Fair Value of Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2012

Fair Value of Assets and Liabilities [Abstract]

Assets reported on consolidated balance sheets at their fair value

	(Amounts in thousands)
			Fair Value Measurements at 9/30/12 Using
Description	September 30, 2012		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
ASSETS
U.S. Treasury securities	$	126	$	—	$	126	$	—
U.S. Government agencies and corporations		9,129		—		9,129		—
Obligations of states and political subdivisions		40,635		—		40,635		—
U.S. Government-sponsored mortgage-backed and CMO securities		114,339		—		114,339		—
Trust preferred securities		7,296		—		—		7,296
General Motors equity investments		450		450		—		—
Loans held for sale		15,999		—		15,999		—
Mortgage banking derivatives		1,696		—		1,696		—
LIABILITIES
Mortgage banking derivatives	$	1,059	$	—	$	1,059	$	—
			Fair Value Measurements at 12/31/11 Using
Description	December 31, 2011		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
ASSETS
U.S. Treasury securities	$	133	$	—	$	133	$	—
U.S. Government agencies and corporations		20,542		—		20,542		—
Obligations of states and political subdivisions		39,019		—		39,019		—
U.S. Government-sponsored mortgage-backed and CMO securities		113,283		—		113,283		—
Private-label mortgage-backed and related securities		381		—		381		—
Trust preferred securities		9,145		—		—		9,145
General Motors equity investments		364		364		—		—
Loans held for sale		947		—		947		—
Mortgage banking derivatives		66		—		66		—

Changes in the Level 3 fair value category

	(Amounts in thousands)
	Trust preferred securities			Trust preferred securities
	Three Months Ended			Nine Months Ended
	September 30, 2012			September 30, 2012
Beginning balance	$	9,421		$	9,145
Net realized/unrealized gains/(losses) included in:
Noninterest income		—			(171	)
Other comprehensive income		1,406			1,869
Transfers in and/or out of Level 3		—			—
Sales		(3,531	)		(3,531	)
Purchases, issuances and settlements		—			(16	)
Ending balance, September 30, 2012	$	7,296		$	7,296
Losses included in net income for the period relating to assets held at September 30, 2012	$	—		$	(90	)
	(Amounts in thousands)
	Trust preferred securities			Trust preferred securities
	Three Months Ended			Nine Months Ended
	September 30, 2011			September 30, 2011
Beginning balance	$	11,722		$	12,779
Net realized/unrealized gains/(losses) included in:
Noninterest income		—			(202	)
Other comprehensive income		(2,790	)		(3,639	)
Transfers in and/or out of Level 3		—			—
Purchases, issuances and settlements		(4	)		(10	)
Ending balance, September 30, 2011	$	8,928		$	8,928
Losses included in net income for the period relating to assets held at September 30, 2011	$	—		$	(202	)

Debt securities with other-than-temporary impairment their credit ratings

	(Amounts in thousands)
	Moody’s/Fitch Rating	Amount of OTTI related to credit loss at January 1, 2012		Additions in QTD March 31, 2012		Additions in QTD June 30, 2012		Additions in QTD September  30, 2012		Amount of OTTI related to credit loss at September 30, 2012
PreTSL XXIII Class C-FP	C/C	$	211	$	—	$	—	$	—	$	211
Trapeza IX B-1	Ca/CC		50		90		—		—		140
Total		$	261	$	90	$	—	$	—	$	351

	(Amounts in thousands)
	Moody’s/Fitch Rating	Amount of OTTI related to credit loss at January 1, 2011		Additions in QTD March 31, 2011		Additions in QTD June 30, 2011		Additions in QTD September 30, 2011		Amount of OTTI related to credit loss at September 30, 2011
MM Community Funding II Class B	Ba1/CC	$	11	$	—	$	—	$	—	$	11
PreTSL I Mezzanine	Ca/C		430		—		—		—		430
PreTSL II Mezzanine	Ca/C		1,274		142		—		—		1,416
PreTSL V Mezzanine	Ba3/D		97		—		—		—		97
PreTSL VIII B-3	C/C		1,635		—		—		—		1,635
PreTSL IX Class B-2	Ca/C		274		—		—		—		274
PreTSL XV Class B-2	C/C		267		10		—		—		277
PreTSL XV Class B-3	C/C		269		10		—		—		279
PreTSL XVI D	NR/C		518		—		—		—		518
PreTSL XVI D	NR/C		991		—		—		—		991
PreTSL XVII Class C	Ca/C		978		—		—		—		978
PreTSL XVII Class D	NR/C		930		—		—		—		930
PreTSL XVIII Class D	NR/C		513		—		—		—		513
PreTSL XXIII Class C-FP	C/C		211		—		—		—		211
PreTSL XXV Class D	NR/C		1,001		—		—		—		1,001
PreTSL XXVI Class D	NR/C		465		—		—		—		465
Trapeza CDO II Class C-1	Ca/C		598		—		—		—		598
Trapeza IX B-1	Ca/CC		10		40		—		—		50
Total		$	10,472	$	202	$	—	$	—	$	10,674

Additional information related to the Company's trust preferred securities

	(Amounts in thousands)
Deal	Class	Amortized Cost		Fair Value		Unrealized Gain/(Loss)			Moody’s/ Fitch Rating	Number of Issuers Currently Performing		Deferrals and Defaults as a % of Current Collateral			Excess Subordination as a % of Current Performing Collateral
PreTSL XXIII	C-2	$	1,011	$	156	$	(855	)	C/C		93		25.49	%		—	%
PreTSL XXIII	C-FP		1,554		531		(1,023	)	C/C		93		25.49			—
I-PreTSL I	B-1		986		600		(386	)	NR/CCC		14		25.78			4.22
I-PreTSL I	B-2		1,000		600		(400	)	NR/CCC		14		25.78			4.22
I-PreTSL I	B-3		1,000		600		(400	)	NR/CCC		14		25.78			4.22
I-PreTSL II	B-3		2,991		2,245		(746	)	NR/B		23		12.60			13.19
I-PreTSL III	B-2		1,000		602		(398	)	Ba3/CCC		22		18.02			9.18
I-PreTSL III	C		1,000		372		(628	)	NR/CCC		22		18.02			0.56
I-PreTSL IV	B-1		1,000		643		(357	)	Ba2/CCC		24		13.87			7.44
I-PreTSL IV	B-2		1,000		643		(357	)	Ba2/CCC		24		13.87			7.44
I-PreTSL IV	C		480		144		(336	)	Caa1/CC		24		13.87			1.88
Trapeza IX	B-1		860		160		(700	)	Ca/CC		34		19.91			—
Total		$	13,882	$	7,296	$	(6,586	)

	(Amounts in thousands)
Deal	Class	Amortized cost		Fair Value		Unrealized Gain/(Loss)			Moody’s/ Fitch Rating	Number of Issuers Currently Performing		Deferrals and Defaults as a % of Current Collateral			Excess Subordination as a % of Current Performing Collateral
PreTSL I	Mezzanine	$	513	$	517	$	4		Ca/C		17		38.07	%		—	%
PreTSL II	Mezzanine		688		480		(208	)	Ca/C		16		48.26			—
PreTSL IV	Mezzanine		183		175		(8	)	Ca/CCC		4		27.07			19.56
PreTSL V	Mezzanine		22		11		(11	)	Ba3/D		—		100.00			—
PreTSL VIII	B-3		365		91		(274	)	C/C		21		45.91			—
PreTSL IX	B-2		719		249		(470	)	Ca/C		33		31.02			—
PreTSL XV	B-2		224		55		(169	)	C/C		51		31.31			—
PreTSL XV	B-3		224		55		(169	)	C/C		51		31.31			—
PreTSL XVI	D		—		—		—		NR/C		34		42.55			—
PreTSL XVI	D		—		—		—		NR/C		34		42.55			—
PreTSL XVII	C		—		—		—		Ca/C		36		32.11			—
PreTSL XVII	D		—		—		—		NR/C		36		32.11			—
PreTSL XVIII	D		—		—		—		NR/C		52		26.46			—
PreTSL XXIII	C-2		1,011		99		(912	)	C/C		95		26.81			—
PreTSL XXIII	C-FP		1,550		472		(1,078	)	C/C		95		26.81			—
PreTSL XXV	D		—		—		—		NR/C		48		33.52			—
PreTSL XXVI	D		—		—		—		NR/C		48		28.26			—
I-PreTSL I	B-1		985		603		(382	)	NR/CCC		15		16.80			2.63
I-PreTSL I	B-2		1,000		603		(397	)	NR/CCC		15		16.80			2.63
I-PreTSL I	B-3		1,000		603		(397	)	NR/CCC		15		16.80			2.63
I-PreTSL II	B-3		2,991		2,383		(608	)	NR/B		26		5.09			13.16
I-PreTSL III	B-2		1,000		621		(379	)	B2/CCC		22		12.35			7.56
I-PreTSL III	C		1,000		383		(617	)	NR/CCC		22		12.35			—
I-PreTSL IV	B-1		1,000		485		(515	)	Ba2/CCC		27		8.44			10.46
I-PreTSL IV	B-2		1,000		484		(516	)	Ba2/CCC		27		8.44			10.46
I-PreTSL IV	C		480		136		(344	)	Caa1/CC		27		8.44			5.48
MM Community Funding III	B		280		216		(64	)	Ba1/CC		5		41.11			2.76
Trapeza II	C-1		414		278		(136	)	Ca/C		23		33.43			—
Trapeza IX	B-1		951		146		(805	)	Ca/CC		40		12.99			—
Total		$	17,600	$	9,145	$	(8,455	)

Assets measured on a nonrecurring basis on the consolidated balance sheets at their fair value

	(Amounts in thousands)
	September 30, 2012
	Level 1		Level 2		Level 3		Total
Assets measured on a nonrecurring basis:
Impaired loans	$	—	$	—	$	5,271	$	5,271
Other real estate owned		—		—		242		242
	December 31, 2011
	Level 1		Level 2		Level 3		Total
Assets measured on a nonrecurring basis:
Impaired loans	$	—	$	—	$	2,563	$	2,563
Other real estate owned		—		—		437		437

Carrying amounts and estimated fair values of the Company's financial instruments

	(Amounts in thousands)
	September 30, 2012
	Carrying Amount		Level 1		Level 2		Level 3		Estimated Fair Value
ASSETS:
Cash and cash equivalents	$	40,829	$	40,829	$	—	$	—	$	40,829
Investment securities available-for-sale		175,024		450		167,278		7,296		175,024
Loans held for sale		15,999		—		15,999		—		15,999
Loans, net of allowance for loan losses		289,577		—		—		297,187		297,187
Accrued interest receivable		2,007		2,007		—		—		2,007
Mortgage banking derivatives		1,696		—		1,696		—		1,696
LIABILITIES:
Demand, savings and money market deposits	$	280,536	$	280,536	$	—	$	—	$	280,536
Time deposits		158,321		—		162,610		—		162,610
FHLB advances		37,000		—		—		40,366		40,366
Short-term borrowings		4,737		4,737		—		—		4,737
Subordinated debt		5,155		—		—		4,325		4,325
Accrued interest payable		381		381		—		—		381
Mortgage banking derivatives		1,059		—		1,059		—		1,059

	(Amounts in thousands)
	December 31, 2011
	Carrying Amount		Estimated Fair Value
ASSETS:
Cash and cash equivalents	$	16,176	$	16,176
Investment securities available-for-sale		185,916		185,916
Loans held for sale		947		947
Loans, net of allowance for loan losses		286,038		291,681
Accrued interest receivable		1,919		1,919
Mortgage banking derivatives		66		66
LIABILITIES:
Demand, savings and money market deposits	$	265,171	$	265,171
Time deposits		157,594		160,978
FHLB advances		37,500		41,113
Short-term borrowings		4,773		4,773
Subordinated debt		5,155		3,508
Accrued interest payable		441		441

Significant unobservable inputs for assets and liabilities measured at fair value on a recurring and nonrecurring basis

	(Amounts in thousands)
	Fair value at September 30, 2012		Valuation Technique	Significant Unobservable Input	Description of Inputs
Trust preferred securities	$	7,296	Discounted Cash Flow	Projected Prepayments	1) Trust preferred securities issued by banks subject to Dodd-Frank’s phase-out of trust preferred securities from Tier 1 Capital. 2) Trust preferred securities issued by healthy, well capitalized banks that have fixed rate coupons greater than 8% or floating rate spreads greater than 300 bps. 3) 5% every 5 years for all banks beginning in 2018. 4) Zero for collateral issued by REITs or insurance companies.
				Projected Defaults	1) All deferring issuers that do not meet the criteria for curing, as described below, are projected to default immediately. 2) Banks with high, near team default risk are identified using a CAMELS model, and projected to default immediately. Healthy banks are projected to default at a rate of 2% annually for 2 years, and 0.36% annually thereafter. 3) Insurance and REIT defaults are projected according to the historical default rates exhibited by companies with the same credit ratings. Historical default rates are doubled in each of the first two years of the projection to account for current economic conditions. Unrated issuers are assumed to have CCC- ratings.
				Projected Cures	1) Deferring issuers that have definitive agreements to either be acquired or recapitalized.
				Projected Recoveries	1) Zero for insurance companies, REITs and insolvent banks, and 10% for projected bank deferrals.
				Discount Rates	1) Ranging from ~10.04% to ~23.27%, depending on each bond’s seniority and remaining subordination after projected losses.
Impaired loans		4,139	Appraisal of Collateral (1)	Appraisal Adjustments (2)	0% to (27)%
				Liquidation Expenses (2)	0% to (13)%
		1,132	Discounted Cash Flow	Discount Rate	5.75% (only one loan)
Other real estate owned		242	Appraisal of Collateral (1), (3)	Appraisal Adjustments (2)	0% to (36)%
				Sales Agreements	0% to (38)%

(1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable.

(2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses are presented as a percent of the appraisal. The adjustment of appraised value is measured as the effect on fair value as a percentage of unpaid principal.

(3) Includes qualitative adjustments by management and estimated liquidation expenses.

Consolidated average balance sheets, yields and rates

	(Fully taxable equivalent basis in thousands of dollars)
	YEAR-TO-DATE AS OF
	SEPTEMBER 30, 2012							DECEMBER 31, 2011							SEPTEMBER 30, 2011
	Average				Average			Average				Average			Average				Average
	Balance		Interest		Rate			Balance		Interest		Rate			Balance		Interest		Rate
ASSETS
Interest earning deposits and other assets	$	7,322	$	16		0.29	%	$	12,738	$	51		0.40	%	$	14,856	$	45		0.39	%
Investment securities (1) (2)		182,576		4,203		3.07	%		186,872		6,491		3.47	%		184,877		4,967		3.59	%
Loans (1) (2) (3)		293,935		12,025		5.45	%		261,080		15,314		5.87	%		259,344		11,486		5.93	%
Total interest-earning assets		483,833	$	16,244		4.48	%		460,690	$	21,856		4.74	%		459,077	$	16,498		4.81	%
Cash and due from banks		7,725							7,175							7,040
Bank premises and equipment		6,511							6,612							6,637
Other assets		18,773							19,251							20,155
Total non-interest-earning assets		33,009							33,038							33,832
Total assets	$	516,842						$	493,728						$	492,909
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing demand deposits	$	80,696	$	105		0.17	%	$	73,809	$	176		0.20	%	$	72,796	$	137		0.25	%
Savings		102,932		78		0.10	%		94,160		141		0.12	%		93,155		112		0.16	%
Time		156,915		1,881		1.60	%		161,280		2,976		1.75	%		161,791		2,270		1.88	%
Total interest-bearing deposits		340,543		2,064		0.81	%		329,249		3,293		0.92	%		327,742		2,519		1.03	%
Other borrowings		44,730		963		2.88	%		43,734		1,347		3.26	%		45,307		1,027		3.03	%
Subordinated debt		5,155		76		1.94	%		5,155		92		1.86	%		5,155		68		1.76	%
Total interest-bearing liabilities		390,428	$	3,103		1.06	%		378,138	$	4,732		1.25	%		378,204	$	3,614		1.28	%
Demand deposits		73,943							66,312							65,217
Other liabilities		4,428							4,689							4,986
Shareholders’ equity		48,043							44,589							44,502
Total liabilities and Shareholders’ equity	$	516,842						$	493,728						$	492,909
Net interest income			$	13,141						$	17,124						$	12,884
Net interest rate spread (4)						3.42	%						3.49	%						3.53	%
Net interest margin (5)						3.62	%						3.72	%						3.76	%
Ratio of interest-earning assets to interest-bearing liabilities						1.24							1.22							1.21

(1) Includes both taxable and tax exempt securities and loans.

(2) Tax exempt interest is shown on a tax equivalent basis for proper comparison using a statutory federal income tax of 34%. The tax equivalent income adjustment for loans and investments is $35,000 and $541,000 for September 30, 2012, $50,000 and $696,000 for December 31, 2011 and $37,000 and $528,000 for September 30, 2011.

(3) Includes applicable loan origination and commitment fees, net of deferred origination cost amortization.

(4) Interest rate spread represents the difference between the yield on earning assets and the ratio paid on interest-bearing liabilities.

(5) Interest margin is calculated by dividing net interest income by total interest-earning assets.

	(Fully taxable equivalent basis in thousands of dollars)
	QUARTER-TO-DATE AS OF
	SEPTEMBER 30, 2012							JUNE 30, 2012							SEPTEMBER 30, 2011
	Average				Average			Average				Average			Average				Average
	Balance		Interest		Rate			Balance		Interest		Rate			Balance		Interest		Rate
ASSETS
Interest earning deposits and other assets	$	9,729	$	4		0.21	%	$	7,364	$	7		0.34	%	$	12,403	$	10		0.32	%
Investment securities (1) (2)		175,539		1,219		2.80	%		185,034		1,479		3.20	%		188,967		1,590		3.39	%
Loans (2) (3)		306,987		4,108		5.33	%		287,960		3,937		5.36	%		261,306		3,851		5.87	%
Total interest-earning assets		492,255	$	5,331		4.33	%		480,358	$	5,423		4.45	%		462,676	$	5,451		4.71	%
Cash and due from banks		7,901							7,539							7,321
Bank premises and equipment		6,557							6,493							6,572
Other assets		20,031							19,089							19,196
Total non-interest-earning assets		34,489							33,121							33,089
Total assets	$	526,744						$	513,479						$	495,765
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing demand deposits	$	81,167	$	39		0.19	%	$	78,554	$	32		0.16	%	$	72,882	$	41		0.23	%
Savings		105,579		27		0.10	%		103,130		25		0.09	%		94,664		33		0.14	%
Time		155,713		595		1.52	%		157,483		626		1.59	%		163,819		740		1.79	%
Total interest-bearing deposits		342,459		661		0.77	%		339,167		683		0.81	%		331,365		814		0.98	%
Other borrowings		47,771		326		2.71	%		42,760		319		2.99	%		38,401		321		3.31	%
Subordinated debt		5,155		25		1.91	%		5,155		25		1.92	%		5,155		23		1.74	%
Total interest-bearing liabilities		395,385	$	1,012		1.02	%		387,082	$	1,027		1.07	%		374,921	$	1,158		1.23	%
Demand deposits		77,023							73,787							68,080
Other liabilities		5,247							4,350							7,066
Shareholders’ equity		49,089							48,260							45,698
Total liabilities and Shareholders’ equity	$	526,744						$	513,479						$	495,765
Net interest income			$	4,319						$	4,396						$	4,293
Net interest rate spread (4)						3.31	%						3.38	%						3.48	%
Net interest margin (5)						3.51	%						3.59	%						3.72	%
Ratio of interest-earning assets to interest-bearing liabilities						1.25							1.24							1.23

(1) Includes both taxable and tax exempt securities and loans.

(2) Tax exempt interest is shown on a tax equivalent basis for proper comparison using a statutory federal income tax of 34%. The tax equivalent income adjustment for loans and investments is $11,000 and $184,000 for September 30, 2012, $11,000 and $185,000 for June 30, 2012 and $14,000 and $162,000 for September 30, 2011.

(3) Includes applicable loan origination and commitment fees, net of deferred origination cost amortization.

(4) Interest rate spread represents the difference between the yield on earning assets and the ratio paid on interest-bearing liabilities.

(5) Interest margin is calculated by dividing net interest income by total interest-earning assets.

Selected financial data

	September 30,			June 30,			March 31,			December 31,			September 30,
Unaudited	2012			2012			2012			2011			2011
SUMMARY OF OPERATIONS
Total interest income	$	5,136		$	5,227		$	5,305		$	5,177		$	5,275
Total interest expense		(1,012	)		(1,027	)		(1,064	)		(1,118	)		(1,158	)
NET INTEREST INCOME (NII)		4,124			4,200			4,241			4,059			4,117
Provision for loan losses		(300	)		(330	)		(270	)		(324	)		(324	)
NII after loss provision		3,824			3,870			3,971			3,735			3,793
Security gains ( losses) including impairment losses		25			28			(164	)		9			92
Mortgage banking gains		1,017			266			154			42			25
Total non-interest income (excluding security and loan gains)		670			734			705			764			753
Total non-interest expense		(3,848	)		(3,694	)		(3,864	)		(3,508	)		(3,291	)
Income before tax		1,688			1,204			802			1,042			1,372
Net income	$	1,266		$	952		$	1,159		$	828		$	1,054
PER COMMON SHARE DATA (1)
Net income, both basic and diluted	$	0.28		$	0.21		$	0.26		$	0.18		$	0.24
Book value		11.17			10.64			10.53			10.10			9.78
BALANCE SHEET DATA
Assets	$	554,508		$	522,699		$	508,446		$	519,830		$	497,757
Investments		175,024			177,228			182,686			185,916			188,712
Loans		293,194			284,257			277,357			289,096			263,514
Loans held for sale		15,999			14,882			6,804			947			216
Deposits		438,857			414,304			409,055			422,765			402,121
Borrowings		41,737			50,559			42,180			42,273			42,449
Subordinated Debt		5,155			5,155			5,155			5,155			5,155
Shareholders equity		50,560			48,137			47,633			45,719			44,268
AVERAGE BALANCES
Assets	$	526,744		$	513,479		$	510,604		$	496,192		$	495,765
Investments		175,539			185,034			187,235			192,792			188,967
Loans		289,792			287,960			281,594			265,427			259,172
Loans held for sale		17,195			9,356			5,121			805			172
Deposits		419,482			412,954			410,969			403,291			399,445
Borrowings		47,771			42,760			43,625			39,064			38,401
Subordinated Debt		5,155			5,155			5,155			5,155			5,155
Shareholders equity		49,089			48,260			46,767			44,851			45,698
ASSET QUALITY RATIOS
Loan charge-offs	$	(70	)	$	(168	)	$	(214	)	$	(341	)	$	(144	)
Recoveries on loans		49			37			25			17			25
Net charge-offs	$	(21	)	$	(131	)	$	(189	)	$	(324	)	$	(119	)
Net charge-offs as a percentage of average total loans		0.03	%		0.19	%		0.27	%		0.49	%		0.18	%
Loans 30 days or more beyond their contractual due date as a percent of total loans		1.56			2.18			1.13			1.40			2.18
Nonperforming loans	$	6,477		$	7,667		$	3,721		$	4,714		$	4,501
Nonperforming securities		832			1,376			1,523			1,542			1,626
Other real estate owned		242			316			359			437			479
Total nonperforming assets	$	7,551		$	9,359		$	5,603		$	6,693		$	6,606
Nonperforming assets as a percentage of:
Total assets		1.36	%		1.79	%		1.10	%		1.29	%		1.33	%
Equity plus allowance for loan losses		13.92			18.15			11.02			13.70			13.93
Tier I capital		13.70			17.54			10.64			12.94			13.08
FINANCIAL RATIOS
Return on average equity		10.32	%		7.89	%		9.91	%		7.38	%		9.23	%
Return on average assets		0.96			0.74			0.91			0.67			0.85
Efficiency ratio		66.22			71.04			75.76			72.11			67.23
Effective tax rate		25.00			20.93			(44.51	)		20.54			23.18
Net interest margin		3.51			3.59			3.67			3.64			3.72

(1) Basic and diluted earnings per share are based on weighted average shares outstanding. Book value per common share is based on shares outstanding at each period.