Attached files
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EXCEL - IDEA: XBRL DOCUMENT - Village Bank & Trust Financial Corp. | Financial_Report.xls |
EX-32.1 - EXHIBIT 32.1 - Village Bank & Trust Financial Corp. | v392836_ex32-1.htm |
EX-31.1 - EXHIBIT 31.1 - Village Bank & Trust Financial Corp. | v392836_ex31-1.htm |
EX-31.2 - EXHIBIT 31.2 - Village Bank & Trust Financial Corp. | v392836_ex31-2.htm |
EX-3.1 - EXHIBIT 3.1 - Village Bank & Trust Financial Corp. | v392836_ex3-1.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2014
¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to ______
Commission file number: 0-50765
VILLAGE BANK AND TRUST FINANCIAL CORP.
(Exact name of registrant as specified in its charter)
Virginia | 16-1694602 | |
(State or other jurisdiction of | (I.R.S. Employer | |
incorporation or organization) | Identification No.) |
15521 Midlothian Turnpike, Midlothian, Virginia | 23113 |
(Address of principal executive offices) | (Zip code) |
804-897-3900
(Registrant’s telephone number, including area code)
Indicate by check whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer ¨ | Accelerated Filer ¨ |
Non-Accelerated Filer ¨ (Do not check if smaller reporting company) | Smaller Reporting Company x |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x
Indicate the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date.
334,294 shares of common stock, $4.00 par value, outstanding as of October 21, 2014
Village Bank and Trust Financial Corp.
Form 10-Q
TABLE OF CONTENTS
2 |
Part I – Financial Information
Village Bank and Trust Financial Corp. and Subsidiary |
Consolidated Balance Sheets |
September 30, 2014 (Unaudited) and December 31, 2013 |
(dollar amounts in thousands, except per share amounts) |
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
Assets | ||||||||
Cash and due from banks | $ | 13,895 | $ | 15,221 | ||||
Federal funds sold | 30,937 | 24,988 | ||||||
Total cash and cash equivalents | 44,832 | 40,209 | ||||||
Investment securities available for sale | 55,515 | 57,748 | ||||||
Loans held for sale | 7,298 | 8,371 | ||||||
Loans | ||||||||
Outstandings | 275,123 | 286,563 | ||||||
Allowance for loan losses | (5,658 | ) | (7,239 | ) | ||||
Deferred fees and costs | 666 | 683 | ||||||
270,131 | 280,007 | |||||||
Other real estate owned, net of valuation allowance | 14,003 | 16,742 | ||||||
Assets held for sale | 13,438 | 13,359 | ||||||
Premises and equipment, net | 13,621 | 12,409 | ||||||
Bank owned life insurance | 6,902 | 6,765 | ||||||
Accrued interest receivable | 1,567 | 1,486 | ||||||
Other assets | 5,698 | 7,077 | ||||||
$ | 433,005 | $ | 444,173 | |||||
Liabilities and Stockholders' Equity | ||||||||
Liabilities | ||||||||
Deposits | ||||||||
Noninterest bearing demand | $ | 65,218 | $ | 57,244 | ||||
Interest bearing | 315,446 | 333,384 | ||||||
Total deposits | 380,664 | 390,628 | ||||||
Federal Home Loan Bank advances | 14,000 | 18,000 | ||||||
Long-term debt - trust preferred securities | 8,764 | 8,764 | ||||||
Other borrowings | 1,835 | 2,713 | ||||||
Accrued interest payable | 1,120 | 1,093 | ||||||
Other liabilities | 7,887 | 4,731 | ||||||
Total liabilities | 414,270 | 425,929 | ||||||
Stockholders' equity | ||||||||
Preferred stock, $4 par value, $1,000 liquidation preference, 1,000,000 shares authorized, 14,738 shares issued and outstanding | 59 | 59 | ||||||
Common stock, $4 par value, 10,000,000 shares authorized; 334,294 shares issued and outstanding at September 30, 2014 333,644 shares issued and outstanding at December 31, 2013 | 1,337 | 21,353 | ||||||
Additional paid-in capital | 58,124 | 38,054 | ||||||
Accumulated deficit | (39,829 | ) | (38,066 | ) | ||||
Common stock warrant | 732 | 732 | ||||||
Discount on preferred stock | - | (50 | ) | |||||
Stock in directors rabbi trust | (878 | ) | (878 | ) | ||||
Directors deferred fees obligation | 878 | 878 | ||||||
Accumulated other comprehensive loss | (1,688 | ) | (3,838 | ) | ||||
Total stockholders' equity | 18,735 | 18,244 | ||||||
$ | 433,005 | $ | 444,173 |
See accompanying notes to consolidated financial statements.
3 |
Three Months Ended | None Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Interest income | ||||||||||||||||
Loans | $ | 3,814 | $ | 4,459 | $ | 11,579 | $ | 14,224 | ||||||||
Investment securities | 304 | 324 | 958 | 751 | ||||||||||||
Federal funds sold | 19 | 18 | 64 | 71 | ||||||||||||
Total interest income | 4,137 | 4,801 | 12,601 | 15,046 | ||||||||||||
Interest expense | ||||||||||||||||
Deposits | 751 | 850 | 2,304 | 2,843 | ||||||||||||
Borrowed funds | (22 | ) | 167 | 423 | 610 | |||||||||||
Total interest expense | 729 | 1,017 | 2,727 | 3,453 | ||||||||||||
Net interest income | 3,408 | 3,784 | 9,874 | 11,593 | ||||||||||||
Provision for loan losses | - | - | 100 | 823 | ||||||||||||
Net interest income after provision for loan losses | 3,408 | 3,784 | 9,774 | 10,770 | ||||||||||||
Noninterest income | ||||||||||||||||
Service charges and fees | 589 | 646 | 1,673 | 1,791 | ||||||||||||
Gain on sale of loans | 1,290 | 2,126 | 3,453 | 6,454 | ||||||||||||
Gain on sale of assets | - | - | 3 | 598 | ||||||||||||
Gain (loss) on sale of investment securities | (14 | ) | - | (14 | ) | 217 | ||||||||||
Rental income | 226 | 214 | 732 | 657 | ||||||||||||
Other | 99 | 99 | 338 | 396 | ||||||||||||
Total noninterest income | 2,190 | 3,085 | 6,185 | 10,113 | ||||||||||||
Noninterest expense | ||||||||||||||||
Salaries and benefits | 2,659 | 3,054 | 8,108 | 8,980 | ||||||||||||
Commissions | 338 | 580 | 907 | 1,612 | ||||||||||||
Occupancy | 397 | 502 | 1,272 | 1,589 | ||||||||||||
Equipment | 146 | 166 | 529 | 523 | ||||||||||||
Supplies | 77 | 100 | 243 | 324 | ||||||||||||
Professional and outside services | 615 | 500 | 1,896 | 1,823 | ||||||||||||
Advertising and marketing | 81 | 50 | 220 | 192 | ||||||||||||
Expenses related to foreclosed real estate | 364 | 1,301 | 1,051 | 3,576 | ||||||||||||
Other operating expenses | 787 | 883 | 2,434 | 2,453 | ||||||||||||
Total noninterest expense | 5,464 | 7,136 | 16,660 | 21,072 | ||||||||||||
Income (loss) before income tax expense (benefit) | 134 | (267 | ) | (701 | ) | (189 | ) | |||||||||
Income tax expense (benefit) | - | - | - | - | ||||||||||||
Net income (loss) | 134 | (267 | ) | (701 | ) | (189 | ) | |||||||||
Preferred stock dividends and amortization of discount | 545 | 221 | 1,062 | 664 | ||||||||||||
Net loss available to common shareholders | $ | (411 | ) | $ | (488 | ) | $ | (1,763 | ) | $ | (853 | ) | ||||
Loss per share, basic and diluted (1) | $ | (1.23 | ) | $ | (1.84 | ) | $ | (5.28 | ) | $ | (3.21 | ) |
See accompanying notes to consolidated financial statements.
(1) Earnings per share have been affected for reverse stock split
4 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income (loss) | $ | 134 | $ | (267 | ) | $ | (701 | ) | $ | (189 | ) | |||||
Other comprehensive income (loss) | ||||||||||||||||
Unrealized holding gains (losses) arising during the period | 84 | (597 | ) | 3,234 | (4,302 | ) | ||||||||||
Tax effect | 28 | (203 | ) | 1,099 | (1,463 | ) | ||||||||||
Net change in unrealized holding gains (losses) on securities available for sale, net of tax | 56 | (394 | ) | 2,135 | (2,839 | ) | ||||||||||
Reclassification adjustment | ||||||||||||||||
Reclassification adjustment for (gains) losses realized in income (loss) | 14 | - | 14 | (217 | ) | |||||||||||
Tax effect | 5 | - | 5 | (74 | ) | |||||||||||
Reclassification for (gains) losses included in net income (loss), net of tax | 9 | - | 9 | (143 | ) | |||||||||||
Minimum pension adjustment | 3 | 3 | 9 | 9 | ||||||||||||
Tax effect | 1 | 1 | 3 | 3 | ||||||||||||
Minimum pension adjustment, net of tax | 2 | 2 | 6 | 6 | ||||||||||||
Total other comprehensive income (loss) | 67 | (392 | ) | 2,150 | (2,976 | ) | ||||||||||
Total comprehensive income (loss) | $ | 201 | $ | (659 | ) | $ | 1,449 | $ | (3,165 | ) |
See accompanying notes to consolidated financial statements.
5 |
Village Bank and Trust Financial Corp. and Subsidiary |
Consolidated Statements of Stockholders' Equity |
Nine Months Ended September 30, 2014 and 2013 |
(Unaudited) |
(dollar amounts in thousands) |
Directors | Accumulated | |||||||||||||||||||||||||||||||||||||||
Additional | Discount on | Stock in | Deferred | Other | ||||||||||||||||||||||||||||||||||||
Preferred | Common | Paid-in | Accumulated | Preferred | Directors | Fees | Comprehensive | |||||||||||||||||||||||||||||||||
Stock | Stock | Capital | Deficit | Warrant | Stock | Rabbi Trust | Obligation | loss | Total | |||||||||||||||||||||||||||||||
Balance, December 31, 2013 | $ | 59 | $ | 21,353 | $ | 38,054 | $ | (38,066 | ) | $ | 732 | $ | (50 | ) | $ | (878 | ) | $ | 878 | $ | (3,838 | ) | $ | 18,244 | ||||||||||||||||
Amortization of preferred stock discount | - | - | - | (50 | ) | - | 50 | - | - | - | ||||||||||||||||||||||||||||||
Preferred stock dividend | - | - | - | (1,012 | ) | - | - | - | - | - | (1,012 | ) | ||||||||||||||||||||||||||||
Reverse stock split | - | (20,019 | ) | 20,019 | - | |||||||||||||||||||||||||||||||||||
Issuance of common stock | 3 | (11 | ) | (8 | ) | |||||||||||||||||||||||||||||||||||
Stock based compensation | - | - | 62 | - | - | - | - | - | 62 | |||||||||||||||||||||||||||||||
Minimum pension adjustment | - | - | ||||||||||||||||||||||||||||||||||||||
(net of income taxes of $3) | - | - | - | - | - | - | - | - | 6 | 6 | ||||||||||||||||||||||||||||||
Net loss | - | - | (701 | ) | - | - | - | - | (701 | ) | ||||||||||||||||||||||||||||||
Change in unrealized gain (loss) on investment securities available-for-sale, net of reclassification and tax effect | - | - | - | - | - | - | - | - | 2,144 | 2,144 | ||||||||||||||||||||||||||||||
Balance, September 30, 2014 | $ | 59 | $ | 1,337 | $ | 58,124 | $ | (39,829 | ) | $ | 732 | $ | - | $ | (878 | ) | $ | 878 | $ | (1,688 | ) | $ | 18,735 | |||||||||||||||||
Balance, December 31, 2012 | $ | 59 | $ | 17,007 | $ | 40,705 | $ | (33,173 | ) | $ | 732 | $ | (199 | ) | $ | - | $ | - | $ | (166 | ) | $ | 24,965 | |||||||||||||||||
Amortization of preferred stock discount | - | (112 | ) | - | 112 | - | - | - | - | |||||||||||||||||||||||||||||||
Preferred stock dividend | - | - | (552 | ) | - | - | - | - | - | (552 | ) | |||||||||||||||||||||||||||||
Stock based compensation | - | - | 6 | 6 | ||||||||||||||||||||||||||||||||||||
Minimum pension adjustment | ||||||||||||||||||||||||||||||||||||||||
(net of income taxes of $3) | - | - | - | - | - | - | - | - | 6 | 6 | ||||||||||||||||||||||||||||||
Net loss | - | - | - | (189 | ) | - | - | - | - | - | (189 | ) | ||||||||||||||||||||||||||||
Change in unrealized gain (loss) on investment securities available-for-sale, net of reclassification and tax effect | - | - | - | - | - | - | - | - | (2,982 | ) | (2,982 | ) | ||||||||||||||||||||||||||||
Balance, September 30, 2013 | $ | 59 | $ | 17,007 | $ | 40,711 | $ | (34,026 | ) | $ | 732 | $ | (87 | ) | $ | - | $ | - | $ | (3,142 | ) | $ | 21,254 |
See accompanying notes to consolidated financial statements.
6 |
Village Bank and Trust Financial Corp. and Subsidiary |
Consolidated Statements of Cash Flows |
NIne Months Ended September 30, 2014 and 2013 |
(Unaudited) |
(dollar amounts in thousands) |
2014 | 2013 | |||||||
Cash Flows from Operating Activities | ||||||||
Net loss | $ | (701 | ) | $ | (189 | ) | ||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 482 | 981 | ||||||
Deferred income taxes | (324 | ) | (41 | ) | ||||
Valuation allowance deferred income taxes | 324 | - | ||||||
Provision for loan losses | 100 | 823 | ||||||
Write-down of other real estate owned | 751 | 1,282 | ||||||
Valuation allowance other real estate owned | (495 | ) | - | |||||
(Gain) Loss on securities sold | 14 | (217 | ) | |||||
Gain on loans sold | (3,453 | ) | (6,454 | ) | ||||
Gain on sale of premises and equipment | (3 | ) | (598 | ) | ||||
(Gain) Loss on sale of other real estate owned | (199 | ) | 326 | |||||
Stock compensation expense | 62 | 6 | ||||||
Proceeds from sale of mortgage loans | 128,465 | 235,276 | ||||||
Origination of mortgage loans for sale | (123,939 | ) | (219,160 | ) | ||||
Amortization of premiums and accretion of discounts on securities, net | 304 | 313 | ||||||
Decrease (increase) in interest receivable | (81 | ) | 159 | |||||
Increase in bank owned life insurance | (137 | ) | (144 | ) | ||||
Decrease in other assets | 205 | 4,356 | ||||||
Increase in interest payable | 27 | 142 | ||||||
Increase (decrease) in other liabilities | 2,142 | (1,062 | ) | |||||
Net cash provided by operating activities | 3,544 | 15,799 | ||||||
Cash Flows from Investing Activities | ||||||||
Purchases of available for sale securities | - | (54,106 | ) | |||||
Proceeds from the sale or calls of available for sale securities | 5,162 | 15,534 | ||||||
Net decrease in loans | 4,401 | 44,420 | ||||||
Proceeds from sale of other real estate owned | 8,057 | 4,125 | ||||||
Purchases of premises and equipment | (1,708 | ) | (520 | ) | ||||
Proceeds from sale of premises and equipment | 17 | 1,681 | ||||||
Net cash provided by investing activities | 15,929 | 11,134 | ||||||
Cash Flows from Financing Activities | ||||||||
Issuance of common stock | (8 | ) | - | |||||
Net decrease in deposits | (9,964 | ) | (34,727 | ) | ||||
Net decrease in Federal Home Loan Bank Advances | (4,000 | ) | (10,000 | ) | ||||
Net decrease in other borrowings | (878 | ) | (1,562 | ) | ||||
Net cash used in financing activities | (14,850 | ) | (46,289 | ) | ||||
Net increase (decrease) in cash and cash equivalents | 4,623 | (19,356 | ) | |||||
Cash and cash equivalents, beginning of period | 40,209 | 53,131 | ||||||
Cash and cash equivalents, end of period | $ | 44,832 | $ | 33,775 | ||||
Supplemental Disclsoure of Cash Flow Information | ||||||||
Cash payments for interest | $ | 2,536 | $ | 3,117 | ||||
Supplemental Schedule of Non Cash Activities | ||||||||
Real estate owned assets acquired in settlement of loans | $ | 5,375 | $ | 5,181 | ||||
Dividends on preferred stock accrued | $ | 1,012 | $ | 552 |
See accompanying notes to consolidated financial statements.
7 |
Village Bank and Trust Financial Corp. and Subsidiary
Notes to Consolidated Financial Statements
Three and Nine Months Ended September 30, 2014 and 2013
(Unaudited)
Note 1 - Principles of presentation
Village Bank and Trust Financial Corp. (the “Company”) is the holding company of Village Bank (the “Bank”). The consolidated financial statements include the accounts of the Company, the Bank and the Bank’s subsidiary. All material intercompany balances and transactions have been eliminated in consolidation.
On August 6, 2014, the Company filed Articles of Amendment to its Articles of Incorporation with the Virginia State Corporation Commission to effect a reverse stock split of its outstanding common stock which became effective on August 8, 2014. As a result of the reverse split, every sixteen shares of the Company’s issued and outstanding common stock were consolidated into one issued and outstanding share of common stock. The computations of basic and diluted earnings per share have been adjusted retroactively to reflect the reverse stock split.
In the opinion of management, the accompanying condensed consolidated financial statements of the Company have been prepared on the accrual basis in accordance with generally accepted accounting principles for interim financial information. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. However, all adjustments that are, in the opinion of management, necessary for a fair presentation have been included. The results of operations for the three and nine month periods ended September 30, 2014 are not necessarily indicative of the results to be expected for the full year ending December 31, 2014. The unaudited interim financial statements should be read in conjunction with the audited financial statements and notes to financial statements that are presented in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 as filed with the Securities and Exchange Commission.
The Company has evaluated events and transactions occurring subsequent to the consolidated balance sheet date of September 30, 2014 for items that should potentially be recognized or disclosed in these consolidated financial statements. The evaluation was conducted through the date these consolidated financial statements were issued.
Note 2 - Use of estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the balance sheets and statements of operations for the period. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change include the determination of the allowance for loan losses and its related provision, and the estimate of the fair value of assets held for sale.
8 |
Note 3 - Earnings (loss) per common share
The following table presents the basic and diluted earnings (loss) per common share computation (in thousands, except per share data):
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerator | ||||||||||||||||
Net income (loss) - basic and diluted | $ | 134 | $ | (267 | ) | $ | (701 | ) | $ | (189 | ) | |||||
Preferred stock dividend and accretion | 545 | 221 | 1,062 | 664 | ||||||||||||
Net loss available to common shareholders | $ | (411 | ) | $ | (488 | ) | $ | (1,763 | ) | $ | (853 | ) | ||||
Denominator | ||||||||||||||||
Weighted average shares outstanding - basic | 334 | 266 | 334 | 266 | ||||||||||||
Dilutive effect of common stock options and restricted stock awards | - | - | - | - | ||||||||||||
Weighted average shares outstanding - diluted | 334 | 266 | 334 | 266 | ||||||||||||
Loss per share - basic and diluted | $ | (1.23 | ) | $ | (1.84 | ) | $ | (5.28 | ) | $ | (3.21 | ) |
Outstanding options and warrants to purchase common stock were considered in the computation of diluted earnings per share for the periods presented. Stock options for 6,830 were not included in computing diluted earnings per share for the three and nine months ended September 30, 2014 because their effects were anti-dilutive. Restricted stock awards for 14,802 were not included in computing diluted earnings per share for the three and nine months ended September 30, 2014 because their effects were anti-dilutive. Stock options for 16,008 and 16,658 were not included in computing diluted earnings per share for the three and nine months ended September 30, 2013, respectively, because their effects were anti-dilutive. Warrants for 31,190 shares of common stock were not included in computing earnings per share in 2014 and 2013 because their effects were also anti-dilutive.
9 |
Note 4 – Investment securities available for sale
At September 30, 2014 and December 31, 2013, all of our securities were classified as available-for-sale. The following table presents the composition of our investment portfolio at the dates indicated (dollars in thousands):
Gross | Gross | Estimated | ||||||||||||||||||||||
Par | Amortized | Unrealized | Unrealized | Fair | Average | |||||||||||||||||||
Value | Cost | Gains | Losses | Value | Yield | |||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||
US Treasuries | ||||||||||||||||||||||||
Five to ten years | $ | 8,000 | $ | 7,837 | $ | - | $ | (255 | ) | $ | 7,582 | 2.01 | % | |||||||||||
US Government Agencies | ||||||||||||||||||||||||
One to Five years | 8,000 | 8,176 | - | (245 | ) | 7,931 | 0.44 | % | ||||||||||||||||
Five to ten years | 26,500 | 28,033 | - | (1,350 | ) | 26,683 | 2.06 | % | ||||||||||||||||
34,500 | 36,209 | - | (1,595 | ) | 34,614 | 1.69 | % | |||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||
More than ten years | 542 | 558 | 2 | (2 | ) | 558 | 2.43 | % | ||||||||||||||||
Municipals | ||||||||||||||||||||||||
Five to ten years | 6,155 | 6,621 | - | (270 | ) | 6,351 | 2.85 | % | ||||||||||||||||
More than ten years | 5,280 | 6,728 | - | (318 | ) | 6,410 | 3.42 | % | ||||||||||||||||
11,435 | 13,349 | - | (588 | ) | 12,761 | 3.14 | % | |||||||||||||||||
Total investment securities | $ | 54,477 | $ | 57,953 | $ | 2 | $ | (2,440 | ) | $ | 55,515 | 2.07 | % | |||||||||||
December 31, 2013 | ||||||||||||||||||||||||
US Treasuries | ||||||||||||||||||||||||
Five to ten years | $ | 8,000 | $ | 7,825 | $ | - | $ | (615 | ) | $ | 7,210 | 2.13 | % | |||||||||||
US Government Agencies | ||||||||||||||||||||||||
One to Five years | 4,000 | 4,194 | - | (166 | ) | 4,028 | 0.89 | % | ||||||||||||||||
Five to ten years | 31,625 | 33,510 | - | (3,187 | ) | 30,323 | 1.82 | % | ||||||||||||||||
35,625 | 37,704 | - | (3,353 | ) | 34,351 | 1.71 | % | |||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||
More than ten years | 2,782 | 2,792 | 10 | (50 | ) | 2,752 | 2.43 | % | ||||||||||||||||
Municipals | ||||||||||||||||||||||||
Five to ten years | 6,155 | 6,684 | - | (678 | ) | 6,006 | 2.85 | % | ||||||||||||||||
More than ten years | 6,780 | 8,428 | - | (999 | ) | 7,429 | 3.34 | % | ||||||||||||||||
Total | 12,935 | 15,112 | - | (1,677 | ) | 13,435 | 3.12 | % | ||||||||||||||||
Total investment securities | $ | 59,342 | $ | 63,433 | $ | 10 | $ | (5,695 | ) | $ | 57,748 | 2.13 | % |
10 |
Investment securities available for sale that have an unrealized loss position at September 30, 2014 and December 31, 2013 are detailed below (in thousands):
Securities in a loss | Securities in a loss | |||||||||||||||||||||||
position for less than | position for more than | |||||||||||||||||||||||
12 Months | 12 Months | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||
US Treasuries | $ | - | $ | - | $ | 7,582 | $ | (255 | ) | $ | 7,582 | $ | (255 | ) | ||||||||||
US Government Agencies | - | - | 34,614 | (1,595 | ) | 34,614 | (1,595 | ) | ||||||||||||||||
Municipals | - | - | 12,761 | (588 | ) | 12,761 | (588 | ) | ||||||||||||||||
Mortgage-backed securities | 432 | (2 | ) | - | - | 432 | (2 | ) | ||||||||||||||||
Total | $ | 432 | $ | (2 | ) | $ | 54,957 | $ | (2,438 | ) | $ | 55,389 | $ | (2,440 | ) | |||||||||
December 31, 2013 | ||||||||||||||||||||||||
US Treasuries | $ | 7,210 | $ | (615 | ) | $ | - | $ | - | $ | 7,210 | $ | (615 | ) | ||||||||||
US Government Agencies | 34,350 | (3,353 | ) | - | - | 34,350 | (3,353 | ) | ||||||||||||||||
Municipals | 10,864 | (1,471 | ) | 2,571 | (206 | ) | 13,435 | (1,677 | ) | |||||||||||||||
Mortgage-backed securities | 1,861 | (50 | ) | - | - | 1,861 | (50 | ) | ||||||||||||||||
Total | $ | 54,285 | $ | (5,489 | ) | $ | 2,571 | $ | (206 | ) | $ | 56,856 | $ | (5,695 | ) |
Management does not believe that any individual unrealized loss as of September 30, 2014 and December 31, 2013 is other than a temporary impairment. These unrealized losses are primarily attributable to changes in interest rates. As of September 30, 2014, management does not have the intent to sell any of the securities classified as available for sale and management believes that it is more likely than not that the Company will not have to sell any such securities before a recovery of cost. Approximately $20 million of these securities are pledged against current and potential fundings.
11 |
Note 5 – Loans and allowance for loan losses
The following table presents the composition of our loan portfolio (excluding mortgage loans held for sale) at the dates indicated (dollars in thousands):
September 30, 2014 | December 31, 2013 | |||||||||||||||
Amount | % | Amount | % | |||||||||||||
Construction and land development | ||||||||||||||||
Residential | $ | 4,592 | 1.67 | % | $ | 2,931 | 1.02 | % | ||||||||
Commercial | 25,135 | 9.14 | % | 28,179 | 9.84 | % | ||||||||||
29,727 | 10.81 | % | 31,110 | 10.86 | % | |||||||||||
Commercial real estate | ||||||||||||||||
Owner occupied | 58,275 | 21.18 | % | 73,584 | 25.68 | % | ||||||||||
Non-owner occupied | 39,805 | 14.47 | % | 43,868 | 15.31 | % | ||||||||||
Multifamily | 11,019 | 4.01 | % | 11,560 | 4.03 | % | ||||||||||
Farmland | 1,343 | 0.48 | % | 1,463 | 0.51 | % | ||||||||||
110,442 | 40.14 | % | 130,475 | 45.53 | % | |||||||||||
Consumer real estate | ||||||||||||||||
Home equity lines | 20,275 | 7.37 | % | 21,246 | 7.41 | % | ||||||||||
Secured by 1-4 family residential, | ||||||||||||||||
First deed of trust | 63,425 | 23.05 | % | 66,873 | 23.34 | % | ||||||||||
Second deed of trust | 8,127 | 2.95 | % | 8,675 | 3.03 | % | ||||||||||
91,827 | 33.37 | % | 96,794 | 33.78 | % | |||||||||||
Commercial and industrial loans | ||||||||||||||||
(except those secured by real estate) | 22,471 | 8.17 | % | 26,254 | 9.16 | % | ||||||||||
Consumer and other (1) | 20,656 | 7.51 | % | 1,930 | 0.67 | % | ||||||||||
Total loans | 275,123 | 100.0 | % | 286,563 | 100.0 | % | ||||||||||
Deferred loan cost, net | 666 | 683 | ||||||||||||||
Less: allowance for loan losses | (5,658 | ) | (7,239 | ) | ||||||||||||
$ | 270,131 | $ | 280,007 |
(1) The Company purchased approximately $19 million in Student loans in the third quarter of 2014
The Company assigns risk rating classifications to its loans. These risk ratings are divided into the following groups:
· | Risk rated 1 to 4 loans are considered of sufficient quality to preclude an adverse rating. 1-4 assets generally are well protected by the current net worth and paying capacity of the obligor or by the value of the asset or underlying collateral; |
· | Risk rated 5 loans are defined as having potential weaknesses that deserve management’s close attention; |
· | Risk rated 6 loans are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any; |
· | Risk rated 7 loans have all the weaknesses inherent in substandard loans, with the added characteristics that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable; and |
· | Loans rated 6 or 7 are considered “Classified” loans for regulatory classification purposes. |
12 |
The following tables provide information on the risk rating of loans at the dates indicated (in thousands):
Risk Rated | Risk Rated | Risk Rated | Risk Rated | Total | ||||||||||||||||
1-4 | 5 | 6 | 7 | Loans | ||||||||||||||||
September 30, 2014 | ||||||||||||||||||||
Construction and land development | ||||||||||||||||||||
Residential | $ | 4,201 | $ | 132 | $ | 259 | $ | - | $ | 4,592 | ||||||||||
Commercial | 19,073 | 3,046 | 3,016 | 25,135 | ||||||||||||||||
23,274 | 3,178 | 3,275 | - | 29,727 | ||||||||||||||||
Commercial real estate | ||||||||||||||||||||
Owner occupied | 46,223 | 5,102 | 6,950 | - | 58,275 | |||||||||||||||
Non-owner occupied | 35,847 | 1,830 | 2,128 | - | 39,805 | |||||||||||||||
Multifamily | 10,280 | 739 | - | 11,019 | ||||||||||||||||
Farmland | 1,322 | 21 | - | 1,343 | ||||||||||||||||
93,672 | 7,671 | 9,099 | - | 110,442 | ||||||||||||||||
Consumer real estate | ||||||||||||||||||||
Home equity lines | 18,040 | 466 | 1,769 | - | 20,275 | |||||||||||||||
Secured by 1-4 family residential | ||||||||||||||||||||
First deed of trust | 51,309 | 5,854 | 6,262 | - | 63,425 | |||||||||||||||
Second deed of trust | 6,606 | 72 | 1,449 | - | 8,127 | |||||||||||||||
75,955 | 6,392 | 9,480 | - | 91,827 | ||||||||||||||||
Commercial and industrial loans | ||||||||||||||||||||
(except those secured by real estate) | 18,463 | 3,094 | 914 | - | 22,471 | |||||||||||||||
Consumer and other | 20,536 | 76 | 44 | - | 20,656 | |||||||||||||||
Total loans | $ | 231,900 | $ | 20,411 | $ | 22,812 | $ | - | $ | 275,123 | ||||||||||
December 31, 2013 | ||||||||||||||||||||
Construction and land development | ||||||||||||||||||||
Residential | $ | 2,715 | $ | - | $ | 216 | $ | - | $ | 2,931 | ||||||||||
Commercial | 18,265 | 2,711 | 7,203 | - | 28,179 | |||||||||||||||
20,980 | 2,711 | 7,419 | - | 31,110 | ||||||||||||||||
Commercial real estate | ||||||||||||||||||||
Owner occupied | 51,810 | 13,214 | 8,560 | - | 73,584 | |||||||||||||||
Non-owner occupied | 31,990 | 3,454 | 8,424 | - | 43,868 | |||||||||||||||
Multifamily | 10,804 | 756 | - | - | 11,560 | |||||||||||||||
Farmland | 1,346 | - | 117 | - | 1,463 | |||||||||||||||
95,950 | 17,424 | 17,101 | - | 130,475 | ||||||||||||||||
Consumer real estate | ||||||||||||||||||||
Home equity lines | 17,610 | 727 | 2,909 | - | 21,246 | |||||||||||||||
Secured by 1-4 family residential | ||||||||||||||||||||
First deed of trust | 49,843 | 6,646 | 10,384 | - | 66,873 | |||||||||||||||
Second deed of trust | 6,598 | 212 | 1,865 | - | 8,675 | |||||||||||||||
74,051 | 7,585 | 15,158 | - | 96,794 | ||||||||||||||||
Commercial and industrial loans | ||||||||||||||||||||
(except those secured by real estate) | 22,786 | 1,042 | 2,426 | - | 26,254 | |||||||||||||||
Consumer and other | 1,739 | 131 | 60 | - | 1,930 | |||||||||||||||
Total loans | $ | 215,506 | $ | 28,893 | $ | 42,164 | $ | - | $ | 286,563 |
13 |
The following table presents the aging of the recorded investment in past due loans and leases as of the dates indicated (in thousands):
Recorded | ||||||||||||||||||||||||||||
Greater | Investment > | |||||||||||||||||||||||||||
30-59 Days | 60-89 Days | Than | Total Past | Total | 90 Days and | |||||||||||||||||||||||
Past Due | Past Due | 90 Days | Due | Current | Loans | Accruing | ||||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||||||
Construction and land development | ||||||||||||||||||||||||||||
Residential | $ | - | $ | - | $ | - | $ | - | $ | 4,592 | $ | 4,592 | $ | - | ||||||||||||||
Commercial | 37 | - | - | 37 | 25,098 | 25,135 | - | |||||||||||||||||||||
37 | - | - | 37 | 29,690 | 29,727 | - | ||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Owner occupied | 913 | - | - | 913 | 57,362 | 58,275 | - | |||||||||||||||||||||
Non-owner occupied | - | - | - | - | 39,805 | 39,805 | - | |||||||||||||||||||||
Multifamily | - | - | - | - | 11,019 | 11,019 | - | |||||||||||||||||||||
Farmland | - | - | - | - | 1,343 | 1,343 | - | |||||||||||||||||||||
913 | - | - | 913 | 109,529 | 110,442 | - | ||||||||||||||||||||||
Consumer real estate | ||||||||||||||||||||||||||||
Home equity lines | 32 | - | - | 32 | 20,243 | 20,275 | - | |||||||||||||||||||||
Secured by 1-4 family residential | ||||||||||||||||||||||||||||
First deed of trust | 102 | - | - | 102 | 63,323 | 63,425 | - | |||||||||||||||||||||
Second deed of trust | - | 56 | - | 56 | 8,071 | 8,127 | - | |||||||||||||||||||||
134 | 56 | - | 190 | 91,637 | 91,827 | - | ||||||||||||||||||||||
Commercial and industrial loans | ||||||||||||||||||||||||||||
(except those secured by real estate) | 9 | - | - | 9 | 22,462 | 22,471 | - | |||||||||||||||||||||
Consumer and other | 750 | 411 | - | 1,161 | 19,495 | 20,656 | - | |||||||||||||||||||||
Total loans | $ | 1,843 | $ | 467 | $ | - | $ | 2,310 | $ | 272,813 | $ | 275,123 | $ | - | ||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
Construction and land development | ||||||||||||||||||||||||||||
Residential | $ | - | $ | - | $ | - | $ | - | $ | 2,931 | $ | 2,931 | $ | - | ||||||||||||||
Commercial | - | 116 | - | 116 | 28,063 | 28,179 | - | |||||||||||||||||||||
- | 116 | - | 116 | 30,994 | 31,110 | - | ||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Owner occupied | 199 | - | - | 199 | 73,385 | 73,584 | - | |||||||||||||||||||||
Non-owner occupied | - | 346 | - | 346 | 43,522 | 43,868 | - | |||||||||||||||||||||
Multifamily | 221 | - | - | 221 | 11,339 | 11,560 | - | |||||||||||||||||||||
Farmland | 194 | - | - | 194 | 1,269 | 1,463 | - | |||||||||||||||||||||
614 | 346 | - | 960 | 129,515 | 130,475 | - | ||||||||||||||||||||||
Consumer real estate | ||||||||||||||||||||||||||||
Home equity lines | 98 | 403 | - | 501 | 20,745 | 21,246 | - | |||||||||||||||||||||
Secured by 1-4 family residential | ||||||||||||||||||||||||||||
First deed of trust | 555 | 362 | - | 917 | 65,956 | 66,873 | - | |||||||||||||||||||||
Second deed of trust | - | 24 | - | 24 | 8,651 | 8,675 | - | |||||||||||||||||||||
653 | 789 | - | 1,442 | 95,352 | 96,794 | - | ||||||||||||||||||||||
Commercial and industrial loans | ||||||||||||||||||||||||||||
(except those secured by real estate) | 25 | 122 | 60 | 207 | 26,047 | 26,254 | 60 | |||||||||||||||||||||
Consumer and other | 6 | 15 | - | 21 | 1,909 | 1,930 | - | |||||||||||||||||||||
Total loans | $ | 1,298 | $ | 1,388 | $ | 60 | $ | 2,746 | $ | 283,817 | $ | 286,563 | $ | 60 |
Loans are considered impaired when, based on current information and events it is probable the Company will be unable to collect all amounts due in accordance with the original contractual terms of the loan agreement, including scheduled principal and interest payments. Loans evaluated individually for impairment include non-performing loans, such as loans on non-accrual, loans past due by 90 days or more, restructured loans and other loans selected by management. The evaluations are based upon discounted expected cash flows or collateral valuations. If the evaluation shows that a loan is individually impaired, then a specific reserve is established for the amount of impairment. Impairment is evaluated in total for smaller-balance loans of a similar nature and on an individual loan basis for other loans. If a loan is impaired, a specific valuation allowance is allocated, if necessary, so that the loan is reported net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the collateral. Interest payments on impaired loans are typically applied to principal unless collectability of the principal amount is reasonably assured, in which case interest is recognized on a cash basis. Impaired loans, or portions thereof, are charged off when deemed uncollectible. Impaired loans are set forth in the following table as of the dates indicated (in thousands):
14 |
September 30, 2014 | ||||||||||||
Unpaid | ||||||||||||
Recorded | Principal | Related | ||||||||||
Investment | Balance | Allowance | ||||||||||
With no related allowance recorded | ||||||||||||
Construction and land development | ||||||||||||
Residential | $ | 259 | $ | 259 | $ | - | ||||||
Commercial | 3,527 | 3,527 | - | |||||||||
3,786 | 3,786 | - | ||||||||||
Commercial real estate | ||||||||||||
Owner occupied | 3,133 | 3,133 | ||||||||||
Non-owner occupied | 9,896 | 9,896 | - | |||||||||
Multifamily | 2,336 | 2,336 | - | |||||||||
Farmland | 21 | 450 | - | |||||||||
15,386 | 15,815 | - | ||||||||||
Consumer real estate | ||||||||||||
Home equity lines | 959 | 959 | - | |||||||||
Secured by 1-4 family residential | ||||||||||||
First deed of trust | 7,085 | 7,117 | - | |||||||||
Second deed of trust | 1,060 | 1,379 | - | |||||||||
9,104 | 9,455 | - | ||||||||||
Commercial and industrial loans | ||||||||||||
(except those secured by real estate) | 745 | 850 | - | |||||||||
Consumer and other | 17 | 17 | - | |||||||||
29,038 | 29,923 | - | ||||||||||
With an allowance recorded | ||||||||||||
Construction and land development | ||||||||||||
Commercial | 596 | 596 | 26 | |||||||||
Commercial real estate | ||||||||||||
Owner occupied | 4,395 | 4,410 | 323 | |||||||||
Non-Owner occupied | 215 | 215 | 109 | |||||||||
4,610 | 4,625 | 432 | ||||||||||
Consumer real estate | ||||||||||||
Secured by 1-4 family residential | ||||||||||||
First deed of trust | 1,870 | 1,870 | 341 | |||||||||
Second deed of trust | 260 | 260 | 44 | |||||||||
2,130 | 2,130 | 385 | ||||||||||
Commercial and industrial loans | ||||||||||||
(except those secured by real estate) | 100 | 100 | 12 | |||||||||
7,436 | 7,451 | 855 | ||||||||||
Total | ||||||||||||
Construction and land development | ||||||||||||
Residential | 259 | 259 | - | |||||||||
Commercial | 4,123 | 4,123 | 26 | |||||||||
4,382 | 4,382 | 26 | ||||||||||
Commercial real estate | ||||||||||||
Owner occupied | 7,528 | 7,543 | 323 | |||||||||
Non-owner occupied | 10,111 | 10,111 | 109 | |||||||||
Multifamily | 2,336 | 2,336 | - | |||||||||
Farmland | 21 | 450 | - | |||||||||
19,996 | 20,440 | 432 | ||||||||||
Consumer real estate | ||||||||||||
Home equity lines | 959 | 959 | - | |||||||||
Secured by 1-4 family residential, | ||||||||||||
First deed of trust | 8,955 | 8,987 | 341 | |||||||||
Second deed of trust | 1,320 | 1,639 | 44 | |||||||||
11,234 | 11,585 | 385 | ||||||||||
Commercial and industrial loans | ||||||||||||
(except those secured by real estate) | 845 | 950 | 12 | |||||||||
Consumer and other | 17 | 17 | - | |||||||||
$ | 36,474 | $ | 37,374 | $ | 855 |
15 |
December 31, 2013 | ||||||||||||
Unpaid | ||||||||||||
Recorded | Principal | Related | ||||||||||
Investment | Balance | Allowance | ||||||||||
With no related allowance recorded | ||||||||||||
Construction and land development | ||||||||||||
Residential | $ | 216 | $ | 216 | $ | - | ||||||
Commercial | 3,452 | 3,497 | - | |||||||||
3,668 | 3,713 | - | ||||||||||
Commercial real estate | ||||||||||||
Owner occupied | 1,919 | 1,969 | ||||||||||
Non-owner occupied | 11,769 | 11,928 | - | |||||||||
Multifamily | 2,373 | 2,373 | - | |||||||||
Farmland | 117 | 450 | - | |||||||||
16,178 | 16,720 | - | ||||||||||
Consumer real estate | ||||||||||||
Home equity lines | 1,630 | 1,685 | - | |||||||||
Secured by 1-4 family residential | ||||||||||||
First deed of trust | 8,177 | 8,319 | - | |||||||||
Second deed of trust | 1,125 | 1,249 | - | |||||||||
10,932 | 11,253 | - | ||||||||||
Commercial and industrial loans | ||||||||||||
(except those secured by real estate) | 809 | 983 | - | |||||||||
Consumer and other | 34 | 34 | - | |||||||||
31,621 | 32,703 | - | ||||||||||
With an allowance recorded | ||||||||||||
Construction and land development | ||||||||||||
Commercial | 1,753 | 1,753 | 220 | |||||||||
Commercial real estate | ||||||||||||
Owner occupied | 9,794 | 9,948 | 680 | |||||||||
Non-Owner occupied | 1,297 | 1,297 | 371 | |||||||||
11,091 | 11,245 | 1,051 | ||||||||||
Consumer real estate | ||||||||||||
Secured by 1-4 family residential | ||||||||||||
First deed of trust | 2,184 | 2,870 | 484 | |||||||||
Second deed of trust | 132 | 132 | 32 | |||||||||
2,316 | 3,002 | 516 | ||||||||||
Commercial and industrial loans | ||||||||||||
(except those secured by real estate) | 151 | 151 | 43 | |||||||||
15,311 | 16,151 | 1,830 | ||||||||||
Total | ||||||||||||
Construction and land development | ||||||||||||
Residential | 216 | 216 | - | |||||||||
Commercial | 5,205 | 5,250 | 220 | |||||||||
5,421 | 5,466 | 220 | ||||||||||
Commercial real estate | ||||||||||||
Owner occupied | 11,713 | 11,917 | 680 | |||||||||
Non-owner occupied | 13,066 | 13,225 | 371 | |||||||||
Multifamily | 2,373 | 2,373 | - | |||||||||
Farmland | 117 | 450 | - | |||||||||
27,269 | 27,965 | 1,051 | ||||||||||
Consumer real estate | ||||||||||||
Home equity lines | 1,630 | 1,685 | - | |||||||||
Secured by 1-4 family residential, | ||||||||||||
First deed of trust | 10,361 | 11,189 | 484 | |||||||||
Second deed of trust | 1,257 | 1,381 | 32 | |||||||||
13,248 | 14,255 | 516 | ||||||||||
Commercial and industrial loans | ||||||||||||
(except those secured by real estate) | 960 | 1,134 | 43 | |||||||||
Consumer and other | 34 | 34 | - | |||||||||
$ | 46,932 | $ | 48,854 | $ | 1,830 |
16 |
The following is a summary of average recorded investment in impaired loans with and without a valuation allowance and interest income recognized on those loans for the periods indicated (in thousands):
For the Three Months | For the Nine Months | |||||||||||||||
Ended September 30, 2014 | Ended September 30, 2014 | |||||||||||||||
Average | Interest | Average | Interest | |||||||||||||
Recorded | Income | Recorded | Income | |||||||||||||
Investment | Recognized | Investment | Recognized | |||||||||||||
With no related allowance recorded | ||||||||||||||||
Construction and land development | ||||||||||||||||
Residential | $ | 133 | $ | - | $ | 206 | $ | 2 | ||||||||
Commercial | 3,584 | 52 | 3,841 | 150 | ||||||||||||
3,717 | 52 | 4,047 | 152 | |||||||||||||
Commercial real estate | ||||||||||||||||
Owner occupied | 2,654 | 70 | 3,161 | 135 | ||||||||||||
Non-owner occupied | 9,557 | 120 | 9,994 | 335 | ||||||||||||
Multifamily | 2,340 | 35 | 2,353 | 106 | ||||||||||||
Farmland | 21 | - | 21 | - | ||||||||||||
14,572 | 225 | 15,529 | 576 | |||||||||||||
Consumer real estate | ||||||||||||||||
Home equity lines | 950 | 3 | 960 | 19 | ||||||||||||
Secured by 1-4 family residential | ||||||||||||||||
First deed of trust | 7,259 | 75 | 7,175 | 268 | ||||||||||||
Second deed of trust | 1,147 | 9 | 1,066 | 42 | ||||||||||||
9,356 | 87 | 9,201 | 329 | |||||||||||||
Commercial and industrial loans | ||||||||||||||||
(except those secured by real estate) | 746 | 7 | 751 | 30 | ||||||||||||
Consumer and other | 17 | - | 19 | 1 | ||||||||||||
$ | 28,408 | $ | 371 | $ | 29,547 | $ | 1,088 | |||||||||
With an allowance recorded | ||||||||||||||||
Construction and land development | ||||||||||||||||
Commercial | 598 | 8 | 603 | 23 | ||||||||||||
Commercial real estate | ||||||||||||||||
Owner occupied | 2,801 | 62 | 4,446 | 154 | ||||||||||||
Non-Owner occupied | 1,946 | 9 | 217 | 9 | ||||||||||||
4,747 | 71 | 4,663 | 163 | |||||||||||||
Consumer real estate | ||||||||||||||||
Secured by 1-4 family residential | ||||||||||||||||
First deed of trust | 1,870 | 22 | 1,944 | 24 | ||||||||||||
Second deed of trust | 260 | 5 | 264 | 8 | ||||||||||||
2,130 | 27 | 2,208 | 32 | |||||||||||||
Commercial and industrial loans | ||||||||||||||||
(except those secured by real estate) | 110 | - | 115 | - | ||||||||||||
7,585 | 106 | $ | 7,589 | $ | 218 | |||||||||||
Total | ||||||||||||||||
Construction and land development | ||||||||||||||||
Residential | 133 | - | 206 | 2 | ||||||||||||
Commercial | 4,182 | 60 | 4,444 | 173 | ||||||||||||
4,315 | 60 | 4,650 | 175 | |||||||||||||
Commercial real estate | ||||||||||||||||
Owner occupied | 5,455 | 132 | 7,607 | 289 | ||||||||||||
Non-owner occupied | 11,503 | 129 | 10,211 | 344 | ||||||||||||
Multifamily | 2,340 | 35 | 2,353 | 106 | ||||||||||||
Farmland | 21 | - | 21 | - | ||||||||||||
19,319 | 296 | 20,192 | 739 | |||||||||||||
Consumer real estate | ||||||||||||||||
Home equity lines | 950 | 3 | 960 | 19 | ||||||||||||
Secured by 1-4 family residential, | ||||||||||||||||
First deed of trust | 9,129 | 97 | 9,119 | 292 | ||||||||||||
Second deed of trust | 1,407 | 14 | 1,330 | 50 | ||||||||||||
11,486 | 114 | 11,409 | 361 | |||||||||||||
Commercial and industrial loans | ||||||||||||||||
(except those secured by real estate) | 856 | 7 | 866 | 30 | ||||||||||||
Consumer and other | 17 | - | 19 | 1 | ||||||||||||
$ | 35,993 | $ | 477 | $ | 37,136 | $ | 1,306 |
17 |
For the Three Months | For the Nine Months | |||||||||||||||
Ended September 30, 2013 | Ended September 30, 2013 | |||||||||||||||
Average | Interest | Average | Interest | |||||||||||||
Recorded | Income | Recorded | Income | |||||||||||||
Investment | Recognized | Investment | Recognized | |||||||||||||
With no related allowance recorded | ||||||||||||||||
Construction and land development | ||||||||||||||||
Commercial | $ | 5,749 | 68 | $ | 6,612 | $ | 218 | |||||||||
5,749 | 68 | 6,612 | 218 | |||||||||||||
Commercial real estate | ||||||||||||||||
Owner occupied | 11,033 | 177 | 10,479 | 419 | ||||||||||||
Non-owner occupied | 11,238 | 137 | 11,315 | 412 | ||||||||||||
Multifamily | 2,390 | 36 | 2,402 | 114 | ||||||||||||
24,661 | 350 | 24,196 | 945 | |||||||||||||
Consumer real estate | ||||||||||||||||
Home equity lines | 1,093 | 7 | 1,093 | 36 | ||||||||||||
Secured by 1-4 family residential | ||||||||||||||||
First deed of trust | 14,479 | 128 | 14,531 | 478 | ||||||||||||
Second deed of trust | 974 | 12 | 978 | 37 | ||||||||||||
16,546 | 147 | 16,602 | 551 | |||||||||||||
Commercial and industrial loans | ||||||||||||||||
(except those secured by real estate) | 472 | 9 | 430 | 22 | ||||||||||||
Consumer and other | 138 | 2 | 142 | 7 | ||||||||||||
$ | 47,566 | $ | 576 | $ | 47,982 | $ | 1,743 | |||||||||
With an allowance recorded | ||||||||||||||||
Construction and land development | ||||||||||||||||
Commercial | 1,523 | - | 1,525 | 6 | ||||||||||||
Commercial real estate | ||||||||||||||||
Non-Owner occupied | 1,089 | 13 | 1,089 | 44 | ||||||||||||
Farmland | 565 | - | 569 | 1 | ||||||||||||
1,654 | 13 | 1,658 | 45 | |||||||||||||
Consumer real estate | ||||||||||||||||
Home equity lines | - | - | - | - | ||||||||||||
Secured by 1-4 family residential | ||||||||||||||||
First deed of trust | 237 | - | 269 | - | ||||||||||||
Second deed of trust | 136 | 2 | 136 | 4 | ||||||||||||
373 | 2 | 405 | 4 | |||||||||||||
Commercial and industrial loans | ||||||||||||||||
(except those secured by real estate) | 418 | 4 | 246 | 7 | ||||||||||||
3,968 | 19 | 3,834 | 62 | |||||||||||||
Total | ||||||||||||||||
Construction and land development | ||||||||||||||||
Commercial | 7,272 | 68 | 8,137 | 224 | ||||||||||||
7,272 | 68 | 8,137 | 224 | |||||||||||||
Commercial real estate | ||||||||||||||||
Owner occupied | 11,033 | 177 | 10,479 | 419 | ||||||||||||
Non-owner occupied | 12,327 | 150 | 12,404 | 456 | ||||||||||||
Multifamily | 2,390 | 36 | 2,402 | 114 | ||||||||||||
Farmland | 565 | - | 569 | 1 | ||||||||||||
26,315 | 363 | 25,854 | 990 | |||||||||||||
Consumer real estate | ||||||||||||||||
Home equity lines | 1,093 | 7 | 1,093 | 36 | ||||||||||||
Secured by 1-4 family residential, | ||||||||||||||||
First deed of trust | 14,716 | 128 | 14,800 | 478 | ||||||||||||
Second deed of trust | 1,110 | 14 | 1,114 | 41 | ||||||||||||
16,919 | 149 | 17,007 | 555 | |||||||||||||
Commercial and industrial loans | ||||||||||||||||
(except those secured by real estate) | 890 | 13 | 676 | 29 | ||||||||||||
Consumer and other | 138 | 2 | 142 | 7 | ||||||||||||
$ | 51,534 | $ | 595 | $ | 51,816 | $ | 1,805 |
18 |
Included in impaired loans are loans classified as troubled debt restructurings (“TDRs”). A modification of a loan’s terms constitutes a TDR if the creditor grants a concession to the borrower for economic or legal reasons related to the borrower’s financial difficulties that it would not otherwise consider. For loans classified as impaired TDRs, the Company further evaluates the loans as performing or nonperforming. If, at the time of restructure, the loan is not considered nonaccrual, it will be classified as performing. TDRs originally classified as nonperforming are able to be reclassified as performing if, subsequent to restructure, they experience six months of payment performance according to the restructured terms. The following is a summary of performing and nonaccrual TDRs and the related specific valuation allowance by portfolio segment as of the dates indicated (dollars in thousands):
Specific | ||||||||||||||||
Valuation | ||||||||||||||||
Total | Performing | Nonaccrual | Allowance | |||||||||||||
September 30, 2014 | ||||||||||||||||
Construction and land development | ||||||||||||||||
Residential | $ | 7 | $ | - | $ | 7 | $ | - | ||||||||
Commercial | 3,977 | 3,833 | 144 | 26 | ||||||||||||
3,984 | 3,833 | 151 | 26 | |||||||||||||
Commercial real estate | ||||||||||||||||
Owner occupied | 6,356 | 6,022 | 334 | 324 | ||||||||||||
Non-owner occupied | 9,024 | 9,024 | - | 108 | ||||||||||||
Multifamily | 2,336 | 2,336 | - | - | ||||||||||||
17,716 | 17,382 | 334 | 432 | |||||||||||||
Consumer real estate | ||||||||||||||||
Home equity lines | 160 | - | 160 | - | ||||||||||||
Secured by 1-4 family residential | - | |||||||||||||||
First deeds of trust | 7,170 | 4,995 | 2,175 | 341 | ||||||||||||
Second deeds of trust | 719 | 614 | 105 | 44 | ||||||||||||
8,049 | 5,609 | 2,440 | 385 | |||||||||||||
Commercial and industrial loans | ||||||||||||||||
(except those secured by real estate) | 240 | 104 | 136 | 12 | ||||||||||||
Consumer and other | 17 | - | 17 | - | ||||||||||||
$ | 30,006 | $ | 26,928 | $ | 3,078 | $ | 855 | |||||||||
Number of loans | 112 | 77 | 35 | 25 |
19 |
Specific | ||||||||||||||||
Valuation | ||||||||||||||||
Total | Performing | Nonaccrual | Allowance | |||||||||||||
December 31, 2013 | ||||||||||||||||
Construction and land development | ||||||||||||||||
Residential | $ | 216 | $ | 216 | $ | - | $ | - | ||||||||
Commercial | 4,922 | 3,393 | 1,528 | 211 | ||||||||||||
5,138 | 3,609 | 1,528 | 211 | |||||||||||||
Commercial real estate | ||||||||||||||||
Owner occupied | 10,377 | 9,010 | 1,367 | 374 | ||||||||||||
Non-owner occupied | 9,973 | 9,568 | 404 | 137 | ||||||||||||
Multifamily | 2,373 | 2,373 | - | - | ||||||||||||
22,723 | 20,951 | 1,771 | 511 | |||||||||||||
Consumer real estate | ||||||||||||||||
Home equity lines | 160 | - | 160 | - | ||||||||||||
Secured by 1-4 family residential | ||||||||||||||||
First deeds of trust | 7,296 | 3,230 | 4,066 | 383 | ||||||||||||
Second deeds of trust | 691 | 324 | 367 | - | ||||||||||||
8,147 | 3,554 | 4,593 | 383 | |||||||||||||
Commercial and industrial loans | ||||||||||||||||
(except those secured by real estate) | 256 | 121 | 135 | 9 | ||||||||||||
Consumer and other | 21 | - | 21 | - | ||||||||||||
$ | 36,285 | $ | 28,235 | $ | 8,048 | $ | 1,114 | |||||||||
Number of loans | 115 | 62 | 53 | 23 |
The following table provides information about TDRs identified during the indicated periods (dollars in thousands):
Nine Months Ended September 30, 2014 | Nine Months Ended September 30, 2013 | |||||||||||||||||||||||
Pre- | Post- | Pre- | Post- | |||||||||||||||||||||
Modification | Modification | Modification | Modification | |||||||||||||||||||||
Number of | Recorded | Recorded | Number of | Recorded | Recorded | |||||||||||||||||||
Loans | Balance | Balance | Loans | Balance | Balance | |||||||||||||||||||
Construction and land development | ||||||||||||||||||||||||
Residential | - | $ | - | $ | - | - | $ | - | $ | - | ||||||||||||||
Commercial | 1 | 45 | 45 | 6 | 2,991 | 2,991 | ||||||||||||||||||
1 | 45 | 45 | 6 | 2,991 | 2,991 | |||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Owner occupied | 2 | 743 | 743 | 4 | 1,087 | 1,087 | ||||||||||||||||||
Non-owner occupied | - | - | - | - | - | |||||||||||||||||||
2 | 743 | 743 | 4 | 1,087 | 1,087 | |||||||||||||||||||
Consumer real estate | ||||||||||||||||||||||||
Home equity lines | - | - | - | - | - | - | ||||||||||||||||||
Secured by 1-4 family residential | ||||||||||||||||||||||||
First deed of trust | 7 | 729 | 729 | 16 | 2,266 | 2,266 | ||||||||||||||||||
Second deed of trust | 2 | 105 | 105 | 2 | 162 | 162 | ||||||||||||||||||
9 | 834 | 834 | 18 | 2,428 | 2,428 | |||||||||||||||||||
Consumer and other | - | - | - | 1 | 382 | 382 | ||||||||||||||||||
12 | $ | 1,622 | $ | 1,622 | 29 | $ | 6,888 | $ | 6,888 |
20 |
Three Months Ended September 30, 2014 | Three Months Ended September 30, 2013 | |||||||||||||||||||||||
Pre- | Post- | Pre- | Post- | |||||||||||||||||||||
Modification | Modification | Modification | Modification | |||||||||||||||||||||
Number of | Recorded | Recorded | Number of | Recorded | Recorded | |||||||||||||||||||
Loans | Balance | Balance | Loans | Balance | Balance | |||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Owner occupied | - | $ | - | $ | - | 4 | $ | 2,256 | $ | 2,256 | ||||||||||||||
- | - | - | 4 | 2,256 | 2,256 | |||||||||||||||||||
Consumer real estate | ||||||||||||||||||||||||
Secured by 1-4 family residential | ||||||||||||||||||||||||
First deed of trust | 3 | 372 | 372 | 5 | 715 | 715 | ||||||||||||||||||
Second deed of trust | 2 | 105 | 105 | 2 | 162 | 162 | ||||||||||||||||||
5 | 477 | 477 | 7 | 877 | 877 | |||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||
(except those secured by real estate) | - | - | - | |||||||||||||||||||||
5 | $ | 477 | $ | 477 | 11 | $ | 3,133 | $ | 3,133 |
The following table summarizes defaults on TDRs identified for the three and nine months ended September 30, 2014 (dollars in thousands):
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, 2014 | September 30, 2014 | |||||||||||||||
Number of | Recorded | Number of | Recorded | |||||||||||||
Loans | Balance | Loans | Balance | |||||||||||||
Cosntruction and land development | ||||||||||||||||
Commercial | - | $ | - | 1 | $ | 45 | ||||||||||
- | - | 1 | 45 | |||||||||||||
Commercial real estate | ||||||||||||||||
Owner occupied | - | - | 1 | 334 | ||||||||||||
- | - | 1 | 334 | |||||||||||||
Consumer real estate: | ||||||||||||||||
Secured by 1-4 family residential | ||||||||||||||||
First deed of trust | 1 | 186 | 5 | 541 | ||||||||||||
Second deed of trust | 2 | 105 | 2 | 105 | ||||||||||||
3 | 291 | 7 | 646 | |||||||||||||
Total | 3 | $ | 291 | 9 | $ | 1,025 |
21 |
Activity in the allowance for loan losses is as follows for the periods indicated (dollars in thousands):
Beginning | Provision for | Ending | ||||||||||||||||||
Balance | Loan Losses | Charge-offs | Recoveries | Balance | ||||||||||||||||
Three Months Ended September 30, 2014 | ||||||||||||||||||||
Construction and land development | ||||||||||||||||||||
Residential | $ | 141 | $ | - | $ | - | $ | - | $ | 141 | ||||||||||
Commercial | 770 | - | - | 27 | 797 | |||||||||||||||
911 | - | - | 27 | 938 | ||||||||||||||||
Commercial real estate | ||||||||||||||||||||
Owner occupied | 1,245 | - | - | - | 1,245 | |||||||||||||||
Non-owner occupied | (15 | ) | - | - | 1 | (14 | ) | |||||||||||||
Multifamily | 17 | - | - | - | 17 | |||||||||||||||
Farmland | 409 | - | - | - | 409 | |||||||||||||||
1,656 | - | - | 1 | 1,657 | ||||||||||||||||
Consumer real estate | ||||||||||||||||||||
Home equity lines | 225 | - | (52 | ) | 12 | 185 | ||||||||||||||
Secured by 1-4 family residential | ||||||||||||||||||||
First deed of trust | 1,744 | - | (39 | ) | 9 | 1,714 | ||||||||||||||
Second deed of trust | 440 | - | - | 5 | 445 | |||||||||||||||
2,409 | - | (91 | ) | 26 | 2,344 | |||||||||||||||
Commercial and industrial loans | ||||||||||||||||||||
(except those secured by real estate) | 678 | - | - | 13 | 691 | |||||||||||||||
Consumer and other | 27 | - | (3 | ) | 4 | 28 | ||||||||||||||
$ | 5,681 | $ | - | $ | (94 | ) | $ | 71 | $ | 5,658 |
Beginning | Provision for | Ending | ||||||||||||||||||
Balance | Loan Losses | Charge-offs | Recoveries | Balance | ||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||
Construction and land development | ||||||||||||||||||||
Residential | $ | 596 | $ | - | $ | - | $ | - | $ | 596 | ||||||||||
Commercial | 4,777 | - | (175 | ) | 35 | 4,637 | ||||||||||||||
5,373 | - | (175 | ) | 35 | 5,233 | |||||||||||||||
Commercial real estate | ||||||||||||||||||||
Owner occupied | 1,126 | - | (128 | ) | - | 998 | ||||||||||||||
Non-owner occupied | 307 | - | - | - | 307 | |||||||||||||||
Multifamily | 23 | - | - | - | 23 | |||||||||||||||
Farmland | 808 | - | (448 | ) | - | 360 | ||||||||||||||
2,264 | - | (576 | ) | - | 1,688 | |||||||||||||||
Consumer real estate | ||||||||||||||||||||
Home equity lines | 415 | - | (22 | ) | 9 | 402 | ||||||||||||||
Secured by 1-4 family residential | ||||||||||||||||||||
First deed of trust | 504 | - | (127 | ) | 1 | 378 | ||||||||||||||
Second deed of trust | 14 | - | - | - | 14 | |||||||||||||||
933 | - | (149 | ) | 10 | 794 | |||||||||||||||
Commercial and industrial loans | ||||||||||||||||||||
(except those secured by real estate) | 947 | - | (115 | ) | 24 | 856 | ||||||||||||||
Consumer and other | 93 | - | (39 | ) | 3 | 57 | ||||||||||||||
$ | 9,610 | $ | - | $ | (1,054 | ) | $ | 72 | $ | 8,628 |
22 |
Beginning | Provision for | Ending | ||||||||||||||||||
Balance | Loan Losses | Charge-offs | Recoveries | Balance | ||||||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||||
Construction and land development | ||||||||||||||||||||
Residential | $ | 135 | $ | 5 | $ | - | $ | 1 | $ | 141 | ||||||||||
Commercial | 1,274 | (421 | ) | (100 | ) | 44 | 797 | |||||||||||||
1,409 | (416 | ) | (100 | ) | 45 | 938 | ||||||||||||||
Commercial real estate | ||||||||||||||||||||
Owner occupied | 1,200 | 653 | (608 | ) | - | 1,245 | ||||||||||||||
Non-owner occupied | 670 | (470 | ) | (238 | ) | 24 | (14 | ) | ||||||||||||
Multifamily | 19 | (2 | ) | - | - | 17 | ||||||||||||||
Farmland | 337 | 168 | (96 | ) | - | 409 | ||||||||||||||
2,226 | 349 | (942 | ) | 24 | 1,657 | |||||||||||||||
Consumer real estate | ||||||||||||||||||||
Home equity lines | 424 | 223 | (476 | ) | 14 | 185 | ||||||||||||||
Secured by 1-4 family residential | ||||||||||||||||||||
First deed of trust | 1,992 | (65 | ) | (277 | ) | 64 | 1,714 | |||||||||||||
Second deed of trust | 394 | 12 | (76 | ) | 115 | 445 | ||||||||||||||
2,810 | 170 | (829 | ) | 193 | 2,344 | |||||||||||||||
Commercial and industrial loans | ||||||||||||||||||||
(except those secured by real estate) | 724 | 45 | (168 | ) | 90 | 691 | ||||||||||||||
Consumer and other | 70 | (48 | ) | (8 | ) | 14 | 28 | |||||||||||||
$ | 7,239 | $ | 100 | $ | (2,047 | ) | $ | 366 | $ | 5,658 |
Beginning | Provision for | Ending | ||||||||||||||||||
Balance | Loan Losses | Charge-offs | Recoveries | Balance | ||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
Construction and land development | ||||||||||||||||||||
Residential | $ | 495 | $ | - | $ | - | $ | 101 | $ | 596 | ||||||||||
Commercial | 4,611 | 15 | (270 | ) | 281 | 4,637 | ||||||||||||||
5,106 | 15 | (270 | ) | 382 | 5,233 | |||||||||||||||
Commercial real estate | ||||||||||||||||||||
Owner occupied | 1,359 | - | (404 | ) | 43 | 998 | ||||||||||||||
Non-owner occupied | 817 | - | (510 | ) | - | 307 | ||||||||||||||
Multifamily | 23 | - | - | - | 23 | |||||||||||||||
Farmland | - | 808 | (448 | ) | - | 360 | ||||||||||||||
2,199 | 808 | (1,362 | ) | 43 | 1,688 | |||||||||||||||
Consumer real estate | ||||||||||||||||||||
Home equity lines | 658 | - | (266 | ) | 10 | 402 | ||||||||||||||
Secured by 1-4 family residential | ||||||||||||||||||||
First deed of trust | 1,358 | - | (1,002 | ) | 22 | 378 | ||||||||||||||
Second deed of trust | 224 | - | (215 | ) | 5 | 14 | ||||||||||||||
2,240 | - | (1,483 | ) | 37 | 794 | |||||||||||||||
Commercial and industrial loans | ||||||||||||||||||||
(except those secured by real estate) | 1,162 | - | (466 | ) | 160 | 856 | ||||||||||||||
Consumer and other | 101 | - | (52 | ) | 8 | 57 | ||||||||||||||
$ | 10,808 | $ | 823 | $ | (3,633 | ) | $ | 630 | $ | 8,628 |
23 |
Beginning | Provision for | Ending | ||||||||||||||||||
Balance | Loan Losses | Charge-offs | Recoveries | Balance | ||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
Construction and land development | ||||||||||||||||||||
Residential | $ | 495 | $ | (462 | ) | $ | - | $ | 102 | $ | 135 | |||||||||
Commercial | 4,611 | (3,482 | ) | (279 | ) | 424 | 1,274 | |||||||||||||
5,106 | (3,944 | ) | (279 | ) | 526 | 1,409 | ||||||||||||||
Commercial real estate | ||||||||||||||||||||
Owner occupied | 1,359 | 252 | (454 | ) | 43 | 1,200 | ||||||||||||||
Non-owner occupied | 817 | 452 | (619 | ) | 20 | 670 | ||||||||||||||
Multifamily | 23 | (4 | ) | - | - | 19 | ||||||||||||||
Farmland | - | 1,233 | (896 | ) | - | 337 | ||||||||||||||
2,199 | 1,933 | (1,969 | ) | 63 | 2,226 | |||||||||||||||
Consumer real estate | ||||||||||||||||||||
Home equity lines | 658 | 23 | (266 | ) | 9 | 424 | ||||||||||||||
Secured by 1-4 family residential | ||||||||||||||||||||
First deed of trust | 1,358 | 2,493 | (1,953 | ) | 94 | 1,992 | ||||||||||||||
Second deed of trust | 224 | 498 | (367 | ) | 39 | 394 | ||||||||||||||
2,240 | 3,014 | (2,586 | ) | 142 | 2,810 | |||||||||||||||
Commercial and industrial loans | ||||||||||||||||||||
(except those secured by real estate) | 1,162 | 145 | (760 | ) | 177 | 724 | ||||||||||||||
Consumer and other | 101 | 25 | (65 | ) | 9 | 70 | ||||||||||||||
$ | 10,808 | $ | 1,173 | $ | (5,659 | ) | $ | 917 | $ | 7,239 |
24 |
Loans were evaluated for impairment as follows for the periods indicated (dollars in thousands):
Loans Evaluated for Impairment | ||||||||||||
Individually | Collectively | Total | ||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||
Construction and land development | ||||||||||||
Residential | $ | 546 | $ | 4,046 | $ | 4,592 | ||||||
Commercial | 14,264 | 10,871 | 25,135 | |||||||||
Commercial real estate | ||||||||||||
Owner occupied | 38,797 | 19,478 | 58,275 | |||||||||
Non-owner occupied | 30,929 | 8,876 | 39,805 | |||||||||
Multifamily | 8,305 | 2,714 | 11,019 | |||||||||
Farmland | 768 | 575 | 1,343 | |||||||||
Consumer real estate | ||||||||||||
Home equity lines | 2,063 | 18,212 | 20,275 | |||||||||
Secured by 1-4 family residential | ||||||||||||
First deed of trust | 7,075 | 56,350 | 63,425 | |||||||||
Second deed of trust | 514 | 7,613 | 8,127 | |||||||||
Commercial and industrial loans | ||||||||||||
(except those secured by real estate) | 8,751 | 13,720 | 22,471 | |||||||||
Consumer and other | - | 20,656 | 20,656 | |||||||||
$ | 112,012 | $ | 163,111 | $ | 275,123 | |||||||
Year Ended December 31, 2013 | ||||||||||||
Construction and land development | ||||||||||||
Residential | $ | 576 | $ | 2,355 | $ | 2,931 | ||||||
Commercial | 15,592 | 12,587 | 28,179 | |||||||||
Commercial real estate | ||||||||||||
Owner occupied | 53,126 | 20,458 | 73,584 | |||||||||
Non-owner occupied | 34,367 | 9,501 | 43,868 | |||||||||
Multifamily | 9,363 | 2,197 | 11,560 | |||||||||
Farmland | 778 | 685 | 1,463 | |||||||||
Consumer real estate | ||||||||||||
Home equity lines | 1,382 | 19,864 | 21,246 | |||||||||