FORM 10-Q | ||
x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission file number 000-24630 |
Iowa | 42-1206172 |
(State of Incorporation) | (I.R.S. Employer Identification No.) |
Large accelerated filer | o | Accelerated filer | x | |
Non-accelerated filer | o (Do not check if a smaller reporting company) | Smaller reporting company | o |
Page No. | ||||
PART I | ||||
Item 1. | ||||
Item 2. | ||||
Item 3. | ||||
Item 4. | ||||
Part II | ||||
Item 1. | ||||
Item 1A. | ||||
Item 2. | ||||
Item 3. | ||||
Item 4. | ||||
Item 5. | ||||
Item 6. | ||||
June 30, 2011 | December 31, 2010 | ||||||
(dollars in thousands) | (unaudited) | ||||||
ASSETS | |||||||
Cash and due from banks | $ | 23,193 | $ | 13,720 | |||
Interest-bearing deposits in banks | 18,153 | 6,077 | |||||
Federal funds sold | 419 | 726 | |||||
Cash and cash equivalents | 41,765 | 20,523 | |||||
Investment securities: | |||||||
Available for sale | 501,211 | 461,954 | |||||
Held to maturity (fair value of $2,502 as of June 30, 2011 and $4,086 as of December 31, 2010) | 2,493 | 4,032 | |||||
Loans held for sale | 312 | 702 | |||||
Loans | 958,199 | 938,035 | |||||
Allowance for loan losses | (15,603 | ) | (15,167 | ) | |||
Net loans | 942,596 | 922,868 | |||||
Loan pool participations, net | 56,664 | 65,871 | |||||
Premises and equipment, net | 25,472 | 26,518 | |||||
Accrued interest receivable | 9,199 | 10,648 | |||||
Other intangible assets, net | 10,695 | 11,143 | |||||
Bank-owned life insurance | 27,227 | 26,772 | |||||
Other real estate owned | 3,418 | 3,850 | |||||
Deferred income taxes | 3,370 | 6,430 | |||||
Other assets | 20,951 | 19,948 | |||||
Total assets | $ | 1,645,373 | $ | 1,581,259 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
Deposits: | |||||||
Non-interest-bearing demand | $ | 153,617 | $ | 129,978 | |||
Interest-bearing checking | 461,197 | 442,878 | |||||
Savings | 77,329 | 74,826 | |||||
Certificates of deposit under $100,000 | 369,023 | 380,082 | |||||
Certificates of deposit $100,000 and over | 195,121 | 191,564 | |||||
Total deposits | 1,256,287 | 1,219,328 | |||||
Securities sold under agreements to repurchase | 48,189 | 50,194 | |||||
Federal Home Loan Bank borrowings | 144,961 | 127,200 | |||||
Deferred compensation liability | 3,681 | 3,712 | |||||
Long-term debt | 15,464 | 15,464 | |||||
Accrued interest payable | 1,777 | 1,872 | |||||
Other liabilities | 6,377 | 5,023 | |||||
Total liabilities | 1,476,736 | 1,422,793 | |||||
Shareholders' equity: | |||||||
Preferred stock, no par value, with a liquidation preference of $1,000.00 per share; authorized 500,000 shares; issued 16,000 shares as of June 30, 2011 and December 31, 2010 | $ | 15,802 | $ | 15,767 | |||
Common stock, $1.00 par value; authorized 15,000,000 shares at June 30, 2011 and December 31, 2010; issued 8,690,398 shares at June 30, 2011 and December 31, 2010; outstanding 8,628,221 shares at June 30, 2011 and 8,614,790 shares at December 31, 2010 | 8,690 | 8,690 | |||||
Additional paid-in capital | 81,232 | 81,268 | |||||
Treasury stock at cost, 62,177 shares as of June 30, 2011 and 75,608 shares at December 31, 2010 | (865 | ) | (1,052 | ) | |||
Retained earnings | 60,449 | 55,619 | |||||
Accumulated other comprehensive income (loss) | 3,329 | (1,826 | ) | ||||
Total shareholders' equity | 168,637 | 158,466 | |||||
Total liabilities and shareholders' equity | $ | 1,645,373 | $ | 1,581,259 |
(unaudited) (dollars in thousands, except per share amounts) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Interest income: | ||||||||||||||||
Interest and fees on loans | $ | 12,976 | $ | 13,761 | $ | 25,776 | $ | 27,465 | ||||||||
Interest and discount on loan pool participations | 436 | 909 | 790 | 1,808 | ||||||||||||
Interest on bank deposits | 8 | 17 | 16 | 27 | ||||||||||||
Interest on federal funds sold | 1 | 4 | 1 | 4 | ||||||||||||
Interest on investment securities: | ||||||||||||||||
Taxable securities | 2,866 | 2,445 | 5,554 | 4,670 | ||||||||||||
Tax-exempt securities | 1,072 | 986 | 2,107 | 1,976 | ||||||||||||
Total interest income | 17,359 | 18,122 | 34,244 | 35,950 | ||||||||||||
Interest expense: | ||||||||||||||||
Interest on deposits: | ||||||||||||||||
Interest-bearing checking | 994 | 1,133 | 2,002 | 2,203 | ||||||||||||
Savings | 58 | 43 | 117 | 79 | ||||||||||||
Certificates of deposit under $100,000 | 2,120 | 2,455 | 4,307 | 4,998 | ||||||||||||
Certificates of deposit $100,000 and over | 839 | 918 | 1,687 | 1,885 | ||||||||||||
Total interest expense on deposits | 4,011 | 4,549 | 8,113 | 9,165 | ||||||||||||
Interest on federal funds purchased | 3 | 1 | 3 | 2 | ||||||||||||
Interest on securities sold under agreements to repurchase | 67 | 70 | 141 | 146 | ||||||||||||
Interest on Federal Home Loan Bank borrowings | 868 | 1,183 | 1,813 | 2,390 | ||||||||||||
Interest on notes payable | 10 | 11 | 20 | 24 | ||||||||||||
Interest on long-term debt | 163 | 152 | 325 | 300 | ||||||||||||
Total interest expense | 5,122 | 5,966 | 10,415 | 12,027 | ||||||||||||
Net interest income | 12,237 | 12,156 | 23,829 | 23,923 | ||||||||||||
Provision for loan losses | 900 | 1,500 | 1,800 | 3,000 | ||||||||||||
Net interest income after provision for loan losses | 11,337 | 10,656 | 22,029 | 20,923 | ||||||||||||
Noninterest income: | ||||||||||||||||
Trust, investment, and insurance fees | 1,156 | 1,214 | 2,429 | 2,448 | ||||||||||||
Service charges and fees on deposit accounts | 955 | 1,034 | 1,806 | 1,898 | ||||||||||||
Mortgage origination and loan servicing fees | 382 | 525 | 1,259 | 1,025 | ||||||||||||
Other service charges, commissions and fees | 677 | 576 | 1,356 | 1,160 | ||||||||||||
Bank-owned life insurance income | 225 | 147 | 454 | 314 | ||||||||||||
Impairment losses on investment securities | — | — | — | (189 | ) | |||||||||||
Gain on sale of available for sale securities | 85 | 233 | 85 | 470 | ||||||||||||
Loss on sale of premises and equipment | (195 | ) | (204 | ) | (243 | ) | (281 | ) | ||||||||
Total noninterest income | 3,285 | 3,525 | 7,146 | 6,845 | ||||||||||||
Noninterest expense: | ||||||||||||||||
Salaries and employee benefits | 5,739 | 5,691 | 11,609 | 11,481 | ||||||||||||
Net occupancy and equipment expense | 1,498 | 1,630 | 3,115 | 3,406 | ||||||||||||
Professional fees | 688 | 659 | 1,365 | 1,408 | ||||||||||||
Data processing expense | 426 | 414 | 876 | 871 | ||||||||||||
FDIC Insurance expense | 356 | 705 | 953 | 1,397 | ||||||||||||
Other operating expense | 1,588 | 1,563 | 3,011 | 3,147 | ||||||||||||
Total noninterest expense | 10,295 | 10,662 | 20,929 | 21,710 | ||||||||||||
Income before income tax expense | 4,327 | 3,519 | 8,246 | 6,058 | ||||||||||||
Income tax expense | 1,104 | 914 | 2,118 | 1,449 | ||||||||||||
Net income | $ | 3,223 | $ | 2,605 | $ | 6,128 | $ | 4,609 | ||||||||
Less: Preferred stock dividends and discount accretion | $ | 218 | $ | 217 | $ | 435 | $ | 434 | ||||||||
Net income available to common shareholders | $ | 3,005 | $ | 2,388 | $ | 5,693 | $ | 4,175 | ||||||||
Share and Per share information: | ||||||||||||||||
Ending number of shares outstanding | 8,628,221 | 8,612,582 | 8,628,221 | 8,612,582 | ||||||||||||
Average number of shares outstanding | 8,627,810 | 8,612,582 | 8,624,782 | 8,610,231 | ||||||||||||
Diluted average number of shares | 8,674,558 | 8,643,233 | 8,678,787 | 8,628,756 | ||||||||||||
Earnings per common share - basic | $ | 0.35 | $ | 0.27 | $ | 0.66 | $ | 0.48 | ||||||||
Earnings per common share - diluted | 0.35 | 0.27 | 0.66 | 0.48 | ||||||||||||
Dividends paid per common share | 0.05 | 0.05 | 0.10 | 0.10 |
(unaudited) (dollars in thousands, except per share amounts) | Preferred Stock | Common Stock | Additional Paid-in Captial | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income (loss) | Total | |||||||||||||||||||||
Balance at December 31, 2009 | $ | 15,699 | $ | 8,690 | $ | 81,179 | $ | (1,183 | ) | $ | 48,079 | $ | (256 | ) | $ | 152,208 | ||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||
Net income | — | — | — | — | 4,609 | — | 4,609 | |||||||||||||||||||||
Change in net unrealized gains arising during the period on securities available for sale, net of tax | — | — | — | — | — | 1,717 | 1,717 | |||||||||||||||||||||
Total comprehensive income | 6,326 | |||||||||||||||||||||||||||
Dividends paid on common stock ($0.10 per share) | — | — | — | — | (861 | ) | — | (861 | ) | |||||||||||||||||||
Dividends paid on preferred stock | — | — | — | — | (400 | ) | — | (400 | ) | |||||||||||||||||||
Stock options exercised (1,945 shares) | — | — | (11 | ) | 27 | — | — | 16 | ||||||||||||||||||||
Release/lapse of restriction on 5,404 RSUs | — | — | (74 | ) | 74 | — | — | — | ||||||||||||||||||||
Preferred stock discount accretion | 34 | — | — | — | (34 | ) | — | — | ||||||||||||||||||||
Stock compensation | — | — | 98 | — | — | — | 98 | |||||||||||||||||||||
Balance at June 30, 2010 | $ | 15,733 | $ | 8,690 | $ | 81,192 | $ | (1,082 | ) | $ | 51,393 | $ | 1,461 | $ | 157,387 | |||||||||||||
Balance at December 31, 2010 | $ | 15,767 | $ | 8,690 | $ | 81,268 | $ | (1,052 | ) | $ | 55,619 | $ | (1,826 | ) | $ | 158,466 | ||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||
Net income | — | — | — | — | 6,128 | — | 6,128 | |||||||||||||||||||||
Change in net unrealized gains arising during the period on securities available for sale, net of tax | — | — | — | — | — | 5,155 | 5,155 | |||||||||||||||||||||
Total comprehensive income | 11,283 | |||||||||||||||||||||||||||
Dividends paid on common stock ($0.10 per share) | — | — | — | — | (863 | ) | — | (863 | ) | |||||||||||||||||||
Dividends paid on preferred stock | — | — | — | — | (400 | ) | — | (400 | ) | |||||||||||||||||||
Stock options exercised (3,488 shares) | — | — | (9 | ) | 49 | — | — | 40 | ||||||||||||||||||||
Release/lapse of restriction on 10,650 RSUs | — | — | (135 | ) | 138 | — | — | 3 | ||||||||||||||||||||
Preferred stock discount accretion | 35 | — | — | — | (35 | ) | — | — | ||||||||||||||||||||
Stock compensation | — | — | 108 | — | — | — | 108 | |||||||||||||||||||||
Balance at June 30, 2011 | $ | 15,802 | $ | 8,690 | $ | 81,232 | $ | (865 | ) | $ | 60,449 | $ | 3,329 | $ | 168,637 |
(unaudited) (dollars in thousands) | Six Months Ended June 30, | ||||||
2011 | 2010 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 6,128 | $ | 4,609 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Provision for loan losses | 1,800 | 3,000 | |||||
Depreciation, amortization and accretion | 2,588 | 3,003 | |||||
Loss on sale of premises and equipment | 243 | 281 | |||||
Deferred income taxes | (5 | ) | (553 | ) | |||
Stock-based compensation | 108 | 98 | |||||
Net gains on sale of available for sale securities | (85 | ) | (470 | ) | |||
Net gains on sale of other real estate owned | (158 | ) | (53 | ) | |||
Writedown of other real estate owned | — | 112 | |||||
Other-than-temporary impairment of investment securities | — | 189 | |||||
Decrease (increase) in loans held for sale | 390 | (9 | ) | ||||
Decrease in accrued interest receivable | 1,449 | 1,634 | |||||
Increase in other assets | (1,003 | ) | (541 | ) | |||
Decrease in deferred compensation liability | (31 | ) | (46 | ) | |||
Increase in accounts payable, accrued expenses, and other liabilities | 1,259 | 2,515 | |||||
Net cash provided by operating activities | 12,683 | 13,769 | |||||
Cash flows from investing activities: | |||||||
Sales of available for sale securities | — | 14,458 | |||||
Maturities of available for sale securities | 64,238 | 49,369 | |||||
Purchases of available for sale securities | (96,412 | ) | (116,428 | ) | |||
Maturities of held to maturity securities | 1,540 | 2,647 | |||||
Loans made to customers, net of collections | (21,716 | ) | 8,076 | ||||
Decrease in loan pool participations, net | 9,207 | 6,163 | |||||
Purchases of premises and equipment | (531 | ) | (2,182 | ) | |||
Proceeds from sale of other real estate owned | 778 | 1,543 | |||||
Proceeds from sale of premises and equipment | 175 | 1,610 | |||||
Purchases of bank-owned life insurance | — | — | |||||
Increase in cash value of bank-owned life insurance | (454 | ) | (314 | ) | |||
Net cash used in investing activities | (43,175 | ) | (35,058 | ) | |||
Cash flows from financing activities: | |||||||
Net increase in deposits | 36,959 | 15,719 | |||||
Net increase in federal funds purchased | — | 7,967 | |||||
Net decrease in securities sold under agreements to repurchase | (2,005 | ) | (4,545 | ) | |||
Proceeds from Federal Home Loan Bank borrowings | 51,000 | 25,000 | |||||
Repayment of Federal Home Loan Bank borrowings | (33,000 | ) | (23,000 | ) | |||
Stock options exercised | 43 | 16 | |||||
Payments on long-term debt | — | (24 | ) | ||||
Dividends paid | (1,263 | ) | (1,261 | ) | |||
Net cash provided by financing activities | 51,734 | 19,872 | |||||
Net increase (decrease) in cash and cash equivalents | 21,242 | (1,417 | ) | ||||
Cash and cash equivalents at beginning of period | 20,523 | 27,588 | |||||
Cash and cash equivalents at end of period | $ | 41,765 | $ | 26,171 | |||
Supplemental disclosures of cash flow information: | |||||||
Cash paid during the period for interest | $ | 10,509 | $ | 12,428 | |||
Cash paid during the period for income taxes | $ | 857 | $ | 1,683 | |||
Supplemental schedule of non-cash investing activities: | |||||||
Transfer of loans to other real estate owned | $ | 188 | $ | 601 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
(dollars in thousands, except per share amounts) | 2011 | 2010 | 2011 | 2010 | |||||||||||||
Weighted average number of shares outstanding during the period | 8,627,810 | 8,612,582 | 8,624,782 | 8,610,231 | |||||||||||||
Weighted average number of shares outstanding during the period including all dilutive potential shares | 8,674,558 | 8,643,233 | 8,678,787 | 8,628,756 | |||||||||||||
Net income | $ | 3,223 | $ | 2,605 | $ | 6,128 | $ | 4,609 | |||||||||
Preferred stock dividend accrued and discount accretion | (218 | ) | (217 | ) | (435 | ) | (434 | ) | |||||||||
Net income available to common stockholders | $ | 3,005 | $ | 2,388 | $ | 5,693 | $ | 4,175 | |||||||||
Earnings per share - basic | $ | 0.35 | $ | 0.27 | $ | 0.66 | $ | 0.48 | |||||||||
Earnings per share - diluted | $ | 0.35 | $ | 0.27 | $ | 0.66 | $ | 0.48 |
As of June 30, 2011 | ||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||
(in thousands) | ||||||||||||||||
U.S. Government agencies and corporations | $ | 67,051 | $ | 1,586 | $ | (22 | ) | $ | 68,615 | |||||||
State and political subdivisions | 194,286 | 6,609 | (247 | ) | 200,648 | |||||||||||
Mortgage-backed securities and collateralized mortgage obligations | 218,667 | 5,934 | (39 | ) | 224,562 | |||||||||||
Corporate debt securities | 6,405 | 257 | (801 | ) | 5,861 | |||||||||||
486,409 | 14,386 | (1,109 | ) | 499,686 | ||||||||||||
Other equity securities | 1,188 | 337 | — | 1,525 | ||||||||||||
Total | $ | 487,597 | $ | 14,723 | $ | (1,109 | ) | $ | 501,211 |
As of December 31, 2010 | ||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||
(in thousands) | ||||||||||||||||
U.S. Government agencies and corporations | $ | 79,181 | $ | 1,492 | $ | (339 | ) | $ | 80,334 | |||||||
State and political subdivisions | 187,847 | 3,994 | (1,753 | ) | 190,088 | |||||||||||
Mortgage-backed securities and collateralized mortgage obligations | 177,453 | 2,743 | (412 | ) | 179,784 | |||||||||||
Corporate debt securities | 10,896 | 349 | (973 | ) | 10,272 | |||||||||||
455,377 | 8,578 | (3,477 | ) | 460,478 | ||||||||||||
Other equity securities | 1,183 | 296 | (3 | ) | 1,476 | |||||||||||
Total | $ | 456,560 | $ | 8,874 | $ | (3,480 | ) | $ | 461,954 |
As of June 30, 2011 | ||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||
(in thousands) | ||||||||||||||||
State and political subdivisions | $ | 1,577 | $ | 4 | $ | — | $ | 1,581 | ||||||||
Mortgage-backed securities | 47 | 5 | — | 52 | ||||||||||||
Corporate debt securities | 869 | — | — | 869 | ||||||||||||
Total | $ | 2,493 | $ | 9 | $ | — | $ | 2,502 |
As of December 31, 2010 | ||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||
(in thousands) | ||||||||||||||||
State and political subdivisions | $ | 3,115 | $ | 49 | $ | — | $ | 3,164 | ||||||||
Mortgage-backed securities | 50 | 5 | — | 55 | ||||||||||||
Corporate debt securities | 867 | — | — | 867 | ||||||||||||
Total | $ | 4,032 | $ | 54 | $ | — | $ | 4,086 |
As of June 30, 2011 | |||||||||||||||||||||||||||
Number of Securities | Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||
(in thousands, except number of securities) | |||||||||||||||||||||||||||
U.S. Government agencies and corporations | 1 | $ | 7,420 | $ | (22 | ) | $ | — | $ | — | $ | 7,420 | $ | (22 | ) | ||||||||||||
State and political subdivisions | 38 | 15,489 | (247 | ) | — | — | 15,489 | (247 | ) | ||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations | 1 | 8,548 | (39 | ) | — | — | 8,548 | (39 | ) | ||||||||||||||||||
Corporate debt securities | 4 | — | — | 971 | (801 | ) | 971 | (801 | ) | ||||||||||||||||||
Common stocks | — | — | — | — | — | — | — | ||||||||||||||||||||
Total | 44 | $ | 31,457 | $ | (308 | ) | $ | 971 | $ | (801 | ) | $ | 32,428 | $ | (1,109 | ) | |||||||||||
As of December 31, 2010 | |||||||||||||||||||||||||||
Number of Securities | Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||
(in thousands, except number of securities) | |||||||||||||||||||||||||||
U.S. Government agencies and corporations | 2 | $ | 12,828 | $ | (339 | ) | $ | — | $ | — | $ | 12,828 | $ | (339 | ) | ||||||||||||
State and political subdivisions | 93 | 53,326 | (1,750 | ) | 112 | (3 | ) | 53,438 | (1,753 | ) | |||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations | 9 | 77,115 | (412 | ) | — | — | 77,115 | (412 | ) | ||||||||||||||||||
Corporate debt securities | 4 | 799 | (973 | ) | — | — | 799 | (973 | ) | ||||||||||||||||||
Common stocks | 1 | 71 | (3 | ) | — | — | 71 | (3 | ) | ||||||||||||||||||
Total | 109 | $ | 144,139 | $ | (3,477 | ) | $ | 112 | $ | (3 | ) | $ | 144,251 | $ | (3,480 | ) |
Available For Sale | Held to Maturity | |||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||
(in thousands) | ||||||||||||||||
Due in one year or less | $ | 22,046 | $ | 22,386 | $ | 455 | $ | 455 | ||||||||
Due after one year through five years | 112,905 | 116,758 | 1,122 | 1,126 | ||||||||||||
Due after five years through ten years | 81,538 | 84,158 | — | — | ||||||||||||
Due after ten years | 51,253 | 51,822 | 869 | 869 | ||||||||||||
Mortgage-backed securities and collateralized mortgage obligations | 218,667 | 224,562 | 47 | 52 | ||||||||||||
Total | $ | 486,409 | $ | 499,686 | $ | 2,493 | $ | 2,502 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
(in thousands) | ||||||||||||||||
Available for sale fixed maturity securities: | ||||||||||||||||
Gross realized gains | $ | 85 | $ | 233 | $ | 85 | $ | 430 | ||||||||
Gross realized losses | — | — | — | — | ||||||||||||
Other-than temporary impairment | — | — | — | (189 | ) | |||||||||||
85 | 233 | 85 | 241 | |||||||||||||
Equity securities: | ||||||||||||||||
Gross realized gains | — | — | — | 49 | ||||||||||||
Gross realized losses | — | — | — | (9 | ) | |||||||||||
Other-than temporary impairment | — | — | — | — | ||||||||||||
— | — | — | 40 | |||||||||||||
$ | 85 | $ | 233 | $ | 85 | $ | 281 |
Allowance for Loan Losses and Recorded Investment in Loan Receivables | ||||||||||||||||||||||||||||
As of June 30, 2011 and December 31, 2010 | ||||||||||||||||||||||||||||
(in thousands) | Agricultural | Commercial and Financial | Commercial Real Estate | Residential Real Estate | Consumer | Unallocated | Total | |||||||||||||||||||||
June 30, 2011 | ||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||
Ending balance | $ | 1,328 | $ | 5,001 | $ | 5,715 | $ | 2,675 | $ | 360 | $ | 524 | $ | 15,603 | ||||||||||||||
Ending balance: Individually evaluated for impairment | 267 | 530 | 342 | 192 | 8 | — | $ | 1,339 | ||||||||||||||||||||
Ending balance: Collectively evaluated for impairment | 1,061 | 4,471 | 5,373 | 2,483 | 352 | 524 | $ | 14,264 | ||||||||||||||||||||
Ending balance: Loans acquired with deteriorated credit quality (loan pools) | 9 | 262 | 569 | 372 | 114 | 808 | $ | 2,134 | ||||||||||||||||||||
Loans receivable | ||||||||||||||||||||||||||||
Ending balance | $ | 81,277 | $ | 230,066 | $ | 398,757 | $ | 226,928 | $ | 21,171 | $ | — | $ | 958,199 | ||||||||||||||
Ending balance: Individually evaluated for impairment | $ | 1,723 | $ | 1,214 | $ | 3,184 | $ | 1,221 | $ | 26 | $ | — | $ | 7,368 | ||||||||||||||
Ending balance: Collectively evaluated for impairment | $ | 79,554 | $ | 228,852 | $ | 395,573 | $ | 225,707 | $ | 21,145 | $ | — | $ | 950,831 | ||||||||||||||
Ending balance: Loans acquired with deteriorated credit quality (loan pools) | $ | 121 | $ | 4,805 | $ | 34,979 | $ | 6,585 | $ | 210 | $ | 12,098 | $ | 58,798 |
(in thousands) | Agricultural | Commercial and Financial | Commercial Real Estate | Residential Real Estate | Consumer | Unallocated | Total | |||||||||||||||||||||
December 31, 2010 | ||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||
Ending balance | $ | 827 | $ | 4,540 | $ | 5,255 | $ | 2,776 | $ | 323 | $ | 1,446 | $ | 15,167 | ||||||||||||||
Ending balance: Individually evaluated for impairment | $ | — | $ | — | $ | 100 | $ | 10 | $ | — | $ | — | $ | 110 | ||||||||||||||
Ending balance: Collectively evaluated for impairment | $ | 827 | $ | 4,540 | $ | 5,155 | $ | 2,766 | $ | 323 | $ | 1,446 | $ | 15,057 | ||||||||||||||
Ending balance: Loans acquired with deteriorated credit quality (loan pools) | $ | 27 | $ | 368 | $ | 658 | $ | 259 | $ | 164 | $ | 658 | $ | 2,134 | ||||||||||||||
Loans receivable | ||||||||||||||||||||||||||||
Ending balance | $ | 84,590 | $ | 212,230 | $ | 393,242 | $ | 225,994 | $ | 21,979 | $ | — | $ | 938,035 | ||||||||||||||
Ending balance: Individually evaluated for impairment | $ | — | $ | — | $ | 447 | $ | 16 | $ | — | $ | — | $ | 463 | ||||||||||||||
Ending balance: Collectively evaluated for impairment | $ | 84,590 | $ | 212,230 | $ | 392,795 | $ | 225,978 | $ | 21,979 | $ | — | $ | 937,572 | ||||||||||||||
Ending balance: Loans acquired with deteriorated credit quality (loan pools) | $ | 409 | $ | 6,611 | $ | 40,549 | $ | 7,376 | $ | 312 | $ | 12,748 | $ | 68,005 |
Allowance for Loan Loss Activity | ||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2011 and 2010 | ||||||||||||||||||||||||||||
(in thousands) | Agricultural | Commercial and Financial | Commercial Real Estate | Residential Real Estate | Consumer | Unallocated | Total | |||||||||||||||||||||
2011 | ||||||||||||||||||||||||||||
Beginning balance | $ | 1,448 | $ | 5,069 | $ | 5,450 | $ | 2,299 | $ | 250 | $ | 882 | $ | 15,398 | ||||||||||||||
Charge-offs | (318 | ) | (375 | ) | (551 | ) | (36 | ) | (33 | ) | — | (1,313 | ) | |||||||||||||||
Recoveries | 62 | 326 | 115 | 1 | 114 | — | 618 | |||||||||||||||||||||
Provision | 136 | (19 | ) | 701 | 411 | 29 | (358 | ) | 900 | |||||||||||||||||||
Ending balance | $ | 1,328 | $ | 5,001 | $ | 5,715 | $ | 2,675 | $ | 360 | $ | 524 | $ | 15,603 | ||||||||||||||
2010 | ||||||||||||||||||||||||||||
Beginning balance | $ | 1,256 | $ | 3,699 | $ | 6,217 | $ | 2,401 | $ | 465 | $ | 515 | $ | 14,553 | ||||||||||||||
Charge-offs | (500 | ) | (492 | ) | (108 | ) | (140 | ) | (25 | ) | — | (1,265 | ) | |||||||||||||||
Recoveries | — | 11 | 15 | 1 | 8 | — | 35 | |||||||||||||||||||||
Provision | 269 | 842 | (295 | ) | 618 | (119 | ) | 185 | 1,500 | |||||||||||||||||||
Ending balance | $ | 1,025 | $ | 4,060 | $ | 5,829 | $ | 2,880 | $ | 329 | $ | 700 | $ | 14,823 |
Allowance for Loan Loss Activity | ||||||||||||||||||||||||||||