Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v2.4.0.6
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2012
Fair Value Measurements and Off-Balance Sheet Commitments [Abstract]  
Assets and liabilities measured at fair value on a recurring basis
                                 
    Level 1     Level 2     Level 3        
    Quoted Prices in
Active Markets
for Identical
Assets		     Significant
Observable
Inputs With No
Active Market
With Identical
Characteristics		     Significant
Unobservable
Inputs		     Balance  
    (In Thousands)  

As of June 30, 2012

                                

ASSETS:

                                

Debt Securities Available for Sale:

                                

Residential Mortgage-Backed Securities

   $ —       $ 115,136     $ —       $ 115,136  

U.S. Government Agency Securities

     74,226       —         —         74,226  

Collateralized Mortgage Obligations

     —         96,582       —         96,582  

Municipal Bonds-Tax Exempt

     —         3,137       —         3,137  

Municipal Bonds-Taxable

     —         6,330       —         6,330  

Corporate Bonds

     —         19,901       —         19,901  

Other Securities

     —         3,357       —         3,357  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total Debt Securities Available for Sale

   $ 74,226     $ 244,443     $ —       $ 318,669  
   

 

 

    

 

 

    

 

 

    

 

 

  

Equity Securities Available for Sale:

                                

Financial Services Industry

   $ 485     $ —       $ —       $ 485  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total Equity Securities Available for Sale

   $ 485     $ —       $ —       $ 485  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total Securities Available for Sale

   $ 74,711     $ 244,443     $ —       $ 319,154  
         

LIABILITIES:

                                

Stock Warrants

   $ —       $ —       $ 1,020     $ 1,020  
         

As of December 31, 2011

                                

ASSETS:

                                

Debt Securities Available for Sale:

                                

Residential Mortgage-Backed Securities

   $ —       $ 113,005     $ —       $ 113,005  

U.S. Government Agency Securities

     72,548       —         —         72,548  

Collateralized Mortgage Obligations

     —         162,837       —         162,837  

Municipal Bonds-Tax Exempt

     —         3,482       —         3,482  

Municipal Bonds-Taxable

     —         6,138       —         6,138  

Corporate Bonds

     —         19,836       —         19,836  

Other Securities

     —         3,335       —         3,335  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total Debt Securities Available for Sale

   $ 72,548     $ 308,633     $ —       $ 381,181  
   

 

 

    

 

 

    

 

 

    

 

 

  

Equity Securities Available for Sale:

                                

Financial Services Industry

   $ 681     $ —       $ —       $ 681  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total Equity Securities Available for Sale

   $ 681     $ —       $ —       $ 681  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total Securities Available for Sale

   $ 73,229     $ 308,633     $ —       $ 381,862  
         

LIABILITIES:

                                

Stock Warrants

   $ —       $ —       $ 883     $ 883  
Reconciliation and income statement classification of gains and losses for all assets and liabilities
                                                 
    Beginning
Balance as of
January 1,
2012		     Purchases,
Issuances and
Settlements		     Realized
Gains or Losses
in Earnings		     Unrealized
Gains or  Losses
in Other
Comprehensive
Income 		    Transfers
In and/or Out
of Level 3		     Ending
Balance as of
June 30,
2012		  
    (In Thousands)  

LIABILITIES:

                                                

Stock Warrants (1)

   $ 883     $ —       $ 137     $ —       $ —       $ 1,020  

  

 

(1) 

Reflects warrants for our common stock issued in connection with services it provided to us as a placement agent in connection with our best efforts public offering and as our financial adviser in connection with our completed rights offering. The warrants were immediately exercisable when issued at an exercise price of $9.60 per share of our common stock and expire on October 14, 2015. See “Note 8 – Stockholders’ Equity” for more details.

Assets and liabilities measured at fair value on a non-recurring basis
                                         
    Level 1     Level 2     Level 3              
    Quoted Prices in
Active Markets
for Identical
Assets		     Significant
Observable
Inputs With
No Active
Market With
Identical
Characteristics		     Significant
Unobservable
Inputs		     Loss During The
Three Months
Ended June 30,
2012 and 2011		     Loss During The
Six Months
Ended June 30,
2012 and 2011		  
          (In Thousands)                    

June 30, 2012

                                        

ASSETS:

                                        

Non-performing Loans Held for Sale (1)

   $ —       $ —       $ 3,489      $ —       $ 657  

Impaired Loans (2)

   $ —       $ 22,694     $ 10,911      $ 2,285     $ 4,690  

Other Real Estate Owned (3)

   $ —       $ —       $ 1,071      $ 57     $ 57  
           

June 30, 2011

                                        

ASSETS:

                                        

Non-performing Loans Held for Sale (4)

   $ —       $ —       $ 18,683      $ 682     $ 9,462  

Impaired Loans (5)

   $ —       $ 33,071     $ 145,019     $ 14,314     $ 23,940  

Other Real Estate Owned (6)

   $ —       $ —       $ 1,298     $ 203     $ 770  

 

(1) Includes commercial term loans of $3.0 million, and SBA loans of $484,000.
(2) Includes real estate loans of $5.2 million, commercial and industrial loans of $27.4 million, and consumer loans of $1.0 million.
(3) Includes properties from the foreclosure of a commercial property loan of $346,000 and a SBA loan of $725,000.
(4) Includes commercial property loans of $418,000, commercial term loans of $12.0 million, SBA loans of $6.0 million and residential property loans of $266,000.
(5) Includes real estate loans of $73.7 million, commercial and industrial loans of $103.7 million, and consumer loans of $732,000.
(6) Includes properties from the foreclosure of commercial property loans of $308,000 and SBA loans of $990,000.
Estimated fair values of financial instruments
                                 
    June 30, 2012     December 31, 2011  
    Carrying or
Contract
Amount		     Estimated
Fair Value		     Carrying or
Contract
Amount		     Estimated
Fair
Value 		 
    (In Thousands)  

Financial Assets:

                                

Cash and Cash Equivalents

   $ 304,405     $ 304,405     $ 201,683     $ 201,683  

Restricted Cash

     3,819       3,819       1,818       1,818  

Term Federal Funds

     110,000       110,153       115,000       115,173  

Investment Securities Available for Sale

     319,154       319,154       381,862       381,862  

Investment Securities Held to Maturity

     53,130       54,573       59,742       59,363  

Loans Receivable, Net of Allowance for Loan Losses

     1,878,367       1,830,880       1,849,020       1,802,511  

Loans Held for Sale

     5,138       5,138       22,587       22,587  

Accrued Interest Receivable

     7,168       7,168       7,829       7,829  

Investment in Federal Home Loan Bank Stock

     20,687       20,687       22,854       22,854  

Investment in Federal Reserve Bank Stock

     10,261       10,261       8,558       8,558  

Financial Liabilities:

                                

Noninterest-Bearing Deposits

     679,085       679,085       634,466       634,466  

Interest-Bearing Deposits

     1,706,022       1,712,021       1,710,444       1,710,878  

Borrowings

     85,528       85,616       85,709       83,853  

Accrued Interest Payable

     14,882       14,882       16,032       16,032  

Off-Balance Sheet Items:

                                

Commitments to Extend Credit

     196,079       220       158,748       194  

Standby Letters of Credit

     10,949       37       12,742       26