UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period ended June 30, 2014
or
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For transition period from to
Commission File Number 1-34403
TERRITORIAL BANCORP INC.
(Exact Name of Registrant as Specified in Charter)
Maryland |
|
26-4674701 |
(State or Other Jurisdiction of Incorporation) |
|
(I.R.S. Employer Identification No.) |
1132 Bishop Street, Suite 2200, Honolulu, Hawaii |
|
96813 |
(Address of Principal Executive Offices) |
|
(Zip Code) |
(808) 946-1400
Registrants telephone number, including area code
Not Applicable
(Former name or former address, if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o.
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer, or a smaller reporting company. See definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer o |
|
Accelerated filer x |
Non-accelerated filer o |
|
Smaller reporting company o |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x.
Indicate the number of shares outstanding of each of the Issuers classes of common stock as of the latest practicable date.
9,880,383 shares of Common Stock, par value $0.01 per share, were issued and outstanding as of July 31, 2014.
TERRITORIAL BANCORP INC.
Form 10-Q Quarterly Report
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1 | ||
MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
29 | |
42 | ||
43 | ||
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45 | ||
45 | ||
45 | ||
45 | ||
45 | ||
45 | ||
45 | ||
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46 |
TERRITORIAL BANCORP INC. AND SUBSIDIARIES
Consolidated Balance Sheets (Unaudited)
(Dollars in thousands, except share data)
|
|
June 30, |
|
December 31, |
| ||
|
|
2014 |
|
2013 |
| ||
|
|
|
|
|
| ||
ASSETS |
|
|
|
|
| ||
Cash and cash equivalents |
|
$ |
58,686 |
|
$ |
75,365 |
|
Investment securities held to maturity, at amortized cost (fair value of $619,843 and $598,007 at June 30, 2014 and December 31, 2013, respectively) |
|
613,247 |
|
613,436 |
| ||
Federal Home Loan Bank stock, at cost |
|
11,467 |
|
11,689 |
| ||
Loans held for sale |
|
1,504 |
|
2,210 |
| ||
Loans receivable, net |
|
902,991 |
|
856,542 |
| ||
Accrued interest receivable |
|
4,447 |
|
4,310 |
| ||
Premises and equipment, net |
|
5,939 |
|
6,056 |
| ||
Bank-owned life insurance |
|
40,774 |
|
40,243 |
| ||
Deferred income taxes receivable |
|
6,482 |
|
5,075 |
| ||
Prepaid expenses and other assets |
|
2,281 |
|
1,978 |
| ||
|
|
|
|
|
| ||
Total assets |
|
$ |
1,647,818 |
|
$ |
1,616,904 |
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|
|
|
|
|
| ||
LIABILITIES AND STOCKHOLDERS EQUITY |
|
|
|
|
| ||
Liabilities: |
|
|
|
|
| ||
Deposits |
|
$ |
1,317,947 |
|
$ |
1,288,709 |
|
Advances from the Federal Home Loan Bank |
|
15,000 |
|
15,000 |
| ||
Securities sold under agreements to repurchase |
|
72,000 |
|
72,000 |
| ||
Accounts payable and accrued expenses |
|
22,448 |
|
23,933 |
| ||
Current income taxes payable |
|
2,093 |
|
1,414 |
| ||
Advance payments by borrowers for taxes and insurance |
|
3,718 |
|
3,708 |
| ||
|
|
|
|
|
| ||
Total liabilities |
|
1,433,206 |
|
1,404,764 |
| ||
|
|
|
|
|
| ||
Stockholders Equity: |
|
|
|
|
| ||
Preferred stock, $.01 par value; authorized 50,000,000 shares, no shares issued or outstanding |
|
|
|
|
| ||
Common stock, $.01 par value; authorized 100,000,000 shares; issued and outstanding 9,880,383 and 10,051,377 shares at June 30, 2014 and December 31, 2013, respectively |
|
99 |
|
101 |
| ||
Additional paid-in capital |
|
75,064 |
|
77,340 |
| ||
Unearned ESOP shares |
|
(7,095 |
) |
(7,340 |
) | ||
Retained earnings |
|
150,255 |
|
145,826 |
| ||
Accumulated other comprehensive loss |
|
(3,711 |
) |
(3,787 |
) | ||
|
|
|
|
|
| ||
Total stockholders equity |
|
214,612 |
|
212,140 |
| ||
|
|
|
|
|
| ||
Total liabilities and stockholders equity |
|
$ |
1,647,818 |
|
$ |
1,616,904 |
|
See accompanying notes to consolidated financial statements.
TERRITORIAL BANCORP INC. AND SUBSIDIARIES
Consolidated Statements of Income (Unaudited)
(Dollars in thousands, except per share data)
|
|
Three Months Ended |
|
Six Months Ended |
| ||||||||
|
|
2014 |
|
2013 |
|
2014 |
|
2013 |
| ||||
Interest and dividend income: |
|
|
|
|
|
|
|
|
| ||||
Investment securities |
|
$ |
5,086 |
|
$ |
4,518 |
|
$ |
10,160 |
|
$ |
9,072 |
|
Loans |
|
9,760 |
|
9,199 |
|
19,300 |
|
18,429 |
| ||||
Other investments |
|
35 |
|
66 |
|
78 |
|
164 |
| ||||
Total interest and dividend income |
|
14,881 |
|
13,783 |
|
29,538 |
|
27,665 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Interest expense: |
|
|
|
|
|
|
|
|
| ||||
Deposits |
|
1,103 |
|
1,074 |
|
2,194 |
|
2,194 |
| ||||
Advances from the Federal Home Loan Bank |
|
66 |
|
65 |
|
132 |
|
168 |
| ||||
Securities sold under agreements to repurchase |
|
343 |
|
471 |
|
686 |
|
948 |
| ||||
Total interest expense |
|
1,512 |
|
1,610 |
|
3,012 |
|
3,310 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Net interest income |
|
13,369 |
|
12,173 |
|
26,526 |
|
24,355 |
| ||||
Provision (reversal of allowance) for loan losses |
|
156 |
|
(16 |
) |
165 |
|
2 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Net interest income after provision (reversal of allowance) for loan losses |
|
13,213 |
|
12,189 |
|
26,361 |
|
24,353 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Noninterest income: |
|
|
|
|
|
|
|
|
| ||||
Service fees on loan and deposit accounts |
|
524 |
|
568 |
|
1,023 |
|
1,069 |
| ||||
Income on bank-owned life insurance |
|
264 |
|
258 |
|
532 |
|
479 |
| ||||
Gain on sale of investment securities |
|
309 |
|
1,024 |
|
655 |
|
1,912 |
| ||||
Gain on sale of loans |
|
86 |
|
380 |
|
165 |
|
1,025 |
| ||||
Other |
|
96 |
|
81 |
|
262 |
|
186 |
| ||||
Total noninterest income |
|
1,279 |
|
2,311 |
|
2,637 |
|
4,671 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Noninterest expense: |
|
|
|
|
|
|
|
|
| ||||
Salaries and employee benefits |
|
5,297 |
|
5,012 |
|
10,660 |
|
10,364 |
| ||||
Occupancy |
|
1,409 |
|
1,333 |
|
2,831 |
|
2,584 |
| ||||
Equipment |
|
905 |
|
851 |
|
1,819 |
|
1,723 |
| ||||
Federal deposit insurance premiums |
|
201 |
|
191 |
|
400 |
|
381 |
| ||||
Other general and administrative expenses |
|
935 |
|
1,208 |
|
1,901 |
|
2,259 |
| ||||
Total noninterest expense |
|
8,747 |
|
8,595 |
|
17,611 |
|
17,311 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Income before income taxes |
|
5,745 |
|
5,905 |
|
11,387 |
|
11,713 |
| ||||
Income taxes |
|
2,026 |
|
2,244 |
|
4,206 |
|
4,411 |
| ||||
Net income |
|
$ |
3,719 |
|
$ |
3,661 |
|
$ |
7,181 |
|
$ |
7,302 |
|
|
|
|
|
|
|
|
|
|
| ||||
Basic earnings per share |
|
$ |
0.41 |
|
$ |
0.37 |
|
$ |
0.78 |
|
$ |
0.74 |
|
Diluted earnings per share |
|
$ |
0.40 |
|
$ |
0.36 |
|
$ |
0.77 |
|
$ |
0.72 |
|
Cash dividends declared per common share |
|
$ |
0.15 |
|
$ |
0.13 |
|
$ |
0.29 |
|
$ |
0.25 |
|
Basic weighted-average shares outstanding |
|
9,164,801 |
|
9,841,162 |
|
9,176,108 |
|
9,879,050 |
| ||||
Diluted weighted-average shares outstanding |
|
9,346,872 |
|
10,070,604 |
|
9,363,631 |
|
10,093,690 |
|
See accompanying notes to consolidated financial statements.
TERRITORIAL BANCORP INC. AND SUBSIDIARIES
Consolidated Statements of Comprehensive Income (Unaudited)
(Dollars in thousands)
|
|
Three Months Ended |
|
Six Months Ended |
| ||||||||
|
|
2014 |
|
2013 |
|
2014 |
|
2013 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Net income |
|
$ |
3,719 |
|
$ |
3,661 |
|
$ |
7,181 |
|
$ |
7,302 |
|
|
|
|
|
|
|
|
|
|
| ||||
Change in unrealized loss on securities |
|
1 |
|
10 |
|
4 |
|
18 |
| ||||
Noncredit related gains on securities not expected to be sold |
|
|
|
47 |
|
72 |
|
69 |
| ||||
Other comprehensive income |
|
1 |
|
57 |
|
76 |
|
87 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Comprehensive income |
|
$ |
3,720 |
|
$ |
3,718 |
|
$ |
7,257 |
|
$ |
7,389 |
|
See accompanying notes to consolidated financial statements.
TERRITORIAL BANCORP INC. AND SUBSIDIARIES
Consolidated Statements of Stockholders Equity (Unaudited)
(Dollars in thousands, except per share data)
|
|
Common |
|
Additional |
|
Unearned |
|
Retained |
|
Accumulated |
|
Total |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Balances at December 31, 2012 |
|
$ |
108 |
|
$ |
93,616 |
|
$ |
(7,829 |
) |
$ |
137,410 |
|
$ |
(4,333 |
) |
$ |
218,972 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net income |
|
|
|
|
|
|
|
7,302 |
|
|
|
7,302 |
| ||||||
Other comprehensive income |
|
|
|
|
|
|
|
|
|
87 |
|
87 |
| ||||||
Cash dividends declared ($0.25 per share) |
|
|
|
|
|
|
|
(2,577 |
) |
|
|
(2,577 |
) | ||||||
Share-based compensation |
|
|
|
1,327 |
|
|
|
|
|
|
|
1,327 |
| ||||||
Allocation of 24,466 ESOP shares |
|
|
|
326 |
|
244 |
|
|
|
|
|
570 |
| ||||||
Repurchase of 332,018 shares of company common stock |
|
(3 |
) |
(7,651 |
) |
|
|
|
|
|
|
(7,654 |
) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Balances at June 30, 2013 |
|
$ |
105 |
|
$ |
87,618 |
|
$ |
(7,585 |
) |
$ |
142,135 |
|
$ |
(4,246 |
) |
$ |
218,027 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Balances at December 31, 2013 |
|
$ |
101 |
|
$ |
77,340 |
|
$ |
(7,340 |
) |
$ |
145,826 |
|
$ |
(3,787 |
) |
$ |
212,140 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net income |
|
|
|
|
|
|
|
7,181 |
|
|
|
7,181 |
| ||||||
Other comprehensive income |
|
|
|
|
|
|
|
|
|
76 |
|
76 |
| ||||||
Cash dividends declared ($0.29 per share) |
|
|
|
|
|
|
|
(2,752 |
) |
|
|
(2,752 |
) | ||||||
Share-based compensation |
|
|
|
1,327 |
|
|
|
|
|
|
|
1,327 |
| ||||||
Allocation of 24,466 ESOP shares |
|
|
|
282 |
|
245 |
|
|
|
|
|
527 |
| ||||||
Repurchase of 170,994 shares of company common stock |
|
(2 |
) |
(3,885 |
) |
|
|
|
|
|
|
(3,887 |
) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Balances at June 30, 2014 |
|
$ |
99 |
|
$ |
75,064 |
|
$ |
(7,095 |
) |
$ |
150,255 |
|
$ |
(3,711 |
) |
$ |
214,612 |
|
See accompanying notes to consolidated financial statements.
TERRITORIAL BANCORP INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows (Unaudited)
(Dollars in thousands)
|
|
Six Months Ended |
| ||||
|
|
June 30, |
| ||||
|
|
2014 |
|
2013 |
| ||
|
|
|
|
|
| ||
Cash flows from operating activities: |
|
|
|
|
| ||
Net income |
|
$ |
7,181 |
|
$ |
7,302 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
| ||
Provision for loan losses |
|
165 |
|
2 |
| ||
Depreciation and amortization |
|
677 |
|
567 |
| ||
Deferred income tax benefit |
|
(1,457 |
) |
(1,339 |
) | ||
Amortization of fees, discounts, and premiums |
|
(208 |
) |
401 |
| ||
Origination of loans held for sale |
|
(16,086 |
) |
(47,607 |
) | ||
Proceeds from sales of loans held for sale |
|
16,957 |
|
47,861 |
| ||
Gain on sale of loans, net |
|
(165 |
) |
(1,025 |
) | ||
Purchases of investment securities held for trading |
|
(5,041 |
) |
|
| ||
Proceeds from sale of investment securities held for trading |
|
5,071 |
|
|
| ||
Gain on sale of investment securities held for trading |
|
(30 |
) |
|
| ||
Gain on sale of investment securities held to maturity |
|
(625 |
) |
(1,912 |
) | ||
ESOP expense |
|
527 |
|
570 |
| ||
Share-based compensation expense |
|
1,327 |
|
1,327 |
| ||
Increase in accrued interest receivable |
|
(137 |
) |
(3 |
) | ||
Net increase in bank-owned life insurance |
|
(531 |
) |
(479 |
) | ||
Net (increase) decrease in prepaid expenses and other assets |
|
(303 |
) |
1,512 |
| ||
Net increase (decrease) in accounts payable and accrued expenses |
|
(960 |
) |
483 |
| ||
Net increase (decrease) in advance payments by borrowers for taxes and insurance |
|
10 |
|
(64 |
) | ||
Net increase in income taxes payable |
|
679 |
|
705 |
| ||
Net cash provided by operating activities |
|
7,051 |
|
8,301 |
| ||
|
|
|
|
|
| ||
Cash flows from investing activities: |
|
|
|
|
| ||
Purchases of investment securities held to maturity |
|
(34,831 |
) |
(167,189 |
) | ||
Principal repayments on investment securities held to maturity |
|
28,479 |
|
110,983 |
| ||
Proceeds from sale of investment securities held to maturity |
|
7,199 |
|
29,188 |
| ||
Loan originations, net of principal repayments on loans receivable |
|
(46,313 |
) |
(46,218 |
) | ||
Proceeds from redemption of Federal Home Loan Bank stock |
|
222 |
|
220 |
| ||
Purchases of bank-owned life insurance |
|
|
|
(8,000 |
) | ||
Purchases of premises and equipment |
|
(560 |
) |
(310 |
) | ||
Net cash used in investing activities |
|
(45,804 |
) |
(81,326 |
) | ||
(Continued)
TERRITORIAL BANCORP INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows (Unaudited)
(Dollars in thousands)
|
|
Six Months Ended |
| ||||
|
|
June 30, |
| ||||
|
|
2014 |
|
2013 |
| ||
|
|
|
|
|
| ||
Cash flows from financing activities: |
|
|
|
|
| ||
Net increase (decrease) in deposits |
|
$ |
29,238 |
|
$ |
(2,391 |
) |
Proceeds from advances from the Federal Home Loan Bank |
|
|
|
5,000 |
| ||
Repayments of advances from the Federal Home Loan Bank |
|
|
|
(10,000 |
) | ||
Repayments of securities sold under agreements to repurchase |
|
|
|
(5,000 |
) | ||
Purchases of Company stock |
|
(4,412 |
) |
(7,654 |
) | ||
Cash dividends paid |
|
(2,752 |
) |
(2,577 |
) | ||
Net cash provided by (used in) financing activities |
|
22,074 |
|
(22,622 |
) | ||
|
|
|
|
|
| ||
Net decrease in cash and cash equivalents |
|
(16,679 |
) |
(95,647 |
) | ||
|
|
|
|
|
| ||
Cash and cash equivalents at beginning of the period |
|
75,365 |
|
182,818 |
| ||
|
|
|
|
|
| ||
Cash and cash equivalents at end of the period |
|
$ |
58,686 |
|
$ |
87,171 |
|
|
|
|
|
|
| ||
Supplemental disclosure of cash flow information: |
|
|
|
|
| ||
Cash paid for: |
|
|
|
|
| ||
Interest on deposits and borrowings |
|
$ |
2,953 |
|
$ |
3,305 |
|
Income taxes |
|
4,984 |
|
5,045 |
| ||
|
|
|
|
|
|
See accompanying notes to consolidated financial statements.
TERRITORIAL BANCORP INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(Unaudited)
(1) Basis of Presentation
The accompanying unaudited consolidated financial statements of Territorial Bancorp Inc. (the Company) have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These interim condensed consolidated financial statements and notes should be read in conjunction with Territorial Bancorp Inc.s consolidated financial statements and notes thereto filed as part of the Annual Report on Form 10-K for the year ended December 31, 2013. In the opinion of management, all adjustments necessary for a fair presentation have been made and include all normal recurring adjustments. Interim results of operations are not necessarily indicative of results to be expected for the year.
(2) Organization
On November 4, 2008, the Board of Directors of Territorial Mutual Holding Company (MHC) approved a plan of conversion and reorganization under which MHC would convert from a mutual holding company to a stock holding company. The conversion to a stock holding company was approved by the depositors and borrowers of Territorial Savings Bank and the Office of Thrift Supervision (OTS) and included the filing of a registration statement with the U.S. Securities and Exchange Commission. Upon the completion of the conversion and reorganization on July 10, 2009, Territorial Mutual Holding Company and Territorial Savings Group, Inc. ceased to exist as separate legal entities and Territorial Bancorp Inc. became the holding company for Territorial Savings Bank. A total of 12,233,125 shares were issued in the conversion at $10 per share, raising $122.3 million of gross proceeds. Approximately $3.7 million of conversion expenses were offset against the gross proceeds. Territorial Bancorp Inc.s common stock began trading on the NASDAQ Global Select Market under the symbol TBNK on July 13, 2009.
Upon completion of the conversion and reorganization, a special liquidation account was established in an amount equal to the total equity of Territorial Mutual Holding Company as of December 31, 2008. The liquidation account is to provide eligible account holders and supplemental eligible account holders who maintain their deposit accounts with Territorial Savings Bank after the conversion with a liquidation interest in the unlikely event of the complete liquidation of Territorial Savings Bank after the conversion. The liquidation account will be reduced annually to the extent that eligible account holders and supplemental eligible account holders have reduced their qualifying deposits. Subsequent increases will not restore an eligible account holders or supplemental eligible account holders interest in the liquidation account. In the event of a complete liquidation of Territorial Savings Bank, and only in such event, each account holder will be entitled to receive a distribution from the liquidation account in an amount proportionate to the adjusted qualifying account balances then held. The balance of the liquidation account at December 31, 2013 was $17.6 million.
On June 25, 2014, Territorial Savings Bank converted from a federal savings bank to a Hawaii state-chartered savings bank.
(3) Recently Adopted Accounting Pronouncements
In January 2014, the Financial Accounting Standards Board (FASB) amended the Receivables topic of the FASB Accounting Standards Codification (ASC). The amendment clarifies when an in substance repossession or foreclosure occurs and when a mortgage loan should be derecognized and the related real property recognized. The amendment also requires disclosures about the amount of foreclosed residential real property held and the recorded investment in mortgage loans collateralized by residential real property in the process of foreclosure. The amendment is effective for interim and annual periods beginning after December 15, 2014, with early adoption allowed. The Company does not expect the adoption of this amendment to have a material effect on its consolidated financial statements.
In May 2014, the FASB amended the Revenue Recognition topic of the FASB ASC. The amendment seeks to clarify the principles for recognizing revenue as well as to develop common revenue standards for U.S. generally accepted accounting principles and International Financial Reporting Standards. The amendment is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. The Company does not expect the adoption of this amendment to have a material effect on its consolidated financial statements.
In June 2014, the FASB amended the Transfers and Servicing topic of the FASB ASC. The amendment modifies the accounting for certain types of repurchase transactions as well as adds new disclosure requirements for repurchase transactions. The amendment is effective for interim and annual periods beginning after December 15, 2014, with early adoption prohibited. The Company does not expect the adoption of this amendment to have a material effect on its consolidated financial statements.
(4) Cash and Cash Equivalents
The table below presents the balances of cash and cash equivalents:
|
|
June 30, |
|
December 31, |
| ||
(Dollars in thousands) |
|
2014 |
|
2013 |
| ||
|
|
|
|
|
| ||
Cash and due from banks |
|
$ |
8,741 |
|
$ |
9,962 |
|
Interest-earning deposits in other banks |
|
49,945 |
|
65,403 |
| ||
Cash and cash equivalents |
|
$ |
58,686 |
|
$ |
75,365 |
|
Interest-earning deposits in other banks consist primarily of deposits at the Federal Reserve Bank.
(5) Investment Securities
The amortized cost and fair values of investment securities are as follows:
|
|
Carrying |
|
Gross unrealized |
|
Estimated |
| ||||||
(Dollars in thousands) |
|
Value |
|
Gains |
|
Losses |
|
Fair Value |
| ||||
June 30, 2014: |
|
|
|
|
|
|
|
|
| ||||
Held to maturity: |
|
|
|
|
|
|
|
|
| ||||
U.S. government-sponsored mortgage-backed securities |
|
$ |
612,590 |
|
$ |
16,130 |
|
$ |
(9,534 |
) |
$ |
619,186 |
|
Trust preferred securities |
|
657 |
|
|
|
|
|
657 |
| ||||
Total |
|
$ |
613,247 |
|
$ |
16,130 |
|
$ |
(9,534 |
) |
$ |
619,843 |
|
|
|
|
|
|
|
|
|
|
| ||||
December 31, 2013: |
|
|
|
|
|
|
|
|
| ||||
Held to maturity: |
|
|
|
|
|
|
|
|
| ||||
U.S. government-sponsored mortgage-backed securities |
|
$ |
612,899 |
|
$ |
7,979 |
|
$ |
(23,408 |
) |
$ |
597,470 |
|
Trust preferred securities |
|
537 |
|
|
|
|
|
537 |
| ||||
Total |
|
$ |
613,436 |
|
$ |
7,979 |
|
$ |
(23,408 |
) |
$ |
598,007 |
|
The carrying and estimated fair value of investment securities at June 30, 2014 are shown below. Incorporated in the maturity schedule are mortgage-backed and trust preferred securities, which are allocated using the contractual maturity as a basis. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
|
|
Carrying |
|
Estimated |
| ||
(Dollars in thousands) |
|
Value |
|
Fair Value |
| ||
Held to maturity: |
|
|
|
|
| ||
Due within 5 years |
|
$ |
167 |
|
$ |
167 |
|
Due after 5 years through 10 years |
|
74 |
|
79 |
| ||
Due after 10 years |
|
613,006 |
|
619,597 |
| ||
Total |
|
$ |
613,247 |
|
$ |
619,843 |
|
Realized gains and losses and the proceeds from sales of securities available for sale, held to maturity and trading are shown in the table below. All sales of securities were U.S. government-sponsored mortgage-backed securities.
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
| ||||||||
(Dollars in thousands) |
|
2014 |
|
2013 |
|
2014 |
|
2013 |
| ||||
Proceeds from sales |
|
$ |
3,475 |
|
$ |
15,558 |
|
$ |
12,270 |
|
$ |
29,188 |
|
Gross gains |
|
309 |
|
1,024 |
|
655 |
|
1,912 |
| ||||
Gross losses |
|
|
|
|
|
|
|
|
| ||||
During the three months ended June 30, 2014 and 2013, the Company received proceeds of $3.5 million and $15.6 million, respectively, from the sale of $3.2 million and $14.5 million, respectively, of held-to-maturity debt securities, resulting in gross realized gains of $309,000 and $1.0 million, respectively. During the six months ended June 30, 2014 and 2013, the Company received proceeds of $7.2 million and $29.2 million, respectively, from the sale of $6.6 million and $27.3 million, respectively, of held-to-maturity debt securities, resulting in gross realized gains of $625,000 and $1.9 million, respectively. The sale of these securities, for which the Company had already collected a substantial portion of the outstanding principal (at least 85%), is in accordance with the Investment topic of the FASB ASC and will not affect the historical cost basis used to account for the remaining securities in the held-to-maturity portfolio.
Investment securities with carrying values of $268.5 million and $273.2 million at June 30, 2014 and December 31, 2013, respectively, were pledged to secure public deposits, securities sold under agreements to repurchase and transaction clearing accounts.
Provided below is a summary of investment securities which were in an unrealized loss position at June 30, 2014 and December 31, 2013. The Company does not intend to sell these securities until such time as the value recovers or the securities mature and it is not more likely than not that the Company will be required to sell the securities prior to recovery of value or the securities mature.
|
|
Less Than 12 Months |
|
12 Months or Longer |
|
Total |
| ||||||||||||||
|
|
|
|
Unrealized |
|
|
|
Unrealized |
|
Number of |
|
|
|
Unrealized |
| ||||||
Description of Securities |
|
Fair Value |
|
Losses |
|
Fair Value |
|
Losses |
|
Securities |
|
Fair Value |
|
Losses |
| ||||||
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
June 30, 2014: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Mortgage-backed securities |
|
$ |
3,644 |
|
$ |
14 |
|
$ |
236,464 |
|
$ |
9,520 |
|
49 |
|
$ |
240,108 |
|
$ |
9,534 |
|
December 31, 2013: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Mortgage-backed securities |
|
$ |
361,445 |
|
$ |
21,678 |
|
$ |
22,010 |
|
$ |
1,730 |
|
69 |
|
$ |
383,455 |
|
$ |
23,408 |
|
Mortgage-Backed Securities. The unrealized losses on the Companys investment in mortgage-backed securities were caused by increases in market interest rates. All of the mortgage-backed securities are guaranteed by Freddie Mac or Fannie Mae, which are U.S. government-sponsored enterprises, or Ginnie Mae, which is a U.S. government agency. Since the decline in market value is attributable to changes in interest rates and not credit quality, and the Company does not intend to sell these investments until maturity and it is not more likely than not that the Company will be required to sell such investments prior to recovery of its amortized cost basis, the Company does not consider these investments to be other-than-temporarily impaired as of June 30, 2014 and December 31, 2013.
Trust Preferred Securities. At June 30, 2014, the Company owns two trust preferred securities, PreTSL XXIII and XXIV. The trust preferred securities represent investments in a pool of debt obligations issued primarily by holding companies for Federal Deposit Insurance Corporation-insured financial institutions. Both of these securities are classified in the Banks held-to-maturity investment portfolio.
The trust preferred securities market is considered to be inactive as only three transactions have occurred over the past 30 months in the same tranche of securities owned by the Company. The Company used a discounted cash flow model to determine whether these securities are other-than-temporarily impaired. The assumptions used in preparing the discounted cash flow model include the following: estimated discount rates, estimated deferral and default rates on collateral, and estimated cash flows.
Based on the Companys review, the Companys investment in trust preferred securities did not incur additional impairment during the quarter ending June 30, 2014.
PreTSL XXIV has a book value of $0 at June 30, 2014. PreTSL XXIII has a book value of $657,000 at June 30, 2014. The difference between the book value of $657,000 and the remaining amortized cost basis of $1.1 million is reported as other comprehensive loss and is related to noncredit factors such as the trust preferred securities market being inactive.
It is reasonably possible that the fair values of the trust preferred securities could decline in the near term if the overall economy and the financial condition of some of the issuers continue to deteriorate and the liquidity of these securities remains low. As a result, there is a risk that the Companys remaining amortized cost basis of $1.1 million on its trust preferred securities could be credit-related other-than-temporarily impaired in the near term. The impairment could be material to the Companys consolidated statements of income.
The table below provides a cumulative roll forward of credit losses recognized in earnings for debt securities held and not intended to be sold:
(Dollars in thousands) |
|
2014 |
|
2013 |
| ||
Balance at January 1, |
|
$ |
5,885 |
|
$ |
5,885 |
|
Credit losses on debt securities for which other-than-temporary impairment was not previously recognized |
|
|
|
|
| ||
Balance at June 30, |
|
$ |
5,885 |
|
$ |
5,885 |
|
The table below shows the components of accumulated other comprehensive loss, net of taxes, resulting from other-than-temporarily impaired securities:
|
|
June 30, |
| ||||
(Dollars in thousands) |
|
2014 |
|
2013 |
| ||
Noncredit losses on other-than-temporarily impaired securities, net of taxes |
|
$ |
304 |
|
$ |
376 |
|
(6) Loans Receivable and Allowance for Loan Losses
The components of loans receivable are as follows:
|
|
June 30, |
|
December 31, |
| ||
(Dollars in thousands) |
|
2014 |
|
2013 |
| ||
Real estate loans: |
|
|
|
|
| ||
First mortgages: |
|
|
|
|
| ||
One- to four-family residential |
|
$ |
864,827 |
|
$ |
823,273 |
|
Multi-family residential |
|
5,086 |
|
4,877 |
| ||
Construction, commercial, and other |
|
18,830 |
|
13,554 |
| ||
Home equity loans and lines of credit |
|
15,356 |
|
16,524 |
| ||
Total real estate loans |
|
904,099 |
|
858,228 |
| ||
Other loans: |
|
|
|
|
| ||
Loans on deposit accounts |
|
476 |
|
342 |
| ||
Consumer and other loans |
|
4,427 |
|
4,307 |
| ||
Total other loans |
|
4,903 |
|
4,649 |
| ||
Less: |
|
|
|
|
| ||
Net unearned fees and discounts |
|
(4,501 |
) |
(4,849 |
) | ||
Allowance for loan losses |
|
(1,510 |
) |
(1,486 |
) | ||
Total unearned fees, discounts and allowance for loan losses |
|
(6,011 |
) |
(6,335 |
) | ||
Loans receivable, net |
|
$ |
902,991 |
|
$ |
856,542 |
|
The activity in the allowance for loan losses on loans receivable is as follows:
|
|
Three Months Ended |
|
Six Months Ended |
| ||||||||
|
|
June 30, |
|
June 30, |
| ||||||||
(Dollars in thousands) |
|
2014 |
|
2013 |
|
2014 |
|
2013 |
| ||||
Balance, beginning of period |
|
$ |
1,485 |
|
$ |
1,667 |
|
$ |
1,486 |
|
$ |
1,672 |
|
Provision (reversal of allowance) for loan losses |
|
156 |
|
(16 |
) |
165 |
|
2 |
| ||||
|
|
1,641 |
|
1,651 |
|
1,651 |
|
1,674 |
| ||||
Charge-offs |
|
(136 |
) |
(85 |
) |
(153 |
) |
(137 |
) | ||||
Recoveries |
|
5 |
|
56 |
|
12 |
|
85 |
| ||||
Net charge-offs |
|
(131 |
) |
(29 |
) |
(141 |
) |
(52 |
) | ||||
Balance, end of period |
|
$ |
1,510 |
|
$ |
1,622 |
|
$ |
1,510 |
|
$ |
1,622 |
|
The table below presents the activity in the allowance for loan losses by portfolio segment:
(Dollars in thousands) |
|
Residential |
|
Construction, |
|
Home |
|
Consumer |
|
Unallocated |
|
Totals |
| ||||||
Three months ended June 30, 2014: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Balance, beginning of period |
|
$ |
434 |
|
$ |
823 |
|
$ |
7 |
|
$ |
153 |
|
$ |
68 |
|
$ |
1,485 |
|
Provision for loan losses |
|
28 |
|
109 |
|
9 |
|
10 |
|
|
|
156 |
| ||||||
|
|
462 |
|
932 |
|
16 |
|
163 |
|
68 |
|
1,641 |
| ||||||
Charge-offs |
|
(118 |
) |
|
|
(10 |
) |
(8 |
) |
|
|
(136 |
) | ||||||
Recoveries |
|
|
|
|
|
1 |
|
4 |
|
|
|
5 |
| ||||||
Net charge-offs |
|
(118 |
) |
|
|
(9 |
) |
(4 |
) |
|
|
(131 |
) | ||||||
Balance, end of period |
|
$ |
344 |
|
$ |
932 |
|
$ |
7 |
|
$ |
159 |
|
$ |
68 |
|
$ |
1,510 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Six months ended June 30, 2014: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Balance, beginning of period |
|
$ |
376 |
|
$ |
799 |
|
$ |
10 |
|
$ |
229 |
|
$ |
72 |
|
$ |
1,486 |
|
Provision (reversal of allowance) for loan losses |
|
86 |
|
133 |
|
5 |
|
(55 |
) |
(4 |
) |
165 |
| ||||||
|
|
462 |
|
932 |
|
15 |
|
174 |
|
68 |
|
1,651 |
| ||||||
Charge-offs |
|
(118 |
) |
|
|
(10 |
) |
(25 |
) |
|
|
(153 |
) | ||||||
Recoveries |
|
|
|
|
|
2 |
|
10 |
|
|
|
12 |
| ||||||
Net charge-offs |
|
(118 |
) |
|
|
(8 |
) |
(15 |
) |
|
|
(141 |
) | ||||||
Balance, end of period |
|
$ |
344 |
|
$ |
932 |
|
$ |
7 |
|
$ |
159 |
|
$ |
68 |
|
$ |
1,510 |
|
(Dollars in thousands) |
|
Residential |
|
Construction, |
|
Home |
|
Consumer |
|
Unallocated |
|
Totals |
| ||||||
Three months ended June 30, 2013: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Balance, beginning of period |
|
$ |
585 |
|
$ |
818 |
|
$ |
35 |
|
$ |
107 |
|
$ |
122 |
|
$ |
1,667 |
|
Provision (reversal of allowance) for loan losses |
|
(42 |
) |
(5 |
) |
(3 |
) |
20 |
|
14 |
|
(16 |
) | ||||||
|
|
543 |
|
813 |
|
32 |
|
127 |
|
136 |
|
1,651 |
| ||||||
Charge-offs |
|
(80 |
) |
|
|
|
|
(5 |
) |
|
|
(85 |
) | ||||||
Recoveries |
|
50 |
|
|
|
3 |
|
3 |
|
|
|
56 |
| ||||||
Net charge-offs |
|
(30 |
) |
|
|
3 |
|
(2 |
) |
|
|
(29 |
) | ||||||
Balance, end of period |
|
$ |
513 |
|
$ |
813 |
|
$ |
35 |
|
$ |
125 |
|
$ |
136 |
|
$ |
1,622 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Six months ended June 30, 2013: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Balance, beginning of period |
|
$ |
590 |
|
$ |
818 |
|
$ |
35 |
|
$ |
107 |
|
$ |
122 |
|
$ |
1,672 |
|
Provision (reversal of allowance) for loan losses |
|
(68 |
) |
(5 |
) |
(6 |
) |
67 |
|
14 |
|
2 |
| ||||||
|
|
522 |
|
813 |
|
29 |
|
174 |
|
136 |
|
1,674 |
| ||||||
Charge-offs |
|
(81 |
) |
|
|
|
|
(56 |
) |
|
|
(137 |
) | ||||||
Recoveries |
|
72 |
|
|
|
6 |
|
7 |
|
|
|
85 |
| ||||||
Net charge-offs |
|
(9 |
) |
|
|
6 |
|
(49 |
) |
|
|
(52 |
) | ||||||
Balance, end of period |
|
$ |
513 |
|
$ |
813 |
|
$ |
35 |
|
$ |
125 |
|
$ |
136 |
|
$ |
1,622 |
|
Management considers the allowance for loan losses at June 30, 2014 to be at an appropriate level to provide for probable losses that can be reasonably estimated based on general and specific conditions at that date. While the Company uses the best information it has available to make evaluations, future adjustments to the allowance may be necessary if conditions differ substantially from the information used in making the evaluations. To the extent actual outcomes differ from the estimates, additional provisions for credit losses may be required that would reduce future earnings. In addition, as an integral part of their examination process, the bank regulatory agencies periodically review the allowance for loan losses and may require the Company to increase the allowance based on their analysis of information available at the time of their examination.
The table below presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method:
(Dollars in thousands) |
|
Residential |
|
Construction, |
|
Home |
|
Consumer |
|
Unallocated |
|
Totals |
| ||||||
June 30, 2014: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Allowance for loan losses: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Ending allowance balance: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Individually evaluated for impairment |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
Collectively evaluated for impairment |
|
344 |
|
932 |
|
7 |
|
159 |
|
68 |
|
1,510 |
| ||||||
Total ending allowance balance |
|
$ |
344 |
|
$ |
932 |
|
$ |
7 |
|
$ |
159 |
|
$ |
68 |
|
$ |
1,510 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Ending loan balance: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Individually evaluated for impairment |
|
$ |
6,995 |
|
$ |
|
|
$ |
142 |
|
$ |
|
|
$ |
|
|
$ |
7,137 |
|
Collectively evaluated for impairment |
|
858,411 |
|
18,830 |
|
15,221 |
|
4,902 |
|
|
|
897,364 |
| ||||||
Total ending loan balance |
|
$ |
865,406 |
|
$ |
18,830 |
|
$ |
15,363 |
|
$ |
4,902 |
|
$ |
|
|
$ |
904,501 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
December 31, 2013: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Allowance for loan losses: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Ending allowance balance: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Individually evaluated for impairment |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
Collectively evaluated for impairment |
|
376 |
|
799 |
|
10 |
|
229 |
|
72 |
|
1,486 |
| ||||||
Total ending allowance balance |
|
$ |
376 |
|
$ |
799 |
|
$ |
10 |
|
$ |
229 |
|
$ |
72 |
|
$ |
1,486 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Ending loan balance: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Individually evaluated for impairment |
|
$ |
8,373 |
|
$ |
|
|
$ |
160 |
|
$ |
|
|
$ |
|
|
$ |
8,533 |
|
Collectively evaluated for impairment |
|
814,960 |
|
13,514 |
|
16,372 |
|
4,649 |
|
|
|
849,495 |
| ||||||
Total ending loan balance |
|
$ |
823,333 |
|
$ |
13,514 |
|
$ |
16,532 |
|
$ |
4,649 |
|
$ |
|
|
$ |
858,028 |
|
The table below presents the balance of impaired loans and the related amount of allocated loan loss allowances:
(Dollars in thousands) |
|
June 30, |
|
December 31, |
| ||
Loans with no allocated allowance for loan losses |
|
$ |
7,137 |
|
$ |
8,533 |
|
Loans with allocated allowance for loan losses |
|
|
|
|
| ||
Total impaired loans |
|
$ |
7,137 |
|
$ |
8,533 |
|
|
|
|
|
|
| ||
Amount of allocated loan loss allowance |
|
$ |
|
|
$ |
|
|
The table below presents the balance of impaired loans individually evaluated for impairment by class of loans:
(Dollars in thousands) |
|
Recorded |
|
Unpaid |
| ||
June 30, 2014: |
|
|
|
|
| ||
With no related allowance recorded: |
|
|
|
|
| ||
One- to four-family residential mortgages |
|
$ |
6,995 |
|
$ |
7,527 |
|
Home equity loans and lines of credit |
|
142 |
|
164 |
| ||
|
|
|
|
|
| ||
Total |
|
$ |
7,137 |
|
$ |
7,691 |
|
|
|
|
|
|
| ||
December 31, 2013: |
|
|
|
|
| ||
With no related allowance recorded: |
|
|
|
|
| ||
One- to four-family residential mortgages |
|
$ |
8,373 |
|
$ |
8,716 |
|
Home equity loans and lines of credit |
|
160 |
|
165 |
| ||
|
|
|
|
|
| ||
Total |
|
$ |
8,533 |
|
$ |
8,881 |
|
The table below presents the average recorded investment and interest income recognized on impaired loans by class of loans:
|
|
For the Three Months Ended |
|
For the Six Months Ended |
| ||||||||
(Dollars in thousands) |
|
Average |
|
Interest |
|
Average |
|
Interest |
| ||||
2014: |
|
|
|
|
|
|
|
|
| ||||
With no related allowance recorded: |
|
|
|
|
|
|
|
|
| ||||
One- to four-family residential mortgages |
|
$ |
7,106 |
|
$ |
29 |
|
$ |
7,141 |
|
$ |
60 |
|
Home equity loans and lines of credit |
|
149 |
|
|
|
151 |
|
|
| ||||
Total |
|
$ |
7,255 |
|
$ |
29 |
|
$ |
7,292 |
|
$ |
60 |
|
|
|
|
|
|
|
|
|
|
| ||||
2013: |
|
|
|
|
|
|
|
|
| ||||
With no related allowance recorded: |
|
|
|
|
|
|
|
|
| ||||
One- to four-family residential mortgages |
|
$ |
7,793 |
|
$ |
34 |
|
$ |
7,806 |
|
$ |
68 |
|
Home equity loans and lines of credit |
|
161 |
|
|
|
161 |
|
|
| ||||
Total |
|
$ |
7,954 |
|
$ |
34 |
|
$ |
7,967 |
|
$ |
68 |
|
There were no loans individually evaluated for impairment with a related allowance for loan loss as of June 30, 2014 or December 31, 2013. Loans individually evaluated for impairment do not have an allocated allowance for loan loss because they are written down to fair value.
The table below presents the aging of loans and accrual status by class of loans:
(Dollars in thousands) |
|
30 59 |
|
60 89 |
|
90 Days or |
|
Total Past |
|
Loans Not |
|
Total |
|
Nonaccrual |
|
Loans |
| ||||||||
June 30, 2014: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
One- to four-family residential mortgages |
|
$ |
881 |
|
$ |
852 |
|
$ |
795 |
|
$ |
2,528 |
|
$ |
857,813 |
|
$ |
860,341 |
|
$ |
4,974 |
|
$ |
|
|
Multi-family residential mortgages |
|
|
|
|
|
|
|
|
|
5,065 |
|
5,065 |
|
|
|
|
| ||||||||
Construction, commercial and other mortgages |
|
|
|
|
|
|
|
|
|
18,830 |
|
18,830 |
|
|
|
|
| ||||||||
Home equity loans and lines of credit |
|
|
|
37 |
|
|
|
37 |
|
15,326 |
|
15,363 |
|
142 |
|
|
| ||||||||
Loans on deposit accounts |
|
|
|
|
|
|
|
|
|
476 |
|
476 |
|
|
|
|
| ||||||||
Consumer and other |
|
5 |
|
1 |
|
|
|
6 |
|
4,420 |
|
4,426 |
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total |
|
$ |
886 |
|
$ |
890 |
|
$ |
795 |
|
$ |
2,571 |
|
$ |
901,930 |
|
$ |
904,501 |
|
$ |
5,116 |
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
December 31, 2013: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
One- to four-family residential mortgages |
|
$ |
376 |
|
$ |
612 |
|
$ |
1,577 |
|
$ |
2,565 |
|
$ |
815,917 |
|
$ |
818,482 |
|
$ |
5,840 |
|
$ |
|
|
Multi-family residential mortgages |
|
|
|
|
|
|
|
|
|
4,851 |
|
4,851 |
|
|
|
|
| ||||||||
Construction, commercial and other mortgages |
|
|
|
|
|
|
|
|
|
13,514 |
|
13,514 |
|
|
|
|
| ||||||||
Home equity loans and lines of credit |
|
|
|
|
|
|
|
|
|
16,532 |
|
16,532 |
|
160 |
|
|
| ||||||||
Loans on deposit accounts |
|
|
|
|
|
|
|
|
|
342 |
|
342 |
|
|
|
|
| ||||||||