LOANS (Tables)
 12 Months Ended
Dec. 31, 2013
Loans disclosures  
Summary of major classifications of loans

 

December 31,
(Dollars in thousands)

 

2013

 

2012

 

Commercial:

 

 

 

 

 

Commercial real estate

 

$

584,133

 

$

639,557

 

Commercial business loans

 

378,663

 

332,169

 

Commercial construction

 

38,067

 

105,047

 

Total commercial loans

 

1,000,863

 

1,076,773

 

Residential:

 

 

 

 

 

Residential real estate

 

683,700

 

665,246

 

Residential construction

 

277

 

2,094

 

Total residential loans

 

683,977

 

667,340

 

 

 

 

 

 

 

Consumer loans:

 

 

 

 

 

Home equity & lines of credit

 

234,154

 

258,499

 

Personal

 

40,892

 

55,850

 

Education

 

206,521

 

217,896

 

Automobile

 

175,400

 

170,946

 

Total consumer loans

 

656,967

 

703,191

 

Total loans

 

2,341,807

 

2,447,304

 

 

 

 

 

 

 

Allowance for losses

 

(55,649

)

(57,649

)

Loans, net

 

$

2,286,158

 

$

2,389,655

 
Summary of activity in the allowance for loans and recorded investment by loan portfolio

 

 

 

COMMERCIAL

 

RESIDENTIAL

 

CONSUMER

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Home

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity &

 

 

 

 

 

 

 

 

 

 

 

December 31, 2013

 

Real

 

 

 

 

 

Real

 

 

 

Equity

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

Estate

 

Business

 

Construction

 

Estate

 

Construction

 

Lines

 

Personal

 

Education

 

Auto

 

Unallocated

 

Total

 

Allowance for credit losses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

21,994

 

$

18,088

 

$

8,242

 

$

2,293

 

$

142

 

$

2,397

 

$

2,062

 

$

303

 

$

1,578

 

$

550

 

$

57,649

 

Charge-offs

 

7,795

 

5,340

 

3,539

 

836

 

215

 

740

 

654

 

105

 

1,113

 

—

 

20,337

 

Recoveries

 

1,785

 

902

 

1,058

 

430

 

—

 

255

 

182

 

—

 

725

 

—

 

5,337

 

Provision (credit)

 

6,105

 

5,651

 

(2,573

)

313

 

73

 

1,221

 

1,097

 

108

 

1,005

 

—

 

13,000

 

Allowance ending balance

 

$

22,089

 

$

19,301

 

$

3,188

 

$

2,200

 

$

—

 

$

3,133

 

$

2,687

 

$

306

 

$

2,195

 

$

550

 

$

55,649

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance ending balance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Individually evaluated for impairment

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Collectively evaluated for impairment

 

22,089

 

19,301

 

3,188

 

2,200

 

—

 

3,133

 

2,687

 

306

 

2,195

 

550

 

55,649

 

Loans acquired with deteriorated credit quality(1)

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Total Allowance

 

$

22,089

 

$

19,301

 

$

3,188

 

$

2,200

 

$

—

 

$

3,133

 

$

2,687

 

$

306

 

$

2,195

 

$

550

 

$

55,649

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financing receivable:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ending balance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Individually evaluated for impairment

 

$

28,027

 

$

26,022

 

$

2,518

 

$

12,827

 

$

130

 

$

1,120

 

$

107

 

—

 

$

151

 

—

 

$

70,902

 

Collectively evaluated for impairment

 

555,998

 

352,641

 

35,345

 

670,686

 

147

 

233,034

 

40,785

 

206,521

 

175,249

 

—

 

2,270,406

 

Loans acquired with deteriorated credit quality(1)

 

108

 

—

 

204

 

187

 

—

 

—

 

—

 

—

 

—

 

—

 

499

 

Total Portfolio

 

$

584,133

 

$

378,663

 

$

38,067

 

$

683,700

 

$

277

 

$

234,154

 

$

40,892

 

$

206,521

 

$

175,400

 

$

—

 

$

2,341,807

 

 

(1)             Loans acquired with deteriorated credit quality and loans modified under a trouble debt restructuring that are performing in accordance with their modified terms and have been returned to accruing status are evaluated on  an individual basis.

 

 

 

COMMERCIAL

 

RESIDENTIAL

 

CONSUMER

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Home

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity &

 

 

 

 

 

 

 

 

 

 

 

December 31, 2012

 

Real

 

 

 

 

 

Real

 

 

 

Equity

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

Estate

 

Business

 

Construction

 

Estate

 

Construction

 

Lines

 

Personal

 

Education

 

Auto

 

Unallocated

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for credit losses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

16,254

 

$

15,376

 

$

14,791

 

$

1,620

 

$

65

 

$

2,020

 

$

1,855

 

$

279

 

$

1,403

 

$

550

 

$

54,213

 

Charge-offs

 

7,590

 

9,867

 

5,803

 

736

 

479

 

979

 

681

 

135

 

1,070

 

—

 

27,340

 

Recoveries

 

218

 

905

 

675

 

36

 

—

 

253

 

201

 

—

 

488

 

—

 

2,776

 

Provision (credit)

 

13,112

 

11,674

 

(1,421

)

1,373

 

556

 

1,103

 

687

 

159

 

757

 

—

 

28,000

 

Allowance ending balance

 

$

21,994

 

$

18,088

 

$

8,242

 

$

2,293

 

$

142

 

$

2,397

 

$

2,062

 

$

303

 

$

1,578

 

$

550

 

$

57,649

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance ending balance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Individually evaluated for impairment

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

Collectively evaluated for impairment

 

21,994

 

18,088

 

8,242

 

2,293

 

142

 

2,397

 

2,062

 

303

 

1,578

 

550

 

57,649

 

Loans acquired with deteriorated credit quality(1)

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Total Allowance

 

$

21,994

 

$

18,088

 

$

8,242

 

$

2,293

 

$

142

 

$

2,397

 

$

2,062

 

$

303

 

$

1,578

 

$

550

 

$

57,649

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financing receivable:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ending balance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Individually evaluated for impairment

 

$

37,358

 

$

18,748

 

$

13,407

 

$

15,075

 

$

783

 

$

1,110

 

$

592

 

$

—

 

$

119

 

$

—

 

$

87,192

 

Collectively evaluated for impairment

 

601,981

 

313,421

 

89,866

 

649,815

 

1,311

 

257,389

 

55,258

 

217,896

 

170,827

 

—

 

2,357,764

 

Loans acquired with deteriorated credit quality(1)

 

218

 

—

 

1,774

 

356

 

—

 

—

 

—

 

—

 

—

 

—

 

2,348

 

Total Portfolio

 

$

639,557

 

$

332,169

 

$

105,047

 

$

665,246

 

$

2,094

 

$

258,499

 

$

55,850

 

$

217,896

 

$

170,946

 

$

—

 

$

2,447,304

 

 

(1)              Loans acquired with deteriorated credit quality and loans modified under a trouble debt restructuring that are performing in accordance with their modified terms and have been returned to accruing status are evaluated on an individual basis.

 

 

 

COMMERCIAL

 

RESIDENTIAL

 

CONSUMER

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Home

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity &

 

 

 

 

 

 

 

 

 

 

 

December 31, 2011 

 

Real

 

 

 

 

 

Real

 

 

 

Equity

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

Estate

 

Business

 

Construction

 

Estate

 

Construction

 

Lines

 

Personal

 

Education

 

Auto

 

Unallocated

 

Total

 

Allowance for credit losses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

14,793

 

$

14,407

 

$

9,296

 

$

1,854

 

$

30

 

$

2,136

 

$

977

 

$

297

 

$

1,026

 

$

550

 

$

45,366

 

Charge-offs

 

8,508

 

5,897

 

16,063

 

968

 

36

 

587

 

1,643

 

147

 

1,185

 

—

 

35,034

 

Recoveries

 

651

 

1,027

 

3,333

 

28

 

—

 

461

 

310

 

—

 

571

 

—

 

6,381

 

Provision

 

9,318

 

5,839

 

18,225

 

706

 

71

 

10

 

2,211

 

129

 

991

 

—

 

37,500

 

Allowance ending balance

 

$

16,254

 

$

15,376

 

$

14,791

 

$

1,620

 

$

65

 

$

2,020

 

$

1,855

 

$

279

 

$

1,403

 

$

550

 

$

54,213

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance ending balance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Individually evaluated for impairment

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

Collectively evaluated for impairment

 

16,254

 

15,376

 

14,791

 

1,620

 

65

 

2,020

 

1,855

 

279

 

1,403

 

550

 

54,213

 

Total Allowance

 

$

16,254

 

$

15,376

 

$

14,791

 

$

1,620

 

$

65

 

$

2,020

 

$

1,855

 

$

279

 

$

1,403

 

$

550

 

$

54,213

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financing receivable:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ending balance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Individually evaluated for impairment

 

$

38,324

 

$

31,666

 

$

40,349

 

$

12,477

 

$

1,850

 

$

499

 

$

436

 

$

—

 

$

97

 

$

—

 

$

125,698

 

Collectively evaluated for impairment

 

508,686

 

397,600

 

193,196

 

611,478

 

3,731

 

268,294

 

72,658

 

234,844

 

159,944

 

—

 

2,450,431

 

Total Portfolio

 

$

547,010

 

$

429,266

 

$

233,545

 

$

623,955

 

$

5,581

 

$

268,793

 

$

73,094

 

$

234,844

 

$

160,041

 

$

—

 

$

2,576,129

 
Schedule of outstanding principal balance and related carrying amount of loans acquired with deteriorated credit quality

 

 

 

December 31,

 

December 31,

 

(Dollars in thousands)

 

2013

 

2012

 

 

 

 

 

 

 

Oustanding principal balance

 

$

923

 

$

3,199

 

Carrying amount

 

499

 

2,348

 
Schedule of changes in the accretable discount on loans acquired with deteriorated credit quality

 

 

 

Accretable

 

(Dollars in thousands)

 

Discount

 

 

 

 

 

Balance, April 3, 2012

 

$

159

 

Accretion

 

(87

)

Balance, December 31, 2012

 

$

72

 

Accretion

 

(57

)

Balance, December 31, 2013

 

$

15

 
Schedule of delinquent and non-accrual loans in the Company's portfolio

Aged Analysis of Past Due and Non-accrual Financing Receivables

As of December 31, 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recorded

 

 

 

 

 

30-59

 

60-89

 

> 90

 

 

 

 

 

 

 

Investment

 

 

 

 

 

Days

 

Days

 

Days

 

Total

 

 

 

Total

 

>90 Days

 

 

 

 

 

Past

 

Past

 

Past

 

Past

 

 

 

Financing

 

And

 

Non-

 

(Dollars in thousands)

 

Due

 

Due

 

Due

 

Due

 

Current

 

Receivables

 

Accruing

 

Accruing (1)

 

Commercial:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate

 

$

2,017

 

9

%

$

—

 

—

%

$

6,814

 

17

%

$

8,831

 

11

%

$

575,302

 

25

%

$

584,133

 

25

%

$

—

 

$

20,613

 

40

%

Commercial business loans

 

330

 

1

%

1,103

 

8

%

3,094

 

8

%

4,527

 

6

%

374,136

 

17

%

378,663

 

16

%

—

 

15,900

 

31

%

Commercial construction

 

—

 

—

%

752

 

6

%

1,766

 

4

%

2,518

 

3

%

35,549

 

2

%

38,067

 

2

%

—

 

2,518

 

5

%

Total commercial

 

$

2,347

 

10

%

$

1,855

 

14

%

$

11,674

 

29

%

$

15,876

 

20

%

$

984,987

 

44

%

$

1,000,863

 

43

%

$

—

 

$

39,031

 

76

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential real estate

 

$

2,796

 

11

%

$

1,068

 

8

%

$

3,076

 

8

%

$

6,940

 

9

%

$

676,760

 

30

%

$

683,700

 

29

%

$

—

 

$

11,393

 

22

%

Residential construction

 

—

 

—

%

—

 

—

%

130

 

—

%

130

 

—

%

147

 

—

%

277

 

—

%

—

 

130

 

—

%

Total residential

 

$

2,796

 

11

%

$

1,068

 

8

%

$

3,206

 

8

%

$

7,070

 

9

%

$

676,907

 

30

%

$

683,977

 

29

%

$

—

 

$

11,523

 

22

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Home equity & lines of credit

 

$

700

 

3

%

$

435

 

3

%

$

448

 

1

%

$

1,583

 

2

%

$

232,571

 

9

%

$

234,154

 

10

%

$

—

 

$

953

 

2

%

Personal

 

542

 

2

%

77

 

1

%

2

 

—

%

621

 

1

%

40,271

 

2

%

40,892

 

2

%

—

 

107

 

—

%

Education

 

16,223

 

65

%

9,485

 

71

%

24,410

 

62

%

50,118

 

64

%

156,403

 

7

%

206,521

 

9

%

24,410

 

—

 

—

%

Automobile

 

2,293

 

9

%

448

 

3

%

—

 

—

%

2,741

 

4

%

172,659

 

8

%

175,400

 

7

%

—

 

151

 

—

%

Total consumer

 

$

19,758

 

79

%

$

10,445

 

78

%

$

24,860

 

63

%

$

55,063

 

71

%

$

601,904

 

26

%

$

656,967

 

28

%

$

24,410

 

$

1,211

 

2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

24,901

 

100

%

$

13,368

 

100

%

$

39,740

 

100

%

$

78,009

 

100

%

$

2,263,798

 

100

%

$

2,341,807

 

100

%

$

24,410

 

$

51,765

 

100

%

 

(1)         Non-accruing loans do not include $499 thousand of loans acquired with deteriorated credit quality, which have been recorded at their fair value at acquisition.

 

Aged Analysis of Past Due and Non-accrual Financing Receivables

As of December 31, 2012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recorded

 

 

 

 

 

30-59

 

60-89

 

> 90

 

 

 

 

 

 

 

Investment

 

 

 

 

 

Days

 

Days

 

Days

 

Total

 

 

 

Total

 

>90 Days

 

 

 

 

 

Past

 

Past

 

Past

 

Past

 

 

 

Financing

 

And

 

Non-

 

(Dollars in thousands)

 

Due

 

Due

 

Due

 

Due

 

Current

 

Receivables

 

Accruing

 

Accruing (1)

 

Commercial:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate

 

$

9,532

 

21

%

$

1,857

 

10

%

$

23,754

 

34

%

$

35,143

 

26

%

$

604,414

 

26

%

$

639,557

 

26

%

$

—

 

$

25,636

 

37

%

Commercial business loans

 

750

 

2

%

2,785

 

15

%

7,394

 

10

%

10,929

 

8

%

321,240

 

14

%

332,169

 

14

%

—

 

13,255

 

19

%

Commercial construction

 

9,990

 

22

%

1,735

 

9

%

6,986

 

10

%

18,711

 

14

%

86,336

 

4

%

105,047

 

4

%

—

 

13,407

 

20

%

Total commercial

 

$

20,272

 

45

%

$

6,377

 

34

%

$

38,134

 

54

%

$

64,783

 

48

%

$

1,011,990

 

44

%

$

1,076,773

 

44

%

$

—

 

$

52,298

 

76

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential real estate

 

$

3,817

 

9

%

$

1,786

 

9

%

$

7,646

 

11

%

$

13,249

 

10

%

$

651,997

 

28

%

$

665,246

 

27

%

$

—

 

$

13,515

 

20

%

Residential construction

 

—

 

—

%

—

 

—

%

783

 

1

%

783

 

1

%

1,311

 

—

%

2,094

 

—

%

—

 

783

 

1

%

Total residential

 

$

3,817

 

9

%

$

1,786

 

9

%

$

8,429

 

12

%

$

14,032

 

11

%

$

653,308

 

28

%

$

667,340

 

27

%

$

—

 

$

14,298

 

21

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Home equity & lines of credit

 

$

1,291

 

3

%

$

406

 

2

%

$

263

 

—

%

$

1,960

 

1

%

$

256,539

 

11

%

$

258,499

 

11

%

$

—

 

$

1,110

 

2

%

Personal

 

498

 

1

%

327

 

2

%

187

 

—

%

1,012

 

1

%

54,838

 

2

%

55,850

 

2

%

—

 

592

 

1

%

Education

 

15,852

 

36

%

9,963

 

52

%

24,013

 

34

%

49,828

 

37

%

168,068

 

8

%

217,896

 

9

%

24,013

 

—

 

—

%

Automobile

 

2,717

 

6

%

227

 

1

%

—

 

—

%

2,944

 

2

%

168,002

 

7

%

170,946

 

7

%

—

 

119

 

—

%

Total consumer

 

$

20,358

 

46

%

$

10,923

 

57

%

$

24,463

 

34

%

$

55,744

 

41

%

$

647,447

 

28

%

$

703,191

 

29

%

$

24,013

 

$

1,821

 

3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

44,447

 

100

%

$

19,086

 

100

%

$

71,026

 

100

%

$

134,559

 

100

%

$

2,312,745

 

100

%

$

2,447,304

 

100

%

$

24,013

 

$

68,417

 

100

%

 

(1)         Non-accruing loans do not include $2.3 million of loans acquired with deteriorated credit quality, which have been recorded at their fair value at acquisition.
Summary of Troubled Debt Restructured Loans

 

 

 

For the Year Ended
December 31, 2013

 

(Dollars in thousands, except number of loans)

 

No. of Loans

 

Balance

 

Loans modified during the period in a manner that met the definition of a TDR

 

11

 

$

14,437

 

Modifications granted:

 

 

 

 

 

Reduction of outstanding principal due

 

1

 

—

 

Deferral of principal amounts due

 

3

 

2,132

 

Temporary reduction in interest rate

 

—

 

—

 

Deferral of interest due

 

—

 

—

 

Below market interest rate granted

 

3

 

2,183

 

Release of collateral

 

4

 

10,122

 

Outstanding principal balance immediately before modification

 

11

 

14,576

 

Outstanding principal balance immediately after modification

 

11

 

14,437

 

Aggregate principal charge-off recognized on TDRs outstanding at period end since origination

 

19

 

11,942

 

Outstanding principal balance at period end

 

35

 

28,445

 

TDRs that re-defaulted subsequent to being modified (in the past twelve months)

 

5

 

2,372

 

 

 

 

For the Year Ended
December 31, 2012

 

(Dollars in thousands, except number of loans)

 

No. of Loans

 

Balance

 

Loans modified during the period in a manner that met the definition of a TDR

 

13

 

$

9,066

 

Modifications granted:

 

 

 

 

 

Reduction of outstanding principal due

 

2

 

5,493

 

Deferral of principal amounts due

 

11

 

3,573

 

Temporary reduction in interest rate

 

—

 

—

 

Deferral of interest due

 

—

 

—

 

Below market interest rate granted

 

—

 

—

 

Outstanding principal balance immediately before modification

 

13

 

10,761

 

Outstanding principal balance immediately after modification

 

13

 

9,066

 

Aggregate principal charge-off recognized on TDRs outstanding at period end since origination

 

13

 

7,693

 

Outstanding principal balance at period end

 

31

 

20,830

 

TDRs that re-defaulted subsequent to being modified (in the past twelve months)

 

—

 

—

 

 

 

 

For the Year Ended
December 31, 2011

 

(Dollars in 000’s, except number of loans)

 

No. of Loans

 

Balance

 

Loans modified during the period in a manner that met the definition of a TDR

 

4

 

$

1,801

 

Modifications granted:

 

 

 

 

 

Reduction of outstanding principal due

 

—

 

—

 

Deferral of principal amounts due

 

1

 

43

 

Temporary reduction in interest rate

 

1

 

60

 

Deferral of interest due

 

2

 

1,698

 

Below market interest rate granted

 

—

 

—

 

Outstanding principal balance immediately before and after modification

 

4

 

1,801

 

Aggregate principal charge-off recognized on TDRs outstanding at period end since origination

 

13

 

5,545

 

Outstanding principal balance at period end

 

36

 

23,709

 

TDRs that re-defaulted subsequent to being modified (in the past twelve months)

 

—

 

—

 
Summary of components of impaired loans

Impaired Loans

For the Year Ended December 31, 2013

 

(Dollars in thousands)

 

Recorded 
Investment

 

Unpaid 
Principal 
Balance

 

Related 
Allowance

 

Average 
Recorded 
Investment

 

Interest 
Income 
Recognized

 

Interest 
Income 
Recognized 
Using Cash 
Basis

 

Impaired loans with no related specific allowance recorded:

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial Real Estate

 

$

20,613

 

$

28,116

 

$

—

 

$

23,889

 

$

—

 

$

—

 

Commercial Business

 

26,022

 

30,264

 

—

 

12,521

 

—

 

—

 

Commercial Construction

 

2,518

 

6,214

 

—

 

8,745

 

—

 

—

 

Residential Real Estate

 

11,393

 

11,955

 

—

 

12,295

 

—

 

—

 

Residential Construction

 

130

 

338

 

—

 

447

 

—

 

—

 

Home Equity and Lines of Credit

 

953

 

971

 

—

 

1,140

 

—

 

—

 

Personal

 

107

 

107

 

—

 

208

 

—

 

—

 

Education

 

—

 

—

 

—

 

—

 

—

 

—

 

Auto

 

151

 

151

 

—

 

147

 

—

 

—

 

Total Impaired Loans:

 

$

61,887

 

$

78,116

 

$

—

 

$

59,392

 

$

—

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

49,153

 

64,594

 

—

 

45,155

 

—

 

—

 

Residential

 

11,523

 

12,293

 

—

 

12,742

 

—

 

—

 

Consumer

 

1,211

 

1,229

 

—

 

1,495

 

—

 

—

 

Total

 

$

61,887

 

$

78,116

 

$

—

 

$

59,392

 

$

—

 

$

—

 

 

Impaired Loans

For the Year Ended December 31, 2012

 

(Dollars in thousands)

 

Recorded 
Investment

 

Unpaid 
Principal 
Balance

 

Related 
Allowance

 

Average 
Recorded 
Investment

 

Interest 
Income 
Recognized

 

Interest 
Income 
Recognized 
Using Cash 
Basis

 

Impaired loans with no related specific allowance recorded:

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial Real Estate

 

$

25,636

 

$

36,691

 

$

—

 

$

29,310

 

$

—

 

$

—

 

Commercial Business

 

18,747

 

25,128

 

—

 

21,439

 

279

 

—

 

Commercial Construction

 

13,407

 

24,016

 

—

 

24,043

 

—

 

—

 

Residential Real Estate

 

13,515

 

14,374

 

—

 

12,718

 

—

 

—

 

Residential Construction

 

783

 

783

 

—

 

1,491

 

—

 

—

 

Home Equity and Lines of Credit

 

1,110

 

1,127

 

—

 

1,040

 

—

 

—

 

Personal

 

592

 

743

 

—

 

535

 

—

 

—

 

Education

 

—

 

—

 

—

 

—

 

—

 

—

 

Auto

 

119

 

126

 

—

 

71

 

—

 

—

 

Total Impaired Loans:

 

$

73,909

 

$

102,988

 

$

—

 

$

90,647

 

$

279

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

$

57,790

 

$

85,835

 

$

—

 

$

74,792

 

$

279

 

$

—

 

Residential

 

14,298

 

15,157

 

—

 

14,209

 

—

 

—

 

Consumer

 

1,821

 

1,996

 

—

 

1,646

 

—

 

—

 

Total

 

$

73,909

 

$

102,988

 

$

—

 

$

90,647

 

$

279

 

$

—

 

 

Impaired Loans

For the Year Ended December 31, 2011

 

(Dollars in thousands)

 

Recorded 
Investment

 

Unpaid 
Principal 
Balance

 

Related 
Allowance

 

Average 
Recorded 
Investment

 

Interest 
Income 
Recognized

 

Interest 
Income 
Recognized 
Using Cash 
Basis

 

Impaired loans with no related specific allowance recorded:

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial Real Estate

 

$

29,367

 

$

42,143

 

$

—

 

$

30,075

 

$

—

 

$

—

 

Commercial Business

 

26,959

 

34,182

 

—

 

25,051

 

—

 

—

 

Commercial Construction

 

36,222

 

60,114

 

—

 

41,087

 

—

 

—

 

Residential Real Estate

 

12,477

 

13,139

 

—

 

14,998

 

—

 

—

 

Residential Construction

 

1,850

 

1,850

 

—

 

1,006

 

—

 

—

 

Home Equity and Lines of Credit

 

499

 

504

 

—

 

428

 

—

 

—

 

Personal

 

436

 

830

 

—

 

575

 

—

 

—

 

Education

 

—

 

—

 

—

 

—

 

—

 

—

 

Auto

 

97

 

97

 

—

 

95

 

—

 

—

 

Total Impaired Loans:

 

$

107,907

 

$

152,859

 

$

—

 

$

113,315

 

$

—

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

$

92,548

 

$

136,439

 

$

—

 

$

96,213

 

$

—

 

$

—

 

Residential

 

14,327

 

14,989

 

—

 

16,004

 

—

 

—

 

Consumer

 

1,032

 

1,431

 

—

 

1,098

 

—

 

—

 

Total

 

$

107,907

 

$

152,859

 

$

—

 

$

113,315

 

$

—

 

$

—

 
Commercial and residential loans
  
Loans disclosures  
Schedule of amounts and percentage of the portfolio of classified asset categories

Commercial and Residential Loans

Credit Risk Internally Assigned

(Dollars in thousands)

 

 

 

December 31, 2013

 

 

 

Commercial

 

Commercial

 

Commercial

 

Residential

 

Residential

 

 

 

 

 

Real Estate

 

Business

 

Construction

 

Real Estate

 

Construction

 

Total

 

Grade

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

511,527

 

88

%

$

318,190

 

84

%

$

32,719

 

86

%

$

675,667

 

99

%

$

147

 

53

%

$

1,538,250

 

91

%

Special Mention

 

25,806

 

4

%

21,714

 

6

%

2,006

 

5

%

—

 

—

%

—

 

—

%

49,526

 

3

%

Substandard

 

46,800

 

8

%

38,759

 

10

%

3,342

 

9

%

8,033

 

1

%

130

 

47

%

97,064

 

6

%

Doubtful

 

—

 

—

%

—

 

—

%

—

 

—

%

—

 

—

%

—

 

—

%

—

 

—

%

Total

 

$

584,133

 

100

%

$

378,663

 

100

%

$

38,067

 

100

%

$

683,700

 

100

%

$

277

 

100

%

$

1,684,840

 

100

%

 

 

 

December 31, 2012

 

 

 

Commercial

 

Commercial

 

Commercial

 

Residential

 

Residential

 

 

 

 

 

 

 

Real Estate

 

Business

 

Construction

 

Real Estate

 

Construction

 

Total

 

Grade

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

557,397

 

87

%

$

280,375

 

84

%

$

75,788

 

72

%

$

656,936

 

99

%

$

1,311

 

63

%

$

1,571,807

 

90

%

Special Mention

 

36,468

 

6

%

30,106

 

9

%

4,061

 

4

%

—

 

—

%

—

 

—

%

70,635

 

3

%

Substandard

 

44,281

 

7

%

19,596

 

6

%

25,198

 

24

%

8,310

 

1

%

783

 

37

%

98,168

 

6

%

Doubtful

 

1,411

 

—

%

2,092

 

1

%

—

 

—

%

—

 

—

%

—

 

—

%

3,503

 

1

%

Total

 

$

639,557

 

100

%

$

332,169

 

100

%

$

105,047

 

100

%

$

665,246

 

100

%

$

2,094

 

100

%

$

1,744,113

 

100

%
Consumer loan
  
Loans disclosures  
Schedule of amounts and percentage of the portfolio of classified asset categories

 

 

 

December 31, 2013

 

 

 

Home Equity & Lines of

 

 

 

 

 

 

 

 

 

 

 

Credit

 

Personal

 

Education

 

Auto

 

Total

 

Performing

 

$

233,201

 

100

%

$

40,785

 

100

%

$

182,111

 

88

%

$

175,249

 

100

%

$

631,346

 

96

%

Non-performing

 

953

 

—

%

107

 

—

%

24,410

 

12

%

151

 

—

%

25,621

 

4

%

Total

 

$

234,154

 

100

%

$

40,892

 

100

%

$

206,521

 

100

%

$

175,400

 

100

%

$

656,967

 

100

%

 

 

 

December 31, 2012

 

 

 

Home Equity & Lines of

 

 

 

 

 

 

 

 

 

 

 

Credit

 

Personal

 

Education

 

Auto

 

Total

 

Performing

 

$

257,389

 

100

%

$

55,258

 

99

%

$

193,883

 

89

%

$

170,827

 

100

%

$

677,357

 

96

%

Non-performing

 

1,110

 

—

%

592

 

1

%

24,013

 

11

%

119

 

—

%

25,834

 

4

%

Total

 

$

258,499

 

100

%

$

55,850

 

100

%

$

217,896

 

100

%

$

170,946

 

100

%

$

703,191

 

100

%