Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 08, 2013 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'F&M BANK CORP | ' |
Entity Central Index Key | '0000740806 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Is Entity a Well-known Seasoned Issuer? | 'No | ' |
Is Entity a Voluntary Filer? | 'No | ' |
Is Entity's Reporting Status Current? | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 2,510,267 |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2013 | ' |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Unaudited) (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 |
Interest income | ' | ' | ' | ' |
Interest and fees on loans held for investment | $6,320 | $6,454 | $18,763 | $18,941 |
Interest and fees on loans held for sale | 80 | 531 | 623 | 1,127 |
Interest on federal funds sold | 17 | 3 | 36 | 22 |
Interest on interest bearing deposits | 2 | 1 | 4 | 4 |
Interest on debt securities | 39 | 37 | 140 | 147 |
Total interest income | 6,458 | 7,026 | 19,566 | 20,241 |
Interest expense | ' | ' | ' | ' |
Interest on demand deposits | 198 | 290 | 608 | 954 |
Interest on savings accounts | 29 | 47 | 91 | 149 |
Interest on time deposits over $100,000 | 197 | 225 | 601 | 683 |
Interest on other time deposits | 378 | 502 | 1,203 | 1,559 |
Total interest on deposits | 802 | 1,064 | 2,503 | 3,345 |
Interest on short-term debt | 3 | 15 | 22 | 26 |
Interest on long-term debt | 389 | 494 | 1,175 | 1,521 |
Total interest expense | 1,194 | 1,573 | 3,700 | 4,892 |
Net interest income | 5,264 | 5,453 | 15,866 | 15,349 |
Provision for loan losses | 1,000 | 900 | 3,025 | 2,700 |
Net interest income after provision for loan losses | 4,264 | 4,553 | 12,841 | 12,649 |
Noninterest income | ' | ' | ' | ' |
Service charges | 307 | 290 | 845 | 865 |
Insurance and other commissions | 235 | 236 | 704 | 585 |
Other | 387 | 360 | 1,163 | 970 |
Income on bank owned life insurance | 128 | 146 | 380 | 335 |
Total noninterest income | 1,057 | 1,032 | 3,092 | 2,755 |
Noninterest expense | ' | ' | ' | ' |
Salaries | 1,670 | 1,448 | 4,858 | 4,326 |
Employee benefits | 521 | 496 | 1,631 | 1,470 |
Occupancy expense | 148 | 149 | 468 | 418 |
Equipment expense | 134 | 131 | 404 | 417 |
FDIC insurance assessment | 180 | 174 | 546 | 536 |
Other | 1,009 | 1,066 | 2,923 | 2,862 |
Total noninterest expense | 3,662 | 3,464 | 10,830 | 10,029 |
Income before income taxes | 1,659 | 2,121 | 5,103 | 5,375 |
Income tax expense | 445 | 702 | 1,465 | 1,630 |
Consolidated net income | 1,214 | 1,419 | 3,638 | 3,745 |
Net income - Noncontrolling interest | -31 | -37 | -106 | -88 |
Net Income - F & M Bank Corp | $1,183 | $1,382 | $3,532 | $3,657 |
Per share data | ' | ' | ' | ' |
Net income (basic and dilutive) | $0.47 | $0.56 | $1.41 | $1.47 |
Cash dividends | $0.17 | $0.16 | $0.51 | $0.48 |
Weighted average shares outstanding | 2,503,509 | 2,497,142 | 2,501,990 | 2,495,461 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Consolidated Statements Of Comprehensive Income | ' | ' | ' | ' |
Net Income - F & M Bank Corp | $1,183 | $1,382 | $3,532 | $3,657 |
Net Income attributable to noncontrolling interest | 31 | 37 | 106 | 88 |
Total Net Income: | 1,214 | 1,419 | 3,638 | 3,745 |
Unrealized holding gains (losses) on available-for-sale securities: | 52 | 22 | -60 | 39 |
Reclassification adjustment for (gains) losses realized in income | ' | ' | ' | ' |
Net unrealized gains (losses) | 52 | 22 | -60 | 39 |
Tax effect | 18 | 7 | -20 | 13 |
Unrealized holding gain (loss), net of tax | 34 | 15 | -40 | 26 |
Total other comprehensive income (loss) | 34 | 15 | -40 | 26 |
Comprehensive income | $1,248 | $1,434 | $3,598 | $3,771 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and due from banks | $6,964 | $7,961 |
Money market funds | 773 | 1,036 |
Federal funds sold | 24,464 | ' |
Cash and cash equivalents | 32,201 | 8,997 |
Interest bearing deposits in banks | 248 | 248 |
Securities: | ' | ' |
Held to maturity - fair value of $107 in 2013 and 2012 | 107 | 107 |
Available for sale | 8,305 | 8,678 |
Other investments | 8,491 | 10,022 |
Loans held for sale | 2,777 | 77,207 |
Loans held for investment | 479,212 | 465,819 |
Less allowance for loan losses | -8,339 | -8,154 |
Net loans held for investment | 470,873 | 457,665 |
Other real estate owned | 2,369 | 2,884 |
Bank premises and equipment, net | 6,377 | 6,445 |
Interest receivable | 1,515 | 1,702 |
Goodwill | 2,670 | 2,670 |
Bank owned life insurance | 12,005 | 11,662 |
Other assets | 8,212 | 8,617 |
Total assets | 556,150 | 596,904 |
Liabilities | ' | ' |
Noninterest bearing | 91,060 | 84,749 |
Interest bearing: | ' | ' |
Demand | 95,054 | 95,368 |
Money market accounts | 24,033 | 24,559 |
Savings | 54,831 | 47,602 |
Time deposits over $100,000 | 69,408 | 68,585 |
All other time deposits | 127,382 | 132,933 |
Total deposits | 461,768 | 453,796 |
Short-term debt | 3,480 | 34,597 |
Accrued liabilities | 12,297 | 11,222 |
Subordinated debt | 10,191 | 10,191 |
Long-term debt | 16,678 | 37,714 |
Total liabilities | 504,414 | 547,520 |
Stockholders' Equity | ' | ' |
Common stock, $5 par value, 6,000,000 shares authorized,2,504,207 and 2,497,988 shares issued and outstanding in 2013 and 2012, respectively | 12,521 | 12,498 |
Retained earnings | 41,240 | 38,927 |
Noncontrolling interest | 417 | 362 |
Accumulated other comprehensive loss | -2,442 | -2,403 |
Total stockholders' equity | 51,736 | 49,384 |
Total liabilities and stockholders' equity | $556,150 | $596,904 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Assets | ' | ' |
Held to maturity - fair value | $107 | $107 |
STOCKHOLDERS EQUITY: | ' | ' |
Common stock, par value | $5 | $5 |
Common stock shares authorized | 6,000,000 | 6,000,000 |
Common stock shares issued | 2,504,207 | 2,497,988 |
Common stock shares outstanding | 2,504,207 | 2,497,988 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities | ' | ' |
Net income | $3,532 | $3,657 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' |
Depreciation | 433 | 453 |
Amortization of security premiums, net | 28 | 63 |
Net decrease (increase) in loans held for sale | 74,430 | -10,874 |
Provision for loan losses | 3,025 | 2,700 |
(Increase) decrease in interest receivable | 188 | 98 |
(Increase) decrease in other assets | 702 | 1,798 |
Decrease (increase) in accrued expenses | 888 | -1,928 |
Amortization of limited partnership investments | 438 | 394 |
Income from bank owned life insurance investment | -380 | -335 |
Other real estate owned valuation adjustments | ' | 295 |
(Gain) loss on other real estate owned | -4 | -66 |
Net adjustments | 79,748 | -7,402 |
Net cash provided by (used in) operating activities | 83,280 | -3,745 |
Cash flows from investing activities | ' | ' |
Purchase of investments available for sale | -7,067 | -16,196 |
Proceeds from maturity of investments available for sale | 8,446 | 17,989 |
Net increase in loans held for investment | -16,239 | -9,054 |
Proceeds from the sale of other real estate owned | 525 | 1,941 |
Purchase of property and equipment | -365 | -527 |
Net decrease in interest bearing bank deposits | ' | 677 |
Purchase of bank owned life insurance | ' | -4,064 |
Net cash used in investing activities | -14,700 | -9,234 |
Cash flows from financing activities | ' | ' |
Net change in demand and savings deposits | 12,700 | 11,162 |
Net change in time deposits | -4,728 | -1,652 |
Net change in short-term debt | -31,117 | 17,152 |
Cash dividends paid | -1,277 | -1,198 |
Proceeds from issuance of common stock | 82 | 82 |
Repayment of long-term debt | -21,036 | -8,964 |
Net cash used in financing activities | -45,376 | 16,582 |
Net increase in Cash and cash equivalents | 23,204 | 3,603 |
Cash and cash equivalents, beginning of period | 8,997 | 8,994 |
Cash and cash equivalents, end of period | 32,201 | 12,597 |
Supplemental disclosure | ' | ' |
Cash paid for Interest expense | 2,600 | 4,727 |
Cash paid for Income taxes | 800 | 1,200 |
Transfers from loans to other real estate owned | 416 | 2,058 |
Other real estate owned sold and financed | $409 | ' |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Consolidated Statements Of Changes In Stockholders Equity | ' | ' |
Balance, beginning of period | $49,384 | $46,180 |
Comprehensive income | ' | ' |
Net income - F & M Bank Corp | 3,532 | 3,657 |
Net income attributable to noncontrolling interest | 106 | 88 |
Net change in unrealized appreciation on securities available for sale, net of taxes | -40 | 26 |
Total comprehensive income | 3,598 | 3,771 |
Minority Interest Contributed Capital (Distributions) | -51 | ' |
Issuance of common stock | 82 | 82 |
Dividends declared | -1,277 | -1,198 |
Balance, end of period | $51,736 | $48,835 |
1_Accounting_Principles
1. Accounting Principles | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Principles | ' |
1. Accounting Principles | ' |
The unaudited consolidated financial statements include the accounts of F & M Bank Corp. and its subsidiaries (the “Company”). Significant intercompany accounts and transactions have been eliminated in consolidation. | |
The unaudited consolidated financial statements conform to accounting principles generally accepted in the United States of America and to general industry practices. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position as of September 30, 2013 and the results of operations for the quarters and nine-month periods ended September 30, 2013 and 2012. The notes included herein should be read in conjunction with the notes to financial statements included in the 2012 annual report to stockholders of F & M Bank Corp. | |
The Company does not expect the anticipated adoption of any newly issued accounting standards to have a material impact on future operations or financial position. | |
Comprehensive Income | |
Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities and gains or losses on certain derivative contracts, are reported as a separate component of the equity section of the balance sheet. Such items, along with operating net income, are components of comprehensive income. | |
Subsequent Events | |
In preparing these financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. | |
Loans | |
Loans are carried on the balance sheet net of any unearned interest and the allowance for loan losses. Interest income on loans is determined using the effective interest method on the daily amount of principal outstanding except where serious doubt exists as to collectability of the loan, in which case the accrual of income is discontinued. | |
Allowance for Loan Losses | |
The provision for loan losses charged to operations is an amount sufficient to bring the allowance for loan losses to an estimated balance that management considers adequate to absorb potential losses in the portfolio. Loans are charged against the allowance when management believes the collectability of the principal is unlikely. Recoveries of amounts previously charged-off are credited to the allowance. Management’s determination of the adequacy of the allowance is based on an evaluation of the composition of the loan portfolio, the value and adequacy of collateral, current economic conditions, historical loan loss experience, and other risk factors. Management believes that the allowance for loan losses is adequate. While management uses available information to recognize losses on loans, future additions to the allowance may be necessary based on changes in economic conditions, particularly those affecting real estate values. In addition, regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses. Such agencies may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination. | |
A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis for commercial and construction loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. | |
Nonaccrual Loans | |
Loans are placed on nonaccrual status when they become ninety days or more past due, unless there is an expectation that the loan will either be brought current or paid in full in a reasonable period of time. |
2_Investment_Securities
2. Investment Securities | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Investment Securities | ' | ||||||||||||||||||||||||
2. Investment Securities | ' | ||||||||||||||||||||||||
Investment securities available for sale are carried in the consolidated balance sheets at their approximate market value, amortized cost and unrealized gains and losses at September 30, 2013 and December 31, 2012 are reflected in the table below. The amortized costs of investment securities held to maturity are carried in the consolidated balance sheets and their approximate market values at September 30, 2013 and December 31, 2012 are as follows: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Market | Market | ||||||||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||||||
Securities held to maturity | |||||||||||||||||||||||||
U. S. Treasury and agency obligations | $ | 107 | $ | 107 | $ | 107 | $ | 107 | |||||||||||||||||
Total | $ | 107 | $ | 107 | $ | 107 | $ | 107 | |||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
Unrealized | Market | ||||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
Securities available for sale | |||||||||||||||||||||||||
Government sponsored enterprises | $ | 7,064 | $ | 11 | $ | 13 | $ | 7,062 | |||||||||||||||||
Mortgage-backed securities | 1,244 | - | 1 | 1,243 | |||||||||||||||||||||
Total | $ | 8,308 | $ | 11 | $ | 14 | $ | 8,305 | |||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Unrealized | Market | ||||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
Securities available for sale | |||||||||||||||||||||||||
Government sponsored enterprises | $ | 7,012 | $ | 19 | $ | - | $ | 7,031 | |||||||||||||||||
Mortgage-backed securities | 1,609 | 38 | - | 1,647 | |||||||||||||||||||||
Total | $ | 8,621 | $ | 57 | $ | - | $ | 8,678 | |||||||||||||||||
The amortized cost and fair value of securities at September 30, 2013, by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||
Securities Held to Maturity | Securities Available for Sale | ||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||||||
Due in one year or less | $ | 107 | $ | 107 | $ | 2,000 | $ | 2,000 | |||||||||||||||||
Due after one year through five years | - | - | 6,308 | 6,305 | |||||||||||||||||||||
Due after five years | - | - | - | - | |||||||||||||||||||||
Total | $ | 107 | $ | 107 | $ | 8,308 | $ | 8,305 | |||||||||||||||||
There were no gains and losses on sales of debt and equity securities in the nine months of 2013 or 2012. | |||||||||||||||||||||||||
Securities Impairment | |||||||||||||||||||||||||
The Company follows the guidance in ASC 320-10 and Staff Accounting Bulletin (SAB) Topic 5M, Other Than Temporary Impairment in evaluating if these impairments are temporary or other than temporary in nature. This determination is made on an investment by investment basis and includes all available evidence at the time of the determination including the following: | |||||||||||||||||||||||||
● | The length of time of impairment; | ||||||||||||||||||||||||
● | The extent of the impairment relative to the cost of the investment; | ||||||||||||||||||||||||
● | Recent volatility in the market value of the investment; | ||||||||||||||||||||||||
● | The financial condition and near-term prospects of the issuer, including any specific events which may impair the earnings potential of the issuer; or | ||||||||||||||||||||||||
● | The intent and ability of the Company to hold its investment for a period of time sufficient to allow for any anticipated recovery in market value. | ||||||||||||||||||||||||
The following description provides our policies/procedures for the evaluation for Other Than Temporary Impairment (OTTI): | |||||||||||||||||||||||||
● | We begin our evaluation using a default position that OTTI has occurred and then use all available evidence to determine whether prospects for the individual security are sufficient to support temporary impairment at the date of the SEC filing. This evaluation will be conducted at each filing date. | ||||||||||||||||||||||||
● | For purposes of determining OTTI, the security value recovery period will be projected for a maximum of a two year holding period. This will be the maximum; a shorter period may be used when there are particular conditions related to the individual security which make recovery unlikely. | ||||||||||||||||||||||||
The primary focus in determining whether a security is OTTI, and projecting potential recovery, is the prospects for the individual security, rather than broad market indices. All available evidentiary material is considered, including the Company’s public filings with the SEC, press releases, analyst reports, etc. | |||||||||||||||||||||||||
● | Secondary consideration is given to historic returns, but only to the extent that this evidence is instructive in determining whether the individual security has shown a history of outperforming (or underperforming) the market (or industry) in prior economic cycles. These factors are only considered when the declines in value are not limited to the individual security, but were prevalent over the broader market. This measure is considered to aid in determining whether OTTI should be recognized earlier, rather than later (i.e. a security which underperforms relative to the industry or market will result in early recognition of OTTI). In no event will OTTI recognition be delayed beyond the two year projection period. | ||||||||||||||||||||||||
● | OTTI may be recognized as early as quarter 1, regardless of holding period projections, when there are specific factors relative to the security which make recovery unlikely. These factors could include evidence contained in the aforementioned SEC filings, press releases, analyst reports, but may also be based on the severity of the impairment. | ||||||||||||||||||||||||
● | Situations where a security has declined in value more rapidly than the industry (or market), absent strong evidence supporting prospects for recovery, will result in OTTI being recognized in quarter 1 or quarter 2 rather than continuing to evaluate the security over several quarters, based on holding period projections. | ||||||||||||||||||||||||
● | Declines determined to be other than temporary are charged to operations; there were no OTTI charges in the first nine months of 2013 or 2012. | ||||||||||||||||||||||||
The fair value and gross unrealized losses for securities, segregated by the length of time that individual securities have been in a continuous gross unrealized loss position, at September 30, 2013 and December 31, 2012 were as follows (dollars in thousands): | |||||||||||||||||||||||||
Less than 12 Months | More than 12 Months | Total | |||||||||||||||||||||||
Fair | Unrealized Losses | Fair | Unrealized | Fair | Unrealized Losses | ||||||||||||||||||||
Value | Value | Losses | Value | ||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
Government sponsored enterprises | $ | 3,230 | $ | (13 | ) | $ | - | $ | - | $ | 3,230 | $ | (13 | ) | |||||||||||
Mortgage-back Securities | 1,243 | (1 | ) | - | - | 1,243 | (1 | ) | |||||||||||||||||
Total | $ | 4,473 | $ | (14 | ) | $ | - | $ | - | $ | 4,473 | $ | ( 14 | ) | |||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Government sponsored enterprises | $ | 2,000 | $ | (.5 | ) | $ | - | $ | - | $ | 2,000 | $ | (.5 | ) | |||||||||||
Total | $ | 2,000 | $ | (.5 | ) | $ | - | $ | - | $ | 2,000 | $ | (.5 | ) | |||||||||||
Other investments, which consist of stock of correspondent banks and investments in low income housing projects, decreased since December 31, 2012. This decrease is due to FHLB stock repurchases and amortization of low income housing projects during the 2013. |
3_Loans_Held_for_Investment
3. Loans Held for Investment | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Loans Held For Investment | ' | ||||||||||||||||||||
3. Loans Held for Investment | ' | ||||||||||||||||||||
Loans outstanding at September 30, 2013 and December 31, 2012 are summarized as follows: | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Construction/Land Development | $ | 68,803 | $ | 71,251 | |||||||||||||||||
Farmland | 13,063 | 12,259 | |||||||||||||||||||
Residential Real Estate | 152,024 | 144,066 | |||||||||||||||||||
Multi-Family | 10,385 | 9,357 | |||||||||||||||||||
Commercial Real Estate | 118,987 | 123,819 | |||||||||||||||||||
Home Equity – closed end | 10,684 | 10,984 | |||||||||||||||||||
Home Equity – open end | 48,875 | 49,762 | |||||||||||||||||||
Commercial & Industrial – Non-Real Estate | 24,529 | 25,110 | |||||||||||||||||||
Consumer | 12,561 | 12,698 | |||||||||||||||||||
Credit cards | 2,493 | 2,788 | |||||||||||||||||||
Dealer Finance | 16,808 | 3,725 | |||||||||||||||||||
Total | $ | 479,212 | $ | 465,819 | |||||||||||||||||
The following is a summary of information pertaining to impaired loans (in thousands): | |||||||||||||||||||||
Unpaid | Average | Interest | |||||||||||||||||||
September 30, 2013 | Recorded | Principal | Related | Recorded | Income | ||||||||||||||||
Investment | Balance | Allowance | Investment | Recognized | |||||||||||||||||
Impaired loans without a valuation allowance: | |||||||||||||||||||||
Construction/Land Development | $ | 6,974 | $ | 6,974 | $ | - | $ | 4,938 | $ | 190 | |||||||||||
Farmland | 1,474 | 1,474 | - | 1,183 | 54 | ||||||||||||||||
Residential Real Estate | 1,145 | 1,145 | - | 1,149 | 32 | ||||||||||||||||
Multi-Family | - | - | - | - | - | ||||||||||||||||
Commercial Real Estate | 620 | 620 | - | 472 | 13 | ||||||||||||||||
Home Equity – closed end | 490 | 490 | - | 254 | 19 | ||||||||||||||||
Home Equity – open end | 100 | 100 | - | 65 | 3 | ||||||||||||||||
Commercial & Industrial – Non-Real Estate | 34 | 34 | - | 39 | - | ||||||||||||||||
Consumer | 2 | 2 | - | 40 | 1 | ||||||||||||||||
Credit cards | - | - | - | - | - | ||||||||||||||||
Dealer Finance | - | - | - | - | - | ||||||||||||||||
Impaired loans with a valuation allowance | |||||||||||||||||||||
Construction/Land Development | 8,412 | 8,412 | 1,545 | 11,339 | 83 | ||||||||||||||||
Farmland | - | - | - | - | - | ||||||||||||||||
Residential Real Estate | 487 | 487 | 93 | 1,004 | 22 | ||||||||||||||||
Multi-Family | - | - | - | - | - | ||||||||||||||||
Commercial Real Estate | 1,038 | 1,038 | 293 | 978 | - | ||||||||||||||||
Home Equity – closed end | 350 | 350 | 91 | 469 | - | ||||||||||||||||
Home Equity – open end | - | - | - | 73 | - | ||||||||||||||||
Commercial & Industrial – Non-Real Estate | - | - | - | 356 | 1 | ||||||||||||||||
Consumer | - | - | - | 3 | - | ||||||||||||||||
Credit cards | - | - | - | - | - | ||||||||||||||||
Dealer Finance | - | - | - | - | - | ||||||||||||||||
Total impaired loans | $ | 21,126 | $ | 21,126 | $ | 2,022 | $ | 22,362 | $ | 418 | |||||||||||
The Recorded Investment is defined as the principal balance less principal payments and charge-offs. | |||||||||||||||||||||
Unpaid | Average | Interest | |||||||||||||||||||
December 31, 2012 | Recorded | Principal | Related | Recorded | Income | ||||||||||||||||
Investment | Balance | Allowance | Investment | Recognized | |||||||||||||||||
Impaired loans without a valuation allowance: | |||||||||||||||||||||
Construction/Land Development | $ | 5,743 | $ | 5,743 | $ | - | $ | 1,493 | $ | 279 | |||||||||||
Farmland | 1,481 | 1,481 | - | 301 | 76 | ||||||||||||||||
Residential Real Estate | - | - | - | 2,561 | - | ||||||||||||||||
Multi-Family | - | - | - | - | - | ||||||||||||||||
Commercial Real Estate | 541 | 541 | - | 168 | 23 | ||||||||||||||||
Home Equity – closed end | - | - | - | 153 | - | ||||||||||||||||
Home Equity – open end | - | - | - | 274 | - | ||||||||||||||||
Commercial & Industrial – Non-Real Estate | - | - | - | 56 | - | ||||||||||||||||
Consumer | - | - | - | 135 | - | ||||||||||||||||
Credit cards | - | - | - | - | - | ||||||||||||||||
Dealer Finance | - | - | - | - | - | ||||||||||||||||
Impaired loans with a valuation allowance | |||||||||||||||||||||
Construction/Land Development | 10,466 | 10,466 | 1,363 | 7,875 | 217 | ||||||||||||||||
Farmland | - | - | - | - | - | ||||||||||||||||
Residential Real Estate | 901 | 901 | 146 | 1,089 | 38 | ||||||||||||||||
Multi-Family | - | - | - | - | - | ||||||||||||||||
Commercial Real Estate | 1,585 | 1,585 | 164 | 1,092 | 4 | ||||||||||||||||
Home Equity – closed end | 415 | 415 | 117 | 319 | 9 | ||||||||||||||||
Home Equity – open end | 250 | 250 | 9 | 193 | 19 | ||||||||||||||||
Commercial & Industrial – Non-Real Estate | 707 | 707 | 277 | 1,005 | - | ||||||||||||||||
Consumer | 2 | 2 | - | 13 | - | ||||||||||||||||
Credit cards | - | - | - | - | - | ||||||||||||||||
Dealer Finance | - | - | - | - | - | ||||||||||||||||
Total impaired loans | $ | 22,091 | $ | 22,091 | $ | 2,146 | $ | 16,727 | $ | 665 | |||||||||||
4_Allowance_for_Loan_Losses
4. Allowance for Loan Losses | 9 Months Ended | ||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||||||
Allowance For Loan Losses | ' | ||||||||||||||||||||||||||||||||||||
4. Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||||||||||
A summary of the allowance for loan losses follows: | |||||||||||||||||||||||||||||||||||||
September 30, 2013 (in thousands) | Beginning Balance | Charge- | Recoveries | Provision | Ending Balance | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | ||||||||||||||||||||||||||||||
offs | |||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||
Construction/Land Development | $ | 2,771 | $ | 1,679 | $ | 40 | $ | 1,815 | $ | 2,947 | $ | 1,545 | $ | 1,402 | |||||||||||||||||||||||
Farmland | (2 | ) | - | - | - | (2 | ) | - | (2 | ) | |||||||||||||||||||||||||||
Residential Real Estate | 924 | 110 | - | 116 | 930 | 93 | 837 | ||||||||||||||||||||||||||||||
Multi-Family | (37 | ) | - | - | (5 | ) | (42 | ) | - | (42 | ) | ||||||||||||||||||||||||||
Commercial Real Estate | 1,113 | 201 | 32 | 279 | 1,223 | 293 | 930 | ||||||||||||||||||||||||||||||
Home Equity – closed end | 360 | 24 | - | (11 | ) | 325 | 91 | 234 | |||||||||||||||||||||||||||||
Home Equity – open end | 659 | 68 | 29 | (36 | ) | 584 | - | 584 | |||||||||||||||||||||||||||||
Commercial & Industrial – Non-Real Estate | 2,113 | 790 | 117 | 438 | 1,878 | - | 1,878 | ||||||||||||||||||||||||||||||
Consumer | 51 | 116 | 11 | 107 | 53 | - | 53 | ||||||||||||||||||||||||||||||
Dealer Finance | 72 | 10 | - | 263 | 325 | - | 325 | ||||||||||||||||||||||||||||||
Credit Cards | 130 | 84 | 13 | 59 | 118 | - | 118 | ||||||||||||||||||||||||||||||
Unallocated | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Total | $ | 8,154 | $ | 3,082 | $ | 242 | $ | 3,025 | $ | 8,339 | $ | 2,022 | $ | 6,317 | |||||||||||||||||||||||
December 31, 2012 (in thousands) | Beginning Balance | Charge- | Recoveries | Provision | Ending Balance | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | ||||||||||||||||||||||||||||||
offs | |||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||
Construction/Land Development | $ | 2,071 | $ | 1,481 | $ | 192 | $ | 1,989 | $ | 2,771 | $ | 1,363 | $ | 1,408 | |||||||||||||||||||||||
Farmland | 145 | - | 3 | (150 | ) | (2 | ) | - | (2 | ) | |||||||||||||||||||||||||||
Residential Real Estate | 625 | 482 | - | 781 | 924 | 146 | 778 | ||||||||||||||||||||||||||||||
Multi-Family | 92 | - | - | (129 | ) | (37 | ) | - | (37 | ) | |||||||||||||||||||||||||||
Commercial Real Estate | 2,285 | 424 | 48 | (796 | ) | 1,113 | 164 | 949 | |||||||||||||||||||||||||||||
Home Equity – closed end | 91 | 69 | - | 338 | 360 | 117 | 243 | ||||||||||||||||||||||||||||||
Home Equity – open end | 867 | - | - | (208 | ) | 659 | 79 | 580 | |||||||||||||||||||||||||||||
Commercial & Industrial – Non-Real Estate | 457 | 776 | 62 | 2,370 | 2,113 | 277 | 1,836 | ||||||||||||||||||||||||||||||
Consumer | 128 | 44 | 27 | (60 | ) | 51 | - | 51 | |||||||||||||||||||||||||||||
Dealer Finance | - | - | - | 72 | 72 | - | 72 | ||||||||||||||||||||||||||||||
Credit Cards | 176 | 71 | 32 | (7 | ) | 130 | - | 130 | |||||||||||||||||||||||||||||
Unallocated | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Total | $ | 6,937 | $ | 3,347 | $ | 364 | $ | 4,200 | $ | 8,154 | $ | 2,146 | $ | 6,008 | |||||||||||||||||||||||
30-Sep-13 | Loan Receivable | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | ||||||||||||||||||||||||||||||||||
Construction/Land Development | $ | 68,803 | $ | 8,412 | $ | 60,391 | |||||||||||||||||||||||||||||||
Farmland | 13,063 | - | 13,063 | ||||||||||||||||||||||||||||||||||
Residential Real Estate | 152,024 | 487 | 151,537 | ||||||||||||||||||||||||||||||||||
Multi-Family | 10,385 | - | 10,385 | ||||||||||||||||||||||||||||||||||
Commercial Real Estate | 118,987 | 1,038 | 117,949 | ||||||||||||||||||||||||||||||||||
Home Equity – closed end | 10,684 | 350 | 10,334 | ||||||||||||||||||||||||||||||||||
Home Equity –open end | 48,875 | - | 48,875 | ||||||||||||||||||||||||||||||||||
Commercial & Industrial – Non-Real Estate | 24,529 | - | 24,529 | ||||||||||||||||||||||||||||||||||
Consumer | 12,561 | - | 12,561 | ||||||||||||||||||||||||||||||||||
Dealer Finance | 16,808 | - | 16,808 | ||||||||||||||||||||||||||||||||||
Credit Cards | 2,493 | - | 2,493 | ||||||||||||||||||||||||||||||||||
Total | $ | 479,212 | $ | 10,287 | $ | 468,925 | |||||||||||||||||||||||||||||||
31-Dec-12 | Loan Receivable | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | ||||||||||||||||||||||||||||||||||
Construction/Land Development | $ | 71,251 | $ | 16,206 | $ | 55,045 | |||||||||||||||||||||||||||||||
Farmland | 12,259 | 1,481 | 10,778 | ||||||||||||||||||||||||||||||||||
Residential Real Estate | 144,066 | 901 | 143,165 | ||||||||||||||||||||||||||||||||||
Multi-Family | 9,357 | - | 9,357 | ||||||||||||||||||||||||||||||||||
Commercial Real Estate | 123,819 | 2,128 | 121,691 | ||||||||||||||||||||||||||||||||||
Home Equity – closed end | 10,984 | 415 | 10,569 | ||||||||||||||||||||||||||||||||||
Home Equity –open end | 49,762 | 250 | 49,512 | ||||||||||||||||||||||||||||||||||
Commercial & Industrial – Non-Real Estate | 25,110 | 708 | 24,402 | ||||||||||||||||||||||||||||||||||
Consumer | 12,698 | 2 | 12,696 | ||||||||||||||||||||||||||||||||||
Dealer Finance | 3,725 | 3,725 | |||||||||||||||||||||||||||||||||||
Credit Cards | 2,788 | - | 2,788 | ||||||||||||||||||||||||||||||||||
Total | $ | 465,819 | $ | 22,091 | $ | 443,728 | |||||||||||||||||||||||||||||||
Aging of Past Due Loans Receivable (in thousands) as of September 30, 2013 | |||||||||||||||||||||||||||||||||||||
30-59 Days Past due | 60-89 Days Past Due | Greater than 90 Days (excluding non-accrual) | Non- | Total | Current | Total | |||||||||||||||||||||||||||||||
Accrual Loans | Past | Loan Receivable | |||||||||||||||||||||||||||||||||||
Due | |||||||||||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||||||
Construction/Land Development | $ | 2,639 | $ | 78 | $ | - | $ | 8,940 | $ | 11,657 | $ | 57,146 | $ | 68,803 | |||||||||||||||||||||||
Farmland | - | 170 | - | - | 170 | 12,893 | 13,063 | ||||||||||||||||||||||||||||||
Residential Real Estate | 7,100 | 1,292 | - | 650 | 9,042 | 142,982 | 152,024 | ||||||||||||||||||||||||||||||
Multi-Family | - | - | - | - | - | 10,385 | 10,385 | ||||||||||||||||||||||||||||||
Commercial Real Estate | 1,013 | - | - | 1,863 | 2,876 | 116,111 | 118,987 | ||||||||||||||||||||||||||||||
Home Equity – closed end | - | - | 10 | 229 | 239 | 10,445 | 10,684 | ||||||||||||||||||||||||||||||
Home Equity – open end | 183 | 119 | - | 205 | 507 | 48,368 | 48,875 | ||||||||||||||||||||||||||||||
Commercial & Industrial – Non- Real Estate | 6 | 34 | - | 409 | 449 | 24,080 | 24,529 | ||||||||||||||||||||||||||||||
Consumer | 1,168 | 17 | 10 | 20 | 1,215 | 11,346 | 12,561 | ||||||||||||||||||||||||||||||
Dealer Finance | 117 | 31 | - | - | 148 | 16,660 | 16,808 | ||||||||||||||||||||||||||||||
Credit Cards | 17 | 26 | 2 | - | 45 | 2,448 | 2,493 | ||||||||||||||||||||||||||||||
Total | $ | 12,243 | $ | 1,767 | $ | 22 | $ | 12,316 | $ | 26,348 | $ | 452,864 | $ | 479,212 | |||||||||||||||||||||||
Aging of Past Due Loans Receivable (in thousands) as of December 31, 2012 | |||||||||||||||||||||||||||||||||||||
30-59 Days Past due | 60-89 Days Past Due | Greater than 90 Days (excluding non-accrual) | Non- | Total | Current | Total | |||||||||||||||||||||||||||||||
Accrual Loans | Past | Loan Receivable | |||||||||||||||||||||||||||||||||||
Due | |||||||||||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||
Construction/Land Development | $ | 1,173 | $ | 598 | $ | - | $ | 7,974 | $ | 9,745 | $ | 61,506 | $ | 71,251 | |||||||||||||||||||||||
Farmland | 1,524 | - | - | - | 1,524 | 10,735 | 12,259 | ||||||||||||||||||||||||||||||
Residential Real Estate | 5,032 | 1,743 | - | 1,637 | 8,412 | 135,654 | 144,066 | ||||||||||||||||||||||||||||||
Multi-Family | - | - | - | - | - | 9,357 | 9,357 | ||||||||||||||||||||||||||||||
Commercial Real Estate | 3,238 | 124 | - | 1,823 | 5,185 | 118,634 | 123,819 | ||||||||||||||||||||||||||||||
Home Equity – closed end | 199 | 163 | - | 196 | 558 | 10,426 | 10,984 | ||||||||||||||||||||||||||||||
Home Equity – open end | 370 | 130 | - | 544 | 1,044 | 48,718 | 49,762 | ||||||||||||||||||||||||||||||
Commercial & Industrial – Non- Real Estate | 635 | 5 | - | 1,091 | 1,731 | 23,379 | 25,110 | ||||||||||||||||||||||||||||||
Consumer | 62 | 66 | - | 121 | 249 | 12,449 | 12,698 | ||||||||||||||||||||||||||||||
Dealer Finance | - | - | - | - | - | 3,725 | 3,725 | ||||||||||||||||||||||||||||||
Credit Cards | 10 | 13 | - | - | 23 | 2,765 | 2,788 | ||||||||||||||||||||||||||||||
Total | $ | 12,243 | $ | 2,842 | $ | - | $ | 13,386 | $ | 28,471 | $ | 437,348 | $ | 465,819 | |||||||||||||||||||||||
CREDIT QUALITY INDICATORS (in thousands) | |||||||||||||||||||||||||||||||||||||
AS OF SEPTEMBER 30, 2013 | |||||||||||||||||||||||||||||||||||||
Corporate Credit Exposure | |||||||||||||||||||||||||||||||||||||
Credit Risk Profile by Creditworthiness Category | |||||||||||||||||||||||||||||||||||||
Grade 1 | Grade 2 | Grade 3 | Grade 4 Acceptable Risk | Grade 5 Marginally Acceptable | Grade 6 Watch | Grade 7 Substandard | Grade 8 Doubtful | Total | |||||||||||||||||||||||||||||
Minimal Risk | Modest Risk | Average Risk | |||||||||||||||||||||||||||||||||||
Construction/Land Development | $ | — | $ | 816 | $ | 2,879 | $ | 23,113 | $ | 12,094 | $ | 7,837 | $ | 22,064 | $ | — | $ | 68,803 | |||||||||||||||||||
Farmland | 69 | — | 1,509 | 4,907 | 4,511 | 494 | 1,573 | — | 13,063 | ||||||||||||||||||||||||||||
Residential Real Estate | — | 501 | 69,358 | 48,844 | 18,196 | 8,508 | 6,617 | — | 152,024 | ||||||||||||||||||||||||||||
Multi-Family | — | 686 | 4,495 | 772 | 4,432 | — | — | — | 10,385 | ||||||||||||||||||||||||||||
Commercial Real Estate | — | 1,656 | 18,176 | 57,521 | 26,768 | 9,343 | 5,523 | — | 118,987 | ||||||||||||||||||||||||||||
Home Equity – closed end | 12 | — | 4,813 | 3,110 | 1,705 | 300 | 744 | — | 10,684 | ||||||||||||||||||||||||||||
Home Equity – open end | — | 1,463 | 14,604 | 27,179 | 4,609 | 397 | 623 | — | 48,875 | ||||||||||||||||||||||||||||
Commercial & Industrial (Non-Real Estate) | 432 | 40 | 3,821 | 15,738 | 3,458 | 529 | 511 | — | 24,529 | ||||||||||||||||||||||||||||
Total | $ | 513 | $ | 5,162 | $ | 119,655 | $ | 181,184 | $ | 75,773 | $ | 27,408 | $ | 37,655 | $ | — | $ | 447,350 | |||||||||||||||||||
Consumer Credit Exposure | |||||||||||||||||||||||||||||||||||||
Credit Risk Profile Based on Payment Activity | |||||||||||||||||||||||||||||||||||||
Credit Cards | Consumer | ||||||||||||||||||||||||||||||||||||
Performing | $ | 2,491 | $ | 29,359 | |||||||||||||||||||||||||||||||||
Non performing | 2 | 10 | |||||||||||||||||||||||||||||||||||
Total | $ | 2,493 | $ | 29,369 | |||||||||||||||||||||||||||||||||
CREDIT QUALITY INDICATORS (in thousands) | |||||||||||||||||||||||||||||||||||||
AS OF DECEMBER 31, 2012 | |||||||||||||||||||||||||||||||||||||
Corporate Credit Exposure | |||||||||||||||||||||||||||||||||||||
Credit Risk Profile by Creditworthiness Category | |||||||||||||||||||||||||||||||||||||
Grade 1 | Grade 2 | Grade 3 | Grade 4 Acceptable Risk | Grade 5 Marginally Acceptable | Grade 6 | Grade 7 Substandard | Grade 8 | Total | |||||||||||||||||||||||||||||
Minimal Risk | Modest Risk | Average Risk | Watch | Doubtful | |||||||||||||||||||||||||||||||||
Construction/Land Development | $ | — | $ | 831 | $ | 4,400 | $ | 16,616 | $ | 15,783 | $ | 9,013 | $ | 24,608 | $ | — | $ | 71,251 | |||||||||||||||||||
Farmland | 70 | — | 1,544 | 4,327 | 4,214 | 524 | 1,580 | — | 12,259 | ||||||||||||||||||||||||||||
Residential Real Estate | — | 448 | 36,342 | 69,670 | 22,413 | 6,472 | 8,721 | — | 144,066 | ||||||||||||||||||||||||||||
Multi-Family | — | 632 | 2,185 | 1,815 | 4,725 | — | — | — | 9,357 | ||||||||||||||||||||||||||||
Commercial Real Estate | — | 2,033 | 18,663 | 56,624 | 28,650 | 4,910 | 12,939 | — | 123,819 | ||||||||||||||||||||||||||||
Home Equity – closed end | — | — | 2,280 | 6,198 | 1,268 | 530 | 708 | — | 10,984 | ||||||||||||||||||||||||||||
Home Equity – open end | — | 1,460 | 15,294 | 26,595 | 4,735 | 694 | 869 | 115 | 49,762 | ||||||||||||||||||||||||||||
Commercial & Industrial (Non-Real Estate) | — | 87 | 3,505 | 15,448 | 3,621 | 531 | 1,918 | — | 25,110 | ||||||||||||||||||||||||||||
Total | $ | 70 | $ | 5,491 | $ | 84,213 | $ | 197,293 | $ | 85,409 | $ | 22,674 | $ | 51,343 | $ | 115 | $ | 446,608 | |||||||||||||||||||
Consumer Credit Exposure | |||||||||||||||||||||||||||||||||||||
Credit Risk Profile Based on Payment Activity | |||||||||||||||||||||||||||||||||||||
Credit Cards | Consumer | ||||||||||||||||||||||||||||||||||||
Performing | $ | 2,788 | $ | 16,404 | |||||||||||||||||||||||||||||||||
Non performing | - | 19 | |||||||||||||||||||||||||||||||||||
Total | $ | 2,788 | $ | 16,423 | |||||||||||||||||||||||||||||||||
Description of loan grades: | |||||||||||||||||||||||||||||||||||||
Grade 1 – Minimal Risk: Excellent credit, superior asset quality, excellent debt capacity and coverage, and recognized management capabilities. | |||||||||||||||||||||||||||||||||||||
Grade 2 – Modest Risk: Borrower consistently generates sufficient cash flow to fund debt service, excellent credit, above average asset quality and liquidity. | |||||||||||||||||||||||||||||||||||||
Grade 3 – Average Risk: Borrower generates sufficient cash flow to fund debt service. Employment (or business) is stable with good future trends. Credit is very good. | |||||||||||||||||||||||||||||||||||||
Grade 4 – Acceptable Risk: Borrower’s cash flow is adequate to cover debt service; however, unusual expenses or capital expenses must be covered through additional long term debt. Employment (or business) stability is reasonable, but future trends may exhibit slight weakness. Credit history is good. No unpaid judgments or collection items appearing on credit report. | |||||||||||||||||||||||||||||||||||||
Grade 5 – Marginally acceptable: Credit to borrowers who may exhibit declining earnings, may have leverage that is materially above industry averages, liquidity may be marginally acceptable. Employment or business stability may be weak or deteriorating. May be currently performing as agreed, but would be adversely affected by developing factors such as layoffs, illness, reduced hours or declining business prospects. Credit history shows weaknesses, past dues, paid or disputed collections and judgments, but does not include borrowers that are currently past due on obligations or with unpaid, undisputed judgments. | |||||||||||||||||||||||||||||||||||||
Grade 6 – Watch: Loans are currently protected, but are weak due to negative balance sheet or income statement trends. There may be a lack of effective control over collateral or the existence of documentation deficiencies. These loans have potential weaknesses that deserve management’s close attention. Other reasons supporting this classification include adverse economic or market conditions, pending litigation or any other material weakness. Existing loans that become 60 or more days past due are placed in this category pending a return to current status. | |||||||||||||||||||||||||||||||||||||
Grade 7 – Substandard: Loans having well-defined weaknesses where a payment default and or loss is possible, but not yet probable. Cash flow is inadequate to service the debt under the current payment, or terms, with prospects that the condition is permanent. Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the borrower and there is the likelihood that collateral will have to be liquidated and/or guarantor(s) called upon to repay the debt. Generally, the loan is considered collectible as to both principal and interest, primarily because of collateral coverage, however, if the deficiencies are not corrected quickly; there is a probability of loss. | |||||||||||||||||||||||||||||||||||||
Grade 8 – Doubtful: The loan has all the characteristics of a substandard credit, but available information indicates it is unlikely the loan will be repaid in its entirety. Cash flow is insufficient to service the debt. It may be difficult to project the exact amount of loss, but the probability of some loss is great. Loans are to be placed on non-accrual status when any portion is classified doubtful. | |||||||||||||||||||||||||||||||||||||
5_Employee_Benefit_Plan
5. Employee Benefit Plan | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Employee Benefit Plan | ' | ||||||||||||||||
5. Employee Benefit Plan | ' | ||||||||||||||||
The Bank has a qualified noncontributory defined benefit pension plan that covers substantially all of its employees. The benefits are primarily based on years of service and earnings. The Bank contributed $750,000 to the plan in the first quarter of 2013 and does not anticipate additional contributions for the 2013 plan year. The following is a summary of net periodic pension costs for the nine-month and three-month periods ended September 30, 2013 and 2012. | |||||||||||||||||
Nine Months Ended | Three Months Ended | ||||||||||||||||
30-Sep-13 | 30-Sep-12 | September 30, 2013 | 30-Sep-12 | ||||||||||||||
Service cost | $ | 449,949 | $ | 388,977 | $ | 149,983 | $ | 129,659 | |||||||||
Interest cost | 262,734 | 245,943 | 87,578 | 81,981 | |||||||||||||
Expected return on plan assets | (477,060 | ) | (405,051 | ) | (159,020 | ) | (135,017 | ) | |||||||||
Amortization of net obligation at transition | - | - | - | - | |||||||||||||
Amortization of prior service cost | (11,427 | ) | (11,427 | ) | (3,809 | ) | (3,809 | ) | |||||||||
Amortization of net (gain) or loss | 152,388 | 129,915 | 50,796 | 43,305 | |||||||||||||
Net periodic pension cost | $ | 376,584 | $ | 348,357 | $ | 125,528 | $ | 116,119 |
6_Fair_Value
6. Fair Value | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value | ' | ||||||||||||||||
6. Fair Value | ' | ||||||||||||||||
Accounting Standards Codification (ASC) 820, defines fair value, establishes a framework for measuring fair value, establishes a three-level valuation hierarchy for disclosure of fair value measurement and enhances disclosure requirements for fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: | |||||||||||||||||
Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. | |||||||||||||||||
Level 2 – Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. | |||||||||||||||||
Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement. | |||||||||||||||||
The following sections provide a description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy: | |||||||||||||||||
Securities: Where quoted prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. Level 1 securities would include highly liquid government bonds, mortgage products and exchange traded equities. 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 flow. Level 2 securities would include U.S. agency securities, mortgage-backed agency securities, obligations of states and political subdivisions and certain corporate, asset backed and other securities. In certain cases where there is limited activity or less transparency around inputs to the valuation, securities are classified within Level 3 of the valuation hierarchy. | |||||||||||||||||
Loans Held for Sale: Loans held for sale are short-term loans purchased at par for resale to investors at the par value of the loan. These loans are generally repurchased within 15 days. Because of the short-term nature and fixed repurchased price, the book value of these loans approximates fair value. | |||||||||||||||||
Impaired Loans: ASC 820 applies to loans measured for impairment using the practical expedients permitted by ASC 310 including impaired loans measured at an observable market price (if available), or at the fair value of the loan’s collateral (if the loan is collateral dependent). Fair value of the loan’s collateral, when the loan is dependent on collateral, is determined by appraisals or independent valuation which is then adjusted for the cost related to liquidation of the collateral. | |||||||||||||||||
Other Real Estate Owned: Certain assets such as other real estate owned (OREO) are measured at the lower of carrying amount or fair value less cost to sell. We believe that the fair value component in its valuation follows the provisions of ASC 820. | |||||||||||||||||
Derivative Financial Instruments: The equity derivative contracts are purchased as part of our Indexed Certificate of Deposit (ICD) program and are an offset of an asset and liability. ICD values are measured on the S&P 500 Index. | |||||||||||||||||
Assets and Liabilities Recorded at Fair Value on a Recurring Basis | |||||||||||||||||
The tables below present the recorded amount of assets and liabilities measured at fair value on a recurring basis. | |||||||||||||||||
30-Sep-13 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Government sponsored enterprises | $ | 7,062 | $ | - | $ | 7,062 | $ | - | |||||||||
Mortgage-backed obligations of federal agencies | 1,243 | - | 1,243 | - | |||||||||||||
Investment securities available for sale | $ | 8,305 | $ | - | 8,305 | $ | - | ||||||||||
Total assets at fair value | $ | 8,305 | $ | - | $ | 8,305 | $ | - | |||||||||
Total liabilities at fair value | $ | - | $ | - | $ | - | $ | - | |||||||||
Derivative financial instruments at fair value | $ | 28 | $ | - | $ | 28 | $ | - | |||||||||
31-Dec-12 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Government sponsored enterprises | $ | 7,031 | $ | - | $ | 7,031 | $ | - | |||||||||
Mortgage-backed obligations of federal agencies | 1,647 | - | 1,647 | - | |||||||||||||
Investment securities available for sale | 8,678 | - | 8,678 | - | |||||||||||||
Total assets at fair value | $ | 8,678 | $ | - | $ | 8,678 | $ | - | |||||||||
Total liabilities at fair value | $ | - | $ | - | $ | - | $ | - | |||||||||
Derivative financial instruments at fair value | $ | 15 | $ | - | $ | 15 | $ | - | |||||||||
Assets and Liabilities Recorded at Fair Value on a Non-recurring Basis | |||||||||||||||||
30-Sep-13 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Loans Held for Sale | $ | 2,777 | $ | - | $ | 2,777 | $ | - | |||||||||
Other Real Estate Owned | 2,369 | - | - | 2,369 | |||||||||||||
- | - | ||||||||||||||||
Construction/Land Development | 6,867 | - | - | 6,867 | |||||||||||||
Farmland | - | - | - | - | |||||||||||||
Residential Real Estate | 394 | - | - | 394 | |||||||||||||
Multi-Family | - | - | - | - | |||||||||||||
Commercial Real Estate | 745 | - | - | 745 | |||||||||||||
Home Equity – closed end | 259 | - | - | 259 | |||||||||||||
Home Equity – open end | - | - | - | - | |||||||||||||
Commercial & Industrial – Non-Real Estate | - | - | - | - | |||||||||||||
Consumer | - | - | - | - | |||||||||||||
Credit cards | - | - | - | - | |||||||||||||
Dealer Finance | - | - | - | - | |||||||||||||
Total Impaired loans | 8,265 | - | - | 8,265 | |||||||||||||
Total assets at fair value | $ | 13,411 | $ | - | $ | 2,777 | $ | 10,634 | |||||||||
Total liabilities at fair value | $ | - | $ | - | $ | - | $ | - | |||||||||
31-Dec-12 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Loans Held for Sale | $ | 77,207 | $ | - | $ | 77,207 | $ | - | |||||||||
Other Real Estate Owned | 2,884 | - | - | 2,884 | |||||||||||||
- | - | ||||||||||||||||
Construction/Land Development | 9,100 | - | - | 9,100 | |||||||||||||
Farmland | - | - | - | - | |||||||||||||
Residential Real Estate | 756 | - | - | 756 | |||||||||||||
Multi-Family | - | - | - | - | |||||||||||||
Commercial Real Estate | 1,422 | - | - | 1,422 | |||||||||||||
Home Equity – closed end | 298 | - | - | 298 | |||||||||||||
Home Equity – open end | 171 | - | - | 171 | |||||||||||||
Commercial & Industrial – Non-Real Estate | 431 | - | - | 431 | |||||||||||||
Consumer | 2 | - | - | 2 | |||||||||||||
Credit cards | - | - | - | - | |||||||||||||
Dealer Finance | - | - | - | - | |||||||||||||
Total Impaired loans | 12,180 | - | - | 12,180 | |||||||||||||
Total assets at fair value | $ | 92,271 | $ | - | $ | 77,207 | $ | 15,064 | |||||||||
Total liabilities at fair value | $ | - | $ | - | $ | - | $ | - | |||||||||
7_Disclosures_About_Fair_Value
7. Disclosures About Fair Value of Financial Instruments | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosures About Fair Value Of Financial Instruments | ' | ||||||||||||||||
7. Disclosures About Fair Value of Financial Instruments | ' | ||||||||||||||||
ASC 825 “Financial Instruments” defines the fair value of a financial instrument as the amount at which a financial instrument could be exchanged in a current transaction between willing parties, other than in a forced liquidation or sale. As the majority of the Bank’s financial instruments lack an available trading market, significant estimates, assumptions and present value calculations are required to determine estimated fair value. The following presents the carrying amount, fair value and placement in the fair value hierarchy of the Company’s financial instruments as of September 30, 2013 and December 31, 2012. This table excludes financial instruments for which the carrying amount approximates the fair value, which would be Level 1; inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. All financial instruments below are considered Level 2; inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. | |||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||
Estimated | Carrying | Estimated | Carrying | ||||||||||||||
Fair Value | Value | Fair Value | Value | ||||||||||||||
Financial Assets | |||||||||||||||||
Loans | $ | 510,244 | $ | 479,212 | $ | 488,164 | $ | 465,819 | |||||||||
Financial Liabilities | |||||||||||||||||
Time deposits | $ | 198,678 | $ | 196,790 | $ | 203,539 | $ | 201,518 | |||||||||
Long-term debt | $ | 17,996 | $ | 16,679 | $ | 39,551 | $ | 37,714 | |||||||||
The carrying value of cash and cash equivalents, other investments, deposits with no stated maturities, short-term borrowings, and accrued interest approximate fair value. The fair value of securities was calculated using the most recent transaction price or a pricing model, which takes into consideration maturity, yields and quality. The remaining financial instruments were valued based on the present value of estimated future cash flows, discounted at various rates in effect for similar instruments entered into as of the end of each respective period shown above. |
8_Troubled_Debt_Restructuring
8. Troubled Debt Restructuring | 9 Months Ended |
Sep. 30, 2013 | |
Troubled Debt Restructuring | ' |
8. Troubled Debt Restructuring | ' |
In the determination of the allowance for loan losses, management considers troubled debt restructurings and subsequent defaults in these restructurings by adjusting the loan grades of such loans, which figure into the environmental factors associated with the allowance. Defaults resulting in charge-offs affect the historical loss experience ratios which are a component of the allowance calculation. Additionally, specific reserves may be established on restructured loans evaluated individually. | |
During the nine months and quarter ended, September 30, 2013, there was one real estate loan modification that was considered to be troubled debt restructuring. The pre-modification and post-modification outstanding recorded investment of those loans was $50,000. There were also no troubled debt restructurings from the previous twelve months that went into default in the nine months and quarter ended September 30, 2013. A restructured loan is considered in default when it becomes 90 days past due. | |
During the nine months and quarter ended, September 30, 2012, the Bank modified 2 real estate loans that were considered to be troubled debt restructurings. The pre-modification and post-modification outstanding recorded investment of those loans was $492,000. There were no troubled debt restructurings from the preceding twelve months that went into default in the nine months and quarter ended September 30, 2012. | |
Modifications may have included rate adjustments, revisions to amortization schedules, suspension of principal payments for a temporary period, re-advancing funds to be applied as payments to bring the loan(s) current, or any combination thereof. |
1_Accounting_Principles_Polici
1. Accounting Principles (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Principles Policies | ' |
Accounting Principles | ' |
The unaudited consolidated financial statements include the accounts of F & M Bank Corp. and its subsidiaries (the “Company”). Significant intercompany accounts and transactions have been eliminated in consolidation. | |
The unaudited consolidated financial statements conform to accounting principles generally accepted in the United States of America and to general industry practices. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position as of September 30, 2013 and the results of operations for the quarters and nine-month periods ended September 30, 2013 and 2012. The notes included herein should be read in conjunction with the notes to financial statements included in the 2012 annual report to stockholders of F & M Bank Corp. | |
The Company does not expect the anticipated adoption of any newly issued accounting standards to have a material impact on future operations or financial position. | |
Comprehensive Income | ' |
Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities and gains or losses on certain derivative contracts, are reported as a separate component of the equity section of the balance sheet. Such items, along with operating net income, are components of comprehensive income. | |
Subsequent Events | ' |
In preparing these financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. | |
Loans | ' |
Loans are carried on the balance sheet net of any unearned interest and the allowance for loan losses. Interest income on loans is determined using the effective interest method on the daily amount of principal outstanding except where serious doubt exists as to collectability of the loan, in which case the accrual of income is discontinued. | |
Allowance for Loan Losses | ' |
The provision for loan losses charged to operations is an amount sufficient to bring the allowance for loan losses to an estimated balance that management considers adequate to absorb potential losses in the portfolio. Loans are charged against the allowance when management believes the collectability of the principal is unlikely. Recoveries of amounts previously charged-off are credited to the allowance. Management’s determination of the adequacy of the allowance is based on an evaluation of the composition of the loan portfolio, the value and adequacy of collateral, current economic conditions, historical loan loss experience, and other risk factors. Management believes that the allowance for loan losses is adequate. While management uses available information to recognize losses on loans, future additions to the allowance may be necessary based on changes in economic conditions, particularly those affecting real estate values. In addition, regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses. Such agencies may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination. | |
A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis for commercial and construction loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. | |
Nonaccrual Loans | ' |
Loans are placed on nonaccrual status when they become ninety days or more past due, unless there is an expectation that the loan will either be brought current or paid in full in a reasonable period of time. |
2_Investment_Securities_Tables
2. Investment Securities (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Investment Securities Tables | ' | ||||||||||||||||||||||||
Securities Impairment | ' | ||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Market | Market | ||||||||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||||||
Securities held to maturity | |||||||||||||||||||||||||
U. S. Treasury and agency obligations | $ | 107 | $ | 107 | $ | 107 | $ | 107 | |||||||||||||||||
Total | $ | 107 | $ | 107 | $ | 107 | $ | 107 | |||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
Unrealized | Market | ||||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
Securities available for sale | |||||||||||||||||||||||||
Government sponsored enterprises | $ | 7,064 | $ | 11 | $ | 13 | $ | 7,062 | |||||||||||||||||
Mortgage-backed securities | 1,244 | - | 1 | 1,243 | |||||||||||||||||||||
Total | $ | 8,308 | $ | 11 | $ | 14 | $ | 8,305 | |||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Unrealized | Market | ||||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
Securities available for sale | |||||||||||||||||||||||||
Government sponsored enterprises | $ | 7,012 | $ | 19 | $ | - | $ | 7,031 | |||||||||||||||||
Mortgage-backed securities | 1,609 | 38 | - | 1,647 | |||||||||||||||||||||
Total | $ | 8,621 | $ | 57 | $ | - | $ | 8,678 | |||||||||||||||||
Schedule Amortized Cost and Fair Value for Securities | ' | ||||||||||||||||||||||||
Securities Held to Maturity | Securities Available for Sale | ||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||||||
Due in one year or less | $ | 107 | $ | 107 | $ | 2,000 | $ | 2,000 | |||||||||||||||||
Due after one year through five years | - | - | 6,308 | 6,305 | |||||||||||||||||||||
Due after five years | - | - | - | - | |||||||||||||||||||||
Total | $ | 107 | $ | 107 | $ | 8,308 | $ | 8,305 | |||||||||||||||||
Schedule of Securities with Unrealized Losses | ' | ||||||||||||||||||||||||
Less than 12 Months | More than 12 Months | Total | |||||||||||||||||||||||
Fair | Unrealized Losses | Fair | Unrealized Losses | Fair | Unrealized Losses | ||||||||||||||||||||
Value | Value | Value | |||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
Government sponsored enterprises | $ | 3,230 | $ | (13 | ) | $ | - | $ | - | $ | 3,230 | $ | (13 | ) | |||||||||||
Mortgage-back Securities | 1,243 | (1 | ) | - | - | 1,243 | (1 | ) | |||||||||||||||||
Total | $ | 4,473 | $ | (14 | ) | $ | - | $ | - | $ | 4,473 | $ | ( 14 | ) | |||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Government sponsored enterprises | $ | 2,000 | $ | (.5 | ) | $ | - | $ | - | $ | 2,000 | $ | (.5 | ) | |||||||||||
Total | $ | 2,000 | $ | (.5 | ) | $ | - | $ | - | $ | 2,000 | $ | (.5 | ) |
3_Loans_Held_for_Investment_Ta
3. Loans Held for Investment (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Loans Held For Investment Tables | ' | ||||||||||||||||||||
Schedule of Loans Outstanding | ' | ||||||||||||||||||||
Loans outstanding at September 30, 2013 and December 31, 2012 are summarized as follows: | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Construction/Land Development | $ | 68,803 | $ | 71,251 | |||||||||||||||||
Farmland | 13,063 | 12,259 | |||||||||||||||||||
Residential Real Estate | 152,024 | 144,066 | |||||||||||||||||||
Multi-Family | 10,385 | 9,357 | |||||||||||||||||||
Commercial Real Estate | 118,987 | 123,819 | |||||||||||||||||||
Home Equity – closed end | 10,684 | 10,984 | |||||||||||||||||||
Home Equity – open end | 48,875 | 49,762 | |||||||||||||||||||
Commercial & Industrial – Non-Real Estate | 24,529 | 25,110 | |||||||||||||||||||
Consumer | 12,561 | 12,698 | |||||||||||||||||||
Credit cards | 2,493 | 2,788 | |||||||||||||||||||
Dealer Finance | 16,808 | 3,725 | |||||||||||||||||||
Total | $ | 479,212 | $ | 465,819 | |||||||||||||||||
Schedule Impaired Loans | ' | ||||||||||||||||||||
The following is a summary of information pertaining to impaired loans (in thousands): | |||||||||||||||||||||
Unpaid | Average | Interest | |||||||||||||||||||
September 30, 2013 | Recorded | Principal | Related | Recorded | Income | ||||||||||||||||
Investment | Balance | Allowance | Investment | Recognized | |||||||||||||||||
Impaired loans without a valuation allowance: | |||||||||||||||||||||
Construction/Land Development | $ | 6,974 | $ | 6,974 | $ | - | $ | 4,938 | $ | 190 | |||||||||||
Farmland | 1,474 | 1,474 | - | 1,183 | 54 | ||||||||||||||||
Residential Real Estate | 1,145 | 1,145 | - | 1,149 | 32 | ||||||||||||||||
Multi-Family | - | - | - | - | - | ||||||||||||||||
Commercial Real Estate | 620 | 620 | - | 472 | 13 | ||||||||||||||||
Home Equity – closed end | 490 | 490 | - | 254 | 19 | ||||||||||||||||
Home Equity – open end | 100 | 100 | - | 65 | 3 | ||||||||||||||||
Commercial & Industrial – Non-Real Estate | 34 | 34 | - | 39 | - | ||||||||||||||||
Consumer | 2 | 2 | - | 40 | 1 | ||||||||||||||||
Credit cards | - | - | - | - | - | ||||||||||||||||
Dealer Finance | - | - | - | - | - | ||||||||||||||||
Impaired loans with a valuation allowance | |||||||||||||||||||||
Construction/Land Development | 8,412 | 8,412 | 1,545 | 11,339 | 83 | ||||||||||||||||
Farmland | - | - | - | - | - | ||||||||||||||||
Residential Real Estate | 487 | 487 | 93 | 1,004 | 22 | ||||||||||||||||
Multi-Family | - | - | - | - | - | ||||||||||||||||
Commercial Real Estate | 1,038 | 1,038 | 293 | 978 | - | ||||||||||||||||
Home Equity – closed end | 350 | 350 | 91 | 469 | - | ||||||||||||||||
Home Equity – open end | - | - | - | 73 | - | ||||||||||||||||
Commercial & Industrial – Non-Real Estate | - | - | - | 356 | 1 | ||||||||||||||||
Consumer | - | - | - | 3 | - | ||||||||||||||||
Credit cards | - | - | - | - | - | ||||||||||||||||
Dealer Finance | - | - | - | - | - | ||||||||||||||||
Total impaired loans | $ | 21,126 | $ | 21,126 | $ | 2,022 | $ | 22,362 | $ | 418 | |||||||||||
Recorded Investment | ' | ||||||||||||||||||||
The Recorded Investment is defined as the principal balance less principal payments and charge-offs. | |||||||||||||||||||||
Unpaid | Average | Interest | |||||||||||||||||||
December 31, 2012 | Recorded | Principal | Related | Recorded | Income | ||||||||||||||||
Investment | Balance | Allowance | Investment | Recognized | |||||||||||||||||
Impaired loans without a valuation allowance: | |||||||||||||||||||||
Construction/Land Development | $ | 5,743 | $ | 5,743 | $ | - | $ | 1,493 | $ | 279 | |||||||||||
Farmland | 1,481 | 1,481 | - | 301 | 76 | ||||||||||||||||
Residential Real Estate | - | - | - | 2,561 | - | ||||||||||||||||
Multi-Family | - | - | - | - | - | ||||||||||||||||
Commercial Real Estate | 541 | 541 | - | 168 | 23 | ||||||||||||||||
Home Equity – closed end | - | - | - | 153 | - | ||||||||||||||||
Home Equity – open end | - | - | - | 274 | - | ||||||||||||||||
Commercial & Industrial – Non-Real Estate | - | - | - | 56 | - | ||||||||||||||||
Consumer | - | - | - | 135 | - | ||||||||||||||||
Credit cards | - | - | - | - | - | ||||||||||||||||
Dealer Finance | - | - | - | - | - | ||||||||||||||||
Impaired loans with a valuation allowance | |||||||||||||||||||||
Construction/Land Development | 10,466 | 10,466 | 1,363 | 7,875 | 217 | ||||||||||||||||
Farmland | - | - | - | - | - | ||||||||||||||||
Residential Real Estate | 901 | 901 | 146 | 1,089 | 38 | ||||||||||||||||
Multi-Family | - | - | - | - | - | ||||||||||||||||
Commercial Real Estate | 1,585 | 1,585 | 164 | 1,092 | 4 | ||||||||||||||||
Home Equity – closed end | 415 | 415 | 117 | 319 | 9 | ||||||||||||||||
Home Equity – open end | 250 | 250 | 9 | 193 | 19 | ||||||||||||||||
Commercial & Industrial – Non-Real Estate | 707 | 707 | 277 | 1,005 | - | ||||||||||||||||
Consumer | 2 | 2 | - | 13 | - | ||||||||||||||||
Credit cards | - | - | - | - | - | ||||||||||||||||
Dealer Finance | - | - | - | - | - | ||||||||||||||||
Total impaired loans | $ | 22,091 | $ | 22,091 | $ | 2,146 | $ | 16,727 | $ | 665 |
4_Allowance_for_Loan_Losses_Ta
4. Allowance for Loan Losses (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||||||
Allowance For Loan Losses Tables | ' | ||||||||||||||||||||||||||||||||||||
Summary Loan Loss Allowance Transactions | ' | ||||||||||||||||||||||||||||||||||||
A summary of the allowance for loan losses follows: | |||||||||||||||||||||||||||||||||||||
September 30, 2013 (in thousands) | Beginning Balance | Charge- | Recoveries | Provision | Ending Balance | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | ||||||||||||||||||||||||||||||
offs | |||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||
Construction/Land Development | $ | 2,771 | $ | 1,679 | $ | 40 | $ | 1,815 | $ | 2,947 | $ | 1,545 | $ | 1,402 | |||||||||||||||||||||||
Farmland | (2 | ) | - | - | - | (2 | ) | - | (2 | ) | |||||||||||||||||||||||||||
Residential Real Estate | 924 | 110 | - | 116 | 930 | 93 | 837 | ||||||||||||||||||||||||||||||
Multi-Family | (37 | ) | - | - | (5 | ) | (42 | ) | - | (42 | ) | ||||||||||||||||||||||||||
Commercial Real Estate | 1,113 | 201 | 32 | 279 | 1,223 | 293 | 930 | ||||||||||||||||||||||||||||||
Home Equity – closed end | 360 | 24 | - | (11 | ) | 325 | 91 | 234 | |||||||||||||||||||||||||||||
Home Equity – open end | 659 | 68 | 29 | (36 | ) | 584 | - | 584 | |||||||||||||||||||||||||||||
Commercial & Industrial – Non-Real Estate | 2,113 | 790 | 117 | 438 | 1,878 | - | 1,878 | ||||||||||||||||||||||||||||||
Consumer | 51 | 116 | 11 | 107 | 53 | - | 53 | ||||||||||||||||||||||||||||||
Dealer Finance | 72 | 10 | - | 263 | 325 | - | 325 | ||||||||||||||||||||||||||||||
Credit Cards | 130 | 84 | 13 | 59 | 118 | - | 118 | ||||||||||||||||||||||||||||||
Unallocated | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Total | $ | 8,154 | $ | 3,082 | $ | 242 | $ | 3,025 | $ | 8,339 | $ | 2,022 | $ | 6,317 | |||||||||||||||||||||||
December 31, 2012 (in thousands) | Beginning Balance | Charge- | Recoveries | Provision | Ending Balance | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | ||||||||||||||||||||||||||||||
offs | |||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||
Construction/Land Development | $ | 2,071 | $ | 1,481 | $ | 192 | $ | 1,989 | $ | 2,771 | $ | 1,363 | $ | 1,408 | |||||||||||||||||||||||
Farmland | 145 | - | 3 | (150 | ) | (2 | ) | - | (2 | ) | |||||||||||||||||||||||||||
Residential Real Estate | 625 | 482 | - | 781 | 924 | 146 | 778 | ||||||||||||||||||||||||||||||
Multi-Family | 92 | - | - | (129 | ) | (37 | ) | - | (37 | ) | |||||||||||||||||||||||||||
Commercial Real Estate | 2,285 | 424 | 48 | (796 | ) | 1,113 | 164 | 949 | |||||||||||||||||||||||||||||
Home Equity – closed end | 91 | 69 | - | 338 | 360 | 117 | 243 | ||||||||||||||||||||||||||||||
Home Equity – open end | 867 | - | - | (208 | ) | 659 | 79 | 580 | |||||||||||||||||||||||||||||
Commercial & Industrial – Non-Real Estate | 457 | 776 | 62 | 2,370 | 2,113 | 277 | 1,836 | ||||||||||||||||||||||||||||||
Consumer | 128 | 44 | 27 | (60 | ) | 51 | - | 51 | |||||||||||||||||||||||||||||
Dealer Finance | - | - | - | 72 | 72 | - | 72 | ||||||||||||||||||||||||||||||
Credit Cards | 176 | 71 | 32 | (7 | ) | 130 | - | 130 | |||||||||||||||||||||||||||||
Unallocated | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Total | $ | 6,937 | $ | 3,347 | $ | 364 | $ | 4,200 | $ | 8,154 | $ | 2,146 | $ | 6,008 | |||||||||||||||||||||||
Recorded Investment in Loan Receivables | ' | ||||||||||||||||||||||||||||||||||||
Recorded Investment in Loan Receivables (in thousands) | |||||||||||||||||||||||||||||||||||||
30-Sep-13 | Loan Receivable | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | ||||||||||||||||||||||||||||||||||
Construction/Land Development | $ | 68,803 | $ | 8,412 | $ | 60,391 | |||||||||||||||||||||||||||||||
Farmland | 13,063 | - | 13,063 | ||||||||||||||||||||||||||||||||||
Residential Real Estate | 152,024 | 487 | 151,537 | ||||||||||||||||||||||||||||||||||
Multi-Family | 10,385 | - | 10,385 | ||||||||||||||||||||||||||||||||||
Commercial Real Estate | 118,987 | 1,038 | 117,949 | ||||||||||||||||||||||||||||||||||
Home Equity – closed end | 10,684 | 350 | 10,334 | ||||||||||||||||||||||||||||||||||
Home Equity –open end | 48,875 | - | 48,875 | ||||||||||||||||||||||||||||||||||
Commercial & Industrial – Non-Real Estate | 24,529 | - | 24,529 | ||||||||||||||||||||||||||||||||||
Consumer | 12,561 | - | 12,561 | ||||||||||||||||||||||||||||||||||
Dealer Finance | 16,808 | - | 16,808 | ||||||||||||||||||||||||||||||||||
Credit Cards | 2,493 | - | 2,493 | ||||||||||||||||||||||||||||||||||
Total | $ | 479,212 | $ | 10,287 | $ | 468,925 | |||||||||||||||||||||||||||||||
31-Dec-12 | Loan Receivable | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | ||||||||||||||||||||||||||||||||||
Construction/Land Development | $ | 71,251 | $ | 16,206 | $ | 55,045 | |||||||||||||||||||||||||||||||
Farmland | 12,259 | 1,481 | 10,778 | ||||||||||||||||||||||||||||||||||
Residential Real Estate | 144,066 | 901 | 143,165 | ||||||||||||||||||||||||||||||||||
Multi-Family | 9,357 | - | 9,357 | ||||||||||||||||||||||||||||||||||
Commercial Real Estate | 123,819 | 2,128 | 121,691 | ||||||||||||||||||||||||||||||||||
Home Equity – closed end | 10,984 | 415 | 10,569 | ||||||||||||||||||||||||||||||||||
Home Equity –open end | 49,762 | 250 | 49,512 | ||||||||||||||||||||||||||||||||||
Commercial & Industrial – Non-Real Estate | 25,110 | 708 | 24,402 | ||||||||||||||||||||||||||||||||||
Consumer | 12,698 | 2 | 12,696 | ||||||||||||||||||||||||||||||||||
Dealer Finance | 3,725 | 3,725 | |||||||||||||||||||||||||||||||||||
Credit Cards | 2,788 | - | 2,788 | ||||||||||||||||||||||||||||||||||
Total | $ | 465,819 | $ | 22,091 | $ | 443,728 | |||||||||||||||||||||||||||||||
Schedule of Aging of Past Due Receivables | ' | ||||||||||||||||||||||||||||||||||||
Aging of Past Due Loans Receivable (in thousands) as of September 30, 2013 | |||||||||||||||||||||||||||||||||||||
30-59 Days Past due | 60-89 Days Past Due | Greater than 90 Days (excluding non-accrual) | Non- | Total | Current | Total | |||||||||||||||||||||||||||||||
Accrual Loans | Past | Loan Receivable | |||||||||||||||||||||||||||||||||||
Due | |||||||||||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||||||
Construction/Land Development | $ | 2,639 | $ | 78 | $ | - | $ | 8,940 | $ | 11,657 | $ | 57,146 | $ | 68,803 | |||||||||||||||||||||||
Farmland | - | 170 | - | - | 170 | 12,893 | 13,063 | ||||||||||||||||||||||||||||||
Residential Real Estate | 7,100 | 1,292 | - | 650 | 9,042 | 142,982 | 152,024 | ||||||||||||||||||||||||||||||
Multi-Family | - | - | - | - | - | 10,385 | 10,385 | ||||||||||||||||||||||||||||||
Commercial Real Estate | 1,013 | - | - | 1,863 | 2,876 | 116,111 | 118,987 | ||||||||||||||||||||||||||||||
Home Equity – closed end | - | - | 10 | 229 | 239 | 10,445 | 10,684 | ||||||||||||||||||||||||||||||
Home Equity – open end | 183 | 119 | - | 205 | 507 | 48,368 | 48,875 | ||||||||||||||||||||||||||||||
Commercial & Industrial – Non- Real Estate | 6 | 34 | - | 409 | 449 | 24,080 | 24,529 | ||||||||||||||||||||||||||||||
Consumer | 1,168 | 17 | 10 | 20 | 1,215 | 11,346 | 12,561 | ||||||||||||||||||||||||||||||
Dealer Finance | 117 | 31 | - | - | 148 | 16,660 | 16,808 | ||||||||||||||||||||||||||||||
Credit Cards | 17 | 26 | 2 | - | 45 | 2,448 | 2,493 | ||||||||||||||||||||||||||||||
Total | $ | 12,243 | $ | 1,767 | $ | 22 | $ | 12,316 | $ | 26,348 | $ | 452,864 | $ | 479,212 | |||||||||||||||||||||||
Aging of Past Due Loans Receivable (in thousands) as of December 31, 2012 | |||||||||||||||||||||||||||||||||||||
30-59 Days Past due | 60-89 Days Past Due | Greater than 90 Days (excluding non-accrual) | Non- | Total | Current | Total | |||||||||||||||||||||||||||||||
Accrual Loans | Past | Loan Receivable | |||||||||||||||||||||||||||||||||||
Due | |||||||||||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||
Construction/Land Development | $ | 1,173 | $ | 598 | $ | - | $ | 7,974 | $ | 9,745 | $ | 61,506 | $ | 71,251 | |||||||||||||||||||||||
Farmland | 1,524 | - | - | - | 1,524 | 10,735 | 12,259 | ||||||||||||||||||||||||||||||
Residential Real Estate | 5,032 | 1,743 | - | 1,637 | 8,412 | 135,654 | 144,066 | ||||||||||||||||||||||||||||||
Multi-Family | - | - | - | - | - | 9,357 | 9,357 | ||||||||||||||||||||||||||||||
Commercial Real Estate | 3,238 | 124 | - | 1,823 | 5,185 | 118,634 | 123,819 | ||||||||||||||||||||||||||||||
Home Equity – closed end | 199 | 163 | - | 196 | 558 | 10,426 | 10,984 | ||||||||||||||||||||||||||||||
Home Equity – open end | 370 | 130 | - | 544 | 1,044 | 48,718 | 49,762 | ||||||||||||||||||||||||||||||
Commercial & Industrial – Non- Real Estate | 635 | 5 | - | 1,091 | 1,731 | 23,379 | 25,110 | ||||||||||||||||||||||||||||||
Consumer | 62 | 66 | - | 121 | 249 | 12,449 | 12,698 | ||||||||||||||||||||||||||||||
Dealer Finance | - | - | - | - | - | 3,725 | 3,725 | ||||||||||||||||||||||||||||||
Credit Cards | 10 | 13 | - | - | 23 | 2,765 | 2,788 | ||||||||||||||||||||||||||||||
Total | $ | 12,243 | $ | 2,842 | $ | - | $ | 13,386 | $ | 28,471 | $ | 437,348 | $ | 465,819 | |||||||||||||||||||||||
Corporate Credit Exposure | ' | ||||||||||||||||||||||||||||||||||||
CREDIT QUALITY INDICATORS (in thousands) | |||||||||||||||||||||||||||||||||||||
AS OF SEPTEMBER 30, 2013 | |||||||||||||||||||||||||||||||||||||
Corporate Credit Exposure | |||||||||||||||||||||||||||||||||||||
Credit Risk Profile by Creditworthiness Category | |||||||||||||||||||||||||||||||||||||
Grade 1 | Grade 2 | Grade 3 | Grade 4 Acceptable Risk | Grade 5 Marginally Acceptable | Grade 6 | Grade 7 Substandard | Grade 8 Doubtful | Total | |||||||||||||||||||||||||||||
Minimal Risk | Modest Risk | Average Risk | Watch | ||||||||||||||||||||||||||||||||||
Construction/Land Development | $ | — | $ | 816 | $ | 2,879 | $ | 23,113 | $ | 12,094 | $ | 7,837 | $ | 22,064 | $ | — | $ | 68,803 | |||||||||||||||||||
Farmland | 69 | — | 1,509 | 4,907 | 4,511 | 494 | 1,573 | — | 13,063 | ||||||||||||||||||||||||||||
Residential Real Estate | — | 501 | 69,358 | 48,844 | 18,196 | 8,508 | 6,617 | — | 152,024 | ||||||||||||||||||||||||||||
Multi-Family | — | 686 | 4,495 | 772 | 4,432 | — | — | — | 10,385 | ||||||||||||||||||||||||||||
Commercial Real Estate | — | 1,656 | 18,176 | 57,521 | 26,768 | 9,343 | 5,523 | — | 118,987 | ||||||||||||||||||||||||||||
Home Equity – closed end | 12 | — | 4,813 | 3,110 | 1,705 | 300 | 744 | — | 10,684 | ||||||||||||||||||||||||||||
Home Equity – open end | — | 1,463 | 14,604 | 27,179 | 4,609 | 397 | 623 | — | 48,875 | ||||||||||||||||||||||||||||
Commercial & Industrial (Non-Real Estate) | 432 | 40 | 3,821 | 15,738 | 3,458 | 529 | 511 | — | 24,529 | ||||||||||||||||||||||||||||
Total | $ | 513 | $ | 5,162 | $ | 119,655 | $ | 181,184 | $ | 75,773 | $ | 27,408 | $ | 37,655 | $ | — | $ | 447,350 | |||||||||||||||||||
CREDIT QUALITY INDICATORS (in thousands) | |||||||||||||||||||||||||||||||||||||
AS OF DECEMBER 31, 2012 | |||||||||||||||||||||||||||||||||||||
Corporate Credit Exposure | |||||||||||||||||||||||||||||||||||||
Credit Risk Profile by Creditworthiness Category | |||||||||||||||||||||||||||||||||||||
Grade 1 | Grade 2 | Grade 3 | Grade 4 Acceptable Risk | Grade 5 Marginally Acceptable | Grade 6 | Grade 7 Substandard | Grade 8 | Total | |||||||||||||||||||||||||||||
Minimal Risk | Modest Risk | Average Risk | Watch | Doubtful | |||||||||||||||||||||||||||||||||
Construction/Land Development | $ | — | $ | 831 | $ | 4,400 | $ | 16,616 | $ | 15,783 | $ | 9,013 | $ | 24,608 | $ | — | $ | 71,251 | |||||||||||||||||||
Farmland | 70 | — | 1,544 | 4,327 | 4,214 | 524 | 1,580 | — | 12,259 | ||||||||||||||||||||||||||||
Residential Real Estate | — | 448 | 36,342 | 69,670 | 22,413 | 6,472 | 8,721 | — | 144,066 | ||||||||||||||||||||||||||||
Multi-Family | — | 632 | 2,185 | 1,815 | 4,725 | — | — | — | 9,357 | ||||||||||||||||||||||||||||
Commercial Real Estate | — | 2,033 | 18,663 | 56,624 | 28,650 | 4,910 | 12,939 | — | 123,819 | ||||||||||||||||||||||||||||
Home Equity – closed end | — | — | 2,280 | 6,198 | 1,268 | 530 | 708 | — | 10,984 | ||||||||||||||||||||||||||||
Home Equity – open end | — | 1,460 | 15,294 | 26,595 | 4,735 | 694 | 869 | 115 | 49,762 | ||||||||||||||||||||||||||||
Commercial & Industrial (Non-Real Estate) | — | 87 | 3,505 | 15,448 | 3,621 | 531 | 1,918 | — | 25,110 | ||||||||||||||||||||||||||||
Total | $ | 70 | $ | 5,491 | $ | 84,213 | $ | 197,293 | $ | 85,409 | $ | 22,674 | $ | 51,343 | $ | 115 | $ | 446,608 | |||||||||||||||||||
Consumer Credit Exposure | ' | ||||||||||||||||||||||||||||||||||||
CREDIT QUALITY INDICATORS (in thousands) | |||||||||||||||||||||||||||||||||||||
AS OF SEPTEMBER 30, 2013 | |||||||||||||||||||||||||||||||||||||
Consumer Credit Exposure | |||||||||||||||||||||||||||||||||||||
Credit Risk Profile Based on Payment Activity | |||||||||||||||||||||||||||||||||||||
Credit Cards | Consumer | ||||||||||||||||||||||||||||||||||||
Performing | $ | 2,491 | $ | 29,359 | |||||||||||||||||||||||||||||||||
Non performing | 2 | 10 | |||||||||||||||||||||||||||||||||||
Total | $ | 2,493 | $ | 29,369 | |||||||||||||||||||||||||||||||||
CREDIT QUALITY INDICATORS (in thousands) | |||||||||||||||||||||||||||||||||||||
AS OF DECEMBER 31, 2012 | |||||||||||||||||||||||||||||||||||||
Consumer Credit Exposure | |||||||||||||||||||||||||||||||||||||
Credit Risk Profile Based on Payment Activity | |||||||||||||||||||||||||||||||||||||
Credit Cards | Consumer | ||||||||||||||||||||||||||||||||||||
Performing | $ | 2,788 | $ | 16,404 | |||||||||||||||||||||||||||||||||
Non performing | - | 19 | |||||||||||||||||||||||||||||||||||
Total | $ | 2,788 | $ | 16,423 | |||||||||||||||||||||||||||||||||
5_Employee_Benefit_Plan_Tables
5. Employee Benefit Plan (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Employee Benefit Plan Tables | ' | ||||||||||||||||
Schedule of Employee Benefit Plan | ' | ||||||||||||||||
Nine Months Ended | Three Months Ended | ||||||||||||||||
30-Sep-13 | 30-Sep-12 | September 30, 2013 | 30-Sep-12 | ||||||||||||||
Service cost | $ | 449,949 | $ | 388,977 | $ | 149,983 | $ | 129,659 | |||||||||
Interest cost | 262,734 | 245,943 | 87,578 | 81,981 | |||||||||||||
Expected return on plan assets | (477,060 | ) | (405,051 | ) | (159,020 | ) | (135,017 | ) | |||||||||
Amortization of net obligation at transition | - | - | - | - | |||||||||||||
Amortization of prior service cost | (11,427 | ) | (11,427 | ) | (3,809 | ) | (3,809 | ) | |||||||||
Amortization of net (gain) or loss | 152,388 | 129,915 | 50,796 | 43,305 | |||||||||||||
Net periodic pension cost | $ | 376,584 | $ | 348,357 | $ | 125,528 | $ | 116,119 |
6_Fair_Value_Tables
6. Fair Value (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Tables | ' | ||||||||||||||||
Schedule Assets and Liabilities at Fair Value on Recurring Basis | ' | ||||||||||||||||
Assets and Liabilities Recorded at Fair Value on a Recurring Basis | |||||||||||||||||
The tables below present the recorded amount of assets and liabilities measured at fair value on a recurring basis. | |||||||||||||||||
30-Sep-13 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Government sponsored enterprises | $ | 7,062 | $ | - | $ | 7,062 | $ | - | |||||||||
Mortgage-backed obligations of federal agencies | 1,243 | - | 1,243 | - | |||||||||||||
Investment securities available for sale | $ | 8,305 | $ | - | 8,305 | $ | - | ||||||||||
Total assets at fair value | $ | 8,305 | $ | - | $ | 8,305 | $ | - | |||||||||
Total liabilities at fair value | $ | - | $ | - | $ | - | $ | - | |||||||||
Derivative financial instruments at fair value | $ | 28 | $ | - | $ | 28 | $ | - | |||||||||
31-Dec-12 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Government sponsored enterprises | $ | 7,031 | $ | - | $ | 7,031 | $ | - | |||||||||
Mortgage-backed obligations of federal agencies | 1,647 | - | 1,647 | - | |||||||||||||
Investment securities available for sale | 8,678 | - | 8,678 | - | |||||||||||||
Total assets at fair value | $ | 8,678 | $ | - | $ | 8,678 | $ | - | |||||||||
Total liabilities at fair value | $ | - | $ | - | $ | - | $ | - | |||||||||
Derivative financial instruments at fair value | $ | 15 | $ | - | $ | 15 | $ | - | |||||||||
Schedule of Assets and Liabilities at Fair Value on Non-recurring Basis | ' | ||||||||||||||||
Assets and Liabilities Recorded at Fair Value on a Non-recurring Basis | |||||||||||||||||
30-Sep-13 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Loans Held for Sale | $ | 2,777 | $ | - | $ | 2,777 | $ | - | |||||||||
Other Real Estate Owned | 2,369 | - | - | 2,369 | |||||||||||||
- | - | ||||||||||||||||
Construction/Land Development | 6,867 | - | - | 6,867 | |||||||||||||
Farmland | - | - | - | - | |||||||||||||
Residential Real Estate | 394 | - | - | 394 | |||||||||||||
Multi-Family | - | - | - | - | |||||||||||||
Commercial Real Estate | 745 | - | - | 745 | |||||||||||||
Home Equity – closed end | 259 | - | - | 259 | |||||||||||||
Home Equity – open end | - | - | - | - | |||||||||||||
Commercial & Industrial – Non-Real Estate | - | - | - | - | |||||||||||||
Consumer | - | - | - | - | |||||||||||||
Credit cards | - | - | - | - | |||||||||||||
Dealer Finance | - | - | - | - | |||||||||||||
Total Impaired loans | 8,265 | - | - | 8,265 | |||||||||||||
Total assets at fair value | $ | 13,411 | $ | - | $ | 2,777 | $ | 10,634 | |||||||||
Total liabilities at fair value | $ | - | $ | - | $ | - | $ | - | |||||||||
31-Dec-12 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Loans Held for Sale | $ | 77,207 | $ | - | $ | 77,207 | $ | - | |||||||||
Other Real Estate Owned | 2,884 | - | - | 2,884 | |||||||||||||
- | - | ||||||||||||||||
Construction/Land Development | 9,100 | - | - | 9,100 | |||||||||||||
Farmland | - | - | - | - | |||||||||||||
Residential Real Estate | 756 | - | - | 756 | |||||||||||||
Multi-Family | - | - | - | - | |||||||||||||
Commercial Real Estate | 1,422 | - | - | 1,422 | |||||||||||||
Home Equity – closed end | 298 | - | - | 298 | |||||||||||||
Home Equity – open end | 171 | - | - | 171 | |||||||||||||
Commercial & Industrial – Non-Real Estate | 431 | - | - | 431 | |||||||||||||
Consumer | 2 | - | - | 2 | |||||||||||||
Credit cards | - | - | - | - | |||||||||||||
Dealer Finance | - | - | - | - | |||||||||||||
Total Impaired loans | 12,180 | - | - | 12,180 | |||||||||||||
Total assets at fair value | $ | 92,271 | $ | - | $ | 77,207 | $ | 15,064 | |||||||||
Total liabilities at fair value | $ | - | $ | - | $ | - | $ | - |
7_Disclosures_About_Fair_Value1
7. Disclosures About Fair Value of Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosures About Fair Value Of Financial Instruments Tables | ' | ||||||||||||||||
Carrying Value and Estimated Fair Value for Financial Instruments | ' | ||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||
Estimated | Carrying | Estimated | Carrying | ||||||||||||||
Fair Value | Value | Fair Value | Value | ||||||||||||||
Financial Assets | |||||||||||||||||
Loans | $ | 510,244 | $ | 479,212 | $ | 488,164 | $ | 465,819 | |||||||||
Financial Liabilities | |||||||||||||||||
Time deposits | $ | 198,678 | $ | 196,790 | $ | 203,539 | $ | 201,518 | |||||||||
Long-term debt | $ | 17,996 | $ | 16,679 | $ | 39,551 | $ | 37,714 |
2_Investment_Securities_Detail
2. Investment Securities (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Available-for-Sale Securities | ' | ' |
Amortized Cost | $8,308 | $8,621 |
Gross Unrealized Gains | 11 | 57 |
Gross Unrealized Losses | 14 | ' |
Market Value | 8,305 | 8,678 |
Held-to-Maturity Securities | ' | ' |
Amortized Cost - Held-to-Maturity | 107 | 107 |
Market Value - Held-to-Maturity | 107 | 107 |
US Treasury [Member] | ' | ' |
Held-to-Maturity Securities | ' | ' |
Amortized Cost - Held-to-Maturity | 107 | 107 |
Market Value - Held-to-Maturity | 107 | 107 |
US Govt [Member] | ' | ' |
Available-for-Sale Securities | ' | ' |
Amortized Cost | 7,064 | 7,012 |
Gross Unrealized Gains | 11 | 19 |
Gross Unrealized Losses | 13 | ' |
Market Value | 7,062 | 7,031 |
Mortgage Backed Securities [Member] | ' | ' |
Available-for-Sale Securities | ' | ' |
Amortized Cost | 1,244 | 1,609 |
Gross Unrealized Gains | ' | 38 |
Gross Unrealized Losses | 1 | ' |
Market Value | $1,243 | $1,647 |
2_Investment_Securities_Detail1
2. Investment Securities (Details 1) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Total, Amortized Cost | $107 | $107 |
Total, Fair Value | 107 | 107 |
Held to maturity Securities [Member] | ' | ' |
Due in one year or less, Amortized Cost | 107 | ' |
Due after one year through five years, Amortized Cost | ' | ' |
Due after five years, Amortized Cost | ' | ' |
Due in one year or less, Fair Value | 107 | ' |
Due after one year through five years, Fair Value | ' | ' |
Due after five years, Fair Value | ' | ' |
Total, Amortized Cost | 107 | ' |
Total, Fair Value | 107 | ' |
Available for sale Securities [Member] | ' | ' |
Due in one year or less, Amortized Cost | 2,000 | ' |
Due after one year through five years, Amortized Cost | 6,308 | ' |
Due after five years, Amortized Cost | ' | ' |
Due in one year or less, Fair Value | 2,000 | ' |
Due after one year through five years, Fair Value | 6,305 | ' |
Due after five years, Fair Value | ' | ' |
Total, Amortized Cost | 8,308 | ' |
Total, Fair Value | $8,305 | ' |
Recovered_Sheet1
2. Investment securities (Details 2) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Fair Value Less than 12 Months | $4,473,000 | $2,000,000 |
Unrealized Losses Less than 12 Months | -14,000 | -500 |
Fair Value More than 12 Months | ' | ' |
Unrealized Losses More than 12 Months | ' | ' |
Fair Value Total | 4,473,000 | 2,000,000 |
Unrealized Losses Total | -14,000 | -500 |
Government Sponsored Enterprises [Member] | ' | ' |
Fair Value Less than 12 Months | 3,230,000 | 2,000,000 |
Unrealized Losses Less than 12 Months | -13,000 | -500 |
Fair Value More than 12 Months | ' | ' |
Unrealized Losses More than 12 Months | ' | ' |
Fair Value Total | 3,230,000 | 2,000,000 |
Unrealized Losses Total | -13,000 | -500 |
Mortgage-back Securities [Member] | ' | ' |
Fair Value Less than 12 Months | 1,243,000 | ' |
Unrealized Losses Less than 12 Months | -1,000 | ' |
Fair Value More than 12 Months | ' | ' |
Unrealized Losses More than 12 Months | ' | ' |
Fair Value Total | 1,243,000 | ' |
Unrealized Losses Total | ($1,000) | ' |
3_Loans_Held_for_Investment_De
3. Loans Held for Investment (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Loans outstanding | $479,212 | $465,819 |
Construction/Land Development [Member] | ' | ' |
Loans outstanding | 68,803 | 71,251 |
Farmland [Member] | ' | ' |
Loans outstanding | 13,063 | 12,259 |
Real Estate [Member] | ' | ' |
Loans outstanding | 152,024 | 144,066 |
Multi-Family [Member] | ' | ' |
Loans outstanding | 10,385 | 9,357 |
Commercial Real Estate [Member] | ' | ' |
Loans outstanding | 118,987 | 123,819 |
Home Equity - Closed End [Member] | ' | ' |
Loans outstanding | 10,684 | 10,984 |
Home Equity - Open End [Member] | ' | ' |
Loans outstanding | 48,875 | 49,762 |
Commercial & Industrial Non-Real Estate [Member] | ' | ' |
Loans outstanding | 24,529 | 25,110 |
Consumer [Member] | ' | ' |
Loans outstanding | 12,561 | 12,698 |
Credit Cards [Member] | ' | ' |
Loans outstanding | 2,493 | 2,788 |
Dealer Finance [Member] | ' | ' |
Loans outstanding | $16,808 | $3,725 |
3_Loans_Held_for_Investment_De1
3. Loans Held for Investment (Details 1) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Impaired loans valuation allowance | ' | ' |
Recorded Investment | $21,126 | $22,091 |
Unpaid Principal Balance | 21,126 | 22,091 |
Related Allowance | 2,022 | 2,146 |
Average Recorded Investment | 22,362 | 16,727 |
Interest Income Recognized | 418 | 665 |
Construction/Land Development [Member] | ' | ' |
Impaired loans without a valuation allowance | ' | ' |
Recorded Investment | 6,974 | 5,743 |
Unpaid Principal Balance | 6,974 | 5,743 |
Related Allowance | ' | ' |
Average Recorded Investment | 4,938 | 1,493 |
Interest Income Recognized | 190 | 279 |
Impaired loans with a valuation allowance | ' | ' |
Recorded Investment | 8,412 | 10,466 |
Unpaid Principal Balance | 8,412 | 10,466 |
Related Allowance | 1,545 | 1,363 |
Average Recorded Investment | 11,339 | 7,875 |
Interest Income Recognized | 83 | 217 |
Farmland [Member] | ' | ' |
Impaired loans without a valuation allowance | ' | ' |
Recorded Investment | 1,474 | 1,481 |
Unpaid Principal Balance | 1,474 | 1,481 |
Related Allowance | ' | ' |
Average Recorded Investment | 1,183 | 301 |
Interest Income Recognized | 54 | 76 |
Impaired loans with a valuation allowance | ' | ' |
Recorded Investment | ' | ' |
Unpaid Principal Balance | ' | ' |
Related Allowance | ' | ' |
Average Recorded Investment | ' | ' |
Interest Income Recognized | ' | ' |
Real Estate [Member] | ' | ' |
Impaired loans without a valuation allowance | ' | ' |
Recorded Investment | 1,145 | ' |
Unpaid Principal Balance | 1,145 | ' |
Related Allowance | ' | ' |
Average Recorded Investment | 1,149 | 2,561 |
Interest Income Recognized | 32 | ' |
Impaired loans with a valuation allowance | ' | ' |
Recorded Investment | 487 | 901 |
Unpaid Principal Balance | 487 | 901 |
Related Allowance | 93 | 146 |
Average Recorded Investment | 1,004 | 1,089 |
Interest Income Recognized | 22 | 38 |
Multi-Family [Member] | ' | ' |
Impaired loans without a valuation allowance | ' | ' |
Recorded Investment | ' | ' |
Unpaid Principal Balance | ' | ' |
Related Allowance | ' | ' |
Average Recorded Investment | ' | ' |
Interest Income Recognized | ' | ' |
Impaired loans with a valuation allowance | ' | ' |
Recorded Investment | ' | ' |
Unpaid Principal Balance | ' | ' |
Related Allowance | ' | ' |
Average Recorded Investment | ' | ' |
Interest Income Recognized | ' | ' |
Commercial Real Estate [Member] | ' | ' |
Impaired loans without a valuation allowance | ' | ' |
Recorded Investment | 620 | 541 |
Unpaid Principal Balance | 620 | 541 |
Related Allowance | ' | ' |
Average Recorded Investment | 472 | 168 |
Interest Income Recognized | 13 | 23 |
Impaired loans with a valuation allowance | ' | ' |
Recorded Investment | 1,038 | 1,585 |
Unpaid Principal Balance | 1,038 | 1,585 |
Related Allowance | 293 | 164 |
Average Recorded Investment | 978 | 1,092 |
Interest Income Recognized | ' | 4 |
Home Equity - Closed End [Member] | ' | ' |
Impaired loans without a valuation allowance | ' | ' |
Recorded Investment | 490 | ' |
Unpaid Principal Balance | 490 | ' |
Related Allowance | ' | ' |
Average Recorded Investment | 254 | 153 |
Interest Income Recognized | 19 | ' |
Impaired loans with a valuation allowance | ' | ' |
Recorded Investment | 350 | 415 |
Unpaid Principal Balance | 350 | 415 |
Related Allowance | 91 | 117 |
Average Recorded Investment | 469 | 319 |
Interest Income Recognized | ' | 9 |
Home Equity - Open End [Member] | ' | ' |
Impaired loans without a valuation allowance | ' | ' |
Recorded Investment | 100 | ' |
Unpaid Principal Balance | 100 | ' |
Related Allowance | ' | ' |
Average Recorded Investment | 65 | 274 |
Interest Income Recognized | 3 | ' |
Impaired loans with a valuation allowance | ' | ' |
Recorded Investment | ' | 250 |
Unpaid Principal Balance | ' | 250 |
Related Allowance | ' | 9 |
Average Recorded Investment | 73 | 193 |
Interest Income Recognized | ' | 19 |
Commercial & Industrial Non-Real Estate [Member] | ' | ' |
Impaired loans without a valuation allowance | ' | ' |
Recorded Investment | 34 | ' |
Unpaid Principal Balance | 34 | ' |
Related Allowance | ' | ' |
Average Recorded Investment | 39 | 56 |
Interest Income Recognized | ' | ' |
Impaired loans with a valuation allowance | ' | ' |
Recorded Investment | ' | 707 |
Unpaid Principal Balance | ' | 707 |
Related Allowance | ' | 277 |
Average Recorded Investment | 356 | 1,005 |
Interest Income Recognized | 1 | ' |
Consumer [Member] | ' | ' |
Impaired loans without a valuation allowance | ' | ' |
Recorded Investment | 2 | ' |
Unpaid Principal Balance | 2 | ' |
Related Allowance | ' | ' |
Average Recorded Investment | 40 | 135 |
Interest Income Recognized | 1 | ' |
Impaired loans with a valuation allowance | ' | ' |
Recorded Investment | ' | 2 |
Unpaid Principal Balance | ' | 2 |
Related Allowance | ' | ' |
Average Recorded Investment | 3 | 13 |
Interest Income Recognized | ' | ' |
Credit Cards [Member] | ' | ' |
Impaired loans without a valuation allowance | ' | ' |
Recorded Investment | ' | ' |
Unpaid Principal Balance | ' | ' |
Related Allowance | ' | ' |
Average Recorded Investment | ' | ' |
Interest Income Recognized | ' | ' |
Impaired loans with a valuation allowance | ' | ' |
Recorded Investment | ' | ' |
Unpaid Principal Balance | ' | ' |
Related Allowance | ' | ' |
Average Recorded Investment | ' | ' |
Interest Income Recognized | ' | ' |
Dealer Finance [Member] | ' | ' |
Impaired loans without a valuation allowance | ' | ' |
Recorded Investment | ' | ' |
Unpaid Principal Balance | ' | ' |
Related Allowance | ' | ' |
Average Recorded Investment | ' | ' |
Interest Income Recognized | ' | ' |
Impaired loans with a valuation allowance | ' | ' |
Recorded Investment | ' | ' |
Unpaid Principal Balance | ' | ' |
Related Allowance | ' | ' |
Average Recorded Investment | ' | ' |
Interest Income Recognized | ' | ' |
4_Allowance_for_Loan_Losses_De
4. Allowance for Loan Losses (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Beginning Balance | $8,154 | $6,937 |
Charge-offs | 3,082 | 3,347 |
Recoveries | 242 | 364 |
Provision | 3,025 | 4,200 |
Ending Balance | 8,339 | 8,154 |
Individually Evaluated for Impairment | 2,022 | 2,146 |
Collectively Evaluated for Impairment | 6,317 | 6,008 |
Construction/Land Development [Member] | ' | ' |
Beginning Balance | 2,771 | 2,071 |
Charge-offs | 1,679 | 1,481 |
Recoveries | 40 | 192 |
Provision | 1,815 | 1,989 |
Ending Balance | 2,947 | 2,771 |
Individually Evaluated for Impairment | 1,545 | 1,363 |
Collectively Evaluated for Impairment | 1,402 | 1,408 |
Farmland [Member] | ' | ' |
Beginning Balance | -2 | 145 |
Charge-offs | ' | ' |
Recoveries | ' | 3 |
Provision | ' | -150 |
Ending Balance | -2 | -2 |
Individually Evaluated for Impairment | ' | ' |
Collectively Evaluated for Impairment | -2 | -2 |
Real Estate [Member] | ' | ' |
Beginning Balance | 924 | 625 |
Charge-offs | 110 | 482 |
Recoveries | ' | ' |
Provision | 116 | 781 |
Ending Balance | 930 | 924 |
Individually Evaluated for Impairment | 93 | 146 |
Collectively Evaluated for Impairment | 837 | 778 |
Multi-Family [Member] | ' | ' |
Beginning Balance | -37 | 92 |
Charge-offs | ' | ' |
Recoveries | ' | ' |
Provision | -5 | -129 |
Ending Balance | -42 | -37 |
Individually Evaluated for Impairment | ' | ' |
Collectively Evaluated for Impairment | -42 | -37 |
Commercial Real Estate [Member] | ' | ' |
Beginning Balance | 1,113 | 2,285 |
Charge-offs | 201 | 424 |
Recoveries | 32 | 48 |
Provision | 279 | -796 |
Ending Balance | 1,223 | 1,113 |
Individually Evaluated for Impairment | 293 | 164 |
Collectively Evaluated for Impairment | 930 | 949 |
Home Equity - Closed End [Member] | ' | ' |
Beginning Balance | 360 | 91 |
Charge-offs | 24 | 69 |
Recoveries | ' | ' |
Provision | -11 | 338 |
Ending Balance | 325 | 360 |
Individually Evaluated for Impairment | 91 | 117 |
Collectively Evaluated for Impairment | 234 | 243 |
Home Equity - Open End [Member] | ' | ' |
Beginning Balance | 659 | 867 |
Charge-offs | 68 | ' |
Recoveries | 29 | ' |
Provision | -36 | -208 |
Ending Balance | 584 | 659 |
Individually Evaluated for Impairment | ' | 79 |
Collectively Evaluated for Impairment | 584 | 580 |
Commercial & Industrial Non-Real Estate [Member] | ' | ' |
Beginning Balance | 2,113 | 457 |
Charge-offs | 790 | 776 |
Recoveries | 117 | 62 |
Provision | 438 | 2,370 |
Ending Balance | 1,878 | 2,113 |
Individually Evaluated for Impairment | ' | 277 |
Collectively Evaluated for Impairment | 1,878 | 1,836 |
Consumer [Member] | ' | ' |
Beginning Balance | 51 | 128 |
Charge-offs | 116 | 44 |
Recoveries | 11 | 27 |
Provision | 107 | -60 |
Ending Balance | 53 | 51 |
Individually Evaluated for Impairment | ' | ' |
Collectively Evaluated for Impairment | 53 | 51 |
Dealer Finance [Member] | ' | ' |
Beginning Balance | 72 | ' |
Charge-offs | 10 | ' |
Recoveries | ' | ' |
Provision | 263 | 72 |
Ending Balance | 325 | 72 |
Individually Evaluated for Impairment | ' | ' |
Collectively Evaluated for Impairment | 325 | 72 |
Credit Cards [Member] | ' | ' |
Beginning Balance | 130 | 176 |
Charge-offs | 84 | 71 |
Recoveries | 13 | 32 |
Provision | 59 | -7 |
Ending Balance | 118 | 130 |
Individually Evaluated for Impairment | ' | ' |
Collectively Evaluated for Impairment | 118 | 130 |
Unallocated [Member] | ' | ' |
Beginning Balance | ' | ' |
Charge-offs | ' | ' |
Recoveries | ' | ' |
Provision | ' | ' |
Ending Balance | ' | ' |
Individually Evaluated for Impairment | ' | ' |
Collectively Evaluated for Impairment | ' | ' |
4_Allowance_for_Loan_Losses_De1
4. Allowance for Loan Losses (Details 1) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Loan Receivable | $479,212 | $465,819 |
Individually evaluated for impairment | 10,287 | 22,091 |
Collectively evaluated for impairment | 468,925 | 443,728 |
Construction/Land Development [Member] | ' | ' |
Loan Receivable | 68,803 | 71,251 |
Individually evaluated for impairment | 8,412 | 16,206 |
Collectively evaluated for impairment | 60,391 | 55,045 |
Farmland [Member] | ' | ' |
Loan Receivable | 13,063 | 12,259 |
Individually evaluated for impairment | ' | 1,481 |
Collectively evaluated for impairment | 13,063 | 10,778 |
Real Estate [Member] | ' | ' |
Loan Receivable | 152,024 | 144,066 |
Individually evaluated for impairment | 487 | 901 |
Collectively evaluated for impairment | 151,537 | 143,165 |
Multi-Family [Member] | ' | ' |
Loan Receivable | 10,385 | 9,357 |
Individually evaluated for impairment | ' | ' |
Collectively evaluated for impairment | 10,385 | 9,357 |
Commercial Real Estate [Member] | ' | ' |
Loan Receivable | 118,987 | 123,819 |
Individually evaluated for impairment | 1,038 | 2,128 |
Collectively evaluated for impairment | 117,949 | 121,691 |
Home Equity - Closed End [Member] | ' | ' |
Loan Receivable | 10,684 | 10,984 |
Individually evaluated for impairment | 350 | 415 |
Collectively evaluated for impairment | 10,334 | 10,569 |
Home Equity - Open End [Member] | ' | ' |
Loan Receivable | 48,875 | 49,762 |
Individually evaluated for impairment | ' | 250 |
Collectively evaluated for impairment | 48,875 | 49,512 |
Commercial & Industrial Non-Real Estate [Member] | ' | ' |
Loan Receivable | 24,529 | 25,110 |
Individually evaluated for impairment | ' | 708 |
Collectively evaluated for impairment | 24,529 | 24,402 |
Consumer [Member] | ' | ' |
Loan Receivable | 12,561 | 12,698 |
Individually evaluated for impairment | ' | 2 |
Collectively evaluated for impairment | 12,561 | 12,696 |
Dealer Finance [Member] | ' | ' |
Loan Receivable | 16,808 | 3,725 |
Individually evaluated for impairment | ' | ' |
Collectively evaluated for impairment | 16,808 | 3,725 |
Credit Cards [Member] | ' | ' |
Loan Receivable | 2,493 | 2,788 |
Individually evaluated for impairment | ' | ' |
Collectively evaluated for impairment | $2,493 | $2,788 |
4_Allowance_for_Loan_Losses_De2
4. Allowance for Loan Losses (Details 2) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
30-59 Days Past due | $12,243 | $12,243 |
60-89 Days Past due | 1,767 | 2,842 |
Greater than 90 Days (excluding non-accrual) | 22 | ' |
Non-Accrual Loans | 12,316 | 13,386 |
Total past due | 26,348 | 28,471 |
Current | 452,864 | 437,348 |
Total Loans Receivable | 479,212 | 465,819 |
Construction/Land Development [Member] | ' | ' |
30-59 Days Past due | 2,639 | 1,173 |
60-89 Days Past due | 78 | 598 |
Greater than 90 Days (excluding non-accrual) | ' | ' |
Non-Accrual Loans | 8,940 | 7,974 |
Total past due | 11,657 | 9,745 |
Current | 57,146 | 61,506 |
Total Loans Receivable | 68,803 | 71,251 |
Farmland [Member] | ' | ' |
30-59 Days Past due | ' | 1,524 |
60-89 Days Past due | 170 | ' |
Greater than 90 Days (excluding non-accrual) | ' | ' |
Non-Accrual Loans | ' | ' |
Total past due | 170 | 1,524 |
Current | 12,893 | 10,735 |
Total Loans Receivable | 13,063 | 12,259 |
Real Estate [Member] | ' | ' |
30-59 Days Past due | 7,100 | 5,032 |
60-89 Days Past due | 1,292 | 1,743 |
Greater than 90 Days (excluding non-accrual) | ' | ' |
Non-Accrual Loans | 650 | 1,637 |
Total past due | 9,042 | 8,412 |
Current | 142,982 | 135,654 |
Total Loans Receivable | 152,024 | 144,066 |
Multi-Family [Member] | ' | ' |
30-59 Days Past due | ' | ' |
60-89 Days Past due | ' | ' |
Greater than 90 Days (excluding non-accrual) | ' | ' |
Non-Accrual Loans | ' | ' |
Total past due | ' | ' |
Current | 10,385 | 9,357 |
Total Loans Receivable | 10,385 | 9,357 |
Commercial Real Estate [Member] | ' | ' |
30-59 Days Past due | 1,013 | 3,238 |
60-89 Days Past due | ' | 124 |
Greater than 90 Days (excluding non-accrual) | ' | ' |
Non-Accrual Loans | 1,863 | 1,823 |
Total past due | 2,876 | 5,185 |
Current | 116,111 | 118,634 |
Total Loans Receivable | 118,987 | 123,819 |
Home Equity - Closed End [Member] | ' | ' |
30-59 Days Past due | ' | 199 |
60-89 Days Past due | ' | 163 |
Greater than 90 Days (excluding non-accrual) | 10 | ' |
Non-Accrual Loans | 229 | 196 |
Total past due | 239 | 558 |
Current | 10,445 | 10,426 |
Total Loans Receivable | 10,684 | 10,984 |
Home Equity - Open End [Member] | ' | ' |
30-59 Days Past due | 183 | 370 |
60-89 Days Past due | 119 | 130 |
Greater than 90 Days (excluding non-accrual) | ' | ' |
Non-Accrual Loans | 205 | 544 |
Total past due | 507 | 1,044 |
Current | 48,368 | 48,718 |
Total Loans Receivable | 48,875 | 49,762 |
Commercial & Industrial Non-Real Estate [Member] | ' | ' |
30-59 Days Past due | 6 | 635 |
60-89 Days Past due | 34 | 5 |
Greater than 90 Days (excluding non-accrual) | ' | ' |
Non-Accrual Loans | 409 | 1,091 |
Total past due | 449 | 1,731 |
Current | 24,080 | 23,379 |
Total Loans Receivable | 24,529 | 25,110 |
Consumer [Member] | ' | ' |
30-59 Days Past due | 1,168 | 62 |
60-89 Days Past due | 17 | 66 |
Greater than 90 Days (excluding non-accrual) | 10 | ' |
Non-Accrual Loans | 20 | 121 |
Total past due | 1,215 | 249 |
Current | 11,346 | 12,449 |
Total Loans Receivable | 12,561 | 12,698 |
Dealer Finance [Member] | ' | ' |
30-59 Days Past due | 117 | ' |
60-89 Days Past due | 31 | ' |
Greater than 90 Days (excluding non-accrual) | ' | ' |
Non-Accrual Loans | ' | ' |
Total past due | 148 | ' |
Current | 16,660 | 3,725 |
Total Loans Receivable | 16,808 | 3,725 |
Credit Cards [Member] | ' | ' |
30-59 Days Past due | 17 | 10 |
60-89 Days Past due | 26 | 13 |
Greater than 90 Days (excluding non-accrual) | 2 | ' |
Non-Accrual Loans | ' | ' |
Total past due | 45 | 23 |
Current | 2,448 | 2,765 |
Total Loans Receivable | $2,493 | $2,788 |
4_Allowance_for_Loan_Losses_De3
4. Allowance for Loan Losses (Details 3) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Construction/Land Development | $68,803 | $71,251 |
Farmland | 13,063 | 12,259 |
Real Estate | 152,024 | 144,066 |
Multi-Family | 10,385 | 9,357 |
Commercial Real Estate | 118,987 | 123,819 |
Home Equity - closed end | 10,684 | 10,984 |
Home Equity - open end | 48,875 | 49,762 |
Commercial & Industrial (Non-Real Estate) | 24,529 | 25,110 |
Total | 447,350 | 446,608 |
Grade 1 Minimal Risk [Member] | ' | ' |
Construction/Land Development | ' | ' |
Farmland | 69 | 70 |
Real Estate | ' | ' |
Multi-Family | ' | ' |
Commercial Real Estate | ' | ' |
Home Equity - closed end | 12 | ' |
Home Equity - open end | ' | ' |
Commercial & Industrial (Non-Real Estate) | 432 | ' |
Total | 513 | 70 |
Grade 2 Modest Risk [Member] | ' | ' |
Construction/Land Development | 816 | 831 |
Farmland | ' | ' |
Real Estate | 501 | 448 |
Multi-Family | 686 | 632 |
Commercial Real Estate | 1,656 | 2,033 |
Home Equity - closed end | ' | ' |
Home Equity - open end | 1,463 | 1,460 |
Commercial & Industrial (Non-Real Estate) | 40 | 87 |
Total | 5,162 | 5,491 |
Grade 3 Average Risk [Member] | ' | ' |
Construction/Land Development | 2,879 | 4,400 |
Farmland | 1,509 | 1,544 |
Real Estate | 69,358 | 36,342 |
Multi-Family | 4,495 | 2,185 |
Commercial Real Estate | 18,176 | 18,663 |
Home Equity - closed end | 4,813 | 2,280 |
Home Equity - open end | 14,604 | 15,294 |
Commercial & Industrial (Non-Real Estate) | 3,821 | 3,505 |
Total | 119,655 | 84,213 |
Grade 4 Acceptable Risk [Member] | ' | ' |
Construction/Land Development | 23,113 | 16,616 |
Farmland | 4,907 | 4,327 |
Real Estate | 48,844 | 69,670 |
Multi-Family | 772 | 1,815 |
Commercial Real Estate | 57,521 | 56,624 |
Home Equity - closed end | 3,110 | 6,198 |
Home Equity - open end | 27,179 | 26,595 |
Commercial & Industrial (Non-Real Estate) | 15,738 | 15,448 |
Total | 181,184 | 197,293 |
Grade 5 Marginally Acceptable [Member] | ' | ' |
Construction/Land Development | 12,094 | 15,783 |
Farmland | 4,511 | 4,214 |
Real Estate | 18,196 | 22,413 |
Multi-Family | 4,432 | 4,725 |
Commercial Real Estate | 26,768 | 28,650 |
Home Equity - closed end | 1,705 | 1,268 |
Home Equity - open end | 4,609 | 4,735 |
Commercial & Industrial (Non-Real Estate) | 3,458 | 3,621 |
Total | 75,773 | 85,409 |
Grade 6 Watch [Member] | ' | ' |
Construction/Land Development | 7,837 | 9,013 |
Farmland | 494 | 524 |
Real Estate | 8,508 | 6,472 |
Multi-Family | ' | ' |
Commercial Real Estate | 9,343 | 4,910 |
Home Equity - closed end | 300 | 530 |
Home Equity - open end | 397 | 694 |
Commercial & Industrial (Non-Real Estate) | 529 | 531 |
Total | 27,408 | 22,674 |
Grade 7 Substandard [Member] | ' | ' |
Construction/Land Development | 22,064 | 24,608 |
Farmland | 1,573 | 1,580 |
Real Estate | 6,617 | 8,721 |
Multi-Family | ' | ' |
Commercial Real Estate | 5,523 | 12,939 |
Home Equity - closed end | 744 | 708 |
Home Equity - open end | 623 | 869 |
Commercial & Industrial (Non-Real Estate) | 511 | 1,918 |
Total | 37,655 | 51,343 |
Grade 8 Doubtful [Member] | ' | ' |
Construction/Land Development | ' | ' |
Farmland | ' | ' |
Real Estate | ' | ' |
Multi-Family | ' | ' |
Commercial Real Estate | ' | ' |
Home Equity - closed end | ' | ' |
Home Equity - open end | ' | 115 |
Commercial & Industrial (Non-Real Estate) | ' | ' |
Total | ' | $115 |
4_Allowance_for_Loan_Losses_De4
4. Allowance for Loan Losses (Details 4) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Credit cards | $2,493 | $2,788 |
Consumer | 29,369 | 16,423 |
Performing Financing Receivable [Member] | ' | ' |
Credit cards | 2,491 | 2,788 |
Consumer | 29,359 | 16,404 |
Nonperforming Financing Receivable [Member] | ' | ' |
Credit cards | 2 | ' |
Consumer | $10 | $19 |
5_Employee_Benefit_Plan_Detail
5. Employee Benefit Plan (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 |
Employee Benefit Plan Details | ' | ' | ' | ' |
Service cost | $149,983 | $129,659 | $449,949 | $388,977 |
Interest cost | 87,578 | 81,981 | 262,734 | 245,943 |
Expected return on plan assets | -159,020 | -135,017 | -477,060 | -405,051 |
Amortization of net obligation at transition | ' | ' | ' | ' |
Amortization of prior service cost | -3,809 | -3,809 | -11,427 | -11,427 |
Amortization of net (gain) or loss | 50,796 | 43,305 | 152,388 | 129,915 |
Net periodic pension cost | $125,528 | $116,119 | $376,584 | $348,357 |
5_Employee_Benefit_Plan_Detail1
5. Employee Benefit Plan (Details Narrative) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Employee Benefit Plan Details Narrative | ' |
Contribution to employee benefit plan | $750,000 |
6_Fair_Value_Details
6. Fair Value (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Total assets at fair value | $8,305 | $8,678 |
Total liabilities at fair value | ' | ' |
Derivative financial instruments at fair value | 28 | 15 |
Government Sponsored Enterprises [Member] | ' | ' |
Total assets at fair value | 7,062 | 7,031 |
Total liabilities at fair value | ' | ' |
Mortgage Backed Obligations of Federal Agencies [Member] | ' | ' |
Total assets at fair value | 1,243 | 1,647 |
Total liabilities at fair value | ' | ' |
Available for sale Securities [Member] | ' | ' |
Total assets at fair value | 8,305 | 8,678 |
Total liabilities at fair value | ' | ' |
Fair Value Inputs Level 1 [Member] | ' | ' |
Total assets at fair value | ' | ' |
Total liabilities at fair value | ' | ' |
Derivative financial instruments at fair value | ' | ' |
Fair Value Inputs Level 1 [Member] | Government Sponsored Enterprises [Member] | ' | ' |
Total assets at fair value | ' | ' |
Total liabilities at fair value | ' | ' |
Fair Value Inputs Level 1 [Member] | Mortgage Backed Obligations of Federal Agencies [Member] | ' | ' |
Total assets at fair value | ' | ' |
Total liabilities at fair value | ' | ' |
Fair Value Inputs Level 1 [Member] | Available for sale Securities [Member] | ' | ' |
Total assets at fair value | ' | ' |
Total liabilities at fair value | ' | ' |
Fair Value Inputs Level 2 [Member] | ' | ' |
Total assets at fair value | 8,305 | 8,678 |
Total liabilities at fair value | ' | ' |
Derivative financial instruments at fair value | 28 | 15 |
Fair Value Inputs Level 2 [Member] | Government Sponsored Enterprises [Member] | ' | ' |
Total assets at fair value | 7,062 | 7,031 |
Total liabilities at fair value | ' | ' |
Fair Value Inputs Level 2 [Member] | Mortgage Backed Obligations of Federal Agencies [Member] | ' | ' |
Total assets at fair value | 1,243 | 1,647 |
Total liabilities at fair value | ' | ' |
Fair Value Inputs Level 2 [Member] | Available for sale Securities [Member] | ' | ' |
Total assets at fair value | 8,305 | 8,678 |
Total liabilities at fair value | ' | ' |
Fair Value Inputs Level 3 [Member] | ' | ' |
Total assets at fair value | ' | ' |
Total liabilities at fair value | ' | ' |
Derivative financial instruments at fair value | ' | ' |
Fair Value Inputs Level 3 [Member] | Government Sponsored Enterprises [Member] | ' | ' |
Total assets at fair value | ' | ' |
Total liabilities at fair value | ' | ' |
Fair Value Inputs Level 3 [Member] | Mortgage Backed Obligations of Federal Agencies [Member] | ' | ' |
Total assets at fair value | ' | ' |
Total liabilities at fair value | ' | ' |
Fair Value Inputs Level 3 [Member] | Available for sale Securities [Member] | ' | ' |
Total assets at fair value | ' | ' |
Total liabilities at fair value | ' | ' |
6_Fair_Value_Details_1
6. Fair Value (Details 1) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Loans Held For Sale | $2,777 | $77,207 |
Other Real Estate Owned Loans | 2,369 | 2,884 |
Impaired loans | 8,265 | 12,180 |
Assets Fair Value | 13,411 | 92,271 |
Liabilities Fair Value | ' | ' |
Fair Value Inputs Level 1 [Member] | ' | ' |
Loans Held For Sale | ' | ' |
Other Real Estate Owned Loans | ' | ' |
Impaired loans | ' | ' |
Assets Fair Value | ' | ' |
Liabilities Fair Value | ' | ' |
Fair Value Inputs Level 2 [Member] | ' | ' |
Loans Held For Sale | 2,777 | 77,207 |
Other Real Estate Owned Loans | ' | ' |
Impaired loans | ' | ' |
Assets Fair Value | 2,777 | 77,207 |
Liabilities Fair Value | ' | ' |
Fair Value Inputs Level 3 [Member] | ' | ' |
Loans Held For Sale | ' | ' |
Other Real Estate Owned Loans | 2,369 | 2,884 |
Impaired loans | 8,265 | 12,180 |
Assets Fair Value | 10,634 | 15,064 |
Liabilities Fair Value | ' | ' |
Construction/Land Development [Member] | ' | ' |
Impaired loans | 6,867 | 9,100 |
Construction/Land Development [Member] | Fair Value Inputs Level 1 [Member] | ' | ' |
Impaired loans | ' | ' |
Construction/Land Development [Member] | Fair Value Inputs Level 2 [Member] | ' | ' |
Impaired loans | ' | ' |
Construction/Land Development [Member] | Fair Value Inputs Level 3 [Member] | ' | ' |
Impaired loans | 6,867 | 9,100 |
Farmland [Member] | ' | ' |
Impaired loans | ' | ' |
Farmland [Member] | Fair Value Inputs Level 1 [Member] | ' | ' |
Impaired loans | ' | ' |
Farmland [Member] | Fair Value Inputs Level 2 [Member] | ' | ' |
Impaired loans | ' | ' |
Farmland [Member] | Fair Value Inputs Level 3 [Member] | ' | ' |
Impaired loans | ' | ' |
Real Estate [Member] | ' | ' |
Impaired loans | 394 | 756 |
Real Estate [Member] | Fair Value Inputs Level 1 [Member] | ' | ' |
Impaired loans | ' | ' |
Real Estate [Member] | Fair Value Inputs Level 2 [Member] | ' | ' |
Impaired loans | ' | ' |
Real Estate [Member] | Fair Value Inputs Level 3 [Member] | ' | ' |
Impaired loans | 394 | 756 |
Multi-Family [Member] | ' | ' |
Impaired loans | ' | ' |
Multi-Family [Member] | Fair Value Inputs Level 1 [Member] | ' | ' |
Impaired loans | ' | ' |
Multi-Family [Member] | Fair Value Inputs Level 2 [Member] | ' | ' |
Impaired loans | ' | ' |
Multi-Family [Member] | Fair Value Inputs Level 3 [Member] | ' | ' |
Impaired loans | ' | ' |
Commercial Real Estate [Member] | ' | ' |
Impaired loans | 745 | 1,422 |
Commercial Real Estate [Member] | Fair Value Inputs Level 1 [Member] | ' | ' |
Impaired loans | ' | ' |
Commercial Real Estate [Member] | Fair Value Inputs Level 2 [Member] | ' | ' |
Impaired loans | ' | ' |
Commercial Real Estate [Member] | Fair Value Inputs Level 3 [Member] | ' | ' |
Impaired loans | 745 | 1,422 |
Home Equity - Closed End [Member] | ' | ' |
Impaired loans | 259 | 298 |
Home Equity - Closed End [Member] | Fair Value Inputs Level 1 [Member] | ' | ' |
Impaired loans | ' | ' |
Home Equity - Closed End [Member] | Fair Value Inputs Level 2 [Member] | ' | ' |
Impaired loans | ' | ' |
Home Equity - Closed End [Member] | Fair Value Inputs Level 3 [Member] | ' | ' |
Impaired loans | 259 | 298 |
Home Equity - Open End [Member] | ' | ' |
Impaired loans | ' | 171 |
Home Equity - Open End [Member] | Fair Value Inputs Level 1 [Member] | ' | ' |
Impaired loans | ' | ' |
Home Equity - Open End [Member] | Fair Value Inputs Level 2 [Member] | ' | ' |
Impaired loans | ' | ' |
Home Equity - Open End [Member] | Fair Value Inputs Level 3 [Member] | ' | ' |
Impaired loans | ' | 171 |
Commercial & Industrial Non-Real Estate [Member] | ' | ' |
Impaired loans | ' | 431 |
Commercial & Industrial Non-Real Estate [Member] | Fair Value Inputs Level 1 [Member] | ' | ' |
Impaired loans | ' | ' |
Commercial & Industrial Non-Real Estate [Member] | Fair Value Inputs Level 2 [Member] | ' | ' |
Impaired loans | ' | ' |
Commercial & Industrial Non-Real Estate [Member] | Fair Value Inputs Level 3 [Member] | ' | ' |
Impaired loans | ' | 431 |
Consumer [Member] | ' | ' |
Impaired loans | ' | 2 |
Consumer [Member] | Fair Value Inputs Level 1 [Member] | ' | ' |
Impaired loans | ' | ' |
Consumer [Member] | Fair Value Inputs Level 2 [Member] | ' | ' |
Impaired loans | ' | ' |
Consumer [Member] | Fair Value Inputs Level 3 [Member] | ' | ' |
Impaired loans | ' | 2 |
Credit Cards [Member] | ' | ' |
Impaired loans | ' | ' |
Credit Cards [Member] | Fair Value Inputs Level 1 [Member] | ' | ' |
Impaired loans | ' | ' |
Credit Cards [Member] | Fair Value Inputs Level 2 [Member] | ' | ' |
Impaired loans | ' | ' |
Credit Cards [Member] | Fair Value Inputs Level 3 [Member] | ' | ' |
Impaired loans | ' | ' |
Dealer Finance [Member] | ' | ' |
Impaired loans | ' | ' |
Dealer Finance [Member] | Fair Value Inputs Level 1 [Member] | ' | ' |
Impaired loans | ' | ' |
Dealer Finance [Member] | Fair Value Inputs Level 2 [Member] | ' | ' |
Impaired loans | ' | ' |
Dealer Finance [Member] | Fair Value Inputs Level 3 [Member] | ' | ' |
Impaired loans | ' | ' |
Consumer [Member] | ' | ' |
Impaired loans | ' | ' |
Consumer [Member] | Fair Value Inputs Level 1 [Member] | ' | ' |
Impaired loans | ' | ' |
Consumer [Member] | Fair Value Inputs Level 2 [Member] | ' | ' |
Impaired loans | ' | ' |
Consumer [Member] | Fair Value Inputs Level 3 [Member] | ' | ' |
Impaired loans | ' | ' |
7_Disclosures_About_Fair_Value2
7. Disclosures About Fair Value of Financial Instruments (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financial Assets | ' | ' |
Loans, Estimated Fair Value | $510,244 | $488,164 |
Loans, Carrying value | 479,212 | 465,819 |
Financial Liabilities | ' | ' |
Time deposits, Estimated Fair Value | 198,678 | 203,539 |
Time deposits, Carrying Value | 196,790 | 201,518 |
Long-term debt, Estimated Fair Value | 17,996 | 39,551 |
Long-term debt, Carrying Value | $16,678 | $37,714 |
8_Troubled_Debt_Restructuring_
8. Troubled Debt Restructuring (Details Narrative) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Troubled Debt Restructuring Details Narrative | ' | ' |
Debt restructurings | $0 | ' |
Pre-modification and post-modification outstanding recorded investment | $50,000 | $492,000 |