Loans Receivable and Related Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2015 |
Loans Notes Trade and Other Receivables Disclosure [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 5 | Loans Receivable and Related Allowance for Loan Losses | | | | | | | | | | | | | | | | | | |
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The Corporation’s loans receivable as of the respective dates are summarized as follows: |
|
(Dollar amounts in thousands) | | March 31, | | December 31, | | | | | | | | | | | | | |
| | 2015 | | 2014 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Mortgage loans on real estate: | | | | | | | | | | | | | | | | | | | |
Residential first mortgages | | $ | 106,251 | | $ | 107,173 | | | | | | | | | | | | | |
Home equity loans and lines of credit | | | 87,761 | | | 89,106 | | | | | | | | | | | | | |
Commercial real estate | | | 112,407 | | | 110,810 | | | | | | | | | | | | | |
| | | 306,419 | | | 307,089 | | | | | | | | | | | | | |
Other loans: | | | | | | | | | | | | | | | | | | | |
Commercial business | | | 68,072 | | | 70,185 | | | | | | | | | | | | | |
Consumer | | | 7,028 | | | 7,598 | | | | | | | | | | | | | |
| | | 75,100 | | | 77,783 | | | | | | | | | | | | | |
Total loans, gross | | | 381,519 | | | 384,872 | | | | | | | | | | | | | |
Less allowance for loan losses | | | 5,340 | | | 5,224 | | | | | | | | | | | | | |
Total loans, net | | $ | 376,179 | | $ | 379,648 | | | | | | | | | | | | | |
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During 2014, the Corporation purchased four syndicated national credits (SNCs) each having a principal amount of $1.0 million. The SNCs were purchased for a total of $4.0 million plus a net premium of $15,000 and other costs totaling $11,000 which are being amortized over the lives of the loans. The SNCs are recorded as commercial business loans and are collateralized by all business assets of the individual borrowers. These credits have been assigned allowance for loan losses equal to 125% of the Corporation’s normal allowance allocation for commercial business loans until sufficient historical performance data can be collected and analyzed. As of March 31, 2015, these SNC’s had an outstanding balance of $3.5 million. |
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The following table presents impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary as of March 31, 2015: |
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(Dollar amounts in thousands) | | | | | | | | | | | | | | | | | | | |
| | Impaired Loans with Specific Allowance | |
| | | | | | | | | | | For the three months | |
| | As of March 31, 2015 | | ended March 31, 2015 | |
| | | | | | | | | | | | | | | | | Cash Basis | |
| | Unpaid | | | | | | | | Average | | Interest Income | | Interest | |
| | Principal | | Recorded | | Related | | Recorded | | Recognized | | Recognized | |
| | Balance | | Investment | | Allowance | | Investment | | in Period | | in Period | |
Residential first mortgages | | $ | 170 | | $ | 170 | | $ | 27 | | $ | 170 | | $ | 2 | | $ | 2 | |
Home equity and lines of credit | | | - | | | - | | | - | | | - | | | - | | | - | |
Commercial real estate | | | 3,550 | | | 2,609 | | | 252 | | | 2,642 | | | - | | | - | |
Commercial business | | | 2,559 | | | 2,559 | | | 506 | | | 2,591 | | | - | | | - | |
Consumer | | | - | | | - | | | - | | | - | | | - | | | - | |
Total | | $ | 6,279 | | $ | 5,338 | | $ | 785 | | $ | 5,403 | | $ | 2 | | $ | 2 | |
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| | Impaired Loans with No Specific Allowance | |
| | | | | | | | | | | For the three months | |
| | As of March 31, 2015 | | ended March 31, 2015 | |
| | | | | | | | | | | | | | | | | Cash Basis | |
| | Unpaid | | | | | | | | Average | | Interest Income | | Interest | |
| | Principal | | Recorded | | | | | Recorded | | Recognized | | Recognized | |
| | Balance | | Investment | | | | | Investment | | in Period | | in Period | |
Residential first mortgages | | $ | 111 | | $ | 111 | | | | | $ | 112 | | $ | - | | $ | - | |
Home equity and lines of credit | | | - | | | - | | | | | | - | | | - | | | - | |
Commercial real estate | | | 1,208 | | | 809 | | | | | | 832 | | | 5 | | | 5 | |
Commercial business | | | 51 | | | 51 | | | | | | 51 | | | 2 | | | 2 | |
Consumer | | | - | | | - | | | | | | - | | | - | | | - | |
Total | | $ | 1,370 | | $ | 971 | | | | | $ | 995 | | $ | 7 | | $ | 7 | |
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The following table presents impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary as of December 31, 2014: |
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(Dollar amounts in thousands) | | | | | | | | | | | | | | | | | | | |
| | Impaired Loans with Specific Allowance | |
| | | | | | | | | | | For the year ended | |
| | As of December 31, 2014 | | December 31, 2014 | |
| | | | | | | | | | | | | | | | | Cash Basis | |
| | Unpaid | | | | | | | | Average | | Interest Income | | Interest | |
| | Principal | | Recorded | | Related | | Recorded | | Recognized | | Recognized | |
| | Balance | | Investment | | Allowance | | Investment | | in Period | | in Period | |
| | | | | | | | | | | | | | | | | | | |
Residential first mortgages | | $ | 171 | | $ | 171 | | $ | 27 | | $ | 136 | | $ | 12 | | $ | 12 | |
Home equity and lines of credit | | | - | | | - | | | - | | | - | | | - | | | - | |
Commercial real estate | | | 3,615 | | | 2,674 | | | 268 | | | 2,673 | | | 16 | | | - | |
Commercial business | | | 2,622 | | | 2,622 | | | 495 | | | 1,524 | | | 66 | | | - | |
Consumer | | | - | | | - | | | - | | | - | | | - | | | - | |
Total | | $ | 6,408 | | $ | 5,467 | | $ | 790 | | $ | 4,333 | | $ | 94 | | $ | 12 | |
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| | Impaired Loans with No Specific Allowance | |
| | | | | | | | | | | For the year ended | |
| | As of December 31, 2014 | | December 31, 2014 | |
| | | | | | | | | | | | | | | | | Cash Basis | |
| | Unpaid | | | | | | | | Average | | Interest Income | | Interest | |
| | Principal | | Recorded | | | | | Recorded | | Recognized | | Recognized | |
| | Balance | | Investment | | | | | Investment | | in Period | | in Period | |
| | | | | | | | | | | | | | | | | | | |
Residential first mortgages | | $ | 114 | | $ | 114 | | | | | $ | 74 | | $ | 2 | | $ | - | |
Home equity and lines of credit | | | - | | | - | | | | | | - | | | - | | | - | |
Commercial real estate | | | 1,254 | | | 855 | | | | | | 839 | | | 15 | | | 4 | |
Commercial business | | | 51 | | | 51 | | | | | | 250 | | | 1 | | | 1 | |
Consumer | | | - | | | - | | | | | | 1,078 | | | 533 | | | 533 | |
Total | | $ | 1,419 | | $ | 1,020 | | | | | $ | 2,241 | | $ | 551 | | $ | 538 | |
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The following table presents impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary as of March 31, 2014: |
|
(Dollar amounts in thousands) | | | | | | | | | | | | | | | | | | | |
| | Impaired Loans with Specific Allowance | |
| | | | | | | | | | | For the three months | |
| | As of March 31, 2014 | | ended March 31, 2014 | |
| | | | | | | | | | | | | | | | | Cash Basis | |
| | Unpaid | | | | | | | | Average | | Interest Income | | Interest | |
| | Principal | | Recorded | | Related | | Recorded | | Recognized | | Recognized | |
| | Balance | | Investment | | Allowance | | Investment | | in Period | | in Period | |
| | | | | | | | | | | | | | | | | | | |
Residential first mortgages | | $ | 81 | | $ | 81 | | $ | 21 | | $ | 82 | | $ | 1 | | $ | 1 | |
Home equity and lines of credit | | | - | | | - | | | - | | | - | | | - | | | - | |
Commercial real estate | | | 3,664 | | | 2,723 | | | 209 | | | 2,621 | | | 7 | | | 2 | |
Commercial business | | | 417 | | | 417 | | | 235 | | | 209 | | | 5 | | | - | |
Consumer | | | - | | | - | | | - | | | - | | | - | | | - | |
Total | | $ | 4,162 | | $ | 3,221 | | $ | 465 | | $ | 2,912 | | $ | 13 | | $ | 3 | |
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| | Impaired Loans with No Specific Allowance | |
| | | | | | | | | | | For the three months | |
| | As of March 31, 2014 | | ended March 31, 2014 | |
| | | | | | | | | | | | | | | | | Cash Basis | |
| | Unpaid | | | | | | | | Average | | Interest Income | | Interest | |
| | Principal | | Recorded | | | | | Recorded | | Recognized | | Recognized | |
| | Balance | | Investment | | | | | Investment | | in Period | | in Period | |
| | | | | | | | | | | | | | | | | | | |
Residential first mortgages | | $ | - | | $ | - | | | | | $ | 10 | | $ | - | | $ | - | |
Home equity and lines of credit | | | - | | | - | | | | | | - | | | - | | | - | |
Commercial real estate | | | 1,103 | | | 704 | | | | | | 690 | | | 2 | | | 2 | |
Commercial business | | | 388 | | | 386 | | | | | | 361 | | | - | | | - | |
Consumer | | | 1,348 | | | 1,348 | | | | | | 1,348 | | | - | | | - | |
Total | | $ | 2,839 | | $ | 2,438 | | | | | $ | 2,409 | | $ | 2 | | $ | 2 | |
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Unpaid principal balance includes any loans that have been partially charged off but not forgiven. Accrued interest is not included in the recorded investment in loans based on the amounts not being material. |
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Troubled debt restructurings (TDR). The Corporation has certain loans that have been modified in order to maximize collection of loan balances. If, for economic or legal reasons related to the customer’s financial difficulties, management grants a concession compared to the original terms and conditions of the loan that it would not have otherwise considered, the modified loan is classified as a TDR. Concessions related to TDRs generally do not include forgiveness of principal balances. The Corporation generally does not extend additional credit to borrowers with loans classified as TDRs. |
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At March 31, 2015 and December 31, 2014, the Corporation had $5.4 million and $5.6 million, respectively, of loans classified as TDRs, which are included in impaired loans above. At March 31, 2015 and December 31, 2014, the Corporation had $496,000 and $513,000 of the allowance for loan losses allocated to these specific loans. At March 31, 2014, the Corporation had $2.5 million of loans classified as TDRs with $56,000 of the allowance for loan losses allocated to these specific loans. |
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During the three month periods ended March 31, 2015 and 2014, the Corporation did not modify any loans as TDRs. |
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A loan is considered to be in payment default once it is 30 days contractually past due under the modified terms. During the three month period ended March 31, 2015, there was a default on one $90,000 residential mortgage loan within 12 months following modification classified as a TDR at March 31, 2015. At March 31, 2015, this loan was 30-59 days past due. During the three month period ended March 31, 2014, the Corporation did not have any loans which were modified as TDRs for which there was a payment default within twelve months following the modification. |
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Credit Quality Indicators. Management categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information and current economic trends, among other factors. |
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Commercial real estate and commercial business loans not identified as impaired are evaluated as risk rated pools of loans utilizing a risk rating practice that is supported by a quarterly special asset review. In this review process, strengths and weaknesses are identified, evaluated and documented for each criticized and classified loan and borrower, strategic action plans are developed, risk ratings are confirmed and the loan’s performance status is reviewed. |
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Management has determined certain portions of the loan portfolio to be homogeneous in nature and assigns like reserve factors for the following loan pool types: residential real estate, home equity loans and lines of credit, and consumer installment and personal lines of credit. |
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The reserve allocation for risk rated loan pools is developed by applying the following factors: |
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Historic: Management utilizes a computer model to develop the historical net charge-off experience which is used to formulate the assumptions employed in the migration analysis applied to estimate future losses in the portfolio. Outstanding balance and charge-off information are input into the model and historical loss migration rate assumptions are developed to apply to pass, special mention, substandard and doubtful risk rated loans. A twelve-quarter rolling weighted-average is utilized to estimate probable incurred losses in the portfolios. |
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Qualitative: Qualitative adjustment factors for pass, special mention, substandard and doubtful ratings are developed and applied to risk rated loans to allow for: quality of lending policies and procedures; national and local economic and business conditions; changes in the nature and volume of the portfolio; experiences, ability and depth of lending management; changes in trends, volume and severity of past due, nonaccrual and classified loans and loss and recovery trends; quality of loan review systems; concentrations of credit and other external factors. |
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Management uses the following definitions for risk ratings: |
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Pass: Loans classified as pass typically exhibit good payment performance and have underlying borrowers with acceptable financial trends where repayment capacity is evident. These borrowers typically would have a sufficient cash flow that would allow them to weather an economic downturn and the value of any underlying collateral could withstand a moderate degree of depreciation due to economic conditions. |
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Special Mention: Loans classified as special mention are characterized by potential weaknesses that could jeopardize repayment as contractually agreed. These loans may exhibit adverse trends such as increasing leverage, shrinking profit margins and/or deteriorating cash flows. These borrowers would inherently be more vulnerable to the application of economic pressures. |
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Substandard: Loans classified as substandard exhibit weaknesses that are well-defined to the point that repayment is jeopardized. Typically, the Corporation is no longer adequately protected by both the apparent net worth and repayment capacity of the borrower. |
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Doubtful: Loans classified as doubtful have advanced to the point that collection or liquidation in full, on the basis of currently ascertainable facts, conditions and value, is highly questionable or improbable. |
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The following table presents the classes of the loan portfolio summarized by the aggregate pass and the criticized categories of special mention, substandard and doubtful within the Corporation’s internal risk rating system as of March 31, 2015 and December 31, 2014: |
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(Dollar amounts in thousands) | | | | | | | | | | | | | | | | | | | |
| | | | | | | | Special | | | | | | | | | | |
| | Not Rated | | Pass | | Mention | | Substandard | | Doubtful | | Total | |
| | | | | | | | | | | | | | | | | | | |
March 31, 2015: | | | | | | | | | | | | | | | | | | | |
Residential first mortgages | | $ | 105,158 | | $ | - | | $ | - | | $ | 1,093 | | $ | - | | $ | 106,251 | |
Home equity and lines of credit | | | 87,016 | | | - | | | - | | | 745 | | | - | | | 87,761 | |
Commercial real estate | | | - | | | 105,368 | | | 496 | | | 6,543 | | | - | | | 112,407 | |
Commercial business | | | - | | | 64,095 | | | 102 | | | 3,693 | | | 182 | | | 68,072 | |
Consumer | | | 7,028 | | | - | | | - | | | - | | | - | | | 7,028 | |
| | | | | | | | | | | | | | | | | | | |
Total | | $ | 199,202 | | $ | 169,463 | | $ | 598 | | $ | 12,074 | | $ | 182 | | $ | 381,519 | |
| | | | | | | | | | | | | | | | | | | |
December 31, 2014: | | | | | | | | | | | | | | | | | | | |
Residential first mortgages | | $ | 106,448 | | $ | - | | $ | - | | $ | 725 | | $ | - | | $ | 107,173 | |
Home equity and lines of credit | | | 88,699 | | | - | | | - | | | 407 | | | - | | | 89,106 | |
Commercial real estate | | | - | | | 103,908 | | | 515 | | | 6,387 | | | - | | | 110,810 | |
Commercial business | | | - | | | 65,627 | | | 1,292 | | | 3,266 | | | - | | | 70,185 | |
Consumer | | | 7,598 | | | - | | | - | | | - | | | - | | | 7,598 | |
Total | | $ | 202,745 | | $ | 169,535 | | $ | 1,807 | | $ | 10,785 | | $ | - | | $ | 384,872 | |
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Management further monitors the performance and credit quality of the loan portfolio by analyzing the age of the portfolio as determined by the length of time a recorded payment is past due. The following table presents the classes of the loan portfolio summarized by the aging categories of performing loans and nonperforming loans as of March 31, 2015 and December 31, 2014: |
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(Dollar amounts in thousands)Â |
| | Performing | | Nonperforming | | | | |
| | Accruing | | Accruing | | Accruing | | Accruing | | | | | | | |
| | Loans Not | | 30-59 Days | | 60-89 Days | | 90 Days + | | | | | Total | |
| | Past Due | | Past Due | | Past Due | | Past Due | | Nonaccrual | | Loans | |
| | | | | | | | | | | | | | | | | | | |
March 31, 2015: | | | | | | | | | | | | | | | | | | | |
Residential first mortgages | | $ | 104,215 | | $ | 949 | | $ | - | | $ | - | | $ | 1,087 | | $ | 106,251 | |
Home equity and lines of credit | | | 86,753 | | | 263 | | | - | | | 231 | | | 514 | | | 87,761 | |
Commercial real estate | | | 109,003 | | | 81 | | | - | | | - | | | 3,323 | | | 112,407 | |
Commercial business | | | 65,730 | | | - | | | 24 | | | - | | | 2,318 | | | 68,072 | |
Consumer | | | 7,000 | | | 28 | | | - | | | - | | | - | | | 7,028 | |
Total loans | | $ | 372,701 | | $ | 1,321 | | $ | 24 | | $ | 231 | | $ | 7,242 | | $ | 381,519 | |
| | | | | | | | | | | | | | | | | | | |
December 31, 2014: | | | | | | | | | | | | | | | | | | | |
Residential first mortgages | | $ | 104,523 | | $ | 1,523 | | $ | 402 | | $ | 78 | | $ | 647 | | $ | 107,173 | |
Home equity and lines of credit | | | 87,982 | | | 675 | | | 42 | | | - | | | 407 | | | 89,106 | |
Commercial real estate | | | 107,292 | | | 30 | | | 55 | | | 16 | | | 3,417 | | | 110,810 | |
Commercial business | | | 67,808 | | | - | | | - | | | - | | | 2,377 | | | 70,185 | |
Consumer | | | 7,545 | | | 41 | | | 12 | | | - | | | - | | | 7,598 | |
Total loans | | $ | 375,150 | | $ | 2,269 | | $ | 511 | | $ | 94 | | $ | 6,848 | | $ | 384,872 | |
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The following table presents the Corporation’s nonaccrual loans by aging category as of March 31, 2015 and December 31, 2014: |
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(Dollar amounts in thousands)Â |
| | Not | | 30-59 Days | | 60-89 Days | | 90 Days + | | Total | | | | |
| | Past Due | | Past Due | | Past Due | | Past Due | | Loans | | | | |
| | | | | | | | | | | | | | | | | | | |
March 31, 2015: | | | | | | | | | | | | | | | | | | | |
Residential first mortgages | | $ | 188 | | $ | 170 | | $ | - | | $ | 729 | | $ | 1,087 | | | | |
Home equity and lines of credit | | | 32 | | | 17 | | | - | | | 465 | | | 514 | | | | |
Commercial real estate | | | 2,765 | | | - | | | - | | | 558 | | | 3,323 | | | | |
Commercial business | | | 2,136 | | | - | | | - | | | 182 | | | 2,318 | | | | |
Consumer | | | - | | | - | | | - | | | - | | | - | | | | |
Total loans | | $ | 5,121 | | $ | 187 | | $ | - | | $ | 1,934 | | $ | 7,242 | | | | |
| | | | | | | | | | | | | | | | | | | |
December 31, 2014: | | | | | | | | | | | | | | | | | | | |
Residential first mortgages | | $ | 283 | | $ | - | | $ | 80 | | $ | 284 | | $ | 647 | | | | |
Home equity and lines of credit | | | 33 | | | 18 | | | - | | | 356 | | | 407 | | | | |
Commercial real estate | | | 2,848 | | | - | | | - | | | 569 | | | 3,417 | | | | |
Commercial business | | | 2,151 | | | - | | | 188 | | | 38 | | | 2,377 | | | | |
Consumer | | | - | | | - | | | - | | | - | | | - | | | | |
Total loans | | $ | 5,315 | | $ | 18 | | $ | 268 | | $ | 1,247 | | $ | 6,848 | | | | |
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An allowance for loan losses (ALL) is maintained to absorb probable incurred losses from the loan portfolio. The ALL is based on management’s continuing evaluation of the risk characteristics and credit quality of the loan portfolio, assessment of current economic conditions, diversification and size of the portfolio, adequacy of collateral, past and anticipated loss experience and the amount of nonperforming loans. |
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Management reviews the loan portfolio on a quarterly basis using a defined, consistently applied process in order to make appropriate and timely adjustments to the ALL. When information confirms all or part of specific loans to be uncollectible, these amounts are promptly charged off against the ALL. |
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The following table details activity in the ALL and the recorded investment by portfolio segment based on impairment method: |
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(Dollar amounts in thousands)Â |
| | | | | Home Equity | | | | | | | | | | | | | |
| | Residential | | &Â Lines | | Commercial | | Commercial | | | | | | | |
| | Mortgages | | of Credit | | Real Estate | | Business | | Consumer | | Total | |
Three months ended March 31, 2015: | | | | | | | | | | | | | | | | | | | |
Allowance for loan losses: | | | | | | | | | | | | | | | | | | | |
Beginning Balance | | $ | 955 | | $ | 543 | | $ | 2,338 | | $ | 1,336 | | $ | 52 | | $ | 5,224 | |
Charge-offs | | | -4 | | | -64 | | | - | | | - | | | -22 | | | -90 | |
Recoveries | | | - | | | 4 | | | 5 | | | 20 | | | 8 | | | 37 | |
Provision | | | 137 | | | 128 | | | -110 | | | 4 | | | 10 | | | 169 | |
Ending Balance | | $ | 1,088 | | $ | 611 | | $ | 2,233 | | $ | 1,360 | | $ | 48 | | $ | 5,340 | |
| | | | | | | | | | | | | | | | | | | |
Three months ended March 31, 2014: | | | | | | | | | | | | | | | | | | | |
Allowance for loan losses: | | | | | | | | | | | | | | | | | | | |
Beginning Balance | | $ | 923 | | $ | 625 | | $ | 2,450 | | $ | 822 | | $ | 49 | | $ | 4,869 | |
Charge-offs | | | -78 | | | - | | | -2 | | | -17 | | | -35 | | | -132 | |
Recoveries | | | - | | | - | | | 5 | | | 7 | | | 9 | | | 21 | |
Provision | | | 91 | | | -6 | | | -232 | | | 282 | | | 28 | | | 163 | |
Ending Balance | | $ | 936 | | $ | 619 | | $ | 2,221 | | $ | 1,094 | | $ | 51 | | $ | 4,921 | |
| | | | | | | | | | | | | | | | | | | |
At March 31, 2015: | | | | | | | | | | | | | | | | | | | |
Ending ALL balance attributable to loans: | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | | | 27 | | | - | | | 252 | | | 506 | | | - | | | 785 | |
Collectively evaluated for impairment | | | 1,061 | | | 611 | | | 1,981 | | | 854 | | | 48 | | | 4,555 | |
| | | | | | | | | | | | | | | | | | | |
Total loans: | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | | | 281 | | | - | | | 3,418 | | | 2,610 | | | - | | | 6,309 | |
Collectively evaluated for impairment | | | 105,970 | | | 87,761 | | | 108,989 | | | 65,462 | | | 7,028 | | | 375,210 | |
| | | | | | | | | | | | | | | | | | | |
At December 31, 2014: | | | | | | | | | | | | | | | | | | | |
Ending ALL balance attributable to loans: | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | | | 27 | | | - | | | 268 | | | 495 | | | - | | | 790 | |
Collectively evaluated for impairment | | | 928 | | | 543 | | | 2,070 | | | 841 | | | 52 | | | 4,434 | |
| | | | | | | | | | | | | | | | | | | |
Total loans: | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | | | 285 | | | - | | | 3,529 | | | 2,673 | | | - | | | 6,487 | |
Collectively evaluated for impairment | | | 106,888 | | | 89,106 | | | 107,281 | | | 67,512 | | | 7,598 | | | 378,385 | |
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The allowance for loan losses is based on estimates and actual losses may vary from current estimates. Management believes that the granularity of the homogeneous pools and the related historical loss ratios and other qualitative factors, as well as the consistency in the application of assumptions, result in an ALL that is representative of the risk found in the components of the portfolio at any given date. |
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