XNAS:FNLC First Bancorp Inc Quarterly Report 10-Q Filing - 6/30/2012

Effective Date 6/30/2012

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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 June 30, 2012

Commission File Number 0-26589




THE FIRST BANCORP, INC.
(Exact name of Registrant as specified in its charter)

MAINE
01-0404322
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)

MAIN STREET, DAMARISCOTTA,  MAINE
04543
(Address of principal executive offices)
 (Zip code)

(207) 563-3195
Registrant's telephone number, including area code




Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 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, or a non-accelerated filer. See definition of "accelerated filer and large accelerated filer" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer [_]    Accelerated filer [X]    Non-accelerated filer [_]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
Yes [_]    No [X]


Indicate the number of shares outstanding of each of the registrant's classes of common stock as of August 1, 2012
Common Stock: 9,851,246 shares



Table of Contents
Part I. Financial Information
1
Selected Financial Data (Unaudited)
1
Item 1 - Financial Statements
2
Report of Independent Registered Public Accounting Firm
2
Consolidated Balance Sheets (Unaudited)
3
Consolidated Statements of Income and Comprehewnsive Income (Unaudited)
4
Consolidated Statements of Changes in Shareholders' Equity (Unaudited)
5
Consolidated Statements of Cash Flows (Unaudited)
6
Notes to Consolidated Financial Statements
7
Note 1 - Basis of Presentation
7
Note 2 -Investment Securities
7
Note 3 - Loans
11
Note 4 - Allowance for Loan Losses
17
Note 5 - Stock Options and Stock and Stock Based Compensation
25
Note 6 - Preferred and Common Stock
26
Note 7 - Earnings Per Share
27
Note 8 - Employee Benefit Plans
27
Note 9 - Goodwill and Other Intangible Assets
29
Note 10 - Mortgage Servicing Rights
30
Note 11 - Income Taxes
30
Note 12 - Certificates of Deposit
31
Note 13 - Reclassifications
31
Note 14 - Fair Value Disclosures
31
Note 15 - Subsequent Event
37
Note 16 - Impact of Recently Issued Accounting Standards
37
Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations
38
Forward-Looking Statements
38
Critical Accounting Policies
38
Use of Non-GAAP Financial Measures
39
Executive Summary
41
Net Interest Income
42
Average Daily Balance Sheets
45
Non-Interest Income
46
Non-Interest Expense
46
Income Taxes
46
Investments
46
Impaired Securities
48
Federal Home Loan Bank Stock
50
Loans and Loans Held for Sale
50
Credit Risk Management and Allowance for Loan Losses
52
Non-Performing Loans and Troubled Debt Restructured
56
Impaired Loans
57
Past Due Loans
58
Potential Problem Loans and Loans in Process of Foreclosure
58
Other Real Estate Owned
59
Goodwill
60
Liquidity Management
60
Deposits
60
Borrowed Funds
60
Shareholders' Equity
61
Off-Balance-Sheet Financial Instruments and Contractual Obligations
61
Item 3 - Quantitative and Qualitative Disclosures About Market Risk
62
Market-Risk Management
62
Asset/Liability Management
62
Interest Rate Risk Management
63
Item 4: Controls and Procedures
64
Part II - Other Information
65
Item 1 - Legal Proceedings
65
Item 1a - Risk Factors
65
Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds
65
Item 3 - Default Upon Senior Securities
65
Item 4 - Other Information
65
Item 5 - Exhibits
66
Signatures
68

Part I. Financial Information

Selected Financial Data (Unaudited)
The First Bancorp, Inc. and Subsidiary

Dollars in thousands,
 
For the six months ended
June 30,
   
For the quarters ended
June 30,
 
except for per share amounts
 
2012
   
2011
   
2012
   
2011
 
 
 
   
   
   
 
Summary of Operations
 
   
   
   
 
Interest Income
 
$
26,239
   
$
28,251
   
$
13,133
   
$
13,997
 
Interest Expense
   
6,515
     
7,523
     
3,215
     
3,774
 
Net Interest Income
   
19,724
     
20,728
     
9,918
     
10,223
 
Provision for Loan Losses
   
4,900
     
4,100
     
2,800
     
2,000
 
Non-Interest Income
   
6,064
     
4,511
     
3,896
     
2,234
 
Non-Interest Expense
   
12,908
     
12,738
     
6,730
     
6,250
 
Net Income
   
6,236
     
6,336
     
3,323
     
3,193
 
Per Common Share Data
                               
Basic Earnings per Share
 
$
0.60
   
$
0.58
   
$
0.32
   
$
0.29
 
Diluted Earnings per Share
   
0.60
     
0.58
     
0.32
     
0.29
 
Cash Dividends Declared
   
0.390
     
0.390
     
0.195
     
0.195
 
Book Value per Common Share
   
14.32
     
13.42
     
14.32
     
13.42
 
Tangible Book Value per Common Share
   
11.51
     
10.60
     
11.51
     
10.60
 
Market Value
   
17.00
     
14.86
     
17.00
     
14.86
 
Financial Ratios
                               
Return on Average Equity1
   
8.84
%
   
9.90
%
   
9.38
%
   
9.78
%
Return on Average Tangible Equity1,2
   
10.35
%
   
11.26
%
   
11.01
%
   
11.09
%
Return on Average Assets1
   
0.88
%
   
0.90
%
   
0.93
%
   
0.89
%
Average Equity to Average Assets
   
10.84
%
   
10.78
%
   
10.73
%
   
10.80
%
Average Tangible Equity to Average Assets2
   
8.89
%
   
8.84
%
   
8.81
%
   
8.88
%
Net Interest Margin Tax-Equivalent1,2
   
3.19
%
   
3.31
%
   
3.16
%
   
3.22
%
Dividend Payout Ratio
   
65.00
%
   
67.24
%
   
60.94
%
   
67.24
%
Allowance for Loan Losses/Total Loans
   
1.63
%
   
1.70
%
   
1.63
%
   
1.70
%
Non-Performing Loans to Total Loans
   
2.49
%
   
2.49
%
   
2.49
%
   
2.49
%
Non-Performing Assets to Total Assets
   
1.91
%
   
2.10
%
   
1.91
%
   
2.10
%
Efficiency Ratio2
   
50.74
%
   
48.29
%
   
51.06
%
   
48.30
%
At Period End
                               
Total Assets
 
$
1,424,757
   
$
1,417,690
   
$
1,424,757
   
$
1,417,690
 
Total Loans
   
881,814
     
886,929
     
881,814
     
886,929
 
Total Investment Securities
   
457,570
     
442,691
     
457,570
     
442,691
 
Total Deposits
   
1,005,274
     
998,838
     
1,005,274
     
998,838
 
Total Shareholders' Equity
   
153,405
     
156,210
     
153,405
     
156,210
 
1Annualized using a 366-day basis in 2012 and 365-day basis in 2011
2These ratios use non-GAAP financial measures. See Management's Discussion and Analysis of Financial Condition  and Results of Operations for additional disclosures and information.
 
Page 1


Item 1 - Financial Statements














Report of Independent Registered Public Accounting Firm


The Board of Directors and Shareholders
The First Bancorp, Inc.


We have reviewed the accompanying interim consolidated financial information of The First Bancorp, Inc. and Subsidiary as of June 30, 2012 and 2011 and for the three-month and six-month periods then ended. These financial statements are the responsibility of the Company's management.

We conducted our reviews in accordance with standards of the Public Company Accounting Oversight Board (United States). A review of interim financial information consists principally of applying analytical procedures to financial data and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit in accordance with standards of the Public Company Accounting Oversight Board (United States), the objective of which is to express an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

Based on our reviews, we are not aware of any material modifications that should be made to the accompanying  interim consolidated financial statements for them to be in conformity with accounting principles generally accepted in the United States of America.


/s/ Berry Dunn McNeil & Parker, LLC

Portland, Maine
August 9, 2012

 
Page 2

Consolidated Balance Sheets (Unaudited)
The First Bancorp, Inc. and Subsidiary
 
June 30,
2012
December 31,
2011
June 30,
2011
Assets
Cash and cash equivalents
$
14,192,000
$
14,115,000
$
14,322,000
Interest bearing deposits in other banks
-
-
100,000
Securities available for sale
307,347,000
286,202,000
304,278,000
Securities to be held to maturity (fair value of $143,628,000 at June 30, 2012, $130,677,000 at December 31, 2011 and $128,426,000 at June 30, 2011)
135,775,000
122,661,000
122,970,000
Restricted equity securities, at cost
14,448,000
15,443,000
15,443,000
Loans held for sale
378,000
-
419,000
Loans
881,814,000
864,988,000
886,929,000
Less allowance for loan losses
14,384,000
13,000,000
15,034,000
Net loans
867,430,000
851,988,000
871,895,000
Accrued interest receivable
6,024,000
4,835,000
6,511,000
Premises and equipment, net
18,500,000
18,842,000
18,351,000
Other real estate owned
5,188,000
4,094,000
7,723,000
Goodwill
27,684,000
27,684,000
27,684,000
Other assets
27,791,000
27,003,000
27,994,000
Total assets
$
1,424,757,000
$
1,372,867,000
$
1,417,690,000
Liabilities
Demand deposits
$
77,019,000
$
75,750,000
$
71,517,000
NOW deposits
123,897,000
122,775,000
117,064,000
Money market deposits
71,009,000
79,015,000
69,681,000
Savings deposits
119,471,000
114,617,000
107,278,000
Certificates of deposit
613,878,000
549,176,000
633,298,000
Total deposits
1,005,274,000
941,333,000
998,838,000
Borrowed funds - short term
118,767,000
135,500,000
119,170,000
Borrowed funds - long term
130,159,000
130,163,000
130,166,000
Other liabilities
17,152,000
15,013,000
13,306,000
Total liabilities
1,271,352,000
1,222,009,000
1,261,480,000
Shareholders' equity
Preferred stock, $1,000 preference value per share
12,352,000
12,303,000
24,754,000
Common stock, one cent par value per share
98,000
98,000
98,000
Additional paid-in capital
46,110,000
45,829,000
45,629,000
Retained earnings
87,396,000
85,314,000
83,594,000
Accumulated other comprehensive income (loss)
  Net unrealized gain on securities available-for-sale
7,526,000
7,401,000
2,198,000
  Net unrealized loss on postretirement benefit costs
(77,000
)
(87,000
)
(63,000
)
Total shareholders' equity
153,405,000
150,858,000
156,210,000
Total liabilities & shareholders' equity
$
1,424,757,000
$
1,372,867,000
$
1,417,690,000
Common Stock
Number of shares authorized
18,000,000
18,000,000
18,000,000
Number of shares issued and outstanding
9,847,159
9,812,180
9,793,706
Book value per common share
$
14.32
$
14.12
$
13.42
Tangible book value per common share
$
11.51
$
11.30
$
10.60
See Report of Independent Registered Public Accounting Firm.
The accompanying notes are an integral part of these consolidated financial statements.
 
Page 3

Consolidated Statements of Income and Comprehensive Income (Unaudited)
The First Bancorp, Inc. and Subsidiary

 
For the six months ended
June 30,
For the quarters ended
June 30,
 
2012
2011
2012
2011
Interest income
Interest and fees on loans
$
18,759,000
$
20,128,000
$
9,367,000
$
9,955,000
Interest on deposits with other banks
1,000
-
1,000
-
Interest and dividends on investments
7,479,000
8,123,000
3,765,000
4,042,000
     Total interest income
26,239,000
28,251,000
13,133,000
13,997,000
Interest expense
Interest on deposits
4,297,000
5,081,000
2,104,000
2,518,000
Interest on borrowed funds
2,218,000
2,442,000
1,111,000
1,256,000
     Total interest expense
6,515,000
7,523,000
3,215,000
3,774,000
Net interest income
19,724,000
20,728,000
9,918,000
10,223,000
Provision for loan losses
4,900,000
4,100,000
2,800,000
2,000,000
Net interest income after provision for loan losses
14,824,000
16,628,000
7,118,000
8,223,000
Non-interest income
Investment management and fiduciary income
844,000
782,000
448,000
358,000
Service charges on deposit accounts
1,351,000
1,351,000
713,000
711,000
Net securities gains
1,967,000
229,000
1,444,000
229,000
Mortgage origination and servicing income
304,000
652,000
460,000
193,000
Other operating income
1,598,000
1,497,000
831,000
743,000
     Total non-interest income
6,064,000
4,511,000
3,896,000
2,234,000
Non-interest expense
Salaries and employee benefits
6,202,000
6,005,000
3,118,000
2,928,000
Occupancy expense
819,000
827,000
405,000
378,000
Furniture and equipment expense
1,123,000
1,111,000
550,000
561,000
FDIC insurance premiums
606,000
806,000
305,000
405,000
Amortization of identified intangibles
141,000
141,000
70,000
70,000
Other operating expense
4,017,000
3,848,000
2,282,000
1,908,000
     Total non-interest expense
12,908,000
12,738,000
6,730,000
6,250,000
Income before income taxes
7,980,000
8,401,000
4,284,000
4,207,000
Applicable income taxes
1,744,000
2,065,000
961,000
1,014,000
NET INCOME
$
6,236,000
$
6,336,000
$
3,323,000
$
3,193,000
Basic earnings per common share
$
0.60
$
0.58
$
0.32
$
0.29
Diluted earnings per common share
$
0.60
$
0.58
$
0.32
$
0.29
Other comprehensive income, net of tax
Net unrealized gain on securities available for sale
$
125,000
$
4,255,000
$
438,000
$
3,587,000
Unrecognized postretirement benefits transition obligation
10,000
10,000
5,000
5,000
      Other comprehensive income
$
135,000
$
4,265,000
$
443,000
$
3,592,000
Comprehensive income
$
6,371,000
$
10,601,000
$
3,766,000
$
6,785,000
See Report of Independent Registered Public Accounting Firm.
The accompanying notes are an integral part of these consolidated financial statements.

 
Page 4

Consolidated Statements of Changes in Shareholders' Equity (Unaudited)
The First Bancorp, Inc. and Subsidiary

 
 
   
   
   
   
Accumulated
   
 
 
 
   
Common stock and
   
   
other
   
Total
 
 
 
Preferred
   
additional paid-in capital
   
Retained
   
comprehensive
   
shareholders'
 
 
 
stock
   
Shares
   
Amount
   
earnings
   
income (loss)
   
equity
 
Balance at December 31, 2010
 
$
24,705,000
     
9,773,025
   
$
45,572,000
   
$
81,701,000
   
$
(2,130,000
)
 
$
149,848,000
 
Net income
   
-
     
-
     
-
     
6,336,000
     
-
     
6,336,000
 
Net unrealized gain on securities available for sale, net of taxes of $2,291,000
   
-
     
-
     
-
     
-
     
4,255,000
     
4,255,000
 
Unrecognized transition obligation for postretirement benefits, net of taxes of $4,000
   
-
     
-
     
-
     
-
     
10,000
     
10,000
 
Comprehensive income
   
-
     
-
     
-
     
6,336,000
     
4,265,000
     
10,601,000
 
Cash dividends declared
   
-
     
-
     
-
     
(4,443,000
)
   
-
     
(4,443,000
)
Equity compensation expense
   
-
     
-
     
11,000
     
-
     
-
     
11,000
 
Amortization of premium for preferred stock issuance
   
49,000
     
-
     
(49,000
)
   
-
     
-
     
-
 
Proceeds from sale of common stock
   
-
     
20,681
     
193,000
     
-
     
-
     
193,000
 
Balance at June 30, 2011
 
$
24,754,000
     
9,793,706
   
$
45,727,000
   
$
83,594,000
   
$
2,135,000
   
$
156,210,000
 
 
                                               
Balance at December 31, 2011
 
$
12,303,000
     
9,812,180
   
$
45,927,000
   
$
85,314,000
   
$
7,314,000
   
$
150,858,000
 
Net income
   
-
     
-
     
-
     
6,236,000
     
-
     
6,236,000
 
Net unrealized gain on securities available for sale, net of taxes of $67,000
   
-
     
-
     
-
     
-
     
125,000
     
125,000
 
Unrecognized transition obligation for postretirement benefits, net of taxes of $4,000
   
-
     
-
     
-
     
-
     
10,000
     
10,000
 
Comprehensive income
   
-
     
-
     
-
     
6,236,000
     
135,000
     
6,371,000
 
Cash dividends declared
   
-
     
-
     
-
     
(4,154,000
)
   
-
     
(4,154,000
)
Equity compensation expense
   
-
     
-
     
40,000
     
-
     
-
     
40,000
 
Amortization of premium for preferred stock issuance
   
49,000
     
-
     
(49,000
)
   
-
     
-
     
-
 
Proceeds from sale of common stock
   
-
     
34,979
     
290,000
     
-
     
-
     
290,000
 
Balance at June 30, 2012
 
$
12,352,000
     
9,847,159
   
$
46,208,000
   
$
87,396,000
   
$
7,449,000
   
$
153,405,000
 
See Report of Independent Registered Public Accounting Firm.
The accompanying notes are an integral part of these consolidated financial statements.
 
Page 5

Consolidated Statements of Cash Flows (Unaudited)
The First Bancorp, Inc. and Subsidiary
 
 
For the six months ended
 
 
 
June 30, 2012
   
June 30, 2011
 
Cash flows from operating activities
 
   
 
     Net income
 
$
6,236,000
   
$
6,336,000
 
Adjustments to reconcile net income to net cash provided by operating activities
         
Depreciation
   
663,000
     
681,000
 
Change in deferred taxes
   
(688,000
)
   
(374,000
)
Provision for loan losses
   
4,900,000
     
4,100,000
 
Loans originated for resale
   
(13,273,000
)
   
(20,502,000
)
Proceeds from sales and transfers of loans
   
13,089,000
     
22,889,000
 
Net gain on sale or call of securities
   
(1,967,000
)
   
(229,000
)
Net loss on sale of other real estate owned
   
39,000
     
47,000
 
Provision for losses on other real estate owned
   
198,000
     
145,000
 
Equity compensation expense
   
40,000
     
11,000
 
Net increase in other assets and accrued interest
   
(1,831,000
)
   
(482,000
)
Net increase in other liabilities
   
2,243,000
     
66,000
 
Net loss on disposal of premises and equipment
   
-
     
5,000
 
Net amortization of premiums on investments
   
1,482,000
     
2,048,000
 
Amortization of investment in limited partnership
   
238,000
     
195,000
 
Net acquisition amortization
   
103,000
     
103,000
 
     Net cash provided by operating activities
   
11,472,000
     
15,039,000
 
Cash flows from investing activities
               
Proceeds from maturities, payments and calls of securities available for sale
   
26,024,000
     
26,723,000
 
Proceeds from sales of securities available for sale
   
25,137,000
     
75,176,000
 
Proceeds from maturities, payments and calls of securities to be held to maturity
   
21,871,000
     
10,441,000
 
Proceeds from sales of other real estate owned
   
667,000
     
992,000
 
Purchases of securities available for sale
   
(71,706,000
)
   
(107,910,000
)
Purchases of securities to be held to maturity
   
(35,101,000
)
   
(26,342,000
)
Redemption of restricted equity securities
   
995,000
     
-
 
Net increase in loans
   
(22,340,000
)
   
(5,693,000
)
Capital expenditures
   
(321,000
)
   
(57,000
)
     Net cash used in investing activities
   
(54,774,000
)
   
(26,670,000
)
Cash flows from financing activities
               
Net decrease in demand, savings, and money market accounts
   
(761,000
)
   
(789,000
)
Net increase in certificates of deposit
   
64,734,000
     
25,141,000
 
Net decrease in short-term borrowings
   
(16,730,000
)
   
(7,987,000
)
Proceeds from sale of common stock
   
290,000
     
193,000
 
Dividends paid
   
(4,154,000
)
   
(4,443,000
)
     Net cash provided by financing activities
   
43,379,000
     
12,115,000
 
Net increase in cash and cash equivalents
   
77,000
     
484,000
 
Cash and cash equivalents at beginning of period
   
14,115,000
     
13,838,000
 
     Cash and cash equivalents at end of period
 
$
14,192,000
   
$
14,322,000
 
Interest paid
 
$
6,640,000
   
$
7,594,000
 
Income taxes paid
   
869,000
     
1,297,000
 
Non-cash transactions
               
Net transfer from loans to other real estate owned
   
1,998,000
     
3,978,000
 
See Report of Independent Registered Public Accounting Firm.
The accompanying notes are an integral part of these consolidated financial statements.
 
Page 6

Notes to Consolidated Financial Statements
The First Bancorp, Inc. and Subsidiary

Note 1 - Basis of Presentation

The First Bancorp, Inc. (the Company) is a financial holding company that owns all of the common stock of The First, N.A. (the Bank). The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of Management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. All significant intercompany transactions and balances are eliminated in consolidation. The income reported for the 2012 period is not necessarily indicative of the results that may be expected for the year ending December 31, 2012. For further information, refer to the consolidated financial statements and notes included in the Company's annual report on Form 10-K for the year ended December 31, 2011.

Subsequent Events
Events occurring subsequent to June 30, 2012, have been evaluated as to their potential impact to the financial statements.

Note 2 - Investment Securities

The following table summarizes the amortized cost and estimated fair value of investment securities at June 30, 2012:

 
 
Amortized
   
Unrealized
   
Unrealized
   
Fair Value
 
 
 
Cost
   
Gains
   
Losses
   
(Estimated)
 
Securities available for sale
 
   
   
   
 
U.S. Treasury and agency
 
$
-
   
$
-
   
$
-
   
$
-
 
Mortgage-backed securities
   
201,552,000
     
5,677,000
     
(250,000
)
   
206,979,000
 
State and political subdivisions
   
92,353,000
     
6,291,000
     
(51,000
)
   
98,593,000
 
Corporate securities
   
-
     
-
     
-
     
-
 
Other equity securities
   
1,863,000
     
47,000
     
(135,000
)
   
1,775,000
 
 
 
$
295,768,000
   
$
12,015,000
   
$
(436,000
)
 
$
307,347,000
 
Securities to be held to maturity
                               
U.S. Treasury and agency
 
$
41,197,000
   
$
282,000
   
$
(33,000
)
 
$
41,446,000
 
Mortgage-backed securities
   
49,992,000
     
3,524,000
     
(8,000
)
   
53,508,000
 
State and political subdivisions
   
44,286,000
     
4,088,000
     
-
     
48,374,000
 
Corporate securities
   
300,000
     
-
     
-
     
300,000
 
 
 
$
135,775,000
   
$
7,894,000
   
$
(41,000
)
 
$
143,628,000
 
Restricted equity securities
                               
Federal Home Loan Bank Stock
 
$
13,412,000
   
$
-
   
$
-
   
$
13,412,000
 
Federal Reserve Bank Stock
   
1,036,000
     
-
     
-
     
1,036,000
 
 
 
$
14,448,000
   
$
-
   
$
-
   
$
14,448,000
 




 
Page 7


The following table summarizes the amortized cost and estimated fair value of investment securities at December 31, 2011:

 
 
Amortized
   
Unrealized
   
Unrealized
   
Fair Value
 
 
 
Cost
   
Gains
   
Losses
   
(Estimated)
 
Securities available for sale
 
   
   
   
 
U.S. Treasury and agency
 
$
-
   
$
-
   
$
-
   
$
-
 
Mortgage-backed securities
   
191,924,000
     
6,486,000
     
(178,000
)
   
198,232,000
 
State and political subdivisions
   
80,259,000
     
5,484,000
     
(17,000
)
   
85,726,000
 
Corporate securities
   
1,098,000
     
-
     
(287,000
)
   
811,000
 
Other equity securities
   
1,535,000
     
37,000
     
(139,000
)
   
1,433,000
 
 
 
$
274,816,000
   
$
12,007,000
   
$
(621,000
)
 
$
286,202,000
 
Securities to be held to maturity
                               
U.S. Treasury and agency
 
$
19,390,000
   
$
132,000
   
$
-
   
$
19,522,000
 
Mortgage-backed securities
   
56,800,000
     
3,900,000
     
(3,000
)
   
60,697,000
 
State and political subdivisions
   
46,171,000
     
4,159,000
     
(172,000
)
   
50,158,000
 
Corporate securities
   
300,000
     
-
     
-
     
300,000
 
 
 
$
122,661,000
   
$
8,191,000
   
$
(175,000
)
 
$
130,677,000
 
Restricted equity securities
                               
Federal Home Loan Bank Stock
 
$
14,031,000
   
$
-
   
$
-
   
$
14,031,000
 
Federal Reserve Bank Stock
   
1,412,000
     
-
     
-
     
1,412,000
 
 
 
$
15,443,000
   
$
-
   
$
-
   
$
15,443,000
 

The following table summarizes the amortized cost and estimated fair value of investment securities at June 30, 2011:

 
 
Amortized
   
Unrealized
   
Unrealized
   
Fair Value
 
 
 
Cost
   
Gains
   
Losses
   
(Estimated)
 
Securities available for sale
 
   
   
   
 
U.S. Treasury and agency
 
$
15,324,000
   
$
799,000
   
$
-
   
$
16,123,000
 
Mortgage-backed securities
   
220,245,000
     
2,548,000
     
(1,269,000
)
   
221,524,000
 
State and political subdivisions
   
63,696,000
     
1,573,000
     
(107,000
)
   
65,162,000
 
Corporate securities
   
1,105,000
     
-
     
(169,000
)
   
936,000
 
Other equity securities
   
527,000
     
26,000
     
(20,000
)
   
533,000
 
 
 
$
300,897,000
   
$
4,946,000
   
$
(1,565,000
)
 
$
304,278,000
 
Securities to be held to maturity
                               
U.S. Treasury and agency
 
$
12,970,000
   
$
-
   
$
(186,000
)
 
$
12,784,000
 
Mortgage-backed securities
   
60,836,000
     
3,626,000
     
(37,000
)
   
64,425,000
 
State and political subdivisions
   
48,864,000
     
2,399,000
     
(346,000
)
   
50,917,000
 
Corporate securities
   
300,000
     
-
     
-
     
300,000
 
 
 
$
122,970,000
   
$
6,025,000
   
$
(569,000
)
 
$
128,426,000
 
Restricted equity securities
                               
Federal Home Loan Bank Stock
 
$
14,031,000
   
$
-
   
$
-
   
$
14,031,000
 
Federal Reserve Bank Stock
   
1,412,000
     
-
     
-
     
1,412,000
 
 
 
$
15,443,000
   
$
-
   
$
-
   
$
15,443,000
 


 
Page 8


The following table summarizes the contractual maturities of investment securities at June 30, 2012:

 
 
Securities available for sale
   
Securities to be held to maturity
 
 
 
Amortized
Cost
   
Fair Value (Estimated)
   
Amortized
Cost
   
Fair Value (Estimated)
 
Due in 1 year or less
 
$
4,296,000
   
$
4,328,000
   
$
1,382,000
   
$
1,399,000
 
Due in 1 to 5 years
   
55,317,000
     
56,358,000
     
13,556,000
     
14,134,000
 
Due in 5 to 10 years
   
23,143,000
     
24,034,000
     
21,137,000
     
22,958,000
 
Due after 10 years
   
211,149,000
     
220,852,000
     
99,700,000
     
105,137,000
 
Equity securities
   
1,863,000
     
1,775,000
     
-
     
-
 
 
 
$
295,768,000
   
$
307,347,000
   
$
135,775,000
   
$
143,628,000
 

The following table summarizes the contractual maturities of investment securities at December 31, 2011:

 
 
Securities available for sale
   
Securities to be held to maturity
 
 
 
Amortized
Cost
   
Fair Value (Estimated)
   
Amortized
Cost
   
Fair Value (Estimated)
 
Due in 1 year or less
 
6,617,000
   
$
6,773,000
   
$
5,179,000
   
$
5,227,000
 
Due in 1 to 5 years
   
18,792,000
     
19,473,000
     
10,085,000
     
10,654,000
 
Due in 5 to 10 years
   
23,219,000
     
24,065,000
     
23,027,000
     
24,694,000
 
Due after 10 years
   
224,653,000
     
234,458,000
     
84,370,000
     
90,102,000
 
Equity securities
   
1,535,000
     
1,433,000
     
-
     
-
 
 
 
$
274,816,000
   
$
286,202,000
   
$
122,661,000
   
$
130,677,000
 

The following table summarizes the contractual maturities of investment securities at June 30, 2011:

 
 
Securities available for sale
   
Securities to be held to maturity
 
 
 
Amortized
Cost
   
Fair Value (Estimated)
   
Amortized
Cost
   
Fair Value (Estimated)
 
Due in 1 year or less
 
$
5,032,000
   
$
4,941,000
   
$
227,000
   
$
227,000
 
Due in 1 to 5 years
   
7,623,000
     
7,904,000
     
10,633,000
     
11,147,000
 
Due in 5 to 10 years
   
25,845,000
     
26,099,000
     
23,562,000
     
24,623,000
 
Due after 10 years
   
261,870,000
     
264,801,000
     
88,548,000
     
92,429,000
 
Equity securities
   
527,000
     
533,000
     
-
     
-
 
 
 
$
300,897,000
   
$
304,278,000
   
$
122,970,000
   
$
128,426,000
 

At June 30, 2012, securities with a fair value of $140,384,000 were pledged to secure public deposits, repurchase agreements, and for other purposes as required by law. This compares to securities with a fair value of $141,506,000 as of December 31, 2011 and $132,827,000 at June 30, 2011, pledged for the same purposes.
Gains and losses on the sale of securities available for sale are computed by subtracting the amortized cost at the time of sale from the security's selling price, net of accrued interest to be received. The following table shows securities gains and losses for the six months and quarters ended June 30, 2012 and 2011:

 
 
For the six months ended June 30,
   
For the quarters ended June 30,
 
 
 
2012
   
2011
   
2012
   
2011
 
Proceeds from sales of securities
 
$
25,137,000
   
$
75,176,000
   
$
14,194,000
   
$
75,176,000
 
Gross realized gains
   
2,256,000
     
957,000
     
1,444,000
     
957,000
 
Gross realized losses
   
(289,000
)
   
(728,000
)
   
-
     
(728,000
)
Net gain
 
$
1,967,000
   
$
229,000
   
$
1,444,000
   
$
229,000
 
Related income taxes
 
$
688,000
   
$
80,000
   
$
505,000
   
$
80,000
 

 
Page 9


The following table summarizes activity in the unrealized gain or loss on available for sale securities included in other comprehensive income for the six months and quarters ended June 30, 2012 and 2011.

 
 
For the six months ended June 30,
   
For the quarters ended June 30,
 
 
 
2012
   
2011
   
2012
   
2011
 
Balance at beginning of period
 
$
7,401,000
   
$
(2,057,000
)
 
$
7,088,000
   
$
(1,389,000
)
Unrealized gains arising during the period
   
2,159,000
     
6,775,000
     
2,118,000
     
5,747,000
 
Realized gains during the period
   
(1,967,000
)
   
(229,000
)
   
(1,444,000
)
   
(229,000
)
Related deferred taxes
   
(67,000
)
   
(2,291,000
)
   
(236,000
)
   
(1,931,000
)
Net change
   
125,000
     
4,255,000
     
438,000
     
3,587,000
 
Balance at end of period
 
$
7,526,000
   
$
2,198,000
   
$
7,526,000
   
$
2,198,000
 

Management reviews securities with unrealized losses for other than temporary impairment. As of June 30, 2012, there were 30 securities with unrealized losses held in the Company's portfolio. These securities were temporarily impaired as a result of changes in interest rates reducing their fair value, of which eight had been temporarily impaired for 12 months or more. At the present time, there have been no material changes in the credit quality of these securities resulting in other than temporary impairment, and in Management's opinion, no additional write-down for other-than-temporary impairment is warranted. Information regarding securities temporarily impaired as of June 30, 2012 is summarized below:

 
 
Less than 12 months
   
12 months or more
   
Total
 
 
 
Fair
   
Unrealized
   
Fair
   
Unrealized
   
Fair
   
Unrealized
 
 
 
Value
   
Losses
   
Value
   
Losses
   
Value
   
Losses
 
U.S. Treasury and agency
 
$
7,942,000
   
$
(33,000
)
 
$
-
   
$
-
   
$
7,942,000
   
$
(33,000
)
Mortgage-backed securities
   
9,822,000
     
(110,000
)
   
5,137,000
     
(148,000
)
   
14,959,000
     
(258,000
)
State and political subdivisions
   
3,719,000
     
(51,000
)
   
-
     
-
     
3,719,000
     
(51,000
)
Corporate securities
   
-
     
-
     
-
     
-
     
-
     
-
 
Other equity securities
   
-
     
-
     
191,000
     
(135,000
)
   
191,000
     
(135,000
)
 
 
$
21,483,000
   
$
(194,000
)
 
$
5,328,000
   
$
(283,000
)
 
$
26,811,000
   
$
(477,000
)

As of December 31, 2011, there were 29 securities with unrealized losses held in the Company's portfolio. These securities were temporarily impaired as a result of changes in interest rates reducing their fair value, of which 11 had been temporarily impaired for 12 months or more. Information regarding securities temporarily impaired as of December 31, 2011 is summarized below:

 
Less than 12 months
12 months or more
Total
 
Fair
Unrealized
Fair
Unrealized
Fair
Unrealized
 
Value
Losses
Value
Losses
Value
Losses
U.S. Treasury and agency
$
-
$
-
$
-
$
-
$
-
$
-
Mortgage-backed securities
12,489,000
(25,000
)
6,780,000
(156,000
)
19,269,000
(181,000
)
State and political subdivisions
1,984,000
(17,000
)
1,667,000
(172,000
)
3,651,000
(189,000
)
Corporate securities
-
-
811,000
(287,000
)
811,000
(287,000
)
Other equity securities
154,000
(120,000
)
34,000
(19,000
)
188,000
(139,000
)
 
$
14,627,000
$
(162,000
)
$
9,292,000
$
(634,000
)
$
23,919,000
$
(796,000
)

 
Page 10


As of June 30, 2011, there were 65 securities with unrealized losses held in the Company's portfolio. These securities were temporarily impaired as a result of changes in interest rates reducing their fair value, of which 11 had been temporarily impaired for 12 months or more. Information regarding securities temporarily impaired as of June 30, 2011 is summarized below:

 
 
Less than 12 months
   
12 months or more
   
Total
 
 
 
Fair
   
Unrealized
   
Fair
   
Unrealized
   
Fair
   
Unrealized
 
 
 
Value
   
Losses
   
Value
   
Losses
   
Value
   
Losses
 
U.S. Treasury and agency
 
$
12,784,000
   
$
(186,000
)
 
$
-
   
$
-
   
$
12,784,000
   
$
(186,000
)
Mortgage-backed securities
   
71,157,000
     
(1,044,000
)
   
3,681,000
     
(262,000
)
   
74,838,000
     
(1,306,000
)
State and political subdivisions
   
12,050,000
     
(142,000
)
   
1,489,000
     
(311,000
)
   
13,539,000
     
(453,000
)
Corporate securities
   
-
     
-
     
936,000
     
(169,000
)
   
936,000
     
(169,000
)
Other equity securities
   
247,000
     
(15,000
)
   
48,000
     
(5,000
)
   
295,000
     
(20,000
)
 
 
$
96,238,000
   
$
(1,387,000
)
 
$
6,154,000
   
$
(747,000
)
 
$
102,392,000
   
$
(2,134,000
)

The Bank is a member of the Federal Home Loan Bank ("FHLB") of Boston, a cooperatively owned wholesale bank for housing and finance in the six New England States. As a requirement of membership in the FHLB, the Bank must own a minimum required amount of FHLB stock, calculated periodically based primarily on its level of borrowings from the FHLB. The Bank uses the FHLB for much of its wholesale funding needs. As of June 30, 2012 and 2011, and December 31, 2011, the Bank's investment in FHLB stock totaled $13,412,000, $14,031,000 and $14,031,000 respectively. FHLB stock is a non-marketable equity security and therefore is reported at cost, which equals par value.

Note 3 - Loans

The following table shows the composition of the Company's loan portfolio as of June 30, 2012 and 2011 and at December 31, 2011:

 
 
June 30, 2012
   
December 31, 2011
   
June 30, 2011
 
Commercial
 
   
   
   
   
   
 
   Real estate
 
$
253,193,000
     
28.7
%
 
$
255,424,000
     
29.5
%
 
$
263,337,000
     
29.7
%
   Construction
   
33,072,000
     
3.8
%
   
32,574,000
     
3.8
%
   
29,386,000
     
3.3
%
   Other
   
87,833,000
     
10.0
%
   
86,982,000
     
10.1
%
   
102,499,000
     
11.6
%
Municipal
   
16,089,000
     
1.8
%
   
16,221,000
     
1.9
%
   
19,974,000
     
2.3
%
Residential
                                               
   Term
   
368,876,000
     
41.8
%
   
341,286,000
     
39.5
%
   
335,807,000
     
37.9
%
   Construction
   
6,449,000
     
0.7
%
   
10,469,000
     
1.2
%
   
11,063,000
     
1.2
%
Home equity line of credit
   
100,689,000
     
11.4
%
   
105,244,000
     
12.1
%
   
107,224,000
     
12.0
%
Consumer
   
15,613,000
     
1.8
%
   
16,788,000
     
1.9
%
   
17,639,000
     
2.0
%
Total
 
$
881,814,000
     
100.0
%
 
$
864,988,000
     
100.0
%
 
$
886,929,000
     
100.0
%

Loan balances include net deferred loan costs of $1,664,000 as of June 30, 2012, $1,386,000 as of December 31, 2011, and $1,365,000 as of June 30, 2011. Pursuant to collateral agreements, qualifying first mortgage loans, which totaled $243,196,000 at June 30, 2012, $211,597,000 at December 31, 2011, and $180,839,000 at June 30, 2011, were used to collateralize borrowings from the Federal Home Loan Bank of Boston. In addition, commercial, construction and home equity loans totaling $232,598,000 at June 30, 2012, $218,417,000 at December 31, 2011, and $329,677,000 at June 30, 2011, were used to collateralize a standby line of credit at the Federal Reserve Bank of Boston that is currently unused.
Loans on non-accrual status totaled $21,958,000 at June 30, 2012, $27,806,000 at December 31, 2011 and $22,049,000 at June 30, 2011. Loans past due 90 days or greater which are accruing interest totaled $164,000 at June 30, 2012, $1,170,000 at December 31, 2011 and $355,000 at June 30, 2011. The Company continues to accrue interest on these loans because it believes collection of principal and interest is reasonably assured.
 
Page 11


Information on the past-due status of loans by class of financing receivable as of June 30, 2012, is presented in the following table:

 
 
30-89 Days
Past Due
   
90+ Days
Past Due
   
All
Past Due
   
Current
   
Total
   
90+ Days
& Accruing
 
Commercial
 
   
   
   
   
   
 
   Real estate
 
$
13,000
   
$
1,858,000
   
$
1,871,000
   
$
251,322,000
   
$
253,193,000
   
$
-
 
   Construction
   
119,000
     
34,000
     
153,000
     
32,919,000
     
33,072,000
     
-
 
   Other
   
443,000
     
1,398,000
     
1,841,000
     
85,992,000
     
87,833,000
     
-
 
Municipal
   
1,560,000
     
-
     
1,560,000
     
14,529,000
     
16,089,000
     
-
 
Residential
                                               
   Term
   
3,191,000
     
7,878,000
     
11,069,000
     
357,807,000
     
368,876,000
     
-
 
   Construction
   
-
     
1,336,000
     
1,336,000
     
5,113,000
     
6,449,000
     
-
 
Home equity line of credit
   
530,000
     
1,311,000
     
1,841,000
     
98,848,000
     
100,689,000
     
-
 
Consumer
   
189,000
     
180,000
     
369,000
     
15,244,000
     
15,613,000
     
164,000
 
Total
 
$
6,045,000
   
$
13,995,000
   
$
20,040,000
   
$
861,774,000
   
$
881,814,000
   
$
164,000
 

Information on the past-due status of loans by class of financing receivable as of December 31, 2011, is presented in the following table:

 
 
30-89 Days
Past Due
   
90+ Days
Past Due
   
All
Past Due
   
Current
   
Total
   
90+ Days
& Accruing
 
Commercial
 
   
   
   
   
   
 
   Real estate
 
$
2,872,000
   
$
3,992,000
   
$
6,864,000
   
$
248,560,000
   
$
255,424,000
   
$
-
 
   Construction
   
174,000
     
1,603,000
     
1,777,000
     
30,797,000
     
32,574,000
     
-
 
   Other
   
1,431,000
     
1,192,000
     
2,623,000
     
84,359,000
     
86,982,000
     
52,000
 
Municipal
   
-
     
-
     
-
     
16,221,000
     
16,221,000
     
-
 
Residential
                                               
   Term
   
3,331,000
     
8,843,000
     
12,174,000
     
329,112,000
     
341,286,000
     
1,118,000
 
   Construction
   
-
     
1,198,000
     
1,198,000
     
9,271,000
     
10,469,000
     
-
 
Home equity line of credit
   
480,000
     
1,134,000
     
1,614,000
     
103,630,000
     
105,244,000
     
-
 
Consumer
   
331,000
     
16,000
     
347,000
     
16,441,000
     
16,788,000
     
-
 
Total
 
$
8,619,000
   
$
17,978,000
   
$
26,597,000
   
$
838,391,000
   
$
864,988,000
   
$
1,170,000
 

Information on the past-due status of loans by class of financing receivable as of June 30, 2011, is presented in the following table:

 
 
30-89 Days
Past Due
   
90+ Days
Past Due
   
All
Past Due
   
Current
   
Total
   
90+ Days & Accruing
 
Commercial
 
   
   
   
   
   
 
   Real estate
 
$
2,227,000
   
$
4,051,000
   
$
6,278,000
   
$
257,059,000
   
$
263,337,000
   
$
-
 
   Construction
   
117,000
     
-
     
117,000
     
29,269,000
     
29,386,000
     
-
 
   Other
   
544,000
     
997,000
     
1,541,000
     
100,958,000
     
102,499,000
     
38,000
 
Municipal
   
-
     
-
     
-
     
19,974,000
     
19,974,000
     
-
 
Residential
                                               
   Term
   
6,093,000
     
9,916,000
     
16,009,000
     
319,798,000
     
335,807,000
     
309,000
 
   Construction
   
-
     
334,000
     
334,000
     
10,729,000
     
11,063,000
     
-
 
Home equity line of credit
   
868,000
     
740,000
     
1,608,000
     
105,616,000
     
107,224,000
     
-
 
Consumer
   
258,000
     
8,000
     
266,000
     
17,373,000
     
17,639,000
     
8,000
 
Total
 
$
10,107,000
   
$
16,046,000
   
$
26,153,000
   
$
860,776,000
   
$
886,929,000
   
$
355,000
 

 
Page 12


For all classes, loans are placed on non-accrual status when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement or when principal and interest is 90 days or more past due unless the loan is both well secured and in the process of collection (in which case the loan may continue to accrue interest in spite of its past due status). A loan is "well secured" if it is secured (1) by collateral in the form of liens on or pledges of real or personal property, including securities, that have a realizable value sufficient to discharge the debt (including accrued interest) in full, or (2) by the guarantee of a financially responsible party. A loan is "in the process of collection" if collection of the loan is proceeding in due course either (1) through legal action, including judgment enforcement procedures, or, (2) in appropriate circumstances, through collection efforts not involving legal action which are reasonably expected to result in repayment of the debt or in its restoration to a current status in the near future.
Information on nonaccrual loans as of June 30, 2012 and 2011 and at December 31, 2011 is presented in the following table:

 
 
June 30, 2012
   
December 31, 2011
   
June 30, 2011
 
Commercial
 
   
   
 
   Real estate
 
$
5,545,000
   
$
7,064,000
   
$
6,746,000
 
   Construction
   
521,000
     
2,350,000
     
771,000
 
   Other
   
2,361,000
     
5,784,000
     
2,095,000
 
Municipal
   
-
     
-
     
-
 
Residential
                       
   Term
   
10,723,000
     
10,194,000
     
11,260,000
 
   Construction
   
1,336,000
     
1,198,000
     
334,000
 
Home equity line of credit
   
1,456,000
     
1,163,000
     
740,000
 
Consumer
   
16,000
     
53,000
     
103,000
 
Total
 
$
21,958,000
   
$
27,806,000
   
$
22,049,000
 

Impaired loans include restructured loans and loans placed on non-accrual. These loans are measured at the present value of expected future cash flows discounted at the loan's effective interest rate or at the fair value of the collateral if the loan is collateral dependent. If the measure of an impaired loan is lower than the recorded investment in the loan and estimated selling costs, a specific reserve is established for the difference.

 
Page 13


A breakdown of impaired loans by class of financing receivable as of June 30, 2012, is presented in the following table:

 
 
   
   
   
For six months ended
June 30, 2012
   
For the quarter ended
June 30, 2012
 
 
 
Recorded Investment
   
Unpaid Principal Balance
   
Related Allowance
   
Average Recorded Investment
   
Recognized Interest Income
   
Average Recorded Investment
   
Recognized Interest Income
 
With No Related Allowance
 
Commercial
 
   
   
   
   
   
   
 
  Real estate
 
$
10,313,000
   
$
10,313,000
   
$
-
   
$
9,729,000
   
$
111,000
   
$
11,013,000
   
$
71,000
 
  Construction
   
1,464,000
     
1,464,000
     
-
     
2,189,000
     
26,000
     
1,395,000
     
13,000
 
  Other
   
2,249,000
     
2,249,000
     
-
     
2,710,000
     
16,000
     
2,439,000
     
21,000
 
Municipal
   
-
     
-
     
-
     
-
     
-
     
-
     
-
 
Residential
                                   
-
                 
  Term
   
8,695,000
     
8,695,000
     
-
     
9,662,000
     
71,000
     
9,322,000
     
41,000
 
  Construction
   
1,002,000
     
1,002,000
     
-
     
880,000
     
-
     
1,042,000
     
-
 
Home equity line of credit
   
740,000
     
740,000
     
-
     
758,000
     
-
     
740,000
     
-
 
Consumer
   
-
     
-
     
-
     
6,000
     
-
     
-
     
-
 
 
 
$
24,463,000
   
$
24,463,000
   
$
-
   
$
25,934,000
   
$
224,000
   
$
25,951,000
   
$
146,000
 
With an Allowance Recorded
 
Commercial
                                                       
  Real estate
 
$
3,482,000
   
$
3,482,000
   
$
1,133,000
   
$
4,026,000
   
$
16,000
   
$
3,775,000
   
$
6,000
 
  Construction
   
2,155,000
     
2,155,000
     
787,000
     
1,376,000
     
37,000
     
2,155,000
     
37,000
 
  Other
   
1,851,000
     
1,851,000
     
932,000
     
2,013,000
     
18,000
     
1,802,000
     
13,000
 
Municipal
   
-
     
-
     
-
     
-
     
-
     
-
     
-
 
Residential
                                                       
  Term
   
10,357,000
     
10,357,000
     
966,000
     
8,487,000
     
127,000
     
9,525,000
     
68,000
 
  Construction
   
334,000
     
334,000
     
48,000
     
466,000
     
-
     
334,000
     
-
 
Home equity line of credit
   
716,000
     
716,000
     
300,000
     
566,000
     
-
     
613,000
     
-
 
Consumer
   
16,000
     
16,000
     
11,000
     
15,000
     
-
     
15,000
     
-
 
 
 
$
18,911,000
   
$
18,911,000
   
$
4,177,000
   
$
16,949,000
   
$
198,000
   
$
18,219,000
   
$
124,000
 
Total
 
Commercial
                                                       
  Real estate
 
$
13,795,000
   
$
13,795,000
   
$
1,133,000
   
$
13,755,000
   
$
127,000
   
$
14,788,000
   
$
77,000
 
  Construction
   
3,619,000
     
3,619,000
     
787,000
     
3,565,000
     
63,000
     
3,550,000
     
50,000
 
  Other
   
4,100,000
     
4,100,000
     
932,000
     
4,723,000
     
34,000
     
4,241,000
     
34,000
 
Municipal
   
-
     
-
     
-
     
-
     
-
     
-
     
-
 
Residential
                                                       
  Term
   
19,052,000
     
19,052,000
     
966,000
     
18,149,000
     
198,000
     
18,847,000