Loans | 6 Months Ended |
Jun. 30, 2014 |
Receivables [Abstract] | ' |
Loans | ' |
Note 9 - Loans |
|
Loan balances were as follows (in thousands): |
|
| | June 30, | | December 31, | | | | | | | | | | | | | | | | |
| | 2014 | | 2013 | | | | | | | | | | | | | | | | |
Commercial | | $ | 258,570 | | $ | 241,794 | | | | | | | | | | | | | | | | |
Residential real estate | | | 281,046 | | | 283,356 | | | | | | | | | | | | | | | | |
Nonresidential real estate | | | 578,852 | | | 571,221 | | | | | | | | | | | | | | | | |
Construction | | | 103,077 | | | 103,019 | | | | | | | | | | | | | | | | |
Consumer | | | 15,817 | | | 15,806 | | | | | | | | | | | | | | | | |
Municipal obligations | | | 36,235 | | | 36,058 | | | | | | | | | | | | | | | | |
Gross loans | | | 1,273,597 | | | 1,251,254 | | | | | | | | | | | | | | | | |
Less: Deferred loan origination fees and discount | | | -1,445 | | | -1,609 | | | | | | | | | | | | | | | | |
Allowance for loan losses | | | -16,334 | | | -16,306 | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Net loans | | $ | 1,255,818 | | $ | 1,233,339 | | | | | | | | | | | | | | | | |
|
The following tables present the activity in the allowance for loan losses for the three months ending June 30, 2014 and 2013, and the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of June 30, 2014 (in thousands): |
|
| | | | | | | | Non | | | | | | | | | | | | | |
| | | | | Residential | | Residential | | | | | | | | Municipal | | | | |
June 30, 2014 | | Commercial | | Real estate | | Real estate | | Construction | | Consumer | | Obligations | | Total | |
Allowance for loan losses | | | | | | | | | | | | | | | | | | | | | | |
Beginning balance | | $ | 3,497 | | $ | 4,255 | | $ | 6,592 | | $ | 1,542 | | $ | 373 | | $ | 90 | | $ | 16,349 | |
Provision for loan losses | | | 473 | | | 192 | | | -161 | | | 428 | | | 35 | | | 33 | | | 1,000 | |
Loans charged off | | | -504 | | | -425 | | | -116 | | | - | | | -97 | | | - | | | -1,142 | |
Recoveries | | | 3 | | | 65 | | | 4 | | | - | | | 55 | | | - | | | 127 | |
| | | | | | | | | | | | | | | | | | | | | | |
Total ending allowance balance | | $ | 3,469 | | $ | 4,087 | | $ | 6,319 | | $ | 1,970 | | $ | 366 | | $ | 123 | | $ | 16,334 | |
| | | | | | | | | | | | | | | | | | | | | | |
Ending allowance balance attributable to loans | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | | $ | 1,680 | | $ | 371 | | $ | 865 | | $ | 803 | | $ | - | | $ | - | | $ | 3,719 | |
Collectively evaluated for impairment | | | 1,789 | | | 3,716 | | | 5,454 | | | 1,167 | | | 366 | | | 123 | | | 12,615 | |
| | | | | | | | | | | | | | | | | | | | | | |
Total ending allowance balance | | $ | 3,469 | | $ | 4,087 | | $ | 6,319 | | $ | 1,970 | | $ | 366 | | $ | 123 | | $ | 16,334 | |
| | | | | | | | | | | | | | | | | | | | | | |
Loans | | | | | | | | | | | | | | | | | | | | | | |
Loans individually evaluated for impairment | | $ | 7,694 | | $ | 6,658 | | $ | 11,814 | | $ | 2,604 | | $ | - | | $ | - | | $ | 28,770 | |
Loans collectively evaluated for impairment | | | 250,876 | | | 274,388 | | | 567,038 | | | 100,473 | | | 15,817 | | | 36,235 | | | 1,244,827 | |
| | | | | | | | | | | | | | | | | | | | | | |
Total ending loans balance | | $ | 258,570 | | $ | 281,046 | | $ | 578,852 | | $ | 103,077 | | $ | 15,817 | | $ | 36,235 | | $ | 1,273,597 | |
|
| | | | | | | | Non | | | | | | | | | | | | | |
| | | | | Residential | | Residential | | | | | | | | Municipal | | | | |
June 30, 2013 | | Commercial | | Real estate | | Real estate | | Construction | | Consumer | | Obligations | | Total | |
Allowance for loan losses | | | | | | | | | | | | | | | | | | | | | | |
Beginning balance | | $ | 2,937 | | $ | 4,098 | | $ | 5,997 | | $ | 3,141 | | $ | 418 | | $ | 50 | | $ | 16,641 | |
Provision for loan losses | | | -26 | | | 1,223 | | | 1,527 | | | -1,300 | | | 164 | | | 12 | | | 1,600 | |
Loans charged off | | | -349 | | | -1,127 | | | -247 | | | -25 | | | -186 | | | - | | | -1,934 | |
Recoveries | | | 21 | | | 20 | | | 3 | | | 245 | | | 54 | | | - | | | 343 | |
Total ending allowance balance | | $ | 2,583 | | $ | 4,214 | | $ | 7,280 | | $ | 2,061 | | $ | 450 | | $ | 62 | | $ | 16,650 | |
|
The following tables present the activity in the allowance for loan losses for the six months ending June 30, 2014 and 2013, and the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of June 30, 2014 and December 31, 2013 (in thousands): |
|
| | | | | | | | Non | | | | | | | | | | | | | |
| | | | | Residential | | Residential | | | | | | | | Municipal | | | | |
June 30, 2014 | | Commercial | | Real estate | | Real estate | | Construction | | Consumer | | Obligations | | Total | |
Allowance for loan losses | | | | | | | | | | | | | | | | | | | | | | |
Beginning balance | | $ | 3,247 | | $ | 4,554 | | $ | 6,502 | | $ | 1,538 | | $ | 373 | | $ | 92 | | $ | 16,306 | |
Provision for loan losses | | | 747 | | | 596 | | | 9 | | | 431 | | | 86 | | | 31 | | | 1,900 | |
Loans charged off | | | -548 | | | -1,139 | | | -199 | | | - | | | -219 | | | - | | | -2,105 | |
Recoveries | | | 23 | | | 76 | | | 7 | | | 1 | | | 126 | | | - | | | 233 | |
| | | | | | | | | | | | | | | | | | | | | | |
Total ending allowance balance | | $ | 3,469 | | $ | 4,087 | | $ | 6,319 | | $ | 1,970 | | $ | 366 | | $ | 123 | | $ | 16,334 | |
|
| | | | | | | | Non | | | | | | | | | | | | | |
| | | | | Residential | | Residential | | | | | | | | Municipal | | | | |
June 30, 2013 | | Commercial | | Real estate | | Real estate | | Construction | | Consumer | | Obligations | | Total | |
Allowance for loan losses | | | | | | | | | | | | | | | | | | | | | | |
Beginning balance | | $ | 2,716 | | $ | 4,272 | | $ | 6,991 | | $ | 1,964 | | $ | 584 | | $ | 41 | | $ | 16,568 | |
Provision for loan losses | | | 407 | | | 1,445 | | | 1,485 | | | 82 | | | 160 | | | 21 | | | 3,600 | |
Loans charged off | | | -577 | | | -1,547 | | | -1,259 | | | -234 | | | -441 | | | - | | | -4,058 | |
Recoveries | | | 37 | | | 44 | | | 63 | | | 249 | | | 147 | | | - | | | 540 | |
Total ending allowance balance | | $ | 2,583 | | $ | 4,214 | | $ | 7,280 | | $ | 2,061 | | $ | 450 | | $ | 62 | | $ | 16,650 | |
|
| | | | | | | | Non | | | | | | | | | | | | | |
| | | | | Residential | | Residential | | | | | | | | Municipal | | | | |
December 31, 2013 | | Commercial | | Real estate | | Real estate | | Construction | | Consumer | | Obligations | | Total | |
Ending allowance balance attributable to loans | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | | $ | 709 | | $ | 1,085 | | $ | 951 | | $ | 674 | | $ | - | | $ | - | | $ | 3,419 | |
Collectively evaluated for impairment | | | 2,538 | | | 3,469 | | | 5,551 | | | 864 | | | 373 | | | 92 | | | 12,887 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | $ | 3,247 | | $ | 4,554 | | $ | 6,502 | | $ | 1,538 | | $ | 373 | | $ | 92 | | $ | 16,306 | |
Loans | | | | | | | | | | | | | | | | | | | | | | |
Loans individually evaluated for impairment | | $ | 4,116 | | $ | 8,179 | | $ | 14,220 | | $ | 2,549 | | $ | - | | $ | - | | $ | 29,064 | |
Loans collectively evaluated for impairment | | | 237,678 | | | 275,177 | | | 557,001 | | | 100,470 | | | 15,806 | | | 36,058 | | | 1,222,190 | |
| | | | | | | | | | | | | | | | | | | | | | |
Total ending loans balance | | $ | 241,794 | | $ | 283,356 | | $ | 571,221 | | $ | 103,019 | | $ | 15,806 | | $ | 36,058 | | $ | 1,251,254 | |
|
The following table presents individually impaired loans by class of loans as of and for the three months ended June 30, 2014 (in thousands): |
|
| | Unpaid | | | | | Allowance for | | Average | | Interest | | | | | | | |
| | Principal | | Recorded | | Loan Losses | | Recorded | | Income | | Interest | | | | |
| | Balance | | Investment | | Allocated | | Investment | | Recognized | | Received | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
With no related allowance recorded | | | | | | | | | | | | | | | | | | | | | | |
Commercial | | $ | 35 | | $ | 35 | | $ | - | | $ | 569 | | $ | - | | $ | - | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Residential real estate | | | | | | | | | | | | | | | | | | | | | | |
Home equity lines of credit | | | - | | | - | | | - | | | - | | | - | | | - | | | | |
Multifamily properties | | | 1,279 | | | 929 | | | - | | | 936 | | | - | | | - | | | | |
Other | | | 1,830 | | | 1,766 | | | - | | | 1,807 | | | - | | | - | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Nonresidential real estate | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied properties | | | 784 | | | 784 | | | - | | | 1,163 | | | - | | | - | | | | |
Non owner occupied properties | | | 2,803 | | | 2,753 | | | - | | | 3,181 | | | - | | | - | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Construction | | | 788 | | | 507 | | | - | | | 254 | | | - | | | - | | | | |
Consumer | | | - | | | - | | | - | | | - | | | - | | | - | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
With an allowance recorded | | | | | | | | | | | | | | | | | | | | | | |
Commercial | | | 8,159 | | | 7,659 | | | 1,680 | | | 7,327 | | | 56 | | | 46 | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Residential real estate | | | | | | | | | | | | | | | | | | | | | | |
Home equity lines of credit | | | 678 | | | 678 | | | 30 | | | 509 | | | - | | | - | | | | |
Multifamily properties | | | 1,484 | | | 1,484 | | | 92 | | | 1,484 | | | 21 | | | 21 | | | | |
Other | | | 2,005 | | | 1,801 | | | 249 | | | 2,331 | | | 9 | | | 7 | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Nonresidential real estate | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied properties | | | 8,048 | | | 6,420 | | | 844 | | | 6,857 | | | 4 | | | 4 | | | | |
Non owner occupied properties | | | 2,478 | | | 1,857 | | | 21 | | | 1,907 | | | 23 | | | 23 | | | | |
Construction | | | 2,097 | | | 2,097 | | | 803 | | | 2,315 | | | 27 | | | 25 | | | | |
Consumer | | | - | | | - | | | - | | | - | | | - | | | - | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 32,468 | | $ | 28,770 | | $ | 3,719 | | $ | 30,640 | | $ | 140 | | $ | 126 | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
|
The following table presents individually impaired loans by class of loans as of and for the three months ended June 30, 2013 (in thousands): |
|
| | Unpaid | | | | | Allowance for | | Average | | Interest | | | | | | | |
| | Principal | | Recorded | | Loan Losses | | Recorded | | Income | | Interest | | | | |
| | Balance | | Investment | | Allocated | | Investment | | Recognized | | Received | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
With no related allowance recorded | | | | | | | | | | | | | | | | | | | | | | |
Commercial | | $ | 170 | | $ | 170 | | $ | - | | $ | 173 | | $ | - | | $ | - | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Residential real estate | | | | | | | | | | | | | | | | | | | | | | |
Home equity lines of credit | | | 50 | | | 34 | | | - | | | 17 | | | - | | | - | | | | |
Multifamily properties | | | - | | | - | | | - | | | 485 | | | - | | | - | | | | |
Other | | | 2,595 | | | 2,232 | | | - | | | 2,170 | | | - | | | - | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Nonresidential real estate | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied properties | | | 379 | | | 379 | | | - | | | 3,385 | | | - | | | - | | | | |
Non owner occupied properties | | | 4,791 | | | 4,559 | | | - | | | 4,326 | | | - | | | - | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Construction | | | - | | | - | | | - | | | 771 | | | - | | | - | | | | |
Consumer | | | - | | | - | | | - | | | - | | | - | | | - | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
With an allowance recorded | | | | | | | | | | | | | | | | | | | | | | |
Commercial | | | 2,528 | | | 2,528 | | | 900 | | | 2,221 | | | 22 | | | 20 | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Residential real estate | | | | | | | | | | | | | | | | | | | | | | |
Home equity lines of credit | | | 339 | | | 339 | | | 155 | | | 478 | | | 3 | | | 3 | | | | |
Multifamily properties | | | 1,320 | | | 970 | | | 3 | | | 485 | | | 8 | | | 8 | | | | |
Other | | | 5,019 | | | 4,630 | | | 520 | | | 5,324 | | | 18 | | | 16 | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Nonresidential real estate | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied properties | | | 10,133 | | | 9,149 | | | 1,415 | | | 5,671 | | | 9 | | | 6 | | | | |
Non owner occupied properties | | | 3,114 | | | 2,594 | | | 207 | | | 3,589 | | | 34 | | | 30 | | | | |
Construction | | | 3,275 | | | 2,957 | | | 1,161 | | | 3,143 | | | 29 | | | 12 | | | | |
Consumer | | | - | | | - | | | - | | | - | | | - | | | - | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 33,713 | | $ | 30,541 | | $ | 4,361 | | $ | 32,238 | | $ | 123 | | $ | 95 | | | | |
|
The following table presents individually impaired loans by class of loans as of and for the six months ended June 30, 2014 (in thousands): |
|
| | Average | | Interest | | | | | | | | | | | | | | | | |
| | Recorded | | Income | | Interest | | | | | | | | | | | | | |
| | Investment | | Recognized | | Received | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
With no related allowance recorded | | | | | | | | | | | | | | | | | | | | | | |
Commercial | | $ | 836 | | $ | - | | $ | - | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Residential real estate | | | | | | | | | | | | | | | | | | | | | | |
Home equity lines of credit | | | - | | | - | | | - | | | | | | | | | | | | | |
Multifamily properties | | | 943 | | | - | | | - | | | | | | | | | | | | | |
Other | | | 1,789 | | | - | | | - | | | | | | | | | | | | | |
Nonresidential real estate | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied properties | | | 1,225 | | | - | | | - | | | | | | | | | | | | | |
Non owner occupied properties | | | 3,449 | | | - | | | - | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Construction | | | 126 | | | - | | | - | | | | | | | | | | | | | |
Consumer | | | - | | | - | | | - | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
With an allowance recorded | | | | | | | | | | | | | | | | | | | | | | |
Commercial | | | 6,165 | | | 135 | | | 124 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Residential real estate | | | | | | | | | | | | | | | | | | | | | | |
Home equity lines of credit | | | 432 | | | 3 | | | 3 | | | | | | | | | | | | | |
Multifamily properties | | | 1,485 | | | 41 | | | 41 | | | | | | | | | | | | | |
Other | | | 2,798 | | | 19 | | | 17 | | | | | | | | | | | | | |
Nonresidential real estate | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied properties | | | 6,885 | | | 6 | | | 6 | | | | | | | | | | | | | |
Non owner occupied properties | | | 2,151 | | | 57 | | | 53 | | | | | | | | | | | | | |
Construction | | | 2,429 | | | 52 | | | 47 | | | | | | | | | | | | | |
Consumer | | | - | | | - | | | - | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 30,713 | | $ | 313 | | $ | 291 | | | | | | | | | | | | | |
|
The following table presents individually impaired loans by class of loans as of and for the six months ended June 30, 2013 (in thousands): |
|
| | Average | | Interest | | Interest | | | | | | | | | | | | | |
Recorded | Income | Received | | | | | | | | | | | | |
Investment | Recognized | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
With no related allowance recorded | | | | | | | | | | | | | | | | | | | | | | |
Commercial | | $ | 137 | | $ | - | | $ | - | | | | | | | | | | | | | |
Residential real estate | | | | | | | | | | | | | | | | | | | | | | |
Home equity lines of credit | | | 21 | | | - | | | - | | | | | | | | | | | | | |
Multifamily properties | | | 485 | | | - | | | - | | | | | | | | | | | | | |
Other | | | 2,032 | | | - | | | - | | | | | | | | | | | | | |
Nonresidential real estate | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied properties | | | 3,290 | | | - | | | - | | | | | | | | | | | | | |
Non owner occupied properties | | | 4,325 | | | - | | | - | | | | | | | | | | | | | |
Construction | | | 771 | | | - | | | - | | | | | | | | | | | | | |
With an allowance recorded | | | | | | | | | | | | | | | | | | | | | | |
Commercial | | | 2,042 | | | 34 | | | 28 | | | | | | | | | | | | | |
Residential real estate | | | | | | | | | | | | | | | | | | | | | | |
Home equity lines of credit | | | 534 | | | 6 | | | 6 | | | | | | | | | | | | | |
Multifamily properties | | | 573 | | | 8 | | | 8 | | | | | | | | | | | | | |
Other | | | 5,430 | | | 41 | | | 39 | | | | | | | | | | | | | |
Nonresidential real estate | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied properties | | | 5,431 | | | 11 | | | 8 | | | | | | | | | | | | | |
Non owner occupied properties | | | 4,274 | | | 75 | | | 68 | | | | | | | | | | | | | |
Construction | | | 3,692 | | | 65 | | | 48 | | | | | | | | | | | | | |
Consumer | | | 30 | | | - | | | - | | | | | | | | | | | | | |
Total | | $ | 33,067 | | $ | 240 | | $ | 205 | | | | | | | | | | | | | |
|
The following table presents loans individually evaluated for impairment by class of loans as of December 31, 2013 (in thousands): |
|
| | Unpaid | | | | | Allowance for | | | | | | | | | | | | | |
| | Principal | | Recorded | | Loan Losses | | | | | | | | | | | | | |
| | Balance | | Investment | | Allocated | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
With no related allowance recorded | | | | | | | | | | | | | | | | | | | | | | |
Commercial | | $ | 1,104 | | $ | 1,104 | | $ | - | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Residential real estate | | | | | | | | | | | | | | | | | | | | | | |
Home equity lines of credit | | | - | | | - | | | - | | | | | | | | | | | | | |
Multifamily properties | | | 1,308 | | | 958 | | | - | | | | | | | | | | | | | |
Other | | | 1,949 | | | 1,694 | | | - | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Nonresidential real estate | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied properties | | | 1,032 | | | 1,032 | | | - | | | | | | | | | | | | | |
Non owner occupied properties | | | 3,873 | | | 3,823 | | | - | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Construction | | | - | | | - | | | - | | | | | | | | | | | | | |
Consumer | | | - | | | - | | | - | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
With an allowance recorded | | | | | | | | | | | | | | | | | | | | | | |
Commercial | | | 3,012 | | | 3,012 | | | 709 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Residential real estate | | | | | | | | | | | | | | | | | | | | | | |
Home equity lines of credit | | | 388 | | | 373 | | | 155 | | | | | | | | | | | | | |
Multifamily properties | | | 1,484 | | | 1,484 | | | 239 | | | | | | | | | | | | | |
Other | | | 3,776 | | | 3,670 | | | 691 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Nonresidential real estate | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied properties | | | 8,288 | | | 6,532 | | | 685 | | | | | | | | | | | | | |
Non owner occupied properties | | | 3,439 | | | 2,833 | | | 266 | | | | | | | | | | | | | |
Construction | | | 2,830 | | | 2,549 | | | 674 | | | | | | | | | | | | | |
Consumer | | | - | | | - | | | - | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 32,483 | | $ | 29,064 | | $ | 3,419 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
|
The following table presents the aging of the recorded investment in past due loans by class of loans as of June 30, 2014 and December 31, 2013 (in thousands): |
|
| | Loans | | Loans over | | | | | | | | | | | | | | | | |
| | 30-90 days | | 90 days | | | | | Loans not | | | | | | | | | | |
| | past due | | past due | | Nonaccrual | | past due | | Total | | | | | | | |
30-Jun-14 | | | | | | | | | | | | | | | | | | | | | | |
Commercial | | $ | 16 | | $ | - | | $ | 3,168 | | $ | 255,386 | | $ | 258,570 | | | | | | | |
Residential real estate | | | | | | | | | | | | | | | | | | | | | | |
Home equity lines of credit | | | 512 | | | - | | | 1,027 | | | 97,302 | | | 98,841 | | | | | | | |
Multifamily properties | | | 1,485 | | | - | | | - | | | 75,392 | | | 76,877 | | | | | | | |
Other residential real estate | | | 222 | | | - | | | 3,853 | | | 101,253 | | | 105,328 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Nonresidential real estate | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied properties | | | 818 | | | - | | | 6,448 | | | 261,452 | | | 268,718 | | | | | | | |
Non owner occupied properties | | | 292 | | | - | | | 2,370 | | | 307,472 | | | 310,134 | | | | | | | |
Construction | | | 105 | | | - | | | 508 | | | 102,464 | | | 103,077 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Consumer | | | | | | | | | | | | | | | | | | | | | | |
Credit card balances | | | 14 | | | 24 | | | - | | | 7,082 | | | 7,120 | | | | | | | |
Other consumer | | | 3 | | | - | | | 10 | | | 8,684 | | | 8,697 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Municipal obligations | | | - | | | - | | | - | | | 36,235 | | | 36,235 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 3,467 | | $ | 24 | | $ | 17,384 | | $ | 1,252,722 | | $ | 1,273,597 | | | | | | | |
|
| | Loans | | Loans over | | | | | | | | | | | | | | | | |
| | 30-90 days | | 90 days | | | | | Loans not | | | | | | | | | | |
| | past due | | past due | | Nonaccrual | | past due | | Total | | | | | | | |
31-Dec-13 | | | | | | | | | | | | | | | | | | | | | | |
Commercial | | $ | 100 | | $ | - | | $ | 385 | | $ | 241,309 | | $ | 241,794 | | | | | | | |
Residential real estate | | | | | | | | | | | | | | | | | | | | | | |
Home equity lines of credit | | | 550 | | | - | | | 622 | | | 97,786 | | | 98,958 | | | | | | | |
Multifamily properties | | | - | | | - | | | - | | | 67,964 | | | 67,964 | | | | | | | |
Other residential real estate | | | 3,693 | | | - | | | 4,738 | | | 108,003 | | | 116,434 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Nonresidential real estate | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied properties | | | 838 | | | - | | | 6,583 | | | 294,389 | | | 301,810 | | | | | | | |
Non owner occupied properties | | | 608 | | | - | | | 2,573 | | | 266,230 | | | 269,411 | | | | | | | |
Construction | | | - | | | - | | | 510 | | | 102,509 | | | 103,019 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Consumer | | | | | | | | | | | | | | | | | | | | | | |
Credit card balances | | | 16 | | | 20 | | | - | | | 7,103 | | | 7,139 | | | | | | | |
Other consumer | | | 9 | | | 1 | | | 6 | | | 8,651 | | | 8,667 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Municipal obligations | | | - | | | - | | | - | | | 36,058 | | | 36,058 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 5,814 | | $ | 21 | | $ | 15,417 | | $ | 1,230,002 | | $ | 1,251,254 | | | | | | | |
|
Troubled Debt Restructurings (dollars in thousands): |
|
The Company allocated $1,506 and $1,791 of specific reserves to customers whose loan terms had been modified in troubled debt restructurings as of June 30, 2014 and June 30, 2013, respectively. Troubled debt restructurings totaled $19,242 and $16,272 as of June 30, 2014 and June 30, 2013, respectively. The Company had not committed to lend additional amounts as of June 30, 2014 and June 30, 2013 to customers with outstanding loans that were classified as troubled debt restructurings. |
|
Modifications involving a reduction of the stated interest rate of the loan were for periods up to three years. Modifications involving an extension of the maturity date were for periods ranging from eight to twelve months. |
|
The following table presents loans by class modified as troubled debt restructurings that occurred during the three months ended June 2014 and 2013 (dollars in thousands): |
|
| | 2014 | | 2013 | | | | |
| | Number | | Pre- | | Post-Modification | | Number | | Pre- | | Post- | | | | |
Of | Modification | Outstanding | Of | Modification | Modification | | | |
Loans | Outstanding | Recorded | Loans | Outstanding | Outstanding | | | |
| Recorded | Investment | | Recorded | Recorded | | | |
| Investment | | | Investment | Investment | | | |
Troubled Debt Restructurings: | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Commercial | | | - | | $ | - | | $ | - | | | 2 | | $ | 171 | | $ | 171 | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Residential real estate | | | | | | | | | | | | | | | | | | | | | | |
Home equity lines of credit | | | - | | | - | | | - | | | - | | | - | | | - | | | | |
Multifamily properties | | | - | | | - | | | - | | | - | | | - | | | - | | | | |
Other residential real estate | | | - | | | - | | | - | | | 1 | | | 491 | | | 491 | | | | |
Nonresidential real estate | | | | | | | | | - | | | | | | | | | | | | | |
Owner occupied properties | | | - | | | - | | | - | | | - | | | - | | | - | | | | |
Non owner occupied properties | | | | | | - | | | - | | | 1 | | | 137 | | | 137 | | | | |
Construction | | | - | | | - | | | - | | | - | | | - | | | - | | | | |
Consumer | | | | | | | | | | | | | | | | | | | | | | |
Credit card balances | | | - | | | - | | | - | | | - | | | - | | | - | | | | |
Other consumer | | | - | | | - | | | - | | | - | | | - | | | - | | | | |
Municipal obligations | | | - | | | - | | | - | | | - | | | - | | | - | | | | |
Total | | | - | | $ | - | | $ | - | | | 4 | | $ | 799 | | $ | 799 | | | | |
|
There were no restructured notes added during the second quarter of 2014. The four restructured notes added in the second quarter 2013 for a total of $799 were added as performing troubled debt restructured loans. |
|
The troubled debt restructurings described above did not have an effect on the allowance for loan losses and resulted in no charge-offs during the second quarter ending June 30, 2014 and June 30, 2013. |
|
The following table presents loans by class modified as troubled debt restructurings that occurred during six months ended June 30, 2014 and 2013 (dollars in thousands): |
|
| | 2014 | | 2013 | | | | |
| | Number | | Pre- | | Post- | | Number | | Pre- | | Post- | | | | |
Of | Modification | Modification | Of | Modification | Modification | | | |
Loans | Outstanding | Outstanding | Loans | Outstanding | Outstanding | | | |
| Recorded | Recorded | | Recorded | Recorded | | | |
| Investment | Investment | | Investment | Investment | | | |
Troubled Debt Restructurings: | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Commercial | | | 7 | | $ | 3,500 | | $ | 3,500 | | | 2 | | $ | 171 | | $ | 171 | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Residential real estate | | | | | | | | | | | | | | | | | | | | | | |
Home equity lines of credit | | | - | | | - | | | - | | | - | | | - | | | - | | | | |
Multifamily properties | | | - | | | - | | | - | | | 1 | | | 970 | | | 970 | | | | |
Other residential real estate | | | - | | | - | | | - | | | 1 | | | 491 | | | 491 | | | | |
Nonresidential real estate | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied properties | | | 3 | | | 433 | | | 433 | | | - | | | - | | | - | | | | |
Non owner occupied properties | | | 1 | | | 137 | | | 137 | | | 2 | | | 970 | | | 950 | | | | |
Construction | | | - | | | - | | | - | | | - | | | - | | | - | | | | |
Consumer | | | | | | | | | | | | | | | | | | | | | | |
Credit card balances | | | - | | | - | | | - | | | - | | | - | | | - | | | | |
Other consumer | | | - | | | - | | | - | | | - | | | - | | | - | | | | |
Municipal obligations | | | - | | | - | | | - | | | - | | | - | | | - | | | | |
Total | | | 11 | | $ | 4,070 | | $ | 4,070 | | | 6 | | $ | 2,602 | | $ | 2,582 | | | | |
|
The eleven restructured notes added during the first six months of 2014 for $4,070 were added as performing troubled debt restructured loans. The six restructured notes added in the first six months of 2013 for a total of $2,582 were added as performing troubled debt restructured loans. |
|
The troubled debt restructurings described above increased the allowance for loan losses by $794 and resulted in charge-offs of $500 during the six months ending June 30, 2014 and increased the allowance for loan losses by $17 and resulted in charge-off’s of $350 for the six months ending June 30, 2013. |
|
The following table presents loans by class modified as troubled debt restructurings for which there was a payment default within twelve months following the modification during the second quarter ending June 30, 2014 (dollars in thousands): |
|
Troubled Debt Restructurings | | | | | | | | | | | | | | | | | | | | | | |
That Subsequently Defaulted: | | Number of Loans | | Recorded Investment | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Commercial | | | 4 | | $ | 2,417 | | | | | | | | | | | | | | | | |
Residential real estate | | | | | | | | | | | | | | | | | | | | | | |
Home equity lines of credit | | | - | | | - | | | | | | | | | | | | | | | | |
Multifamily properties | | | - | | | - | | | | | | | | | | | | | | | | |
Other residential real estate | | | 1 | | | 491 | | | | | | | | | | | | | | | | |
Nonresidential real estate | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied properties | | | - | | | - | | | | | | | | | | | | | | | | |
Non owner occupied properties | | | - | | | - | | | | | | | | | | | | | | | | |
Construction | | | - | | | - | | | | | | | | | | | | | | | | |
Consumer | | | | | | | | | | | | | | | | | | | | | | |
Credit card balances | | | - | | | - | | | | | | | | | | | | | | | | |
Other consumer | | | - | | | - | | | | | | | | | | | | | | | | |
Municipal obligations | | | - | | | - | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Total | | | 5 | | $ | 3,417 | | | | | | | | | | | | | | | | |
|
A loan is considered to be in payment default once it is 30 days contractually past due under the modified terms. |
|
The following table presents loans by class modified as troubled debt restructurings for which there was a payment default within twelve months following the modification during the six months ending June 30, 2014 (dollars in thousands): |
|
Troubled Debt Restructurings | | | | | | | | | | | | | | | | | | | | | | |
That Subsequently Defaulted: | | Number of Loans | | Recorded Investment | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Commercial | | | 6 | | $ | 3,076 | | | | | | | | | | | | | | | | |
Residential real estate | | | | | | | | | | | | | | | | | | | | | | |
Home equity lines of credit | | | | | | | | | | | | | | | | | | | | | | |
Multifamily properties | | | - | | | - | | | | | | | | | | | | | | | | |
Other residential real estate | | | 1 | | | 491 | | | | | | | | | | | | | | | | |
Nonresidential real estate | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied properties | | | - | | | - | | | | | | | | | | | | | | | | |
Non owner occupied properties | | | - | | | - | | | | | | | | | | | | | | | | |
Construction | | | 3 | | | 507 | | | | | | | | | | | | | | | | |
Consumer | | | | | | | | | | | | | | | | | | | | | | |
Credit card balances | | | - | | | - | | | | | | | | | | | | | | | | |
Other consumer | | | - | | | - | | | | | | | | | | | | | | | | |
Municipal obligations | | | - | | | - | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Total | | | 10 | | $ | 4,074 | | | | | | | | | | | | | | | | |
|
A loan is considered to be in payment default once it is 30 days contractually past due under the modified terms. |
|
The troubled debt restructurings that subsequently defaulted described above increased the allowance for loan losses by $0 and resulted in charge-offs of $500 during the second quarter and six months ending June 30, 2014 |
|
The following table presents loans by class modified as troubled debt restructurings for which there was a payment default within twelve months following the modification during the second quarter ending June 30, 2013 (dollars in thousands): |
|
Troubled Debt Restructurings | | | | | | | | | | | | | | | | | | | | | | |
That Subsequently Defaulted: | | Number of Loans | | Recorded Investment | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Commercial | | | 1 | | $ | 148 | | | | | | | | | | | | | | | | |
Residential real estate | | | | | | | | | | | | | | | | | | | | | | |
Home equity lines of credit | | | - | | | - | | | | | | | | | | | | | | | | |
Multifamily properties | | | - | | | - | | | | | | | | | | | | | | | | |
Other residential real estate | | | - | | | - | | | | | | | | | | | | | | | | |
Nonresidential real estate | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied properties | | | - | | | - | | | | | | | | | | | | | | | | |
Non owner occupied properties | | | - | | | - | | | | | | | | | | | | | | | | |
Construction | | | 3 | | | 584 | | | | | | | | | | | | | | | | |
Consumer | | | | | | | | | | | | | | | | | | | | | | |
Credit card balances | | | - | | | - | | | | | | | | | | | | | | | | |
Other consumer | | | - | | | - | | | | | | | | | | | | | | | | |
Municipal obligations | | | - | | | - | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Total | | | 4 | | $ | 732 | | | | | | | | | | | | | | | | |
|
A loan is considered to be in payment default once it is 30 days contractually past due under the modified terms. |
|
The following table presents loans by class modified as troubled debt restructurings for which there was a payment default within twelve months following the modification during the six months ending June 30, 2013 (dollars in thousands): |
|
Troubled Debt Restructurings | | | | | | | | | | | | | | | | | | | | | | |
That Subsequently Defaulted: | | Number of Loans | | Recorded Investment | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Commercial | | | 1 | | $ | 148 | | | | | | | | | | | | | | | | |
Residential real estate | | | | | | | | | | | | | | | | | | | | | | |
Home equity lines of credit | | | | | | | | | | | | | | | | | | | | | | |
Multifamily properties | | | - | | | - | | | | | | | | | | | | | | | | |
Other residential real estate | | | 1 | | | 462 | | | | | | | | | | | | | | | | |
Nonresidential real estate | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied properties | | | 1 | | | 6,343 | | | | | | | | | | | | | | | | |
Non owner occupied properties | | | 2 | | | 1,986 | | | | | | | | | | | | | | | | |
Construction | | | 3 | | | 584 | | | | | | | | | | | | | | | | |
Consumer | | | | | | | | | | | | | | | | | | | | | | |
Credit card balances | | | - | | | - | | | | | | | | | | | | | | | | |
Other consumer | | | - | | | - | | | | | | | | | | | | | | | | |
Municipal obligations | | | - | | | - | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Total | | | 8 | | $ | 9,523 | | | | | | | | | | | | | | | | |
|
A loan is considered to be in payment default once it is 30 days contractually past due under the modified terms. |
|
The troubled debt restructurings that subsequently defaulted described above increased the allowance for loan losses by $1,152 and resulted in charge-offs of $0 during the second quarter ending June 30, 2013 and $553 for the six months ending June 30, 2013. |
|
Credit Quality Indicators: |
|
The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt, including: current financial information, historical payment experience, credit documentation, public information and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis includes loans with an outstanding balance greater than $100,000 and non-homogeneous loans, such as commercial and commercial real estate loans. This analysis is performed on a quarterly basis. Loans with balances below $100,000 and homogenous loans, such as residential real estate and consumer loans, are analyzed for credit quality based on aging status, which was previously presented. The Company uses the following definitions for risk ratings: |
|
Special Mention. Loans classified as special mention have a potential weakness that deserves management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution's credit position at some future date. |
|
Substandard. Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. |
|
Doubtful. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. |
|
Based on the most recent analysis performed, the risk category of loans by class of loans is as follows (in thousands): |
|
| | | | | Special | | | | | | | | | | | | | | | | |
| | Pass | | Mention | | Substandard | | Doubtful | | Not Rated(1) | | Total | | | | |
30-Jun-14 | | | | | | | | | | | | | | | | | | | | | | |
Commercial | | $ | 236,280 | | $ | 12,177 | | $ | 10,113 | | $ | - | | $ | - | | $ | 258,570 | | | | |
Residential real estate | | | | | | | | | | | | | | | | | | | | | | |
Home equity lines of credit | | | 12,483 | | | 207 | | | 2,737 | | | - | | | 83,414 | | | 98,841 | | | | |
Multifamily properties | | | 75,392 | | | - | | | 1,485 | | | - | | | - | | | 76,877 | | | | |
Other residential real estate | | | 20,174 | | | 2,466 | | | 8,020 | | | - | | | 74,668 | | | 105,328 | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Nonresidential real estate | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied properties | | | 239,286 | | | 8,524 | | | 20,908 | | | - | | | - | | | 268,718 | | | | |
Non owner occupied properties | | | 300,033 | | | 4,098 | | | 6,003 | | | - | | | - | | | 310,134 | | | | |
Construction | | | 97,774 | | | - | | | 5,303 | | | - | | | - | | | 103,077 | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Consumer | | | | | | | | | | | | | | | | | | | | | | |
Credit card balances | | | - | | | - | | | - | | | - | | | 7,120 | | | 7,120 | | | | |
Other consumer | | | - | | | - | | | 10 | | | - | | | 8,687 | | | 8,697 | | | | |
Municipal obligations | | | 36,235 | | | - | | | - | | | - | | | - | | | 36,235 | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 1,017,657 | | $ | 27,472 | | $ | 54,579 | | $ | - | | $ | 173,889 | | $ | 1,273,597 | | | | |
|
(1) Not rated loans represent the homogenous pools risk category. |
|
| | | | | Special | | | | | | | | | | | | | | | | |
| | Pass | | Mention | | Substandard | | Doubtful | | Not Rated(1) | | Total | | | | |
31-Dec-13 | | | | | | | | | | | | | | | | | | | | | | |
Commercial | | $ | 226,021 | | $ | 4,736 | | $ | 11,037 | | $ | - | | $ | - | | $ | 241,794 | | | | |
Residential real estate | | | | | | | | | | | | | | | | | | | | | | |
Home equity lines of credit | | | 11,775 | | | 1,721 | | | 1,582 | | | - | | | 83,880 | | | 98,958 | | | | |
Multifamily properties | | | 65,521 | | | - | | | 2,443 | | | - | | | - | | | 67,964 | | | | |
Other residential real estate | | | 24,697 | | | 4,594 | | | 8,606 | | | - | | | 78,537 | | | 116,434 | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Nonresidential real estate | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied properties | | | 271,281 | | | 9,058 | | | 21,471 | | | - | | | - | | | 301,810 | | | | |
Non owner occupied properties | | | 256,328 | | | 5,216 | | | 7,867 | | | - | | | - | | | 269,411 | | | | |
Construction | | | 97,738 | | | 2,264 | | | 3,017 | | | - | | | - | | | 103,019 | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Consumer | | | | | | | | | | | | | | | | | | | | | | |
Credit card balances | | | - | | | - | | | - | | | - | | | 7,139 | | | 7,139 | | | | |
Other consumer | | | - | | | - | | | 4 | | | - | | | 8,663 | | | 8,667 | | | | |
Municipal obligations | | | 36,058 | | | - | | | - | | | - | | | - | | | 36,058 | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 989,419 | | $ | 27,589 | | $ | 56,027 | | $ | - | | $ | 178,219 | | $ | 1,251,254 | | | | |
|
(1) Not rated loans represent the homogenous pools risk category. |
| | | | | | | | | | | | | | | | | | | | | | |