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Recent Developments | 6 Months Ended
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Jun. 30, 2013
Recent Developments [Abstract] |
Recent Developments |
Note 13 – Recent Developments On July 2, 2013, the Federal Reserve Board approved final rules that implement changes to the regulatory capital framework for financial institutions. The new rules include, among other things, the following elements:
| 1) | a new regulatory capital component referred to as “Common Equity Tier 1 capital”, and threshold ratios for this new component;
| 2) | a “capital conservation buffer” above the minimum required level of Common Equity Tier 1 capital, and restrictions on dividend payments, share buybacks, and certain discretionary bonus payments to executive officers if a capital conservation buffer of at least 2.5% of risk-weighted assets is not achieved;
| 3) | the inclusion of accumulated other comprehensive income (AOCI) in Tier 1 capital, although banks with less than $250 billion in total assets will be allowed a one-time opt-out from this requirement;
| 4) | additional constraints on the inclusion of minority interests, mortgage servicing assets, and deferred tax assets in regulatory capital;
| 5) | increased risk-weightings for certain assets, including equity exposures, certain acquisition/development and construction loans, and certain loans that are more than 90-days past due or are on non-accrual status; and
| 6) | an increase in minimum required risk-based capital ratios over a phase-in period, and an increase in the threshold for a “well-capitalized” classification for the Tier 1 Risk-Based Capital Ratio.
These changes will be phased in beginning January 2015, and our preliminary estimates indicate that we are well-positioned to absorb the impact without constraining organic growth plans, although no assurance can be provided in that regard. Allowance for Credit Losses and Recorded Investment in Financing Receivables (dollars in thousands, unaudited)
|  | For the Three Months Ended June 30, 2013 |
|  | Real Estate |  | Agricultural Products |  | Commercial and Industrial |  | Small Business Administration |  | Direct Finance Leases |  | Consumer |  | Total |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance |  | $ | 6,488 |  | $ | 404 |  | $ | 3,084 |  | $ | 1,410 |  | $ | 85 |  | $ | 1,728 |  | $ | 13,199 |
Charge-offs |  |  | (1,138) |  |  | - |  |  | (424) |  |  | (7) |  |  | (86) |  |  | (298) |  |  | (1,953) |
Recoveries |  |  | 139 |  |  | - |  |  | 291 |  |  | 1 |  |  | 4 |  |  | 49 |  |  | 484 |
Provision |  |  | 1,368 |  |  | (342) |  |  | (805) |  |  | 246 |  |  | 36 |  |  | (53) |  |  | 450 |
Ending Balance |  | $ | 6,857 |  | $ | 62 |  | $ | 2,146 |  | $ | 1,650 |  | $ | 39 |  | $ | 1,426 |  | $ | 12,180 |
|  | For the Six Months Ended June 30, 2013 |
|  | Real Estate |  | Agricultural Products |  | Commercial and Industrial |  | Small Business Administration |  | Direct Finance Leases |  | Consumer |  | Total |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance |  | $ | 8,034 |  | $ | 258 |  | $ | 2,797 |  | $ | 1,246 |  | $ | 165 |  | $ | 1,373 |  | $ | 13,873 |
Charge-offs |  |  | (2,560) |  |  | (28) |  |  | (1,315) |  |  | (44) |  |  | (106) |  |  | (605) |  |  | (4,658) |
Recoveries |  |  | 304 |  |  | - |  |  | 529 |  |  | 1 |  |  | 5 |  |  | 76 |  |  | 915 |
Provision |  |  | 1,079 |  |  | (168) |  |  | 135 |  |  | 447 |  |  | (25) |  |  | 582 |  |  | 2,050 |
Ending Balance |  | $ | 6,857 |  | $ | 62 |  | $ | 2,146 |  | $ | 1,650 |  | $ | 39 |  | $ | 1,426 |  | $ | 12,180 |
Reserves: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Specific |  | $ | 4,445 |  | $ | - |  | $ | 744 |  | $ | 1,147 |  | $ | 30 |  | $ | 784 |  | $ | 7,150 |
General |  |  | 2,412 |  |  | 62 |  |  | 1,402 |  |  | 503 |  |  | 9 |  |  | 642 |  |  | 5,030 |
Ending Balance |  | $ | 6,857 |  | $ | 62 |  | $ | 2,146 |  | $ | 1,650 |  | $ | 39 |  | $ | 1,426 |  | $ | 12,180 |
Loans evaluated for impairment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually |  | $ | 54,302 |  | $ | 20 |  | $ | 4,253 |  | $ | 3,027 |  | $ | 60 |  | $ | 3,954 |  | $ | 65,616 |
Collectively |  |  | 501,581 |  |  | 23,425 |  |  | 178,589 |  |  | 16,466 |  |  | 3,429 |  |  | 21,088 |  |  | 744,578 |
Ending Balance |  | $ | 555,883 |  | $ | 23,445 |  | $ | 182,842 |  | $ | 19,493 |  | $ | 3,489 |  | $ | 25,042 |  | $ | 810,194 |
|  | For the Year Ended December 31, 2012 |
|  | Real Estate |  | Agricultural Products |  | Commercial and Industrial |  | Small Business Administration |  | Direct Finance Leases |  | Consumer |  | Total |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance |  | $ | 8,260 |  | $ | 19 |  | $ | 4,638 |  | $ | 1,447 |  | $ | 311 |  | $ | 2,608 |  | $ | 17,283 |
Charge-offs |  |  | (11,108) |  |  | (634) |  |  | (4,283) |  |  | (753) |  |  | (198) |  |  | (1,802) |  |  | (18,778) |
Recoveries |  |  | 302 |  |  | - |  |  | 589 |  |  | 95 |  |  | - |  |  | 172 |  |  | 1,158 |
Provision |  |  | 10,580 |  |  | 873 |  |  | 1,853 |  |  | 457 |  |  | 52 |  |  | 395 |  |  | 14,210 |
Ending Balance |  | $ | 8,034 |  | $ | 258 |  | $ | 2,797 |  | $ | 1,246 |  | $ | 165 |  | $ | 1,373 |  | $ | 13,873 |
Reserves: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Specific |  | $ | 4,180 |  | $ | 28 |  | $ | 934 |  | $ | 1,038 |  | $ | 67 |  | $ | 878 |  | $ | 7,125 |
General |  |  | 3,854 |  |  | 230 |  |  | 1,863 |  |  | 208 |  |  | 98 |  |  | 495 |  |  | 6,748 |
Ending Balance |  | $ | 8,034 |  | $ | 258 |  | $ | 2,797 |  | $ | 1,246 |  | $ | 165 |  | $ | 1,373 |  | $ | 13,873 |
Loans evaluated for impairment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually |  | $ | 66,133 |  | $ | 663 |  | $ | 3,656 |  | $ | 3,227 |  | $ | 135 |  | $ | 4,348 |  | $ | 78,162 |
Collectively |  |  | 479,656 |  |  | 21,819 |  |  | 255,022 |  |  | 17,296 |  |  | 4,098 |  |  | 23,742 |  |  | 801,633 |
Ending Balance |  | $ | 545,789 |  | $ | 22,482 |  | $ | 258,678 |  | $ | 20,523 |  | $ | 4,233 |  | $ | 28,090 |  | $ | 879,795 |

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