Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 06, 2013 | |
Document Documentand Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'mfsf | ' |
Entity Registrant Name | 'MUTUALFIRST FINANCIAL INC | ' |
Entity Central Index Key | '0001094810 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 7,112,179 |
Consolidated_Condensed_Balance
Consolidated Condensed Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash | $7,126 | $8,899 |
Interest-bearing demand deposits | 24,814 | 23,879 |
Cash and cash equivalents | 31,940 | 32,778 |
Investment securities available for sale | 274,534 | 281,197 |
Loans held for sale | 993 | 5,106 |
Loans | 978,958 | 985,583 |
Allowance for loan losses | -14,454 | -16,038 |
Net loans | 964,504 | 969,545 |
Premises and equipment | 31,646 | 32,240 |
Federal Home Loan Bank of Indianapolis stock, at cost | 14,391 | 14,391 |
Investment in limited partnerships | 2,220 | 2,603 |
Deferred income tax benefit | 17,739 | 15,913 |
Cash surrender value of life insurance | 49,389 | 48,410 |
Prepaid FDIC premium | ' | 1,647 |
Core deposit and other intangibles | 1,803 | 2,411 |
Other assets | 15,847 | 16,217 |
Total assets | 1,405,006 | 1,422,458 |
Deposits | ' | ' |
Non-interest-bearing | 140,938 | 138,269 |
Interest-bearing | 1,008,779 | 1,045,740 |
Total deposits | 1,149,717 | 1,184,009 |
Federal Home Loan Bank advances | 96,728 | 74,675 |
Other borrowings | 11,069 | 11,606 |
Other liabilities | 14,921 | 12,675 |
Total liabilities | 1,272,435 | 1,282,965 |
Stockholders' Equity | ' | ' |
Preferred stock, $.01 par value Authorized - 5,000,000 shares Issued and outstanding - 21,692 and 28,923 shares, respectively; liquidation preference $1,000 per share | 1 | 1 |
Common stock, $.01 par value Authorized - 20,000,000 shares Issued and outstanding - 7,102,372 and 7,055,502 shares, respectively | 71 | 71 |
Additional paid-in capital - preferred stock | 21,692 | 28,923 |
Additional paid-in capital - common stock | 73,122 | 72,610 |
Retained earnings | 39,776 | 35,403 |
Accumulated other comprehensive income (loss) | -2,012 | 2,803 |
Unearned employee stock ownership plan (ESOP) shares | -79 | -318 |
Total stockholders' equity | 132,571 | 139,493 |
Total liabilities and stockholders' equity | $1,405,006 | $1,422,458 |
Consolidated_Condensed_Balance1
Consolidated Condensed Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Consolidated Condensed Balance Sheets [Abstract] | ' | ' |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, authorized | 5,000,000 | 5,000,000 |
Preferred stock, issued | 21,692 | 28,923 |
Preferred stock, outstanding | 21,692 | 28,923 |
Preferred stock, liquidation preference | $1,000 | $1,000 |
Common stock, par value | $0.01 | $0.01 |
Common stock, authorized | 20,000,000 | 20,000,000 |
Common stock, shares Issued | 7,102,372 | 7,055,502 |
Common stock, shares outstanding | 7,102,372 | 7,055,502 |
Consolidated_Condensed_Stateme
Consolidated Condensed Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Interest Income | ' | ' | ' | ' |
Loans receivable, including fees | $11,080 | $11,532 | $33,142 | $34,760 |
Mortgage-backed securities | 1,534 | 2,054 | 4,647 | 6,161 |
Federal Home Loan Bank stock | 124 | 107 | 377 | 323 |
Other investments | 299 | 201 | 636 | 634 |
Deposits with financial institutions | 4 | 14 | 18 | 29 |
Total interest income | 13,041 | 13,908 | 38,820 | 41,907 |
Interest Expense | ' | ' | ' | ' |
Passbook savings | 3 | 13 | 9 | 39 |
Certificates of deposit | 2,106 | 2,523 | 6,570 | 8,032 |
Daily Money Market accounts | 68 | 102 | 189 | 302 |
Demand and NOW accounts | 156 | 226 | 485 | 674 |
Federal Home Loan Bank advances | 320 | 533 | 882 | 1,733 |
Other interest expense | 148 | 196 | 446 | 593 |
Total interest expense | 2,801 | 3,593 | 8,581 | 11,373 |
Net Interest Income | 10,240 | 10,315 | 30,239 | 30,534 |
Provision for losses on loans | 750 | 1,475 | 2,250 | 4,675 |
Net Interest Income After Provision for Loan Losses | 9,490 | 8,840 | 27,989 | 25,859 |
Other Income | ' | ' | ' | ' |
Service fee income | 1,447 | 1,644 | 4,382 | 5,049 |
Net realized gain on sale of securities | 453 | 1,095 | 835 | 1,575 |
Equity in losses of limited partnerships | -84 | -124 | -338 | -372 |
Commissions | 1,041 | 859 | 3,196 | 2,914 |
Net gains on sales of loans | 84 | 541 | 654 | 1,388 |
Net servicing fees (losses) | 63 | -16 | 471 | -126 |
Increase in cash surrender value of life insurance | 321 | 340 | 942 | 1,017 |
Gain (loss) on sale of other real estate and repossessed assets | -108 | 30 | -53 | -523 |
Other income | 57 | 12 | 282 | 93 |
Total other income | 3,274 | 4,381 | 10,371 | 11,015 |
Other Expenses | ' | ' | ' | ' |
Salaries and employee benefits | 5,282 | 5,273 | 16,365 | 15,910 |
Net occupancy expenses | 244 | 641 | 1,472 | 1,744 |
Equipment expenses | 453 | 454 | 1,377 | 1,346 |
Data processing fees | 326 | 361 | 1,081 | 1,178 |
Automated teller machine | 296 | 258 | 806 | 743 |
Deposit insurance | 251 | 312 | 891 | 939 |
Professional fees | 318 | 420 | 973 | 1,188 |
Advertising and promotion | 386 | 488 | 1,095 | 1,214 |
Software subscriptions and maintenance | 391 | 384 | 1,070 | 1,145 |
Intangible amortization | 186 | 229 | 608 | 745 |
Other real estate and repossessed assets | 180 | 247 | 529 | 691 |
Other expenses | 887 | 1,066 | 2,747 | 2,816 |
Total other expenses | 9,200 | 10,133 | 29,014 | 29,659 |
Income Before Income Tax | 3,564 | 3,088 | 9,346 | 7,215 |
Income tax expense | 1,092 | 915 | 2,786 | 1,971 |
Net Income | 2,472 | 2,173 | 6,560 | 5,244 |
Preferred stock dividends and amortization | 271 | 362 | 911 | 1,085 |
Net Income Available to Common Shareholders | $2,201 | $1,811 | $5,649 | $4,159 |
Basic earnings per common share | $0.31 | $0.26 | $0.80 | $0.60 |
Diluted earnings per common share | $0.30 | $0.26 | $0.78 | $0.59 |
Dividends per common share | $0.06 | $0.06 | $0.18 | $0.18 |
Consolidated_Condensed_Stateme1
Consolidated Condensed Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $2,472 | $2,173 | $6,560 | $5,244 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Net unrealized holding gain (loss) on securities available-for-sale | -397 | 2,643 | -7,108 | 6,724 |
Net unrealized gain (loss) on securities available-for-sale for which a portion of an other-than-temporary impairment has been recognized in income | 2 | 132 | 467 | -20 |
Less: Reclassification adjustment for realized gains included in net income | -453 | -1,095 | -835 | -1,575 |
Net unrealized gain on derivative used for cash flow hedges | 14 | 2 | 105 | 16 |
Total other comprehensive income (loss), before tax | -834 | 1,682 | -7,371 | 5,145 |
Income taxes related to other comprehensive income | 280 | -578 | 2,556 | -1,785 |
Other comprehensive income (loss) | -554 | 1,104 | -4,815 | 3,360 |
Comprehensive income | $1,918 | $3,277 | $1,745 | $8,604 |
Consolidated_Condensed_Stateme2
Consolidated Condensed Statement of Stockholders' Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital Common Stock [Member] | Preferred Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Unearned ESOP Shares [Member] | Total |
In Thousands, except Share data | ||||||||
Beginning Balance at Dec. 31, 2012 | $71 | $72,610 | $1 | $28,923 | $35,403 | $2,803 | ($318) | $139,493 |
Beginning Balance (in shares) at Dec. 31, 2012 | 7,055,502 | ' | 28,923 | ' | ' | ' | ' | ' |
Net income for the period | ' | ' | ' | ' | 6,560 | ' | ' | 6,560 |
Other comprehensive loss, net of tax | ' | ' | ' | ' | ' | -4,815 | ' | -4,815 |
Stock repurchased (in shares) | ' | ' | -7,231 | ' | ' | ' | ' | ' |
Stock repurchased | ' | ' | ' | -7,231 | ' | ' | ' | -7,231 |
ESOP shares earned | ' | 102 | ' | ' | ' | ' | 239 | 341 |
Stock options vested | ' | 23 | ' | ' | ' | ' | ' | 23 |
Stock options exercised (in shares) | 46,870 | ' | ' | ' | ' | ' | ' | ' |
Stock options exercised | ' | 387 | ' | ' | ' | ' | ' | 387 |
Cash dividends ($.18 per common share) | ' | ' | ' | ' | -1,276 | ' | ' | -1,276 |
Cash dividends - preferred stock | ' | ' | ' | ' | -911 | ' | ' | -911 |
Ending Balance at Sep. 30, 2013 | $71 | $73,122 | $1 | $21,692 | $39,776 | ($2,012) | ($79) | $132,571 |
Ending Balance (in shares) at Sep. 30, 2013 | 7,102,372 | ' | 21,692 | ' | ' | ' | ' | ' |
Consolidated_Condensed_Stateme3
Consolidated Condensed Statement of Stockholders' Equity (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Statement Of Stockholders Equity [Abstract] | ' | ' | ' | ' |
Cash dividends, per common share | $0.06 | $0.06 | $0.18 | $0.18 |
Consolidated_Condensed_Stateme4
Consolidated Condensed Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating Activities | ' | ' |
Net income | $6,560 | $5,244 |
Items not requiring (providing) cash | ' | ' |
Provision for loan losses | 2,250 | 4,675 |
Depreciation and amortization | 3,683 | 4,337 |
Deferred income tax | 730 | 705 |
Loans originated for sale | -55,250 | -30,184 |
Proceeds from sales of loans held for sale | 59,623 | 32,203 |
Gains on sales of loans held for sale | -654 | -1,388 |
Gains on sale of securities-available-for sale | -835 | -1,575 |
Gain on other real estate and repossessed assets | 53 | 523 |
Other equity adjustments | 341 | 340 |
Change in | ' | ' |
Prepaid FDIC premium | 1,647 | 874 |
Interest receivable and other assets | 368 | 588 |
Interest payable and other liabilities | 1,751 | -46 |
Cash value of life insurance | -942 | -1,017 |
Other adjustments | 415 | 468 |
Net cash provided by operating activities | 19,740 | 15,747 |
Investing Activities | ' | ' |
Net change in interest earning assets | ' | 1,415 |
Purchases of securities available-for-sale | -99,166 | -104,448 |
Proceeds from maturities and paydowns of securities available-for-sale | 45,748 | 50,641 |
Proceeds from sale of securities-available for sale | 53,179 | 47,141 |
Net change in loans | -845 | -63,700 |
Proceeds from sales of loans transferred to held for sale | ' | 3,669 |
Purchases of premises and equipment | -754 | -1,702 |
Proceeds from real estate owned sales | 3,113 | 4,132 |
Other investing activities | -37 | -22 |
Net cash provided by (used in) investing activities | 1,238 | -62,874 |
Net change in | ' | ' |
Noninterest-bearing, interest-bearing demand and savings deposits | 36,918 | 81,587 |
Certificates of deposit | -71,210 | -55,193 |
Proceeds from FHLB advances | 220,675 | 382,250 |
Repayment of FHLB advances | -198,622 | -370,450 |
Repayment of other borrowings | -569 | -630 |
Redemption of preferred stock | -7,231 | ' |
Cash dividends paid | -2,187 | -2,343 |
Other financing activities | 410 | 1,002 |
Net cash provided by (used in) financing activities | -21,816 | 36,223 |
Net Change in Cash and Cash Equivalents | -838 | -10,904 |
Cash and Cash Equivalents, Beginning of Period | 32,778 | 55,223 |
Cash and Cash Equivalents, End of Period | 31,940 | 44,319 |
Additional Cash Flows Information | ' | ' |
Interest paid | 8,579 | 11,480 |
Income tax paid | 1,800 | 200 |
Transfers from loans to foreclosed real estate | 2,770 | 4,102 |
Mortgage servicing rights capitalized | $394 | $231 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Basis of Presentation [Abstract] | ' |
Basis of Presentation | ' |
Note 1: Basis of Presentation | |
The consolidated condensed financial statements include the accounts of MutualFirst Financial, Inc. (MutualFirst or the “Company”), its wholly owned subsidiary MutualBank, an Indiana commercial bank (“Mutual” or the “Bank”), Mutual’s wholly owned subsidiaries, First MFSB Corporation, Mishawaka Financial Services, and Mutual Federal Investment Company (“MFIC”), and MFIC majority owned subsidiary, Mutual Federal REIT, Inc. All significant inter-company accounts and transactions have been eliminated in consolidation. | |
Certain information and note disclosures normally included in the Company’s annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. These consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Form 10-K annual report for year ended December 31, 2012, filed with the Securities and Exchange Commission on March 22, 2013. | |
The interim consolidated condensed financial statements at September 30, 2013, have not been audited by independent accountants, but in the opinion of management, reflect all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for such periods. The results of operations for the period are not necessarily indicative of the results to be expected for the full year. | |
The Consolidated Condensed Balance Sheet of the Company as of December 31, 2012 has been derived from the Audited Consolidated Balance Sheet of the Company as of that date. | |
Earnings_per_Share
Earnings per Share | 9 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||
Earnings per Share [Abstract] | ' | |||||||||||||||||||||||||
Earnings per Share | ' | |||||||||||||||||||||||||
Note 2: Earnings per share | ||||||||||||||||||||||||||
Earnings per share were computed as follows: | ||||||||||||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||
Weighted- | Weighted- | |||||||||||||||||||||||||
Net | Average | Per-Share | Net | Average | Per-Share | |||||||||||||||||||||
Income | Shares | Amount | Income | Shares | Amount | |||||||||||||||||||||
Basic Earnings Per Share | ||||||||||||||||||||||||||
Net income | $ | 2,472 | 7,088,660 | $ | 2,173 | 6,992,831 | ||||||||||||||||||||
Dividends and accretion on preferred stock | (271 | ) | (362 | ) | ||||||||||||||||||||||
Income available to common stockholders | 2,201 | 7,088,660 | $ | 0.31 | 1,811 | 6,992,831 | $ | 0.26 | ||||||||||||||||||
Effect of Dilutive securities | ||||||||||||||||||||||||||
Stock options and RRP grants | 176,447 | 82,065 | ||||||||||||||||||||||||
Diluted Earnings Per Share | ||||||||||||||||||||||||||
Income available to common stockholders and assumed conversions | $ | 2,201 | 7,265,107 | $ | 0.3 | $ | 1,811 | 7,074,896 | $ | 0.26 | ||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||
Weighted- | Weighted- | |||||||||||||||||||||||||
Net | Average | Per-Share | Net | Average | Per-Share | |||||||||||||||||||||
Income | Shares | Amount | Income | Shares | Amount | |||||||||||||||||||||
Basic Earnings Per Share | ||||||||||||||||||||||||||
Net income | $ | 6,560 | 7,066,670 | $ | 5,244 | 6,937,229 | ||||||||||||||||||||
Dividends and accretion on preferred stock | (911 | ) | (1,085 | ) | ||||||||||||||||||||||
Income available to common stockholders | 5,649 | 7,066,670 | $ | 0.8 | 4,159 | 6,937,229 | $ | 0.6 | ||||||||||||||||||
Effect of Dilutive securities | ||||||||||||||||||||||||||
Stock options and RRP grants | 172,205 | 94,803 | ||||||||||||||||||||||||
Diluted Earnings Per Share | ||||||||||||||||||||||||||
Income available to common stockholders and assumed conversions | $ | 5,649 | 7,238,875 | $ | 0.78 | $ | 4,159 | 7,032,032 | $ | 0.59 | ||||||||||||||||
Options to purchase 82,000 and 250,681 shares of common stock were outstanding at September 30, 2013 and 2012, respectively, but were not included in the computation of diluted EPS above, because the average exercise price of the options was greater than the average market price of the common shares. | ||||||||||||||||||||||||||
Impact_of_Accounting_Pronounce
Impact of Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2013 | |
Impact of Accounting Pronouncements [Abstract] | ' |
Impact of Accounting Pronouncements | ' |
Note 3: Impact of Accounting Pronouncements | |
On February 28, 2013, FASB issued ASU 2013-04, Liabilities (Topic 405). The amendments in this Update provide guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this Update is fixed at the reporting date, except for obligations addressed within existing guidance in U.S. GAAP. The guidance requires an entity to measure those obligations as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. | |
The guidance in this Update also requires an entity to disclose the nature and amount of the obligation as well as other information about those obligations. This Accounting Standards Update is the final version of Proposed Accounting Standards Update EITF12D – Liabilities (Topic 405) which has been deleted. | |
The amendments in this Update are effective for fiscal years beginning after December 31, 2013. Early adoption is permitted. The Company will adopt the methodologies prescribed by this ASU by the date required, and does not anticipate that the ASU will have a material effect on its financial position or results of operations. | |
On April 22, 2013, FASB issued ASU 2013-07 – Presentation of Financial Statements (Topic 205). The objective of this Update is to clarify when an entity should apply the liquidation basis of accounting and to provide principles for the measurement of assets and liabilities under the liquidation basis of accounting, as well as any required disclosures. This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2012-210 – Presentation of Financial Statements (Topic 205), which has been deleted. | |
The amendments are effective for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim reporting periods therein. Entities should apply the requirements prospectively from the day that liquidation becomes imminent. Early adoption is permitted. The Company will adopt the methodologies prescribed by this ASU by the date required, and does not anticipate that the ASU will have a material effect on its financial position or results of operations. | |
In July 2013, FASB issued ASU 2013-10- Derivatives and Hedging (Topic 815). The objective of this Update is to provide for the inclusion of the Fed Funds Effective Swap Rate - Overnight Index Swap Rate (OIS) as a U.S. benchmark interest rate for hedge accounting purposes, in addition to U.S. Treasury (UST) or London Interbank Offered Rate (LIBOR) indices. The Update also removes a restriction stating that entities must use the same rates for similar hedges, offering greater flexibility in hedge accounting. | |
The amendments in this Update are effective prospectively for qualifying new or re-designated hedging relationships entered into on or after July 17, 2013. The Company has adopted the applicable methodologies prescribed by this ASU and does not anticipate that the ASU will have a material effect on its financial position or results of operations. | |
In July 2013, FASB issued ASU 2013-11- Income Taxes (Topic 740). This update pertains to the unrecognized tax benefit when a net operating loss carry forward, a similar tax loss or a tax credit carry forward exists. The ASU is intended to end the varying ways that entities present these situations since GAAP is non-specific and leads to diversity in practice. The new standard deems that any unrecognized tax benefit or portion of an unrecognized tax benefit should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carry forward, a similar tax loss, or a tax credit carry forward except for certain defined situations. | |
The amendments in this Update are effective for fiscal years beginning after December 15, 2013. Early adoption is permitted. The Company will adopt the methodologies prescribed by this ASU by the date required, and does not anticipate that the ASU will have a material effect on its financial position or results of operations. | |
Investments
Investments | 9 Months Ended | ||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||||
Investments [Abstract] | ' | ||||||||||||||||||||||||||||||||||
Investments | ' | ||||||||||||||||||||||||||||||||||
Note 4: Investments | |||||||||||||||||||||||||||||||||||
The amortized cost and approximate fair values of securities as of September 30, 2013 and December 31, 2012 are as follows. | |||||||||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||||||||||||
Available for Sale Securities | |||||||||||||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||||||||
Government sponsored agencies | $ | 107,250 | $ | 2,253 | $ | -1,419 | $ | 108,084 | |||||||||||||||||||||||||||
Collateralized mortgage obligations | |||||||||||||||||||||||||||||||||||
Government sponsored agencies | 112,862 | 1,709 | -1,307 | 113,264 | |||||||||||||||||||||||||||||||
Federal agencies | 5,000 | - | -187 | 4,813 | |||||||||||||||||||||||||||||||
Municipals | 27,373 | 341 | -216 | 27,498 | |||||||||||||||||||||||||||||||
Small Business Administration | 6 | - | - | 6 | |||||||||||||||||||||||||||||||
Corporate obligations | 24,648 | - | -3,779 | 20,869 | |||||||||||||||||||||||||||||||
Total | $ | 277,139 | $ | 4,303 | $ | -6,908 | $ | 274,534 | |||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||||||||||||
Available for Sale Securities | |||||||||||||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||||||||
Government sponsored agencies | $ | 121,260 | $ | 5,115 | $ | - | $ | 126,375 | |||||||||||||||||||||||||||
Collateralized mortgage obligations | |||||||||||||||||||||||||||||||||||
Government sponsored agencies | 114,782 | 3,463 | (10 | ) | 118,235 | ||||||||||||||||||||||||||||||
Federal agencies | 13,000 | 8 | (2 | ) | 13,006 | ||||||||||||||||||||||||||||||
Municipals | 3,129 | 151 | (16 | ) | 3,264 | ||||||||||||||||||||||||||||||
Small Business Administration | 8 | - | - | 8 | |||||||||||||||||||||||||||||||
Corporate obligations | 24,147 | 431 | (4,269 | ) | 20,309 | ||||||||||||||||||||||||||||||
Total | $ | 276,326 | $ | 9,168 | $ | (4,297 | ) | $ | 281,197 | ||||||||||||||||||||||||||
The amortized cost and fair value of available-for-sale securities at September 30, 2013, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||||||||||||
Description Securities | Cost | Value | |||||||||||||||||||||||||||||||||
Security obligations due | |||||||||||||||||||||||||||||||||||
One to five years | $ | 9,706 | $ | 9,664 | |||||||||||||||||||||||||||||||
Five to ten years | 15,670 | 15,505 | |||||||||||||||||||||||||||||||||
After ten years | 31,645 | 28,011 | |||||||||||||||||||||||||||||||||
57,021 | 53,180 | ||||||||||||||||||||||||||||||||||
Mortgage-backed securities | 107,250 | 108,084 | |||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 112,862 | 113,264 | |||||||||||||||||||||||||||||||||
Small Business Administration | 6 | 6 | |||||||||||||||||||||||||||||||||
Totals | $ | 277,139 | 274,534 | ||||||||||||||||||||||||||||||||
The carrying value of securities pledged as collateral, to secure public deposits and for other purposes, was $2.3 million at September 30, 2013. | |||||||||||||||||||||||||||||||||||
Gross gains of $898,000 and $1.6 million on proceeds from sales of securities of $53.2 million and $47.1 million were realized for the nine months ended September 30, 2013 and 2012, respectively. Losses recognized on the sale of securities for the nine months ended September 30, 2013 and 2012 were $63,000 and $0, respectively. | |||||||||||||||||||||||||||||||||||
Certain investments in debt and marketable equity securities are reported in the financial statements at an amount less than their historical cost. Total fair value of these investments at September 30, 2013, was $128.3 million, an increase from $13.3 million at December 31, 2012, which is approximately 46% and 5%, respectively, of the Bank's portfolio. | |||||||||||||||||||||||||||||||||||
Based on evaluation of available evidence, including recent changes in market interest rates, management believes the declines in fair value for these securities, other than those discussed below, are temporary. Should the impairment of any of these securities become other-than-temporary, the cost basis of the investment will be reduced and the resulting loss recognized in net income in the period the other-than-temporary impairment is identified. | |||||||||||||||||||||||||||||||||||
The following tables show our investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2013 and December 31, 2012: | |||||||||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||||||||
Government sponsored agencies | $ | 42,851 | $ | (1,419 | ) | $ | - | $ | - | $ | 42,851 | $ | (1,419 | ) | |||||||||||||||||||||
Collateralized mortgage obligations | |||||||||||||||||||||||||||||||||||
Government sponsored agencies | 48,999 | (1,307 | ) | - | - | 48,999 | (1,307 | ) | |||||||||||||||||||||||||||
Federal agencies | 4,813 | (187 | ) | - | - | 4,813 | (187 | ) | |||||||||||||||||||||||||||
Municipals | 10,030 | (187 | ) | 744 | (29 | ) | 10,774 | (216 | ) | ||||||||||||||||||||||||||
Corporate obligations | 17,898 | (35 | ) | 2,971 | (3,744 | ) | 20,869 | (3,779 | ) | ||||||||||||||||||||||||||
Total temporarily impaired securities | $ | 124,591 | $ | (3,135 | ) | $ | 3,715 | $ | (3,773 | ) | $ | 128,306 | $ | (6,908 | ) | ||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | |||||||||||||||||||||||||||||||||||
Government sponsored agencies | $ | 4,962 | $ | (10 | ) | $ | - | $ | - | $ | 4,962 | $ | (10 | ) | |||||||||||||||||||||
Federal Agencies | 4,998 | -2 | 4,998 | -2 | |||||||||||||||||||||||||||||||
Municipals | 874 | (16 | ) | - | - | 874 | (16 | ) | |||||||||||||||||||||||||||
Corporate obligations | - | - | 2,475 | (4,269 | ) | 2,475 | (4,269 | ) | |||||||||||||||||||||||||||
Total temporarily impaired securities | $ | 10,834 | $ | (28 | ) | $ | 2,475 | $ | (4,269 | ) | $ | 13,309 | $ | (4,297 | ) | ||||||||||||||||||||
Mortgage-Backed Securities (MBS), Collateralized Mortgage Obligations (CMO) and Federal Agencies | |||||||||||||||||||||||||||||||||||
The increase in unrealized losses on the Company’s investment in MBSs and CMOs and the increase in the amount of such investments subject to unrealized losses were caused by interest rate changes. The Company expects to recover the amortized cost basis over the term of the securities. Because the decline in market value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell the investments and it is more likely than not the Company will not be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Company does not consider these investments to be other-than-temporarily impaired at September 30, 2013. | |||||||||||||||||||||||||||||||||||
Municipals | |||||||||||||||||||||||||||||||||||
The increase in unrealized losses on the Company’s investments in securities of state and political subdivisions and the increase in the amount of such investments subject to unrealized losses were caused by changes in interest rates. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost basis of the investments. The Company does not intend to sell the investment and it is not more likely than not that the Company will be required to sell the investment before recovery of its new, lower amortized cost basis, which may be maturity. The Corporation does not consider the investment securities to be other-than-temporarily impaired at September 30, 2013. | |||||||||||||||||||||||||||||||||||
Corporate Obligations | |||||||||||||||||||||||||||||||||||
The Company’s unrealized loss on investments in corporate obligations primarily relates to investments in pooled trust preferred securities. The increase in investments subject to unrealized losses less than 12 months were caused by interest rate changes. The unrealized losses were primarily caused by (a) a decrease in performance and regulatory capital at the underlying banks resulting from exposure to subprime mortgages and (b) a sector downgrade by several industry analysts. The Company currently expects some of the securities to settle at a price less than the amortized cost basis of the investment (that is, the Company expects to recover less than the entire amortized cost basis of the security). The Company has recognized a loss equal to the credit loss for these securities, establishing a new, and lower amortized cost basis. The credit loss was calculated by comparing expected discounted cash flows based on performance indicators of the underlying assets in the security to the carrying value of the investment. Because the Company does not intend to sell the investments and it is likely the Company will not be required to sell the investments before recovery of its new, lower amortized cost basis, which may be maturity, it does not consider the remainder of the investments to be other-than-temporarily impaired at September 30, 2013. | |||||||||||||||||||||||||||||||||||
Mutual evaluates securities for other-than-temporary impairment (“OTTI”) on a quarterly basis. During the quarter ended September 30, 2013, the Bank’s evaluation indicated that there was no other-than-temporary impairment of securities. Impairment on securities is determined after analyzing the estimated cash flows to be received, underlying collateral and determining the amount of additional losses needed in the individual pools to create a shortfall in interest or principal payments. All trust preferred securities were valued using a discounted cash flow analysis as of September 30, 2013. | |||||||||||||||||||||||||||||||||||
Other-than-temporary Impairment | |||||||||||||||||||||||||||||||||||
Upon acquisition of a security, the Company decides whether it is within the scope of the accounting guidance for beneficial interests in securitized financial assets or will be evaluated for impairment under the accounting guidance for investments in debt and equity securities. | |||||||||||||||||||||||||||||||||||
The accounting guidance for beneficial interests in securitized financial assets provides incremental impairment guidance for a subset of the debt securities within the scope of the guidance for investments in debt and equity securities. Where the security is a beneficial interest in securitized financial assets, the Company uses the beneficial interests in securitized financial asset impairment model. Where the security is not a beneficial interest in securitized financial assets, the Company uses the debt and equity securities impairment model. | |||||||||||||||||||||||||||||||||||
The Company routinely conducts reviews to identify and evaluate each investment security to determine whether an other-than-temporary impairment has occurred. Economic models are used to determine whether an other-than-temporary impairment has occurred on these securities. While all securities are considered, the securities primarily impacted by other-than-temporary impairment testing are pooled trust preferred securities. For each pooled trust preferred security in the investment portfolio (including but not limited to those whose fair value is less than their amortized cost basis), an extensive, regular review is conducted to determine if an other-than-temporary impairment has occurred. Various inputs to the economic models are used to determine if an unrealized loss is other-than-temporary. | |||||||||||||||||||||||||||||||||||
MutualFirst uses market-based yield indicators as a baseline for determining appropriate discount rates, and then adjusts the resulting discount rates on the basis of its credit and structural analysis of specific trust preferred securities. The primary focus is on the returns a fixed income investor would require in order to allocate capital on a risk adjusted basis. There is currently no active market for pooled trust preferred securities; however, the Company looks principally to market yields for stand-alone trust preferred securities issued by banks, thrifts and insurance companies for which there is an active and liquid market. The next step is to make a series of adjustments to reflect the differences that exist between these products (both credit and structural) and, most importantly, to reflect idiosyncratic credit performance differences (both actual and projected) between these products and the underlying collateral in the specific trust preferred security. Importantly, as part of the analysis described above, MutualFirst considers the fact that structured instruments frequently exhibit leverage not present in stand-alone instruments, and make adjustments as necessary to reflect this additional risk. | |||||||||||||||||||||||||||||||||||
The default and recovery probabilities for each piece of collateral were formed based on the evaluation of the collateral credit and a review of historical industry default data and current/near-term operating conditions. For collateral that has already defaulted, the Company assumed no recovery. For collateral that was in deferral, the Company assumed a recovery of 10% of par for banks, thrifts or other depository institutions, and 15% of par for insurance companies. Although the Company conservatively assumed that the majority of the deferring collateral continues to defer and eventually defaults, we also recognize there is a possibility that some deferring collateral may become current at some point in the future. | |||||||||||||||||||||||||||||||||||
Pooled Trust Preferred Securities | |||||||||||||||||||||||||||||||||||
At September 30, 2013, MutualFirst had an amortized cost in pooled trust preferred securities of $6.7 million, which had an original par value of $8.0 million. These securities had a fair value of $3.0 million at September 30, 2013. The following table provides additional information related to the Bank’s investment in trust preferred securities as of September 30, 2013: | |||||||||||||||||||||||||||||||||||
Deal | Class | Original | Book | Fair | Unrealized | Recognized | Lowest | Number of | Actual | Total Projected | Excess Subordination | ||||||||||||||||||||||||
Par | Value | Value | Loss | Losses 2013 | Rating | Banks/Insurance | Deferrals/Defaults (as % | Defaults (as a % | (after taking into | ||||||||||||||||||||||||||
Companies Currently | of original collateral) | of performing | account best estimate of | ||||||||||||||||||||||||||||||||
Performing | collateral)a | future | |||||||||||||||||||||||||||||||||
deferrals/defaults)b | |||||||||||||||||||||||||||||||||||
Alesco Preferred Funding IX | A2A | $ | 1,000 | $ | 906 | $ | 439 | $ | 467 | $ | - | CCC- | 41 | 16.04 | % | 15.02 | % | 48.07 | % | ||||||||||||||||
Preferred Term Securities XIII | B1 | 1,000 | 791 | 359 | 432 | - | Ca | 44 | 25.56 | % | 20.84 | % | 5.30 | % | |||||||||||||||||||||
Preferred Term Securities XVIII | C | 1,000 | 917 | 273 | 644 | - | Ca | 48 | 28.69 | % | 14.93 | % | 1.40 | % | |||||||||||||||||||||
Preferred Term Securities XXVII | C1 | 1,000 | 710 | 250 | 460 | - | Ca | 32 | 25.08 | % | 18.83 | % | 5.99 | % | |||||||||||||||||||||
U.S. Capital Funding I | B1 | 3,000 | 2,891 | 1,412 | 1,479 | - | Caa1 | 29 | 12.92 | % | 9.79 | % | 4.52 | % | |||||||||||||||||||||
U.S. Capital Funding III | B1 | 1,000 | 500 | 238 | 262 | - | Ca | 28 | 21.94 | % | 14.74 | % | 0.00 | % | |||||||||||||||||||||
Total | $ | 8,000 | $ | 6,715 | $ | 2,971 | $ | 3,744 | $ | - | |||||||||||||||||||||||||
(a) A 10% recovery is applied to all projected bank defaults. A 15% recovery is applied to all projected insurance defaults. No recovery is applied to current defaults. | |||||||||||||||||||||||||||||||||||
(b) Excess subordination represents the additional defaults in excess of both current and projected defaults that the CDO can absorb before the bond experiences any credit impairment. Excess subordinated percentage is calculated by (a) determining what percentage of defaults a deal can experience before the bond has credit impairment, and (b) subtracting from this default breakage percentage both total current and expected future default percentages. | |||||||||||||||||||||||||||||||||||
Credit Losses Recognized on Investments | |||||||||||||||||||||||||||||||||||
Certain debt securities have experienced fair value deterioration due to credit losses, as well as due to other market factors, but are not otherwise other-than-temporarily impaired. | |||||||||||||||||||||||||||||||||||
The following table provides information about debt securities for which only a credit loss was recognized in income and other losses are recorded in other comprehensive income. | |||||||||||||||||||||||||||||||||||
Accumulated Credit Losses | |||||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||
Credit losses on debt securities held | |||||||||||||||||||||||||||||||||||
Beginning of period | $ | 1,205 | $ | 1,205 | |||||||||||||||||||||||||||||||
Reductions related to actual losses incurred | - | - | |||||||||||||||||||||||||||||||||
As of September 30, | $ | 1,205 | $ | 1,205 | |||||||||||||||||||||||||||||||
Accumulated Credit Losses | |||||||||||||||||||||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||
Credit losses on debt securities held | |||||||||||||||||||||||||||||||||||
Beginning of year | $ | 1,205 | $ | 1,205 | |||||||||||||||||||||||||||||||
Reductions related to actual losses incurred | - | - | |||||||||||||||||||||||||||||||||
As of September 30, | $ | 1,205 | $ | 1,205 | |||||||||||||||||||||||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | ||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||
Note 5: Accumulated Other Comprehensive Income (Loss) | |||||||||
The following table represents the components of accumulated other comprehensive income (loss): | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Net unrealized gain on securities available-for-sale | $ | 672 | $ | 8,616 | |||||
Net unrealized loss on securities available-for-sale for which a portion of other-than-temporary impairment has been recognized in income | (3,277 | ) | -3,745 | ||||||
Net unrealized loss on derivative used for cash flow hedges | (311 | ) | (416 | ) | |||||
Net unrealized loss relating to defined benefit plan liability | (49 | ) | (49 | ) | |||||
(2,965 | ) | 4,406 | |||||||
Tax (expense) benefit | 953 | (1,603 | ) | ||||||
Net-of-tax amount | $ | (2,012 | ) | $ | 2,803 | ||||
Disclosures_About_Fair_Value_o
Disclosures About Fair Value of Assets and Liabilities | 9 Months Ended | ||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||
Disclosures About Fair Value of Assets and Liabilities [Abstract] | ' | ||||||||||||||||||||||||||
Disclosures About Fair Value of Assets and Liabilities | ' | ||||||||||||||||||||||||||
Note 6: Disclosures About Fair Value of Assets and Liabilities | |||||||||||||||||||||||||||
FASB Codification Topic 820 (ASC 820), Fair Value Measurements and Disclosures, defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. | |||||||||||||||||||||||||||
The standard describes three levels of inputs that may be used to measure fair value: | |||||||||||||||||||||||||||
Level 1 | Quoted prices in active markets for identical assets or liabilities | ||||||||||||||||||||||||||
Level 2 | Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities | ||||||||||||||||||||||||||
Level 3 | Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities | ||||||||||||||||||||||||||
Items Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||||||||
Following is a description of the valuation methodologies and inputs used for instruments measured at fair value on a recurring basis and recognized in the accompanying balance sheets, as well as the general classification of such instruments pursuant to the valuation hierarchy. | |||||||||||||||||||||||||||
Available-for-Sale Securities | |||||||||||||||||||||||||||
Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. The Company uses a third-party provider to obtain market prices on its securities. Level 1 securities include the marketable equity securities. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. Level 2 securities include mortgage-backed, collateralized mortgage obligations, small business administration, marketable equity, municipal, federal agency and certain corporate obligation securities. In certain cases where Level 1 or Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy and include certain corporate obligation securities. | |||||||||||||||||||||||||||
Third party vendors compile prices from various sources and may apply such techniques as matrix pricing to determine the value of identical or similar investment securities (Level 2). Matrix pricing is a mathematical technique widely used in the banking industry to value investment securities without relying exclusively on quoted prices for specific investment securities but rather relying on investment securities relationship to other benchmark quoted investment securities. Any investment security not valued based upon the methods above are considered Level 3. | |||||||||||||||||||||||||||
Fair value determinations for Level 3 measurements of securities are the responsibility of the Treasury function of the Company. The Company contracts with a pricing specialist to generate fair value estimates on a monthly basis. The Treasury function of the Company challenges the reasonableness of the assumptions used and reviews the methodology to ensure the estimated fair value complies with accounting standards generally accepted in the United States, analyzes the changes in fair value and compares these changes to internally developed expectations and monitors these changes for appropriateness. | |||||||||||||||||||||||||||
The following table presents the fair value measurement of assets measured at fair value on a recurring basis and the level within the ASC 820 fair value hierarchy used for such fair value measurements: | |||||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||
Government sponsored agencies | $ | 108,084 | $ | - | $ | 108,084 | $ | - | |||||||||||||||||||
Collateralized mortgage obligations | |||||||||||||||||||||||||||
Government sponsored agencies | 113,264 | - | 113,264 | - | |||||||||||||||||||||||
Federal agencies | 4,813 | - | 4,813 | - | |||||||||||||||||||||||
Municipals | 27,498 | - | 27,498 | - | |||||||||||||||||||||||
Small Business Administration | 6 | - | 6 | - | |||||||||||||||||||||||
Corporate obligations | 20,869 | - | 17,898 | 2,971 | |||||||||||||||||||||||
Available-for-sale securities | $ | 274,534 | $ | - | $ | 271,563 | $ | 2,971 | |||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||
Government sponsored agencies | $ | 126,375 | $ | - | $ | 126,375 | $ | - | |||||||||||||||||||
Collateralized mortgage obligations | |||||||||||||||||||||||||||
Government sponsored agencies | 118,235 | - | 118,235 | - | |||||||||||||||||||||||
Federal agencies | 13,006 | - | 13,006 | - | |||||||||||||||||||||||
Municipals | 3,264 | - | 3,264 | - | |||||||||||||||||||||||
Small Business Administration | 8 | - | 8 | - | |||||||||||||||||||||||
Corporate obligations | 20,309 | - | 17,834 | 2,475 | |||||||||||||||||||||||
Available-for-sale securities | $ | 281,197 | $ | - | $ | 278,772 | $ | 2,475 | |||||||||||||||||||
The following is a reconciliation of the beginning and ending balances for the three months ended September 30, 2013 and 2012 of recurring fair value measurements recognized in the accompanying balance sheet using significant unobservable (Level 3) inputs: | |||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||
Beginning balance | $ | 3,000 | $ | 2,264 | |||||||||||||||||||||||
Total realized and unrealized gains and losses | |||||||||||||||||||||||||||
Included in net income | - | - | |||||||||||||||||||||||||
Included in other comprehensive loss | 1 | 144 | |||||||||||||||||||||||||
Purchases, issuances and settlements | (30 | ) | - | ||||||||||||||||||||||||
Ending balance | $ | 2,971 | $ | 2,408 | |||||||||||||||||||||||
Total gains or losses for the period included in net income attributable to the change in unrealized gains or losses related to assets still held at the reporting date | $ | - | $ | - | |||||||||||||||||||||||
The following is a reconciliation of the beginning and ending balances for the nine months ended September 30, 2013 and 2012 of recurring fair value measurements recognized in the accompanying balance sheet using significant unobservable (Level 3) inputs: | |||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||
Beginning balance | $ | 2,475 | $ | 2,454 | |||||||||||||||||||||||
Total realized and unrealized gains and losses | |||||||||||||||||||||||||||
Included in net income | - | - | |||||||||||||||||||||||||
Included in other comprehensive loss | 526 | -36 | |||||||||||||||||||||||||
Purchases, issuances and settlements | (30 | ) | -10 | ||||||||||||||||||||||||
Ending balance | $ | 2,971 | $ | 2,408 | |||||||||||||||||||||||
Total gains or losses for the period included in net income attributable to the change in unrealized gains or losses related to assets still held at the reporting date | $ | - | $ | - | |||||||||||||||||||||||
Items Measured at Fair Value on a Non-Recurring Basis | |||||||||||||||||||||||||||
From time to time, certain assets may be recorded at fair value on a non-recurring basis. These non-recurring fair value adjustments typically are a result of the application of lower of cost or fair value accounting or a write-down occurring during the period. The following is a description of the valuation methodologies used for certain assets that are recorded at fair value. | |||||||||||||||||||||||||||
Impaired Loans (Collateral Dependent) | |||||||||||||||||||||||||||
Loans for which it is probable that Mutual will not collect all principal and interest due according to contractual terms are measured for impairment. Allowable methods for determining the amount of impairment include estimating fair value include using the fair value of the collateral for collateral dependent loans. | |||||||||||||||||||||||||||
If the impaired loan is identified as collateral dependent, then the fair value method of measuring the amount of impairment is utilized. This method requires obtaining a current independent appraisal of the collateral and applying a discount factor to the value. | |||||||||||||||||||||||||||
Impaired loans that are collateral dependent are classified within Level 3 of the fair value hierarchy when impairment is determined using the fair value method. | |||||||||||||||||||||||||||
Other Real Estate Owned | |||||||||||||||||||||||||||
The fair value of real estate is generally determined based on appraisals by qualified licensed appraisers. The appraisers typically determine the value of the real estate by utilizing an income or market valuation approach. If an appraisal is not available, the fair value may be determined by using a cash flow analysis. | |||||||||||||||||||||||||||
The estimated fair value of other real estate owned is based on a current appraisal, less discount to reflect realizable value and estimated cost to sell. Other real estate owned is classified within Level 3 of the fair value hierarchy. Appraisals of other real estate owned are obtained when the real estate is acquired and subsequently as deemed necessary by the asset classification committee. The Risk Management division reviews the appraisals for accuracy and consistency. Appraisals are selected from the list of approved appraisers maintained by the Board. The reduction in fair value of other real estate owned was $46,000 and $456,000 for the nine months ended September 30, 2013 and 2012, respectively. The changes were recorded as adjustments to current earnings through other real estate owned related expenses. | |||||||||||||||||||||||||||
Mortgage Servicing Rights | |||||||||||||||||||||||||||
We initially measure our mortgage servicing rights at fair value, and amortize them over the period of estimated net servicing income. They are periodically assessed for impairment based on fair value at the reporting date. Mortgage-servicing rights do not trade in an active market with readily observable prices. Accordingly, the fair value is estimated based on a valuation model which calculates the present value of estimated future net servicing income. The model incorporates assumptions that market participants use in estimating future net servicing income, including estimates of prepayment speeds, market discount rates, cost to service, float earnings rates and other ancillary income, including late fees. The fair value measurements are classified as Level 3. | |||||||||||||||||||||||||||
The following table presents the fair value measurement of assets measured at fair value on a nonrecurring basis and the level within the ASC 820 fair value hierarchy in which the fair value measurements fall: | |||||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||
Impaired loans (collateral dependent) | $ | 5,588 | $ | - | $ | - | $ | 5,588 | |||||||||||||||||||
Foreclosed real estate | 227 | - | - | 227 | |||||||||||||||||||||||
Mortgage-servicing rights | 1,916 | - | - | 1,916 | |||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||
Impaired loans (collateral dependent) | $ | 8,032 | $ | - | $ | - | $ | 8,032 | |||||||||||||||||||
Foreclosed real estate | 355 | - | - | 355 | |||||||||||||||||||||||
Mortgage-servicing rights | 1,731 | - | - | 1,731 | |||||||||||||||||||||||
The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements. | |||||||||||||||||||||||||||
September 30, 2013 | Fair Value | Valuation Technique | Unobservable Inputs | Range | |||||||||||||||||||||||
Trust Preferred Securities | $2,971 | Discounted cash flow | Discount rate | 9.0% - 16.0% | |||||||||||||||||||||||
Constant prepayment rate | 2.00% | ||||||||||||||||||||||||||
Cumulative projected prepayments | |||||||||||||||||||||||||||
Probability of default | 40.0% | ||||||||||||||||||||||||||
Projected cures given deferral | 1.6% - 2.4% | ||||||||||||||||||||||||||
Loss severity | 0.0% - 15.0% | ||||||||||||||||||||||||||
51.5% - 76.2% | |||||||||||||||||||||||||||
Impaired loans (collateral dependent) | $ | Third party valuations | Discount to reflect realizable value | 0% - 40% | |||||||||||||||||||||||
5,588 | |||||||||||||||||||||||||||
Foreclosed real estate | $ | Third party valuations | Discount to reflect realizable value less estimated selling costs | 0% - 25% | |||||||||||||||||||||||
227 | |||||||||||||||||||||||||||
Mortgage servicing rights | $ | Third party valuations | Prepayment speeds | 125%- 700% | |||||||||||||||||||||||
1,916 | Discount rates | 10.10% | |||||||||||||||||||||||||
Servicing fee | 0.25% | ||||||||||||||||||||||||||
December 31, 2012 | Fair Value | Valuation Technique | Unobservable Inputs | Range | |||||||||||||||||||||||
Trust Preferred Securities | $ | Discounted cash flow | Discount rate | 9.0% - 17.0% | |||||||||||||||||||||||
2,475 | Constant prepayment rate | 2.00% | |||||||||||||||||||||||||
Cumulative projected prepayments | |||||||||||||||||||||||||||
Probability of default | 40.0% | ||||||||||||||||||||||||||
Projected cures given deferral | 1.5%- 2.2% | ||||||||||||||||||||||||||
Loss severity | 0%- 15.0% | ||||||||||||||||||||||||||
58.0% – 79.4% | |||||||||||||||||||||||||||
Impaired loans (collateral dependent) | $ | Third party valuations | Discount to reflect realizable value | 0%- 40% | |||||||||||||||||||||||
8,032 | |||||||||||||||||||||||||||
Foreclosed real estate | $ | Third party valuations | Discount to reflect realizable value less estimated selling costs | 0%- 25% | |||||||||||||||||||||||
355 | |||||||||||||||||||||||||||
Mortgage servicing rights | $ | Third party valuations | Prepayment speeds | 100%- 700% | |||||||||||||||||||||||
1,731 | Discount rates | 10.10% | |||||||||||||||||||||||||
Servicing fee | 0.25% | ||||||||||||||||||||||||||
The estimated fair values of the Company’s financial instruments not carried at fair value in the consolidated condensed balance sheets as of dates noted below are as follows: | |||||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||||
September 30, 2013 | Carrying Amount | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||
Cash and cash equivalents | $ | 31,940 | $ | 31,940 | $ | - | $ | - | |||||||||||||||||||
Loans held for sale | 993 | - | 1,001 | - | |||||||||||||||||||||||
Loans, net | 964,504 | - | - | 964,623 | |||||||||||||||||||||||
FHLB stock | 14,391 | - | 14,391 | - | |||||||||||||||||||||||
Interest receivable | 3,593 | - | 3,593 | - | |||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||
Deposits | 1,149,717 | 602,009 | - | 511,876 | |||||||||||||||||||||||
FHLB advances | 96,728 | - | 95,508 | - | |||||||||||||||||||||||
Other borrowings | 11,069 | - | 11,067 | - | |||||||||||||||||||||||
Interest payable | 234 | - | 234 | - | |||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||||
December 31, 2012 | Carrying Amount | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||
Cash and cash equivalents | $ | 32,778 | $ | 32,778 | $ | — | $ | — | |||||||||||||||||||
Loans held for sale | 5,106 | — | 5,235 | — | |||||||||||||||||||||||
Loans, net | 969,545 | — | — | 993,539 | |||||||||||||||||||||||
FHLB stock | 14,391 | — | 14,391 | — | |||||||||||||||||||||||
Interest receivable | 3,846 | — | 3,846 | — | |||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||
Deposits | 1,184,009 | 606,066 | — | 589,759 | |||||||||||||||||||||||
FHLB advances | 74,675 | — | 75,688 | — | |||||||||||||||||||||||
Other borrowings | 11,606 | — | 12,648 | — | |||||||||||||||||||||||
Interest payable | 236 | — | 236 | — | |||||||||||||||||||||||
The following methods and assumptions were used to estimate the fair value of each class of financial instruments listed above: | |||||||||||||||||||||||||||
Cash and Cash Equivalents - The fair value of cash and cash equivalents approximates carrying value. | |||||||||||||||||||||||||||
Loans Held For Sale - Fair values are based on current investor purchase commitments. | |||||||||||||||||||||||||||
Loans - The fair value for loans is estimated using discounted cash flow analyses using interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. | |||||||||||||||||||||||||||
FHLB Stock - Fair value of FHLB stock is based on the price at which it may be resold to the FHLB. | |||||||||||||||||||||||||||
Interest Receivable/Payable - The fair values of interest receivable/payable approximate carrying values. | |||||||||||||||||||||||||||
Deposits - The fair values of noninterest-bearing, interest-bearing demand and savings accounts are equal to the amount payable on demand at the balance sheet date. Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on such time deposits. | |||||||||||||||||||||||||||
Federal Home Loan Bank Advances - The fair value of these borrowings are estimated using a discounted cash flow calculation, based on current rates for similar debt for periods comparable to the remaining terms to maturity of these advances. | |||||||||||||||||||||||||||
Other Borrowings - The fair value of other borrowings are estimated using a discount calculation based on current rates. | |||||||||||||||||||||||||||
Advances by Borrowers for Taxes and Insurance - The fair value approximates carrying value. | |||||||||||||||||||||||||||
Off-Balance Sheet Commitments - Commitments include commitments to purchase and originate mortgage loans, commitments to sell mortgage loans, and standby letters of credit and are generally of a short-term nature. The fair values of such commitments are based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties’ credit standing. The fair value of commitments is immaterial. | |||||||||||||||||||||||||||
Loans
Loans | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Loans [Abstract] | ' | ||||||||||||||||||||||||||||
Loans | ' | ||||||||||||||||||||||||||||
Note 7: Loans | |||||||||||||||||||||||||||||
Categories of loans at September 30, 2013 and December 31, 2012 include: | |||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate | $ | 198,405 | $ | 203,613 | |||||||||||||||||||||||||
Construction and development | 15,092 | 17,462 | |||||||||||||||||||||||||||
Other | 72,310 | 67,773 | |||||||||||||||||||||||||||
285,807 | 288,848 | ||||||||||||||||||||||||||||
Residential mortgage | 495,712 | 502,619 | |||||||||||||||||||||||||||
Consumer loans | |||||||||||||||||||||||||||||
Real estate | 106,293 | 100,516 | |||||||||||||||||||||||||||
Auto | 15,343 | 15,572 | |||||||||||||||||||||||||||
Boat/RVs | 80,648 | 76,416 | |||||||||||||||||||||||||||
Other | 5,977 | 6,598 | |||||||||||||||||||||||||||
208,261 | 199,102 | ||||||||||||||||||||||||||||
Total loans | 989,780 | 990,569 | |||||||||||||||||||||||||||
Undisbursed loans in process | (13,446 | ) | (7,418 | ) | |||||||||||||||||||||||||
Unamortized deferred loan costs, net | 2,624 | 2,432 | |||||||||||||||||||||||||||
Allowance for loan losses | (14,454 | ) | (16,038 | ) | |||||||||||||||||||||||||
Net loans | $ | 964,504 | $ | 969,545 | |||||||||||||||||||||||||
The risk characteristics of each loan portfolio segment are as follows: | |||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
These loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Commercial real estate lending typically involves higher loan principal amounts and the repayment of these loans is generally dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. Commercial real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy. The properties securing the Company’s commercial real estate portfolio are diverse in terms of type and geographic location. Management monitors and evaluates commercial real estate loans based on collateral, geography and risk grade criteria. As a general rule, the Company avoids financing single purpose projects unless other underwriting factors are present to help mitigate risk. In addition, management tracks the level of owner-occupied commercial real estate loans versus non-owner occupied loans. | |||||||||||||||||||||||||||||
Construction and Development | |||||||||||||||||||||||||||||
Construction loans are underwritten utilizing feasibility studies, independent appraisal reviews, sensitivity analyses of absorption and lease rates and financial analyses of the developers and property owners. Construction loans are generally based on estimates of costs and value associated with the complete project. These estimates may be inaccurate. Construction loans often involve the disbursement of substantial funds with repayment substantially dependent on the success of the ultimate project. Sources of repayment for these types of loans may be pre-committed permanent loans from approved long-term lenders, sales of developed property or an interim loan commitment from the Company until permanent financing is obtained. These loans are closely monitored by on-site inspections and are considered to have higher risks than other real estate loans due to their ultimate repayment being sensitive to interest rate changes, governmental regulation of real property, general economic conditions and the availability of long-term financing. | |||||||||||||||||||||||||||||
Commercial other | |||||||||||||||||||||||||||||
Commercial loans are primarily based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. The cash flows of borrowers, however, may not be as expected and the collateral securing these loans may fluctuate in value. Most commercial loans are secured by the assets being financed or other business assets such as accounts receivable or inventory and may incorporate a personal guarantee; however, some short-term loans may be made on an unsecured basis. In the case of loans secured by accounts receivable, the availability of funds for the repayment of these loans may be substantially dependent on the ability of the borrower to collect amounts due from its customers. | |||||||||||||||||||||||||||||
Mortgage and Consumer | |||||||||||||||||||||||||||||
With respect to residential loans that are secured by 1-4 family residences and are primarily owner occupied, the Company generally establishes a maximum loan-to-value ratio and requires PMI if that ratio is exceeded. Consumer real estate loans are typically secured by a subordinate interest in 1-4 family residences, and consumer loans are secured by consumer assets such as automobiles or recreational vehicles. Some consumer loans are unsecured such as small installment loans and certain lines of credit. Repayment of these loans is primarily dependent on the personal income of the borrowers, which can be impacted by economic conditions in their market areas such as unemployment levels. Repayment can also be impacted by changes in property values on residential properties. Risk is mitigated by the fact that the loans are of smaller individual amounts and spread over a large number of borrowers. | |||||||||||||||||||||||||||||
Nonaccrual Loan and Past Due Loans. | |||||||||||||||||||||||||||||
Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. The accrual of interest on mortgage and commercial loans is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Past due status is based on contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged off at an earlier date if collection of principal or interest is considered doubtful. | |||||||||||||||||||||||||||||
All interest accrued but not collected for loans that are placed on nonaccrual or charged off are reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. | |||||||||||||||||||||||||||||
Non-accrual loans, segregated by class of loans, as of September 30, 2013 and December 31, 2012 are as follows: | |||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate | $ | 1,883 | $ | 2,450 | |||||||||||||||||||||||||
Construction and development | 3,252 | 5,989 | |||||||||||||||||||||||||||
Other | 1,270 | 1,315 | |||||||||||||||||||||||||||
Residential mortgage | 5,508 | 10,791 | |||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Real estate | 682 | 1,656 | |||||||||||||||||||||||||||
Auto | - | 37 | |||||||||||||||||||||||||||
Boat/RV | 383 | 1,076 | |||||||||||||||||||||||||||
Other | 134 | 96 | |||||||||||||||||||||||||||
$ | 13,112 | $ | 23,410 | ||||||||||||||||||||||||||
An age analysis of Company’s past due loans, segregated by class of loans, as of September 30, 2013 and December 31, 2012 is as follows: | |||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | Greater | Total Past | Current | Total Loans | Total Loans | |||||||||||||||||||||||
Past Due | Past Due | Than 90 | Due | Receivable | > 90 Days | ||||||||||||||||||||||||
Days | and | ||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate | $ | 1,434 | $ | 12 | $ | 1,883 | $ | 3,329 | $ | 195,076 | $ | 198,405 | $ | - | |||||||||||||||
Construction and development | 348 | - | 3,077 | 3,425 | 11,667 | 15,092 | - | ||||||||||||||||||||||
Other | 567 | - | 550 | 1,117 | 71,193 | 72,310 | - | ||||||||||||||||||||||
Residential mortgage | 8,247 | 862 | 4,124 | 13,233 | 482,479 | 495,712 | 390 | ||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Real estate | 500 | 164 | 653 | 1,317 | 104,976 | 106,293 | - | ||||||||||||||||||||||
Auto | 46 | 11 | - | 57 | 15,286 | 15,343 | - | ||||||||||||||||||||||
Boat/RV | 1,216 | 219 | 169 | 1,604 | 79,044 | 80,648 | - | ||||||||||||||||||||||
Other | 74 | 2 | 67 | 143 | 5,834 | 5,977 | - | ||||||||||||||||||||||
$ | 12,432 | $ | 1,270 | $ | 10,523 | $ | 24,225 | $ | 965,555 | $ | 989,780 | $ | 390 | ||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||
Total Loans | |||||||||||||||||||||||||||||
Greater | Total | > 90 Days | |||||||||||||||||||||||||||
30-59 Days | 60-89 Days | Than 90 | Total Past | Loans | and | ||||||||||||||||||||||||
Past Due | Past Due | Days | Due | Current | Receivable | Accruing | |||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate | $ | 1,097 | $ | 992 | $ | 2,350 | $ | 4,439 | $ | 199,174 | $ | 203,613 | $ | - | |||||||||||||||
Construction and development | 192 | - | 4,912 | 5,104 | 12,358 | 17,462 | - | ||||||||||||||||||||||
Other | 259 | 223 | 735 | 1,217 | 66,556 | 67,773 | - | ||||||||||||||||||||||
Residential mortgage | 12,487 | 2,732 | 8,356 | 23,575 | 479,044 | 502,619 | 177 | ||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Real estate | 1,302 | 358 | 1,119 | 2,779 | 97,737 | 100,516 | - | ||||||||||||||||||||||
Auto | 47 | 18 | 15 | 80 | 15,492 | 15,572 | - | ||||||||||||||||||||||
Boat/RV | 1,508 | 756 | 497 | 2,761 | 73,655 | 76,416 | - | ||||||||||||||||||||||
Other | 234 | 21 | 95 | 350 | 6,248 | 6,598 | 96 | ||||||||||||||||||||||
$ | 17,126 | $ | 5,100 | $ | 18,079 | $ | 40,305 | $ | 950,264 | $ | 990,569 | $ | 273 | ||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||||||
Loans are considered impaired in accordance with the impairment accounting guidance (ASC 310-10-35-16), when based on current information and events, it is probable the Company will be unable to collect all amounts due from the borrower in accordance with the contractual terms of the loan. Impaired loans include nonperforming commercial loans but also include loans modified in troubled debt restructurings where concessions have been granted to borrowers experiencing financial difficulties. These concessions could include a reduction in the interest rate on the loan, payment extensions, forgiveness of principal, forbearance or other actions intended to maximize collection. | |||||||||||||||||||||||||||||
Loans are individually evaluated for impairment based on internal limits outlined in our lending policies. The current threshold for these evaluations is set at $250,000. Although all troubled debt restructurings are considered impaired loans they are not necessarily individually evaluated for impairment based on the guidelines noted previously. | |||||||||||||||||||||||||||||
Interest on impaired loans is recorded based on the performance of the loan. All interest received on impaired loans that are on nonaccrual is accounted for on the cash-basis method until qualifying for return to accrual. Interest is accrued per contract for impaired loans that are performing. | |||||||||||||||||||||||||||||
The following tables present impaired loans for the three and nine month periods ended September 30, 2013 and 2012 and the year ended December 31, 2012. | |||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||
Recorded Balance | Unpaid Principal Balance | Specific Allowance | Average Investment in Impaired Loans | Average Investment in Impaired Loans - YTD | Interest | Interest | |||||||||||||||||||||||
- Quarter | Income Recognized | Income Recognized - YTD | |||||||||||||||||||||||||||
- Quarter | |||||||||||||||||||||||||||||
Loans without a specific | |||||||||||||||||||||||||||||
valuation allowance | |||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate | $ | 2,894 | $ | 3,958 | $ | - | $ | 2,953 | $ | 3,545 | $ | 40 | $ | 109 | |||||||||||||||
Construction and | 3,331 | 7,332 | - | 4,782 | 6,112 | 23 | 57 | ||||||||||||||||||||||
development | |||||||||||||||||||||||||||||
Other | 679 | 679 | - | 798 | 876 | 10 | 18 | ||||||||||||||||||||||
Residential mortgage | 1,950 | 2,889 | - | 2,417 | 2,857 | 12 | 48 | ||||||||||||||||||||||
Loans with a specific | |||||||||||||||||||||||||||||
valuation allowance | |||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate | 204 | 204 | 100 | 205 | 206 | 3 | 9 | ||||||||||||||||||||||
Construction and | 622 | 2,020 | 200 | 622 | 640 | - | - | ||||||||||||||||||||||
development | |||||||||||||||||||||||||||||
Other | 424 | 624 | 235 | 429 | 601 | 6 | 15 | ||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate | $ | 3,098 | $ | 4,162 | $ | 100 | $ | 3,158 | $ | 3,751 | $ | 43 | $ | 118 | |||||||||||||||
Construction and | $ | 3,953 | $ | 9,352 | $ | 200 | $ | 5,404 | $ | 6,752 | $ | 23 | $ | 57 | |||||||||||||||
development | |||||||||||||||||||||||||||||
Other | $ | 1,103 | $ | 1,303 | $ | 235 | $ | 1,227 | $ | 1,477 | $ | 16 | $ | 33 | |||||||||||||||
Residential mortgage | $ | 1,950 | $ | 2,889 | $ | - | $ | 2,417 | $ | 2,857 | $ | 12 | $ | 48 | |||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||
Average | |||||||||||||||||||||||||||||
Unpaid | Investment in | Interest | |||||||||||||||||||||||||||
Recorded | Principal | Specific | Impaired | Income | |||||||||||||||||||||||||
Balance | Balance | Allowance | Loans | Recognized | |||||||||||||||||||||||||
Loans without a specific valuation allowance | |||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate | $ | 5,341 | $ | 6,354 | $ | - | $ | 5,384 | $ | 248 | |||||||||||||||||||
Construction and development | 3,632 | 7,078 | - | 4,884 | 30 | ||||||||||||||||||||||||
Other | 972 | 972 | - | 2,828 | 117 | ||||||||||||||||||||||||
Residential mortgage | 2,583 | 3,522 | - | 3,755 | 58 | ||||||||||||||||||||||||
Loans with a specific valuation allowance | |||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate | 208 | 947 | 100 | 211 | 12 | ||||||||||||||||||||||||
Construction and development | 4,639 | 5,157 | 959 | 5,230 | 78 | ||||||||||||||||||||||||
Other | 912 | 912 | 257 | 921 | 30 | ||||||||||||||||||||||||
Residential mortgage | 834 | 834 | 57 | 654 | - | ||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate | $ | 5,549 | $ | 7,301 | $ | 100 | $ | 5,595 | $ | 260 | |||||||||||||||||||
Construction and development | $ | 8,271 | $ | 12,235 | $ | 959 | $ | 10,114 | $ | 108 | |||||||||||||||||||
Other | $ | 1,884 | $ | 1,884 | $ | 257 | $ | 3,749 | $ | 147 | |||||||||||||||||||
Residential mortgage | $ | 3,417 | $ | 4,356 | $ | 57 | $ | 4,409 | $ | 58 | |||||||||||||||||||
30-Sep-12 | |||||||||||||||||||||||||||||
Recorded Balance | Unpaid Principal Balance | Specific Allowance | Average Investment in Impaired Loans - Quarter | Average Investment | Interest | Interest | |||||||||||||||||||||||
in | Income Recognized | Income Recognized | |||||||||||||||||||||||||||
Impaired Loans - YTD | - Quarter | - YTD | |||||||||||||||||||||||||||
Loans without a specific | |||||||||||||||||||||||||||||
valuation allowance | |||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate | $ | 3,570 | $ | 4,122 | $ | - | $ | 4,546 | $ | 5,646 | $ | 37 | $ | 147 | |||||||||||||||
Construction and | 7,111 | 9,101 | - | 7,669 | 9,092 | 11 | 35 | ||||||||||||||||||||||
development | |||||||||||||||||||||||||||||
Other | 1,076 | 1,076 | - | 2,098 | 3,028 | 5 | 28 | ||||||||||||||||||||||
Residential mortgage | 3,960 | 5,048 | - | 3,613 | 4,124 | 19 | 58 | ||||||||||||||||||||||
Loans with a specific | |||||||||||||||||||||||||||||
valuation allowance | |||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Construction and | 1,364 | 4,337 | 375 | 1,364 | 1,482 | 18 | 55 | ||||||||||||||||||||||
development | |||||||||||||||||||||||||||||
Other | 1,178 | 1,178 | 357 | 1,191 | 1,206 | 9 | 35 | ||||||||||||||||||||||
Residential mortgage | 529 | 529 | 37 | 530 | 532 | 18 | 35 | ||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate | $ | 3,570 | $ | 4,122 | $ | - | $ | 4,546 | $ | 5,646 | $ | 37 | $ | 147 | |||||||||||||||
Construction and | $ | 8,475 | $ | 13,438 | $ | 375 | $ | 9,033 | $ | 10,574 | $ | 29 | $ | 90 | |||||||||||||||
development | |||||||||||||||||||||||||||||
Other | $ | 2,254 | $ | 2,254 | $ | 357 | $ | 3,289 | $ | 4,234 | $ | 14 | $ | 63 | |||||||||||||||
Residential mortgage | $ | 4,489 | $ | 5,577 | $ | 37 | $ | 4,143 | $ | 4,656 | $ | 37 | $ | 93 | |||||||||||||||
Commercial Loan Grades | |||||||||||||||||||||||||||||
Definition of Loan Grades. Loan grades are numbered 1 through 8. Grades 1-4 are "pass" credits, grade 5 [Special Mention] loans are "criticized" assets, and grades 6 [Substandard], 7 [Doubtful] and 8 [Loss] are "classified" assets. The use and application of these grades by the Bank are uniform and conform to the Bank's policy and regulatory definitions. | |||||||||||||||||||||||||||||
Pass. Pass credits are loans in grades prime through fair. These are at least considered to be credits with acceptable risks and would be granted in the normal course of lending operations. | |||||||||||||||||||||||||||||
Special Mention. Special mention credits have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the credits or in the Bank’s credit position at some future date. If weaknesses cannot be identified, classifying as special mention is not appropriate. Special mention credits are not adversely classified and do not expose the Bank to sufficient risk to warrant an adverse classification. No apparent loss of principal or interest is expected. | |||||||||||||||||||||||||||||
Substandard. Credits which are inadequately protected by the current sound worth and paying capacity of the obligor or by the collateral pledged. Financial statements normally reveal some or all of the following: poor trends, lack of earnings and cash flow, excessive debt, lack of liquidity, and the absence of creditor protection. Credits so classified must have a well-defined weakness, or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. | |||||||||||||||||||||||||||||
Doubtful. An extension of credit “doubtful” has all the weaknesses inherent in one classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The possibility of loss is extremely high, but because of certain important and reasonably specific pending factors that may work to the advantage and strengthening of the asset, its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors include proposed merger, acquisition, or liquidation procedures, capital injection, perfecting liens on additional collateral, and refinancing plans. A Doubtful classification for an entire credit should be avoided when collection of a specific portion appears highly probable with the adequately secured portion graded Substandard. | |||||||||||||||||||||||||||||
Retail Loan Grades | |||||||||||||||||||||||||||||
Pass. Pass credits are loans that are currently performing as agreed and are not troubled debt restructurings. | |||||||||||||||||||||||||||||
Substandard. Substandard credits are loans that have reason to be considered to have a well defined weakness and placed on non-accrual. This would include all retail loans over 90 days and troubled debt restructurings which were delinquent at the time of modification. | |||||||||||||||||||||||||||||
The following information presents the credit risk profile of the Company’s loan portfolio based on rating category and payment activity as of September 30, 2013 and December 31, 2012. | |||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||
Commercial Credit Exposure Credit Risk Profile | |||||||||||||||||||||||||||||
Internal Rating | Real estate | Construction and | Other | ||||||||||||||||||||||||||
development | |||||||||||||||||||||||||||||
Pass | $ | 188,018 | $ | 8,886 | $ | 70,473 | |||||||||||||||||||||||
Special Mention | 3,355 | 2,211 | 235 | ||||||||||||||||||||||||||
Substandard | 7,006 | 3,995 | 1,052 | ||||||||||||||||||||||||||
Doubtful | 26 | - | 550 | ||||||||||||||||||||||||||
Total | $ | 198,405 | $ | 15,092 | $ | 72,310 | |||||||||||||||||||||||
Retail Credit Exposure Credit Risk Profile | |||||||||||||||||||||||||||||
Residential | Consumer | ||||||||||||||||||||||||||||
mortgage | Real estate | Auto | Boat/RV | Other | |||||||||||||||||||||||||
Pass | $ | 485,690 | $ | 104,464 | $ | 15,327 | $ | 80,005 | $ | 5,876 | |||||||||||||||||||
Special Mention | 1,804 | - | - | - | - | ||||||||||||||||||||||||
Substandard | 8,218 | 1,829 | 16 | 643 | 101 | ||||||||||||||||||||||||
Total | $ | 495,712 | $ | 106,293 | $ | 15,343 | $ | 80,648 | $ | 5,977 | |||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||
Commercial Credit Exposure Credit Risk Profile | |||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||
Internal Rating | Real estate | development | Other | ||||||||||||||||||||||||||
Pass | $ | 185,794 | $ | 9,314 | $ | 63,413 | |||||||||||||||||||||||
Special Mention | 6,692 | 172 | 255 | ||||||||||||||||||||||||||
Substandard | 11,127 | 7,976 | 3,281 | ||||||||||||||||||||||||||
Doubtful | - | - | 824 | ||||||||||||||||||||||||||
Total | $ | 203,613 | $ | 17,462 | $ | 67,773 | |||||||||||||||||||||||
Retail Credit Exposure Credit Risk Profile | |||||||||||||||||||||||||||||
Residential | Consumer | ||||||||||||||||||||||||||||
mortgage | Real estate | Auto | Boat/RV | Other | |||||||||||||||||||||||||
Pass | $ | 486,027 | $ | 97,972 | $ | 15,533 | $ | 75,026 | $ | 6,434 | |||||||||||||||||||
Special Mention | 2,012 | - | - | - | - | ||||||||||||||||||||||||
Substandard | 14,580 | 2,544 | 39 | 1,390 | 164 | ||||||||||||||||||||||||
Total | $ | 502,619 | $ | 100,516 | $ | 15,572 | $ | 76,416 | $ | 6,598 | |||||||||||||||||||
Allowance for Loan Losses. | |||||||||||||||||||||||||||||
We maintain an allowance for loan losses to absorb losses inherent in the loan portfolio. The allowance is based on ongoing, quarterly assessments of the estimated losses inherent in the loan portfolio. Our methodology for assessing the appropriateness of the allowance consists of several key elements, including the general allowance and specific allowances for identified problem loans and portfolio segments. In addition, the allowance incorporates the results of measuring impaired loans as provided in FASB ASC 310, Receivables. These accounting standards prescribe the measurement methods, income recognition and disclosures related to impaired loans. The general allowance is calculated by applying loss factors to outstanding loans based on the internal risk evaluation of such loans or pools of loans. Changes in risk evaluations of both performing and nonperforming loans affect the amount of the general allowance. Loss factors are based on our historical loss experience as well as on significant factors that, in management’s judgment, affect the collectability of the portfolio as of the evaluation date. | |||||||||||||||||||||||||||||
The appropriateness of the allowance is reviewed by management based upon its evaluation of then-existing economic and business conditions affecting our key lending areas and other conditions, such as credit quality trends (including trends in non-performing loans expected to result from existing conditions), collateral values, loan volumes and concentrations, specific industry conditions within portfolio segments and recent loss experience in particular segments of the portfolio that existed as of the balance sheet date and the impact that such conditions were believed to have had on the collectability of the loan. Senior management reviews these conditions quarterly in discussions with our senior credit officers. To the extent that any of these conditions is evidenced by a specifically identifiable problem credit or portfolio segment as of the evaluation date, management’s estimate of the effect of such condition may be reflected as a specific allowance applicable to such credit or portfolio segment. Where any of these conditions is not evidenced by a specifically identifiable problem credit or portfolio segment as of the evaluation date, management’s evaluation of the loss related to this condition is reflected in the general allowance for loan losses. The evaluation of the inherent loss with respect to these conditions is subject to a higher degree of uncertainty because they are not identified with specific problem credits or portfolio segments. | |||||||||||||||||||||||||||||
The allowance for loan losses is based on estimates of losses inherent in the loan portfolio. Actual losses can vary significantly from the estimated amounts. Our methodology as described permits adjustments to any loss factor used in the computation of the general allowance in the event that, in management’s judgment, significant factors which affect the collectability of the portfolio as of the evaluation date are not reflected in the loss factors. By assessing the probable incurred losses inherent in the loan portfolio on a quarterly basis, we are able to adjust specific and inherent loss estimates based upon any more recent information that has become available. Due to the loss of numerous manufacturing jobs in the communities we serve during recent years and the increase in higher risk loans, like consumer and commercial loans, as a percentage of total loans, management has concluded that our allowance for loan losses should be greater than historical loss experience and specifically identified losses would otherwise indicate. | |||||||||||||||||||||||||||||
The following table details activity in the allowance for loan losses by portfolio segment for the three and nine months ended September 30, 2013 and 2012 and year ended December 31, 2012. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other segments. | |||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
Commercial | Mortgage | Consumer | Total | ||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Balance, beginning of period | $ | 9,633 | $ | 3,662 | $ | 2,406 | $ | 15,701 | |||||||||||||||||||||
Provision charged to expense | 1,004 | (215 | ) | (39 | ) | 750 | |||||||||||||||||||||||
Losses charged off | (1,713 | ) | (274 | ) | (104 | ) | (2,091 | ) | |||||||||||||||||||||
Recoveries | 10 | 30 | 54 | 94 | |||||||||||||||||||||||||
Balance, end of period | $ | 8,934 | $ | 3,203 | $ | 2,317 | $ | 14,454 | |||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
Commercial | Mortgage | Consumer | Total | ||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Balance, beginning of year | $ | 9,908 | $ | 3,394 | $ | 2,736 | $ | 16,038 | |||||||||||||||||||||
Provision charged to expense | 1,675 | 469 | 106 | 2,250 | |||||||||||||||||||||||||
Losses charged off | (2,681 | ) | (716 | ) | (764 | ) | (4,161 | ) | |||||||||||||||||||||
Recoveries | 32 | 56 | 239 | 327 | |||||||||||||||||||||||||
Balance, end of period | $ | 8,934 | $ | 3,203 | $ | 2,317 | $ | 14,454 | |||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 535 | $ | - | $ | - | $ | 535 | |||||||||||||||||||||
Collectively evaluated for impairment | $ | 8,399 | $ | 3,203 | $ | 2,317 | $ | 13,919 | |||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||
Ending balance | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 8,154 | $ | 1,950 | $ | - | $ | 10,104 | |||||||||||||||||||||
Collectively evaluated for impairment | $ | 277,653 | $ | 493,762 | $ | 208,261 | $ | 979,676 | |||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||||
Commercial | Mortgage | Consumer | Total | ||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Balance, beginning of year | $ | 10,602 | 3,444 | 2,769 | 16,815 | ||||||||||||||||||||||||
Provision charged to expense | 3,213 | 1,612 | 1,200 | 6,025 | |||||||||||||||||||||||||
Losses charged off | (4,493 | ) | (1,901 | ) | (1,608 | ) | (8,002 | ) | |||||||||||||||||||||
Recoveries | 586 | 239 | 375 | 1,200 | |||||||||||||||||||||||||
Balance, end of period | $ | 9,908 | 3,394 | 2,736 | 16,038 | ||||||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 1,316 | 57 | - | 1,373 | ||||||||||||||||||||||||
Collectively evaluated for impairment | 8,592 | 3,337 | 2,736 | 14,665 | |||||||||||||||||||||||||
Total allowance for loan losses | $ | 9,908 | $ | 3,394 | $ | 2,736 | $ | 16,038 | |||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||
Ending balance | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 15,704 | 3,417 | - | 19,121 | ||||||||||||||||||||||||
Collectively evaluated for impairment | 273,144 | 499,202 | 199,102 | 971,448 | |||||||||||||||||||||||||
Total loans | $ | 288,848 | $ | 502,619 | $ | 199,102 | $ | 990,569 | |||||||||||||||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||
Commercial | Mortgage | Consumer | Total | ||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Balance, beginning of year | $ | 10,004 | $ | 3,392 | $ | 2,607 | $ | 16,003 | |||||||||||||||||||||
Provision charged to expense | 985 | 480 | 10 | 1,475 | |||||||||||||||||||||||||
Losses charged off | (1,484 | ) | (505 | ) | (268 | ) | (2,257 | ) | |||||||||||||||||||||
Recoveries | 16 | 196 | 103 | 315 | |||||||||||||||||||||||||
Balance, end of period | $ | 9,521 | $ | 3,563 | $ | 2,452 | $ | 15,536 | |||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||
Commercial | Mortgage | Consumer | Total | ||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Balance, beginning of year | $ | 10,602 | $ | 3,444 | $ | 2,769 | $ | 16,815 | |||||||||||||||||||||
Provision charged to expense | 2,410 | 1,571 | 694 | 4,675 | |||||||||||||||||||||||||
Losses charged off | (4,034 | ) | (1,652 | ) | (1,354 | ) | (7,040 | ) | |||||||||||||||||||||
Recoveries | 543 | 200 | 343 | 1,086 | |||||||||||||||||||||||||
Balance, end of period | $ | 9,521 | $ | 3,563 | $ | 2,452 | $ | 15,536 | |||||||||||||||||||||
Management’s general practice is to proactively charge down loans individually evaluated for impairment to the fair value of the underlying collateral. | |||||||||||||||||||||||||||||
For all loan portfolio segments except 1-4 family residential properties and consumer, the Company promptly charges-off loans, or portions thereof, when available information confirms that specific loans are uncollectible based on information that includes, but is not limited to, (1) the deteriorating financial condition of the borrower, (2) declining collateral values, and/or (3) legal action, including bankruptcy, that impairs the borrower’s ability to adequately meet its obligations. For impaired loans that are considered to be solely collateral dependent, a partial charge-off is recorded when a loss has been confirmed by an updated appraisal or other appropriate valuation of the collateral. | |||||||||||||||||||||||||||||
The Company charges-off 1-4 family residential and consumer loans, or portions thereof, when the Company reasonably determines the amount of the loss. The Company adheres to timeframes established by applicable regulatory guidance which provides for the charge-down of 1-4 family first and junior lien mortgages to the net realizable value less costs to sell when the loan is 180 days past due, charge-off of unsecured open-end loans when the loan is 180 days past due, and charge-down to the net realizable value when other secured loans are 120 days past due. Loans at these respective delinquency thresholds for which the Company can clearly document that the loan is both well-secured and in the process of collection, such that collection will occur regardless of delinquency status, need not be charged-off. | |||||||||||||||||||||||||||||
Information on non-performing assets, excluding performing restructured loans, is provided below: | |||||||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Non-performing assets | |||||||||||||||||||||||||||||
Non-accrual loans | $ | 13,112 | $ | 23,112 | |||||||||||||||||||||||||
Accruing loans 90 days + past due | 390 | 757 | |||||||||||||||||||||||||||
Total non-performing loans | 13,502 | 23,869 | |||||||||||||||||||||||||||
Foreclosed real estate | 6,750 | 6,184 | |||||||||||||||||||||||||||
Other repossessed assets | 312 | 573 | |||||||||||||||||||||||||||
Total non-performing assets | $ | 20,564 | $ | 30,626 | |||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||||||
Included in certain loan categories of impaired loans are loans that have been modified in a troubled debt restructuring, where economic concessions have been granted to borrowers who have experienced financial difficulties. These concessions typically result from our loss mitigation activities and could include reductions in the interest rate, payment extensions, forgiveness of principal, forbearance or other actions. Modifications of terms for our loans and their inclusion as troubled debt restructurings are based on individual facts and circumstances. | |||||||||||||||||||||||||||||
When we modify loans in a troubled debt restructuring, we evaluate any possible impairment similar to other impaired loans based on the present value of expected future cash flows, discounted at the contractual interest rate of the original loan agreement, or use the current fair value of the collateral, less selling costs for collateral dependent loans. If we determined that the value of the modified loan is less than the recorded investment in the loan (net of previous charge-offs, deferred loan fees or costs and unamortized premium or discount), impairment is recognized through a specific reserve or a charge-off to the allowance. | |||||||||||||||||||||||||||||
Loans retain their accrual status at the time of their modification. As a result, if a loan is on nonaccrual at the time it is modified, it stays as nonaccrual until a period of satisfactory performance, generally six months, is obtained. If a loan is on accrual at the time of the modification, the loan is evaluated to determine the collection of principal and interest is reasonably assured and generally stays on accrual. | |||||||||||||||||||||||||||||
The following tables provide detail regarding troubled debts restructured in the last three and nine month periods. | |||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
Pre-Modification | Post-Modification | ||||||||||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||||||||
No. of Loans | Recorded Balance | Recorded Balance | |||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate | 1 | $ | 192 | $ | 260 | ||||||||||||||||||||||||
Residential mortgage | 4 | 460 | 492 | ||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Real estate | 8 | 274 | 272 | ||||||||||||||||||||||||||
Boat/RV | 2 | 45 | 45 | ||||||||||||||||||||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||
Pre-Modification | Post-Modification | ||||||||||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||||||||
No. of Loans | Recorded Balance | Recorded Balance | |||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate | 1 | $ | 439 | $ | 439 | ||||||||||||||||||||||||
Construction and development | 1 | 172 | 172 | ||||||||||||||||||||||||||
Other | 2 | 46 | 46 | ||||||||||||||||||||||||||
Residential mortgage | 10 | 719 | 734 | ||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Real estate | 14 | 439 | 438 | ||||||||||||||||||||||||||
Auto | 2 | 9 | 8 | ||||||||||||||||||||||||||
Boat/RV | 4 | 96 | 95 | ||||||||||||||||||||||||||
Other | 2 | 36 | 36 | ||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
Pre-Modification | Post-Modification | ||||||||||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||||||||
No. of Loans | Recorded Balance | Recorded Balance | |||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate | 3 | $ | 1,532 | $ | 1,593 | ||||||||||||||||||||||||
Other | 3 | 1,122 | 834 | ||||||||||||||||||||||||||
Residential mortgage | 17 | 1,395 | 1,742 | ||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Real estate | 30 | 1,012 | 1,025 | ||||||||||||||||||||||||||
Auto | 2 | 22 | 22 | ||||||||||||||||||||||||||
Boat/RV | 6 | 172 | 171 | ||||||||||||||||||||||||||
Other | 1 | 11 | 11 | ||||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||
Pre-Modification | Post-Modification | ||||||||||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||||||||
No. of Loans | Recorded Balance | Recorded Balance | |||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate | 4 | $ | 1,359 | $ | 1,520 | ||||||||||||||||||||||||
Construction and development | 1 | 172 | 172 | ||||||||||||||||||||||||||
Other | 5 | 262 | 324 | ||||||||||||||||||||||||||
Residential mortgage | 28 | 2,455 | 2,596 | ||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Real estate | 24 | 830 | 830 | ||||||||||||||||||||||||||
Auto | 3 | 16 | 15 | ||||||||||||||||||||||||||
Boat/RV | 7 | 154 | 153 | ||||||||||||||||||||||||||
Other | 4 | 53 | 52 | ||||||||||||||||||||||||||
The impact to the allowance for loan losses due to these modifications was insignificant. | |||||||||||||||||||||||||||||
Newly restructured loans by types are as follows: | |||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
Interest Only | Term | Combination | Total Modification | ||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate | $ | - | $ | - | $ | 260 | $ | 260 | |||||||||||||||||||||
Residential mortgage | - | - | 492 | 492 | |||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Real estate | - | 128 | 144 | 272 | |||||||||||||||||||||||||
Boat/RV | - | 14 | 31 | 45 | |||||||||||||||||||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||
Interest Only | Term | Combination | Total Modification | ||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate | $ | - | $ | - | $ | 439 | $ | 439 | |||||||||||||||||||||
Construction and development | - | - | 172 | 172 | |||||||||||||||||||||||||
Other | - | 46 | - | 46 | |||||||||||||||||||||||||
Residential mortgage | - | 36 | 698 | 734 | |||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Real estate | - | 22 | 416 | 438 | |||||||||||||||||||||||||
Auto | - | 4 | 4 | 8 | |||||||||||||||||||||||||
Boat/RV | - | 95 | - | 95 | |||||||||||||||||||||||||
Other | - | - | 36 | 36 | |||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
Interest Only | Term | Combination | Total Modification | ||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate | $ | - | $ | - | $ | 1,593 | $ | 1,593 | |||||||||||||||||||||
Other | - | 200 | 634 | 834 | |||||||||||||||||||||||||
Residential mortgage | - | - | 1,742 | 1,742 | |||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Real estate | 250 | 422 | 353 | 1,025 | |||||||||||||||||||||||||
Auto | - | 4 | 18 | 22 | |||||||||||||||||||||||||
Boat/RV | - | 135 | 36 | 171 | |||||||||||||||||||||||||
Other | - | - | 11 | 11 | |||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||
Interest Only | Term | Combination | Total Modification | ||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate | $ | - | $ | 403 | $ | 1,117 | $ | 1,520 | |||||||||||||||||||||
Construction and development | - | - | 172 | 172 | |||||||||||||||||||||||||
Other | - | 143 | 181 | 324 | |||||||||||||||||||||||||
Residential mortgage | 320 | 169 | 2,107 | 2,596 | |||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Real estate | - | 55 | 775 | 830 | |||||||||||||||||||||||||
Auto | - | 11 | 4 | 15 | |||||||||||||||||||||||||
Boat/RV | - | 153 | - | 153 | |||||||||||||||||||||||||
Other | - | 8 | 44 | 52 | |||||||||||||||||||||||||
The following tables provide detail regarding troubled debts restructured in the last twelve months that have defaulted in the three and nine months ended September 30, 2013. | |||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
Post-Modification | |||||||||||||||||||||||||||||
Outstanding | |||||||||||||||||||||||||||||
No. of Loans | Recorded Balance | ||||||||||||||||||||||||||||
Residential mortgage | 2 | $ | 187 | ||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
Post-Modification | |||||||||||||||||||||||||||||
Outstanding | |||||||||||||||||||||||||||||
No. of Loans | Recorded Balance | ||||||||||||||||||||||||||||
Residential mortgage | 2 | $ | 187 | ||||||||||||||||||||||||||
Consumer real estate | 1 | 8 | |||||||||||||||||||||||||||
We had no defaults of any loans modified as troubled debt restructurings made for the three and nine months ended September 30, 2012. Default is defined as any loan that becomes more than 90 days past due. | |||||||||||||||||||||||||||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 9 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||
Earnings per Share [Abstract] | ' | |||||||||||||||||||||||||
Schedule of Earnings per Share | ' | |||||||||||||||||||||||||
Earnings per share were computed as follows: | ||||||||||||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||
Weighted- | Weighted- | |||||||||||||||||||||||||
Net | Average | Per-Share | Net | Average | Per-Share | |||||||||||||||||||||
Income | Shares | Amount | Income | Shares | Amount | |||||||||||||||||||||
Basic Earnings Per Share | ||||||||||||||||||||||||||
Net income | $ | 2,472 | 7,088,660 | $ | 2,173 | 6,992,831 | ||||||||||||||||||||
Dividends and accretion on preferred stock | (271 | ) | (362 | ) | ||||||||||||||||||||||
Income available to common stockholders | 2,201 | 7,088,660 | $ | 0.31 | 1,811 | 6,992,831 | $ | 0.26 | ||||||||||||||||||
Effect of Dilutive securities | ||||||||||||||||||||||||||
Stock options and RRP grants | 176,447 | 82,065 | ||||||||||||||||||||||||
Diluted Earnings Per Share | ||||||||||||||||||||||||||
Income available to common stockholders and assumed conversions | $ | 2,201 | 7,265,107 | $ | 0.3 | $ | 1,811 | 7,074,896 | $ | 0.26 | ||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||
Weighted- | Weighted- | |||||||||||||||||||||||||
Net | Average | Per-Share | Net | Average | Per-Share | |||||||||||||||||||||
Income | Shares | Amount | Income | Shares | Amount | |||||||||||||||||||||
Basic Earnings Per Share | ||||||||||||||||||||||||||
Net income | $ | 6,560 | 7,066,670 | $ | 5,244 | 6,937,229 | ||||||||||||||||||||
Dividends and accretion on preferred stock | (911 | ) | (1,085 | ) | ||||||||||||||||||||||
Income available to common stockholders | 5,649 | 7,066,670 | $ | 0.8 | 4,159 | 6,937,229 | $ | 0.6 | ||||||||||||||||||
Effect of Dilutive securities | ||||||||||||||||||||||||||
Stock options and RRP grants | 172,205 | 94,803 | ||||||||||||||||||||||||
Diluted Earnings Per Share | ||||||||||||||||||||||||||
Income available to common stockholders and assumed conversions | $ | 5,649 | 7,238,875 | $ | 0.78 | $ | 4,159 | 7,032,032 | $ | 0.59 | ||||||||||||||||
Investments_Tables
Investments (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||||
Investments [Abstract] | ' | ||||||||||||||||||||||||||||||||||
Amortized Cost and Fair Values of Securities | ' | ||||||||||||||||||||||||||||||||||
The amortized cost and approximate fair values of securities as of September 30, 2013 and December 31, 2012 are as follows. | |||||||||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||||||||||||
Available for Sale Securities | |||||||||||||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||||||||
Government sponsored agencies | $ | 107,250 | $ | 2,253 | $ | -1,419 | $ | 108,084 | |||||||||||||||||||||||||||
Collateralized mortgage obligations | |||||||||||||||||||||||||||||||||||
Government sponsored agencies | 112,862 | 1,709 | -1,307 | 113,264 | |||||||||||||||||||||||||||||||
Federal agencies | 5,000 | - | -187 | 4,813 | |||||||||||||||||||||||||||||||
Municipals | 27,373 | 341 | -216 | 27,498 | |||||||||||||||||||||||||||||||
Small Business Administration | 6 | - | - | 6 | |||||||||||||||||||||||||||||||
Corporate obligations | 24,648 | - | -3,779 | 20,869 | |||||||||||||||||||||||||||||||
Total | $ | 277,139 | $ | 4,303 | $ | -6,908 | $ | 274,534 | |||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||||||||||||
Available for Sale Securities | |||||||||||||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||||||||
Government sponsored agencies | $ | 121,260 | $ | 5,115 | $ | - | $ | 126,375 | |||||||||||||||||||||||||||
Collateralized mortgage obligations | |||||||||||||||||||||||||||||||||||
Government sponsored agencies | 114,782 | 3,463 | (10 | ) | 118,235 | ||||||||||||||||||||||||||||||
Federal agencies | 13,000 | 8 | (2 | ) | 13,006 | ||||||||||||||||||||||||||||||
Municipals | 3,129 | 151 | (16 | ) | 3,264 | ||||||||||||||||||||||||||||||
Small Business Administration | 8 | - | - | 8 | |||||||||||||||||||||||||||||||
Corporate obligations | 24,147 | 431 | (4,269 | ) | 20,309 | ||||||||||||||||||||||||||||||
Total | $ | 276,326 | $ | 9,168 | $ | (4,297 | ) | $ | 281,197 | ||||||||||||||||||||||||||
Amortized Cost and Fair Value of Available for Sale Securities by Contractual Maturity | ' | ||||||||||||||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||||||||||||
Description Securities | Cost | Value | |||||||||||||||||||||||||||||||||
Security obligations due | |||||||||||||||||||||||||||||||||||
One to five years | $ | 9,706 | $ | 9,664 | |||||||||||||||||||||||||||||||
Five to ten years | 15,670 | 15,505 | |||||||||||||||||||||||||||||||||
After ten years | 31,645 | 28,011 | |||||||||||||||||||||||||||||||||
57,021 | 53,180 | ||||||||||||||||||||||||||||||||||
Mortgage-backed securities | 107,250 | 108,084 | |||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 112,862 | 113,264 | |||||||||||||||||||||||||||||||||
Small Business Administration | 6 | 6 | |||||||||||||||||||||||||||||||||
Totals | $ | 277,139 | 274,534 | ||||||||||||||||||||||||||||||||
Gross Unrealized Losses and Fair Value in Continuous Unrealized Loss Position | ' | ||||||||||||||||||||||||||||||||||
The following tables show our investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2013 and December 31, 2012: | |||||||||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||||||||
Government sponsored agencies | $ | 42,851 | $ | (1,419 | ) | $ | - | $ | - | $ | 42,851 | $ | (1,419 | ) | |||||||||||||||||||||
Collateralized mortgage obligations | |||||||||||||||||||||||||||||||||||
Government sponsored agencies | 48,999 | (1,307 | ) | - | - | 48,999 | (1,307 | ) | |||||||||||||||||||||||||||
Federal agencies | 4,813 | (187 | ) | - | - | 4,813 | (187 | ) | |||||||||||||||||||||||||||
Municipals | 10,030 | (187 | ) | 744 | (29 | ) | 10,774 | (216 | ) | ||||||||||||||||||||||||||
Corporate obligations | 17,898 | (35 | ) | 2,971 | (3,744 | ) | 20,869 | (3,779 | ) | ||||||||||||||||||||||||||
Total temporarily impaired securities | $ | 124,591 | $ | (3,135 | ) | $ | 3,715 | $ | (3,773 | ) | $ | 128,306 | $ | (6,908 | ) | ||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | |||||||||||||||||||||||||||||||||||
Government sponsored agencies | $ | 4,962 | $ | (10 | ) | $ | - | $ | - | $ | 4,962 | $ | (10 | ) | |||||||||||||||||||||
Federal Agencies | 4,998 | -2 | 4,998 | -2 | |||||||||||||||||||||||||||||||
Municipals | 874 | (16 | ) | - | - | 874 | (16 | ) | |||||||||||||||||||||||||||
Corporate obligations | - | - | 2,475 | (4,269 | ) | 2,475 | (4,269 | ) | |||||||||||||||||||||||||||
Total temporarily impaired securities | $ | 10,834 | $ | (28 | ) | $ | 2,475 | $ | (4,269 | ) | $ | 13,309 | $ | (4,297 | ) | ||||||||||||||||||||
Bank's Investment in Trust Preferred Securities | ' | ||||||||||||||||||||||||||||||||||
The following table provides additional information related to the Bank’s investment in trust preferred securities as of September 30, 2013: | |||||||||||||||||||||||||||||||||||
Deal | Class | Original | Book | Fair | Unrealized | Recognized | Lowest | Number of | Actual | Total Projected | Excess Subordination | ||||||||||||||||||||||||
Par | Value | Value | Loss | Losses 2013 | Rating | Banks/Insurance | Deferrals/Defaults (as % | Defaults (as a % | (after taking into | ||||||||||||||||||||||||||
Companies Currently | of original collateral) | of performing | account best estimate of | ||||||||||||||||||||||||||||||||
Performing | collateral)a | future | |||||||||||||||||||||||||||||||||
deferrals/defaults)b | |||||||||||||||||||||||||||||||||||
Alesco Preferred Funding IX | A2A | $ | 1,000 | $ | 906 | $ | 439 | $ | 467 | $ | - | CCC- | 41 | 16.04 | % | 15.02 | % | 48.07 | % | ||||||||||||||||
Preferred Term Securities XIII | B1 | 1,000 | 791 | 359 | 432 | - | Ca | 44 | 25.56 | % | 20.84 | % | 5.30 | % | |||||||||||||||||||||
Preferred Term Securities XVIII | C | 1,000 | 917 | 273 | 644 | - | Ca | 48 | 28.69 | % | 14.93 | % | 1.40 | % | |||||||||||||||||||||
Preferred Term Securities XXVII | C1 | 1,000 | 710 | 250 | 460 | - | Ca | 32 | 25.08 | % | 18.83 | % | 5.99 | % | |||||||||||||||||||||
U.S. Capital Funding I | B1 | 3,000 | 2,891 | 1,412 | 1,479 | - | Caa1 | 29 | 12.92 | % | 9.79 | % | 4.52 | % | |||||||||||||||||||||
U.S. Capital Funding III | B1 | 1,000 | 500 | 238 | 262 | - | Ca | 28 | 21.94 | % | 14.74 | % | 0.00 | % | |||||||||||||||||||||
Total | $ | 8,000 | $ | 6,715 | $ | 2,971 | $ | 3,744 | $ | - | |||||||||||||||||||||||||
(a) A 10% recovery is applied to all projected bank defaults. A 15% recovery is applied to all projected insurance defaults. No recovery is applied to current defaults. | |||||||||||||||||||||||||||||||||||
(b) Excess subordination represents the additional defaults in excess of both current and projected defaults that the CDO can absorb before the bond experiences any credit impairment. Excess subordinated percentage is calculated by (a) determining what percentage of defaults a deal can experience before the bond has credit impairment, and (b) subtracting from this default breakage percentage both total current and expected future default percentages. | |||||||||||||||||||||||||||||||||||
Debt Securities for which Credit Loss was Recognized in Income and Other Losses Recorded in Other Comprehensive Income | ' | ||||||||||||||||||||||||||||||||||
The following table provides information about debt securities for which only a credit loss was recognized in income and other losses are recorded in other comprehensive income. | |||||||||||||||||||||||||||||||||||
Accumulated Credit Losses | |||||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||
Credit losses on debt securities held | |||||||||||||||||||||||||||||||||||
Beginning of period | $ | 1,205 | $ | 1,205 | |||||||||||||||||||||||||||||||
Reductions related to actual losses incurred | - | - | |||||||||||||||||||||||||||||||||
As of September 30, | $ | 1,205 | $ | 1,205 | |||||||||||||||||||||||||||||||
Accumulated Credit Losses | |||||||||||||||||||||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||
Credit losses on debt securities held | |||||||||||||||||||||||||||||||||||
Beginning of year | $ | 1,205 | $ | 1,205 | |||||||||||||||||||||||||||||||
Reductions related to actual losses incurred | - | - | |||||||||||||||||||||||||||||||||
As of September 30, | $ | 1,205 | $ | 1,205 | |||||||||||||||||||||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | ||||||||
Components of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||
The following table represents the components of accumulated other comprehensive income (loss): | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Net unrealized gain on securities available-for-sale | $ | 672 | $ | 8,616 | |||||
Net unrealized loss on securities available-for-sale for which a portion of other-than-temporary impairment has been recognized in income | (3,277 | ) | -3,745 | ||||||
Net unrealized loss on derivative used for cash flow hedges | (311 | ) | (416 | ) | |||||
Net unrealized loss relating to defined benefit plan liability | (49 | ) | (49 | ) | |||||
(2,965 | ) | 4,406 | |||||||
Tax (expense) benefit | 953 | (1,603 | ) | ||||||
Net-of-tax amount | $ | (2,012 | ) | $ | 2,803 | ||||
Disclosures_About_Fair_Value_o1
Disclosures About Fair Value of Assets and Liabilities (Tables) | 9 Months Ended | ||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||
Disclosures About Fair Value of Assets and Liabilities [Abstract] | ' | ||||||||||||||||||||||||||
Fair Value Measurement of Assets Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||||||||||||
The following table presents the fair value measurement of assets measured at fair value on a recurring basis and the level within the ASC 820 fair value hierarchy used for such fair value measurements: | |||||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||
Government sponsored agencies | $ | 108,084 | $ | - | $ | 108,084 | $ | - | |||||||||||||||||||
Collateralized mortgage obligations | |||||||||||||||||||||||||||
Government sponsored agencies | 113,264 | - | 113,264 | - | |||||||||||||||||||||||
Federal agencies | 4,813 | - | 4,813 | - | |||||||||||||||||||||||
Municipals | 27,498 | - | 27,498 | - | |||||||||||||||||||||||
Small Business Administration | 6 | - | 6 | - | |||||||||||||||||||||||
Corporate obligations | 20,869 | - | 17,898 | 2,971 | |||||||||||||||||||||||
Available-for-sale securities | $ | 274,534 | $ | - | $ | 271,563 | $ | 2,971 | |||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||
Government sponsored agencies | $ | 126,375 | $ | - | $ | 126,375 | $ | - | |||||||||||||||||||
Collateralized mortgage obligations | |||||||||||||||||||||||||||
Government sponsored agencies | 118,235 | - | 118,235 | - | |||||||||||||||||||||||
Federal agencies | 13,006 | - | 13,006 | - | |||||||||||||||||||||||
Municipals | 3,264 | - | 3,264 | - | |||||||||||||||||||||||
Small Business Administration | 8 | - | 8 | - | |||||||||||||||||||||||
Corporate obligations | 20,309 | - | 17,834 | 2,475 | |||||||||||||||||||||||
Available-for-sale securities | $ | 281,197 | $ | - | $ | 278,772 | $ | 2,475 | |||||||||||||||||||
Reconciliation of Recurring Fair Value Measurements Recognized in Balance Sheet using Significant Unobservable (Level Three) Inputs | ' | ||||||||||||||||||||||||||
The following is a reconciliation of the beginning and ending balances for the three months ended September 30, 2013 and 2012 of recurring fair value measurements recognized in the accompanying balance sheet using significant unobservable (Level 3) inputs: | |||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||
Beginning balance | $ | 3,000 | $ | 2,264 | |||||||||||||||||||||||
Total realized and unrealized gains and losses | |||||||||||||||||||||||||||
Included in net income | - | - | |||||||||||||||||||||||||
Included in other comprehensive loss | 1 | 144 | |||||||||||||||||||||||||
Purchases, issuances and settlements | (30 | ) | - | ||||||||||||||||||||||||
Ending balance | $ | 2,971 | $ | 2,408 | |||||||||||||||||||||||
Total gains or losses for the period included in net income attributable to the change in unrealized gains or losses related to assets still held at the reporting date | $ | - | $ | - | |||||||||||||||||||||||
The following is a reconciliation of the beginning and ending balances for the nine months ended September 30, 2013 and 2012 of recurring fair value measurements recognized in the accompanying balance sheet using significant unobservable (Level 3) inputs: | |||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||
Beginning balance | $ | 2,475 | $ | 2,454 | |||||||||||||||||||||||
Total realized and unrealized gains and losses | |||||||||||||||||||||||||||
Included in net income | - | - | |||||||||||||||||||||||||
Included in other comprehensive loss | 526 | -36 | |||||||||||||||||||||||||
Purchases, issuances and settlements | (30 | ) | -10 | ||||||||||||||||||||||||
Ending balance | $ | 2,971 | $ | 2,408 | |||||||||||||||||||||||
Total gains or losses for the period included in net income attributable to the change in unrealized gains or losses related to assets still held at the reporting date | $ | - | $ | - | |||||||||||||||||||||||
Fair Value Measurement of Assets Measured at Fair Value on Nonrecurring Basis | ' | ||||||||||||||||||||||||||
The following table presents the fair value measurement of assets measured at fair value on a nonrecurring basis and the level within the ASC 820 fair value hierarchy in which the fair value measurements fall: | |||||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||
Impaired loans (collateral dependent) | $ | 5,588 | $ | - | $ | - | $ | 5,588 | |||||||||||||||||||
Foreclosed real estate | 227 | - | - | 227 | |||||||||||||||||||||||
Mortgage-servicing rights | 1,916 | - | - | 1,916 | |||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||
Impaired loans (collateral dependent) | $ | 8,032 | $ | - | $ | - | $ | 8,032 | |||||||||||||||||||
Foreclosed real estate | 355 | - | - | 355 | |||||||||||||||||||||||
Mortgage-servicing rights | 1,731 | - | - | 1,731 | |||||||||||||||||||||||
Quantitative Information about Unobservable Inputs used in Recurring and Nonrecurring Level Three Fair Value Measurements | ' | ||||||||||||||||||||||||||
The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements. | |||||||||||||||||||||||||||
September 30, 2013 | Fair Value | Valuation Technique | Unobservable Inputs | Range | |||||||||||||||||||||||
Trust Preferred Securities | $2,971 | Discounted cash flow | Discount rate | 9.0% - 16.0% | |||||||||||||||||||||||
Constant prepayment rate | 2.00% | ||||||||||||||||||||||||||
Cumulative projected prepayments | |||||||||||||||||||||||||||
Probability of default | 40.0% | ||||||||||||||||||||||||||
Projected cures given deferral | 1.6% - 2.4% | ||||||||||||||||||||||||||
Loss severity | 0.0% - 15.0% | ||||||||||||||||||||||||||
51.5% - 76.2% | |||||||||||||||||||||||||||
Impaired loans (collateral dependent) | $ | Third party valuations | Discount to reflect realizable value | 0% - 40% | |||||||||||||||||||||||
5,588 | |||||||||||||||||||||||||||
Foreclosed real estate | $ | Third party valuations | Discount to reflect realizable value less estimated selling costs | 0% - 25% | |||||||||||||||||||||||
227 | |||||||||||||||||||||||||||
Mortgage servicing rights | $ | Third party valuations | Prepayment speeds | 125%- 700% | |||||||||||||||||||||||
1,916 | Discount rates | 10.10% | |||||||||||||||||||||||||
Servicing fee | 0.25% | ||||||||||||||||||||||||||
December 31, 2012 | Fair Value | Valuation Technique | Unobservable Inputs | Range | |||||||||||||||||||||||
Trust Preferred Securities | $ | Discounted cash flow | Discount rate | 9.0% - 17.0% | |||||||||||||||||||||||
2,475 | Constant prepayment rate | 2.00% | |||||||||||||||||||||||||
Cumulative projected prepayments | |||||||||||||||||||||||||||
Probability of default | 40.0% | ||||||||||||||||||||||||||
Projected cures given deferral | 1.5%- 2.2% | ||||||||||||||||||||||||||
Loss severity | 0%- 15.0% | ||||||||||||||||||||||||||
58.0% – 79.4% | |||||||||||||||||||||||||||
Impaired loans (collateral dependent) | $ | Third party valuations | Discount to reflect realizable value | 0%- 40% | |||||||||||||||||||||||
8,032 | |||||||||||||||||||||||||||
Foreclosed real estate | $ | Third party valuations | Discount to reflect realizable value less estimated selling costs | 0%- 25% | |||||||||||||||||||||||
355 | |||||||||||||||||||||||||||
Mortgage servicing rights | $ | Third party valuations | Prepayment speeds | 100%- 700% | |||||||||||||||||||||||
1,731 | Discount rates | 10.10% | |||||||||||||||||||||||||
Servicing fee | 0.25% | ||||||||||||||||||||||||||
Estimated Fair Values of Financial Instruments | ' | ||||||||||||||||||||||||||
The estimated fair values of the Company’s financial instruments not carried at fair value in the consolidated condensed balance sheets as of dates noted below are as follows: | |||||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||||
September 30, 2013 | Carrying Amount | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||
Cash and cash equivalents | $ | 31,940 | $ | 31,940 | $ | - | $ | - | |||||||||||||||||||
Loans held for sale | 993 | - | 1,001 | - | |||||||||||||||||||||||
Loans, net | 964,504 | - | - | 964,623 | |||||||||||||||||||||||
FHLB stock | 14,391 | - | 14,391 | - | |||||||||||||||||||||||
Interest receivable | 3,593 | - | 3,593 | - | |||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||
Deposits | 1,149,717 | 602,009 | - | 511,876 | |||||||||||||||||||||||
FHLB advances | 96,728 | - | 95,508 | - | |||||||||||||||||||||||
Other borrowings | 11,069 | - | 11,067 | - | |||||||||||||||||||||||
Interest payable | 234 | - | 234 | - | |||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||||
December 31, 2012 | Carrying Amount | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||
Cash and cash equivalents | $ | 32,778 | $ | 32,778 | $ | — | $ | — | |||||||||||||||||||
Loans held for sale | 5,106 | — | 5,235 | — | |||||||||||||||||||||||
Loans, net | 969,545 | — | — | 993,539 | |||||||||||||||||||||||
FHLB stock | 14,391 | — | 14,391 | — | |||||||||||||||||||||||
Interest receivable | 3,846 | — | 3,846 | — | |||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||
Deposits | 1,184,009 | 606,066 | — | 589,759 | |||||||||||||||||||||||
FHLB advances | 74,675 | — | 75,688 | — | |||||||||||||||||||||||
Other borrowings | 11,606 | — | 12,648 | — | |||||||||||||||||||||||
Interest payable | 236 | — | 236 | — | |||||||||||||||||||||||
Loans_Tables
Loans (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Loans [Abstract] | ' | ||||||||||||||||||||||||||||
Categories of Loans | ' | ||||||||||||||||||||||||||||
Categories of loans at September 30, 2013 and December 31, 2012 include: | |||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate | $ | 198,405 | $ | 203,613 | |||||||||||||||||||||||||
Construction and development | 15,092 | 17,462 | |||||||||||||||||||||||||||
Other | 72,310 | 67,773 | |||||||||||||||||||||||||||
285,807 | 288,848 | ||||||||||||||||||||||||||||
Residential mortgage | 495,712 | 502,619 | |||||||||||||||||||||||||||
Consumer loans | |||||||||||||||||||||||||||||
Real estate | 106,293 | 100,516 | |||||||||||||||||||||||||||
Auto | 15,343 | 15,572 | |||||||||||||||||||||||||||
Boat/RVs | 80,648 | 76,416 | |||||||||||||||||||||||||||
Other | 5,977 | 6,598 | |||||||||||||||||||||||||||
208,261 | 199,102 | ||||||||||||||||||||||||||||
Total loans | 989,780 | 990,569 | |||||||||||||||||||||||||||
Undisbursed loans in process | (13,446 | ) | (7,418 | ) | |||||||||||||||||||||||||
Unamortized deferred loan costs, net | 2,624 | 2,432 | |||||||||||||||||||||||||||
Allowance for loan losses | (14,454 | ) | (16,038 | ) | |||||||||||||||||||||||||
Net loans | $ | 964,504 | $ | 969,545 | |||||||||||||||||||||||||
Non-Accrual Loans Segregated by Class of Loans | ' | ||||||||||||||||||||||||||||
Non-accrual loans, segregated by class of loans, as of September 30, 2013 and December 31, 2012 are as follows: | |||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate | $ | 1,883 | $ | 2,450 | |||||||||||||||||||||||||
Construction and development | 3,252 | 5,989 | |||||||||||||||||||||||||||
Other | 1,270 | 1,315 | |||||||||||||||||||||||||||
Residential mortgage | 5,508 | 10,791 | |||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Real estate | 682 | 1,656 | |||||||||||||||||||||||||||
Auto | - | 37 | |||||||||||||||||||||||||||
Boat/RV | 383 | 1,076 | |||||||||||||||||||||||||||
Other | 134 | 96 | |||||||||||||||||||||||||||
$ | 13,112 | $ | 23,410 | ||||||||||||||||||||||||||
Age Analysis of Past Due Loans Segregated by Class of Loans | ' | ||||||||||||||||||||||||||||
An age analysis of Company’s past due loans, segregated by class of loans, as of September 30, 2013 and December 31, 2012 is as follows: | |||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | Greater | Total Past | Current | Total Loans | Total Loans | |||||||||||||||||||||||
Past Due | Past Due | Than 90 | Due | Receivable | > 90 Days | ||||||||||||||||||||||||
Days | and | ||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate | $ | 1,434 | $ | 12 | $ | 1,883 | $ | 3,329 | $ | 195,076 | $ | 198,405 | $ | - | |||||||||||||||
Construction and development | 348 | - | 3,077 | 3,425 | 11,667 | 15,092 | - | ||||||||||||||||||||||
Other | 567 | - | 550 | 1,117 | 71,193 | 72,310 | - | ||||||||||||||||||||||
Residential mortgage | 8,247 | 862 | 4,124 | 13,233 | 482,479 | 495,712 | 390 | ||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Real estate | 500 | 164 | 653 | 1,317 | 104,976 | 106,293 | - | ||||||||||||||||||||||
Auto | 46 | 11 | - | 57 | 15,286 | 15,343 | - | ||||||||||||||||||||||
Boat/RV | 1,216 | 219 | 169 | 1,604 | 79,044 | 80,648 | - | ||||||||||||||||||||||
Other | 74 | 2 | 67 | 143 | 5,834 | 5,977 | - | ||||||||||||||||||||||
$ | 12,432 | $ | 1,270 | $ | 10,523 | $ | 24,225 | $ | 965,555 | $ | 989,780 | $ | 390 | ||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||
Total Loans | |||||||||||||||||||||||||||||
Greater | Total | > 90 Days | |||||||||||||||||||||||||||
30-59 Days | 60-89 Days | Than 90 | Total Past | Loans | and | ||||||||||||||||||||||||
Past Due | Past Due | Days | Due | Current | Receivable | Accruing | |||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate | $ | 1,097 | $ | 992 | $ | 2,350 | $ | 4,439 | $ | 199,174 | $ | 203,613 | $ | - | |||||||||||||||
Construction and development | 192 | - | 4,912 | 5,104 | 12,358 | 17,462 | - | ||||||||||||||||||||||
Other | 259 | 223 | 735 | 1,217 | 66,556 | 67,773 | - | ||||||||||||||||||||||
Residential mortgage | 12,487 | 2,732 | 8,356 | 23,575 | 479,044 | 502,619 | 177 | ||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Real estate | 1,302 | 358 | 1,119 | 2,779 | 97,737 | 100,516 | - | ||||||||||||||||||||||
Auto | 47 | 18 | 15 | 80 | 15,492 | 15,572 | - | ||||||||||||||||||||||
Boat/RV | 1,508 | 756 | 497 | 2,761 | 73,655 | 76,416 | - | ||||||||||||||||||||||
Other | 234 | 21 | 95 | 350 | 6,248 | 6,598 | 96 | ||||||||||||||||||||||
$ | 17,126 | $ | 5,100 | $ | 18,079 | $ | 40,305 | $ | 950,264 | $ | 990,569 | $ | 273 | ||||||||||||||||
Impaired Loans | ' | ||||||||||||||||||||||||||||
The following tables present impaired loans for the three and nine month periods ended September 30, 2013 and 2012 and the year ended December 31, 2012. | |||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||
Recorded Balance | Unpaid Principal Balance | Specific Allowance | Average Investment in Impaired Loans | Average Investment in Impaired Loans - YTD | Interest | Interest | |||||||||||||||||||||||
- Quarter | Income Recognized | Income Recognized - YTD | |||||||||||||||||||||||||||
- Quarter | |||||||||||||||||||||||||||||
Loans without a specific | |||||||||||||||||||||||||||||
valuation allowance | |||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate | $ | 2,894 | $ | 3,958 | $ | - | $ | 2,953 | $ | 3,545 | $ | 40 | $ | 109 | |||||||||||||||
Construction and | 3,331 | 7,332 | - | 4,782 | 6,112 | 23 | 57 | ||||||||||||||||||||||
development | |||||||||||||||||||||||||||||
Other | 679 | 679 | - | 798 | 876 | 10 | 18 | ||||||||||||||||||||||
Residential mortgage | 1,950 | 2,889 | - | 2,417 | 2,857 | 12 | 48 | ||||||||||||||||||||||
Loans with a specific | |||||||||||||||||||||||||||||
valuation allowance | |||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate | 204 | 204 | 100 | 205 | 206 | 3 | 9 | ||||||||||||||||||||||
Construction and | 622 | 2,020 | 200 | 622 | 640 | - | - | ||||||||||||||||||||||
development | |||||||||||||||||||||||||||||
Other | 424 | 624 | 235 | 429 | 601 | 6 | 15 | ||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate | $ | 3,098 | $ | 4,162 | $ | 100 | $ | 3,158 | $ | 3,751 | $ | 43 | $ | 118 | |||||||||||||||
Construction and | $ | 3,953 | $ | 9,352 | $ | 200 | $ | 5,404 | $ | 6,752 | $ | 23 | $ | 57 | |||||||||||||||
development | |||||||||||||||||||||||||||||
Other | $ | 1,103 | $ | 1,303 | $ | 235 | $ | 1,227 | $ | 1,477 | $ | 16 | $ | 33 | |||||||||||||||
Residential mortgage | $ | 1,950 | $ | 2,889 | $ | - | $ | 2,417 | $ | 2,857 | $ | 12 | $ | 48 | |||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||
Average | |||||||||||||||||||||||||||||
Unpaid | Investment in | Interest | |||||||||||||||||||||||||||
Recorded | Principal | Specific | Impaired | Income | |||||||||||||||||||||||||
Balance | Balance | Allowance | Loans | Recognized | |||||||||||||||||||||||||
Loans without a specific valuation allowance | |||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate | $ | 5,341 | $ | 6,354 | $ | - | $ | 5,384 | $ | 248 | |||||||||||||||||||
Construction and development | 3,632 | 7,078 | - | 4,884 | 30 | ||||||||||||||||||||||||
Other | 972 | 972 | - | 2,828 | 117 | ||||||||||||||||||||||||
Residential mortgage | 2,583 | 3,522 | - | 3,755 | 58 | ||||||||||||||||||||||||
Loans with a specific valuation allowance | |||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate | 208 | 947 | 100 | 211 | 12 | ||||||||||||||||||||||||
Construction and development | 4,639 | 5,157 | 959 | 5,230 | 78 | ||||||||||||||||||||||||
Other | 912 | 912 | 257 | 921 | 30 | ||||||||||||||||||||||||
Residential mortgage | 834 | 834 | 57 | 654 | - | ||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate | $ | 5,549 | $ | 7,301 | $ | 100 | $ | 5,595 | $ | 260 | |||||||||||||||||||
Construction and development | $ | 8,271 | $ | 12,235 | $ | 959 | $ | 10,114 | $ | 108 | |||||||||||||||||||
Other | $ | 1,884 | $ | 1,884 | $ | 257 | $ | 3,749 | $ | 147 | |||||||||||||||||||
Residential mortgage | $ | 3,417 | $ | 4,356 | $ | 57 | $ | 4,409 | $ | 58 | |||||||||||||||||||
30-Sep-12 | |||||||||||||||||||||||||||||
Recorded Balance | Unpaid Principal Balance | Specific Allowance | Average Investment in Impaired Loans - Quarter | Average Investment | Interest | Interest | |||||||||||||||||||||||
in | Income Recognized | Income Recognized | |||||||||||||||||||||||||||
Impaired Loans - YTD | - Quarter | - YTD | |||||||||||||||||||||||||||
Loans without a specific | |||||||||||||||||||||||||||||
valuation allowance | |||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate | $ | 3,570 | $ | 4,122 | $ | - | $ | 4,546 | $ | 5,646 | $ | 37 | $ | 147 | |||||||||||||||
Construction and | 7,111 | 9,101 | - | 7,669 | 9,092 | 11 | 35 | ||||||||||||||||||||||
development | |||||||||||||||||||||||||||||
Other | 1,076 | 1,076 | - | 2,098 | 3,028 | 5 | 28 | ||||||||||||||||||||||
Residential mortgage | 3,960 | 5,048 | - | 3,613 | 4,124 | 19 | 58 | ||||||||||||||||||||||
Loans with a specific | |||||||||||||||||||||||||||||
valuation allowance | |||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Construction and | 1,364 | 4,337 | 375 | 1,364 | 1,482 | 18 | 55 | ||||||||||||||||||||||
development | |||||||||||||||||||||||||||||
Other | 1,178 | 1,178 | 357 | 1,191 | 1,206 | 9 | 35 | ||||||||||||||||||||||
Residential mortgage | 529 | 529 | 37 | 530 | 532 | 18 | 35 | ||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate | $ | 3,570 | $ | 4,122 | $ | - | $ | 4,546 | $ | 5,646 | $ | 37 | $ | 147 | |||||||||||||||
Construction and | $ | 8,475 | $ | 13,438 | $ | 375 | $ | 9,033 | $ | 10,574 | $ | 29 | $ | 90 | |||||||||||||||
development | |||||||||||||||||||||||||||||
Other | $ | 2,254 | $ | 2,254 | $ | 357 | $ | 3,289 | $ | 4,234 | $ | 14 | $ | 63 | |||||||||||||||
Residential mortgage | $ | 4,489 | $ | 5,577 | $ | 37 | $ | 4,143 | $ | 4,656 | $ | 37 | $ | 93 | |||||||||||||||
Commercial and Retail Credit Exposure Credit Risk Profile by Internal Rating | ' | ||||||||||||||||||||||||||||
The following information presents the credit risk profile of the Company’s loan portfolio based on rating category and payment activity as of September 30, 2013 and December 31, 2012. | |||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||
Commercial Credit Exposure Credit Risk Profile | |||||||||||||||||||||||||||||
Internal Rating | Real estate | Construction and | Other | ||||||||||||||||||||||||||
development | |||||||||||||||||||||||||||||
Pass | $ | 188,018 | $ | 8,886 | $ | 70,473 | |||||||||||||||||||||||
Special Mention | 3,355 | 2,211 | 235 | ||||||||||||||||||||||||||
Substandard | 7,006 | 3,995 | 1,052 | ||||||||||||||||||||||||||
Doubtful | 26 | - | 550 | ||||||||||||||||||||||||||
Total | $ | 198,405 | $ | 15,092 | $ | 72,310 | |||||||||||||||||||||||
Retail Credit Exposure Credit Risk Profile | |||||||||||||||||||||||||||||
Residential | Consumer | ||||||||||||||||||||||||||||
mortgage | Real estate | Auto | Boat/RV | Other | |||||||||||||||||||||||||
Pass | $ | 485,690 | $ | 104,464 | $ | 15,327 | $ | 80,005 | $ | 5,876 | |||||||||||||||||||
Special Mention | 1,804 | - | - | - | - | ||||||||||||||||||||||||
Substandard | 8,218 | 1,829 | 16 | 643 | 101 | ||||||||||||||||||||||||
Total | $ | 495,712 | $ | 106,293 | $ | 15,343 | $ | 80,648 | $ | 5,977 | |||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||
Commercial Credit Exposure Credit Risk Profile | |||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||
Internal Rating | Real estate | development | Other | ||||||||||||||||||||||||||
Pass | $ | 185,794 | $ | 9,314 | $ | 63,413 | |||||||||||||||||||||||
Special Mention | 6,692 | 172 | 255 | ||||||||||||||||||||||||||
Substandard | 11,127 | 7,976 | 3,281 | ||||||||||||||||||||||||||
Doubtful | - | - | 824 | ||||||||||||||||||||||||||
Total | $ | 203,613 | $ | 17,462 | $ | 67,773 | |||||||||||||||||||||||
Retail Credit Exposure Credit Risk Profile | |||||||||||||||||||||||||||||
Residential | Consumer | ||||||||||||||||||||||||||||
mortgage | Real estate | Auto | Boat/RV | Other | |||||||||||||||||||||||||
Pass | $ | 486,027 | $ | 97,972 | $ | 15,533 | $ | 75,026 | $ | 6,434 | |||||||||||||||||||
Special Mention | 2,012 | - | - | - | - | ||||||||||||||||||||||||
Substandard | 14,580 | 2,544 | 39 | 1,390 | 164 | ||||||||||||||||||||||||
Total | $ | 502,619 | $ | 100,516 | $ | 15,572 | $ | 76,416 | $ | 6,598 | |||||||||||||||||||
Activity in Allowance for Loan Losses by Portfolio Segment | ' | ||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
Commercial | Mortgage | Consumer | Total | ||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Balance, beginning of period | $ | 9,633 | $ | 3,662 | $ | 2,406 | $ | 15,701 | |||||||||||||||||||||
Provision charged to expense | 1,004 | (215 | ) | (39 | ) | 750 | |||||||||||||||||||||||
Losses charged off | (1,713 | ) | (274 | ) | (104 | ) | (2,091 | ) | |||||||||||||||||||||
Recoveries | 10 | 30 | 54 | 94 | |||||||||||||||||||||||||
Balance, end of period | $ | 8,934 | $ | 3,203 | $ | 2,317 | $ | 14,454 | |||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
Commercial | Mortgage | Consumer | Total | ||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Balance, beginning of year | $ | 9,908 | $ | 3,394 | $ | 2,736 | $ | 16,038 | |||||||||||||||||||||
Provision charged to expense | 1,675 | 469 | 106 | 2,250 | |||||||||||||||||||||||||
Losses charged off | (2,681 | ) | (716 | ) | (764 | ) | (4,161 | ) | |||||||||||||||||||||
Recoveries | 32 | 56 | 239 | 327 | |||||||||||||||||||||||||
Balance, end of period | $ | 8,934 | $ | 3,203 | $ | 2,317 | $ | 14,454 | |||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 535 | $ | - | $ | - | $ | 535 | |||||||||||||||||||||
Collectively evaluated for impairment | $ | 8,399 | $ | 3,203 | $ | 2,317 | $ | 13,919 | |||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||
Ending balance | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 8,154 | $ | 1,950 | $ | - | $ | 10,104 | |||||||||||||||||||||
Collectively evaluated for impairment | $ | 277,653 | $ | 493,762 | $ | 208,261 | $ | 979,676 | |||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||||
Commercial | Mortgage | Consumer | Total | ||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Balance, beginning of year | $ | 10,602 | 3,444 | 2,769 | 16,815 | ||||||||||||||||||||||||
Provision charged to expense | 3,213 | 1,612 | 1,200 | 6,025 | |||||||||||||||||||||||||
Losses charged off | (4,493 | ) | (1,901 | ) | (1,608 | ) | (8,002 | ) | |||||||||||||||||||||
Recoveries | 586 | 239 | 375 | 1,200 | |||||||||||||||||||||||||
Balance, end of period | $ | 9,908 | 3,394 | 2,736 | 16,038 | ||||||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 1,316 | 57 | - | 1,373 | ||||||||||||||||||||||||
Collectively evaluated for impairment | 8,592 | 3,337 | 2,736 | 14,665 | |||||||||||||||||||||||||
Total allowance for loan losses | $ | 9,908 | $ | 3,394 | $ | 2,736 | $ | 16,038 | |||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||
Ending balance | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 15,704 | 3,417 | - | 19,121 | ||||||||||||||||||||||||
Collectively evaluated for impairment | 273,144 | 499,202 | 199,102 | 971,448 | |||||||||||||||||||||||||
Total loans | $ | 288,848 | $ | 502,619 | $ | 199,102 | $ | 990,569 | |||||||||||||||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||
Commercial | Mortgage | Consumer | Total | ||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Balance, beginning of year | $ | 10,004 | $ | 3,392 | $ | 2,607 | $ | 16,003 | |||||||||||||||||||||
Provision charged to expense | 985 | 480 | 10 | 1,475 | |||||||||||||||||||||||||
Losses charged off | (1,484 | ) | (505 | ) | (268 | ) | (2,257 | ) | |||||||||||||||||||||
Recoveries | 16 | 196 | 103 | 315 | |||||||||||||||||||||||||
Balance, end of period | $ | 9,521 | $ | 3,563 | $ | 2,452 | $ | 15,536 | |||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||
Commercial | Mortgage | Consumer | Total | ||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Balance, beginning of year | $ | 10,602 | $ | 3,444 | $ | 2,769 | $ | 16,815 | |||||||||||||||||||||
Provision charged to expense | 2,410 | 1,571 | 694 | 4,675 | |||||||||||||||||||||||||
Losses charged off | (4,034 | ) | (1,652 | ) | (1,354 | ) | (7,040 | ) | |||||||||||||||||||||
Recoveries | 543 | 200 | 343 | 1,086 | |||||||||||||||||||||||||
Balance, end of period | $ | 9,521 | $ | 3,563 | $ | 2,452 | $ | 15,536 | |||||||||||||||||||||
Information on Non-Performing Assets | ' | ||||||||||||||||||||||||||||
Information on non-performing assets, excluding performing restructured loans, is provided below: | |||||||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Non-performing assets | |||||||||||||||||||||||||||||
Non-accrual loans | $ | 13,112 | $ | 23,112 | |||||||||||||||||||||||||
Accruing loans 90 days + past due | 390 | 757 | |||||||||||||||||||||||||||
Total non-performing loans | 13,502 | 23,869 | |||||||||||||||||||||||||||
Foreclosed real estate | 6,750 | 6,184 | |||||||||||||||||||||||||||
Other repossessed assets | 312 | 573 | |||||||||||||||||||||||||||
Total non-performing assets | $ | 20,564 | $ | 30,626 | |||||||||||||||||||||||||
Newly Restructured Loans by Types | ' | ||||||||||||||||||||||||||||
The following tables provide detail regarding troubled debts restructured in the last three and nine month periods. | |||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
Pre-Modification | Post-Modification | ||||||||||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||||||||
No. of Loans | Recorded Balance | Recorded Balance | |||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate | 1 | $ | 192 | $ | 260 | ||||||||||||||||||||||||
Residential mortgage | 4 | 460 | 492 | ||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Real estate | 8 | 274 | 272 | ||||||||||||||||||||||||||
Boat/RV | 2 | 45 | 45 | ||||||||||||||||||||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||
Pre-Modification | Post-Modification | ||||||||||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||||||||
No. of Loans | Recorded Balance | Recorded Balance | |||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate | 1 | $ | 439 | $ | 439 | ||||||||||||||||||||||||
Construction and development | 1 | 172 | 172 | ||||||||||||||||||||||||||
Other | 2 | 46 | 46 | ||||||||||||||||||||||||||
Residential mortgage | 10 | 719 | 734 | ||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Real estate | 14 | 439 | 438 | ||||||||||||||||||||||||||
Auto | 2 | 9 | 8 | ||||||||||||||||||||||||||
Boat/RV | 4 | 96 | 95 | ||||||||||||||||||||||||||
Other | 2 | 36 | 36 | ||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
Pre-Modification | Post-Modification | ||||||||||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||||||||
No. of Loans | Recorded Balance | Recorded Balance | |||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate | 3 | $ | 1,532 | $ | 1,593 | ||||||||||||||||||||||||
Other | 3 | 1,122 | 834 | ||||||||||||||||||||||||||
Residential mortgage | 17 | 1,395 | 1,742 | ||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Real estate | 30 | 1,012 | 1,025 | ||||||||||||||||||||||||||
Auto | 2 | 22 | 22 | ||||||||||||||||||||||||||
Boat/RV | 6 | 172 | 171 | ||||||||||||||||||||||||||
Other | 1 | 11 | 11 | ||||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||
Pre-Modification | Post-Modification | ||||||||||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||||||||
No. of Loans | Recorded Balance | Recorded Balance | |||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate | 4 | $ | 1,359 | $ | 1,520 | ||||||||||||||||||||||||
Construction and development | 1 | 172 | 172 | ||||||||||||||||||||||||||
Other | 5 | 262 | 324 | ||||||||||||||||||||||||||
Residential mortgage | 28 | 2,455 | 2,596 | ||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Real estate | 24 | 830 | 830 | ||||||||||||||||||||||||||
Auto | 3 | 16 | 15 | ||||||||||||||||||||||||||
Boat/RV | 7 | 154 | 153 | ||||||||||||||||||||||||||
Other | 4 | 53 | 52 | ||||||||||||||||||||||||||
The impact to the allowance for loan losses due to these modifications was insignificant. | |||||||||||||||||||||||||||||
Newly restructured loans by types are as follows: | |||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
Interest Only | Term | Combination | Total Modification | ||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate | $ | - | $ | - | $ | 260 | $ | 260 | |||||||||||||||||||||
Residential mortgage | - | - | 492 | 492 | |||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Real estate | - | 128 | 144 | 272 | |||||||||||||||||||||||||
Boat/RV | - | 14 | 31 | 45 | |||||||||||||||||||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||
Interest Only | Term | Combination | Total Modification | ||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate | $ | - | $ | - | $ | 439 | $ | 439 | |||||||||||||||||||||
Construction and development | - | - | 172 | 172 | |||||||||||||||||||||||||
Other | - | 46 | - | 46 | |||||||||||||||||||||||||
Residential mortgage | - | 36 | 698 | 734 | |||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Real estate | - | 22 | 416 | 438 | |||||||||||||||||||||||||
Auto | - | 4 | 4 | 8 | |||||||||||||||||||||||||
Boat/RV | - | 95 | - | 95 | |||||||||||||||||||||||||
Other | - | - | 36 | 36 | |||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
Interest Only | Term | Combination | Total Modification | ||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate | $ | - | $ | - | $ | 1,593 | $ | 1,593 | |||||||||||||||||||||
Other | - | 200 | 634 | 834 | |||||||||||||||||||||||||
Residential mortgage | - | - | 1,742 | 1,742 | |||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Real estate | 250 | 422 | 353 | 1,025 | |||||||||||||||||||||||||
Auto | - | 4 | 18 | 22 | |||||||||||||||||||||||||
Boat/RV | - | 135 | 36 | 171 | |||||||||||||||||||||||||
Other | - | - | 11 | 11 | |||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||
Interest Only | Term | Combination | Total Modification | ||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate | $ | - | $ | 403 | $ | 1,117 | $ | 1,520 | |||||||||||||||||||||
Construction and development | - | - | 172 | 172 | |||||||||||||||||||||||||
Other | - | 143 | 181 | 324 | |||||||||||||||||||||||||
Residential mortgage | 320 | 169 | 2,107 | 2,596 | |||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Real estate | - | 55 | 775 | 830 | |||||||||||||||||||||||||
Auto | - | 11 | 4 | 15 | |||||||||||||||||||||||||
Boat/RV | - | 153 | - | 153 | |||||||||||||||||||||||||
Other | - | 8 | 44 | 52 | |||||||||||||||||||||||||
Troubled Debts Restructured Defaulted | ' | ||||||||||||||||||||||||||||
The following tables provide detail regarding troubled debts restructured in the last twelve months that have defaulted in the three and nine months ended September 30, 2013. | |||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
Post-Modification | |||||||||||||||||||||||||||||
Outstanding | |||||||||||||||||||||||||||||
No. of Loans | Recorded Balance | ||||||||||||||||||||||||||||
Residential mortgage | 2 | $ | 187 | ||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
Post-Modification | |||||||||||||||||||||||||||||
Outstanding | |||||||||||||||||||||||||||||
No. of Loans | Recorded Balance | ||||||||||||||||||||||||||||
Residential mortgage | 2 | $ | 187 | ||||||||||||||||||||||||||
Consumer real estate | 1 | 8 | |||||||||||||||||||||||||||
Earnings_per_Share_Narrative_D
Earnings per Share (Narrative) (Details) (Stock Options [Member]) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Stock Options [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Anti-dilutive securities excluded from earnings per share computation | 82,000 | 250,681 |
Earnings_per_Share_Schedule_of
Earnings per Share ( Schedule of Earnings per Share) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Basic Earnings Per Share | ' | ' | ' | ' |
Net income | $2,472 | $2,173 | $6,560 | $5,244 |
Dividends and accretion on preferred stock | -271 | -362 | -911 | -1,085 |
Income available to common stockholders | 2,201 | 1,811 | 5,649 | 4,159 |
Income available to common stockholders and assumed conversions | $2,201 | $1,811 | $5,649 | $4,159 |
Weighted-Average Shares number of common shares, basic | 7,088,660 | 6,992,831 | 7,066,670 | 6,937,229 |
Weighted-Average Shares, effect of dilutive securities stock option and RRP grants | 176,447 | 82,065 | 172,205 | 94,803 |
Weighted-Average Shares income available to common stockholders and assumed conversions, diluted | 7,265,107 | 7,074,896 | 7,238,875 | 7,032,032 |
Earnings per share, basic | $0.31 | $0.26 | $0.80 | $0.60 |
Earnings per share, diluted | $0.30 | $0.26 | $0.78 | $0.59 |
Investments_Narrative_Details
Investments (Narrative) (Details) (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Investment [Line Items] | ' | ' | ' |
Securities pledged as collateral | $2,300,000 | ' | ' |
Gross realized gain on sale of securities | 898,000 | 1,600,000 | ' |
Proceed from sale of securities | 53,179,000 | 47,141,000 | ' |
Gross realized loss on sale of securities | 63,000 | 0 | ' |
Fair value of investments reported at less than historical cost | 128,300,000 | ' | 13,300,000 |
Percentage of Bank portfolio | 46.00% | ' | 5.00% |
Pooled trust preferred securities, amortized cost | 277,139,000 | ' | 276,326,000 |
Pooled trust preferred securities, fair value | 274,534,000 | ' | 281,197,000 |
Pooled Trust Preferred Securities [Member] | ' | ' | ' |
Investment [Line Items] | ' | ' | ' |
Pooled trust preferred securities, amortized cost | 6,715,000 | ' | ' |
Pooled trust preferred securities, book value | 8,000,000 | ' | ' |
Pooled trust preferred securities, fair value | $2,971,000 | ' | ' |
Banks, Thrifts or Other Depository Institutions to all Projected Defaults [Member] | ' | ' | ' |
Investment [Line Items] | ' | ' | ' |
Collateral recovery probability percentage | 10.00% | ' | ' |
Insurance Companies to all Projected Insurance Defaults [Member] | ' | ' | ' |
Investment [Line Items] | ' | ' | ' |
Collateral recovery probability percentage | 15.00% | ' | ' |
Investments_Amortized_Cost_and
Investments (Amortized Cost and Fair Values of Securities) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | $277,139 | $276,326 |
Gross Unrealized Gains | 4,303 | 9,168 |
Gross Unrealized Losses | -6,908 | -4,297 |
Fair Value | 274,534 | 281,197 |
Mortgage-backed Securities, Government Sponsored Agencies [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 107,250 | 121,260 |
Gross Unrealized Gains | 2,253 | 5,115 |
Gross Unrealized Losses | -1,419 | ' |
Fair Value | 108,084 | 126,375 |
Collateralized Mortgage Obligations, Government Sponsored Agencies [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 112,862 | 114,782 |
Gross Unrealized Gains | 1,709 | 3,463 |
Gross Unrealized Losses | -1,307 | -10 |
Fair Value | 113,264 | 118,235 |
Federal Agencies [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 5,000 | 13,000 |
Gross Unrealized Gains | ' | 8 |
Gross Unrealized Losses | -187 | -2 |
Fair Value | 4,813 | 13,006 |
Municipals [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 27,373 | 3,129 |
Gross Unrealized Gains | 341 | 151 |
Gross Unrealized Losses | -216 | -16 |
Fair Value | 27,498 | 3,264 |
Small Business Administration [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 6 | 8 |
Fair Value | 6 | 8 |
Corporate Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 24,648 | 24,147 |
Gross Unrealized Gains | ' | 431 |
Gross Unrealized Losses | -3,779 | -4,269 |
Fair Value | $20,869 | $20,309 |
Investments_Amortized_Cost_and1
Investments (Amortized Cost and Fair Value of Available-for-Sale Securities by Contractual Maturity (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Security obligations due, amortized cost, One to five years | $9,706 | ' |
Security obligations due, amortized cost, Five to ten years | 15,670 | ' |
Security obligations due, amortized cost, After ten years | 31,645 | ' |
Total security obligations due | 57,021 | ' |
Available for sale, Amortized Cost | 277,139 | 276,326 |
Security obligations due, Fair value, One to five years | 9,664 | ' |
Security obligations due, Fair value, Five to ten years | 15,505 | ' |
Security obligations due, Fair value, After ten years | 28,011 | ' |
Total Security obligations due, Fair value | 53,180 | ' |
Fair Value | 274,534 | 281,197 |
Mortgage-backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for sale, Amortized Cost | 107,250 | ' |
Fair Value | 108,084 | ' |
Collateralized Mortgage Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for sale, Amortized Cost | 112,862 | ' |
Fair Value | 113,264 | ' |
Small Business Administration [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for sale, Amortized Cost | 6 | 8 |
Fair Value | $6 | $8 |
Investments_Gross_Unrealized_L
Investments (Gross Unrealized Losses and Fair Value in Continuous Unrealized Loss Position) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Total, Fair Value | $128,300 | $13,300 |
Mortgage Backed Securities, Goverment Sponsored Agencies [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | 42,851 | ' |
Less than 12 months, Unrealized Losses | -1,419 | ' |
Total, Fair Value | 42,851 | ' |
Total, Unrealized Losses | -1,419 | ' |
Collateralized Mortgage Obligations, Government Sponsored Agencies [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | 48,999 | 4,962 |
Less than 12 months, Unrealized Losses | -1,307 | -10 |
Total, Fair Value | 48,999 | 4,962 |
Total, Unrealized Losses | -1,307 | -10 |
Federal Agencies [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | 4,813 | 4,998 |
Less than 12 months, Unrealized Losses | -187 | -2 |
Total, Fair Value | 4,813 | 4,998 |
Total, Unrealized Losses | -187 | -2 |
Municipals [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | 10,030 | 874 |
Less than 12 months, Unrealized Losses | -187 | -16 |
12 months or more, Fair Value | 744 | ' |
12 months or more, Unrealized Losses | -29 | ' |
Total, Fair Value | 10,774 | 874 |
Total, Unrealized Losses | -216 | -16 |
Corporate Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | 17,898 | ' |
Less than 12 months, Unrealized Losses | -35 | ' |
12 months or more, Fair Value | 2,971 | 2,475 |
12 months or more, Unrealized Losses | -3,744 | -4,269 |
Total, Fair Value | 20,869 | 2,475 |
Total, Unrealized Losses | -3,779 | -4,269 |
Total Temporarily Impaired Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | 124,591 | 10,834 |
Less than 12 months, Unrealized Losses | -3,135 | -28 |
12 months or more, Fair Value | 3,715 | 2,475 |
12 months or more, Unrealized Losses | -3,773 | -4,269 |
Total, Fair Value | 128,306 | 13,309 |
Total, Unrealized Losses | ($6,908) | ($4,297) |
Investments_Banks_Investment_i
Investments (Bank's Investment in Trust Preferred Securities) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | ||||||
In Thousands, unless otherwise specified | Banks, Thrifts or Other Depository Institutions to all Projected Defaults [Member] | Insurance Companies to all Projected Insurance Defaults [Member] | Pooled Trust Preferred Securities [Member] | Pooled Trust Preferred Securities [Member] | Pooled Trust Preferred Securities [Member] | Pooled Trust Preferred Securities [Member] | Pooled Trust Preferred Securities [Member] | Pooled Trust Preferred Securities [Member] | Pooled Trust Preferred Securities [Member] | ||||||||
Alesco Preferred Funding IX [Member] | Preferred Term Securities XIII [Member] | Preferred Term Securities XVIII [Member] | Preferred Term Securities XXVII [Member] | U.S. Capital Funding I [Member] | U.S. Capital Funding III [Member] | ||||||||||||
entity | entity | entity | entity | entity | entity | ||||||||||||
Investment Holdings [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Class | ' | ' | ' | ' | ' | 'A2A | 'B1 | 'C | 'C1 | 'B1 | 'B1 | ||||||
Original Par | ' | ' | ' | ' | $8,000 | $1,000 | $1,000 | $1,000 | $1,000 | $3,000 | $1,000 | ||||||
Book Value | 277,139 | 276,326 | ' | ' | 6,715 | 906 | 791 | 917 | 710 | 2,891 | 500 | ||||||
Fair Value | 274,534 | 281,197 | ' | ' | 2,971 | 439 | 359 | 273 | 250 | 1,412 | 238 | ||||||
Unrealized Loss | ' | ' | ' | ' | $3,744 | $467 | $432 | $644 | $460 | $1,479 | $262 | ||||||
Lowest Rating | ' | ' | ' | ' | ' | 'CCC- | 'Ca | 'Ca | 'Ca | 'Caa1 | 'Ca | ||||||
Number of Banks/Insurance Companies Currently Performing | ' | ' | ' | ' | ' | 41 | 44 | 48 | 32 | 29 | 28 | ||||||
Actual Deferrals/Defaults (as % of original collateral) | ' | ' | ' | ' | ' | 16.04% | 25.56% | 28.69% | 25.08% | 12.92% | 21.94% | ||||||
Total Projected Defaults (as % of performing collateral) | ' | ' | ' | ' | ' | 15.02% | [1] | 20.84% | [1] | 14.93% | [1] | 18.83% | [1] | 9.79% | [1] | 14.74% | [1] |
Excess Subordination (after taking into account best estimate of future deferrals/defaults | ' | ' | ' | ' | ' | 48.07% | [2] | 5.30% | [2] | 1.40% | [2] | 5.99% | [2] | 4.52% | [2] | 0.00% | [2] |
Collateral recovery probability percentage | ' | ' | 10.00% | 15.00% | ' | ' | ' | ' | ' | ' | ' | ||||||
[1] | A 10% recovery is applied to all projected bank defaults.B A 15% recovery is applied to all projected insurance defaults.B No recovery is applied to current defaults. | ||||||||||||||||
[2] | Excess subordination represents the additional defaults in excess of both current and projected defaults that the CDO can absorb before the bond experiences any credit impairment. Excess subordinated percentage is calculated by (a) determining what percentage of defaults a deal can experience before the bond has credit impairment, and (b) subtracting from this default breakage percentage both total current and expected future default percentages. |
Investments_Debt_Securities_fo
Investments (Debt Securities for which Credit Loss was Recognized in Income and Other Losses Recorded in Other Comprehensive Income) (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||||
Investments [Abstract] | ' | ' | ' | ' | ' | ' |
Credit losses on debt securities held, beginning of year | $1,205 | $1,205 | $1,205 | $1,205 | $1,205 | $1,205 |
Credit losses on debt securities held, end of period | $1,205 | $1,205 | $1,205 | $1,205 | $1,205 | $1,205 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Components of Accumulated Other Comprehensive Income (Loss)) (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | ' |
Net unrealized gain on securities available-for-sale | $672 | $8,616 |
Net unrealized loss on securities available-for-sale for which a portion of other-than-temporary impairment has been recognized in income | -3,277 | -3,745 |
Net unrealized loss on derivative used for cash flow hedges | -311 | -416 |
Net unrealized loss relating to defined benefit plan liability | -49 | -49 |
Accumulated other comprehensive income (loss) | -2,965 | 4,406 |
Tax (expense) benefit | 953 | -1,603 |
Net-of-tax amount | ($2,012) | $2,803 |
Disclosures_About_Fair_Value_o2
Disclosures About Fair Value of Assets and Liabilities (Narrative) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Disclosures About Fair Value of Assets and Liabilities [Abstract] | ' | ' |
Reductions in fair value of other real estate owned | $46,000 | $456,000 |
Disclosures_About_Fair_Value_o3
Disclosures About Fair Value of Assets and Liabilities (Fair Value Measurement of Assets Measured at Fair Value on Recurring Basis) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale | $274,534 | $281,197 |
Mortgage-backed Securities, Government Sponsored Agencies [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale | 108,084 | 126,375 |
Collateralized Mortgage Obligations, Government Sponsored Agencies [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale | 113,264 | 118,235 |
Federal Agencies [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale | 4,813 | 13,006 |
Municipals [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale | 27,498 | 3,264 |
Small Business Administration [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale | 6 | 8 |
Corporate Obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale | 20,869 | 20,309 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale | ' | ' |
Fair Value, Inputs, Level 1 [Member] | Mortgage-backed Securities, Government Sponsored Agencies [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale | ' | ' |
Fair Value, Inputs, Level 1 [Member] | Collateralized Mortgage Obligations, Government Sponsored Agencies [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale | ' | ' |
Fair Value, Inputs, Level 1 [Member] | Federal Agencies [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale | ' | ' |
Fair Value, Inputs, Level 1 [Member] | Municipals [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale | ' | ' |
Fair Value, Inputs, Level 1 [Member] | Small Business Administration [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale | ' | ' |
Fair Value, Inputs, Level 1 [Member] | Corporate Obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale | ' | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale | 271,563 | 278,772 |
Fair Value, Inputs, Level 2 [Member] | Mortgage-backed Securities, Government Sponsored Agencies [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale | 108,084 | 126,375 |
Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Obligations, Government Sponsored Agencies [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale | 113,264 | 118,235 |
Fair Value, Inputs, Level 2 [Member] | Federal Agencies [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale | 4,813 | 13,006 |
Fair Value, Inputs, Level 2 [Member] | Municipals [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale | 27,498 | 3,264 |
Fair Value, Inputs, Level 2 [Member] | Small Business Administration [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale | 6 | 8 |
Fair Value, Inputs, Level 2 [Member] | Corporate Obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale | 17,898 | 17,834 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale | 2,971 | 2,475 |
Fair Value, Inputs, Level 3 [Member] | Corporate Obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale | $2,971 | $2,475 |
Disclosures_About_Fair_Value_o4
Disclosures About Fair Value of Assets and Liabilities ( Fair Value of Assets and Liabilities Reconciliation Of Significant Unobservable (Level Three) Inputs) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Disclosures About Fair Value of Assets and Liabilities [Abstract] | ' | ' | ' | ' |
Beginning balance | $3,000 | $2,264 | $2,475 | $2,454 |
Total realized and unrealized gains and losses | ' | ' | ' | ' |
Included in net income | ' | ' | ' | ' |
Included in other comprehensive loss | 1 | 144 | 526 | -36 |
Purchases, issuances and settlements | -30 | ' | -30 | -10 |
Ending balance | 2,971 | 2,408 | 2,971 | 2,408 |
Total gains or losses for the period included in net income attributable to the change in unrealized gains or losses related to assets still held at the reporting date | ' | ' | ' | ' |
Disclosures_About_Fair_Value_o5
Disclosures About Fair Value of Assets and Liabilities (Fair Value Measurement of Assets Measured at Fair Value on Nonrecurring Basis) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Impaired Loans [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on non recurring basis | $5,588 | $8,032 |
Foreclosed Real Estate [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on non recurring basis | 227 | 355 |
Mortgage Servicing Rights [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on non recurring basis | 1,916 | 1,731 |
Fair Value, Inputs, Level 3 [Member] | Impaired Loans [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on non recurring basis | 5,588 | 8,032 |
Fair Value, Inputs, Level 3 [Member] | Foreclosed Real Estate [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on non recurring basis | 227 | 355 |
Fair Value, Inputs, Level 3 [Member] | Mortgage Servicing Rights [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on non recurring basis | 1,916 | 1,731 |
Fair Value, Inputs, Level 1 [Member] | Impaired Loans [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on non recurring basis | ' | ' |
Fair Value, Inputs, Level 1 [Member] | Foreclosed Real Estate [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on non recurring basis | ' | ' |
Fair Value, Inputs, Level 1 [Member] | Mortgage Servicing Rights [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on non recurring basis | ' | ' |
Fair Value, Inputs, Level 2 [Member] | Impaired Loans [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on non recurring basis | ' | ' |
Fair Value, Inputs, Level 2 [Member] | Foreclosed Real Estate [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on non recurring basis | ' | ' |
Fair Value, Inputs, Level 2 [Member] | Mortgage Servicing Rights [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on non recurring basis | ' | ' |
Disclosures_About_Fair_Value_o6
Disclosures About Fair Value of Assets and Liabilities (Quantitative Information about Unobservable Inputs used in Recurring and Nonrecurring Level Three Fair Value Measurements) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Pooled Trust Preferred Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value | $2,971 | $2,475 |
Valuation Technique | 'Discounted cash flow | 'Discounted cash flow |
Constant prepayment rate | 2.00% | 2.00% |
Cumulative projected prepayments | 40.00% | 40.00% |
Pooled Trust Preferred Securities [Member] | Minimum [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Discount rate | 9.00% | 9.00% |
Probability of default | 1.60% | 1.50% |
Projected cures given deferral | 0.00% | 0.00% |
Loss severity | 51.50% | 58.00% |
Pooled Trust Preferred Securities [Member] | Maximum [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Discount rate | 16.00% | 17.00% |
Probability of default | 2.40% | 2.20% |
Projected cures given deferral | 15.00% | 15.00% |
Loss severity | 76.20% | 79.40% |
Impaired Loans [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value | 5,588 | 8,032 |
Valuation Technique | 'Third party valuations | 'Third party valuations |
Impaired Loans [Member] | Minimum [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Discount rate | 0.00% | 0.00% |
Impaired Loans [Member] | Maximum [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Discount rate | 40.00% | 40.00% |
Foreclosed Real Estate [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value | 227 | 355 |
Valuation Technique | 'Third party valuations | 'Third party valuations |
Foreclosed Real Estate [Member] | Minimum [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Discount to reflect realizable value less estimated selling costs | 0.00% | 0.00% |
Foreclosed Real Estate [Member] | Maximum [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Discount to reflect realizable value less estimated selling costs | 25.00% | 25.00% |
Mortgage Servicing Rights [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value | $1,916 | $1,731 |
Valuation Technique | 'Third party valuations | 'Third party valuations |
Discount rate | 10.10% | 10.10% |
Servicing fee | 0.25% | 0.25% |
Mortgage Servicing Rights [Member] | Minimum [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Constant prepayment rate | 125.00% | 100.00% |
Mortgage Servicing Rights [Member] | Maximum [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Constant prepayment rate | 700.00% | 700.00% |
Disclosures_About_Fair_Value_o7
Disclosures About Fair Value of Assets and Liabilities (Estimated Fair Values of Financial Instruments) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Assets, Carrying Amount | ' | ' | ' | ' |
Cash and cash equivalents | $31,940 | $32,778 | $44,319 | $55,223 |
Loans held for sale, carrying amount | 993 | 5,106 | ' | ' |
Loans net, carrying amount | 964,504 | 969,545 | ' | ' |
FHLB stock, carrying amount | 14,391 | 14,391 | ' | ' |
Interest receivable, carrying amount | 3,593 | 3,846 | ' | ' |
Liabilities, Carrying Amount | ' | ' | ' | ' |
Deposits, carrying amount | 1,149,717 | 1,184,009 | ' | ' |
FHLB advances, carrying amount | 96,728 | 74,675 | ' | ' |
Other borrowings, carrying amount | 11,069 | 11,606 | ' | ' |
Interest payable, carrying amount | 234 | 236 | ' | ' |
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ' |
Assets, Fair Value | ' | ' | ' | ' |
Cash and cash equivalents, fair value | 31,940 | 32,778 | ' | ' |
Liabilities, fair value | ' | ' | ' | ' |
Deposits, fair value | 602,009 | 606,066 | ' | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' |
Assets, Fair Value | ' | ' | ' | ' |
Loans held for sale, fair value | 1,001 | 5,235 | ' | ' |
FHLB stock, fair value | 14,391 | 14,391 | ' | ' |
Interest receivable, fair value | 3,593 | 3,846 | ' | ' |
Liabilities, fair value | ' | ' | ' | ' |
FHLB advances, fair value | 95,508 | 75,688 | ' | ' |
Other borrowings, fair value. | 11,067 | 12,648 | ' | ' |
Interest payable, fair value | 234 | 236 | ' | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' |
Assets, Fair Value | ' | ' | ' | ' |
Loans, fair value | 964,623 | 993,539 | ' | ' |
Liabilities, fair value | ' | ' | ' | ' |
Deposits, fair value | $511,876 | $589,759 | ' | ' |
Loans_Narrative_Details
Loans (Narrative) (Details) (USD $) | Sep. 30, 2013 |
Loans [Abstract] | ' |
Threshold evaluations currently set | $250,000 |
Loans_Categories_of_Loans_Deta
Loans (Categories of Loans) (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Loans | $989,780 | ' | $990,569 | ' | ' | ' |
Undisbursed loans in process | -13,446 | ' | -7,418 | ' | ' | ' |
Unamortized deferred loan costs, net | 2,624 | ' | 2,432 | ' | ' | ' |
Allowance for loan losses | -14,454 | -15,701 | -16,038 | -15,536 | -16,003 | -16,815 |
Net loans | 964,504 | ' | 969,545 | ' | ' | ' |
Commercial [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Loans | 285,807 | ' | 288,848 | ' | ' | ' |
Allowance for loan losses | -8,934 | -9,633 | -9,908 | -9,521 | -10,004 | -10,602 |
Commercial Real Estate [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Loans | 198,405 | ' | 203,613 | ' | ' | ' |
Commercial Construction and Development [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Loans | 15,092 | ' | 17,462 | ' | ' | ' |
Commercial Other [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Loans | 72,310 | ' | 67,773 | ' | ' | ' |
Residential Mortgage [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Loans | 495,712 | ' | 502,619 | ' | ' | ' |
Allowance for loan losses | -3,203 | -3,662 | -3,394 | -3,563 | -3,392 | -3,444 |
Consumer [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Loans | 208,261 | ' | 199,102 | ' | ' | ' |
Allowance for loan losses | -2,317 | -2,406 | -2,736 | -2,452 | -2,607 | -2,769 |
Consumer Real Estate [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Loans | 106,293 | ' | 100,516 | ' | ' | ' |
Consumer Auto [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Loans | 15,343 | ' | 15,572 | ' | ' | ' |
Consumer Boat/RVs [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Loans | 80,648 | ' | 76,416 | ' | ' | ' |
Consumer Other [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Loans | $5,977 | ' | $6,598 | ' | ' | ' |
Loans_NonAccrual_Loan_Segregat
Loans (Non-Accrual Loan, Segregated by Class of Loans) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Non-accrual loans | $13,112 | $23,410 | $23,112 |
Commercial Real Estate [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Non-accrual loans | 1,883 | 2,450 | ' |
Commercial Construction and Development [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Non-accrual loans | 3,252 | 5,989 | ' |
Commercial Other [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Non-accrual loans | 1,270 | 1,315 | ' |
Residential Mortgage [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Non-accrual loans | 5,508 | 10,791 | ' |
Consumer Real Estate [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Non-accrual loans | 682 | 1,656 | ' |
Consumer Auto [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Non-accrual loans | ' | 37 | ' |
Consumer Boat/RVs [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Non-accrual loans | 383 | 1,076 | ' |
Consumer Other [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Non-accrual loans | $134 | $96 | ' |
Loans_Age_Analysis_of_Past_Due
Loans (Age Analysis of Past Due Loans Segregated by Class of Loans) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30-59 Days Past Due | $12,432 | $17,126 | ' |
60-89 Days Past Due | 1,270 | 5,100 | ' |
Greater Than 90 Days | 10,523 | 18,079 | ' |
Total Past Due | 24,225 | 40,305 | ' |
Current | 965,555 | 950,264 | ' |
Total loans | 989,780 | 990,569 | ' |
Total Loans > 90 Days and Accruing | 390 | 273 | 757 |
Commercial [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Total loans | 285,807 | 288,848 | ' |
Commercial Real Estate [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30-59 Days Past Due | 1,434 | 1,097 | ' |
60-89 Days Past Due | 12 | 992 | ' |
Greater Than 90 Days | 1,883 | 2,350 | ' |
Total Past Due | 3,329 | 4,439 | ' |
Current | 195,076 | 199,174 | ' |
Total loans | 198,405 | 203,613 | ' |
Commercial Construction and Development [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30-59 Days Past Due | 348 | 192 | ' |
Greater Than 90 Days | 3,077 | 4,912 | ' |
Total Past Due | 3,425 | 5,104 | ' |
Current | 11,667 | 12,358 | ' |
Total loans | 15,092 | 17,462 | ' |
Commercial Other [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30-59 Days Past Due | 567 | 259 | ' |
60-89 Days Past Due | ' | 223 | ' |
Greater Than 90 Days | 550 | 735 | ' |
Total Past Due | 1,117 | 1,217 | ' |
Current | 71,193 | 66,556 | ' |
Total loans | 72,310 | 67,773 | ' |
Residential Mortgage [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30-59 Days Past Due | 8,247 | 12,487 | ' |
60-89 Days Past Due | 862 | 2,732 | ' |
Greater Than 90 Days | 4,124 | 8,356 | ' |
Total Past Due | 13,233 | 23,575 | ' |
Current | 482,479 | 479,044 | ' |
Total loans | 495,712 | 502,619 | ' |
Total Loans > 90 Days and Accruing | 390 | 177 | ' |
Consumer [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Total loans | 208,261 | 199,102 | ' |
Consumer Real Estate [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30-59 Days Past Due | 500 | 1,302 | ' |
60-89 Days Past Due | 164 | 358 | ' |
Greater Than 90 Days | 653 | 1,119 | ' |
Total Past Due | 1,317 | 2,779 | ' |
Current | 104,976 | 97,737 | ' |
Total loans | 106,293 | 100,516 | ' |
Consumer Auto [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30-59 Days Past Due | 46 | 47 | ' |
60-89 Days Past Due | 11 | 18 | ' |
Greater Than 90 Days | ' | 15 | ' |
Total Past Due | 57 | 80 | ' |
Current | 15,286 | 15,492 | ' |
Total loans | 15,343 | 15,572 | ' |
Consumer Boat/RVs [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30-59 Days Past Due | 1,216 | 1,508 | ' |
60-89 Days Past Due | 219 | 756 | ' |
Greater Than 90 Days | 169 | 497 | ' |
Total Past Due | 1,604 | 2,761 | ' |
Current | 79,044 | 73,655 | ' |
Total loans | 80,648 | 76,416 | ' |
Consumer Other [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30-59 Days Past Due | 74 | 234 | ' |
60-89 Days Past Due | 2 | 21 | ' |
Greater Than 90 Days | 67 | 95 | ' |
Total Past Due | 143 | 350 | ' |
Current | 5,834 | 6,248 | ' |
Total loans | 5,977 | 6,598 | ' |
Total Loans > 90 Days and Accruing | ' | $96 | ' |
Loans_Impaired_Loans_Details
Loans (Impaired Loans) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Commercial Real Estate [Member] | ' | ' | ' | ' | ' |
Impaired Financing Receivable With No Related Allowance [Abstract] | ' | ' | ' | ' | ' |
Recorded balance | $2,894 | $3,570 | $2,894 | $3,570 | $5,341 |
Unpaid principal balance | 3,958 | 4,122 | 3,958 | 4,122 | 6,354 |
Average investment in impaired loans | 2,953 | 4,546 | 3,545 | 5,646 | 5,384 |
Interest income recognized | 40 | 37 | 109 | 147 | 248 |
Impaired Financing Receivable With Related Allowance [Abstract] | ' | ' | ' | ' | ' |
Recorded balance | 204 | ' | 204 | ' | 208 |
Unpaid principal balance | 204 | ' | 204 | ' | 947 |
Specific allowance | 100 | ' | 100 | ' | 100 |
Average investment in impaired loans | 205 | ' | 206 | ' | 211 |
Interest income recognized | 3 | ' | 9 | ' | 12 |
Impaired Financing Receivables Total [Abstract] | ' | ' | ' | ' | ' |
Recorded balance, total | 3,098 | 3,570 | 3,098 | 3,570 | 5,549 |
Unpaid principal balance, total | 4,162 | 4,122 | 4,162 | 4,122 | 7,301 |
Average investment in impaired loans, total | 3,158 | 4,546 | 3,751 | 5,646 | 5,595 |
Interest income recognized, total | 43 | 37 | 118 | 147 | 260 |
Commercial Construction and Development [Member] | ' | ' | ' | ' | ' |
Impaired Financing Receivable With No Related Allowance [Abstract] | ' | ' | ' | ' | ' |
Recorded balance | 3,331 | 7,111 | 3,331 | 7,111 | 3,632 |
Unpaid principal balance | 7,332 | 9,101 | 7,332 | 9,101 | 7,078 |
Average investment in impaired loans | 4,782 | 7,669 | 6,112 | 9,092 | 4,884 |
Interest income recognized | 23 | 11 | 57 | 35 | 30 |
Impaired Financing Receivable With Related Allowance [Abstract] | ' | ' | ' | ' | ' |
Recorded balance | 622 | 1,364 | 622 | 1,364 | 4,639 |
Unpaid principal balance | 2,020 | 4,337 | 2,020 | 4,337 | 5,157 |
Specific allowance | 200 | 375 | 200 | 375 | 959 |
Average investment in impaired loans | 622 | 1,364 | 640 | 1,482 | 5,230 |
Interest income recognized | ' | 18 | ' | 55 | 78 |
Impaired Financing Receivables Total [Abstract] | ' | ' | ' | ' | ' |
Recorded balance, total | 3,953 | 8,475 | 3,953 | 8,475 | 8,271 |
Unpaid principal balance, total | 9,352 | 13,438 | 9,352 | 13,438 | 12,235 |
Average investment in impaired loans, total | 5,404 | 9,033 | 6,752 | 10,574 | 10,114 |
Interest income recognized, total | 23 | 29 | 57 | 90 | 108 |
Commercial Other [Member] | ' | ' | ' | ' | ' |
Impaired Financing Receivable With No Related Allowance [Abstract] | ' | ' | ' | ' | ' |
Recorded balance | 679 | 1,076 | 679 | 1,076 | 972 |
Unpaid principal balance | 679 | 1,076 | 679 | 1,076 | 972 |
Average investment in impaired loans | 798 | 2,098 | 876 | 3,028 | 2,828 |
Interest income recognized | 10 | 5 | 18 | 28 | 117 |
Impaired Financing Receivable With Related Allowance [Abstract] | ' | ' | ' | ' | ' |
Recorded balance | 424 | 1,178 | 424 | 1,178 | 912 |
Unpaid principal balance | 624 | 1,178 | 624 | 1,178 | 912 |
Specific allowance | 235 | 357 | 235 | 357 | 257 |
Average investment in impaired loans | 429 | 1,191 | 601 | 1,206 | 921 |
Interest income recognized | 6 | 9 | 15 | 35 | 30 |
Impaired Financing Receivables Total [Abstract] | ' | ' | ' | ' | ' |
Recorded balance, total | 1,103 | 2,254 | 1,103 | 2,254 | 1,884 |
Unpaid principal balance, total | 1,303 | 2,254 | 1,303 | 2,254 | 1,884 |
Average investment in impaired loans, total | 1,227 | 3,289 | 1,477 | 4,234 | 3,749 |
Interest income recognized, total | 16 | 14 | 33 | 63 | 147 |
Residential Mortgage [Member] | ' | ' | ' | ' | ' |
Impaired Financing Receivable With No Related Allowance [Abstract] | ' | ' | ' | ' | ' |
Recorded balance | 1,950 | 3,960 | 1,950 | 3,960 | 2,583 |
Unpaid principal balance | 2,889 | 5,048 | 2,889 | 5,048 | 3,522 |
Average investment in impaired loans | 2,417 | 3,613 | 2,857 | 4,124 | 3,755 |
Interest income recognized | 12 | 19 | 48 | 58 | 58 |
Impaired Financing Receivable With Related Allowance [Abstract] | ' | ' | ' | ' | ' |
Recorded balance | ' | 529 | ' | 529 | 834 |
Unpaid principal balance | ' | 529 | ' | 529 | 834 |
Specific allowance | ' | 37 | ' | 37 | 57 |
Average investment in impaired loans | ' | 530 | ' | 532 | 654 |
Interest income recognized | ' | 18 | ' | 35 | ' |
Impaired Financing Receivables Total [Abstract] | ' | ' | ' | ' | ' |
Recorded balance, total | 1,950 | 4,489 | 1,950 | 4,489 | 3,417 |
Unpaid principal balance, total | 2,889 | 5,577 | 2,889 | 5,577 | 4,356 |
Average investment in impaired loans, total | 2,417 | 4,143 | 2,857 | 4,656 | 4,409 |
Interest income recognized, total | $12 | $37 | $48 | $93 | $58 |
Loans_Commercial_and_Retail_Cr
Loans (Commercial and Retail Credit Exposure Credit Risk Profile by Internal Rating) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | $989,780 | $990,569 |
Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 285,807 | 288,848 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 198,405 | 203,613 |
Commercial Real Estate [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 188,018 | 185,794 |
Commercial Real Estate [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 3,355 | 6,692 |
Commercial Real Estate [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 7,006 | 11,127 |
Commercial Real Estate [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 26 | ' |
Commercial Construction and Development [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 15,092 | 17,462 |
Commercial Construction and Development [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 8,886 | 9,314 |
Commercial Construction and Development [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 2,211 | 172 |
Commercial Construction and Development [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 3,995 | 7,976 |
Commercial Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 72,310 | 67,773 |
Commercial Other [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 70,473 | 63,413 |
Commercial Other [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 235 | 255 |
Commercial Other [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 1,052 | 3,281 |
Commercial Other [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 550 | 824 |
Residential Mortgage [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 495,712 | 502,619 |
Residential Mortgage [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 485,690 | 486,027 |
Residential Mortgage [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 1,804 | 2,012 |
Residential Mortgage [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 8,218 | 14,580 |
Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 208,261 | 199,102 |
Consumer Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 106,293 | 100,516 |
Consumer Real Estate [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 104,464 | 97,972 |
Consumer Real Estate [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 1,829 | 2,544 |
Consumer Auto [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 15,343 | 15,572 |
Consumer Auto [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 15,327 | 15,533 |
Consumer Auto [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 16 | 39 |
Consumer Boat/RVs [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 80,648 | 76,416 |
Consumer Boat/RVs [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 80,005 | 75,026 |
Consumer Boat/RVs [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 643 | 1,390 |
Consumer Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 5,977 | 6,598 |
Consumer Other [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 5,876 | 6,434 |
Consumer Other [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | $101 | $164 |
Loans_Activity_in_Allowance_fo
Loans (Activity in Allowance for Loan Losses by Portfolio Segment) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Allowance for loan losses, beginning of period | $15,701 | $16,003 | $16,038 | $16,815 | $16,815 |
Provision charged to expense | 750 | 1,475 | 2,250 | 4,675 | 6,025 |
Losses charged off | -2,091 | -2,257 | -4,161 | -7,040 | -8,002 |
Recoveries | 94 | 315 | 327 | 1,086 | 1,200 |
Allowance for loan losses, end of period | 14,454 | 15,536 | 14,454 | 15,536 | 16,038 |
Allowance for loan losses, individually evaluated for impairment, ending balance | 535 | ' | 535 | ' | 1,373 |
Allowance for loan losses, collectively evaluated for impairment, ending balance | 13,919 | ' | 13,919 | ' | 14,665 |
Total allowance for loan losses | 14,454 | 15,536 | 14,454 | 15,536 | 16,038 |
Loans, individually evaluated for impairment, ending balance | 10,104 | ' | 10,104 | ' | 19,121 |
Loans, collectively evaluated for impairment, ending balance | 979,676 | ' | 979,676 | ' | 971,448 |
Total loans | 989,780 | ' | 989,780 | ' | 990,569 |
Commercial [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Allowance for loan losses, beginning of period | 9,633 | 10,004 | 9,908 | 10,602 | 10,602 |
Provision charged to expense | 1,004 | 985 | 1,675 | 2,410 | 3,213 |
Losses charged off | -1,713 | -1,484 | -2,681 | -4,034 | -4,493 |
Recoveries | 10 | 16 | 32 | 543 | 586 |
Allowance for loan losses, end of period | 8,934 | 9,521 | 8,934 | 9,521 | 9,908 |
Allowance for loan losses, individually evaluated for impairment, ending balance | 535 | ' | 535 | ' | 1,316 |
Allowance for loan losses, collectively evaluated for impairment, ending balance | 8,399 | ' | 8,399 | ' | 8,592 |
Total allowance for loan losses | 8,934 | 9,521 | 8,934 | 9,521 | 9,908 |
Loans, individually evaluated for impairment, ending balance | 8,154 | ' | 8,154 | ' | 15,704 |
Loans, collectively evaluated for impairment, ending balance | 277,653 | ' | 277,653 | ' | 273,144 |
Total loans | 285,807 | ' | 285,807 | ' | 288,848 |
Residential Mortgage [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Allowance for loan losses, beginning of period | 3,662 | 3,392 | 3,394 | 3,444 | 3,444 |
Provision charged to expense | -215 | 480 | 469 | 1,571 | 1,612 |
Losses charged off | -274 | -505 | -716 | -1,652 | -1,901 |
Recoveries | 30 | 196 | 56 | 200 | 239 |
Allowance for loan losses, end of period | 3,203 | 3,563 | 3,203 | 3,563 | 3,394 |
Allowance for loan losses, individually evaluated for impairment, ending balance | ' | ' | ' | ' | 57 |
Allowance for loan losses, collectively evaluated for impairment, ending balance | 3,203 | ' | 3,203 | ' | 3,337 |
Total allowance for loan losses | 3,203 | 3,563 | 3,203 | 3,563 | 3,394 |
Loans, individually evaluated for impairment, ending balance | 1,950 | ' | 1,950 | ' | 3,417 |
Loans, collectively evaluated for impairment, ending balance | 493,762 | ' | 493,762 | ' | 499,202 |
Total loans | 495,712 | ' | 495,712 | ' | 502,619 |
Consumer [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Allowance for loan losses, beginning of period | 2,406 | 2,607 | 2,736 | 2,769 | 2,769 |
Provision charged to expense | -39 | 10 | 106 | 694 | 1,200 |
Losses charged off | -104 | -268 | -764 | -1,354 | -1,608 |
Recoveries | 54 | 103 | 239 | 343 | 375 |
Allowance for loan losses, end of period | 2,317 | 2,452 | 2,317 | 2,452 | 2,736 |
Allowance for loan losses, collectively evaluated for impairment, ending balance | 2,317 | ' | 2,317 | ' | 2,736 |
Total allowance for loan losses | 2,317 | 2,452 | 2,317 | 2,452 | 2,736 |
Loans, collectively evaluated for impairment, ending balance | 208,261 | ' | 208,261 | ' | 199,102 |
Total loans | $208,261 | ' | $208,261 | ' | $199,102 |
Loans_NonPerforming_Assets_Exc
Loans (Non-Performing Assets Excluding Restructured Loans) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
Loans [Abstract] | ' | ' | ' |
Non-accrual loans | $13,112 | $23,410 | $23,112 |
Accruing loans 90 days + past due | 390 | 273 | 757 |
Total non-performing loans | 13,502 | ' | 23,869 |
Foreclosed real estate | 6,750 | ' | 6,184 |
Other repossessed assets | 312 | ' | 573 |
Total non-performing assets | $20,564 | ' | $30,626 |
Loans_Troubled_Debts_Restructu
Loans (Troubled Debts Restructured) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Commercial Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Post-modification outstanding recorded balance | $260 | $439 | $1,593 | $1,520 |
Commercial Real Estate [Member] | Troubled Debts Restructured [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
No. of Loans | 1 | 1 | 3 | 4 |
Pre-modification outstanding recorded balance | 192 | 439 | 1,532 | 1,359 |
Post-modification outstanding recorded balance | 260 | 439 | 1,593 | 1,520 |
Commercial Construction and Development [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Post-modification outstanding recorded balance | ' | 172 | ' | 172 |
Commercial Construction and Development [Member] | Troubled Debts Restructured [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
No. of Loans | ' | 1 | ' | 1 |
Pre-modification outstanding recorded balance | ' | 172 | ' | 172 |
Post-modification outstanding recorded balance | ' | 172 | ' | 172 |
Commercial Other [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Post-modification outstanding recorded balance | ' | 46 | 834 | 324 |
Commercial Other [Member] | Troubled Debts Restructured [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
No. of Loans | ' | 2 | 3 | 5 |
Pre-modification outstanding recorded balance | ' | 46 | 1,122 | 262 |
Post-modification outstanding recorded balance | ' | 46 | 834 | 324 |
Residential Mortgage [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Post-modification outstanding recorded balance | 492 | 734 | 1,742 | 2,596 |
Residential Mortgage [Member] | Troubled Debts Restructured [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
No. of Loans | 4 | 10 | 17 | 28 |
Pre-modification outstanding recorded balance | 460 | 719 | 1,395 | 2,455 |
Post-modification outstanding recorded balance | 492 | 734 | 1,742 | 2,596 |
Consumer Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Post-modification outstanding recorded balance | 272 | 438 | 1,025 | 830 |
Consumer Real Estate [Member] | Troubled Debts Restructured [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
No. of Loans | 8 | 14 | 30 | 24 |
Pre-modification outstanding recorded balance | 274 | 439 | 1,012 | 830 |
Post-modification outstanding recorded balance | 272 | 438 | 1,025 | 830 |
Consumer Auto [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Post-modification outstanding recorded balance | ' | 8 | 22 | 15 |
Consumer Auto [Member] | Troubled Debts Restructured [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
No. of Loans | ' | 2 | 2 | 3 |
Pre-modification outstanding recorded balance | ' | 9 | 22 | 16 |
Post-modification outstanding recorded balance | ' | 8 | 22 | 15 |
Consumer Boat/RVs [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Post-modification outstanding recorded balance | 45 | 95 | 171 | 153 |
Consumer Boat/RVs [Member] | Troubled Debts Restructured [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
No. of Loans | 2 | 4 | 6 | 7 |
Pre-modification outstanding recorded balance | 45 | 96 | 172 | 154 |
Post-modification outstanding recorded balance | 45 | 95 | 171 | 153 |
Consumer Other [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Post-modification outstanding recorded balance | ' | 36 | 11 | 52 |
Consumer Other [Member] | Troubled Debts Restructured [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
No. of Loans | ' | 2 | 1 | 4 |
Pre-modification outstanding recorded balance | ' | 36 | 11 | 53 |
Post-modification outstanding recorded balance | ' | $36 | $11 | $52 |
Loans_Newly_Restructured_Loans
Loans (Newly Restructured Loans by Type) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Commercial Real Estate [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Term | ' | ' | ' | $403 |
Combination | 260 | 439 | 1,593 | 1,117 |
Total modification | 260 | 439 | 1,593 | 1,520 |
Commercial Construction and Development [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Combination | ' | 172 | ' | 172 |
Total modification | ' | 172 | ' | 172 |
Commercial Other [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Term | ' | 46 | 200 | 143 |
Combination | ' | ' | 634 | 181 |
Total modification | ' | 46 | 834 | 324 |
Residential Mortgage [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Interest Only | ' | ' | ' | 320 |
Term | ' | 36 | ' | 169 |
Combination | 492 | 698 | 1,742 | 2,107 |
Total modification | 492 | 734 | 1,742 | 2,596 |
Consumer Real Estate [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Interest Only | ' | ' | 250 | ' |
Term | 128 | 22 | 422 | 55 |
Combination | 144 | 416 | 353 | 775 |
Total modification | 272 | 438 | 1,025 | 830 |
Consumer Auto [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Term | ' | 4 | 4 | 11 |
Combination | ' | 4 | 18 | 4 |
Total modification | ' | 8 | 22 | 15 |
Consumer Boat/RVs [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Term | 14 | 95 | 135 | 153 |
Combination | 31 | ' | 36 | ' |
Total modification | 45 | 95 | 171 | 153 |
Consumer Other [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Term | ' | ' | ' | 8 |
Combination | ' | 36 | 11 | 44 |
Total modification | ' | $36 | $11 | $52 |
Loans_Troubled_Debts_Restructu1
Loans (Troubled Debts Restructured Defaulted) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Residential Mortgage [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Post-modification outstanding recorded balance | $492 | $734 | $1,742 | $2,596 |
Consumer Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Post-modification outstanding recorded balance | 272 | 438 | 1,025 | 830 |
Defaulted Loans [Member] | Residential Mortgage [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
No. of Loans | 2 | ' | 2 | ' |
Post-modification outstanding recorded balance | 187 | ' | 187 | ' |
Defaulted Loans [Member] | Consumer Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
No. of Loans | ' | ' | 1 | ' |
Post-modification outstanding recorded balance | ' | ' | $8 | ' |