Allowance for Loan and Lease Losses | 9 Months Ended |
Sep. 30, 2014 |
Receivables [Abstract] | ' |
Allowance for Loan and Lease Losses | ' |
Allowance for Loan and Lease Losses |
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The following tables present the changes in the allowance for loan and lease losses and the recorded investment in loans and leases by portfolio segment for the periods indicated: |
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| Three Months Ended September 30, 2014 | | | | | | | | |
| Commercial | | Commercial | | Indirect | | Consumer | | Unallocated | | Total | | | | | | | | |
Real Estate | Automobile | | | | | | | | |
| (In Thousands) | | | | | | | | |
Balance at June 30, 2014 | $ | 26,715 | | | $ | 15,866 | | | $ | 3,686 | | | $ | 3,017 | | | $ | 2,402 | | | $ | 51,686 | | | | | | | | | |
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Charge-offs | (64 | ) | | (605 | ) | | (264 | ) | | (203 | ) | | — | | | (1,136 | ) | | | | | | | | |
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Recoveries | — | | | 261 | | | 55 | | | 27 | | | — | | | 343 | | | | | | | | | |
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Provision (credit) for loan and lease losses | 2,769 | | | (1,573 | ) | | (16 | ) | | 728 | | | 21 | | | 1,929 | | | | | | | | | |
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Balance at September 30, 2014 | $ | 29,420 | | | $ | 13,949 | | | $ | 3,461 | | | $ | 3,569 | | | $ | 2,423 | | | $ | 52,822 | | | | | | | | | |
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| Three Months Ended September 30, 2013 | | | | | | | | |
| Commercial | | Commercial | | Indirect | | Consumer | | Unallocated | | Total | | | | | | | | |
Real Estate | Automobile | | | | | | | | |
| (In Thousands) | | | | | | | | |
Balance at June 30, 2013 | $ | 22,019 | | | $ | 11,791 | | | $ | 4,695 | | | $ | 2,999 | | | $ | 2,777 | | | $ | 44,281 | | | | | | | | | |
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Charge-offs | (7 | ) | | (219 | ) | | (510 | ) | | (167 | ) | | — | | | (903 | ) | | | | | | | | |
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Recoveries | — | | | 62 | | | 116 | | | 104 | | | — | | | 282 | | | | | | | | | |
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Provision for loan and lease losses | 447 | | | 2,036 | | | 15 | | | 179 | | | 53 | | | 2,730 | | | | | | | | | |
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Balance at September 30, 2013 | $ | 22,459 | | | $ | 13,670 | | | $ | 4,316 | | | $ | 3,115 | | | $ | 2,830 | | | $ | 46,390 | | | | | | | | | |
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| Nine Months Ended September 30, 2014 | | | | | | | | |
| Commercial | | Commercial | | Indirect | | Consumer | | Unallocated | | Total | | | | | | | | |
Real Estate | Automobile | | | | | | | | |
| (In Thousands) | | | | | | | | |
Balance at December 31, 2013 | $ | 23,022 | | | $ | 15,220 | | | $ | 3,924 | | | $ | 3,375 | | | $ | 2,932 | | | $ | 48,473 | | | | | | | | | |
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Charge-offs | (64 | ) | | (1,952 | ) | | (781 | ) | | (585 | ) | | — | | | (3,382 | ) | | | | | | | | |
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Recoveries | — | | | 730 | | | 332 | | | 141 | | | — | | | 1,203 | | | | | | | | | |
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Provision (credit) for loan and lease losses | 6,462 | | | (49 | ) | | (14 | ) | | 638 | | | (509 | ) | | 6,528 | | | | | | | | | |
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Balance at September 30, 2014 | $ | 29,420 | | | $ | 13,949 | | | $ | 3,461 | | | $ | 3,569 | | | $ | 2,423 | | | $ | 52,822 | | | | | | | | | |
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| Nine Months Ended September 30, 2013 | | | | | | | | |
| Commercial | | Commercial | | Indirect | | Consumer | | Unallocated | | Total | | | | | | | | |
Real Estate | Automobile | | | | | | | | |
| (In Thousands) | | | | | | | | |
Balance at December 31, 2012 | $ | 20,018 | | | $ | 10,655 | | | $ | 5,304 | | | $ | 2,545 | | | $ | 2,630 | | | $ | 41,152 | | | | | | | | | |
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Charge-offs | (88 | ) | | (943 | ) | | (1,190 | ) | | (373 | ) | | — | | | (2,594 | ) | | | | | | | | |
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Recoveries | 4 | | | 326 | | | 395 | | | 190 | | | — | | | 915 | | | | | | | | | |
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Provision (credit) for loan and lease losses | 2,525 | | | 3,632 | | | (193 | ) | | 753 | | | 200 | | | 6,917 | | | | | | | | | |
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Balance at September 30, 2013 | $ | 22,459 | | | $ | 13,670 | | | $ | 4,316 | | | $ | 3,115 | | | $ | 2,830 | | | $ | 46,390 | | | | | | | | | |
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The liability for unfunded credit commitments, which is included in other liabilities, was $1.3 million, $1.0 million and $0.9 million at September 30, 2014, December 31, 2013 and September 30, 2013, respectively. During the nine-month periods ended September 30, 2014 and 2013, the liability for unfunded credit commitments increased by $0.3 million and $0.1 million, respectively, to reflect changes in the estimate of loss exposure associated with credit commitments. No credit commitments were charged off against the liability account in the nine-month periods ended September 30, 2014 and 2013. |
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Provision for Credit Losses |
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The provision for credit losses are set forth below for the periods indicated: |
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| Three Months Ended September 30, | | Nine Months Ended September 30, | | | | | | | | | | | | | | | | |
| 2014 | | 2013 | | 2014 | | 2013 | | | | | | | | | | | | | | | | |
| (In Thousands) | | | | | | | | | | | | | | | | |
Provision (credit) for loan and lease losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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Commercial real estate | $ | 2,769 | | | $ | 447 | | | $ | 6,462 | | | $ | 2,525 | | | | | | | | | | | | | | | | | |
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Commercial | (1,573 | ) | | 2,036 | | | (49 | ) | | 3,632 | | | | | | | | | | | | | | | | | |
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Indirect automobile | (16 | ) | | 15 | | | (14 | ) | | (193 | ) | | | | | | | | | | | | | | | | |
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Consumer | 728 | | | 179 | | | 638 | | | 753 | | | | | | | | | | | | | | | | | |
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Unallocated | 21 | | | 53 | | | (509 | ) | | 200 | | | | | | | | | | | | | | | | | |
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Total provision for loan and lease losses | 1,929 | | | 2,730 | | | 6,528 | | | 6,917 | | | | | | | | | | | | | | | | | |
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Unfunded credit commitments | 105 | | | 18 | | | 225 | | | 125 | | | | | | | | | | | | | | | | | |
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Total provision for credit losses | $ | 2,034 | | | $ | 2,748 | | | $ | 6,753 | | | $ | 7,042 | | | | | | | | | | | | | | | | | |
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Procedure for Placing Loans and Leases on Nonaccrual |
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Accrual of interest on loans generally is discontinued when contractual payment of principal or interest becomes past due 90 days or, if in management’s judgment, reasonable doubt exists as to the full timely collection of interest. Exceptions may be made if the loan has matured and is in the process of renewal or is well-secured and in the process of collection. When a loan is placed on nonaccrual status, interest accruals cease and uncollected accrued interest is reversed and charged against current interest income. Interest payments on nonaccrual loans are applied to principal. Loans are returned to accrual status when principal and interest payments are current, full collectability of principal and interest is reasonably assured and a consistent record of at least six consecutive months of performance has been achieved. |
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Allowance for Loan and Lease Losses Methodology |
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Management has established a methodology to determine the adequacy of the allowance for loan and lease losses that assesses the risks and losses inherent in the loan and lease portfolio. Additions to the allowance for loan and lease losses are made by charges to the provision for credit losses. Losses on loans and leases are charged off against the allowance when all or a portion of a loan or lease is considered uncollectible. Subsequent recoveries on loans previously charged off, if any, are credited to the allowance when realized. |
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For purposes of determining the allowance for loan and lease losses, the Company has segmented certain loans and leases in the portfolio by product type into the following pools: (1) commercial real estate loans, (2) commercial loans and leases, (3) indirect automobile loans and (4) consumer loans. Portfolio segments are further disaggregated into classes based on the associated risks within the segments. Commercial real estate loans are divided into three classes: commercial real estate mortgage loans, multi-family mortgage loans and construction loans. Commercial loans and leases are divided into three classes: commercial loans, equipment financing, and loans to condominium associations. The indirect automobile loan segment is not divided into classes. Consumer loans are divided into three classes: residential mortgage loans, home equity loans and other consumer loans. For each class of loan, management makes significant judgments in selecting the estimation method that fits the credit characteristics of its class and portfolio segment as set forth below. |
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General Allowance |
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The general allowance for loan and lease losses was $49.6 million at September 30, 2014, compared to $44.1 million at December 31, 2013. The general portion of the allowance for loan and lease losses increased by $5.5 million during the nine months ended September 30, 2014, in part as a result of growth in the commercial real estate and commercial loan and lease portfolios, partially offset by the decrease in the indirect auto portfolio. |
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Specific Allowance |
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The specific allowance for loan and lease losses was $0.8 million at September 30, 2014, compared to $1.5 million at December 31, 2013. The specific allowance decreased by $0.7 million during the nine months ended September 30, 2014, largely as a result of improved credit quality and higher collateral value underlying those impaired loans and leases. |
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Unallocated Allowance |
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The unallocated allowance for loan and lease losses was $2.4 million at September 30, 2014, compared to $2.9 million at December 31, 2013. The unallocated portion of the allowance for loan and lease losses decreased by $0.5 million during the nine months ended September 30, 2014, largely as the result of improved credit quality and loss history. |
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Credit Quality Assessment |
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At the time of loan origination, a rating is assigned based on the financial strength of the borrower and the value of assets pledged as collateral. The Company continually monitors the asset quality of the loan portfolio using all available information. The officer responsible for handling each loan is required to initiate changes to risk ratings when changes in facts and circumstances occur that warrant an upgrade or downgrade in a loan rating. Based on this information, loans demonstrating certain payment issues or other weaknesses may be categorized as delinquent, impaired, nonperforming and/or put on nonaccrual status. Additionally, in the course of resolving such loans, the Company may choose to restructure the contractual terms of certain loans to match the borrower’s ability to repay the loan based on their current financial condition. If a restructured loan meets certain criteria, it may be categorized as a troubled debt restructuring. |
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The Company reviews numerous credit quality indicators when assessing the risk in its loan portfolio. For the commercial real estate mortgage, multi-family mortgage, construction, commercial, equipment financing, condominium association and other consumer loan and lease classes, the Company utilizes an eight-grade loan rating system, which assigns a risk rating to each borrower based on a number of quantitative and qualitative factors associated with a loan transaction. Factors considered include industry and market conditions; position within the industry; earnings trends; operating cash flow; asset/liability values; debt capacity; guarantor strength; management and controls; financial reporting; collateral; and other considerations. In addition, the Company’s independent loan review group evaluates the credit quality and related risk ratings of the commercial real estate and commercial loan portfolios. The results of these reviews are reported to the Board of Directors. For consumer loans, the Company primarily relies on payment status for monitoring credit risk. |
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The ratings categories used for assessing credit risk in the commercial real estate mortgage, multi-family mortgage, construction, commercial, equipment financing, condominium association and other consumer loan and lease classes are defined as follows: |
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1-4 Rating — Pass |
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Loan rating grades “1” through “4” are classified as “Pass,” which indicates borrowers are performing in accordance with the terms of the loan and are less likely to result in loss due to the capacity of the borrower to pay and the adequacy of the value of assets pledged as collateral. |
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5 Rating — Other Asset Especially Mentioned (“OAEM”) |
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Borrowers exhibit potential credit weaknesses or downward trends deserving management’s attention. If not checked or corrected, these trends will weaken the Company’s asset and position. While potentially weak, currently these borrowers are marginally acceptable; no loss of principal or interest is envisioned. |
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6 Rating — Substandard |
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Borrowers exhibit well-defined weaknesses that jeopardize the orderly liquidation of debt. Substandard loans may be inadequately protected by the current net worth and paying capacity of the obligors or by the collateral pledged, if any. Normal repayment from the borrower is in jeopardy. Although no loss of principal is envisioned, there is a distinct possibility that a partial loss of interest and/or principal will occur if the deficiencies are not corrected. Collateral coverage may be inadequate to cover the principal obligation. |
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7 Rating — Doubtful |
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Borrowers exhibit well-defined weaknesses that jeopardize the orderly liquidation of debt with the added provision that the weaknesses make collection of the debt in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Serious problems exist to the point where partial loss of principal is likely. |
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8 Rating — Definite Loss |
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Borrowers deemed incapable of repayment. Loans to such borrowers are considered uncollectable and of such little value that continuation as active assets of the Company is not warranted. |
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Assets rated as “OAEM,” “substandard” or “doubtful” based on criteria established under banking regulations are collectively referred to as “criticized” assets. |
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Credit Quality Information |
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The following tables present the recorded investment in loans in each class at September 30, 2014 by credit quality indicator. |
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| At September 30, 2014 | | | | |
| Commercial | | Multi- | | Construction | | Commercial | | Equipment | | Condominium | | Other | | | | |
Real Estate | Family | Financing | Association | Consumer | | | | |
Mortgage | Mortgage | | | | | | | |
| (In Thousands) | | | | |
Originated: | | | | | | | | | | | | | | | | | | | | | | | | |
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Loan rating: | | | | | | | | | | | | | | | | | | | | | | | | |
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Pass | $ | 1,303,529 | | | $ | 564,171 | | | $ | 151,199 | | | $ | 380,023 | | | $ | 556,230 | | | $ | 49,600 | | | $ | 12,606 | | | | | |
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OAEM | 8,626 | | | 365 | | | — | | | 8,701 | | | 1,009 | | | — | | | — | | | | | |
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Substandard | 1,063 | | | — | | | — | | | 1,030 | | | 2,510 | | | — | | | 10 | | | | | |
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Doubtful | — | | | — | | | — | | | 1,158 | | | 686 | | | — | | | — | | | | | |
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Total originated | 1,313,218 | | | 564,536 | | | 151,199 | | | 390,912 | | | 560,435 | | | 49,600 | | | 12,616 | | | | | |
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Acquired: | | | | | | | | | | | | | | | | | | | | | | | | |
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Loan rating: | | | | | | | | | | | | | | | | | | | | | | | | |
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Pass | 279,812 | | | 63,327 | | | 9,843 | | | 94,492 | | | 16,015 | | | — | | | 672 | | | | | |
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OAEM | 8,842 | | | 723 | | | 237 | | | 2,450 | | | — | | | — | | | — | | | | | |
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Substandard | 8,674 | | | 2,266 | | | — | | | 7,704 | | | 91 | | | — | | | 11 | | | | | |
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Doubtful | 46 | | | — | | | — | | | 154 | | | — | | | — | | | — | | | | | |
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Total acquired | 297,374 | | | 66,316 | | | 10,080 | | | 104,800 | | | 16,106 | | | — | | | 683 | | | | | |
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Total loans | $ | 1,610,592 | | | $ | 630,852 | | | $ | 161,279 | | | $ | 495,712 | | | $ | 576,541 | | | $ | 49,600 | | | $ | 13,299 | | | | | |
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At September 30, 2014, there were no loans categorized as definite loss. |
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| At September 30, 2014 | | | | | | | | | | | | | | | | | | | | | | | | | |
| Indirect Automobile | | | | | | | | | | | | | | | | | | | | | | | | | |
| (In Thousands) | | (Percent) | | | | | | | | | | | | | | | | | | | | | | | | | |
Originated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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Credit score: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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Over 700 | $ | 291,648 | | | 82.6 | % | | | | | | | | | | | | | | | | | | | | | | | | | |
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661-700 | 48,926 | | | 13.8 | % | | | | | | | | | | | | | | | | | | | | | | | | | |
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660 and below | 11,007 | | | 3.1 | % | | | | | | | | | | | | | | | | | | | | | | | | | |
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Data not available | 1,682 | | | 0.5 | % | | | | | | | | | | | | | | | | | | | | | | | | | |
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Total loans | $ | 353,263 | | | 100 | % | | | | | | | | | | | | | | | | | | | | | | | | | |
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| At September 30, 2014 | | | | | | | | | | | | | | | | | | |
| Residential Mortgage | | Home Equity | | | | | | | | | | | | | | | | | | |
| (In Thousands) | | (Percent) | | (In Thousands) | | (Percent) | | | | | | | | | | | | | | | | | | |
Originated: | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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Loan-to-value ratio: | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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Less than 50% | $ | 102,788 | | | 18 | % | | $ | 101,061 | | | 36.8 | % | | | | | | | | | | | | | | | | | | |
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50% - 69% | 166,126 | | | 29.1 | % | | 33,576 | | | 12.2 | % | | | | | | | | | | | | | | | | | | |
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70% - 79% | 172,458 | | | 30.3 | % | | 24,805 | | | 9 | % | | | | | | | | | | | | | | | | | | |
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80% and over | 23,275 | | | 4.1 | % | | 4,129 | | | 1.5 | % | | | | | | | | | | | | | | | | | | |
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Data not available | 1,662 | | | 0.3 | % | | 965 | | | 0.4 | % | | | | | | | | | | | | | | | | | | |
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Total originated | 466,309 | | | 81.8 | % | | 164,536 | | | 59.9 | % | | | | | | | | | | | | | | | | | | |
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Acquired: | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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Loan-to-value ratio: | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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Less than 50% | 19,858 | | | 3.5 | % | | 73,237 | | | 26.7 | % | | | | | | | | | | | | | | | | | | |
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50% - 69% | 36,313 | | | 6.4 | % | | 23,751 | | | 8.6 | % | | | | | | | | | | | | | | | | | | |
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70% - 79% | 25,974 | | | 4.6 | % | | 11,200 | | | 4.1 | % | | | | | | | | | | | | | | | | | | |
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80% and over | 17,358 | | | 3 | % | | 1,185 | | | 0.4 | % | | | | | | | | | | | | | | | | | | |
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Data not available | 4,316 | | | 0.7 | % | | 853 | | | 0.3 | % | | | | | | | | | | | | | | | | | | |
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Total acquired | 103,819 | | | 18.2 | % | | 110,226 | | | 40.1 | % | | | | | | | | | | | | | | | | | | |
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Total loans | $ | 570,128 | | | 100 | % | | $ | 274,762 | | | 100 | % | | | | | | | | | | | | | | | | | | |
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The following tables present the recorded investment in loans in each class at December 31, 2013 by credit quality indicator. |
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| At December 31, 2013 | | | | |
| Commercial | | Multi- | | Construction | | Commercial | | Equipment | | Condominium | | Other | | | | |
Real Estate | Family | Financing | Association | Consumer | | | | |
Mortgage | Mortgage | | | | | | | |
| (In Thousands) | | | | |
Originated: | | | | | | | | | | | | | | | | | | | | | | | | |
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Loan rating: | | | | | | | | | | | | | | | | | | | | | | | | |
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Pass | $ | 1,099,108 | | | $ | 554,183 | | | $ | 102,927 | | | $ | 295,057 | | | $ | 479,811 | | | $ | 44,793 | | | $ | 5,528 | | | | | |
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OAEM | 11,555 | | | 372 | | | — | | | 49 | | | 625 | | | — | | | — | | | | | |
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Substandard | 1,087 | | | — | | | — | | | 1,078 | | | 4,817 | | | 1 | | | 4 | | | | | |
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Doubtful | — | | | — | | | — | | | 1,500 | | | 77 | | | — | | | — | | | | | |
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Total originated | 1,111,750 | | | 554,555 | | | 102,927 | | | 297,684 | | | 485,330 | | | 44,794 | | | 5,532 | | | | | |
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Acquired: | | | | | | | | | | | | | | | | | | | | | | | | |
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Loan rating: | | | | | | | | | | | | | | | | | | | | | | | | |
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Pass | 332,145 | | | 69,310 | | | 10,090 | | | 96,779 | | | 27,535 | | | — | | | 1,509 | | | | | |
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OAEM | 7,556 | | | 463 | | | 688 | | | 4,617 | | | 61 | | | — | | | — | | | | | |
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Substandard | 8,645 | | | 3,605 | | | — | | | 8,518 | | | 98 | | | — | | | 14 | | | | | |
| | | |
Doubtful | 1,889 | | | — | | | — | | | 194 | | | — | | | — | | | — | | | | | |
| | | |
Total acquired | 350,235 | | | 73,378 | | | 10,778 | | | 110,108 | | | 27,694 | | | — | | | 1,523 | | | | | |
| | | |
| | | | | | | | | | | | | | | | | |
Total loans | $ | 1,461,985 | | | $ | 627,933 | | | $ | 113,705 | | | $ | 407,792 | | | $ | 513,024 | | | $ | 44,794 | | | $ | 7,055 | | | | | |
| | | |
|
At December 31, 2013, there were no loans categorized as definite loss. |
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| At December 31, 2013 | | | | | | | | | | | | | | | | | | | | | | | | | |
| Indirect Automobile | | | | | | | | | | | | | | | | | | | | | | | | | |
| (In Thousands) | | (Percent) | | | | | | | | | | | | | | | | | | | | | | | | | |
Originated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Credit score: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Over 700 | $ | 332,140 | | | 82.9 | % | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
661-700 | 54,038 | | | 13.5 | % | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
660 and below | 12,793 | | | 3.2 | % | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Data not available | 1,560 | | | 0.4 | % | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total loans | $ | 400,531 | | | 100 | % | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| At December 31, 2013 | | | | | | | | | | | | | | | | | | |
| Residential Mortgage | | Home Equity | | | | | | | | | | | | | | | | | | |
| (In Thousands) | | (Percent) | | (In Thousands) | | (Percent) | | | | | | | | | | | | | | | | | | |
Originated: | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Loan-to-value ratio: | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Less than 50% | $ | 94,500 | | | 17.9 | % | | $ | 75,372 | | | 29.3 | % | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
50% - 69% | 149,969 | | | 28.4 | % | | 31,504 | | | 12.2 | % | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
70% - 79% | 139,960 | | | 26.5 | % | | 21,161 | | | 8.2 | % | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
80% and over | 22,772 | | | 4.3 | % | | 3,240 | | | 1.3 | % | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Data not available | 4,353 | | | 0.8 | % | | 1,119 | | | 0.4 | % | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Total originated | 411,554 | | | 77.9 | % | | 132,396 | | | 51.4 | % | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Acquired: | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Loan-to-value ratio: | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Less than 50% | 23,101 | | | 4.4 | % | | 84,272 | | | 32.7 | % | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
50% - 69% | 39,298 | | | 7.4 | % | | 25,964 | | | 10.1 | % | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
70% - 79% | 31,932 | | | 6 | % | | 13,390 | | | 5.2 | % | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
80% and over | 19,870 | | | 3.8 | % | | 1,208 | | | 0.5 | % | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Data not available | 2,430 | | | 0.5 | % | | 231 | | | 0.1 | % | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Total acquired | 116,631 | | | 22.1 | % | | 125,065 | | | 48.6 | % | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Total loans | $ | 528,185 | | | 100 | % | | $ | 257,461 | | | 100 | % | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
|
Age Analysis of Past Due Loans and Leases |
|
The following tables present an age analysis of the recorded investment in total loans and leases at September 30, 2014 and December 31, 2013. |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| At September 30, 2014 |
| Past Due | | | | | | Loans and | | |
Leases Past |
| 31-60 | | 61-90 | | Greater | | Total | | Current | | Total Loans | | Due Greater | | Nonaccrual |
Days | Days | Than 90 | and Leases | Than 90 Days | Loans and |
| | Days | | and Accruing | Leases |
| (In Thousands) |
Originated: | | | | | | | | | | | | | | | | | | | | | | | |
|
Commercial real estate loans: | | | | | | | | | | | | | | | |
Commercial real estate mortgage | $ | 285 | | | $ | 1,131 | | | $ | 32 | | | $ | 1,448 | | | $ | 1,311,770 | | | $ | 1,313,218 | | | $ | — | | | $ | 1,063 | |
|
Multi-family mortgage | — | | | — | | | — | | | — | | | 564,536 | | | 564,536 | | | — | | | — | |
|
Construction | — | | | — | | | — | | | — | | | 151,199 | | | 151,199 | | | — | | | — | |
|
Total commercial real estate loans | 285 | | | 1,131 | | | 32 | | | 1,448 | | | 2,027,505 | | | 2,028,953 | | | — | | | 1,063 | |
|
Commercial loans and leases: | | | | | | | | | | | | | | | |
Commercial | 173 | | | 42 | | | 1,160 | | | 1,375 | | | 389,537 | | | 390,912 | | | — | | | 1,239 | |
|
Equipment financing | 2,058 | | | 1,405 | | | 1,742 | | | 5,205 | | | 555,230 | | | 560,435 | | | — | | | 2,737 | |
|
Condominium association | 150 | | | — | | | — | | | 150 | | | 49,450 | | | 49,600 | | | — | | | — | |
|
Total commercial loans and leases | 2,381 | | | 1,447 | | | 2,902 | | | 6,730 | | | 994,217 | | | 1,000,947 | | | — | | | 3,976 | |
|
Indirect automobile | 4,136 | | | 646 | | | 113 | | | 4,895 | | | 348,368 | | | 353,263 | | | — | | | 474 | |
|
Consumer loans: | | | | | | | | | | | | | | | |
Residential mortgage | 974 | | | — | | | 502 | | | 1,476 | | | 464,833 | | | 466,309 | | | — | | | 1,847 | |
|
Home equity | 217 | | | 130 | | | 36 | | | 383 | | | 164,153 | | | 164,536 | | | — | | | 58 | |
|
Other consumer | 20 | | | 5 | | | 22 | | | 47 | | | 12,569 | | | 12,616 | | | — | | | 22 | |
|
Total consumer loans | 1,211 | | | 135 | | | 560 | | | 1,906 | | | 641,555 | | | 643,461 | | | — | | | 1,927 | |
|
Total originated loans and leases | $ | 8,013 | | | $ | 3,359 | | | $ | 3,607 | | | $ | 14,979 | | | $ | 4,011,645 | | | $ | 4,026,624 | | | $ | — | | | $ | 7,440 | |
|
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| At September 30, 2014 |
| Past Due | | | | | | Loans and | | |
Leases Past |
| 31-60 | | 61-90 | | Greater | | Total | | Current | | Total Loans | | Due Greater | | Nonaccrual |
Days | Days | Than 90 | and Leases | Than 90 Days | Loans and |
| | Days | | and Accruing | Leases |
| (In Thousands) |
Acquired: | | | | | | | | | | | | | | | | | | | | | | | |
|
Commercial real estate loans: | | | | | | | | | | | | | | | |
Commercial real estate mortgage | $ | 2,908 | | | $ | 3,936 | | | $ | 1,751 | | | $ | 8,595 | | | $ | 288,779 | | | $ | 297,374 | | | $ | 1,071 | | | $ | 2,111 | |
|
Multi-family mortgage | 375 | | | — | | | — | | | 375 | | | 65,941 | | | 66,316 | | | — | | | 299 | |
|
Construction | — | | | — | | | — | | | — | | | 10,080 | | | 10,080 | | | — | | | — | |
|
Total commercial real estate loans | 3,283 | | | 3,936 | | | 1,751 | | | 8,970 | | | 364,800 | | | 373,770 | | | 1,071 | | | 2,410 | |
|
Commercial loans and leases: | | | | | | | | | | | | | | | |
Commercial | 742 | | | 387 | | | 3,099 | | | 4,228 | | | 100,572 | | | 104,800 | | | 780 | | | 4,832 | |
|
Equipment financing | 1 | | | — | | | 72 | | | 73 | | | 16,033 | | | 16,106 | | | 73 | | | 19 | |
|
Total commercial loans and leases | 743 | | | 387 | | | 3,171 | | | 4,301 | | | 116,605 | | | 120,906 | | | 853 | | | 4,851 | |
|
Consumer loans: | | | | | | | | | | | | | | | |
Residential mortgage | — | | | 604 | | | 2,521 | | | 3,125 | | | 100,694 | | | 103,819 | | | 1,995 | | | 789 | |
|
Home equity | 964 | | | 263 | | | 847 | | | 2,074 | | | 108,152 | | | 110,226 | | | — | | | 1,807 | |
|
Other consumer | 4 | | | 8 | | | 16 | | | 28 | | | 655 | | | 683 | | | — | | | 25 | |
|
Total consumer loans | 968 | | | 875 | | | 3,384 | | | 5,227 | | | 209,501 | | | 214,728 | | | 1,995 | | | 2,621 | |
|
Total acquired loans and leases | $ | 4,994 | | | $ | 5,198 | | | $ | 8,306 | | | $ | 18,498 | | | $ | 690,906 | | | $ | 709,404 | | | $ | 3,919 | | | $ | 9,882 | |
|
| | | | | | | | | | | | | | | |
Total loans and leases | $ | 13,007 | | | $ | 8,557 | | | $ | 11,913 | | | $ | 33,477 | | | $ | 4,702,551 | | | $ | 4,736,028 | | | $ | 3,919 | | | $ | 17,322 | |
|
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| At December 31, 2013 |
| Past Due | | | | | | Loans and | | |
Leases Past |
| 31-60 | | 61-90 | | Greater | | Total | | Current | | Total Loans | | Due Greater | | Nonaccrual |
Days | Days | Than 90 | and Leases | Than 90 Days | Loans and |
| | Days | | and Accruing | Leases |
| (In Thousands) |
Originated: | | | | | | | | | | | | | | | | | | | | | | | |
|
Commercial real estate loans: | | | | | | | | | | | | | | | |
Commercial real estate mortgage | $ | 4,896 | | | $ | 1,393 | | | $ | 169 | | | $ | 6,458 | | | $ | 1,105,292 | | | $ | 1,111,750 | | | $ | — | | | $ | 169 | |
|
Multi-family mortgage | 14,400 | | | — | | | — | | | 14,400 | | | 540,155 | | | 554,555 | | | — | | | — | |
|
Construction | — | | | — | | | — | | | — | | | 102,927 | | | 102,927 | | | — | | | — | |
|
Total commercial real estate loans | 19,296 | | | 1,393 | | | 169 | | | 20,858 | | | 1,748,374 | | | 1,769,232 | | | — | | | 169 | |
|
Commercial loans and leases: | | | | | | | | | | | | | | | |
Commercial | 2,288 | | | 75 | | | 842 | | | 3,205 | | | 294,479 | | | 297,684 | | | — | | | 1,551 | |
|
Equipment financing | 867 | | | 1,558 | | | 2,031 | | | 4,456 | | | 480,874 | | | 485,330 | | | — | | | 4,086 | |
|
Condominium association | — | | | — | | | — | | | — | | | 44,794 | | | 44,794 | | | — | | | 1 | |
|
Total commercial loans and leases | 3,155 | | | 1,633 | | | 2,873 | | | 7,661 | | | 820,147 | | | 827,808 | | | — | | | 5,638 | |
|
Indirect automobile | 5,407 | | | 857 | | | 229 | | | 6,493 | | | 394,038 | | | 400,531 | | | 10 | | | 259 | |
|
Consumer loans: | | | | | | | | | | | | | | | |
Residential mortgage | 201 | | | — | | | 415 | | | 616 | | | 410,938 | | | 411,554 | | | — | | | 1,713 | |
|
Home equity | 218 | | | — | | | — | | | 218 | | | 132,178 | | | 132,396 | | | — | | | 462 | |
|
Other consumer | 11 | | | 1 | | | 4 | | | 16 | | | 5,516 | | | 5,532 | | | — | | | 4 | |
|
Total consumer loans | 430 | | | 1 | | | 419 | | | 850 | | | 548,632 | | | 549,482 | | | — | | | 2,179 | |
|
Total originated loans and leases | $ | 28,288 | | | $ | 3,884 | | | $ | 3,690 | | | $ | 35,862 | | | $ | 3,511,191 | | | $ | 3,547,053 | | | $ | 10 | | | $ | 8,245 | |
|
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| At December 31, 2013 |
| Past Due | | | | | | Loans and | | |
Leases Past |
| 31-60 | | 61-90 | | Greater | | Total | | Current | | Total Loans | | Due Greater | | Nonaccrual |
Days | Days | Than 90 | and Leases | Than 90 Days | Loans and |
| | Days | | and Accruing | Leases |
| (In Thousands) |
Acquired: | | | | | | | | | | | | | | | | | | | | | | | |
|
Commercial real estate loans: | | | | | | | | | | | | | | | |
Commercial real estate mortgage | $ | 1,221 | | | $ | 87 | | | $ | 4,887 | | | $ | 6,195 | | | $ | 344,040 | | | $ | 350,235 | | | $ | 3,958 | | | $ | 929 | |
|
Multi-family mortgage | 327 | | | — | | | 1,052 | | | 1,379 | | | 71,999 | | | 73,378 | | | 1,052 | | | — | |
|
Construction | — | | | 409 | | | — | | | 409 | | | 10,369 | | | 10,778 | | | — | | | — | |
|
Total commercial real estate loans | 1,548 | | | 496 | | | 5,939 | | | 7,983 | | | 426,408 | | | 434,391 | | | 5,010 | | | 929 | |
|
Commercial loans and leases: | | | | | | | | | | | | | | | |
Commercial | 2,707 | | | 121 | | | 1,931 | | | 4,759 | | | 105,349 | | | 110,108 | | | 1,235 | | | 4,597 | |
|
Equipment financing | 46 | | | 41 | | | 73 | | | 160 | | | 27,534 | | | 27,694 | | | 73 | | | 29 | |
|
Total commercial loans and leases | 2,753 | | | 162 | | | 2,004 | | | 4,919 | | | 132,883 | | | 137,802 | | | 1,308 | | | 4,626 | |
|
Consumer loans: | | | | | | | | | | | | | | | |
Residential mortgage | 271 | | | 777 | | | 5,329 | | | 6,377 | | | 110,254 | | | 116,631 | | | 4,468 | | | 1,162 | |
|
Home equity | 1,259 | | | 552 | | | 895 | | | 2,706 | | | 122,359 | | | 125,065 | | | 117 | | | 1,525 | |
|
Other consumer | 6 | | | 11 | | | 4 | | | 21 | | | 1,502 | | | 1,523 | | | — | | | 14 | |
|
Total consumer loans | 1,536 | | | 1,340 | | | 6,228 | | | 9,104 | | | 234,115 | | | 243,219 | | | 4,585 | | | 2,701 | |
|
Total acquired loans and leases | $ | 5,837 | | | $ | 1,998 | | | $ | 14,171 | | | $ | 22,006 | | | $ | 793,406 | | | $ | 815,412 | | | $ | 10,903 | | | $ | 8,256 | |
|
| | | | | | | | | | | | | | | |
Total loan and leases | $ | 34,125 | | | $ | 5,882 | | | $ | 17,861 | | | $ | 57,868 | | | $ | 4,304,597 | | | $ | 4,362,465 | | | $ | 10,913 | | | $ | 16,501 | |
|
|
Commercial Real Estate Loans — At September 30, 2014, loans outstanding in the three classes within this segment expressed as a percentage of total loans and leases outstanding were as follows: commercial real estate mortgage loans — 34.0%; multi-family mortgage loans — 13.3%; and construction loans — 3.4%. |
|
Loans in this portfolio that are on nonaccrual status and/or risk-rated “substandard” or worse are evaluated on an individual loan basis for impairment. For non-impaired commercial real estate loans, loss factors are applied to outstanding loans by risk rating for each of the three classes in the portfolio. The factors applied are based primarily on historic loan loss experience and an assessment of internal and external factors and other relevant information. |
|
Commercial Loans and Leases — At September 30, 2014, loans and leases outstanding in the three classes within this segment expressed as a percent of total loans and leases outstanding were as follows: commercial loans and leases — 10.5%; equipment financing loans — 12.2%; and loans to condominium associations — 1.0%. |
|
Loans and leases in this portfolio that are on nonaccrual status and/or risk-rated “substandard” or worse are evaluated on an individual basis for impairment. For non-impaired commercial loans and leases, loss factors are applied to outstanding loans by risk rating for each of the three classes in the portfolio. |
|
Indirect Automobile Loans — At September 30, 2014, indirect automobile loans represented 7.5% of the Company’s total loan and lease portfolio. Determination of the allowance for loan and lease losses for this portfolio is based primarily on payment status and historical loss rates. |
|
Consumer Loans — At September 30, 2014, loans outstanding within the three classes within this segment expressed as a percent of total loans and leases outstanding were as follows: residential mortgage loans — 12.0%; home equity loans — 5.8%; and other consumer loans — 0.3%. |
|
Significant risk characteristics related to the residential mortgage and home equity loan portfolios are the geographic concentration of the properties financed within selected communities in the greater Boston and Providence metropolitan areas. The payment status and loan-to-value ratio are the primary credit quality indicators used for residential mortgage loans and home equity loans. Generally, loans are not made when the loan-to-value ratio exceeds 80% unless private mortgage insurance is obtained and/or there is a financially strong guarantor. Consumer loans that become 90 days or more past due, or are placed on nonaccrual regardless of past due status, are reviewed on an individual basis for impairment by assessing the net realizable value of underlying collateral and the economic condition of the borrower. |
|
Impaired Loans and Leases |
|
A loan is considered to be impaired when, based on current information and events, it is probable that the Company will |
be unable to collect all amounts due (both interest and principal) according to the contractual terms of the loan agreement. The Company has defined the population of impaired loans to include nonaccrual loans and troubled debt restructured loans. |
|
When the ultimate collectability of the total principal of an impaired loan or lease is in doubt and the loan is on nonaccrual status, all payments are applied to principal, under the cost recovery method. When the ultimate collectability of the total principal of an impaired loan or lease is not in doubt and the loan or lease is on nonaccrual status, contractual interest is credited to interest income when received, under the cash basis method. |
|
The following tables include the recorded investment and unpaid principal balances of impaired loans and leases with the related allowance amount, if applicable, for the originated and acquired loan and lease portfolios at the dates indicated. Also presented are the average recorded investments in the impaired loans and leases and the related amount of interest recognized during the period that the impaired loans were impaired. |
|
|
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| At September 30, 2014 | | At December 31, 2013 | | | | | | | | |
| Recorded | | Unpaid | | Related | | Recorded | | Unpaid | | Related | | | | | | | | |
Investment (1) | Principal | Allowance | Investment (2) | Principal | Allowance | | | | | | | | |
| Balance | | | Balance | | | | | | | | | |
| (In Thousands) | | | | | | | | |
Originated: | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Commercial real estate | $ | 3,716 | | | $ | 3,713 | | | $ | — | | | $ | 2,009 | | | $ | 2,009 | | | $ | — | | | | | | | | | |
| | | | | | | |
Commercial | 9,410 | | | 9,392 | | | — | | | 4,410 | | | 4,399 | | | — | | | | | | | | | |
| | | | | | | |
Consumer | 3,557 | | | 3,548 | | | — | | | 989 | | | 987 | | | — | | | | | | | | | |
| | | | | | | |
Total originated with no related allowance recorded | 16,683 | | | 16,653 | | | — | | | 7,408 | | | 7,395 | | | — | | | | | | | | | |
| | | | | | | |
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Commercial real estate | 32 | | | 32 | | | 34 | | | 1,466 | | | 1,466 | | | 184 | | | | | | | | | |
| | | | | | | |
Commercial | 1,175 | | | 1,174 | | | 531 | | | 2,393 | | | 2,383 | | | 675 | | | | | | | | | |
| | | | | | | |
Consumer | 13 | | | 13 | | | — | | | 2,448 | | | 2,440 | | | 323 | | | | | | | | | |
| | | | | | | |
Total originated with an allowance recorded | 1,220 | | | 1,219 | | | 565 | | | 6,307 | | | 6,289 | | | 1,182 | | | | | | | | | |
| | | | | | | |
Total originated impaired loans and leases | 17,903 | | | 17,872 | | | 565 | | | 13,715 | | | 13,684 | | | 1,182 | | | | | | | | | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Acquired: | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Commercial real estate | 10,092 | | | 10,116 | | | — | | | 9,176 | | | 10,082 | | | — | | | | | | | | | |
| | | | | | | |
Commercial | 7,635 | | | 7,803 | | | — | | | 6,988 | | | 7,248 | | | — | | | | | | | | | |
| | | | | | | |
Consumer | 6,663 | | | 6,663 | | | — | | | 1,033 | | | 1,037 | | | — | | | | | | | | | |
| | | | | | | |
Total acquired with no related allowance recorded | 24,390 | | | 24,582 | | | — | | | 17,197 | | | 18,367 | | | — | | | | | | | | | |
| | | | | | | |
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Commercial real estate | 3,160 | | | 3,450 | | | 33 | | | 1,274 | | | 1,291 | | | 122 | | | | | | | | | |
| | | | | | | |
Commercial | 760 | | | 760 | | | 203 | | | 1,020 | | | 1,067 | | | 169 | | | | | | | | | |
| | | | | | | |
Consumer | 484 | | | 484 | | | 26 | | | — | | | — | | | — | | | | | | | | | |
| | | | | | | |
Total acquired with an allowance recorded | 4,404 | | | 4,694 | | | 262 | | | 2,294 | | | 2,358 | | | 291 | | | | | | | | | |
| | | | | | | |
Total acquired impaired loans and leases | 28,794 | | | 29,276 | | | 262 | | | 19,491 | | | 20,725 | | | 291 | | | | | | | | | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Total impaired loans and leases | $ | 46,697 | | | $ | 47,148 | | | $ | 827 | | | $ | 33,206 | | | $ | 34,409 | | | $ | 1,473 | | | | | | | | | |
| | | | | | | |
|
(1)Includes originated and acquired nonaccrual loans of $5.2 million and $9.8 million, respectively at September 30, 2014. |
(2)Includes originated and acquired nonaccrual loans of $5.8 million and $5.7 million, respectively at December 31, 2013. |
|
|
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | | | | | | | | | | | | | | | |
| 30-Sep-14 | | 30-Sep-13 | | | | | | | | | | | | | | | | |
| Average | | Interest | | Average | | Interest | | | | | | | | | | | | | | | | |
Recorded | Income | Recorded | Income | | | | | | | | | | | | | | | | |
Investment | Recognized | Investment | Recognized | | | | | | | | | | | | | | | | |
| (In Thousands) | | | | | | | | | | | | | | | | |
Originated: | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Commercial real estate | $ | 3,727 | | | $ | 32 | | | $ | 2,285 | | | $ | 19 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Commercial | 9,567 | | | 118 | | | 5,661 | | | 48 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Consumer | 3,568 | | | 14 | | | 986 | | | 4 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Total originated with no related allowance recorded | 16,862 | | | 164 | | | 8,932 | | | 71 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Commercial real estate | 118 | | | — | | | 1,131 | | | 13 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Commercial | 1,239 | | | 1 | | | 1,070 | | | 3 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Consumer | 14 | | | — | | | 3,461 | | | 22 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Total originated with an allowance recorded | 1,371 | | | 1 | | | 5,662 | | | 38 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Total originated impaired loans and leases | 18,233 | | | 165 | | | 14,594 | | | 109 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Acquired: | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Commercial real estate | 11,652 | | | 73 | | | 9,305 | | | 36 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Commercial | 8,017 | | | 36 | | | 5,790 | | | 38 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Consumer | 6,629 | | | 13 | | | 1,335 | | | 4 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Total acquired with no related allowance recorded | 26,298 | | | 122 | | | 16,430 | | | 78 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Commercial real estate | 3,164 | | | 36 | | | 3,975 | | | 42 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Commercial | 760 | | | — | | | 1,043 | | | — | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Consumer | 538 | | | 1 | | | — | | | — | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Total acquired with an allowance recorded | 4,462 | | | 37 | | | 5,018 | | | 42 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Total acquired impaired loans and leases | 30,760 | | | 159 | | | 21,448 | | | 120 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Total impaired loans and leases | $ | 48,993 | | | $ | 324 | | | $ | 36,042 | | | $ | 229 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended | | | | | | | | | | | | | | | | |
| 30-Sep-14 | | 30-Sep-13 | | | | | | | | | | | | | | | | |
| Average | | Interest | | Average | | Interest | | | | | | | | | | | | | | | | |
Recorded | Income | Recorded | Income | | | | | | | | | | | | | | | | |
Investment | Recognized | Investment | Recognized | | | | | | | | | | | | | | | | |
| (In Thousands) | | | | | | | | | | | | | | | | |
Originated: | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Commercial real estate | $ | 2,857 | | | $ | 80 | | | $ | 2,200 | | | $ | 69 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Commercial | 6,386 | | | 188 | | | 4,031 | | | 109 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Consumer | 2,509 | | | 27 | | | 1,108 | | | 26 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Total originated with no related allowance recorded | 11,752 | | | 295 | | | 7,339 | | | 204 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Commercial real estate | 1,097 | | | 22 | | | 1,516 | | | 26 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Commercial | 2,898 | | | 49 | | | 1,810 | | | 14 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Consumer | 1,298 | | | 15 | | | 3,317 | | | 82 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Total originated with an allowance recorded | 5,293 | | | 86 | | | 6,643 | | | 122 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Total originated impaired loans and leases | 17,045 | | | 381 | | | 13,982 | | | 326 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Acquired: | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Commercial real estate | 13,211 | | | 301 | | | 9,783 | | | 178 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Commercial | 7,671 | | | 95 | | | 4,800 | | | 93 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Consumer | 6,569 | | | 23 | | | 1,379 | | | 17 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Total acquired with no related allowance recorded | 27,451 | | | 419 | | | 15,962 | | | 288 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Commercial real estate | 3,035 | | | 76 | | | 2,776 | | | 42 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Commercial | 1,085 | | | 15 | | | 385 | | | — | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Consumer | 436 | | | 2 | | | — | | | — | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Total acquired with an allowance recorded | 4,556 | | | 93 | | | 3,161 | | | 42 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Total acquired impaired loans and leases | 32,007 | | | 512 | | | 19,123 | | | 330 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Total impaired loans and leases | $ | 49,052 | | | $ | 893 | | | $ | 33,105 | | | $ | 656 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
The following tables present information regarding impaired and non-impaired loans and leases at the dates indicated: |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| At September 30, 2014 | | | | | | | | |
| Commercial Real Estate | | Commercial | | Indirect Automobile | | Consumer | | Unallocated | | Total | | | | | | | | |
| (In Thousands) | | | | | | | | |
Allowance for Loan and Lease Losses: | | | | | | | | | | | | | | | | | | | |
Originated: | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | $ | 34 | | | $ | 531 | | | $ | — | | | $ | — | | | $ | — | | | $ | 565 | | | | | | | | | |
| | | | | | | |
Collectively evaluated for impairment | 28,344 | | | 13,187 | | | 3,461 | | | 2,909 | | | 2,423 | | | 50,324 | | | | | | | | | |
| | | | | | | |
Total originated loans and leases | 28,378 | | | 13,718 | | | 3,461 | | | 2,909 | | | 2,423 | | | 50,889 | | | | | | | | | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Acquired: | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | — | | | 123 | | | — | | | 26 | | | — | | | 149 | | | | | | | | | |
| | | | | | | |
Collectively evaluated for impairment | 145 | | | (103 | ) | | — | | | 2 | | | — | | | 44 | | | | | | | | | |
| | | | | | | |
Acquired with deteriorated credit quality | 897 | | | 211 | | | — | | | 632 | | | — | | | 1,740 | | | | | | | | | |
| | | | | | | |
Total acquired loans and leases | 1,042 | | | 231 | | | — | | | 660 | | | — | | | 1,933 | | | | | | | | | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Total allowance for loan and lease losses | $ | 29,420 | | | $ | 13,949 | | | $ | 3,461 | | | $ | 3,569 | | | $ | 2,423 | | | $ | 52,822 | | | | | | | | | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Loans and Leases: | | | | | | | | | | | | | | | | | | | |
Originated: | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | $ | 3,749 | | | $ | 10,585 | | | $ | — | | | $ | 3,569 | | | $ | — | | | $ | 17,903 | | | | | | | | | |
| | | | | | | |
Collectively evaluated for impairment | 2,025,204 | | | 990,362 | | | 353,263 | | | 639,892 | | | — | | | 4,008,721 | | | | | | | | | |
| | | | | | | |
Total originated loans and leases | 2,028,953 | | | 1,000,947 | | | 353,263 | | | 643,461 | | | — | | | 4,026,624 | | | | | | | | | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Acquired: | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | 1,131 | | | 4,581 | | | — | | | 2,558 | | | — | | | 8,270 | | | | | | | | | |
| | | | | | | |
Collectively evaluated for impairment | 121,285 | | | 87,850 | | | — | | | 141,328 | | | — | | | 350,463 | | | | | | | | | |
| | | | | | | |
Acquired with deteriorated credit quality | 251,354 | | | 28,475 | | | — | | | 70,842 | | | — | | | 350,671 | | | | | | | | | |
| | | | | | | |
Total acquired loans and leases | 373,770 | | | 120,906 | | | — | | | 214,728 | | | — | | | 709,404 | | | | | | | | | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Total loans and leases | $ | 2,402,723 | | | $ | 1,121,853 | | | $ | 353,263 | | | $ | 858,189 | | | $ | — | | | $ | 4,736,028 | | | | | | | | | |
| | | | | | | |
|
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| At December 31, 2013 | | | | | | | | |
| Commercial Real Estate | | Commercial | | Indirect Automobile | | Consumer | | Unallocated | | Total | | | | | | | | |
| (In Thousands) | | | | | | | | |
Allowance for Loan and Lease Losses: | | | | | | | | | | | | | | | | | | | |
Originated: | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | $ | 184 | | | $ | 675 | | | $ | — | | | $ | 323 | | | $ | — | | | $ | 1,182 | | | | | | | | | |
| | | | | | | |
Collectively evaluated for impairment | 22,336 | | | 14,056 | | | 3,924 | | | 2,414 | | | 2,932 | | | 45,662 | | | | | | | | | |
| | | | | | | |
Total originated loans and leases | 22,520 | | | 14,731 | | | 3,924 | | | 2,737 | | | 2,932 | | | 46,844 | | | | | | | | | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Acquired: | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | — | | | 3 | | | — | | | — | | | — | | | 3 | | | | | | | | | |
| | | | | | | |
Collectively evaluated for impairment | (54 | ) | | 234 | | | — | | | 204 | | | — | | | 384 | | | | | | | | | |
| | | | | | | |
Acquired with deteriorated credit quality | 556 | | | 252 | | | — | | | 434 | | | — | | | 1,242 | | | | | | | | | |
| | | | | | | |
Total acquired loans and leases | 502 | | | 489 | | | — | | | 638 | | | — | | | 1,629 | | | | | | | | | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Total allowance for loan and lease losses | $ | 23,022 | | | $ | 15,220 | | | $ | 3,924 | | | $ | 3,375 | | | $ | 2,932 | | | $ | 48,473 | | | | | | | | | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Loans and Leases: | | | | | | | | | | | | | | | | | | | |
Originated: | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | $ | 3,643 | | | $ | 6,634 | | | $ | — | | | $ | 3,438 | | | $ | — | | | $ | 13,715 | | | | | | | | | |
| | | | | | | |
Collectively evaluated for impairment | 1,765,589 | | | 821,174 | | | 400,531 | | | 546,044 | | | — | | | 3,533,338 | | | | | | | | | |
| | | | | | | |
Total originated loans and leases | 1,769,232 | | | 827,808 | | | 400,531 | | | 549,482 | | | — | | | 3,547,053 | | | | | | | | | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Acquired: | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | 2,625 | | | 4,878 | | | — | | | 872 | | | — | | | 8,375 | | | | | | | | | |
| | | | | | | |
Collectively evaluated for impairment | 145,057 | | | 93,565 | | | — | | | 162,595 | | | — | | | 401,217 | | | | | | | | | |
| | | | | | | |
Acquired with deteriorated credit quality | 286,709 | | | 39,359 | | | — | | | 79,752 | | | — | | | 405,820 | | | | | | | | | |
| | | | | | | |
Total acquired loans and leases | 434,391 | | | 137,802 | | | — | | | 243,219 | | | — | | | 815,412 | | | | | | | | | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Total loans and leases | $ | 2,203,623 | | | $ | 965,610 | | | $ | 400,531 | | | $ | 792,701 | | | $ | — | | | $ | 4,362,465 | | | | | | | | | |
| | | | | | | |
|
Troubled Debt Restructured Loans and Leases |
|
A specific valuation allowance for losses on troubled debt restructured loans is determined by comparing the net |
carrying amount of the troubled debt restructured loan with the restructured loan's cash flows discounted at the original effective rate. |
|
The recorded investment in troubled debt restructurings and the associated specific allowances for loan and lease losses, in the originated and acquired loan and lease portfolios, are as follows for the periods indicated. |
|
| | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| At and for the Three Months Ended September 30, 2014 | | |
| Recorded Investment | | Specific | | | | Defaulted | | |
| Number | | At | | At End of | | Allowance for | | Nonaccrual | | Additional | | Number of | | Recorded | | |
of Loans/ | Modification | Period | Loan and | Loans and | Commitment | Loans/ | Investment | | |
Leases | | | Lease Losses | Leases | | Leases | | | |
| (Dollars in Thousands) | | |
Originated: | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
Commercial | 1 | | | $ | 1,970 | | | $ | 1,970 | | | $ | — | | | $ | — | | | $ | — | | | — | | | — | | | |
| |
Equipment financing | 5 | | | 696 | | | 699 | | | 18 | | | 191 | | | — | | | — | | | — | | | |
| |
Total Originated | 6 | | | 2,666 | | | 2,669 | | | 18 | | | 191 | | | — | | | — | | | — | | | |
| |
| | | | | | | | | | | | | | | | | |
Acquired: | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
Commercial | 4 | | | 851 | | | 924 | | | — | | | 45 | | | — | | | 1 | | | 1,335 | | | |
| |
Total Acquired | 4 | | | 851 | | | 924 | | | — | | | 45 | | | — | | | 1 | | | 1,335 | | | |
| |
| | | | | | | | | | | | | | | | | |
Total | 10 | | | $ | 3,517 | | | $ | 3,593 | | | $ | 18 | | | $ | 236 | | | $ | — | | | 1 | | | $ | 1,335 | | | |
| |
|
| | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| At and for the Three Months Ended September 30, 2013 | | |
| Recorded Investment | | Specific | | | | Defaulted | | |
| Number | | At | | At End of | | Allowance for | | Nonaccrual | | Additional | | Number of | | Recorded | | |
of Loans/ | Modification | Period | Loan and | Loans and | Commitment | Loans/ | Investment | | |
Leases | | | Lease Losses | Leases | | Leases | | | |
| (Dollars in Thousands) | | |
Originated: | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
Commercial | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | 1 | | | $ | 1,731 | | | |
| |
Equipment financing | 1 | | | 558 | | | 558 | | | 12 | | | — | | | — | | | 1 | | | 537 | | | |
| |
Total Originated | 1 | | | 558 | | | 558 | | | 12 | | | — | | | — | | | 2 | | | 2,268 | | | |
| |
| | | | | | | | | | | | | | | | | |
Acquired: | | | | | | | | | | | | | | | | | |
Commercial real estate mortgage | 1 | | | 737 | | | 737 | | | — | | | — | | | — | | | — | | | — | | | |
| |
Commercial | 2 | | | 553 | | | 520 | | | — | | | — | | | — | | | 1 | | | 962 | | | |
| |
Total Acquired | 3 | | | 1,290 | | | 1,257 | | | — | | | — | | | — | | | 1 | | | 962 | | | |
| |
| | | | | | | | | | | | | | | | | |
Total | 4 | | | $ | 1,848 | | | $ | 1,815 | | | $ | 12 | | | $ | — | | | $ | — | | | 3 | | | $ | 3,230 | | | |
| |
|
|
|
|
| | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| At and for the Nine Months Ended September 30, 2014 | | |
| Recorded Investment | | Specific | | | | Defaulted | | |
| Number | | At | | At End of | | Allowance for | | Nonaccrual | | Additional | | Number of | | Recorded | | |
of Loans/ | Modification | Period | Loan and | Loans and | Commitment | Loans/ | Investment | | |
Leases | | | Lease Losses | Leases | | Leases | | | |
| (Dollars in Thousands) | | |
Originated: | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
Commercial real estate mortgage | 1 | | | $ | 953 | | | $ | 939 | | | $ | — | | | $ | — | | | $ | — | | | — | | | $ | — | | | |
| |
Commercial | 3 | | | 2,360 | | | 2,336 | | | — | | | 16 | | | — | | | — | | | — | | | |
| |
Equipment financing | 7 | | | 1,369 | | | 1,352 | | | 18 | | | 191 | | | — | | | 6 | | | 1,074 | | | |
| |
Residential mortgage | 1 | | | 497 | | | 491 | | | — | | | 491 | | | — | | | 1 | | | 491 | | | |
| |
Home equity | 1 | | | 292 | | | 292 | | | — | | | — | | | — | | | — | | | — | | | |
| |
Total Originated | 13 | | | 5,471 | | | 5,410 | | | 18 | | | 698 | | | — | | | 7 | | | 1,565 | | | |
| |
| | | | | | | | | | | | | | | | | |
Acquired: | | | | | | | | | | | | | | | | | |
Commercial | 6 | | | 1,104 | | | 1,152 | | | — | | | 273 | | | — | | | 4 | | | 1,607 | | | |
| |
Total Acquired | 6 | | | 1,104 | | | 1,152 | | | — | | | 273 | | | — | | | 4 | | | 1,607 | | | |
| |
| | | | | | | | | | | | | | | | | |
Total | 19 | | | $ | 6,575 | | | $ | 6,562 | | | $ | 18 | | | $ | 971 | | | $ | — | | | 11 | | | $ | 3,172 | | | |
| |
|
| | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| At and for the Nine Months Ended September 30, 2013 | | |
| Recorded Investment | | Specific | | | | Defaulted | | |
| Number | | At | | At End of | | Allowance for | | Nonaccrual | | Additional | | Number of | | Recorded | | |
of Loans/ | Modification | Period | Loan and | Loans and | Commitment | Loans/ | Investment | | |
Leases | | | Lease Losses | Leases | | Leases | | | |
| (Dollars in Thousands) | | |
Originated: | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
Commercial real estate mortgage | 1 | | | $ | 1,039 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | — | | | $ | — | | | |
| |
Commercial | — | | | — | | | — | | | — | | | — | | | — | | | 1 | | | 1,731 | | | |
| |
Equipment financing | 9 | | | 1,683 | | | 1,687 | | | 54 | | | 372 | | | — | | | 1 | | | 537 | | | |
| |
Residential mortgage | 1 | | | 415 | | | 372 | | | — | | | — | | | — | | | — | | | — | | | |
| |
Total Originated | 11 | | | 3,137 | | | 2,059 | | | 54 | | | 372 | | | — | | | 2 | | | 2,268 | | | |
| |
| | | | | | | | | | | | | | | | | |
Acquired: | | | | | | | | | | | | | | | | | |
Commercial real estate mortgage | 1 | | | 737 | | | 737 | | | — | | | — | | | — | | | — | | | — | | | |
| |
Commercial | 3 | | | 977 | | | 941 | | | — | | | 421 | | | — | | | 1 | | | 962 | | | |
| |
Total Acquired | 4 | | | 1,714 | | | 1,678 | | | — | | | 421 | | | — | | | 1 | | | 962 | | | |
| |
| | | | | | | | | | | | | | | | | |
Total | 15 | | | $ | 4,851 | | | $ | 3,737 | | | $ | 54 | | | $ | 793 | | | $ | — | | | 3 | | | $ | 3,230 | | | |
| |
|
The following table sets forth the Company’s balances of troubled debt restructurings that were modified at the dates indicated, by type of modification. |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, | | | | | | | | | | | | | | | | |
| 2014 | | 2013 | | 2014 | | 2013 | | | | | | | | | | | | | | | | |
| (In Thousands) | | | | | | | | | | | | | | | | |
Loans with one modification: | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Extended maturity | $ | 2,849 | | | $ | 1,257 | | | $ | 3,427 | | | $ | 1,257 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Adjusted principal | — | | | — | | | — | | | 372 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Adjusted interest rate | — | | | 558 | | | 866 | | | 1,351 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Interest only | — | | | — | | | 16 | | | — | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Combination maturity, principal, interest rate | 200 | | | — | | | 200 | | | 757 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Total loans with one modification | $ | 3,049 | | | $ | 1,815 | | | $ | 4,509 | | | $ | 3,737 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Loans with more than one modification: | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Extended maturity | $ | 36 | | | $ | — | | | $ | 1,253 | | | $ | — | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Adjusted principal | 508 | | | — | | | 508 | | | — | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Interest only | — | | | — | | | 292 | | | — | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Total loans with more than one modification | $ | 544 | | | $ | — | | | $ | 2,053 | | | $ | — | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
|
The financial impact of the modification of performing and nonperforming loans and leases for the three months ended September 30, 2014 and 2013 was less than $0.1 million and $0.2 million, respectively. The financial impact of the modification of performing or nonperforming loans and leases for the nine months ended September 30, 2014 and 2013 was $0.1 million and $0.5 million, respectively. |
|
As of September 30, 2014 and 2013, there were no commitments to lend funds to debtors owing receivables whose terms had been modified in troubled debt restructurings. |