
$
|
147,716
|
$
|
168,436
|
||||||||
Federal Home Loan Bank and Federal Reserve Bank Stock
|
13,412
|
-
|
-
|
1,036
|
||||||||||||
Loans held for sale
|
-
|
-
|
-
|
378
|
||||||||||||
Loans
|
454,045
|
152,979
|
219,822
|
54,968
|
||||||||||||
Other interest-earning assets
|
-
|
10,351
|
-
|
-
|
||||||||||||
Non-rate-sensitive assets
|
7,841
|
-
|
-
|
78,382
|
||||||||||||
Total assets
|
505,232
|
248,787
|
367,538
|
303,200
|
||||||||||||
Interest-bearing deposits
|
317,393
|
144,268
|
223,846
|
242,748
|
||||||||||||
Borrowed funds
|
105,537
|
10,000
|
80,000
|
53,389
|
||||||||||||
Non-rate-sensitive liabilities and equity
|
1,900
|
5,700
|
32,350
|
207,626
|
||||||||||||
Total liabilities and equity
|
424,830
|
159,968
|
336,196
|
503,763
|
||||||||||||
Period gap
|
$
|
80,402
|
$
|
88,819
|
$
|
31,342
|
$
|
(200,563
|
)
|
|||||||
Percent of total assets
|
5.64
|
%
|
6.23
|
%
|
2.20
|
%
|
-14.08
|
%
|
||||||||
Cumulative gap (current)
|
80,402
|
169,221
|
200,563
|
-
|
||||||||||||
Percent of total assets
|
5.64
|
%
|
11.88
|
%
|
14.08
|
%
|
0.00
|
%
|
Changes in Net Interest Income
|
June 30, 2012
|
December 31, 2011
|
Year 1
|
|
|
Projected change if rates decrease by 1.0%
|
-1.12%
|
-0.80%
|
Projected change if rates increase by 2.0%
|
-0.96%
|
-0.40%
|
Year 2
|
|
|
Projected change if rates decrease by 1.0%
|
-7.84%
|
-7.60%
|
Projected change if rates increase by 2.0%
|
-3.17%
|
-1.00%
|
Exhibit 1.1(a)
|
Deposits
|
Exhibit 1.1(b)
|
Excluded Deposits
|
Exhibit 1.1(c)
|
Loans
|
Exhibit 1.1(d)
|
Personal Property
|
Exhibit 1.1(e)
|
Seller's Knowledge
|
Exhibit 2.4(c)
|
Excluded IRA/Keogh Account Deposits
|
Exhibit 3.5(b)
|
Form of Bill of Sale
|
Exhibit 3.5(c)
|
Form of Assignment and Assumption Agreement
|
Exhibit 4.8
|
Branch Telephone Numbers
|
(i)
|
the Real Property;
|
(ii)
|
the Personal Property;
|
(iii)
|
the Loans, plus Accrued Interest with respect to such Loans, as well as the collateral for the Loans, the Loan Documents and, to the extent owned, the servicing rights related thereto pursuant to Section 2.5;
|
(iv)
|
the Negative Deposits;
|
(v)
|
the Safe Deposit Agreements, keys to the safe deposit boxes and all other records as exist and are in Seller's possession or control related to the safe deposit box business at the Branch;
|
(vi)
|
any refunds, credits or other receivables, in each case, of, against or relating to Taxes of, or relating to, the Assets, the Assumed Liabilities or the operation of the Branch (other than Excluded Taxes); and
|
(vii)
|
the Records.
|
(i)
|
the Deposits, including Deposits in IRAs and Keogh Accounts to the extent contemplated by Section 2.4;
|
(ii)
|
the Personal Property and the Real Property;
|
(iii)
|
the Safe Deposit Agreements;
|
(iv)
|
the Loans and the servicing of the Loans pursuant to Section 2.5;
|
(v)
|
liabilities to any Transferred Employee in respect of his or her employment with Purchaser on or after the Transfer Date, including as set forth in Section 8.7; and
|
(vi)
|
liabilities for Taxes of, or relating to, the Assets, the Assumed Liabilities or the business or operation of the Branch (other than Excluded Taxes).
|
(i)
|
any liabilities or obligations to the extent arising from any investigations, actions, suits or proceedings against Seller, the Assets or the Assumed Liabilities pending or, to Seller's Knowledge, threatened as of or prior to 5:00 p.m., Eastern time, on the Closing Date;
|
(ii)
|
any liabilities or obligations to the extent arising from violations of applicable law, rule or regulation, breach of fiduciary duties or tortious conduct by Seller or any of its Affiliates prior to 5:00 p.m., Eastern time, on the Closing Date, including actions or omissions by Seller or any of its Affiliates prior to 5:00 p.m., Eastern time, on the Closing Date resulting in lender liability;
|
(iii)
|
any liabilities or obligations to the extent arising from any breach of, default under or failure to perform under any contract, agreement, arrangement or understanding to which Seller or any of its Affiliates are party, by Seller or any of its Affiliates prior to 5:00 p.m., Eastern time, on the Closing Date; and
|
(iv)
|
any liabilities or obligations to the extent relating to an Excluded Asset, whether arising prior to or after 5:00 p.m., Eastern time, on the Closing Date.
|
(i)
|
represents the valid and legally binding obligation of the obligor, maker, co-maker, guarantor, endorser or debtor (such person referred to as an "Obligor") thereunder, and is evidenced by legal, valid and binding instruments executed by the Obligor. Seller has no knowledge that any such Obligor at the time of such execution lacked capacity to contract, and any signature on any Loan Documents is the true original or facsimile signature of the Obligor on the Loan involved;
|
(ii)
|
is enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors' rights and to general equity principles;
|
(iii)
|
(A) was originated in conformity in all material respects with applicable laws and regulations and its principal balance as shown on Seller's books and records is true and correct as of the date indicated therein, (B) has an assignable Lien, to the extent secured by a valid and enforceable Lien in the collateral therefor, and has the priority reflected in Seller's records and (C) contains customary and enforceable provisions such that the rights and remedies of the holder thereof shall be adequate for the realization against any collateral therefore; complies with all applicable requirements of federal, state, and local laws, and regulations thereunder; and
|
(iv)
|
the servicing practices of Seller used with respect to the Loan have been consistent with Seller's practices in all material respects and have been in compliance in all material respects with all applicable requirements of federal, state and local laws and regulations thereunder.
|
(i)
|
The Real Property is and has been operated by BOA in compliance in all material respects with all applicable Environmental Laws;
|
(ii)
|
The Real Property is not the subject of any written notice received by BOA or Seller from any governmental authority or other Person alleging the material violation of or material liability under, any applicable Environmental Laws;
|
(iii)
|
The Real Property is not currently subject to any court order, administrative order or decree arising under any Environmental Law;
|
(iv)
|
The Real Property has not been used by BOA or Seller or any other Person for the disposal of Hazardous Substances, and no Hazardous Substances are present at, on or under the Real Property in a manner, amount or concentration requiring remediation or any other response action under any applicable Environmental Law;
|
(v)
|
The only use of any Hazardous Substances at the Real Property has been in such amounts and types as is lawful under Environmental Law;
|
(vi)
|
The Real Property has not had any releases, emissions, or discharges of Hazardous Substances except as permitted under applicable Environmental Laws; and
|
(vii)
|
There are no (a) active or abandoned underground storage tanks, (b) gasoline or service stations, or (c) dry-cleaning facilities or operations at, on, in or under the Real Property.
|
(i)
|
General. No later than twenty (20) days following the date of this Agreement, and effective as of the Closing Date, Purchaser agrees that it shall, or shall cause one of its Affiliates to, offer employment to each Branch Employee who is actively employed by BOA as of the Closing Date and, subject to Section 8.7(a)(ii) below, to each Leave Recipient, and, effective as of the applicable Transfer Date, Purchaser will, subject to such Branch Employee or Leave Recipient satisfying standard pre-employment screening requirements, employ each such employee who has accepted the offer. Following the Closing Date, each Branch Employee employed by Purchaser shall, from and after the Transfer Date, be defined as a "Transferred Employee" for purposes of this Agreement. Subject to the provisions of this Section 8.7, Transferred Employees shall, if applicable, be subject to the employment terms, conditions and rules applicable to other similarly situated employees of Purchaser. Nothing contained in this Agreement shall be construed as an employment contract between Purchaser and any Branch Employee or Transferred Employee.
|
(ii)
|
Special Provisions for Leave Recipients. With respect to any Branch Employee who is not actively at work on the Closing Date as a result of an approved leave of absence (including military leave with reemployment rights under federal law and leave under the Family and Medical Leave Act of 1993) (collectively, the "Leave Recipients"), Purchaser shall make an offer of employment in the manner required by Section 8.7(a)(i), contingent on such Leave Recipient's return to active status within six (6) months following the Closing Date or such longer period as may be required by applicable law. When a Leave Recipient who has (A) accepted the offer and (B) satisfied standard pre-employment screening requirements returns to active status pursuant to the terms hereof, such Leave Recipient shall be considered a Transferred Employee.
|
(i)
|
Each Branch Employee's base salary shall be at least equivalent to the rate of annual base salary or regular hourly wage rate, as applicable, paid by BOA to such Branch Employee as of the Business Day prior to the Closing Date;
|
(ii)
|
Each Branch Employee shall be eligible to receive incentive compensation comparable to that which such Branch Employee was eligible for under BOA's plans and policies as in effect on the Closing Date;
|
(iii)
|
Each Branch Employee shall be eligible to receive employee benefits substantially comparable to those available to such Branch Employee under BOA's plans and policies as in effect on the Closing Date; and
|
(iv)
|
Each Branch Employee shall be offered employment at a job location that is no more than thirty (30) miles from such Branch Employee's primary workplace immediately prior to the Closing Date.
|
(i)
|
any breach of any representation or warranty made by Seller in this Agreement (disregarding, in each case other than in the case of Section 5.14, for purposes of determining the amount of any Loss (but not for purposes of determining whether there has been a breach), any qualification on any such representation or warranty as to "materiality," "in all material respects," "Material Adverse Effect" or similar materiality qualifications);
|
(ii)
|
any breach of any covenant or agreement to be performed by Seller pursuant to this Agreement;
|
(iii)
|
any Excluded Taxes; or
|
(iv)
|
any Excluded Liability.
|
(i)
|
any breach of any representation or warranty made by Purchaser in this Agreement (disregarding, in each case, for purposes of determining the amount of any Loss (but not for purposes of determining whether there has been a breach), any qualification on any such representation or warranty as to "materiality," "in all material respects," "Material Adverse Effect" or similar materiality qualifications);
|
(ii)
|
any breach of any covenant or agreement to be performed by Purchaser pursuant to this Agreement; or
|
(iii)
|
the Assumed Liabilities or any responsibility, obligation, duty, legal action, administrative or judicial proceeding, claim, penalty or liability arising out of Purchaser's ownership and operation from and after the Closing of the business represented by the Branch, the Assets or the Assumed Liabilities.
|
If to Seller: | Camden National Bank |
With a copy to: | Goodwin Procter LLP Exchange Place Boston, Massachusetts 02109 Attention: William P. Mayer and Samantha M. Kirby Fax: (617) 523-1231 |
If to Purchaser: | The First, N.A. |
With a copy to: | Pierce Atwood LLP |
Branch Name
|
Customer Phone Number
|
|
|
Rockland
|
207-594-4472
|
Fair Value Disclosures, Part 2 (Details) (USD $)
|
Jun. 30, 2012
|
Dec. 31, 2011
|
Jun. 30, 2011
|
---|---|---|---|
Financial assets | |||
Restricted equity securities, at cost | $ 14,448,000 | $ 15,443,000 | $ 15,443,000 |
Residential [Abstract] | |||
Total loans | 867,430,000 | 851,988,000 | 871,895,000 |
Mortgage servicing rights | 1,075,000 | 1,581,000 | 1,962,000 |
Financial liabilities | |||
Demand deposits | 77,019,000 | 75,750,000 | 71,517,000 |
NOW deposits | 123,897,000 | 122,775,000 | 117,064,000 |
Money market deposits | 71,009,000 | 79,015,000 | 69,681,000 |
Savings deposits | 119,471,000 | 114,617,000 | 107,278,000 |
Certificates of deposit | 613,878,000 | 549,176,000 | 633,298,000 |
Total deposits | 1,005,274,000 | 941,333,000 | 998,838,000 |
Carrying Amount [Member]
|
|||
Financial assets | |||
Cash and cash equivalents | 14,192,000 | 14,115,000 | 14,322,000 |
Interest bearing deposits in other banks | 0 | 0 | 100,000 |
Securities available for sale | 307,347,000 | 286,202,000 | 304,278,000 |
Securities to be held to maturity | 135,775,000 | 122,661,000 | 122,970,000 |
Restricted equity securities, at cost | 14,448,000 | 15,443,000 | 15,443,000 |
Loans held for sale | 378,000 | 0 | 419,000 |
Commercial [Abstract] | |||
Municipal | 16,068,000 | ||
Residential [Abstract] | |||
Home equity line of credit | 99,810,000 | ||
Consumer | 14,958,000 | ||
Total loans | 867,430,000 | 851,988,000 | 871,895,000 |
Mortgage servicing rights | 830,000 | 1,201,000 | 1,392,000 |
Accrued interest receivable | 6,024,000 | 4,835,000 | 6,511,000 |
Financial liabilities | |||
Demand deposits | 77,019,000 | ||
NOW deposits | 123,897,000 | ||
Money market deposits | 71,009,000 | ||
Savings deposits | 119,471,000 | ||
Certificates of deposit | 212,845,000 | ||
National Certificates of Deposit | 401,033,000 | ||
Total deposits | 1,005,274,000 | 941,333,000 | 998,838,000 |
Repurchase agreements | 90,537,000 | ||
Federal Home Loan Bank Advances | 158,389,000 | ||
Total borrowed funds | 248,926,000 | 265,663,000 | 249,336,000 |
Accrued interest payable | 608,000 | 734,000 | 855,000 |
Estimate of Fair Value [Member]
|
|||
Financial assets | |||
Cash and cash equivalents | 14,192,000 | 14,115,000 | 14,322,000 |
Interest bearing deposits in other banks | 0 | 0 | 100,000 |
Securities available for sale | 307,347,000 | 286,202,000 | 304,278,000 |
Securities to be held to maturity | 143,628,000 | 130,677,000 | 128,426,000 |
Restricted equity securities, at cost | 14,448,000 | 15,443,000 | 15,443,000 |
Loans held for sale | 378,000 | 0 | 419,000 |
Commercial [Abstract] | |||
Municipal | 17,640,000 | ||
Residential [Abstract] | |||
Home equity line of credit | 100,546,000 | ||
Consumer | 15,868,000 | ||
Total loans | 884,479,000 | 866,442,000 | 875,988,000 |
Mortgage servicing rights | 1,075,000 | 1,581,000 | 1,962,000 |
Accrued interest receivable | 6,024,000 | 4,835,000 | 6,511,000 |
Financial liabilities | |||
Demand deposits | 77,250,000 | ||
NOW deposits | 117,571,000 | ||
Money market deposits | 62,251,000 | ||
Savings deposits | 110,169,000 | ||
Certificates of deposit | 218,300,000 | ||
National Certificates of Deposit | 405,539,000 | ||
Total deposits | 991,080,000 | 921,388,000 | 953,240,000 |
Repurchase agreements | 90,537,000 | ||
Federal Home Loan Bank Advances | 166,535,000 | ||
Total borrowed funds | 257,072,000 | 273,568,000 | 256,037,000 |
Accrued interest payable | 608,000 | 734,000 | 855,000 |
Commercial Real Estate Receivable [Member] | Carrying Amount [Member]
|
|||
Commercial [Abstract] | |||
Loans | 246,597,000 | ||
Commercial Real Estate Receivable [Member] | Estimate of Fair Value [Member]
|
|||
Commercial [Abstract] | |||
Loans | 247,044,000 | ||
Commercial Construction [Member] | Carrying Amount [Member]
|
|||
Commercial [Abstract] | |||
Loans | 31,507,000 | ||
Commercial Construction [Member] | Estimate of Fair Value [Member]
|
|||
Commercial [Abstract] | |||
Loans | 31,564,000 | ||
Commercial Other Receivable [Member] | Carrying Amount [Member]
|
|||
Commercial [Abstract] | |||
Loans | 84,952,000 | ||
Commercial Other Receivable [Member] | Estimate of Fair Value [Member]
|
|||
Commercial [Abstract] | |||
Loans | 85,322,000 | ||
Residential, Term, Financing Receivable [Member] | Carrying Amount [Member]
|
|||
Residential [Abstract] | |||
Loans | 367,152,000 | ||
Residential, Term, Financing Receivable [Member] | Estimate of Fair Value [Member]
|
|||
Residential [Abstract] | |||
Loans | 380,115,000 | ||
Residential, Construction, Financing Receivables [Member] | Carrying Amount [Member]
|
|||
Residential [Abstract] | |||
Loans | 6,386,000 | ||
Residential, Construction, Financing Receivables [Member] | Estimate of Fair Value [Member]
|
|||
Residential [Abstract] | |||
Loans | 6,380,000 | ||
Fair Value, Inputs, Level 1 [Member]
|
|||
Financial assets | |||
Cash and cash equivalents | 14,192,000 | ||
Interest bearing deposits in other banks | 0 | ||
Securities available for sale | 0 | ||
Securities to be held to maturity | 0 | ||
Restricted equity securities, at cost | 0 | ||
Loans held for sale | 0 | ||
Commercial [Abstract] | |||
Municipal | 0 | ||
Residential [Abstract] | |||
Home equity line of credit | 0 | ||
Consumer | 0 | ||
Total loans | 0 | ||
Mortgage servicing rights | 0 | ||
Accrued interest receivable | 0 | ||
Financial liabilities | |||
Demand deposits | 0 | ||
NOW deposits | 0 | ||
Money market deposits | 0 | ||
Savings deposits | 0 | ||
Certificates of deposit | 0 | ||
National Certificates of Deposit | 0 | ||
Total deposits | 0 | ||
Repurchase agreements | 0 | ||
Federal Home Loan Bank Advances | 0 | ||
Total borrowed funds | 0 | ||
Accrued interest payable | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Commercial Real Estate Receivable [Member]
|
|||
Commercial [Abstract] | |||
Loans | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Commercial Construction [Member]
|
|||
Commercial [Abstract] | |||
Loans | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Commercial Other Receivable [Member]
|
|||
Commercial [Abstract] | |||
Loans | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Residential, Term, Financing Receivable [Member]
|
|||
Residential [Abstract] | |||
Loans | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Residential, Construction, Financing Receivables [Member]
|
|||
Residential [Abstract] | |||
Loans | 0 | ||
Fair Value, Inputs, Level 2 [Member]
|
|||
Financial assets | |||
Cash and cash equivalents | 0 | ||
Interest bearing deposits in other banks | 0 | ||
Securities available for sale | 307,347,000 | ||
Securities to be held to maturity | 143,628,000 | ||
Restricted equity securities, at cost | 14,448,000 | ||
Loans held for sale | 378,000 | ||
Commercial [Abstract] | |||
Municipal | 0 | ||
Residential [Abstract] | |||
Home equity line of credit | 416,000 | ||
Consumer | 5,000 | ||
Total loans | 14,734,000 | ||
Mortgage servicing rights | 1,075,000 | ||
Accrued interest receivable | 6,024,000 | ||
Financial liabilities | |||
Demand deposits | 77,250,000 | ||
NOW deposits | 117,571,000 | ||
Money market deposits | 62,251,000 | ||
Savings deposits | 110,169,000 | ||
Certificates of deposit | 218,300,000 | ||
National Certificates of Deposit | 405,539,000 | ||
Total deposits | 991,080,000 | ||
Repurchase agreements | 90,537,000 | ||
Federal Home Loan Bank Advances | 166,535,000 | ||
Total borrowed funds | 257,072,000 | ||
Accrued interest payable | 608,000 | ||
Fair Value, Inputs, Level 2 [Member] | Commercial Real Estate Receivable [Member]
|
|||
Commercial [Abstract] | |||
Loans | 2,349,000 | ||
Fair Value, Inputs, Level 2 [Member] | Commercial Construction [Member]
|
|||
Commercial [Abstract] | |||
Loans | 1,368,000 | ||
Fair Value, Inputs, Level 2 [Member] | Commercial Other Receivable [Member]
|
|||
Commercial [Abstract] | |||
Loans | 919,000 | ||
Fair Value, Inputs, Level 2 [Member] | Residential, Term, Financing Receivable [Member]
|
|||
Residential [Abstract] | |||
Loans | 9,391,000 | ||
Fair Value, Inputs, Level 2 [Member] | Residential, Construction, Financing Receivables [Member]
|
|||
Residential [Abstract] | |||
Loans | 286,000 | ||
Fair Value, Inputs, Level 3 [Member]
|
|||
Financial assets | |||
Cash and cash equivalents | 0 | ||
Interest bearing deposits in other banks | 0 | ||
Securities available for sale | 0 | ||
Securities to be held to maturity | 0 | ||
Restricted equity securities, at cost | 0 | ||
Loans held for sale | 0 | ||
Commercial [Abstract] | |||
Municipal | 17,640,000 | ||
Residential [Abstract] | |||
Home equity line of credit | 100,130,000 | ||
Consumer | 15,863,000 | ||
Total loans | 869,745,000 | ||
Mortgage servicing rights | 0 | ||
Accrued interest receivable | 0 | ||
Financial liabilities | |||
Demand deposits | 0 | ||
NOW deposits | 0 | ||
Money market deposits | 0 | ||
Savings deposits | 0 | ||
Certificates of deposit | 0 | ||
National Certificates of Deposit | 0 | ||
Total deposits | 0 | ||
Repurchase agreements | 0 | ||
Federal Home Loan Bank Advances | 0 | ||
Total borrowed funds | 0 | ||
Accrued interest payable | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Commercial Real Estate Receivable [Member]
|
|||
Commercial [Abstract] | |||
Loans | 244,695,000 | ||
Fair Value, Inputs, Level 3 [Member] | Commercial Construction [Member]
|
|||
Commercial [Abstract] | |||
Loans | 30,196,000 | ||
Fair Value, Inputs, Level 3 [Member] | Commercial Other Receivable [Member]
|
|||
Commercial [Abstract] | |||
Loans | 84,403,000 | ||
Fair Value, Inputs, Level 3 [Member] | Residential, Term, Financing Receivable [Member]
|
|||
Residential [Abstract] | |||
Loans | 370,724,000 | ||
Fair Value, Inputs, Level 3 [Member] | Residential, Construction, Financing Receivables [Member]
|
|||
Residential [Abstract] | |||
Loans | $ 6,094,000 |
Fair Value Disclosures (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and liabilities measured on recurring basis measured at fair value | The following table presents the balances of assets and liabilities that were measured at fair value on a recurring basis as of June 30, 2012, December 31, 2011 and June 30, 2011.
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Assets and liabilities measured on non-recurring basis measured at fair value | The following tables include assets measured at fair value on a nonrecurring basis that have had a fair value adjustment since their initial recognition. Other real estate owned is presented net of an allowance of $385,000, $436,000, and $136,000 at June 30, 2012, December 31, 2011, and June 30, 2011, respectively. Impaired loans measured at fair value only include impaired loans with a related specific allowance for loan losses and are presented net of specific allowances of $4,177,000, $2,058,000 and $1,965,000 at June 30, 2012, December 31, 2011, and June 30, 2011, respectively.
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Estimated fair value of financial instruments | The estimated fair values for financial instruments as of June 30, 2012 were as follows:
The estimated fair values for financial instruments as of December 31, 2011 and June 30, 2011 were as follows:
|
Investment Securities (Tables)
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
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Investments Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Available For Sale, Held-to-Maturity, and Restricted Equity Securities | The following table summarizes the amortized cost and estimated fair value of investment securities at June 30, 2012:
The following table summarizes the amortized cost and estimated fair value of investment securities at December 31, 2011:
The following table summarizes the amortized cost and estimated fair value of investment securities at June 30, 2011:
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Contractual Maturities of Investment Securities | The following table summarizes the contractual maturities of investment securities at June 30, 2012:
The following table summarizes the contractual maturities of investment securities at December 31, 2011:
The following table summarizes the contractual maturities of investment securities at June 30, 2011:
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Schedule of Securities Gains and Losses | Gains and losses on the sale of securities available for sale are computed by subtracting the amortized cost at the time of sale from the security's selling price, net of accrued interest to be received. The following table shows securities gains and losses for the six months and quarters ended June 30, 2012 and 2011:
The following table summarizes activity in the unrealized gain or loss on available for sale securities included in other comprehensive income for the six months and quarters ended June 30, 2012 and 2011.
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Schedule of Temporary Impairment Losses | Management reviews securities with unrealized losses for other than temporary impairment. As of June 30, 2012, there were 30 securities with unrealized losses held in the Company's portfolio. These securities were temporarily impaired as a result of changes in interest rates reducing their fair value, of which eight had been temporarily impaired for 12 months or more. At the present time, there have been no material changes in the credit quality of these securities resulting in other than temporary impairment, and in Management's opinion, no additional write-down for other-than-temporary impairment is warranted. Information regarding securities temporarily impaired as of June 30, 2012 is summarized below:
As of December 31, 2011, there were 29 securities with unrealized losses held in the Company's portfolio. These securities were temporarily impaired as a result of changes in interest rates reducing their fair value, of which 11 had been temporarily impaired for 12 months or more. Information regarding securities temporarily impaired as of December 31, 2011 is summarized below:
As of June 30, 2011, there were 65 securities with unrealized losses held in the Company's portfolio. These securities were temporarily impaired as a result of changes in interest rates reducing their fair value, of which 11 had been temporarily impaired for 12 months or more. Information regarding securities temporarily impaired as of June 30, 2011 is summarized below:
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Employee Benefit Plans, Schedule of Net Periodic Benefit Cost Not Yet Recognized (Details) (USD $)
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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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Jun. 30, 2011
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Mar. 31, 2011
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Dec. 31, 2010
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Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Unamortized net actuarial loss | $ (100,000) | $ (100,000) | $ (49,000) | |||
Unrecognized transition obligation | (20,000) | (34,000) | (49,000) | |||
Total | (120,000) | (134,000) | (98,000) | |||
Deferred tax benefit at 35% | 43,000 | 47,000 | 35,000 | |||
Net unrecognized postretirement benefits included in accumulated other comprehensive income (loss) | $ (77,000) | $ (82,000) | $ (87,000) | $ (63,000) | $ (68,000) | $ (73,000) |
Subsequent Event (Details) (USD $)
In Millions, unless otherwise specified |
Jun. 30, 2012
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Subsequent Event [Line Items] | |
Total value of acquisition of bank branch | $ 45 |
Amount of customer deposits acquired in acquisition | $ 7.7 |
Basis of Presentation
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6 Months Ended |
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Jun. 30, 2012
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 1 - Basis of Presentation The First Bancorp, Inc. (the Company) is a financial holding company that owns all of the common stock of The First, N.A. (the Bank). The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of Management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. All significant intercompany transactions and balances are eliminated in consolidation. The income reported for the 2012 period is not necessarily indicative of the results that may be expected for the year ending December 31, 2012. For further information, refer to the consolidated financial statements and notes included in the Company's annual report on Form 10-K for the year ended December 31, 2011. Subsequent Events Events occurring subsequent to June 30, 2012, have been evaluated as to their potential impact to the financial statements. |