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v2.3.0.11

Bank subsidiary | 6 Months Ended
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Jun. 30, 2011
Bank subsidiary |
Bank subsidiary |
4 · Bank subsidiary Selected financial information American Savings Bank, F.S.B. and Subsidiaries Consolidated Statements of Income Data (unaudited)
|  | Three months ended June 30 |  | Six months ended June 30 |
(in thousands) |  | 2011 |  | 2010 |  | 2011 |  | 2010 |
Interest and dividend income |  |  |  |  |  |  |  |  |
Interest and fees on loans |  | $ | 45,648 |  | $ | 49,328 |  | $ | 91,745 |  | $ | 99,073 |
Interest and dividends on investment and mortgage-related securities |  | 3,793 |  | 3,646 |  | 7,562 |  | 6,963 |
Total interest and dividend income |  | 49,441 |  | 52,974 |  | 99,307 |  | 106,036 |
Interest expense |  |  |  |  |  |  |  |  |
Interest on deposit liabilities |  | 2,387 |  | 3,852 |  | 4,980 |  | 8,275 |
Interest on other borrowings |  | 1,382 |  | 1,418 |  | 2,749 |  | 2,844 |
Total interest expense |  | 3,769 |  | 5,270 |  | 7,729 |  | 11,119 |
Net interest income |  | 45,672 |  | 47,704 |  | 91,578 |  | 94,917 |
Provision for loan losses |  | 2,555 |  | 990 |  | 7,105 |  | 6,349 |
Net interest income after provision for loan losses |  | 43,117 |  | 46,714 |  | 84,473 |  | 88,568 |
Noninterest income |  |  |  |  |  |  |  |  |
Fee income on deposit liabilities |  | 4,599 |  | 7,891 |  | 9,048 |  | 15,411 |
Fees from other financial services |  | 7,240 |  | 6,649 |  | 14,186 |  | 13,063 |
Fee income on other financial products |  | 1,861 |  | 1,735 |  | 3,534 |  | 3,260 |
Other income |  | 3,177 |  | 2,383 |  | 5,556 |  | 4,776 |
Total noninterest income |  | 16,877 |  | 18,658 |  | 32,324 |  | 36,510 |
Noninterest expense |  |  |  |  |  |  |  |  |
Compensation and employee benefits |  | 18,166 |  | 18,907 |  | 35,671 |  | 36,309 |
Occupancy |  | 4,288 |  | 4,216 |  | 8,528 |  | 8,441 |
Data processing |  | 2,058 |  | 4,564 |  | 4,028 |  | 8,902 |
Services |  | 1,949 |  | 1,845 |  | 3,720 |  | 3,573 |
Equipment |  | 1,772 |  | 1,640 |  | 3,429 |  | 3,349 |
Other expense |  | 7,955 |  | 8,453 |  | 15,888 |  | 17,021 |
Total noninterest expense |  | 36,188 |  | 39,625 |  | 71,264 |  | 77,595 |
Income before income taxes |  | 23,806 |  | 25,747 |  | 45,533 |  | 47,483 |
Income taxes |  | 8,611 |  | 9,616 |  | 16,487 |  | 17,616 |
Net income |  | $ | 15,195 |  | $ | 16,131 |  | $ | 29,046 |  | $ | 29,867 |
American Savings Bank, F.S.B. and Subsidiaries Consolidated Balance Sheets Data (unaudited)
(in thousands) |  | June 30, 2011 |  | December 31, 2010 |
Assets |  |  |  |  |
Cash and cash equivalents |  | $ | 178,251 |  | $ | 204,397 |
Federal funds sold |  | 1,249 |  | 1,721 |
Available-for-sale investment and mortgage-related securities |  | 711,347 |  | 678,152 |
Investment in stock of Federal Home Loan Bank of Seattle |  | 97,764 |  | 97,764 |
Loans receivable held for investment, net |  | 3,580,418 |  | 3,489,880 |
Loans held for sale, at lower of cost or fair value |  | 4,784 |  | 7,849 |
Other |  | 234,524 |  | 234,806 |
Goodwill |  | 82,190 |  | 82,190 |
Total assets |  | $ | 4,890,527 |  | $ | 4,796,759 |
Liabilities and shareholder’s equity |  |  |  |  |
Deposit liabilities—noninterest-bearing |  | $ | 912,034 |  | $ | 865,642 |
Deposit liabilities—interest-bearing |  | 3,142,915 |  | 3,109,730 |
Other borrowings |  | 239,122 |  | 237,319 |
Other |  | 99,260 |  | 90,683 |
Total liabilities |  | 4,393,331 |  | 4,303,374 |
Common stock |  | 331,348 |  | 330,562 |
Retained earnings |  | 170,157 |  | 169,111 |
Accumulated other comprehensive loss, net of tax benefits |  | (4,309 | ) | (6,288 | )
Total shareholder’s equity |  | 497,196 |  | 493,385 |
Total liabilities and shareholder’s equity |  | $ | 4,890,527 |  | $ | 4,796,759 |
Other assets |  |  |  |  |
Bank-owned life insurance |  | $ | 119,671 |  | $ | 117,565 |
Premises and equipment, net |  | 56,415 |  | 56,495 |
Prepaid expenses |  | 17,700 |  | 18,608 |
Accrued interest receivable |  | 15,178 |  | 14,887 |
Mortgage-servicing rights |  | 6,854 |  | 6,699 |
Real estate acquired in settlement of loans, net |  | 4,722 |  | 4,292 |
Other |  | 13,984 |  | 16,260 |
|  | $ | 234,524 |  | $ | 234,806 |
Other liabilities |  |  |  |  |
Accrued expenses |  | $ | 13,036 |  | $ | 16,426 |
Federal and state income taxes payable |  | 34,167 |  | 28,372 |
Cashier’s checks |  | 26,486 |  | 22,396 |
Advance payments by borrowers |  | 10,061 |  | 10,216 |
Other |  | 15,510 |  | 13,273 |
|  | $ | 99,260 |  | $ | 90,683 |
Other borrowings consisted of securities sold under agreements to repurchase and advances from the Federal Home Loan Bank (FHLB) of Seattle of $174 million and $65 million, respectively, as of June 30, 2011 and $172 million and $65 million, respectively, as of December 31, 2010. Bank-owned life insurance is life insurance purchased by ASB on the lives of certain key employees, with ASB as the beneficiary. The insurance is used to fund employee benefits through tax-free income from increases in the cash value of the policies and insurance proceeds paid to ASB upon an insured’s death. As of June 30, 2011, ASB had total commitments to borrowers for loan commitments and unused lines and letters of credit of $1.3 billion. Investment and mortgage-related securities portfolio. Available-for-sale securities. The book value and aggregate fair value by major security type were as follows:
|  | June 30, 2011 |  | December 31, 2010 |
|  |  |  | Gross |  | Gross |  | Estimated |  |  |  | Gross |  | Gross |  | Estimated |
|  | Amortized |  | unrealized |  | unrealized |  | fair |  | Amortized |  | unrealized |  | unrealized |  | fair |
(in thousands) |  | cost |  | gains |  | losses |  | value |  | cost |  | gains |  | losses |  | value |
Federal agency obligations |  | $ | 292,346 |  | $ | 1,049 |  | $ | (439 | ) | $ | 292,956 |  | $ | 317,945 |  | $ | 171 |  | $ | (2,220 | ) | $ | 315,896 |
Mortgage-related securities — FNMA, FHLMC and GNMA |  | 365,908 |  | 10,680 |  | (209 | ) | 376,379 |  | 310,711 |  | 9,570 |  | (311 | ) | 319,970 |
Municipal bonds |  | 41,459 |  | 568 |  | (15 | ) | 42,012 |  | 43,632 |  | 7 |  | (1,353 | ) | 42,286 |
|  | $ | 699,713 |  | $ | 12,297 |  | $ | (663 | ) | $ | 711,347 |  | $ | 672,288 |  | $ | 9,748 |  | $ | (3,884 | ) | $ | 678,152 |
The following table details the contractual maturities of available-for-sale securities. All positions with variable maturities (e.g. callable debentures and mortgage-related securities) are disclosed based upon the bond’s contractual maturity.
June 30, 2011 (in thousands) |  | Amortized Cost |  | Fair value |
Due in one year or less |  | $ | 10,800 |  | $ | 10,830 |
Due after one year through five years |  | 272,346 |  | 273,366 |
Due after five years through ten years |  | 41,577 |  | 41,673 |
Due after ten years |  | 9,082 |  | 9,099 |
|  | 333,805 |  | 334,968 |
Mortgage-related securities-FNMA,FHLMC and GNMA |  | 365,908 |  | 376,379 |
Total available-for-sale securities |  | $ | 699,713 |  | $ | 711,347 |
Gross unrealized losses and fair value. The gross unrealized losses and fair values (for securities held in available for sale by duration of time in which positions have been held in a continuous loss position) were as follows:
|  | Less than 12 months |  | 12 months or more |  | Total |
|  | Gross unrealized |  | Fair |  | Gross unrealized |  | Fair |  | Gross unrealized |  | Fair |
(in thousands) |  | losses |  | value |  | losses |  | value |  | losses |  | value |
June 30, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |
Federal agency obligations |  | $ | (439 | ) | $ | 39,555 |  | $ | — |  | $ | — |  | $ | (439 | ) | $ | 39,555 |
Mortgage-related securities — FNMA, FHLMC and GNMA |  | (100 | ) | 19,793 |  | (109 | ) | 20,164 |  | (209 | ) | 39,957 |
Municipal bonds |  | (15 | ) | 4,540 |  | — |  | — |  | (15 | ) | 4,540 |
|  | $ | (554 | ) | $ | 63,888 |  | $ | (109 | ) | $ | 20,164 |  | $ | (663 | ) | $ | 84,052 |
December 31, 2010 |  |  |  |  |  |  |  |  |  |  |  |  |
Federal agency obligations |  | $ | (2,220 | ) | $ | 205,316 |  | $ | — |  | $ | — |  | $ | (2,220 | ) | $ | 205,316 |
Mortgage-related securities — FNMA, FHLMC and GNMA |  | (311 | ) | 30,986 |  | — |  | — |  | (311 | ) | 30,986 |
Municipal bonds |  | (1,353 | ) | 41,479 |  | — |  | — |  | (1,353 | ) | 41,479 |
|  | $ | (3,884 | ) | $ | 277,781 |  | $ | — |  | $ | — |  | $ | (3,884 | ) | $ | 277,781 |
The unrealized losses on ASB’s investments in obligations issued by federal agencies were caused by interest rate movements. The contractual terms of these investments do not permit the issuer to settle the securities at a price less than the amortized cost bases of the investments. Because ASB does not intend to sell the securities and has determined it is more likely than not that it will not be required to sell the investments before recovery of their amortized costs bases, which may be at maturity, ASB does not consider these investments to be other-than-temporarily impaired at June 30, 2011. The fair values of ASB’s investment securities could decline if interest rates rise or spreads widen. Allowance for loan losses. ASB must maintain an allowance for loan losses that is adequate to absorb estimated probable credit losses associated with its loan portfolio. The allowance for loan losses consists of an allocated portion, which estimates credit losses for specifically identified loans and pools of loans, and an unallocated portion. The allowance for loan losses was comprised of the following:
|  |  |  | Commercial |  | Home |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Residential |  | real |  | equity line |  | Residential |  | Commercial |  | Residential |  | Commercial |  | Consumer |  |  |  |  |
(in thousands) |  | 1-4 family |  | estate |  | of credit |  | land |  | construction |  | construction |  | loans |  | loans |  | Unallocated |  | Total |
June 30, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 6,497 |  | $ | 1,474 |  | $ | 4,269 |  | $ | 6,411 |  | $ | 1,714 |  | $ | 7 |  | $ | 16,015 |  | $ | 3,325 |  | $ | 934 |  | $ | 40,646 |
Charge-offs |  | (2,695 | ) | — |  | (362 | ) | (2,790 | ) | — |  | — |  | (1,773 | ) | (1,518 | ) | — |  | (9,138 | )
Recoveries |  | 33 |  | — |  | 4 |  | 19 |  | — |  | — |  | 300 |  | 314 |  | — |  | 670 |
Provision |  | 3,694 |  | 168 |  | (695 | ) | 1,385 |  | 15 |  | (2 | ) | 327 |  | 1,350 |  | 863 |  | 7,105 |
Ending balance |  | $ | 7,529 |  | $ | 1,642 |  | $ | 3,216 |  | $ | 5,025 |  | $ | 1,729 |  | $ | 5 |  | $ | 14,869 |  | $ | 3,471 |  | $ | 1,797 |  | $ | 39,283 |
Ending balance: individually evaluated for impairment |  | $ | 230 |  | $ | — |  | $ | — |  | $ | 3,067 |  | $ | — |  | $ | — |  | $ | 1,923 |  | $ | — |  | $ | — |  | $ | 5,220 |
Ending balance: collectively evaluated for impairment |  | $ | 7,299 |  | $ | 1,642 |  | $ | 3,216 |  | $ | 1,958 |  | $ | 1,729 |  | $ | 5 |  | $ | 12,946 |  | $ | 3,471 |  | $ | 1,797 |  | $ | 34,063 |
Financing Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending balance |  | $ | 2,028,502 |  | $ | 321,967 |  | $ | 466,783 |  | $ | 51,901 |  | $ | 38,419 |  | $ | 3,738 |  | $ | 640,221 |  | $ | 83,059 |  | $ | — |  | $ | 3,634,590 |
Ending balance: individually evaluated for impairment |  | $ | 30,816 |  | $ | 13,543 |  | $ | 1,263 |  | $ | 41,268 |  | $ | — |  | $ | — |  | $ | 54,620 |  | $ | 25 |  | $ | — |  | $ | 141,535 |
Ending balance: collectively evaluated for impairment |  | $ | 1,997,686 |  | $ | 308,424 |  | $ | 465,520 |  | $ | 10,633 |  | $ | 38,419 |  | $ | 3,738 |  | $ | 585,601 |  | $ | 83,034 |  | $ | — |  | $ | 3,493,055 |
December 31, 2010 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 5,522 |  | $ | 861 |  | $ | 4,679 |  | $ | 4,252 |  | $ | 3,068 |  | $ | 19 |  | $ | 19,498 |  | $ | 2,590 |  | $ | 1,190 |  | $ | 41,679 |
Charge-offs |  | (6,142 | ) | — |  | (2,517 | ) | (6,487 | ) | — |  | — |  | (6,261 | ) | (3,408 | ) | — |  | (24,815 | )
Recoveries |  | 744 |  | — |  | 63 |  | 63 |  | — |  | — |  | 1,537 |  | 481 |  | — |  | 2,888 |
Provision |  | 6,373 |  | 613 |  | 2,044 |  | 8,583 |  | (1,354 | ) | (12 | ) | 1,241 |  |  | 3,662 |  | (256 | ) | 20,894 |
Ending balance |  | $ | 6,497 |  | $ | 1,474 |  | $ | 4,269 |  | $ | 6,411 |  | $ | 1,714 |  | $ | 7 |  | $ | 16,015 |  | $ | 3,325 |  | $ | 934 |  | $ | 40,646 |
Ending balance: individually evaluated for impairment |  | $ | 230 |  | $ | — |  | $ | — |  | $ | 1,642 |  | $ | — |  | $ | — |  | $ | 1,588 |  | $ | — |  | $ | — |  | $ | 3,460 |
Ending balance: collectively evaluated for impairment |  | $ | 6,267 |  | $ | 1,474 |  | $ | 4,269 |  | $ | 4,769 |  | $ | 1,714 |  | $ | 7 |  | $ | 14,427 |  | $ | 3,325 |  | $ | 934 |  | $ | 37,186 |
Financing Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending balance |  | $ | 2,087,813 |  | $ | 300,689 |  | $ | 416,453 |  | $ | 65,599 |  | $ | 38,079 |  | $ | 5,602 |  | $ | 551,683 |  | $ | 80,138 |  | $ | — |  | $ | 3,546,056 |
Ending balance: individually evaluated for impairment |  | $ | 34,615 |  | $ | 12,156 |  | $ | 827 |  | $ | 39,631 |  | $ | — |  | $ | — |  | $ | 28,886 |  | $ | 76 |  | $ | — |  | $ | 116,191 |
Ending balance: collectively evaluated for impairment |  | $ | 2,053,198 |  | $ | 288,533 |  | $ | 415,626 |  | $ | 25,968 |  | $ | 38,079 |  | $ | 5,602 |  | $ | 522,797 |  | $ | 80,062 |  | $ | — |  | $ | 3,429,865 |
Credit quality. ASB performs an internal loan review and grading on an ongoing basis. The review provides management with periodic information as to the quality of the loan portfolio and effectiveness of its lending policies and procedures. The objectives of the loan review and grading procedures are to identify, in a timely manner, existing or emerging credit quality problems so that appropriate steps can be initiated to avoid or minimize future losses. Loans subject to grading include commercial, commercial real estate and commercial construction loans. A ten-point risk rating system is used to determine loan grade and is based on borrower loan risk. The risk rating is a numerical representation of risk based on the overall assessment of the borrower’s financial and operating strength including earnings, operating cash flow, debt service capacity, asset and liability structure, competitive issues, experience and quality of management, financial reporting issues and industry/economic factors. The loan grade categories are:
1- Substantially risk free |  | 6- Acceptable risk
2- Minimal risk |  | 7- Special mention
3- Modest risk |  | 8- Substandard
4- Better than average risk |  | 9- Doubtful
5- Average risk |  | 10- Loss
Grades 1 through 6 are considered pass grades. Pass exposures 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. The credit risk profile by internally assigned grade for loans was as follows:
|  | June 30, 2011 |  | December 31, 2010 |
(in thousands) |  | Commercial real estate |  | Commercial construction |  | Commercial |  | Commercial real estate |  | Commercial construction |  | Commercial |
Grade: |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 305,260 |  | $ | 38,419 |  | $ | 557,463 |  | $ | 285,624 |  | $ | 38,079 |  | $ | 462,078 |
Special mention |  | 1,056 |  | — |  | 23,820 |  | 526 |  | — |  | 44,759 |
Substandard |  | 15,651 |  | — |  | 56,795 |  | 14,539 |  | — |  | 44,259 |
Doubtful |  | — |  | — |  | 1,978 |  | — |  | — |  | 556 |
Loss |  | — |  | — |  | 165 |  | — |  | — |  | 31 |
Total |  | $ | 321,967 |  | $ | 38,419 |  | $ | 640,221 |  | $ | 300,689 |  | $ | 38,079 |  | $ | 551,683 |
The credit risk profile based on payment activity for loans was as follows:
(in thousands) |  | 30-59 days past due |  | 60-89 days past due |  | Greater than 90 days |  | Total past due |  | Current |  | Total financing receivables |  | Recorded Investment> 90 days and accruing |
June 30, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  | $ | 4,775 |  | $ | 2,837 |  | $ | 34,942 |  | $ | 42,554 |  | $ | 1,985,948 |  | $ | 2,028,502 |  | $ | — |
Commercial real estate |  | — |  | — |  | — |  | — |  | 321,967 |  | 321,967 |  | — |
Home equity line of credit |  | 993 |  | 729 |  | 1,492 |  | 3,214 |  | 463,569 |  | 466,783 |  | — |
Residential land |  | 968 |  | 834 |  | 14,027 |  | 15,829 |  | 36,072 |  | 51,901 |  | — |
Commercial construction |  | — |  | — |  | — |  | — |  | 38,419 |  | 38,419 |  | — |
Residential construction |  | — |  | — |  | — |  | — |  | 3,738 |  | 3,738 |  | — |
Commercial loans |  | 1,400 |  | 1,667 |  | 2,837 |  | 5,904 |  | 634,317 |  | 640,221 |  | 60 |
Consumer loans |  | 483 |  | 280 |  | 615 |  | 1,378 |  | 81,681 |  | 83,059 |  | 442 |
Total loans |  | $ | 8,619 |  | $ | 6,347 |  | $ | 53,913 |  | $ | 68,879 |  | $ | 3,565,711 |  | $ | 3,634,590 |  | $ | 502 |
December 31, 2010 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  | $ | 8,245 |  | $ | 3,719 |  | $ | 36,419 |  | $ | 48,383 |  | $ | 2,039,430 |  | $ | 2,087,813 |  | $ | — |
Commercial real estate |  | — |  | 4 |  | — |  | 4 |  | 300,685 |  | 300,689 |  | — |
Home equity line of credit |  | 1,103 |  | 227 |  | 1,659 |  | 2,989 |  | 413,464 |  | 416,453 |  | — |
Residential land |  | 1,543 |  | 1,218 |  | 16,060 |  | 18,821 |  | 46,778 |  | 65,599 |  | 581 |
Commercial construction |  | — |  | — |  | — |  | — |  | 38,079 |  | 38,079 |  | — |
Residential construction |  | — |  | — |  | — |  | — |  | 5,602 |  | 5,602 |  | — |
Commercial loans |  | 892 |  | 1,317 |  | 3,191 |  | 5,400 |  | 546,283 |  | 551,683 |  | 64 |
Consumer loans |  | 629 |  | 410 |  | 617 |  | 1,656 |  | 78,482 |  | 80,138 |  | 320 |
Total loans |  | $ | 12,412 |  | $ | 6,895 |  | $ | 57,946 |  | $ | 77,253 |  | $ | 3,468,803 |  | $ | 3,546,056 |  | $ | 965 |
The credit risk profile based on nonaccrual loans, accruing loans 90 days or more past due and troubled debt restructured loans was as follows:
|  | June 30, 2011 |  | December 31, 2010 |
(in thousands) |  | Nonaccrual loans |  | Accruing loans 90 days or more past due |  | Trouble debt restructured loans |  | Nonaccrual loans |  | Accruing loans 90 days or more past due |  | Trouble debt restructured loans |
Real estate loans: |  |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  | $ | 34,942 |  | $ | — |  | $ | 4,938 |  | $ | 36,420 |  | $ | — |  | $ | 5,150 |
Commercial real estate |  | — |  | — |  | — |  | — |  | — |  | 1,963 |
Home equity line of credit |  | 1,492 |  | — |  | — |  | 1,659 |  | — |  | — |
Residential land |  | 16,022 |  | — |  | 25,857 |  | 15,479 |  | 581 |  | 27,689 |
Commercial construction |  | — |  | — |  | — |  | — |  | — |  | — |
Residential construction |  | — |  | — |  | — |  | — |  | — |  | — |
Commercial loans |  | 5,442 |  | 60 |  | 26,203 |  | 4,956 |  | 64 |  | 4,035 |
Consumer loans |  | 210 |  | 442 |  | — |  | 341 |  | 320 |  | — |
Total |  | $ | 58,108 |  | $ | 502 |  | $ | 56,998 |  | $ | 58,855 |  | $ | 965 |  | $ | 38,837 |
The total carrying amount and the total unpaid principal balance of impaired loans were as follows:
|  | June 30, 2011 |  | Three months ended June 30, 2011 |  | Six months ended June 30, 2011 |
(in thousands) |  | Recorded investment |  | Unpaid principal balance |  | Related Allowance |  | Average recorded investment |  | Interest income recognized |  | Average recorded investment |  | Interest income recognized |
With no related allowance recorded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  | $ | 20,771 |  | $ | 28,523 |  | $ | — |  | $ | 20,000 |  | $ | 68 |  | $ | 19,848 |  | $ | 128 |
Commercial real estate |  | 13,543 |  | 13,543 |  | — |  | 12,396 |  | 183 |  | 11,276 |  | 331 |
Home equity line of credit |  | 543 |  | 1,422 |  | — |  | 654 |  | 1 |  | 615 |  | 1 |
Residential land |  | 32,310 |  | 40,526 |  | — |  | 32,092 |  | 420 |  | 33,177 |  | 939 |
Commercial construction |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Residential construction |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Commercial loans |  | 43,665 |  | 43,665 |  | — |  | 39,419 |  | 702 |  | 37,284 |  | 1,361 |
Consumer loans |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
|  | 110,832 |  | 127,679 |  | — |  | 104,561 |  | 1,374 |  | 102,200 |  | 2,760 |
With an allowance recorded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  | 3,884 |  | 3,884 |  | 230 |  | 3,890 |  | 49 |  | 3,898 |  | 109 |
Commercial real estate |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Home equity line of credit |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Residential land |  | 8,748 |  | 8,808 |  | 3,067 |  | 8,482 |  | 146 |  | 7,363 |  | 316 |
Commercial construction |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Residential construction |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Commercial loans |  | 10,955 |  | 10,955 |  | 1,923 |  | 8,418 |  | 130 |  | 7,179 |  | 230 |
Consumer loans |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
|  | 23,587 |  | 23,647 |  | 5,220 |  | 20,790 |  | 325 |  | 18,440 |  | 655 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  | 24,655 |  | 32,407 |  | 230 |  | 23,890 |  | 117 |  | 23,746 |  | 237 |
Commercial real estate |  | 13,543 |  | 13,543 |  | — |  | 12,396 |  | 183 |  | 11,276 |  | 331 |
Home equity line of credit |  | 543 |  | 1,422 |  | — |  | 654 |  | 1 |  | 615 |  | 1 |
Residential land |  | 41,058 |  | 49,334 |  | 3,067 |  | 40,574 |  | 566 |  | 40,540 |  | 1,255 |
Commercial construction |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Residential construction |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Commercial loans |  | 54,620 |  | 54,620 |  | 1,923 |  | 47,837 |  | 832 |  | 44,463 |  | 1,591 |
Consumer loans |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
|  | $ | 134,419 |  | $ | 151,326 |  | $ | 5,220 |  | $ | 125,351 |  | $ | 1,699 |  | $ | 120,640 |  | $ | 3,415 |
|  | December 31, 2010 |  | 2010 |
(in thousands) |  | Recorded investment |  | Unpaid principal balance |  | Related allowance |  | Average recorded investment |  | Interest income recognized |
With no related allowance recorded |  |  |  |  |  |  |  |  |  |  |
Real estate loans: |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  | $ | 18,205 |  | $ | 24,692 |  | $ | — |  | $ | 14,609 |  | $ | 278 |
Commercial real estate |  | 12,156 |  | 12,156 |  | — |  | 14,276 |  | 979 |
Home equity line of credit |  | — |  | — |  | — |  | — |  | — |
Residential land |  | 33,777 |  | 40,802 |  | — |  | 29,914 |  | 1,499 |
Commercial construction |  | — |  | — |  | — |  | — |  | — |
Residential construction |  | — |  | — |  | — |  | — |  | — |
Commercial loans |  | 22,041 |  | 22,041 |  | — |  | 29,636 |  | 1,846 |
Consumer loans |  | — |  | — |  | — |  | — |  | — |
|  | 86,179 |  | 99,691 |  | — |  | 88,435 |  | 4,602 |
With an allowance recorded |  |  |  |  |  |  |  |  |  |  |
Real estate loans: |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  | 3,917 |  | 3,917 |  | 230 |  | 2,807 |  | 175 |
Commercial real estate |  | — |  | — |  | — |  | — |  | — |
Home equity line of credit |  | — |  | — |  | — |  | — |  | — |
Residential land |  | 5,041 |  | 5,090 |  | 1,642 |  | 3,753 |  | 327 |
Commercial construction |  | — |  | — |  | — |  | — |  | — |
Residential construction |  | — |  | — |  | — |  | — |  | — |
Commercial loans |  | 6,845 |  | 6,845 |  | 1,588 |  | 2,796 |  | 182 |
Consumer loans |  | — |  | — |  | — |  | — |  | — |
|  | 15,803 |  | 15,852 |  | 3,460 |  | 9,356 |  | 684 |
Total |  |  |  |  |  |  |  |  |  |  |
Real estate loans: |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  | 22,122 |  | 28,609 |  | 230 |  | 17,416 |  | 453 |
Commercial real estate |  | 12,156 |  | 12,156 |  | — |  | 14,276 |  | 979 |
Home equity line of credit |  | — |  | — |  | — |  | — |  | — |
Residential land |  | 38,818 |  | 45,892 |  | 1,642 |  | 33,667 |  | 1,826 |
Commercial construction |  | — |  | — |  | — |  | — |  | — |
Residential construction |  | — |  | — |  | — |  | — |  | — |
Commercial loans |  | 28,886 |  | 28,886 |  | 1,588 |  | 32,432 |  | 2,028 |
Consumer loans |  | — |  | — |  | — |  | — |  | — |
|  | $ | 101,982 |  | $ | 115,543 |  | $ | 3,460 |  | $ | 97,791 |  | $ | 5,286 |
Litigation. In March 2011, a purported class action lawsuit was filed by a customer who claimed that ASB had improperly charged overdraft fees on debit card transactions. Management is evaluating the merits of the claims alleged in the lawsuit, which is in its preliminary stage. Thus, the outcome is not determinable.

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