California
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77-0539125
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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7100 N. Financial Dr, Suite 101, Fresno, California
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93,720
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(Address of principal executive offices)
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(Zip code)
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Large accelerated filer
o
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Accelerated filer
o
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Non-accelerated filer
o
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Smaller reporting company
x
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(Do not check if a smaller reporting company)
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(In thousands, except share amounts)
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March 31, 2012
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December 31, 2011
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(Unaudited)
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||||
ASSETS
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Cash and due from banks
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$
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20,496
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$
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19,409
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Interest-earning deposits in other banks
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30,929
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24,467
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Federal funds sold
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475
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928
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Total cash and cash equivalents
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51,900
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44,804
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Available-for-sale investment securities (Amortized cost of $314,497 at March 31, 2012 and $321,405 at December 31, 2011)
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323,748
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328,413
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Loans, less allowance for credit losses of $10,285 at March 31, 2012 and $11,396 at December 31, 2011
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398,063
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415,999
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Bank premises and equipment, net
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6,272
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5,872
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Other real estate owned
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2,253
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—
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Bank owned life insurance
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11,897
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11,655
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Federal Home Loan Bank stock
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2,893
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2,893
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Goodwill
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23,577
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23,577
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Core deposit intangibles
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733
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783
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Accrued interest receivable and other assets
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13,348
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15,027
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Total assets
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$
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834,684
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$
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849,023
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LIABILITIES AND SHAREHOLDERS’ EQUITY
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Deposits:
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Non-interest bearing
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$
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205,825
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$
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208,025
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Interest bearing
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497,571
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504,961
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Total deposits
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703,396
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712,986
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Short-term borrowings
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4,000
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—
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Long-term debt
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—
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4,000
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Junior subordinated deferrable interest debentures
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5,155
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5,155
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Accrued interest payable and other liabilities
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11,401
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19,400
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Total liabilities
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723,952
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741,541
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Commitments and contingencies (Note 9)
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Shareholders’ equity:
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Preferred stock, no par value, $1,000 per share liquidation preference; 10,000,000 shares authorized, Series C, issued and outstanding: 7,000 shares at March 31, 2012 and December 31, 2011
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7,000
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7,000
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Common stock, no par value; 80,000,000 shares authorized; issued and outstanding: 9,591,316 at March 31, 2012 and 9,547,816 at December 31, 2011
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40,857
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40,552
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Retained earnings
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57,431
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55,806
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Accumulated other comprehensive income, net of tax
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5,444
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4,124
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Total shareholders’ equity
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110,732
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107,482
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Total liabilities and shareholders’ equity
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$
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834,684
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$
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849,023
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For the Three Months
Ended March 31, |
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(In thousands, except share and per share amounts)
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2012
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2011
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INTEREST INCOME:
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Interest and fees on loans
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$
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6,084
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$
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6,462
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Interest on deposits in other banks
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18
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50
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Interest on Federal funds sold
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—
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1
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Interest and dividends on investment securities:
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Taxable
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1,073
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1,097
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Exempt from Federal income taxes
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1,037
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800
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Total interest income
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8,212
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8,410
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INTEREST EXPENSE:
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Interest on deposits
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481
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717
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Interest on junior subordinated deferrable interest debentures
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29
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25
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Other
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36
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70
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Total interest expense
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546
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812
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Net interest income before provision for credit losses
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7,666
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7,598
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PROVISION FOR CREDIT LOSSES
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400
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100
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Net interest income after provision for credit losses
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7,266
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7,498
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NON-INTEREST INCOME:
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Service charges
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689
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699
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Appreciation in cash surrender value of bank owned life insurance
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94
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97
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Loan placement fees
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128
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57
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(Loss) gain on disposal of other real estate owned
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(2
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)
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545
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Net realized gains (losses) on sale and calls of investment securities
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347
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(16
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)
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Other-than-temporary impairment loss:
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||||
Total impairment loss
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—
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(31
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)
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Loss recognized in other comprehensive income
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—
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—
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Net impairment loss recognized in earnings
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—
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(31
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)
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Federal Home Loan Bank dividends
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4
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2
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Other income
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398
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395
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Total non-interest income
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1,658
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1,748
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NON-INTEREST EXPENSES:
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Salaries and employee benefits
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4,129
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4,078
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Occupancy and equipment
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881
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934
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Regulatory assessments
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156
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289
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Data processing expense
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294
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276
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Advertising
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140
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184
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Audit and accounting fees
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128
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112
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Legal fees
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28
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93
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Other real estate owned, net
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63
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9
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Amortization of core deposit intangibles
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50
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104
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Other expense
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1,049
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1,074
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Total non-interest expenses
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6,918
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7,153
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Income before provision for income taxes
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2,006
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2,093
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|
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Provision for income taxes
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293
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|
|
505
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|
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Net income
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$
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1,713
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$
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1,588
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Net income
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$
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1,713
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$
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1,588
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Preferred stock dividends and accretion
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88
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|
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99
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Net income available to common shareholders
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$
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1,625
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$
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1,489
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Net income per common share:
|
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|
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Basic earnings per share
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$
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0.17
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$
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0.16
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Weighted average common shares used in basic computation
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9,570,297
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9,475,444
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Diluted earnings per share
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$
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0.17
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$
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0.16
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Weighted average common shares used in diluted computation
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9,577,432
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9,503,313
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For the Three Months
Ended March 31,
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(In thousands)
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2012
|
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2011
|
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Net income
|
|
$
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1,713
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|
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$
|
1,588
|
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Other Comprehensive Income:
|
|
|
|
|
||||
Unrealized gains on securities:
|
|
|
|
|
||||
Unrealized holdings gains
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2,590
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|
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108
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|
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Less: reclassification for net (gains) losses included in net income,
|
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(347
|
)
|
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47
|
|
||
Other comprehensive income, before tax
|
|
2,243
|
|
|
155
|
|
||
Tax expense related to items of other comprehensive income
|
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(923
|
)
|
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(64
|
)
|
||
Total other comprehensive income
|
|
1,320
|
|
|
91
|
|
||
Comprehensive income
|
|
$
|
3,033
|
|
|
$
|
1,679
|
|
|
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For the Three Months
Ended March 31, |
||||||
(In thousands)
|
|
2012
|
|
2011
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
||
Net income
|
|
$
|
1,713
|
|
|
$
|
1,588
|
|
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
|
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|
|
|
|
|||
Net increase in deferred loan fees
|
|
40
|
|
|
135
|
|
||
Depreciation
|
|
259
|
|
|
309
|
|
||
Accretion
|
|
(172
|
)
|
|
(186
|
)
|
||
Amortization
|
|
1,635
|
|
|
710
|
|
||
Stock-based compensation
|
|
50
|
|
|
50
|
|
||
Tax benefit from exercise of stock options
|
|
(20
|
)
|
|
(81
|
)
|
||
Provision for credit losses
|
|
400
|
|
|
100
|
|
||
Net other than temporary impairment losses on investment securities
|
|
—
|
|
|
31
|
|
||
Net realized (gains) losses on sales and calls of available-for-sale investment securities
|
|
(347
|
)
|
|
16
|
|
||
Net loss (gain) on sale of other real estate owned
|
|
2
|
|
|
(545
|
)
|
||
Increase in bank owned life insurance, net of expenses
|
|
(94
|
)
|
|
(97
|
)
|
||
Net decrease (increase) in accrued interest receivable and other assets
|
|
304
|
|
|
(698
|
)
|
||
Net decrease in prepaid FDIC Assessments
|
|
121
|
|
|
252
|
|
||
Net (decrease) increase in accrued interest payable and other liabilities
|
|
(7,999
|
)
|
|
3,096
|
|
||
Provision for (benefit from) deferred income taxes
|
|
350
|
|
|
(9
|
)
|
||
Net cash (used in) provided by operating activities
|
|
(3,758
|
)
|
|
4,671
|
|
||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
||
Purchases of available-for-sale investment securities
|
|
(16,405
|
)
|
|
(25,383
|
)
|
||
Proceeds from sales or calls of available-for-sale investment securities
|
|
4,392
|
|
|
594
|
|
||
Proceeds from maturity and principal repayments of available-for-sale investment securities
|
|
17,855
|
|
|
8,398
|
|
||
Net decrease in loans
|
|
15,159
|
|
|
9,230
|
|
||
Proceeds from sale of other real estate owned
|
|
82
|
|
|
1,876
|
|
||
Purchases of premises and equipment
|
|
(659
|
)
|
|
(57
|
)
|
||
Purchases of bank owned life insurance
|
|
(147
|
)
|
|
—
|
|
||
Net cash provided by (used in) investing activities
|
|
20,277
|
|
|
(5,342
|
)
|
||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
||
Net decrease in demand, interest bearing and savings deposits
|
|
(8,087
|
)
|
|
(1,339
|
)
|
||
Net decrease in time deposits
|
|
(1,503
|
)
|
|
(4,979
|
)
|
||
Repayments of short-term borrowings to Federal Home Loan Bank
|
|
—
|
|
|
(10,000
|
)
|
||
Proceeds from exercise of stock options
|
|
235
|
|
|
428
|
|
||
Tax benefit from exercise of stock options
|
|
20
|
|
|
81
|
|
||
Cash dividend payments on preferred stock
|
|
(88
|
)
|
|
(88
|
)
|
||
Net cash used in financing activities
|
|
(9,423
|
)
|
|
(15,897
|
)
|
||
Increase (decrease) in cash and cash equivalents
|
|
7,096
|
|
|
(16,568
|
)
|
||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
|
|
44,804
|
|
|
100,999
|
|
||
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
|
$
|
51,900
|
|
|
$
|
84,431
|
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:
|
|
|
|
|
|
|
||
Cash paid during the period for
:
|
|
|
|
|
|
|
||
Interest
|
|
$
|
592
|
|
|
$
|
959
|
|
Income taxes
|
|
$
|
100
|
|
|
$
|
385
|
|
Non-cash investing and financing activities:
|
|
|
|
|
|
|
||
Transfer of loans to other real estate owned
|
|
$
|
2,337
|
|
|
$
|
95
|
|
Accrued preferred stock dividends
|
|
$
|
88
|
|
|
$
|
44
|
|
|
|
Shares
|
|
Weighted
Average
Exercise Price
|
|
Weighted
Average
Remaining
Contractual
Term (Years)
|
|
Aggregate
Intrinsic Value "In thousands"
|
||||||
Options outstanding at January 1, 2012
|
|
511,019
|
|
|
$
|
8.56
|
|
|
|
|
|
|
|
|
Options exercised
|
|
(43,500
|
)
|
|
$
|
5.41
|
|
|
|
|
|
|
|
|
Options canceled
|
|
(120
|
)
|
|
$
|
5.76
|
|
|
|
|
|
|
|
|
Options outstanding at March 31, 2012
|
|
467,399
|
|
|
$
|
8.85
|
|
|
4.00
|
|
|
$
|
232
|
|
Options vested or expected to vest at March 31, 2012
|
|
451,091
|
|
|
$
|
8.95
|
|
|
5.28
|
|
|
$
|
214
|
|
Options exercisable at March 31, 2012
|
|
380,935
|
|
|
$
|
9.51
|
|
|
3.17
|
|
|
$
|
118
|
|
Basic Earnings Per share
|
|
For the Three Months
Ended March 31, |
||||||
(In thousands, except share and per share amounts)
|
|
2012
|
|
2011
|
||||
Net Income
|
|
$
|
1,713
|
|
|
$
|
1,588
|
|
Less: Preferred stock dividends and accretion
|
|
(88
|
)
|
|
(99
|
)
|
||
Income available to common shareholders
|
|
$
|
1,625
|
|
|
$
|
1,489
|
|
Weighted average shares outstanding
|
|
9,570,297
|
|
|
9,475,444
|
|
||
Basic earnings per share
|
|
$
|
0.17
|
|
|
$
|
0.16
|
|
Diluted Earnings Per share
|
|
For the Three Months
Ended March 31, |
||||||
(In thousands, except share and per share amounts)
|
|
2012
|
|
2011
|
||||
Net Income
|
|
$
|
1,713
|
|
|
$
|
1,588
|
|
Less: Preferred stock dividends and accretion
|
|
(88
|
)
|
|
(99
|
)
|
||
Income available to common shareholders
|
|
$
|
1,625
|
|
|
$
|
1,489
|
|
Weighted average shares outstanding
|
|
9,570,297
|
|
|
9,475,444
|
|
||
Effect of dilutive stock options
|
|
7,135
|
|
|
27,869
|
|
||
Weighted average shares of common stock and common stock equivalents
|
|
9,577,432
|
|
|
9,503,313
|
|
||
Diluted earnings per share
|
|
$
|
0.17
|
|
|
$
|
0.16
|
|
|
|
March 31, 2012
|
||||||||||||||
Available-for-Sale Securities
|
|
Amortized Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Estimated
Fair Value
|
||||||||
Debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Obligations of states and political subdivisions
|
|
$
|
103,616
|
|
|
$
|
8,496
|
|
|
$
|
(372
|
)
|
|
$
|
111,740
|
|
U.S. Government agencies collateralized by residential mortgage obligations
|
|
195,470
|
|
|
2,216
|
|
|
(560
|
)
|
|
197,126
|
|
||||
Private label residential mortgage backed securities
|
|
7,815
|
|
|
223
|
|
|
(1,034
|
)
|
|
7,004
|
|
||||
Other equity securities
|
|
7,596
|
|
|
282
|
|
|
—
|
|
|
7,878
|
|
||||
|
|
$
|
314,497
|
|
|
$
|
11,217
|
|
|
$
|
(1,966
|
)
|
|
$
|
323,748
|
|
|
|
December 31, 2011
|
||||||||||||||
Available-for-Sale Securities
|
|
Amortized Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Estimated
Fair Value
|
||||||||
Debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. Government agencies
|
|
$
|
149
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
149
|
|
Obligations of states and political subdivisions
|
|
101,030
|
|
|
7,732
|
|
|
(331
|
)
|
|
108,431
|
|
||||
U.S. Government agencies collateralized by residential mortgage obligations
|
|
204,222
|
|
|
1,402
|
|
|
(1,080
|
)
|
|
204,544
|
|
||||
Private label residential mortgage backed securities
|
|
8,408
|
|
|
245
|
|
|
(1,255
|
)
|
|
7,398
|
|
||||
Other equity securities
|
|
7,596
|
|
|
295
|
|
|
—
|
|
|
7,891
|
|
||||
|
|
$
|
321,405
|
|
|
$
|
9,674
|
|
|
$
|
(2,666
|
)
|
|
$
|
328,413
|
|
|
For the Three Months
Ended March 31, |
||||||
|
2012
|
|
2011
|
||||
Available-for-Sale Securities
|
|
|
|
||||
Proceeds from sales or calls
|
$
|
4,392
|
|
|
$
|
594
|
|
Gross realized gains from sale or calls
|
409
|
|
|
8
|
|
||
Gross realized losses from sales or calls
|
(62
|
)
|
|
(24
|
)
|
|
|
March 31, 2012
|
||||||||||||||||||||||
|
|
Less than 12 Months
|
|
12 Months or More
|
|
Total
|
||||||||||||||||||
|
|
Fair
|
|
Unrealized
|
|
Fair
|
|
Unrealized
|
|
Fair
|
|
Unrealized
|
||||||||||||
Available-for-Sale Securities
|
|
Value
|
|
Losses
|
|
Value
|
|
Losses
|
|
Value
|
|
Losses
|
||||||||||||
Debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Obligations of states and political subdivisions
|
|
$
|
6,539
|
|
|
$
|
(124
|
)
|
|
$
|
1,394
|
|
|
$
|
(248
|
)
|
|
$
|
7,933
|
|
|
$
|
(372
|
)
|
U.S. Government agencies collateralized by residential mortgage obligations
|
|
80,039
|
|
|
(552
|
)
|
|
502
|
|
|
(8
|
)
|
|
80,541
|
|
|
(560
|
)
|
||||||
Private label residential mortgage backed securities
|
|
31
|
|
|
(1
|
)
|
|
4,827
|
|
|
(1,033
|
)
|
|
4,858
|
|
|
(1,034
|
)
|
||||||
|
|
$
|
86,609
|
|
|
$
|
(677
|
)
|
|
$
|
6,723
|
|
|
$
|
(1,289
|
)
|
|
$
|
93,332
|
|
|
$
|
(1,966
|
)
|
|
|
December 31, 2011
|
||||||||||||||||||||||
|
|
Less than 12 Months
|
|
12 Months or More
|
|
Total
|
||||||||||||||||||
|
|
Fair
|
|
Unrealized
|
|
Fair
|
|
Unrealized
|
|
Fair
|
|
Unrealized
|
||||||||||||
Available-for-Sale Securities
|
|
Value
|
|
Losses
|
|
Value
|
|
Losses
|
|
Value
|
|
Losses
|
||||||||||||
Debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Obligations of states and political subdivisions
|
|
$
|
1,194
|
|
|
$
|
(20
|
)
|
|
$
|
2,598
|
|
|
$
|
(311
|
)
|
|
$
|
3,792
|
|
|
$
|
(331
|
)
|
U.S. Government agencies collateralized by residential mortgage obligations
|
|
105,902
|
|
|
(1,080
|
)
|
|
—
|
|
|
—
|
|
|
105,902
|
|
|
(1,080
|
)
|
||||||
Private label residential mortgage backed securities
|
|
32
|
|
|
(1
|
)
|
|
4,917
|
|
|
(1,254
|
)
|
|
4,949
|
|
|
(1,255
|
)
|
||||||
|
|
$
|
107,128
|
|
|
$
|
(1,101
|
)
|
|
$
|
7,515
|
|
|
$
|
(1,565
|
)
|
|
$
|
114,643
|
|
|
$
|
(2,666
|
)
|
Description
|
|
Book
Value
|
|
Market Value
|
|
Unrealized
Gain
(Loss)
|
|
Rating
|
|
Agency
|
|
12 Month
Historical
Prepayment
Rates %
|
|
Projected
Default
Rates %
|
|
Projected
Severity
Rates %
|
|
Original
Purchase
Price %
|
|
Current
Credit
Enhancement
%
|
|||||||||||
PHHAM
|
|
$
|
2,286
|
|
|
$
|
1,867
|
|
|
$
|
(419
|
)
|
|
D
|
|
Fitch
|
|
10.75
|
|
|
22.50
|
|
|
51.00
|
|
|
97.25
|
|
|
—
|
|
CWALT 1
|
|
750
|
|
|
617
|
|
|
(133
|
)
|
|
C
|
|
Fitch
|
|
10.56
|
|
|
28.30
|
|
|
51.70
|
|
|
100.73
|
|
|
2.24
|
|
|||
CWALT 2
|
|
353
|
|
|
219
|
|
|
(134
|
)
|
|
C
|
|
Fitch
|
|
9.37
|
|
|
31.70
|
|
|
58.40
|
|
|
101.38
|
|
|
(0.16
|
)
|
|||
FHAMS
|
|
2,051
|
|
|
1,814
|
|
|
(237
|
)
|
|
D
|
|
Fitch
|
|
12.01
|
|
|
19.20
|
|
|
43.20
|
|
|
95.00
|
|
|
(0.17
|
)
|
|||
BAALT
|
|
125
|
|
|
93
|
|
|
(32
|
)
|
|
CCC
|
|
Fitch
|
|
9.31
|
|
|
12.00
|
|
|
47.86
|
|
|
97.24
|
|
|
4.21
|
|
|||
ABFS
|
|
296
|
|
|
218
|
|
|
(78
|
)
|
|
D
|
|
S&P
|
|
6.00
|
|
|
45.00
|
|
|
80.00
|
|
|
97.46
|
|
|
—
|
|
|||
CONHE
|
|
50
|
|
|
69
|
|
|
19
|
|
|
B3
|
|
Moodys
|
|
0.10
|
|
|
10.00
|
|
|
60.00
|
|
|
86.39
|
|
|
0.072
|
|
|||
TOTALS
|
|
$
|
5,911
|
|
|
$
|
4,897
|
|
|
$
|
(1,014
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended March 31, |
||||||
(Dollars in thousands)
|
|
2012
|
|
2011
|
||||
Beginning balance
|
|
$
|
783
|
|
|
$
|
1,387
|
|
Amounts related to credit loss for which an OTTI charge was not previously recognized
|
|
—
|
|
|
31
|
|
||
Increases to the amount related to credit loss for which OTTI was previously recognized
|
|
—
|
|
|
—
|
|
||
Realized gains (losses) for securities sold
|
|
—
|
|
|
—
|
|
||
Ending balance
|
|
$
|
783
|
|
|
$
|
1,418
|
|
March 31, 2012
|
|
Amortized Cost
|
|
Estimated Fair
Value
|
||||
Within one year
|
|
$
|
420
|
|
|
$
|
423
|
|
After one year through five years
|
|
9,823
|
|
|
10,740
|
|
||
After five years through ten years
|
|
18,231
|
|
|
19,600
|
|
||
After ten years
|
|
75,142
|
|
|
80,977
|
|
||
|
|
103,616
|
|
|
111,740
|
|
||
Investment securities not due at a single maturity date:
|
|
|
|
|
|
|
||
U.S. Government agencies collateralized by residential mortgage obligations
|
|
195,470
|
|
|
197,126
|
|
||
Private label residential mortgage backed securities
|
|
7,815
|
|
|
7,004
|
|
||
Other equity securities
|
|
7,596
|
|
|
7,878
|
|
||
|
|
$
|
314,497
|
|
|
$
|
323,748
|
|
December 31, 2011
|
|
Amortized Cost
|
|
Estimated Fair
Value
|
||||
Within one year
|
|
$
|
569
|
|
|
$
|
574
|
|
After one year through five years
|
|
8,705
|
|
|
9,480
|
|
||
After five years through ten years
|
|
20,553
|
|
|
22,179
|
|
||
After ten years
|
|
71,352
|
|
|
76,347
|
|
||
|
|
101,179
|
|
|
108,580
|
|
||
Investment securities not due at a single maturity date:
|
|
|
|
|
|
|
||
U.S. Government agencies collateralized by residential mortgage obligations
|
|
204,222
|
|
|
204,544
|
|
||
Private label residential mortgage backed securities
|
|
8,408
|
|
|
7,398
|
|
||
Other equity securities
|
|
7,596
|
|
|
7,891
|
|
||
Total
|
|
$
|
321,405
|
|
|
$
|
328,413
|
|
|
|
March 31, 2012
|
||||||||||||||||||
|
|
Carrying
Amount
|
|
Fair Value
|
||||||||||||||||
(In thousands)
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|||||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash and due from banks
|
|
$
|
20,496
|
|
|
$
|
20,496
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
20,496
|
|
Interest-earning deposits in other banks
|
|
30,929
|
|
|
30,929
|
|
|
—
|
|
|
—
|
|
|
30,929
|
|
|||||
Federal funds sold
|
|
475
|
|
|
475
|
|
|
—
|
|
|
—
|
|
|
475
|
|
|||||
Available-for-sale investment securities
|
|
323,748
|
|
|
7,878
|
|
|
315,870
|
|
|
—
|
|
|
323,748
|
|
|||||
Loans, net
|
|
398,063
|
|
|
—
|
|
|
—
|
|
|
400,255
|
|
|
400,255
|
|
|||||
Federal Home Loan Bank stock
|
|
2,893
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|||||
Accrued interest receivable
|
|
3,512
|
|
|
22
|
|
|
1,822
|
|
|
1,668
|
|
|
3,512
|
|
|||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Deposits
|
|
703,396
|
|
|
—
|
|
|
703,905
|
|
|
—
|
|
|
703,905
|
|
|||||
Short-term borrowings
|
|
4,000
|
|
|
—
|
|
|
4,113
|
|
|
—
|
|
|
4,113
|
|
|||||
Junior subordinated deferrable interest debentures
|
|
5,155
|
|
|
—
|
|
|
—
|
|
|
2,964
|
|
|
2,964
|
|
|||||
Accrued interest payable
|
|
184
|
|
|
—
|
|
|
155
|
|
|
29
|
|
|
184
|
|
|
|
December 31, 2011
|
||||||
(In thousands)
|
|
Carrying
Amount
|
|
Fair Value
|
||||
Financial assets:
|
|
|
|
|
||||
Cash and due from banks
|
|
$
|
19,409
|
|
|
$
|
19,409
|
|
Interest-earning deposits in other banks
|
|
24,467
|
|
|
24,467
|
|
||
Federal funds sold
|
|
928
|
|
|
928
|
|
||
Available-for-sale investment securities
|
|
328,413
|
|
|
328,413
|
|
||
Loans, net
|
|
415,999
|
|
|
418,084
|
|
||
Federal Home Loan Bank stock
|
|
2,893
|
|
|
N/A
|
|
||
Accrued interest receivable
|
|
3,953
|
|
|
3,953
|
|
||
Financial liabilities:
|
|
|
|
|
||||
Deposits
|
|
712,986
|
|
|
719,673
|
|
||
Short-term borrowings
|
|
—
|
|
|
—
|
|
||
Long-term debt
|
|
4,000
|
|
|
4,146
|
|
||
Junior subordinated deferrable interest debentures
|
|
5,155
|
|
|
2,706
|
|
||
Accrued interest payable
|
|
230
|
|
|
230
|
|
Description
|
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Available-for-sale securities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Debt Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Obligations of states and political subdivisions
|
|
$
|
111,740
|
|
|
$
|
—
|
|
|
$
|
111,740
|
|
|
$
|
—
|
|
U.S. Government agencies collateralized by residential mortgage obligations
|
|
197,126
|
|
|
—
|
|
|
197,126
|
|
|
—
|
|
||||
Private label residential mortgage backed securities
|
|
7,004
|
|
|
—
|
|
|
7,004
|
|
|
—
|
|
||||
Other equity securities
|
|
7,878
|
|
|
7,878
|
|
|
—
|
|
|
—
|
|
||||
Total assets and liabilities measured at fair value
|
|
$
|
323,748
|
|
|
$
|
7,878
|
|
|
$
|
315,870
|
|
|
$
|
—
|
|
Description
|
|
Fair
Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Impaired loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commercial and industrial
|
|
$
|
923
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
923
|
|
Total commercial
|
|
923
|
|
|
—
|
|
|
—
|
|
|
923
|
|
||||
Real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Owner occupied
|
|
900
|
|
|
—
|
|
|
—
|
|
|
900
|
|
||||
Real estate-construction and other land loans
|
|
4,806
|
|
|
—
|
|
|
—
|
|
|
4,806
|
|
||||
Total real estate
|
|
5,706
|
|
|
—
|
|
|
—
|
|
|
5,706
|
|
||||
Total impaired loans
|
|
6,629
|
|
|
—
|
|
|
—
|
|
|
6,629
|
|
||||
Total assets measured at fair value on a non-recurring basis
|
|
$
|
6,629
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6,629
|
|
Description
|
|
Fair
Value
|
|
Valuation Technique
|
|
Significant Unobservable Inputs
|
|
Range (Weighted Average)
|
|||
Impaired Loans:
|
|
|
|
|
|
|
|
|
|||
Commercial and industrial
|
|
$
|
923
|
|
|
Appraisal - price digest bluebook
|
|
Adjustments for lack of sales activity
|
|
-40
|
%
|
Owner occupied
|
|
$
|
900
|
|
|
Appraisal - sales comparison approach
|
|
Adjustment for difference between comparable sales
|
|
-10
|
%
|
Real estate-construction and other land loans
|
|
$
|
4,806
|
|
|
Appraisal - land development method
|
|
Adjustments for absorption rate, discount rate and lot value appreciation/depreciation
|
|
0% - 30% (25%)
|
|
Description
|
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Available-for-sale securities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Debt Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. Government agencies
|
|
$
|
149
|
|
|
$
|
—
|
|
|
$
|
149
|
|
|
$
|
—
|
|
Obligations of states and political subdivisions
|
|
108,431
|
|
|
—
|
|
|
108,431
|
|
|
—
|
|
||||
U.S. Government agencies collateralized by residential mortgage obligations
|
|
204,544
|
|
|
—
|
|
|
204,544
|
|
|
—
|
|
||||
Private label residential mortgage backed securities
|
|
7,398
|
|
|
—
|
|
|
7,398
|
|
|
—
|
|
||||
Other equity securities
|
|
7,891
|
|
|
7,891
|
|
|
—
|
|
|
—
|
|
||||
Total assets measured at fair value
|
|
$
|
328,413
|
|
|
$
|
7,891
|
|
|
$
|
320,522
|
|
|
$
|
—
|
|
Description
|
|
Fair
Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total Gains
(Losses)
in the Period
|
||||||||||
Impaired loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial and industrial
|
|
$
|
2,312
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,312
|
|
|
$
|
(271
|
)
|
Agricultural production
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total commercial
|
|
2,312
|
|
|
—
|
|
|
—
|
|
|
2,312
|
|
|
(271
|
)
|
|||||
Real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Owner occupied
|
|
873
|
|
|
—
|
|
|
—
|
|
|
873
|
|
|
(65
|
)
|
|||||
Real estate-construction and other land loans
|
|
8,782
|
|
|
—
|
|
|
—
|
|
|
8,782
|
|
|
(996
|
)
|
|||||
Commercial real estate
|
|
1,487
|
|
|
—
|
|
|
—
|
|
|
1,487
|
|
|
(1,366
|
)
|
|||||
Total real estate
|
|
11,142
|
|
|
—
|
|
|
—
|
|
|
11,142
|
|
|
(2,427
|
)
|
|||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Equity loans and lines of credit
|
|
2,003
|
|
|
—
|
|
|
—
|
|
|
2,003
|
|
|
4
|
|
|||||
Consumer and installment
|
|
51
|
|
|
—
|
|
|
—
|
|
|
51
|
|
|
(23
|
)
|
|||||
Total consumer
|
|
2,054
|
|
|
—
|
|
|
—
|
|
|
2,054
|
|
|
(19
|
)
|
|||||
Total impaired loans
|
|
15,508
|
|
|
—
|
|
|
—
|
|
|
15,508
|
|
|
(2,717
|
)
|
|||||
Other real estate owned
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total assets measured at fair value on a non-recurring basis
|
|
$
|
15,508
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
15,508
|
|
|
$
|
(2,717
|
)
|
(Dollars in thousands)
|
|
March 31, 2012
|
|
% of Total
Loans
|
|
December 31, 2011
|
|
% of Total
Loans
|
||||||
Loan Type
|
|
|
|
|
|
|
|
|
||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Commercial and industrial
|
|
$
|
79,973
|
|
|
19.5
|
%
|
|
$
|
78,089
|
|
|
18.3
|
%
|
Agricultural land and production
|
|
21,352
|
|
|
5.2
|
%
|
|
29,958
|
|
|
7.0
|
%
|
||
Total commercial
|
|
101,325
|
|
|
24.7
|
%
|
|
108,047
|
|
|
25.3
|
%
|
||
Real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Owner occupied
|
|
108,985
|
|
|
26.7
|
%
|
|
113,183
|
|
|
26.4
|
%
|
||
Real estate construction and other land loans
|
|
32,782
|
|
|
8.0
|
%
|
|
33,047
|
|
|
7.7
|
%
|
||
Commercial real estate
|
|
57,376
|
|
|
14.1
|
%
|
|
62,523
|
|
|
14.6
|
%
|
||
Agricultural real estate
|
|
43,618
|
|
|
10.6
|
%
|
|
42,596
|
|
|
9.9
|
%
|
||
Other real estate
|
|
8,384
|
|
|
2.1
|
%
|
|
7,892
|
|
|
1.8
|
%
|
||
Total real estate
|
|
251,145
|
|
|
61.5
|
%
|
|
259,241
|
|
|
60.4
|
%
|
||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Equity loans and lines of credit
|
|
47,119
|
|
|
11.5
|
%
|
|
51,106
|
|
|
12.0
|
%
|
||
Consumer and installment
|
|
9,563
|
|
|
2.3
|
%
|
|
9,765
|
|
|
2.3
|
%
|
||
Total consumer
|
|
56,682
|
|
|
13.8
|
%
|
|
60,871
|
|
|
14.3
|
%
|
||
Deferred loan fees, net
|
|
(804
|
)
|
|
|
|
|
(764
|
)
|
|
|
|
||
Total gross loans
|
|
408,348
|
|
|
100.0
|
%
|
|
427,395
|
|
|
100.0
|
%
|
||
Allowance for credit losses
|
|
(10,285
|
)
|
|
|
|
|
(11,396
|
)
|
|
|
|
||
Total loans
|
|
$
|
398,063
|
|
|
|
|
|
$
|
415,999
|
|
|
|
|
|
|
Commercial
|
|
Real Estate
|
|
Consumer
|
|
Unallocated
|
|
Total
|
||||||||||
Allowance for credit losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Beginning balance, January 1, 2012
|
|
$
|
2,266
|
|
|
$
|
7,155
|
|
|
$
|
1,836
|
|
|
$
|
139
|
|
|
$
|
11,396
|
|
Provision charged to operations
|
|
485
|
|
|
(542
|
)
|
|
307
|
|
|
150
|
|
|
400
|
|
|||||
Losses charged to allowance
|
|
(106
|
)
|
|
(1,473
|
)
|
|
(90
|
)
|
|
—
|
|
|
(1,669
|
)
|
|||||
Recoveries
|
|
69
|
|
|
—
|
|
|
89
|
|
|
—
|
|
|
158
|
|
|||||
Ending balance, March 31, 2012
|
|
$
|
2,714
|
|
|
$
|
5,140
|
|
|
$
|
2,142
|
|
|
$
|
289
|
|
|
$
|
10,285
|
|
Ending balance: individually evaluated for impairment
|
|
$
|
577
|
|
|
$
|
477
|
|
|
$
|
183
|
|
|
—
|
|
|
$
|
1,237
|
|
|
Ending balance: collectively evaluated for impairment
|
|
$
|
2,137
|
|
|
$
|
4,663
|
|
|
$
|
1,959
|
|
|
$
|
289
|
|
|
$
|
9,048
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for credit losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Beginning balance, January 1, 2011
|
|
$
|
2,437
|
|
|
$
|
5,836
|
|
|
$
|
2,503
|
|
|
$
|
238
|
|
|
$
|
11,014
|
|
Provision charged to operations
|
|
505
|
|
|
703
|
|
|
(1,417
|
)
|
|
309
|
|
|
100
|
|
|||||
Losses charged to allowance
|
|
(156
|
)
|
|
(26
|
)
|
|
(102
|
)
|
|
(37
|
)
|
|
(321
|
)
|
|||||
Recoveries
|
|
174
|
|
|
23
|
|
|
14
|
|
|
15
|
|
|
226
|
|
|||||
Ending balance, March 31, 2011
|
|
$
|
2,960
|
|
|
$
|
6,536
|
|
|
$
|
998
|
|
|
$
|
525
|
|
|
$
|
11,019
|
|
Ending balance: individually evaluated for impairment
|
|
$
|
1
|
|
|
$
|
1,681
|
|
|
$
|
20
|
|
|
$
|
—
|
|
|
$
|
1,702
|
|
Ending balance: collectively evaluated for impairment
|
|
$
|
2,959
|
|
|
$
|
4,855
|
|
|
$
|
978
|
|
|
$
|
525
|
|
|
$
|
9,317
|
|
|
|
Commercial
|
|
Real Estate
|
|
Consumer
|
|
Total
|
||||||||
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Ending balance, March 31, 2012
|
|
$
|
101,325
|
|
|
$
|
251,145
|
|
|
$
|
56,682
|
|
|
$
|
409,152
|
|
Ending balance: individually evaluated for impairment
|
|
$
|
2,980
|
|
|
$
|
13,418
|
|
|
$
|
2,193
|
|
|
$
|
18,591
|
|
Ending balance: collectively evaluated for impairment
|
|
$
|
98,345
|
|
|
$
|
237,727
|
|
|
$
|
54,489
|
|
|
$
|
390,561
|
|
|
|
|
|
|
|
|
|
|
||||||||
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Ending balance, December 31, 2011
|
|
$
|
108,047
|
|
|
$
|
259,241
|
|
|
$
|
60,871
|
|
|
$
|
428,159
|
|
Ending balance: individually evaluated for impairment
|
|
$
|
3,857
|
|
|
$
|
17,359
|
|
|
$
|
2,428
|
|
|
$
|
23,644
|
|
Ending balance: collectively evaluated for impairment
|
|
$
|
104,190
|
|
|
$
|
241,882
|
|
|
$
|
58,443
|
|
|
$
|
404,515
|
|
|
|
Pass
|
|
Special Mention
|
|
Substandard
|
|
Doubtful
|
|
Total
|
||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
|
$
|
72,876
|
|
|
$
|
2,681
|
|
|
$
|
4,416
|
|
|
$
|
—
|
|
|
$
|
79,973
|
|
Agricultural land and production
|
|
21,352
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21,352
|
|
|||||
Real Estate:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Owner occupied
|
|
101,298
|
|
|
2,687
|
|
|
5,000
|
|
|
—
|
|
|
108,985
|
|
|||||
Real estate construction and other land loans
|
|
15,785
|
|
|
3,991
|
|
|
13,006
|
|
|
—
|
|
|
32,782
|
|
|||||
Commercial real estate
|
|
46,894
|
|
|
3,895
|
|
|
6,587
|
|
|
—
|
|
|
57,376
|
|
|||||
Agricultural real estate
|
|
41,256
|
|
|
2,362
|
|
|
—
|
|
|
—
|
|
|
43,618
|
|
|||||
Other real estate
|
|
8,384
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,384
|
|
|||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity loans and lines of credit
|
|
43,006
|
|
|
1,024
|
|
|
3,089
|
|
|
—
|
|
|
47,119
|
|
|||||
Consumer and installment
|
|
9,330
|
|
|
98
|
|
|
135
|
|
|
—
|
|
|
9,563
|
|
|||||
Total
|
|
$
|
360,181
|
|
|
$
|
16,738
|
|
|
$
|
32,233
|
|
|
$
|
—
|
|
|
$
|
409,152
|
|
|
Pass
|
|
Special Mention
|
|
Substandard
|
|
Doubtful
|
|
Total
|
||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
$
|
70,093
|
|
|
$
|
2,595
|
|
|
$
|
5,401
|
|
|
$
|
—
|
|
|
$
|
78,089
|
|
Agricultural land and production
|
29,958
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
29,958
|
|
|||||
Real Estate:
|
|
|
|
|
|
|
|
|
|
||||||||||
Owner occupied
|
105,308
|
|
|
3,125
|
|
|
4,750
|
|
|
—
|
|
|
113,183
|
|
|||||
Real estate construction and other land loans
|
15,717
|
|
|
4,056
|
|
|
13,274
|
|
|
—
|
|
|
33,047
|
|
|||||
Commercial real estate
|
47,323
|
|
|
5,035
|
|
|
10,165
|
|
|
—
|
|
|
62,523
|
|
|||||
Agricultural real estate
|
40,808
|
|
|
1,788
|
|
|
—
|
|
|
—
|
|
|
42,596
|
|
|||||
Other real estate
|
7,672
|
|
|
220
|
|
|
—
|
|
|
—
|
|
|
7,892
|
|
|||||
Consumer:
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity loans and lines of credit
|
46,939
|
|
|
1,047
|
|
|
3,120
|
|
|
—
|
|
|
51,106
|
|
|||||
Consumer and installment
|
9,570
|
|
|
105
|
|
|
90
|
|
|
—
|
|
|
9,765
|
|
|||||
Total
|
$
|
373,388
|
|
|
$
|
17,971
|
|
|
$
|
36,800
|
|
|
$
|
—
|
|
|
$
|
428,159
|
|
|
|
30-59 Days
Past Due
|
|
60-89
Days Past
Due
|
|
Greater
Than
90 Days
Past Due
|
|
Total Past
Due
|
|
Current
|
|
Total
Loans
|
|
Recorded
Investment
> 90 Days
Accruing
|
|
Non-accrual
|
||||||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial and industrial
|
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
79,970
|
|
|
$
|
79,973
|
|
|
$
|
—
|
|
|
$
|
24
|
|
Agricultural land and production
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21,352
|
|
|
21,352
|
|
|
—
|
|
|
—
|
|
||||||||
Real estate:
|
|
—
|
|
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|||||||||
Owner occupied
|
|
171
|
|
|
—
|
|
|
—
|
|
|
171
|
|
|
108,814
|
|
|
108,985
|
|
|
—
|
|
|
1,229
|
|
||||||||
Real estate construction and other land loans
|
|
755
|
|
|
—
|
|
|
—
|
|
|
755
|
|
|
32,027
|
|
|
32,782
|
|
|
—
|
|
|
6,696
|
|
||||||||
Commercial real estate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
57,376
|
|
|
57,376
|
|
|
—
|
|
|
—
|
|
||||||||
Agricultural real estate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
43,618
|
|
|
43,618
|
|
|
—
|
|
|
—
|
|
||||||||
Other real estate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,384
|
|
|
8,384
|
|
|
—
|
|
|
—
|
|
||||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|||||||||
Equity loans and lines of credit
|
|
108
|
|
|
—
|
|
|
—
|
|
|
108
|
|
|
47,011
|
|
|
47,119
|
|
|
—
|
|
|
2,120
|
|
||||||||
Consumer and installment
|
|
33
|
|
|
—
|
|
|
72
|
|
|
105
|
|
|
9,458
|
|
|
9,563
|
|
|
—
|
|
|
73
|
|
||||||||
Total
|
|
$
|
1,067
|
|
|
$
|
3
|
|
|
$
|
72
|
|
|
$
|
1,142
|
|
|
$
|
408,010
|
|
|
$
|
409,152
|
|
|
$
|
—
|
|
|
$
|
10,142
|
|
|
|
30-59 Days
Past Due
|
|
60-89
Days Past
Due
|
|
Greater
Than
90 Days
Past Due
|
|
Total Past
Due
|
|
Current
|
|
Total
Loans
|
|
Recorded
Investment
> 90 Days
Accruing
|
|
Non-
accrual
|
||||||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial and industrial
|
|
$
|
57
|
|
|
$
|
—
|
|
|
$
|
236
|
|
|
$
|
293
|
|
|
$
|
77,796
|
|
|
$
|
78,089
|
|
|
$
|
—
|
|
|
$
|
267
|
|
Agricultural land and production
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
29,958
|
|
|
29,958
|
|
|
—
|
|
|
—
|
|
||||||||
Real estate:
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Owner occupied
|
|
—
|
|
|
—
|
|
|
122
|
|
|
122
|
|
|
113,061
|
|
|
113,183
|
|
|
—
|
|
|
1,372
|
|
||||||||
Real estate construction and other land loans
|
|
1,532
|
|
|
—
|
|
|
—
|
|
|
1,532
|
|
|
31,515
|
|
|
33,047
|
|
|
—
|
|
|
6,823
|
|
||||||||
Commercial real estate
|
|
—
|
|
|
—
|
|
|
3,544
|
|
|
3,544
|
|
|
58,979
|
|
|
62,523
|
|
|
—
|
|
|
3,544
|
|
||||||||
Agricultural real estate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
42,596
|
|
|
42,596
|
|
|
—
|
|
|
—
|
|
||||||||
Other real estate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,892
|
|
|
7,892
|
|
|
—
|
|
|
—
|
|
||||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Equity loans and lines of credit
|
|
123
|
|
|
—
|
|
|
97
|
|
|
220
|
|
|
50,886
|
|
|
51,106
|
|
|
—
|
|
|
2,354
|
|
||||||||
Consumer and installment
|
|
29
|
|
|
74
|
|
|
—
|
|
|
103
|
|
|
9,662
|
|
|
9,765
|
|
|
—
|
|
|
74
|
|
||||||||
Total
|
|
$
|
1,741
|
|
|
$
|
74
|
|
|
$
|
3,999
|
|
|
$
|
5,814
|
|
|
$
|
422,345
|
|
|
$
|
428,159
|
|
|
$
|
—
|
|
|
$
|
14,434
|
|
|
|
Recorded
Investment
|
|
Unpaid
Principal
Balance
|
|
Related
Allowance
|
||||||
With no related allowance recorded:
|
|
|
|
|
|
|
|
|
|
|||
Commercial:
|
|
|
|
|
|
|
|
|
|
|||
Commercial and industrial
|
|
$
|
1,480
|
|
|
$
|
1,502
|
|
|
$
|
—
|
|
Agricultural land and production
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total commercial
|
|
1,480
|
|
|
1,502
|
|
|
—
|
|
|||
Real estate:
|
|
|
|
|
|
|
|
|
|
|||
Owner occupied
|
|
226
|
|
|
241
|
|
|
—
|
|
|||
Real estate construction and other land loans
|
|
6,696
|
|
|
7,774
|
|
|
—
|
|
|||
Commercial real estate
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Agricultural real estate
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Other real estate
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total real estate
|
|
6,922
|
|
|
8,015
|
|
|
—
|
|
|||
Consumer:
|
|
|
|
|
|
|
|
|
|
|||
Equity loans and lines of credit
|
|
1,858
|
|
|
2,097
|
|
|
—
|
|
|||
Consumer and installment
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total consumer
|
|
1,858
|
|
|
2,097
|
|
|
—
|
|
|||
Total with no related allowance recorded
|
|
10,260
|
|
|
11,614
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
||||||
With an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|||
Commercial:
|
|
|
|
|
|
|
|
|
|
|||
Commercial and industrial
|
|
1,500
|
|
|
1,501
|
|
|
577
|
|
|||
Agricultural land and production
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total commercial
|
|
1,500
|
|
|
1,501
|
|
|
577
|
|
|||
Real estate:
|
|
|
|
|
|
|
|
|
|
|||
Owner occupied
|
|
1,004
|
|
|
1,082
|
|
|
104
|
|
|||
Real estate construction and other land loans
|
|
5,492
|
|
|
5,492
|
|
|
373
|
|
|||
Commercial real estate
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Agricultural real estate
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Other real estate
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total real estate
|
|
6,496
|
|
|
6,574
|
|
|
477
|
|
|||
Consumer:
|
|
|
|
|
|
|
|
|
|
|||
Equity loans and lines of credit
|
|
263
|
|
|
286
|
|
|
173
|
|
|||
Consumer and installment
|
|
72
|
|
|
74
|
|
|
10
|
|
|||
Total consumer
|
|
335
|
|
|
360
|
|
|
183
|
|
|||
Total with an allowance recorded
|
|
8,331
|
|
|
8,435
|
|
|
1,237
|
|
|||
Total
|
|
$
|
18,591
|
|
|
$
|
20,049
|
|
|
$
|
1,237
|
|
|
|
Recorded
Investment
|
|
Unpaid
Principal
Balance
|
|
Related
Allowance
|
||||||
With no related allowance recorded:
|
|
|
|
|
|
|
|
|
|
|||
Commercial:
|
|
|
|
|
|
|
|
|
|
|||
Commercial and industrial
|
|
$
|
2,140
|
|
|
$
|
2,160
|
|
|
$
|
—
|
|
Agricultural land and production
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total commercial
|
|
2,140
|
|
|
2,160
|
|
|
—
|
|
|||
Real estate:
|
|
|
|
|
|
|
|
|
|
|||
Owner occupied
|
|
231
|
|
|
243
|
|
|
—
|
|
|||
Real estate construction and other land loans
|
|
1,532
|
|
|
1,906
|
|
|
—
|
|
|||
Commercial real estate
|
|
1,801
|
|
|
1,801
|
|
|
—
|
|
|||
Agricultural real estate
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total real estate
|
|
3,564
|
|
|
3,950
|
|
|
—
|
|
|||
Consumer:
|
|
|
|
|
|
|
|
|
|
|||
Equity loans and lines of credit
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Consumer and installment
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total consumer
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total with no related allowance recorded
|
|
5,704
|
|
|
6,110
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
||||||
With an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|||
Commercial:
|
|
|
|
|
|
|
|
|
|
|||
Commercial and industrial
|
|
1,717
|
|
|
1,718
|
|
|
231
|
|
|||
Agricultural land and production
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total commercial
|
|
1,717
|
|
|
1,718
|
|
|
231
|
|
|||
Real estate:
|
|
|
|
|
|
|
|
|
|
|||
Owner occupied
|
|
1,141
|
|
|
1,216
|
|
|
268
|
|
|||
Real estate construction and other land loans
|
|
10,911
|
|
|
11,490
|
|
|
2,130
|
|
|||
Commercial real estate
|
|
1,743
|
|
|
1,743
|
|
|
1,366
|
|
|||
Agricultural real estate
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Other real estate
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total real estate
|
|
13,795
|
|
|
14,449
|
|
|
3,764
|
|
|||
Consumer:
|
|
|
|
|
|
|
|
|
|
|||
Equity loans and lines of credit
|
|
2,354
|
|
|
2,581
|
|
|
350
|
|
|||
Consumer and installment
|
|
74
|
|
|
74
|
|
|
23
|
|
|||
Total consumer
|
|
2,428
|
|
|
2,655
|
|
|
373
|
|
|||
Total with an allowance recorded
|
|
17,940
|
|
|
18,822
|
|
|
4,368
|
|
|||
Total
|
|
$
|
23,644
|
|
|
$
|
24,932
|
|
|
$
|
4,368
|
|
|
|
Three Months Ended March 31, 2012
|
|
Three Months Ended March 31, 2011
|
||||||||||||
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
||||||||
With no related allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commercial and industrial
|
|
$
|
1,666
|
|
|
$
|
—
|
|
|
$
|
1,225
|
|
|
$
|
—
|
|
Agricultural land and production
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total commercial
|
|
1,666
|
|
|
—
|
|
|
1,225
|
|
|
—
|
|
||||
Real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Owner occupied
|
|
227
|
|
|
—
|
|
|
763
|
|
|
—
|
|
||||
Real estate construction and other land loans
|
|
4,990
|
|
|
—
|
|
|
1,852
|
|
|
—
|
|
||||
Commercial real estate
|
|
—
|
|
|
—
|
|
|
1,811
|
|
|
—
|
|
||||
Agricultural real estate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Other real estate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total real estate
|
|
5,217
|
|
|
—
|
|
|
4,426
|
|
|
—
|
|
||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Equity loans and lines of credit
|
|
1,243
|
|
|
—
|
|
|
522
|
|
|
—
|
|
||||
Consumer and installment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total consumer
|
|
1,243
|
|
|
—
|
|
|
522
|
|
|
—
|
|
||||
Total with no related allowance recorded
|
|
8,126
|
|
|
—
|
|
|
6,173
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
With an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commercial and industrial
|
|
1,514
|
|
|
71
|
|
|
179
|
|
|
—
|
|
||||
Agricultural land and production
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total commercial
|
|
1,514
|
|
|
71
|
|
|
179
|
|
|
—
|
|
||||
Real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Owner occupied
|
|
1,009
|
|
|
—
|
|
|
1,064
|
|
|
—
|
|
||||
Real estate construction and other land loans
|
|
3,704
|
|
|
99
|
|
|
5,830
|
|
|
—
|
|
||||
Commercial real estate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Agricultural real estate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Other real estate
|
|
—
|
|
|
—
|
|
|
2,261
|
|
|
—
|
|
||||
Total real estate
|
|
4,713
|
|
|
99
|
|
|
9,155
|
|
|
—
|
|
||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Equity loans and lines of credit
|
|
176
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Consumer and installment
|
|
73
|
|
|
—
|
|
|
82
|
|
|
—
|
|
||||
Total consumer
|
|
249
|
|
|
—
|
|
|
82
|
|
|
—
|
|
||||
Total with an allowance recorded
|
|
6,476
|
|
|
170
|
|
|
9,416
|
|
|
—
|
|
||||
Total
|
|
$
|
14,602
|
|
|
$
|
170
|
|
|
$
|
15,589
|
|
|
$
|
—
|
|
March 31, 2012
|
|
December 31, 2011
|
|
|
|
|
|||||
Amount
|
|
Amount
|
|
Rate
|
|
Maturity Date
|
|||||
(Dollars in thousands)
|
|||||||||||
$
|
4,000
|
|
|
$
|
4,000
|
|
|
3.59
|
%
|
|
February 12, 2013
|
|
|
|
|
|
|
|
|
||||
4,000
|
|
|
4,000
|
|
|
|
|
|
|
||
4,000
|
|
|
—
|
|
|
Less short-term portion
|
|
|
|||
$
|
—
|
|
|
$
|
4,000
|
|
|
Long-term debt
|
|
|
|
|
For the Three Months
Ended March 31, 2012
|
|
For the Three Months
Ended March 31, 2011
|
||||||||||||||||||
(Dollars in thousands)
|
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Average
Interest
Rate
|
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Average
Interest
Rate
|
||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest-earning deposits in other banks
|
|
$
|
29,059
|
|
|
$
|
18
|
|
|
0.25
|
%
|
|
$
|
76,618
|
|
|
$
|
50
|
|
|
0.26
|
%
|
Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Taxable securities
|
|
219,312
|
|
|
1,073
|
|
|
1.96
|
%
|
|
127,621
|
|
|
1,097
|
|
|
3.44
|
%
|
||||
Non-taxable securities (1)
|
|
98,050
|
|
|
1,571
|
|
|
6.41
|
%
|
|
68,830
|
|
|
1,212
|
|
|
7.04
|
%
|
||||
Total investment securities
|
|
317,362
|
|
|
2,644
|
|
|
3.33
|
%
|
|
196,451
|
|
|
2,309
|
|
|
4.70
|
%
|
||||
Federal funds sold
|
|
529
|
|
|
—
|
|
|
0.00
|
%
|
|
758
|
|
|
1
|
|
|
0.30
|
%
|
||||
Total securities
|
|
346,950
|
|
|
2,662
|
|
|
3.07
|
%
|
|
273,827
|
|
|
2,360
|
|
|
3.45
|
%
|
||||
Loans (2) (3)
|
|
401,132
|
|
|
6,084
|
|
|
6.10
|
%
|
|
409,353
|
|
|
6,462
|
|
|
6.40
|
%
|
||||
Federal Home Loan Bank stock
|
|
2,893
|
|
|
4
|
|
|
0.55
|
%
|
|
3,050
|
|
|
2
|
|
|
0.26
|
%
|
||||
Total interest-earning assets
|
|
750,975
|
|
|
$
|
8,750
|
|
|
4.66
|
%
|
|
686,230
|
|
|
$
|
8,824
|
|
|
5.14
|
%
|
||
Allowance for credit losses
|
|
(10,977
|
)
|
|
|
|
|
|
|
|
(11,007
|
)
|
|
|
|
|
|
|
||||
Nonaccrual loans
|
|
11,548
|
|
|
|
|
|
|
|
|
16,881
|
|
|
|
|
|
|
|
||||
Other real estate owned
|
|
871
|
|
|
|
|
|
|
|
|
620
|
|
|
|
|
|
|
|
||||
Cash and due from banks
|
|
19,011
|
|
|
|
|
|
|
|
|
17,492
|
|
|
|
|
|
|
|
||||
Bank premises and equipment
|
|
6,056
|
|
|
|
|
|
|
|
|
5,738
|
|
|
|
|
|
|
|
||||
Other non-earning assets
|
|
58,064
|
|
|
|
|
|
|
|
|
54,775
|
|
|
|
|
|
|
|
||||
Total average assets
|
|
$
|
835,548
|
|
|
|
|
|
|
|
|
$
|
770,729
|
|
|
|
|
|
|
|
||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Savings and NOW accounts
|
|
$
|
175,452
|
|
|
$
|
79
|
|
|
0.18
|
%
|
|
$
|
143,383
|
|
|
$
|
102
|
|
|
0.29
|
%
|
Money market accounts
|
|
173,287
|
|
|
113
|
|
|
0.26
|
%
|
|
159,355
|
|
|
184
|
|
|
0.47
|
%
|
||||
Time certificates of deposit, under $100,000
|
|
50,350
|
|
|
88
|
|
|
0.70
|
%
|
|
54,587
|
|
|
117
|
|
|
0.87
|
%
|
||||
Time certificates of deposit, $100,000 and over
|
|
99,882
|
|
|
201
|
|
|
0.81
|
%
|
|
119,122
|
|
|
313
|
|
|
1.07
|
%
|
||||
Total interest-bearing deposits
|
|
498,971
|
|
|
481
|
|
|
0.39
|
%
|
|
476,447
|
|
|
716
|
|
|
0.61
|
%
|
||||
Other borrowed funds
|
|
9,155
|
|
|
65
|
|
|
2.86
|
%
|
|
13,655
|
|
|
95
|
|
|
2.82
|
%
|
||||
Total interest-bearing liabilities
|
|
508,126
|
|
|
$
|
546
|
|
|
0.43
|
%
|
|
490,102
|
|
|
$
|
811
|
|
|
0.67
|
%
|
||
Non-interest bearing demand deposits
|
|
205,548
|
|
|
|
|
|
|
|
|
173,005
|
|
|
|
|
|
|
|
||||
Other liabilities
|
|
11,199
|
|
|
|
|
|
|
|
|
8,504
|
|
|
|
|
|
|
|
||||
Shareholders’ equity
|
|
110,675
|
|
|
|
|
|
|
|
|
99,118
|
|
|
|
|
|
|
|
||||
Total average liabilities and shareholders’ equity
|
|
$
|
835,548
|
|
|
|
|
|
|
|
|
$
|
770,729
|
|
|
|
|
|
|
|
||
Interest income and rate earned on average earning assets
|
|
|
|
|
$
|
8,750
|
|
|
4.66
|
%
|
|
|
|
|
$
|
8,824
|
|
|
5.14
|
%
|
||
Interest expense and interest cost related to average interest-bearing liabilities
|
|
|
|
|
546
|
|
|
0.43
|
%
|
|
|
|
|
811
|
|
|
0.67
|
%
|
||||
Net interest income and net interest margin (4)
|
|
|
|
|
$
|
8,204
|
|
|
4.37
|
%
|
|
|
|
|
$
|
8,013
|
|
|
4.67
|
%
|
(1)
|
Calculated on a fully tax equivalent basis, which includes Federal tax benefits relating to income earned on municipal bonds totaling
$534
and
$412
in
2012
and
2011
respectively.
|
(2)
|
Loan interest income includes loan fees of $
64
in
2012
and $
93
in
2011
|
(3)
|
Average loans do not include non-accrual loans.
|
(4)
|
Net interest margin is computed by dividing net interest income by total average interest-earning assets.
|
Loan Type (dollars in thousands)
|
|
March 31, 2012
|
|
% of
Total
Loans
|
|
December 31, 2011
|
|
% of
Total
Loans
|
||||||
Commercial and industrial
|
|
$
|
2,497
|
|
|
19.5
|
%
|
|
$
|
1,924
|
|
|
18.3
|
%
|
Agricultural production
|
|
217
|
|
|
5.2
|
%
|
|
342
|
|
|
7.0
|
%
|
||
Real estate:
|
|
|
|
|
|
|
|
|
||||||
Owner occupied
|
|
1,771
|
|
|
26.7
|
%
|
|
1,578
|
|
|
26.4
|
%
|
||
Real estate-construction and other land loans
|
|
1,091
|
|
|
8.0
|
%
|
|
2,954
|
|
|
7.7
|
%
|
||
Agricultural real estate
|
|
445
|
|
|
14.1
|
%
|
|
2,043
|
|
|
14.6
|
%
|
||
Commercial real estate
|
|
1,672
|
|
|
10.6
|
%
|
|
489
|
|
|
9.9
|
%
|
||
Other
|
|
161
|
|
|
2.1
|
%
|
|
91
|
|
|
1.8
|
%
|
||
Total real estate
|
|
5,140
|
|
|
61.5
|
%
|
|
7,155
|
|
|
60.4
|
%
|
||
Equity loans and lines of credit
|
|
1,536
|
|
|
11.5
|
%
|
|
1,419
|
|
|
12.0
|
%
|
||
Consumer and installment
|
|
606
|
|
|
2.3
|
%
|
|
417
|
|
|
2.3
|
%
|
||
Unallocated reserves
|
|
289
|
|
|
|
|
|
139
|
|
|
|
|
||
Total allowance for credit losses
|
|
$
|
10,285
|
|
|
|
|
|
$
|
11,396
|
|
|
|
|
|
|
For the Three Months
Ended March 31,
|
||||||||||||
|
|
2012
|
|
2011
|
||||||||||
(Dollars in thousands)
|
|
Other Expense
|
|
% Average
Assets
|
|
Other Expense
|
|
% Average
Assets
|
||||||
ATM/debit card expenses
|
|
$
|
86
|
|
|
0.04
|
%
|
|
$
|
87
|
|
|
0.05
|
%
|
Consulting
|
|
84
|
|
|
0.04
|
%
|
|
36
|
|
|
0.02
|
%
|
||
License & maintenance contracts
|
|
57
|
|
|
0.03
|
%
|
|
83
|
|
|
0.04
|
%
|
||
Stationery/supplies
|
|
55
|
|
|
0.03
|
%
|
|
60
|
|
|
0.03
|
%
|
||
Telephone
|
|
51
|
|
|
0.02
|
%
|
|
81
|
|
|
0.04
|
%
|
||
Amortization of software
|
|
48
|
|
|
0.02
|
%
|
|
56
|
|
|
0.03
|
%
|
||
Director fees and related expenses
|
|
45
|
|
|
0.02
|
%
|
|
53
|
|
|
0.03
|
%
|
||
Postage
|
|
35
|
|
|
0.02
|
%
|
|
48
|
|
|
0.02
|
%
|
||
Donations
|
|
34
|
|
|
0.02
|
%
|
|
47
|
|
|
0.02
|
%
|
||
Education/training
|
|
33
|
|
|
0.02
|
%
|
|
25
|
|
|
0.01
|
%
|
||
Operating losses
|
|
30
|
|
|
0.01
|
%
|
|
17
|
|
|
0.01
|
%
|
||
General Insurance
|
|
28
|
|
|
0.01
|
%
|
|
25
|
|
|
0.01
|
%
|
||
Appraisal fees
|
|
6
|
|
|
—
|
%
|
|
30
|
|
|
0.02
|
%
|
||
Other
|
|
457
|
|
|
0.22
|
%
|
|
426
|
|
|
0.22
|
%
|
||
Total other non-interest expense
|
|
$
|
1,049
|
|
|
0.50
|
%
|
|
$
|
1,074
|
|
|
0.56
|
%
|
Loan Type (dollars in thousands)
|
|
March 31, 2012
|
|
% of Total
Loans
|
|
December 31, 2011
|
|
% of Total
Loans
|
||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Commercial and industrial
|
|
$
|
79,973
|
|
|
19.5
|
%
|
|
$
|
78,089
|
|
|
18.3
|
%
|
Agricultural land and production
|
|
21,352
|
|
|
5.2
|
%
|
|
29,958
|
|
|
7.0
|
%
|
||
Total commercial
|
|
101,325
|
|
|
24.7
|
%
|
|
108,047
|
|
|
25.3
|
%
|
||
Real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Owner occupied
|
|
108,985
|
|
|
26.7
|
%
|
|
113,183
|
|
|
26.4
|
%
|
||
Real estate construction and other land loans
|
|
32,782
|
|
|
8.0
|
%
|
|
33,047
|
|
|
7.7
|
%
|
||
Commercial real estate
|
|
57,376
|
|
|
14.1
|
%
|
|
62,523
|
|
|
14.6
|
%
|
||
Agricultural real estate
|
|
43,618
|
|
|
10.6
|
%
|
|
42,596
|
|
|
9.9
|
%
|
||
Other real estate
|
|
8,384
|
|
|
2.1
|
%
|
|
7,892
|
|
|
1.8
|
%
|
||
Total real estate
|
|
251,145
|
|
|
61.5
|
%
|
|
259,241
|
|
|
60.4
|
%
|
||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Equity loans and lines of credit
|
|
47,119
|
|
|
11.5
|
%
|
|
51,106
|
|
|
12.0
|
%
|
||
Consumer and installment
|
|
9,563
|
|
|
2.3
|
%
|
|
9,765
|
|
|
2.3
|
%
|
||
Total consumer
|
|
56,682
|
|
|
13.8
|
%
|
|
60,871
|
|
|
14.3
|
%
|
||
Deferred loan fees, net
|
|
(804
|
)
|
|
|
|
|
(764
|
)
|
|
|
|
||
Total gross loans
|
|
408,348
|
|
|
100.0
|
%
|
|
427,395
|
|
|
100.0
|
%
|
||
Allowance for credit losses
|
|
(10,285
|
)
|
|
|
|
|
(11,396
|
)
|
|
|
|
||
Total loans
|
|
$
|
398,063
|
|
|
|
|
|
$
|
415,999
|
|
|
|
|
(Dollars in thousands)
|
|
March 31, 2012
|
|
December 31, 2011
|
||||
Non-accrual loans
|
|
|
|
|
|
|
||
Commercial and industrial
|
|
$
|
24
|
|
|
$
|
267
|
|
Owner occupied
|
|
225
|
|
|
353
|
|
||
Commercial real estate
|
|
—
|
|
|
2,434
|
|
||
Equity loans and lines of credit
|
|
504
|
|
|
705
|
|
||
Consumer and installment
|
|
73
|
|
|
74
|
|
||
Troubled debt restructured loans (non-accruing)
|
|
|
|
|
|
|
||
Owner occupied
|
|
1,004
|
|
|
1,019
|
|
||
Real estate construction and other land loans
|
|
6,696
|
|
|
6,823
|
|
||
Commercial real estate
|
|
—
|
|
|
1,110
|
|
||
Equity loans and lines of credit
|
|
1,616
|
|
|
1,649
|
|
||
Total non-accrual
|
|
10,142
|
|
|
14,434
|
|
||
Accruing loans past due 90 days or more
|
|
—
|
|
|
—
|
|
||
Total non-performing
|
|
$
|
10,142
|
|
|
$
|
14,434
|
|
Nonperforming loans to total loans
|
|
2.48
|
%
|
|
3.38
|
%
|
||
Ratio of nonperforming loans to allowance for credit losses
|
|
98.61
|
%
|
|
126.66
|
%
|
||
Loans considered to be impaired
|
|
$
|
18,591
|
|
|
$
|
23,644
|
|
Related allowance for credit losses on impaired loans
|
|
$
|
1,237
|
|
|
$
|
4,368
|
|
(In thousands)
|
|
Balance, December 31, 2011
|
|
Additions
to
Nonaccrual
Loans
|
|
Net Pay
Downs
|
|
Transfers
to
Foreclosed
Collateral
- OREO
|
|
Returns to
Accrual
Status
|
|
Charge
Offs
|
|
Balance, March 31, 2012
|
||||||||||||||
Non-accrual loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commercial and industrial
|
|
$
|
267
|
|
|
$
|
4
|
|
|
$
|
(11
|
)
|
|
$
|
(155
|
)
|
|
$
|
—
|
|
|
$
|
(81
|
)
|
|
$
|
24
|
|
Real estate
|
|
2,787
|
|
|
—
|
|
|
(6
|
)
|
|
(2,175
|
)
|
|
—
|
|
|
(381
|
)
|
|
225
|
|
|||||||
Equity loans and lines of credit
|
|
705
|
|
|
—
|
|
|
(125
|
)
|
|
—
|
|
|
—
|
|
|
(76
|
)
|
|
504
|
|
|||||||
Consumer
|
|
74
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
73
|
|
|||||||
Restructured loans (non-accruing):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Real Estate
|
|
2,129
|
|
|
—
|
|
|
(15
|
)
|
|
(7
|
)
|
|
—
|
|
|
(1,103
|
)
|
|
1,004
|
|
|||||||
Real Estate construction and other land loans
|
|
6,823
|
|
|
—
|
|
|
(127
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,696
|
|
|||||||
Equity loans and lines of credit
|
|
1,649
|
|
|
—
|
|
|
(33
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,616
|
|
|||||||
Total non-accrual
|
|
$
|
14,434
|
|
|
$
|
4
|
|
|
$
|
(318
|
)
|
|
$
|
(2,337
|
)
|
|
$
|
—
|
|
|
$
|
(1,641
|
)
|
|
$
|
10,142
|
|
|
|
Balance,
|
||
(In thousands)
|
|
March 31, 2012
|
||
Balance, December 31, 2011
|
|
$
|
—
|
|
Additions
|
|
2,337
|
|
|
Dispositions
|
|
(82
|
)
|
|
Write-downs
|
|
—
|
|
|
Net loss on disposition
|
|
(2
|
)
|
|
Balance, March 31, 2012
|
|
$
|
2,253
|
|
|
|
For the Three Months
Ended March 31, |
|
For the Year Ended
December 31,
|
|
For the Three Months
Ended March 31, |
||||||
(Dollars in thousands)
|
|
2012
|
|
2011
|
|
2011
|
||||||
Balance, beginning of period
|
|
$
|
11,396
|
|
|
$
|
11,014
|
|
|
$
|
11,014
|
|
Provision charged to operations
|
|
400
|
|
|
1,050
|
|
|
100
|
|
|||
Losses charged to allowance
|
|
(1,669
|
)
|
|
(1,532
|
)
|
|
(321
|
)
|
|||
Recoveries
|
|
158
|
|
|
864
|
|
|
226
|
|
|||
Balance, end of period
|
|
$
|
10,285
|
|
|
$
|
11,396
|
|
|
$
|
11,019
|
|
Allowance for credit losses to total loans at end of period
|
|
2.52
|
%
|
|
2.67
|
%
|
|
2.61
|
%
|
(Dollars in thousands)
|
|
March 31, 2012
|
|
% of
Total
Deposits
|
|
Effective
Rate
|
|
December 31, 2011
|
|
% of
Total
Deposits
|
|
Effective
Rate
|
||||||||
NOW accounts
|
|
$
|
142,780
|
|
|
20.3
|
%
|
|
0.20
|
%
|
|
$
|
140,268
|
|
|
19.6
|
%
|
|
0.26
|
%
|
MMA accounts
|
|
171,054
|
|
|
24.3
|
%
|
|
0.26
|
%
|
|
181,731
|
|
|
25.5
|
%
|
|
0.40
|
%
|
||
Time deposits
|
|
150,192
|
|
|
21.3
|
%
|
|
0.77
|
%
|
|
151,695
|
|
|
21.3
|
%
|
|
0.96
|
%
|
||
Savings deposits
|
|
33,545
|
|
|
4.8
|
%
|
|
0.10
|
%
|
|
31,267
|
|
|
4.4
|
%
|
|
0.16
|
%
|
||
Total interest-bearing
|
|
497,571
|
|
|
70.7
|
%
|
|
0.39
|
%
|
|
504,961
|
|
|
70.8
|
%
|
|
0.54
|
%
|
||
Non-interest bearing
|
|
205,825
|
|
|
29.3
|
%
|
|
|
|
|
208,025
|
|
|
29.2
|
%
|
|
|
|
||
Total deposits
|
|
$
|
703,396
|
|
|
100.0
|
%
|
|
|
|
|
$
|
712,986
|
|
|
100.0
|
%
|
|
|
|
|
|
March 31, 2012
|
|
December 31, 2011
|
||||||||||
(Dollars in thousands)
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
||||||
Tier 1 Leverage Ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Central Valley Community Bancorp and Subsidiary
|
|
$
|
83,533
|
|
|
10.33
|
%
|
|
$
|
82,571
|
|
|
10.13
|
%
|
Minimum regulatory requirement
|
|
$
|
32,352
|
|
|
4.00
|
%
|
|
$
|
32,612
|
|
|
4.00
|
%
|
Central Valley Community Bank
|
|
$
|
82,539
|
|
|
10.21
|
%
|
|
$
|
81,599
|
|
|
10.01
|
%
|
Minimum requirement for “Well-Capitalized” institution
|
|
$
|
40,425
|
|
|
5.00
|
%
|
|
$
|
40,743
|
|
|
5.00
|
%
|
Minimum regulatory requirement
|
|
$
|
32,340
|
|
|
4.00
|
%
|
|
$
|
32,594
|
|
|
4.00
|
%
|
Tier 1 Risk-Based Capital Ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Central Valley Community Bancorp and Subsidiary
|
|
$
|
83,533
|
|
|
16.97
|
%
|
|
$
|
82,571
|
|
|
16.20
|
%
|
Minimum regulatory requirement
|
|
$
|
19,693
|
|
|
4.00
|
%
|
|
$
|
20,383
|
|
|
4.00
|
%
|
Central Valley Community Bank
|
|
$
|
82,539
|
|
|
16.78
|
%
|
|
$
|
81,599
|
|
|
16.02
|
%
|
Minimum requirement for “Well-Capitalized” institution
|
|
$
|
29,521
|
|
|
6.00
|
%
|
|
$
|
30,554
|
|
|
6.00
|
%
|
Minimum regulatory requirement
|
|
$
|
19,680
|
|
|
4.00
|
%
|
|
$
|
20,369
|
|
|
4.00
|
%
|
Total Risk-Based Capital Ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Central Valley Community Bancorp and Subsidiary
|
|
$
|
89,865
|
|
|
18.25
|
%
|
|
$
|
89,136
|
|
|
17.49
|
%
|
Minimum regulatory requirement
|
|
$
|
39,386
|
|
|
8.00
|
%
|
|
$
|
40,767
|
|
|
8.00
|
%
|
Central Valley Community Bank
|
|
$
|
88,867
|
|
|
18.06
|
%
|
|
$
|
88,159
|
|
|
17.31
|
%
|
Minimum requirement for “Well-Capitalized” institution
|
|
$
|
49,201
|
|
|
10.00
|
%
|
|
$
|
50,923
|
|
|
10.00
|
%
|
Minimum regulatory requirement
|
|
$
|
39,361
|
|
|
8.00
|
%
|
|
$
|
40,738
|
|
|
8.00
|
%
|
Credit Lines (In thousands)
|
|
March 31, 2012
|
|
December 31, 2011
|
||||
Unsecured Credit Lines
|
|
|
|
|
|
|
||
(interest rate varies with market):
|
|
|
|
|
|
|
||
Credit limit
|
|
$
|
44,000
|
|
|
$
|
44,000
|
|
Balance outstanding
|
|
$
|
—
|
|
|
$
|
—
|
|
Federal Home Loan Bank
|
|
|
|
|
|
|
||
(interest rate at prevailing interest rate):
|
|
|
|
|
|
|
||
Credit limit
|
|
$
|
127,254
|
|
|
$
|
125,122
|
|
Balance outstanding
|
|
$
|
4,000
|
|
|
$
|
4,000
|
|
Collateral pledged
|
|
$
|
111,583
|
|
|
$
|
112,926
|
|
Fair value of collateral
|
|
$
|
112,401
|
|
|
$
|
114,214
|
|
Federal Reserve Bank
|
|
|
|
|
|
|
||
(interest rate at prevailing discount interest rate):
|
|
|
|
|
|
|
||
Credit limit
|
|
$
|
382
|
|
|
$
|
551
|
|
Balance outstanding
|
|
$
|
—
|
|
|
$
|
—
|
|
Collateral pledged
|
|
$
|
375
|
|
|
$
|
542
|
|
Fair value of collateral
|
|
$
|
390
|
|
|
$
|
562
|
|
10.99
|
|
|
Amended Split Dollar Plan Agreement and Endorsement effective March 21, 2012 by and between Central Valley Community Bank and William S. Smittcamp.
|
|
|
|
|
10.100
|
|
|
Amended Split Dollar Plan Agreement and Endorsement effective March 21, 2012 by and between Central Valley Community Bank and Daniel N. Cunningham.
|
|
|
|
|
10.101
|
|
|
Amended Split Dollar Plan Agreement and Endorsement effective March 21, 2012 by and between Central Valley Community Bank and Louis McMurray.
|
|
|
|
|
10.102
|
|
|
Amended Split Dollar Plan Agreement and Endorsement effective March 21, 2012 by and between Central Valley Community Bank and Louis McMurray.
|
|
|
|
|
10.103
|
|
|
Amended Split Dollar Plan Agreement and Endorsement effective March 21, 2012 by and between Central Valley Community Bank and Edwin S. Darden.
|
|
|
|
|
31.1
|
|
|
Certification of Principal Executive Officer Pursuant to Rule 13a-14(d) / 15d-14(a) of the Securities Exchange Act of 1934.
|
|
|
|
|
31.2
|
|
|
Certification of Principal Financial Officer Pursuant to Rule 13a-14(d) / 15d-14(a) of the Securities Exchange Act of 1934.
|
|
|
|
|
32.1
|
|
|
Certification of Principal Executive Officer Pursuant to Rule 13a-14(b) / 15d-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350.
|
|
|
|
|
32.2
|
|
|
Certification of Principal Financial Officer Pursuant to Rule 13a-14(b) / 15d-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350.
|
|
|
|
|
101.INS
|
|
XBRL Instance Document
|
|
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation document
|
|
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase
|
|
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension labels Linkbase Document
|
|
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Link Document
|
Central Valley Community Bancorp
|
|
|
|
Date: May 11, 2012
|
/s/ Daniel J. Doyle
|
|
Daniel J. Doyle
|
|
President and Chief Executive Officer
|
|
|
Date: May 11, 2012
|
/s/ David A. Kinross
|
|
David A. Kinross
|
|
Senior Vice President and Chief Financial Officer
|
EXHIBIT INEX
|
|||
Exhibit
Number
|
|
Description
|
|
|
|
|
|
10.99
|
|
|
Amended Split Dollar Plan Agreement and Endorsement effective March 21, 2012 by and between Central Valley Community Bank and William S. Smittcamp.
|
|
|
|
|
10.100
|
|
|
Amended Split Dollar Plan Agreement and Endorsement effective March 21, 2012 by and between Central Valley Community Bank and Daniel N. Cunningham.
|
|
|
|
|
10.101
|
|
|
Amended Split Dollar Plan Agreement and Endorsement effective March 21, 2012 by and between Central Valley Community Bank and Louis McMurray.
|
|
|
|
|
10.102
|
|
|
Amended Split Dollar Plan Agreement and Endorsement effective March 21, 2012 by and between Central Valley Community Bank and Louis McMurray.
|
|
|
|
|
10.103
|
|
|
Amended Split Dollar Plan Agreement and Endorsement effective March 21, 2012 by and between Central Valley Community Bank and Edwin S. Darden.
|
|
|
|
|
31.1
|
|
|
Certification of Principal Executive Officer Pursuant to Rule 13a-14(d) / 15d-14(a) of the Securities Exchange Act of 1934. (1)
|
|
|
|
|
31.2
|
|
|
Certification of Principal Financial Officer Pursuant to Rule 13a-14(d) / 15d-14(a) of the Securities Exchange Act of 1934. (1)
|
|
|
|
|
32.1
|
|
|
Certification of Principal Executive Officer Pursuant to Rule 13a-14(b) / 15d-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350. (2)
|
|
|
|
|
32.2
|
|
|
Certification of Principal Financial Officer Pursuant to Rule 13a-14(b) / 15d-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350. (2)
|
|
|
|
|
101.INS
|
|
XBRL Instance Document (2)
|
|
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document (2)
|
|
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Document (2)
|
|
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase (2)
|
|
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension labels Linkbase Document (2)
|
|
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Link Document (2)
|
(a)
|
The Insured is discharged or removed from service as a Director of the Bank for Cause. The term “Cause” shall mean any of the following: (1) gross negligence or gross neglect of duties, (2) the commission of a felony or the commission of a misdemeanor involving moral turpitude, (3) fraud, disloyalty, dishonesty, or willful violation of any law or material policy of the Bank committed in connection with the Director’s service and, in the Bank’s sole judgment, resulting in an adverse effect on the Bank, or
|
(b)
|
Surrender, lapse, or other termination of the Policy by the Bank, or
|
(c)
|
Distribution of the death benefit proceeds in accordance with Section 2.2 above, or
|
(d)
|
Payment in full by the Bank to the Director of the Deferral Account maintained by the Bank pursuant to the Deferred Fee Agreement.
|
(a)
|
interpret the provisions of the Split Dollar Agreement and Endorsement,
|
(b)
|
establish and revise the method of accounting for the Split Dollar Agreement and Endorsement,
|
(c)
|
maintain a record of benefit payments, and
|
(d)
|
establish rules and prescribe forms necessary or desirable to administer the Split Dollar Agreement.
|
(a)
|
If to the Bank, to: Board of Directors
|
(b)
|
If to the Director, to: WILLIAM S. SMITTCAMP
|
DIRECTOR
/s/William S. Smittcamp
WILLIAM S. SMITTCAMP
|
CENTRAL VALLEY COMMUNITY BANK
By:
/s/Daniel J. Doyle
Daniel J. Doyle
Its: President & Chief Executive Officer
|
CENTRAL VALLEY COMMUNITY BANK
By:
/s/Daniel J. Doyle
Daniel J. Doyle
Its: President & Chief Executive Officer
|
|
William S. Smittcamp and Linda L. Smittcamp, Trustees of the William S. Smittcamp and Linda L. Smittcamp Living Trust u/d/t dated March 12, 1997
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Contingent
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%
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•
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Please PRINT CLEARLY or TYPE the names of the beneficiaries.
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To name a trust as beneficiary, please provide the name of the trustee(s) and the exact name and date of the trust agreement.
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•
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To name your estate as beneficiary, please write “Estate of [your name] “.
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Be aware that none of the contingent beneficiaries will receive anything unless ALL of the primary beneficiaries predecease you.
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SPOUSAL CONSENT (Required if Spouse not named beneficiary):
I consent to the beneficiary designation above, and acknowledge that if I am named beneficiary and our marriage is subsequently dissolved, the designation will be automatically revoked.
Spouse Name: Linda L. Smittcamp
Signature:
Date: _____________
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(a)
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The Insured is discharged or removed from service as a Director of the Bank for Cause. The term “Cause” shall mean any of the following: (1) gross negligence or gross neglect of duties, (2) the commission of a felony or the commission of a misdemeanor involving moral turpitude, (3) fraud, disloyalty, dishonesty, or willful violation of any law or material policy of the Bank committed in connection with the Director’s service and, in the Bank’s sole judgment, resulting in an adverse effect on the Bank, or
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(b)
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Surrender, lapse, or other termination of the Policy by the Bank, or
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(c)
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Distribution of the death benefit proceeds in accordance with Section 2.2 above, or
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(d)
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Payment in full by the Bank to the Director of the Deferral Account maintained by the Bank pursuant to the Deferred Fee Agreement.
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(a)
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interpret the provisions of the Split Dollar Agreement and Endorsement,
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(b)
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establish and revise the method of accounting for the Split Dollar Agreement and Endorsement,
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(c)
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maintain a record of benefit payments, and
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(d)
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establish rules and prescribe forms necessary or desirable to administer the Split Dollar Agreement.
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(a)
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If to the Bank, to: Board of Directors
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(b)
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If to the Director, to: DANIEL N. CUNNINGHAM
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DIRECTOR
/s/Daniel N. Cunningham
DANIEL N. CUNNINGHAM
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CENTRAL VALLEY COMMUNITY BANK
By:
/s/Daniel J. Doyle
Daniel J. Doyle
Its: President & Chief Executive Officer
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CENTRAL VALLEY COMMUNITY BANK
By:
/s/Daniel J. Doyle
Daniel J. Doyle
Its: President & Chief Executive Officer
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%
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%
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Contingent
:
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|
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%
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%
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•
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Please PRINT CLEARLY or TYPE the names of the beneficiaries.
|
•
|
To name a trust as beneficiary, please provide the name of the trustee(s) and the exact name and date of the trust agreement.
|
•
|
To name your estate as beneficiary, please write “Estate of [your name] “.
|
•
|
Be aware that none of the contingent beneficiaries will receive anything unless ALL of the primary beneficiaries predecease you.
|
SPOUSAL CONSENT (Required if Spouse not named beneficiary):
I consent to the beneficiary designation above, and acknowledge that if I am named beneficiary and our marriage is subsequently dissolved, the designation will be automatically revoked.
Spouse Name:
Signature:
Date: _____________
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(a)
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The Insured is discharged or removed from service as a Director of the Bank for Cause. The term “Cause” shall mean any of the following: (1) gross negligence or gross neglect of duties, (2) the commission of a felony or the commission of a misdemeanor involving moral turpitude, (3) fraud, disloyalty, dishonesty, or willful violation of any law or material policy of the Bank committed in connection with the Director’s service and, in the Bank’s sole judgment, resulting in an adverse effect on the Bank, or
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(b)
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Surrender, lapse, or other termination of the Policy by the Bank, or
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(c)
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Distribution of the death benefit proceeds in accordance with Section 2.2 above, or
|
(d)
|
Payment in full by the Bank to the Director of the Deferral Account maintained by the Bank pursuant to the Deferred Fee Agreement.
|
(a)
|
interpret the provisions of the Split Dollar Agreement and Endorsement,
|
(b)
|
establish and revise the method of accounting for the Split Dollar Agreement and Endorsement,
|
(c)
|
maintain a record of benefit payments, and
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(d)
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establish rules and prescribe forms necessary or desirable to administer the Split Dollar Agreement.
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(a)
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If to the Bank, to: Board of Directors
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(b)
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If to the Director, to: LOUIS McMURRAY
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DIRECTOR
/s/Louis McMurray
LOUIS McMURRAY
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CENTRAL VALLEY COMMUNITY BANK
By:
/s/Daniel J. Doyle
Daniel J. Doyle
Its: President & Chief Executive Officer
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CENTRAL VALLEY COMMUNITY BANK
By:
/s/ Daniel J. Doyle
Daniel J. Doyle
Its: President & Chief Executive Officer
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|
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%
|
|
%
|
Contingent
:
|
|
|
%
|
|
%
|
•
|
Please PRINT CLEARLY or TYPE the names of the beneficiaries.
|
•
|
To name a trust as beneficiary, please provide the name of the trustee(s) and the exact name and date of the trust agreement.
|
•
|
To name your estate as beneficiary, please write “Estate of [your name] “.
|
•
|
Be aware that none of the contingent beneficiaries will receive anything unless ALL of the primary beneficiaries predecease you.
|
SPOUSAL CONSENT (Required if Spouse not named beneficiary):
I consent to the beneficiary designation above, and acknowledge that if I am named beneficiary and our marriage is subsequently dissolved, the designation will be automatically revoked.
Spouse Name:
Signature:
Date: _____________
|
(a)
|
The Insured is discharged or removed from service as a Director of the Bank for Cause. The term “Cause” shall mean any of the following: (1) gross negligence or gross neglect of duties, (2) the commission of a felony or the commission of a misdemeanor involving moral turpitude, (3) fraud, disloyalty, dishonesty, or willful violation of any law or material policy of the Bank committed in connection with the Director’s service and, in the Bank’s sole judgment, resulting in an adverse effect on the Bank, or
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(b)
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Surrender, lapse, or other termination of the Policy by the Bank, or
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(c)
|
Distribution of the death benefit proceeds in accordance with Section 2.2 above, or
|
(d)
|
Payment in full by the Bank to the Director of the Deferral Account maintained by the Bank pursuant to the Deferred Fee Agreement.
|
(a)
|
interpret the provisions of the Split Dollar Agreement and Endorsement,
|
(b)
|
establish and revise the method of accounting for the Split Dollar Agreement and Endorsement,
|
(c)
|
maintain a record of benefit payments, and
|
(d)
|
establish rules and prescribe forms necessary or desirable to administer the Split Dollar Agreement.
|
(a)
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If to the Bank, to: Board of Directors
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(b)
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If to the Director, to: STEVEN D. McDONALD
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DIRECTOR
/s/Steven D. McDonald
STEVEN D. McDONALD
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CENTRAL VALLEY COMMUNITY BANK
By:
/s/ Daniel J. Doyle
Daniel J. Doyle
Its: President & Chief Executive Officer
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CENTRAL VALLEY COMMUNITY BANK
By:
/s/ Daniel J. Doyle
Daniel J. Doyle
Its: President & Chief Executive Officer
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|
|
%
|
|
%
|
Contingent
:
|
|
|
%
|
|
%
|
•
|
Please PRINT CLEARLY or TYPE the names of the beneficiaries.
|
•
|
To name a trust as beneficiary, please provide the name of the trustee(s) and the exact name and date of the trust agreement.
|
•
|
To name your estate as beneficiary, please write “Estate of [your name] “.
|
•
|
Be aware that none of the contingent beneficiaries will receive anything unless ALL of the primary beneficiaries predecease you.
|
SPOUSAL CONSENT (Required if Spouse not named beneficiary):
I consent to the beneficiary designation above, and acknowledge that if I am named beneficiary and our marriage is subsequently dissolved, the designation will be automatically revoked.
Spouse Name:
Signature:
Date: _____________
|
(a)
|
The Insured is discharged or removed from service as a Director of the Bank for Cause. The term “Cause” shall mean any of the following: (1) gross negligence or gross neglect of duties, (2) the commission of a felony or the commission of a misdemeanor involving moral turpitude, (3) fraud, disloyalty, dishonesty, or willful violation of any law or material policy of the Bank committed in connection with the Director’s service and, in the Bank’s sole judgment, resulting in an adverse effect on the Bank, or
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(b)
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Surrender, lapse, or other termination of the Policy by the Bank, or
|
(c)
|
Distribution of the death benefit proceeds in accordance with Section 2.2 above, or
|
(d)
|
Payment in full by the Bank to the Director of the Deferral Account maintained by the Bank pursuant to the Deferred Fee Agreement.
|
(a)
|
interpret the provisions of the Split Dollar Agreement and Endorsement,
|
(b)
|
establish and revise the method of accounting for the Split Dollar Agreement and Endorsement,
|
(c)
|
maintain a record of benefit payments, and
|
(d)
|
establish rules and prescribe forms necessary or desirable to administer the Split Dollar Agreement.
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(a)
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If to the Bank, to: Board of Directors
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(b)
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If to the Director, to: EDWIN S. DARDEN, JR.
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DIRECTOR
/s/Edwin S. Darden, Jr.
EDWIN S. DARDEN, JR.
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CENTRAL VALLEY COMMUNITY BANK
By:
/s/Daniel J. Doyle
Daniel J. Doyle
Its: President & Chief Executive Officer
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CENTRAL VALLEY COMMUNITY BANK
By:
/s/Daniel J. Doyle
Daniel J. Doyle
Its: President & Chief Executive Officer
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|
|
%
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|
%
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Contingent
:
|
|
|
%
|
|
%
|
•
|
Please PRINT CLEARLY or TYPE the names of the beneficiaries.
|
•
|
To name a trust as beneficiary, please provide the name of the trustee(s) and the exact name and date of the trust agreement.
|
•
|
To name your estate as beneficiary, please write “Estate of [your name] “.
|
•
|
Be aware that none of the contingent beneficiaries will receive anything unless ALL of the primary beneficiaries predecease you.
|
SPOUSAL CONSENT (Required if Spouse not named beneficiary):
I consent to the beneficiary designation above, and acknowledge that if I am named beneficiary and our marriage is subsequently dissolved, the designation will be automatically revoked.
Spouse Name:
Signature:
Date: _____________
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/s/ Daniel J. Doyle
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Date: May 11, 2012
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Daniel J. Doyle,
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/s/ David A. Kinross
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Date: May 11, 2012
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David A. Kinross,
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/s/ Daniel J. Doyle
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DANIEL J. DOYLE
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President and Chief Executive Officer
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/s/ David A. Kinross
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DAVID A. KINROSS
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Senior Vice President and Chief Financial Officer
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