Virginia
|
82-0545425
|
(State or other jurisdiction of
|
(I.R.S. Employer
|
incorporation or organization)
|
Identification Number)
|
Securities registered pursuant to Section 12(b) of the Act:
|
|
Title of each class
|
Name of each exchange on which registered
|
Common Stock $0.835 par value
|
The NASDAQ Stock Market LLC
|
|
|
Securities registered pursuant to Section 12(g) of the Act:
|
|
(Title of each class)
None
|
|
Large accelerated filer
¨
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Accelerated filer
x
|
Non-accelerated filer
¨
(Do not check if a smaller reporting company)
|
Smaller reporting company
¨
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|
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|
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Page
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PART I
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|
|
||
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|
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Item 1
|
Business
|
|
2
|
|
Item 1A
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Risk Factors
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14
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Item 1B
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Unresolved Staff Comments
|
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21
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Item 2
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Properties
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21
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Item 3
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Legal Proceedings
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22
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Item 4
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Mine Safety Disclosures
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22
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PART II
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|
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||
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Item 5
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Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities
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23
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Item 6
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Selected Financial Data
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25
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Item 7
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Management’s Discussion and Analysis of Financial Condition and Results of Operations
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26
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Item 7A
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Quantitative and Qualitative Disclosures About Market Risk
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43
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Item 8
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Financial Statements and Supplementary Data
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44
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Item 9
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Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
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85
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Item 9A
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Controls and Procedures
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85
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Item 9B
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Other Information
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85
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PART III
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||
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Item 10
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Directors, Executive Officers and Corporate Governance
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|
86
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Item 11
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Executive Compensation
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86
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Item 12
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Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
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86
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Item 13
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Certain Relationships and Related Transactions, and Director Independence
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86
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Item 14
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Principal Accountant Fees and Services
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86
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PART IV
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|
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||
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|
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Item 15
|
Exhibits, Financial Statement Schedules
|
|
87
|
|
Signatures
|
|
|
89
|
1 | ||
|
|
|
PARENT
|
|
|
ENTITY /
|
|
COMPANY /
|
|
YEAR
|
ACTIVITY
|
|
SOLE MEMBER
|
|
ORGANIZED
|
|
|
|
|
|
Access National Corporation
|
|
N/A
|
|
2002
|
Access National Bank
|
|
ANC
|
|
1999
|
Access National Mortgage Corporation
|
|
ANB
|
|
1985
|
(“ANMC” or the “Mortgage Corporation”)
|
|
|
|
|
Access Real Estate L.L.C
|
|
ANB
|
|
2003
|
2 | ||
|
Access Capital Management Holding, L.L.C
(“ACM”)
|
|
ANB
|
|
2011
|
Capital Fiduciary Advisors, L.L.C.
|
|
ACM
|
|
2011
|
Access Investment Services, L.L.C.
|
|
ACM
|
|
2011
|
Access Insurance Group, L.L.C.
|
|
ACM
|
|
2011
|
Access Capital Trust II
|
|
ANC
|
|
2003
|
ACME Real Estate, L.L.C
(“ACME” or “ACME Real Estate”)
|
|
ANB
|
|
2007
|
BUSINESS BANKING SERVICES
|
|
BUSINESS BANKING SERVICES
|
|
PERSONAL BANKING
|
Lending
|
|
Cash Management
|
|
SERVICES
|
|
|
|
|
|
Accounts Receivable Lines of Credit
Accounts Receivable Collection
Accounts
Growth Capital Term Loans
Business Acquisition Financing
Partner Buyout Funding
Debt Re-financing
Franchise Financing
Equipment Financing
Commercial Mortgages
Commercial Construction Loans
SBA Preferred Lender Loans
|
|
Online Banking
Checking Accounts
Money Market Accounts
Sweep Accounts
Zero Balance Accounts
Overnight Investments
Certificates of Deposit
Business Debit Cards
Lockbox Payment Processing
Payroll Services
Employer Sponsored Retirement Plans
|
|
Personal Checking Accounts
Savings / Money Market
Accounts
Certificates of Deposit
Residential Mortgage Loans
Asset Secured Loans
Loans for Business Investment
Construction Loans
Lot & Land Loans
Investment Management
Financial Planning
Retirement Account Services
Qualified Plans
|
3 | ||
|
|
|
Loan Origination By State
|
|
||||||
|
|
Year Ended December 31,
|
|
||||||
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
COLORADO
|
|
4.81
|
%
|
|
6.11
|
%
|
|
4.56
|
%
|
FLORIDA
|
|
6.36
|
%
|
|
2.92
|
%
|
|
2.40
|
%
|
GEORGIA
|
|
8.24
|
%
|
|
4.37
|
%
|
|
4.90
|
%
|
INDIANA
|
|
16.57
|
%
|
|
12.75
|
%
|
|
9.15
|
%
|
MASSACHUSETTS
|
|
0.00
|
%
|
|
0.00
|
%
|
|
2.30
|
%
|
MARYLAND
|
|
8.20
|
%
|
|
7.54
|
%
|
|
9.15
|
%
|
TENNESSEE
|
|
1.37
|
%
|
|
5.02
|
%
|
|
5.23
|
%
|
TEXAS
|
|
3.11
|
%
|
|
5.18
|
%
|
|
4.86
|
%
|
VIRGINIA
|
|
21.93
|
%
|
|
21.36
|
%
|
|
20.12
|
%
|
|
|
70.59
|
%
|
|
65.25
|
%
|
|
62.67
|
%
|
Other States
|
|
29.41
|
%
|
|
34.75
|
%
|
|
37.33
|
%
|
|
|
100.00
|
%
|
|
100.00
|
%
|
|
100.00
|
%
|
4 | ||
|
5 | ||
|
6 | ||
|
7 | ||
|
8 | ||
|
9 | ||
|
· | Creates a new consumer financial protection bureau that has rulemaking authority for a wide range of consumer protection laws that would apply to all banks and have broad powers to supervise and enforce consumer protection laws. |
· | Changes standards for Federal preemption of state laws related to federally chartered institutions and their subsidiaries. |
· | Permanently increases the deposit insurance coverage to $250 thousand and allows depository institutions to pay interest on business checking accounts. |
· | Changes the assessment base for federal deposit insurance from the amount of insured deposits to consolidated assets less tangible capital, eliminates the ceiling on the size of the Deposit Insurance Fund (“DIF’), and increases the floor of the size of the DIF. |
· | Prohibit banks and their affiliates from engaging in proprietary trading and investing in and sponsoring certain unregistered investment companies (the “Volker Rule”). |
10 | ||
|
11 | ||
|
12 | ||
|
13 | ||
|
14 | ||
|
15 | ||
|
· | the time and costs associated with identifying and evaluating potential acquisitions and merger partners; |
· | the estimates and judgments used to evaluate credit, operations, management and market risks with respect to the target entity may not be accurate; |
· | the time and costs of evaluating new markets, hiring experienced local management and opening new offices, and the time lags between these activities and the generation of sufficient assets and deposits to support the costs of the expansion; |
· | our ability to finance an acquisition and possible ownership or economic dilution to our current shareholders; |
· | the diversion of our management’s attention to the negotiation of a transaction, and the integration of the operations and personnel of the combining businesses; |
· | entry into new markets where we lack experience; |
· | the introduction of new products and services into our business; |
· | the incurrence and possible impairment of goodwill associated with an acquisition and possible adverse short-term effects on our results of operations; and |
· | the potential loss of key employees and clients. |
16 | ||
|
17 | ||
|
18 | ||
|
19 | ||
|
20 | ||
|
21 | ||
|
22 | ||
|
|
|
2013
|
|
|
|
|
2012
|
|
|
|
|
||||||||
|
|
High
|
|
Low
|
|
Dividends
|
|
High
|
|
Low
|
|
Dividends
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
$
|
18.07
|
|
$
|
13.22
|
|
$
|
0.09
|
|
$
|
10.71
|
|
$
|
8.66
|
|
$
|
0.05
|
|
Second Quarter
|
|
|
16.36
|
|
|
10.90
|
|
|
0.10
|
|
|
13.56
|
|
|
10.42
|
|
|
0.06
|
|
Third Quarter
|
|
|
16.16
|
|
|
12.95
|
|
|
0.11
|
|
|
14.39
|
|
|
12.71
|
|
|
0.06
|
|
Fourth Quarter
|
|
$
|
16.57
|
|
$
|
13.80
|
|
$
|
0.81
|
|
$
|
14.40
|
|
$
|
11.03
|
|
$
|
0.78
|
|
Issuer Purchases of Equity Securities
|
|
|||||||||
|
|
|
|
|
|
|
(c) Total Number of
|
|
(d) Maximum Number
|
|
|
|
|
|
|
|
|
Shares Purchased as
|
|
of Shares that may
|
|
|
|
(a) Total Number of
|
|
(b) Average Price
|
|
Part of Publicly
|
|
yet be Purchased
|
|
|
Period
|
|
Shares Purchased
|
|
Paid Per Share
|
|
Announced Plan
|
|
Under the Plan
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October 1 - October 31, 2013
|
|
-
|
|
$
|
-
|
|
-
|
|
768,781
|
|
November 1 - November 30, 2013
|
|
-
|
|
|
-
|
|
-
|
|
768,781
|
|
December 1 - December 31, 2013
|
|
-
|
|
|
-
|
|
-
|
|
768,781
|
|
|
|
-
|
|
$
|
-
|
|
-
|
|
768,781
|
|
23 | ||
|
|
|
Period Ending
|
|
||||||||||
Index
|
|
12/31/08
|
|
12/31/09
|
|
12/31/10
|
|
12/31/11
|
|
12/31/12
|
|
12/31/13
|
|
Access National Corporation
|
|
100.00
|
|
124.03
|
|
136.69
|
|
189.29
|
|
299.53
|
|
370.59
|
|
S&P 500
|
|
100.00
|
|
126.46
|
|
145.51
|
|
148.59
|
|
172.37
|
|
228.19
|
|
SNl Bank Index
|
|
100.00
|
|
98.97
|
|
110.90
|
|
85.88
|
|
115.90
|
|
159.12
|
|
24 | ||
|
|
|
Selected Financial Data
|
|
|||||||||||||||||
|
|
Year Ended December 31,
|
|
|||||||||||||||||
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
2009
|
|
|||||
|
|
(In Thousands, Except for Share and Per Share Data)
|
|
|||||||||||||||||
Income Statement Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
$
|
32,164
|
|
|
$
|
31,551
|
|
|
$
|
28,117
|
|
|
$
|
25,029
|
|
|
$
|
23,558
|
|
Provision for loan losses
|
|
|
675
|
|
|
|
1,515
|
|
|
|
1,149
|
|
|
|
2,816
|
|
|
|
6,064
|
|
Noninterest income
|
|
|
28,150
|
|
|
|
54,794
|
|
|
|
36,429
|
|
|
|
34,660
|
|
|
|
56,966
|
|
Noninterest expense
|
|
|
39,198
|
|
|
|
56,399
|
|
|
|
45,722
|
|
|
|
44,771
|
|
|
|
58,971
|
|
Income taxes
|
|
|
7,234
|
|
|
|
10,708
|
|
|
|
6,287
|
|
|
|
4,526
|
|
|
|
5,854
|
|
Net Income
|
|
$
|
13,207
|
|
|
$
|
17,723
|
|
|
$
|
11,388
|
|
|
$
|
7,576
|
|
|
$
|
9,635
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
1.28
|
|
|
|
1.73
|
|
|
|
1.11
|
|
|
|
0.72
|
|
|
|
0.93
|
|
Diluted
|
|
|
1.27
|
|
|
|
1.71
|
|
|
|
1.10
|
|
|
|
0.72
|
|
|
|
0.92
|
|
Cash dividends paid
|
|
|
1.11
|
|
|
|
0.95
|
|
|
|
0.13
|
|
|
|
0.04
|
|
|
|
0.04
|
|
Book value at period end
|
|
|
8.79
|
|
|
|
8.85
|
|
|
|
8.13
|
|
|
|
6.96
|
|
|
|
6.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
847,182
|
|
|
$
|
863,914
|
|
|
$
|
809,758
|
|
|
$
|
831,824
|
|
|
$
|
666,879
|
|
Loans held for sale
|
|
|
24,353
|
|
|
|
111,542
|
|
|
|
95,126
|
|
|
|
82,244
|
|
|
|
76,232
|
|
Loans held for investment
|
|
|
687,055
|
|
|
|
616,978
|
|
|
|
569,400
|
|
|
|
491,529
|
|
|
|
486,564
|
|
Total investment securities
(2)
|
|
|
92,829
|
|
|
|
80,711
|
|
|
|
85,824
|
|
|
|
124,307
|
|
|
|
43,095
|
|
Total deposits
|
|
|
572,972
|
|
|
|
671,496
|
|
|
|
645,013
|
|
|
|
627,848
|
|
|
|
466,645
|
|
Shareholders' equity
|
|
$
|
91,134
|
|
|
$
|
91,267
|
|
|
$
|
82,815
|
|
|
$
|
72,193
|
|
|
$
|
67,778
|
|
Average shares outstanding, basic
|
|
|
10,319,802
|
|
|
|
10,253,656
|
|
|
|
10,277,801
|
|
|
|
10,503,383
|
|
|
|
10,391,348
|
|
Average shares outstanding, diluted
|
|
|
10,403,155
|
|
|
|
10,363,267
|
|
|
|
10,344,325
|
|
|
|
10,525,258
|
|
|
|
10,432,857
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets
|
|
|
1.55
|
%
|
|
|
2.15
|
%
|
|
|
1.50
|
%
|
|
|
0.98
|
%
|
|
|
1.35
|
%
|
Return on average equity
|
|
|
14.00
|
%
|
|
|
19.68
|
%
|
|
|
14.80
|
%
|
|
|
10.85
|
%
|
|
|
15.04
|
%
|
Net interest margin
(1)
|
|
|
3.85
|
%
|
|
|
3.94
|
%
|
|
|
3.82
|
%
|
|
|
3.41
|
%
|
|
|
3.42
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Access National Bank
|
|
|
49.50
|
%
|
|
|
51.71
|
%
|
|
|
52.92
|
%
|
|
|
59.02
|
%
|
|
|
60.41
|
%
|
Access National Mortgage Division
|
|
|
79.79
|
%
|
|
|
70.19
|
%
|
|
|
80.78
|
%
|
|
|
84.72
|
%
|
|
|
77.40
|
%
|
Access National Corporation
|
|
|
64.99
|
%
|
|
|
65.32
|
%
|
|
|
70.84
|
%
|
|
|
75.01
|
%
|
|
|
73.23
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance to period end loans
|
|
|
1.91
|
%
|
|
|
2.03
|
%
|
|
|
2.06
|
%
|
|
|
2.14
|
%
|
|
|
1.88
|
%
|
Allowance to non-performing loans
|
|
|
518.19
|
%
|
|
|
455.71
|
%
|
|
|
175.12
|
%
|
|
|
122.96
|
%
|
|
|
129.79
|
%
|
Net charge-offs to average loans
|
|
|
0.01
|
%
|
|
|
0.13
|
%
|
|
|
0.01
|
%
|
|
|
0.30
|
%
|
|
|
0.90
|
%
|
25 | ||
|
|
|
Year Ended December 31,
|
|
|||||||||||||||||
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
2009
|
|
|||||
|
|
(In Thousands, Except for Share and Per Share Data)
|
|
|||||||||||||||||
Average Balance Sheet Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
854,572
|
|
|
$
|
826,233
|
|
|
$
|
758,994
|
|
|
$
|
772,600
|
|
|
$
|
714,970
|
|
Investment securities
|
|
|
97,260
|
|
|
|
105,520
|
|
|
|
105,042
|
|
|
|
107,940
|
|
|
|
69,758
|
|
Loans held for sale
|
|
|
42,667
|
|
|
|
78,543
|
|
|
|
51,774
|
|
|
|
63,868
|
|
|
|
65,780
|
|
Loans held for investment
|
|
|
648,744
|
|
|
|
583,724
|
|
|
|
520,062
|
|
|
|
475,726
|
|
|
|
490,393
|
|
Allowance for loan losses
|
|
|
12,924
|
|
|
|
11,994
|
|
|
|
11,123
|
|
|
|
9,485
|
|
|
|
8,065
|
|
Total deposits
|
|
|
678,531
|
|
|
|
672,693
|
|
|
|
565,450
|
|
|
|
572,139
|
|
|
|
519,477
|
|
Junior subordinated debentures
|
|
|
3,135
|
|
|
|
6,186
|
|
|
|
6,186
|
|
|
|
6,186
|
|
|
|
6,186
|
|
Total shareholders' equity
|
|
|
94,352
|
|
|
|
90,047
|
|
|
|
76,969
|
|
|
|
69,827
|
|
|
|
64,054
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 risk-based capital
|
|
|
12.05
|
%
|
|
|
14.10
|
%
|
|
|
14.33
|
%
|
|
|
14.25
|
%
|
|
|
13.47
|
%
|
Total risk-based capital
|
|
|
13.30
|
%
|
|
|
15.35
|
%
|
|
|
15.59
|
%
|
|
|
15.51
|
%
|
|
|
14.73
|
%
|
Leverage capital ratio
|
|
|
10.93
|
%
|
|
|
11.50
|
%
|
|
|
10.78
|
%
|
|
|
9.56
|
%
|
|
|
10.73
|
%
|
Tangible common equity ratio
|
|
|
10.76
|
%
|
|
|
10.56
|
%
|
|
|
10.23
|
%
|
|
|
8.68
|
%
|
|
|
10.16
|
%
|
26 | ||
|
27 | ||
|
28 | ||
|
29 | ||
|
|
|
Yield on Average Earning Assets and Rates on Average Interest-Bearing Liabilities
|
|
||||||||||||||||||||||
|
|
For the Year Ended
|
|
||||||||||||||||||||||
|
|
December 31, 2013
|
|
December 31, 2012
|
|
December 31, 2011
|
|
||||||||||||||||||
|
|
Average
|
|
Income /
|
|
Yield /
|
|
Average
|
|
Income /
|
|
Yield /
|
|
Average
|
|
Income /
|
|
Yield /
|
|
||||||
|
|
Balance
|
|
Expense
|
|
Rate
|
|
Balance
|
|
Expense
|
|
Rate
|
|
Balance
|
|
Expense
|
|
Rate
|
|
||||||
|
|
(Dollars In Thousands)
|
|
||||||||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities
|
|
$
|
98,501
|
|
$
|
1,928
|
|
1.96
|
%
|
$
|
105,378
|
|
$
|
2,266
|
|
2.15
|
%
|
$
|
105,964
|
|
$
|
2,216
|
|
2.09
|
%
|
Loans held for sale
|
|
|
42,667
|
|
|
1,505
|
|
3.53
|
%
|
|
78,543
|
|
|
2,953
|
|
3.76
|
%
|
|
51,774
|
|
|
2,176
|
|
4.20
|
%
|
Loans
(1)
|
|
|
648,744
|
|
|
32,336
|
|
4.98
|
%
|
|
583,724
|
|
|
31,418
|
|
5.38
|
%
|
|
520,062
|
|
|
30,632
|
|
5.89
|
%
|
Interest-bearing balances and federal funds sold
|
|
|
46,217
|
|
|
107
|
|
0.23
|
%
|
|
33,272
|
|
|
79
|
|
0.24
|
%
|
|
58,128
|
|
|
143
|
|
0.25
|
%
|
Total interest-earning assets
|
|
|
836,129
|
|
|
35,876
|
|
4.29
|
%
|
|
800,917
|
|
|
36,716
|
|
4.58
|
%
|
|
735,928
|
|
|
35,167
|
|
4.78
|
%
|
Noninterest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks
|
|
|
9,852
|
|
|
|
|
|
|
|
11,848
|
|
|
|
|
|
|
|
12,066
|
|
|
|
|
|
|
Premises, land and equipment
|
|
|
8,480
|
|
|
|
|
|
|
|
8,548
|
|
|
|
|
|
|
|
8,819
|
|
|
|
|
|
|
Other assets
|
|
|
13,035
|
|
|
|
|
|
|
|
16,914
|
|
|
|
|
|
|
|
13,304
|
|
|
|
|
|
|
Less: allowance for loan losses
|
|
|
(12,924)
|
|
|
|
|
|
|
|
(11,994)
|
|
|
|
|
|
|
|
(11,123)
|
|
|
|
|
|
|
Total noninterest-earning assets
|
|
|
18,443
|
|
|
|
|
|
|
|
25,316
|
|
|
|
|
|
|
|
23,066
|
|
|
|
|
|
|
Total Assets
|
|
$
|
854,572
|
|
|
|
|
|
|
$
|
826,233
|
|
|
|
|
|
|
$
|
758,994
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits
|
|
$
|
75,706
|
|
$
|
148
|
|
0.20
|
%
|
$
|
63,203
|
|
$
|
171
|
|
0.27
|
%
|
$
|
48,349
|
|
$
|
227
|
|
0.47
|
%
|
Money market deposit accounts
|
|
|
120,307
|
|
|
282
|
|
0.23
|
%
|
|
119,621
|
|
|
484
|
|
0.40
|
%
|
|
111,090
|
|
|
628
|
|
0.57
|
%
|
Savings accounts
|
|
|
2,483
|
|
|
5
|
|
0.20
|
%
|
|
2,587
|
|
|
4
|
|
0.15
|
%
|
|
2,853
|
|
|
6
|
|
0.21
|
%
|
Time deposits
|
|
|
287,364
|
|
|
3,051
|
|
1.06
|
%
|
|
340,935
|
|
|
3,870
|
|
1.14
|
%
|
|
303,009
|
|
|
4,343
|
|
1.43
|
%
|
Total interest-bearing deposits
|
|
|
485,860
|
|
|
3,486
|
|
0.72
|
%
|
|
526,346
|
|
|
4,529
|
|
0.86
|
%
|
|
465,301
|
|
|
5,204
|
|
1.12
|
%
|
Borrowings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FHLB Advances
|
|
|
43,077
|
|
|
97
|
|
0.23
|
%
|
|
11,141
|
|
|
65
|
|
0.58
|
%
|
|
8,458
|
|
|
42
|
|
0.50
|
%
|
Securities sold under agreements to repurchase and federal funds purchased
|
|
|
25,524
|
|
|
26
|
|
0.10
|
%
|
|
26,744
|
|
|
38
|
|
0.14
|
%
|
|
36,612
|
|
|
67
|
|
0.18
|
%
|
Other short-term borrowings
|
|
|
-
|
|
|
-
|
|
0.00
|
%
|
|
-
|
|
|
-
|
|
0.00
|
%
|
|
20,681
|
|
|
114
|
|
0.55
|
%
|
FHLB Long-term borrowings
|
|
|
-
|
|
|
-
|
|
0.00
|
%
|
|
3,015
|
|
|
212
|
|
7.03
|
%
|
|
6,196
|
|
|
219
|
|
3.53
|
%
|
FDIC Term Note
|
|
|
-
|
|
|
-
|
|
0.00
|
%
|
|
3,607
|
|
|
98
|
|
2.72
|
%
|
|
30,081
|
|
|
1,191
|
|
3.96
|
%
|
Subordinated Debentures
|
|
|
3,135
|
|
|
103
|
|
3.29
|
%
|
|
6,186
|
|
|
223
|
|
3.60
|
%
|
|
6,186
|
|
|
213
|
|
3.44
|
%
|
Total borrowings
|
|
|
71,736
|
|
|
226
|
|
0.32
|
%
|
|
50,693
|
|
|
636
|
|
1.25
|
%
|
|
108,214
|
|
|
1,846
|
|
1.71
|
%
|
Total interest-bearing deposits and borrowings
|
|
|
557,596
|
|
|
3,712
|
|
0.67
|
%
|
|
577,039
|
|
|
5,165
|
|
0.90
|
%
|
|
573,515
|
|
|
7,050
|
|
1.23
|
%
|
Noninterest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits
|
|
|
192,671
|
|
|
|
|
|
|
|
146,347
|
|
|
|
|
|
|
|
100,149
|
|
|
|
|
|
|
Other liabilities
|
|
|
9,953
|
|
|
|
|
|
|
|
12,800
|
|
|
|
|
|
|
|
8,361
|
|
|
|
|
|
|
Total liabilities
|
|
|
760,220
|
|
|
|
|
|
|
|
736,186
|
|
|
|
|
|
|
|
682,025
|
|
|
|
|
|
|
Shareholders' Equity
|
|
|
94,352
|
|
|
|
|
|
|
|
90,047
|
|
|
|
|
|
|
|
76,969
|
|
|
|
|
|
|
Total Liabilities and Shareholders' Equity:
|
|
$
|
854,572
|
|
|
|
|
|
|
$
|
826,233
|
|
|
|
|
|
|
$
|
758,994
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Spread
(2)
|
|
|
|
|
|
|
|
3.63
|
%
|
|
|
|
|
|
|
3.69
|
%
|
|
|
|
|
|
|
3.55
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Margin
(3)
|
|
|
|
|
$
|
32,164
|
|
3.85
|
%
|
|
|
|
$
|
31,551
|
|
3.94
|
%
|
|
|
|
$
|
28,117
|
|
3.82
|
%
|
30 | ||
|
|
|
Volume and Rate Analysis
|
|
|||||||||||||||||||||||||
|
|
Years Ended December 31,
|
|
|||||||||||||||||||||||||
|
|
2013 compared to 2012
|
|
2012 compared to 2011
|
|
2011 compared to 2010
|
|
|||||||||||||||||||||
|
|
Change Due To:
|
|
Change Due To:
|
|
Change Due To:
|
|
|||||||||||||||||||||
|
|
Increase /
|
|
|
|
|
|
|
|
Increase /
|
|
|
|
|
|
|
|
Increase /
|
|
|
|
|
|
|
|
|||
|
|
(Decrease)
|
|
Volume
|
|
Rate
|
|
(Decrease)
|
|
Volume
|
|
Rate
|
|
(Decrease)
|
|
Volume
|
|
Rate
|
|
|||||||||
|
|
(In Thousands)
|
|
|||||||||||||||||||||||||
Interest Earning Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
$
|
(338)
|
|
$
|
(142)
|
|
$
|
(196)
|
|
$
|
50
|
|
$
|
(12)
|
|
$
|
62
|
|
$
|
(26)
|
|
$
|
(36)
|
|
$
|
10
|
|
Loans
|
|
|
(530)
|
|
|
1,475
|
|
|
(2,005)
|
|
|
1,563
|
|
|
4,880
|
|
|
(3,317)
|
|
|
117
|
|
|
1,898
|
|
|
(1,781)
|
|
Interest-bearing deposits
|
|
|
28
|
|
|
30
|
|
|
(2)
|
|
|
(64)
|
|
|
(60)
|
|
|
(4)
|
|
|
(67)
|
|
|
(70)
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total increase (decrease) in interest income
|
|
|
(840)
|
|
|
1,363
|
|
|
(2,203)
|
|
|
1,549
|
|
|
4,808
|
|
|
(3,259)
|
|
|
24
|
|
|
1,792
|
|
|
(1,768)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits
|
|
|
(23)
|
|
|
30
|
|
|
(53)
|
|
|
(56)
|
|
|
57
|
|
|
(113)
|
|
|
44
|
|
|
92
|
|
|
(48)
|
|
Money market deposit accounts
|
|
|
(202)
|
|
|
3
|
|
|
(205)
|
|
|
(144)
|
|
|
45
|
|
|
(189)
|
|
|
(717)
|
|
|
(193)
|
|
|
(524)
|
|
Savings accounts
|
|
|
1
|
|
|
-
|
|
|
1
|
|
|
(2)
|
|
|
(1)
|
|
|
(1)
|
|
|
(24)
|
|
|
(7)
|
|
|
(17)
|
|
Time deposits
|
|
|
(819)
|
|
|
(580)
|
|
|
(239)
|
|
|
(473)
|
|
|
501
|
|
|
(974)
|
|
|
(1,732)
|
|
|
(485)
|
|
|
(1,247)
|
|
Total interest-bearing deposits
|
|
|
(1,043)
|
|
|
(547)
|
|
|
(496)
|
|
|
(675)
|
|
|
602
|
|
|
(1,277)
|
|
|
(2,429)
|
|
|
(593)
|
|
|
(1,836)
|
|
FHLB Advances
|
|
|
32
|
|
|
92
|
|
|
(60)
|
|
|
23
|
|
|
15
|
|
|
8
|
|
|
(387)
|
|
|
(89)
|
|
|
(298)
|
|
Securities sold under agreements to repurchase
|
|
|
(12)
|
|
|
(2)
|
|
|
(10)
|
|
|
(29)
|
|
|
(16)
|
|
|
(13)
|
|
|
(38)
|
|
|
22
|
|
|
(60)
|
|
Other short-term borrowings
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(114)
|
|
|
(57)
|
|
|
(57)
|
|
|
(114)
|
|
|
(44)
|
|
|
(70)
|
|
Long-term borrowings
|
|
|
(212)
|
|
|
(106)
|
|
|
(106)
|
|
|
(7)
|
|
|
(150)
|
|
|
143
|
|
|
(93)
|
|
|
(107)
|
|
|
14
|
|
FDIC Term note
|
|
|
(98)
|
|
|
(49)
|
|
|
(49)
|
|
|
(1,093)
|
|
|
(806)
|
|
|
(287)
|
|
|
-
|
|
|
3
|
|
|
(3)
|
|
Trust preferred
|
|
|
(120)
|
|
|
(102)
|
|
|
(18)
|
|
|
10
|
|
|
-
|
|
|
10
|
|
|
(3)
|
|
|
-
|
|
|
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total (decrease) increase in interest expense
|
|
|
(1,453)
|
|
|
(714)
|
|
|
(739)
|
|
|
(1,885)
|
|
|
(412)
|
|
|
(1,473)
|
|
|
(3,064)
|
|
|
(808)
|
|
|
(2,256)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase in net interest income
|
|
$
|
613
|
|
$
|
2,077
|
|
$
|
(1,464)
|
|
$
|
3,434
|
|
$
|
5,220
|
|
$
|
(1,786)
|
|
$
|
3,088
|
|
$
|
2,600
|
|
$
|
488
|
|
31 | ||
|
32 | ||
|
|
|
First
|
|
Second
|
|
Third
|
|
Fourth
|
|
Total
|
|
|||||
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
YTD
|
|
|||||
2013
|
|
(In Thousands, Except for Per Share Data)
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest income
|
|
$
|
9,156
|
|
$
|
9,086
|
|
$
|
8,741
|
|
$
|
8,893
|
|
$
|
35,876
|
|
Total interest expense
|
|
|
1,067
|
|
|
1,034
|
|
|
830
|
|
|
781
|
|
|
3,712
|
|
Net interest income
|
|
|
8,089
|
|
|
8,052
|
|
|
7,911
|
|
|
8,112
|
|
|
32,164
|
|
Provision for loan losses
|
|
|
225
|
|
|
-
|
|
|
450
|
|
|
-
|
|
|
675
|
|
Net interest income after provision for loan losses
|
|
|
7,864
|
|
|
8,052
|
|
|
7,461
|
|
|
8,112
|
|
|
31,489
|
|
Total noninterest income
|
|
|
10,844
|
|
|
8,023
|
|
|
5,079
|
|
|
4,204
|
|
|
28,150
|
|
Total noninterest expense
|
|
|
12,655
|
|
|
10,533
|
|
|
8,637
|
|
|
7,373
|
|
|
39,198
|
|
Income tax expense
|
|
|
2,369
|
|
|
2,018
|
|
|
1,098
|
|
|
1,749
|
|
|
7,234
|
|
Net income
|
|
$
|
3,684
|
|
$
|
3,524
|
|
$
|
2,805
|
|
$
|
3,194
|
|
$
|
13,207
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.36
|
|
$
|
0.34
|
|
$
|
0.27
|
|
$
|
0.31
|
|
$
|
1.28
|
|
Diluted
|
|
$
|
0.35
|
|
$
|
0.34
|
|
$
|
0.27
|
|
$
|
0.31
|
|
$
|
1.27
|
|
|
|
First
|
|
Second
|
|
Third
|
|
Fourth
|
|
Total
|
|
|||||
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
YTD
|
|
|||||
2012
|
|
(In Thousands, Except for Per Share Data)
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest income
|
|
$
|
9,351
|
|
$
|
9,002
|
|
$
|
9,172
|
|
$
|
9,191
|
|
$
|
36,716
|
|
Total interest expense
|
|
|
1,483
|
|
|
1,270
|
|
|
1,193
|
|
|
1,219
|
|
|
5,165
|
|
Net interest income
|
|
|
7,868
|
|
|
7,732
|
|
|
7,979
|
|
|
7,972
|
|
|
31,551
|
|
Provision for loan losses
|
|
|
718
|
|
|
472
|
|
|
150
|
|
|
175
|
|
|
1,515
|
|
Net interest income after provision for loan losses
|
|
|
7,150
|
|
|
7,260
|
|
|
7,829
|
|
|
7,797
|
|
|
30,036
|
|
Total noninterest income
|
|
|
12,101
|
|
|
13,732
|
|
|
12,725
|
|
|
16,236
|
|
|
54,794
|
|
Total noninterest expense
|
|
|
13,763
|
|
|
14,411
|
|
|
14,064
|
|
|
14,161
|
|
|
56,399
|
|
Income tax expense
|
|
|
2,050
|
|
|
2,691
|
|
|
2,358
|
|
|
3,609
|
|
|
10,708
|
|
Net income
|
|
$
|
3,438
|
|
$
|
3,890
|
|
$
|
4,132
|
|
$
|
6,263
|
|
$
|
17,723
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.34
|
|
$
|
0.38
|
|
$
|
0.40
|
|
$
|
0.61
|
|
$
|
1.73
|
|
Diluted
|
|
$
|
0.33
|
|
$
|
0.38
|
|
$
|
0.40
|
|
$
|
0.60
|
|
$
|
1.71
|
|
|
|
First
|
|
Second
|
|
Third
|
|
Fourth
|
|
Total
|
|
|||||
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
YTD
|
|
|||||
2011
|
|
(In Thousands, Except for Per Share Data)
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest income
|
|
$
|
8,570
|
|
$
|
8,529
|
|
$
|
8,876
|
|
$
|
9,192
|
|
$
|
35,167
|
|
Total interest expense
|
|
|
2,003
|
|
|
1,682
|
|
|
1,670
|
|
|
1,695
|
|
|
7,050
|
|
Net interest income
|
|
|
6,567
|
|
|
6,847
|
|
|
7,206
|
|
|
7,497
|
|
|
28,117
|
|
Provision for loan losses
|
|
|
223
|
|
|
(2)
|
|
|
715
|
|
|
213
|
|
|
1,149
|
|
Net interest income after provision for loan losses
|
|
|
6,344
|
|
|
6,849
|
|
|
6,491
|
|
|
7,284
|
|
|
26,968
|
|
Total noninterest income
|
|
|
5,839
|
|
|
8,100
|
|
|
10,702
|
|
|
11,788
|
|
|
36,429
|
|
Total noninterest expense
|
|
|
8,631
|
|
|
10,803
|
|
|
12,374
|
|
|
13,914
|
|
|
45,722
|
|
Income tax expense
|
|
|
1,265
|
|
|
1,475
|
|
|
1,706
|
|
|
1,841
|
|
|
6,287
|
|
Net income
|
|
$
|
2,287
|
|
$
|
2,671
|
|
$
|
3,113
|
|
$
|
3,317
|
|
$
|
11,388
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.22
|
|
$
|
0.26
|
|
$
|
0.30
|
|
$
|
0.33
|
|
$
|
1.11
|
|
Diluted
|
|
$
|
0.22
|
|
$
|
0.26
|
|
$
|
0.30
|
|
$
|
0.32
|
|
$
|
1.10
|
|
33 | ||
|
|
|
Maturity Schedule of Investment Securities
|
|
|||||||||||||||||||||
|
|
Year Ended December 31, 2013
|
|
|||||||||||||||||||||
|
|
After One Year
|
|
|
After Five Years
|
|
|
After Ten Years
|
|
|
|
|
|
|
|
|||||||||
|
|
But Within
|
|
|
But Within
|
|
|
and
|
|
|
|
|
|
|
|
|||||||||
|
|
Five Years
|
|
|
Ten Years
|
|
|
Over
|
|
|
Total
|
|
||||||||||||
|
|
Amount
|
|
Yield
|
|
|
Amount
|
|
Yield
|
|
|
Amount
|
|
Yield
|
|
|
Amount
|
|
Yield
|
|
||||
|
|
(Dollars In Thousands)
|
|
|||||||||||||||||||||
Investment securities available-for-sale
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US Government agency
|
|
$
|
4,329
|
|
1.63
|
%
|
|
$
|
22,532
|
|
1.93
|
%
|
|
$
|
7,271
|
|
1.87
|
%
|
|
$
|
34,132
|
|
1.88
|
%
|
Mortgage backed
|
|
|
-
|
|
-
|
|
|
|
8,219
|
|
1.70
|
%
|
|
|
19,433
|
|
1.64
|
%
|
|
|
27,652
|
|
1.66
|
%
|
Corporate bonds
|
|
|
4,123
|
|
2.89
|
%
|
|
|
1,896
|
|
3.06
|
%
|
|
|
-
|
|
-
|
|
|
|
6,019
|
|
2.94
|
%
|
Asset backed securities
|
|
|
-
|
|
|
|
|
|
1,000
|
|
2.17
|
%
|
|
|
5,643
|
|
0.99
|
%
|
|
|
6,643
|
|
1.17
|
%
|
Municipals - nontaxable
|
|
|
-
|
|
-
|
|
|
|
-
|
|
-
|
|
|
|
695
|
|
1.65
|
%
|
|
|
695
|
|
1.65
|
%
|
|
|
$
|
8,452
|
|
2.24
|
%
|
|
$
|
33,647
|
|
1.94
|
%
|
|
$
|
33,042
|
|
1.58
|
%
|
|
$
|
75,141
|
|
1.82
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities Held-to-maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US Government agency
|
|
$
|
9,999
|
|
1.43
|
%
|
|
$
|
4,984
|
|
3.03
|
%
|
|
$
|
-
|
|
-
|
|
|
$
|
14,983
|
|
1.96
|
%
|
Municipals - nontaxable
|
|
|
-
|
|
-
|
|
|
|
-
|
|
-
|
|
|
|
868
|
|
1.75
|
%
|
|
|
868
|
|
1.75
|
%
|
Municipals
|
|
|
-
|
|
-
|
|
|
|
426
|
|
3.03
|
%
|
|
|
-
|
|
-
|
%
|
|
|
426
|
|
3.03
|
%
|
|
|
$
|
9,999
|
|
1.43
|
%
|
|
$
|
5,410
|
|
3.03
|
%
|
|
$
|
868
|
|
1.75
|
%
|
|
$
|
16,277
|
|
1.98
|
%
|
34 | ||
|
|
|
Composition of Loan Portfolio
|
|
|||||||||||||||||||||||||||
|
|
Year Ended December 31,
|
|
|||||||||||||||||||||||||||
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
2009
|
|
|||||||||||||||
|
|
Amount
|
|
Percentage
of Total |
|
|
Amount
|
|
Percentage
of Total |
|
|
Amount
|
|
Percentage
of Total |
|
|
Amount
|
|
Percentage
of Total |
|
|
Amount
|
|
Percentage
of Total |
|
|||||
|
|
(Dollars In Thousands)
|
|
|||||||||||||||||||||||||||
Commercial real estate - owner occupied
|
|
$
|
196,804
|
|
28.65
|
%
|
|
$
|
182,655
|
|
29.60
|
%
|
|
$
|
171,599
|
|
30.14
|
%
|
|
$
|
137,169
|
|
27.91
|
%
|
|
$
|
128,859
|
|
26.49
|
%
|
Commercial real estate - non-owner occupied
|
|
|
90,676
|
|
13.20
|
|
|
|
107,213
|
|
17.38
|
|
|
|
104,976
|
|
18.44
|
|
|
|
80,830
|
|
16.44
|
|
|
|
91,442
|
|
18.79
|
|
Residential real estate
|
|
|
173,639
|
|
25.27
|
|
|
|
144,521
|
|
23.43
|
|
|
|
128,485
|
|
22.56
|
|
|
|
137,752
|
|
28.02
|
|
|
|
150,792
|
|
30.99
|
|
Commercial
|
|
|
182,220
|
|
26.52
|
|
|
|
149,389
|
|
24.21
|
|
|
|
131,816
|
|
23.15
|
|
|
|
94,798
|
|
19.29
|
|
|
|
72,628
|
|
14.93
|
|
Real estate construction
|
|
|
38,842
|
|
5.65
|
|
|
|
30,038
|
|
4.87
|
|
|
|
29,705
|
|
5.22
|
|
|
|
38,093
|
|
7.75
|
|
|
|
41,508
|
|
8.53
|
|
Consumer
|
|
|
4,874
|
|
0.71
|
|
|
|
3,162
|
|
0.51
|
|
|
|
2,819
|
|
0.49
|
|
|
|
2,887
|
|
0.59
|
|
|
|
1,335
|
|
0.27
|
|
Total loans
|
|
$
|
687,055
|
|
100.00
|
%
|
|
$
|
616,978
|
|
100.00
|
%
|
|
$
|
569,400
|
|
100.00
|
%
|
|
$
|
491,529
|
|
100.00
|
%
|
|
$
|
486,564
|
|
100.00
|
%
|
|
|
Loan Maturity Distribution
|
|
|||||||||||||
|
|
Year Ended December 31, 2013
|
|
|||||||||||||
|
|
Three Months or
|
|
Over Three Months
|
|
Over One Year
|
|
Over
|
|
|
|
|||||
|
|
Less
|
|
Through One Year
|
|
Through Five Years
|
|
Five Years
|
|
Total
|
|
|||||
|
|
(In Thousands)
|
|
|||||||||||||
Commercial real estate - owner occupied
|
|
$
|
4,304
|
|
$
|
13,607
|
|
$
|
46,382
|
|
$
|
132,511
|
|
$
|
196,804
|
|
Commercial real estate - non-owner occupied
|
|
|
1,257
|
|
|
8,504
|
|
|
28,211
|
|
|
52,704
|
|
|
90,676
|
|
Residential real estate
|
|
|
4,153
|
|
|
8,198
|
|
|
49,575
|
|
|
111,713
|
|
|
173,639
|
|
Commercial
|
|
|
14,254
|
|
|
60,788
|
|
|
43,268
|
|
|
63,910
|
|
|
182,220
|
|
Real estate construction
|
|
|
4,042
|
|
|
20,634
|
|
|
8,898
|
|
|
5,268
|
|
|
38,842
|
|
Consumer and other
|
|
|
418
|
|
|
88
|
|
|
3,692
|
|
|
676
|
|
|
4,874
|
|
Total
|
|
$
|
28,428
|
|
$
|
111,819
|
|
$
|
180,026
|
|
$
|
366,782
|
|
$
|
687,055
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans with fixed interest rates
|
|
$
|
7,137
|
|
$
|
11,785
|
|
$
|
85,803
|
|
$
|
127,021
|
|
$
|
231,746
|
|
Loans with floating interest rates
|
|
|
21,291
|
|
|
100,034
|
|
|
94,223
|
|
|
239,761
|
|
|
455,309
|
|
Total
|
|
$
|
28,428
|
|
$
|
111,819
|
|
$
|
180,026
|
|
$
|
366,782
|
|
$
|
687,055
|
|
35 | ||
|
|
|
Allowance for Loan Losses
|
|
|||||||||||||
|
|
Year Ended December 31,
|
|
|||||||||||||
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|
|||||
|
|
(In Thousands)
|
|
|||||||||||||
Balance, beginning of year
|
|
$
|
12,500
|
|
$
|
11,738
|
|
$
|
10,527
|
|
$
|
9,127
|
|
$
|
7,462
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan losses
|
|
|
675
|
|
|
1,515
|
|
|
1,149
|
|
|
2,816
|
|
|
6,064
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate - owner occupied
|
|
|
-
|
|
|
429
|
|
|
344
|
|
|
624
|
|
|
584
|
|
Commercial real estate - non-owner occupied
|
|
|
-
|
|
|
103
|
|
|
-
|
|
|
-
|
|
|
1,064
|
|
Residential real estate
|
|
|
97
|
|
|
790
|
|
|
596
|
|
|
875
|
|
|
851
|
|
Commercial
|
|
|
444
|
|
|
808
|
|
|
292
|
|
|
501
|
|
|
1,541
|
|
Real estate construction
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
48
|
|
|
1,247
|
|
Consumer
|
|
|
-
|
|
|
35
|
|
|
-
|
|
|
-
|
|
|
23
|
|
Total charge-offs
|
|
|
541
|
|
|
2,165
|
|
|
1,232
|
|
|
2,048
|
|
|
5,310
|
|
Recoveries:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate - owner occupied
|
|
|
-
|
|
|
-
|
|
|
405
|
|
|
20
|
|
|
159
|
|
Commercial real estate - non-owner occupied
|
|
|
199
|
|
|
416
|
|
|
234
|
|
|
89
|
|
|
135
|
|
Residential real estate
|
|
|
111
|
|
|
410
|
|
|
89
|
|
|
38
|
|
|
79
|
|
Commercial
|
|
|
179
|
|
|
566
|
|
|
536
|
|
|
385
|
|
|
374
|
|
Real estate construction
|
|
|
-
|
|
|
-
|
|
|
30
|
|
|
99
|
|
|
66
|
|
Consumer
|
|
|
13
|
|
|
20
|
|
|
-
|
|
|
1
|
|
|
98
|
|
Total recoveries
|
|
|
502
|
|
|
1,412
|
|
|
1,294
|
|
|
632
|
|
|
911
|
|
Net (charge-offs) recoveries
|
|
|
(39)
|
|
|
(753)
|
|
|
62
|
|
|
(1,416)
|
|
|
(4,399)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, end of year
|
|
$
|
13,136
|
|
$
|
12,500
|
|
$
|
11,738
|
|
$
|
10,527
|
|
$
|
9,127
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net charge-offs during the period to
average loans outstanding during the period |
|
|
0.01
|
%
|
|
0.13
|
%
|
|
-0.01
|
%
|
|
0.30
|
%
|
|
0.90
|
%
|
36 | ||
|
|
|
Allocation of the Allowance for Loan Losses
|
|
|||||||||||||||||||||||
|
|
Year Ended December 31,
|
|
|||||||||||||||||||||||
|
|
2013
|
|
Percentage
of total |
|
2012
|
|
Percentage
of total |
|
2011
|
|
Percentage
of total |
|
2010
|
|
Percentage
of total |
|
2009
|
|
Percentage
of total |
|
|||||
|
|
(Dollars In Thousands)
|
|
|||||||||||||||||||||||
Commercial real estate - owner occupied
|
|
$
|
3,763
|
|
28.65
|
%
|
$
|
3,701
|
|
29.61
|
%
|
$
|
3,634
|
|
30.96
|
%
|
$
|
3,134
|
|
29.77
|
%
|
$
|
2,533
|
|
27.75
|
%
|
Commercial real estate - non-owner occupied
|
|
|
1,734
|
|
13.20
|
|
|
2,173
|
|
17.39
|
|
|
1,747
|
|
14.88
|
|
|
2,173
|
|
20.64
|
|
|
1,865
|
|
20.43
|
|
Residential real estate
|
|
|
3,320
|
|
25.27
|
|
|
2,924
|
|
23.39
|
|
|
2,874
|
|
24.48
|
|
|
2,930
|
|
27.83
|
|
|
2,517
|
|
27.58
|
|
Commercial
|
|
|
3,484
|
|
26.52
|
|
|
3,028
|
|
24.22
|
|
|
3,021
|
|
25.74
|
|
|
1,509
|
|
14.33
|
|
|
1,563
|
|
17.13
|
|
Real estate construction
|
|
|
743
|
|
5.66
|
|
|
610
|
|
4.88
|
|
|
423
|
|
3.60
|
|
|
758
|
|
7.20
|
|
|
539
|
|
5.91
|
|
Consumer
|
|
|
92
|
|
0.70
|
|
|
64
|
|
0.51
|
|
|
39
|
|
0.34
|
|
|
23
|
|
0.23
|
|
|
110
|
|
1.20
|
|
Total
|
|
$
|
13,136
|
|
100.00
|
%
|
$
|
12,500
|
|
100.00
|
%
|
$
|
11,738
|
|
100.00
|
%
|
$
|
10,527
|
|
100.00
|
%
|
$
|
9,127
|
|
100.00
|
%
|
|
|
Non-performing Assets and Accruing Loans Past Due 90 Days or More
|
|
|||||||||||||||||
|
|
Year Ended December 31,
|
|
|||||||||||||||||
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
2009
|
|
|||||
|
|
(Dollars In Thousands)
|
|
|||||||||||||||||
Non-accrual loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate - owner occupied
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
2,694
|
|
|
$
|
6,345
|
|
|
$
|
3,631
|
|
Commercial real estate - non-owner occupied
|
|
|
-
|
|
|
|
-
|
|
|
|
321
|
|
|
|
367
|
|
|
|
-
|
|
Residential real estate
|
|
|
871
|
|
|
|
922
|
|
|
|
2,249
|
|
|
|
949
|
|
|
|
1,504
|
|
Commercial
|
|
|
1,664
|
|
|
|
1,821
|
|
|
|
1,439
|
|
|
|
900
|
|
|
|
208
|
|
Real estate construction
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,689
|
|
Consumer
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Total non-accrual loans
|
|
|
2,535
|
|
|
|
2,743
|
|
|
|
6,703
|
|
|
|
8,561
|
|
|
|
7,032
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other real estate owned ("OREO")
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,859
|
|
|
|
5,111
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-performing assets
|
|
$
|
2,535
|
|
|
$
|
2,743
|
|
|
$
|
6,703
|
|
|
$
|
10,420
|
|
|
$
|
12,143
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructured loans included above in non-accrual loans
|
|
$
|
931
|
|
|
$
|
759
|
|
|
$
|
1,428
|
|
|
$
|
958
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of non-performing assets to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans plus OREO
|
|
|
0.37
|
%
|
|
|
0.44
|
%
|
|
|
1.18
|
%
|
|
|
2.11
|
%
|
|
|
2.47
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
0.30
|
%
|
|
|
0.32
|
%
|
|
|
0.83
|
%
|
|
|
1.25
|
%
|
|
|
1.82
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accruing past due loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
90 or more days past due
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
333
|
|
|
$
|
-
|
|
37 | ||
|
|
|
Average Deposits and Average Rates Paid
|
|
||||||||||||||||||||||
|
|
Year Ended December 31,
|
|
||||||||||||||||||||||
|
|
2013
|
|
|
2012
|
|
2011
|
|
|||||||||||||||||
|
|
Average
|
|
Income /
|
|
Yield /
|
|
Average
|
|
Income /
|
|
Yield /
|
|
Average
|
|
Income /
|
|
Yield /
|
|
||||||
|
|
Balance
|
|
Expense
|
|
Rate
|
|
Balance
|
|
Expense
|
|
Rate
|
|
Balance
|
|
Expense
|
|
Rate
|
|
||||||
|
|
(Dollars In Thousands)
|
|
||||||||||||||||||||||
Interest-bearing demand deposits
|
|
$
|
75,706
|
|
$
|
148
|
|
0.20
|
%
|
$
|
63,203
|
|
$
|
171
|
|
0.27
|
%
|
$
|
48,349
|
|
$
|
227
|
|
0.47
|
%
|
Money market deposit accounts
|
|
|
120,307
|
|
|
282
|
|
0.23
|
%
|
|
119,621
|
|
|
484
|
|
0.40
|
%
|
|
111,090
|
|
|
628
|
|
0.57
|
%
|
Savings accounts
|
|
|
2,483
|
|
|
5
|
|
0.20
|
%
|
|
2,587
|
|
|
4
|
|
0.15
|
%
|
|
2,853
|
|
|
6
|
|
0.21
|
%
|
Time deposits
|
|
|
287,364
|
|
|
3,051
|
|
1.06
|
%
|
|
340,935
|
|
|
3,870
|
|
1.14
|
%
|
|
303,009
|
|
|
4,343
|
|
1.43
|
%
|
Total interest-bearing deposits
|
|
$
|
485,860
|
|
$
|
3,486
|
|
0.72
|
%
|
$
|
526,346
|
|
$
|
4,529
|
|
0.86
|
%
|
$
|
465,301
|
|
$
|
5,204
|
|
1.12
|
%
|
Noninterest-bearing demand deposits
|
|
|
192,671
|
|
|
|
|
|
|
|
146,347
|
|
|
|
|
|
|
|
100,149
|
|
|
|
|
|
|
Total deposits
|
|
$
|
678,531
|
|
|
|
|
|
|
$
|
672,693
|
|
|
|
|
|
|
$
|
565,450
|
|
|
|
|
|
|
38 | ||
|
|
|
Certificate of Deposit Maturity Distribution
|
|
||||||||||
|
|
Year Ended December 31, 2013
|
|
||||||||||
|
|
Three months
|
|
Over three
|
|
Over
|
|
|
|
|
|||
|
|
or less
|
|
through twelve months
|
|
twelve months
|
|
Total
|
|
||||
|
|
(In Thousands)
|
|
||||||||||
Less than $100,000
|
|
$
|
6,572
|
|
$
|
15,024
|
|
$
|
27,441
|
|
$
|
49,037
|
|
Greater than or equal to $100,000
|
|
|
44,897
|
|
|
47,428
|
|
|
41,506
|
|
|
133,831
|
|
|
|
$
|
51,469
|
|
$
|
62,452
|
|
$
|
68,947
|
|
$
|
182,868
|
|
|
|
Borrowed Funds Distribution
|
|
|||||||
|
|
Year Ended December 31,
|
|
|||||||
|
|
2013
|
|
2012
|
|
2011
|
|
|||
|
|
(Dollars In Thousands)
|
|
|||||||
Borrowings:
|
|
|
|
|
|
|
|
|
|
|
At Period End
|
|
|
|
|
|
|
|
|
|
|
FHLB advances
|
|
$
|
145,000
|
|
$
|
45,000
|
|
$
|
-
|
|
Securities sold under agreements to repurchase
|
|
|
27,855
|
|
|
38,091
|
|
|
29,904
|
|
Commercial paper
|
|
|
-
|
|
|
-
|
|
|
-
|
|
U.S. Treasury demand note
|
|
|
-
|
|
|
-
|
|
|
-
|
|
FHLB long-term borrowings
|
|
|
-
|
|
|
-
|
|
|
4,821
|
|
FDIC term note
|
|
|
-
|
|
|
-
|
|
|
30,000
|
|
Subordinated debentures
|
|
|
-
|
|
|
6,186
|
|
|
6,186
|
|
Total at period end
|
|
$
|
172,855
|
|
$
|
89,277
|
|
$
|
70,911
|
|
|
|
Year Ended December 31,
|
|
|||||||||
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|||
|
|
(Dollars In Thousands)
|
|
|||||||||
Borrowings:
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balances
|
|
|
|
|
|
|
|
|
|
|
|
|
FHLB advances
|
|
$
|
43,077
|
|
|
$
|
11,141
|
|
|
$
|
8,458
|
|
Securities sold under agreements to repurchase
|
|
|
25,524
|
|
|
|
26,703
|
|
|
|
36,571
|
|
Commercial paper
|
|
|
-
|
|
|
|
-
|
|
|
|
19,035
|
|
U.S. Treasury demand note
|
|
|
-
|
|
|
|
-
|
|
|
|
1,646
|
|
FHLB long-term borrowings
|
|
|
-
|
|
|
|
3,015
|
|
|
|
6,196
|
|
FDIC term note
|
|
|
-
|
|
|
|
3,607
|
|
|
|
30,081
|
|
Subordinated debentures
|
|
|
3,135
|
|
|
|
6,186
|
|
|
|
6,186
|
|
Federal funds purchased
|
|
|
-
|
|
|
|
41
|
|
|
|
41
|
|
Total average balance
|
|
$
|
71,736
|
|
|
$
|
50,693
|
|
|
$
|
108,214
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rate paid on all borrowed funds
|
|
|
0.32
|
%
|
|
|
1.25
|
%
|
|
|
1.71
|
%
|
39 | ||
|
|
|
Year Ended December 31,
|
|
||||||||||||||
|
|
2013
|
|
2012
|
|
||||||||||||
|
|
(Dollars In Thousands)
|
|
||||||||||||||
Average rate paid on all borrowed funds
|
|
Average Balances
|
|
Expense
|
|
Yield
|
|
Average Balances
|
|
Expense
|
|
Yield
|
|
||||
FHLB advances
|
|
$
|
43,077
|
|
$
|
97
|
|
0.23
|
%
|
$
|
11,141
|
|
$
|
65
|
|
0.58
|
%
|
Securities sold under agreements to repurchase
|
|
|
25,524
|
|
|
26
|
|
0.10
|
%
|
|
26,703
|
|
|
38
|
|
0.14
|
%
|
FHLB long term borrowings
|
|
|
-
|
|
|
-
|
|
0.00
|
%
|
|
3,015
|
|
|
212
|
|
7.03
|
%
|
FDIC term note
|
|
|
-
|
|
|
-
|
|
0.00
|
%
|
|
3,607
|
|
|
98
|
|
2.72
|
%
|
Subordinated debentures
|
|
|
3,135
|
|
|
103
|
|
3.29
|
%
|
|
6,186
|
|
|
223
|
|
3.60
|
%
|
Fed funds purchased
|
|
|
-
|
|
|
-
|
|
0.00
|
%
|
|
41
|
|
|
-
|
|
0.00
|
%
|
|
|
$
|
71,736
|
|
$
|
226
|
|
0.32
|
%
|
$
|
50,693
|
|
$
|
636
|
|
1.25
|
%
|
|
|
Year Ended December 31,
|
|
|||||||||||||
|
|
2013
|
|
2012
|
|
2011
|
|
|||||||||
|
|
Maximum Balance at
|
|
Maximum Balance at
|
|
Maximum Balance at
|
|
|||||||||
|
|
any month-end
|
|
any month-end
|
|
any month-end
|
|
|||||||||
|
|
(Dollars In Thousands)
|
|
|||||||||||||
FHLB advances
|
|
$
|
145,000
|
|
December
|
|
$
|
45,000
|
|
December
|
|
$
|
40,000
|
|
May
|
|
Securities sold under agreements to repurchase
|
|
|
32,531
|
|
February
|
|
|
38,091
|
|
December
|
|
|
39,553
|
|
April
|
|
Commercial paper
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
32,299
|
|
January
|
|
US Treasury demand note
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
4,000
|
|
May
|
|
FHLB long term borrowings
|
|
|
-
|
|
|
|
|
4,821
|
|
February
|
|
|
7,036
|
|
February
|
|
FDIC term note
|
|
|
-
|
|
|
|
|
30,000
|
|
January
|
|
|
30,000
|
|
December
|
|
Subordinated debentures
|
|
|
6,186
|
|
June
|
|
|
6,186
|
|
December
|
|
|
6,186
|
|
December
|
|
40 | ||
|
|
|
Risk Based Capital Analysis
|
|
|||||||||
|
|
Year Ended December 31,
|
|
|||||||||
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|||
|
|
(Dollars In Thousands)
|
|
|||||||||
Tier 1 Capital:
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock
|
|
$
|
8,659
|
|
|
$
|
8,615
|
|
|
$
|
8,511
|
|
Additional paid in capital
|
|
|
17,320
|
|
|
|
17,155
|
|
|
|
16,716
|
|
Retained earnings
|
|
|
67,121
|
|
|
|
65,404
|
|
|
|
57,529
|
|
Subordinated debt (trust preferred debenture)
|
|
|
-
|
|
|
|
6,000
|
|
|
|
6,000
|
|
Less: Disallowed servicing assets and loss on equity security
|
|
|
(313)
|
|
|
|
(80)
|
|
|
|
(112)
|
|
Total Tier 1 Capital
|
|
$
|
92,787
|
|
|
$
|
97,094
|
|
|
$
|
88,644
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses
|
|
|
9,680
|
|
|
|
8,664
|
|
|
|
7,788
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Risk Based Capital
|
|
$
|
102,467
|
|
|
$
|
105,758
|
|
|
$
|
96,432
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk weighted assets
|
|
$
|
770,276
|
|
|
$
|
688,782
|
|
|
$
|
618,746
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly average assets
|
|
$
|
848,886
|
|
|
$
|
844,256
|
|
|
$
|
821,995
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 risk based capital ratio
|
|
|
12.05
|
%
|
|
|
14.10
|
%
|
|
|
14.33
|
%
|
Total risk based capital ratio
|
|
|
13.30
|
%
|
|
|
15.35
|
%
|
|
|
15.59
|
%
|
Leverage ratio
|
|
|
10.93
|
%
|
|
|
11.50
|
%
|
|
|
10.78
|
%
|
41 | ||
|
|
|
December 31, 2013
|
|
||||||||||
|
|
Less Than
|
|
1 - 3
|
|
More Than
|
|
|
|
|
|||
|
|
1 Year
|
|
Years
|
|
3 Years
|
|
Total
|
|
||||
|
|
(In Thousands)
|
|
||||||||||
Certificates of deposit
|
|
$
|
113,921
|
|
$
|
44,221
|
|
$
|
24,726
|
|
$
|
182,868
|
|
FHLB Advances
|
|
|
145,000
|
|
|
-
|
|
|
-
|
|
|
145,000
|
|
Securities sold under agreements to repurchase
|
|
|
27,855
|
|
|
-
|
|
|
-
|
|
|
27,855
|
|
Leases
|
|
|
341
|
|
|
511
|
|
|
386
|
|
|
1,238
|
|
Total
|
|
$
|
287,117
|
|
$
|
44,732
|
|
$
|
25,112
|
|
$
|
356,961
|
|
42 | ||
|
43 | ||
|
44 | ||
|
45 | ||
|
|
|
|
Year Ended December 31,
|
|
|||
|
|
|
2013
|
|
|
2012
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks
|
|
$
|
8,117
|
|
$
|
15,735
|
|
Interest-bearing deposits in other banks and federal funds sold
|
|
|
15,302
|
|
|
22,206
|
|
|
|
|
|
|
|
|
|
Securities available-for-sale, at fair value
|
|
|
76,552
|
|
|
35,759
|
|
Securities held-to-maturity, at amortized cost (fair value of $15,659 and $45,308)
|
|
|
16,277
|
|
|
44,952
|
|
Total investment securities
|
|
|
92,829
|
|
|
80,711
|
|
|
|
|
|
|
|
|
|
Restricted stock
|
|
|
8,559
|
|
|
4,237
|
|
Loans held for sale
|
|
|
24,353
|
|
|
111,542
|
|
Loans, net of allowance for loan losses 2013 - $13,136; 2012 - $12,500
|
|
|
673,919
|
|
|
604,478
|
|
Premises and equipment, net
|
|
|
8,389
|
|
|
8,517
|
|
Accrued interest receivable and other assets
|
|
|
15,714
|
|
|
16,488
|
|
Total assets
|
|
$
|
847,182
|
|
$
|
863,914
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
Noninterest-bearing demand deposits
|
|
$
|
189,908
|
|
$
|
164,161
|
|
Savings and interest-bearing deposits
|
|
|
200,196
|
|
|
187,997
|
|
Time deposits
|
|
|
182,868
|
|
|
319,338
|
|
Total deposits
|
|
|
572,972
|
|
|
671,496
|
|
|
|
|
|
|
|
|
|
Short-term borrowings
|
|
|
172,855
|
|
|
83,091
|
|
Subordinated debentures
|
|
|
-
|
|
|
6,186
|
|
Other liabilities and accrued expenses
|
|
|
10,221
|
|
|
11,874
|
|
Total liabilities
|
|
|
756,048
|
|
|
772,647
|
|
|
|
|
|
|
|
|
|
Shareholders' Equity
|
|
|
|
|
|
|
|
Common stock, par value $0.835, authorized 60,000,000 shares,
issued and outstanding, 2013 - 10,369,420 and 2012 - 10,317,767 |
|
|
8,659
|
|
|
8,615
|
|
Additional paid-in capital
|
|
|
17,320
|
|
|
17,155
|
|
Retained earnings
|
|
|
67,121
|
|
|
65,404
|
|
Accumulated other comprehensive income (loss), net
|
|
|
(1,966)
|
|
|
93
|
|
Total shareholders' equity
|
|
|
91,134
|
|
|
91,267
|
|
Total liabilities and shareholders' equity
|
|
$
|
847,182
|
|
$
|
863,914
|
|
46 | ||
|
|
|
Year Ended December 31,
|
|
|||||||
|
|
2013
|
|
2012
|
|
2011
|
|
|||
Interest and Dividend Income
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
$
|
33,841
|
|
$
|
34,371
|
|
$
|
32,808
|
|
Interest-bearing deposits and federal funds sold
|
|
|
107
|
|
|
79
|
|
|
143
|
|
Securities
|
|
|
1,928
|
|
|
2,266
|
|
|
2,216
|
|
Total interest and dividend income
|
|
|
35,876
|
|
|
36,716
|
|
|
35,167
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
3,486
|
|
|
4,529
|
|
|
5,204
|
|
Short-term borrowings
|
|
|
123
|
|
|
201
|
|
|
1,414
|
|
Long-term borrowings
|
|
|
-
|
|
|
212
|
|
|
219
|
|
Subordinated debentures
|
|
|
103
|
|
|
223
|
|
|
213
|
|
Total interest expense
|
|
|
3,712
|
|
|
5,165
|
|
|
7,050
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
|
32,164
|
|
|
31,551
|
|
|
28,117
|
|
Provision for loan losses
|
|
|
675
|
|
|
1,515
|
|
|
1,149
|
|
Net interest income after provision for
loan losses |
|
|
31,489
|
|
|
30,036
|
|
|
26,968
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Income
|
|
|
|
|
|
|
|
|
|
|
Service fees on deposit accounts
|
|
|
691
|
|
|
666
|
|
|
693
|
|
Gain on sale of loans
|
|
|
21,109
|
|
|
55,749
|
|
|
35,345
|
|
Mortgage broker fee income
|
|
|
83
|
|
|
54
|
|
|
627
|
|
Other income
|
|
|
6,267
|
|
|
(1,675)
|
|
|
(236)
|
|
Total noninterest income
|
|
|
28,150
|
|
|
54,794
|
|
|
36,429
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Expense
|
|
|
|
|
|
|
|
|
|
|
Compensation and employee benefits
|
|
|
25,289
|
|
|
31,481
|
|
|
25,415
|
|
Occupancy
|
|
|
1,660
|
|
|
1,720
|
|
|
2,152
|
|
Furniture and equipment
|
|
|
919
|
|
|
1,002
|
|
|
779
|
|
Other
|
|
|
11,330
|
|
|
22,196
|
|
|
17,376
|
|
Total noninterest expense
|
|
|
39,198
|
|
|
56,399
|
|
|
45,722
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
20,441
|
|
|
28,431
|
|
|
17,675
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes
|
|
|
7,234
|
|
|
10,708
|
|
|
6,287
|
|
Net Income
|
|
$
|
13,207
|
|
$
|
17,723
|
|
$
|
11,388
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
1.28
|
|
$
|
1.73
|
|
$
|
1.11
|
|
Diluted
|
|
$
|
1.27
|
|
$
|
1.71
|
|
$
|
1.10
|
|
|
|
|
|
|
|
|
|
|
|
|
Average outstanding shares:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
10,319,802
|
|
|
10,253,656
|
|
|
10,277,801
|
|
Diluted
|
|
|
10,403,155
|
|
|
10,363,267
|
|
|
10,344,325
|
|
47 | ||
|
|
|
Year Ended December 31,
|
|
|||||||
|
|
2013
|
|
2012
|
|
2011
|
|
|||
Net income
|
|
$
|
13,207
|
|
$
|
17,723
|
|
$
|
11,388
|
|
Other comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
Unrealized gains (losses) on securities
|
|
|
|
|
|
|
|
|
|
|
Unrealized holding gains arising during period
|
|
|
(3,168)
|
|
|
54
|
|
|
2,810
|
|
Tax effect
|
|
|
1,109
|
|
|
(20)
|
|
|
(956)
|
|
Net of tax amount
|
|
|
(2,059)
|
|
|
34
|
|
|
1,854
|
|
Comprehensive income
|
|
$
|
11,148
|
|
$
|
17,757
|
|
$
|
13,242
|
|
48 | ||
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
Additional
|
|
|
|
|
Compre-
|
|
|
|
|
||
|
|
Common
|
|
Paid in
|
|
Retained
|
|
hensive
|
|
|
|
|
||||
|
|
Stock
|
|
Capital
|
|
Earnings
|
|
Income (Loss)
|
|
Total
|
|
|||||
Balance, December 31, 2010
|
|
$
|
8,664
|
|
$
|
17,794
|
|
$
|
47,530
|
|
$
|
(1,795)
|
|
$
|
72,193
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
-
|
|
|
-
|
|
|
11,388
|
|
|
-
|
|
|
11,388
|
|
Other comprehensive income,
|
|
|
|
|
|
|
|
|
|
|
|
1,854
|
|
|
1,854
|
|
Stock options exercised (55,975 shares)
|
|
|
46
|
|
|
301
|
|
|
-
|
|
|
-
|
|
|
347
|
|
Repurchase of common stock under share
repurchase program (239,495 shares) |
|
|
(199)
|
|
|
(1,592)
|
|
|
-
|
|
|
-
|
|
|
(1,791)
|
|
Cash dividend
|
|
|
-
|
|
|
-
|
|
|
(1,389)
|
|
|
-
|
|
|
(1,389)
|
|
Stock-based compensation
expense recognized in earnings |
|
|
-
|
|
|
213
|
|
|
-
|
|
|
-
|
|
|
213
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2011
|
|
$
|
8,511
|
|
$
|
16,716
|
|
$
|
57,529
|
|
$
|
59
|
|
$
|
82,815
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
-
|
|
|
-
|
|
|
17,723
|
|
|
-
|
|
|
17,723
|
|
Other comprehensive income,
|
|
|
|
|
|
|
|
|
|
|
|
34
|
|
|
34
|
|
Stock options exercised (199,418 shares)
|
|
|
166
|
|
|
916
|
|
|
-
|
|
|
-
|
|
|
1,082
|
|
Repurchase of common stock under share
repurchase program (74,300 shares) |
|
|
(62)
|
|
|
(708)
|
|
|
-
|
|
|
-
|
|
|
(770)
|
|
Cash dividend
|
|
|
-
|
|
|
-
|
|
|
(9,848)
|
|
|
-
|
|
|
(9,848)
|
|
Stock-based compensation
expense recognized in earnings |
|
|
-
|
|
|
231
|
|
|
-
|
|
|
-
|
|
|
231
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2012
|
|
$
|
8,615
|
|
$
|
17,155
|
|
$
|
65,404
|
|
$
|
93
|
|
$
|
91,267
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
-
|
|
|
-
|
|
|
13,207
|
|
|
-
|
|
|
13,207
|
|
Other comprehensive income,
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(2,059)
|
|
|
(2,059)
|
|
Stock options exercised (113,107 shares)
|
|
|
95
|
|
|
678
|
|
|
-
|
|
|
-
|
|
|
773
|
|
Repurchase of common stock under share
repurchase program (61,454 shares) |
|
|
(51)
|
|
|
(714)
|
|
|
-
|
|
|
-
|
|
|
(765)
|
|
Excess tax benefits from stock-based payment arrangements
|
|
|
-
|
|
|
6
|
|
|
-
|
|
|
-
|
|
|
6
|
|
Cash dividend
|
|
|
-
|
|
|
-
|
|
|
(11,490)
|
|
|
-
|
|
|
(11,490)
|
|
Stock-based compensation
expense recognized in earnings |
|
|
-
|
|
|
195
|
|
|
-
|
|
|
-
|
|
|
195
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2013
|
|
$
|
8,659
|
|
$
|
17,320
|
|
$
|
67,121
|
|
$
|
(1,966)
|
|
$
|
91,134
|
|
49 | ||
|
|
|
Year Ended December 31,
|
|
|||||||
|
|
2013
|
|
2012
|
|
2011
|
|
|||
Cash Flows from Operating Activities
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
13,207
|
|
$
|
17,723
|
|
$
|
11,388
|
|
Adjustments to reconcile net income to net cash provided by (used in)
operating activities: |
|
|
|
|
|
|
|
|
|
|
Provision for losses on loans held for investment
|
|
|
675
|
|
|
1,515
|
|
|
1,149
|
|
Provision for losses on mortgage loans sold
|
|
|
388
|
|
|
2,510
|
|
|
966
|
|
Provision for off balance sheet losses
|
|
|
153
|
|
|
156
|
|
|
-
|
|
Writedown of other real estate owned
|
|
|
-
|
|
|
-
|
|
|
310
|
|
Gain on other real estate owned
|
|
|
-
|
|
|
-
|
|
|
(1,325)
|
|
Excess tax benefits
|
|
|
6
|
|
|
-
|
|
|
-
|
|
Deferred tax benefit
|
|
|
89
|
|
|
(1,061)
|
|
|
(618)
|
|
Stock-based compensation
|
|
|
195
|
|
|
231
|
|
|
213
|
|
Valuation allowance on derivatives
|
|
|
370
|
|
|
(526)
|
|
|
341
|
|
Net amortization (accretion) on securities
|
|
|
383
|
|
|
105
|
|
|
(16)
|
|
Depreciation and amortization
|
|
|
478
|
|
|
427
|
|
|
448
|
|
Loss on disposal of fixed assets
|
|
|
(1)
|
|
|
-
|
|
|
39
|
|
Changes in assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
Valuation of loans held for sale carried at fair value
|
|
|
4,147
|
|
|
(706)
|
|
|
(2,878)
|
|
Originations of loans held for sale
|
|
|
(574,951)
|
|
|
(1,128,305)
|
|
|
(796,991)
|
|
Proceeds from sales of loans held for sale
|
|
|
657,993
|
|
|
1,112,594
|
|
|
786,988
|
|
Decrease in other assets
|
|
|
901
|
|
|
30
|
|
|
1,560
|
|
(Decrease) increase in other liabilities
|
|
|
(1,690)
|
|
|
(1,851)
|
|
|
1,839
|
|
Net cash provided by operating activities
|
|
|
102,343
|
|
|
2,842
|
|
|
3,413
|
|
Cash Flows from Investing Activities
|
|
|
|
|
|
|
|
|
|
|
Proceeds from maturities and calls of securities available-for-sale
|
|
|
30,518
|
|
|
54,543
|
|
|
106,709
|
|
Purchases of securities available-for-sale
|
|
|
(79,196)
|
|
|
(45,106)
|
|
|
(24,640)
|
|
Proceeds from maturities and calls of securities held-to-maturity
|
|
|
30,000
|
|
|
40,000
|
|
|
-
|
|
Purchase of securities held-to-maturity
|
|
|
(1,315)
|
|
|
(44,947)
|
|
|
(39,987)
|
|
Net increase in loans
|
|
|
(70,116)
|
|
|
(48,331)
|
|
|
(81,535)
|
|
Proceeds from sale of equipment
|
|
|
10
|
|
|
-
|
|
|
-
|
|
Proceeds from sales of other real estate owned
|
|
|
-
|
|
|
-
|
|
|
6,600
|
|
Purchases of premises, equipment and software
|
|
|
(338)
|
|
|
(281)
|
|
|
(232)
|
|
Net cash used in investing activities
|
|
|
(90,437)
|
|
|
(44,122)
|
|
|
(33,085)
|
|
Cash Flows from Financing Activities
|
|
|
|
|
|
|
|
|
|
|
Net increase in demand, interest-bearing demand and savings deposits
|
|
|
37,947
|
|
|
56,267
|
|
|
53,567
|
|
Net (decrease) increase in time deposits
|
|
|
(136,471)
|
|
|
(29,785)
|
|
|
(36,401)
|
|
Net increase (decrease) in securities sold under agreement to repurchase
|
|
|
(10,236)
|
|
|
8,187
|
|
|
(11,144)
|
|
Net increase (decrease) in other short-term borrowings
|
|
|
100,000
|
|
|
15,000
|
|
|
(39,300)
|
|
Decrease in long-term borrowings
|
|
|
(6,186)
|
|
|
(4,821)
|
|
|
(2,214)
|
|
Proceeds from issuance of common stock
|
|
|
773
|
|
|
1,082
|
|
|
347
|
|
Repurchase of common stock
|
|
|
(765)
|
|
|
(770)
|
|
|
(1,791)
|
|
Dividends paid
|
|
|
(11,490)
|
|
|
(9,848)
|
|
|
(1,389)
|
|
Net cash provided by (used in) financing activities
|
|
|
(26,428)
|
|
|
35,312
|
|
|
(38,325)
|
|
|
|
|
|
|
|
|
|
|
|
|
(Decrease) increase in cash and cash equivalents
|
|
|
(14,522)
|
|
|
(5,968)
|
|
|
(67,997)
|
|
Cash and Cash Equivalents
|
|
|
|
|
|
|
|
|
|
|
Beginning
|
|
|
37,941
|
|
|
43,909
|
|
|
111,906
|
|
Ending
|
|
$
|
23,419
|
|
$
|
37,941
|
|
$
|
43,909
|
|
Supplemental Disclosures of Cash Flow Information
|
|
|
|
|
|
|
|
|
|
|
Cash payments for interest
|
|
$
|
3,811
|
|
$
|
5,638
|
|
$
|
7,421
|
|
Cash payments for income taxes
|
|
$
|
8,451
|
|
$
|
10,276
|
|
$
|
6,831
|
|
Supplemental Disclosures of Noncash Investing Activities
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain (loss) on securities available for sale
|
|
$
|
(3,168)
|
|
$
|
54
|
|
$
|
2,810
|
|
Loans transferred to other real estate owned
|
|
$
|
-
|
|
$
|
-
|
|
$
|
3,726
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to consolidated financial statements.
|
|
|
|
|
|
|
|
|
|
|
50 | ||
|
51 | ||
|
52 | ||
|
53 | ||
|
54 | ||
|
|
|
Year Ended December 31, 2013
|
|
||||||||||
|
|
Amortized Cost
|
|
Gross
Unrealized Gains |
|
Gross
Unrealized (Losses) |
|
Estimated
Fair Value |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Thousands)
|
|
|
|
|
|
|
|
Available-for-sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government agencies
|
|
$
|
35,928
|
|
$
|
-
|
|
$
|
(1,796)
|
|
$
|
34,132
|
|
Mortgage backed securities
|
|
|
28,770
|
|
|
53
|
|
|
(1,171)
|
|
|
27,652
|
|
Corporate bonds
|
|
|
6,018
|
|
|
113
|
|
|
(112)
|
|
|
6,019
|
|
Asset backed securities
|
|
|
6,657
|
|
|
-
|
|
|
(14)
|
|
|
6,643
|
|
Municipals - nontaxable
|
|
|
705
|
|
|
-
|
|
|
(10)
|
|
|
695
|
|
CRA Mutual fund
|
|
|
1,500
|
|
|
-
|
|
|
(89)
|
|
|
1,411
|
|
|
|
$
|
79,578
|
|
$
|
166
|
|
$
|
(3,192)
|
|
$
|
76,552
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Held-to-maturity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government agencies
|
|
$
|
14,983
|
|
$
|
9
|
|
$
|
(568)
|
|
$
|
14,424
|
|
Municipals - nontaxable
|
|
|
868
|
|
|
-
|
|
|
(48)
|
|
|
820
|
|
Municipals
|
|
|
426
|
|
|
-
|
|
|
(11)
|
|
|
415
|
|
|
|
$
|
16,277
|
|
$
|
9
|
|
$
|
(627)
|
|
$
|
15,659
|
|
|
|
Year Ended December 31, 2012
|
|
||||||||||
|
|
Amortized Cost
|
|
Gross
Unrealized Gains |
|
|
Gross
Unrealized (Losses) |
|
|
Estimated
Fair Value |
|
||
|
|
|
|
|
|
(In Thousands)
|
|
|
|
|
|
|
|
Available-for-sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government agencies
|
|
$
|
15,000
|
|
$
|
16
|
|
$
|
-
|
|
$
|
15,016
|
|
Mortgage backed securities
|
|
|
15,103
|
|
|
100
|
|
|
(26)
|
|
|
15,177
|
|
Corporate bonds
|
|
|
4,012
|
|
|
92
|
|
|
(25)
|
|
|
4,079
|
|
CRA Mutual fund
|
|
|
1,500
|
|
|
-
|
|
|
(13)
|
|
|
1,487
|
|
|
|
$
|
35,615
|
|
$
|
208
|
|
$
|
(64)
|
|
$
|
35,759
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Held-to-maturity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government agencies
|
|
$
|
44,952
|
|
$
|
356
|
|
$
|
-
|
|
$
|
45,308
|
|
|
|
$
|
44,952
|
|
$
|
356
|
|
$
|
-
|
|
$
|
45,308
|
|
55 | ||
|
|
|
Year Ended December 31, 2013
|
|
||||
|
|
|
|
Estimated
|
|
||
|
|
Amortized
|
|
Fair
|
|
||
|
|
Cost
|
|
Value
|
|
||
|
|
|
|
|
|
|
|
|
|
(In Thousands)
|
|
||||
Available-for-sale:
|
|
|
|
|
|
|
|
US Agencies:
|
|
|
|
|
|
|
|
Due after one through five years
|
|
$
|
4,379
|
|
$
|
4,329
|
|
Due after five through ten years
|
|
|
23,998
|
|
|
22,532
|
|
Due after ten through fifteen years
|
|
|
4,121
|
|
|
4,085
|
|
Due after fifteen years
|
|
|
3,430
|
|
|
3,186
|
|
Municipals - nontaxable:
|
|
|
|
|
|
|
|
Due after five through ten years
|
|
|
705
|
|
|
695
|
|
Asset backed securities:
|
|
|
|
|
|
|
|
Due after five through ten years
|
|
|
1,000
|
|
|
1,000
|
|
Due after fifteen years
|
|
|
5,657
|
|
|
5,643
|
|
Corporate bonds:
|
|
|
|
|
|
|
|
Due after one through five years
|
|
|
4,010
|
|
|
4,123
|
|
Due after five through ten years
|
|
|
2,008
|
|
|
1,896
|
|
Mortgage backed securities:
|
|
|
|
|
|
|
|
Due after five through ten years
|
|
|
8,440
|
|
|
8,219
|
|
Due after ten through fifteen years
|
|
|
17,022
|
|
|
16,212
|
|
Due after fifteen years
|
|
|
3,308
|
|
|
3,221
|
|
|
|
|
|
|
|
|
|
CRA Mutual fund
|
|
|
1,500
|
|
|
1,411
|
|
|
|
$
|
79,578
|
|
$
|
76,552
|
|
|
|
|
|
|
|
|
|
Held-to-maturity:
|
|
|
|
|
|
|
|
US Agencies:
|
|
|
|
|
|
|
|
Due after one through five years
|
|
$
|
9,999
|
|
$
|
9,974
|
|
Due after ten through fifteen years
|
|
|
4,984
|
|
|
4,450
|
|
Municipals - nontaxable:
|
|
|
|
|
|
|
|
Due after ten through fifteen years
|
|
|
868
|
|
|
820
|
|
Municipals
|
|
|
|
|
|
|
|
Due after five through ten years
|
|
|
426
|
|
|
415
|
|
|
|
$
|
16,277
|
|
$
|
15,659
|
|
|
|
Year Ended December 31,
|
|
||||
|
|
2013
|
|
2012
|
|
||
|
|
(In Thousands)
|
|
||||
Federal Reserve Bank stock
|
|
$
|
999
|
|
$
|
999
|
|
FHLB stock
|
|
|
7,560
|
|
|
3,238
|
|
|
|
$
|
8,559
|
|
$
|
4,237
|
|
56 | ||
|
|
|
Securities in a loss
|
|
Securities in a loss
|
|
|
|
|
|
|
|
||||||||
|
|
Position for less than
|
|
Position for 12 Months
|
|
|
|
|
|
|
|
||||||||
|
|
12 Months
|
|
or Longer
|
|
|
Total
|
|
|||||||||||
Year Ended December 31, 2013
|
|
Estimated
|
|
|
|
Estimated
|
|
|
|
|
Estimated
|
|
|
|
|
||||
|
|
Fair
|
|
Unrealized
|
|
Fair
|
|
Unrealized
|
|
Fair
|
|
Unrealized
|
|
||||||
|
|
Value
|
|
Losses
|
|
Value
|
|
Losses
|
|
Value
|
|
Losses
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Thousands)
|
|
|||||||||||||||
Investment securities available-for-sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage backed securities
|
|
$
|
19,641
|
|
$
|
(987)
|
|
$
|
4,945
|
|
$
|
(184)
|
|
$
|
24,586
|
|
$
|
(1,171)
|
|
U.S. Government agencies
|
|
|
34,132
|
|
|
(1,796)
|
|
|
-
|
|
|
-
|
|
|
34,132
|
|
|
(1,796)
|
|
Municipals - nontaxable
|
|
|
695
|
|
|
(10)
|
|
|
-
|
|
|
-
|
|
|
695
|
|
|
(10)
|
|
Corporate bonds
|
|
|
1,895
|
|
|
(112)
|
|
|
-
|
|
|
-
|
|
|
1,895
|
|
|
(112)
|
|
Asset backed securities
|
|
|
5,643
|
|
|
(14)
|
|
|
-
|
|
|
-
|
|
|
5,643
|
|
|
(14)
|
|
CRA Mutual fund
|
|
|
-
|
|
|
-
|
|
|
1,411
|
|
|
(89)
|
|
|
1,411
|
|
|
(89)
|
|
Total
|
|
$
|
62,006
|
|
$
|
(2,919)
|
|
$
|
6,356
|
|
$
|
(273)
|
|
$
|
68,362
|
|
$
|
(3,192)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities held-to-maturity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government agencies
|
|
$
|
9,416
|
|
$
|
(568)
|
|
$
|
-
|
|
$
|
-
|
|
$
|
9,416
|
|
$
|
(568)
|
|
Municipals - nontaxable
|
|
|
820
|
|
|
(48)
|
|
|
-
|
|
|
-
|
|
|
820
|
|
|
(48)
|
|
Municipals
|
|
|
415
|
|
|
(11)
|
|
|
-
|
|
|
-
|
|
|
415
|
|
|
(11)
|
|
Total
|
|
$
|
10,651
|
|
$
|
(627)
|
|
$
|
-
|
|
$
|
-
|
|
$
|
10,651
|
|
$
|
(627)
|
|
|
|
|
Securities in a loss
|
|
Securities in a loss
|
|
|
|
|
|
|
|
|||||||
|
|
|
Position for less than
|
|
Position for 12 Months
|
|
|
|
|
|
|
|
|||||||
|
|
|
12 Months
|
|
or Longer
|
|
|
Total
|
|
||||||||||
|
|
Estimated
|
|
|
|
Estimated
|
|
|
|
|
|
Estimated
|
|
|
|
|
|||
Year Ended December 31, 2012
|
|
Fair
|
|
Unrealized
|
|
Fair
|
|
Unrealized
|
|
Fair
|
|
Unrealized
|
|
||||||
|
|
Value
|
|
Losses
|
|
Value
|
|
Losses
|
|
Value
|
|
Losses
|
|
||||||
|
|
(In Thousands)
|
|
||||||||||||||||
Investment securities available-for-sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage backed securities
|
|
$
|
6,361
|
|
$
|
(26)
|
|
$
|
-
|
|
$
|
-
|
|
$
|
6,361
|
|
$
|
(26)
|
|
Corporate bonds
|
|
|
-
|
|
|
-
|
|
|
1,967
|
|
|
(25)
|
|
|
1,967
|
|
|
(25)
|
|
CRA Mutual fund
|
|
|
1,487
|
|
|
(13)
|
|
|
-
|
|
|
-
|
|
|
1,487
|
|
|
(13)
|
|
Total
|
|
$
|
7,848
|
|
$
|
(39)
|
|
$
|
1,967
|
|
$
|
(25)
|
|
$
|
9,815
|
|
$
|
(64)
|
|
57 | ||
|
|
|
Year Ended December 31,
|
|
||||||||
|
|
2013
|
|
Percentage
of Total |
|
2012
|
|
Percentage
of Total |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Thousands)
|
|
||||||||
Commercial real estate - owner occupied
|
|
$
|
196,804
|
|
28.65
|
%
|
$
|
182,655
|
|
29.60
|
%
|
Commercial real estate - non-owner occupied
|
|
|
90,676
|
|
13.20
|
|
|
107,213
|
|
17.38
|
|
Residential real estate
|
|
|
173,639
|
|
25.27
|
|
|
144,521
|
|
23.43
|
|
Commercial
|
|
|
182,220
|
|
26.52
|
|
|
149,389
|
|
24.21
|
|
Real estate construction
|
|
|
38,842
|
|
5.65
|
|
|
30,038
|
|
4.87
|
|
Consumer
|
|
|
4,874
|
|
0.71
|
|
|
3,162
|
|
0.51
|
|
Total loans
|
|
$
|
687,055
|
|
100.00
|
%
|
$
|
616,978
|
|
100.00
|
%
|
Less allowance for loan losses
|
|
|
13,136
|
|
|
|
|
12,500
|
|
|
|
Net Loans
|
|
$
|
673,919
|
|
|
|
$
|
604,478
|
|
|
|
58 | ||
|
59 | ||
|
|
|
Allowance for Loan Losses
|
|
|||||||||||||||||||
|
|
Commercial real
|
|
Commercial real
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
estate - owner
|
|
estate - non-owner
|
|
Residential
|
|
|
|
|
Real estate
|
|
|
|
|
|
|
|
||||
Year Ended December 31, 2013
|
|
occupied
|
|
occupied
|
|
real estate
|
|
Commercial
|
|
|
Consumer
|
|
Total
|
|
||||||||
Allowance for credit losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance
|
|
$
|
3,701
|
|
$
|
2,173
|
|
$
|
2,924
|
|
$
|
3,028
|
|
$
|
610
|
|
$
|
64
|
|
|
12,500
|
|
Charge-offs
|
|
|
-
|
|
|
-
|
|
|
(97)
|
|
|
(444)
|
|
|
-
|
|
|
-
|
|
|
(541)
|
|
Recoveries
|
|
|
-
|
|
|
199
|
|
|
111
|
|
|
179
|
|
|
-
|
|
|
13
|
|
|
502
|
|
Provisions
|
|
|
62
|
|
|
(638)
|
|
|
382
|
|
|
721
|
|
|
133
|
|
|
15
|
|
|
675
|
|
Ending Balance
|
|
$
|
3,763
|
|
$
|
1,734
|
|
$
|
3,320
|
|
$
|
3,484
|
|
$
|
743
|
|
$
|
92
|
|
$
|
13,136
|
|
|
|
Commercial real
|
|
Commercial real
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
estate - owner
|
|
estate - non-owner
|
|
Residential
|
|
|
|
|
Real estate
|
|
|
|
|
|
|
|
||||
Year Ended December 31, 2012
|
|
occupied
|
|
occupied
|
|
real estate
|
|
Commercial
|
|
construction
|
|
Consumer
|
|
Total
|
|
|||||||
Allowance for credit losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance
|
|
$
|
3,634
|
|
$
|
1,747
|
|
$
|
2,874
|
|
$
|
3,021
|
|
$
|
423
|
|
$
|
39
|
|
$
|
11,738
|
|
Charge-offs
|
|
|
(429)
|
|
|
(103)
|
|
|
(790)
|
|
|
(808)
|
|
|
-
|
|
|
(35)
|
|
|
(2,165)
|
|
Recoveries
|
|
|
-
|
|
|
416
|
|
|
410
|
|
|
566
|
|
|
-
|
|
|
20
|
|
|
1,412
|
|
Provisions
|
|
|
496
|
|
|
113
|
|
|
430
|
|
|
249
|
|
|
187
|
|
|
40
|
|
|
1,515
|
|
Ending Balance
|
|
$
|
3,701
|
|
$
|
2,173
|
|
$
|
2,924
|
|
$
|
3,028
|
|
$
|
610
|
|
$
|
64
|
|
$
|
12,500
|
|
|
|
Commercial real
|
|
Commercial real
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
estate - owner
|
|
estate - non-owner
|
|
Residential
|
|
|
|
|
Real estate
|
|
|
|
|
|
|
|
||||
Year Ended December 31, 2011
|
|
occupied
|
|
occupied
|
|
real estate
|
|
Commercial
|
|
|
Consumer
|
|
Total
|
|
||||||||
Allowance for credit losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance
|
|
$
|
3,134
|
|
$
|
2,173
|
|
$
|
2,930
|
|
$
|
1,509
|
|
$
|
758
|
|
$
|
23
|
|
$
|
10,527
|
|
Charge-offs
|
|
|
(344)
|
|
|
-
|
|
|
(596)
|
|
|
(292)
|
|
|
-
|
|
|
-
|
|
|
(1,232)
|
|
Recoveries
|
|
|
405
|
|
|
234
|
|
|
89
|
|
|
536
|
|
|
30
|
|
|
-
|
|
|
1,294
|
|
Provisions
|
|
|
439
|
|
|
(660)
|
|
|
451
|
|
|
1,268
|
|
|
(365)
|
|
|
16
|
|
|
1,149
|
|
Ending Balance
|
|
$
|
3,634
|
|
$
|
1,747
|
|
$
|
2,874
|
|
$
|
3,021
|
|
$
|
423
|
|
$
|
39
|
|
$
|
11,738
|
|
|
|
Recorded Investment in Loans
|
|
|||||||||||||||||||
|
|
Commercial real
|
|
Commercial real
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
estate - owner
|
|
estate - non-owner
|
|
Residential
|
|
|
|
|
Real estate
|
|
|
|
|
|
|
|
||||
Year Ended December 31, 2013
|
|
occupied
|
|
occupied
|
|
real estate
|
|
Commercial
|
|
construction
|
|
Consumer
|
|
Total
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
|
|
(In Thousands)
|
|
|||||||||||||||||||
Ending balance:
|
|
$
|
3,763
|
|
$
|
1,734
|
|
$
|
3,320
|
|
$
|
3,484
|
|
$
|
743
|
|
$
|
92
|
|
$
|
13,136
|
|
Ending balance: individually evaluated for impairment
|
|
$
|
51
|
|
$
|
-
|
|
$
|
88
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
139
|
|
Ending balance: collectively evaluated for impairment
|
|
$
|
3,712
|
|
$
|
1,734
|
|
$
|
3,232
|
|
$
|
3,484
|
|
$
|
743
|
|
$
|
92
|
|
$
|
12,997
|
|
Ending balance: loans acquired with deteriorated credit quality
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance
|
|
$
|
196,804
|
|
$
|
90,676
|
|
$
|
173,639
|
|
$
|
182,220
|
|
$
|
38,842
|
|
$
|
4,874
|
|
$
|
687,055
|
|
Ending balance: individually evaluated for impairment
|
|
$
|
363
|
|
$
|
-
|
|
$
|
871
|
|
$
|
1,724
|
|
$
|
-
|
|
$
|
-
|
|
$
|
2,958
|
|
Ending balance: collectively evaluated for impairment
|
|
$
|
196,441
|
|
$
|
90,676
|
|
$
|
172,768
|
|
$
|
180,496
|
|
$
|
38,842
|
|
$
|
4,874
|
|
$
|
684,097
|
|
Ending balance: loans acquired with deteriorated credit quality
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
|
|
Commercial real
|
|
Commercial real
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
estate - owner
|
|
estate - non-owner
|
|
Residential
|
|
|
|
|
Real estate
|
|
|
|
|
|
|
|
||||
Year Ended December 31, 2012
|
|
occupied
|
|
occupied
|
|
real estate
|
|
Commercial
|
|
construction
|
|
Consumer
|
|
Total
|
|
|||||||
Allowance
|
|
(In Thousands)
|
|
|||||||||||||||||||
Ending balance:
|
|
$
|
3,701
|
|
$
|
2,173
|
|
$
|
2,924
|
|
$
|
3,028
|
|
$
|
610
|
|
$
|
64
|
|
$
|
12,500
|
|
Ending balance: individually evaluated for impairment
|
|
$
|
98
|
|
$
|
-
|
|
$
|
230
|
|
$
|
277
|
|
$
|
-
|
|
$
|
-
|
|
$
|
605
|
|
Ending balance: collectively evaluated for impairment
|
|
$
|
3,603
|
|
$
|
2,173
|
|
$
|
2,694
|
|
$
|
2,751
|
|
$
|
610
|
|
$
|
64
|
|
$
|
11,895
|
|
Ending balance: loans acquired with deteriorated credit quality
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance:
|
|
$
|
182,655
|
|
$
|
107,213
|
|
$
|
144,521
|
|
$
|
149,389
|
|
$
|
30,038
|
|
$
|
3,162
|
|
$
|
616,978
|
|
Ending balance: individually evaluated for impairment
|
|
$
|
370
|
|
$
|
-
|
|
$
|
922
|
|
$
|
1,937
|
|
$
|
-
|
|
$
|
-
|
|
$
|
3,229
|
|
Ending balance: collectively evaluated for impairment
|
|
$
|
182,285
|
|
$
|
107,213
|
|
$
|
143,599
|
|
$
|
147,452
|
|
$
|
30,038
|
|
$
|
3,162
|
|
$
|
613,749
|
|
Ending balance: loans acquired with deteriorated credit quality
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
60 | ||
|
|
Credit Quality Indicators
|
||||||||||||||||||||||||||||||||||||||||
Credit Risk Profile by Regulatory Risk Rating
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Commercial real estate -
|
|
Commercial real estate -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
owner occupied
|
|
non-owner occupied
|
|
Residential real estate
|
|
Commercial
|
|
Real estate construction
|
|
Consumer
|
|
Totals
|
||||||||||||||||||||||||||||
|
12/31/13
|
|
12/31/12
|
|
12/31/13
|
|
12/31/12
|
|
12/31/13
|
|
12/31/12
|
|
12/31/13
|
|
12/31/12
|
|
12/31/13
|
|
12/31/12
|
|
12/31/13
|
|
12/31/12
|
|
12/31/13
|
|
12/31/12
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Thousands)
|
||||||||||||||||||||||||||||||||||||||||
Pass
|
$
|
180,637
|
|
$
|
159,413
|
|
$
|
83,723
|
|
$
|
100,443
|
|
$
|
168,493
|
|
$
|
138,388
|
|
$
|
171,353
|
|
$
|
130,885
|
|
$
|
39,013
|
|
$
|
30,202
|
|
$
|
4,874
|
|
$
|
3,162
|
|
$
|
648,093
|
|
$
|
562,493
|
Special mention
|
|
5,125
|
|
|
11,897
|
|
|
1,919
|
|
|
2,402
|
|
|
3,530
|
|
|
3,902
|
|
|
4,034
|
|
|
12,225
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
14,608
|
|
|
30,426
|
Substandard
|
|
11,476
|
|
|
11,852
|
|
|
5,302
|
|
|
4,725
|
|
|
1,834
|
|
|
2,420
|
|
|
7,216
|
|
|
6,724
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
25,828
|
|
|
25,721
|
Doubtful
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
Loss
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
Unearned income
|
|
(434)
|
|
|
(507)
|
|
|
(268)
|
|
|
(357)
|
|
|
(218)
|
|
|
(189)
|
|
|
(383)
|
|
|
(445)
|
|
|
(171)
|
|
|
(164)
|
|
|
-
|
|
|
-
|
|
|
(1,474)
|
|
|
(1,662)
|
Total
|
$
|
196,804
|
|
$
|
182,655
|
|
$
|
90,676
|
|
$
|
107,213
|
|
$
|
173,639
|
|
$
|
144,521
|
|
$
|
182,220
|
|
$
|
149,389
|
|
$
|
38,842
|
|
$
|
30,038
|
|
$
|
4,874
|
|
$
|
3,162
|
|
$
|
687,055
|
|
$
|
616,978
|
61 | ||
|
|
|
Commercial real estate -
owner occupied |
|
Commercial real estate -
non-owner occupied |
|
Residential real estate
|
|
Commercial
|
|
Real estate
construction |
|
Consumer
|
|
Totals
|
|
||||||||||||||||||||||||||||
|
|
12/31/13
|
|
12/31/12
|
|
12/31/13
|
|
12/31/12
|
|
12/31/13
|
|
12/31/12
|
|
12/31/13
|
|
12/31/12
|
|
12/31/13
|
|
12/31/12
|
|
12/31/13
|
|
12/31/12
|
|
12/31/13
|
|
12/31/12
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Thousands)
|
|
||||||||||||||||||||||||||||||||||||||||
Performing
|
|
$
|
196,804
|
|
$
|
182,655
|
|
$
|
90,676
|
|
$
|
107,213
|
|
$
|
172,768
|
|
$
|
143,599
|
|
$
|
180,556
|
|
$
|
147,568
|
|
$
|
38,842
|
|
$
|
30,038
|
|
$
|
4,874
|
|
$
|
3,162
|
|
$
|
684,520
|
|
$
|
614,235
|
|
Non-performing
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
871
|
|
|
922
|
|
|
1,664
|
|
|
1,821
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
2,535
|
|
|
2,743
|
|
Total
|
|
$
|
196,804
|
|
$
|
182,655
|
|
$
|
90,676
|
|
$
|
107,213
|
|
$
|
173,639
|
|
$
|
144,521
|
|
$
|
182,220
|
|
$
|
149,389
|
|
$
|
38,842
|
|
$
|
30,038
|
|
$
|
4,874
|
|
$
|
3,162
|
|
$
|
687,055
|
|
$
|
616,978
|
|
|
|
Age Analysis of Past Due Loans
|
|
|||||||||||||||||||
|
|
Year Ended December 31, 2013
|
|
|||||||||||||||||||
|
|
30-59 Days
Past Due |
|
60-89 Days
Past Due |
|
Greater than
90 Days |
|
Total Past
Due |
|
Non-accrual
Loans |
|
Current
Loans |
|
Total
Loans |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Thousands)
|
|
|||||||||||||||||||
Commercial real estate -
owner occupied |
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
196,804
|
|
$
|
196,804
|
|
Commercial real estate -
non-owner occupied |
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
90,676
|
|
|
90,676
|
|
Residential real estate
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
871
|
|
|
172,768
|
|
|
173,639
|
|
Commercial
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
1,664
|
|
|
180,556
|
|
|
182,220
|
|
Real estate construction
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
38,842
|
|
|
38,842
|
|
Consumer
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
4,874
|
|
|
4,874
|
|
Total
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
2,535
|
|
$
|
684,520
|
|
$
|
687,055
|
|
|
|
Year Ended December 31, 2012
|
|
|||||||||||||||||||
|
|
30-59 Days
Past Due |
|
60-89 Days
Past Due |
|
Greater than
90 Days |
|
Total Past
Due |
|
Non-accrual
Loans |
|
Current
Loans |
|
Total
Loans |
|
|||||||
|
|
(In Thousands)
|
|
|||||||||||||||||||
Commercial real estate -
owner occupied |
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
182,655
|
|
$
|
182,655
|
|
Commercial real estate -
non-owner occupied |
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
107,213
|
|
|
107,213
|
|
Residential real estate
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
922
|
|
|
143,599
|
|
|
144,521
|
|
Commercial
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
1,821
|
|
|
147,568
|
|
|
149,389
|
|
Real estate construction
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
30,038
|
|
|
30,038
|
|
Consumer
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
3,162
|
|
|
3,162
|
|
Total
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
2,743
|
|
$
|
614,235
|
|
$
|
616,978
|
|
62 | ||
|
|
|
Impaired Loans
|
|
||||||||||||||||
|
|
Year Ended December 31, 2013
|
|
Year Ended December 31, 2012
|
|
||||||||||||||
|
|
Recorded
|
|
Unpaid principal
|
|
Related
|
|
Recorded
|
|
Unpaid principal
|
|
Related
|
|
||||||
|
|
investment
|
|
balance
|
|
allowance
|
|
investment
|
|
balance
|
|
allowance
|
|
||||||
|
|
(In Thousands)
|
|
||||||||||||||||
With no specific related allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate - owner occupied
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
Commercial real estate - non-owner occupied
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Residential real estate
|
|
|
332
|
|
|
382
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Commercial
|
|
|
1,724
|
|
|
2,175
|
|
|
-
|
|
|
154
|
|
|
165
|
|
|
-
|
|
Real estate construction
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Consumer
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
With a specific related allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate - owner occupied
|
|
$
|
363
|
|
$
|
363
|
|
$
|
51
|
|
$
|
370
|
|
$
|
370
|
|
$
|
98
|
|
Commercial real estate - non-owner occupied
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Residential real estate
|
|
|
539
|
|
|
662
|
|
|
88
|
|
|
922
|
|
|
1,068
|
|
|
230
|
|
Commercial
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
1,783
|
|
|
2,099
|
|
|
277
|
|
Real estate construction
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Consumer
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Total:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate - owner occupied
|
|
$
|
363
|
|
$
|
363
|
|
$
|
51
|
|
$
|
370
|
|
$
|
370
|
|
$
|
98
|
|
Commercial real estate - non-owner occupied
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Residential real estate
|
|
|
871
|
|
|
1,044
|
|
|
88
|
|
|
922
|
|
|
1,068
|
|
|
230
|
|
Commercial
|
|
|
1,724
|
|
|
2,175
|
|
|
-
|
|
|
1,937
|
|
|
2,264
|
|
|
277
|
|
Real estate construction
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Consumer
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
$
|
2,958
|
|
$
|
3,582
|
|
$
|
139
|
|
$
|
3,229
|
|
$
|
3,702
|
|
$
|
605
|
|
|
|
2013
|
|
2012
|
|
2011
|
|
|||
|
|
(In Thousands)
|
|
|||||||
Commercial real estate - owner occupied
|
|
$
|
366
|
|
$
|
1,625
|
|
$
|
4,344
|
|
Commercial real estate - non-owner occupied
|
|
|
-
|
|
|
190
|
|
|
343
|
|
Residential real estate
|
|
|
942
|
|
|
1,855
|
|
|
2,076
|
|
Commercial
|
|
|
2,083
|
|
|
1,343
|
|
|
1,100
|
|
Real estate construction
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Consumer
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
$
|
3,391
|
|
$
|
5,013
|
|
$
|
7,863
|
|
63 | ||
|
|
|
Troubled Debt Restructurings
|
|
||||||||||||||
|
|
Year Ended December 31, 2013
|
|
Year Ended December 31, 2012
|
|
||||||||||||
|
|
Number of
|
|
Outstanding
|
|
Recorded
|
|
Number of
|
|
Outstanding
|
|
Recorded
|
|
||||
|
|
loans
|
|
balance
|
|
investment
|
|
loans
|
|
balance
|
|
investment
|
|
||||
Performing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate - owner occupied
|
|
1
|
|
$
|
363
|
|
$
|
363
|
|
1
|
|
$
|
370
|
|
$
|
370
|
|
Commercial real estate - non-owner occupied
|
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
Residential real estate
|
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
Commercial
|
|
1
|
|
|
60
|
|
|
60
|
|
2
|
|
|
116
|
|
|
116
|
|
Real estate construction
|
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
Consumer
|
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Performing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate - owner occupied
|
|
-
|
|
$
|
-
|
|
$
|
-
|
|
-
|
|
$
|
-
|
|
$
|
-
|
|
Commercial real estate - non-owner occupied
|
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
Residential real estate
|
|
1
|
|
|
202
|
|
|
202
|
|
-
|
|
|
-
|
|
|
-
|
|
Commercial
|
|
1
|
|
|
729
|
|
|
729
|
|
1
|
|
|
759
|
|
|
759
|
|
Real estate construction
|
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
Consumer
|
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
Total
|
|
4
|
|
$
|
1,354
|
|
$
|
1,354
|
|
4
|
|
$
|
1,245
|
|
$
|
1,245
|
|
64 | ||
|
|
|
December 31,
|
|
||||
|
|
2013
|
|
2012
|
|
||
|
|
(In Thousands)
|
|
||||
Land
|
|
$
|
2,549
|
|
$
|
2,549
|
|
Premises
|
|
|
5,824
|
|
|
5,793
|
|
Leasehold improvements
|
|
|
1,301
|
|
|
1,294
|
|
Furniture and equipment
|
|
|
3,877
|
|
|
3,595
|
|
|
|
|
13,551
|
|
|
13,231
|
|
Less accumulated depreciation
|
|
|
(5,162)
|
|
|
(4,714)
|
|
|
|
$
|
8,389
|
|
$
|
8,517
|
|
|
|
2013
|
|
2012
|
|
|||||||
|
|
|
|
|
Percentage of
|
|
|
|
|
|
Percentage of
|
|
|
|
Amount
|
|
Total
|
|
|
Amount
|
|
Total
|
|
||
|
|
(Dollars In Thousands)
|
|
|||||||||
Interest-bearing demand deposits
|
|
$
|
85,735
|
|
14.96
|
%
|
|
$
|
71,015
|
|
10.58
|
%
|
Savings and money market
|
|
|
114,169
|
|
19.93
|
|
|
|
116,554
|
|
17.36
|
|
CDARS-reciprocal time deposits
|
|
|
47,535
|
|
8.30
|
|
|
|
170,835
|
|
25.44
|
|
Brokered deposits
|
|
|
14,103
|
|
2.46
|
|
|
|
29,277
|
|
4.35
|
|
Time deposits
|
|
|
121,522
|
|
21.21
|
|
|
|
119,654
|
|
17.82
|
|
Total interest-bearing deposits
|
|
|
383,064
|
|
66.86
|
%
|
|
|
507,335
|
|
75.55
|
%
|
Noninterest-bearing demand deposits
|
|
|
189,908
|
|
33.14
|
|
|
|
164,161
|
|
24.45
|
|
Total deposits
|
|
$
|
572,972
|
|
100.00
|
%
|
|
$
|
671,496
|
|
100.00
|
%
|
Year
|
|
|
Amount
|
|
|
|
(In Thousands)
|
|
|
2014
|
|
$
|
113,921
|
|
2015
|
|
|
27,495
|
|
2016
|
|
|
16,726
|
|
2017
|
|
|
12,850
|
|
2018
|
|
|
9,282
|
|
Later years
|
|
|
2,594
|
|
|
|
$
|
182,868
|
|
65 | ||
|
|
|
Year Ended December 31,
|
||||||
|
|
2013
|
|
2012
|
||||
|
|
(Dollars In Thousands)
|
||||||
Securities sold under agreements to repurchase
|
|
$
|
27,855
|
|
|
$
|
38,091
|
|
FHLB borrowings
|
|
|
145,000
|
|
|
|
45,000
|
|
Total
|
|
$
|
172,855
|
|
|
$
|
83,091
|
|
|
|
|
|
|
|
|
|
|
Weighted interest rate
|
|
|
0.18
|
%
|
|
|
0.24
|
%
|
|
|
|
|
|
|
|
|
|
Average for the year ended December 31:
|
|
|
|
|
|
|
|
|
Outstanding
|
|
$
|
68,601
|
|
|
$
|
41,492
|
|
Interest rate
|
|
|
0.18
|
%
|
|
|
0.49
|
%
|
|
|
|
|
|
|
|
|
|
Maximum month-end outstandings
|
|
$
|
172,855
|
|
|
$
|
83,091
|
|
66 | ||
|
|
|
December 31,
|
|
||||
|
|
2013
|
|
2012
|
|
||
|
|
(In Thousands)
|
|
||||
Deferred tax assets:
|
|
|
|
|
|
|
|
Allowance for loan losses
|
|
$
|
4,586
|
|
$
|
4,419
|
|
Deferred fees
|
|
|
535
|
|
|
586
|
|
Allowance for loan losses on mortgage loans sold
|
|
|
1,837
|
|
|
1,941
|
|
Allowance for off balance sheet losses
|
|
|
223
|
|
|
171
|
|
Stock options
|
|
|
22
|
|
|
156
|
|
Securities available for sale
|
|
|
1,059
|
|
|
-
|
|
Other
|
|
|
48
|
|
|
66
|
|
|
|
$
|
8,310
|
|
$
|
7,339
|
|
Deferred tax liability:
|
|
|
|
|
|
|
|
Depreciation
|
|
|
277
|
|
|
291
|
|
Other
|
|
|
17
|
|
|
-
|
|
Securities available for sale
|
|
|
-
|
|
|
52
|
|
|
|
|
294
|
|
|
343
|
|
Net deferred tax assets
included in other assets |
|
$
|
8,016
|
|
$
|
6,996
|
|
|
|
Year Ended December 31,
|
|
|||||||
|
|
2013
|
|
2012
|
|
2011
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Thousands)
|
|
|||||||
Current tax expense
|
|
$
|
7,323
|
|
$
|
11,769
|
|
$
|
6,905
|
|
Deferred tax (benefit)
|
|
|
(89)
|
|
|
(1,061)
|
|
|
(618)
|
|
|
|
$
|
7,234
|
|
$
|
10,708
|
|
$
|
6,287
|
|
67 | ||
|
|
|
Year Ended December 31,
|
|
|||||||
|
|
2013
|
|
2012
|
|
2011
|
|
|||
|
|
(In Thousands)
|
|
|||||||
Computed "expected" tax expense
|
|
$
|
7,155
|
|
$
|
9,951
|
|
$
|
6,185
|
|
Increase (decrease) in income taxes resulting from:
|
|
|
|
|
|
|
|
|
|
|
State income taxes
|
|
|
125
|
|
|
423
|
|
|
20
|
|
Other
|
|
|
(46)
|
|
|
334
|
|
|
82
|
|
|
|
$
|
7,234
|
|
$
|
10,708
|
|
$
|
6,287
|
|
Year
|
|
|
Amount
|
|
|
|
(In Thousands)
|
|
|
2014
|
|
$
|
341
|
|
2015
|
|
|
252
|
|
2016
|
|
|
259
|
|
2017
|
|
|
228
|
|
2018
|
|
|
158
|
|
|
|
$
|
1,238
|
|
68 | ||
|
|
|
Year Ended December 31,
|
|
||||
|
|
2013
|
|
2012
|
|
||
Balance at beginning of year
|
|
$
|
4,376
|
|
$
|
2,616
|
|
Provision charged to operating expense
|
|
|
388
|
|
|
2,510
|
|
Recoveries
|
|
|
-
|
|
|
-
|
|
Charge-offs
|
|
|
(119)
|
|
|
(750)
|
|
Balance at end of year
|
|
$
|
4,645
|
|
$
|
4,376
|
|
69 | ||
|
|
|
Year Ended December 31,
|
|
|||||||||||||
|
|
2013
|
|
2012
|
|
2011
|
|
|||||||||
|
|
|
|
Weighted
|
|
|
|
Weighted
|
|
|
|
Weighted
|
|
|||
|
|
Number of
|
|
Average
|
|
Number of
|
|
Average
|
|
Number of
|
|
Average
|
|
|||
|
|
Options
|
|
Exercise Price
|
|
Options
|
|
Exercise Price
|
|
Options
|
|
Exercise Price
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at beginning of year
|
|
274,800
|
|
$
|
7.72
|
|
385,450
|
|
$
|
6.04
|
|
418,525
|
|
$
|
5.98
|
|
Granted
|
|
141,584
|
|
|
15.31
|
|
107,100
|
|
|
9.32
|
|
136,100
|
|
|
7.08
|
|
Exercised
|
|
(113,107)
|
|
|
6.83
|
|
(199,418)
|
|
|
5.42
|
|
(55,975)
|
|
|
6.22
|
|
Lapsed or canceled
|
|
(21,897)
|
|
|
9.33
|
|
(18,332)
|
|
|
6.69
|
|
(113,200)
|
|
|
6.99
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at end of year
|
|
281,380
|
|
$
|
11.77
|
|
274,800
|
|
$
|
7.72
|
|
385,450
|
|
$
|
6.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options exercisable at end of year
|
|
54,616
|
|
$
|
7.41
|
|
54,300
|
|
$
|
6.26
|
|
161,750
|
|
$
|
5.21
|
|
70 | ||
|
Options Outstanding
|
|
Options Exercisable
|
|
||||||||||||
|
|
|
|
Weighted-
|
|
|
|
|
|
|
Weighted-
|
|
|
|
|
|
|
|
|
Average
|
|
Weighted
|
|
|
|
Average
|
|
Weighted
|
|
||
Range of
|
|
|
|
Remaining
|
|
Average
|
|
|
|
Remaining
|
|
Average
|
|
||
Exercise
|
|
Number
|
|
Contractual
|
|
Exercise
|
|
Number
|
|
Contractual
|
|
Exercise
|
|
||
Price
|
|
Outstanding
|
|
Life (in yrs)
|
|
Price
|
|
Exercisable
|
|
Life (in yrs)
|
|
Price
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$3.46-$6.94
|
|
38,020
|
|
0.56
|
|
$
|
6.68
|
|
38,020
|
|
0.56
|
|
$
|
6.68
|
|
$6.95-$7.54
|
|
3,000
|
|
1.02
|
|
|
7.40
|
|
-
|
|
-
|
|
|
-
|
|
$7.55-$9.58
|
|
101,026
|
|
3.01
|
|
|
9.04
|
|
16,284
|
|
3.00
|
|
|
9.02
|
|
$9.59-$25.00
|
|
139,334
|
|
4.10
|
|
|
15.24
|
|
312
|
|
3.38
|
|
|
12.31
|
|
|
|
281,380
|
|
3.20
|
|
$
|
11.77
|
|
54,616
|
|
1.31
|
|
$
|
7.41
|
|
|
|
Year Ended December 31,
|
|
|||||||||
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
Expected life of options granted
|
|
|
4.11 Years
|
|
|
|
4.10 Years
|
|
|
|
3.10 Years
|
|
Risk-free interest rate
|
|
|
0.36
|
%
|
|
|
0.39
|
%
|
|
|
0.91
|
%
|
Expected volatility of stock
|
|
|
42
|
%
|
|
|
43
|
%
|
|
|
48
|
%
|
Annual expected dividend yield
|
|
|
7
|
%
|
|
|
7
|
%
|
|
|
1
|
%
|
Fair value of granted options
|
|
$
|
435,035
|
|
|
$
|
330,326
|
|
|
$
|
337,091
|
|
Nonvested Options
|
|
|
226,764
|
|
|
|
220,500
|
|
|
|
223,700
|
|
71 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
Minimum
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
To Be Well
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
Capitalized Under
|
|
|||
|
|
|
|
|
|
|
Minimum Capital
|
|
Prompt Corrective
|
|
||||||
|
|
Actual
|
|
Requirement
|
|
Action Provisions
|
|
|||||||||
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
|||
|
|
(Dollars In Thousands)
|
|
|||||||||||||
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(to Risk-Weighted Assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporation
|
|
$
|
102,467
|
|
13.30
|
%
|
$
|
61,622
|
|
8.00
|
%
|
$
|
77,028
|
|
10.00
|
%
|
Bank
|
|
$
|
96,440
|
|
12.53
|
%
|
$
|
61,582
|
|
8.00
|
%
|
$
|
76,977
|
|
10.00
|
%
|
Tier 1 Capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(to Risk-Weighted Assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporation
|
|
$
|
92,787
|
|
12.05
|
%
|
$
|
30,811
|
|
4.00
|
%
|
$
|
46,217
|
|
6.00
|
%
|
Bank
|
|
$
|
86,767
|
|
11.27
|
%
|
$
|
30,791
|
|
4.00
|
%
|
$
|
46,186
|
|
6.00
|
%
|
Tier 1 Capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(to Average Assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporation
|
|
$
|
92,787
|
|
10.93
|
%
|
$
|
33,955
|
|
4.00
|
%
|
$
|
42,444
|
|
5.00
|
%
|
Bank
|
|
$
|
86,767
|
|
10.20
|
%
|
$
|
34,026
|
|
4.00
|
%
|
$
|
42,532
|
|
5.00
|
%
|
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(to Risk-Weighted Assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporation
|
|
$
|
105,758
|
|
15.35
|
%
|
$
|
55,103
|
|
8.00
|
%
|
$
|
68,878
|
|
10.00
|
%
|
Bank
|
|
$
|
99,597
|
|
14.48
|
%
|
$
|
55,009
|
|
8.00
|
%
|
$
|
68,761
|
|
10.00
|
%
|
Tier 1 Capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(to Risk-Weighted Assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporation
|
|
$
|
97,094
|
|
14.10
|
%
|
$
|
27,551
|
|
4.00
|
%
|
$
|
41,327
|
|
6.00
|
%
|
Bank
|
|
$
|
90,948
|
|
13.23
|
%
|
$
|
27,504
|
|
4.00
|
%
|
$
|
41,257
|
|
6.00
|
%
|
Tier 1 Capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(to Average Assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporation
|
|
$
|
97,094
|
|
11.50
|
%
|
$
|
33,770
|
|
4.00
|
%
|
$
|
42,213
|
|
5.00
|
%
|
Bank
|
|
$
|
90,948
|
|
10.79
|
%
|
$
|
33,713
|
|
4.00
|
%
|
$
|
42,142
|
|
5.00
|
%
|
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(to Risk-Weighted Assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporation
|
|
$
|
96,432
|
|
15.59
|
%
|
$
|
49,500
|
|
8.00
|
%
|
$
|
61,875
|
|
10.00
|
%
|
Bank
|
|
$
|
91,388
|
|
14.80
|
%
|
$
|
49,409
|
|
8.00
|
%
|
$
|
61,762
|
|
10.00
|
%
|
Tier 1 Capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(to Risk-Weighted Assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporation
|
|
$
|
88,644
|
|
14.33
|
%
|
$
|
24,750
|
|
4.00
|
%
|
$
|
37,125
|
|
6.00
|
%
|
Bank
|
|
$
|
83,614
|
|
13.54
|
%
|
$
|
24,705
|
|
4.00
|
%
|
$
|
37,057
|
|
6.00
|
%
|
Tier 1 Capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(to Average Assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporation
|
|
$
|
88,644
|
|
10.78
|
%
|
$
|
32,880
|
|
4.00
|
%
|
$
|
41,100
|
|
5.00
|
%
|
Bank
|
|
$
|
83,614
|
|
10.19
|
%
|
$
|
32,833
|
|
4.00
|
%
|
$
|
41,042
|
|
5.00
|
%
|
72 | ||
|
|
|
Year Ended December 31,
|
|
||||||||||||||||||||||
|
|
2013
|
|
2012
|
|
|
2011
|
|
|||||||||||||||||
|
|
Net
|
|
|
|
Per Share
|
|
Net
|
|
|
|
Per Share
|
|
Net
|
|
|
|
Per Share
|
|
||||||
|
|
Income
|
|
Shares
|
|
Amount
|
|
Income
|
|
Shares
|
|
Amount
|
|
Income
|
|
Shares
|
|
Amount
|
|
||||||
|
|
(In Thousands, Except for Per Share Data)
|
|
||||||||||||||||||||||
Earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
13,207
|
|
10,320
|
|
$
|
1.28
|
|
$
|
17,723
|
|
10,254
|
|
$
|
1.73
|
|
$
|
11,388
|
|
10,278
|
|
$
|
1.11
|
|
Effect of dilutive securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock options and warrants
|
|
|
-
|
|
83
|
|
|
-
|
|
|
-
|
|
109
|
|
|
-
|
|
|
-
|
|
66
|
|
|
-
|
|
Diluted
|
|
|
-
|
|
-
|
|
|
1.27
|
|
|
-
|
|
-
|
|
|
1.71
|
|
|
-
|
|
-
|
|
|
1.10
|
|
Diluted earnings per share
|
|
$
|
13,207
|
|
10,403
|
|
$
|
1.27
|
|
$
|
17,723
|
|
10,363
|
|
$
|
1.71
|
|
$
|
11,388
|
|
10,344
|
|
$
|
1.10
|
|
73 | ||
|
|
|
Year Ended December 31,
|
|
||||
|
|
2013
|
|
2012
|
|
2011
|
|
|
|
(In Thousands)
|
|
||||
|
|
|
|
|
|
|
|
Management fees
|
|
1,619
|
|
5,889
|
|
3,616
|
|
Advertising and promotional expense
|
|
1,234
|
|
3,382
|
|
2,625
|
|
Business and franchise tax
|
|
840
|
|
734
|
|
616
|
|
Investor fees
|
|
772
|
|
1,280
|
|
898
|
|
Data processing
|
|
683
|
|
630
|
|
496
|
|
Accounting and auditing service
|
|
550
|
|
597
|
|
428
|
|
Consulting fees
|
|
529
|
|
501
|
|
528
|
|
FDIC insurance
|
|
437
|
|
370
|
|
535
|
|
Provision for LHFS
|
|
388
|
|
2,510
|
|
966
|
|
Director fees
|
|
327
|
|
322
|
|
228
|
|
Credit report/aus expenses
|
|
296
|
|
418
|
|
288
|
|
Telephone
|
|
287
|
|
237
|
|
211
|
|
Publication and subscription
|
|
276
|
|
279
|
|
179
|
|
Stationary and supplies
|
|
228
|
|
269
|
|
194
|
|
SBA guarantee fee
|
|
209
|
|
218
|
|
140
|
|
Regulatory examinations
|
|
207
|
|
192
|
|
188
|
|
Disaster recovery
|
|
197
|
|
178
|
|
166
|
|
Stock option expense
|
|
195
|
|
231
|
|
213
|
|
Legal fees
|
|
177
|
|
288
|
|
574
|
|
Early payoff
|
|
152
|
|
64
|
|
99
|
|
Courier
|
|
136
|
|
115
|
|
103
|
|
Postage
|
|
128
|
|
166
|
|
145
|
|
Employee education and development
|
|
122
|
|
242
|
|
109
|
|
Verification fees
|
|
117
|
|
230
|
|
174
|
|
FRB and Bank analysis charges
|
|
98
|
|
96
|
|
79
|
|
Other
|
|
1,126
|
|
2,758
|
|
3,578
|
|
|
|
11,330
|
|
22,196
|
|
17,376
|
|
74 | ||
|
75 | ||
|
|
|
Fair Value Measurement
|
|
||||||||||
|
|
at December 31, 2013 Using
|
|
||||||||||
|
|
|
|
|
Quoted Prices in
|
|
|
|
|
|
|||
|
|
|
|
|
Active Markets
|
|
Other
|
|
Significant
|
|
|||
|
|
Carrying
|
|
for Identical
|
|
Observable
|
|
Unobservable
|
|
||||
Description
|
|
Value
|
|
Assets (Level 1)
|
|
Inputs (Level 2)
|
|
Inputs (Level 3)
|
|
||||
|
|
(In Thousands)
|
|
||||||||||
Financial Assets-Recurring
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale investment securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US Government agency
|
|
$
|
34,132
|
|
$
|
-
|
|
$
|
34,132
|
|
$
|
-
|
|
Mortgage backed
|
|
|
27,652
|
|
|
-
|
|
|
27,652
|
|
|
-
|
|
Corporate bonds
|
|
|
6,019
|
|
|
-
|
|
|
6,019
|
|
|
-
|
|
Asset backed securities
|
|
|
6,643
|
|
|
-
|
|
|
6,643
|
|
|
-
|
|
Taxable municipals
|
|
|
695
|
|
|
-
|
|
|
695
|
|
|
-
|
|
CRA Mutual fund
|
|
|
1,411
|
|
|
-
|
|
|
1,411
|
|
|
-
|
|
Total available-for-sale investment securities
|
|
|
76,552
|
|
|
-
|
|
|
76,552
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential loans held for sale
|
|
|
24,353
|
|
|
-
|
|
|
24,353
|
|
|
-
|
|
Derivative assets
|
|
|
219
|
|
|
-
|
|
|
-
|
|
|
219
|
|
Total Financial Assets-Recurring
|
|
$
|
101,124
|
|
$
|
-
|
|
$
|
100,905
|
|
$
|
219
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Liabilities-Recurring
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative liabilities
|
|
$
|
124
|
|
$
|
-
|
|
$
|
-
|
|
$
|
124
|
|
Total Financial Liabilities-Recurring
|
|
$
|
124
|
|
$
|
-
|
|
$
|
-
|
|
$
|
124
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Assets-Non-Recurring
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impaired loans
(1)
|
|
$
|
2,958
|
|
$
|
-
|
|
$
|
-
|
|
$
|
2,958
|
|
Total Financial Assets-Non-Recurring
|
|
$
|
2,958
|
|
$
|
-
|
|
$
|
-
|
|
$
|
2,958
|
|
|
(1)
Represents the carrying value of loans for which adjustments are based on the appraised value of the collateral.
|
|
|
Fair Value Measurement
|
|
||||||||||
|
|
at December 31, 2012 Using
|
|
||||||||||
|
|
|
|
Quoted Prices in
|
|
|
|
|
|
||||
|
|
|
|
Active Markets
|
|
Other
|
|
Significant
|
|
||||
|
|
Carrying
|
|
for Identical
|
|
Observable
|
|
Unobservable
|
|
||||
Description
|
|
Value
|
|
Assets (Level 1)
|
|
Inputs (Level 2)
|
|
Inputs (Level 3)
|
|
||||
|
|
(In Thousands)
|
|
||||||||||
Financial Assets-Recurring
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale investment securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US Government agency
|
|
$
|
15,016
|
|
$
|
-
|
|
$
|
15,016
|
|
$
|
-
|
|
Mortgage backed
|
|
|
15,177
|
|
|
-
|
|
|
15,177
|
|
|
-
|
|
Corporate bonds
|
|
|
4,079
|
|
|
-
|
|
|
4,079
|
|
|
-
|
|
Taxable municipals
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
CRA Mutual fund
|
|
|
1,487
|
|
|
-
|
|
|
1,487
|
|
|
-
|
|
Total available-for-sale investment securities
|
|
|
35,759
|
|
|
-
|
|
|
35,759
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential loans held for sale
|
|
|
111,542
|
|
|
-
|
|
|
111,542
|
|
|
-
|
|
Derivative assets
|
|
|
1,091
|
|
|
-
|
|
|
-
|
|
|
1,091
|
|
Total Financial Assets-Recurring
|
|
$
|
148,392
|
|
$
|
-
|
|
$
|
147,301
|
|
$
|
1,091
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Liabilities-Recurring
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative liabilities
|
|
$
|
626
|
|
$
|
-
|
|
$
|
-
|
|
$
|
626
|
|
Total Financial Liabilities-Recurring
|
|
$
|
626
|
|
$
|
-
|
|
$
|
-
|
|
$
|
626
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Assets-Non-Recurring
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impaired loans
(1)
|
|
$
|
3,229
|
|
$
|
-
|
|
$
|
-
|
|
$
|
3,229
|
|
Total Financial Assets-Non-Recurring
|
|
$
|
3,229
|
|
$
|
-
|
|
$
|
-
|
|
$
|
3,229
|
|
|
(1)
Represents the carrying value of loans for which adjustments are based on the appraised value of the collateral.
|
76 | ||
|
|
|
Net Derivatives
|
|
|
|
|
(In Thousands)
|
|
|
Balance January 1, 2013
|
|
$
|
465
|
|
Realized and unrealized gains included in earnings
|
|
|
(370)
|
|
Unrealized gains (losses) included in other comprehensive income
|
|
|
-
|
|
Purchases, settlements, paydowns, and maturities
|
|
|
-
|
|
Transfer into Level 3
|
|
|
-
|
|
Balance December 31, 2013
|
|
$
|
95
|
|
|
|
Net Derivatives
|
|
|
|
|
(In Thousands)
|
|
|
Balance January 1, 2012
|
|
$
|
(61)
|
|
Realized and unrealized gains included in earnings
|
|
|
526
|
|
Unrealized gains (losses) included in other comprehensive income
|
|
|
-
|
|
Purchases, settlements, paydowns, and maturities
|
|
|
-
|
|
Transfer into Level 3
|
|
|
-
|
|
Balance December 31, 2012
|
|
$
|
465
|
|
|
|
Fair Value
|
|
Valuation
|
|
Unobservable
|
|
Range (Weighted
|
|
|
Description
|
|
Estimate
|
|
Techniques
|
|
Input
|
|
Average)
|
|
|
|
|
(In Thousands)
|
|
|||||||
Financial Assets - Recurring
|
|
|
|
|
|
|
|
|
|
|
Derivative assets
|
|
$
|
219
|
|
Market pricing (3)
|
|
Estimated pullthrough
|
|
75% - 90%
|
|
Derivative liabilities
|
|
$
|
124
|
|
Market pricing (3)
|
|
Estimated pullthrough
|
|
75% - 90%
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Assets - Non-recurring
|
|
|
|
|
|
|
|
|
|
|
Impaired loans - Real estate secured
|
|
$
|
1,234
|
|
Appraisal of collateral (1)
|
|
Liquidation expenses (2)
|
|
20% - 30%
|
|
Impaired loans - Non-real estate secured
|
|
$
|
1,724
|
|
Cash flow basis
|
|
Liquidation expenses (2)
|
|
10% - 20%
|
|
|
(1)
|
Fair value is generally determined through independent appraisals of the underlying collateral on real estate secured loans, which generally include various level 3 inputs which are not identifiable.
|
|
(2)
|
Valuations of impaired loans may be adjusted by management for qualitative factors such as liquidation expenses.
The range and weighted average of liquidation expense adjustments are presented as a percent of the appraisal.
|
|
(3)
|
Market pricing on derivative assets and liabilities is adjusted by management for the anticipated percent of derivative assets and liabilities that will create a realized gain or loss.
The range and weighted average of estimated pull-through is presented as a percent of the volume.
|
77 | ||
|
|
|
December 31, 2013
|
|
|||||||
|
|
Aggregate
|
|
|
|
|
Contractual
|
|
||
(In Thousands)
|
|
Fair Value
|
|
Difference
|
|
Principal
|
|
|||
Residential mortgage loans held for sale
|
|
$
|
24,353
|
|
$
|
703
|
|
$
|
23,650
|
|
|
|
December 31, 2012
|
|
|||||||
|
|
Aggregate
|
|
|
|
Contractual
|
|
|||
(In Thousands)
|
|
Fair Value
|
|
Difference
|
|
Principal
|
|
|||
Residential mortgage loans held for sale
|
|
$
|
111,542
|
|
$
|
4,850
|
|
$
|
106,692
|
|
78 | ||
|
|
|
Year Ended December 31,
|
|
||||||||||
|
|
2013
|
|
2012
|
|
||||||||
|
|
|
|
Estimated
|
|
|
|
Estimated
|
|
||||
|
|
Carrying
|
|
Fair
|
|
Carrying
|
|
Fair
|
|
||||
|
|
Amount
|
|
Value
|
|
Amount
|
|
Value
|
|
||||
|
|
(In Thousands)
|
|
||||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and short-term investments
|
|
$
|
23,419
|
|
$
|
23,419
|
|
$
|
37,941
|
|
$
|
37,941
|
|
Securities available-for-sale
|
|
|
76,552
|
|
|
76,552
|
|
|
35,759
|
|
|
35,759
|
|
Securities held-to-maturity
|
|
|
16,277
|
|
|
15,659
|
|
|
44,952
|
|
|
45,308
|
|
Restricted stock
|
|
|
8,559
|
|
|
8,559
|
|
|
4,237
|
|
|
4,237
|
|
Loans, net of allowance
|
|
|
698,272
|
|
|
696,298
|
|
|
716,020
|
|
|
742,255
|
|
Derivatives
|
|
|
219
|
|
|
219
|
|
|
1,091
|
|
|
1,091
|
|
Total financial assets
|
|
$
|
823,298
|
|
$
|
820,706
|
|
$
|
840,000
|
|
$
|
866,591
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
$
|
572,972
|
|
$
|
552,735
|
|
$
|
671,496
|
|
$
|
650,619
|
|
Short-term borrowings
|
|
|
172,855
|
|
|
172,787
|
|
|
83,091
|
|
|
83,515
|
|
Subordinated debentures
|
|
|
-
|
|
|
-
|
|
|
6,186
|
|
|
6,187
|
|
Derivatives
|
|
|
124
|
|
|
124
|
|
|
626
|
|
|
626
|
|
Total financial liabilities
|
|
$
|
745,951
|
|
$
|
725,646
|
|
$
|
761,399
|
|
$
|
740,947
|
|
79 | ||
|
80 | ||
|
|
|
Commercial
|
|
Mortgage
|
|
|
|
|
|
|
|
Consolidated
|
|
|||
December 31, 2013
|
|
Banking
|
|
Banking
|
|
Other
|
|
Eliminations
|
|
Totals
|
|
|||||
|
|
(In Thousands)
|
|
|||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
$
|
35,343
|
|
$
|
1,505
|
|
$
|
12
|
|
$
|
(984)
|
|
$
|
35,876
|
|
Gain on sale of loans
|
|
|
926
|
|
|
20,183
|
|
|
-
|
|
|
-
|
|
|
21,109
|
|
Other revenues
|
|
|
3,002
|
|
|
3,034
|
|
|
2,554
|
|
|
(1,549)
|
|
|
7,041
|
|
Total operating income
|
|
|
39,271
|
|
|
24,722
|
|
|
2,566
|
|
|
(2,533)
|
|
|
64,026
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
3,620
|
|
|
577
|
|
|
499
|
|
|
(984)
|
|
|
3,712
|
|
Salaries and employee benefits
|
|
|
11,157
|
|
|
13,100
|
|
|
1,032
|
|
|
-
|
|
|
25,289
|
|
Other expenses
|
|
|
7,164
|
|
|
6,166
|
|
|
2,803
|
|
|
(1,549)
|
|
|
14,584
|
|
Total operating expenses
|
|
|
21,941
|
|
|
19,843
|
|
|
4,334
|
|
|
(2,533)
|
|
|
43,585
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
$
|
17,330
|
|
$
|
4,879
|
|
$
|
(1,768)
|
|
$
|
-
|
|
$
|
20,441
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
821,201
|
|
$
|
27,586
|
|
$
|
8,944
|
|
$
|
(10,549)
|
|
$
|
847,182
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
$
|
179
|
|
$
|
114
|
|
$
|
45
|
|
$
|
-
|
|
$
|
338
|
|
|
|
Commercial
|
|
Mortgage
|
|
|
|
|
|
|
|
Consolidated
|
|
|||
December 31, 2012
|
|
Banking
|
|
Banking
|
|
Other
|
|
Eliminations
|
|
Totals
|
|
|||||
|
|
(In Thousands)
|
|
|||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
$
|
35,964
|
|
$
|
2,953
|
|
$
|
13
|
|
$
|
(2,214)
|
|
$
|
36,716
|
|
Gain on sale of loans
|
|
|
-
|
|
|
55,749
|
|
|
-
|
|
|
-
|
|
|
55,749
|
|
Other revenues
|
|
|
2,664
|
|
|
(4,430)
|
|
|
2,676
|
|
|
(1,865)
|
|
|
(955)
|
|
Total operating income
|
|
|
38,628
|
|
|
54,272
|
|
|
2,689
|
|
|
(4,079)
|
|
|
91,510
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
4,989
|
|
|
1,757
|
|
|
633
|
|
|
(2,214)
|
|
|
5,165
|
|
Salaries and employee benefits
|
|
|
10,640
|
|
|
19,642
|
|
|
1,199
|
|
|
-
|
|
|
31,481
|
|
Other expenses
|
|
|
8,269
|
|
|
17,217
|
|
|
2,812
|
|
|
(1,865)
|
|
|
26,433
|
|
Total operating expenses
|
|
|
23,898
|
|
|
38,616
|
|
|
4,644
|
|
|
(4,079)
|
|
|
63,079
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
$
|
14,730
|
|
$
|
15,656
|
|
$
|
(1,955)
|
|
$
|
-
|
|
$
|
28,431
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
747,935
|
|
$
|
116,657
|
|
$
|
10,263
|
|
$
|
(10,941)
|
|
$
|
863,914
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
$
|
231
|
|
$
|
50
|
|
$
|
-
|
|
$
|
-
|
|
$
|
281
|
|
|
|
Commercial
|
|
Mortgage
|
|
|
|
|
|
|
|
Consolidated
|
|
|||
December 31, 2011
|
|
Banking
|
|
Banking
|
|
Other
|
|
Eliminations
|
|
Totals
|
|
|||||
|
|
(In Thousands)
|
|
|||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
$
|
34,520
|
|
$
|
2,176
|
|
$
|
8
|
|
$
|
(1,537)
|
|
$
|
35,167
|
|
Gain on sale of loans
|
|
|
286
|
|
|
35,059
|
|
|
-
|
|
|
-
|
|
|
35,345
|
|
Other revenues
|
|
|
4,054
|
|
|
(2,968)
|
|
|
1,708
|
|
|
(1,710)
|
|
|
1,084
|
|
Total operating income
|
|
|
38,860
|
|
|
34,267
|
|
|
1,716
|
|
|
(3,247)
|
|
|
71,596
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
6,726
|
|
|
1,229
|
|
|
635
|
|
|
(1,540)
|
|
|
7,050
|
|
Salaries and employee benefits
|
|
|
9,826
|
|
|
14,682
|
|
|
907
|
|
|
-
|
|
|
25,415
|
|
Other expenses
|
|
|
8,336
|
|
|
11,998
|
|
|
2,829
|
|
|
(1,707)
|
|
|
21,456
|
|
Total operating expenses
|
|
|
24,888
|
|
|
27,909
|
|
|
4,371
|
|
|
(3,247)
|
|
|
53,921
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
$
|
13,972
|
|
$
|
6,358
|
|
$
|
(2,655)
|
|
$
|
-
|
|
$
|
17,675
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
711,008
|
|
$
|
99,485
|
|
$
|
10,236
|
|
$
|
(10,971)
|
|
$
|
809,758
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
$
|
150
|
|
$
|
68
|
|
$
|
14
|
|
$
|
-
|
|
$
|
232
|
|
81 | ||
|
|
|
|
Year Ended December 31,
|
|
|||
|
|
|
2013
|
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Thousands)
|
|
|||
Assets
|
|
|
|
|
|
|
|
Cash
|
|
$
|
5,850
|
|
$
|
5,044
|
|
Investment in subsidiaries
|
|
|
85,114
|
|
|
91,307
|
|
Other assets
|
|
|
592
|
|
|
1,708
|
|
Total assets
|
|
$
|
91,556
|
|
$
|
98,059
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
Subordinated debentures
|
|
$
|
-
|
|
$
|
6,186
|
|
Other liabilities
|
|
|
422
|
|
|
606
|
|
Total liabilities
|
|
|
422
|
|
|
6,792
|
|
|
|
|
|
|
|
|
|
Shareholders' Equity
|
|
|
|
|
|
|
|
Common stock
|
|
|
8,659
|
|
|
8,615
|
|
Capital surplus
|
|
|
17,320
|
|
|
17,155
|
|
Retained earnings
|
|
|
67,121
|
|
|
65,404
|
|
Accumulated other comprehensive income (loss)
|
|
|
(1,966)
|
|
|
93
|
|
Total shareholders' equity
|
|
|
91,134
|
|
|
91,267
|
|
Total liabilities and shareholders' equity
|
|
$
|
91,556
|
|
$
|
98,059
|
|
82 | ||
|
|
|
|
Year Ended December 31,
|
|
||||||
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Thousands)
|
|
||||||
Income
|
|
|
|
|
|
|
|
|
|
|
Dividends from subsidiaries
|
|
$
|
17,850
|
|
$
|
11,200
|
|
$
|
5,361
|
|
Interest
|
|
|
12
|
|
|
12
|
|
|
8
|
|
Other
|
|
|
437
|
|
|
496
|
|
|
45
|
|
|
|
|
18,299
|
|
|
11,708
|
|
|
5,414
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
Interest expense on subordinated debentures
|
|
|
103
|
|
|
223
|
|
|
213
|
|
Other expenses
|
|
|
1,396
|
|
|
1,464
|
|
|
1,501
|
|
Total expenses
|
|
|
1,499
|
|
|
1,687
|
|
|
1,714
|
|
Income before income taxes and undistributed income of subsidiaries
|
|
|
16,800
|
|
|
10,021
|
|
|
3,700
|
|
Income tax (benefit)
|
|
|
(354)
|
|
|
(399)
|
|
|
(578)
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before undistributed income of subsidiaries
|
|
|
17,154
|
|
|
10,420
|
|
|
4,278
|
|
Undistributed (distributed) income of subsidiaries
|
|
|
(3,947)
|
|
|
7,303
|
|
|
7,110
|
|
Net income
|
|
$
|
13,207
|
|
$
|
17,723
|
|
$
|
11,388
|
|
|
|
|
Year Ended December 31,
|
|
||||||
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
|
|
(In Thousands)
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
13,207
|
|
$
|
17,723
|
|
$
|
11,388
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income
|
|
$
|
13,207
|
|
$
|
17,723
|
|
$
|
11,388
|
|
83 | ||
|
|
|
|
Year Ended December 31,
|
|
||||||
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
|
|
(In Thousands)
|
|
||||||
Cash Flows from Operating Activities
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
13,207
|
|
$
|
17,723
|
|
$
|
11,388
|
|
Adjustments to reconcile net income to net cash provided by
(used in) operating activities: |
|
|
|
|
|
|
|
|
|
|
Undistributed income of subsidiaries
|
|
|
3,947
|
|
|
(7,303)
|
|
|
(7,110)
|
|
Excess tax benefits
|
|
|
6
|
|
|
-
|
|
|
-
|
|
(Increase) decrease in other assets
|
|
|
1,302
|
|
|
216
|
|
|
(300)
|
|
Increase (decrease) in other liabilities
|
|
|
(183)
|
|
|
270
|
|
|
(299)
|
|
Stock-based compensation
|
|
|
195
|
|
|
231
|
|
|
213
|
|
Net cash provided by operating activities
|
|
|
18,474
|
|
|
11,137
|
|
|
3,892
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Investing Activities
|
|
|
|
|
|
|
|
|
|
|
Increase in investment in subsidiaries
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Decrease (increase) in other investments
|
|
|
-
|
|
|
-
|
|
|
2,374
|
|
Net cash provided by investing activities
|
|
|
-
|
|
|
-
|
|
|
2,374
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Financing Activities
|
|
|
|
|
|
|
|
|
|
|
Repurchase of common stock
|
|
|
(765)
|
|
|
(770)
|
|
|
(1,791)
|
|
Net proceeds from issuance of common stock
|
|
|
773
|
|
|
1,082
|
|
|
347
|
|
Proceeds from subordinated debentures
|
|
|
(6,186)
|
|
|
-
|
|
|
-
|
|
Dividends paid
|
|
|
(11,490)
|
|
|
(9,848)
|
|
|
(1,389)
|
|
Net cash used in financing activities
|
|
|
(17,668)
|
|
|
(9,536)
|
|
|
(2,833)
|
|
|
|
|
|
|
|
|
|
|
|
|
(Decrease) increase in cash and cash equivalents
|
|
|
806
|
|
|
1,601
|
|
|
3,433
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and Cash Equivalents
|
|
|
|
|
|
|
|
|
|
|
Beginning
|
|
|
5,044
|
|
|
3,443
|
|
|
10
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending
|
|
$
|
5,850
|
|
$
|
5,044
|
|
$
|
3,443
|
|
84 | ||
|
85 | ||
|
86 | ||
|
(a) | Exhibit Index |
Exhibit No.
|
|
Description
|
3.1
|
|
Amended and Restated Articles of Incorporation of Access National Corporation (incorporated by reference to Exhibit 3.1 to Form 8-K filed July 18, 2006 (file number 000-49929))
|
3.1.1
|
|
Articles of Amendment to Amended and Restated Articles of Incorporation of Access National Corporation (incorporated by reference to Exhibit 3.1.1 to Form 10-Q filed August 15, 2011 (file number 000-49929))
|
3.2
|
|
Amended and Restated Bylaws of Access National Corporation (incorporated by reference to Exhibit 3.2 to Form 8-K Filed October 24, 2007 (file number 000-49929))
|
4
|
|
Form of Common Stock Certificate (incorporated by reference to Exhibit 4.0 to Form 10-KSB filed March 31, 2003)
|
|
|
Certain instruments relating to long-term debt as to which the total amount of securities authorized there under does not exceed 10% of Access National Corporation’s total assets have been omitted in accordance with Item 601(b)(4)(iii) of Regulation S-K.
The registrant will furnish a copy of any such instrument to the Securities and Exchange Commission upon its request.
|
10.5*+
|
|
Annual Compensation of Non-Employee Directors
|
10.6*+
|
|
Base Salaries for Named Executive Officers
|
10.10
|
|
Access National Corporation 2009 Stock Option Plan, effective May 19, 2009 (incorporated by reference to Appendix A to the definitive proxy statement filed April 15, 2009)
|
10.10.1
|
|
Form of Stock Option Agreement for Employee under 2009 Stock Option Plan (incorporated by reference to Exhibit 10.10.1 to Form 8-K filed July 6, 2009)
|
10.10.2*
|
|
Form of Stock Option Agreement for Non-Employee Directors under 2009 Stock Option Plan
|
10.11+
|
|
Termination Agreement between Access National Bank and Charles Wimer, dated as of June 4, 2012 (incorporated by reference to Exhibit 10.11 to Form 10-Q filed August 14, 2012 (file number 000-49929))
|
10.12+
|
|
Termination Agreement between Access National Bank and Dean Hackemer, dated as of March 14, 2013 (incorporated by reference to Exhibit 10.12 to Form 10-K filed March 18, 2013 (file number 000-49929))
|
10.13+
|
|
Employment Agreement between Access National Bank and Michael W. Clarke 2013 (incorporated by reference to Exhibit 10.13 to Form 10-K filed March 18, 2013 (file number 000-49929))
|
10.13.1+
|
|
Amendment to Employment Agreement between Access National Bank and Michael W. Clarke, dated as of November 19, 2013 (incorporated by reference to Exhibit 10.13.1 to Form 8-K filed November 25, 2013)
|
10.14+
|
|
Employment Agreement between Access National Bank and Robert C. Shoemaker 2013 (incorporated by reference to Exhibit 10.14 to Form 10-K filed March 18, 2013 (file number 000-49929))
|
10.14.1+
|
|
Amendment to Employment Agreement between Access National Bank and Robert C. Shoemaker, dated as of November 19, 2013 (incorporated by reference to Exhibit 10.14.1 to Form 8-K filed November 25, 2013) |
10.15+
|
|
Employment Agreement between Access National Bank and Dean Hackemer 2013 (incorporated by reference to Exhibit 10.15 to Form 10-K filed March 18, 2013 (file number 000-49929))
|
10.15.1+
|
|
Amendment to Employment Agreement between Access National Bank and Dean Hackemer, dated as of November 19, 2013 (incorporated by reference to Exhibit 10.15.1 to Form 8-K filed November 25, 2013) |
10.16+
|
|
Employment Agreement between Access National Bank and Margaret M. Taylor (incorporated by reference to Exhibit 10.16 to Form 10-Q filed May 10, 2013 (file number 000-49929))
|
10.16.1+
|
|
Amendment to Employment Agreement between Access National Bank and Margaret M. Taylor, dated as of November 19, 2013 (incorporated by reference to Exhibit 10.16.1 to Form 8-K filed November 25, 2013) |
21*
|
|
Subsidiaries of Access National Corporation
|
23*
|
|
Consent of BDO USA, LLP
|
24*
|
|
Power of Attorney (included on the signature page of this report)
|
31.1*
|
|
CEO Certification Pursuant to Rule 13a-14(a)
|
31.2*
|
|
CFO Certification Pursuant to Rule 13a-14(a)
|
87 | ||
|
32*
|
|
CEO/CFO Certification Pursuant to § 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. § 1350)
|
101*
|
|
The following materials from Access National Corporation’s Annual Report on Form 10-K for the year ended December 31, 2013, formatted in XBRL (Extensible Business Reporting Language), filed herewith: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Income,(iii) Consolidated Statements of Comprehensive Income, (iv) Changes in Shareholders’ Equity, (v) Consolidated Statements of Cash Flows, and (vi) Notes to Consolidated Financial Statements.
|
101.INS*
|
|
XBRL Instance Document
|
101.SCH*
|
|
XBRL Taxonomy Extension Schema
|
101.CAL*
|
|
XBRL Taxonomy Extension Calculation Linkbase
|
101.DEF*
|
|
XBRL Taxonomy Extension Definition Linkbase
|
101.LAB*
|
|
XBRL Taxonomy Extension Label Linkbase
|
101.PRE*
|
|
XBRL Taxonomy Extension Presentation Linkbase
|
88 | ||
|
|
|
Access National Corporation
|
|
|
(Registrant)
|
|
|
|
Date:
March 14, 2014
|
By:
|
/s/ Michael W. Clarke
|
|
|
Michael W. Clarke
|
|
|
President and Chief Executive Officer
|
|
|
|
Date:
March 14, 2014
|
By:
|
/s/ Margaret M. Taylor
|
|
|
Margaret M. Taylor
|
|
|
Senior Vice President and Chief Financial Officer
|
89 | ||
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
/s/ Michael W. Clarke
|
|
|
|
|
Michael W. Clarke
|
|
President, Chief Executive Officer & Director
(Principal Executive Officer)
|
|
March 14, 2014
|
|
|
|
|
|
/s/ John W. Edgemond IV
|
|
|
|
March 14, 2014
|
John W. Edgemond IV
|
|
Director
|
|
|
|
|
|
|
|
/s/ Martin S. Friedman
|
|
|
|
|
Martin S. Friedman
|
|
Director
|
|
March 14, 2014
|
|
|
|
|
|
/s/
James L. Jadlos
|
|
|
|
|
James L. Jadlos
|
|
Chairman & Director
|
|
March 14, 2014
|
|
|
|
|
|
/s/ Thomas M. Kody
|
|
|
|
|
Thomas M. Kody
|
|
Director
|
|
March 14, 2014
|
|
|
|
|
|
/s/ Robert C. Shoemaker
|
|
|
|
|
Robert C. Shoemaker
|
|
Director
|
|
March 14, 2014
|
|
|
|
|
|
/s/ J. Randolph Babbitt
|
|
|
|
|
J. Randolph Babbitt
|
|
Director
|
|
March 14, 2014
|
|
|
|
|
|
/s/ Michael G. Anzilotti
|
|
|
|
|
Michael G. Anzilotti
|
|
Director
|
|
March 14, 2014
|
|
|
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/s/ Margaret M. Taylor
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Margaret M. Taylor
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Senior Vice President and Chief Financial Officer
(Principal Financial Officer and Principal
Accounting Officer)
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March 14, 2014
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90 | ||
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Exhibit 10.5
Annual Compensation of Non-Employee Directors
Name/Position |
2014
Retainer |
2013
Retainer |
2012
Retainer |
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Martin S. Friedman, Non-Employee Director | $ | 36,000 | $ | 36,000 | $ | 36,000 | ||||||
Thomas M. Kody, Non-Employee Director | $ | 36,000 | $ | 36,000 | $ | 36,000 | ||||||
John W. Edgemond IV, Non-Employee Director | $ | 36,000 | $ | 36,000 | $ | 36,000 | ||||||
J. Randolph Babbitt, Non-Employee Director | $ | 36,000 | $ | 36,000 | $ | 12,000 | ||||||
James L. Jadlos, Chairman and Non-Employee Director | $ | 48,000 | $ | 48,000 | $ | 48,000 | ||||||
Michael G. Anzilotti, Non-Employee Director | $ | 33,000 | $ | - | $ | - |
The Non-Employee Directors will be paid the 2014 retainer in quarterly installments in the month following the end of each fiscal quarter.
Exhibit 10.6
Base Salaries for Named Executive Officers
As of January 1, 2014 the following are the base salaries (on an annual basis) of the named executive officers (as defined in Item 402(a)(3) of Regulation S-K) of Access National Corporation:
Michael W. Clarke | $ | 370,000 | ||
President and Chief Executive Officer | ||||
Dean Hackemer | $ | 350,000 | ||
President, Mortgage Division | ||||
Robert C. Shoemaker | $ | 296,800 | ||
Executive Vice President and Chief Lending Officer | ||||
Margaret M. Taylor | $ | 275,000 | ||
Senior Vice President and Chief Financial Officer |
Exhibit 10.10.2
Access National Corporation
[NON-EMPLOYEE DIRECTOR FORM - ALTERNATIVE PROVISIONS IN BRACKETS]
Option Agreement
Access National Corporation (the "Company"), for good and valuable consideration, hereby grants to the Optionee set forth below an option to purchase shares of the Common Stock of the Company (the “Option”). The Option is intended to be a non-qualified stock option under the Internal Revenue Code. The Option is granted under, and shall be subject to the terms and conditions set forth in, the Access National Corporation 2009 Stock Option Plan, as the same be amended or replaced from time to time (the "Plan"), and in addition shall be subject to the terms set forth below:
Optionee | : |
Position with the Company | : |
Date of Grant | : |
Number of Shares | : |
Option Price | : [must be FMV of Common Stock on date of grant - which is date all material terms of award are approved or a later designated grant date] |
Expiry Date | : [must not be later than 10 years after date of grant] |
Rights of Exercise (Vesting Schedule):
Vesting Date Number of Vested Shares under Option
On the close of the business day of the Expiry Date, the Option granted will expire and terminate and be of no further force and effect whatsoever as to the shares of the Common Stock for which the Option hereby granted has not been exercised.
The unvested portion of the Option granted hereunder, and all rights to purchase pursuant thereto, shall expire and terminate [immediately upon] [within 90 days of] the Optionee ceasing to be a Director of the Company.
The Option is not transferable. Optionee shall have no rights as a shareholder with respect to any shares of Common Stock subject to the Option until the date of the exercise of the Option for such shares.
By Optionee's acceptance of this Agreement and the Option represented hereby, the Optionee confirms that the Option and all shares of Common Stock purchased upon any exercise of the Option have been and will be acquired for investment purposes only and not with the view to distribute or transfer and will be held for Optionee’s own account Furthermore, by acceptance of this Agreement, the Optionee agrees to take into consideration the current strength of the Company's Common Stock price and to not sell any shares into the market that would cause a substantial decrease in the Company's Common Stock price.
Furthermore, by acceptance of this Agreement, the Optionee agrees that he is responsible for the payment of any taxes related to the Option. [If approved by the Committee for the Option: The Optionee may elect to satisfy the withholding requirement, in whole or in part, by having the Company withhold shares of Common Stock having a Fair Market Value equal to the amount required to be withheld in accordance with Section 11.2 of the Plan.] The Company advises Optionee to contact his tax advisor to discuss any tax issues.
[If approved by the Committee for the Option: The Optionee may elect to pay the Option Price, in whole or in part, by delivering to the Company shares of Common Stock in accordance with Section 6.6 of the Plan. The Optionee may elect to pay the Option Price, in whole or in part, by net exercise in accordance with Section 6.6 of the Plan.]
Where used herein all defined terms shall have the respective meanings attributed thereto in the Plan.
Dated at Reston, Virginia on _____________, _____.
ACCESS NATIONAL CORPORATION
By: | ||
Michael W Clarke, President/CEO |
The Undersigned hereby acknowledges receipt of a copy of the Plan and accepts and agrees to the grant of the Option on the terms and conditions set forth herein and in the Plan.
(Optionee) |
voice 703-871-2100 fax 703-766-3385
1800 Robert Fulton Drive, Suite 300 Reston, Virginia 20191
Exhibit 21
Subsidiaries of Access National Corporation
Subsidiary and Name Under Which Business is Done |
Jurisdiction of Incorporation or Organization |
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Access National Bank | United States | |
Access National Leasing Corporation (inactive) | Virginia | |
Access Capital Management Holding, LLC | Virginia | |
Capital Fiduciary Advisors, L.L.C. | Virginia | |
Access Investment Services, L.L.C. | Virginia | |
Access Insurance Group, L.L.C. (inactive) | Virginia | |
Acme Real Estate LLC | Virginia | |
Access Real Estate LLC | Virginia | |
Access National Capital Trust I (inactive) | Virginia | |
Access National Capital Trust II | Virginia |
Exhibit 23
Consent of Independent Registered Public Accounting Firm
We hereby consent to the incorporation by reference in the Registration Statements on Forms S-3 (Nos. 333-110552 and 333-131455) and S-8 (Nos. 333-160867, 333-114897 and 333-118771) of Access National Corporation and subsidiaries of our reports dated March 14, 2014, relating to the consolidated financial statements and the effectiveness of Access National Corporation’s internal control over financial reporting, which appear in this Annual Form 10-K for the year ended December 31, 2013.
/s/ BDO USA, LLP | |
BDO USA, LLP | |
Richmond, Virginia | |
March 14, 2014 |
Exhibit 31.1
CERTIFICATIONS
I, Michael W. Clarke, certify that:
1. | I have reviewed this annual report on Form 10-K of Access National Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: March 14, 2014
/s/ Michael W. Clarke | |
Michael W. Clarke | |
President and Chief Executive Officer |
Exhibit 31.2
CERTIFICATIONS
I, Margaret M. Taylor, certify that:
1. | I have reviewed this annual report on Form 10-K of Access National Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: March 14, 2014
/s/ Margaret M. Taylor | |
Margaret M. Taylor | |
Senior Vice President and Chief | |
Financial Officer |
Exhibit 32
Certification Pursuant to 18 U.S.C. Section 1350
as Adopted Pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002
In connection with the Annual Report of Access National Corporation (the "Corporation") on Form 10-K for the fiscal year ended December 31, 2013 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned, Michael W. Clarke, President and Chief Executive Officer of the Corporation, and Margaret M. Taylor, Senior Vice President and Chief Financial Officer of the Corporation, do hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of their knowledge:
1. | The Report fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Corporation. |
It is not intended that this statement be deemed to be filed for purposes of the Securities Exchange Act of 1934, as amended.
/s/ Michael W. Clarke | ||
Michael W. Clarke | ||
President and Chief Executive Officer | ||
March 14, 2014 | ||
/s/ Margaret M. Taylor | ||
Margaret M. Taylor | ||
Senior Vice President and Chief Financial Officer | ||
March 14, 2014 |